0001145549-21-074548.txt : 20211213 0001145549-21-074548.hdr.sgml : 20211213 20211213081227 ACCESSION NUMBER: 0001145549-21-074548 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211213 DATE AS OF CHANGE: 20211213 EFFECTIVENESS DATE: 20211213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TETON WESTWOOD FUNDS CENTRAL INDEX KEY: 0000796229 IRS NUMBER: 133625130 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-04719 FILM NUMBER: 211487012 BUSINESS ADDRESS: STREET 1: ONE CORPORATE CENTER CITY: RYE STATE: NY ZIP: 10580 BUSINESS PHONE: 8004223554 MAIL ADDRESS: STREET 1: ONE CORPORATE CENTER CITY: RYE STATE: NY ZIP: 10580 FORMER COMPANY: FORMER CONFORMED NAME: GAMCO WESTWOOD FUNDS DATE OF NAME CHANGE: 20091130 FORMER COMPANY: FORMER CONFORMED NAME: WESTWOOD FUNDS DATE OF NAME CHANGE: 20060621 FORMER COMPANY: FORMER CONFORMED NAME: GABELLI WESTWOOD FUNDS DATE OF NAME CHANGE: 19980304 0000796229 S000001080 TETON WESTWOOD BALANCED FUND C000002911 CLASS A WEBCX C000002912 CLASS AAA WEBAX C000002914 CLASS C WBCCX C000061063 Class I WBBIX 0000796229 S000001081 TETON WESTWOOD EQUITY FUND C000002916 CLASS C WEQCX C000002917 CLASS A WEECX C000002918 CLASS AAA WESWX C000061064 Class I WEEIX 0000796229 S000001082 TETON Convertible Securities Fund C000002919 CLASS A WEIAX C000002921 CLASS C WEICX C000002922 CLASS AAA WESRX C000061065 Class I WESIX 0000796229 S000001084 TETON WESTWOOD MIGHTY MITES FUND C000002927 CLASS A WMMAX C000002928 CLASS AAA WEMMX C000002930 CLASS C WMMCX C000061067 Class I WEIMX 0000796229 S000001085 TETON WESTWOOD SMALL CAP EQUITY FUND C000002931 CLASS A WWSAX C000002933 CLASS C WWSCX C000002934 CLASS AAA WESCX C000061068 Class I WWSIX N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0000796229 XXXXXXXX false false false N-1A S000001085 C000061068 C000002931 C000002933 C000002934 S000001082 C000002919 C000002922 C000002921 C000061065 S000001080 C000002911 C000002912 C000061063 C000002914 S000001084 C000002927 C000002928 C000002930 C000061067 S000001081 C000002917 C000002918 C000002916 C000061064 Teton Westwood Funds 811-04719 0000796229 549300F5AG1CXKI4KV24 One Corporate Center Rye 10580-1422 US-NY US 1-800-422-3554 The Bank of New York Mellon 240 Greenwich Street New York 10286 1-212-495-1784 Records related to its functions as custodian The Bank of New York Mellon 2 Hanson Place 7th Floor Brooklyn 11217 NA Records related to its functions as custodian Teton Advisors, Inc. 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Report of Independent Registered Public Accounting Firm 

  

To the Board of Trustees of TETON Westwood Funds and Shareholders of TETON Westwood Mighty MitesSM Fund, TETON Westwood SmallCap Equity Fund, TETON Convertible Securities Fund, TETON Westwood Equity Fund and TETON Westwood Balanced Fund 

  

In planning and performing our audits of the financial statements of TETON Westwood Mighty MitesSM Fund, TETON Westwood SmallCap Equity Fund, TETON Convertible Securities Fund, TETON Westwood Equity Fund and TETON Westwood Balanced Fund (constituting TETON Westwood Funds, hereafter collectively referred to as the “Funds”) as of and for the year ended September 30, 2021, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds’ internal control over financial reporting. 

  

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements. 

  

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 

  

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.   

  

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be material weaknesses as defined above as of September 30, 2021.  

  

This report is intended solely for the information and use of the Board of Trustees of The TETON Westwood Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. 

  

  

/s/PricewaterhouseCoopers LLP 

New York, New York 

November 24, 2021