Investment Management for The Westport Funds is provided by Westport Advisers, L.L.C., an affiliate of Westport Asset Management, Inc.

The Westport Funds' senior investment professionals combine more than 50 years of portfolio management experience.

Edmund H. Nicklin, Jr. is Portfolio Manager of the Westport Fund and Co-Manager of Westport Select Cap Fund. Previously, he managed the $1.4 billion Evergreen Growth and Income Fund from its inception on October 15, 1986, through August 22, 1997. Prior to joining Evergreen Funds in 1982, Mr. Nicklin was with Alex, Brown and Sons, Inc.

Andrew J. Knuth
is Co-Manager of Westport Select Cap Fund and is Chief Investment Officer of Westport Asset Management, which has managed investments in small companies since its establishment in 1983. Mr. Knuth has over 35 years of investment experience. Currently the firm manages over $3.0 billion in assets for investment companies, pension plans, endowments and foundations.

For complete details, please see the "Management" section of The Westport Funds' prospectus.

"Yesterday's models aren't enough any more. Forward looking business analysis is essential to seek superior returns in today's market. That's why we practice what is best described as 'Second Generation Value Investing'"
- Ed Nicklin

This variation of value investing seeks to reduce downside risk by avoiding stocks with what we consider lofty valuations and relies on catalysts such as management or regulatory changes to provide potential for capital appreciation as other investors recognize the improving financial results.

BUY DISCIPLINE
We look to buy securities that combine two proven fundamentals: a low price-to-earnings ratio and improving earnings (cash flow). Our approach boils down to buying shares of businesses with improving fundamentals at attractive prices.

SELL DISCIPLINE
Consistent with our focus on business analysis, we will:
sell a position if a negative change in the company's fundamentals has occurred since, or was missed in, our initial analysis.
reanalyze the opportunity when a stock reaches a pre-determined price objective that may indicate a sale.