Conference Call Cautionary Statement

  • This information should not be considered as a recommendation to purchase or sell a particular security and the holdings mentioned may change at any time and may not represent current or future investments.
  • The views expressed herein are those of the portfolio managers at the time of the interview and may not be reflective of their current opinions or future actions. These views are not necessarily those of the fund company and should not be construed as such.
  • Performance data quoted represents past performance; past performance is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days, at www.westportfunds.com.

 

 

Read the prospectus carefully before you invest.  There are special risks associated with small and mid- capitalization issues such as market illiquidity and greater market volatility than larger capitalization issues. Performance for the Westport Fund reflects certain waivers and expense reimbursements. Without such reimbursements, performance would be lower.

  * The Russell 2000 Composite Stock Index is an unmanaged index comprised of the 2,000 smallest U.S. domiciled publicly traded common stocks.   The Russell Midcap Index is an unmanaged index comprising the 800 smallest companies in the Russell 1000 Index.   The Lipper Multi-Cap Core Index is an unmanaged index and investents cannot be made directly into the index. You should note that The Westport Funds are professionally managed mutual funds while the indices are unmanaged, do not incur expenses and are not available for investment.    

As of March 31, 2008, the total return of the Westport Fund R Class shares (classified as Multi-Cap Core and as ranked by Lipper Inc., an independent ranking organization for the mutual fund industry) was ranked 54 among 869 funds for the 1-year period, 52 among 666 funds for the 3-year period, 22 among 502 funds for the 5-year period and 5 among 196 funds for the 10-year period.

Portfolio composition is subject to change at any time and should not be considered a recommendation to purchase or sell a particular security. On March 31, 2008, the following securities comprised these respective percentages of the Westport Select Cap Fund and the Westport Fund: ITT Educational Services, Inc. (3.1%, 0.0%), DeVry, Inc. (6.0%, 0.0%), Precision Castparts Corp. (7.3%, 6.7%), Hilb, Rogal & Hobbs Company (3.2%, 1.2%), Brown & Brown, Inc. (1.1%, 0.0%), Big Lots, Inc. (3.3%, 0.0%), Darden Restaurants, Inc. (2.7%, 0.0%), Universal Health Services, Inc. (5.9%, 0.0%), CVS/Caremark Corp. (2.5%, 5.8%), EOG Resources, Inc. (0.0%, 7.7%), Choice Point, Inc.(0.0%, 1.1%), Diebold, Inc. (0.0%, 1.2%), International Rectifier Corp. (0.0%, 1.3%), United Technologies Corp. (0.0%, 0.0%) and Reed Elsevier Group PLC(0.0%, 0.0%).   Distributed by UMB Distribution Services, LLC, 803 West Michigan Street, Suite A, Milwaukee, WI 53233-2301 

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2008 First Quarter Portfolio Manager Commentary