The TETON Westwood Equity Fund seeks to provide capital appreciation. The Fund's secondary goal is to produce current income.

Principal Investment Strategies:
Under normal market conditions, the Fund invests at least 80% of its net assets in common stocks and securities which may be converted into common stocks. The Fund invests in a portfolio of seasoned com-panies. Seasoned companies generally have market capitalizations of $1 billion or more and have been operating for at least three years.

In selecting securities, the Sub-Adviser maintains a list of securities which it believes have proven records and potential for above-average earnings growth. It considers purchasing a security on such list if the Sub-Adviser's forecast for growth rates and earning estimates exceeds Wall Street expectations, the issuer of the security has a positive earnings surprise or the Adviser's forecasted price/earnings ratio is less than the forecasted growth rate. The Sub-Adviser closely monitors the issuers and will sell a stock if the Sub-Adviser expects limited future price appreciation, the projected price/earnings ratio exceeds the three-year growth rate and/or the price of the stocks declines 15% in the first 45 days held. The Fund's risk characteristics, such as beta (a measure of volatility), are generally less than those of the S&P 500 Composite Stock Price Index (the "S&P 500 Index"), the Fund's benchmark.

The Fund may appeal to you if:

you are a long-term investor

you seek growth of capital

you seek a fund with a growth orientation as part of your overall investment plan

You may not want to invest in the Fund if:

you are seeking a high level of current income

you are conservative in your investment approach

you seek stability of principal more than potential growth of capital