The TETON Westwood Intermediate Bond Fund seeks to maximize total return, while maintaining a level of current income consistent with the maintenance of principal and liquidity.

Principal Investment Strategies:
Under normal conditions the Fund invests at least 80% of its net assets in bonds of various types and with various maturities. The Fund focuses on investment grade bonds of domestic corporations and governments. Investment grade debt securities are securities rated in the four highest ratings categories by a nationally recognized rating agency.

Although there are no restrictions on the maximum or minimum maturity of any individual security that the Fund may invest in, generally the Fund will have a dollar weighted average maturity of three to ten years. The Fund may also invest in other types of investment grade debt securities, including debentures, notes, convertible debt securities, municipal securities, mortgage-related securities and certain collateralized and asset-backed securities. The Fund will maintain an average rating of AA or better by Standard & Poor's Rating Services, a division of McGraw-Hill Companies, or comparable quality.

In selecting securities for the Fund, the Sub-Adviser focuses both on the fundamentals of particular issuers and yield curve positioning. The Sub-Adviser seeks to earn risk-adjusted returns superior to those of the Lehman Brothers Government/Corporate Bond Index over time. The Sub-Adviser invests 80% to 100% of the Fund's assets in debt securities and the remainder in cash or cash equivalents.

The Fund may appeal to you if:

• you are seeking current income consistent with the maintenance of principal and liquidity
• you are conservative in your investment approach
• you are seeking exposure to investment grade bonds as part of your overall investment strategy

You may not want to invest in the Fund if:

• you seek growth of capital
• you seek stability of principal more than total return.