(PUB) Investing 2015

7

Octob er 2015

Morningstar FundInvestor

Data through September 30, 2015 FINRA members: For internal or institutional use only. Tweedy, Browne Worldwide Hi Div Yld Val

Ticker TBHDX

Yield 2.2%

Total Assets $427 mil

Mstar Category World Stock

Benchmark 1: MSCI ACWI NR USD Benchmark 2: MSCI ACWI Ex USA NR USD Morningstar Analyst Rating 09-18-15 „

Investment Style Equity

Historical Profile Return Risk Rating Below Avg Below Avg QQ Below Avg

1 1 1 4 1 1 1 1

10.0 12.0 14.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

8.0

∞ Positive ∞ Positive ∞ Positive ∞ Positive § Negative

Performance

6.0

People Parent

Performance Quartile (within Category)

& ( ) & ) ) ) )

Price

History

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 09-15

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

. .

10.00 6.85 8.56 9.01 9.20 10.16 11.83 10.82 9.69 -29.35 28.18 7.73 4.04 12.34 18.77 -0.92 -9.60 12.84 -6.45 -4.94 11.39 -3.79 -4.03 -5.08 -2.56 16.17 -13.27 -3.43 17.75 -4.49 3.48 2.95 -0.97 2.57 2.87 2.26 1.98 1.74 1.97 2.12 0.94 -31.93 25.31 5.47 2.06 10.59 16.80 -3.04 -10.54 0.03 0.26 0.20 0.19 0.18 0.16 0.20 0.25 0.10 0.00 0.00 0.00 0.00 0.00 0.02 0.67 0.00 1.86 1.54 1.46 1.39 1.37 1.37 1.36 1.35 2.38 2.99 2.36 2.00 2.11 1.88 2.07 1.96 6 75 87 7 80 83 83 88

NAV

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

Performance 09-30-15 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2011 2012 2013 2014 2015

5.66 3.16 -10.10 6.17 4.04 5.98 -2.63 5.66 3.03 12.34 5.02 -0.39 7.61 5.50 18.77 1.52 4.55 -4.34 -2.41 -0.92

2

38

18

16

6

12

10

7

. .

62

88

133

239

404

675

767

612

427

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 06-30-15 Total Stocks: 31 Share change since 03-31-15 Y Dreyfus Government Pr Cas

0.18 -0.54 -9.27

— —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

Country

% Assets

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

— United States Hlth Care Switzerland Hlth Care Switzerland Hlth Care United States Technology United States

8.62 4.97 4.95 4.90 4.77

1 Yr 3 Yr 5 Yr

-11.78

3 Mo 6 Mo

-9.27 0.18 2.90 -9.76 -0.62 1.94 -11.78 -5.12 0.38 3.11 -3.84 0.76 5.38 -1.44 3.56

59 9,073 75 9,024 89 8,822 95 10,961 81 12,997

Novartis AG

Avg Q

3.11 5.38

Low -Avg

Roche Holding AG Dividend

-Avg QQ

1 Yr

Y Johnson & Johnson Y Cisco Systems Inc T Standard Chartered PLC

10 Yr Incept

— — — —

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

2.46

Finan Svcs United Kingdom 4.26

— — — — — — — — — —

Unilever NV DR

Cnsmr Def

Netherlands

3.86 3.81

Other Measures

Standard Index

Best Fit Index

SCOR SE

Finan Svcs France

Alpha

1.1

-0.6 0.76

T HSBC Holdings PLC

Finan Svcs United Kingdom 3.73

Beta

0.84

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Total SA

Energy

France

3.67 3.64

R-Squared

88

92

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

1.88 4.32

91 78

1.19 1.01

57 64

T Verizon Communications In

Comm Svcs United States

Standard Deviation

10.31

G4S PLC Nestle SA

Industrl

United Kingdom 3.47

— — — —

Mean

3.11 0.34

Cnsmr Def

Switzerland

3.41 3.41

Sharpe Ratio

United Overseas Bank Ltd T Royal Dutch Shell PLC Cla

Finan Svcs Singapore

Potential Capital Gain Exposure: 16% of assets

Energy Industrl

United Kingdom 3.11

Morningstar's Take by Kevin McDevitt, CFA 09-18-15 Tweedy, Browne Worldwide High Dividend Yield Value didn't quite rise to its usual standard during the recent midyear correction. While this fund's mixed results during the bull market in 2012 and 2013 are to be expected, its middling performance during the mid-2015 correction was more surprising. It typically lags during rallies but outperforms during downturns. However, the fund's 11.9% peak-to-trough, May-to-August dip beat its MSCI World High Dividend Yield Index benchmark by less than 50 basis points. Such a small margin of outperformance during corrections isn't good enough for this fund since that's when it really needs to shine. Despite its struggles during rallies, the fund's 3.1% annualized return since its 2007 inception still beats its benchmark by 1.6 percentage points.However, thisowes largely to itsexcellent relative results during the 2007-09 credit crisis and the mid-2011 correction. Onemighthaveexpectedthisroundtobenodifferent given that the fund had a cash buffer of 11.2% of assets heading into the second quarter and no direct emerging- markets exposure. Yet the fund has been pummeled by

ABB Ltd

Switzerland

3.04 3.02

Axel Springer SE

Cnsmr Cyc Germany

holdings that depend heavily on emerging-markets growth. Banks Standard Chartered SCBFF, HSBC HSBC, United Overseas Bank UOVEF, and DBS derive the bulk of their revenue from Asia and have been hurt mightily by China's slowdown. The fund's energy and industrials holdings have been affected, too. Management definitely was early in building some of these positions, but shareholders should maintain perspective.Thesestakescouldstillworkout. Inaddition, the fund'smiddlingshowingduringthemidyearcorrection doesn't mean it's more likely to struggle the next time around. Management has come through in a big way far more often than it hasn't during such pullbacks. This extends back to excellent results during the early 2000s bear market with this fund's older siblings. For this reason the fund still earns a Morningstar Analyst Rating of Silver and remainsasolid low-volatilityoption intheworld-stock Morningstar Category.

T GlaxoSmithKline PLC

Hlth Care United Kingdom 2.99

Zurich Insurance Group AG

Finan Svcs Switzerland

2.98

Diageo PLC

Cnsmr Def

United Kingdom 2.87

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

% of Stocks

Rel Bmark 1

Market Cap % Giant 79.5 Large 9.2 Mid 11.3 Small 0.0 Micro 0.0 Avg $mil: 72,735

Value Blend Growth

Large Mid Small

35.58 0.92 1.56 0.32 4.93 0.43 29.09 1.53 0.00 0.00 30.16 0.85 3.98 0.80 9.57 1.46 11.39 1.12 5.22 0.38 34.26 1.32 14.75 1.44 19.51 1.55 0.00 0.00

Value Measures

Rel Category

Price/Earnings 14.63

0.81 0.77 0.77 0.76 1.63 0.61 1.42 -0.31 -0.53 -1.09

Price/Book Price/Sales

1.81 1.21

Price/Cash Flow 6.64 Dividend Yield % 4.16

Growth Measures

% Rel Category

Long-Term Erngs 6.70

Regional Exposure % Stock UK/W. Europe 70 N. America 23 Japan 0 Latn America 0 Asia X Japan 7 Other 0

Book Value

4.60 -0.51 -1.17

Sales

Address:

Tweedy Browne Fund Inc New York, NY 10022

Minimum Purchase: Min Auto Inv Plan:

$2500

Add: $200 IRA: $500

Cash Flow

— Add: —

Historical Erngs -4.54

800-432-4789

Sales Fees:

No-load, 2.00%R 1.25%, 0.03%A

Country Exposure 24 United States 23 Switzerland 21 UK

% Stock

Web Address:

www.tweedy.com

Management Fee:

Composition - Net Cash

France

11

Inception:

09-05-07

Actual Fees:

Mgt:1.25% Dist:—

8.6 Bonds

0.0 0.1

Advisor:

Tweedy Browne Co LLC

Expense Projections: Income Distribution:

3Yr:$431 5Yr:$745 10Yr:$1635

Germany

7

Stocks 91.3 Other

Subadvisor:

None

Semi-Annually

Foreign (% of Stock)

77.2

A

ß ® Mutual Funds

©2015Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past performance is no guarantee of future results.Access updated reports at www.morningstar.com . To order reprints, call 312-696-6100.