(PUB) Morningstar FundInvestor

7

Morningstar FundInvestor

June 2 013

Data through May 31, 2013 Tweedy, Browne Worldwide Hi Div Yld Val

Ticker

Status Yield Total Assets

Mstar Category

TBHDX Open

1.5% $741 mil

World Stock

Morningstar Analyst Rating 05-21-13

Investment Style Equity Stock %

Historical Profile Return Risk Rating Above Avg Low Highest

99% 76% 90% 86% 84% 79%

„

Manager Change Partial Manager Change

10.0 12.0

Morningstar Pillars Process Performance

Growth of $10,000

Positive Neutral Positive Positive Negative

Investment Values of Fund Investment Values of MSCI EAFE

¶

6.0

People Parent Price

4.0

§

NAV Total Return % +/-MSCI EAFE +/-MSCI World Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $ Performance Quartile (within Category) History

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 05-13

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 „ ´ˇ ¨

9.01 6.85 10.00 . . . . . 8.56

9.20 4.04 9.58 1.98 2.06 0.18 0.00 1.37 2.00

10.16 12.34 -4.98 -3.49

10.92 7.48 -0.46 -3.69 0.00 7.48

7.73 28.18 -29.35 . . . . . . -3.60 14.03 . . . . . . -1.81 11.36 . . . . . . 2.87 2.57 . . . . . . 25.31 -31.92 . . . . . . 75 6 . . . . . . 16.18 -0.02 -4.03 2.26 5.47 1.74 10.60 80 7 87

82

Pillar Spectrum Positive

0.19 0.26 0.03 . . . . . 0.00 0.00 . . . . . 0.20 0.00

0.16 0.00 1.37 2.11

0.00 0.00 1.37 1.88

§ Negative

¶ Neutral

0.00 1.37 2.36

1.37 1.37 . . . . . . 2.99 2.38 . . . . . . 38 2 . . . . . . 6 16 18

Performance 05-31-13 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

12

2009 2010 2011 2012 2013

-11.09 17.49 13.78 7.85 28.18 0.70 -9.31 12.84 4.53 7.73 5.66 3.16 -10.10 6.17 4.04 5.98 -2.63 5.66 3.03 12.34 5.02 . . . .

239 88 62 . . . . . 133

404

675

741

Portfolio Analysis 12-31-12 Share change since 09-12 Total Stocks:43 Sector

Rating and Risk Time Load-Adj

Country

% Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Dreyfus Government Pr Ca

United States 18.20

.

1 Yr 3 Yr 5 Yr

23.97 13.66

Trailing

Total +/- MSCI

+/- MSCI

%Rank Growth of

Total SA

Energy

France

3.78 3.54 3.54 3.47 3.19 2.94 2.78 2.71 2.64 2.52 2.52 2.44 2.42 2.32 2.18 2.15 2.11 2.10 2.09

Return% EAFE 4.20 0.69 9.19 -2.20 23.97 -7.65 13.66 2.66 4.44 6.04

World -1.41 -4.07 -3.80

Cat

$10,000

Avg

Low Low

Novartis AG

Hlth care Switzerland

3 Mo 6 Mo 1 Yr

71 10,420 84 10,919 65 12,397 35 14,683

4.44

+Avg

Royal Dutch Shell PLC Cl HSBC Holdings PLC Johnson & Johnson Zurich Insurance Group A Muenchener Rueckversiche

Energy

U.K.

10 Yr Incept

. . . .

Finan Svs U.K.

3.66

Hlth care United States Finan Svs Switzerland Finan Svs Germany Hlth care Switzerland

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

0.32 2.93

Other Measures

Standard Index

Best Fit Index

14 12,426 . . . . . . . . . . Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

MSCI EAFE

MSCI Eur

Roche Holding AG Unilever NV DR

Alpha

5.8

5.9

Cnsmr Def

Netherlands

Beta

0.64

0.56

Siemens AG

Industrl Industrl

Germany

R-Squared

93

94

G4S PLC

U.K.

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

12.88

35 14

0.68 0.80

70

United Overseas Bank Ltd Vodafone Group PLC

Finan Svs Singapore Comm Svs U.K. Cnsmr Cyc Germany Technology United States

Standard Deviation

12.00 13.66

3.61 76 . . . .

Mean

Axel Springer AG Cisco Systems Inc Diageo PLC Akzo Nobel NV

Sharpe Ratio

1.12

Potential Capital Gain Exposure: 17% of assets

Cnsmr Def Basic Mat

U.K.

Morningstar’s Take by Kevin McDevitt, CFA 05-21-13 Tweedy, Browne Worldwide High Dividend Yield Value’s prudence will pay off again. This fund’s discretion has no place in a loose-money world. Equity markets have soared over the past 12 months as central banks have further opened the monetary spigots. This has most benefited the types of stocks this fund usually avoids; it has hardly any Japan holdings, given a dearth of shareholder-oriented companies there. But the fund has missed out as the Bank of Japan has flooded the market with yen and equities have soared by more than a third over the past six months. It has similarly missed out on the torrid rally in European banks, some of which have doubled over the past 12 months. As a result, the fund’s 12-month 24% return through May 20, 2013, lands near the world-stock category’s bottom 10%. If anything, management has been running in the opposite direction, addressing any modest indulgences. The team has trimmed exposure to high-yielding telecom and utilities stocks to a combined 2.4% of assets; this modest sum even trails the MSCI World

Netherlands Switzerland Switzerland

ABB, Ltd. Nestle SA

Industrl

Index’s 7.5% weighting. This shows once again that despite the fund’s name, management prioritizes companies with strong competitive advantages ahead of plump yields. Further, the team has trimmed the consumer staples stake to 17% from 25% in 2010. These changes leave the portfolio more diversified across sectors than it has typically been. As a result, the fund looks particularly well prepared for the next downturn. This would be nothing new, though, as its high-quality portfolio and cash stakes often north of 10% of assets helped it endure 2008 and 2011’s bear markets better than 90% of its peers. It’s worth noting that the portfolio’s out-of-favor holdings haven’t become as inflated as the rest of the market either. Unlike in the U.S. where high-yielding stocks have been bid up in recent quarters, dividend-paying foreign stocks typically trade at cheaper multiples than the broader market. This shows here in the portfolio’s below-average multiples. This fund is struggling now, but it’ll be ready when the tide turns.

Cnsmr Def

Current Investment Style

Sector Weightings

% of Stocks

Rel MSCI

3 Year Low

EAFE High

Market Cap % Giant 67.1 Large 19.9 Mid 12.9 Small 0.0 Micro 0.0 Avg $mil: 49,647

Value Blnd Growth

Cyclical 28.71 BasicMat 2.67 CnsmrCyc 5.65 FinanSvs 20.39 Real Est 0.00 Sensitive 35.71 CommSrvs 3.06 Energy 14.33 Industrl 15.57 Technlgy 2.75 Defensive35.58 CnsmrDef20.72 Hlthcare 14.86 Utilities 0.00

. . .

h r t y u j i o p a k s d f

Large Mid Small

3 1 9 4

. 22 12 . . .

. .

8 3

. 14 10 . 16 11

Growth Measures Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Price/Cash Flow Dividend Yield % Value Measures Price/Earnings Price/Book Price/Sales

Rel Category

8.72 1.79 -0.99 -0.49 2.21 11.15 1.74 0.84 6.37 3.42

0.79 0.97 NMF NMF 1.17 0.76 0.91 0.66 0.89 1.40

3 3

. .

. 29 21 . 15 11

4 2

.

% Rel Category

Country Exposure 32 United States 19 Switzerland 17 UK/W. Europe 75 Japan 0 Asia X Japan 5 U.K. Regional Exposure

% Stock

N. America 19 Latn America 1 Other 0

Address:

350 Park Ave 9th Fl New York, NY 10022 800-432-4789 www.tweedy.com

Minimum Purchase: Min Auto Inv Plan:

$2500

Add: $200 IRA: $500

$0

Add: .

Sales Fees:

No-load, 2.00%R

Composition - Net

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

1.25%

% Stock

Cash

20.8 79.2

Bonds Other

0.0 0.0

09-04-07

Actual Fees:

Mgt:1.25% Dist: .

Germany

10

Tweedy Browne Co LLC

Expense Projections: Income Distribution:

3Yr:$440

5Yr:$761 10Yr:$1669

Stocks

None

Semi-Annually

France

9

Foreign

81.4

(% of Stock)

N/A

Mutual Funds ß ®

© 2013Morningstar, Inc.All rights reserved. The information herein isnot represented orwarranted to be accurate, correct, complete or timely. Pastperformance isnoguarantee of future results.Access updated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.

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