(PUB) Morningstar FundInvestor

November 2013

Morningstar FundInvestor

7

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

Ticker

Status Yield Total Assets

Mstar Category

TBHDX Open

1.3% $761 mil

World Stock

Morningstar Analyst Rating 10-30-13

Investment Style Equity Stock %

Historical Profile Return Risk Rating Average Low Neutral

99% 76% 90% 86% 84% 79% 87%

„

Manager Change Partial Manager Change

10.0 12.0

Morningstar Pillars Process Performance

Growth of $10,000

Positive Positive Positive Positive Negative

Investment Values of Fund Investment Values of MSCI WexUS

6.0

People Parent Price

4.0

§

Performance Quartile (within Category) History

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 10-13

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

10.16 12.34 -4.49 -3.79

11.68 16.26 2.18 -2.77 1.17 15.09

NAV

7.73 28.18 -29.35 . . . . . . -3.42 -13.27 16.18 . . . . . . -6.45 12.84 . . . . . . 2.87 2.57 . . . . . . 25.31 -31.92 . . . . . . 75 6 . . . . . . 17.75 11.39 -4.94 2.26 5.47 1.74 1.98 2.06 10.60 80 7 87

Total Return % +/-MSCI WexUS

+/-MSCI Ac Wrld ND

Income Return % Capital Return %

78

Total Rtn % Rank Cat

Pillar Spectrum Positive

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

0.18 0.00 1.37 2.00

0.16 0.00 1.37 2.11

0.12 0.00 1.37 1.88

Income $

§ Negative

¶ Neutral

0.00 1.37 2.36

Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil

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

Performance 10-31-13 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 -0.39 7.61 . .

239 88 62 . . . . . 133

404

675

761

Portfolio Analysis 09-30-13 Share change since 06-13 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 10.13

.

1 Yr 3 Yr 5 Yr

19.79 11.19 12.94

Trailing

Total +/- MSCI

+/- MSCI

%Rank Growth of

Total SA

Energy

France

4.79 4.08 3.94 3.75 3.71 3.44 3.42 3.36 2.85 2.81 2.68 2.64 2.62 2.54 2.44 2.42 2.35 2.33 2.22

Return% WexUS Ac Wrld ND

Cat

$10,000

Avg Avg

Low Low

Novartis AG

Hlth care Switzerland Hlth care Switzerland Technology United States Hlth care United States

3 Mo 6 Mo 1 Yr

5.61 -3.73 7.28 0.62 19.79 -0.50 11.19 5.15 12.94 0.46

-1.50 -1.38 -3.50 0.83 -0.53

72 10,561 76 10,728 77 11,979 45 13,747

Roche Holding AG Cisco Systems Inc Johnson & Johnson Royal Dutch Shell PLC Cl Axel Springer AG HSBC Holdings PLC Muenchener Rueckversiche

10 Yr Incept

. . . .

4.74

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

Energy

U.K.

Other Measures

Standard Index MSCI WexUS

Best Fit Index

67 18,375 . . . . . . . . . . Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Cnsmr Cyc Germany Finan Svs U.K. Finan Svs Germany

MSCI Eur

Alpha

6.7

5.5

Beta

0.62

0.56

Unilever NV DR

Cnsmr Def

Netherlands

R-Squared

87

93

Zurich Insurance Group A

Finan Svs Switzerland

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

10.43 12.10

42 65

0.68 0.74

66

Siemens AG

Industrl Industrl

Germany

Standard Deviation

11.54 11.19

70 . . . .

G4S PLC SCOR SE ABB, Ltd.

U.K.

Mean

Finan Svs France

Sharpe Ratio

0.97

Industrl

Switzerland

Potential Capital Gain Exposure: 23% of assets

GlaxoSmithKline PLC

Hlth care U.K.

Morningstar’s Take by Kevin McDevitt, CFA 10-30-13 Tweedy, Browne Worldwide High Dividend Yield Value’s future remains bright. Things are not nearly as bleak for this fund as they may appear. Granted, it’s on pace for its fourth bottom-half calendar-year finish out of the past five, but lagging during rallies is somewhat expected for this high-quality, bear-market specialist. Still, its 14.4% annualized five-year return through Oct. 28 trails the 15.5% gain of its best-fit namesake benchmark, the MSCI World High Dividend Yield Index. Keep in mind, however, that it has beaten that bogy by nearly 3 percentage points annualized since its 2007 inception. Most of that spread was accrued during the 2007-09 credit crisis, which highlighted the fund’s advantages. The fund’s value consciousness separates it from most dividend-focused, high-quality-oriented rivals. The portfolio’s average multiples are for the most part lower than those of the index, which should reduce price risk somewhat. The proportion of high-quality holdings is also far higher than for most peers. Of its holdings covered by Morningstar analysts,

Nestle SA

Cnsmr Def

Switzerland

United Overseas Bank Ltd

Finan Svs Singapore

less than 7% do not have a competitive moat versus 13.5% for the world-stock average. Finally, rising equity valuations have led the team to accumulate cash. The fund now has an 11% cushion, which, although it has hampered returns in recent years, would come in handy during a sell-off. Looking to the longer term, recent promotions address this fund’s succession issues. This past July, analysts David Browne, Roger de Bree, and Jay Hill were promoted to the firm’s investment committee, which also includes the fund’s four comanagers. These three will likely replace the current managers as they retire. While none of the current managers have plans to step down, Will Browne is approaching 70 years old and creating a succession plan reduces uncertainty. Working on the investment committee should give the three analysts further seasoning, all of whom have been with the firm for at least eight years. Overall, this fund looks well-prepared for whatever the future might bring. It remains an excellent choice for those seeking a conservative equity option.

Diageo PLC

Cnsmr Def

U.K.

Current Investment Style

Sector Weightings

% of Stocks

Rel MSCI

3 Year Low

WexUS High

Market Cap % Giant 63.6 Large 23.0 Mid 13.4 Small 0.0 Micro 0.0 Avg $mil: 55,823

Value Blnd Growth

Cyclical 32.50 BasicMat 2.24 CnsmrCyc 6.62 FinanSvs 23.64 Real Est 0.00 Sensitive 33.50 CommSrvs 0.00 Energy 14.07 Industrl 15.22 Technlgy 4.21 Defensive34.01 CnsmrDef17.74 Hlthcare 16.27 Utilities 0.00

. . .

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

Large Mid Small

3 1 6 4

. 24 17 . . .

. .

8 1

. 14 12 . 16 9 . 10 3

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

7.34 2.51 0.15 7.33 -2.65 12.96 1.83 0.88 7.00 3.57

0.65 1.21 0.58 9.40 NMF 0.88 0.95 0.68 0.98 1.46

.

. 29 19 . 17 11

4 2

.

% Rel Category

Country Exposure 27 United States 20 Switzerland 17 UK/W. Europe 36 Japan 0 Asia X Japan 3 U.K. Regional Exposure

% Stock

N. America 11 Latn America 1 Other 49

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

11.0 89.1

Bonds Other

0.0 0.0

09-04-07

Actual Fees:

Mgt:1.25% Dist: .

Germany

10 10

Tweedy Browne Co LLC

Expense Projections: Income Distribution:

3Yr:$440

5Yr:$761 10Yr:$1669

Stocks

None

Semi-Annually

France

Foreign

80.0

(% 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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