Investment Performance — Calendar Year Returns (%)
|MSCI EAFE||Morningstar Fund Averages|
Global Value Fund II — Currency Unhedged
|US$2||Hedged3||World Stock Funds4||Foreign Stock Fund5|
|2009 (10/26 - 12/31)||2.04||0.58||2.66||7.00||5.30|
|2014 (through 6/30)||4.40||4.78||3.08||5.73||4.65|
(10/26/091 - 6/30/14)
Annual Total Returns For Periods Ending 06/30/14 (%)
|Tweedy, Browne Global Value Fund II — Currency Unhedged||MSCI EAFE||Morningstar Fund Averages|
|Average Annual Total Returns||Return before Taxes||Return after Taxes on Distributions||Return after Taxes on Distributions & Sale of Fund Shares||US$2||Hedged3||World Stock Funds4||Foreign Stock Fund5|
|Since Inception (10/26/09)1||10.82||10.70||8.68||8.06||8.47||12.30||9.97|
|Gross Annual Operating Expenses as of 3/31/14:||1.39%|
|Net Annual Operating Expenses as of 3/31/14:||1.39%|
|Gross Annual Operating Expenses as of 3/31/13:||1.41%|
|Net Annual Operating Expenses as of 3/31/13:||1.39%|
After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Returns after taxes on distributions are adjusted for federal income taxes associated with fund distributions, but do not reflect the federal income tax impact of gains or losses recognized when fund shares are sold. Returns after taxes on distributions and sale of fund shares are adjusted for federal income taxes associated with fund distributions and reflect the federal income tax impact of gains or losses recognized when fund shares are sold. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
The performance shown, before and after taxes, represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted.
The Adviser has contractually agreed to waive its investment advisory fee and/or to reimburse expenses of the Global Value Fund II — Currency Unhedged to the extent necessary to maintain the total annual fund operating expenses (excluding fees and expenses from investments in other investment companies, brokerage, interest, taxes and extraordinary expenses) at no more than 1.37%. This arrangement will continue at least through December 31, 2014. In this arrangement, the Global Value Fund II — Currency Unhedged has agreed, during the two-year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent that after giving effect to such repayment such adjusted total annual fund operating expenses would not exceed 1.37% on an annualized basis. The performance data shown above would be lower had fees and expenses not been waived and/or reimbursed.
The Fund does not impose any front-end or deferred sales charge. However, a 2% redemption fee is imposed on redemption proceeds for redemptions or exchanges made within 60 days of purchase. Performance data does not reflect the deduction of the redemption fee, and if reflected, the redemption fee would reduce the performance data quoted for periods of 60 days or less. The expense ratios shown above reflect the inclusion of acquired fund fees and expenses (i.e., the fees and expenses attributable to investing cash balances in money market funds) and may differ from those shown in the Funds' financial statements.
1 Inception date for the Fund was October 26, 2009. Morningstar information is available at month end only; therefore, the closest month end to the inception date of the Fund, October 31, 2009, was used.
2 MSCI EAFE (US$): An unmanaged capitalization-weighted index of companies representing the stock markets of Europe, Australasia and the Far East. Index results are inclusive of dividends and net of foreign withholding taxes.
3 MSCI EAFE Hedged: Consists of the results of the MSCI EAFE Index 100% hedged back into U.S. dollars and accounts for interest differentials in forward currency exchange rates. Index results are inclusive of dividends and net of foreign withholding taxes.
4 Morningstar World Stock Fund Average: Average results of all mutual funds in the Morningstar universe that invest throughout the world while maintaining a percentage of assets (normally 25-50%) in the U.S.
5 Morningstar Foreign Stock Fund Average: Average returns of all mutual funds in the Morningstar universe that have 90% or more of their assets invested in non-U.S. stocks.
Notes to Morningstar Category Returns:
Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses arising from any use of this information. Past performance is no guarantee of future results.