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Value Fund: Investment Performance And Expense Ratio

Investment Performance — Calendar Year Returns (%)

 Tweedy, Browne Value FundS&P 500 (12/8/93-12/31/06) /
MSCI World Index (Hedged to US$) (1/1/07-present)2
1993 (12/8 - 12/31) -0.60 0.18
1994 -0.56 1.32
1995 36.2137.59
1996 22.4522.97
1997 38.8733.38
1998  9.5928.58
1999  2.0021.04
2000 14.45-9.13
2001 -0.09-11.88
2002-14.91-22.09
2003 23.2428.69
2004  9.4310.88
2005  2.30 4.91
2006 11.6315.79
2007  0.60 5.61
2008-24.37-38.45
2009 27.6026.31
2010 10.5110.46
2011 -1.75-5.46
2012 15.4515.77
2013 22.6828.69
2014 (through 10/31)  4.36  7.52
Cumulative Return
(12/8/931 - 10/31/14)
497.40 429.41

Annual Total Returns For Periods Ending 10/31/14 (%)

 Tweedy, Browne Value Fund 
Average Annual Total ReturnsReturn before TaxesReturn after Taxes on DistributionsReturn after Taxes on Distributions & Sale of Fund SharesS&P 500 (12/8/93-12/31/06) /
MSCI World Index (Hedged to US$) (1/1/07-present)2
1 Year  6.80  5.17  5.0912.10
3 Years 14.34 13.30 11.3316.73
5 Years 11.99 11.13  9.6712.30
10 Years  6.62  5.53  5.41 6.03
15 Years  5.69  4.70  4.58 3.20
20 Years  9.19  8.24  7.78 8.49
Since Inception (12/08/93)1  8.93  8.02  7.57  8.30

Annual Total Returns For Periods Ending 09/30/14 (%)

 Tweedy, Browne Value Fund 
Average Annual Total ReturnsReturn before TaxesReturn after Taxes on DistributionsReturn after Taxes on Distributions & Sale of Fund SharesS&P 500 (12/8/93-12/31/06) /
MSCI World Index (Hedged to US$) (1/1/07-present)2
1 Year 12.45 10.73  8.3115.21
3 Years 17.83 16.76 14.1419.55
5 Years 12.02 11.17  9.6811.53
10 Years  6.92  5.82  5.64 6.07
15 Years  5.90  4.90  4.74 3.55
20 Years  9.30  8.35  7.87 8.55
Since Inception (12/08/93)1  9.05  8.14  7.68  8.28

Expense Ratio

Total Annual Fund Operating Expense Ratio as of 03/31/14:1.38%

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 Fund does not impose any front-end or deferred sales charge. 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.

The Value Fund's performance data shown would have been lower had certain fees and expenses not been waived from December 8, 1993 through March 31, 1999.

 

Index Descriptions
1 Inception date for the Fund was December 8, 1993.

2 S&P 500/MSCI World Index (Hedged to US$): The S&P 500/MSCI World Index (Hedged to US$) is a combination of the S&P 500 Index and the MSCI World Index (Hedged to US$), linked together by Tweedy, Browne Company, and represents the performance of the S&P 500 Index for the periods 12/8/93 - 12/31/06, and the performance of the MSCI World Index (Hedged to US$), beginning 1/01/07 and thereafter. For the period from the Fund's inception through 2006, the Investment Advisor chose the S&P 500 as the relevant market benchmark. Starting in mid-December 2006, the Fund's investment mandate changed from investing at least 80% of its assets in U.S. securities to investing no less than approximately 50% in U.S securities, and so the Investment Adviser chose the MSCI World Index (Hedged to US$) as the most relevant benchmark for the Fund for periods starting January 2007. Effective July 29, 2013, the Value Fund has removed the 50% requirement and will continue to use the MSCI World Index (Hedged to US$) as the most relevant index for the Fund.

S&P 500: An unmanaged capitalization-weighted index composed of 500 widely held common stocks that assumes the reinvestment of dividends. The index is generally considered representative of U.S. large capitalization stocks.

MSCI World Index (Hedged to US$): MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the world's major developed markets. MSCI World Index (Hedged to US$) consists of the results of the MSCI World Index with its foreign currency exposure hedged 100% back into US dollars. The index accounts for interest rate differentials in forward currency exchange rates. Results for this index are inclusive of dividends and net of foreign withholding taxes.