Berwyn Funds  
  BERWYN FUND   BERWYN INCOME FUND   BERWYN CORNERSTONE FUND  
Prices and Performance
SECURE LOGIN
PRICES AS OF THE CLOSE OF TRADING 04/22/14
FUND NAME      TICKER  |  PRICE  |  CHANGE
Berwyn Fund
   BERWX
   $40.19
   +.36
Berwyn
Income Fund
   BERIX
   $14.34
   +.04
Berwyn
Cornerstone Fund
   BERCX
   $17.96
  +.09

TOTAL RETURNS* AS OF MOST RECENT MONTH END (3/31/14)
FUND         1 YEAR |  3 YRS  | 5 YRS  | 10 YRS |
INCEPTION
TO DATE
Berwyn Fund
+24.12%
+13.46%
+26.61%
+10.16%
+10.77%
Berwyn
Income Fund
+15.16%
+8.95%
+13.40%
+7.69%
+9.22%
Berwyn
Cornerstone Fund
+27.10%
+13.94%
+19.77%
+7.79%
+8.00%
*3, 5, 10 Year and Inception Returns Are Annualized

TOTAL RETURNS* AS OF MOST RECENT CALENDAR QUARTER END (3/31/14)
FUND         1 YEAR |  3 YRS  | 5 YRS  | 10 YRS |
INCEPTION
TO DATE
Berwyn Fund
+24.12%
+13.46%
+26.61%
+10.16%
+10.77%
Berwyn
Income Fund
+15.16%
+8.95%
+13.40%
+7.69%
+9.22%
Berwyn
Cornerstone Fund
+27.10%
+13.94%
+19.77%
+7.79%
+8.00%
S&P 5001
+21.86%
+14.64%
+21.14%
+7.41%
-
S&P 4002
+21.24%
+13.35%
+24.85%
+10.14%
-
S&P 6003
+27.81%
+15.94%
+26.20%
+10.10%
-
RUSS4
+24.90%
+13.17%
+24.30%
+8.53%
-
BIG5
-0.06%
+3.76%
+4.55%
+4.57%
-
MLHY6
+7.53%
+8.70%
+18.18%
+8.54%
-
*3, 5, 10 Year and Inception Returns Are Annualized

 
EXPENSE RATIOS    AS OF DECEMBER 31, 2012
Berwyn Fund
     Gross: 1.20%
 Net: 1.20%
Berwyn
Income Fund
     Gross: 0.68%
 Net: 0.68%
Berwyn
Cornerstone Fund
       Gross: 1.90%
   Net: 1.26%

      Berwyn Fund Includes 0.01% of Acquired Fund Fees and Expenses
      Berwyn Income Fund Includes 0.04% of Acquired Fund Fees and Expenses
      Berwyn Cornerstone Fund Includes 0.01% of Acquired Fund Fees and Expenses


 
- See Notes at Right -
EXISTING SHAREHOLDERS:
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NOTES
Past performance is not a guarantee of future results. The 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 lower or higher than the performance data quoted.

Total returns include the reinvestment of all dividends, interest and other distributions, compounded daily. Returns for The Berwyn Funds are before taxes and net of all expenses, advisory fees and commission charges and include the reinvestment of dividends and distributions. Three year, five year and ten year returns are annualized.

An investor should consider each fund's investment objectives, risks, charges and expenses before investing. The fund's prospectus contains this and other relevant information, and should be read carefully before investing. A prospectus may be downloaded from the Fund Literature page of this Web site, or by calling the following toll-free number: 1-800-992-6757.


1 S&P 500: Standard & Poor's 500, an Index of the 500 largest companies as measured by market capitalization.

2 S&P 400: Standard & Poor's 400, an Index designed to measure the performance of 400 selected companies with a mid-sized market capitalization.

3 S&P 600: Standard & Poor's 600, an Index designed to measure the performance of 600 selected US stocks with a small market capitalization.

4 RUSS: Russell 2000 Index, an index which measures the performance of 2000 small-cap companies and is designed to represent the small-cap segment of the U.S. Equity universe.

5 BIG: Citigroup Broad Investment Grade Index, a broad bond index measuring the performance of the U.S. investment grade bond market, from short to long-dated maturities.

6 MLHY: Merrill Lynch High Yield Master II Index, an Index of all sectors of the non-investment grade bond market.

Fund inception dates are 5/4/84 for the Berwyn Fund, 9/3/87 for the Berwyn Income Fund and 5/1/02 for the Berwyn Cornerstone Fund.

The Advisor has contractually agreed until at least May 1, 2014 to cap Fund expenses at 1.25% of the Fund's average daily net assets.

The Killen Group, Inc. (the Advisor) has contractually agreed to waive all or a portion of its management fee in order to limit the Berwyn Cornerstone Fund's ratio of expenses to average net assets to 1.25%. In addition, the Advisor has voluntarily decided to reimburse other operating expenses of the Fund to the extent necessary to maintain a ratio of expenses to average net assets of 1.25%. The Advisor may, however, discontinue reimbursement of these expenses at any time.
 
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