Fund Distributions

BERWYN INCOME FUND

BERWYN INCOME FUND

The Berwyn Funds intend to distribute substantially all of their net investment income and any net realized capital gains each year to their shareholders.

The Berwyn Income Fund expects most of its distributions to be in the form of net investment income. Distributions from the Berwyn Income Fund are made at the end of each calendar quarter.

Distribution Date†

DIVIDEND INCOME

ST Gain LT Gain Distribution Total
06/29/2015 $0.0640 $0.0640
03/30/2015 $0.0700 $0.0700
12/30/2014 $0.0882 $0.5250 $0.6132
09/29/2014 $0.0860 $0.0860
06/27/2014 $0.0880 $0.0880

†Date of Record is business day prior to Distribution Date.

BERWYN FUND

BERWYN FUND

The Berwyn Funds intend to distribute substantially all of their net investment income and any net realized capital gains each year to their shareholders.

The Berwyn Fund and the Berwyn Cornerstone Fund expect most of their distributions to be in the form of capital gains. Distributions from those two funds, if any, are made at the end of the calendar year.

  2014 2013 2012 2011
Dividend Income $0.0599
Short-Term
Capital Gain
$0.2707 $0.1014 $0.5754
Long-Term
Capital Gain
$5.8472 $3.6283 $1.4326 $0.5024

DISTRIBUTION
TOTAL

$6.1179 $3.7297 $2.0679 $0.5024

BERWYN CORNERSTONE FUND

BERWYN CORNERSTONE FUND

The Berwyn Funds intend to distribute substantially all of their net investment income and any net realized capital gains each year to their shareholders.

The Berwyn Fund and the Berwyn Cornerstone Fund expect most of their distributions to be in the form of capital gains. Distributions from those two funds, if any, are made at the end of the calendar year.

  2014 2013 2012 2011
Dividend Income $0.1229 $0.1392  $0.1693 $0.1430
Short-Term
Capital Gain
$0.0728
Long-Term
Capital Gain
$1.5086 $1.5011 $0.4847
DISTRIBUTION
TOTAL
$1.6315 $1.7131 $0.6540 $0.1430

INVESTMENT RISKS

INVESTMENT RISKS

Investing in any mutual fund involves risk, including the risk that you may lose all or part of the money you invest. The Berwyn and Cornerstone Funds are non-diversified funds which may present greater risks than investing in a diversified fund. Both invest in equity securities which carry the potential for unpredictable drops in value and periods of lackluster performance. The Berwyn Fund invests primarily in small capitalization companies. Small capitalization companies are generally more volatile and less liquid than larger capitalization companies. The Berwyn Income Fund invests in both fixed income and equity securities. Its investments in fixed-income securities are subject to such risks as: interest rate risk; call risk; default risk; high-yield (junk bond) risk; and unrated bond risk. The Income Fund also invests in equity securities which carry the potential for unpredictable drops in value and periods of lackluster performance. All three funds typically invest in securities that are considered undervalued by the Advisor. This may result in the Fund(s) being invested in lesser-known companies or those currently out of favor with other investors. For more information on these and other risks please review the prospectus.

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