Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
Conservative Allocation Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
Style Box™
What is this?
   Large
   Value
  
  
   Avg Duration
   4.05 Yrs
   Avg Credit Quality
   BB
As of 2009-09-30
Day Change
$ 0.01
  
NAV (2009-11-10)
$ 12.60
  
YTD Return % (2009-11-10)
27.04%
  
Total Assets ($ mil)
612
View Data Definitions
  Performance    
Growth of $10,000 Fund: Berwyn Income
(from 1999-01-01 to 2009-10-31) Category: Conservative Allocation
Index: Morningstar Moderate Target Risk
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-10
Inception date: 1987-09-03 10yr and Inception Returns as of 2009-10-31
YTD Returns as of 2009-11-10
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Fund 27.94 35.85 7.17 6.65 8.16 9.09
+/- Category 11.43 19.93 6.98 3.90 4.96 ---
+/- Morningstar Moderate Target Risk 7.37 4.76 6.01 1.83 --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 25.32 15.19 7.42 6.58 7.86 9.12
Month-End (as of 2009-10-31) 25.42 26.62 6.83 6.37 8.16 9.09
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 24.26 4.77 4.48 5.87 ---
On Distribution & Sale of Shares --- 17.09 4.63 4.34 5.63 ---
Morningstar Rating --- --- ---
# of compared funds covered (3 yrs : out of 506 funds), (5 yrs : out of 343 funds), (10 yrs : out of 143 funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is 1.00%.
The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus 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 herein.
  Portfolio Profile    
Sector Breakdown %
Information 13.59
Software 4.35
Hardware 5.62
Media 3.62
Telecommunications 0.00
Service 46.84
Healthcare 14.98
Consumer Services 8.70
Business Services 5.69
Financial Services 17.46
Manufacturing 39.57
Consumer Goods 25.15
Industrial Materials 12.64
Energy 1.79
Utilities 0.00
Bond Quality % of Bonds
AAA 0.0
AA 0.8
A 4.7
BBB 35.9
BB 29.6
B 20.9
Below B 1.6
Not Rated 6.5
 
Asset Allocation
% of Net Assets
Cash 10.0
Stocks 27.0
Bonds 50.7
Other 12.3
Foreign Stocks 2.5
(as a % of Assets)
Data through 2009-09-30 Data through 2009-09-30
 
Holding Status
Total Number of Stock Holdings 27 Turnover % 64
Total Number of Bond Holdings 46 30 Day SEC Yield % 8.92
% of Assets in Top 10 Holdings 24.15 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Sector P/E YTD
Return %		 % of Net
Assets
Fidelity Instl MM Fds Money Market Sel --- --- --- 4.77
Fidelity Instl MM Fds Government I --- --- --- 4.77
Corrections Corp Amer New 6.25% --- --- --- 2.69
School Specialty Cv 3.75% --- --- --- 2.65
Westinghouse Air Brake 6.875% --- --- --- 2.58
Frontier Oil 6.625% --- --- 2.47
Offshore Logistics 6.125% --- --- 2.46
Amer Equity Invt Life Hldg 5.25% --- --- 2.33
Valmont Inds 6.875% --- --- 2.27
Horace Mann Educators 6.85% --- --- 2.26
Data through 2009-09-30
YTD Return through 2009-11-20
  Other Information
Fund Inception: 1987-09-03
Portfolio Manager  (Start Date)
Lee Grout  (1997-03-01)
Grout is a vice president and head of Investment Research of Killen Group. He has been employed with the firm since 1997. Grout holds the Chartered Financial Analyst designation.
Robert E. Killen  (2005-12-31)
Killen is the chief executive officer and sole shareholder of the Killen Group. He has been a committee member since 1984. Killen is also president and chairman of the board of the Berwyn Funds. He founded the Killen Group in 1982 and has over 35 years of investment management experience.
George Cipolloni  (2006-05-01)
Cipolloni is a research analyst for Killen Group. He has been an Investment Management Committee member since 2003. His primary responsibilities within the Investment Management Committee include research, trading and portfolio analysis. Cipolloni joined the Killen Group in 2002, prior to which he was employed by Salomon Smith Barney as a research analyst. Cipolloni holds the Chartered Financial Analyst designation.
Raymond Munsch  (2006-05-01)
Munsch is president and chief operating officer of the Killen Group and joined it in 1998.He has been an Investment Management Committee member since 1998. Munsch's primary responsibilities within the Investment Management Committee include research, portfolio analysis and operations, with emphasis on administration and implementation.
Sales Charge %
(taken from prospectus dated 2009-06-30)
Front: None
Deferred: None
Expense Ratio % 0.73
based on net assets
(taken from annual report dated 2008-12-31)
Correspondence Information
1189 Lancaster Avenue

Berwyn,  PA  19312
Telephone:
800-992-6757
Data on this page does not include the fund's short positions (if any).
Show Data Definitions

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Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.