# EDGAR Filing Document

**Accession Number:** 0000896975
**File Stem:** 0001193125-26-257538
**Filing Date:** 2026-6
**Character Count:** 693541
**Document Hash:** d89be085821342f5ac965be25299e19a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-257538.hdr.sgml**: 20260604

**ACCESSION NUMBER**: 0001193125-26-257538

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20260604

**DATE AS OF CHANGE**: 20260604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TWEEDY, BROWNE FUND INC.
- **CENTRAL INDEX KEY:** 0000896975

**ORGANIZATION NAME:**
- **EIN:** 133700410
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07458
- **FILM NUMBER:** 261065490

**BUSINESS ADDRESS:**
- **STREET 1:** ONE STATION PLACE
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902
- **BUSINESS PHONE:** 203-703-0600

**MAIL ADDRESS:**
- **STREET 1:** ONE STATION PLACE
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TWEEDY BROWNE FUND INC
- **DATE OF NAME CHANGE:** 19930714
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TWEEDY, BROWNE FUND INC.
- **CENTRAL INDEX KEY:** 0000896975

**ORGANIZATION NAME:**
- **EIN:** 133700410
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-57724
- **FILM NUMBER:** 261065489

**BUSINESS ADDRESS:**
- **STREET 1:** ONE STATION PLACE
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902
- **BUSINESS PHONE:** 203-703-0600

**MAIL ADDRESS:**
- **STREET 1:** ONE STATION PLACE
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TWEEDY BROWNE FUND INC
- **DATE OF NAME CHANGE:** 19930714

## Series and Classes Contracts Data

### TWEEDY, BROWNE VALUE FUND (Series ID: S000001301)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000003511 | TWEEDY, BROWNE VALUE FUND | TWEBX           |

### TWEEDY, BROWNE INTERNATIONAL VALUE FUND (Series ID: S000001302)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000003512 | TWEEDY, BROWNE INTERNATIONAL VALUE FUND | TBGVX           |

### TWEEDY, BROWNE . BUYBACKS . DIVIDENDS + VALUE FUND (Series ID: S000018426)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000050916 | TWEEDY, BROWNE . BUYBACKS . DIVIDENDS + VALUE FUND | TBHDX           |

### TWEEDY, BROWNE INTERNATIONAL VALUE FUND II - CURRENCY UNHEDGED (Series ID: S000026835)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000080766 | TWEEDY, BROWNE INTERNATIONAL VALUE FUND II - CURRENCY UNHEDGED | TBCUX           |

##### [**Table of Contents**](#toc)
As filed with the Securities and Exchange

Commission on June 4, 2026

**File No. 33-57724** 

**811-07458** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-1A** 

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** ☒

**Pre-Effective Amendment No.** ☐

**Post-Effective Amendment No. 59** ☒

**and** 

**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** ☒

**Amendment No. 62** ☒

## Tweedy, Browne Fund Inc.
(Exact Name of Registrant as Specified in Charter)

**One Station Place, Suite 303** 

**Stamford, CT 06902** 

(Address of Principal Executive Offices, including Zip Code)

Registrant's Telephone Number, including Area Code: **(203) 703-0600**

---

| | |
|:---|:---|
| Name and Address of Agent for Service: | Copy to: |
| **Susan Lively**<br> **Tweedy, Browne Company LLC**<br> **One Station Place, Suite 303**<br> **Stamford, CT 06902** | **Kenneth E. Burdon, Esq.**<br> **Simpson Thacher & Bartlett LLP**<br> **855 Boylston Street, 9th Floor**<br> **Boston, MA 02116** |

---

It is proposed that this filing will become effective:

☐ immediately upon filing pursuant to paragraph (b)

☐ on (date) pursuant to paragraph (b)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ 60 days after filing pursuant to paragraph (a)

☐ on (date) pursuant to paragraph (a)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ on (date) pursuant to paragraph (a)(2) of rule 485

If appropriate, check the following box:

☐ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

------

##### [**Table of Contents**](#toc)
**Subject to Completion – June 4, 2026** 

**The information in this Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**![LOGO](g148935g01q01.jpg)

------

##### [**Table of Contents**](#toc)
**[**TABLE OF CONTENTS**]** 

---

| | |
|:---|:---|
|  | *Page* |
|  [Fund Summaries](#pro148935_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Tweedy, Browne International Value Fund](#pro148935_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Tweedy, Browne International Value Fund II – Currency Unhedged](#pro148935_3) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Tweedy, Browne Value Fund](#pro148935_4) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Tweedy, Browne . Buybacks . Dividends + Value Fund](#pro148935_5) | 23 |
|  [Other Information](#pro148935_6) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Disclosure of Portfolio Holdings](#pro148935_6a) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Multi-Class Fund Structure](#pro148935_6b) | 30 |
|  [Additional Performance Information](#pro148935_7) | 31 |
|  [Additional Information Regarding Investment Strategies](#pro148935_8) | 38 |
|  [Management of the Funds](#pro148935_9) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Payments to Financial Intermediaries](#pro148935_10) | 43 |
|  [Pricing of Fund Shares](#pro148935_11) | 44 |
|  [Dividends, Distributions and Taxes](#pro148935_13) | 45 |
|  [Financial Highlights](#pro148935_14) | 48 |
|  [Privacy Information](#pro148935_15) | 49 |

---

------

##### [**Table of Contents**](#toc)
**<u>Tweedy, Browne International Value Fund – ETF Share Class</u>** 

**Summary** 

**Investment Objective** 

The Fund seeks long-term capital growth.

**Fees and Expenses** 

The table below describes the fees and expenses that you may pay if you buy, hold, and sell ETF shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
|  | ETF Class Shares |
|  Management fees | [ ]% |
|  Other expenses<sup>1</sup> | [ ]% |
|  **Total Annual Fund Operating Expenses** | [ ]% |
|  Fee waiver | [ ]% |
|  **Total Annual Fund Operating Expenses After Fee Waiver** | [ ]% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) ETF Class shares of the Fund are new, so "Other Expenses" shown are based
on anticipated fees and expenses for the first full fiscal year.

**Example** 

This example is intended to help you compare the cost of investing in the ETF share class of the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the ETF share class of the Fund over the time periods shown and then redeem all of your shares at the end of those periods. This example also assumes that your investment earns a 5% return each year and that the ETF share class of the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions your costs would be:

---

| | |
|:---|:---|
|  One Year | $[ ] |
|  Three Years | $[ ] |
|  Five Years | $[ ] |
|  Ten Years | $[ ] |

---

**1** 

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##### [**Table of Contents**](#toc)
**Tweedy, Browne International Value Fund** 

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended March 31, 2026, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund invests primarily in foreign equity securities that Tweedy, Browne Company LLC (the "Adviser" or "Tweedy, Browne") believes are undervalued but may invest in U.S. securities to a limited extent. The Adviser seeks to construct a diversified portfolio of stocks from a variety of industries and countries. Value investing seeks to uncover stocks whose current market prices are at discounts (that is, undervalued) to the Adviser's estimate of their true or intrinsic value. [The Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies with value characteristics.]

The Fund's value investment style derives from the work of the late Benjamin Graham, who is widely considered to be the father of the value investing approach. Most investments in the Fund's portfolio at the time of initial purchase have one or more of the following investment characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low price-to-sales ratio as compared to other companies in the same industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low ratio of enterprise value (the sum of the market value of the company's shares
plus interest-bearing debt and preferred stock, net of cash and cash equivalents) to EBITA (earnings before deduction of interest, taxes, and amortization), EBITDA (earnings before deduction of interest, taxes, depreciation and amortization), or after-tax EBITA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low stock price in relation to book value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low price-to-earnings ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low price-to-cash-flow ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› above-average dividend yield;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low financial leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› high returns on invested capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› purchases of a company's own stock by the company's officers and directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› company share repurchases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› a stock price that has declined significantly from its previous high price; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› small market capitalization.

The Fund invests primarily in equity securities of foreign issuers, but also invests, on a more limited basis, in U.S. equity securities when opportunities appear attractive. The Fund will generally have some exposure to emerging markets. The Fund is diversified by issuer, industry and country, and maintains investments in a minimum of five countries. Where practicable, in light of operational and regulatory considerations, the Fund seeks to reduce currency risk by hedging its perceived foreign currency exposure back into the U.S. dollar (generally through the use of forward currency contracts) based on the Adviser's judgment of such exposure after taking into account various factors, such as the sources of the portfolio companies' earnings and the currencies in which their securities trade. The Fund is designed for long-term value investors who wish to focus their investment exposure for the most part on foreign stock markets of developed countries. The Fund is not appropriate for investors primarily seeking income.

The Fund's ETF Class shares operate as an actively managed exchange-traded fund ("ETF").

**Principal Risks** 

The Fund's share price will fluctuate with changes in the market value of the Fund's portfolio securities. Stocks are subject to market, economic, and business risks that may cause their prices to fluctuate. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal

**2** 

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##### [**Table of Contents**](#toc)
Deposit Insurance Corporation or any other government agency. When you sell shares of the Fund, they may be worth less than what you paid for them; you may lose money by investing in the Fund. In addition to the risks generally applicable to the Fund set forth in the Prospectus and statement of additional information ("SAI"), investing in the Fund will in particular involve the following risks:

**Equity Security Risk.** The Fund invests in equity securities, primarily consisting of common stocks. Common stock represents a proportionate interest in the earnings and value of the issuing company. Therefore, the Fund participates in the success or failure of any company in which it owns stock. The market value of common stocks fluctuates significantly, reflecting the past and anticipated business performance of the issuing company, investor perception and general economic or financial market movements.

**Value Investing Risk.** The Adviser may be wrong in its assessment of a company's value, and the stocks the Fund owns may not reach what the Adviser believes are their true or intrinsic values. The market may not favor value-oriented stocks and may not favor equities at all, which may cause the Fund's relative performance to suffer.

There may be periods during which the Fund is unable to find securities that meet its value investment criteria. If the Fund is selling investments or experiencing net subscriptions during those periods, the Fund could have a significant cash position, which could adversely impact the Fund's performance under certain market conditions and could make it more difficult for the Fund to achieve its investment objective.

**Risk of Loss.** You could lose money on your investment in the Fund, and the Fund could underperform other investments.

**Foreign Securities Risk.** The Fund invests to a great extent in foreign securities. Investing in foreign securities involves additional risks beyond those of investing in U.S. markets. These risks, which are more pronounced in emerging markets, include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› changes in currency exchange rates, which can lower performance in U.S. dollar terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› exchange rate controls (which may include an inability to transfer currency from a given
country);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› costs incurred in conversions between currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› non-negotiable brokerage commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› less publicly available information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› not generally being subject to uniform standards, practices and requirements with respect
to accounting, auditing, corporate governance and financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› greater market volatility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› lower trading volume and/or liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› delayed settlements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› difficulty in enforcing obligations and contractual and other rights in foreign
countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› less securities regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› different tax provisions (including withholding on interest and dividends paid to the
Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› less well-established contract law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› unrecoverable withholding and transfer taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› war;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› seizure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› political and social instability and diplomatic developments.

The value of the foreign securities held by the Fund will be affected by changes in currency exchange rates or currency control regulations. The share price of the Fund will reflect the movements of the different securities in which it is invested, and, to the degree not hedged, the foreign currencies in which its investments are denominated. Currency exchange rates may fluctuate significantly over short periods of time, and the Fund's investments

**3** 

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##### [**Table of Contents**](#toc)
may be negatively impacted by foreign currency exchange rate fluctuations. These risks may be more pronounced in connection with the Fund's investments in securities of issuers located in, or otherwise economically tied to, emerging countries. The securities markets of most emerging countries are relatively less liquid, developed and efficient, are subject to greater price volatility, have smaller market capitalizations, have more or less government regulation and may not be subject to as extensive and frequent accounting, financial and other reporting requirements as the securities markets of more developed countries. The Adviser does not attempt to predict the movement of various currencies in reaching a decision about the appropriateness or prudence of an individual investment.

In addition, the growing inter-relationship of global economies and financial markets has increased the effect of conditions in one country or region on issuers of securities in a different country or region. In particular, events or developments that interrupt the global supply chain, such as pandemic risks, the adoption or prolongation of protectionist trade policies or tariffs by one or more countries, changes in economic or monetary policy in the U.S. or abroad, inflation, the outbreak of war or hostilities (including international responses such as sanctions), or a slowdown in the U.S. economy, could lead to a decrease in demand for products and reduced flows of capital and income to companies in other countries. In recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future companies and adversely affect the revenues and profitability of companies whose businesses rely on goods imported from such impacted jurisdictions.

Furthermore, conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and between Israel and Hamas in the Middle East could have severe adverse effects on the related regions, including significant adverse effects on the regional or global economies and the markets for certain securities. Those events might particularly affect companies in emerging countries.

**Risks of Investing in Europe.** The Fund invests in European securities. The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. Securities of issuers that are located in, or have significant operations in or exposure to, member states of the European Union (the "EU") are subject to economic and monetary controls that can adversely affect the Fund's investments. The European financial markets have experienced volatility, economic and financial difficulties, and other adverse trends in recent years. Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Political, social or economic disruptions in the region, even in countries in which the Fund is not invested, and adverse changes in the value and exchange rate of the euro and other currencies, may adversely affect the value of investments held by the Fund.

**Emerging Markets Risk.** In addition to the risks relating to foreign securities, securities of issuers located in, or otherwise economically tied to, emerging markets may entail risks relating to expropriation, nationalization, confiscation or the imposition of restrictions on foreign investment, lack of hedging instruments, and restrictions on repatriation of capital invested. Economic or political crises may detrimentally affect investments in emerging markets. Emerging market countries may experience substantial rates of inflation or deflation. The economies of developing countries tend to be dependent upon international trade. Emerging markets countries may have less established legal, accounting, and financial reporting systems than those in more developed markets, which may result in there being little financial information available about emerging market issuers. Additionally, governments in emerging markets countries may be less stable and more likely to take extra-legal action with respect to companies, industries, assets, or foreign ownership than those in more developed markets. Moreover, it may be more difficult for shareholders to bring derivative litigation or for U.S. regulators to bring enforcement actions against issuers in emerging markets. Other risks include a high concentration of investors, financial intermediaries, and market capitalization and trading volume in a small number of issuers and industries; vulnerability to changes in commodity prices due to overdependence on exports, including gold and natural resources, overburdened infrastructure and obsolete or unseasoned financial systems; environmental problems; less developed legal systems; and less reliable securities custodial services and settlement practices. For all of these reasons, investments in emerging markets may be considered speculative.

**Smaller Capitalization Companies Risk.** The Fund may invest in mid-, small- and micro-cap companies. Mid-, small- and micro-cap companies may be less well established and may have a more highly leveraged capital structure, less liquidity, a smaller investor base, limited product lines, greater dependence on a few customers or a few key personnel and similar factors that can make their business and stock market performance susceptible to greater fluctuation and volatility. As a result, the purchase or sale of more than a limited number of shares of a smaller capitalization company may affect its market price. The Fund may need a considerable amount of time to purchase or sell its positions in these securities. In addition, smaller capitalization company stocks may not be well known to the investing public. These risks are more pronounced for micro-cap companies. In general, the Adviser's investment philosophy and selection process favor companies that do not have capital structures that would be considered to be "highly leveraged" for a company in the same field.

**Currency Hedging Risk.** The Fund's practice of hedging perceived exposure to foreign currencies where practicable, based on the Adviser's judgment of such exposure, tends to make the Fund underperform a similar unhedged portfolio when the dollar is losing value against the local currencies in which the Fund's and the portfolio's investments are denominated. Conversely, this practice tends to make the Fund outperform a similar unhedged portfolio when the dollar is gaining in value against the local currencies in which the Fund's and the portfolio's investments are denominated. Because the Fund's currency hedging techniques involve the use of derivative instruments such as forward currency contracts, the Fund is also subject to the risk of possible default by the other party to those instruments. The use of currency hedging techniques may impose costs on the Fund. The Adviser may be incorrect in its assessment of the Fund's exposure to one or more foreign currencies. As a result of practical considerations, fluctuations

**4** 

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in a security's prices, and fluctuations in currencies, the Fund's hedges are generally expected to approximate, but will generally not equal, the Fund's perceived foreign currency exposure. The Fund generally intends to execute currency hedging transactions with one counterparty or a limited number of counterparties. As a result, the Fund anticipates that one counterparty or a limited number of counterparties will generally be the only or most significant counterparties with which it will enter into currency hedging transactions. The anticipated concentration of the Fund's currency hedging transactions with one counterparty or a limited number of counterparties increases counterparty concentration risk with respect to these transactions, and any default by such counterparties or negative development with such counterparties would have a disproportionally negative impact on the Fund.

**Inflation Risk.** Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's shares and any distributions thereon may decline. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund's investments may not keep pace with inflation, which may result in losses to the Fund's shareholders. While inflation and/or a more normalized interest rate environment relative to the past decade may create more opportunities for a value focused investment strategy, there can be no guarantee or certainty that any such opportunities will be captured or will be realized. Although inflation generally decelerated throughout 2024 due to central bank monetary tightening, including maintaining elevated interest rates, it remains above target levels set by central banks, including the Federal Reserve. Despite three interest rate cuts by the Federal Reserve in the latter part of the year, rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022 – 2023. The Federal Reserve has also indicated its intent to maintain higher interest rates in the near term. While our value focused investment strategy benefits from more normalized interest rates, higher borrowing costs may strain our existing portfolio companies, potentially leading to nonperformance. Rising interest rates can dampen consumer spending and slow corporate profit growth, negatively impacting our portfolio companies, particularly those vulnerable to economic downturns or recessions. Additionally, adverse economic conditions may erode the value our investments. It remains difficult to predict the full impact of recent and any future changes with respect to interest rates or inflation.

**Sector Risk.** To the extent that the Fund focuses its investments in the securities of issuers in one or more sectors, the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as adverse economic, business, political, environmental, or other developments.

**ETF Risk.** The ETF share class is exposed to the following risks based on its structure: Authorized Participants, Market Makers and Liquidity Providers Concentration Risk," "Secondary Market Trading Risk," and "Shares May Trade at Prices Other Than NAV Risk."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.** Only an authorized participant ("AP") may engage in creation or redemption transactions directly with the Fund on behalf of the ETF share class. The Fund, on behalf of the ETF share class, has a limited number of financial institutions
that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, the ETF share class may trade at a
material discount to net asset value ("NAV") and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or
(ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the ETF share class trading
at a premium or discount to NAV. A diminished market for the ETF share class substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF share class bought or sold.
In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in the ETF share class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Secondary Market Trading Risk.** Although the ETF share class is listed on a national
securities exchange, the [NAME OF EXCHANGE] (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In
addition, trading in the ETF share class on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than
the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Shares May Trade at Prices Other Than NAV Risk.** As with all exchange-traded funds,
the ETF share class may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the ETF share class will approximate [the Fund's NAV], there may be times when the market price of the ETF
share class is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep
market declines, and periods when there is limited trading activity for the ETF share class in the secondary market, in which case such premiums or discounts may be significant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Closure of Underlying Securities Market.** To the extent that all or a portion of the
Fund's underlying securities trade in a market that is closed when the market in which the ETF share class is listed and trading in that market is open, there may be changes between the last quote from the closed foreign market and the value
of such security during the Fund's domestic trading day. In turn, this could lead to differences between the market price of the ETF share class and the underlying value of the ETF share class.

**Affiliated Funds Risk,**The Fund's Adviser serves as investment adviser to certain Tweedy, Browne affiliated funds, including exchange-traded funds (the "Affiliated Funds"). The Adviser's selection of an Affiliated Fund may present a conflict of interest. The Adviser may prefer to invest in an

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Affiliated Fund because the investment may be beneficial to the Adviser in managing the Affiliated Fund by helping the Affiliated Fund achieve economies of scale or by enhancing cash flows to the Affiliated Fund

**Fund Performance** 

The following bar chart and table illustrate how the returns of the Fund vary over time and how they compare to relevant market benchmarks. This information may help illustrate the risks of investing in the Fund. The ETF share class of the Fund is a new class of shares for which performance information is not yet available, and therefore, for periods prior to inception of the ETF share class of the Fund, the bar chart and table show performance information for the open-end mutual fund share class of the Fund, which is a class of shares of the Fund not offered in this Prospectus. Performance information for the ETF Class shares of the Fund will be available after the ETF Class shares have been in operation for one calendar year. Returns of the ETF share class of the Fund may vary from the returns of the open-end mutual fund share class due to differences in expenses. The Fund has changed its comparative broad-based securities market index from MSCI EAFE Index (Hedged to U.S.$) to the MSCI EAFE Index (in U.S.$) in order to comply with new regulatory requirements regarding the presentation of comparative index performance. Updated performance information for the Fund is available at [www.tweedyfunds.com] or by calling 800-432-4789 (press 0). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**International Value Fund - Open End Mutual Fund Share Class** 

**Calendar Year Total Returns<sup>1, 2</sup>**![LOGO](g148935dsp028.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The 2026 year-to-date return for the International Value Fund through June 30, 2026 was [ ]%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) As of December 31, 2025, the ETF Class shares of the Fund had not yet incepted. Performance shown prior to the inception date of the ETF Class shares is from the Fund's open-end mutual fund share class, a mutual fund class of shares of the Fund not offered in this Prospectus. Returns for the ETF Class shares and the open-end mutual fund share class shares may vary due to differences in their expenses.

---

| |
|:---|
| **As of December 31, 2025** |
| Best Quarterly Return<br>|
| Worst Quarterly Return |

---

**6** 

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##### [**Table of Contents**](#toc)
**Average Annual Total Return** 

**for Periods Ended December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ten Years** |
| **International Value Fund – Open End Mutual Fund Share Class**<br>|  |  |  |
| Return before Taxes<br>| [ ] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] |
| Return after Taxes on Distributions<br>| [ ] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] |
| Return after Taxes on Distributions and Sale of Fund Shares<br>| [ ] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] |
| MSCI EAFE Index (in U.S.$)<br> *(reflects no deduction for fees, expenses or taxes)*<br>| [$] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[$] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[$] |
| MSCI EAFE Index (Hedged to U.S.$)<br> *(reflects no deduction for fees, expenses or taxes)* | [$] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[$] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[$] |

---

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. In some instances, the "Return after Taxes on Distributions and Sale of Fund Shares" may be greater than "Return before Taxes" because the investor is assumed to have a capital loss upon the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. 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 data shown above would have been lower had fees not been waived during certain periods.

**Management** 

Tweedy, Browne Company LLC serves as investment adviser to the Fund. The Adviser's Management Committee, which consists of Roger de Bree, Jay Hill, Jason Minard, Thomas Shrager, John Spears, and Robert Wyckoff, each of whom is a Managing Director, has overall responsibility for the conduct of the firm's affairs. Roger de Bree, Jay Hill, Andrew Ewert, Frank Hawrylak, Thomas Shrager, John Spears, and Robert Wyckoff (each of whom is a Managing Director of the firm), act as the Adviser's Investment Committee and are jointly and primarily responsible for the day-to-day management of the Fund's portfolio. Mr. Spears has served on the Management Committee and Investment Committee since the Fund's inception in June 1993. Mr. Shrager has served on the Investment Committee since 2003 and the Management Committee since 2008. Mr. Wyckoff has served on the Investment Committee since 2007 and the Management Committee since 2008. Mr. Hill has served on the Investment Committee since August 2013 and the Management Committee since January 2021. Messrs. Hawrylak and Ewert have served on the Investment Committee since December 2014 and July 2022, respectively. Mr. de Bree has served on the Investment Committee since August 2013 and the Management Committee since June 2024. Mr. Minard has served on the Management Committee since June 2024.

**7** 

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##### [**Table of Contents**](#toc)
**Tweedy, Browne International Value Fund** 

**Purchase and Sale of Fund Shares, Tax Information and Financial Intermediary Compensation** 

**Purchase and Sale of Shares.** ETF class shares are listed on the Exchange, and investors can only buy and sell ETF class shares through brokers or dealers at market prices, rather than NAV. Because ETF class shares trade at market prices rather than NAV, ETF class shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). Information on the ETF class shares' NAV, market price, premiums and discounts, and bid-ask spreads is provided at the Fund's website at [INSERT URL].

The Fund issues and redeems ETF class shares at NAV only in large blocks known as "Creation Units," which only APs (typically, broker-dealers) may purchase or redeem. Creation Units generally consist of [ X ] ETF class shares, though this may change from time to time. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities closely approximating the holdings of the Fund (the "Deposit Securities") and/or a designated amount of U.S. cash.

**Tax Information.** Fund distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is in an individual retirement account ("IRA") or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

**Financial Intermediary Compensation.** If you purchase ETF class shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the Fund's investment adviser, or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of ETF class shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

**8** 

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##### [**Table of Contents**](#toc)
**<u>Tweedy, Browne International Value Fund II</u> <u>–</u> <u>Currency Unhedged - ETF Share Class</u>** 

**Summary** 

**Investment Objective** 

The Fund seeks long-term capital growth.

**Fees and Expenses** 

The table below describes the fees and expenses that you may pay if you buy, hold, and sell ETF shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
|  | ETF Class Shares |
|  Management fees | [ ]% |
|  Other expenses<sup>1</sup> | [ ]% |
|  **Total Annual Fund Operating Expenses** | [ ]% |
|  Fee waiver and/or expense reimbursement | [ ]% |
|  **Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement** | [ ]% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) ETF Class shares of the fund are new, so "Other Expenses" shown are based
on anticipated fees and expenses for the first full fiscal year,

**Example** 

This example is intended to help you compare the cost of investing in the ETF share class of the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the ETF share class of the Fund over the time periods shown and then redeem all of your shares at the end of those periods. This example also assumes that your investment earns a 5% return each year and that the ETF share class of the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions your costs would be:

---

| | |
|:---|:---|
|  One Year | [$] |
|  Three Years | [$] |
|  Five Years | [$] |
|  Ten Years | [$] |

---

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##### [**Table of Contents**](#toc)
**Tweedy, Browne International Value Fund II – Currency Unhedged** 

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended March 31, 2026, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund invests primarily in foreign equity securities that the Adviser believes are undervalued but may invest in U.S. securities to a limited extent. The Adviser seeks to construct a diversified portfolio of stocks from a variety of industries and countries. Value investing seeks to uncover stocks whose current market prices are at discounts (that is, undervalued) to the Adviser's estimate of their true or intrinsic value. [The Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies with value characteristics.]

The Fund's value investment style derives from the work of the late Benjamin Graham, who is widely considered to be the father of the value investing approach. Most investments in the Fund's portfolio at the time of initial purchase have one or more of the following investment characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low price-to-sales ratio as compared to other companies in the same industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low ratio of enterprise value (the sum of the market value of the company's shares
plus interest-bearing debt and preferred stock, net of cash and cash equivalents) to EBITA (earnings before deduction of interest, taxes, and amortization), EBITDA (earnings before deduction of interest, taxes, depreciation and amortization), or after-tax EBITA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low stock price in relation to book value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low price-to-earnings ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low price-to-cash-flow ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› above-average dividend yield;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low financial leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› high returns on invested capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› purchases of a company's own stock by the company's officers and directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› company share repurchases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› a stock price that has declined significantly from its previous high price; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› small market capitalization.

The Fund invests primarily in equity securities of foreign issuers, but also invests, on a more limited basis, in U.S. equity securities when opportunities appear attractive. The Fund will generally have some exposure to emerging markets. The Fund is diversified by issuer, industry and country, and maintains investments in a minimum of five countries. The Fund generally does not seek to reduce currency risk by hedging its perceived foreign currency exposure back into the U.S. dollar and will be exposed to currency fluctuations. However, the Adviser reserves the right, under circumstances

**10** 

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**Tweedy, Browne International Value Fund II – Currency Unhedged** 

that the Adviser deems to be extraordinary, to hedge all or a portion of the Fund's currency exposure to a particular emerging market. The Fund is designed for long-term value investors who wish to focus their investment exposure for the most part on foreign stock markets of developed countries, and their associated non-U.S. currencies. The Fund is not appropriate for investors primarily seeking income.

The Fund's ETF Class shares operate as an actively managed exchange-traded fund ("ETF").

**Principal Risks** 

The Fund's share price will fluctuate with changes in the market value of the Fund's portfolio securities. Stocks are subject to market, economic, and business risks that may cause their prices to fluctuate. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell shares of the Fund, they may be worth less than what you paid for them; you may lose money by investing in the Fund. In addition to the risks generally applicable to the Fund set forth in the Prospectus and SAI, investing in the Fund will in particular involve the following risks:

**Equity Security Risk.** The Fund invests in equity securities, primarily consisting of common stocks. Common stock represents a proportionate interest in the earnings and value of the issuing company. Therefore, the Fund participates in the success or failure of any company in which it owns stock. The market value of common stocks fluctuates significantly, reflecting the past and anticipated business performance of the issuing company, investor perception and general economic or financial market movements.

**Value Investing Risk.** The Adviser may be wrong in its assessment of a company's value, and the stocks the Fund owns may not reach what the Adviser believes are their true or intrinsic values. The market may not favor value-oriented stocks and may not favor equities at all, which may cause the Fund's relative performance to suffer.

There may be periods during which the Fund is unable to find securities that meet its value investment criteria. If the Fund is selling investments or experiencing net subscriptions during those periods, the Fund could have a significant cash position, which could adversely impact the Fund's performance under certain market conditions and could make it more difficult for the Fund to achieve its investment objective.

**Risk of Loss.** You could lose money on your investment in the Fund, and the Fund could underperform other investments.

**Foreign Securities Risk.** The Fund invests to a great extent in foreign securities. Investing in foreign securities involves additional risks beyond those of investing in U.S. markets. These risks, which are more pronounced in emerging markets, include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› changes in currency exchange rates, which can lower performance in U.S. dollar terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› exchange rate controls (which may include an inability to transfer currency from a given
country);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› costs incurred in conversions between currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› non-negotiable brokerage commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› less publicly available information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› not generally being subject to uniform standards, practices and requirements with respect
to accounting, auditing, corporate governance and financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› greater market volatility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› lower trading volume and/or liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› delayed settlements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› difficulty in enforcing obligations and contractual and other rights in foreign
countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› less securities regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› different tax provisions (including withholding on interest and dividends paid to the
Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› less well-established contract law;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› unrecoverable withholding and transfer taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› war;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› seizure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› political and social instability and diplomatic developments.

The value of the foreign securities held by the Fund will be affected by changes in currency exchange rates or currency control regulations. The share price of the Fund will reflect the movements of the different securities in which it is invested, and the foreign currencies in which its investments are denominated. Currency exchange rates may fluctuate significantly over short periods of time, and the Fund's investments may be negatively impacted by foreign currency exchange rate fluctuations. These risks may be more pronounced in connection with the Fund's investments in securities of issuers located in, or otherwise economically tied to, emerging countries. The securities markets of most emerging countries are relatively less liquid, developed and efficient, are subject to greater price volatility, have smaller market capitalizations, have more or less government regulation and may not be subject to as extensive and frequent accounting, financial and other reporting requirements as the securities markets of more developed countries. The Adviser does not attempt to predict the movement of various currencies in reaching a decision about the appropriateness or prudence of an individual investment.

The Fund has chosen generally not to hedge its perceived foreign currency exposure back into the U.S. dollar and therefore the Fund is considered to be "currency unhedged."

In addition, the growing inter-relationship of global economies and financial markets has increased the effect of conditions in one country or region on issuers of securities in a different country or region. In particular, events or developments that interrupt the global supply chain, such as pandemic risks, the adoption or prolongation of protectionist trade policies or tariffs by one or more countries, changes in economic or monetary policy in the U.S. or abroad, inflation, the outbreak of war or hostilities (including international responses such as sanctions), or a slowdown in the U.S. economy, could lead to a decrease in demand for products and reduced flows of capital and income to companies in other countries. In recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future companies and adversely affect the revenues and profitability of companies whose businesses rely on goods imported from such impacted jurisdictions.

Furthermore, conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and between Israel and Hamas in the Middle East could have severe adverse effects on the related regions, including significant adverse effects on the regional or global economies and the markets for certain securities. Those events might particularly affect companies in emerging countries.

**Risks of Investing in Europe.** The Fund invests in European securities. The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. Securities of issuers that are located in, or have significant operations in or exposure to, member states of the European Union (the "EU") are subject to economic and monetary controls that can adversely affect the Fund's investments. The European financial markets have experienced volatility, economic and financial difficulties, and other adverse trends in recent years. Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Political, social or economic disruptions in the region, even in countries in which the Fund is not invested, and adverse changes in the value and exchange rate of the euro and other currencies, may adversely affect the value of investments held by the Fund.

**Emerging Markets Risk.** In addition to the risks relating to foreign securities, securities of issuers located in, or otherwise economically tied to, emerging markets may entail risks relating to expropriation, nationalization, confiscation or the imposition of restrictions on foreign investment, lack of hedging instruments, and restrictions on repatriation of capital invested. Economic or political crises may detrimentally affect investments in emerging markets. Emerging market countries may experience substantial rates of inflation or deflation. The economies of developing countries tend to be dependent upon international trade. Emerging markets countries may have less established legal, accounting, and financial reporting systems than those in more developed markets, which may result in there being little financial information available about emerging market issuers. Additionally, governments in emerging markets countries may be less stable and more likely to take extra-legal action with respect to companies, industries, assets, or foreign ownership than those in more developed markets. Moreover, it may be more difficult for shareholders to bring derivative litigation or for U.S. regulators to bring enforcement actions against issuers in emerging markets. Other risks include a high concentration of investors, financial intermediaries, and market capitalization and trading volume in a small number of issuers and industries; vulnerability to changes in commodity prices due to overdependence on exports, including gold and natural resources, overburdened infrastructure and obsolete or unseasoned financial systems; environmental problems; less developed legal systems; and less reliable securities custodial services and settlement practices. For all of these reasons, investments in emerging markets may be considered speculative.

**Smaller Capitalization Companies Risk.** The Fund may invest in mid-, small- and micro-cap companies. Mid-, small- and micro-cap companies may be less well established and may have a more highly leveraged capital structure, less liquidity, a smaller investor base, limited product lines,

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greater dependence on a few customers or a few key personnel and similar factors that can make their business and stock market performance susceptible to greater fluctuation and volatility. As a result, the purchase or sale of more than a limited number of shares of a smaller capitalization company may affect its market price. The Fund may need a considerable amount of time to purchase or sell its positions in these securities. In addition, smaller capitalization company stocks may not be well known to the investing public. These risks are more pronounced for micro-cap companies. In general, the Adviser's investment philosophy and selection process favor companies that do not have capital structures that would be considered to be "highly leveraged" for a company in the same field.

**Inflation Risk.** Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's shares and any distributions thereon may decline. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund's investments may not keep pace with inflation, which may result in losses to the Fund's shareholders. While inflation and/or a more normalized interest rate environment relative to the past decade may create more opportunities for a value focused investment strategy, there can be no guarantee or certainty that any such opportunities will be captured or will be realized. Although inflation generally decelerated throughout 2024 due to central bank monetary tightening, including maintaining elevated interest rates, it remains above target levels set by central banks, including the Federal Reserve. Despite three interest rate cuts by the Federal Reserve in the latter part of the year, rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022 – 2023. The Federal Reserve has also indicated its intent to maintain higher interest rates in the near term. While our value focused investment strategy benefits from more normalized interest rates, higher borrowing costs may strain our existing portfolio companies, potentially leading to nonperformance. Rising interest rates can dampen consumer spending and slow corporate profit growth, negatively impacting our portfolio companies, particularly those vulnerable to economic downturns or recessions. Additionally, adverse economic conditions may erode the value our investments. It remains difficult to predict the full impact of recent and any future changes with respect to interest rates or inflation.

**Sector Risk.** To the extent that the Fund focuses its investments in the securities of issuers in one or more sectors, the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as adverse economic, business, political, environmental, or other developments.

**ETF Risk.** The ETF share class is exposed to the following risks based on its structure: Authorized Participants, Market Makers and Liquidity Providers Concentration Risk," "Secondary Market Trading Risk," and "Shares May Trade at Prices Other Than NAV Risk."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.** Only an authorized participant ("AP") may engage in creation or redemption transactions directly with the Fund on behalf of the ETF share class. The Fund, on behalf of the ETF share class, has a limited number of financial institutions
that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, the ETF share class may trade at a
material discount to net asset value ("NAV") and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or
(ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the ETF share class trading
at a premium or discount to NAV. A diminished market for the ETF share class substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF share class bought or sold.
In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in the ETF share class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Secondary Market Trading Risk.** Although the ETF share class is listed on a national
securities exchange, the [NAME OF EXCHANGE] (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In
addition, trading in the ETF share class on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than
the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Shares May Trade at Prices Other Than NAV Risk.** As with all exchange-traded funds,
the ETF share class may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the ETF share class will approximate [the Fund's NAV], there may be times when the market price of the ETF
share class is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep
market declines, and periods when there is limited trading activity for the ETF share class in the secondary market, in which case such premiums or discounts may be significant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Closure of Underlying Securities Market.** To the extent that all or a portion of the
Fund's underlying securities trade in a market that is closed when the market in which the ETF share class is listed and trading in that market is open, there may be changes between the last quote from the closed foreign market and the value
of such security during the Fund's domestic trading day. In turn, this could lead to differences between the market price of the ETF share class and the underlying value of the ETF share class.

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**Fund Performance** 

The following bar chart and table illustrate how the returns of the Fund vary over time and how they compare to a relevant market benchmark. This information may help illustrate the risks of investing in the Fund. The ETF share class of the Fund is a new class of shares for which performance information is not yet available, and therefore, for periods prior to inception of the ETF share class of the Fund, the bar chart and table show performance information for the open-end mutual fund share class of the Fund, which is a class of shares of the Fund not offered in this Prospectus. Performance information for the ETF Class shares of the Fund will be available after the ETF Class shares have been in operation for one calendar year. Returns of the ETF share class of the Fund may vary from the returns of the open-end mutual fund share class due to differences in expenses. Absent any applicable agreements to waive and/or reimburse certain of the Fund's operational expenses, the returns of the Fund would have been lower. Updated performance information for the Fund is available at [www.tweedyfunds.com] or by calling 800-432-4789 (press 0). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**Tweedy, Browne International Value Fund II – Currency Unhedged** 

**International Value Fund II – Currency Unhedged-Open End Mutual Fund Share Class** 

**Calendar Year Total Returns<sup>1,2</sup>**![LOGO](g148935dsp036.jpg)

(1) The 2026 year-to-date return for the International Value Fund II – Currency Unhedged through June 30, 2026 was [ ]%.

(2) As of December 31, 2025, the ETF Class shares of the Fund had not yet incepted.
Performance shown prior to the inception date of the ETF Class shares is from the Fund's open-end mutual fund share class, a mutual fund class of shares of the Fund not offered in this Prospectus.
Returns for the ETF Class shares and the open-end mutual fund share class shares may vary due to differences in their expenses.

---

| |
|:---|
| **As of December 31, 2025** |
| Best Quarterly Return |
| Worst Quarterly Return |

---

**Average Annual Total Return** 

**for Periods Ended December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| **International Value Fund II – Currency Unhedged - Open End Mutual Fund Share Class** |  |  |  |
| Return before Taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[]% |
| Return after Taxes on Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] |
| Return after Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] |
| MSCI EAFE Index (in U.S.$) <br>*(reflects no deduction for fees, expenses or taxes)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[$] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[$] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[$] |

---

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##### [**Table of Contents**](#toc)
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. In some instances, the "Return after Taxes on Distributions and Sale of Fund Shares" may be greater than "Return before Taxes" because the investor is assumed to have a capital loss upon the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. 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 data shown above would be lower had certain fees and expenses not been waived and/or reimbursed during certain periods.

**Management** 

Tweedy, Browne Company LLC serves as investment adviser to the Fund. The Adviser's Management Committee, which consists of Roger de Bree, Jay Hill, Jason Minard, Thomas Shrager, John Spears, and Robert Wyckoff, each of whom is a Managing Director, has overall responsibility for the conduct of the firm's affairs. Roger de Bree, Jay Hill, Andrew Ewert, Frank Hawrylak, Thomas Shrager, John Spears, and Robert Wyckoff (each of whom is a Managing Director of the firm), act as the Adviser's Investment Committee and are jointly and primarily responsible for the day-to-day management of the Fund's portfolio. Messrs. Shrager, Spears and Wyckoff have served on the Management Committee and Investment Committee since before the Fund's inception in October 2009. Mr. Hill has served on the Investment Committee since August 2013 and the Management Committee since January 2021. Messrs. Hawrylak and Ewert have served on the Investment Committee since December 2014 and July 2022, respectively. Mr. de Bree has served on the Investment Committee since August 2013 and the Management Committee since June 2024. Mr. Minard has served on the Management Committee since June 2024.

**Purchase and Sale of Fund Shares, Tax Information and Financial Intermediary Compensation** 

**Purchase and Sale of Shares.** ETF class shares are listed on the Exchange, and investors can only buy and sell ETF class shares through brokers or dealers at market prices, rather than NAV. Because ETF class shares trade at market prices rather than NAV, ETF class shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). Information on the ETF class shares' NAV, market price, premiums and discounts, and bid-ask spreads is provided at the Fund's website at [INSERT URL].

The Fund issues and redeems ETF class shares at NAV only in large blocks known as "Creation Units," which only APs (typically, broker-dealers) may purchase or redeem. Creation Units generally consist of [X] ETF class shares, though this may change from time to time. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities closely approximating the holdings of the Fund (the "Deposit Securities") and/or a designated amount of U.S. cash.

**Tax Information.** Fund distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is in an individual retirement account ("IRA") or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

**Financial Intermediary Compensation.** If you purchase ETF class shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the Fund's investment adviser, or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of ETF class shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

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##### [**Table of Contents**](#toc)
**<u>Tweedy, Browne Value Fund – ETF Share Class</u>** 

**Summary** 

**Investment Objective** 

The Fund seeks long-term capital growth.

**Fees and Expenses** 

The table below describes the fees and expenses that you may pay if you buy, hold, and sell ETF shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
|  | ETF Class Shares |
| Management fees | [ ]% |
| Other expenses<sup>1</sup> | [ ]% |
| **Total Annual Fund Operating Expenses** | [ ]% |
| Fee waiver and/or expense reimbursement | [ ]% |
|  **Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement** | [ ]% |

---

(1) ETF Class shares of the Fund are new, so "Other Expenses" shown are based
on anticipated fees and expenses for the first full fiscal year.

**Example** 

This example is intended to help you compare the cost of investing in the ETF share class of the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the ETF share class of the Fund over the time periods shown and then redeem all of your shares at the end of those periods. This example also assumes that your investment earns a 5% return each year and that the ETF share class of the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions your costs would be: Fund

---

| | |
|:---|:---|
|  One Year | [$] |
|  Three Years | [$] |
|  Five Years | [$] |
|  Ten Years | [$] |

---

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended March 31, 2026, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund invests primarily in U.S. and foreign equity securities that the Adviser believes are undervalued. The Adviser seeks to construct a diversified portfolio of stocks from a variety of industries and countries. Value investing seeks to uncover stocks whose current market prices are at discounts (that is, undervalued) to the Adviser's estimate of their true or intrinsic value. [The Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies with value characteristics.]

The Fund's value investment style derives from the work of the late Benjamin Graham, who is widely considered to be the father of the value investing approach. Most investments in the Fund's portfolio at the time of initial purchase have one or more of the following investment characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low price-to-sales ratio as compared to other companies in the same industry;

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low ratio of enterprise value (the sum of the market value of the company's shares
plus interest-bearing debt and preferred stock, net of cash and cash equivalents) to EBITA (earnings before deduction of interest, taxes, and amortization), EBITDA (earnings before deduction of interest, taxes, depreciation and amortization), or after-tax EBITA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low stock price in relation to book value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low price-to-earnings ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low price-to-cash-flow ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› above-average dividend yield;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low financial leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› high returns on invested capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› purchases of a company's own stock by the company's officers and directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› company share repurchases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› a stock price that has declined significantly from its previous high price; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› small market capitalization.

The Fund invests primarily in U.S. and foreign equity securities. The Fund is diversified by issuer and industry, and where practicable, in light of operational and regulatory considerations, seeks to reduce currency risk on its foreign investments by hedging its perceived foreign currency exposure back into the U.S. dollar (generally through the use of forward currency contracts) based on the Adviser's judgment of such exposure after taking into account various factors, such as the sources of the portfolio companies' earnings and the currencies in which their securities trade. The Fund is designed for long-term value investors who wish to focus their investment exposure for the most part on equity securities that are economically tied to the U.S. stock market and foreign stock markets of developed countries. The Fund will generally have some exposure to emerging markets. The Fund is not appropriate for investors primarily seeking income.

The Fund's ETF Class shares operate as an actively managed exchange-traded fund ("ETF").

**Principal Risks** 

The Fund's share price will fluctuate with changes in the market value of the Fund's portfolio securities. Stocks are subject to market, economic, and business risks that may cause their prices to fluctuate. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell shares of the Fund, they may be worth less than what you paid for them; you may lose money by investing in the Fund. In addition to the risks generally applicable to the Fund set forth in the Prospectus and SAI, investing in the Fund will in particular involve the following risks:

**Equity Security Risk.** The Fund invests in equity securities, primarily consisting of common stocks. Common stock represents a proportionate interest in the earnings and value of the issuing company. Therefore, the Fund participates in the success or failure of any company in which it owns stock. The market value of common stocks fluctuates significantly, reflecting the past and anticipated business performance of the issuing company, investor perception and general economic or financial market movements.

**Value Investing Risk.** The Adviser may be wrong in its assessment of a company's value, and the stocks the Fund owns may not reach what the Adviser believes are their true or intrinsic values. The market may not favor value-oriented stocks and may not favor equities at all, which may cause the Fund's relative performance to suffer.

There may be periods during which the Fund is unable to find securities that meet its value investment criteria. If the Fund is selling investments or experiencing net subscriptions during those periods, the Fund could have a significant cash position, which could adversely impact the Fund's performance under certain market conditions and could make it more difficult for the Fund to achieve its investment objective.

**Risk of Loss.** You could lose money on your investment in the Fund, and the Fund could underperform other investments.

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**Foreign Securities Risk.** The Fund invests in foreign securities. Investing in foreign securities involves additional risks beyond those of investing in U.S. markets. These risks, which are more pronounced in emerging markets, include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› changes in currency exchange rates, which can lower performance in U.S. dollar terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› exchange rate controls (which may include an inability to transfer currency from a given
country);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› costs incurred in conversions between currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› non-negotiable brokerage commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› less publicly available information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› not generally being subject to uniform standards, practices and requirements with respect
to accounting, auditing, corporate governance and financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› greater market volatility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› lower trading volume and/or liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› delayed settlements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› difficulty in enforcing obligations and contractual and other rights in foreign
countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› less securities regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› different tax provisions (including withholding on interest and dividends paid to the
Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› less well-established contract law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› unrecoverable withholding and transfer taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› war;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› seizure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› political and social instability and diplomatic developments.

The value of the foreign securities held by the Fund will be affected by changes in currency exchange rates or currency control regulations. The share price of the Fund will reflect the movements of the different securities markets in which it is invested, and, to the degree not hedged, the foreign currencies in which its investments are denominated. Currency exchange rates may fluctuate significantly over short periods of time, and the Fund's investments may be negatively impacted by foreign currency exchange rate fluctuations. These risks may be more pronounced in connection with the Fund's investments in securities of issuers located in, or otherwise economically tied to, emerging countries. The securities markets of most emerging countries are relatively less liquid, developed and efficient, are subject to greater price volatility, have smaller market capitalizations, have more or less government regulation and may not be subject to as extensive and frequent accounting, financial and other reporting requirements as the securities markets of more developed countries. The Adviser does not attempt to predict the movement of various currencies in reaching a decision about the appropriateness or prudence of an individual investment.

In addition, the growing inter-relationship of global economies and financial markets has increased the effect of conditions in one country or region on issuers of securities in a different country or region. In particular, events or developments that interrupt the global supply chain, such as pandemic risks, the adoption or prolongation of protectionist trade policies or tariffs by one or more countries, changes in economic or monetary policy in the U.S. or abroad, inflation, the outbreak of war or hostilities (including international responses such as sanctions), or a slowdown in the U.S. economy, could lead to a decrease in demand for products and reduced flows of capital and income to companies in other countries. In recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future companies and adversely affect the revenues and profitability of companies whose businesses rely on goods imported from such impacted jurisdictions.

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Furthermore, conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and between Israel and Hamas in the Middle East could have severe adverse effects on the related regions, including significant adverse effects on the regional or global economies and the markets for certain securities. Those events might particularly affect companies in emerging countries.

**Risks of Investing in Europe.** The Fund invests in European securities. The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. Securities of issuers that are located in, or have significant operations in or exposure to, member states of the European Union (the "EU") are subject to economic and monetary controls that can adversely affect the Fund's investments. The European financial markets have experienced volatility, economic and financial difficulties, and other adverse trends in recent years. Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Political, social or economic disruptions in the region, even in countries in which the Fund is not invested, and adverse changes in the value and exchange rate of the euro and other currencies, may adversely affect the value of investments held by the Fund.

**Emerging Markets Risk.** In addition to the risks relating to foreign securities, securities of issuers located in, or otherwise economically tied to, emerging markets may entail risks relating to expropriation, nationalization, confiscation or the imposition of restrictions on foreign investment, lack of hedging instruments, and restrictions on repatriation of capital invested. Economic or political crises may detrimentally affect investments in emerging markets. Emerging market countries may experience substantial rates of inflation or deflation. The economies of developing countries tend to be dependent upon international trade. Emerging markets countries may have less established legal, accounting, and financial reporting systems than those in more developed markets, which may result in there being little financial information available about emerging market issuers. Additionally, governments in emerging markets countries may be less stable and more likely to take extra-legal action with respect to companies, industries, assets, or foreign ownership than those in more developed markets. Moreover, it may be more difficult for shareholders to bring derivative litigation or for U.S. regulators to bring enforcement actions against issuers in emerging markets. Other risks include a high concentration of investors, financial intermediaries, and market capitalization and trading volume in a small number of issuers and industries; vulnerability to changes in commodity prices due to overdependence on exports, including gold and natural resources, overburdened infrastructure and obsolete or unseasoned financial systems; environmental problems; less developed legal systems; and less reliable securities custodial services and settlement practices. For all of these reasons, investments in emerging markets may be considered speculative.

**Smaller Capitalization Companies Risk.** The Fund may invest in mid-, small- and micro-cap companies. Mid-, small- and micro-cap companies may be less well established and may have a more highly leveraged capital structure, less liquidity, a smaller investor base, limited product lines, greater dependence on a few customers or a few key personnel and similar factors that can make their business and stock market performance susceptible to greater fluctuation and volatility. As a result, the purchase or sale of more than a limited number of shares of a smaller capitalization company may affect its market price. The Fund may need a considerable amount of time to purchase or sell its positions in these securities. In addition, smaller capitalization company stocks may not be well known to the investing public. These risks are more pronounced for micro-cap companies. In general, the Adviser's investment philosophy and selection process favor companies that do not have capital structures that would be considered to be "highly leveraged" for a company in the same field.

**Currency Hedging Risk.** The Fund's practice of hedging perceived exposure to foreign currencies where practicable, based on the Adviser's judgment of such exposure, tends to make the Fund underperform a similar unhedged portfolio when the dollar is losing value against the local currencies in which the Fund's and the portfolio's investments are denominated. Conversely, this practice tends to make the Fund outperform a similar unhedged portfolio when the dollar is gaining in value against the local currencies in which the Fund's and the portfolio's investments are denominated. Because the Fund's currency hedging techniques involve the use of derivative instruments such as forward currency contracts, the Fund is also subject to the risk of possible default by the other party to those instruments. The use of currency hedging techniques may impose costs on the Fund. The Adviser may be incorrect in its assessment of the Fund's exposure to one or more foreign currencies. As a result of practical considerations, fluctuations in a security's prices, and fluctuations in currencies, the Fund's hedges are generally expected to approximate, but will generally not equal, the Fund's perceived foreign currency exposure. The Fund generally intends to execute currency hedging transactions with one counterparty or a limited number of counterparties. As a result, the Fund anticipates that one counterparty or a limited number of counterparties will generally be the only or most significant counterparties with which it will enter into currency hedging transactions. The anticipated concentration of the Fund's currency hedging transactions with one counterparty or a limited number of counterparties increases counterparty concentration risk with respect to these transactions, and any default by such counterparties or negative development with such counterparties would have a disproportionally negative impact on the Fund.

**Inflation Risk.** Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's shares and any distributions thereon may decline. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund's investments may not keep pace with inflation, which may result in losses to the Fund's shareholders. While inflation and/or a more normalized interest rate environment relative to the past decade may create more opportunities for a value focused investment strategy, there can be no guarantee or certainty that any such opportunities will be captured or will be realized. Although inflation generally decelerated throughout 2024 due to central bank monetary tightening, including maintaining elevated interest rates, it remains above target levels set by central banks, including the Federal Reserve. Despite three interest rate cuts by the Federal Reserve in the latter part of the year, rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022 – 2023. The Federal Reserve has also indicated its intent to maintain higher interest rates in the near term. While our value focused investment strategy benefits from more normalized interest rates, higher borrowing costs may strain our existing portfolio companies, potentially leading to nonperformance. Rising interest rates can dampen consumer spending and slow corporate profit growth, negatively impacting our portfolio companies, particularly those vulnerable to economic downturns or recessions. Additionally, adverse

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economic conditions may erode the value our investments. It remains difficult to predict the full impact of recent and any future changes with respect to interest rates or inflation.

**Sector Risk.** To the extent that the Fund focuses its investments in the securities of issuers in one or more sectors, the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as adverse economic, business, political, environmental, or other developments.

**ETF Risk.** The ETF share class is exposed to the following risks based on its structure: Authorized Participants, Market Makers and Liquidity Providers Concentration Risk," "Secondary Market Trading Risk," and "Shares May Trade at Prices Other Than NAV Risk."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.** Only an authorized participant ("AP") may engage in creation or redemption transactions directly with the Fund on behalf of the ETF share class. The Fund, on behalf of the ETF share class, has a limited number of financial institutions
that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, the ETF share class may trade at a
material discount to net asset value ("NAV") and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or
(ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the ETF share class trading
at a premium or discount to NAV. A diminished market for the ETF share class substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF share class bought or sold.
In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in the ETF share class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Secondary Market Trading Risk.** Although the ETF share class is listed on a national
securities exchange, the [NAME OF EXCHANGE] (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In
addition, trading in the ETF share class on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than
the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Shares May Trade at Prices Other Than NAV Risk.** As with all exchange-traded funds,
the ETF share class may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the ETF share class will approximate [the Fund's NAV], there may be times when the market price of the ETF
share class is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep
market declines, and periods when there is limited trading activity for the ETF share class in the secondary market, in which case such premiums or discounts may be significant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Closure of Underlying Securities Market.** To the extent that all or a portion of the
Fund's underlying securities trade in a market that is closed when the market in which the ETF share class is listed and trading in that market is open, there may be changes between the last quote from the closed foreign market and the value
of such security during the Fund's domestic trading day. In turn, this could lead to differences between the market price of the ETF share class and the underlying value of the ETF share class.

**Fund Performance** 

The following bar chart and table illustrate how the returns of the Fund vary over time and how they compare to relevant market benchmarks. This information may help illustrate the risks of investing in the Fund. The ETF share class of the Fund is a new class of shares for which performance information is not yet available, and therefore, for periods prior to inception of the ETF share class of the Fund, the bar chart and table show performance information for the open-end mutual fund share class of the Fund, which is a class of shares of the Fund not offered in this Prospectus. Performance information for the ETF Class shares of the Fund will be available after the ETF Class shares have been in operation for one calendar year. Returns of the ETF share class of the Fund may vary from the returns of the open-end mutual fund share class due to differences in expenses. Effective July 2024, the Fund has changed its comparative broad-based securities market index from MSCI World Index (Hedged to U.S.$) to the MSCI World Index (in U.S.$) in order to comply with new regulatory requirements regarding the presentation of comparative index performance. The S&P 500/MSCI World Index (Hedged to U.S.$) is a combination of the S&P 500 Index and the MSCI World Index (Hedged to U.S.$), linked together by Tweedy, Browne, and represents the performance of the S&P 500 Index for periods from December 8, 1993 through December 31, 2006, and the performance of the MSCI World Index (Hedged to U.S.$) beginning January 1, 2007 and thereafter (beginning December 2006, the Fund was permitted to invest more significantly in non-US securities). Updated performance information for the Fund is available at www.tweedyfunds.com or by calling 800-432-4789 (press 0). As with all mutual funds, past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**Value Fund - Open End Mutual Fund Share Class** 

**Calendar Year Total Returns<sup>1,2</sup>** 

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![LOGO](g148935dsp043.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) The 2026 year-to-date return for the Value Fund through June 30, 2026 was [ ]%.

&nbsp;&nbsp;&nbsp;&nbsp;(2) As of December 31, 2025, the ETF Class shares of the Fund had not yet incepted.
Performance shown prior to the inception date of the ETF Class shares is from the Fund's open-end mutual fund share class, a mutual fund class of shares of the Fund not offered in this Prospectus.
Returns for the ETF Class shares and the open-end mutual fund share class shares may vary due to differences in their expenses.

---

| |
|:---|
| **As of December 31, 2025** |
| Best Quarterly Return |
| Worst Quarterly Return |

---

**Average Annual Total Return** 

**for Periods Ended December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| **Value Fund - Open End Mutual Fund Share Class** |  |  |  |
| Return before Taxes | [ ]% | []%] | []%] |
| Return after Taxes on Distributions | [ ] | [ ] | [ ] |
| Return after Taxes on Distributions and Sale of Fund Shares | [ ] | [ ] | [ ] |
| MSCI World Index (in U.S.$) <br>*(reflects no deduction for fees, expenses or taxes)* | [$] | [$] | [$] |
| MSCI World Index (Hedged to U.S.$) <br>*(reflects no deduction for fees, expenses or taxes)* | [$] | [$] | [$] |
| S&P 500/MSCI World Index (Hedged to U.S.$) <br>*(reflects no deduction for fees, expenses or taxes)* | [$] | [$] | [$] |

---

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. In some instances, the "Return after Taxes on Distributions and Sale of Fund Shares" may be greater than "Return before Taxes" because the investor is assumed to have a capital loss upon the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. 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 data shown above would be lower had certain fees and expenses not been waived and/or reimbursed during certain periods.

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**Management** 

Tweedy, Browne Company LLC serves as investment adviser to the Fund. The Adviser's Management Committee, which consists of Roger de Bree, Jay Hill, Jason Minard, Thomas Shrager, John Spears, and Robert Wyckoff, each of whom is a Managing Director, has overall responsibility for the conduct of the firm's affairs. Roger de Bree, Jay Hill, Andrew Ewert, Frank Hawrylak, Thomas Shrager, John Spears, and Robert Wyckoff (each of whom is a Managing Director of the firm), act as the Adviser's Investment Committee and are jointly and primarily responsible for the day-to-day management of the Fund's portfolio. Mr. Spears has served on the Management Committee and Investment Committee since the Fund's inception in December 1993. Mr. Shrager has served on the Investment Committee since 2003 and the Management Committee since 2008. Mr. Wyckoff has served on the Investment Committee since 2007 and the Management Committee since 2008. Mr. Hill has served on the Investment Committee since August 2013 and the Management Committee since January 2021. Messrs. Hawrylak and Ewert have served on the Investment Committee since December 2014 and July 2022, respectively. Mr. de Bree has served on the Investment Committee since August 2013 and the Management Committee since June 2024. Mr. Minard has served on the Management Committee since June 2024.

**Purchase and Sale of Fund Shares, Tax Information and Financial Intermediary Compensation** 

**Purchase and Sale of Shares.** ETF class shares are listed on the Exchange, and investors can only buy and sell ETF class shares through brokers or dealers at market prices, rather than NAV. Because ETF class shares trade at market prices rather than NAV, ETF class shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). Information on the ETF class shares' NAV, market price, premiums and discounts, and bid-ask spreads is provided at the Fund's website at [INSERT URL].

The Fund issues and redeems ETF class shares at NAV only in large blocks known as "Creation Units," which only APs (typically, broker-dealers) may purchase or redeem. Creation Units generally consist of [ X] ETF class shares, though this may change from time to time. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities closely approximating the holdings of the Fund (the "Deposit Securities") and/or a designated amount of U.S. cash.

**Tax Information.** Fund distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is in an individual retirement account ("IRA") or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

**Financial Intermediary Compensation.** If you purchase ETF class shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the Fund's investment adviser, or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of ETF class shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

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**<u>Tweedy, Browne . Buybacks . Dividends + Value Fund - ETF Share Class</u>**

**<u>(formerly known as the Tweedy, Browne Worldwide High Dividend Yield Value Fund prior to May 27, 2026)</u>**

**Summary** 

**Investment Objective** 

The Fund seeks long-term capital growth.

**Fees and Expenses** 

The table below describes the fees and expenses that you may pay if you buy, hold, and sell ETF shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
|  | ETF Class Shares |
|  Management fees | [ ]% |
|  Other expenses<sup>1</sup> | [ ]% |
|  **Total Annual Fund Operating Expenses** | [ ]% |
|  Fee waiver and/or expense reimbursement | [ ]% |
|  **Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement** | [ ]% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) ETF Class shares of the Fund are new, so "Other Expenses" shown are based
on anticipated fees and expenses for the first full fiscal year.

**Example** 

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund over the time periods shown and then redeem all of your shares at the end of those periods. This example also assumes that your investment earns a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions your costs would be:

---

| | |
|:---|:---|
|  One Year | [$] |
|  Three Years | [$] |
|  Five Years | [$] |
|  Ten Years | [$] |

---

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended March 31, 2026, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund invests primarily in U.S. and foreign equity securities that have a buyback yield, which is the percentage reduction in the company's shares outstanding, or a dividend yield, or both, and also appear to be undervalued – including undervaluation based on proprietary combinations of various numerical investment characteristics, a value score, and qualitative assessments. [The Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies with value characteristics.]

In addition to the return provided by a dividend yield, share buybacks at attractive prices may offer the prospect of enhancing per share valuations and future returns for shareholders who continue to remain as owners of the particular companies that engage in such "shareholder friendly" actions. Share buybacks may also signal management's belief that the particular company's shares are undervalued. In some instances, corporate insiders may be purchasing their own company's shares, which the Adviser believes may also signal an insider's belief that the particular company's shares are undervalued. The Fund's investments may include securities that the Adviser believes have attractive shareholder yields at the time of purchase.

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"Shareholder yield" is the sum of a company's dividend yield, its "buyback yield" (when a company buys back shares, remaining shareholders may benefit, as their proportionate ownership of the company increases), and its "net debt paydown yield" (prudent reductions in outstanding debt can increase the value of each share of the company).

The Adviser seeks to construct a diversified portfolio of stocks from a variety of industries and countries, including emerging market countries. While the Fund is likely to have a substantial portion of its assets invested in US companies, country allocations will ultimately be dependent on the (buybacks and/or dividends plus value) opportunity set available to the Advisor. Please see "**Foreign Securities Risks"** outlined in the Prospectus. Value investing seeks to uncover stocks whose current market prices are at discounts (that is, undervalued) to the Adviser's estimate of their true or intrinsic value.

The Fund's value investment style derives from the work of the late Benjamin Graham, who is widely considered to be the father of the value investing approach. Most investments in the Fund's portfolio at the time of initial purchase have one or more of the following investment characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low price-to-sales ratio as compared to other companies in the same industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low ratio of enterprise value (the sum of the market value of the company's shares
plus interest-bearing debt, preferred stock and minority interest, net of cash and cash equivalents) to EBITA (earnings before deduction of interest, taxes, and amortization), EBITDA (earnings before deduction of interest, taxes, depreciation and
amortization), or after-tax EBITA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low stock price in relation to book value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low price-to-earnings ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low price-to-cash-flow ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› above-average dividend yield;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low financial leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› high returns on invested capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› purchases of a company's own stock by the company's officers and directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› company share repurchases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› a stock price that has declined significantly from its previous high price; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› small market capitalization.

The Fund has chosen generally not to hedge its perceived foreign currency exposure back into the U.S. dollar. The Fund is designed for long-term investors who wish to focus their investment exposure for the most part on equity securities that have a buyback yield, dividend yield or both and that are economically linked to the stock markets of the U.S. and of foreign developed countries. It is also intended for investors who prefer generally not to have their non-U.S. currency exposure hedged back into the U.S. dollar. The Fund is not appropriate for investors primarily seeking current income.

The Fund's ETF Class shares operate as an actively managed exchange-traded fund (ETF").

**Principal Risks** 

The Fund's share price will fluctuate with changes in the market value of the Fund's portfolio securities. Stocks are subject to market, economic, and business risks that may cause their prices to fluctuate. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell shares of the Fund, they may be worth less than what you paid for them; you may lose money by investing in the Fund. In addition to the risks generally applicable to the Fund set forth in the Prospectus and SAI, investing in the Fund will in particular involve the following risks:

**Equity Security Risk.** The Fund invests in equity securities, primarily consisting of common stocks. Common stock represents a proportionate interest in the earnings and value of the issuing company. Therefore, the Fund participates in the success or failure of any company in which it owns stock. The market value of common stocks fluctuates significantly, reflecting the past and anticipated business performance of the issuing company, investor perception and general economic or financial market movements.

**Value Investing Risk.** The Adviser may be wrong in its assessment of a company's value, and the stocks the Fund owns may not reach what the Adviser believes are their true or intrinsic values. The market may not favor value-oriented stocks and may not favor equities at all, which may cause the Fund's relative performance to suffer.

There may be periods during which the Fund is unable to find securities that meet its value investment criteria. If the Fund is selling investments or experiencing net subscriptions during those periods, the Fund could have a significant cash position, which could adversely impact the Fund's performance under certain market conditions and could make it more difficult for the Fund to achieve its investment objective.

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 **Risk of Loss.** You could lose money on your investment in the Fund, and the Fund could underperform other investments.

**Dividend Risk and Shareholder Yield Risk.** In selecting securities in which the Fund will invest, the Adviser will consider the issuer's history of paying regular periodic dividends to its shareholders. Such dividends are not fixed but are paid periodically at the discretion of the issuer's board of directors. Companies that have historically paid dividends are not required to continue to pay dividends, and could reduce or eliminate the payment of dividends in the future. Similarly, companies that have historically bought back shares or paid down debt may not continue to do so, or may do so to a lesser extent, resulting in a lower shareholder yield.

**Foreign Securities Risk.** The Fund invests in foreign securities. Investing in foreign securities involves additional risks beyond those of investing in U.S. markets. These risks, which are more pronounced in emerging markets, include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› changes in currency exchange rates, which can lower performance in U.S. dollar terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› exchange rate controls (which may include an inability to transfer currency from a given
country);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› costs incurred in conversions between currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› non-negotiable brokerage commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› less publicly available information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› not generally being subject to uniform standards, practices and requirements with respect
to accounting, auditing, corporate governance and financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› greater market volatility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› lower trading volume and/or liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› delayed settlements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› difficulty in enforcing obligations and contractual and other rights in foreign
countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› less securities regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› different tax provisions (including withholding on interest and dividends paid to the
Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› less well-established contract law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› unrecoverable withholding and transfer taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› war;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› seizure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› political and social instability and diplomatic developments.

The value of the foreign securities held by the Fund will be affected by changes in currency exchange rates or currency control regulations. The share price of the Fund will reflect the movements of the different securities in which it is invested, and the foreign currencies in which its investments are denominated. The Adviser does not attempt to predict the movement of various currencies in reaching a decision about the appropriateness or prudence of an individual investment. Currency exchange rates may fluctuate significantly over short periods of time, and the Fund's investments may be negatively impacted by foreign currency exchange rate fluctuations. These risks may be more pronounced in connection with the Fund's investments in securities of issuers located, or otherwise economically tied to, in emerging countries. The securities markets of most emerging countries are relatively less liquid, developed and efficient, are subject to greater price volatility, have smaller market capitalizations, have more or less government regulation and may not be subject to as extensive and frequent accounting, financial and other reporting requirements as the securities markets of more developed countries. The Fund has chosen generally not to hedge its perceived foreign currency exposure back into the U.S. dollar and therefore the Fund is considered to be "currency unhedged."

In addition, the growing inter-relationship of global economies and financial markets has increased the effect of conditions in one country or region on issuers of securities in a different country or region. In particular, events or developments that interrupt the global supply chain, such as pandemic risks, the adoption or prolongation of protectionist trade policies or tariffs by one or more countries, changes in economic or monetary policy in the U.S.

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or abroad, inflation, the outbreak of war or hostilities (including international responses such as sanctions), or a slowdown in the U.S. economy, could lead to a decrease in demand for products and reduced flows of capital and income to companies in other countries. In recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future companies and adversely affect the revenues and profitability of companies whose businesses rely on goods imported from such impacted jurisdictions.

Furthermore, conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and between Israel and Hamas in the Middle East could have severe adverse effects on the related regions, including significant adverse effects on the regional or global economies and the markets for certain securities. Those events might particularly affect companies in emerging countries.

**Risks of Investing in Europe.** The Fund invests in European securities. The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. Securities of issuers that are located in, or have significant operations in or exposure to, member states of the European Union (the "EU") are subject to economic and monetary controls that can adversely affect the Fund's investments. The European financial markets have experienced volatility, economic and financial difficulties, and other adverse trends in recent years. Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Political, social or economic disruptions in the region, even in countries in which the Fund is not invested, and adverse changes in the value and exchange rate of the euro and other currencies, may adversely affect the value of investments held by the Fund.

**Smaller Capitalization Companies Risk.** The Fund may invest in mid-, small- and micro-cap companies. Mid-, small- and micro-cap companies may be less well established and may have a more highly leveraged capital structure, less liquidity, a smaller investor base, limited product lines, greater dependence on a few customers or a few key personnel and similar factors that can make their business and stock market performance susceptible to greater fluctuation and volatility. As a result, the purchase or sale of more than a limited number of shares of a smaller capitalization company may affect its market price. The Fund may need a considerable amount of time to purchase or sell its positions in these securities. In addition, smaller capitalization company stocks may not be well known to the investing public. These risks are more pronounced for micro-cap companies. In general, the Adviser's investment philosophy and selection process favor companies that do not have capital structures that would be considered to be "highly leveraged" for a company in the same field.

**Inflation Risk**. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's shares and any distributions thereon may decline. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund's investments may not keep pace with inflation, which may result in losses to the Fund's shareholders. While inflation and/or a more normalized interest rate environment relative to the past decade may create more opportunities for a value focused investment strategy, there can be no guarantee or certainty that any such opportunities will be captured or will be realized. Although inflation generally decelerated throughout 2024 due to central bank monetary tightening, including maintaining elevated interest rates, it remains above target levels set by central banks, including the Federal Reserve. Despite three interest rate cuts by the Federal Reserve in the latter part of the year, rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022 – 2023. The Federal Reserve has also indicated its intent to maintain higher interest rates in the near term. While our value focused investment strategy benefits from more normalized interest rates, higher borrowing costs may strain our existing portfolio companies, potentially leading to nonperformance. Rising interest rates can dampen consumer spending and slow corporate profit growth, negatively impacting our portfolio companies, particularly those vulnerable to economic downturns or recessions. Additionally, adverse economic conditions may erode the value our investments. It remains difficult to predict the full impact of recent and any future changes with respect to interest rates or inflation.

**Sector Risk.** To the extent that the Fund focuses its investments in the securities of issuers in one or more sectors, the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as adverse economic, business, political, environmental, or other developments.

**ETF Risk.** The ETF share class is exposed to the following risks based on its structure: Authorized Participants, Market Makers and Liquidity Providers Concentration Risk," "Secondary Market Trading Risk," and "Shares May Trade at Prices Other Than NAV Risk."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.** Only an authorized participant ("AP") may engage in creation or redemption transactions directly with the Fund on behalf of the ETF share class. The Fund, on behalf of the ETF share class, has a limited number of financial institutions
that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, the ETF share class may trade at a
material discount to net asset value ("NAV") and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or
(ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the ETF share class trading
at a premium or discount to NAV. A diminished market for the ETF share class substantially increases the risk that a shareholder may pay considerably more or receive

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significantly less than the underlying value of the ETF share class bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in the ETF share class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Secondary Market Trading Risk.** Although the ETF share class is listed on a national
securities exchange, the [NAME OF EXCHANGE] (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In
addition, trading in the ETF share class on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than
the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Shares May Trade at Prices Other Than NAV Risk.** As with all exchange-traded funds,
the ETF share class may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the ETF share class will approximate [the Fund's NAV], there may be times when the market price of the ETF
share class is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep
market declines, and periods when there is limited trading activity for the ETF share class in the secondary market, in which case such premiums or discounts may be significant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Closure of Underlying Securities Market.** To the extent that all or a portion of the
Fund's underlying securities trade in a market that is closed when the market in which the ETF share class is listed and trading in that market is open, there may be changes between the last quote from the closed foreign market and the value
of such security during the Fund's domestic trading day. In turn, this could lead to differences between the market price of the ETF share class and the underlying value of the ETF share class.

**Fund Performance** 

The following bar chart and table illustrate how the returns of the Fund vary over time and how they compare to relevant market benchmarks. This information may help illustrate the risks of investing in the Fund. On May 27, 2026, the name of the Fund changed from the Tweedy, Browne Worldwide High Dividend Yield Value Fund to the Tweedy, Browne . Buybacks . Dividends + Value Fund to reflect a change to the Fund's investment strategy. The performance reflected below illustrates the performance of the Fund pursuant to its principal investment strategy prior to May 27, 2026. The ETF share class of the Fund is a new class of shares for which performance information is not yet available, and therefore, for periods prior to inception of the ETF share class of the Fund, the bar chart and table show performance information for the open-end mutual fund share class of the Fund, which is a class of shares of the Fund not offered in this Prospectus. Performance information for the ETF Class shares of the Fund will be available after the ETF Class shares have been in operation for one calendar year. Returns of the ETF share class of the Fund may vary from the returns of the open-end mutual fund share class due to differences in expenses. Absent any applicable agreements to waive and/or reimburse certain of the Fund's operational expenses, the returns of the Fund would have been lower. Updated performance information for the Fund is available at [www.tweedyfunds.com] or by calling 800-432-4789 (press 0). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**Buybacks . Dividends + Value Fund- Open End Mutual Fund Share Class** 

**Calendar Year Total Returns<sup>1,2</sup>**![LOGO](g148935dsp049.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) The 2026 year-to-date return for the Buybacks . Dividends + Value Fund through June 30, 2026 was [ ]%.

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&nbsp;&nbsp;&nbsp;&nbsp;(2) As of December 31, 2025, the ETF Class shares of the Fund had not yet incepted.
Performance shown prior to the inception date of the ETF Class shares is from the Fund's open-end mutual fund share class, a mutual fund class of shares of the Fund not offered in this Prospectus.
Returns for the ETF Class shares and the open-end mutual fund share class shares may vary due to differences in their expenses.

---

| |
|:---|
| **As of December 31, 2025** |
| Best Quarterly Return |
| Worst Quarterly Return |

---

**Average Annual Total Return** 

**for Periods Ended December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| **Buybacks . Dividends + Value Fund - Open End Mutual Fund Share Class** |  |  |  |
| Return before Taxes | [ ]% | []%] | []%] |
| Return after Taxes on Distributions | [ ] | [ ] | [ ] |
| Return after Taxes on Distributions and Sale of Fund Shares | [ ] | [ ] | [ ] |
| MSCI World Index (in U.S.$) <br>*(reflects no deduction for fees, expenses or taxes)* | [$] | [$] | [$] |
| MSCI World Index (Hedged to U.S.$) <br>*(reflects no deduction for fees, expenses or taxes)* | [$] | [$] | [$] |

---

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. In some instances, the "Return after Taxes on Distributions and Sale of Fund Shares" may be greater than "Return before Taxes" because the investor is assumed to have a capital loss upon the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. 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 data shown above would be lower had certain fees and expenses not been waived and/or reimbursed during certain periods.

**Management** 

Tweedy, Browne Company LLC serves as investment adviser to the Fund. The Adviser's Management Committee, which consists of Roger de Bree, Jay Hill, Jason Minard, Thomas Shrager, John Spears, and Robert Wyckoff, each of whom is a Managing Director, has overall responsibility for the conduct of the firm's affairs. Roger de Bree, Jay Hill, Andrew Ewert, Frank Hawrylak, Thomas Shrager, John Spears, and Robert Wyckoff (each of whom is a Managing Director of the firm), act as the Adviser's Investment Committee and are jointly and primarily responsible for the day-to-day management of the Fund's portfolio. Mr. Spears has served on the Management Committee and Investment Committee since before the Fund's inception in September 2007. Mr. Shrager has served on the Investment Committee since 2003 and the Management Committee since 2008. Mr. Wyckoff has served on the Investment Committee since 2007 and the Management Committee since 2008. Mr. Hill has served on the Investment Committee since August 2013 and the Management Committee since January 2021. Messrs. Hawrylak and Ewert have served on the Investment Committee since December 2014 and July 2022, respectively. Mr. de Bree has served on the Investment Committee since August 2013 and the Management Committee since June 2024. Mr. Minard has served on the Management Committee since June 2024.

**Purchase and Sale of Fund Shares, Tax Information and Financial Intermediary Compensation** 

**Purchase and Sale of Shares.** ETF class shares are listed on the Exchange, and investors can only buy and sell ETF class shares through brokers or dealers at market prices, rather than NAV. Because ETF class shares trade at market prices rather than NAV, ETF class shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). Information on the ETF class shares' NAV, market price, premiums and discounts, and bid-ask spreads is provided at the Fund's website at [INSERT URL].

The Fund issues and redeems ETF class shares at NAV only in large blocks known as "Creation Units," which only APs (typically, broker-dealers) may purchase or redeem. Creation Units generally consist of [X] ETF class shares, though this may change from time to time. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities closely approximating the holdings of the Fund (the "Deposit Securities") and/or a designated amount of U.S. cash.

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**Tax Information.** Fund distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is in an individual retirement account ("IRA") or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

**Financial Intermediary Compensation.** If you purchase ETF class shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the Fund's investment adviser, or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of ETF class shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

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**Other Information** 

**Disclosure of Portfolio Holdings** 

Each Fund's entire portfolio holdings are publicly disseminated each day the Fund is open for business through the Fund's website located at [Insert URL] and may be made available through financial reporting and news services or any other medium, including publicly available internet web sites. Additional information regarding each Fund's policies and procedures with respect to the disclosure of a Fund's portfolio securities is available in the Funds' Statement of Additional Information ("SAI").

**Multi-Class Fund Structure** 

The Adviser and Tweedy, Browne Fund Inc. (the "Company"), on behalf of the Funds, have received an exemptive order from the U.S. Securities and Exchange Commission (the "SEC") that permits each Fund to offer mutual fund share classes and an exchange-traded share class that operates as an ETF (a "Multi-Class Fund"). Under this structure, the ETF Class shares are listed and traded on a national securities exchange and are generally bought and sold at market determined prices, whereas the mutual fund share classes are purchased and redeemed at the net asset value of a Fund's mutual fund class shares next determined after receipt of the order.

Due to the structural and operational differences between mutual funds and exchange-traded funds, shareholders of the mutual fund and ETF share class of a Multi-Class Fund will have differing shareholder rights with respect to exchange privileges, how shares are purchased and redeemed, the timing of dividend declarations and payments, and the timing and ability to automatically reinvest dividends. Because shareholders of each Fund have voting rights based on the number of shares owned (including fractional shares), and because the shareholders in the mutual fund classes may be able to reinvest dividends sooner than shareholders in the ETF share class, each mutual fund class shareholder could obtain more voting power than an ETF class shareholder in the days immediately following an ex-dividend date.

In addition, because all of the classes of a Multi-Class Fund represent interests in the same portfolio, transactions through one class could generate portfolio transaction costs and tax consequences for shareholders in other classes. For example, shareholders of the ETF share class of a Fund (as opposed to shareholders of a standalone ETF) could experience greater portfolio transaction costs and taxable capital gains distributions as a result of shareholder purchases and redemptions through a mutual fund class, portfolio trading activity, as well as costs due to cash drag associated with a Fund holding the cash necessary to satisfy redemptions of mutual fund class shares, which could negatively impact the ETF share class' performance. At the same time, shareholders of all classes of a Multi-Class Fund may benefit from cost savings and economies of scale to the extent that the multiple classes draw additional assets to the Multi-Class Fund. Moreover, if a Multi-Class Fund incurs transfer and other transaction costs associated with either (i) the redemption of an ETF class creation unit or the processing of an ETF class redemption basket, or (ii) the issuance of an ETF class creation unit, that a standard ETF class redemption transaction fee or standard ETF class creation transaction fee, as applicable, would otherwise serve to offset, and such standard ETF class transaction fee is less than the costs incurred (or the fee is otherwise not applied), such costs, or the costs in excess of the fee, would be borne by all shareholders of the Fund and will reduce Fund performance. A Multi-Class Fund also is required to comply with certain requirements of Rule 6c-11 under the Investment Company Act of 1940, as amended (the "1940 Act"), in order to permit ETF operations, which do not normally apply to a mutual fund. For example, a Multi-Class Fund is required to provide daily transparency of the Fund's holdings, which has the potential to make the Fund more susceptible to front running than a traditional mutual fund that provides less frequent public disclosure of portfolio holdings. Also, unlike a traditional mutual fund, a Multi-Class Fund may not have the same flexibility to close the Fund to new purchases.

The use of this structure is subject to terms and conditions set forth in the SEC exemptive order that are designed to ensure that the Adviser and the Board of Directors of the Company (the "Board") consider these potential issues on an initial and ongoing basis. The conditions include that the Board, and a majority of the independent Directors, approve (initially, and at least annually thereafter) the operation of a Multi-Class Fund pursuant to a multiple class plan, finding that the plan is in the best interests of each mutual fund class and the ETF Class individually, and in the best interests of the Multi-Class Fund as a whole. The Adviser shall prepare written reports to assist the Board's findings that contain information regarding, among other items, the potential and/or observed benefits and costs to each class individually and the Multi-Class Fund as a whole due to the structure, the appropriateness of the Multi-Class Fund's investment strategy for the structure, and the potential and/or observed material conflicts of interest between the classes and/or material negative consequences resulting from the structure.

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**Additional Performance Information** 

Calendar year total returns since inception, along with average annual total returns for periods ended June 30, 2026 are presented below for the International Value Fund, International Value Fund II – Currency Unhedged, Value Fund and Buybacks . Dividends + Value Fund. The ETF share class of the Fund is a new class of shares for which performance information is not yet available, and therefore, for periods prior to inception of the ETF share class of the Fund, the bar chart and table show performance information for the open-end mutual fund share class of the Fund, which is a class of shares of the Fund not offered in this Prospectus. Performance information for the ETF Class shares of the Fund will be available after the ETF Class shares have been in operation for one calendar year. Returns of the ETF share class of the Fund may vary from the returns of the open-end mutual fund share class due to differences in expenses. The Funds believe that this supplemental information may be of use to investors. Past performance (before and after taxes) is not necessarily an indication of how each of the Funds will perform in the future.

**International Value Fund - Open End Mutual Fund Share Class** 

**Calendar Year Total Returns since inception**![LOGO](g148935g0530174336914.jpg)

---

| |
|:---|
| **As of December 31, 2025** |
|  Best Quarterly Return (since inception) |
|  Worst Quarterly Return (since inception) |

---

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**Average Annual Total Returns** 

**for Periods Ended June 30, 2026** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year** | **Three**<br> **Years** | **Five**<br> **Years** | **Ten**<br> **Years** | **Since**<br> **Inception**<br> **6/15/93** |
| **International Value Fund - Open End Mutual Fund Share Class** |  |  |  |  |  |
| Return before Taxes | [ ] % | [ ] % | [ ] % | [ ] % | [ ] % |
| Return after Taxes on Distributions | [ ] | [ ] | [ ] | [ ] | [ ] |
| Return after Taxes on Distributions and Sale of Fund Shares | [ ] | [ ] | [ ] | [ ] | [ ] |
| MSCI EAFE Index (in U.S.$)<sup>1</sup> before Taxes | [$] | [$] | [$] | [$] | [$] |
| MSCI EAFE Index (Hedged to U.S.$)<sup>1</sup> before Taxes | [$] | [$] | [$] | [$] | [$] |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The MSCI EAFE Index is an unmanaged, free float-adjusted market capitalization weighted
index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index (in U.S.$) reflects the return of the MSCI EAFE Index for a U.S. dollar investor on an unhedged basis. The MSCI
EAFE Index (Hedged to U.S.$) consists of the results of the MSCI EAFE Index hedged 100% back into U.S. dollars and accounts for interest rate differentials in forward currency exchange rates. Index results are inclusive of dividends and net of
foreign withholding taxes. Index figures do not reflect any deduction for fees, expenses or taxes. Prior to 2004, information with respect to the MSCI EAFE Indexes used was available at month end only; therefore the closest month end to the
inception date of the Fund, May 31, 1993, has been used. Investors cannot invest directly in an index. Effective July 2024, the Fund changed its comparative broad-based securities market index to the MSCI EAFE Index (in U.S.$) in order to
comply with new regulatory requirements regarding the presentation of comparative index performance.

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. In some instances, the "Return after Taxes on Distributions and Sale of Fund Shares" may be greater than "Return before Taxes" because the investor is assumed to have a capital loss upon the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. 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 Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The performance data shown above would be lower had fees not been waived during certain periods.

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**International Value Fund II – Currency Unhedged- Open End Mutual Fund Share Class** 

**Calendar Year Total Returns since inception**![LOGO](g148935g0530174337175.jpg)

---

| |
|:---|
| **As of December 31, 2025** |
|  Best Quarterly Return (since inception) |
|  Worst Quarterly Return (since inception) |

---

**Average Annual Total Returns** 

**for Periods Ended June 30, 2026** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year** | **Three**<br> **Years** | **Five**<br> **Years** | **Ten**<br> **Years** | **Since**<br> **Inception**<br> **10/26/09** |
| **International Value Fund II – Currency Unhedged - Open End Mutual Fund Share Class** |  |  |  |  |  |
| Return before Taxes | [ ] % | [ ] % | [ ] % | [ ] % | [ ] % |
| Return after Taxes on Distributions | [ ] | [ ] | [ ] | [ ] | [ ] |
| Return after Taxes on Distributions and Sale of Fund Shares | [ ] | [ ] | [ ] | [ ] | [ ] |
| MSCI EAFE Index (in U.S.$)<sup>1</sup> before Taxes | [$] | [$] | [$] | [$] | [$] |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The MSCI EAFE Index is an unmanaged, free float-adjusted market capitalization weighted
index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index (in U.S.$) reflects the return of the MSCI EAFE Index for a U.S. dollar investor on an unhedged basis. Index
results are inclusive of dividends and net of foreign withholding taxes. Index figures do not reflect any deduction for fees, expenses or taxes. Investors cannot invest directly in an index.

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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. In some instances, the "Return after Taxes on Distributions and Sale of Fund Shares" may be greater than "Return before Taxes" because the investor is assumed to have a capital loss upon the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. 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 Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The performance data shown above would be lower had fees and expenses not been waived and/or reimbursed during certain periods.

**Value Fund- Open End Mutual Fund Share Class** 

**Calendar Year Total Returns since inception**![LOGO](g148935g0530174337424.jpg)

---

| |
|:---|
| **As of December 31, 2025** |
|  Best Quarterly Return (since inception) |
|  Worst Quarterly Return (since inception) |

---

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##### [**Table of Contents**](#toc)
**Average Annual Total Returns** 

**for Periods Ended June 30, 2026** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year** | **Three**<br> **Years** | **Five**<br> **Years** | **Ten**<br> **Years** | **Since**<br> **Inception**<br> **12/8/93** |
| **Value Fund - Open End Mutual Fund Share Class** |  |  |  |  |  |
| Return before Taxes | [ ] % | [ ] % | [ ] % | [ ] % | [ ] % |
| Return after Taxes on Distributions | [ ] | [ ] | [ ] | [ ] | [ ] |
| Return after Taxes on Distributions and Sale of Fund Shares | [ ] | [ ] | [ ] | [ ] | [ ] |
| MSCI World Index (in U.S.$)<sup>1</sup> | [$] | [$] | [$] | [$] | [$] |
| MSCI World Index (Hedged to U.S.$)<sup>1</sup> before Taxes | [$] | [$] | [$] | [$] | [$] |
| S&P 500<sup>1</sup>/MSCI World Index (Hedged to U.S.$)<sup>1</sup> before Taxes | [$] | [$] | [$] | [$] | [$] |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Effective July 2024, the Fund added MSCI World Index (in U.S.$) as a comparative
broad-based securities market index, in order to comply with new regulatory requirements regarding the presentation of comparative index performance. The MSCI World Index is an unmanaged, free float-adjusted market capitalization weighted index that
is designed to measure the equity market performance of developed markets. The MSCI World Index (in U.S.$) reflects the return of this index for a U.S. dollar investor. The MSCI World Index (Hedged to U.S.$) consists of the results of the MSCI World
Index with its foreign currency exposure hedged 100% back into U.S. dollars. The index accounts for interest rate differentials in forward currency exchange rates. Index results are inclusive of dividends and net of foreign withholding taxes.

The S&P 500/MSCI World Index (Hedged to U.S.$) is a combination of the S&P 500 Index and the MSCI World Index (Hedged to U.S.$), linked together by Tweedy, Browne, and represents the performance of the S&P 500 Index for periods December 8, 1993 through December 31, 2006, and the performance of the MSCI World Index (Hedged to U.S.$) beginning January 1, 2007 and thereafter (beginning December 2006, the Fund was permitted to invest more significantly in non-U.S. securities). The S&P 500 Index is an unmanaged capitalization-weighted index composed of 500 widely held common stocks and assumes the reinvestment of dividends. The index is generally considered representative of U.S. large capitalization stocks. Index figures do not reflect any deduction for fees, expenses or taxes. Investors cannot invest directly in an index.

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. In some instances, the "Return after Taxes on Distributions and Sale of Fund Shares" may be greater than "Return before Taxes" because the investor is assumed to have a capital loss upon the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. 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 Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The performance data shown above would be lower had fees and expenses not been waived and/or reimbursed during certain periods.

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**Buybacks . Dividends + Value Fund - Open End Mutual Fund Share Class**<sup>1</sup>

**Calendar Year Total Returns since inception**![LOGO](g148935g0530174337682.jpg)

**<sub>1</sub>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) On May 27, 2026, the name of the Fund changed from the Tweedy, Browne Worldwide High
Dividend Yield Value Fund to the Tweedy, Browne . Buybacks . Dividends + Value Fund to reflect a change to the Fund's investment strategy. The performance reflected below illustrates the performance of the Fund pursuant to its principal
investment strategy prior to May 27, 2026.

---

| |
|:---|
| **As of December 31, 2025** |
|  Best Quarterly Return (since inception) |
|  Worst Quarterly Return (since inception) |

---

**Average Annual Total Returns** 

**for Periods Ended June 30, 2026** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year** | **Three**<br> **Years** | **Five**<br> **Years** | **Ten**<br> **Years** | **Since**<br> **Inception**<br> **9/5/07** |
| **Buybacks . Dividends + Value Fund - Open End Mutual Fund Share Class** |  |  |  |  |  |
| Return before Taxes | [ ] % | [ ] % | [ ] % | [ ] % | [ ] % |
| Return after Taxes on Distributions | [ ] | [ ] | [ ] | [ ] | [ ] |
| Return after Taxes on Distributions and Sale of Fund Shares | [ ] | [ ] | [ ] | [ ] | [ ] |
| MSCI World Index (in U.S.$)<sup>1</sup> before Taxes | [$] | [$] | [$] | [$] | [$] |
| MSCI World High Dividend Yield Index (in U.S.$)<sup>1</sup> before Taxes | [$] | [$] | [$] | [$] | [$] |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The MSCI World Index is an unmanaged free float-adjusted market capitalization weighted
index that is designed to measure the equity market performance of developed markets. The MSCI World Index (in U.S.$) reflects the return of this index for a U.S. dollar investor.

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The MSCI World High Dividend Yield Index reflects the performance of equities in the MSCI World Index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12- month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends.

The MSCI World High Dividend Yield Index (in U.S.$) reflects the return of the MSCI World High Dividend Yield Index for a U.S. dollar investor. Index results are inclusive of dividends and net of foreign withholding taxes. Index figures do not reflect any deduction for fees, expenses or taxes. Investors cannot invest directly in an index.

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. In some instances, the "Return after Taxes on Distributions and Sale of Fund Shares" may be greater than "Return before Taxes" because the investor is assumed to have a capital loss upon the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. 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 Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The performance data shown above would be lower had fees and expenses not been waived and/or reimbursed during certain periods.

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**Additional Information Regarding Investment Strategies** 

**Investment Goals and Strategies.** Each of the Funds pursues the investment goal of long-term capital growth. This goal may be changed for any Fund without shareholder approval. In selecting investments for the Funds, the Adviser employs a value investing style. Value investing seeks to uncover stocks whose current market prices are at discounts to their true or intrinsic values. The Adviser seeks to purchase stock at discounts to its estimate of this true or intrinsic value. Like a credit analyst reviewing a loan application, the Adviser seeks collateral value in the form of assets and/or appraised value of earning power that is substantially greater than the cost of the investment. In the case of the Buybacks . Dividends + Value Fund, in pursuing the Fund's value strategy, the Adviser seeks to invest in stocks with above-average dividend yields. The Adviser may be wrong in its assessment of a company's value, and the stocks the Funds own may not reach what the Adviser believes are their true or intrinsic values. Some holdings may not provide the capital growth anticipated, and a stock believed to be undervalued may actually be appropriately priced. The market may not favor value-oriented stocks and may not favor equities at all. During those periods, the Funds' relative performance may suffer.

Given the nature of the Adviser's bottom-up, stock-by-stock research process, environmental, social and/or governance ("ESG") factors (such as, for example, environmental impacts, the fair treatment of employees, corporate governance and capital allocation practices, management malfeasance, product safety, board composition and independence, and voting rights) are often among the factors the Adviser examines when trying to assess the intrinsic value and future prospects of a potential investment. While the Adviser does not use ESG factors in its initial value screen of companies, and does not maintain a list of companies that are automatically included or excluded from consideration due to ESG factors, it does generally seek to evaluate material ESG risks, opportunities and trends that are identified as part of its broader investment evaluation process, just as it does for a variety of other qualitative factors that could impact its analysis of a company's intrinsic value. (In this regard, a "material" ESG risk is one that, in the Adviser's assessment, could compromise the Adviser's estimate of the long-term value of the company under consideration.) The Adviser's identification and evaluation of ESG risks, opportunities and/or trends is based primarily on proprietary research, although information from a variety of third party sources may also be considered. ESG factors are generally no more significant than other factors in the Adviser's investment process, and the identification of a material ESG risk, opportunity or trend will not necessarily be determinative in the Adviser's decision to buy, sell or hold a company's securities, particularly if the company has taken meaningful action to mitigate the Adviser's concerns, or is trading at a valuation that, in the Adviser's view, appropriately reflects such concerns. The Adviser's primary objective remains to serve shareholders' best interests by producing long-term growth of capital through building a portfolio of securities that it believes are undervalued, and the Adviser believes that an evaluation of material ESG factors that are identified is one component of this process.

**Currency Hedging.** The share price of each Fund will reflect the movements of the different securities in which it is invested and, to the degree not hedged, the foreign currencies in which its investments are denominated. Accordingly, the strength or weakness of the U.S. dollar against foreign currencies will account for part of each Fund's investment performance, although both the International Value Fund and the Value Fund seek to moderate currency risk through their practice of hedging perceived foreign currency exposure, as described further below. The Adviser does not attempt to predict currency movements in reaching a decision about the appropriateness or prudence of an individual investment.

While a stock may perform well on the London Stock Exchange, if the pound declines against the U.S. dollar, gains can disappear or become losses if the inherent investment in the pound, through ownership of the British stock, is not hedged back to the U.S. dollar. Currency fluctuations can be more extreme than stock market fluctuations. In the more than 49 years since Tweedy, Browne has been registered as an investment adviser, the S&P 500 has declined on a calendar year basis more than 20% only two times, in 2002 and 2008. By contrast, the U.S. dollar/pound and the U.S. dollar/euro relationship have moved more than 20% on numerous occasions. Past performance is no guarantee of future returns, and this example of the effect of currency movements and the potential impact of hedging may not hold true in the future.

The International Value Fund and the Value Fund use forward currency contracts and non-deliverable forward currency contracts, and may use other currency hedging techniques, to seek to reduce their perceived foreign currency exposure where practicable, allowing investors the opportunity to capture a return closer to the "local" return in non-U.S. stocks (plus or minus any cost associated with the hedging techniques, and plus or minus any gains or losses on the currency hedges). Where practicable, in light of operational and regulatory considerations, each of these Funds seeks to reduce currency risk by hedging its perceived foreign currency exposure back into the U.S. dollar (generally through the use of forward currency contracts) based on the Adviser's judgment of such exposure after taking into account various factors, such as the sources of the portfolio companies' earnings and the currencies in which their securities trade. As a result of practical considerations, fluctuations in a security's prices, and fluctuations in currencies, these Funds' hedges are generally expected to approximate, but will generally not equal, the Fund's perceived foreign currency exposure.

A forward currency contract involves a privately negotiated obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. In a non-deliverable forward currency contract, the parties net their respective obligations based on the notional amount of the contract and Funds will either pay or receive such net amount depending on the movement of the U.S. dollar relative to hedged currency. The International Value Fund II – Currency Unhedged and the Buybacks . Dividends + Value Fund generally do not hedge their perceived foreign currency exposure back into the U.S. dollar. The Fund generally intends to execute currency hedging transactions with one counterparty or a limited number of counterparties. As a result, the Fund anticipates that one counterparty or a limited number of counterparties will generally be the only or most significant counterparties with it will enter into currency hedging transactions. While the Fund believes that one counterparty or a limited number of counterparties presents an acceptable level of counterparty risk, the anticipated concentration of its currency hedging transactions with one counterparty or a limited number of counterparties increases counterparty concentration risk with respect to these transactions, and any default by such counterparties or negative development with respect to such counterparties would have a disproportionally negative impact on the Fund.

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While hedging against currency exchange rate movements reduces the risk of loss from exchange rate changes, it also reduces the ability of the International Value Fund and the Value Fund to gain from favorable exchange rate movements when the U.S. dollar declines against the currencies in which the Funds' investments are denominated, and may impose costs on the Funds. For example, when a Fund converts U.S. dollars to a foreign currency to purchase non-U.S. stocks, the Fund is exposed to both the change in value of the stock and the foreign exchange rate between the U.S. dollar and the relevant foreign currency. The International Value Fund and the Value Fund will enter into forward currency contracts and non-deliverable forward currency contracts, and may use other currency hedging techniques to mitigate their exposure to the foreign exchange rate, to the extent practicable. The International Value Fund and the Value Fund will retain exposure to the value of the stock but, to the extent hedged, will have limited or no exposure to potential gains or losses from fluctuations in the foreign exchange rate between the U.S. dollar and the relevant foreign currency. Because the International Value Fund's and the Value Fund's currency hedging techniques typically involve the use of derivative instruments such as forward currency contracts, these Funds are also subject to the risk of possible default by the other party to those instruments.

Certain instruments commonly used to manage currency-exchange risk, including non-deliverable forward currency contracts ("non-deliverable forwards"), which are used to hedge certain currencies, are regulated as "swaps" under the Commodity Exchange Act, as amended. To the extent the Adviser determines that the use of non-deliverable forwards is not practicable and the Adviser is unable to find practicable and suitable alternatives to hedge those currencies, the Adviser may choose not to hedge a Fund's perceived exposure to those currencies. The additional regulatory requirements for foreign currency derivatives that are regulated as "swaps" under the Commodity Exchange Act also involve additional costs.

**Market Risk.** The value of the securities in which the Funds invest may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world. Price changes may be temporary or last for extended periods. The Funds' investments may be more heavily weighted from time to time in one or more sectors or countries, which will increase the Funds' exposure to risk of loss from adverse developments affecting those sectors or countries. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. Furthermore, local, regional and global events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs, sanctions, the spread of infectious illness or other public health threats could also adversely impact issuers, markets and economies.

**Pursuit of Long-Term Capital Growth.** Tweedy, Browne's Investment Committee believes that there are substantial opportunities for long-term capital growth from professionally managed portfolios of securities selected from foreign and domestic equity markets. Investments in the International Value Fund and the International Value Fund II – Currency Unhedged will focus primarily on foreign markets. Investments in the Value Fund will focus on the U.S. and foreign markets. Investments in the Tweedy, Browne . Buybacks . Dividends + Value Fund will focus on stocks in the U.S. and foreign markets that have a buyback yield or a dividend yield, or both. With respect to the International Value Fund, the International Value Fund II – Currency Unhedged and the Value Fund, Tweedy, Browne will consider all market capitalization sizes for investment with the result that a portion of these Funds may be invested in micro-cap (generally under $500 million), small-cap (generally $500 million to less than $2 billion) and mid-cap (generally $2 billion – $10 billion) companies. Companies over $10 billion are generally considered large-cap companies. Tweedy, Browne believes small- and mid-cap companies, when available at attractive valuations, can provide enhanced long-term investment results, in part because the possibility of a corporate acquisition at a premium may be greater than with large, multinational companies. Under normal circumstances, each Fund will attempt to stay as fully invested in equities as the Adviser believes is consistent with the availability of attractive investment opportunities and with its diversification parameters. Investment opportunities may be limited in certain market environments and each Fund may at times hold a significant cash position. Equities may include common stock, preferred stock, securities representing the right to acquire stock (such as convertible debentures, options and warrants), partnership interests, and depository receipts for securities, among other equity investments. The Funds may also invest in debt securities. Although the International Value Fund and International Value Fund II – Currency Unhedged invest primarily in foreign securities and invest in U.S. securities only to a limited extent, for temporary defensive purposes, the Funds may invest solely in U.S. or solely in foreign securities. During such a period, the Funds may not achieve their investment objectives.

Each Fund may invest in shares of other investment companies subject to the limitations of the Investment Company Act of 1940, as amended (the "1940 Act"), and the rules and regulations thereunder. Each Fund currently intends to invest its uninvested cash in money market mutual funds that invest substantially in securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, as an alternative to, or in conjunction with, other short-term investments and may invest a significant percentage of its assets in such money market funds. When a Fund invests in shares of a money market fund or other mutual fund, the Fund's shareholders indirectly bear the fees and expenses of such other fund in addition to the Fund's own fees and expenses. To the extent the Fund invests in shares of a money market fund or in other investment companies generally, the Fund's shareholders indirectly bear the expenses, liquidity risk, redemption fees, and other risks associated with the underlying holdings of the money market fund or other investment companies held by the Fund. Each Fund may also invest without limitation in fixed income obligations including cash equivalents (such as bankers' acceptances, certificates of deposit, commercial paper, short-term government and corporate obligations and repurchase agreements) for temporary defensive purposes, when the Adviser believes market conditions so warrant, and for liquidity or cash management purposes. To the extent the Fund's assets are invested in such instruments, the Fund may not achieve its investment objective.

**Large Shareholder Transactions Risk.** A Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause a Fund to sell portfolio securities at a time when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also

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increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

**Military Conflict in Ukraine.** As a result of Russia's military invasion of Ukraine in February 2022, the United States and other countries imposed broad-reaching political and economic sanctions on Russia, certain Russian allies believed to be providing them military or financial support, on private and public companies domiciled in Russia, including public issuers and banking and financial institutions, and on a variety of individuals. These sanctions, combined with equivalent measures taken by foreign businesses ceasing operations in Russia, continue to adversely impact global financial markets, disrupt global supply chains, and impair the value and liquidity of issuers and funds that continue to maintain exposure to Russia and its allies, Russian investments, and sectors that can be impacted by restrictions on Russian imports and exports, such as the oil and gas industry.

It is not possible to predict the duration or extent of longer-term consequences of this conflict (or other military conflicts which may arise in the future), which could include further sanctions, retaliatory measures taken by Russia, embargoes, regional instability, geopolitical shifts and adverse effects on macroeconomic conditions, security conditions, currency exchange rates, and financial markets around the globe. Any of the foregoing consequences, including those we cannot yet predict, may negatively impact the Funds' performance and the value of an investment in a Fund, even if the Fund does not have direct exposure to Russian issuers or issuers in other countries impacted by the invasion. The overall negative impact to the Funds will depend in part on the extent to which the Funds are prohibited from selling or otherwise transacting in their investments at any given time and whether a fair market valuation can be readily obtained. In addition, the indirect impact of these measures on countries or issuers economically exposed to Russia or Russian issuers can adversely affect the Fund.

**Israel-Hamas Conflict.** In October 2023, Hamas terrorists infiltrated Israel's southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets. Hamas also launched extensive rocket attacks on the Israeli population and industrial centers located along Israel's border with the Gaza Strip and in other areas within the State of Israel. Following the attack, Israel's security cabinet declared war against Hamas, and a military campaign was initiated. These events may result in significant market disruptions and may adversely affect regional and global economies. Furthermore, the conflict between Israel and Hamas and the involvement of the United States and other countries could present material uncertainty and risk with respect to the Funds and the performance of the Funds' investments or operations, and the Funds' ability to achieve its investment objectives. To the extent that third parties, investors, or related customer bases have material operations or assets in Israel or Palestine, they may have adverse consequences related to the ongoing conflict. The extent and duration of the military action and any market disruptions are impossible to predict, but could be substantial.

**China Investment Risk.** Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by expropriation, nationalization and confiscation of assets); less rigorous accounting, auditing and financial reporting standards and practices than international accounting standards, which may result in significant differences in the preparation of financial statements; less regulatory oversight of issuers, brokers and other market participants; different tax rules; higher dependence on exports and international trade; potential for increased trade tariffs, embargoes and other trade limitations; custody risks; difficulty in enforcing contractual rights; and, to the extent investments are made through Stock Connect, substantial limitations imposed by that program, including market-wide quota limitations, technology risks, bans on day-trading, different trading holidays, and the sudden loss of a security's eligibility to trade in the program. For additional information about the Stock Connect program, please refer to the "Risks of the Funds – Investing through Stock Connect" section of the Funds' SAI. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.

**Risks of Investing in Europe.** The Funds invest in European securities. The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. Securities of issuers that are located in, or have significant operations in or exposure to, member states of the European Union (the "EU") are subject to economic and monetary controls that can adversely affect the Fund's investments. The European financial markets have experienced, and may continue to experience, volatility, severe economic and financial difficulties, and other adverse trends in recent years, increasing the risk of investing in European markets. In particular, many EU nations are susceptible to economic risks associated with high levels of debt, notably due to investments in sovereign debt of certain countries. As a result, financial markets in the EU have been subject to increased volatility and declines in asset values and liquidity. Among other things, these developments have adversely affected the value and exchange rate of the euro, pound sterling, and other currencies, and may continue to significantly affect the economies of European countries, which in turn may have a material adverse effect on a Fund's investments in such countries, other countries that depend on European countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain European countries.

In addition, certain European countries have recently experienced negative interest rates on certain fixed-income instruments. A negative interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a negative value (i.e., below zero percent) intended to help create self-sustaining growth in the local economy. If a bank charges negative interest, instead of receiving interest on deposits, a depositor must pay the bank fees to keep money with the bank. To the extent a Fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, the Fund would generate a negative return on that investment. Negative interest rates may result in heightened market volatility and may detract from the Fund's performance to the extent the Fund is exposed to such interest rates.

Responses to these financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Political, social or economic

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disruptions in the region, even in countries in which a Fund is not invested, and adverse changes in the value and exchange rate of the euro and other currencies, may adversely affect the value of investments held by the Fund.

**Liquidity Risk.** Liquidity risk is the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. A Fund's investments may be subject to low trading volume, lack of a market maker, or regulatory restrictions. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. A Fund may also hold large positions in securities of particular issues, which may decrease the liquidity of the Fund's investments.

**[ReFlow Liquidity Program.** The Funds may participate from time to time in a program offered by ReFlow Fund, LLC ("ReFlow"). Pursuant to the program and subject to certain conditions, ReFlow provides participating mutual funds with a source of cash to meet net shareholder redemptions by purchasing fund shares at net asset value in an amount up to the value of the net shares redeemed. Following purchases of fund shares, ReFlow then redeems those shares when a fund experiences net sales, at the end of a maximum holding period determined by ReFlow, or at other times at a fund's or ReFlow's discretion. While ReFlow holds a fund's shares, it has the same rights and privileges with respect to those shares as any other shareholder. However, investments in the Funds by ReFlow are not subject to the Funds' "Excessive Short-Term Trading" policies described later in this Prospectus.

In the event a Fund uses the ReFlow program, the Fund will pay a fee to ReFlow each time ReFlow purchases Fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds seeking liquidity that day. The current minimum fee rate is 0.14% of the value of the Fund shares purchased by ReFlow. ReFlow's purchases of Fund shares through the liquidity program are made on an investment-blind basis without regard to a Fund's investment objective, policies or anticipated performance. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund.

When ReFlow redeems all or part of a position in a Fund, the Fund may pay all or a portion of such redemption in kind in accordance with the Fund's in-kind redemption policies. The Funds expect that in-kind redemptions will comprise a significant portion of redemptions paid to ReFlow.]

**ETF Risk.** The ETF share class is exposed to the following risks based on its structure: Authorized Participants, Market Makers and Liquidity Providers Concentration Risk," "Secondary Market Trading Risk," and "Shares May Trade at Prices Other Than NAV Risk."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.** Only an authorized participant ("AP") may engage in creation or redemption transactions directly with the Fund on behalf of the ETF share class. The Fund, on behalf of the ETF share class, has a limited number of financial institutions
that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, the ETF share class may trade at a
material discount to net asset value ("NAV") and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or
(ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the ETF share class trading
at a premium or discount to NAV. A diminished market for the ETF share class substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF share class bought or sold.
In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in the ETF share class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Secondary Market Trading Risk.** Although the ETF share class is listed on a national
securities exchange, the [NAME OF EXCHANGE] (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In
addition, trading in the ETF share class on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than
the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Shares May Trade at Prices Other Than NAV Risk.** As with all exchange-traded funds,
the ETF share class may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the ETF share class will approximate [the Fund's NAV], there may be times when the market price of the ETF
share class is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep
market declines, and periods when there is limited trading activity for the ETF share class in the secondary market, in which case such premiums or discounts may be significant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Closure of Underlying Securities Market.** To the extent that all or a portion of the
Fund's underlying securities trade in a market that is closed when the market in which the ETF share class is listed and trading in that market is open, there may be changes between the last quote from the closed foreign market and the value
of such security during the Fund's domestic trading day. In turn, this could lead to differences between the market price of the ETF share class and the underlying value of the ETF share class.

**Management of the Funds** 

The Funds' investment adviser is Tweedy, Browne Company LLC, a successor to Tweedy & Co., which was founded in 1920. Tweedy, Browne has been registered as an investment adviser since 1975. Tweedy, Browne is located at One Station Place, Stamford, CT 06902. Tweedy, Browne has extensive experience in selecting undervalued stocks in U.S. equity markets, first as a market maker, then as an investor and investment adviser. Tweedy, Browne has invested outside the United States since 1983 and utilizes the same principles of value investing in foreign markets that it applies to U.S. securities.

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The Adviser seeks to reduce the risk of permanent capital loss, as contrasted to temporary stock price fluctuation, through both diversification and application of its stock selection process, which includes assessing and weighing quantitative and qualitative information concerning specific companies.

A discussion regarding the Board of Directors' basis for approving the continuation of the Investment Advisory Agreement for each Fund is available in the Funds' semi-annual report to shareholders dated September 30, 2025.

As of June 30, 2026, the current Managing Directors and retired principals and their families, as well as employees of Tweedy, Browne, have more than $[ ]billion in portfolios combined with or similar to client portfolios, including approximately $[ ] million in the International Value Fund, $[ ] million in the International Value Fund II – Currency Unhedged, $[ ] million in the Value Fund and $[ ] in the Buybacks . Dividends + Value Fund. Tweedy, Browne manages the daily investment and business affairs of the Funds, subject to oversight by the Board of Directors.

For its investment advisory services rendered with respect to the International Value Fund, Tweedy, Browne is entitled to receive investment advisory fees from the Fund at an annual rate of [ ].

[X]

For the fiscal year ended March 31, 2026, the contractual fees applicable to each Fund and the actual investment advisory fees paid by each Fund (net of any applicable fee waivers and/or expense reimbursement agreements, as described above) were as set forth below:

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| | | |
|:---|:---|:---|
|  | **Contractual Investment**<br> **Advisory Fee**<br> **(as a percentage of**<br> **average net assets)** | **Actual Investment**<br> **Advisory Fee Paid**<br> **(as a percentage of**<br> **average net assets)** |
| International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets up to [$] billion [%]<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets over [$] billion [%] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[%] |
| International Value Fund II – Currency Unhedged | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[%] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[%] |
| Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[%] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[%] |
| Buybacks . Dividends + Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[%] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[%] |

---

Additional information about the foregoing individuals' compensation, other accounts they manage and their ownership of securities in the Funds is available in the SAI.

The following is a brief biography of each of the members of the Investment Committee, including positions held by each for the past five years:

Thomas H. Shrager has been associated with the Adviser since 1989 and is a Managing Director of Tweedy, Browne Company LLC and a member of the firm's Management Committee and Investment Committee. He is also the President and a member of the Board of Directors of Tweedy, Browne Fund Inc. and Director and Chairman of the Board of Directors of Tweedy, Browne Value Funds. Previously, he worked in mergers and acquisitions at Bear Stearns, and as a consultant for Arthur D. Little. He received a B.A. and an M.A. in International Affairs from Columbia University.

John D. Spears joined the Adviser in 1974 and is a member of the firm's Management Committee and Investment Committee. He is a Managing Director of Tweedy, Browne Company LLC and Vice President of Tweedy, Browne Fund Inc. Additionally, he is a member of the Board of Managers of Haverford College. Mr. Spears studied at the Babson Institute of Business Administration, Drexel Institute of Technology and the University of Pennsylvania – The Wharton School.

Robert Q. Wyckoff, Jr. has been associated with the Adviser since 1991, and is a Managing Director of Tweedy, Browne Company LLC and a member of the firm's Management Committee and Investment Committee. He is also the Chairman and a member of the Board of Directors of Tweedy, Browne Fund Inc. and a member of the Board of Directors of Tweedy, Browne Value Funds. Prior to joining the Adviser, he held positions with Bessemer Trust, C.J. Lawrence, J&W Seligman, and Stillrock Management. He received a B.A. from Washington & Lee University, and a J.D. from the University of Florida School of Law.

Roger R. de Bree has been associated with the Adviser since 2000, and is a Managing Director of Tweedy, Browne Company LLC and a member of the firm's Management Committee and Investment Committee. In addition, he is the Treasurer of Tweedy, Browne Fund Inc. Prior to joining the Adviser, he worked at ABN AMRO Bank and MeesPierson Inc., in addition to serving as an officer in the Royal Dutch Navy from 1986 to 1988. He received a B.B.A. from Nijenrode, the Netherlands School of Business in Breukelen, the Netherlands as well as an M.B.A. from the Instituto de Estudios Superiores de la Empresa (IESE) at the University of Navarre in Barcelona, Spain.

Jay Hill, a Chartered Financial Analyst (CFA), has been associated with the Adviser since 2003, and is a Managing Director of Tweedy, Browne Company LLC and a member of the firm's Management and Investment Committees. He has also been appointed a member of the Board of Directors of Tweedy, Browne Fund Inc., effective August 1, 2022. Prior to joining the Adviser, he held positions with Banc of America Securities LLC, Credit Lyonnais Securities (USA) Inc., and Providence Capital, Inc. He received a B.B.A. from Texas Tech University.

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Andrew Ewert has been associated with the Investment Manager since 2016. He is a Managing Director of the Investment Manager and a member of its Investment Committee. Prior to joining the Investment Manager, he held positions at Equinox Partners, L.P., Ruane, Cunniff & Goldfarb Inc., MTS Health Partners, L.P., and Bear Stearns. Mr. Ewert holds a B.B.A. from Emory University and an M.B.A. from Columbia Business School.

Frank H. Hawrylak, a Chartered Financial Analyst (CFA), has been associated with the Adviser since 1986, and is a Managing Director of Tweedy, Browne Company LLC and a member of the firm's Investment Committee. Prior to joining the Adviser, he worked in the investment department at Royal Insurance. He received a B.S. from the University of Arizona and an M.B.A. from the University of Edinburgh, Scotland.

**[Payments to Financial Intermediaries.** Each Fund pays all or a portion of the charges imposed by certain financial intermediaries that make shares of the Fund available to their customers and perform various services for the Fund or its shareholders, including transaction processing, sub-accounting and similar services. The Board of Directors has approved such payments, to the extent that the arrangement with each such financial intermediary, on an overall basis, generally saves the Funds expenses that they would otherwise incur in maintaining additional shareholder accounts at the Funds' transfer agent (i.e., if those who invest in the Funds through these financial intermediaries instead invested directly in the Funds). Tweedy, Browne also utilizes a portion of its assets to pay a portion of the charges of certain such financial intermediaries. Tweedy, Browne negotiates the level of payments to any financial intermediary. Currently, such payments, expressed as a percentage of the average daily net assets of the Funds attributable to the particular intermediary, generally are up to 0.35% per year, depending on the nature and level of services and other factors, of which generally up to 0.10% or up to $34 per account depending on the relationship is currently paid by the Funds. These payments may be higher in certain circumstances, including variations in average account size.]

**HOW TO BUY AND SELL SHARES** 

Each Fund issues and redeems its ETF Shares at NAV only in Creation Units. Only APs may acquire ETF Shares directly from a Fund, and only APs may tender their ETF Shares for redemption directly to a Fund, at NAV. APs must be (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation, a clearing agency that is registered with the SEC; or (ii) a Depository Trust Company ("DTC") participant (as discussed below). In addition, each AP must execute a participant agreement that has been agreed to by the Distributor, and that has been accepted by the Transfer Agent, with respect to purchases and redemptions of Creation Units. Once created, ETF Shares trade in the secondary market in quantities less than a Creation Unit.

Investors can only buy and sell ETF Shares in secondary market transactions through brokers. ETF Shares are listed for trading on the secondary market on an Exchange and can be bought and sold throughout the trading day like other publicly traded securities.

When buying or selling ETF Shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offer price in the secondary market on each leg of a round trip (purchase and sale) transaction. In addition, because secondary market transactions occur at market prices, you may pay more than NAV when you buy ETF Shares, and receive less than NAV when you sell those Shares.

**Book Entry** 

ETF Shares are held in book-entry form, which means that no stock certificates are issued. DTC or its nominee is the record owner of all outstanding ETF Shares.

Investors owning ETF Shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all ETF Shares. DTC's participants include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of ETF Shares, you are not entitled to receive physical delivery of stock certificates or to have ETF Shares registered in your name, and you are not considered a registered owner of ETF Shares. Therefore, to exercise any right as an owner of ETF Shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other securities that you hold in book entry or "street name" through your brokerage account.

**ETF Share Trading Prices on the Exchange** 

Trading prices of ETF Shares on the Exchange may differ from a Fund's daily NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of ETF Shares. To provide additional information regarding the indicative value of ETF Shares, the Exchange or a market data vendor disseminates information every 15 seconds through the facilities of the Consolidated Tape Association, or other widely disseminated means, an updated "intraday indicative value" ("IIV") for ETF Shares as calculated by an information provider or market data vendor. The Funds are neither involved in nor responsible for any aspect of the calculation or dissemination of the IIVs and makes no representation or warranty as to the accuracy of the IIVs. If the calculation of the IIV is based on the basket of Deposit Securities, such IIV may not represent the best possible valuation of a Fund's portfolio because the basket of Deposit Securities does not necessarily reflect the precise composition of the current Fund portfolio at a particular point in time. The IIV should not be viewed as a "real-time" update of a Funds' NAV because the IIV may not be calculated in the same manner as the NAV, which is computed only once a day, typically at the end of the business day. The IIV is generally determined by using both current market quotations and/or price quotations obtained from broker-dealers that may trade in the Deposit Securities.

**Frequent Purchases and Redemptions of ETF Shares** 

[Unlike the Open-End Mutual Fund Shares, the Funds impose no restrictions on the frequency of purchases and redemptions of ETF Shares. In determining not to approve a written, established policy, the Board evaluated the risks of market timing activities by ETF shareholders. Purchases and

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redemptions by APs, who are the only parties that may purchase or redeem ETF Shares directly with the Funds, are an essential part of the ETF process and help keep share trading prices in line with NAV. As such, the ETF Share class can accommodate frequent purchases and redemptions by APs. However, the Board has also determined that frequent purchases and redemptions for cash may increase tracking error and portfolio transaction costs and may lead to the realization of capital gains or losses. To minimize these potential consequences of frequent purchases and redemptions, the Funds employ fair value pricing and may impose transaction fees on purchases and redemptions of Creation Units to cover the custodial and other costs incurred by the Funds in effecting trades. In addition, the Funds reserve the right to reject any purchase order at any time.]

**Determination of Net Asset Value** 

The value of shares of each class of a Fund will fluctuate in relation to its investment experience. The NAV per share of each Fund's ETF share class is calculated as of the scheduled close of regular trading on the NYSE, generally 4:00 p.m. Eastern Time, each day the NYSE is open for business. The NAV per share for each Fund's ETF share class is calculated by dividing the total value of the Fund's assets, less any liabilities, allocated to the ETF share class, by the total outstanding ETF Shares of the Fund.

In calculating its NAV, a Fund generally values its assets on the basis of market quotations, last sale prices, or estimates of value furnished by a pricing service or brokers who make markets in such instruments. If such information is not available for a security held by the Fund or is determined to be unreliable, the security will be valued at fair value estimates under guidelines established by the Board.

**Pricing of Fund Shares** 

Purchases and redemptions, including exchanges, are made at the net asset value per share next calculated after the transfer agent or other authorized broker or intermediary is considered to have received the transaction request. The Funds value their investments primarily based on readily available market quotations except that investments that do not have readily available market quotations or whose closing prices are not reliable are valued under procedures adopted by the Board of Directors. To the extent the Funds believe the most recently available closing prices may not reflect current fair value due to developments after the close of the markets in which such assets trade, the Funds reserve the right to fair value any of those assets if the Funds believe fair valuation will likely result in a more accurate net asset valuation. Because fair value pricing involves judgments that are inherently subjective and inexact, it is possible that the fair value determined for an asset will be materially different from the value that actually could be or is realized upon sale of the asset. The Funds' Administrator, The Bank of New York Mellon, determines net asset value per share as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time) on each day the NYSE is open for trading. The NYSE is open Monday through Friday, but currently is scheduled to be closed on New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day and on the preceding Friday or subsequent Monday when a holiday falls on a Saturday or Sunday, respectively. Tweedy, Browne Fund Inc. has retained a third-party service provider that, under certain circumstances selected by Tweedy, Browne Fund Inc., provides fair value pricing for international equity securities whose principal markets are no longer open when the Funds calculate their net asset values. Since many of the securities owned by the Funds trade on foreign exchanges that trade on weekends or other days when the Funds do not price their shares, the value of the Funds' assets may change on days when you are unable to purchase or redeem shares.

**[Conversions]** 

[A shareholder holding open-end mutual fund shares of a Fund may convert those shares to ETF shares issued by the same Fund to the extent supported by the shareholder's financial intermediary. Shareholders should contact their financial intermediary to determine the eligibility of their account for such a conversion. ETF shares, whether acquired through a conversion or purchased on the secondary market, cannot be converted to open-end mutual fund shares of the Fund or exchanged for ETF shares of another Fund. In contrast to the open-end mutual fund shares, however, ETF shares must be held in a brokerage account. Accordingly, shareholders that hold open-end mutual fund shares in an account directly with a Fund through its transfer agent, or in a brokerage account that only allows the shareholder to hold mutual fund shares, will need to independently designate an eligible brokerage account for holding the ETF shares prior to a conversion.

Shareholders that hold open-end mutual fund shares in a 401(k) plan or other employer-sponsored retirement or benefit plan generally may not convert those shares to ETF shares and should check with their plan sponsor or recordkeeper regarding eligibility.

A conversion from the open-end mutual fund share class to ETF shares of a Fund will be processed at the relative NAVs of the respective share classes at the time of conversion. Since Depository Trust Company (DTC) (or its nominee) serves as the record owner of, and holds legal title to, the ETF shares of a Fund and does not support the distribution and transfer of fractional shares, a shareholder may be unable to convert a small portion of their open-end mutual fund shares into ETF shares. For example, if a shareholder's open-end mutual fund shares were equal to 10.25 ETF shares based on the relative NAVs of the classes, DTC's system would only account for the transfer of 10 whole ETF shares. If a shareholder's financial intermediary does not accommodate the ownership of fractional shares of ETFs (e.g., while DTC's systems do not allow for the distribution and transfer of fractional shares of ETFs, a financial intermediary may acquire whole shares of an ETF and allocate fractional shares of such ETF to its clients that are recorded on the intermediary's books), a shareholder would be required to redeem the portion of their open-end mutual fund shares investment equal to 0.25 fractional ETF shares. Albeit small, such redemption would be a taxable event.

Shareholders will not otherwise recognize a taxable gain (or loss) on the conversion of the open-end mutual fund shares of a Fund into ETF shares.

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Shareholders should contact their financial intermediary to determine whether a conversion or the redemption of fractional shares may be subject to fees and expenses. The Funds do not impose a transaction fee on conversions but reserve the right to change such policy or to limit, temporarily suspend, or terminate the conversion privilege in the future. Investors owning open-end mutual fund shares in an account directly with a Portfolio through its transfer agent should first contact the Fund's transfer agent at 800-432-4789 (press 0) to notify the transfer agent of the proposed conversion and then send a letter of instruction to the transfer agent by an approved method. Shareholders that invest in a Fund through a financial intermediary should contact their financial intermediary for information regarding conversions. The length of the conversion process will depend on a shareholder's financial intermediary, but may take several days from the date of the request. Shareholders will remain fully invested in their open-end mutual fund shares until the conversion process is complete. A blackout period for conversions into ETF shares may be imposed by a Fund around the dates the Fund declares dividends. This may be necessary to accommodate the operational requirements of certain financial intermediaries.]

**DIVIDENDS, DISTRIBUTIONS, AND TAXES** 

**Dividends and Distributions** 

For the ETF share class, each Fund intends to pay out dividends, if any, and distribute any net realized capital gains to its shareholders at least [X].

**Dividend Reinvestment Service** 

Brokers may make the DTC book-entry dividend reinvestment service available to their customers who own ETF class shares. If this service is available and used, dividend distributions of both income and capital gains will automatically be reinvested in additional whole ETF Class shares of the Fund purchased on the secondary market. Without this service, investors would receive their distributions in cash. In order to achieve the maximum total return on their investments, investors are encouraged to use the dividend reinvestment service. To determine whether the dividend reinvestment service is available and whether there is a commission or other charge for using this service, consult your broker. Brokers may require the Funds' shareholders to adhere to specific procedures and timetables.

**Taxes** 

Each Fund intends to elect to be, and intends to qualify each year for treatment as, a RIC under Subchapter M of Subtitle A, Chapter 1, of the Code.

As with any investment, you should consider how your investment in ETF Class shares of a Fund will be taxed. The tax information in this Prospectus is provided as general information about certain U.S. tax considerations relevant under current law, which may be subject to change in the future. Such tax information does not represent a detailed description of the U.S. federal income tax consequences to you in light of your particular circumstances, including if you are subject to special tax treatment. Except where otherwise indicated, the discussion relates to investors who are "United States persons" (within the meaning of the Code) holding ETF Class shares as capital assets for U.S. federal income tax purposes (generally, for investment). You should consult your own tax professional about the tax consequences of an investment in ETF Class shares of a Fund.

Unless your investment in ETF Class shares of a Fund is made through a tax-exempt entity or tax-advantaged account, such as an IRA plan, you need to be aware of the possible tax consequences when: (i) the Fund makes distributions; (ii) you sell your ETF Class shares listed on the Exchange; and (iii) you purchase or redeem Creation Units.

**Taxes on Distributions** 

Each Fund intends to distribute, at least annually, substantially all of its net investment income and net capital gains income. For federal income tax purposes, distributions of investment income are generally taxable as ordinary income or qualified dividend income (as discussed below). Taxes on distributions of capital gains (if any) are determined by how long a Fund owned the investments that generated them, rather than how long a shareholder has owned his or her ETF Class shares of the Fund. Sales of assets held by a Fund for more than one year generally result in long-term capital gains and losses, and sales of assets held by a Fund for one year or less generally result in short-term capital gains and losses. Distributions of a Funds' net capital gain (the excess of net long-term capital gains over net short-term capital losses) that are reported by a Fund as capital gain dividends ("Capital Gain Dividends") will be taxable as long-term capital gains, which for non-corporate shareholders are subject to tax at reduced rates. Distributions of short-term capital gain will generally be taxable as ordinary income. Dividends and distributions are generally taxable to you whether you receive them in cash or reinvest them in additional ETF Class shares.

Distributions reported by a Fund as "qualified dividend income" are generally taxed to non-corporate shareholders at rates applicable to long-term capital gains, provided holding period and other requirements are met by both the Fund and the shareholder. "Qualified dividend income" generally is income derived from dividends paid by U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that the Fund receives in respect of stock of certain foreign corporations may be qualified dividend income if that stock is readily tradable on an established U.S. securities market. The amount of the Funds' distributions that qualify for this favorable treatment may be reduced as a result of the Funds' securities lending activities, if any. Corporate shareholders may be entitled to a dividends-received deduction for the portion of dividends they receive from the Fund that are attributable to dividends received by the Fund from U.S. corporations, provided holding period and other requirements are met by both the Fund and the shareholder.

If a Fund were to retain any net capital gain, the Fund may designate the retained amount as undistributed capital gains in a notice to shareholders who, if subject to U.S. federal income tax on long-term capital gains, (i) will be required to include in income as long-term capital gain, their proportionate

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share of such undistributed amount, and (ii) will be entitled to credit their proportionate share of the U.S. federal income tax paid by the Fund on the undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds to the extent the credit exceeds such liabilities. If such an event occurs, the tax basis of Shares owned by a shareholder of the Fund will, for U.S. federal income tax purposes, generally be increased by the difference between the amount of undistributed net capital gain included in the shareholder's gross income and the tax deemed paid by the shareholder.

Each Fund may make distributions that are treated as a return of capital. Such distributions are generally not taxable but will reduce the basis of your Shares. To the extent that the amount of any such distribution exceeds the basis of your ETF Class shares, however, the excess will be treated as gain from a sale of the ETF Class shares.

Shortly after the close of each calendar year, you will be informed of the character of any distributions received from a Fund.

U.S. individuals with income exceeding specified thresholds are subject to a 3.8% Medicare contribution tax on all or a portion of their "net investment income," which includes interest, dividends, and certain capital gains (including capital gains distributions and capital gains realized on the sale of Shares of the Fund). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts.

In general, your distributions are subject to federal income tax for the year in which they are paid. Certain distributions paid in January, however, may be treated as paid on December 31 of the prior year. Distributions are generally taxable even if they are paid from income or gains earned by a Fund before your investment (and thus were included in the ETF Class shares' NAV when you purchased your ETF Class shares of the Fund).

You may wish to avoid investing in a Fund shortly before a dividend or other distribution, because such a distribution will generally be taxable to you even though it may economically represent a return of a portion of your investment. This adverse tax result is known as "buying into a dividend."

**Taxes When Shares are Sold** 

For federal income tax purposes, any gain or loss realized upon a sale of ETF Class shares of a Fund generally is treated as a capital gain or loss and as a long-term capital gain or loss if those ETF Class shares have been held for more than 12 months or as a short-term capital gain or loss if those ETF Class shares have been held for 12 months or less. However, any capital loss on a sale of ETF Class shares held for six months or less is treated as long-term capital loss to the extent of Capital Gain Dividends paid or undistributed capital gains deemed paid with respect to such ETF Class shares of a Fund. Any loss realized on a sale will be disallowed to the extent ETF Class shares of a Fund are acquired (or the shareholder enters into a contract or option to acquire ETF Class shares of the Fund), including through reinvestment of dividends, within a 61-day period beginning 30 days before and ending 30 days after the sale of ETF Class shares. If disallowed, the loss will be reflected in an increase to the basis of the ETF Class shares acquired.

**IRAs and Other Tax-Qualified Plans** 

The one major exception to the preceding tax principles is that distributions on and sales of ETF Class shares of the Fund held in an IRA (or other tax-qualified plan) will not be currently taxable unless it borrowed to acquire the ETF Class share**s.** 

**U.S. Tax Treatment of Foreign Shareholders** 

If you are neither a resident nor a citizen of the United States or if you are a foreign entity, distributions (other than Capital Gain Dividends or returns of capital) paid to you by a Fund will generally be subject to a U.S. withholding tax at the rate of 30%, unless a lower treaty rate applies. Each Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. For these purposes, interest-related dividends and short-term capital gain dividends generally represent distributions of interest or short-term capital gains that would not have been subject to U.S. federal withholding tax at the source if received directly by a foreign shareholder, and that satisfy certain other requirements.

If a Fund were to retain any net capital gain and designate the retained amount as undistributed capital gains in a notice to shareholders, foreign shareholders would be required to file a U.S. federal income tax return in order to claim refunds of their portion of the tax paid by the Fund on deemed capital gain distributions.

Foreign shareholders will generally not be subject to U.S. tax on gains realized on the sale of Shares of the Fund, except that a nonresident alien individual who is present in the United States for 183 days or more in a calendar year will be taxable on such gains and on Capital Gain Dividends from the Fund.

However, if a foreign investor conducts a trade or business in the United States and the investment in a Fund is effectively connected with that trade or business, then the foreign investor's income from a Fund will generally be subject to U.S. federal income tax at regular U.S. rates in a manner similar to the income of a U.S. citizen or resident.

Each Fund is generally required to withhold 30% on certain payments to shareholders that are foreign entities and that fail to meet prescribed information reporting or certification requirements.

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The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may differ from those described herein. All foreign investors should consult their own tax advisors regarding the tax consequences to them, including in their country of residence, of an investment in a Fund.

**Backup Withholding** 

Each Fund (or a financial intermediary, such as a broker, through which a shareholder owns ETF Class shares of the Fund) generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and sale or redemption proceeds paid to any shareholder who fails to properly furnish a correct taxpayer identification number, who has underreported dividend or interest income, or who fails to certify that he, she or it is not subject to such backup withholding. A foreign investor can generally avoid such backup withholding by certifying his or her foreign status under penalties of perjury. The current backup withholding rate is 24%.

**Taxes on Purchases and Redemptions of Creation Units** 

An AP who exchanges securities for Creation Units generally recognizes a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time of the exchange and the sum of the AP's aggregate basis in the securities surrendered plus the amount of cash, if any, paid for such Creation Units. The Internal Revenue Service, however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position. Any gain or loss realized by an AP upon a creation of Creation Units will be treated as capital gain or loss if the AP holds the securities exchanged therefor as capital assets, and otherwise will be ordinary income or loss. Any capital gain or loss realized upon the creation of Creation Units will generally be treated as long-term capital gain or loss if the securities exchanged for such Creation Units have been held by the AP for more than 12 months, and otherwise will be short-term capital gain or loss.

The Company on behalf of each Fund has the right to reject an order for a purchase of Creation Units if the AP (or a group of APs) would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding shares of a Fund and if, pursuant to Section 351 of the Code, the Fund would have a basis in the securities different from the market value of such securities on the date of deposit. The Trust also has the right to require information necessary to determine beneficial share ownership for purposes of the 80% determination. If a Fund does issue Creation Units to an AP (or group of APs) that would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding Shares of the Fund, the AP (or group of APs) may not recognize gain or loss upon the exchange of securities for Creation Units.

An AP who redeems Creation Units will generally recognize a gain or loss equal to the difference between the sum of the aggregate market value of any securities received plus the amount of any cash received for such Creation Units and the AP's basis in the Creation Units. Any gain or loss realized by an AP upon a redemption of Creation Units will be treated as capital gain or loss if the AP holds the Shares comprising the Creation Units as capital assets, and otherwise will be ordinary income or loss. Any capital gain or loss realized upon the redemption of Creation Units will generally be treated as long-term capital gain or loss if the Shares comprising the Creation Units have been held by the AP for more than 12 months, and otherwise will generally be short-term capital gain or loss. Any capital loss realized upon a redemption of Creation Units held for six months or less will be treated as a long-term capital loss to the extent of any amounts treated as distributions to the applicable AP of long-term capital gains with respect to the Creation Units (including any amounts credited to the AP as undistributed capital gains). However, any loss realized upon a redemption of Creation Units will be disallowed to the extent Shares of the Fund are acquired (or the AP enters into a contract or option to acquire Shares of the Fund), including through reinvestment of dividends, within a 61-day period beginning 30 days before and ending 30 days after the redemption. If disallowed, the loss will be reflected in an increase to the basis of the Shares acquired.

Each Fund may include a payment of cash in addition to, or in place of, the delivery of a basket of securities upon the redemption of Creation Units. A Fund may sell portfolio securities to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind, which would generally not give rise to a taxable gain or loss for the Fund. As a result, a Fund may be less tax efficient if it includes such a cash payment in the proceeds paid upon the redemption of Creation Units.

Persons purchasing or redeeming Creation Units should consult their own tax advisors with respect to the tax treatment of any creation or redemption transaction.

*The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in a Fund. It is not a substitute for personal tax advice. You also may be subject to state and local tax on Fund distributions and sales of Shares of the Funds. Consult your personal tax advisor about the potential tax consequences of an investment in Shares of the Fund under all applicable tax laws. For more information, please see the section entitled "DIVIDENDS, DISTRIBUTIONS, AND TAXES" in the SAI.]* 

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**FINANCIAL HIGHLIGHTS** 

The following Financial Highlights tables are intended to help you understand each Fund's financial performance for the past five years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [X], whose report thereon, along with the Funds' financial statements, appears in the Funds' annual report, which is available upon request.

Financial highlights for the open-end mutual fund share class of each Fund are shown to provide investors with financial information about each Fund. The open-end mutual fund share class of the Funds would have substantially similar returns as the ETF share class because the shares are invested in the same portfolio securities. Returns for the ETF share class and the open-end mutual fund share class may vary due to differences in their expenses.

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**Privacy Information** 

As required by the Securities and Exchange Commission and the Federal Trade Commission, the Privacy Policy below explains our handling of the information that Tweedy, Browne Company LLC and its employees, its mutual funds and other investment funds ("we," "our" or "us") have in our records that is personal and private to you. It reiterates our commitment to keeping that information private.

**Information We Collect** 

In the course of doing business with you, we collect nonpublic information about you from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› Information we receive from you on applications or other forms, such as your social
security number, personal financial information, occupation, and birth date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› Information about your transactions with us, our affiliates, or others such as payment
history, account balance, assets, and past transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› Information we collect from you through your account inquiries by mail, e-mail, or telephone.

**Disclosure of Information to Non-Affiliated Third Parties** 

We do not disclose any nonpublic personal information about our customers or former customers to any non-affiliated third parties except with prior consent or as permitted by law. Disclosures permitted by law include information to our service providers, such as transfer agents, custodians, shareholder communications firms, technology consultants, legal and accounting firms, and clearing firms. As a rule, we only provide this information to those entities whose services are necessary for us to properly fulfill our investment services to you. We only share with these service providers the information they need to provide these services and they are required to use this information only to provide the services.

**Disclosure of Information to Affiliates** 

Subject to applicable law, Tweedy, Browne Company LLC, any of its affiliates who serve as distributor for its mutual funds and/or other investment funds, and those mutual funds and other investment funds share information with each other about their customers and former customers and may use this information to market our products and services to you in a manner they are confident does not impinge upon your privacy. In addition, for internal accounting, recordkeeping, and auditing purposes, we may from time to time share limited information relating to your account with our holding company affiliate, which uses the information solely for the above-mentioned purposes. Except as described above, neither we nor our holding company affiliate share any of this information with any other affiliates. In certain states there may be restrictions on the ability of one affiliate to use this information obtained from another affiliate without first offering customers the ability to opt out of such sharing of information. In general, we obtain all of such information directly and accordingly are not subject to these restrictions with respect to our own use of such information.

**Security Standards** 

We maintain physical, electronic, and procedural safeguards to seek to ensure the integrity and confidentiality of your nonpublic personal information in the manner described above.

*This Privacy Information is not part of the Prospectus.* 

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![LOGO](g148935dsp072.jpg)

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**Subject to Completion – dated June 4, 2026** 

**The information in this Statement of Additional Information is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Statement of Additional Information is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.** 

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| | | |
|:---|:---|:---|
|  **Fund Name** | **Ticker** | **Exchange** |
|  **Tweedy, Browne International Value Fund** | **[X]** | **[X]** |
|  **Tweedy, Browne International Value Fund II – Currency Unhedged** | **[X[** | **[X]** |
|  **Tweedy, Browne Value Fund** | **[X]** | **[X]** |
|  **Tweedy, Browne Buybacks . Dividends + Value Fund (formerly known as Tweedy, Browne Worldwide High Dividend Yield Value Fund)** | **[X]** | **[X]** |

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**each a series of** 

**TWEEDY, BROWNE FUND INC.** 

STATEMENT OF ADDITIONAL INFORMATION

[ ], 2026

**<u>ETF SHARE CLASSES</u>**

This Statement of Additional Information ("SAI") provides information about the ETF share class for each of the Tweedy, Browne International Value Fund (the "International Value Fund"), Tweedy, Browne International Value Fund II – Currency Unhedged (the "International Value Fund II – Currency Unhedged"), Tweedy, Browne Value Fund (the "Value Fund") and Tweedy, Browne Buybacks . Dividends + Value Fund (the "Buybacks . Dividends + Value Fund") (each, a "Fund" and collectively, the "Funds"). Effective on May 27, 2026, the Tweedy, Browne Worldwide High Dividend Yield Value Fund was renamed the Tweedy, Browne Buybacks . Dividends + Value Fund. The Funds are series of Tweedy, Browne Fund Inc. (the "Company") and this SAI relates to the ETF share class of each Fund.

This information is in addition to the information contained in the Funds' Prospectus dated [X], 2026, as amended or supplemented from time to time (the "Prospectus"). This SAI is not a Prospectus. It should be read in conjunction with the Prospectus and the Funds' Annual Report dated March 31, 2026. The audited financial statements and notes and related report of [X], independent registered public accounting firm, contained in the Funds' 2026 Annual Report are incorporated herein by reference in the section "Additional Information – Financial Statements." No other portion of the Annual Report is incorporated herein by reference. Copies of the Prospectus and Annual Report may be obtained without charge by writing to Tweedy, Browne Fund Inc., P.O. Box 534468, Pittsburgh, Pennsylvania 15253-4468, by calling 800-432-4789 or by accessing [<u>www.tweedyfunds.com]</u>.

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[**TABLE OF CONTENTS**]

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| | |
|:---|:---|
|  | Page |
|  [Investment Objectives and Policies](#sai148935_1) | 1 |
|  [Risks of the Funds](#sai148935_2) | 5 |
|  [Investment Restrictions](#sai148935_3) | 33 |
|  [Management of the Company and the Funds](#sai148935_4) | 35 |
|  [Investment Advisory and Other Services](#sai148935_5) | 42 |
|  [Control Persons and Principal Holders of Securities](#sai148935_6) | 43 |
|  [Dividends, Distributions and Taxes](#sai148935_7) | 53 |
|  [Brokerage Allocation and Other Practices and Brokerage Commissions](#sai148935_8) | 60 |
|  [Disclosure of Portfolio Holdings](#sai148935_9) | 62 |
|  [Net Asset Value](#sai148935_10) | 63 |
|  [Performance Information](#sai148935_11) | 65 |
|  [Additional Information](#sai148935_12) | 66 |
|  [Ratings of Municipal and Corporate Bonds](#sai148935_13) | A-1 |
|  [Proxy Voting Policies and Procedures](#sai148935_14) | B-1 |

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**INVESTMENT OBJECTIVES AND POLICIES** 

The Company, a Maryland corporation organized on January 28, 1993, offers four separate series: the International Value Fund, the International Value Fund II – Currency Unhedged, the Value Fund and the Buybacks . Dividends + Value Fund. Effective May 27, 2026, the Tweedy, Browne Worldwide High Dividend Yield Value Fund was renamed the Tweedy, Browne Buybacks . Dividends + Value Fund. Effective July 29, 2021, the Tweedy, Browne Global Value Fund was renamed the International Value Fund and the Tweedy, Browne Global Value Fund II – Currency Unhedged was renamed the International Value Fund II – Currency Unhedged. The Company is a no-load, open-end management investment company that continuously offers and redeems its shares. The Funds are diversified series of the Company and are commonly known as mutual funds. Tweedy, Browne Company LLC is the investment adviser for each Fund and is referred to herein as "Tweedy, Browne" or the "Adviser." Each Fund offers two classes of shares: Open-End Mutual Fund share class and the ETF share class. This SAI describes the ETF share class of the Funds. The ETF share classes, which are listed for trading on a national securities exchange during the trading day, are not individually redeemable.

The Funds' objectives and policies, except as otherwise stated, are not fundamental and may be changed without the approval of shareholders. The International Value Fund and the International Value Fund II – Currency Unhedged seek long-term growth of capital by investing throughout the world in a diversified portfolio consisting primarily of foreign equity securities that the Adviser believes are undervalued. The Value Fund seeks long-term growth of capital by investing in a diversified portfolio consisting primarily of U.S. and foreign equity securities that the Adviser believes are undervalued. The Buybacks . Dividends + Value Fund seeks invests primarily in U.S. and foreign equity securities that have a buyback yield, which is the percentage reduction in the company's shares outstanding, or a dividend yield, or both, and also appear to be undervalued – including undervaluation based on proprietary combinations of various numerical investment characteristics, a value score, and qualitative assessments.

In addition to the return provided by a dividend yield, share buybacks at attractive prices may offer the prospect of enhancing per share valuations and future returns for shareholders who continue to remain as owners of the particular companies that engage in such "shareholder friendly" actions. Share buybacks may also signal management's belief that the particular company's shares are undervalued. In some instances, corporate insiders may be purchasing their own company's shares, which the Adviser believes may also signal an insider's belief that the particular company's shares are undervalued.

The Fund's investments may include securities that the Adviser believes have attractive shareholder yields at the time of purchase. "Shareholder yield" is the sum of a company's dividend yield, its "buyback yield" (when a company buys back shares, remaining shareholders may benefit, as their proportionate ownership of the company increases), and its "net debt paydown yield" (prudent reductions in outstanding debt can increase the value of each share of the company).

The Adviser seeks to construct a diversified portfolio of stocks from a variety of industries and countries, including emerging market countries. While the Fund is likely to have a substantial portion of its assets invested in US companies, country allocations will ultimately be dependent on the (buybacks and/or dividends plus value) opportunity set available to the Advisor. Please see Foreign Securities Risks outlined in the Prospectus. Value investing seeks to uncover stocks whose current market prices are at discounts (that is, undervalued) to the Adviser's estimate of their true or intrinsic value.

The Fund's value investment style derives from the work of the late Benjamin Graham, who is widely considered to be the father of the value investing approach. Most investments in the Fund's portfolio at the time of initial purchase have one or more of the following investment characteristics:

› low price-to-sales ratio as compared to other companies in the same industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low ratio of enterprise value (the sum of the market value of the company's shares plus
interest-bearing debt, and preferred stock and minority interest, net of cash and cash equivalents) to EBITA (earnings before deduction of interest, taxes, and amortization), EBITDA (earnings before deduction of interest, taxes, depreciation and
amortization), or after-tax EBITA;

› low stock price in relation to book value;

› low price-to-earnings ratio;

› low price-to-cash-flow ratio;

› above-average dividend yield;

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› low financial leverage;

› high returns on invested capital;

› purchases of a company's own stock by the company's officers and directors;

› company share repurchases;

› a stock price that has declined significantly from its previous high price; and/or

› small market capitalization.

The Fund has chosen generally not to hedge its perceived foreign currency exposure back into the U.S. dollar. The Fund is designed for long-term investors who wish to focus their investment exposure for the most part on equity securities that have a buyback yield, dividend yield or both and that are economically linked to the stock markets of the U.S. and of foreign developed countries. It is also intended for investors who prefer generally not to have their non-U.S. currency exposure hedged back into the U.S. dollar. The Fund is not appropriate for investors primarily seeking current income.

Each Fund is permitted, but not required, to invest in debt securities. There can be no assurance that the Funds will achieve their respective objectives.

Generally, the International Value Fund and Value Fund seek to hedge back to the U.S. dollar their perceived foreign currency exposure, based on the Adviser's judgment of such exposure after taking into account various factors, such as the source of the portfolio companies' earnings and the currencies in which their securities trade. In contrast, the International Value Fund II – Currency Unhedged and Buybacks . Dividends + Value Fund generally do not hedge their foreign currency exposure, in order to provide investors interested in the Adviser's investment approach with vehicles that have non-U.S. currency exposure. With respect to the International Value Fund II – Currency Unhedged, the Fund reserves the right, under circumstances that the Adviser deems to be extraordinary, to hedge all or a portion of its currency exposure to a particular emerging market. In the case of the Buybacks . Dividends + Value Fund, a substantial portion of the Fund's holdings will be in U.S.-domiciled companies and non-U.S. multi-national companies that have meaningful exposure to the U.S. dollar.

**International Value Fund.** The International Value Fund is intended to provide individual and institutional investors with an opportunity to invest a portion of their assets in an internationally oriented portfolio, according to the Fund's objective and policies, and is designed for long-term investors who can accept international equity investment risk. The International Value Fund is not intended to provide a complete investment program for an investor. The International Value Fund expects to invest primarily in foreign equity securities, although investments in U.S. securities are permitted and will be made when opportunities in U.S. markets appear attractive. The International Value Fund may also (but is not required to) invest in debt instruments. Tweedy, Browne believes that allocation of assets on a global basis decreases the degree to which events in any one country, including the United States, will affect an investor's entire investment holdings. As with any long-term investment, the value of the International Value Fund's shares when sold may be higher or lower than when purchased. Effective July 29, 2021, the Tweedy, Browne Global Value Fund changed its name to Tweedy, Browne International Value Fund.

**International Value Fund II – Currency Unhedged.** The International Value Fund II – Currency Unhedged is intended to provide individual and institutional investors with an opportunity to invest a portion of their assets in an internationally-oriented portfolio, according to the Fund's objective and policies, and is designed for long-term investors who can accept international equity investment risk and currency exchange rate risk. The International Value Fund II – Currency Unhedged is not intended to provide a complete investment

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program for an investor. The International Value Fund II – Currency Unhedged expects to invest primarily in foreign equity securities, although investments in U.S. securities are permitted and will be made when opportunities in U.S. markets appear attractive. The International Value Fund II – Currency Unhedged may also (but is not required to) invest in debt instruments. Tweedy, Browne believes that allocation of assets on a global basis decreases the degree to which events in any one country, including the United States, will affect an investor's entire investment holdings. As with any long-term investment, the value of the Fund's shares when sold may be higher or lower than when purchased. Effective July 29, 2021, the Tweedy, Browne Global Value Fund II **–** Currency Unhedged changed its name to Tweedy, Browne International Value Fund II – Currency Unhedged.

**Value Fund.** The Value Fund is intended to provide individual and institutional investors with an opportunity to invest a portion of their assets in a domestic and foreign equity portfolio, according to the Fund's objective and policies, and is designed for long-term investors who can accept domestic and foreign equity investment risk. The Value Fund is not intended to provide a complete investment program for an investor. The Value Fund expects to invest its assets primarily in U.S. and foreign equity securities that the Adviser believes are undervalued. The Value Fund may also (but is not required to) invest in debt instruments. Tweedy, Browne believes that allocation of assets on a global basis decreases the degree to which events in any one country, including the United States, will affect an investor's entire investment holdings. As with any long-term investment, the value of the Value Fund's shares when sold may be higher or lower than when purchased.

**Buybacks . Dividends + Value Fund.** The Buybacks . Dividends + Value Fund invests primarily in U.S. and foreign equity securities that have a buyback yield, which is the percentage reduction in the company's shares outstanding, or a dividend yield, or both, and also appear to be undervalued – including undervaluation based on proprietary combinations of various numerical investment characteristics, a value score, and qualitative assessments.

In addition to the return provided by a dividend yield, share buybacks at attractive prices may offer the prospect of enhancing per share valuations and future returns for shareholders who continue to remain as owners of the particular companies that engage in such "shareholder friendly" actions. Share buybacks may also signal management's belief that the particular company's shares are undervalued. In some instances, corporate insiders may be purchasing their own company's shares, which the Adviser believes may also signal an insider's belief that the particular company's shares are undervalued.

The Fund's investments may include securities that the Adviser believes have attractive shareholder yields at the time of purchase. "Shareholder yield" is the sum of a company's dividend yield, its "buyback yield" (when a company buys back shares, remaining shareholders may benefit, as their proportionate ownership of the company increases), and its "net debt paydown yield" (prudent reductions in outstanding debt can increase the value of each share of the company).

The Adviser seeks to construct a diversified portfolio of stocks from a variety of industries and countries, including emerging market countries. While the Fund is likely to have a substantial portion of its assets invested in US companies, country allocations will ultimately be dependent on the (buybacks and/or dividends plus value) opportunity set available to the Advisor. Please see Foreign Securities Risks outlined in the Prospectus. Value investing seeks to uncover stocks whose current market prices are at discounts (that is, undervalued) to the Adviser's estimate of their true or intrinsic value.

The Fund's value investment style derives from the work of the late Benjamin Graham, who is widely considered to be the father of the value investing approach. Most investments in the Fund's portfolio at the time of initial purchase have one or more of the following investment characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low price-to-sales ratio as
compared to other companies in the same industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low ratio of enterprise value (the sum of the market value of the company's shares plus
interest-bearing debt, preferred stock and minority interest, net of cash and cash equivalents) to EBITA (earnings before deduction of interest, taxes, and amortization), EBITDA (earnings before deduction of
interest, taxes, depreciation and amortization), or after-tax EBITA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low stock price in relation to book value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low price-to-earnings ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low price-to-cash-flow ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› above-average dividend yield;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› low financial leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› high returns on invested capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;› purchases of a company's own stock by the company's officers and directors;

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› company share repurchases;

› a stock price that has declined significantly from its previous high price; and/or

› small market capitalization.

The Fund has chosen generally not to hedge its perceived foreign currency exposure back into the U.S. dollar. The Fund is designed for long-term investors who wish to focus their investment exposure for the most part on equity securities that have a buyback yield, dividend yield or both and that are economically linked to the stock markets of the U.S. and of foreign developed countries. It is also intended for investors who prefer generally not to have their non-U.S. currency exposure hedged back into the U.S. dollar. The Fund is not appropriate for investors primarily seeking current income.

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**RISKS OF THE FUNDS** 

Each Fund's principal investment strategies are described in the "Principal Investment Strategies" section of the Funds' Prospectus. The following are some of the risk factors associated with the Funds' principal investment strategies and with other investment techniques that may be used by the Funds in seeking to achieve their investment objectives. For the Funds' actual investments in the types of investments associated with the risks described below, please consult the Funds' most recent Annual or Semi-Annual Report.

**Risk of Loss.** The Funds cannot guarantee a gain or eliminate the risk of loss. There is no assurance that a Fund's objectives will be achieved.

**Value Investing.** Investments in a fund which purchases value-oriented stocks as its guiding principle involve special risks. The Funds offer investors the opportunity to invest in a diversified portfolio of securities whose market prices may be well below the stocks' intrinsic values at time of purchase.

The Adviser may be wrong in its assessment of a company's value, and the stocks owned by a Fund may not reach what the Adviser believes are their true or intrinsic values. The market may not favor value-oriented stocks and may not favor equities at all, which may cause a Fund's relative performance to suffer. There may be periods during which a Fund is unable to find securities that meet its value investment criteria. If a Fund is selling investments or experiencing net subscriptions during those periods, the Fund could have a significant cash position, which could adversely impact the Fund's performance under certain market conditions and could make it more difficult for the Fund to achieve its investment objective.

**Foreign Securities.** Investors should recognize that investing in foreign securities involves certain special risks, including those set forth below, which are not typically associated with investing in U.S. securities and which may favorably or unfavorably affect each Fund's performance. The risks associated with foreign securities are more pronounced in emerging markets.

Foreign companies may be subject to different standards, practices and requirements with respect to accounting, auditing and financial reporting compared to domestic companies, and there may be less or less helpful publicly available information about a foreign company than about a domestic company. Some foreign securities markets, while growing in volume of trading activity, have substantially less volume than the U.S. market, and securities of some foreign issuers are relatively less liquid and more volatile than securities of comparably sized domestic issuers. Similarly, volume and liquidity in some foreign bond markets is less than in the U.S. and volatility of price in such markets may be greater than in the U.S. Further, foreign markets have different clearance and settlement procedures and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Delays in settlement could result in temporary periods when assets of a Fund are uninvested and no return is earned thereon. The inability of a Fund to make intended security purchases due to settlement problems could cause a Fund to miss attractive investment opportunities. Inability to dispose of portfolio securities due to settlement problems could result in losses to a Fund due to subsequent declines in value of the portfolio security. Fixed commissions on some foreign securities exchanges and bid-ask spreads in some foreign bond markets are higher than negotiated commissions on U.S. exchanges and bid-ask spreads in the U.S. bond market.

In some foreign countries, there may be less government supervision and regulation of business and industry practices, securities exchanges, securities traders, brokers and listed companies than in the U.S. It may be more difficult for the Funds' agents to keep currently informed about corporate actions such as stock dividends or other matters which may affect the prices of portfolio securities. Communications between the U.S. and some foreign countries may be less reliable than within the U.S., thus increasing the risk of delayed settlements of portfolio transactions. Some foreign countries may have legal systems that may make it difficult for a Fund to vote proxies, exercise shareholder rights, and pursue legal remedies or obtain judgments with respect to its investments. In addition, with respect to certain foreign countries, there is the possibility of seizure or

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confiscatory taxation, political or social instability, capital controls, nationalization of companies or industries or diplomatic developments which could affect U.S. investments in those countries. Moreover, at any particular time, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position.

In addition, the growing inter-relationship of global economies and financial markets has increased the effect of conditions in one country or region on issuers of securities in a different country or region. In particular, events or developments that interrupt the global supply chain, such as pandemic risks, the adoption or prolongation of protectionist trade policies or tariffs by one or more countries, changes in economic or monetary policy in the U.S. or abroad, or a slowdown in the U.S. economy, could lead to a decrease in demand for products and reduced flows of capital and income to companies in other countries. As discussed in more detail below, conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and between Israel and Hamas in the Middle East could have severe adverse effects on the related regions, including significant adverse effects on the regional or global economies and the markets for certain securities. Those events might particularly affect companies in emerging countries.

In recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries and has made proposals and taken actions related thereto. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Most recently, the current U.S. presidential administration has imposed or sought to impose significant increases to tariffs on goods imported into the U.S., including from China, Canada and Mexico. Tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future companies and adversely affect the revenues and profitability of companies whose businesses rely on goods imported from such impacted jurisdictions.

There is uncertainty as to further actions that may be taken under the current U.S. presidential administration with respect to U.S. trade policy. Further governmental actions related to the imposition of tariffs or other trade barriers, or changes to international trade agreements or policies, could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future companies and adversely affect the revenues and profitability of companies whose businesses rely on goods imported from outside of the United States.

These risks generally are more of a concern in developing countries, inasmuch as their economic systems are generally smaller and less diverse and mature and their political systems less stable than those in developed countries. The Funds seek to mitigate the issues associated with these risks through diversification and active professional management. In certain cases, depositary receipts are utilized to invest in a particular foreign security. Depositary receipts that are not sponsored by the issuer may be relatively less liquid and there may be less readily available public information about the issuer.

Investments in foreign securities usually will involve currencies of foreign countries. Because of the risks discussed above, the value of the assets of each Fund as measured in U.S. dollars will be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations, and each Fund will incur costs in connection with conversions between various currencies. Each Fund will conduct its foreign currency exchange transactions either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market, or through entering into forward or futures contracts (or options thereon) to purchase or sell foreign currencies. The Funds may also purchase foreign currencies in the form of bank deposits.

Because each of the Funds invests in foreign securities markets, changes in each Fund's share price may have a low correlation with movements in the U.S. markets. Each Fund's share price will reflect the

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movements of the different securities in which it is invested and, to the degree not hedged, the currencies in which the investments are denominated. The strength or weakness of the U.S. dollar against foreign currencies will account for part of a Fund's investment performance, although both the International Value Fund and the Value Fund seek to moderate currency risk through hedging activities. Foreign securities may be subject to foreign government taxes which could reduce the yield on such securities, although, if certain requirements are satisfied and subject to certain limitations, a shareholder of a Fund may be entitled to claim a credit or deduction for U.S. federal income tax purposes for his or her proportionate share of such foreign taxes paid by the Fund (see "Dividends, Distributions and Taxes"). U.S. and foreign securities markets do not always move in step with each other, and the total returns from different markets may vary significantly. The Funds invest for the most part in developed countries around the world, with some exposure to emerging markets, in an attempt to take advantage of appropriate opportunities wherever they may arise.

**Market Risk**. The value of the securities in which the Funds invest may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world. Price changes may be temporary or last for extended periods. The Fund's investments may be more heavily weighted from time to time in one or more sectors or countries, which will increase the Funds' exposure to risk of loss from adverse developments affecting those sectors or countries. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. Furthermore, local, regional and global events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also adversely impact issuers, markets and economies, including in ways that cannot necessarily be foreseen. A Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions or events. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such conditions, events and actions may result in greater market risk.

**Emerging Markets**. The risks discussed above are more pronounced in securities of companies located in emerging markets. The prices of investments in emerging markets can experience sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of business and industry practices (including the potential lack of strict finance, accounting and auditing controls and standards), stock exchanges, brokers, and listed companies than in more developed markets, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund's investments. In addition, governments in emerging markets countries may be less stable and more likely to take extra-legal action with respect to companies, industries, assets, or foreign ownership than those in more developed markets. Many emerging market countries have experienced substantial, and in some periods extremely high, rates of inflation or deflation for many years, and future inflation may adversely affect the economies and securities markets of such countries. In addition, the economies of developing countries tend to be heavily dependent upon international trade and, as such, have been, and may continue to be, adversely impacted by trade barriers, exchange controls, managed adjustments in relative currency values, and other protectionist measures. These economies also have been, and may continue to be, adversely affected by economic conditions in the countries with which they do business.

The securities markets of the countries in which a Fund may invest may also be smaller, less liquid, and subject to greater price volatility than those in the United States. In the event of a default on any investments in foreign debt obligations, it may be more difficult for a Fund to obtain or enforce a judgment against the issuers of such securities. In addition, it may be more difficult for shareholders to bring derivative litigation or for U.S. regulators to bring enforcement actions against issuers in emerging markets. Emerging markets countries may

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have less established legal, accounting, auditing, and financial reporting systems than those in more developed markets, which may result in there being little financial or accounting information available with respect to issuers of emerging market securities, and it may be difficult as a result to assess the value of an investment in such securities. In addition, U.S. regulators may not have sufficient access to adequately audit and oversee certain issuers. For example, the Public Company Accounting Oversight Board (the "PCAOB") is responsible for inspecting and auditing the accounting practices and products of U.S.-listed companies, regardless of the issuer's domicile. However, certain emerging markets countries, including China, do not provide sufficient access to the PCAOB to conduct its inspections and audits. As a result, U.S. investors, including the Funds, may be subject to risks associated with less stringent accounting oversight. Further, a Fund's ability to participate fully in the smaller, less liquid emerging markets may be limited by the policy restricting its investments in illiquid securities. Each Fund may be subject to emerging markets risk to the extent that it invests in securities of issuers or companies which are not considered to be from emerging markets, but which have customers, products, or transactions associated with emerging markets.

**Investing in Europe**. Each Fund invests in European securities. The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. Securities of issuers that are located in, or have significant operations in or exposure to, member states of the European Union (the "EU") are subject to economic and monetary controls that can adversely affect the Fund's investments. The European financial markets and a number of countries in the EU have experienced, and may continue to experience, volatility, severe economic and financial difficulties, and other adverse trends in recent years, increasing the risk of investing in the European markets. In particular, many EU nations are susceptible to economic risks associated with high levels of debt, notably due to investments in sovereign debt of countries such as Greece, Italy, Spain, Portugal, and Ireland. As a result, financial markets in the EU have been subject to increased volatility and declines in asset values and liquidity. Responses to these financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world. Greece, Ireland, and Portugal have already received one or more "bailouts" from other Eurozone member states, and it is unclear how much additional funding they will require or if additional Eurozone member states will require bailouts in the future. One or more other countries may also abandon the euro and/or withdraw from the EU, placing its currency and banking system in jeopardy. The impact of these actions, especially if they occur in a disorderly fashion, is not clear, but could be significant and far-reaching.

In addition, certain European countries have experienced negative interest rates on certain fixed-income instruments. A negative interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a negative value (i.e., below zero percent) intended to help create self-sustaining growth in the local economy. If a bank charges negative interest, instead of receiving interest on deposits, a depositor must pay the bank fees to keep money with the bank. To the extent a Fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, the Fund would generate a negative return on that investment. Negative interest rates may result in heightened market volatility and may detract from the Fund's performance to the extent the Fund is exposed to such interest rates.

Among other things, these developments have adversely affected the value and exchange rate of the euro, pound sterling, and other currencies, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund's investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

To the extent a Fund has exposure to European markets or to transactions tied to the value of the euro, these events could negatively affect the value and liquidity of a Fund's investments. All of these developments may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse

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effect on the Fund's investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

**Asia-Pacific Countries.** In addition to the risks of investing in non-U.S. securities and the risks of investing in emerging markets, the developing market Asia-Pacific countries are subject to certain additional or specific risks. In many of these markets, there is a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Many of these markets also may be affected by developments with respect to more established markets in the region such as in Japan and Hong Kong. Brokers in developing market Asia-Pacific countries typically are fewer in number and less well capitalized than brokers in the United States.

Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political and social instability than is the case in the United States and Western European countries. Such instability may result from, among other things: (i) authoritarian governments or military involvement in political and economic decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of such countries, such as Indonesia, have a substantial role in regulating and supervising the economy.

Another risk common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent upon international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks in certain countries, as do environmental problems. Certain economies also depend to a significant degree upon exports of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be affected by a variety of factors.

The rights of investors in developing market Asia-Pacific companies may be more limited than those of shareholders of U.S. corporations. It may be difficult or impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.

Some developing Asia-Pacific countries prohibit or impose substantial restrictions on investments in their capital markets, particularly their equity markets, by foreign entities. For example, certain countries may require governmental approval prior to investments by foreign persons or limit the amount of investment by foreign persons in a particular company.

**China Investments Risk.** Investments in securities of companies domiciled in the People's Republic of China ("China" or the "PRC") involve a high degree of risk and special considerations not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others, an authoritarian government, popular unrest associated with demands for improved political, economic and social conditions, the impact of regional conflict on the economy and hostile relations with neighboring countries.

Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt economic development. The Chinese economy is vulnerable to the long-running disagreements with Hong Kong related to integration. China has a complex territorial dispute regarding the sovereignty of Taiwan; Taiwan-based companies and individuals are significant investors in China. Potential military conflict between China and Taiwan may adversely affect securities of Chinese issuers. In addition, China has strained international relations with Japan, India, Russia and other neighbors due to territorial disputes, historical animosities and other defense concerns. China could be affected by military events on the Korean peninsula or internal instability within North Korea. These situations may cause uncertainty in the Chinese market and may adversely affect the performance of the Chinese economy.

The Chinese government has implemented significant economic reforms in order to liberalize trade policy, promote foreign investment in the economy, reduce government control of the economy and develop

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market mechanisms. But there can be no assurance that these reforms will continue or that they will be effective. Despite reforms and privatizations of companies in certain sectors, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies. The Chinese government continues to maintain a major role in economic policy making and investing in China involves risks of losses due to expropriation, nationalization, confiscation of assets and property, and the imposition of restrictions on foreign investments and on repatriation of capital invested.

The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading restrictions, a ban on "naked" short selling or the suspension of short selling for certain stocks. This may affect market price and liquidity of these stocks, and may have an unpredictable impact on the investment activities of the Funds. Furthermore, such market interventions may have a negative impact on market sentiment which may in turn affect the performance of the securities markets and as a result the performance of the Funds.

In addition, there is less regulation and monitoring of the securities markets and the activities of investors, brokers and other participants in China than in the United States. Accordingly, issuers of securities in China are not subject to the same degree of regulation as those in the United States with respect to such matters as insider trading rules, tender offer regulation, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of information. Stock markets in China are in the process of change and further development. This may lead to trading volatility, and difficulties in the settlement and recording of transactions and interpretation and application of the relevant regulations. Custodians may not be able to offer the level of service and safe-keeping in relation to the settlement and administration of securities in China that is customary in more developed markets. In particular, there is a risk that a Fund may not be recognized as the owner of securities that are held on behalf of the Fund by a sub-custodian.

The Renminbi ("RMB") is not a freely convertible currency and is subject to foreign exchange control policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may negatively impact performance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the application to the Funds of any restrictions on investments. Investing in entities either in, or which have a substantial portion of their operations in, the PRC may require the Funds to adopt special procedures, seek local government approvals or take other actions, each of which may involve additional costs and delays to the Funds.

While the Chinese economy has grown rapidly in recent years, there is no assurance that this growth rate will be maintained. China may experience substantial rates of inflation or economic recessions, causing a negative effect on the economy and securities market. China's economy is heavily dependent on export growth. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers or a downturn in any of the economies of China's key trading partners may have an adverse impact on the securities of Chinese issuers. The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by the PRC tax authorities are not as consistent and transparent as those of more developed nations, and may vary over time and from region to region. The application and enforcement of the PRC tax rules could have a significant adverse effect on a Fund and its investors, particularly in relation to capital gains withholding tax imposed upon non-residents. In addition, the accounting, auditing and financial reporting standards and practices applicable to Chinese companies may be less rigorous, and may result in significant differences between financial statements prepared in accordance with PRC accounting standards and practices and those prepared in accordance with international accounting standards.

**Investing through Stock Connect.** The Funds may invest in eligible securities ("Stock Connect Securities") listed and traded on the Shanghai Stock Exchange or the Shenzhen Stock Exchange through the Shanghai – Hong Kong Stock Connect program and the Shenzhen – Hong Kong Stock Connect program (collectively, "Stock Connect"). Stock Connect allows non-Chinese investors (such as the Funds) to purchase

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certain PRC-listed equities via brokers in Hong Kong. Although Stock Connect is the first program allowing non-Chinese investors to trade Chinese equities without a license, purchases of securities through Stock Connect are subject to market-wide quota limitations, which may prevent a Fund from purchasing Stock Connect securities when it is otherwise advantageous to do so. An investor cannot purchase and sell the same security on the same trading day, which may restrict a Fund's ability to invest in China A-shares through Stock Connect and to enter into or exit trades where it is advantageous to do so on the same trading day. Because Stock Connect trades are routed through Hong Kong brokers and the Hong Kong Stock Exchange, Stock Connect is affected by trading holidays in either the PRC or Hong Kong, and there are trading days in the PRC when Stock Connect investors will not be able to trade. As a result, prices of Stock Connect may fluctuate at times when a Fund is unable to add to or exit its position. Only certain China A-shares are eligible to be accessed through Stock Connect. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through Stock Connect. Because Stock Connect is relatively new, its effects on the market for trading China A-shares are uncertain. In addition, the trading, settlement and information technology ("IT") systems required to operate Stock Connect are relatively new and continuing to evolve. In the event that the relevant systems do not function properly, trading through Stock Connect could be disrupted.

Stock Connect is subject to regulations by both Hong Kong and the PRC. Regulators in both jurisdictions are allowed to suspend Stock Connect trading; Chinese regulators may also suspend trading in Chinese issuers (or permit such issuers to suspend trading) during market disruptions, and such suspensions may be widespread. There can be no assurance that further regulations will not affect the availability of securities under Stock Connect, operational arrangements or other limitations. Stock Connect transactions are not covered by investor protection programs of either the Hong Kong, Shanghai or Shenzhen Stock Exchanges, although any default by a Hong Kong broker should be subject to established Hong Kong law. In the PRC, Stock Connect securities are held on behalf of ultimate investors (such as the Funds) by the Hong Kong Securities Clearing Company Limited ("HKSCC") as nominee. While Chinese regulators have affirmed that the ultimate investors hold a beneficial interest in Stock Connect securities, the mechanisms that beneficial owners may use to enforce their rights are untested. In addition, courts in China have limited experience in applying the concept of beneficial ownership and the law surrounding beneficial ownership will continue to evolve. A Fund may not be able to participate in corporate actions affecting Stock Connect securities due to time constraints or for other operational reasons. Similarly, a Fund will not be able to vote in shareholders' meetings except through HKSCC and will not be able to attend shareholders' meetings. Stock Connect trades are settled in Renminbi (RMB), the Chinese currency, and investors must have timely access to a reliable supply of RMB in Hong Kong, which cannot be guaranteed.

Stock Connect trades are either subject to certain pre-trade requirements or must be placed in special segregated accounts that allow brokers to comply with these pre-trade requirements by confirming that the selling shareholder has sufficient Stock Connect securities to complete the sale. If a Fund does not utilize a special segregated account, a Fund will not be able to sell the shares on any trading day where it fails to comply with the pre-trade checks. In addition, these pre-trade requirements may, as a practical matter, limit the number of brokers that a Fund may use to execute trades. While a Fund may use special segregated accounts in lieu of the pre-trade check, many market participants have yet to fully implement IT systems necessary to complete trades involving securities in such accounts in a timely manner. Market practice with respect to special segregated accounts is continuing to evolve.

To the extent the Funds invest in securities of Chinese issuers, it may also be subject to certain risks and considerations not typically associated with investing in securities of US issuers and potentially to a greater extent than investments in certain other non-US issuers, including, among others, more frequent trading suspensions, limits on the use of brokers and on foreign ownership, variable interest entities ("VIEs") risks (see below), higher dependence on exports and international trade and potential for increased trade tariffs, embargoes and other trade limitations. US or foreign government sanctions or other governments interventions could preclude the Funds from making certain investments in China or result in the Funds selling investments in China at disadvantageous times or prices. Significant portions of the Chinese securities markets may become rapidly

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illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.

In China, foreign ownership of Chinese companies in certain sectors (including by US persons and entities, inclusive of US mutual funds) is prohibited. In order to facilitate foreign investment, many Chinese companies have established shell companies that enter into contractual arrangements with Chinese VIEs that allow foreign investors, such as certain of the Funds, through the use of contractual arrangements, to both exert a degree of influence and to obtain substantially all of the economic benefits arising from a company without formal legal ownership. Although VIEs are a longstanding industry practice and well known to Chinese officials and regulators, they are not formally recognized under Chinese law. If the Chinese companies (or their officers, directors, or Chinese equity holders) breached their contracts or if Chinese officials and/or regulators withdraw their implicit acceptance of the VIE structure or if new laws, rules or regulations relating to VIE structures are adopted, US investors, including Funds that invest directly or indirectly in VIEs, could suffer substantial, detrimental, and possibly permanent losses with little or no recourse available. In such cases, the Funds' net asset value and/or returns may be negatively affected. In addition, to the extent that the Funds invest directly or indirectly in VIEs, they only have specific rights provided for in the agreements creating the VIE structure, the ability to influence the activities of the Chinese company are limited and the Chinese company may engage in activities that negatively impact investment value. VIE structures do not offer the same level of investor protections as direct ownership. Investors may experience losses if VIE structures are altered or disputes emerge over control of the VIE.

**Investments in Unseasoned Companies Risk.** A Fund may invest in the securities of smaller, less seasoned companies. These investments may present greater opportunities for growth but also involve greater risks than customarily are associated with investments in securities of more established companies. Some of the companies in which a Fund may invest may be start-up companies which may have insubstantial operational or earnings history or may have limited products, markets, financial resources or management depth. Some may also be emerging companies at the research and development stage with no products or technologies to market or approved for marketing. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts. Securities of emerging companies may lack an active secondary market and may be subject to more abrupt or erratic price movements than securities of larger, more established companies or stock market averages in general. Competitors of certain companies, which may be in the same industry, may have substantially greater financial resources than certain of the companies in which a Fund may invest.

**Securities of Smaller and Emerging Growth Companies.** Investment in smaller or emerging growth companies involves greater risk than is customarily associated with investments in more established companies. The securities of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger, more established companies or the market average in general. These companies may have limited product lines, markets or financial resources, or they may be dependent on a limited management group.

While smaller or emerging growth company issuers may offer greater opportunities for capital appreciation than large cap issuers, investments in smaller or emerging growth companies may involve greater risks and thus may be considered speculative. Full development of these companies and trends frequently takes time.

Small cap and emerging growth securities will often be traded only in the over-the-counter ("OTC") market or on a regional securities exchange and may not be traded every day or in the volume typical of trading on a national securities exchange. As a result, the disposition by a Fund of portfolio securities may require the Fund to make many small sales over a lengthy period of time, or to sell these securities at a discount from market prices or during periods when, in the Adviser's judgment, such disposition is not desirable.

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The process of selection and supervision by the Adviser does not, of course, guarantee successful investment results. Careful initial selection is particularly important in this area as many new enterprises have promise but lack certain of the fundamental factors necessary to prosper.

Small companies are generally little known to most individual investors although some may be dominant in their respective industries. A Fund may invest in securities of small issuers in the relatively early stages of business development that have a new technology, a unique or proprietary product or service, or a favorable market position. Such companies may not be counted upon to develop into major industrial companies.

Equity securities of specific small cap issuers may present different opportunities for long-term capital appreciation during varying portions of economic or securities market cycles, as well as during varying stages of their business development. The market valuation of small cap issuers tends to fluctuate during economic or market cycles, presenting attractive investment opportunities at various points during these cycles.

Smaller companies, due to the size and kinds of markets that they serve, may be less susceptible than large companies to intervention from governments by means of price controls, regulations or litigation.

**Equity Securities.** Each Fund invests in both domestic and foreign equity investments. Such investments may include common stock, preferred stock, securities representing the right to acquire stock (such as convertible debentures and warrants), partnership interests, and depositary receipts for securities, among other equity investments. An investment in a Fund should be made with an understanding of the risks inherent in any investment in equity securities, including the risk that the financial condition of the issuers of each Fund's portfolio securities may become impaired or that the general condition of the stock market may worsen (both of which may contribute directly to a decrease in the value of the securities held in the Fund's portfolio and thus in the value of a Fund's shares). Additional risks include risks associated with the right to receive payments from the issuer, which is generally inferior to the rights of creditors of, or holders of debt obligations or preferred stock issued by, the issuer.

Common stocks do not represent an obligation of the issuer and therefore do not offer any assurance of income or provide the degree of protection of debt securities. The issuance of debt securities or even preferred stock by an issuer will create prior claims for payment of principal, interest, and dividends, which could adversely affect the ability and inclination of the issuer to declare or pay dividends on its common stock or the economic interest of holders of common stock with respect to assets of the issuer upon liquidation or bankruptcy. Further, unlike debt securities, which typically have a stated principal amount payable at maturity (which value will be subject to market fluctuations prior thereto), common stocks have neither a fixed principal amount nor a maturity and have values that are subject to market fluctuations for as long as they remain outstanding. Common stocks are especially susceptible to general stock market movements and to volatile increases and decreases in value as market confidence in and perceptions of the issuers change. These perceptions are based on unpredictable factors including expectations regarding government, economic, monetary and fiscal policies, inflation and interest rates, economic expansion or contraction, and global or regional political, economic, or banking crises. The value of the common stocks in each Fund's portfolio thus is expected to fluctuate.

Preferred stocks are usually entitled to rights on liquidation that are senior to those of common stocks. For these reasons, preferred stocks generally entail less risk than common stocks. Preferred stocks may pay cumulative dividends. Because the dividend rate is pre-established, and because preferred stocks are senior to common stocks, preferred stocks tend to have less possibility of capital appreciation. There are also other special risks associated with investing in preferred stocks, including deferral of distributions, subordination to securities senior in the issuer's capital structure, limited voting rights, and special redemption rights that may be exercised by the issuer.

**Depositary Receipts**. In certain cases, the Funds also purchase American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and/or Global Depositary Receipts ("GDRs") (collectively,

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"Depositary Receipts"). ADRs are typically issued by a U.S. bank or trust company to evidence ownership of underlying securities issued by a foreign corporation. EDRs and GDRs are typically issued by foreign banks or trust companies, although they also may be issued by U.S. banks or trust companies, and evidence ownership of underlying securities issued by either a foreign or a U.S. corporation. Generally, Depositary Receipts in registered form are designed for use in the U.S. securities market, and Depositary Receipts in bearer form are designed for use in securities markets outside the U.S. Depositary Receipts may not necessarily be denominated in the same currency as the underlying securities into which they may be converted.

Depositary Receipts may be issued pursuant to sponsored or unsponsored programs. In sponsored programs, an issuer has made arrangements to have its securities traded in the form of Depositary Receipts. In unsponsored programs, the issuer may not be directly involved in the creation of the program. Although regulatory requirements with respect to sponsored and unsponsored programs are generally similar, in some cases it may be easier to obtain financial information from an issuer that has participated in the creation of a sponsored program. Accordingly, there may be less information available regarding issuers of securities underlying unsponsored programs and there may not be a correlation between such information and the market value of the Depositary Receipts. Depositary Receipts also involve the risks of other investments in foreign securities, as discussed below. For purposes of the Funds' investment policies, the Funds' investments in Depositary Receipts will be deemed to be investments in the underlying securities.

**Repurchase Agreements.** The Funds may (but are not required to) enter into repurchase agreements with member banks of the Federal Reserve System, any foreign bank or with any domestic or foreign broker-dealer which is recognized as a reporting government securities dealer, if the creditworthiness of the bank or broker-dealer has been determined by the Adviser to be at least as high as that of other obligations the Funds may purchase.

A repurchase agreement provides a means for each Fund to earn income on funds for periods as short as overnight. It is an arrangement under which the purchaser (*i.e.,* one of the Funds) acquires a debt security ("Obligation") and the seller agrees, at the time of sale, to repurchase the Obligation at a specified time and price. The repurchase price may be higher than the purchase price, the difference being income to the Fund, or the purchase and repurchase prices may be the same, with interest at a stated rate due to the Fund together with the repurchase price upon repurchase. In either case, the income to the Fund is unrelated to the interest rate on the Obligation itself. Obligations will be physically held by the Fund's custodian or in the Federal Reserve Book Entry system. In order to obtain the most favorable pricing, the Fund may enter into tri-party agreements among the Fund, its custodian and the repurchase agreement counterparty, usually an investment bank.

It is not clear whether a court would consider the Obligation purchased by the Fund subject to a repurchase agreement as being owned by the Fund or as being collateral for a loan by the Fund to the seller. In the event of the commencement of bankruptcy or insolvency proceedings with respect to the seller of the Obligation before repurchase of the Obligation under a repurchase agreement, a Fund may encounter delay and incur costs before being able to sell the security. Delays may involve loss of interest or decline in price of the Obligation. Apart from the risk of bankruptcy or insolvency proceedings, there is also the risk that the seller may fail to repurchase the security. It is possible that the Fund will be unsuccessful in seeking to enforce the seller's contractual obligation to deliver additional securities.

**Investment Company Securities.** Each Fund may invest in investment company securities, including money market funds. Each Fund currently invests in money market funds for cash management purposes. Investments in investment company securities are subject to limitations prescribed by the Investment Company Act of 1940, as amended (the "1940 Act") and the rules thereunder. Under Section 12(d)(1)(F) of the 1940 Act, the Funds may purchase up to 3% of the shares of any number of other mutual funds, under Rule 12d1-4 the Funds may obtain greater exposure subject to a variety of conditions, including entering into a fund of funds investment agreement, and under Rule 12d1-1, each Fund may invest an unlimited amount of its uninvested cash in a money market fund, so long as that investment is consistent with the Fund's investment objectives and policies. When a Fund invests in shares of a mutual fund, the Fund's shareholders indirectly bear the fees and

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expenses of the mutual fund in addition to the Fund's own fees and expenses. To the extent a Fund invests in shares of a money market fund or in other investment companies generally, the Fund's shareholders indirectly bear the expenses, liquidity risk, redemption fees, and other risks associated with the underlying holdings of the money market fund or other investment companies held by the Fund.

**Illiquid Investments.** Each Fund may invest no more than 15% of its net assets (measured at the time of purchase) in illiquid investments. An investment is considered illiquid if a Fund reasonably expects (taking into account, among other things, reasonably anticipated trade sizes) that the investment cannot be sold or disposed of in current market conditions in seven calendar days or less, without the sale or disposition significantly changing the market value of the investment. Disposition of illiquid investments often takes more time than for more liquid investments, may result in higher selling expenses and may not be able to be made at desirable prices or at the prices at which the investments have been valued by the Fund.

**Fixed Income Obligations.** Each Fund may invest without limitation in fixed income obligations including cash equivalents (such as bankers' acceptances, certificates of deposit, commercial paper, short-term government and corporate obligations and repurchase agreements) for temporary defensive purposes, when the Adviser believes market conditions so warrant, and for liquidity or cash management purposes.

The Funds may also (but are not required to) invest in non-convertible debt instruments of governments, government agencies, supranational agencies and companies when the Adviser believes the potential for appreciation will equal or exceed the total return available from investments in equity securities. These debt instruments will be predominantly investment-grade securities, that is, those rated Aaa, Aa, A or Baa by Moody's Investors Service, Inc. ("Moody's") or AAA, AA, A or BBB by Standard & Poor's Ratings Services, a division of McGraw-Hill Companies, Inc. ("S&P") or those of equivalent quality as determined by the Adviser, except to the extent described below under "High Yield Securities."

In response to the economic instability following the outbreak of an infectious respiratory illness caused by COVID-19, as with other serious economic disruptions, governmental authorities and regulators enacted significant fiscal and monetary policy changes, including, among other things, lowering interest rates. The Funds may be subject to a greater risk of rising interest rates due to recent increases in interest rate levels and the possibility that such rates may continue to increase. The Funds may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by management. Moreover, during periods when interest rates are low (or negative), a Fund's yield (or total return) may also be low. Additionally, certain European countries and Japan have pursued negative interest rate policies. If negative interest rates become more prevalent in the market, it is expected that investors will seek to reallocate assets to other income-producing assets, such as investment-grade and high-yield debt instruments, or equity investments that pay a dividend, which could further reduce the value of instruments with a negative yield.

**High Yield Securities.** Each Fund may (but is not required to) invest up to and including 15% of its total assets in fixed income securities rated lower than investment grade (i.e., rated below Baa by Moody's, or below BBB by S&P) and in non-rated securities of equivalent credit quality in the Adviser's judgment. Securities rated below BBB or Baa are typically referred to as "junk bonds" or "high yield securities" and have speculative characteristics. The Funds may invest in debt securities which are rated as low as C by Moody's or D by S&P. Securities rated D may be in default with respect to payment of principal or interest. High yield securities or non-rated securities of equivalent credit quality carry a high degree of risk (including a greater possibility of default or bankruptcy of the issuers of such securities), generally involve greater volatility of price, and may be relatively less liquid than securities in the higher rating categories, and are considered speculative. The lower the ratings of such securities, the greater these risks. See Appendix A to this SAI for a more complete description of the ratings assigned by ratings organizations and their respective characteristics.

The prices of high yield securities are likely to be more sensitive to interest rate changes than higher-rated investments and more sensitive to adverse economic changes or individual corporate developments. During

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an economic downturn or substantial period of rising interest rates, highly leveraged issuers may experience financial stress that would adversely affect their ability to service their principal and interest payment obligations, to meet projected business goals, and to obtain additional financing. If the issuer of a high yield security owned by one of the Funds defaults, the Fund may incur additional expenses in seeking recovery. Periods of economic uncertainty and changes can be expected to result in increased volatility of market prices of high yield securities and the Fund's net asset value. Yields on high yield securities will fluctuate over time. Furthermore, in the case of high yield securities structured as zero coupon or payment-in-kind securities, their market prices are likely to be affected to a greater extent by interest rate changes and thereby tend to be more volatile than market prices of securities which pay interest periodically and in cash.

The trading market for high yield securities may be thin to the extent that there is no established retail secondary market or because of a decline in the value of such securities. A thin trading market may limit the ability of the Funds to value accurately high yield securities in the Funds' portfolios and to dispose of those securities. Adverse publicity and investor perceptions may decrease the values and liquidity of high yield securities. These securities may also involve special registration responsibilities, liabilities and costs, and liquidity difficulties, and judgment will play a greater role in valuation because less reliable and objective data is available.

To the extent any Fund invests in high yield securities, the Adviser would rely not only on ratings issued by established credit rating agencies, but also on its own independent and on-going review of credit quality. If the rating of a portfolio security is downgraded by one or more credit rating agencies, the Adviser will determine whether it is in the best interest of a Fund to retain or dispose of such security.

**Zero Coupon and Structured Securities.** The Funds may (but are not required to) invest in zero coupon securities which pay no cash income and are sold at substantial discounts from their value at maturity. When held from issuance to maturity, their entire income, which consists of accretion of discount, comes from the difference between the issue price and their value at maturity. Zero coupon securities are subject to greater market value fluctuations from changing interest rates than debt obligations of comparable maturities which make current cash distributions of interest. Structured securities, particularly mortgage-backed securities, are usually subject to some degree of prepayment risk which can vary significantly with various economic and market factors. Depending on the nature of the structured security purchased, a change in the rate of prepayments can have the effect of enhancing or reducing the yields to a Fund from such investment and expose the Fund to the risk that any reinvestment will be at a lower yield.

**Convertible Securities.** The Funds may (but are not required to) invest in convertible securities, that is, bonds, notes, debentures, preferred stocks and other securities which are convertible into or exchangeable for another security, usually common stock. Investments in convertible securities can provide an opportunity for capital appreciation and/or income through interest and dividend payments by virtue of their conversion or exchange features.

The convertible securities in which the Funds may invest are either fixed income or zero coupon debt securities which may be converted or exchanged at a stated or determinable exchange ratio into underlying shares of common stock. The exchange ratio for any particular convertible security may be adjusted from time to time due to stock splits, dividends, spin-offs, other corporate distributions or scheduled changes in the exchange ratio. Convertible debt securities and convertible preferred stocks, until converted, have general characteristics similar to both debt and equity securities. Although to a lesser extent than with debt securities generally, the market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. In addition, because of the conversion or exchange feature, the market value of convertible securities typically changes as the market value of the underlying common stock declines, convertible securities tend to trade increasingly on a yield basis, and so usually do not experience market value declines to the same extent as the underlying common stock. When the market price of the underlying common stock increases, the prices of the convertible securities tend to rise as a reflection of the value of the underlying common stock, although usually not as much as the underlying common stock.

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As debt securities, convertible securities are investments which provide for a stream of income (or in the case of zero coupon securities, accretion of income) with generally higher yields than common stocks. Of course, like all debt securities, there can be no assurance of income or principal payments because the issuers of the convertible securities may default on their obligations. Convertible securities generally offer lower yields than non-convertible securities of similar quality because of their conversion or exchange features.

Convertible securities generally are subordinated to other similar but non-convertible securities of the same issuer, although convertible bonds, as corporate debt obligations, enjoy seniority in right of payment to all equity securities, and convertible preferred stock is senior to common stock of the same issuer. However, because of the subordination feature, convertible bonds and convertible preferred stock typically have lower ratings than similar non-convertible securities.

**Other Rights to Acquire Securities.** The Funds may also (but are not required to) invest in other rights to acquire securities, such as options and warrants. These securities represent the right to acquire a fixed or variable amount of a particular issue of securities at a fixed or formula price either during specified periods or only immediately prior to termination. These securities are generally exercisable at premiums above the value of the underlying security at the time the right is issued. These rights are more volatile than the underlying stock and will result in a total loss of a Fund's investment if they expire without being exercised because the value of the underlying security does not exceed the exercise price of the right.

**Derivatives, Currency and Related Transactions.** The Funds may (but are generally not required to) utilize various investment strategies as described below to hedge various market risks (such as interest rate fluctuation, currency exchange rate fluctuations, and broad or specific equity or fixed-income market movements), to manage the effective maturity or duration of fixed-income securities, or to enhance potential gain. Techniques and instruments may change over time as new instruments and strategies are developed or regulatory changes occur.

In the course of pursuing these investment strategies, the Funds may purchase and sell exchange-listed and over-the-counter put and call options on securities, equity and fixed-income indices and other financial instruments, purchase and sell financial futures contracts and options thereon, enter into swaps, caps, floors or collars, and/or enter into various currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currencies or currency futures (collectively, all of the above are called "Strategic Transactions"). Strategic Transactions may be used to attempt to protect against possible changes in the market value of securities held in or to be purchased for a Fund's portfolio resulting from securities markets or currency exchange rate fluctuations, to protect a Fund's unrealized gains in the value of its portfolio securities, to facilitate the sale of such securities for investment purposes, to manage the effective maturity or duration of a Fund's portfolio, or to establish a position in the derivatives markets as a temporary substitute for purchasing or selling particular securities. Some Strategic Transactions may also be used to enhance potential gain, although no more than 5% of a Fund's liquidation value will be committed to initial margin or premiums on instruments regulated by the Commodity Futures Trading Commission ("CFTC") in Strategic Transactions entered into for non-hedging purposes and the notional amount of instruments regulated by the CFTC will not exceed a Fund's net assets. The Adviser, with respect to the Company and the Funds, has claimed exclusion from the definition of the term "commodity pool operator" ("CPO") adopted by the CFTC and the National Futures Association, which regulate trading in the futures markets, and expects to continue to claim this exclusion with respect to the Company and the Funds going forward. Therefore, the Adviser is not subject to CPO registration and regulation under the Commodity Exchange Act and expects that it will continue to qualify for exclusion under amendments to the CPO rules adopted by the CFTC. Any or all of these investment techniques may be used at any time and there is no particular strategy that dictates the use of one technique rather than another, as use of any Strategic Transaction is a function of numerous variables including market conditions. A Fund's ability to benefit from these Strategic Transactions may depend in part on the Adviser's ability to predict pertinent market movements, which cannot be assured. Each Fund intends to comply with applicable regulatory requirements when implementing these strategies, techniques and instruments. Strategic Transactions involving financial futures and

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options thereon will be purchased, sold or entered into only for bona fide hedging, risk management or portfolio management purposes, and not for speculative purposes.

Strategic Transactions have risks associated with them, including possible default by the other party to the transaction, illiquidity and, to the extent the Adviser's view as to certain market movements is incorrect, the risk that the use of such Strategic Transactions could result in losses greater than if they had not been used. Purchase of put and call options may result in losses to a Fund or limit the amount of appreciation a Fund can realize on its investments. The use of currency transactions can result in a Fund incurring losses as a result of a number of factors including the imposition of exchange controls, suspension of settlements, or the inability to deliver or receive a specified currency. The use of options and futures transactions entails certain other risks. In particular, the variable degree of correlation between price movements of futures contracts and price movements in the related portfolio position of a Fund creates the possibility that losses on the hedging instrument may be greater than gains in the value of a Fund's position. In addition, futures and options markets may not be liquid in all circumstances and certain over-the-counter options may have no markets. As a result, in certain markets, a Fund might not be able to close out a transaction without incurring substantial losses, if at all. Although the use of futures and options transactions for hedging should tend to minimize the risk of loss due to a decline in the value of a hedged position, at the same time it tends to limit any potential gain which might result from an increase in value of such position. Finally, the daily variation margin requirements for futures contracts would create a greater ongoing potential financial risk than would purchases of options, where the exposure is limited to the cost of the initial premium. Losses resulting from the use of Strategic Transactions would reduce net asset value, and possibly income, and such losses can be greater than if the Strategic Transactions had not been utilized.

**Currency Transactions.** The Funds may engage (and the International Value Fund and Value Fund do engage) in currency transactions with counterparties in order to hedge all or a portion of the value of portfolio holdings denominated in particular currencies against fluctuations in relative value. (As noted above, the International Value Fund and Value Fund generally seek to hedge back to the U.S. dollar their perceived foreign currency exposure where practicable, while the International Value Fund II – Currency Unhedged and Buybacks . Dividends + Value Fund generally do not hedge their foreign currency exposure.) Currency transactions may include forward currency contracts (and the International Value Fund and the Value Fund do engage in forward currency contracts), exchange listed currency futures, exchange listed and OTC options on currencies, options on currency futures, and currency swaps. A forward currency contract involves a privately negotiated obligation to purchase or sell (with delivery generally required) a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. A currency swap is an agreement to exchange cash flows based on the notional difference among two or more currencies and operates similarly to an interest rate swap, which is described below (see "Swaps, Caps, Floors and Collars"). The Funds may enter into currency transactions with counterparties which have received (or the guarantors of the obligations of which have received) a credit rating of A-1 or P-1 by S&P or Moody's, respectively, or that have an equivalent rating from an NRSRO or (except for OTC currency options) are determined to be of equivalent credit quality by the Adviser.

The Funds' dealings in forward currency contracts and other currency transactions such as futures, options, options on futures and swaps generally will be limited to hedging involving either specific transactions or portfolio positions. Transaction hedging is entering into a currency transaction with respect to specific assets or liabilities of a Fund, which will generally arise in connection with the purchase or sale of its portfolio securities. Position hedging is entering into a currency transaction with respect to portfolio security positions denominated or generally quoted in that currency.

The Funds generally will not enter into a transaction to hedge currency exposure to an extent greater, after netting all transactions intended wholly or partially to offset other transactions, than the aggregate market value (at the time of entering into the transaction) of the securities held in its portfolio that are denominated or generally quoted in or currently convertible into such currency, other than with respect to proxy hedging as described below.

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The Funds may also (but are not required to) cross-hedge currencies by entering into transactions to purchase or sell one or more currencies that are expected to decline in value relative to other currencies to which the Funds have or in which the Funds expect to have portfolio exposure.

To reduce the effect of currency fluctuations on the value of existing or anticipated holdings of portfolio securities, the Funds may also (but are not required to) engage in proxy hedging. Proxy hedging can be used when the currency to which a Fund's portfolio is exposed is difficult to hedge or to hedge against the U.S. dollar. Proxy hedging entails entering into a forward contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies in which some or all of a Fund's portfolio securities are or are expected to be denominated, and to buy U.S. dollars. The amount of the contract would not exceed the value of the Fund's securities denominated in linked currencies. For example, if the Adviser considers that the Hong Kong dollar is linked to the euro, and a Fund holds securities denominated in Hong Kong dollars, the Adviser may cause the Fund to enter into a contract to sell euros and buy U.S. dollars. There is a risk that the perceived linkage between two currencies may not be present or may not be present during the particular time when a Fund is engaging in proxy hedging.

Currency transactions are subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be negatively affected by government exchange controls, blockages, and manipulations or exchange restrictions imposed by governments. These can result in losses to a Fund if it is unable to deliver or receive currency or funds in settlement of obligations and could also cause hedges it has entered into to be rendered useless, resulting in full currency exposure as well as incurring transaction costs. Buyers and sellers of currency futures are subject to the same risks that apply to the use of futures generally. Further, settlement of a currency futures contract for the purchase of most currencies must occur at a bank based in the issuing nation. The ability to establish and close out positions on options on currency futures is subject to the maintenance of a liquid market which may not always be available. Currency exchange rates may fluctuate based on factors extrinsic to a country's economy. Currency transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a degree or in a direction that is not anticipated.

Certain currency transactions are also subject to risks arising from margin requirements, which include the risk that a Fund will be required to pay additional margin or set aside additional collateral to maintain such an open derivative position, and the risk of loss by a Fund of margin deposits in the event of the bankruptcy or other similar insolvency of the broker or counterparty with whom the Fund has such an open derivatives position. Certain forward currency exchange contracts and other currency transactions are not exchange-traded or cleared. The market in such forward foreign currency exchange contracts and other privately negotiated currency instruments offers less protection against defaults by the other party to such instruments than is available for currency instruments traded on an exchange. Such contracts are subject to the risk that the counterparty to the contract will default on its obligations. Because these contracts are not guaranteed by an exchange or clearinghouse, a default on a contract would deprive a Fund of unrealized profits, transaction costs or the benefits of the currency hedge, or could force the Fund to cover its purchase or sale commitments, if any, at the current market price. Where a Fund's counterparties are not required to post cash collateral with the Fund, the Fund will be subject to additional counterparty risk. In addition, the institutions that deal in forward currency contracts are not required to continue to make markets in the currencies they trade, and these markets can experience periods of illiquidity.

Because perfect correlation between a futures position and a portfolio position that is intended to be protected (to the extent of its perceived foreign currency exposure) is impossible to achieve, the desired protection may not be obtained. In addition, the Adviser may be wrong in its assessment of a Fund's exposure to one or more foreign currencies.

**Options.** Put options and call options typically have similar structural characteristics and operational mechanics regardless of the underlying instrument on which they are purchased or sold. Thus, the following general discussion relates to each of the particular types of options discussed in greater detail below.

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A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the issuer the obligation to buy, the underlying security, commodity, index, currency or other instrument at the exercise price. For instance, a Fund's purchase of a put option on a security might be designed to protect its holdings in the underlying instrument (or, in some cases, a similar instrument) against a substantial decline in the market value by giving a Fund the right to sell such instrument at the option exercise price. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the issuer the obligation to sell, the underlying instrument at the exercise price. A Fund's purchase of a call option on a security, financial future, index, currency or other instrument might be intended to protect the Fund against an increase in the price of the underlying instrument that it intends to purchase in the future by fixing the price at which it may purchase such instrument. An American style put or call option may be exercised at any time during the option period while a European style put or call option may be exercised only upon expiration or during a fixed period prior thereto. The Funds are authorized to purchase and sell exchange-traded or "listed" options and over-the-counter options ("OTC options"). Listed options are issued by a regulated intermediary such as the Options Clearing Corporation ("OCC"), which guarantees the performance of the obligations of the parties to such options. The discussion below regarding listed options uses the OCC as an example, but is also applicable to other financial intermediaries.

Each Fund's ability to close out its position as a purchaser or seller of an OCC or listed put or call option is dependent, in part, upon the liquidity of the option market. Among the possible reasons for the absence of a liquid option market on an exchange are: (i) insufficient trading interest in certain options; (ii) restrictions on transactions imposed by an exchange; (iii) trading halts, suspensions or other restrictions imposed with respect to particular classes or series of options or underlying securities including reaching daily price limits; (iv) interruption of the normal operations of the OCC or an exchange; (v) inadequacy of the facilities of an exchange or OCC to handle current trading volume; or (vi) a decision by one or more exchanges to discontinue the trading of options (or a particular class or series of options), in which event the relevant market for that option on that exchange would cease to exist, although outstanding options on that exchange would generally continue to be exercisable in accordance with their terms.

The hours of trading for listed options may not coincide with the hours during which the underlying financial instruments are traded. To the extent that the option markets close before the markets for the underlying financial instruments, significant price and rate movements can take place in the underlying markets that cannot be reflected in the option markets.

OTC options are purchased from or sold to securities dealers, financial institutions or other parties ("Counterparties") through direct bilateral agreement with the Counterparty. In contrast to listed options, which generally have standardized terms and performance mechanics, all the terms of an OTC option, including such terms as method of settlement, term, exercise price, premium, guarantees and security, are set by negotiation of the parties.

Unless the parties provide for it, in many cases there may be no central clearing or guaranty function for an OTC option. As a result, if the Counterparty fails to make or take delivery of the security, currency or other instrument underlying an OTC option it has entered into with a Fund or fails to make a cash settlement payment due in accordance with the terms of that option, the Fund may lose any premium it paid for the option as well as any anticipated benefit of the transaction. Accordingly, the Adviser must assess the creditworthiness of each such Counterparty or any guarantor or credit enhancement of the Counterparty's credit to determine the likelihood that the terms of the OTC option will be satisfied. The Funds will engage in OTC option transactions only with United States government securities dealers recognized by the Federal Reserve Bank of New York as "primary dealers," or broker dealers, domestic or foreign banks or other financial institutions which have received (or the guarantors of the obligation of which have received) a short term credit rating of A-1 from S&P or P-1 from Moody's or an equivalent rating from any other nationally recognized statistical rating organization ("NRSRO").

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If a Fund sells (i.e., issues) a call option, the premium that it receives may serve as a partial hedge, to the extent of the option premium, against a decrease in the value of the underlying securities or instruments in its portfolio, or will increase the Fund's income. The sale of put options can also provide income.

All calls sold by the Funds must be "covered" (i.e., the Fund must own the securities or futures contract subject to the calls). Even though a Fund will receive the option premium to help protect it against loss, a call sold by one of the Funds exposes that Fund during the term of the option to possible loss of opportunity to realize appreciation in the market price of the underlying security or instrument and may require the Fund to hold a security or instrument which it might otherwise have sold.

**Futures.** The Funds may (but are not required to) enter into financial futures contracts or purchase or sell put and call options on such futures as a hedge against anticipated interest rate, currency or equity market changes, for duration management and for risk management purposes. Futures are generally bought and sold on the commodities exchanges where they are listed with payment of initial and variation margin as described below. The sale of a futures contract creates a firm obligation by a Fund, as seller, to deliver to the buyer the specific type of financial instrument called for in the contract at a specific future time for a specified price (or, with respect to index futures and Eurodollar instruments, the net cash amount). Options on futures contracts are similar to options on securities except that an option on a futures contract gives the purchaser the right in return for the premium paid to assume a position in a futures contract and obligates the seller to deliver such position.

The Funds' use of financial futures and options thereon will in all cases be consistent with applicable regulatory requirements and in particular the rules and regulations of the CFTC, and will be entered into only for bona fide hedging, risk management (including duration management) or other portfolio management purposes. Typically, maintaining a futures contract or selling an option thereon requires a Fund to deposit with a financial intermediary as security for its obligations an amount of cash or other specified assets (initial margin) which initially is typically 1% to 10% of the face amount of the contract (but may be higher in some circumstances). Additional cash or assets (variation margin) may be required to be deposited thereafter on a daily basis as the mark to market value of the contract fluctuates. The purchase of an option on financial futures involves payment of a premium for the option without any further obligation on the part of the purchaser. If one of the Funds exercises an option on a futures contract, it will be obligated to post initial margin (and potential subsequent variation margin) for the resulting futures position just as it would for any position. Futures contracts and options thereon are generally settled by entering into an offsetting transaction, but there can be no assurance that the position can be offset prior to settlement at an advantageous price, or that delivery will occur.

None of the Funds will enter into a futures contract or related option (except for closing transactions) if, immediately thereafter, the sum of the amount of its initial margin and premiums on open futures contracts and options thereon that are non-hedging positions would exceed 5% of that Fund's liquidation value; however, in the case of a non-hedging option that is in-the-money at the time of the purchase, the in-the-money amount may be excluded in calculating the 5% limitation.

**Options on Securities Indices and Other Financial Indices.** The Funds also may (but are not required to) purchase and sell call and put options on securities indices and other financial indices and in so doing can achieve many of the same objectives they would achieve through the sale or purchase of options on individual securities or other instruments. Options on securities indices and other financial indices are similar to options on a security or other instrument except that, rather than settling by physical delivery of the underlying instrument, they settle by cash settlement, i.e., an option on an index gives the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the index upon which the option is based exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option (except if, in the case of an OTC option, physical delivery is specified). This amount of cash is equal to the excess of the closing price of the index over the exercise price of the option, which also may be multiplied by a formula value. The seller of the option is obligated, in return for the premium received, to make delivery of this amount. The gain or loss on an option on an index depends on price movements in the instruments making up the market, market segment,

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industry or other composite on which the underlying index is based, rather than price movements in individual securities, as is the case with respect to options on securities.

**Swaps, Caps, Floors and Collars.** Among the Strategic Transactions into which the Funds may (but are not required to) enter are interest rate, currency and index swaps and the purchase or sale of related caps, floors and collars. To the extent the Funds enter into these transactions, the Funds expect to do so primarily to preserve a return or spread on a particular investment or portion of their respective portfolios, to protect against currency fluctuations, as a duration management technique or to protect against any increase in the price of securities the Funds anticipate purchasing at a later date. Each Fund intends to use these transactions as hedges and not as speculative investments and will not sell interest rate caps or floors where it does not own securities or other instruments providing the income stream the Fund may be obligated to pay. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them and an index swap is an agreement to swap cash flows on a notional amount based on changes in the values of the reference indices. The purchase of a cap entitles the purchaser to receive payments on a notional principal amount from the party selling such floor to the extent that a specified index falls below a predetermined interest rate or amount. A collar is a combination of a cap and a floor that preserves a certain return within a predetermined range of interest rates or values.

The Funds will usually enter into swaps on a net basis, i.e., the two payment streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with a Fund receiving or paying, as the case may be, only the net amount of the two payments. Inasmuch as these swaps, caps, floors and collars are entered into for good faith hedging purposes, the Adviser and the Funds believe such obligations do not constitute senior securities under the 1940 Act and, accordingly, will not treat them as being subject to its borrowing restrictions. A Fund will not enter into any swap, cap, floor or collar transaction unless, at the time of entering into such transaction, the unsecured long-term debt of the counterparty, combined with any credit enhancements, is rated at least A by S&P or Moody's or has an equivalent rating from an NRSRO or is determined to be of equivalent credit quality by the Adviser. If there is a default by the counterparty, the Fund may have contractual remedies pursuant to the agreements related to the transaction. As a result of the financial regulatory reform of the swap market in recent years, a large number of banks and investment banking firms acting both as principals and as agents utilize standardized swap documentation and trade execution venues for "plain vanilla" products. As a result, the market for plain vanilla instruments is relatively liquid. Caps, floors and collars are more bespoke innovations for which less liquidity exists.

**Short Sales.** Each Fund may (but is not required to) make short sales of securities traded on domestic or foreign exchanges. A short sale is a transaction in which a Fund sells a security it does not own in anticipation that the market price of that security will decline. A Fund may make short sales to hedge positions, for duration and risk management, in order to maintain portfolio flexibility or to enhance income or gain.

When a Fund makes a short sale, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Fund may have to pay a fee to borrow particular securities and is often obligated to pay over any payments received on such borrowed securities.

A Fund's obligation to replace the borrowed security will be secured by collateral deposited with the broker-dealer, usually cash, U.S. government securities or other high grade liquid securities. Depending on arrangements made with the broker-dealer from which it borrowed the security regarding payment over any payments received by the Fund on such security, the Fund may not receive any payments (including interest) on its collateral deposited with such broker-dealer.

If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a

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gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. Although the Fund's gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited.

**Combined Transactions.** Each Fund may (but is not required to) enter into multiple transactions, including multiple options transactions, multiple futures transactions, multiple currency transactions (including forward currency contracts) and multiple interest rate transactions and any combination of futures, options, currency and interest rate transactions ("component" transactions), instead of a single Strategic Transaction, as part of a single or combined strategy when, in the opinion of the Adviser, it is in the best interests of that Fund to do so. A combined transaction will usually contain elements of risk that are present in each of its component transactions. Although combined transactions are normally entered into based on the Adviser's judgment that the combined strategies will reduce risk or otherwise more effectively achieve the desired portfolio management goal, it is possible that the combination will instead increase such risks or hinder achievement of the portfolio management objective.

**LIBOR Transition Risk**. Many financial instruments were historically tied to the London Interbank Offered Rate, or "LIBOR," to determine payment obligations, financing terms, hedging strategies, or investment value. As of June 30, 2023, almost all settings of LIBOR have ceased to be published, except that certain widely used U.S. dollar LIBORs will continue to be published on a temporary, synthetic and non-representative basis through at least September 30, 2024. In some instances, regulators have restricted new use of LIBORs prior to the date when synthetic LIBORs will cease to be published. SOFR, which has been used increasingly on a voluntary basis in new instruments and transactions, is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement market. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act, which provides a statutory fallback mechanism to replace LIBOR, by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. The regulations include provisions that (i) provide a safe harbor for selection or use of a replacement benchmark rate selected by the Federal Reserve Board; (ii) clarify who may choose the replacement benchmark rate selected by the Federal Reserve Board; and (iii) ensure that contracts adopting a replacement benchmark rate selected by the Federal Reserve Board will not be interrupted or terminated following the replacement of LIBOR. Uncertainty related to the liquidity impact of the change in rates, and how to appropriately adjust these rates at the time of transition, poses risks for the Funds. The transition away from LIBOR could have a significant impact on the financial markets in general and may also present heightened risk to market participants, including public companies, investment advisers, investment companies, and broker-dealers. The risks associated with this discontinuation and transition will be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. For example, current information technology systems may be unable to accommodate new instruments and rates with features that differ from LIBOR. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become settled.

**Risks of Strategic Transactions Outside the U.S.** When conducted outside the U.S., Strategic Transactions may not be regulated as rigorously as in the U.S., may not involve a clearing mechanism and related guarantees, and are subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments. The value of such positions also could be adversely affected by: (i) other complex foreign political, legal and economic factors; (ii) delays in a Fund's ability to act upon economic events occurring in foreign markets during non-business hours in the U.S.; (iii) the imposition of different exercise and settlement terms and procedures and margin requirements than in the U.S.; and (iv) lower trading volume and liquidity.

**Regulation of Certain Options, Currency Transactions, and Other Derivative Transactions as Swaps or Security-Based Swaps.** The Dodd-Frank Act has made broad changes to the derivatives market, granted significant new authority to the CFTC and the SEC to regulate derivatives (swaps and security-based

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swaps) and participants in these markets. The Dodd-Frank Act is intended to regulate the derivatives market by requiring many derivative transactions to be cleared and traded on an exchange, expanding entity registration requirements, imposing business conduct requirements on dealers and requiring banks to move some derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. The CFTC has implemented mandatory clearing and exchange-trading of certain derivatives contracts including many standardized interest rate swaps and credit default index swaps. The CFTC continues to approve contracts for central clearing. Exchange-trading and central clearing are expected to reduce counterparty credit risk by substituting the clearinghouse as the counterparty to a swap and increase liquidity, but exchange-trading and central clearing do not make swap transactions risk-free. Uncleared swaps, such as non-deliverable foreign currency forwards, are subject to certain margin requirements that mandate the posting and collection of minimum margin amounts. This requirement may result in a Fund and its counterparties posting higher margin amounts for uncleared swaps than would otherwise be the case. Certain rules require centralized reporting of detailed information about many types of cleared and uncleared swaps. Reporting of swap data may result in greater market transparency, but may subject a Fund to additional administrative burdens, and the safeguards established to protect trader anonymity may not function as expected.

**Derivatives Transactions Subject to Rule 18f-4**. Rule 18f-4 under the 1940 Act governs a Fund's use of derivative instruments and certain other transactions that create future payment and/or delivery obligations by a Fund. Rule 18f-4 permits a Fund to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage"). In connection with the adoption of Rule 18f-4, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering Derivatives Transactions and certain financial instruments.

Under Rule 18f-4, "Derivatives Transactions" include the following: (i) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (ii) any short sale borrowing; (iii) reverse repurchase agreements and similar financing transactions, if a Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (iv) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless a Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a Fund to (i) appoint a Derivatives Risk Manager, (ii) maintain a Derivatives Risk Management Program designed to identify, assess, and reasonably manage the risks associated with Derivatives Transactions; (iii) comply with certain value-at-risk (VaR)-based leverage limits (VaR is an estimate of an instrument's or portfolio's potential losses over a given time horizon and at a specified confidence level); and (iv) comply with certain Board reporting and recordkeeping requirements.

Rule 18f-4 provides an exception from the requirements to appoint a Derivatives Risk Manager, adopt a Derivatives Risk Management Program, comply with certain VaR-based leverage limits, and comply with certain Board oversight and reporting requirements if a Fund's "derivatives exposure" (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the "Limited Derivatives User Exception"). The Funds expect to continue to qualify for the Limited Derivatives User Exception under Rule 18f-4.

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Pursuant to Rule 18f-4, if a Fund enters into reverse repurchase agreements or similar financing transactions, the Fund will (i) aggregate the amount of indebtedness associated with all of its reverse repurchase agreements or similar financing transactions with the amount of any other "senior securities" representing indebtedness (e.g., bank borrowings, if applicable) when calculating the Fund's asset coverage ratio or (ii) treat all such transactions as Derivatives Transactions.

The requirements of Rule 18f-4 may limit a Fund's ability to engage in Derivatives Transactions as part of its investment strategies. These requirements may also increase the cost of a Fund's investments and cost of doing business, which could adversely affect the value of the Fund's investments and/or the performance of the Fund.

**Borrowing.** Each Fund may borrow to the extent permitted under the 1940 Act, including up to one-third of its total assets from banks for use in connection with Strategic Transactions, as a temporary measure for extraordinary or emergency purposes, in connection with clearance of transactions or to pay for redemptions. Except when borrowing in connection with Strategic Transactions or pursuant to a line of credit, a Fund will not purchase any security when any borrowings are outstanding.

The Funds' borrowings in connection with Strategic Transactions will be limited to the purchase of liquid high grade securities to post as collateral. The Funds do not enter into any of such borrowings for the purpose of earning incremental returns in excess of borrowing costs from investments made with such funds.

The Company, acting on behalf of and for the account of each Fund, has entered into a line of credit agreement, as amended to date, with The Bank of New York Mellon (the "Credit Agreement") that established a revolving credit facility of $75,000,000 (the "Facility") that may be used by the Funds for temporary or emergency purposes, including the meeting of redemption requests. Each Fund pays its pro rata share of the commitment fee on the unused portion of the Facility, as well as interest at an agreed-upon, variable rate with respect to amounts borrowed under the Facility. [The Facility has a 364-day term and is currently in effect through April 15, 2026.]

The Credit Agreement contains provisions customarily found in credit agreements for similar financings for similarly situated borrowers, including the ability to borrow, repay and reborrow loans on a revolving basis. In addition, the Credit Agreement would automatically terminate if a distribution or other restricted payment is made at a time that borrowings are outstanding and an event of default exists.

The Credit Agreement also contains customary covenants that, among other things, limit each Fund's ability to incur additional debt, incur certain types of liens, change certain of its investment policies, and engage in certain transactions, including mergers and consolidations. Each Fund's ability to borrow under the Facility is also subject to the limitations of the 1940 Act and various other conditions.

The Company may amend the Facility or enter into one or more alternative or additional credit facilities in the future. There can be no assurance that the Company will enter into an agreement for any new or amended credit facility on terms and conditions representative of the foregoing, or that additional material terms will not apply.

**Loans of Portfolio Securities.** Each Fund may lend portfolio securities to broker-dealers and financial institutions provided: (1) the loan is secured continuously by collateral marked-to-market daily and maintained in an amount at least equal to the current market value of the securities loaned; (2) a Fund may call the loan at any time and receive the securities loaned; (3) a Fund will receive all or a portion of the interest or dividends paid on the loaned securities or a negotiated payment; and (4) the aggregate market value of securities loaned by a Fund will not at any time exceed 25% of the total assets of such Fund.

Collateral will consist of U.S. government securities, cash equivalents, or irrevocable letters of credit. Loans of securities involve a risk that the borrower may fail to return the securities or may fail to maintain the

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proper amount of collateral. Therefore, a Fund will only enter into portfolio loans after a review by the Adviser, under the supervision of the Board, including a review of the creditworthiness of the borrower. Such reviews will be monitored on an ongoing basis.

**Market Disruption and Geopolitical Risk**. General economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, supply chain disruptions, labor shortages, energy and other resource shortages, changes in laws, trade barriers, currency exchange controls and national and international political circumstances (including governmental responses to public health crises or the spread of infectious diseases), may have long-term negative effects on the U.S. and worldwide financial markets and economy. These conditions have resulted in, and in many cases continue to result in, greater price volatility, less liquidity, widening credit spreads and a lack of price transparency, with many securities remaining illiquid and of uncertain value. Such market conditions may adversely affect a Fund including by making valuation of some of a Fund's securities uncertain and/or result in sudden and significant valuation increases or declines in a Fund's holdings.

Risks resulting from any future debt or other economic crisis could also have a detrimental impact on the global economy, the financial condition of financial institutions and a Fund's business, financial condition and results of operation. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, a Fund could be significantly and adversely affected. Downgrades to the credit ratings of major banks could result in increased borrowing costs for such banks and negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect to certain interest rates and its approach to monetary policy and "quantitative tightening" along with such policies' consequent impact on interest rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, inflation, rising interest rates and/or a return to unfavorable economic conditions could impair a Fund's ability to achieve its investment objectives.

The occurrence of events similar to those in recent years, such as localized wars, instability, new and ongoing pandemics, epidemics or outbreaks of infectious diseases in certain parts of the world, and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics, terrorist attacks in the U.S. and around the world, social and political discord, debt crises sovereign debt downgrades, increasingly strained relations between the U.S. and a number of foreign countries, new and continued political unrest in various countries, the exit or potential exit of one or more countries from the EU or the EMU, continued changes in the balance of political power among and within the branches of the U.S. government, government shutdowns, among others, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the U.S. and worldwide.

Recently, various countries have seen significant internal conflicts and in some cases, civil wars may have had an adverse impact on the securities markets of the countries concerned. In addition, the occurrence of new disturbances due to acts of war or terrorism or other political developments cannot be excluded. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, political, regulatory or social instability or uncertainty or diplomatic developments, including the imposition of sanctions or other similar measures, could adversely affect the Fund's investments.

Recent examples of the above include conflict, loss of life and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent, duration and impact of these conflicts, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional or global economies and the markets for certain securities and commodities. These impacts could negatively affect a Fund's investments in securities and instruments that are economically tied to the applicable region and include (but are not limited to) declines in value and reductions in liquidity. In addition, to the extent new sanctions are

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imposed or previously relaxed sanctions are reimposed (including with respect to countries undergoing transformation), complying with such restrictions may prevent the Fund from pursuing certain investments, cause delays or other impediments with respect to consummating such investments or divestments, require divestment or freezing of investments on unfavorable terms, render divestment of underperforming investments impracticable, negatively impact a Fund's ability to achieve its investment objective, prevent a Fund from receiving payments otherwise due it, increase diligence and other similar costs to a Fund, render valuation of affected investments challenging, or require a Fund to consummate an investment on terms that are less advantageous than would be the case absent such restrictions. Any of these outcomes could adversely affect a Fund's performance with respect to such investments, and thus such Fund's performance as a whole.

The current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has imposed tariffs on the other country's products. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China's export industry, which could have a negative impact on our performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. Any of these effects could have a material adverse effect on a Fund.

**Russia's Invasion of Ukraine.** Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to its invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. These sanctions, as well as any other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain investments. To the extent that a Fund has exposure to investments in countries affected by the invasion, a Fund's ability to price, buy, sell, receive or deliver such investments may be impaired. The extent and duration of Russia's military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions) are impossible to predict, but could result in significant market disruptions, including in the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events could significantly impact a Fund's performance and the value of an investment in a Fund, even beyond any direct exposure a Fund may have to issuers in countries affected by the invasion.

**Israel-Hamas Conflict Risk**. In October 2023, Hamas terrorists infiltrated Israel's southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets. Hamas also launched extensive rocket attacks on the Israeli population and industrial centers located along Israel's border with the Gaza Strip and in other areas within the State of Israel. Following the attack, Israel's security cabinet declared war against Hamas, and a military campaign was initiated. These events may result in significant market disruptions and may adversely affect regional and global economies. Furthermore, the conflict between Israel and Hamas and the involvement of the United States and other countries could present material uncertainty and risk with respect to a Fund and the performance of a Fund's investments or operations, and a Fund's ability to achieve its investment objectives. To the extent that third parties, investors, or related customer bases have material operations or assets in Israel or Palestine, they may have adverse consequences related to the ongoing conflict. The extent and duration of the military action and any market disruptions are impossible to predict, but could be substantial.

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**Economic Events and Market Risk**. Periods of market volatility remain, and may continue to occur in the future, in response to various political, social and economic events both within and outside of the United States. These conditions have resulted in, and in many cases continue to result in, greater price volatility, less liquidity, widening credit spreads and a lack of price transparency, with many securities remaining illiquid and of uncertain value. Such market conditions may adversely affect a Fund, including by making valuation of some of the Fund's securities uncertain and/or result in sudden and significant valuation increases or declines in a Fund's holdings. Moreover, such market conditions may adversely affect cash and cash equivalents held by the Funds for cash management or defensive purposes (including money market funds). Exchanges and securities markets may also close early, close late or issue trading halts on specific securities or generally, which may result in, among other things, a Fund being unable to buy or sell certain securities or financial instruments at an advantageous time or accurately price its portfolio investments.

*Interest Rates.* General interest rate fluctuations may have a substantial negative impact on a Fund's investments, the value of a Fund and a Fund's rate of return. A reduction in the interest or dividend rates on new investments relative to interest or dividend rates on current investments could also have an adverse impact on a Fund's net investment income. An increase in interest rates could decrease the value of any investments held by a Fund that earn fixed interest or dividend rates, including debt securities, convertible securities, preferred stocks, loans and high-yield bonds, and also could increase interest or dividend expenses, thereby decreasing net income. Interest rates have risen over the past year and may continue to rise in the future.

Recently, central banks such as the Federal Reserve Bank have been increasing interest rates in an effort to slow the rate of inflation. There is a risk that increased interest rates may cause the economy to enter a recession. Any such recession would negatively impact a Fund and the investments held by a Fund. These impacts may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• severe declines in a Fund's net asset values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability of a Fund to accurately or reliably value its portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability of a Fund to pay any dividends or distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability of a Fund to maintain its status as a regulated investment company under the Internal Revenue Code
of 1986, as amended (the "Code");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declines in the value of a Fund's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased risk of default or bankruptcy by the companies in which a Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased risk of companies in which a Fund invests being unable to weather an extended cessation of normal
economic activity and thereby impairing their ability to continue functioning as a going concern; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited availability of new investment opportunities.

*Inflation Risk*. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies. As inflation increases, the real value of a Fund's shares and dividends may decline. In addition, during any periods of rising inflation, interest rates of any debt securities held by a Fund would likely increase, which would tend to further reduce returns to shareholders. This risk is greater for fixed-income instruments with longer maturities. Although inflation generally decelerated throughout 2024 due to central bank monetary tightening, including maintaining elevated interest rates, it remains above target levels set by central banks, including the Federal Reserve. Despite three interest rate cuts by the Federal Reserve in the latter part of the year, rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022 – 2023. The Federal Reserve has also indicated its intent to maintain higher interest rates in the near term. Rising interest rates can dampen consumer spending and slow corporate profit growth, negatively impacting companies invested by a Fund, particularly those vulnerable to economic downturns or recessions. While further interest rate hikes are not expected at this time, any renewed increases could lead to a decline in portfolio value. It remains difficult to predict the full impact of recent and any future changes with respect to interest rates or inflation.

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**Regulation and Government Intervention Risk**. Changes enacted by the current presidential administration could significantly impact the regulation of financial markets in the U.S. Areas subject to potential change, amendment or repeal include trade and foreign policy, corporate tax rates, energy and infrastructure policies, the environment and sustainability, criminal and social justice initiatives, immigration, healthcare and the oversight of certain federal financial regulatory agencies and the Federal Reserve. Certain of these changes can, and have, been effectuated through executive order. Anticipating policy changes and reforms may be particularly difficult during periods of heightened partisanship at the federal, state and local levels, including due to the divisiveness surrounding populist movements, political disputes and socioeconomic issues. The failure to accurately anticipate the possible outcome of such changes and/or reforms could have a material adverse effect on our returns.

In recent years, there has been increased regulatory enforcement activity and rulemaking impacting the financial services industry. Under the prior U.S. presidential administration, including at the SEC and certain other regulatory bodies, policy changes could have imposed additional costs on us and our investments, required significant attention of senior management or resulted in limitations on the manner in which we or the companies in which we invest conduct business. We cannot predict at this time whether and the extent to which the current U.S. presidential administration and newly-appointed senior officials at the SEC and other federal agencies will pursue these or other policy changes.

Additional risks arising from the differences in expressed policy preferences among the various constituencies in the branches of the U.S. government has led in the past, and may lead in the future, to short-term or prolonged policy impasses, which could, and has, resulted in shutdowns of the U.S. federal government. U.S. federal government shutdowns, especially prolonged shutdowns, could have a significant adverse impact on the economy in general and could impair the ability of issuers to raise capital in the securities markets. Financial institution practices are also subject to greater scrutiny and criticism generally. In the case of transactions between financial institutions and the general public, there may be a greater tendency toward strict interpretation of terms and legal rights in favor of the consuming public, particularly where there is a real or perceived disparity in risk allocation and/or where consumers are perceived as not having had an opportunity to exercise informed consent to the transaction. In the event of conflicting interests between retail investors holding shares of an open-end investment company such as the Funds and a large financial institution, a court may similarly seek to strictly interpret terms and legal rights in favor of retail investors. Any of these effects could have a material adverse effect on a Fund's net asset value.

The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the U.S. Treasury Department, and such rules may change at any time. For instance, legislation enacted in July 2025 includes significant modifications to existing tax rules. Any new tax laws, regulations or interpretations could affect the taxation of a Fund or its shareholders and the impact of any potential tax changes on an investment in a Fund is uncertain. Prospective investors should consult their own tax advisors regarding potential changes in tax laws and the impact of any such changes on their investment in a Fund.

Further contributing to economic uncertainty, the current U.S. presidential administration has signaled its intention to implement significant changes to U.S. trade policy, the size of the federal government and the enforcement of various regulations. These policy shifts could introduce additional market instability and reduce investor confidence. For example, changes in trade policy and the imposition of new tariffs could disrupt supply chains and potentially reverse the recent downward trend in inflation. Meanwhile, substantial reductions in government spending could negatively affect certain companies that rely on government contracts, destabilize the U.S. government contracting market and harm our ability to generate expected returns. In light of these developments, there can be no assurances that political and regulatory conditions will not worsen and/or adversely affect a Fund, its portfolio investments or their respective financial performance. The Funds may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could have a significant adverse effect on a Fund and its ability to achieve its investment objective.

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**U.S. and Global Capital Markets Systemic Risk.** Issuers, national and regional banks, financial institutions and other participants in the U.S. and global capital markets are closely interrelated as a result of credit, trading, clearing, technology and other relationships. A significant adverse development (such as a bank run, insolvency, bankruptcy or default) with one or more national or regional banks, financial institutions or other participants in the financial or capital markets may spread to others and lead to significant concentrated or market-wide problems (such as defaults, liquidity problems, impairment charges, additional bank runs and/or losses) for other participants in these markets. Future developments, including actions taken by the U.S. Department of Treasury, FDIC, Federal Reserve Board, and systemic risk in the U.S. and global banking sectors and broader economies in general, are difficult to assess and quantify, and the form and magnitude of such developments or other actions of the U.S. Department of Treasury, FDIC and Federal Reserve Board may remain unknown for significant periods of time and could have an adverse effect on the Funds.

In March 2023, several financial institutions experienced a larger-than-expected decline in deposits and two banks, Silicon Valley Bank ("SVB") and Signature Bank, were placed into receivership. Given the interconnectedness of the banking system, the Federal Reserve invoked the systemic risk exception, temporarily transferred all deposits – both insured and uninsured – and substantially all the assets of the two banks into respective bridge banks and guaranteed depositors' full access to their funds.

**Special Risks Related to Cybersecurity.** The Funds and their service providers are susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g*.,* through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting a Fund's investment adviser and other service providers (including, but not limited to, fund accountants, custodians, transfer agents and financial intermediaries) have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with a Fund's ability to calculate its net asset value per share ("NAV"), impediments to trading, the inability of Fund investors to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting issuers of securities in which a Fund invests, counterparties with which a Fund engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions (including financial intermediaries and service providers for fund shareholders) and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. Although service providers typically have policies and procedures, business continuity plans and/or risk management systems intended to identify and mitigate cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, a Fund cannot control the cyber security policies, plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund or its shareholders. A Fund and its investors could be negatively impacted as a result.

Because technology is consistently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on a Fund's ability to plan for or respond to a cyber attack. In addition to deliberate cyber attacks, unintentional cyber incidents can occur, such as the inadvertent release of confidential information by the Funds or their service providers. Like other funds and business enterprises, the Funds and their service providers are subject to the risk of cyber incidents occurring from time to time.

**ESG Integration and ESG Consideration Risk**. Given the nature of the Adviser's bottom-up, stock-by-stock research process, environmental, social and/or governance ("ESG") factors (such as, for example, environmental impacts, the fair treatment of employees, corporate governance and capital allocation practices,

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management malfeasance, product safety, board composition and independence, and voting rights) are often among the factors the Adviser examines when trying to assess the intrinsic value and future prospects of a potential investment. While the Adviser does not use ESG factors in its initial value screen of companies, and does not maintain a list of companies that are automatically included or excluded from consideration due to ESG factors, it does generally seek to evaluate material ESG risks, opportunities and trends that are identified as part of its broader investment evaluation process, just as it does for a variety of other qualitative factors that could impact its analysis of a company's intrinsic value. (In this regard, a "material" ESG risk is one that, in the Adviser's assessment, could compromise the Adviser's estimate of the long-term value of the company under consideration.) The Adviser's identification and evaluation of ESG risks, opportunities and/or trends is based primarily on proprietary research, although information from a variety of third party sources may also be considered. ESG factors are generally no more significant than other factors in the Adviser's investment process, and the identification of a material ESG risk, opportunity or trend will not necessarily be determinative in the Adviser's decision to buy, sell or hold a company's securities, particularly if the company has taken meaningful action to mitigate the Adviser's concerns, or is trading at a valuation that, in the Adviser's view, appropriately reflects such concerns. The Adviser's primary objective remains to serve shareholders' best interests by producing long-term growth of capital through building a portfolio of securities that it believes are undervalued, and the Adviser believes that an evaluation of material ESG factors that are identified is one component of this process.

**Conflicts of Interest.** Tweedy, Browne faces actual and potential conflicts in managing the Funds. Tweedy, Browne serves as investment adviser to a variety of clients, including registered investment companies, offshore funds, private funds and separate accounts. Many of these accounts have similar investment policies and compete for the same portfolio investments. Tweedy, Browne receives different amounts and types of compensation from certain of these accounts, and has received and may receive, in certain instances, performance-based compensation. Many of these accounts pay higher investment advisory fees to Tweedy, Browne than those paid by the Funds, but, unlike the Funds, do not pay advisory fees on uninvested cash (Tweedy, Browne may waive all or part of its management fee, including for accounts managed for Advisory personnel). In addition, Tweedy, Browne encourages investment personnel to align their interests with those of its clients by investing directly in pooled investment vehicles (including the Funds) managed by Tweedy, Browne, and permits Tweedy, Browne principals and employees to invest directly in portfolio companies in which the Funds invest. Tweedy, Browne principals and employees have substantial holdings in some pooled investment vehicles advised by it. In one instance, a Tweedy, Browne principal has a separate account managed by Tweedy, Browne. All of these circumstances can create conflicts of interest in the selection and timing of investments and sales for accounts, and the allocation of securities purchased or sold across accounts. Tweedy, Browne has adopted allocation procedures that are designed to seek to treat all accounts fairly over time. Tweedy, Browne and the Funds also maintain a Code of Ethics, which contains personal trading policies and procedures that are designed to seek to minimize conflicts of interest and avoid harm to clients. These policies and procedures allow Tweedy, Browne principals and employees, subject to the preclearance requirements outlined in the Code of Ethics, to invest alongside and at the same time as clients may be investing or considering investing, in circumstances where Tweedy, Browne believes that such transactions are unlikely to disadvantage clients, including circumstances where the trading of principals and employees are viewed, in the aggregate, as *de minimis* in relation to the trading volume of a security.

For certain separate account clients, Tweedy, Browne may in its discretion aggregate related accounts (for example, accounts of the same family or institutional group) for determining breakpoints and resulting fees. Under certain circumstances at the discretion of Tweedy, Browne, assets in the Funds may be considered invested equity solely for the purpose of aggregating accounts to determine whether a client has met an applicable breakpoint with respect to the client's separately managed account. Fund fees are the same for all investors in a Fund, and thus assets invested in the Funds do not benefit from any such reduction in fees resulting from the aggregated value of all related accounts. This could create a conflict of interest for any third-party investment advisers and/or third-party broker dealers who oversee such client accounts. It is the responsibility of such third-party investment advisers and/or third-party broker dealers to make investments in the interests of their clients

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and to allocate investment opportunities among eligible clients consistent with their respective standards of conduct. Tweedy, Browne does not have the information necessary to determine, nor is it responsible for ensuring, that such obligations are satisfied for accounts whose assets are aggregated for purposes of determining breakpoints and resulting fees.

**ReFlow Liquidity Program.** The Funds may participate in the ReFlow Fund, LLC ("ReFlow") liquidity program, which is designed to provide an alternative liquidity source for mutual funds experiencing redemptions of their shares. In order to pay cash to shareholders who redeem their shares on a given day, a mutual fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money, all of which impose certain costs on the fund. ReFlow provides participating mutual funds with another source of cash by standing ready to purchase shares from a fund at net asset value up to the amount of the fund's net redemptions on a given day. ReFlow then generally redeems those shares when the fund experiences net sales, at the end of a maximum holding period determined by ReFlow, or at other times at a fund's or ReFlow's discretion. In return for this service, a Fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds seeking liquidity that day. The current minimum fee rate is 0.14% of the value of the Fund shares purchases by ReFlow, although a Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of Fund shareholders. While ReFlow holds a Fund's shares, it has the same rights and privileges with respect to those shares as any other shareholder. However, investments in the Funds by ReFlow are not subject to investment minimums otherwise applicable to purchases of each Fund's share classes or to the Funds' "Excessive Short-Term Trading" policies described in the Prospectus.

In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund. There is no assurance that ReFlow will have sufficient funds available to meet a Fund's liquidity needs on a particular day. When ReFlow redeems all or part of a position in a fund, the fund may pay all or a portion of such redemption in kind in accordance with the fund's in-kind redemption policies described under "Redemptions in Kind" in the Prospectus. The Funds expect that in-kind redemptions will comprise a significant portion of redemptions paid to ReFlow. Each Fund's participation in the ReFlow program will be reviewed periodically by the Board of Directors.

**Technological Advancements Risk**. The development and increased reliance on certain technologies, including artificial intelligence and machine learning algorithms ("AI"), may adversely impact markets and the overall performance of a Fund's investments. For example, issuers in which a Fund may invest may focus their business on AI-related products and/or services and utilize AI in their business operations, and the challenges with properly managing its use could result in reputational harm, competitive harm, and legal liability, and/or an adverse effect on an issuer's business operations. In addition, the increased regulation of AI, including related to information privacy, data protection and intellectual property, may significantly impact the economy and/or the issuers in which a Fund invests.

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**INVESTMENT RESTRICTIONS** 

The policies set forth below are fundamental policies of each Fund and may not be changed with respect to a Fund without approval of a majority of the outstanding voting securities of that Fund. As used in this SAI, a "majority of the outstanding voting securities of a Fund" means the lesser of (1) 67% or more of the voting securities of such Fund present at a meeting of Fund shareholders, if the holders of more than 50% of the outstanding voting securities of the Fund are present or represented by proxy; or (2) more than 50% of the outstanding voting securities of the Fund.

As a matter of fundamental policy, none of the Funds may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. borrow money, except to obtain liquid securities for use in connection with Strategic Transactions (as
defined under "Derivatives, Currency and Related Transactions" on page 17) conducted by the Fund in connection with its portfolio activities or as a temporary measure for extraordinary or emergency purposes, in connection with the
clearance of transactions or to pay for redemptions, in each case subject to applicable U.S. government limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. purchase or sell real estate (other than securities representing interests in real estate or fixed income
obligations directly or indirectly secured by real estate and other than real estate acquired upon exercise of rights under such securities) or purchase or sell physical commodities or contracts relating to physical commodities (other than
currencies and specie to the extent they may be considered physical commodities) or oil, gas or mineral leases or exploration programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. act as underwriter of securities issued by others, except to the extent that it may be deemed an underwriter
in connection with the disposition of portfolio securities of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. make loans to other persons, except (a) loans of portfolio securities, and (b) to the extent the
entry into repurchase agreements and the purchase of debt obligations may be deemed to be loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. issue senior securities, except as appropriate to evidence borrowings of money, and except that Strategic
Transactions conducted by the Fund in connection with its portfolio activities are not considered to involve the issuance of senior securities for purposes of this restriction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. purchase any securities which would cause more than 25% of the market value of its total assets at the time
of such purchase to be invested in the same industry; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. with respect to 75% of its total assets taken at market value, purchase more than 10% of the voting
securities of any one issuer or invest more than 5% of the value of its total assets in the securities of any one issuer, except in each case securities issued or guaranteed by the U.S. government, its agencies or instrumentalities and securities of
other investment companies.

In addition, the Board has adopted the following policy (among others) which may be changed without a shareholder vote: none of the Funds may invest more than 15% of its net assets (measured at the time of purchase) in illiquid investments. An investment is considered to be illiquid if a Fund reasonably expects (taking into account, among other things, reasonably anticipated trade sizes) that the investment cannot be sold or disposed of in current market conditions in seven calendar days or less, without the sale or disposition significantly changing the market value of the investment.

If a Fund holds more than 15% of its net assets in illiquid investments that are assets, the Adviser, as the administrator of the Company's Liquidity Risk Management Program, shall make a report of such an occurrence to the Board and the SEC within one business day of the occurrence, with an explanation of the extent and causes of the occurrence, and how the Fund plans to bring its illiquid investments that are assets to or below 15% of its net assets within a reasonable period of time. If the amount of the Fund's illiquid investments is still above 15% of its net assets 30 days from the occurrence (and at each consecutive 30 day period thereafter), the

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Board, including a majority of the Independent Directors (as defined below), shall assess whether the Fund's plans to bring its illiquid investments that are assets to or below 15% of its net assets continues to be in the best interest of the Fund.

If a percentage restriction on investment or utilization of assets as set forth under "Investment Restrictions" above is adhered to at the time an investment is made, a later change in percentage resulting from changes in the value or the total cost of the Funds' assets will not be considered a violation of the restriction.

**Share Certificates** 

Certificates will not be issued to indicate ownership in the Funds.

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**MANAGEMENT OF THE COMPANY AND THE FUNDS** 

**Information about Directors and Officers** 

Information pertaining to the Directors and officers of the Company is set forth below. The Board oversees the Company's business and investment activities and is responsible for protecting the interests of the Funds' shareholders. The term "officer" means the president, vice president, secretary, treasurer, controller or any other officer who performs a policy making function.

**Board Structure and Leadership** 

Effective December 10, 2024, the Board is composed of eight Directors, a majority of whom are not "interested persons" of the Company (as that term is defined by the 1940 Act and the rules thereunder) ("Independent Directors"). The Directors meet periodically throughout the year to discuss and consider matters concerning the Company and to oversee the Company's activities, including its investment performance, compliance program and risks associated with its activities.

Robert Q. Wyckoff, Jr., a Managing Director of the Adviser, and therefore an "interested person" of the Company, serves as Chairman of the Board. The Board has appointed Mr. Richard Salomon, Independent Director and former Chairman of the Audit Committee, as lead Independent Director of the Company. The lead Independent Director presides over executive sessions of the Directors and also serves between meetings of the Board as a liaison with officers, counsel and other Directors on matters that may arise between regular Board meetings. Designation as lead Independent Director does not imply that the lead Independent Director is subject to a standard greater than or different from other Directors. At the January 10, 2023 Special Meeting, the Independent Directors appointed Ms. Jeannine G. Caruso to serve as the Chair of the Audit Committee.

The Board has established one standing committee, the Audit Committee, to facilitate the Board's oversight of the management of the Company. The scope of the Committee's responsibilities is discussed in greater detail below. The Board believes that its leadership and governance structure is appropriate because it allows all of the Independent Directors to exercise independent judgment while benefitting from the insight and experience of the Adviser. The Independent Directors, as part of their annual self-evaluation process, review: (1) the Audit Committee Charter; and (2) the structure of the Board and its committees. The Independent Directors believe that the Fund's Board and committee structure is appropriate given the characteristics and circumstances of the Company and its business activities.

**Risk Oversight Function** 

Risk management on a day-to-day basis is primarily performed by the Adviser and other service providers to the Company. However, the Board and its Audit Committee actively perform a risk oversight function for the Company. The Board exercises this risk oversight function during regular Board and committee meetings with the Company's senior officers and key service providers. The Chief Compliance Officer regularly meets with the Board to discuss issues related to compliance, and reports on tests of the compliance procedures of the Company and its service providers. The Treasurer, along with representatives of the Adviser, including portfolio management personnel, and other key service providers regularly meet with the Board to discuss, among other things, investment, business, liquidity and operational risks that may impact the Company. The Adviser, as the administrator of the Funds' liquidity risk management program, provides the Board with a written report on an annual basis that addresses the operation, adequacy and effectiveness of the program. The Board also receives periodic reports from the Adviser regarding the valuation of Fund portfolio holdings. The Audit Committee meets with and receives reports from the Company's independent registered public accounting firm (the "independent auditors") to discuss internal controls and financial reporting matters. In its oversight role, the Board has adopted, and periodically reviews, policies and procedures designed to address risks associated with the Company's activities. In addition, the Company benefits from processes and procedures adopted by Tweedy, Browne and the Company's other service providers to identify, assess and manage risks that may impact the Company.

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**Qualifications of the Directors** 

The tables below identify the Directors and officers of the Company.

**INDEPENDENT DIRECTORS** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address,<sup>1</sup> Age and**<br> **Position(s) with Company** | **Term of**<br>**Office**<br>**and**<br>**Length**<br>**of Time**<br>**Served<sup>2</sup>** | **Principal Occupation(s) During at Least the** <br> **Past 5 Years** | **Number of<br>Portfolios in<br>Fund<br>Complex<br>Overseen<br>by Director** | **Other**<br>**Directorships**<br>**Held by Director** |
|  Jeannine G. Caruso<br> (1962)<br> Director | Since 2020 | Managing Partner, Botanica Capital Partners LLC since 2024 and Arroyo Partners LLC since 2022 (both consulting firms); Partner, New Providence Asset Management from 2014 – 2021; Chief Investment Officer and Director of Investments, The Dyson Foundation from 2006 – 2014. | 4 |  |
|  Robert C. Elliott<br> (1946)<br> Director | Since 2016 | Vice Chairman, 2014 – 2017 and Director, 2011 to present, Market Street Trust Company; Board of Regents – Winthrop University Hospital since 2005; Senior Adviser, Bessemer Trust from 2011 – 2014; Senior Managing Director, Bessemer Trust from 1975 – 2011. | 4 |  |
|  Jack E. Fockler<br> (1958)<br> Director | Since 2016 | Managing Director and Vice President, Head of Sales, Client Service and Marketing from 1989 to 2015; Senior Advisor from 2015 to 2017, Royce & Associates, LP (investment adviser) (retired since January 2018). | 4 |  |
|  Thomas W. Oakley<br> (1977)<br> Director | Since 2022 | Director of Academy Advancement and Alumni Affairs, United States Military Academy (since July 2022); Assistant Professor, United States Military Academy (July 2018 – July 2022). | 4 |  |
|  Richard B. Salomon<br> (1947)<br> Director | Since 1996 | Former attorney, Cozen O'Connor (law firm) (retired since 2019). | 4 |  |

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<sup>1</sup> Each Director may be reached c/o Tweedy, Browne Company LLC, One Station Place Stamford, CT 06902.

<sup>2</sup> Directors serve for a term until the next annual meeting of stockholders and the election and qualification of their successors, or until their earlier removal, resignation or death.

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| | | | | |
|:---|:---|:---|:---|:---|
| **INTERESTED DIRECTORS<sup>1</sup>** | **INTERESTED DIRECTORS<sup>1</sup>** | **INTERESTED DIRECTORS<sup>1</sup>** | **INTERESTED DIRECTORS<sup>1</sup>** | **INTERESTED DIRECTORS<sup>1</sup>** |
| **Name, Address,<sup>2</sup> Age and**<br> **Position(s)**<br> **with Company** | **Term of Office<sup>3</sup> and**<br>**Length of Time Served** | **Principal Occupation(s)**<br> **During at**<br> **Least the Past 5 Years** | **Number of<br>Portfolios in<br>Fund<br>Complex<br>Overseen<br> by Director** | **Other<br>Directorships<br>Held by Director** |
|  Jay Hill<br> (1975)<br> Director | Director since 2022 | Managing Director, Member of the Management Committee, and Member of the Investment Committee, Tweedy, Browne Company LLC | 4 |  |
|  Thomas H. Shrager<br> (1957)<br> President and Director | President since 2009;<br>Director since 2008 | Managing Director, Member of the Management Committee, and Member of the Investment Committee, Tweedy, Browne Company LLC | 4 | Chairman and<br> Director, Tweedy,<br> Browne Value<br> Funds (a<br> Luxembourg<br> UCITS) |
|  Robert Q. Wyckoff, Jr.<br> (1952)<br> Chairman, Vice President<br> and Director | Chairman and Vice<br> Presidentsince 2016;<br> Director since 2015 | Managing Director, Member of the Management Committee, and Member of the Investment Committee, Tweedy, Browne Company LLC | 4 | Director, Tweedy,<br> Browne Value<br> Funds (a<br> Luxembourg<br> UCITS) |

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<sup>1</sup> Jay Hill, Thomas H. Shrager and Robert Q. Wyckoff, Jr. are each an "interested person" of the Company as defined in the 1940 Act because of their affiliation with Tweedy, Browne Company LLC, which acts as the Company's Investment Adviser, and with AMG Distributors, Inc., the Funds' distributor. 

<sup>2</sup> Each Director may be reached c/o Tweedy, Browne Company LLC, One Station Place, Stamford, CT 06902.

<sup>3</sup> Directors serve for a term until the next annual meeting of stockholders and the election and qualification of their successors, or until their earlier removal, resignation or death. Officers serve for an indefinite term until the election and qualification of their successors, or until their earlier removal, resignation or death. 

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| | | |
|:---|:---|:---|
| **OFFICERS WHO ARE NOT DIRECTORS** | **OFFICERS WHO ARE NOT DIRECTORS** | **OFFICERS WHO ARE NOT DIRECTORS** |
| **Name, Address,<sup>1</sup> Age and**<br> **Position(s)**<br> **with Company** | **Term of Office<sup>2</sup> and**<br>**Length of Time Served** | **Principal Occupation(s) During at Least**<br> **the Past 5 Years** |
|  Roger R. de Bree<br> (1963)<br> Treasurer | Since 2016 | Managing Director (since 2020), Member of the Investment Committee (since 2013), Member of the Management Committee (since 2024), and Research Analyst (2000 to 2013), Tweedy, Browne Company LLC |
|  Jason J. Minard<br> (1969)<br> Vice President | Since 2022 | Managing Director (since 2021), Member of the Management Committee (since 2024), and Executive Vice President (2013 to 2020), Tweedy, Browne Company LLC |
|  John D. Spears<br> (1948)<br> Vice President | Since 1993 | Managing Director, Member of the Investment Committee and Member of the Management Committee, Tweedy, Browne Company LLC |
|  Susan D. Lively<br> (1981)<br> Secretary | Since 2025 | General Counsel of Tweedy, Browne Company LLC (since 2025); ETF Counsel, Grayscale Advisors, LLC (2024 to 2025); and General Counsel, Global X Management Company LLC (2020 to 2024) |
|  Frederick C. Teufel, Jr.<br> (1959)<br> Chief Compliance Officer | Since 2024 | Director, Vigilant Compliance, LLC (since 2020); Visiting Professor, Saint Joseph's University (2015 – 2020) |

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<sup>1</sup> Each officer may be reached c/o Tweedy, Browne Company LLC, One Station Place, Stamford, CT 06902.

<sup>2</sup> Officers serve for an indefinite term until the election and qualification of their successors, or until their earlier removal, resignation or death.

The Board has determined that each of the Directors is qualified to serve as a Director of the Company, based on a review of the experience, qualifications, attributes and skills of each Director, including those listed in the table above and those discussed below. The Board has also considered the diversity of the Directors' backgrounds when determining whether each Director is qualified to serve as a Director of the Company. In making its determination, the Board has taken into account each Director's commitment to the Board and participation in Board and Committee meetings throughout his or her tenure on the Board. These qualifications support the conclusion that each individual is qualified to serve as a Director.

The Directors collectively have significant records of experience and accomplishment in business, non-profit organizations, academia, law, accounting and other professions. The following is a summary of qualifications, experiences and skills of each Director in addition to the principal occupation(s) during the past five years noted in the table above.

Ms. Caruso has prior financial and management experience in serving as a Chief Investment Officer at a private foundation and as an Analyst in the corporate finance department at an investment banking and trading firm. She also has prior experience as a Manager in the Mergers & Acquisitions department at a private equity firm, where she served on the boards of directors and as an executive officer of certain of the firm's portfolio companies. Ms. Caruso also has experience as a Partner at two consulting firms and serves on the investment committees of a charitable trust and a non-profit organization. She has experience as a Director of the Company since October 2020 and Chair of the Audit Committee since January 2023.

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Mr. Elliott has prior operational and management experience serving as Senior Managing Director of a private wealth management and investment advisory company. He also has management experience serving as a trustee for non-profit and charitable organizations. He has more than forty years' experience in the financial services industry, serving in various leadership positions. Mr. Elliott has experience as a Director of the Company since January 2016.

Mr. Fockler has prior management experience serving as Vice President of a registered mutual fund family. He also has operational experience as Managing Director of that fund's investment adviser. Mr. Fockler has more than thirty years of extensive experience in the financial services industry. Mr. Fockler has experience as a Director of the Company since January 2016.

Mr. Hill has prior financial and management experience serving as a member of Tweedy, Browne's Management Committee and Investment Committee. He also has valuable experience serving in various roles with other firms in the financial services industry. Mr. Hill has served as a Managing Director of Tweedy, Browne since January 2021. He is a Director of the Company effective August 1, 2022.

Mr. Oakley has years of legal and leadership experience while serving as a Judge Advocate and Officer in the United States Army. These experiences include service as a legal advisor during combat operations, an assignment as senior defense counsel to an office serving over 30,000 soldiers, and service as a law professor at the International Institute of Humanitarian Law and at West Point. Retired from active service, Mr. Oakley serves as the Director of Academy Advancement and Alumni Affairs at the United States Military Academy, in which he oversees alumni relations and provides financial management oversight of gift funds in support of Academy needs.

Mr. Salomon has prior legal and management experience as a former Member of prominent national law firms. He also has management experience as a Member of other public and nonprofit boards. Mr. Salomon has experience with the Company as lead Independent Director and as a Director of the Company since 1996. He served as the Chairman of the Audit Committee until January 2023.

Mr. Shrager has prior financial and management experience serving as a member of Tweedy, Browne's Management Committee and Investment Committee. He also has valuable experience serving in various roles with other firms in the financial services industry. Mr. Shrager has served as President of the Company since July 2009 and has experience as a Director of the Company since 2008.

Mr. Wyckoff has prior financial and management experience serving as a member of Tweedy, Browne's Management Committee and Investment Committee. He also has relevant experience serving in a number of positions with other firms in the financial services industry. Mr. Wyckoff has served as Chairman of the Board of the Company since 2016. He also served as Treasurer of the Company from July 2002 to March 2016. Mr. Wyckoff has experience as a Director of the Company since 2015.

**Standing Committees** 

The Board has established an Audit Committee consisting of five members, including a Chair of the Audit Committee. The Audit Committee members are Ms. Caruso (Chair) and Messrs. Elliott, Fockler, Oakley and Salomon, each an Independent Director of the Company. The Board has determined that Ms. Caruso is an Audit Committee Financial Expert and is independent for the purpose of the definition of audit committee financial expert as applicable to the Company. The functions performed by the Audit Committee include: (1) overseeing the quality, objectivity and integrity of the Company's financial reporting process and financial statements and the independent audit and review thereof; (2) reviewing and evaluating any issues raised by the independent auditors; (3) acting as a liaison between the Company's independent auditors and the full Board of Directors; and (4) considering and advising the Board whether any member is an "audit committee financial expert" as defined by applicable regulations of the SEC, and aiding the Board regarding designation of appropriate members as such. The Audit Committee held [] meetings during the fiscal year ended March 31, 2026.

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**Directors' Ownership of the Funds** 

Set forth in the table below is the dollar range of equity securities beneficially owned by each Director in each Fund and the aggregate dollar range of equity securities in all registered investment companies overseen by each Director within the Company's family of investment companies as of December 31, 2025.

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| | | |
|:---|:---|:---|
| **Name of Director** | **Dollar Range of Equity Securities in the Funds** | **Aggregate Dollar Range of Equity**<br> **Securities in All Registered**<br> **Investment Companies Overseen**<br> **by Directors in Family of**<br> **Investment Companies** |
|  Jeannine G. Caruso | International Value Fund – [$]<br> International Value Fund II – [$]<br> Value Fund – [$]<br> Buybacks . Dividends + Fund – [$] | [$] |
|  Robert C. Elliott | International Value Fund – [$]<br> International Value Fund II – [$]<br> Value Fund – [$]<br> Buybacks . Dividends + Value Fund – [$] | [$] |
|  Jack E. Fockler | International Value Fund – [$]<br> International Value Fund II – [$]<br> Value Fund – [$]<br> Buybacks . Dividends + Value Fund – [$] | [$] |
|  Jay Hill | International Value Fund – [$]<br> International Value Fund II – [$]<br> Value Fund – [$]<br> Buybacks . Dividends + Value Fund – [$] | [$] |
|  Thomas W. Oakley | International Value Fund – [$]<br> International Value Fund II – [$]<br> Value Fund – [$]<br> Buybacks . Dividends + Value Fund – [$] | [$]  |
|  Richard B. Salomon | International Value Fund – [$]<br> International Value Fund II – [$]<br> Value Fund – [$]<br> Buybacks . Dividends + Value Fund – [$] | [$] |
|  Thomas H. Shrager | International Value Fund – [$]<br> International Value Fund II – [$]<br> Value Fund – [$]<br> Buybacks . Dividends + Value Fund – [$] | [$] |
|  Robert Q. Wyckoff, Jr. | International Value Fund – [$]<br> International Value Fund II – [$]<br> Value Fund – [$]<br> Buybacks . Dividends + Value Fund – [$] | [$] |

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The Independent Directors receive from the Company an annual fee of [$] paid in quarterly increments of [$], plus reimbursement for out-of-pocket expenses incurred for service as a Director. The

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lead Independent Director receives additional compensation of [$] per annum, paid in quarterly increments of [$]. The Chair of the Audit Committee receives additional compensation of [$] per annum, paid in quarterly increments of [$]. These amounts are allocated pro-rata based on relative average net assets of the Funds. No officer or employee of the Adviser or any affiliate thereof receives any compensation from the Company for serving as a Director or officer of the Company.

The table below shows the total fees that were paid to each of the Independent Directors during the fiscal year ended March 31, 2026. No executive officer or person affiliated with the Funds, other than the Independent Directors, received compensation from the Funds.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Independent Director** | **Aggregate<br>Compensation<br>Received from<br>the Company** | **Pension or<br>Retirement<br>Benefits<br>Accrued (as<br>part of Fund<br>expenses)** | **Estimated<br>Annual<br>Benefits<br>Upon<br>Retirement** | **Total Compensation from Fund<br>and Fund Complex** |
|  Jeannine G. Caruso\* | $[$] |  |  | $[$] |
|  Robert C. Elliott | $[$] |  |  | $[$] |
|  Jack E. Fockler | $[$] |  |  | $[$] |
|  John C. Hover II\*\* | $[$] |  |  | $[$] |
|  Thomas W. Oakley | $[$] |  |  | $[$] |
|  Richard B. Salomon\*\*\* | $[$] |  |  | $[$] |

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\* Ms. Caruso, as the Chair of the Audit Committee, receives additional compensation of [$] per annum, paid in quarterly increments of [$]. 

\*\* Mr. Hover retired as a Director of the Company effective December 10, 2024.

\*\*\* Mr. Salomon, as the lead Independent Director, receives additional compensation of [$] per annum paid in quarterly installments of [$]. 

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**INVESTMENT ADVISORY AND OTHER SERVICES** 

**Structure of the Funds** 

Tweedy, Browne Fund Inc. (the "Company") is an open-end management investment company organized as a Maryland corporation on January 28, 1993. Each Fund is a diversified series of the Company.

The authorized capital stock of the Company consists of 2.0 billion shares with $0.0001 par value, 600 million shares of which are allocated to the International Value Fund, 600 million shares of which are allocated to the International Value Fund II – Currency Unhedged, 400 million shares of which are allocated to the Value Fund and 400 million shares of which are allocated to the Buybacks . Dividends + Value Fund. Each share of a series has equal rights with each other share of that series as to voting for Directors, redemption, dividends, liquidation and all other matters on which shareholders are entitled to vote. Shareholders have one vote for each share held on matters on which they are entitled to vote. The Company is not required to hold an annual meeting in any year in which the election of Directors is not required to be acted upon under the 1940 Act. If the Company is required to hold a meeting of shareholders to elect Directors pursuant to Section 2-501(b)(1) of Maryland General Corporation Law, such meeting shall be designated the annual meeting of shareholders for that year. Special meetings may also be called for purposes such as electing or removing Directors, or changing fundamental investment policies. Shareholders will be assisted in communicating with other shareholders in connection with any effort to remove a Director.

The Directors have the authority to issue additional classes and series of shares of stock and to designate the relative rights and preferences as between the different classes and series. All shares issued and outstanding are fully paid and non-assessable, transferable, and redeemable at net asset value at the option of the shareholder. Shares have no preemptive or conversion rights.

The shares have non-cumulative voting rights, which means that the holders of more than 50% of the shares voting for the election of Directors can elect 100% of the Directors if they choose to do so, and, in such event, the holders of the remaining less than 50% of the shares voting for the election of Directors will not be able to elect any person or persons to the Board.

Maryland corporate law provides that a Director of the Company will not be liable for actions taken in good faith, in a manner he or she reasonably believes to be in the best interests of the Company and with the care that an ordinarily prudent person in a like position would use under similar circumstances. In so acting, a Director will be fully protected in relying in good faith upon the records, opinions or reports made to the Company by persons reasonably believed by the Director to be qualified to provide such information, opinions or reports. The By-Laws provide that the Company will indemnify Directors and officers of the Company against liabilities and expenses reasonably incurred in connection with litigation in which they may be involved because of their positions with the Company, to the fullest extent permitted by Maryland corporate law, as amended from time to time. However, nothing in the Articles of Incorporation or the By-Laws protects or indemnifies a Director or officer against any liability or expense to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

**Code of Ethics** 

The Company and Tweedy, Browne, as investment adviser, have adopted a Code of Ethics (the "Code of Ethics") under Rule 17j-1 of the 1940 Act. The Code of Ethics permits personnel, subject to the Code of Ethics and its provisions, to invest in mutual funds and other securities, including securities that may be purchased or held by the Company. In addition, AMG Distributors, Inc., as principal underwriter, has adopted a Code of Ethics under Rule 17j-1 (the "AMG Code of Ethics"). The AMG Code of Ethics, which generally permits personnel subject thereto to invest in securities, including securities that may be purchased or held by the Funds, contains procedures that are designed to avoid the conflicts of interest that may be presented by personal securities investing.

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**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES** 

As of June 30, 2026, the following entities/individuals owned of record or were known by the Company to have beneficially owned 5% or more of the outstanding shares of the relevant Fund:

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[As of June 30, 2026, the Directors and officers of the Company as a group owned (a) % of the outstanding shares of the International Value Fund, (b) % of the outstanding shares of the International Value Fund II – Currency Unhedged, (c) % of the outstanding shares of the Value Fund and (d) % of the outstanding shares of the Buybacks . Dividends + Value Fund.]

**Investment Adviser** 

Tweedy, Browne acts as investment adviser to each of the Funds. The Adviser is registered with the SEC as an investment adviser.

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Tweedy, Browne was founded in 1920 and began managing money for the account of persons other than its principals and their families in 1968. Tweedy, Browne began investing in foreign securities in 1983. Tweedy, Browne is owned by its eight Managing Directors, Roger de Bree, Andrew Ewert, Frank H. Hawrylak, Jay Hill, Jason Minard, Thomas H. Shrager, John D. Spears and Robert Q. Wyckoff, Jr.; certain other employees of Tweedy, Browne; and Affiliated Managers Group, Inc. ("AMG"), which, through a wholly- owned subsidiary, owns a majority interest in Tweedy, Browne. AMG is a publicly traded company that acquires ownership interests in investment management firms. The Management Committee, which consists of Roger de Bree, Jay Hill, Jason Minard, Thomas Shrager, John Spears and Robert Wyckoff, has overall responsibility for the conduct of the firm's affairs. Roger R. de Bree, Andrew Ewert, Frank H. Hawrylak, Jay Hill, Thomas Shrager, John Spears, and Robert Wyckoff act as the Adviser's Investment Committee and are jointly and primarily responsible for the day-to-day management of each Fund's portfolio. William H. Browne, who was a member of Tweedy, Browne's Management and Investment Committees through December 31, 2020, has assumed the role of Senior Advisor to the Investment Committee. Neither AMG nor its subsidiaries manage the day-to-day operations of, nor participate in, the investment process at Tweedy, Browne.

The Adviser renders services to the Funds pursuant to separate Investment Advisory Agreements (the "Agreements") dated as of May 29, 1998, as amended as of October 15, 2017, in the case of the International Value Fund; May 29, 1998, in the case of the Value Fund; September 16, 2009, in the case of the International Value Fund II – Currency Unhedged; and April 20, 2007, in the case of the Buybacks . Dividends + Value Fund. Each Agreement had an initial two-year term and thereafter remains in effect from year to year, but only so long as such continuation is specifically approved at least annually in accordance with the requirements of the 1940 Act.

The Agreements for the Funds were most recently approved by the Directors, including a majority of the Directors who are not parties to such Agreements or interested persons of the Adviser or the Company, on May [X], 2026. Each Agreement may be terminated at any time without payment of penalty by either party on sixty days' written notice, and automatically terminates in the event of its assignment.

Under each Agreement, the Adviser provides the Funds with continuing investment management for the Funds' portfolios consistent with the Funds' investment objectives, policies and restrictions and determines what securities shall be purchased for the portfolios of the Funds, what portfolio securities shall be held or sold by the Funds, and what portion of the Funds' assets shall be held uninvested, subject always to the provisions of the Company's Articles of Incorporation and Amended and Restated By-Laws, the 1940 Act and the Code, and to the Funds' investment objectives, policies and restrictions, and subject, further, to such policies and instructions as the Directors of the Company may from time to time establish.

In addition to the foregoing contractual services, the Adviser also renders significant administrative services (not otherwise provided by third parties) necessary for the Funds' operations as open-end investment companies including, but not limited to: preparing reports and notices to the Board and shareholders; supervising, negotiating contractual arrangements with, and monitoring various third-party service providers to the Funds (such as the Funds' transfer agent, pricing agents, custodians, accountants and others); administering the Funds' Liquidity Risk Management Program; preparing and making filings with the SEC and other regulatory agencies; assisting in the preparation and filing of the Funds' federal, state and local tax returns; assisting in preparing and filing the Funds' federal excise tax returns; assisting with investor and public relations matters; monitoring the valuation of securities and the calculation of net asset value; monitoring the registration of shares of the Funds under applicable federal and state securities laws; maintaining the Funds' books and records; assisting in establishing accounting policies of the Funds; assisting in the resolution of accounting and legal issues; establishing and monitoring the Funds' operating budgets; review of the Funds' bills and oversight of the Funds' bill payment process; assisting the Funds in, and otherwise arranging for, the payment of distributions and dividends and otherwise assisting each Fund in the conduct of its business, subject to the direction and control of the Board.

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Subject to the ability of the Adviser, upon approval of the Board, to obtain reimbursement for the administrative time spent on the Funds' operations (other than investment advisory matters) by employees of the Adviser, the Adviser pays the compensation of all Directors, officers and employees of the Company affiliated with the Adviser and makes available, without expense to the Funds, the services of such Directors, officers and employees as may duly be elected officers of the Company, subject to their individual consent to serve and to any limitations imposed by law, and provides the Funds' office space and facilities. The Company pays Tweedy, Browne for certain non-advisory services performed by certain employees of the Adviser which consist of financial, tax and accounting reviews, reconciliations and related matters and compliance and shareholder servicing assistance. For these services, the amount the Company pays Tweedy, Browne is currently $[] per year, allocated pro-rata based on the relative average net assets of the Funds. The amended agreement was most recently approved on May [X], 2026.

Under the Agreements, each Fund is responsible for all of its other expenses including organizational expenses; fees and expenses incurred in connection with membership in investment company organizations; brokers' commissions; legal, auditing and accounting expenses; taxes and governmental fees; net asset valuation; the fees and expenses of the transfer agent; the costs of preparing share certificates or other expenses, including clerical expenses relating to the issue, redemption or repurchase of shares of capital stock; the expenses of and the fees for registering or qualifying securities for sale; the fees and expenses of the Directors, officers and employees of the Company who are not affiliated with the Adviser and, to the extent described above, employees of the Adviser; the cost of printing and distributing reports and notices to shareholders; and the fees and disbursements of custodians. The Company may arrange to have third parties assume all or part of the expenses relating to the sale, underwriting and distribution of shares of the Funds. Each Fund is also responsible for its expenses incurred in connection with litigation, proceedings and claims and for the legal obligation it may have to indemnify the Adviser and its Directors and officers with respect thereto.

For its investment advisory services rendered with respect to the International Value Fund, Tweedy, Browne is entitled to receive investment advisory fees from the Fund at an annual rate of [%] on the first [$] billion of the Fund's average daily net assets, and [%] on the remaining amount, if any, of the Fund's average daily net assets. Effective May 22, 2020, the Adviser entered into a voluntary fee waiver agreement with the Fund pursuant to which the Adviser has agreed to waive fees otherwise payable by the Fund whenever the average daily net assets ("ADNA") of the Fund exceed [$]. The Adviser will waive fees such that the advisory fee payable by the Fund to the Adviser will be [%] on ADNA over [$] billion and up to [$] billion, [%] on ADNA over [$] billion and up to [$] and [%] on ADNA over [$]. This arrangement will remain in place at least until July 31, 2026, and will continue from year to year thereafter at the Adviser's option, but may not be terminated prior to the close of business on July 31, 2026 without the approval of the Board of Directors of Tweedy, Browne Fund Inc. For its investment advisory services rendered with respect to each of the Value Fund, the International Value Fund II – Currency Unhedged, and the Buybacks . Dividends + Value Fund, Tweedy, Browne is entitled to receive investment advisory fees at an annual rate of [%] of the Fund's average daily net assets. In accordance with each Fund's Agreement, the fee is payable monthly in arrears, provided that each Fund will make such interim payments as may be requested by the Adviser not to exceed [%]of the amount of the fee then accrued on the books of such Fund and unpaid. The Adviser has formally requested and is receiving interim payments of the advisory fee from the Funds. With respect to International Value Fund II – Currency Unhedged, Value Fund and Buybacks . Dividends + Value Fund, Tweedy, Browne has voluntarily agreed, through at least July 31, 2026, to waive a portion of each Fund's investment advisory fees and/or reimburse a portion of each Fund's expenses to the extent necessary to keep each Fund's expense ratio in line with the expense ratio of the International Value Fund (for purposes of this calculation, each Fund's acquired fund fees and expenses, brokerage costs, interest, taxes and extraordinary expenses are disregarded, and each Fund's expense ratio is rounded to two decimal points).

Each Agreement also provides that the name "Tweedy, Browne Fund Inc." and the name of the applicable Fund belong to the Adviser.

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Each Agreement provides that the Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by a Fund in connection with matters to which the Agreement relates, except a loss resulting from malfeasance, bad faith or gross negligence on the part of the Adviser in the performance of its duties or from reckless disregard by the Adviser of its obligations and duties under the Agreement and indemnifies the Adviser and its employees, officers and members against any cost or expense in any circumstance in which the Adviser is not liable to the Fund.

During the past three fiscal years, the International Value Fund, International Value II – Currency Unhedged, Value Fund and Buybacks . Dividends + Value Fund incurred investment advisory fees in the following amounts:

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| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year Ended March 31, 2026** | **Fiscal Year Ended March 31, 2026** | **Fiscal Year Ended March 31, 2026** |
|  | **Waived Advisory<br>Fees and<br>Reimbursed<br>Expenses** | **Advisory Fees<br>and Expenses<br>Recouped** | **Net Advisory Fee** |
|  International Value Fund | $— |  | $|
|  International Value Fund II – Currency Unhedged | $— |  | $|
|  Value Fund | $— |  | $|
|  Buybacks . Dividends + Value Fund | $— |  | $|

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended March 31, 2025** | **Fiscal Year Ended March 31, 2025** | **Fiscal Year Ended March 31, 2025** | **Fiscal Year Ended March 31, 2025** |
|  | **Gross Advisory<br>Fee** | **Waived Advisory<br>Fees and<br>Reimbursed<br>Expenses** | **Advisory Fees<br>and Expenses<br>Recouped** | **Net Advisory Fee** |
|  International Value Fund | $67460817 | (4563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | $67456254 |
|  International Value Fund II – Currency Unhedged | $3137987 | (31452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | $3106535 |
|  Value Fund | $5425029 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | $5425029 |
|  Buybacks . Dividends + Value Fund | $802810 | (66691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | $736119 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended March 31, 2024** | **Fiscal Year Ended March 31, 2024** | **Fiscal Year Ended March 31, 2024** | **Fiscal Year Ended March 31, 2024** |
|  | **Gross Advisory<br>Fee** | **Waived Advisory<br>Fees and<br>Reimbursed<br>Expenses** | **Advisory Fees<br>and Expenses<br>Recouped** | **Net Advisory Fee** |
|  International Value Fund | $73569523 | (72193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | $73497330 |
|  International Value Fund II – Currency Unhedged | $5109661 | (41577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | $5068084 |
|  Value Fund | $5405655 | (23652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | $5382003 |
|  Buybacks . Dividends + Value Fund | $835196 | (71116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | $764080 |

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Each member of the Investment Committee (which is jointly and primarily responsible for the day-to-day portfolio management of the Funds) is also jointly and primarily responsible for the day-to-day portfolio management of the following other accounts, as of June 30, 2026:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Committee**<br> **Members** | **Type of<br>Accounts** | **Total # of Accounts<br>Managed** | **Total Assets** | **# of Accounts Managed<br>with Advisory Fee<br>Based on Performance** | **Total Assets with<br>Advisory Fee Based<br>on Performance** |
|  Roger R. de Bree<br> Andrew Ewert<br> Frank H. Hawrylak<br> Jay Hill<br> Thomas H. Shrager<br> John D. Spears<br> Robert Q. Wyckoff, Jr. | Other Registered<br> Investment<br> Companies: | 0 |  | 0 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Committee**<br> **Members** | **Type of<br>Accounts** | **Total # of Accounts<br>Managed** | **Total Assets** | **# of Accounts Managed<br>with Advisory Fee<br>Based on Performance** | **Total Assets with<br>Advisory Fee Based<br>on Performance** |
|  | Other Pooled<br>Investment<br> Vehicles: |  |  |  |  |
|  | Other Accounts: |  |  | 0 |  |

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The foregoing accounts are, for the most part, managed with investment objectives and techniques that are substantially similar to the objectives and techniques of the relevant Fund. Consistent with Tweedy, Browne's belief that it is important for Investment Committee Members to have their own assets invested alongside clients, the Investment Committee Members have significant investments in the Funds, as well as in certain other pooled investment vehicles managed by Tweedy, Browne and, in one case, in a separate account managed by Tweedy, Browne. These investments may present material conflicts of interest when the Investment Committee Members make allocation decisions regarding the purchase or sale of securities. Similarly, decisions regarding the allocation of securities between the Funds and other portfolios, many of which pay higher investment advisory fees to Tweedy, Browne than do the Funds, but, unlike the Funds, do not pay advisory fees on uninvested cash, could present conflicts relating to the allocation of securities. Tweedy, Browne has earned and may from time to time earn performance fees for certain client accounts and subjects any such accounts to the same allocation procedures as other managed accounts. Consequently, Tweedy, Browne does not believe there is any cognizable increase in potential conflicts arising from such accounts. Tweedy, Browne has adopted written allocation procedures and a Code of Ethics, which are designed to address these conflicts, as discussed below.

Each member of the Investment Committee is a Managing Director and a member of Tweedy, Browne. As such, each individual has a certain level of ownership interest in Tweedy, Browne. Investment Committee members are compensated based on a combination of their respective percentages of Tweedy, Browne's profits, a guaranteed payment, a discretionary bonus and/or profit sharing. Compensation is not tied to the performance of any Fund or the value of assets held in any Fund's portfolio. Substantially all of the revenue of Tweedy, Browne is derived from investment advisory fees earned from the management of Tweedy, Browne client portfolios, including the Funds.

As of June 30, 2026, the members of the Investment Committee and their families have an aggregate of approximately $[] million invested in the Funds. Set forth in the table below is the dollar range of equity securities held in the Funds beneficially owned by each Investment Committee Member as of June 30, 2026.

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| | |
|:---|:---|
| **Name of Investment Committee Member** | **Dollar Range of Equity Securities Beneficially Owned** |
|  Roger R. de Bree | International Value Fund – [$]<br> International Value Fund II – Currency Unhedged – [$]<br> Value Fund – [$]<br> Buybacks . Dividends + Value Fund – [$] |

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| | |
|:---|:---|
| **Name of Investment Committee Member** | **Dollar Range of Equity Securities Beneficially Owned** |
|  Andrew Ewert | International Value Fund – [$]<br> International Value Fund II – Currency Unhedged – [$]<br> Value Fund – [$]<br> Buybacks . Dividends + Value Fund – [$] |
|  Jay Hill | International Value Fund – [$]<br> International Value Fund II – Currency Unhedged – [$]<br> Value Fund – [$]<br> Buybacks . Dividends + Value Fund – [$] |
|  Frank H. Hawrylak | International Value Fund – [$]<br> International Value Fund II – Currency Unhedged – [$]<br> Value Fund – [$]<br> Buybacks . Dividends + Value Fund – [$] |
|  Thomas H. Shrager | International Value Fund – [$]<br> International Value Fund II – Currency Unhedged – [$]<br> Value Fund – [$]<br> Buybacks . Dividends + Value Fund – [$] |
|  John D. Spears | International Value Fund – [$]<br> International Value Fund II – Currency Unhedged – [$]<br> Value Fund – [$]<br> Buybacks . Dividends + Value Fund – [$] |
|  Robert Q. Wyckoff, Jr. | International Value Fund – [$]<br> International Value Fund II – Currency Unhedged – [$]<br> Value Fund – [$]<br> Buybacks . Dividends + Value Fund – [$] |

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Certain investments may be appropriate for one or more of the Funds and also for other clients advised by Tweedy, Browne. Investment decisions for each Fund and such other clients are made with a view to achieving a diversified portfolio of stocks that satisfy Tweedy, Browne's value criteria in accordance with their respective investment objectives and after consideration of such factors as current account holdings, availability of cash for investment, tax consequences and account size. Tweedy, Browne has written allocation procedures that seek to ensure that, when purchasing or selling securities for client accounts (including the Funds), accounts tend to achieve approximately the same level of aggregate investment over time in a diversified pool of securities (but not necessarily the same securities) in a manner that is fair and equitable to all clients. Tweedy, Browne's allocation process is designed to operate within a set of parameters (e.g., the percentage of account size targeted for the security) established at the commencement of an order that may be adjusted from time to time. Such adjustments are generally made by members of the Investment Committee prior to or early in the trading day and, in certain circumstances, require the approval of the Legal and Compliance Department. Purchases and sales of securities are generally allocated to accounts (including the Funds) based upon their degree of investment utilizing the above-referenced allocation parameters. Tweedy, Browne's allocation procedures may result in different clients buying or selling different amounts of particular securities in proportion to their account size on a day-to-day basis, and at different prices from day to day to achieve the overall objectives of the allocation process for all clients. In addition, because the International Value Fund is substantially larger than any of Tweedy, Browne's other clients, Tweedy, Browne's allocation procedures generally impose limits on the amount of a particular security that can be allocated to the Fund on any given day, in order to assure that other clients may also receive allocations of that security. This may result in the International Value Fund receiving a lower percentage of the allocation of a particular security than other client accounts, purchasing or selling a particular security over multiple trading days and at different prices than certain other client accounts, or having a greater

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proportion of cash than other client accounts. Where practicable, trades in the same security during a particular day are price averaged so that each client participating in that allocation receives the same average price per share. Thus, purchase and sale orders for the Funds are often combined with those of other clients of the Adviser. The Adviser does not aggregate orders when it reasonably believes that doing so would result in higher total transaction costs to its clients.

The Company and the Adviser have adopted a Code of Ethics. The Code of Ethics prohibits fraudulent activities by persons associated with the Funds, restricts the personal investing activities of such persons and requires various reports and certifications to help ensure compliance.

In accordance with the procedures described in the Code of Ethics, an advisory person may not purchase or sell for his or her own account any particular security owned by any of the Funds until seven days after the most recent purchase or sale by any of the Funds of that particular security, with limited exceptions. Advisory persons also generally may not purchase or sell for their accounts any covered security that is under active consideration for purchase or sale by the Funds other than certain de minimis transactions. Advisory personnel are required to pre-clear securities investments in their accounts (with limited exceptions, such as transactions in U.S. government securities, short-term high grade debt, shares of open-end mutual funds other than the Funds, and certain de minimis transactions) and must comply with ongoing requirements concerning recordkeeping and disclosure of those investments. The preclearance requirement and associated procedures are designed to identify any prohibition or limitation applicable to a proposed investment. Also under the Code of Ethics, investments in the Funds by advisory personnel of the Adviser are generally subject to a 90-day holding period.

The Code of Ethics permits exceptions to be granted on a case-by-case basis, including with respect to pre-clearance requirements. Any such exceptions may only be granted by a member of the Adviser's Management Committee and the Company's Chief Compliance Officer. Any such exceptions may include conditions designed to ensure that an advisory person's personal securities transactions are consistent with the Adviser's fiduciary obligations.

Officers and employees of the Adviser from time to time may have transactions with various banks, including the Funds' custodian banks. It is the Adviser's opinion that the terms and conditions of those transactions that have occurred were not influenced by existing or potential custodial or other Fund relationships.

None of the Directors or officers may have dealings with the Funds as principals in the purchase or sale of securities, except as individual subscribers or holders of shares of the Funds.

**Payments to Intermediaries.** From time to time the Adviser and/or the Distributor (as defined below) and the Funds may enter into arrangements with other entities that provide recordkeeping, sub-transfer agent or other services for investors in the Funds. In certain circumstances the Adviser may compensate such service providers. The Independent Directors have generally authorized each Fund to pay a portion of such compensation representing savings to the Fund on an overall basis.

**Distributor** 

The Company has a distribution agreement (the "Distribution Agreement") with AMG Distributors, Inc. to act as distributor (the "Distributor") for the Funds, effective October 1, 2014.

The Distribution Agreement was last approved by the Directors, including a majority of the Directors who are not parties to such Distribution Agreement or interested persons of any party thereto, on May [ ], 2026. The Distribution Agreement had an initial two-year term and remains in effect from year to year upon the annual approval by (i) a majority of the Directors who are not parties to such agreements or "interested persons" of any such party and (ii) either by a majority of the Board or a majority of the outstanding voting securities of the Fund.

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Under the Distribution Agreement, the Company is responsible for the payment of all fees and expenses in connection with the preparation and filing with the SEC of the Company's registration statement and the Funds' prospectus (including this SAI) and any amendments and supplements thereto, and the registration and qualification of shares for sale in the various states. The Company is also responsible for other expenses not assumed by the Adviser or the Distributor in the Distribution Agreement, including the fees and expenses of preparing, printing and mailing prospectuses annually to existing shareholders; the fees and expenses of preparing, printing and mailing notices, proxy statements, reports or other communications to shareholders of the Funds; the cost of printing and mailing confirmations of purchases of shares and any prospectuses accompanying such confirmations; any issue taxes or any initial transfer taxes; shareholder toll-free telephone charges and expenses of shareholder service representatives; the cost of wiring funds for share purchases and redemptions (unless paid by the shareholder who initiates the transaction); and the cost of printing and postage of business reply envelopes.

Under the Distribution Agreement, the Adviser pays for (or reimburses the Distributor for the costs and expenses of) printing and distributing prospectuses and shareholder reports (after such items have been prepared and set in type) which are used in connection with the offering of the Funds' shares to the public, the costs and expenses of preparing, printing and mailing any other literature used in connection with the offering of shares of a Fund to the public, and the costs and expenses of advertising, promoting and selling Shares of any of the Funds to the public. The Adviser also pays (or reimburses the Distributor for the costs and expenses of) the sales related portion of any equipment, service or activity which is primarily intended to result in the sale of shares issued by the Company.

The Distributor pays all fees and expenses in connection with its qualification and registration as a broker or dealer under federal and state laws.

As agent, the Distributor currently offers each Fund's shares on a continuous basis to investors. The Distribution Agreement provides that the Distributor accepts orders for shares only at the price and terms described in the Funds' then current prospectus (i.e., at net asset value, as no sales commission or load is charged to the investor).

Selected brokers and other intermediaries are authorized to receive purchase and sell orders on behalf of any of the Funds, and each Fund considers itself to have received such orders at the time such brokers and intermediaries have received such orders.

The Adviser is affiliated with AMG Distributors, Inc. because AMG Distributors, Inc. is an indirect subsidiary of AMG (which also owns a majority interest, through a subsidiary, in the Adviser).

**Administrator** 

The Bank of New York Mellon (the "Administrator"), located at 103 Bellevue Parkway, Wilmington, Delaware 19809 and at 118 Flanders Road, Westborough, Massachusetts 01581, provides administrative services for the Funds pursuant to an agreement between the Company and the Administrator (the "Administration Agreement").

The fee schedule to the Administration Agreement is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Up to $1 Billion** | **Between $1 Billion and <br>$5 Billion** | **Between $5 Billion and <br>$10 Billion** | **Exceeding <br>$10 Billion** |
|  Administration Fees | 0.0300% | 0.0180% | 0.0100% | 0.0090% |
|  Accounting Fees | 0.0075% | 0.0060% | 0.0050% | 0.0040% |

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During the past three fiscal years, the International Value Fund, International Value Fund II – Currency Unhedged, Value Fund, and Buybacks . Dividends + Value Fund incurred the following amounts in administration fees:

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| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2025** | **March 31, 2024** |
|  International Value Fund | $[$] | $1305194 | $1392536 |
|  International Value Fund II – Currency Unhedged | $[$] | $53556 | $96675 |
|  Value Fund | $[$] | $97901 | $102332 |
|  Buybacks . Dividends + Value Fund | $[$] | $15033 | $15808 |

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Under the Administration Agreement, the Administrator is required to provide office facilities, clerical, internal legal and administrative services, accounting and recordkeeping, internal auditing, valuing each Fund's assets, preparing SEC and shareholder reports, preparing, signing and filing tax returns, monitoring 1940 Act compliance and providing other mutually agreeable services. The Administration Agreement is terminable on 60 days' notice by either party.

The above referenced administrative fees incurred by the Funds include certain accounting fees and other out-of-pocket expenses.

**Transfer Agent** 

BNY Mellon Investment Servicing (U.S.) Inc. (the "Transfer Agent"), located at 500 Ross Street, 154-0520, Pittsburgh, Pennsylvania 15262, provides transfer agency services for the Funds pursuant to an agreement between the Company and the Transfer Agent.

**Custodian, Counsel and Independent Registered Public Accounting Firm** 

Pursuant to a Mutual Fund Custody and Services Agreement between the Company and The Bank of New York Mellon (the "Custodian"), the Custodian provides custodial services to the Company and the Funds. The principal business address of the Custodian is 240 Greenwich Street, New York, New York 10286.

Simpson Thacher & Bartlett LLP, 855 Boylston Street, 9<sup>th</sup> Floor, Boston, Massachusetts 02116, is counsel for the Company.

[], [], serves as the independent registered public accounting Firm for the Funds. In addition to audit services, [] reviews and signs the Funds' federal and state tax returns, and provides assistance on certain non-audit matters.

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**[DIVIDENDS, DISTRIBUTIONS AND TAXES] [TO BE UPDATED]** 

The following is a summary of certain U.S. federal income tax consequences to a U.S. shareholder who purchases shares of a Fund. The discussion is based upon the Code, Treasury Regulations, judicial authorities, published positions of the Internal Revenue Service (the "IRS") and other applicable authorities, all as in effect on the date hereof and all of which are subject to differing interpretations or change (possibly with retroactive effect). The discussion does not address all of the tax consequences that may be relevant to a particular shareholder, including shareholders who are not U.S. persons, or to shareholders subject to special treatment under U.S. federal income tax laws. This discussion is limited to shareholders who hold their shares as capital assets. No ruling has been or will be sought from the IRS regarding any matter discussed herein. Counsel to the Funds has not rendered and will not render any legal opinion regarding any tax consequences relating to the Funds or an investment in the Funds. No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any of the tax aspects set forth below. **Prospective investors must consult their own tax advisors as to the U.S. federal income tax consequences of purchasing shares of a Fund as part of this offering, as well as the effects of state, local and non-U.S. tax laws.** 

Each Fund has qualified and intends to continue to qualify to be treated as a regulated investment company under Subchapter M of the Code. To qualify as a regulated investment company, a Fund must comply with certain requirements of the Code relating to, among other things, the sources of its income and diversification of its assets. If the Fund fails to qualify for treatment as a regulated investment company for any taxable year, the Fund would be taxed as an ordinary corporation on all of its taxable income for that year (even if that income was distributed to its shareholders), and all distributions out of earnings and profits would be taxable to shareholders as dividends (that is, ordinary income). In addition, the Fund could be required to recognize unrealized gains, pay taxes and make distributions (which could be subject to interest charges) before requalifying for taxation as a regulated investment company. The Code provides certain relief from regulated investment company disqualification due to inadvertent failures to comply with the requirements for sources of its income or diversification of its assets as described above, although there could be additional taxes due in such cases. There can be no assurance that a Fund would qualify for any such relief should it not be in compliance with the requirements for sources of its income or diversification of its assets as described above.

If a Fund qualifies as a regulated investment company and distributes each year to its shareholders at least 90% of its investment company taxable income (generally including dividends, interest, net short-term capital gain and other ordinary income, but not net capital gain, which is the excess of net long-term capital gain over net short-term capital loss) and meets certain other requirements, it will not be required to pay U.S. federal income tax on its investment company taxable income and net capital gain that it distributes annually to shareholders. The International Value Fund, International Value Fund II – Currency Unhedged and the Value Fund each intend to distribute substantially all of its investment company taxable income and net capital gain at least annually and the Buybacks . Dividends + Value Fund intends to distribute substantially all of its investment company taxable income at least semi-annually and net capital gain at least annually. Therefore, the Funds generally do not expect to pay U.S. federal income taxes.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax at the Fund level. To avoid the excise tax, each Fund must distribute during each calendar year an amount at least equal to the sum of 98% of the Fund's ordinary income for the calendar year, 98.2% of its capital gain net income realized during the one-year period ending October 31 of the calendar year (unless an election is made to use a Fund's taxable year), and all ordinary income and capital gain net income for prior years that were not previously distributed. For purposes of the excise tax, any ordinary income or capital gain net income retained by, and subject to U.S. federal income tax in the hands of, a Fund will be treated as having been distributed. The imposition of the U.S. federal excise tax may adversely affect the net after-tax return of the Fund.

A regulated investment company is limited in its ability to deduct expenses in excess of its investment company taxable income. If a Fund's deductible expenses in a given taxable year exceed its investment company

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taxable income, such Fund could incur a net operating loss for that taxable year. However, a regulated investment company is not permitted to carry forward net operating losses to subsequent taxable years and such net operating losses do not pass through to its shareholders. In addition, deductible expenses can be used only to offset investment company taxable income, not net capital gain. A regulated investment company cannot use any net capital losses (that is, the excess of realized capital losses over realized capital gains) to offset its investment company taxable income, but could carry forward such net capital losses, and use them to offset future capital gains, indefinitely. Due to these limits on deductibility of expenses and net capital losses, a Fund could for tax purposes have aggregate taxable income for several taxable years that it is required to distribute and that is taxable to shareholders even if such taxable income is greater than the net income actually earned during those taxable years.

Distributions of investment company taxable income are taxable to shareholders as ordinary income (to the extent of the current or accumulated earnings and profits of the relevant Fund). Such distributions may, however, qualify (provided holding periods and other requirements are met) (i) as "qualified dividend income" eligible for a reduced maximum U.S. federal tax rate for non-corporate shareholders to the extent that the Fund receives qualified dividend income, and (ii) for the dividends-received deduction in the case of corporate shareholders to the extent that the Fund's income consists of dividend income from certain U.S. corporations. Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (e.g., generally foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States).

Properly reported dividends paid by a Fund that are attributable to its "qualified REIT dividends" (generally, ordinary income dividends paid by a "real estate investment trust" for U.S. federal income tax purposes, not including capital gain dividends or dividends treated as qualified dividend income) may be eligible for the 20% deduction described in Section 199A of the Code in the case of non-corporate U.S. shareholders, provided that certain holding period and other requirements are met by the shareholder and the Fund. The Funds generally do not expect their distributions to qualify for this deduction. Subject to any future regulatory guidance to the contrary, any distribution attributable to income from a Fund's investments in "publicly traded partnerships," if any, will not qualify for the 20% deduction that could be available to a noncorporate shareholder were the shareholder to own such partnership interests directly.

Distributions of net capital gain, reported as capital gain dividends, are taxable to shareholders as long-term capital gain, regardless of the length of time the shares of the distributing Fund have been held by such shareholders. Such distributions are not eligible for the dividends-received deduction discussed above. Distributions in excess of a Fund's earnings and profits will first reduce the adjusted tax basis of a shareholder's shares and, after such adjusted tax basis is reduced to zero, will constitute capital gain to such shareholder. The amount of any Fund distribution that is treated as a tax-free return of capital that reduces a shareholder's adjusted tax basis in such shareholder's shares will increase the potential for gain or reduce the potential for loss on any subsequent sale or other disposition of shares.

To the extent that a Fund retains any net capital gain, it may designate such amount as a "deemed distribution" and pay a tax thereon for the benefit of its shareholders. In that event, the shareholders report their share of the amount so designated on their individual tax returns as if it had been received, and report a credit for the tax paid thereon by the Fund. The amount of the deemed distribution net of such tax is then added to the shareholder's cost basis for his or her shares.

Distributions of investment company taxable income and net capital gain will be taxable as described above, whether received in cash or reinvested in additional shares. Shareholders receiving distributions in the form of additional shares will have a cost basis for U.S. federal income tax purposes in each share so received equal to the amount of cash they could have received instead.

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All distributions of investment company taxable income and net capital gain, whether received in cash or reinvested in additional shares, must be reported by each shareholder on his or her U.S. federal income tax return. Redemptions of shares may result in tax consequences (discussed below) to the shareholder and are also subject to these reporting requirements.

Dividends and capital gains distributions declared in October, November or December and payable to shareholders of record in such a month will be deemed to have been received by shareholders on December 31 if paid during January of the following year.

Distributions by a Fund result in a reduction in the net asset value of the Fund's shares. Should distributions reduce the net asset value below a shareholder's cost basis, such distributions would nevertheless be taxable to the shareholder as ordinary income or capital gain to the extent described above, even though, from an investment standpoint, it may constitute a partial return of capital. In particular, investors should consider the tax implications of buying shares just prior to a distribution. The price of shares purchased at that time includes the amount of the forthcoming distribution. Those purchasing just prior to a distribution will then receive a partial return of capital upon the distribution, which will nevertheless be taxable to them.

Certain of each Fund's investment practices are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, including the dividends-received deduction, (ii) convert lower taxed long-term capital gains and qualified dividend income into higher taxed short-term capital gains or ordinary income, (iii) convert ordinary loss or a deduction into capital loss (the deductibility of which is more limited), (iv) cause a Fund to recognize income or gain without a corresponding receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely alter the characterization of certain complex financial transactions and (vii) produce income that will not qualify as good income for purposes of the regulated investment company annual gross income requirements. Each Fund will monitor its transactions and may make certain tax elections and may be required to borrow money or dispose of securities to mitigate the effect of these rules and prevent disqualification of the Fund as a regulated investment company.

The International Value Fund and the International Value Fund II – Currency Unhedged intend to qualify for, and depending on the year, the Buybacks . Dividends + Value Fund and the Value Fund may qualify for, and may make the election permitted under Section 853 of the Code so that shareholders generally will be required to treat as part of the amounts distributed to them, and may (subject to limitations) be able to claim a credit or deduction on their U.S. federal income tax returns for, their pro rata portion of qualified taxes paid by that Fund to foreign countries (which taxes relate primarily to investment income). A shareholder who does not itemize deductions may not claim a deduction for such taxes. A Fund may make an election under Section 853 of the Code, provided that more than 50% of the value of the total assets of the Fund at the close of the taxable year consists of stocks or securities in foreign corporations. The foreign tax credit available to shareholders is subject to certain limitations imposed by the Code. Each shareholder of a Fund that may be eligible to file the election described in this paragraph will be notified annually regarding whether the foreign taxes paid by such Fund will "pass through" for that year and, if so, will receive notification designating (i) the shareholder's portion of the aggregate foreign taxes paid and (ii) the portion of dividends that represent income derived from sources within foreign countries.

Generally, a foreign tax credit is subject to the limitation that it may not exceed the shareholder's U.S. tax (before the credit) attributable to the shareholder's total taxable income from foreign sources. For this purpose, the shareholder's pro rata share of qualified taxes paid by the Fund and the shareholder's proportionate share of dividends paid by the Fund that represents income derived from foreign sources will be treated as foreign source income. The Fund's gains and losses from the sale of securities, and certain currency gains and losses, generally will be treated as being derived from U.S. sources. The limitation on the foreign tax credit applies separately to specific categories of foreign source income, including "passive income," a category that generally includes the portion of dividends received from each Fund that qualifies as foreign source income. The foregoing

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limitation may prevent a shareholder from claiming a credit for the full amount of his or her proportionate share of the foreign income taxes paid by each Fund.

Equity options (including options on stocks and options on narrow-based stock indices) and over-the-counter options on debt securities written or purchased by a Fund are subject to Section 1234 of the Code. In general, no loss is recognized by a Fund upon payment of a premium in connection with the purchase of a put or call option. The character of any gain or loss recognized (i.e., long-term or short-term) will generally depend, in the case of a lapse or sale of the option, on a Fund's holding period for the option. If the option is exercised, the cost of the option, in the case of a call option, is added to the basis of the purchased security and, in the case of a put option, reduces the amount realized on the underlying security in determining gain or loss. The purchase of a put option may constitute a short sale for U.S. federal income tax purposes, causing an adjustment in the holding period of the underlying stock or substantially identical stock in the Fund's portfolio. If the Fund sells a put or call option, no gain is recognized upon its receipt of a premium. If the option expires, the premium is short-term capital gain to the Fund. If the Fund enters into a closing transaction, the difference between the amount paid to close out its position and the premium received is short-term capital gain or loss. If a call option sold by the Fund is exercised, thereby requiring the Fund to sell the underlying stock, the premium will increase the amount realized upon the sale of the stock and any resulting gain or loss is a short-term or long-term capital gain or loss depending on the holding period of the underlying stock. The exercise of a put option sold by the Fund is not a taxable transaction for the Fund. Because a Fund does not have control over the exercise of the call options it writes, such exercises or other required sales of the underlying securities may cause the Fund to realize capital gains or losses at inopportune times.

Many of the futures contracts (including foreign currency futures contracts) entered into by a Fund, certain forward currency contracts, and all listed non-equity options written or purchased by a Fund (including options on debt securities, options on futures contracts, options on securities indices and certain options on broad-based stock indices) will be governed by Section 1256 of the Code. Absent a tax election to the contrary, gain or loss attributable to the lapse, exercise or closing out of any such position generally will be treated as 60% long-term and 40% short-term capital gain or loss. In addition, on the last business day of the Fund's taxable year, all outstanding Section 1256 positions will be marked to market (i.e., treated as if such positions were closed out at their fair market value on such day), with any resulting gain or loss recognized as 60% long-term and 40% short-term capital gain or loss. Under certain circumstances, entry into a futures contract to sell a security may constitute a short sale for U.S. federal income tax purposes, causing an adjustment in the holding period of the underlying security or a substantially identical security in the Fund's portfolio. Under Section 988 of the Code, discussed below, certain foreign currency gain or loss from foreign currency related forward contracts, certain futures and similar financial instruments entered into or acquired by the Fund will be treated as ordinary income or loss.

Positions of each Fund which consist of at least one share of stock and at least one offsetting position with respect to such stock or substantially similar or related property generally are governed by the "straddle" rules of Section 1092 of the Code. In general, an investment position will be offsetting if it substantially diminishes a Fund's risk of loss with respect to such stock. Section 1092 may cause deferral of losses, adjustments in the holding periods of stock or securities and conversion of short-term capital losses into long-term capital losses. In addition, the Fund will not be allowed to currently deduct interest and carry costs properly attributable to the straddle position. The Fund may make certain elections to mitigate the operation of the rules discussed above.

Straddle positions of a Fund which consist of at least one position not governed by Section 1256 and at least one futures contract or forward contract or non-equity option governed by Section 1256 which substantially diminishes the Fund's risk of loss with respect to such other position will be treated as a "mixed straddle." Although mixed straddles are subject to the straddle rules of Section 1092 of the Code, certain tax elections exist for them which reduce or mitigate the operation of these rules. Each Fund will monitor its transactions in options and futures and may make certain tax elections in connection with these investments.

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Under the Code, gains or losses attributable to fluctuations in exchange rates which occur between the time a Fund accrues interest or other receivables, or accrues expenses or other liabilities, denominated in a foreign currency and the time the Fund actually collects such interest or receivables, or pays such expenses or liabilities, generally are treated as ordinary income or loss. Similarly, gains or losses from dispositions of foreign currencies, debt securities denominated in a foreign currency and certain futures and forward contracts, attributable to fluctuations in the value of the foreign currency between the date of acquisition of the currency or security or contract and the date of disposition are also treated as ordinary income or loss. These gains or losses may increase or decrease the amount of the Fund's investment company taxable income to be distributed to its shareholders as ordinary income.

If a Fund owns shares in a foreign corporation that constitutes a "passive foreign investment company" for U.S. federal income tax purposes and the Fund does not elect to treat the foreign corporation as a "qualified electing fund" within the meaning of the Code or does not make a mark-to-market election (as described below), the Fund may be subject to U.S. federal income tax on a portion of any "excess distribution" it receives from the foreign corporation or any gain it derives from the disposition of such shares, even if such income is distributed as a taxable dividend by the Fund to its shareholders. Each Fund may also be subject to additional tax in the nature of an interest charge with respect to deferred taxes arising from such distributions or gains. Any tax paid by a Fund as a result of its ownership of shares in a "passive foreign investment company" will not give rise to any deduction or credit to the Fund or any shareholder. If a Fund owns shares in a "passive foreign investment company" and the Fund elects to treat the foreign corporation as a "qualified electing fund" under the Code, then in lieu of incurring the foregoing tax and interest obligation, the Fund would be required to include in income each year its pro rata share of the "qualified electing fund's" annual ordinary earnings and net capital gain, even if this income is not distributed to the Fund. Any such income would be subject to the distribution requirements described above, even if the Fund does not receive any funds to distribute.

A Fund may elect to "mark-to-market" any stock in a "passive foreign investment company" the Fund owns at the end of its taxable year, provided the "passive foreign investment company" stock is "marketable" as defined under the "passive foreign investment company" rules (which generally includes any "passive foreign investment company" stock owned by a regulated investment company). "Marking-to-market," in this context, means including in ordinary income for each taxable year the excess, if any, of the fair market value of the stock over the Fund's adjusted basis therein as of the end of that year. Pursuant to this election, the Fund also may deduct (as an ordinary, not capital, loss) the excess, if any, of its adjusted basis in the "passive foreign investment company" stock over the fair market value thereof as of the taxable year-end, but only to the extent of any net mark-to-market gains with respect to that stock included in its income for prior taxable years under the election. The Fund's adjusted basis in each "passive foreign investment company's" stock subject to the election would be adjusted to reflect the amounts of income included and deductions taken thereunder. The Fund will likely have to distribute annually any ordinary income resulting from marking "passive foreign investment company" stock to market in order to satisfy the regulated investment company distribution requirements and avoid imposition of the excise tax, regardless of whether and to what extent the Fund actually receives cash distributions from the "passive foreign investment company" during that year.

A Fund may be required to recognize taxable income in circumstances in which it does not receive cash. For example, a portion of the difference between the issue price of zero coupon securities and their face value ("original issue discount") is considered to be income to the Fund each year, even though the Fund does not receive cash interest payments from these securities. This original issue discount imputed income will comprise a part of the investment company taxable income of the Fund which must be distributed to shareholders in order to maintain the taxation of the Fund as a regulated investment company and to avoid U.S. federal income tax at the Fund level.

Each Fund will be required to report to the IRS all distributions of investment company taxable income and capital gains, as well as gross proceeds from the redemption or exchange of the Fund's shares, except in the case of certain exempt shareholders. Under the backup withholding provisions of the Code, distributions of

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investment company taxable income and capital gains and proceeds from the redemption or exchange of the shares of a regulated investment company may be subject to withholding of U.S. federal income tax at the then applicable rate in the case of non-exempt shareholders who fail to furnish the Fund with their taxpayer identification numbers and with required certifications regarding their status under the U.S. federal income tax law. Withholding may also be required if any of the Funds is notified by the IRS or a broker that the taxpayer identification number furnished by the shareholder is incorrect or that the shareholder is incorrect or that the shareholder has previously failed to report interest or dividend income. If the withholding provisions are applicable, any such distributions and proceeds, whether taken in cash or reinvested in additional shares, will be reduced by the amounts required to be withheld. Backup withholding is not an additional tax and any amount withheld may be refunded or credited against the shareholder's U.S. federal income tax liability, if any, provided that the shareholder furnish the required information to the IRS.

Redeeming shareholders will recognize gain or loss in an amount equal to the difference between the basis in their redeemed shares and the amount received. If such shares are held as a capital asset, the gain or loss will be a capital gain or loss and will be long-term if such shares have been held for more than one year. Any loss realized upon a taxable disposition of shares held for six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends received (or deemed distributions of capital gains) with respect to such shares. Both long and short-term capital gains of corporations are taxed at rates applicable to ordinary income. For non-corporate taxpayers, long-term capital gain is generally taxed at a reduced maximum rate, while short-term capital gain is taxed at the maximum rate applicable to ordinary income. The deductibility of capital losses is subject to limitations under the Code. No loss will be allowed on the redemption or other taxable disposition of shares if the owner acquires (including pursuant to the reinvestment of dividends) or enters into a contract or option to acquire securities that are substantially identical to such shares within 30 days before or after the redemption or other taxable disposition. In such a case, the basis of the securities acquired will be adjusted to reflect the disallowed loss.

Under Treasury Regulations, if a shareholder recognizes a loss with respect to shares of a Fund in any single tax year of $2 million or more (or $4 million in a combination of years) for an individual shareholder or $10 million or more in a single year (or $20 million in a combination of years) for a corporate shareholder, the shareholder will likely have to file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a regulated investment company are not excepted. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

When a Fund experiences redemption activity, it may be required to sell portfolio securities at times when it would not otherwise do so. These transactions accelerate the realization of taxable income and/or capital gains to shareholders if sales of the Fund's investments resulted in gains and may cause the Fund to make taxable distributions to its non-redeeming shareholders earlier than the Fund otherwise would have.

Shareholders of each Fund may be subject to state, local and foreign taxes on distributions received from a Fund and on redemptions of each Fund's shares. Prospective investors must consult their own tax advisors as to the state, local and foreign tax consequences of purchasing shares of the Fund.

Each distribution is accompanied by a brief explanation of the estimated source and character of the distribution. In January of each year the Company will issue to each shareholder a statement of the U.S. federal income tax status of all distributions for the prior year.

Certain non-corporate U.S. shareholders whose income exceeds certain thresholds will be required to pay 3.8% Medicare tax on all or a portion of their "net investment income," which generally includes dividends received from a Fund and capital gains from the redemption or other taxable disposition of a Fund's stock. The

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Company may be required to report cost basis and holding period information to both the IRS and shareholders for gross proceeds from the sales of shares of each Fund purchased on or after January 1, 2012. This information will be reported on Form 1099-B. The deadline for mailing Form 1099-B to shareholders is February 15. Absent shareholder instructions, the Company will calculate and report cost basis information using its default method of average cost. If you hold shares of a Fund through a financial intermediary, the financial intermediary will be responsible for this reporting and the financial intermediary's default cost basis method may apply. Please consult your tax adviser for additional information regarding cost basis reporting and your situation.

The foregoing general discussion of U.S. federal income tax law relates solely to the application of that law to U.S. persons, as defined under the Code. Each shareholder who is not a U.S. person must consult their own tax advisor to determine the U.S. and foreign tax consequences of ownership of shares of the Funds, including the possibility that such a shareholder may be subject to a U.S. withholding tax at a rate of 30% (or at a lower rate under an applicable income tax treaty) on amounts distributed to him or her.

The Foreign Account Tax Compliance Act ("FATCA") generally requires a Fund to obtain information sufficient to identify the status of each of its shareholders. If a shareholder fails to provide this information or otherwise fails to comply with FATCA, a Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on Fund dividends. A Fund may disclose the information that it receives from (or concerning) its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA, related intergovernmental agreements or other applicable law or regulation. Each investor is urged to consult its tax advisor regarding the applicability of FATCA and any other reporting requirements with respect to the investor's own situation, including investments through an intermediary.

The U.S. federal income tax discussion set forth above is for general information only. Shareholders and prospective investors should consult their tax advisers about the application of the provisions of tax law described in this SAI in light of their particular tax situations.

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**BROKERAGE ALLOCATION AND OTHER PRACTICES AND BROKERAGE COMMISSIONS** 

The Adviser conducts trading operations for each of the Funds. The primary objective of the Adviser in placing orders for the purchase and sale of securities for each Fund's portfolio is to obtain the most favorable net results, taking into account, where applicable, such factors as price, commission, size of order, difficulty of execution and skill required of the executing broker-dealer. After taking into account the foregoing factors, the Adviser may determine to use one or a small group of brokers for trade execution. In certain instances, a broker may provide "trading desk" services ("TD Services") to the Adviser, and presently the Adviser uses one broker that provides TD Services as part of the group of brokers it uses for trade execution for the Funds. TD Services include not only traditional execution services, but also middle and/or back office processing, along with a centralized point of contact for trading with the broker that provides the TD Services. In all cases, the Adviser will only use a broker, including a broker providing TD Services, if the Adviser concludes that such broker provides the best qualitative execution for the Funds. As part of the Adviser's evaluation of arrangements involving TD Services, the Adviser also reviews and considers any conflicts of interest it might have in using a broker's TD Services. The Adviser only intends to use a broker providing TD Services after its Investment Committee has considered all relevant conflicts of interest and concluded that such broker provides the best qualitative execution for the Funds when compared with available alternatives. The Adviser expects that such best execution reviews will be ongoing, and that the Investment Committee will oversee any broker providing TD Services to ensure best execution on behalf of the Funds and to maintain the Adviser's compliance with all applicable legal and regulatory requirements. The Adviser reviews on a routine basis commission rates, execution and settlement services performed, making internal and external comparisons. To the extent practicable, the Adviser aggregates all trades on each security on a given day for allocation among its clients in accordance with its allocation procedures.

Subject to concluding in good faith that the value of the research and brokerage services received are reasonable in relation to the overall commission charges, the Adviser may direct securities transactions to brokers and may pay such brokers a commission higher than another broker might have charged in reliance on Section 28(e) under the Securities Exchange Act of 1934. Research services received by the Adviser are generally limited to research reports, financial and economic data, discussions with research personnel, meetings with corporate executives and attendance at research-related seminars and conferences. These research services are used for the benefit of all of the Adviser's client accounts, and not just those (including the Funds') whose executions were utilized to acquire the research services, and the Adviser does not seek to allocate research benefits to accounts (including the Funds') proportionately to any research "credits" the accounts generate. When client (including the Funds') commissions are utilized to acquire research services, the Adviser may benefit since the Adviser does not have to bear the cost of acquiring such research services. Additionally, the Adviser may have an incentive to select a broker based upon the research services the broker may provide as opposed to the quality and cost of that broker's execution service; however, in all cases the Adviser will only select brokers where it has concluded that such brokers provide the Funds with best execution – a component of which is consideration of the value of permissible research services provided.

The Adviser's Investment Committee and research analysts periodically evaluate the quality of the research and brokerage services received from executing brokers, and the Investment Committee considers this evaluation in future brokerage allocation decisions. The Adviser's Investment Committee conducts periodic reviews of best execution designed to track the quality of brokers' execution services, and thereby seeks to ensure that brokers are being chosen on a best execution basis rather than solely as a result of the research services they provide. Accordingly, the Adviser believes that this practice is beneficial to client accounts, including the Funds.

The Fund generally intends to execute currency hedging transactions with one counterparty or a limited number of counterparties. As a result, the Fund anticipates that one counterparty or a limited number of counterparties will generally be the only or most significant counterparties with which it will enter into currency hedging transactions. While the Fund believes that one counterparty or a limited number of counterparties presents an acceptable level of counterparty risk, the anticipated concentration of its currency hedging

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transactions with one counterparty or a limited number of counterparties increases counterparty concentration risk with respect to these transactions, and any default by such counterparties or negative development with respect to such counterparties would have a disproportionally negative impact on the Fund. During the fiscal year ended March 31, 2026, the International Value Fund, the International Value Fund II – Currency Unhedged, the Value Fund and the Buybacks . Dividends + Value Fund paid [$], [$], [$] and [$], respectively, in commissions to brokers who supplied research to the Adviser.

During the past three fiscal years, the International Value Fund, the International Value Fund II – Currency Unhedged, the Value Fund, and the Buybacks . Dividends + Value Fund incurred brokerage commissions as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **March 31,<br>2026** | **March 31,<br>2025** | **March 31,<br>2024** |
|  International Value Fund | $[$] | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309424 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274709 |
|  International Value Fund II – Currency Unhedged | $[$] | $68313 | $107651 |
|  Value Fund | $[$] | $62723 | $82075 |
|  Buybacks . Dividends + Value Fund | $[$] | $3687 | $8512 |

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Fluctuations in the amount of brokerage commissions paid by each Fund from year to year may vary significantly due to increases or decreases in trading volume, shareholder purchases and redemptions, and brokers used, among other factors.

Average annual portfolio turnover rate is the ratio of the lesser of sales or purchases to the monthly average value of the portfolio securities owned during the year, excluding from both the numerator and the denominator all securities with maturities at the time of acquisition of one year or less. During the past two fiscal years, the portfolio turnover rate for the International Value Fund, the International Value Fund II – Currency Unhedged, the Value Fund and the Buybacks . Dividends + Value Fund were as follows:

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| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2026** | **March 31,**<br>**2025** |
|  International Value Fund | [%] | 17% |
|  International Value Fund II – Currency Unhedged | [%] | 13% |
|  Value Fund | [%] | 18% |
|  Buybacks . Dividends + Value Fund | [%] | 7% |

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[During the fiscal year ended March 31, 2026, the Funds did not acquire any securities issued by their regular broker-dealers. ]

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**[DISCLOSURE OF PORTFOLIO HOLDINGS]** 

Each Fund discloses its full portfolio holdings, as of the close of business the prior day, each day before the opening of trading on the Exchange at [www.tweedyfunds.com].

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**NET ASSET VALUE** 

The net asset value of shares for each Fund will be computed as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day during which the Exchange is open for trading. The Exchange is normally closed on the following national holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving, and Christmas. Net asset value per share for each Fund is determined by dividing the value of the total assets, less all liabilities of such Fund, by the total number of shares outstanding.

The Company's Board of Directors (the "Board") has designated the Investment Adviser as the Valuation Designee. As Valuation Designee, the Adviser is responsible for performing fair valuation determinations consistent with the Funds' Valuation Policies and Procedures ("Valuation Policy"), subject to oversight by the Board. In valuing a Fund's assets, under normal circumstances, a security or other asset traded on a U.S. national securities exchange, comparable foreign securities exchange or through any system providing for same day publication of actual prices (and not subject to restrictions against sale by the Fund on such exchange or system) is valued at the last quoted sale price at or prior to the close of regular trading on the principal exchange or system for such security or asset or, if applicable, the NASDAQ Official Closing Price ("NOCP"), unless (a) in the view of the Valuation Designee, such price is not reliable; or (b) there has been significant daily market movement that calls for the application of fair value prices provided by a third party, as described further below. Under normal circumstances, (i) portfolio securities and other assets which are readily marketable but for which there are no reported sales on the valuation date, whether because they are not traded in a system providing for same day publication of sales or because there were no sales reported on such date, are valued at the mean between the last asked price and the last bid price prior to the close of regular trading; (ii) debt securities which are readily marketable with a remaining maturity of more than 60 days are valued through pricing obtained from sources approved, in good faith, by the Valuation Designee; and (iii) debt securities which are readily marketable with a remaining maturity of 60 days or less are valued at amortized cost; in each case, unless, in the view of the Valuation Designee, such price is not reliable, in which case the asset will be valued at fair value according to the Valuation Policy.

Securities and assets which are not readily marketable due to significant legal or contractual restrictions or other reasons will be valued at fair value as determined in good faith by the Valuation Designee pursuant to the Valuation Policy.

In determining fair value of a security which is not readily marketable, the Valuation Designee will consider, in good faith, all factors it considers pertinent, although no particular factor may be determinative. Among the potential factors the Valuation Designee may consider are the following: market movements since the last valuation obtained; type of security; financial statements of the issuer; cost at date of purchase; size of holding; market value of unrestricted securities of the same class; special reports prepared by analysts; information as to any transaction; existence of merger proposals or tender offers with respect to the security; price and extent of public trading in similar securities of the issuer or comparable companies; and other relevant matters.

With respect to the values of securities and other assets obtained in local currency units (such as, for example, a portfolio company traded on a foreign securities exchange), the value of those securities and other assets will be converted to U.S. dollars based on the current 4:00 p.m. London time spot rate. Foreign currency exchange contracts are valued each day by obtaining the current 4:00 p.m. London time spot rate and future rate on forward currency contracts. In the case of both securities and other assets and foreign currency exchange contracts, if the 4:00 p.m. London spot rate is not available from the Funds' service provider for a particular currency, the last available London spot rate or another rate deemed appropriate by the Valuation Designee will be used.

Trading in securities on European and Far Eastern securities exchanges and over-the-counter markets is normally completed well before the close of business on each business day in New York (i.e., a day on which the Exchange is open). In addition, European or Far Eastern securities trading generally or in a particular country

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or countries may not take place on all business days in New York. Furthermore, trading takes place in various foreign markets on days which are not business days in New York and on which a Fund's net asset value is not calculated. Each Fund generally calculates net asset value per share, as of the regular close of the Exchange on each day on which the Exchange is open. Such calculation may not take place contemporaneously with the determination of the prices of a substantial portion of portfolio securities each Fund used in such calculation. Thus, international securities may be valued at fair value under certain circumstances as determined in good faith under the Valuation Policy. The Company has retained a third-party service provider that, under certain circumstances selected by the Company, provides fair value pricing for international equity securities whose principal markets are no longer open when the Funds calculate their net asset values. This means that a Fund's net asset value may be based, at least in part, on prices other than those determined as of the close of the principal market in which such assets trade.

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**PERFORMANCE INFORMATION** 

From time to time, each Fund may provide general comparative information, such as statistical data regarding inflation, securities indices or the features or performance of alternative investments for inclusion in advertisements, sales literature or reports to shareholders or prospective investors.

Since performance will fluctuate, performance data for the Funds should not be used to compare an investment in the Funds' shares with bank deposits, savings accounts and similar investment alternatives which often provide an agreed or guaranteed fixed yield for a stated period of time. Shareholders should remember that performance is generally a function of the kind and quality of the instruments held in a portfolio, portfolio maturity, operating expenses and market conditions.

Quotations of a Fund's performance are historical, show the performance of a hypothetical investment, and are not intended to indicate future performance. An investor's shares when redeemed may be worth more or less than their original cost. Performance of each Fund will vary based on changes in market conditions and the level of the Fund's expenses.

**Comparison of Portfolio Performance** 

Comparison of any quoted non-standardized performance of various investments, such as other mutual funds, is valid only if performance is calculated in the same manner or the differences are understood. For example, from time to time a Fund's average total return may be quoted over annual periods other than calendar-year periods. Investors should consider the methods used to calculate performance when comparing the performance of a Fund with the performance of other investment companies or other types of investments.

In connection with communicating its performance to current or prospective shareholders, a Fund also may compare these figures to unmanaged indices which may assume reinvestment of dividends or interest but generally do not reflect deductions for operational, administrative and management costs.

Because normally most of the investments of the International Value Fund and International Value Fund II – Currency Unhedged are denominated in foreign currencies, and a significant portion of the investments of the Value Fund and Buybacks . Dividends + Value Fund are denominated in foreign currencies, the strength or weakness of the U.S. dollar against these currencies will account for part of each Fund's investment performance except to the extent hedged to the U.S. dollar. Historical information on the value of the dollar versus foreign currencies may be used from time to time in advertisements concerning the Funds. Such historical information is not indicative of future performance.

From time to time, in advertising and marketing literature, a Fund's performance may be compared to the performance of broad groups of mutual funds with similar investment goals, as tracked by independent organizations. When these organizations' tracking results are used, a Fund will be compared to the appropriate fund category, that is, by fund objective and portfolio holdings, or to the appropriate volatility grouping, where volatility is a measure of a fund's risk.

Evaluations of a Fund's performance made by independent sources may also be used in advertisements concerning that Fund, including reprints of, or selections from, editorials or articles about the Fund.

Since the assets in funds are always changing, any of the Funds may be ranked within a category at one time and in another category at some other time depending upon the basis of the independent organization's categorizations of mutual funds, changes in the Fund's investment policies and investments, the Fund's asset size and other factors deemed relevant. Footnotes in advertisements and other marketing literature will include the organization issuing the ranking, time period and category, as applicable, for the ranking in question.

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**ADDITIONAL INFORMATION** 

**[PURCHASE AND REDEMPTION OF CREATION UNITS]** 

[The Company issues and sells ETF Class shares of the Funds only: (i) in Creation Units on a continuous basis through the Distributor, without a sales load (but subject to transaction fees), at their NAV next determined after receipt of an order, on any Business Day, in proper form pursuant to the terms of the Authorized Participant Agreement ("Participant Agreement"). The NAV of each Fund's shares is calculated each business day as of the close of regular trading on the Exchange, generally 4:00 p.m., Eastern Time. The Funds will not issue fractional Creation Units. A Business Day is any day on which the Exchange is open for business.

**Fund Deposit** 

The consideration for purchase of a Creation Unit of a Fund generally consists of the in-kind deposit of a designated portfolio of securities (the "Deposit Securities") per each Creation Unit, plus the Cash Component (defined below), computed as described below. Notwithstanding the foregoing, the Company reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. When accepting purchases of Creation Units for all or a portion of Deposit Cash, a Fund may incur additional costs associated with the acquisition of Deposit Securities that would otherwise be provided by an in-kind purchaser. These additional costs associated with the acquisition of Deposit Securities ("Non-Standard Charges") may be recoverable from the purchaser of creation units. Together, the Deposit Securities or Deposit Cash, as applicable, and the Cash Component constitute the "Fund Deposit," which represents the minimum initial and subsequent investment amount for a Creation Unit of a Fund. The "Cash Component" is an amount equal to the difference between the NAV of the Fund's shares (per Creation Unit) and the market value of the Deposit Securities or Deposit Cash, as applicable. If the Cash Component is a positive number (i.e., the NAV per Creation Unit exceeds the market value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component will be such positive amount. If the Cash Component is a negative number (i.e., the NAV per Creation Unit is less than the market value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such negative amount and the creator will be entitled to receive cash in an amount equal to the Cash Component. The Cash Component serves the function of compensating for any differences between the NAV per Creation Unit and the market value of the Deposit Securities or Deposit Cash, as applicable. Computation of the Cash Component excludes any stamp duty or other similar fees and expenses payable upon transfer of beneficial ownership of the Deposit Securities, if applicable, which will be the sole responsibility of the Authorized Participant (as defined below). Each Fund, through the National Securities Clearing Corporation ("NSCC"), makes available on each Business Day, immediately prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern time), the list of the names and the required number of shares of each Deposit Security or the required amount of Deposit Cash, as applicable, to be included in the current Fund Deposit (based on information at the end of the previous Business Day) for the Fund. Such Fund Deposit is subject to any applicable adjustments as described below, in order to effect purchases of Creation Units of the Fund until such time as the next-announced composition of the Deposit Securities or the required amount of Deposit Cash, as applicable, is made available. The identity and number of shares of the Deposit Securities or the amount of Deposit Cash, as applicable, required for a Fund Deposit for the Fund changes as rebalancing adjustments and corporate action events are reflected by the Adviser. The composition of the Deposit Securities will change in response to adjustments to the weighting or composition of the securities constituting the Fund's portfolio. The Company reserves the right to permit or require the substitution of an amount of cash (i.e., a "cash in lieu" amount) to replace any Deposit Security, which will be added to the Deposit Cash, if applicable, and the Cash Component, including, without limitation, in situations where the Deposit Security: (i) may not be available in sufficient quantity for delivery; (ii) may not be eligible for transfer through the systems of DTC for corporate securities and municipal securities; (iii) may not be eligible for trading by an Authorized Participant (as defined below) or the investor for which it is acting; (iv) would be restricted under the securities laws or where the delivery of the Deposit Security to the Authorized Participant would result in the disposition of the Deposit Security by the Authorized Participant becoming restricted under the securities laws; or (v) in certain other situations (collectively, "custom orders").

**Cash Purchase Method** 

The Company may at its discretion permit full or partial cash purchases of Creation Units of each Fund. When full or partial cash purchases of Creation Units are available or specified for the Fund, they will be effected in essentially the same manner as in-kind purchases thereof. In the case of a full or partial cash purchase, the Authorized Participant must pay the cash equivalent of the Deposit Securities it would otherwise be required to provide through an in-kind purchase, plus the same Cash Component required to be paid by an in-kind purchaser together with a Creation Transaction Fee and Non-Standard Charges, as may be applicable.

**Procedures for Purchase of Creation Units** 

To be eligible to place orders with the Distributor to purchase a Creation Unit of a Fund, an entity must be (i) a "Participating Party", i.e., a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC (the "Clearing Process"), a clearing agency that is registered with the SEC; or (ii) a DTC Participant. In addition, each Participating Party or DTC Participant (each, an "Authorized Participant" or "AP") must execute a Participant Agreement that has been agreed to

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by the Distributor, and that has been accepted by The Bank of New York Mellon ("Transfer Agent" or "Fund Services") and the Company, with respect to purchases and redemptions of Creation Units. Each AP will agree, pursuant to the terms of a Participant Agreement, on behalf of itself or any investor on whose behalf it will act, to certain conditions, including that it will pay to the Company an amount of cash sufficient to pay the Cash Component together with the Creation Transaction Fee (defined below) and any other applicable fees and taxes. The Adviser may retain all or a portion of the Transaction Fee to the extent the Adviser bears the expenses that otherwise would be borne by the Company in connection with the purchase of a Creation Unit, which the Transaction Fee is designed to cover. All orders to purchase shares directly from a Fund must be placed for one or more Creation Units in the manner set forth in the Participant Agreement (the "Cut-Off Time"). The date on which an order to purchase Creation Units (or an order to redeem Creation Units, as set forth below) is received and accepted is referred to as the "Order Placement Date." An AP may require an investor to make certain representations or enter into agreements with respect to the order (e.g., to provide for payments of cash, when required). Investors should be aware that their particular broker may not have executed a Participant Agreement and that, therefore, orders to purchase shares directly from a Fund in Creation Units have to be placed by the investor's broker through an AP that has executed a Participant Agreement. In such cases there may be additional charges to such investor. At any given time, there may be only a limited number of broker-dealers that have executed a Participant Agreement and only a small number of such APs may have international capabilities. On days when the Exchange closes earlier than normal, a Fund may require orders to create Creation Units to be placed earlier in the day. In addition, if a market or markets on which a Fund's investments are primarily traded is closed on any day, a Fund will not accept orders on such day. Orders must be transmitted by an AP by telephone or other transmission method acceptable to the Distributor pursuant to procedures set forth in the Participant Agreement and in accordance with the AP Handbook. With respect to a Fund, the Distributor will notify the Custodian of such order. The Custodian will then provide such information to the appropriate local sub-custodian(s). Those placing orders through an AP should allow sufficient time to permit proper submission of the purchase order to the Distributor by the Cut-Off Time on the Business Day on which the order is placed. Economic or market disruptions or changes, or telephone or other communication failure may impede the ability to reach the Distributor or an AP. Fund Deposits must be delivered by an AP through the Federal Reserve System (for cash) or through DTC (for corporate securities), through a subcustody agent (for foreign securities) and/or through such other arrangements allowed by the Company or its agents. With respect to foreign Deposit Securities, the Custodian will cause the subcustodian of such Fund to maintain an account into which the AP will deliver, on behalf of itself or the party on whose behalf it is acting, such Deposit Securities (or Deposit Cash for all or a part of such securities, as permitted or required), with any appropriate adjustments as advised by the Company. Foreign Deposit Securities must be delivered to an account maintained at the applicable local subcustodian. The Fund Deposit transfer must be ordered by the AP in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities or Deposit Cash, as applicable, to the account of a Fund or its agents by no later than the settlement date. All questions as to the number of Deposit Securities or Deposit Cash to be delivered, as applicable, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities or cash, as applicable, will be determined by the Company, whose determination will be final and binding. The amount of cash represented by the Cash Component must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner so as to be received by the Custodian no later than the settlement date. If the Cash Component and the Deposit Securities or Deposit Cash, as applicable, are not received in a timely manner by the settlement date, the creation order may be cancelled. Upon written notice to the Distributor, such canceled order may be resubmitted the following Business Day using the Fund Deposit as newly constituted to reflect the then current NAV of the Fund. The order will be deemed to be received on the Business Day on which the order is placed provided that the order is placed in proper form prior to the Cut-Off Time and the federal funds in the appropriate amount are deposited by 2:00 p.m., Eastern time, with the Custodian on the settlement date. If the order is not placed in proper form as required, or federal funds in the appropriate amount are not received by 2:00 p.m., Eastern time on the settlement date, then the order may be deemed to be rejected and the AP will be liable to the Fund for losses, if any, resulting therefrom. A creation request is considered to be in "proper form" if all procedures set forth in the Participant Agreement, AP Handbook and this SAI are properly followed.

**Issuance of a Creation Unit** 

Except as provided herein, Creation Units will not be issued until the transfer of good title to the Company of the Deposit Securities or payment of Deposit Cash, as applicable, and the payment of the Cash Component have been completed. When the subcustodian has confirmed to the Custodian that the required Deposit Securities (or the cash value thereof) have been delivered to the account of the relevant subcustodian or subcustodians, the Distributor and the Adviser will be notified of such delivery, and the Company will issue and cause the delivery of the Creation Units. The delivery of Creation Units so created generally will occur no later than the third Business Day following the day on which the purchase order is deemed received by the Distributor. However, each Fund reserves the right to settle Creation Unit transactions on a basis other than the third Business Day following the day on which the purchase order is deemed received by the Distributor in order to accommodate foreign market holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and ex-dividend dates (that is the last day the holder of a security can sell the security and still receive dividends payable on the security), and in certain other circumstances. The AP will be liable to a Fund for losses, if any, resulting from unsettled orders. Creation Units may be purchased in advance of receipt by the Company of all or a portion of the applicable Deposit Securities as described below. In these circumstances, the initial deposit will have a value greater than the NAV of the shares on the date the order is placed in proper form since in addition to available Deposit

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Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component, plus (ii) an additional amount of cash equal to a percentage of the market value as set forth in the Participant Agreement, of the undelivered Deposit Securities (the "Additional Cash Deposit"), which will be maintained in a separate non-interest bearing collateral account. An additional amount of cash will be required to be deposited with the Company, pending delivery of the missing Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Company in an amount at least equal to the applicable percentage, as set forth in the Participant Agreement, of the daily marked to market value of the missing Deposit Securities. The Participant Agreement will permit the Company to buy the missing Deposit Securities at any time. APs will be liable to the Company for the costs incurred by the Company in connection with any such purchases. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the day the purchase order was deemed received by the Distributor plus the brokerage and related transaction costs associated with such purchases. The Company will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Company and deposited into the Company. In addition, a Transaction Fee as set forth below under "Creation Transaction Fee" will be charged in all cases, unless otherwise advised by the Funds, and Non- Standard Charges may also apply. The delivery of Creation Units so created generally will occur no later than the settlement date.

**Acceptance of Orders of Creation Units s** 

The Company reserves the right to reject an order for Creation Units transmitted to it by the Distributor in respect of a Fund including, without limitation, if (a) the order is not in proper form; (b) the Deposit Securities or Deposit Cash, as applicable, delivered by the Participant are not as disseminated through the facilities of the NSCC for that date by the Custodian; (c) the investor(s), upon obtaining the shares ordered, would own 80% or more of the currently outstanding shares of the Fund; (d) the acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; or (e) the acceptance or receipt of the order for a Creation Unit would, in the opinion of counsel to the Company, be unlawful.

**Creation Transaction Fee** 

A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units, and investors will be required to pay a Creation Transaction Fee regardless of the number of Creation Units created in the transaction. A Fund may adjust the creation transaction fee from time to time based upon actual experience. In addition, a Fund may impose a Non-Standard Charge of up to 2% of the value of the creation transactions for cash creations, non- standard orders, or partial cash purchases for the Fund. A Fund may adjust the Non-Standard Charge from time to time based upon actual experience. Investors who use the services of an AP, broker or other such intermediary may be charged a fee for such services, which may include an amount for the Creation Transaction Fee and Non-Standard Charges. Investors are responsible for the costs of transferring the securities constituting the Deposit Securities to the account of the Company. The Adviser may retain all or a portion of the Transaction Fee to the extent the Adviser bears the expenses that otherwise would be borne by the Company in connection with the purchase of a Creation Unit, which the Transaction Fee is designed to cover. The standard Creation Transaction Fee for each Fund is as follows: [X].

**Risks of Purchasing Creation Units** 

There are certain legal risks unique to investors purchasing Creation Units directly from a Fund. Because each Fund's shares may be issued on an ongoing basis, a "distribution" of shares could be occurring at any time. Certain activities that a shareholder performs as a dealer could, depending on the circumstances, result in the shareholder being deemed a participant in the distribution in a manner that could render the shareholder a statutory underwriter and subject to the prospectus delivery and liability provisions of the Securities Act. For example, a shareholder could be deemed a statutory underwriter if it purchases Creation Units from a Fund, breaks them down into the constituent shares, and sells those shares directly to customers, or if a shareholder chooses to couple the creation of a supply of new shares with an active selling effort involving solicitation of secondary-market demand for shares. Whether a person is an underwriter depends upon all of the facts and circumstances pertaining to that person's activities, and the examples mentioned here should not be considered a complete description of all the activities that could cause a shareholder to be deemed an underwriter. Dealers who are not "underwriters" but are participating in a distribution (as opposed to engaging in ordinary secondary-market transactions), and thus dealing with each Fund's shares as part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3)(C) of the Securities Act.

**Redemption of Creation Units** 

Shares may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by the Fund through the Transfer Agent and only on a Business Day. EXCEPT UPON LIQUIDATION OF A FUND, THE COMPANY WILL NOT REDEEM SHARES IN AMOUNTS LESS THAN CREATION UNITS. Investors must accumulate enough

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shares in the secondary market to constitute a Creation Unit in order to have such shares redeemed by the Company. There can be no assurance, however, that there will be sufficient liquidity in the public trading market at any time to permit assembly of a Creation Unit. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of shares to constitute a redeemable Creation Unit. With respect to each Fund, the Custodian, through the NSCC, makes available immediately prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern time) on each Business Day, the list of the names and share quantities of the Fund's portfolio securities that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as defined below) on that day ("Fund Securities"). Fund Securities received on redemption may not be identical to Deposit Securities. Redemption proceeds for a Creation Unit are paid either in-kind or in cash, or combination thereof, as determined by the Company. With respect to in-kind redemptions of a Fund, redemption proceeds for a Creation Unit will consist of Fund Securities — as announced by the Custodian on the Business Day of the request for redemption received in proper form — plus cash in an amount equal to the difference between the NAV of the shares being redeemed, as next determined after a receipt of a request in proper form, and the value of the Fund Securities (the "Cash Redemption Amount"), less any fixed redemption transaction fee as set forth below and any Non-Standard Charges. If the Fund Securities have a value greater than the NAV of the shares, a compensating cash payment equal to the differential is required to be made by or through an AP by the redeeming shareholder. Notwithstanding the foregoing, at the Company's discretion, an AP may receive the corresponding cash value of the securities in lieu of the in-kind securities value representing one or more Fund Securities.

**Cash Redemption Method** 

Although the Company does not ordinarily permit full or partial cash redemptions of Creation Units of the Funds, when full or partial cash redemptions of Creation Units are available or specified for a Fund, they will be effected in essentially the same manner as in-kind redemptions thereof. In the case of full or partial cash redemptions, the AP will receive the cash equivalent of the Fund Securities it would otherwise receive through an in-kind redemption, plus the same Cash Amount to be paid to an in-kind redeemer. A Fund may incur costs such as brokerage costs or taxable gains or losses that the Fund might not have incurred if the redemption had been made in-kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis.

**Redemption Transaction Fees** 

A redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units, and APs will be required to pay a Redemption Transaction Fee regardless of the number of Creation Units created in the transaction. The redemption transaction fee is the same no matter how many Creation Units are being redeemed pursuant to any one redemption request. A Fund may adjust the redemption transaction fee from time to time based upon actual experience. In addition, a Fund may impose a Non-Standard Charge of up to 2% of the value of a redemption transaction for cash redemptions, non-standard orders, or partial cash redemptions for the Fund. Investors who use the services of an AP, broker or other such intermediary may be charged a fee for such services which may include an amount for the Redemption Transaction Fees and Non-Standard Charges. Investors are responsible for the costs of transferring the securities constituting the Fund Securities to the account of the Company. The Non-Standard Charges are payable to each Fund as it incurs costs in connection with the redemption of Creation Units, the receipt of Fund Securities and the Cash Redemption Amount and other transactions costs. The standard Redemption Transaction Fee for each Fund is as follows: [X].

**Procedures for Redemption of Creation Units** 

Orders to redeem Creation Units must be submitted in proper form to the Transfer Agent prior to the time as set forth in the Participant Agreement. A redemption request is considered to be in "proper form" if (i) an AP has transferred or caused to be transferred to the Company's Transfer Agent the Creation Unit(s) being redeemed through the book- entry system of DTC so as to be effective by the time as set forth in the Participant Agreement and (ii) a request in form satisfactory to the Company is received by the Transfer Agent from the AP on behalf of itself or another redeeming investor within the time periods specified in the Participant Agreement. If the Transfer Agent does not receive the investor's shares through DTC's facilities by the times and pursuant to the other terms and conditions set forth in the Participant Agreement, the redemption request will be rejected. The AP must transmit the request for redemption, in the form required by the Company, to the Transfer Agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that their particular broker may not have executed an Authorized Participant Agreement, and that, therefore, requests to redeem Creation Units may have to be placed by the investor's broker through an AP which has executed an Authorized Participant Agreement. Investors making a redemption request should be aware that such request must be in the form specified by such AP. Investors making a request to redeem Creation Units should allow sufficient time to permit proper submission of the request by an AP and transfer of the shares to the Company's Transfer Agent; such investors should allow for the additional time that may be required to effect redemptions through their banks, brokers or other financial intermediaries if such intermediaries are not APs. In connection with taking delivery of shares of Fund Securities upon redemption of Creation Units, a redeeming shareholder or AP acting on behalf of such Shareholder must maintain appropriate custody arrangements with a qualified

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broker-dealer, bank or other custody providers in each jurisdiction in which any of the Fund Securities are customarily traded, to which account such Fund Securities will be delivered. Deliveries of redemption proceeds generally will be made within three business days of the trade date.

**Additional Redemption Procedures** 

In connection with taking delivery of shares of Fund Securities upon redemption of Creation Units, the AP must maintain appropriate custody arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in which any of the Fund Securities are customarily traded, to which account such Fund Securities will be delivered. Deliveries of redemption proceeds generally will be made within three Business Days of the trade date. However, due to the schedule of holidays in certain countries, the different treatment among foreign and U.S. markets of dividend record dates and dividend ex-dates (that is the last date the holder of a security can sell the security and still receive dividends payable on the security sold), and in certain other circumstances, the delivery of in-kind redemption proceeds may take longer than three Business Days after the day on which the redemption request is received in proper form. If neither the redeeming Shareholder nor the AP acting on behalf of such redeeming Shareholder has appropriate arrangements to take delivery of the Fund Securities in the applicable foreign jurisdiction and it is not possible to make other such arrangements, or if it is not possible to effect deliveries of the Fund Securities in such jurisdiction, the Company may, in its discretion, exercise its option to redeem such shares in cash, and the redeeming shareholder will be required to receive its redemption proceeds in cash. If it is not possible to make other such arrangements, or it is not possible to effect deliveries of the Fund Securities, the Company may in its discretion exercise its option to redeem such shares in cash, and the redeeming investor will be required to receive its redemption proceeds in cash. In addition, an investor may request a redemption in cash that a Fund may, in its sole discretion, permit. In either case, the investor will receive a cash payment equal to the NAV of its shares based on the NAV of shares of the relevant Fund next determined after the redemption request is received in proper form (minus a redemption transaction fee and additional charge for requested cash redemptions specified above, to offset the Company's brokerage and other transaction costs associated with the disposition of Fund Securities). The Funds may also, in their sole discretion, upon request of a shareholder, provide such redeemer a portfolio of securities that differs from the exact composition of the Fund Securities but does not differ in NAV. Redemptions of shares for Fund Securities will be subject to compliance with applicable federal and state securities laws and a Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Company could not lawfully deliver specific Fund Securities upon redemptions or could not do so without first registering the Fund Securities under such laws. An AP or an investor for which it is acting subject to a legal restriction with respect to a particular security included in the Fund Securities applicable to the redemption of Creation Units may be paid an equivalent amount of cash. The AP may request the redeeming investor of the shares to enter into agreements with respect to such matters as compensating cash payment. Further, an AP that is not a "qualified institutional buyer," ("QIB") as such term is defined under Rule 144A of the Securities Act, will not be able to receive Fund Securities that are restricted securities eligible for resale under Rule 144A. An AP may be required by the Company to provide a written confirmation with respect to QIB status in order to receive Fund Securities. Because the portfolio securities of the Funds may trade on the relevant exchange(s) on days that the Exchange is closed or are otherwise not Business Days for such Fund, shareholders may not be able to redeem their shares of a Fund, or to purchase or sell shares of such Fund on the Exchange, on days when the NAV of such Fund could be significantly affecting by events in the relevant foreign markets. The right of redemption may be suspended or the date of payment postponed with respect to each Fund (1) for any period during which the Exchange is closed (other than customary weekend and holiday closings); (2) for any period during which trading on the Exchange is suspended or restricted; (3) for any period during which an emergency exists as a result of which disposal of the shares of the Fund or determination of the NAV of the shares is not reasonably practicable; or (4) in such other circumstance as is permitted by the SEC.

**Other Information** 

The Company has delegated the voting of portfolio securities to the Adviser. The Adviser has adopted proxy voting policies and procedures ("Proxy Voting Policies and Procedures") for use in connection with determining how to vote proxies related to portfolio securities, including the procedures to be used if a vote presents a conflict of interest between the interests of a Fund's shareholders and those of the Adviser. A copy of the Proxy Voting Policies and Procedures is included under Appendix B.

The Company is required to file Form N-PX with the Company's complete proxy voting record for the 12 months ended June 30<sup>th</sup> no later than August 31<sup>st</sup> of each year. This filing is available without charge on the Fund's website at www.tweedyfunds.com, by calling 800-432-4789 or by visiting the SEC's website at www.sec.gov.

The Prospectus and the SAI omit certain information contained in the Registration Statement which the Company has filed with the SEC under the Securities Act of 1933, as amended, and reference is hereby made to the Registration Statement for further information with respect to the Funds and the securities offered hereby. The Registration Statement is available at <u>www.sec.gov.</u> You can obtain copies of this information after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

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**Financial Statements** 

The audited financial statements dated March 31, 2026 for the International Value Fund, International Value Fund II – Currency Unhedged, Value Fund and Buybacks . Dividends + Value Fund, including the notes thereto, and the related report of [•], the Funds' independent registered public accounting firm, are incorporated by reference in their entirety into this Statement of Additional Information from the Annual Report of the Company dated March 31, 2026. No other portions of any annual report are incorporated herein. The Annual Report is available on the Funds' website, www.tweedyfunds.com, through your financial adviser, or by contacting the Funds directly at: Tweedy, Browne Fund Inc., P.O. Box 534468, Pittsburgh, Pennsylvania 15253-4468, or by telephone at 800-432-4789 (press 0).

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**APPENDIX A** 

The following is a description of the ratings given by Moody's and S&P to corporate and municipal bonds.

**Ratings of Municipal and Corporate Bonds** 

**S&P:** Debt rated AAA has the highest rating assigned by Standard & Poor's. Capacity to meet its financial commitments on the obligation is extremely strong. Debt rated AA has a very strong capacity to meet its financial commitments and differs from the highest rated obligations only to a small degree. Debt rated A has a strong capacity to meet its financial commitments on the obligation although it is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rated categories. Debt rated BBB exhibits adequate protection parameters, however, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to meet its financial commitments on the obligation.

Debt rated BB, B, CCC, CC and C are regarded as having significant speculative characteristics. BB indicates the least degree of speculation and C the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

Debt rated BB is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to inadequate capacity to meet its financial commitments on the obligation. Debt rated B is more vulnerable to nonpayment than obligations rated BB, but currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair capacity or willingness to meet its financial commitments on the obligation

Debt rated CCC is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, it is not likely to have the capacity to meet its financial commitments on the obligation. The rating CC is currently highly vulnerable to nonpayment. The CC rating is used when a default has not yet occurred but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default. The rating C is currently highly vulnerable to nonpayment, and the obligations is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher. Debt rated D is in default or breach of an imputed promise. For non-hybrid capital instruments, the D rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within the next five days in the absence of a stated grace period or the next 30 calendar days. The D rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to D if it is subject to a distressed debt restructuring.

**Moody's:** Bonds which are rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as "gilt edge." Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues. Bonds that are rated Aa are judged to be of high quality by all standards. Together with the Aaa group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in Aaa securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long term risks appear somewhat larger than in Aaa securities. Bonds that are rated A possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate but elements may be present which suggest a susceptibility to impairment sometime in the future.

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Bonds that are rated Baa are considered as medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well. Bonds which are rated Ba are judged to have speculative elements; their future cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate and thereby not well safeguarded during other good and bad times over the future. Uncertainty of position characterizes bonds in this class. Bonds that are rated B generally lack characteristics of the desirable investment. Assurance of interest and principal payments or maintenance of other terms of the contract over any long period of time may be small.

Bonds that are rated Caa are of poor standing. Such issues may be in default or there may be present elements of danger with respect to principal or interest. Bonds that are rated Ca represent obligations which are speculative to a high degree. Such issues are often in default or have other marked shortcomings. Bonds which are rated C are the lowest rated class of bonds and issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing.

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**APPENDIX B** 

**Proxy Voting Policies and Procedures** 

**Mutual Funds** 

**I.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Introduction** 

***Policy***

Tweedy, Browne Company LLC ("TBC") exercises a voice on behalf of its clients in matters of corporate governance through the proxy voting process. At TBC, we take our responsibilities very seriously and believe the right to vote proxies is a significant asset of our clients.

The procedures in this policy apply to all proxy voting matters concerning securities in the Tweedy, Browne International Value Fund, the Tweedy, Browne International Value Fund II – Currency Unhedged, the Tweedy, Browne Value Fund and the Tweedy, Browne Buybacks . Dividends + Value Fund (the "Funds"), each a series of Tweedy, Browne Fund Inc.

Because our sole interest is protecting our clients' assets, when we take action, we place our clients' interests and rights as shareholders first. The reason we acquire and hold a company's equity security is that we expect it will prove to be a good investment. Our consideration of proxy issues, therefore, is focused on the investment implications of each issue.

In this context, TBC exercises the rights of its clients as shareholders primarily by voting on proposals set forth in proxy statements for annual and special meetings of portfolio companies. Our proxy review process, which has been in place for many years, is both thorough and objective. The overall objective is to increase shareholder economic value over time.

***General Voting Positions***

Under its investment philosophy, TBC generally invests client funds in a company only if TBC believes that the company's management seeks to serve shareholders' best interests. Because TBC generally has confidence in the managements of the companies in which it invests, it believes that management decisions and recommendations on issues such as proxy voting generally are likely to be in shareholders' best interests. Thus, on most issues, our votes are cast in accordance with the recommendations of company management. However, TBC may vote against management's position in certain circumstances, including when we believe management's position on an issue is not in the best interests of our clients.

In considering its voting position on all matters submitted to a vote of stockholders (other than routine matters not likely to have an impact on the value of the issuer's securities), TBC considers relevant information available to TBC with respect to the company and the proposal, including information submitted by proponents and opponents, if any, of the issuer's positions.

TBC may abstain from voting proxies in various circumstances. TBC may determine, for example, that abstaining from voting is appropriate if voting may be unduly burdensome or expensive, or otherwise not in the best economic interest of the Funds, such as when foreign proxy issuers impose unreasonable voting or holding requirements. For example, in certain non-U.S. markets where share blocking applies (see attached Exhibit A), TBC generally does not vote on routine matters due to share blocking restrictions, as the potential impact on our ability to sell the shares outweighs the economic value of the vote. However, votes are considered on a case-by-case basis, and TBC may determine to vote shares on a material issue if the importance of the issue outweighs the downside of share blocking.

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***Voting Agent: Institutional Shareholder Services***

TBC retains Institutional Shareholder Services ("ISS") to serve as the voting agent for all domestic and global securities owned by and held by the Funds. TBC is responsible for coordinating with the Funds' custodian relating to the Funds' portfolio securities to ensure that the proxy votes are processed in a timely fashion. To the extent applicable, the proxy voting service votes all proxies in accordance with the guidelines contained in these Proxy Voting Policies and Procedures. The proxy voting service will refer proxy questions to TBC for instructions under circumstances where: (1) the application of the proxy voting guidelines is unclear; (2) a particular proxy question is not covered by the guidelines; or (3) the guidelines call for specific instructions on a case-by-case basis.

Records are maintained by ISS and forwarded to TBC electronically by issuer and by client account. Generally speaking, unless a client specifies otherwise, all accounts are managed on the same basis and the firm votes shares held by all of its accounts in the same manner. In matters that are likely to have an impact on the value of the issuer's security and in the rare event that ISS has not received a particular proxy, ISS will call the Funds' custodian and request the proxy.

In order to assure ourselves that we are aware of all outstanding non-routine matters, ISS has been instructed to contact TBC via telephone or otherwise to obtain voting directions for all annual or extraordinary shareholder meetings that have an agenda which includes such proposals as cumulative voting, poison pills, mergers, shareholder corporate governance proposals, Chinese walls, stock splits, and new classes of stock or increased authorizations with unspecified voting/shareholder rights, as well as meetings in all share blocking jurisdictions (see discussion above).

***The Investment Committee***

The Investment Committee is comprised of John D. Spears, Thomas H. Shrager, Robert Q. Wyckoff, Jr., Roger R. de Bree, Jay Hill, Frank H. Hawrylak and Andrew Ewert. The Investment Committee, in consultation with TBC's in-house staff of analysts, may meet to discuss TBC's view/opinion with respect to a particular item on an issuer's agenda in order to determine how to vote the relevant proxies in order to best serve the interests of the Funds. The Investment Committee will carefully review non-routine matters with the same degree of prudence and care with which it makes stock selections for the Funds. TBC may, from time to time, discuss its views and seek such independent legal, financial or other advice as it may determine necessary for purposes of making an independent decision. TBC will also at times consider ISS's position on certain proposals. In all cases, however, the ultimate decision rests with the fiduciaries who serve on the Investment Committee.

**II.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Conflicts of Interests Between TBC and Clients Regarding Proxy Voting** 

TBC is majority owned (through a subsidiary) by Affiliated Managers Group, Inc. ("AMG"), an asset management company with equity investments in numerous investment management firms (the "Affiliates"). TBC does not purchase AMG's securities for client portfolios. Each AMG Affiliate makes its own investment and proxy voting decisions, which are not communicated to AMG or the other Affiliates.

TBC's only business is the investment advisory business. TBC does not engage in any investment banking or corporate finance activity, nor does it produce research for publication or sale. TBC is not affiliated with any firm outside of the securities business. Furthermore, TBC employees generally may not participate in any outside for-profit business activity, except with the Firm's prior written consent. Therefore, it is unlikely that proxy voting would present TBC with a conflict of interest between the interests of the Firm and/or its employees and the interests of its clients.

***Potential Conflicts***

Nevertheless, potential conflicts may arise. For example: (a) if TBC manages a portfolio (or is actively seeking to manage a portfolio) for a proxy issuer or its senior officers or directors and also owns that company's securities in

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a Fund; or (b) if a senior investment officer or analyst of TBC has a familial or personal relationship with a senior executive or Board member of a proxy issuer or with persons or entities making a shareholder proposal requiring a vote of a company whose security is owned in a Fund's portfolio; or (c) in the rare occurrence, if TBC places a representative on a board.

In order to track these possible conflicts, TBC maintains a database of all public companies that employ the spouse or children living at home of TBC's senior investment officers and analysts and all public companies for which TBC manages assets or is actively seeking to manage assets. This database will be periodically checked against TBC's portfolios so that any possible conflicts can be identified.

Members of the Investment Committee, as well as research analysts, should be aware of the potential for conflicts when considering proxy voting. If a potential for conflict is perceived, the Legal and Compliance Department should be consulted.

***Procedures***

In the unlikely event that a potential conflict does arise between the interests of the Firm and/or its employees and the Funds, TBC shall implement the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the perceived conflict of interest involves an individual member of the Investment Committee or research analyst, the Legal and Compliance Department will, in consultation with the non-conflicted members of the Investment Committee, determine if the conflict is material to the particular proxy issue being considered. If it is determined that the conflict is material, the conflicted Investment Committee member or research analyst shall recuse himself or herself from communicating with any member of the Investment Committee or research analyst about the proxy issue. The remaining members of the Investment Committee will decide how to vote the proxy and relay the decision to the Legal and Compliance Department. The Legal and Compliance Department will process the vote in the customary manner and will retain a written record of the perceived conflict of interest, the recusal of the conflicted Investment Committee member or research analyst, and the resulting vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the perceived conflict of interest involves TBC or AMG's Affiliates, the Legal and Compliance Department will, in consultation with the Management Committee, determine if the conflict is material. If it is determined that the conflict is material, the Investment Committee will have no further input on the particular proxy vote. The Legal and Compliance Department will make and maintain a written record of the conflict of interest. The Legal and Compliance Department shall receive a written representation from ISS that ISS will disclose any business relationship it may have with the issuer in question, and a statement that ISS has complied with its Policies, Procedures and Practices Regarding Potential Conflicts of Interest (available on ISS' website). The Legal and Compliance Department shall also maintain a written record of the manner in which the proxy vote was handled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Another possible conflict involves the voting of shares issued by a TBC-managed mutual fund that are held in client accounts at TBC. In this case, TBC will cause the proxies to be "mirror voted" in the same proportion as the votes of other proxy holders whose shares are not held in TBC client accounts.

**III.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Overview of TBC's Policies Regarding Commonly Raised Proxy Voting Issues** 

A number of recurring issues can be identified with respect to the governance of a company and actions proposed by that company's Board. In evaluating issues, the Investment Committee may consider information from many sources, including the research analyst covering the particular stock, management of a company presenting a proposal, shareholder groups, and independent proxy research services such as ISS. Of course, the final decision on proxy voting issues remains with the Investment Committee.

On occasion, TBC has taken extraordinary steps to pursue voting rights on behalf of its clients and has sponsored shareholder proposals at annual shareholder meetings. In one such instance, TBC devoted months working with

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outside counsel in an attempt to ensure that its clients received the proper shareholder rights, which illustrates the importance TBC places on pursuing voting rights for its clients. TBC is diligent regarding the voting process and the rights of shareholders to influence management of companies, when appropriate. For example, TBC was successful in placing a resolution before the annual shareholder meeting of a large multinational issuer, which requested that management work expeditiously to separate the issuer's diverse lines of business for the purpose of maximizing shareholder value.

The instances cited above are not typical; however, they do demonstrate the gravity with which TBC views its responsibility to protect its clients' shareholder rights.

Summarized below are general guidelines that TBC follows regarding some issues most frequently raised in proxy statements.

***Election of an Issuer's Board of Directors***

TBC believes that good governance begins, to the extent possible within the corporate ownership structure of a particular issuer, with a Board of Directors that includes independent directors not encumbered by material ties to management, all of whose members are elected periodically. In addition, crucial Board committees should, to the extent possible within the corporate ownership structure of a particular issuer, be majority independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will generally support the election of Directors that result in a Board that meets local requirements for
independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will generally withhold votes for or vote against non-independent Directors whose election will result in an audit, compensation, and/or nominating committee that is not majority independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will hold Directors accountable for the actions of the committees on which they serve. For example, we will
generally withhold votes for or vote against nominees who approve or propose arrangements that we believe would have the effect of diminishing shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will generally vote in favor of efforts to ensure that shareholders periodically elect a full slate of
Directors.

***Approval of Independent Auditors***

We believe that the relationship between a company and its auditors should be limited primarily to the audit engagement, although it may include some closely related activities that do not raise any appearance of impaired independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will generally vote against proposed auditors where non-audit fees
make up what we believe to be a material amount of the total fees paid by an issuer to an audit firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will evaluate on a case-by-case basis instances in which the audit firm has a substantial non-audit relationship with a company (regardless of its
size relative to the audit fee) to determine whether we believe independence has been compromised. If we believe auditor independence has been compromised, we will vote against the auditor.

***Management/Executive Compensation,***

***Including Equity-based Compensation Plans***

One of the key components in attracting and retaining talented management is compensation. Therefore, we will generally vote against proposals to restrict employee compensation. We feel that the specific amounts and types of employee compensation are within the ordinary business responsibilities of the Board of Directors and company management. However, share option plans generally must meet our guidelines for such plans as discussed below.

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Our goal is to assure that a company's equity-based compensation plan is aligned with the shareholders' long-term interests. We believe that, when well designed, equity-based compensation plans, approved by shareholders, can be an effective way to align the interests of long-term shareholders and the interests of management, employees, and directors. However, we generally oppose plans that have features that we view as objectionable, features which generally would substantially dilute the shareholders' interest in a company or result in providing participants with excessive awards. Accordingly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will generally support measures intended to increase long-term stock ownership by executives, including
features that require corporate officers to hold a certain minimum of stock in the company, or require stock acquired as the result of option exercises be held for minimum periods of time. We also will support expensing the fair value of option
grants, which may give further incentive to companies to favor stock grants over option grants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will generally vote against those plans that, in light of all other existing compensation plans of the
company, we believe would directly or indirectly result in material dilution of shareholders' interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will generally vote against plans that have any of the following features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ability to re-price "underwater" options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ability to issue options with an exercise price below the stock's current market price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ability to issue reload options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ability to reward management as a result of a takeover attempt, such as golden parachutes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Automatic share replenishment features

***Corporate Structure and Shareholder Rights***

We believe that shareholders should have voting power equal to their equity interest in the company and should be able to approve (or reject) changes to a corporation's by-laws by a majority vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will generally support proposals to remove super-majority voting requirements. We will generally vote
against proposals to impose super-majority requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will generally vote for proposals to lower barriers to shareholder action (e.g., proposals to expand rights
to call special meetings and proposals to expand rights to act by written consent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will consider proposals involving separate classes of stock with disparate voting rights on a case by case
basis. Due to long standing custom and practice, these features are more common in foreign markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will generally vote for proposals to subject shareholder rights plans ("poison pills") to a
shareholder vote. We would generally not vote in favor of these plans unless we are convinced that the long-term interests of shareholders would benefit from instituting such a plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will generally vote against proposals that make it more difficult for a company to be taken over by
outsiders, and in favor of proposals to do the opposite. The reason for this is that we believe that corporate management should be subject at all times to the incentives and punishments of the market, not insulated from them.

***Increase in Authorized Capital/Preferred Stock***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will generally vote for these proposals in the absence of unusual circumstances. There are many
business reasons for companies to increase their authorized capital. The additional shares

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often are intended to be used for general corporate purposes, e.g., to raise new investment capital for acquisitions, stock splits, recapitalizations or debt restructurings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will carefully review proposals to authorize new issues of preferred shares. We recognize that new
issues of authorized shares can provide flexibility to corporate issuers as the shares can be issued quickly without further shareholder approval in connection with financings or acquisitions. Therefore, generally we will not oppose proposals
to authorize the issuance of preferred shares. We will, however, scrutinize any such proposals which give the Board the authority to assign disproportionate voting rights at the time the shares are issued.

***Changing State of Incorporation***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will generally vote against proposals to move the company to another state less favorable to
shareholders' interests.

***Corporate and Social Policy Issues***

We believe that "ordinary business matters" are primarily the responsibility of management and should be approved solely by the corporation's Board of directors. Proposals in this category typically request that the company disclose or amend certain business practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We evaluate social and environmental policy proposals on a case-by-case basis, generally voting in favor of proposals that we believe have important beneficial economic implications for the company.

**IV.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Disclosure** 

These policies and procedures will be disclosed in the Statement of Additional Information filed by Tweedy, Browne Fund Inc. TBC will file with the SEC and make available to Fund shareholders, upon request, the records of the Funds' proxy votes. The Funds will disclose in their annual and semi-annual reports to shareholders the procedures by which shareholders may obtain proxy voting records.

**V.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Recordkeeping** 

TBC's Legal and Compliance Department maintains a record of proxy voting decisions made by the Investment Committee.

**TBC will maintain for five years:** these proxy voting policies and procedures and records of all votes cast. TBC will obtain an undertaking from ISS to maintain, on behalf of TBC, all proxy statements received in respect of TBC client proxies and records of all votes cast.

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**SHAREBLOCKING MATRIX** 

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| **Country** | **Shareblocking Start**<br> **Period** | **Shareblocking End**<br> **Period** | **Impact of Second Calls** | **Notes** |
| **Argentina** | Generally 3 business days prior to meeting date. | 1 business day following successful conclusion of the meeting. | If a meeting goes to 2nd call, shareholder must re-submit instructions. |  |
| **Curacao**<br> **(Netherlands**<br> **Antilles)** | Varies by Issuer. | 1 business day following successful conclusion of the meeting. | Not applicable. | Curacao is not a shareblocking market, however shareblocking practices may vary depending on the underlying country of issue. |
| **Egypt** | Generally 3-5 business days prior to meeting date. | 1 business day following successful conclusion of the meeting. | Not applicable. |  |
| **Iceland** | Varies by Subcustodian | 1 business day following record date. |  | Shares are blocked if instructions are received before the record date (record date can be set to just one day prior to the meeting date, therefore, blocking could occur from the time the vote instruction is sent through one day prior to the meeting date). Not all sub-custodians block shares. |
| **Kazakhstan** | Varies by Issuer. | 1 business day following successful conclusion of the meeting. | Not applicable. | Kazakhstan is not a shareblocking market, however shareblocking practices may vary depending on the underlying country of issue. |
| **Lebanon** | Varies by Issuer. | 1 business day following successful conclusion of the meeting. | Not applicable. | Lebanon is not a shareblocking market, however shareblocking practices may vary depending on the underlying country of issue. |

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| **Country** | **Shareblocking Start**<br> **Period** | **Shareblocking End**<br> **Period** | **Impact of Second Calls** | **Notes** |
| **Luxembourg** | Varies by issuer. | 1 business day following successful conclusion of the meeting. | If a meeting goes to 2nd call, shareholders may need to re-submit instructions. | Share-blocking is no longer in effect for listed companies. Un-listed companies and UCITS are not required to comply with the EU Directive and therefore, share-blocking may still apply to those issuers. |
| **Mauritius** | Varies by issuer. | 1 business day following successful conclusion of the meeting. | Not applicable. | Mauritius is not a usual blocking market in practice, but can apply if specified by the issuer. |
| **Morocco** | Generally 5 business days prior to meeting date. | 1 business day following successful conclusion of the meeting. | Not applicable. |  |
| **Switzerland** | Varies by issuer. | 1 business day following successful conclusion of the meeting. | Not applicable. | Generally speaking, only bearer-type shares are subject to blocking. However, some local subcustodians block all types of shares while others do not block any types of shares. |

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**PART C: OTHER INFORMATION** 

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| | |
|:---|:---|
| **Item 28.** | **Exhibits.** |
| (a) (1) | Articles of Incorporation dated January 29, 1993 are incorporated by reference to Exhibit 1 to Pre-Effective Amendment No. 2 to the Registration Statement ("Pre-Effective Amendment No. 2"). |
| (a) (2) | Articles Supplementary dated September 22, 1993 are incorporated by reference to Exhibit 1 to Post-Effective Amendment No. 1 to the Registration Statement ("Post-Effective Amendment No. 1"). |
| (a) (3) | [Articles of Amendment dated November<u> </u>28, 2006 are incorporated by reference to Exhibit (a) (3) to Post-Effective Amendment No. 21 to the Registration Statement ("Post-Effective Amendment No. 21").](http://www.sec.gov/Archives/edgar/data/896975/000114544306003555/d20293_ex99-a3.txt) |
| (a) (4) | [Articles Supplementary dated June<u> </u>6, 2007 are incorporated by reference to Exhibit (a) (4) to Post-Effective Amendment No. 24 to the Registration Statement ("Post-Effective Amendment No. 24").](http://www.sec.gov/Archives/edgar/data/896975/000120677407001804/exhibit99_a4.txt) |
| (a) (5) | [Articles Supplementary dated October<u> </u>15, 2009 are incorporated by reference to Exhibit (a) (5) to Post-Effective Amendment No. 28 to the Registration Statement ("Post-Effective Amendment No. 28").](http://www.sec.gov/Archives/edgar/data/896975/000120677409001949/exhibit99_a5.txt) |
| (a) (6) | [Articles of Amendment effective as of July 29, 2021 are incorporated by reference to Exhibit (a) (6) to Post-Effective Amendment No. 54 to the Registration Statement.](http://www.sec.gov/Archives/edgar/data/896975/000119312521228964/d153325dex99a6.htm) |
| (b) (1) | [Amended and Restated By-Laws as of March 10, 2026 are filed herewith.](d148935dex99b1.htm) |
| (c) | Not Applicable. |
| (d) (1) | Specimen Certificate for Tweedy, Browne International Value Fund (formerly, Tweedy, Browne Global Value Fund) is incorporated by reference to Exhibit 4 to Pre-Effective Amendment No. 2. |
| (d) (2) | [Specimen Certificate for Tweedy, Browne Value Fund is incorporated by reference to Exhibit (d) (2) to Post-Effective Amendment No. 28.](http://www.sec.gov/Archives/edgar/data/896975/000120677409001949/exhibit_d2.txt) |
| (d) (3) | [Specimen Certificate for Tweedy, Browne Worldwide High Dividend Yield Value Fund is incorporated by reference to Exhibit (d) (3) to Post-Effective Amendment No. 24.](http://www.sec.gov/Archives/edgar/data/896975/000120677407001804/exhibit99_d3.txt) |
| (d) (4) | [Specimen Certificate for Tweedy, Browne International Value Fund II – Currency Unhedged (formerly, Tweedy, Browne Global Value Fund II – Currency Unhedged) is incorporated by reference to Exhibit (d) (4) to Post-Effective Amendment No. 28.](http://www.sec.gov/Archives/edgar/data/896975/000120677409001949/exhibit_d4.txt) |
| (d) (5) | [Advisory Agreement between Registrant and Tweedy, Browne Company LLC dated May 29, 1998 relating to Tweedy, Browne International Value Fund is incorporated by reference to Exhibit (d) (3) to Post-Effective Amendment No. 12 to the Registration Statement ("Post-Effective Amendment No. 12").](http://www.sec.gov/Archives/edgar/data/896975/000092740500000208/0000927405-00-000208-0003.txt) |
| (d) (6) | [Advisory Agreement between Registrant and Tweedy, Browne Company LLC dated May 29, 1998 relating to Tweedy, Browne Value Fund (formerly, Tweedy, Browne American Value Fund) is incorporated by reference to Exhibit (d) (4) to Post-Effective Amendment No. 12.](http://www.sec.gov/Archives/edgar/data/896975/000092740500000208/0000927405-00-000208-0004.txt) |
| (d) (7) | [Advisory Agreement between Registrant and Tweedy, Browne Company LLC dated April 20, 2007 relating to Tweedy, Browne Worldwide High Dividend Yield Value Fund is incorporated by reference to Exhibit (d) (6) to Post-Effective Amendment No. 24.](http://www.sec.gov/Archives/edgar/data/896975/000120677407001804/exhibit99_d6.txt) |
| (d) (8) | [Advisory Agreement between Registrant and Tweedy, Browne Company LLC dated September 16, 2009 relating to Tweedy, Browne International Value Fund II – Currency Unhedged is incorporated by reference to Exhibit (d) (8) to Post-Effective Amendment No. 28.](http://www.sec.gov/Archives/edgar/data/896975/000120677409001949/exhibit99_d8.txt) |
| (d) (9) | [Amendment to Advisory Agreement between Registrant and Tweedy, Browne Company LLC effective as of October 15, 2017 relating to Tweedy, Browne International Value Fund is incorporated by reference to Exhibit (d) (9) to Post-Effective Amendment No. 48 to the Registration Statement ("Post-Effective Amendment No. 48").](http://www.sec.gov/Archives/edgar/data/896975/000119312518229375/d552746dex99d9.htm) |
| (d) (10) | [Voluntary Expense Reimbursement Agreement between Registrant and Tweedy, Browne Company LLC with respect to each of Tweedy, Browne International Value Fund II – Currency Unhedged, Tweedy, Browne Value Fund and Tweedy, Browne Worldwide High Dividend Yield Value Fund, effective as of December 1, 2017, is incorporated by reference to Exhibit (d) (10) to Post-Effective Amendment No. 48.](http://www.sec.gov/Archives/edgar/data/896975/000119312518229375/d552746dex99d10.htm) |
| (d) (11) | Letter Agreement between Registrant and Tweedy, Browne Company LLC dated April 17, 2025 relating to the continuance of the Voluntary Expense Reimbursement Agreement through July 31, 2026, is incorporated by reference to Exhibit (d) (11) to Post-Effective Amendment No. 58. |

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| | |
|:---|:---|
| **Item 28.** | **Exhibits.** |
| (d) (12) | [Voluntary Fee Waiver Agreement between Registrant and Tweedy, Browne Company LLC with respect to the Tweedy, Browne International Value Fund, effective as of May 22, 2020, is incorporated by reference to Exhibit (d) (12) to Post-Effective Amendment No. 52.](http://www.sec.gov/Archives/edgar/data/896975/000119312520202691/d933217dex99d12.htm) |
| (d) (13) | Letter Agreement between Registrant and Tweedy, Browne Company LLC with respect to the Tweedy, Browne International Value Fund dated April 17, 2025 relating to the continuance of the Voluntary Fee Waiver Agreement through July 31, 2026, is incorporated by reference to Exhibit (d) (13) to Post-Effective Amendment No. 58. |
| (e) (1) | [Distribution Agreement by and among Registrant (on behalf of Tweedy, Browne International Value Fund, Tweedy, Browne Value Fund, Tweedy, Browne Worldwide High Dividend Yield Value Fund and Tweedy, Browne International Value Fund II – Currency Unhedged), AMG Distributors, Inc. (the"Distributor") and Tweedy, Browne Company LLC dated September 30, 2014 is incorporated by reference to Exhibit (e) (1) to Post-Effective Amendment No. 41 to the Registration Statement.](http://www.sec.gov/Archives/edgar/data/896975/000119312515206583/d907676dex99e1.htm) |
| (e) (2) | [Form of Services Agreement by and among the Registrant (on behalf of the various series of the Registrant), one or more financial intermediary(ies), AMG Distributors, Inc. and Tweedy, Browne Company LLC, as applicable, is incorporated by reference to Exhibit (e) (2) to Post-Effective Amendment No. 44.](http://www.sec.gov/Archives/edgar/data/896975/000119312516663565/d174724dex99e2.htm) |
| (e) (3) | [Form of Intermediary Agreement by and among one or more financial intermediary(ies) and AMG Distributors, Inc., as applicable, is incorporated by reference to Exhibit (e) (3) to Post-Effective Amendment No. 44.](http://www.sec.gov/Archives/edgar/data/896975/000119312516663565/d174724dex99e3.htm) |
| (f) | Not Applicable. |
| (g) (1) | [Mutual Fund Custody and Services Agreement between Registrant and Boston Safe Deposit and Trust Company dated June 6, 2001 is incorporated by reference to Exhibit (g) to Post-Effective Amendment No. 14 to the Registration Statement ("Post-Effective Amendment No. 14").](http://www.sec.gov/Archives/edgar/data/896975/000095015601500254/ex_99g.txt) |
| (g) (2) | [Amendment to the Mutual Fund Custody and Services Agreement between Registrant and Mellon Trust of New England, N.A. dated February 23, 2007 is incorporated by reference to Exhibit (g) (2) to Post-Effective Amendment No. 23 to the Registration Statement ("Post-Effective Amendment No. 23").](http://www.sec.gov/Archives/edgar/data/896975/000120677407001366/exhibit99g2.txt) |
| (g) (3) | [Amendment to the Mutual Fund Custody and Services Agreement between Registrant and Mellon Trust of New England, N.A. dated October 21, 2009 is incorporated by reference to Exhibit (g) (3) to Post-Effective Amendment No. 28.](http://www.sec.gov/Archives/edgar/data/896975/000120677409001949/exhibit99_g3.txt) |
| (g) (4) | [Operating Accounts Amendment to the Mutual Fund Custody and Services Agreement between Registrant and The Bank of New York Mellon dated June 3, 2015 is incorporated by reference to Exhibit (g) (4) to Post-Effective Amendment No. 42 to the Registration Statement.](http://www.sec.gov/Archives/edgar/data/896975/000119312515267402/d948002dex99g4.htm) |
| (g) (5) | [Supplement to the Mutual Fund Custody and Services Agreement Hong Kong–China – Stock Connect Service between the Registrant and The Bank of New York Mellon dated February 19, 2019, is incorporated by reference to Exhibit (g) (5) to Post-Effective Amendment No. 50.](http://www.sec.gov/Archives/edgar/data/896975/000119312519205221/d743950dex99g5.htm) |
| (h) (1) | [Transfer Agent Agreement between Registrant and First Data Investor Services Group, Inc. dated May 9, 1997 is incorporated by reference to Exhibit 9 (c) to Post-Effective Amendment No. 7 to the Registration Statement ("Post-Effective Amendment No. 7").](http://www.sec.gov/Archives/edgar/data/896975/0000927405-97-000187.txt) |
| (h) (2) | [Amendment Number 1 to the Transfer Agency Agreement for Retail IMPRESSNet Services dated October 5, 1999 is incorporated by reference to Exhibit (h) (2) to the Post-Effective Amendment No. 18 to the Registration Statement ("Post-Effective Amendment No. 18").](http://www.sec.gov/Archives/edgar/data/896975/000120677405001311/d17387_ex99h2.txt) |
| (h) (3) | [Amendment Number 2 to the Transfer Agency and Services Agreement, dated as of March 16, 2000 is incorporated by reference to Exhibit (h) (3) to Post-Effective Amendment No. 18.](http://www.sec.gov/Archives/edgar/data/896975/000120677405001311/d17387_ex99h3.txt) |
| (h) (4) | [Amendment to the Transfer Agency and Services Agreement dated July 1, 2001 is incorporated by reference to Exhibit (h) (2) to Post-Effective Amendment No. 14.](http://www.sec.gov/Archives/edgar/data/896975/000095015602000294/ex99_h2.txt) |
| (h) (5) | [Anti-Money Laundering and Privacy Amendment to the Transfer Agency and Services Agreement dated July 24, 2002 is incorporated by reference to Exhibit (h) (3) to Post-Effective Amendment No. 14.](http://www.sec.gov/Archives/edgar/data/896975/000095015602000294/ex99_h3.txt) |
| (h) (6) | [Customer Identification Services Amendment to the Transfer Agency and Services Agreement dated November 6, 2003 is incorporated by reference to Exhibit (h) (4) to Post-Effective Amendment No. 16 to the Registration Statement.](http://www.sec.gov/Archives/edgar/data/896975/000120677404000715/d14920_ex99-h4.txt) |
| (h) (7) | [Section 312 Foreign Financial Institution Amendment to Transfer Agency and Services Agreement dated July 5, 2006 is incorporated by reference to Exhibit (h) (7) to Post-Effective Amendment No. 20 to the Registration Statement.](http://www.sec.gov/Archives/edgar/data/896975/000114544306002434/d19748_ex99-h7.txt) |
| (h) (8) | [Amended and Restated Exhibit 1 to the Transfer Agency and Services Agreement dated February 22, 2007 is incorporated by reference to Exhibit (h) (8) to Post-Effective Amendment No. 23.](http://www.sec.gov/Archives/edgar/data/896975/000120677407001370/exhibit99h8.txt) |

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|:---|:---|
| **Item 28.** | **Exhibits.** |
| (h) (9) | [Form 8300, FinCEN Section 314(a) Information Requests and Suspicious Activity Report Amendment to Transfer Agency and Services Agreement dated April 20, 2007 is incorporated by reference to Exhibit (h) (9) to Post-Effective Amendment No. 24.](http://www.sec.gov/Archives/edgar/data/896975/000120677407001804/exhibit99_h9.txt) |
| (h) (10) | [Amendment to Transfer Agency Agreement Regarding Services Related to Rule 22c-2 dated May 24, 2007 is incorporated by reference to Exhibit (h) (10) to Post-Effective Amendment No. 24.](http://www.sec.gov/Archives/edgar/data/896975/000120677407001804/exhibit99_h10.txt) |
| (h) (11) | [Red Flag Services Amendment to the Transfer Agency and Services Agreement dated November 1, 2008 is incorporated by reference to Exhibit (h) (11) to Post-Effective Amendment No. 26 to the Registration Statement.](http://www.sec.gov/Archives/edgar/data/896975/000120677409001463/exhibit_h11.txt) |
| (h) (12) | [Amended and Restated Exhibit 1 dated October 24, 2009 to the Transfer Agency and Services Agreement is incorporated by reference to Exhibit (h) (12) to Post-Effective Amendment No. 44.](http://www.sec.gov/Archives/edgar/data/896975/000119312516663565/d174724dex99h12.htm) |
| (h) (13) | [Amendment to the Transfer Agency and Services Agreement dated December 14, 2011, is incorporated by reference to Exhibit (h) (12) to Post-Effective Amendment No. 33 to the Registration Statement.](http://www.sec.gov/Archives/edgar/data/896975/000120677412003168/exhibit99-h12.htm) |
| (h) (14) | Amended and Restated Administration Agreement between Registrant and The Boston Company Advisors, Inc. dated December 8, 1993 is incorporated by reference to Exhibit 9 (d) to Post-Effective Amendment No. 3 to the Registration Statement ("Post-Effective Amendment No. 3"). |
| (h) (15) | [Amendment No. 1 to the Amended and Restated Administration Agreement between Registrant and First Data Investor Services Group, Inc. dated February 15, 1997 is incorporated by reference to Exhibit 9 (f) to Post-Effective Amendment No. 7.](http://www.sec.gov/Archives/edgar/data/896975/0000927405-97-000187.txt) |
| (h) (16) | [Amendment to the Amended and Restated Administration Agreement dated July 1, 2001 is incorporated by reference to Exhibit (h) (5) to Post-Effective Amendment No. 14.](http://www.sec.gov/Archives/edgar/data/896975/000095015601500254/ex_99h5.txt) |
| (h) (17) | [Amendment to the Amended and Restated Administration Agreement dated January 1, 2007 is incorporated by reference to Exhibit (h) (13) to Post-Effective Amendment No. 23.](http://www.sec.gov/Archives/edgar/data/896975/000120677407001366/exhibit99h13.txt) |
| (h) (18) | [Amendment to the Amended and Restated Administration Agreement dated October 24, 2009 is incorporated by reference to Exhibit (h) (16) to Post-Effective Amendment No. 28.](http://www.sec.gov/Archives/edgar/data/896975/000120677409001949/exhibit99_h16.txt) |
| (h) (19) | [Amendment to the Amended and Restated Administration Agreement effective as of June 30, 2017, is incorporated by reference to Exhibit (h) (19) to Post-Effective Amendment No. 48.](http://www.sec.gov/Archives/edgar/data/896975/000119312518229375/d552746dex99h19.htm) |
| (h) (20) | [Investment Company Reporting Modernization Services Amendment dated as of May 31, 2018 to Amended and Restated Administration Agreement is incorporated by reference to Exhibit (h) (20) to Post-Effective Amendment No. 48.](http://www.sec.gov/Archives/edgar/data/896975/000119312518229375/d552746dex99h20.htm) |
| (h) (21) | [Credit Agreement between Registrant and The Bank of New York Mellon dated May 27, 2021 is incorporated by reference to Exhibit (h) (21) to Post-Effective Amendment No. 54.](http://www.sec.gov/Archives/edgar/data/896975/000119312521228964/d153325dex99h21.htm) |
| (h) (22) | [Amendment No. 1 to Credit Agreement between Registrant and The Bank of New York Mellon dated March 23, 2022 is incorporated by reference to exhibit (h) (22) to Post-Effective Amendment No. 55.](http://www.sec.gov/Archives/edgar/data/896975/000119312522206702/d279557dex99h22.htm) |
| (h) (23) | [Amendment No. 2, dated as of March 22, 2023, to Credit Agreement between Registrant and The Bank of New York Mellon dated as of May 27, 2021 is incorporated by reference to exhibit (h) (23) to Post-Effective Amendment No. 56.](http://www.sec.gov/Archives/edgar/data/896975/000119312523197781/d518996dex99h23.htm) |
| (h) (24) | [Amendment No. 3, dated as of March 20, 2024, to Credit Agreement between Registrant and The Bank of New York Mellon dated as of May 27, 2021 is incorporated by reference to Exhibit (h) (24) to Post-Effective Amendment No. 57.](http://www.sec.gov/Archives/edgar/data/896975/000119312524187037/d832915dex99h24.htm) |
| (h) (25) | [Amendment No. 4, dated as of April 17, 2024, to Credit Agreement between Registrant and The Bank of New York Mellon dated as of May 27, 2021 is incorporated by reference to Exhibit (h) (25) to Post-Effective Amendment No. 57.](http://www.sec.gov/Archives/edgar/data/896975/000119312524187037/d832915dex99h25.htm) |
| (h) (26) | Amendment No. 5, dated as of April 16, 2025, to Credit Agreement between Registrant and The Bank of New York Mellon dated as of May 27, 2021, is incorporated by reference to Exhibit (h) (26) to Post-Effective Amendment No. 58. |
| (i) (1) | Opinion and Consent of Miles & Stockbridge P.C. is incorporated by reference to Exhibit 10 to Post-Effective Amendment No. 1. |
| (i) (2) | [Opinion and Consent of Miles & Stockbridge P.C. is incorporated by reference to Exhibit (i) (2) to Post-Effective Amendment No. 24.](http://www.sec.gov/Archives/edgar/data/896975/000120677407001804/exhibit99-i2.txt) |
| (i) (3) | [Opinion and Consent of Miles & Stockbridge P.C. is incorporated by reference to Exhibit (i) (3) to Post-Effective Amendment No. 28.](http://www.sec.gov/Archives/edgar/data/896975/000120677409001949/exhibit_i3.txt) |
| (j) | Consent of Independent Registered Public Accounting Firm relating to ETF Class shares to be filed by Amendment. |
| (k) | Not Applicable. |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Item 28.** | **Exhibits.** |
| (l) (1) | Purchase Agreement dated June 2, 1993 relating to the initial capital for the Tweedy, Browne International Value Fund is incorporated by reference to Exhibit 13 to Post-Effective Amendment No. 3 to the Registration Statement. |
| (l) (2) | Purchase Agreement relating to the initial capital for the Tweedy, Browne Value Fund is incorporated by reference to Exhibit 13 to Post-Effective Amendment No. 4 to the Registration Statement. |
| (l) (3) | [Purchase Agreement relating to the initial capital for the Tweedy, Browne Worldwide High Dividend Yield Value Fund is incorporated by reference to Exhibit (l) (3) to Post-Effective Amendment No. 24.](http://www.sec.gov/Archives/edgar/data/896975/000120677408001325/exhibit_l3.txt) |
| (l) (4) | [Purchase Agreement relating to the initial capital for the Tweedy, Browne International Value Fund II – Currency Unhedged is incorporated by reference to Exhibit (l) (4) to Post-Effective Amendment No. 31 to the Registration Statement.](http://www.sec.gov/Archives/edgar/data/896975/000120677411001658/exhibit99_l-4.htm) |
| (m) | Not Applicable. |
| (n) | [Rule 18f-3 Multi-Class Plan is filed herewith.](d148935dex99n.htm) |
| (o) | Not Applicable. |
| (p) (1) | [Amended and Restated Code of Ethics of the Registrant and Tweedy, Browne Company LLC, as of December 2025 is filed herewith.](d148935dex99p1.htm) |
| (p) (2) | Code of Ethics of AMG Distributors, Inc. dated October 2024 is incorporated by reference to Exhibit (p) (2) to Post-Effective Amendment No. 58. |
| 101.INS | XBRL Instance—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Labels Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |

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**Item 29. <u>Persons Controlled by or Under Common Control with Registrant.</u>** 

No person is controlled by the Registrant.

**Item 30. <u>Indemnification.</u>** 

Under Registrant's Articles of Incorporation and Amended and Restated By-Laws the Directors and officers of Registrant will be indemnified to the fullest extent allowed and in the manner provided by Maryland law and applicable provisions of the Investment Company Act of 1940, as amended, including advancing of expenses incurred in connection therewith. Indemnification shall not be provided, however, to any officer or director against any liability to the Registrant or its security holders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

Article 2, Section 405.2 of the Maryland General Corporation Law provides that the Articles of Incorporation of a Maryland corporation may limit the extent to which directors or officers may be personally liable to the Corporation or its stockholders for money damages in certain instances. The Registrant's Articles of Incorporation, as amended, provide that, to the fullest extent permitted by Maryland law, as it may be amended or interpreted from time to time, no Director or officer of the Registrant shall be personally liable to the Registrant or its stockholders. The Registrant's Articles of Incorporation, as amended, also provide that no amendment of the Registrant's Articles of Incorporation, as amended, or repeal of any of its provisions shall limit or eliminate any of the benefits provided to Directors and officers in respect of any act or omission that occurred prior to such amendment or repeal.

The Investment Advisory Agreements and Distribution Agreement contain provisions requiring indemnification of the Registrant's investment adviser and principal underwriter by the Registrant.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to Directors, officers and controlling persons of the Registrant and the investment adviser and distributor pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such

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##### [**Table of Contents**](#toc)
indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a Director, officer, or controlling person of the Registrant and the Distributor in connection with the successful defense of any action, suit or proceeding) is asserted against the Registrant by such Director, officer or controlling person or the Distributor in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**Item 31. <u>Business and Other Connections of Investment Adviser.</u>** 

See "Management of the Funds" in the Prospectus regarding the business of Tweedy, Browne Company LLC (the "Investment Adviser"). The address of the Investment Adviser is One Station Place, Stamford, Connecticut 06902. See "Management of the Company and the Funds" in the Statement of Additional Information regarding the business and other connections of each member of the Management Committee for the Investment Adviser.

**Item 32. <u>Principal Underwriters.</u>** 

(a) AMG Distributors, Inc. acts as principal underwriter for the Registrant. AMG Distributors, Inc. also acts as
principal underwriter for AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III, AMG Funds IV and the AMG Pantheon Fund.

(b) The following information relates to the directors, officers and partners of AMG Distributors, Inc.:

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| | | |
|:---|:---|:---|
| **Name and Principal Business**<br> **Address** | **Positions and Offices with**<br> **Underwriter** | **Positions and**<br> **Offices with Fund** |
| Kavita Padiyar – 600 Hale Street, Prides Crossing, MA 01965 | Director |  |
| Aaron Galis – 600 Hale Street, Prides Crossing, MA 01965 | Director |  |
| Thomas Hopkins – 680 Washington Blvd, Suite 500, Stamford, CT 06901 | FINOP, Principal Financial Officer |  |
| Rachel Jacobs – 680 Washington Blvd, Suite 500, Stamford, CT 06901 | Head of Client Solutions |  |
| Keitha Kinne – 680 Washington Blvd, Suite 500, Stamford, CT 06901 | President, Principal and Chief Operating Officer |  |
| Patrick Spellman – 680 Washington Blvd, Suite 500, Stamford, CT 06901 | Chief Compliance Officer |  |

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(c) Not Applicable.

**Item 33. <u>Location of Accounts and Records.</u>** 

All accounts, books and other documents required to be maintained by Registrant by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder will be maintained at the offices of the Administrator at 118 Flanders Road, Westborough, Massachusetts 01581, at the offices of the Transfer Agent at 500 Ross Street, 154-0520, Pittsburgh, Pennsylvania 15262, at the offices of the Investment Adviser at One Station Place, Stamford, Connecticut 06902, at the offices of the Distributor at 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901 or at the offices of the Custodian at 240 Greenwich Street, New York, New York 10286.

**Item 34. <u>Management Services.</u>** 

Not Applicable.

**Item 35. <u>Undertakings.</u>** 

Not Applicable.

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##### [**Table of Contents**](#toc)
**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "Securities Act"), and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Post-Effective Amendment No. 59 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Stamford and the State of Connecticut on the 4th day of June, 2026.

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| | |
|:---|:---|
|  | TWEEDY, BROWNE FUND INC. |
| By: | /s/ Thomas H. Shrager |
|  | Thomas H. Shrager |
|  | President |

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Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 59 to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

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| | | |
|:---|:---|:---|
| <u>Signature</u> | <u>Title</u> | <u>Date</u> |
| /s/ Thomas H. Shrager<br> Thomas H. Shrager | President and Director | June 4, 2026 |
| /s/ Robert Q. Wyckoff, Jr.<br> Robert Q. Wyckoff, Jr. | Chairman and Director | June 4, 2026 |
| /s/ Roger R. de Bree<br> Roger R. de Bree | Treasurer | June 4, 2026 |
| /s/ Richard B. Salomon<br> Richard B. Salomon | Director | June 4, 2026 |
| /s/ Robert C. Elliott<br> Robert C. Elliott | Director | June 4, 2026 |
| /s/ Jack E. Fockler<br> Jack E. Fockler | Director | June 4, 2026 |
| /s/ Jeannine G. Caruso<br> Jeannine G. Caruso | Director | June 4, 2026 |
| /s/ Thomas W Oakley<br> Thomas W Oakley | Director | June 4, 2026 |
| /s/ Jay Hill<br> Jay Hill | Director | June 4, 2026 |

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##### [**Table of Contents**](#toc)
**Exhibit List** 

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| | |
|:---|:---|
| Exhibit No. | Description |
| (b) (1) | [Amended and Restated By-Laws as of March 10, 2026](d148935dex99b1.htm) |
| (n) | [Form of Multiple Class Plan Pursuant to Rule 18f-3](d148935dex99n.htm) |
| (p) (1) | [Amended and Restated Code of Ethics of the Registrant and Tweedy, Browne Company LLC, as of December 2025](d148935dex99p1.htm) |

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## Ex-99.(B)(1)

AMENDED AND RESTATED BY-LAWS

OF

TWEEDY, BROWNE FUND INC.

ARTICLE I

<u>Offices</u> 

Section 1. <u>Principal Office</u>. The principal office of Tweedy, Browne Fund Inc. (the "Corporation") shall be in the City of Baltimore, State of Maryland.

Section 2. <u>Principal Executive Office</u>. The principal executive office of the Corporation shall be at One Station Place, Stamford, CT 06902.

Section 3. <u>Other Offices</u>. The Corporation may have such other offices in such places as the Board of Directors (the "Board") may from time to time determine.

ARTICLE II

<u>Meetings of Stockholders</u> 

Section 1. <u>Annual Meetings</u>. The Corporation is not required to hold an annual meeting in any year in which the election of directors is not required to be acted upon under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder (the "1940 Act"), but it may hold annual meetings (whether or not required by the 1940 Act). If the Corporation is required to hold a meeting of stockholders to elect directors pursuant to Section 2-501(b)(1) of the Maryland General Corporation Law, such meeting shall be designated the annual meeting of stockholders for that year. If the Corporation is required to hold a meeting of stockholders to elect directors pursuant to the 1940 Act, the annual meeting shall be held no later than 120 days after the occurrence of the event requiring the meeting. All other annual meetings shall be held at such dates and times designated by the Board.

Section 2. <u>Special Meetings</u>. Special meetings of the stockholders, unless otherwise provided by law or by the Articles of Incorporation, as may be amended from time to time (the "Articles"), may be called for any purpose or purposes by (i) a majority of the Board, (ii) the President, or (iii) on the written request of a majority of holders of the outstanding capital stock of the Corporation entitled to vote at such meeting, unless a lesser threshold is required by the 1940 Act or any other applicable law.

Section 3. <u>Place of Meetings</u>. Annual and special meetings of the stockholders shall be held at such place within the United States as the Board may from time to time determine.

Section 4. <u>Notice of Meetings; Waiver of Notice</u>. Notice of the place, date and time of the holding of each annual and special meeting of the stockholders and the purpose or

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purposes of each special meeting shall be given personally, by mail, by electronic mail, or by other form of electronic transmission, not less than ten nor more than ninety days before the date of such meeting, to each stockholder entitled to vote at such meeting and to each other stockholder entitled to notice of the meeting. Notice by mail shall be deemed to be duly given when deposited in the United States mail addressed to the stockholder at the stockholder's address as it appears on the records of the Corporation, with postage thereon prepaid. Notice to a stockholder by electronic mail or other form of electronic transmission shall be transmitted to any address at which the stockholder receives electronic mail or other electronic transmissions.

Notice of any meeting of stockholders shall be deemed waived by any stockholder who shall attend such meeting in person or by proxy, or who shall, either before or after the meeting, submit a signed waiver of notice which is filed with the records of the meeting. When a meeting is adjourned to another time and place, unless the Board, after the adjournment, shall fix a new record date for an adjourned meeting, or the adjournment is for more than one hundred and twenty days after the original record date, notice of such adjourned meeting need not be given if the time and place to which the meeting shall be adjourned are announced at the meeting at which the adjournment is taken.

Section 5. <u>Quorum</u>. At all meetings of the stockholders, the holders of one-third of the votes entitled to be cast at the meeting, present in person or by proxy, shall constitute a quorum for the transaction of any business, except as otherwise provided by statute, the 1940 Act, or the Articles. In the absence of a quorum no business may be transacted, and the meeting may be adjourned from time to time, without notice other than announcement thereat, except as otherwise required by these By-Laws, until the holders of the requisite amount of shares of stock shall be so present. At any such adjourned meeting at which a quorum may be present any business may be transacted which might have been transacted at the meeting as originally called. The absence from any meeting, in person or by proxy, of holders of the number of shares of stock of the Corporation in excess of a majority thereof which may be required by the laws of the State of Maryland, the 1940 Act, or other applicable statute, the Articles, or these By-Laws, for action upon any given matter shall not prevent action at such meeting upon any other matter or matters which may properly come before the meeting, if there shall be present thereat, in person or by proxy, holders of the number of shares of stock of the Corporation required for action in respect of such other matter or matters. A quorum shall be present with respect to matters as to which only the holders of one class of stock may vote if a majority of the shares of that class are present at the meeting in person or by proxy, and the absence of holders of a majority of shares with respect to one class shall have no effect with respect to any other class of stock.

Section 6. <u>Organization</u>. At each meeting of the stockholders, the Chairman of the Board (if one has been designated by the Board), the President, or another officer of the Corporation shall act as chairman of the meeting. The Secretary, an Assistant Secretary, or any person appointed by the chairman of the meeting shall act as secretary of the meeting and keep the minutes thereof.

Section 7. <u>Order of Business</u>. The order of business at all meetings of the stockholders shall be as determined by the chairman of the meeting.

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Section 8. <u>Voting</u>. Pursuant to Article V, section (3)(m) of the Corporation's Articles, stockholders shall be entitled to one vote on each matter submitted to the stockholders for approval for every share of such stock standing in such stockholder's name on the record of stockholders of the Corporation as of the record date determined pursuant to Section 9 of this Article or if such record date shall not have been so fixed, then at the later of (i) the close of business on the day on which notice of the meeting is mailed or (ii) the thirtieth day before the meeting.

Each stockholder entitled to vote at any meeting of stockholders may authorize another person or persons to act for such stockholder by a written proxy signed by such stockholder or such stockholder's attorney-in-fact, or by transmitting, or authorizing the transmission of, an authorization for a person or persons to act as proxy to either (i) the person or persons authorized to act as proxy, or (ii) any other person or persons authorized to receive the proxy authorization on behalf of the person or persons authorized to act as proxy. The signing of a written proxy may be accomplished by the stockholder or the stockholder's authorized agent signing the written proxy or causing the stockholder's signature to be affixed to the written proxy by any reasonable means, including facsimile signature. An authorization of a person or persons to serve as proxy may be transmitted by a telegram, cablegram, datagram, electronic mail, or any other electronic or telephonic means. No proxy shall be valid after the expiration of eleven months from the date thereof, unless otherwise provided in the proxy. Every proxy shall be revocable at the pleasure of the stockholder executing or authorizing it, except in those cases where such proxy states that it is irrevocable and where an irrevocable proxy is permitted by law. Except as otherwise provided by statute, the 1940 Act, the Articles, or these By-Laws, any corporate action to be taken by vote of the stockholders shall be authorized by a majority of the total votes cast at a meeting of stockholders by the holders of shares present in person or represented by proxy and entitled to vote on such action. For the avoidance of doubt, and in accordance with the Maryland General Corporation Law, unless otherwise required by the 1940 Act, a plurality of the total votes cast at a meeting of stockholders by the holders of shares present in person or represented by proxy and entitled to vote on the matter shall be sufficient to elect a director.

If a vote shall be taken on any question other than the election of directors, then unless required by statute, the 1940 Act or these By-Laws, or determined by the chairman of the meeting to be advisable, any such vote need not be by ballot. On a vote by ballot, each ballot shall be signed by the stockholder voting, or by such stockholder's proxy, if there be such proxy, and shall state the number of shares voted.

If at any time a quorum is present but there are insufficient votes to approve a matter, the meeting may be adjourned from time to time, without notice other than announcement thereat, except as otherwise required by these By-Laws, in order to permit the solicitation of additional votes.

Section 9. <u>Fixing of Record Date</u>. The Board may set a record date for the purpose of determining stockholders entitled to vote at any meeting of the stockholders. The record date, which may not be prior to the close of business on the day the record date is fixed, shall be not more than ninety nor less than ten days before the date of the meeting of the stockholders. All

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persons who were holders of record of shares at such time, and not others, shall be entitled to vote at such meeting and any adjournment thereof.

Section 10. <u>Inspectors</u>. The Board may, in advance of any meeting of stockholders, appoint one or more inspectors to act at such meeting or any adjournment thereof. If the inspector shall not be so appointed or if any of them shall fail to appear or act, the chairman of the meeting may, and on the request of any stockholder entitled to vote thereat shall, appoint inspectors. Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath to execute faithfully the duties of inspector at such meeting with strict impartiality and according to the best of his or her ability. The inspectors shall determine the number of shares outstanding and the voting powers of each, the number of shares represented at the meeting, the existence of a quorum, and the validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all challenges and questions arising in connection with the right to vote, count and tabulate all votes, ballots or consents, determine the result, and do such acts as are proper to conduct the election or vote with fairness to all stockholders. On request of the chairman of the meeting or any stockholder entitled to vote thereat, the inspectors shall make a report in writing of any challenge, request, or matter determined by them and shall execute a certificate of any fact found by them. No director or candidate for the office of director shall act as inspector of an election of directors. Inspectors need not be stockholders.

Section 11. <u>Consent of Stockholders in Lieu of Meeting</u>. Except as otherwise provided by statute, the 1940 Act or the Articles, any action required to be taken at any annual or special meeting of stockholders, or any action which may be taken at any annual or special meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if the following are filed with the records of stockholders meetings: (i) a unanimous written consent which sets forth the action and is signed by each stockholder entitled to vote on the matter and (ii) a written waiver of any right to dissent signed by each stockholder entitled to notice of the meeting but not entitled to vote thereat.

ARTICLE III

<u>Board of Directors</u> 

Section 1. <u>General Powers</u>. Except as otherwise provided in the Articles, the business and affairs of the Corporation shall be managed under the direction of the Board. All powers of the Corporation may be exercised by or under authority of the Board except as conferred on or reserved to the stockholders by law, the Articles, or these By-Laws.

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Section 3. <u>Election and Term of Directors</u>. Directors shall be elected at a meeting of stockholders held for that purpose unless otherwise provided by statute or the Articles. The term of office of each director shall be from the time of his or her election and qualification until the next annual meeting of stockholders and until his or her successor is elected and qualified, or until his or her death, resignation, or removal, as hereinafter provided in these By-Laws.

Section 4. <u>Resignation</u>. A director of the Corporation may resign at any time by giving written notice of his or her resignation to the Board or the Chairman of the Board or the President or the Secretary. Any such resignation shall take effect at the time specified therein or, if the time when it shall become effective shall not be specified therein, immediately upon its receipt; and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

Section 5. <u>Removal of Directors</u>. Any director of the Corporation may be removed for cause or without cause by the stockholders by a vote of a majority of the votes entitled to be cast for the election of directors.

Section 6. <u>Vacancies</u>. Subject to the provisions of the 1940 Act, any other applicable law and the Articles, any vacancies in the Board, whether arising from death, resignation, removal, an increase in the number of directors, or any other cause, shall be filled by a vote of the Board in accordance with the Articles.

Section 7. <u>Place of Meetings</u>. Meetings of the Board may be held at such place as the Board may from time to time determine or as shall be specified in the notice of such meeting. Any director of the Corporation may participate in any meeting of the Board or committee of the Board by means of a telephone or other communications equipment if all persons participating in the meeting can hear and be heard by each other at the same time. Unless otherwise required by the 1940 Act or other applicable law, participation in a meeting by such means constitutes presence in person at the meeting.

Section 8. <u>Regular Meeting</u>. Regular meetings of the Board may be held at such time and place as may be determined by the Board.

Section 9. <u>Special Meetings</u>. Special meetings of the Board may be called by two or more directors of the Corporation or by the Chairman of the Board or the President.

Section 10. <u>Notice of Board Meetings</u>. Notice of each regular and special meeting of the Board shall be given by the Secretary as hereinafter provided, in which notice shall be stated the time and place of the meeting. Notice of each such meeting shall be delivered to each director, either personally, by telephone, by electronic mail, or by other form of electronic transmission, at least twenty-four hours before the time at which such meeting is to be held, or sent by courier or first-class mail, postage prepaid, addressed to him or her at his or her residence or usual place of business, at least three days before the day on which such meeting is to be held. Any meeting of the Board, regular or special, may adjourn from time to time to reconvene at the

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same or some other place, and no notice need be given of any such adjourned meeting other than by announcement.

Section 11. <u>Waiver of Notice of Meetings</u>. Notice of any meeting of the Board need not be given to any director who shall, either before or after the meeting, sign a written waiver of notice which is filed with the records of the meeting, or who shall attend such meeting. Except as otherwise specifically required by these By-Laws, a notice or waiver of notice of any meeting need not state the purpose of such meeting.

Section 12. <u>Quorum and Voting</u>. One-third, but not less than two, of the members of the entire Board shall be present in person at any meeting of the Board in order to constitute a quorum for the transaction of business at such meeting, and except as otherwise expressly required by statute, the 1940 Act, the Articles, these By-Laws, or other applicable statute, the act of a majority of the directors present at any meeting at which a quorum is present shall be the act of the Board; provided, however, that the approval of any contract with an investment adviser or principal underwriter, as such terms are defined in the 1940 Act, which the Corporation enters into or any renewal or amendment thereof, and the selection of the Corporation's independent public accountants shall each require the affirmative vote of a majority of the directors who are not interested persons, as defined in the 1940 Act, of the Corporation cast in person at such meeting and the approval of the fidelity bond required by the 1940 Act shall require the approval of a majority of such directors. In the absence of a quorum at any meeting of the Board, a majority of the directors present thereat may adjourn such meeting to another time and place until a quorum shall be present thereat. Notice of the time and place of any such adjourned meeting shall be given to the directors who were not present at the time of the adjournment and, unless such time and place were announced at the meeting at which the adjournment was taken, to the other directors. At any adjourned meeting at which a quorum is present, any business may be transacted which might have been transacted at the meeting as originally called.

Section 13. <u>Organization</u>. The Board may, by resolution adopted by a majority of the entire Board, designate a Chairman of the Board, who shall preside at each meeting of the Board. In the absence or inability of the Chairman of the Board to preside at a meeting, the President or, in his or her absence or inability to act, another director chosen by a majority of the directors present, shall act as chairman of the meeting and preside thereat. The Secretary (or, in his or her absence or inability to act, any person appointed by the Chairman) shall act as secretary of the meeting and keep the minutes thereof.

Section 14. <u>Consent of Directors in Lieu of a Meeting</u>. Subject to the provisions of the 1940 Act and any other applicable law, any action required or permitted to be taken at any meeting of the Board or of any committee thereof may be taken without a meeting if a unanimous consent which sets forth the action is given in writing or by electronic transmission by all members of the Board or committee, as the case may be, and such unanimous consent is filed in paper or electronic form with the minutes of the proceedings of the Board or committee.

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Section 15. <u>Compensation</u>. Directors may receive compensation for services to the Corporation in their capacities as directors or otherwise in such manner and in such amounts as may be fixed from time to time by the Board.

ARTICLE IV

<u>Committees</u> 

Section 1. <u>Committees of the Board</u>. The Board may from time to time designate one or more committees of the Board, each such committee to consist of two or more directors and to have such powers and duties as the Board may, by resolution, prescribe.

Section 2. <u>General</u>. One-third, but not less than two, of the members of any committee shall be present in person at any meeting of such committee in order to constitute a quorum for the transaction of business at such meeting, and the act of a majority present shall be the act of such committee. The Board may designate a chairman of any committee and such chairman or any two members of any committee may fix the time and place of its meetings unless the Board shall otherwise provide. In the absence or disqualification of any member of any committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or she or they constitute a quorum, may unanimously appoint another member of the Board to act at the meeting in the place of any such absent or disqualified member. The Board shall have the power at any time to change the membership of any committee, to fill all vacancies, to designate alternate members to replace any absent or disqualified member, or to dissolve any such committee. Nothing herein shall be deemed to prevent the Board from appointing one or more committees consisting in whole or in part of persons who are not directors of the Corporation; provided, however, that no such committee shall have or may exercise any authority or power of the Board in the management of the business or affairs of the Corporation.

ARTICLE V

<u>Officers, Agents and Employees</u> 

Section 1. <u>Officers</u>. The officers of the Corporation shall be a President, who shall be a director of the Corporation, a Secretary, and a Treasurer, each of whom shall be elected by the Board. The Board may elect or appoint one or more Vice Presidents and may also appoint such other officers, agents, and employees as it may deem necessary or proper. Any two or more offices may be held by the same person, except the offices of President and Vice President, but no officer shall execute, acknowledge, or verify any instrument as an officer in more than one capacity. Such officers shall be elected by the Board to serve at the pleasure of the Board, each to hold office indefinitely and until his or her successor has been duly elected and qualifies, or until his or her death, resignation, or removal, as hereinafter provided in these By-Laws. The Board may from time to time elect, or delegate to the President the power to appoint, such officers (including one or more Assistant Vice Presidents, one or more Assistant Treasurers, and one or more Assistant Secretaries) and such agents, as may be necessary or desirable for the business of

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the Corporation. Such officers and agents shall have such duties and shall hold their offices for such terms as may be prescribed by the Board or by the appointing authority.

Section 2. <u>Resignations</u>. Any officer of the Corporation may resign at any time by giving written notice of resignation to the Board, the Chairman of the Board, the President, or the Secretary. Any such resignation shall take effect at the time specified therein or, if the time when it shall become effective shall not be specified therein, immediately upon its receipt; and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

Section 3. <u>Removal of Officer, Agent or Employee</u>. Any officer, agent, or employee of the Corporation may be removed by the Board with or without cause at any time, and the Board may delegate such power of removal as to agents and employees not elected or appointed by the Board. Such removal shall be without prejudice to such person's contract rights, if any, but the appointment of any person as an officer, agent, or employee of the Corporation shall not of itself create contract rights.

Section 4. <u>Vacancies</u>. A vacancy in any office, either arising from death, resignation, removal, or any other cause, may be filled for the unexpired portion of the term of the office which shall be vacant, in the manner prescribed in these By-Laws for the regular election or appointment to such office.

Section 5. <u>Compensation</u>. The compensation of the officers of the Corporation shall be fixed by the Board, but this power may be delegated to any officer in respect of other officers under his or her control.

Section 6. <u>Bonds or Other Security</u>. If required by the Board, any officer, agent, or employee of the Corporation shall give a bond or other security for the faithful performance of his or her duties, in such amount and with such surety or sureties as the Board may require.

Section 7. <u>President</u>. The President shall be the chief executive officer of the Corporation. The President shall have, subject to the control of the Board, general charge of the business and affairs of the Corporation and of its employees and shall exercise such general powers of management as are usually incident to the office of the President. The President may delegate these powers to employees and agents of the Corporation as the President deems advisable.

Section 8. <u>Vice President</u>. Each Vice President shall generally assist the President in the duties of that office as delegated or directed by the President, and shall have such other powers and perform such other duties as the Board or the President may from time to time prescribe.

Section 9. <u>Treasurer</u>. The Treasurer shall

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have charge of, and be responsible for, all the funds and securities of the Corporation, except those which the Corporation has placed in the custody of a bank or trust company or member of a national securities exchange (as that term is defined in the Securities Exchange Act of 1934, as amended) pursuant to a written agreement designating such bank or

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trust company or member of a national securities exchange as a custodian or sub-custodian of the property of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) keep or cause to be kept full and accurate accounts of receipts and disbursements in books belonging to the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cause all moneys and other valuables to be deposited to the credit of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) oversee the disbursement of the funds of the Corporation, and supervise the investment of its funds to the extent ordered or authorized by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) provide assistance to the Audit Committee of the Board and report to such committee as necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) be designated as principal accounting officer for purposes of §32 of the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in general, perform all the duties incident to the office of Treasurer and such other duties as from time to time may be assigned to him or her by the Board or the President.

Section 10. <u>Secretary</u>. The Secretary shall

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) keep or cause to be kept the minutes of all meetings of the Board, the committees of the Board, and the stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) see that all notices are duly given in accordance with the provisions of these By-Laws and as required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) see that the records and the seal of the Corporation, if any, are properly kept, and affix and attest the actual corporate seal to any stock certificates of the Corporation (unless the seal of the Corporation on such certificates shall be a facsimile or in any other form, as hereinafter provided) and affix and attest the actual corporate seal, if any, to all other documents to be executed on behalf of the Corporation under its seal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) see that the books, reports, statements, certificates, and other documents and records required by law to be kept and filed are properly kept and filed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in general, perform all the duties incident to the office of Secretary and such other duties as from time to time may be assigned to him or her by the Board or the President.

Section 11. <u>Delegation of Duties; Other Officers</u>. The Board may elect or appoint, or may authorize the President to appoint, such other officers or agents with such powers as the Board or the President may deem to be advisable. Assistant officers shall act generally in the

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absence of the officer whom they assist and shall assist that officer in the duties of the office as delegated or directed by that officer. Each officer, employee and agent of the Corporation shall have such other duties and authority as may be conferred upon such person by the Board or delegated to such person by the President.

ARTICLE VI

<u>Indemnification</u> 

Each officer and director of the Corporation shall be indemnified by the Corporation to the full extent permitted under the General Laws of the State of Maryland, except that such indemnity shall not protect any such person against any liability to the Corporation or any stockholder thereof to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office. Absent a court determination that an officer or director seeking indemnification was not liable on the merits or guilty of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office, the decision by the Corporation to indemnify such person must be based upon the reasonable determination of independent counsel or nonparty independent directors, after review of the facts, that such officer or director is not guilty of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.

The Corporation may purchase insurance on behalf of an officer, director, employee, or other agent of the Corporation protecting such person to the full extent permitted under the General Laws of the State of Maryland, from liability arising from his or her activities as officer or director of the Corporation. The Corporation, however, may not purchase insurance on behalf of any officer or director of the Corporation that protects or purports to protect such person from liability to the Corporation or to its stockholders to which such officer or director would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.

ARTICLE VII

<u>Capital Stock</u> 

Section 1. <u>Stock Certificates; Uncertificated Shares</u>. Except to the extent provided otherwise in the Corporation's Articles, the Board may authorize the issue of some or all of the shares of any or all of the Corporation's classes or series of stock without certificates. In the case of all shares of stock of the Corporation other than shares of stock authorized to be issued without certificates, each holder of stock of the Corporation shall be entitled upon request to have a certificate or certificates, in such form as shall be approved by the Board, representing the number of shares of the Corporation owned by such stockholder, provided, however, that certificates for fractional shares will not be delivered in any case. The certificates representing shares of stock shall be signed by or in the name of the Corporation by the President or a Vice President and by the Secretary or an Assistant Secretary or the Treasurer or an Assistant Treasurer and sealed with the actual seal of the Corporation, if a seal has been adopted, or in any

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other form. Any or all of the signatures or the seal on the certificate may be a facsimile. In case any officer, transfer agent, or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate shall be issued, it may be issued by the Corporation with the same effect as if such officer, transfer agent, or registrar were still in office at the date of issue.

Section 2. <u>Record of Stockholders</u>. A register shall be kept at the offices of the Corporation or any transfer agent appointed by the Corporation under the direction of the Board, which shall contain the names and addresses of the stockholders and the number of shares held by them respectively and a record of all transfers thereof. Separate registers shall be established and maintained for each class or series of shares. Each such register shall be conclusive as to who are the holders of the shares of the applicable class or series of shares and who shall be entitled to receive dividends or distributions or otherwise to exercise or enjoy the rights of stockholders.

Section 3. <u>Transfers of Shares</u>. Transfers of shares of stock of the Corporation shall be made on the stock records of the Corporation only by the registered holder thereof, or by such registered holder's attorney thereunto authorized by power of attorney duly executed and filed with the Secretary or with a transfer agent or transfer clerk, and on surrender of the certificate or certificates, if issued, for such shares properly endorsed or accompanied by a duly executed stock transfer power and the payment of all taxes thereon. Except as otherwise provided by law, the Corporation shall be entitled to recognize the exclusive rights of a person in whose name any share or shares stand on the record of stockholders as the owner of such share or shares for all purposes, including, without limitation, the rights to receive dividends or other distributions, and to vote as such owner, and the Corporation shall not be bound to recognize any equitable or legal claim to or interest in any such share or shares on the part of any other person.

Section 4. <u>Regulations</u>. The Board may make such additional rules and regulations, not inconsistent with these By-Laws, as it may deem expedient concerning the issue, transfer, and registration of certificates for shares of stock of the Corporation. It may appoint, or authorize any officer or officers to appoint, one or more transfer agents or one or more transfer clerks and one or more registrars and may require all certificates for shares of stock to bear the signature or signatures of any of them.

Section 5. <u>Lost, Destroyed or Mutilated Certificates</u>. The holder of any certificates representing shares of stock of the Corporation shall immediately notify the Corporation of any loss, destruction, or mutilation of such certificate, and the Corporation may issue a new certificate of stock in the place of any certificate theretofore issued by it which the owner thereof shall allege to have been lost or destroyed or which shall have been mutilated, and the Board may, in its discretion, require such owner or such owner's legal representatives to give to the Corporation a bond in such sum, limited or unlimited, and in such form and with such surety or sureties, as the Board in its absolute discretion shall determine, to indemnify the Corporation against any claim that may be made against it on account of the alleged loss or destruction of any such certificate, or issuance of a new certificate. Anything herein to the contrary notwithstanding, the Board, in its absolute discretion, may refuse to issue any such new certificate, except pursuant to legal proceedings under the laws of the State of Maryland.

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Section 6. <u>Fixing of a Record Date for Dividends and Distributions</u>. The Board may fix, in advance, a record date not more than ninety days preceding the date fixed for the payment of any dividend or the making of any distribution. Once the Board fixes a record date as the record date for the determination of the stockholders entitled to receive any such dividend or distribution, only the stockholders of record as of the record date shall be entitled to receive such dividend or distribution.

Section 7. <u>Information to Stockholders and Others</u>. Any stockholder of the Corporation or a stockholder's agent may inspect and copy, during usual business hours, the Corporation's By-Laws, minutes of the proceedings of its stockholders, annual statements of its affairs, and voting trust agreements on file at its principal executive office.

ARTICLE VIII

<u>Fiscal Year</u> 

Unless otherwise determined by the Board, the fiscal year of the Corporation shall end on the 31st day of March.

ARTICLE IX

<u>Depositories and Custodians</u> 

Section 1. <u>Depositories</u>. The funds of the Corporation shall be deposited with such banks or other depositories as the Board of the corporation may from time to time determine.

Section 2. <u>Custodians</u>. All securities and other investments shall be deposited in the safe keeping of such banks or other companies as the Board of the Corporation may from time to time determine. Every arrangement entered into with any bank or other company for the safe keeping of the securities and investments of the Corporation shall contain provisions complying with the 1940 Act.

ARTICLE X

<u>Execution of Instruments</u> 

Section 1. <u>Checks, Notes, Drafts, etc.</u> Checks, notes, drafts, acceptances, bills of exchange, and other orders or obligations for the payment of money shall be signed by such officer or officers or person or persons as the Board by resolution shall from time to time designate.

Section 2. <u>Sale or Transfer of Securities</u>. Stock certificates, bonds, or other securities at any time owned by the Corporation may be held on behalf of the Corporation or sold, transferred or otherwise disposed of subject to any limits imposed by these By-Laws and pursuant to authorization by the Board and, when so authorized to be held on behalf of the Corporation or sold, transferred or otherwise disposed of, may be transferred from the name of

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the Corporation by the signature of the President or a Vice President or the Treasurer or pursuant to any procedure approved by the Board, subject to applicable law.

ARTICLE XI

<u>Independent Public Accountants</u> 

The firm of independent public accountants which shall sign or certify the financial statements of the Corporation that are filed with the Securities and Exchange Commission (the "SEC") shall be selected annually in accordance with applicable legal requirements.

ARTICLE XII

<u>Annual Statement</u> 

The books of account of the Corporation shall be examined by an independent firm of public accountants at the close of each annual period of the Corporation and at such other times as may be directed by the Board. A report to the stockholders based upon each such examination shall be delivered or otherwise made available to each stockholder of the Corporation of record on such date with respect to each report as may be determined by the Board, at his or her address as the same appears on the books of the Corporation. Such annual statement shall also be available at the annual meeting of stockholders and be placed on file at the Corporation's principal executive office. Each such report shall contain such information as is required to be set forth therein by the 1940 Act and the rules and regulations promulgated by the SEC thereunder and any other information required by any other applicable law, and shall set forth such other matters as the Board or such firm of independent public accountants shall determine.

ARTICLE XIII

<u>Amendments</u> 

The Board, by affirmative vote of a majority thereof in office at the time, shall have the right to amend, alter or repeal these By-Laws, except any particular By-Law which is specified as not subject to alteration or repeal by the Board.

*Adopted by the Board of Directors as of the 10th day of March, 2026.*

## Ex-99.(N)

**TWEEDY, BROWNE FUND INC.** 

**Rule 18f-3 Multi-Class Plan** 

I. <u>Introduction</u>. Pursuant to Rule 18f-3 under the Investment Company Act of 1940, as amended (the "1940 Act"), this Rule 18f-3 Multi-Class Plan (the "Plan") has been adopted by a majority of the Board of Directors of Tweedy, Browne Fund Inc. (the "Company") (the "Board of Directors"), including a majority of Directors who are not "interested persons" (as that term is defined in the 1940 Act) of the Company (together, the "Independent Directors") and sets forth the method for allocating fees and expenses among each class of shares with respect to each series of the Company listed on **<u>Exhibit A</u>** to this Plan (each a "Fund," and together, the "Funds"). The Plan designates the share classes offered by the Company: Open-End Mutual Fund Share Class and ETF Share Class. In accordance with Rule 18f-3 under the 1940 Act, the Plan sets forth the differences among the classes with respect to distribution arrangements, shareholder services, expense allocations, and any related conversion features or exchange privileges.

The Company's Board of Directors, including a majority of the Independent Directors, has determined that the Plan, including the allocation of expenses, is in the best interests of the Company as a whole, each Fund and each class of shares offered by each Fund.

II. <u>Class</u> <u>Designation</u>: The shares of each Fund shall be divided into the classes identified on **<u>Exhibit A</u>** to the Plan. Subject to approval by the Board of Directors, the Company may change the names designating the Funds' classes of shares. Shares are sold without imposition of an initial sales charge or contingent deferred sales charge and are not subject to any distribution fees.

III. <u>Allocation of Expenses</u>. In accordance with Rule 18f-3 under the 1940 Act, all expenses of each Fund shall be allocated among the classes of shares of such Fund pro rata based on the relative net assets of each class, except that the following types of fees and expenses to the extent that they relate to a particular class shall be allocated to such class:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transfer agency and other recordkeeping costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Securities and Exchange Commission and blue sky registration or qualification fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• printing and postage expenses related to printing and distributing materials, such as shareholder reports,
Prospectuses and proxies to current shareholders of a particular class or to regulatory authorities with respect to such class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• audit or accounting fees or expenses relating solely to such class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expenses of administrative personnel and services as required to support the shareholders of such class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation or other legal expenses relating solely to such class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Directors' fees and expenses incurred as a result of issues relating solely to such class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exchange listing fees related to such a class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other fees and expenses subsequently identified and determined to be properly allocated to such class.

For all purposes under this Plan, fees and expenses that "relate to" a class of shares are those fees and expenses that are actually incurred in a different amount by the class or that relate to a different kind or to a different degree of services provided to the class. The officers of the Company shall have the authority to determine, to the extent permitted by applicable law or regulation and/or U.S. Securities and Exchange Commission guidance, whether any or all of the fees and expenses described in the Plan should be allocated to a particular class of shares. The Treasurer, an Assistant Treasurer, or another appropriate officer of the Company or one of their delegates shall periodically or as frequently as requested by the Independent

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Directors report to the Board of Directors regarding any such allocations. Notwithstanding the foregoing, the Company may not allocate advisory or custodial fees or other expenses related to the management of a Fund's assets to a particular class.

IV. <u>Class</u> <u>Arrangements</u>: Conversion features and exchange privileges, if any, are described in the current prospectus for each Fund.

V. <u>Voting and Other Rights</u>: All class shares shall each have: (a) exclusive voting rights on any matter submitted to shareholders that relates solely to the arrangements for that class; (b) separate voting rights on any matter submitted to shareholders in which the interests of one class differ from the interests of any other class; and (c) in all other respects, the same rights and obligations as the other classes.

VI. <u>Additional Information</u>: The Plan is qualified by and subject to the terms of the Prospectuses for the applicable classes; provided, however, that none of the terms set forth in any such Prospectuses shall be inconsistent with the terms of the classes contained in the Plan. The Prospectuses for the Funds contain additional information about the classes and the Funds' multiple class structure.

Adopted: April 14, 2026

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**EXHIBIT A** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Class** |
| &nbsp;&nbsp;&nbsp;Tweedy, Browne International Value Fund | Open-End Mutual Fund Share Class |
| &nbsp;&nbsp; Tweedy, Browne International Value Fund<br>| ETF Share Class<br>|
| &nbsp;&nbsp; Tweedy, Browne Value Fund<br>| Open-End Mutual Fund Share Class<br>|
| &nbsp;&nbsp;&nbsp;Tweedy, Browne Value Fund | ETF Share Class |
| &nbsp;&nbsp;&nbsp;Tweedy, Browne International Value Fund II – Currency Unhedged | Open-End Mutual Fund Share Class |
| &nbsp;&nbsp; Tweedy, Browne International Value Fund II – Currency Unhedged<br>| ETF Share Class<br>|
| &nbsp;&nbsp;&nbsp;Tweedy, Browne Worldwide High Dividend Yield Value Fund\* | Open-End Mutual Fund Share Class |
| &nbsp;&nbsp;&nbsp;Tweedy, Browne Worldwide High Dividend Yield Value Fund\* | ETF Share Class |

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\* To be renamed "Tweedy, Browne . Buybacks . Dividends + Value Fund" effective May 27, 2026.

## Ex-99.(P)(1)

**TWEEDY, BROWNE FUND INC.** 

**TWEEDY, BROWNE COMPANY LLC** 

**<u>CODE OF ETHICS</u>**

I.  **<u>Introduction</u>** 

This Code of Ethics ("Code") establishes rules of conduct for "Covered Persons" (as defined herein) of Tweedy, Browne Fund Inc. (the "Fund"), Tweedy, Browne Company LLC (the "Investment Adviser"), and the series of The RBB Fund Trust that are sponsored by Tweedy, Browne Company and is designed to govern the personal investment activities of Covered Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.  **<u>Applicability</u>** 

*"Covered Person"* and *"Advisory Person."* For purposes of this Code, "Covered Person" shall mean any of the following persons and "Advisory Person" means any of the persons described in items 1-3:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any director, officer or employee of the Investment Adviser or the Fund who in the ordinary course of his or
her business makes, participates in or obtains current information regarding the purchase or sale of securities by the Fund or any other client of the Investment Adviser or whose functions or duties as part of the ordinary course of his or her
business relate to the making of any recommendation to the Fund or any other client of the Investment Adviser regarding the purchase or sale of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any natural person in a control relationship to the Investment Adviser or the Fund who obtains current
information concerning recommendations made to the Fund or another client with regard to the purchase or sale of a security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any director or officer of the Fund, regardless of whether such director or officer is an Advisory Person;

provided, however, that an employee of a service provider that is unaffiliated with the Fund's Investment Adviser who is an officer of the Fund shall not be a Covered Person if such employee is covered by an appropriate code of ethics of the service provider.

For purposes of this Code, a person shall not be deemed to be an Advisory Person or a Covered Person simply by virtue of normally assisting in the preparation of public reports, but not receiving information about current recommendations or trading, or engaging in other ministerial activities.

*"Advisory Person's Account."* For purposes of this Code, an Advisory Person's account includes all accounts in which one or more Advisory Persons and/or one or more members of the Advisory Person's *immediate family* have a *substantial proportionate economic interest* or the ability to control the investment activities of the account. "Immediate family" includes an Advisory Person's spouse and minor children living with the Advisory Person. A "substantial proportionate economic interest" will generally be 25% of the principal amount, in the case of any single Advisory Person, or 50% of the

<sup>1</sup> These definitions are derived from the requirements of Rule 17j-1 and Rule 204A-1 and are construed consistently therewith.

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principal amount, in the case of accounts in which more than one Advisory Person have an interest, whichever is applicable.

*"Security."* The term "security" shall not include the following exempt instruments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. securities issued or guaranteed as to principal or interest by the United States government, its agencies or
instrumentalities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. bankers' acceptances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. bank certificates of deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. high quality short-term debt instruments, including repurchase agreements<sup>2</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. shares of open-end investment companies registered under the
Investment Company Act of 1940, as amended (the "1940 Act") other than mutual funds for which the Investment Adviser or an affiliate of Affiliated Managers Group, Inc. ("AMG") serves as investment adviser or subadviser<sup>3</sup> and exchange-traded funds for which the Investment Adviser serves as investment adviser;<sup></sup>and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Bitcoin and Ether

Although no final authoritative determination has been made regarding the status of cryptocurrencies and digital assets under the federal securities and commodity laws, the SEC is currently taking the position that most crypto and digital assets are securities, though there is a reasonable level of acceptance in the market that Bitcoin and Ether are not securities, and the SEC has not publicly asserted that Bitcoin and Ether are securities. Crypto and digital assets constituting securities under this regulatory view include, without limitation, crypto currency, virtual currency, coin offerings, nonfungible tokens (including "crypto art"), digital tokens and digital coins, and commodity or other derivative interests related thereto, other than Bitcoin and Ether. In light of the SEC's position and the various affirmative enforcement actions it has taken in furtherance of this position, transactions and holdings in crypto and digital assets, other than Bitcoin and Ether, are subject to certain investment restrictions and reporting requirements, as described in Section II.E. of this Code of Ethics, but are not otherwise subject to the requirements set forth in this Code of Ethics (including the pre-clearance requirement and blackout restrictions in Section II, below).

Should the Firm determine to invest in crypto or digital assets on behalf of the Funds or other clients in the future, this Code of Ethics and the requirements relating to crypto and digital assets will be revised.

<sup>2</sup> The SEC staff will interpret "high quality short-term debt instrument" to mean any instrument that has a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a nationally recognized rating organization.

<sup>3</sup> The Compliance Department will circulate a listing of all mutual funds for which AMG affiliates provide discretionary investment advisory services on a periodic basis.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.  **<u>General Principles</u>** 

Tweedy, Browne Company LLC's success depends upon its reputation for integrity, quality and professionalism. Tweedy, Browne Company LLC values and seeks to protect the confidence and trust placed in it by its clients. This Code is designed to govern the personal securities investment and other business-related activities of Covered Persons and reflects the Investment Adviser's fiduciary principles to (1) always place the interests of clients, including the Funds, first; (2) ensure that all personal securities investment and other business-related activities of its Covered Persons are consistent with this Code; and (3) avoid overreaching or inappropriate conduct by a Covered Person in connection with his or her personal securities investment and other business-related activities.

Under this Code, Covered Persons are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employing any device, scheme or artifice to defraud the Investment Adviser or the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Making to the Investment Adviser or the Fund any untrue statement of a material fact or omitting to state to
the Investment Adviser or the Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Engaging in any act, practice, or course of business which operates or would operate as a fraud or deceit
upon the Investment Adviser or the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Engaging in any manipulative practice with respect to the Investment Adviser or the Fund.

II.  **<u>Restrictions on Personal Investing and Other Activities</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.  **<u>Prohibition on Certain Investing Activities</u>** 

If Tweedy, Browne International Value Fund, Tweedy, Browne International Value Fund II – Currency Unhedged, Tweedy, Browne Value Fund or Tweedy, Browne Worldwide High Dividend Yield Value Fund (each also referred to herein as a "Fund," as the context requires, and collectively the "Funds") or any other client has a purchase or sale order pending, or the Investment Adviser has any such order under active consideration for the Funds or other clients, no Advisory Person may buy or sell the same security or any related security (such as an option, warrant or convertible security) for an Advisory Person's account.

This restriction does not apply to (i) non-convertible fixed income securities rated at least "A," (ii) municipal securities, (iii) mutual funds (including mutual funds advised or sub-advised by the Investment Adviser or an AMG affiliate); or (iv) transactions that are otherwise exempt from this prohibition. *(Refer to Sections III.A. and B. hereof for information on transactions that are exempt from this prohibition. Refer to Section II.C. for applicable pre-clearance requirements.)*

This prohibition may only be waived upon a written finding by a member of the Management Committee that the proposed purchase or sale of a security is not expected to have any adverse impact on the ability of the Funds or other clients to purchase or sell the security or the price at which the Funds or other clients will be able to purchase or sell the security.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.  **<u>Blackout Period</u>** 

An Advisory Person may not purchase or sell any security for an Advisory Person's account until seven (7) calendar days after the later of the most recent trade by any of the Funds in that security or any related security, or the withdrawal of a purchase or sale order for such security or any related security for the Funds.

This restriction does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) non-convertible fixed income securities rated at least
"A", municipal securities, and mutual funds (including mutual funds advised or sub-advised by the Investment Adviser or an AMG affiliate), in which case no blackout period applies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) equity securities that are constituents of a designated
index,<sup>4</sup> in which case shorter blackout periods may apply as set forth in the table below; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) transactions that are otherwise exempt from this blackout requirement. (*Refer to Sections III.A. and B. hereof for information on transactions that are exempt from this requirement. Refer to Section II.C. for applicable pre-clearance requirements.)* 

This blackout requirement may only be waived upon a written finding by a member of the Management Committee that the proposed purchase or sale of a security is not expected to have any adverse impact on the ability of the Funds to purchase or sell the security or the price at which the Funds will be able to purchase or sell the security.

For securities that are constituents of a designated index, the following shorter blackout periods apply:

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| | |
|:---|:---|
| &nbsp;&nbsp; *Market Capitalization* | *Blackout Period* |
| &nbsp;&nbsp; $1B or more | 1 day |
| &nbsp;&nbsp; Less than $1B | 3 days |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.  **<u>Pre-Clearance of Personal Securities Transactions and Securities Accounts</u>** 

*Pre-Clearance of Personal Securities Transactions.* 

Subject to the prohibitions and blackout periods discussed in Section II.A. and B, above, an Advisory Person may buy or sell a security for an Advisory Person's account if (i) the Advisory Person obtains prior approval from a member of the Compliance Department, the Chief

<sup>4</sup> Designated indices currently include the S&P 500 Index, the Nikkei 225 Index, the CAC 40 Index, the DAX Index, the SMI Index, the FTSE 100 Index, the Amsterdam Securities Index (AEX), the S&P/ASX 50 Index, the Straits Times Index, the IBEX 35 Index, the FTSE MIB Index, the OMX Stockholm 30 Index, the TOPIX 100 Index, and the Hang Seng Index, or any successor index thereof; or any other index designated by the Management Committee and the Compliance Director as being composed entirely of securities whose public float and historical liquidity make it extremely unlikely that purchases and sales of any of the securities on such index by any Advisory Person would have an adverse impact on the ability of the Funds to purchase or sell such securities or the price at which the Funds will be able to purchase or sell such securities. 

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Compliance Officer, or the Fund's Chief Compliance Officer (see Section IV for details of the prior approval process), which has not been rescinded prior to execution of the transaction; and (ii) the approved transaction is completed on the trading day for which approval is received. Purchases, sales and exchanges of mutual fund shares (other than shares of the Funds) do not require pre-clearance. Private placements are subject to different pre-clearance requirements, discussed below in Section II.F.

*Pre-Clearance of Securities Accounts.* 

All security accounts of Advisory Persons (other than those which invest solely in exempt instruments, as described in Section I.A above, and in mutual funds advised or subadvised by an AMG affiliate) must be held at one or more designated brokerage firms and subjected to electronic monitoring. These accounts must also be pre-cleared with the Compliance Department prior to opening. Advisory Persons must also arrange for duplicate confirmations and account statements relating to these accounts to be provided to the Investment Adviser's Compliance Department, or for an electronic feed of the account into the firm's compliance monitoring software system.<sup>5</sup> 

Security accounts for which an Advisory Person has no control over the accounts' investment activity are also subject to pre-clearance requirements. Such accounts may be excepted from the designated brokerage firm and electronic monitoring requirement only upon review and approval by a Managing Director, the Investment Adviser's Chief Compliance Officer or her designee, or the Fund's Chief Compliance Officer. Subject to receiving appropriate pre-clearance for the account, transactions in accounts over which an Advisory Person has no investment control are generally exempt from trading restrictions, blackout periods and transaction pre-clearance requirements, as described in Section III.A.4 hereof.

Exceptions to these pre-clearance policies may only be made with the written consent of (i) a member of the Management Committee and (ii) the Investment Adviser's Chief Compliance Officer or her designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.  **<u>Initial Public Offerings</u>** 

No Advisory Person shall acquire securities in an initial public offering for an Advisory Person's account. *No waiver of this prohibition may be granted.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.  **<u>Crypto and Digital Assets</u>** 

As noted above, the SEC is taking the position that most crypto and digital assets, other than Bitcoin and Ether, are securities. This includes, without limitation, crypto currency, virtual currency, coin offerings, nonfungible tokens (including "crypto art"), digital tokens and digital coins, and commodity or other derivative interests related thereto, other than Bitcoin and Ether.

The Firm does not invest in and does not currently intend to invest in crypto or digital assets on behalf of the Funds or its other clients. Accordingly, the following requirements apply to crypto and digital assets other than Bitcoin and Ether:

<sup>5</sup> Investments in the Funds (outside of the Investment Adviser's Profit-Sharing and 401(k) Plans) require pre-clearance, as discussed in Section IV below, and are subject to duplicate confirmation and statement requirements. Investments in the Funds through the Investment Adviser's Profit Sharing and 401(k) Plans are subject to the trading restrictions discussed in Section IV below. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)  ***Prohibition on initial offerings, primary offerings, limited offerings*.** No Advisory
Person may participate in any initial offerings, primary offerings, or limited offerings of crypto or digital assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)  ***Initial and annual reporting requirements*** *.* Covered Persons will be required to
(a) complete an initial holdings report on crypto and digital assets (other than Bitcoin and Ether), and (b) update that report once annually. (Independent Directors are not required to submit such reports.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)  ***Quarterly transaction reporting.*** **  Covered Persons will be required to complete a
quarterly transaction report, reflecting all crypto and digital asset transactions (other than Bitcoin and Ether), once a quarter.

An Independent Director shall be required to file a quarterly transaction report only for a transaction where he or she knew (or, in the ordinary course of fulfilling his or her official duties as a director, should have known) at the time of the transaction that, during the 15-day period immediately preceding or after the date of the transaction, such crypto or digital asset is or was purchased or sold, or considered for purchase or sale, by a Fund or its Investment Adviser.

The forms for initial, annual and quarterly reporting will be maintained in the firm's compliance monitoring software system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.  **<u>Private Placements</u>** 

A purchase or sale of securities that are not publicly traded must have written consent from a member of the Compliance Department, the Investment Adviser's General Counsel or the Chief Compliance Officer. Such approval will not be granted unless the Advisory Person provides full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of such person's activities on behalf of the Fund) and a member of the Management Committee concludes that the Fund would have no foreseeable interest in investing in such security. Approval is also required prior to making any subsequent investments in or withdrawals from a private investment previously approved pursuant to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.  **<u>Gifts</u>** 

No Advisory Person shall give or accept any gift or other item of more than *de minimis* value (generally $100) to or from any person or entity that does business with or on behalf of the Firm or the Funds. This policy does not prohibit the gift or receipt of an occasional meal, a ticket to a sporting event or the theater, or comparable entertainment that is neither so frequent nor so extensive as to raise any question of propriety, as long as the person providing the entertainment is present. All Investment Adviser personnel are required to report any gifts, gratuities or entertainment given or received annually to the Compliance Department by using the firm's compliance monitoring software system. Personal gifts not intended to facilitate any business relationship are exempt from the provisions of this Section II.G.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.  **<u>Political Contributions</u>** 

The Investment Adviser has adopted separate Pay-to-Play Policies and Procedures in accordance with Rule 206(4)-5 under the Advisers Act which govern political contributions made by certain

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Investment Adviser personnel covered by that rule. A copy of those policies and procedures has been provided to all employees covered by that rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.  **<u>Service as a Director</u>** 

No Advisory Person shall serve on the board of directors or trustees of a publicly traded company without prior authorization from (i) the Investment Adviser's General Counsel or Chief Compliance Officer, and (ii) at least two members of the Management Committee, based upon a determination that such service would not be inconsistent with the interests of the Firm and its clients, including the Fund and its shareholders.

III.  **<u>Exempt Transactions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Notwithstanding any other provisions of this Code to the contrary, Advisory Persons shall not be prohibited
from, subject to a blackout period with respect to, or required to obtain prior approval for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. reinvestments of dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. participation on an on-going basis in an issuer's stock
purchase plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any transaction in an account over which no Advisory Person has any direct or indirect influence or control
(subject to such account having been reviewed and approved as set forth in Section II.C. hereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any purchase, sale or exchange in the secondary market on any one calendar day of no more than 100 shares of
any freely tradable security (other than AMG, another security on the Investment Adviser's restricted list,<sup>6</sup> a mutual fund or exchange-traded fund advised or subadvised by the Investment
Adviser) or any derivative security with respect to no more than 100 shares of any such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In addition, Advisory Persons shall not be prohibited from or subject to a blackout period with respect to
(but are required to pre-clear) any purchase or sale of common equity securities of any issuer, as long as (i) all such purchases or sales of that issuer on any particular trading day by all Advisory
Persons relying on this Section III.B exemption, in the aggregate, do not exceed 1% of the average daily trading volume ("ADTV") of that security over the past 30 calendar days; and (ii) any order governed by this exemption is
entered either (a) as a market order; or (b) in the case of a limit order, at a price no higher than the then-current bid (in the case of a purchase) or lower than the then-current offer (in the case of a sale). *Approval of such securities transactions may be granted by a member of the Compliance Department based on a determination that the proposed purchase or sale of such security is not expected to have any adverse impact on the ability of the Funds or other clients to purchase or sell the security or the price at which the Funds or other clients will be able to purchase or sell the security.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Advisory Persons shall not be required to preclear a donation of securities to a charitable organization, a
charitable giving account (although the account itself is required to be pre-cleared under this Code of Ethics), or a gift of securities to a non-advisory person who is
not a member of an immediate family of the advisory person.

<sup>6</sup> The restricted securities list is maintained by the Compliance Department and distributed to all employees whenever it is updated.

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IV.  **<u>Prior Approval Procedures</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A pre-trade authorization request must be completed and submitted in
the firm's compliance monitoring software system for approval, prior to entering a trade order for any security that requires pre-clearance under this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. After reviewing the Funds' investment interest, trading and anticipated cash flows, a member of the
Compliance Department, the Investment Adviser's General Counsel or Chief Compliance Officer, or the Fund's Chief Compliance Officer shall approve (or disapprove) an Advisory Person's trading request as expeditiously as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Once an Advisory Person's trading request is approved, the Advisory Person will be notified by the
firm's compliance monitoring software system of the approval. If the Advisory Person's trading request is not approved, or is not executed on the trading day for which it is approved, such trading request may be resubmitted at a later
date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In no case may a member of the Compliance Department, the Investment Adviser's General Counsel or
Chief Compliance Officer, or the Fund's Chief Compliance Officer (each, a "Designated Person") approve his or her own trading. Each must instead obtain approval from another Designated Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Generally, approval will not be granted for redemptions or exchanges of shares of the Funds held for less
than 90 days by any Advisory Person. For purposes of determining the 90-day holding period, a last in/first out ("LIFO") method is used. Automatic reinvestments of dividends and distributions are
disregarded for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Purchases, redemptions and exchanges of shares of a Fund in the Investment Adviser's Profit-Sharing
and 401(k) Plans are permitted within pre-established trading windows without pre-clearance. Automatic reinvestments of dividends and distributions and systematic
investments through pay-roll deductions in the plans are similarly exempt from the pre-clearance requirements.

V.  **<u>Quarterly Transaction Reporting</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *Quarterly Transaction Reports*. All Covered Persons shall be required to submit to the Compliance
Department a quarterly certification that all securities transactions in which the Covered Person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership have been reported in the firm's compliance
monitoring software system.<sup></sup><sup>7</sup> No report is required if the Covered Person had no direct or indirect influence or control over the transaction.

However, each director who is not an "interested person" (as defined under the 1940 Act) (each, an "Independent Director") of the Funds is required to file a certification only for a transaction where he knew (or, in the ordinary course of fulfilling his official duties as a director, should have known) at the time of the transaction that, during the 15-day period immediately preceding or after the date of the transaction, such security is or was purchased or sold, or considered for purchase or sale, by a Fund or the Fund's Investment Adviser.<sup>8</sup>

<sup>7</sup> See the attached Exhibit B for the definition of "Beneficial Ownership."

<sup>8</sup> Rule 17j-1(d)(2)(ii)(B).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Timing of Reports.* All Covered Persons (including Independent Directors and all Advisory Persons) are
required to complete the certification no later than thirty (30) days after the end of each calendar quarter. No report is required if the Advisory Person had no direct or indirect influence or control over the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. *Qualifications.* Any certification submitted to comply with the requirements of this Section V may
contain a statement that the report shall not be construed as an admission by the person making such report that he or she has any direct or indirect beneficial ownership in the security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. *Review.* All quarterly transaction reports, brokerage statements, confirms, and transaction feeds
submitted pursuant to this Section V and all initial and annual holdings reports, brokerage statements and confirms submitted pursuant to Section VI.A. below are reviewed by designated compliance personnel in the Investment Adviser's
Compliance Department.<sup>9</sup>

VI.  **<u>Additional Reporting and Certification Procedures</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Disclosure of Personal Holdings – Initial and Annual Holdings Reports</u> 

*<u>Initial Holdings Report</u>*. No later than 10 days after a person becomes a Covered Person, the following information (which may consist of copies of most recent brokerage account statements, and which information must be current as of a date no more than 45 days prior to the date the person became an Access Person<sup>10</sup>) shall be submitted to the Investment Adviser's Chief Compliance Officer or her designee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The title, number of shares and principal amount of all securities owned directly or indirectly by the
Covered Person when the Covered Person became a Covered Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer or bank with whom the Covered Person maintained an account in which any
securities were held for the benefit of the Covered Person as of the date the person became a Covered Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date that the report is submitted by the Covered Person.

*<u>Annual Holdings Report</u>*. Each Covered Person shall submit to the Investment Adviser's Chief Compliance Officer or her designee the information listed in VI.A.1, 2 and 3 above on an annual basis, which information must be current as of a date no more than 45 days prior to the date such report is submitted.<sup>11</sup>

<sup>9</sup> Rule 17j-1(d)(3) and Rule 204A-1(a)(3).

<sup>10</sup> Rule 17j-1(d)(1)(i) and Rule 204A-1(b)(ii)(A).

<sup>11</sup> Rule 17j-1(d)(1)(iii) and Rule 204A-1(b)(ii). For example, the receipt by the Compliance Department of an annual holdings report as of December 31<sup>st</sup>, by no later than the following January 31<sup>st</sup>, will meet this requirement. The receipt by the Investment Adviser's Chief Compliance Officer or her designee of duplicate brokerage statements and confirmations received prior to the 30<sup>th</sup> day after the end of each calendar quarter will be deemed to serve as compliance with this requirement. 

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Independent Directors who would be required to make an initial holdings report or an annual holdings report solely by reason of being a Fund director need not file such initial or annual holdings reports.<sup>12</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Annual Certification</u> 

Annually, each Covered Person must acknowledge that he or she has received, read and understood and recognizes that he or she is subject to the Code. In addition, annually each Covered Person must certify that he or she has disclosed or reported all personal securities transactions required to be disclosed or reported under the Code.<sup>13</sup> In addition, Advisory Persons must each acknowledge in writing that they have received the Code and any amendments to the Code. Such acknowledgements and certifications are maintained by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Board and Management Committee Reporting</u> 

At least annually, in the case of Items 1 and 2 below, or quarterly, in the case of Items 3 and 4 below, the Investment Adviser's Chief Compliance Officer or her designee shall report to the Management Committee and to the Fund's Board of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All existing procedures concerning Covered Persons' personal trading activities ("personal
trading procedures") and any procedural changes made during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A description of issues that arose under the Code or the personal trading procedures during the previous
year or any recommended changes to the Code or the personal trading procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any material violations which occurred during the past quarter and sanctions imposed in response to the
material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any exceptions to any provisions of this Code (as determined under Section VIII below) granted during the
past quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Certification of Adequacy</u> 

The Fund and the Investment Adviser shall provide to the Board of Directors of the Fund, no less frequently than annually, a written certification that each has adopted procedures reasonably necessary to prevent Covered Persons from violating the Code.

VII.  **<u>Sanctions</u>** 

Upon discovering that an Advisory Person has not complied with the requirements of this Code, the Adviser's Chief Compliance Officer shall submit her findings to a member of the Management Committee. The Management Committee may impose on the Advisory Person whatever sanctions the Management Committee deems appropriate, including, among other things, disgorgement of profit, censure, suspension or termination of employment. The sanction taken shall be reported to the Fund's Board of Directors in conjunction with Section VI.C.3 hereof.

<sup>12</sup> Rule 17j-1(d)(2)(ii)(A).

<sup>13</sup> The receipt by the Investment Adviser's Chief Compliance Officer or her designee of duplicate brokerage statements and confirmations received prior to the 30<sup>th</sup> day after the end of each calendar quarter will be deemed to serve as compliance with the requirement to disclose or report all personal securities transactions. 

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VIII.  **<u>Exceptions</u>** 

The Investment Adviser's Chief Compliance Officer and each member of the Management Committee reserve the right to grant, on a case-by-case basis, additional exceptions to any provisions of this Code. Exceptions granted by a member of the Management Committee must be reported to the Investment Adviser's Chief Compliance Officer or her designee, maintained in writing, and reported to the Management Committee and to the Fund's Board of Directors at its next regularly scheduled meeting.

IX.  **<u>Recordkeeping</u>** 

The following records shall be preserved with the Firm's and the Fund's records in the manner and for the period(s) required by Rule 17j-1 under the 1940 Act and Rule 204-2 under the Investment Advisers Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This Code and any prior Code that has been in effect with respect to the Investment Adviser or the Fund at any
time within the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a copy of each report made hereunder by a Covered Person (including any brokerage statement or confirmation
provided in lieu of such written report); any written report made hereunder by the Fund's Investment Adviser or the Investment Adviser's Chief Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all persons required to make reports hereunder (including all Covered Persons and Advisory Persons<sup>14</sup>), and a list of all persons responsible for reviewing such reports (Rule 17j-1(f)(1)(D);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any violations of the Code and any action taken as a result thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Records of any private placements approved pursuant to Section II.F. hereunder, and the reasons supporting the
decision to approve such transactions (Rule 204-2(a)(13)(iii)); and

Written acknowledgments of receipt of this Code and any amendments thereto, as required by Section VI.B. hereof (Rule 204-2(a)(12)(iii)).

X.  **<u>Confidentiality</u>** 

All information obtained from any Covered Person hereunder shall be kept in strict confidence, except to the extent (i) reports are required to be made hereunder or required to be made available to the Securities and Exchange Commission or any other regulatory or self-regulatory organization; or (ii) the Funds or the Investment Adviser are otherwise legally required to disclose the information.

<sup>14</sup> Currently, all directors, officers and employees of the Investment Adviser (including employees who are interested directors of the Fund) are considered "Advisory Persons" and "Covered Persons," and all independent directors of the Fund and officers of the Fund who are not Advisory Persons are considered "Covered Persons" under this Code of Ethics. 

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XI.  **<u>Other Laws, Rules and Statements of Policy</u>** 

Nothing contained in this Code shall be interpreted as relieving any Covered Person from acting in accordance with the provision of any applicable law, rule or regulation or any other statement of policy or procedure governing the conduct of such Covered Person adopted by the Investment Adviser.

XII.  **<u>Violations Reported to the Investment Adviser's Chief Compliance Officer</u>** 

All violations of this Code must be promptly reported by Covered Persons to the Investment Adviser's Chief Compliance Officer and the Fund's Chief Compliance Officer.

XIII.  **<u>Amendments</u>** 

This Code, together with any amendments thereto, is provided by the Compliance Department to all Advisory Persons on at least an annual basis. Any material changes to this Code must be approved by the Board of Directors of the Fund (including a majority of the Independent Directors) within six months of such change.

XIV.  **<u>Further Information</u>** 

Questions regarding the applicability of the provisions of this Code generally or in connection with any particular transaction should be directed to the Investment Adviser's General Counsel or Chief Compliance Officer.

*Amended and Restated December 2025* 

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<u>Exhibit A</u> 

**TWEEDY, BROWNE FUND INC.** 

**TWEEDY, BROWNE COMPANY LLC** 

SECURITIES TRANSACTION REPORT

FOR THE CALENDAR QUARTER ENDED

(mo./day/yr.)

1. During the quarter referred to above, the following transactions were effected in securities of which I had, or by reason of such transaction acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Code of Ethics:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security and<br> <u>CUSIP No.</u> | Date of<br> <u>Transaction</u> | Nature of<br>Transaction<br>(Purchase,<br>Sale, Gift,<br> <u>Other)</u> | Number of<br>Shares or<br>Principal Dollar<br>Amount of<br> <u>Transaction</u> | <u>Price/Unit</u> | Broker/Dealer or<br>Bank Through<br> <u>Whom Effected</u> |

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*This report excludes (i) transactions with respect to which I had no direct or indirect influence or control; (ii) transactions not required to be reported per the Code of Ethics; and (iii) transactions already reported by a means permitted by the Code of Ethics. This report is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.* 

2. (Not applicable to Non-Interested Fund Directors) During the quarter referred to above, the following are new accounts with all brokers, dealers or banks with which I hold securities, whether or not transactions in such securities are reportable under the Code of Ethics:

Name of Broker/Dealer or Bank Account Number

Date:     Signature:    

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<u>Exhibit B</u>

**<u>BENEFICIAL OWNERSHIP</u>**

For purposes of the attached Code of Ethics, "beneficial ownership" shall be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder, except that the determination of direct or indirect beneficial ownership shall apply to all securities that a Covered Person has or acquires. The term "beneficial ownership" of securities would include not only ownership of securities held by a Covered Person for his own benefit, whether in bearer form or registered in his name or otherwise, but also ownership of securities held for his benefit by others (regardless of whether or how they are registered) such as custodians, brokers, executors, administrators, or trustees (including trusts in which he has only a remainder interest), and securities held for his account by pledges, securities owned by a partnership in which he is a member if he may exercise a controlling influence over the purchase, sale or voting of such securities, and securities owned by any corporation or similar entity in which he owns securities if the shareholder is a controlling shareholder of the entity and has or shares investment control over the entity's portfolio.

Ordinarily, this term would not include securities held by executors or administrators in estates in which a Covered Person is a legatee or beneficiary unless there is a specified legacy to such person of such securities or such person is the sole legatee or beneficiary and there are other assets in the estate sufficient to pay debts ranking ahead of such legacy, or the securities are held in the estate more than a year after the decedent's death.

Securities held in the name of another should be considered as "beneficially" owned by a Covered Person where such person enjoys "financial benefits substantially equivalent to ownership." The Securities and Exchange Commission has said that although the final determination of beneficial ownership is a question to be determined in the light of the facts of the particular case, generally a person is regarded as the beneficial owner of securities held in the name of his or her spouse and their minor children. Absent special circumstances such relationship ordinarily results in such person obtaining financial benefits substantially equivalent to ownership, <u>e.g.</u>, application of the income derived from such securities to maintain a common home, or to meet expenses that such person otherwise would meet from other sources, or the ability to exercise a controlling influence over the purchase, sale or voting of such securities.

A Covered Person also may be regarded as the beneficial owner of securities held in the name of another person, if by reason of any contract, understanding, relationship, agreement, or other arrangement, he obtains therefrom financial benefits substantially equivalent to those of ownership.

A Covered Person also is regarded as the beneficial owner of securities held in the name of a spouse, minor children or other person, even though he does not obtain therefrom the aforementioned benefits of ownership, if he can vest or revest title in himself at once or at some future time.