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International Value Fund Investment Objective <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;margin-top:1.8pt;">The Fund seeks long-term capital growth. Fees and Expenses <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;margin-top:1.8pt;">The table below describes the fees and expenses that you may pay if you buy, hold, and sell 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. <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-7" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 88.32%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Shareholder Fees (fees paid directly from your investment) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">None </td> </tr> </table> Shareholder Fees (fees paid directly from your investment) 0 <table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-9" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-left-color:#3e5170;border-right-color:#3e5170;border-top-color:#63718a;padding-left:0pt;width: 90.03%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-left-color:#3e5170;padding-right:0pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-10"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-left-color:#3e5170;border-right-color:#3e5170;padding-left:0pt;padding-right:0pt;width: 90.03%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Management fees </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-left-color:#3e5170;border-right-color:#3e5170;border-top-color:#3e5170;padding-right:0pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:6pt;">1.25% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-10" style="background: #CCEEFF;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-left-color:#3e5170;border-right-color:#3e5170;border-top-color:#3e5170;padding-left:0pt;padding-right:0pt;width: 90.03%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Distribution (12b-1) fees </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-left-color:#3e5170;border-right-color:#3e5170;border-top-color:#3e5170;padding-right:0pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:6pt;">None </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-10"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-left-color:#3e5170;border-right-color:#3e5170;border-top-color:#3e5170;padding-left:0pt;padding-right:0pt;width: 90.03%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Other expenses </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-left-color:#3e5170;border-right-color:#3e5170;border-top-color:#3e5170;padding-right:0pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:6pt;">0.19% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-10" style="background: #CCEEFF;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-left-color:#3e5170;border-right-color:#3e5170;border-top-color:#3e5170;padding-left:0pt;padding-right:0pt;width: 90.03%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Acquired fund fees and expenses<span class="Superscript" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-style:normal;font-weight:normal;vertical-align:super;color:#3e5170;font-family:Calibri, sans-serif;font-size:58%;font-style:normal;font-weight:normal;">1 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-left-color:#3e5170;border-right-color:#3e5170;border-top-color:#3e5170;padding-right:0pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:6pt;">0.01% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-10"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-left-color:#3e5170;border-right-color:#3e5170;border-top-color:#3e5170;padding-left:0pt;padding-right:0pt;width: 90.03%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Total Annual Fund Operating Expenses </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-left-color:#3e5170;border-right-color:#3e5170;border-top-color:#3e5170;padding-right:0pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:6pt;">1.45% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-10" style="background: #CCEEFF;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-left-color:#3e5170;border-right-color:#3e5170;border-top-color:#3e5170;padding-left:0pt;padding-right:0pt;width: 90.03%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Fee waiver<span class="Superscript" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-style:normal;font-weight:normal;vertical-align:super;color:#3e5170;font-family:Calibri, sans-serif;font-size:58%;font-style:normal;font-weight:normal;">2,3 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-left-color:#3e5170;border-right-color:#3e5170;border-top-color:#3e5170;padding-right:0pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:6pt;">None </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-10"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-left-color:#3e5170;border-right-color:#3e5170;border-top-color:#3e5170;padding-left:0pt;padding-right:0pt;width: 90.03%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Total Annual Fund Operating Expenses After Fee Waiver </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-left-color:#3e5170;border-right-color:#3e5170;border-top-color:#3e5170;padding-right:0pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:6pt;">1.45% </td> </tr> </table> <p class="NL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:12pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;margin-left:13pt;margin-top:7pt;text-indent:-13pt;margin-top:7pt;">(1) Acquired fund fees and expenses represent the expenses of the money market fund(s) in which the Fund’s cash balances are invested as well as the portfolio of the Fund’s assets that are allocated to an Affiliated Fund (as defined in this Prospectus). Please see footnote (3) below as it relates to the Fund’s investment in the Affiliated Fund. <p class="NL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:12pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;margin-left:13pt;margin-top:7pt;text-indent:-13pt;margin-top:7pt;">(2) The Adviser and Tweedy, Browne Fund Inc., on behalf of the Fund, have entered into a voluntary fee waiver agreement 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 $6 billion. The Adviser will waive fees such that the advisory fee payable by the Fund to the Adviser will be 0.80% on ADNA over $6 billion and up to $7 billion, 0.70% on ADNA over $7 billion and up to $8 billion and 0.60% on ADNA over $8 billion. This arrangement will remain in place at least until July 31, 2027, 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, 2027 without the approval of the Board of Directors of Tweedy, Browne Fund Inc. <p class="NL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:12pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;margin-left:13pt;margin-top:7pt;text-indent:-13pt;margin-top:7pt;">(3) The Adviser has agreed to waive the Fund’s management fee to the extent of any management fee charged in connection with the portfolio of the Fund’s assets that are allocated to an Affiliated Fund (as defined in this Prospectus). Such waiver shall continue until July 31, 2027. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0125 0 0.0019 0.0001 0.0145 0 0.0145 Acquired fund fees and expenses represent the expenses of the money market fund(s) in which the Fund’s cash balances are invested as well as the portfolio of the Fund’s assets that are allocated to an Affiliated Fund (as defined in this Prospectus). Please see footnote (3) below as it relates to the Fund’s investment in the Affiliated Fund. 2027-07-31 Example <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;margin-top:1.8pt;">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: <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-7" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-left-color:#3e5170;border-top-color:#3e5170;padding-left:0pt;width: 87.46%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">One Year </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#3e5170;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-right-color:#3e5170;border-top-color:#3e5170;padding-left:0pt;padding-right:0pt;width: 10.83%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">$148 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-7" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-left-color:#3e5170;padding-left:0pt;width: 87.46%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">Three Years </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-right-color:#3e5170;padding-left:0pt;padding-right:0pt;width: 10.83%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">$459 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-7" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-left-color:#3e5170;padding-left:0pt;width: 87.46%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">Five Years </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-right-color:#3e5170;padding-left:0pt;padding-right:0pt;width: 10.83%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">$792 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-7" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-left-color:#3e5170;padding-left:0pt;width: 87.46%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">Ten Years </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-right-color:#3e5170;padding-left:0pt;padding-right:0pt;width: 10.83%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">$1,735 </td> </tr> </table> 148 459 792 1735 Portfolio Turnover <p class="Text_flush_2pt" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;">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 14% of the average value of its portfolio. 0.14 Principal Investment Strategies <p class="Text_flush_2pt" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies with value characteristics. The Adviser considers a company to have value characteristics if, at the time of initial purchase, it demonstrates one or more of the following: <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:6pt;margin-top:6pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› low price-to-sales ratio as compared to other companies in the same industry; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› 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;<p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› low stock price in relation to book value; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› low price-to-earnings ratio; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› low price-to-cash-flow ratio; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› above-average dividend yield; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› low financial leverage; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› high returns on invested capital; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› purchases of a company’s own stock by the company’s officers and directors; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› company share repurchases; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› a stock price that has declined significantly from its previous high price; and/or <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› small market capitalization. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">This policy is not fundamental and may be changed by the Fund’s Board of Directors upon 60 days’ prior written notice to shareholders. The Fund must review its portfolio investments at least quarterly. If, subsequent to an investment, the Fund identifies that the requirements of its 80% policy are no longer met, the Fund will make future investments in a manner that will bring it into compliance with its 80% policy within 90 consecutive days. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies with value characteristics. 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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. Equity securities may experience significant volatility. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">Portfolio Management Risk. If the strategies used and investments selected by the Adviser’s Investment Committee fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">Risk of Loss. You could lose money on your investment in the Fund, and the Fund could underperform other investments. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">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: <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:6pt;margin-top:6pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› changes in currency exchange rates, which can lower performance in U.S. dollar terms; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› exchange rate controls (which may include an inability to transfer currency from a given country); <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› costs incurred in conversions between currencies; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› non-negotiable brokerage commissions; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› less publicly available information;<div class="_idGenObjectStyleOverride-1" style="margin:0;padding:0;border-width:0;border-width:0pt;"> <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› not generally being subject to uniform standards, practices and requirements with respect to accounting, auditing, corporate governance and financial reporting; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› greater market volatility; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› lower trading volume and/or liquidity; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› delayed settlements; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› difficulty in enforcing obligations and contractual and other rights in foreign countries; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› less securities regulation; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› different tax provisions (including withholding on interest and dividends paid to the Fund); <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› less well-established contract law; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› unrecoverable withholding and transfer taxes; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› war; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› seizure; and <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› political and social instability and diplomatic developments. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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 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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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 </div><p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">Furthermore, conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe, between Israel and Hamas in the Middle East, as well as the war in Iran and the recent operations of the United States in Venezuela 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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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 <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">Mid, Small and Micro Capitalization Companies Risk. The Fund invests 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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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 <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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 2025 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 of our investments. It remains difficult to predict the full impact of recent and any future changes with respect to interest rates or inflation. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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 to invest a portion of the Fund’s assets in an Affiliated Fund may present a conflict of interest. The Adviser may prefer to invest in an 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 <p class="Text_flush_2pt" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;">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 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). 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. 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. www.tweedyfunds.com 800-432-4789 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. Calendar Year Total Returns <p class="NL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:12pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;margin-top:5pt;text-align:center;margin-top:5pt;"><img alt="" src="tbarchart_001.jpg" style="width:449.28000000000003px;max-width:100%;"/> <p class="NL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:12pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;margin-left:13pt;margin-top:5pt;text-indent:-13pt;margin-top:5pt;">(1) The 2026 year-to-date return for the International Value Fund through June 30, 2026 was 10.65%. year-to-date return 2026-06-30 0.1065 <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-7" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 68.66%; padding: 0in 0in 3px 0in;" valign="bottom"> <span class="Bold" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-weight:normal;">As of December 31, 2025 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 29.63%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-20" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 68.66%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:6pt;text-indent:0;">Best Quarterly Return </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 29.63%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">14.46% (4th Quarter, 2020) </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-20" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 68.66%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-left:6pt;margin-top:0;">Worst Quarterly Return </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 29.63%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">(21.37)% (1st Quarter, 2020) </td> </tr> </table> Best Quarterly Return 0.1446 2020-12-31 Worst Quarterly Return -0.2137 2020-03-31 Average Annual Total Return for Periods Ended December 31, 2025 <table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-7" style="height:12pt;"> <td class="TCH" style="border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 59.83%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;padding-bottom:4pt;padding-top:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">One Year </td> <td class="TCH" style="border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;padding-bottom:4pt;padding-top:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">Five Years </td> <td class="TCH" style="border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;padding-bottom:4pt;padding-top:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">Ten Years </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-7" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 59.83%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0;text-indent:0;">International Value Fund </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-bottom:4pt;padding-top:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-bottom:4pt;padding-top:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-bottom:4pt;padding-top:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-12"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 59.83%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0;text-indent:0;">Return before Taxes </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">23.77% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">8.81% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">7.01% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-12" style="background: #CCEEFF;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 59.83%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0;text-indent:0;">Return after Taxes on Distributions </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">20.84% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">7.04% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">5.85% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-12"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 59.83%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0;text-indent:0;">Return after Taxes on Distributions and Sale of Fund Shares </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">16.61% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">6.89% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">5.59% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-23" style="background: #CCEEFF;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 59.83%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0;text-indent:0;">MSCI EAFE Index (in U.S.$) <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0;text-indent:0;">(reflects no deduction for fees, expenses or taxes) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">31.22% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">8.92% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">8.18% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-23"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 59.83%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0;text-indent:0;">MSCI EAFE Index (Hedged to U.S.$) <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0;text-indent:0;">(reflects no deduction for fees, expenses or taxes) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;padding-bottom:4pt;padding-top:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">23.10% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;padding-bottom:4pt;padding-top:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:4pt;text-align:center;">13.94% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;padding-bottom:4pt;padding-top:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:4pt;text-align:center;">10.72% </td> </tr> </table> Return before Taxes 0.2377 0.0881 0.0701 Return after Taxes on Distributions 0.2084 0.0704 0.0585 Return after Taxes on Distributions and Sale of Fund Shares 0.1661 0.0689 0.0559 MSCI EAFE Index (in U.S.$) (reflects no deduction for fees, expenses or taxes) reflects no deduction for fees, expenses or taxes 0.3122 0.0892 0.0818 MSCI EAFE Index (Hedged to U.S.$) (reflects no deduction for fees, expenses or taxes) 0.231 0.1394 0.1072 <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. 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. Tweedy, Browne International Value Fund II – Currency Unhedged Investment Objective <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;margin-top:2pt;">The Fund seeks long-term capital growth. Fees and Expenses <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;margin-top:2pt;">The table below describes the fees and expenses that you may pay if you buy, hold, and sell 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. <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-7" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 88.07%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:13pt;">Shareholder Fees (fees paid directly from your investment) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.70%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 10.23%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">None </td> </tr> </table> Shareholder Fees (fees paid directly from your investment) 0 <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-8" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 88.07%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.70%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 10.23%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-7" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 88.07%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Management fees </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.70%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 10.23%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">1.25% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-7" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 88.07%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Distribution (12b-1) fees </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.70%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 10.23%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">None </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-7" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 88.07%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Other expenses </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.70%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 10.23%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">0.28% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-7" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 88.07%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Total Annual Fund Operating Expenses </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.70%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 10.23%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">1.53% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-7" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 88.07%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Fee waiver and/or expense reimbursement1 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.70%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 10.23%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">(0.08)% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-7" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 88.07%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.70%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 10.23%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">1.45% </td> </tr> </table> <p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:7pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-13pt;widows:3;margin-top:7pt;">(1) The Adviser has voluntarily agreed, through at least July 31, 2027, to waive a portion of the Fund’s investment advisory fees and/or to reimburse a portion of the Fund’s expenses to the extent necessary to keep the Fund’s expense ratio in line with that of the Tweedy, Browne International Value Fund. (For purposes of this calculation, the Fund’s acquired fund fees and expenses, brokerage costs, interest, taxes and extraordinary expenses are disregarded and the Fund’s expense ratio is rounded to two decimal points.) This arrangement may not be terminated prior to the close of business on July 31, 2027 without the approval of the Board of Directors of Tweedy, Browne Fund Inc. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0125 0 0.0028 0.0153 -0.0008 0.0145 2027-07-31 Example <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;margin-top:2pt;">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: <table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-11" style="background: #CCEEFF;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 89.05%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:13pt;">One Year </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-right:0pt;padding-top:4pt;width: 10.95%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:6pt;">$148 </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 89.05%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:13pt;">Three Years </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-right:0pt;padding-top:4pt;width: 10.95%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:6pt;">$476 </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11" style="background: #CCEEFF;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 89.05%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:13pt;">Five Years </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-right:0pt;padding-top:4pt;width: 10.95%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:6pt;">$827 </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 89.05%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:13pt;">Ten Years </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-right:0pt;padding-top:4pt;width: 10.95%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:6pt;">$1,817 </td> </tr> </table> 148 476 827 1817 Portfolio Turnover <p class="Text_flush_2pt" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;">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 15% of the average value of its portfolio. 0.15 Principal Investment Strategies <p class="Text_flush_2pt" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;">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. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies with value characteristics. The Adviser considers a company to have value characteristics if, at the time of initial purchase, it demonstrates one or more of the following: <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:6pt;margin-top:6pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› low price-to-sales ratio as compared to other companies in the same industry; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› 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; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› low stock price in relation to book value; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› low price-to-earnings ratio; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› low price-to-cash-flow ratio; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› above-average dividend yield; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› low financial leverage; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› high returns on invested capital; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› purchases of a company’s own stock by the company’s officers and directors; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› company share repurchases; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› a stock price that has declined significantly from its previous high price; and/or <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› small market capitalization.<p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;">This policy is not fundamental and may be changed by the Fund’s Board of Directors upon 60 days’ prior written notice to shareholders. The Fund must review its portfolio investments at least quarterly. If, subsequent to an investment, the Fund identifies that the requirements of its 80% policy are no longer met, the Fund will make future investments in a manner that will bring it into compliance with its 80% policy within 90 consecutive days. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;">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 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. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies with value characteristics. 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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;">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.<p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;">Portfolio Management Risk. If the strategies used and investments selected by the Adviser’s Investment Committee fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;">Risk of Loss. You could lose money on your investment in the Fund, and the Fund could underperform other investments. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;">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: <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:6pt;margin-top:6pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› changes in currency exchange rates, which can lower performance in U.S. dollar terms; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› exchange rate controls (which may include an inability to transfer currency from a given country); <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› costs incurred in conversions between currencies; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› non-negotiable brokerage commissions; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› less publicly available information; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› not generally being subject to uniform standards, practices and requirements with respect to accounting, auditing, corporate governance and financial reporting; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› greater market volatility; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› lower trading volume and/or liquidity; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› delayed settlements; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› difficulty in enforcing obligations and contractual and other rights in foreign countries; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› less securities regulation; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› different tax provisions (including withholding on interest and dividends paid to the Fund); <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› less well-established contract law; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› unrecoverable withholding and transfer taxes; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› war; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› seizure; and <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:20pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› political and social instability and diplomatic developments.<div class="_idGenObjectStyleOverride-1" style="margin:0;padding:0;border-width:0;border-width:0pt;"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:5pt;margin-top:5pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:5pt;margin-top:5pt;">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.” <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:5pt;margin-top:5pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:5pt;margin-top:5pt;">Furthermore, conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe, between Israel and Hamas in the Middle East, as well as the war in Iran and the recent operations of the United States </div><p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:5pt;margin-top:5pt;">in Venezuela 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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;">Mid, Small and Micro Capitalization Companies Risk. The Fund invests 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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;">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 2025 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 of our investments. It remains difficult to predict the full impact of recent and any future changes with respect to interest rates or inflation. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;">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 <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;">economic cycles and/or conditions and developments that may be particular to that sector, such as adverse economic, business, political, environmental, or other developments. Fund Performance <p class="Text_flush_2pt" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;">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. 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). 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. 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. www.tweedyfunds.com 800-432-4789 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. Calendar Year Total Returns <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;text-align:center;margin-top:6pt;"><img alt="" src="tbarchart_002.jpg" style="width:449.28000000000003px;max-width:100%;"/> <p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:7pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-13pt;widows:3;margin-top:7pt;">(1) The 2026 year-to-date return for the International Value Fund II – Currency Unhedged through June 30, 2026 was 8.84%. year-to-date return 2026-06-30 0.0884 <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-18" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#000000;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 68.80%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH_left" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:6pt;margin-right:0;">As of December 31, 2025 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#000000;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#000000;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 29.49%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#000000;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 68.80%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:6pt;text-indent:0;">Best Quarterly Return </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#000000;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#000000;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 29.49%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;text-align:right;">17.87% (4th Quarter, 2020) </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-18" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 68.80%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:6pt;text-indent:0;">Worst Quarterly Return </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 29.49%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;text-align:right;">(25.51)% (1st Quarter, 2020) </td> </tr> </table> Best Quarterly Return 0.1787 2020-12-31 Worst Quarterly Return -0.2551 2020-03-31 Average Annual Total Return for Periods Ended December 31, 2025 <table class="NOGUTTER TableOverride-1" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-21" style="height:12pt;"> <td class="TCH" style="border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;padding-left:0pt;width: 57.36%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;padding-right:0pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">One Year </td> <td class="TCH" style="border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;padding-right:0pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">Five Years </td> <td class="TCH" style="border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;padding-right:0pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">Ten Years </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-7" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 57.36%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0;text-indent:0;">International Value Fund II – Currency Unhedged </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 57.36%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0;text-indent:0;">Return before Taxes </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">26.59% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">7.21% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">6.19% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11" style="background: #CCEEFF;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 57.36%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0;text-indent:0;">Return after Taxes on Distributions </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">24.75% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">6.03% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">5.48% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-style:solid;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 57.36%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0;text-indent:0;">Return after Taxes on Distributions and Sale of Fund Shares </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-style:solid;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">17.80% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-style:solid;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">5.74% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-style:solid;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">5.03% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-22" style="background: #CCEEFF;"> <td class="TB_l" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;border-bottom-color:#3e5170;border-bottom-width:1pt;border-left-color:#000000;border-left-style:solid;border-right-color:#000000;border-right-style:solid;border-top-color:#000000;border-top-style:solid;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;vertical-align:bottom;width: 57.36%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0;text-indent:0;">MSCI EAFE Index (in U.S.$) <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0;text-indent:0;">(reflects no deduction for fees, expenses or taxes) </td> <td class="TB_l" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;border-bottom-color:#3e5170;border-bottom-width:1pt;border-left-color:#000000;border-left-style:solid;border-right-color:#000000;border-right-style:solid;border-top-color:#000000;border-top-style:solid;padding-bottom:4pt;padding-top:4pt;vertical-align:bottom;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">31.22% </td> <td class="TB_l" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;border-bottom-color:#3e5170;border-bottom-width:1pt;border-left-color:#000000;border-left-style:solid;border-right-color:#000000;border-right-style:solid;border-top-color:#000000;border-top-style:solid;padding-bottom:4pt;padding-top:4pt;vertical-align:bottom;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">8.92% </td> <td class="TB_l" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;border-bottom-color:#3e5170;border-bottom-width:1pt;border-left-color:#000000;border-left-style:solid;border-right-color:#000000;border-right-style:solid;border-top-color:#000000;border-top-style:solid;padding-bottom:4pt;padding-top:4pt;vertical-align:bottom;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">8.18% </td> </tr> </table> Return before Taxes 0.2659 0.0721 0.0619 Return after Taxes on Distributions 0.2475 0.0603 0.0548 Return after Taxes on Distributions and Sale of Fund Shares 0.178 0.0574 0.0503 MSCI EAFE Index (in U.S.$) (reflects no deduction for fees, expenses or taxes) reflects no deduction for fees, expenses or taxes 0.3122 0.0892 0.0818 <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;">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. 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. Tweedy, Browne Value Fund Investment Objective <p class="Text_flush_nospace" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;">The Fund seeks long-term capital growth. Fees and Expenses <p class="Text_flush_nospace" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;">The table below describes the fees and expenses that you may pay if you buy, hold, and sell 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. <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-7" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 88.32%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Shareholder Fees (fees paid directly from your investment) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">None </td> </tr> </table> Shareholder Fees (fees paid directly from your investment) 0 <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-8" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 88.32%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-7" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 88.32%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Management fees </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">1.25% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-7" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 88.32%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Distribution (12b-1) fees </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">None </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-7" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 88.32%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Other expenses </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">0.20% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-7" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 88.32%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Acquired fund fees and expenses1 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">0.01% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-7" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 88.32%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Total Annual Fund Operating Expenses </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">1.46% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-7" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 88.32%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Fee waiver and/or expense reimbursement2 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">0.01% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 88.32%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:13pt;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">1.45% </td> </tr> </table> <p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-13pt;widows:3;margin-top:6pt;margin-top:6pt;">(1) Acquired fund fees and expenses represent the expenses of the money market fund(s) in which the Fund’s cash balances are invested. <p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-13pt;widows:3;margin-top:6pt;margin-top:6pt;">(2) The Adviser has voluntarily agreed, through at least July 31, 2027, to waive a portion of the Fund’s investment advisory fees and/or to reimburse a portion of the Fund’s expenses to the extent necessary to keep the Fund’s expense ratio in line with that of the Tweedy, Browne International Value Fund. (For purposes of this calculation, the Fund’s acquired fund fees and expenses, brokerage costs, interest, taxes and extraordinary expenses are disregarded and the Fund’s expense ratio is rounded to two decimal points.) This arrangement may not be terminated prior to the close of business on July 31, 2027 without the approval of the Board of Directors of Tweedy, Browne Fund Inc. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0125 0 0.002 0.0001 0.0146 -0.0001 0.0145 Acquired fund fees and expenses represent the expenses of the money market fund(s) in which the Fund’s cash balances are invested. 2027-07-31 Example <p class="Text_flush_nospace" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;">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 <p class="Text_flush_nospace" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;">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: <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-7" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 87.50%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">One Year </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.70%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 10.80%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">$148 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-7" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 87.50%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Three Years </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.70%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 10.80%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">$461 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-7" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 87.50%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Five Years </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.70%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 10.80%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">$796 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-7" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 87.50%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Ten Years </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.70%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 10.80%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">$1,745 </td> </tr> </table> 148 461 796 1745 Portfolio Turnover <p class="Text_flush_nospace" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;">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 16% of the average value of its portfolio. 0.16 Principal Investment Strategies <p class="Text_flush_nospace" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies with value characteristics. The Adviser considers a company to have value characteristics if, at the time of initial purchase, it demonstrates one or more of the following: <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:6pt;margin-top:6pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› low price-to-sales ratio as compared to other companies in the same industry; <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› 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; <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› low stock price in relation to book value; <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› low price-to-earnings ratio; <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› low price-to-cash-flow ratio; <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› above-average dividend yield; <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› low financial leverage; <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› high returns on invested capital;<p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› purchases of a company’s own stock by the company’s officers and directors; <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› company share repurchases; <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› a stock price that has declined significantly from its previous high price; and/or <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› small market capitalization. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">This policy is not fundamental and may be changed by the Fund’s Board of Directors upon 60 days’ prior written notice to shareholders. The Fund must review its portfolio investments at least quarterly. If, subsequent to an investment, the Fund identifies that the requirements of its 80% policy are no longer met, the Fund will make future investments in a manner that will bring it into compliance with its 80% policy within 90 consecutive days. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">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. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies with value characteristics. 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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Portfolio Management Risk. If the strategies used and investments selected by the Adviser’s Investment Committee fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Risk of Loss. You could lose money on your investment in the Fund, and the Fund could underperform other investments. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">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: <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:8pt;margin-top:8pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› changes in currency exchange rates, which can lower performance in U.S. dollar terms; <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› exchange rate controls (which may include an inability to transfer currency from a given country); <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› costs incurred in conversions between currencies; <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› non-negotiable brokerage commissions; <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› less publicly available information; <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› not generally being subject to uniform standards, practices and requirements with respect to accounting, auditing, corporate governance and financial reporting; <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› greater market volatility; <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› lower trading volume and/or liquidity; <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› delayed settlements; <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› difficulty in enforcing obligations and contractual and other rights in foreign countries; <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› less securities regulation;<div class="_idGenObjectStyleOverride-1" style="margin:0;padding:0;border-width:0;border-width:0pt;"> <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› different tax provisions (including withholding on interest and dividends paid to the Fund); <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› less well-established contract law; <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› unrecoverable withholding and transfer taxes; <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› war; <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› seizure; and <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="font-family:Goudy Old Style (OTF) Bold, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› political and social instability and diplomatic developments. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">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 </div><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Furthermore, conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe, between Israel and Hamas in the Middle East, as well as the war in Iran and the recent operations of the United States in Venezuela 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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">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, <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Mid, Small and Micro Capitalization Companies Risk. The Fund invests 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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">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 <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">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 2025 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 of our investments. It remains difficult to predict the full impact of recent and any future changes with respect to interest rates or inflation. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">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. Fund Performance <p class="Text_flush_nospace" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;">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. 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. 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. www.tweedyfunds.com 800-432-4789 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. Calendar Year Total Returns <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;text-align:center;margin-top:8pt;"><img alt="" src="tbarchart_003.jpg" style="width:449.28000000000003px;max-width:100%;"/> <p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:13pt;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-13pt;widows:3;margin-top:2pt;">(1) The 2026 year-to-date return for the Value Fund through June 30, 2026 was 11.07%. year-to-date return 2026-06-30 0.1107 <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-7" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 68.75%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:6pt;text-indent:0;">As of December 31, 2025 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.70%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 29.55%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-7" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 68.75%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:6pt;text-indent:0;">Best Quarterly Return </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.70%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 29.55%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-left:3pt;text-align:right;">13.38% (4th Quarter, 2020) </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-7" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 68.75%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:6pt;text-indent:0;">Worst Quarterly Return </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.70%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 29.55%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-left:3pt;text-align:right;">(22.13)% (1st Quarter, 2020) </td> </tr> </table> Best Quarterly Return 0.1338 2020-12-31 Worst Quarterly Return -0.2213 2020-03-31 Average Annual Total Return for Periods Ended December 31, 2025 <table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-10" style="height:12pt;"> <td class="TCH" style="border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#3e5170;border-bottom-width:0pt;padding-left:0pt;width: 60.11%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#3e5170;border-bottom-width:0pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">One Year </td> <td class="TCH" style="border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#3e5170;border-bottom-width:0pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">Five Years </td> <td class="TCH" style="border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#3e5170;border-bottom-width:0pt;width: 13.11%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">Ten Years </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-20" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#3e5170;border-top-width:0pt;width: 60.11%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">Value Fund </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#3e5170;border-top-width:0pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#3e5170;border-top-width:0pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#3e5170;border-top-width:0pt;width: 13.11%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-21"> <td class="NOGUTTER TB" style="width: 60.11%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">Return before Taxes </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:4pt;width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">21.56% </td> <td class="NOGUTTER TB" style="width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">9.23% </td> <td class="NOGUTTER TB" style="width: 13.11%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">7.78% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-21" style="background: #CCEEFF;"> <td class="NOGUTTER TB" style="width: 60.11%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">Return after Taxes on Distributions </td> <td class="NOGUTTER TB" style="width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:4pt;text-align:center;">20.64% </td> <td class="NOGUTTER TB" style="width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">7.35% </td> <td class="NOGUTTER TB" style="width: 13.11%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">6.01% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-21"> <td class="NOGUTTER TB" style="width: 60.11%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">Return after Taxes on Distributions and Sale of Fund Shares </td> <td class="NOGUTTER TB" style="width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:4pt;text-align:center;">13.67% </td> <td class="NOGUTTER TB" style="width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">7.09% </td> <td class="NOGUTTER TB" style="width: 13.11%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;text-align:center;">5.94% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-22" style="background: #CCEEFF;"> <td class="NOGUTTER TB" style="width: 60.11%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">MSCI World Index (in U.S.$) <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">(reflects no deduction for fees, expenses or taxes) </td> <td class="NOGUTTER TB" style="width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:4pt;text-align:center;">21.09% </td> <td class="NOGUTTER TB" style="width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:4pt;text-align:center;">12.15% </td> <td class="NOGUTTER TB" style="width: 13.11%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:4pt;text-align:center;">12.17% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-22"> <td class="NOGUTTER TB" style="width: 60.11%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">MSCI World Index (Hedged to U.S.$) <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">(reflects no deduction for fees, expenses or taxes) </td> <td class="NOGUTTER TB" style="width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:4pt;text-align:center;">19.03% </td> <td class="NOGUTTER TB" style="width: 13.39%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:4pt;text-align:center;">13.67% </td> <td class="NOGUTTER TB" style="width: 13.11%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:4pt;text-align:center;">12.99% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-3" style="background: #CCEEFF;"> <td class="TB_R1" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;width: 60.11%; padding: 0in 0in 3px 0in;border-bottom-color:#004b85;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">S&P 500/MSCI World Index (Hedged to U.S.$) <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">(reflects no deduction for fees, expenses or taxes) </td> <td class="TB_R1" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;width: 13.39%; padding: 0in 0in 3px 0in;border-bottom-color:#004b85;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:4pt;text-align:center;">19.03% </td> <td class="TB_R1" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;width: 13.39%; padding: 0in 0in 3px 0in;border-bottom-color:#004b85;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:4pt;text-align:center;">13.67% </td> <td class="TB_R1" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;width: 13.11%; padding: 0in 0in 3px 0in;border-bottom-color:#004b85;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:4pt;text-align:center;">12.99% </td> </tr> </table> Return before Taxes 0.2156 0.0923 0.0778 Return after Taxes on Distributions 0.2064 0.0735 0.0601 Return after Taxes on Distributions and Sale of Fund Shares 0.1367 0.0709 0.0594 MSCI World Index (in U.S.$) (reflects no deduction for fees, expenses or taxes) reflects no deduction for fees, expenses or taxes 0.2109 0.1215 0.1217 MSCI World Index (Hedged to U.S.$) (reflects no deduction for fees, expenses or taxes) 0.1903 0.1367 0.1299 S&P 500/MSCI World Index (Hedged to U.S.$) (reflects no deduction for fees, expenses or taxes) 0.1903 0.1367 0.1299 <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">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. 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. Tweedy, Browne . Buybacks . Dividends + Value Fund Investment Objective <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;margin-top:2pt;">The Fund seeks long-term capital growth. Fees and Expenses <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;margin-top:2pt;">The table below describes the fees and expenses that you may pay if you buy, hold, and sell 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. <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-8" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 88.03%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Shareholder Fees (fees paid directly from your investment) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 10.26%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">None </td> </tr> </table> Shareholder Fees (fees paid directly from your investment) 0 <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-9" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 88.03%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Annual Fund Operating Expenses <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">(expenses that you pay each year as a percentage of the value of your investment) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 10.26%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 88.03%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Management fees </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 10.26%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">1.25% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 88.03%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Distribution (12b-1) fees </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 10.26%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">None </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 88.03%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Other expenses </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 10.26%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">0.46% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 88.03%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Acquired fund fees and expenses<span class="Superscript" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-style:normal;font-weight:normal;vertical-align:super;color:#3e5170;font-family:Calibri, sans-serif;font-size:58%;font-style:normal;font-weight:normal;">1 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 10.26%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">0.02% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 88.03%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Total Annual Fund Operating Expenses </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 10.26%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">1.73% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 88.03%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Fee waiver and/or expense reimbursement2 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 10.26%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">(0.27)% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-9" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 88.03%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:13pt;text-indent:-10pt;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 10.26%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">1.46% </td> </tr> </table> <p class="NL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:12pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;margin-left:13pt;margin-top:7pt;text-indent:-13pt;margin-top:7pt;">(1) Acquired fund fees and expenses represent the expenses of the money market fund(s) in which the Fund’s cash balances are invested. <p class="NL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:12pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;margin-left:13pt;margin-top:7pt;text-indent:-13pt;margin-top:7pt;">(2) The Adviser has voluntarily agreed, through at least July 31, 2027, to waive a portion of the Fund’s investment advisory fees and/or to reimburse a portion of the Fund’s expenses to the extent necessary to keep the Fund’s expense ratio in line with that of the Tweedy, Browne International Value Fund. (For purposes of this calculation, the Fund’s acquired fund fees and expenses, brokerage costs, interest, taxes and extraordinary expenses are disregarded and the Fund’s expense ratio is rounded to two decimal points.) This arrangement may not be terminated prior to the close of business on July 31, 2027 without the approval of the Board of Directors of Tweedy, Browne Fund Inc. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0125 0 0.0046 0.0002 0.0173 -0.0027 0.0146 Acquired fund fees and expenses represent the expenses of the money market fund(s) in which the Fund’s cash balances are invested. 2027-07-31 Example <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;margin-top:2pt;">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 <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;margin-top:2pt;">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: <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-8" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 88.32%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">One Year </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">$149 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 88.32%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Three Years </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">$519 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 88.32%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Five Years </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">$913 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 88.32%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Ten Years </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.71%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 9.97%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;">$2,019 </td> </tr> </table> 149 519 913 2019 Portfolio Turnover <p class="Text_flush_2pt" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;">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 18% of the average value of its portfolio. 0.18 Principal Investment Strategies <p class="Text_flush_2pt" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;">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. <p class="Text_flush_2pt" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. <p class="Text_flush_2pt" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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).<p class="Text_flush_2pt" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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 Adviser. 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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies with value characteristics. The Adviser considers a company to have value characteristics if, at the time of initial purchase, it demonstrates one or more of the following: <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:6pt;margin-top:6pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› low price-to-sales ratio as compared to other companies in the same industry; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› 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; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› low stock price in relation to book value; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› low price-to-earnings ratio; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› low price-to-cash-flow ratio; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› above-average dividend yield; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› low financial leverage; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› high returns on invested capital; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› purchases of a company’s own stock by the company’s officers and directors; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› company share repurchases (i.e., buybacks); <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› a stock price that has declined significantly from its previous high price; and/or <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› small market capitalization. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">This policy is not fundamental and may be changed by the Fund's Board of Directors upon 60 days' prior written notice to shareholders. The Fund must review its portfolio investments at least quarterly. If, subsequent to an investment, the Fund identifies that the requirements of its 80% policy are no longer met, the Fund will make future investments in a manner that will bring it into compliance with its 80% policy within 90 consecutive days.<p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies with value characteristics. 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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">Portfolio Management Risk. If the strategies used and investments selected by the Adviser’s Investment Committee fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">Risk of Loss. You could lose money on your investment in the Fund, and the Fund could underperform other investments. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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: <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:6pt;margin-top:6pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› changes in currency exchange rates, which can lower performance in U.S. dollar terms; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› exchange rate controls (which may include an inability to transfer currency from a given country); <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› costs incurred in conversions between currencies; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› non-negotiable brokerage commissions; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› less publicly available information; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› not generally being subject to uniform standards, practices and requirements with respect to accounting, auditing, corporate governance and financial reporting; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› greater market volatility; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› lower trading volume and/or liquidity; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› delayed settlements; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› difficulty in enforcing obligations and contractual and other rights in foreign countries; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› less securities regulation; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› different tax provisions (including withholding on interest and dividends paid to the Fund); <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› less well-established contract law; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› unrecoverable withholding and transfer taxes; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› war; <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› seizure; and <p class="BL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;margin-bottom:0;margin-left:32pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;list-style-type:none;margin-top:0pt;"><span class="bullet" style="color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-weight:bold;color:#3e5170;font-family:Times New Roman, serif;font-size:17pt;font-style:normal;font-weight:normal;">› political and social instability and diplomatic developments.<div class="Basic-Text-Frame" style="margin:0;padding:0;border-width:0;"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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, 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.” <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">Furthermore, conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe, between Israel and Hamas in the Middle East, as well as the war in Iran and the recent operations of the United States </div><p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">in Venezuela 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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">Mid, Small and Micro 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. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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 <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">strategy, there can be no guarantee or certainty that any such opportunities will be captured or will be realized. Although inflation generally decelerated throughout 2025 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 of our investments. It remains difficult to predict the full impact of recent and any future changes with respect to interest rates or inflation. <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:6pt;margin-top:6pt;">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. Fund Performance <p class="Text_flush_2pt" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:2pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;">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. 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). 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. 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 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. www.tweedyfunds.com 800-432-4789 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. Calendar Year Total Returns <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;text-align:center;margin-top:8pt;"><img alt="" src="tbarchart_004.jpg" style="width:449.28000000000003px;max-width:100%;"/> <p class="NL_m" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:12pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-12pt;widows:3;margin-left:13pt;margin-top:7pt;text-indent:-13pt;margin-top:7pt;">(1) The 2026 year-to-date return for the Buybacks . Dividends + Value Fund through June 30, 2026 was 4.51%. year-to-date return 2026-06-30 0.0451 <table class="No-Table-Style" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-8" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#000000;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 66.48%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH_left" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:3pt;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">As of December 31, 2025 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#000000;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.70%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#000000;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 31.82%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#000000;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 66.48%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Best Quarterly Return </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#000000;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.70%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#000000;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 31.82%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:0;text-align:right;">15.88% (4th Quarter, 2022) </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 66.48%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Worst Quarterly Return </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.70%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 31.82%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:0;text-align:right;">(24.73)% (1st Quarter, 2020) </td> </tr> </table> Best Quarterly Return 0.1588 2022-12-31 Worst Quarterly Return -0.2473 2020-03-31 Average Annual Total Return for Periods Ended December 31, 2025 <table class="NOGUTTER TableOverride-1" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-20" style="height:12pt;"> <td class="TCH" style="border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;padding-left:0pt;width: 57.36%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;padding-right:0pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">One Year </td> <td class="TCH" style="border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;padding-right:0pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">Five Years </td> <td class="TCH" style="border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;padding-right:0pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">Ten Years </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-21" style="background: #CCEEFF;height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 57.36%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Buybacks . Dividends + Value Fund </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-bottom:4pt;padding-right:5pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-bottom:4pt;padding-right:5pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-bottom:4pt;padding-right:5pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-21"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 57.36%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Return before Taxes </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">21.70% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">6.47% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;"> 6.45% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-21" style="background: #CCEEFF;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 57.36%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Return after Taxes on Distributions </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">19.63% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;"> 4.21% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;"> 4.19% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-9"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 57.36%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Return after Taxes on Distributions and Sale of Fund Shares </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">14.65% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;"> 4.90% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;"> 4.86% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-9" style="background: #CCEEFF;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-style:solid;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 57.36%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">MSCI World Index (in U.S.$) <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">(reflects no deduction for fees, expenses or taxes) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-style:solid;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">21.09% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-style:solid;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">12.15% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-style:solid;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">12.17% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-9"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;border-left-color:#000000;border-left-style:solid;border-right-color:#000000;border-right-style:solid;border-top-color:#000000;border-top-style:solid;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 57.36%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">MSCI World High Dividend Yield Index (in U.S.$) <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">(reflects no deduction for fees, expenses or taxes) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;border-left-color:#000000;border-left-style:solid;border-right-color:#000000;border-right-style:solid;border-top-color:#000000;border-top-style:solid;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">18.64% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;border-left-color:#000000;border-left-style:solid;border-right-color:#000000;border-right-style:solid;border-top-color:#000000;border-top-style:solid;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;"> 9.05% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#3e5170;border-bottom-style:solid; border-bottom-color:#004b85; border-bottom-width:1pt;border-left-color:#000000;border-left-style:solid;border-right-color:#000000;border-right-style:solid;border-top-color:#000000;border-top-style:solid;padding-bottom:4pt;padding-top:4pt;width: 14.21%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_bracket" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:Calibri, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;"> 8.52% </td> </tr> </table> Return before Taxes 0.217 0.0647 0.0645 Return after Taxes on Distributions 0.1963 0.0421 0.0419 Return after Taxes on Distributions and Sale of Fund Shares 0.1465 0.049 0.0486 MSCI World Index (in U.S.$) (reflects no deduction for fees, expenses or taxes) reflects no deduction for fees, expenses or taxes 0.2109 0.1215 0.1217 MSCI World High Dividend Yield Index (in U.S.$) (reflects no deduction for fees, expenses or taxes) 0.1864 0.0905 0.0852 <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#004b85;font-family:LTC Goudy Oldstyle Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">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. 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. TWEEDY, BROWNE FUND INC. 0.0562 0.1543 -0.0667 0.1463 -0.0100 0.1559 -0.0753 0.1247 0.0252 0.2377 0.0234 0.2160 -0.0899 0.1366 -0.0002 0.1076 -0.0818 0.1270 -0.0240 0.2659 0.0969 0.1646 -0.0639 0.1605 -0.0199 0.1616 -0.0567 0.1520 0.0136 0.2156 0.0456 0.2206 -0.0561 0.1855 -0.0435 0.1158 -0.1055 0.1237 0.0022 0.2170 485BPOS 0000896975 false 2026-03-31 Acquired fund fees and expenses represent the expenses of the money market fund(s) in which the Fund’s cash balances are invested as well as the portfolio of the Fund’s assets that are allocated to an Affiliated Fund (as defined in this Prospectus). Please see footnote (3) below as it relates to the Fund’s investment in the Affiliated Fund. The Adviser and Tweedy, Browne Fund Inc., on behalf of the Fund, have entered into a voluntary fee waiver agreement 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 $6 billion. The Adviser will waive fees such that the advisory fee payable by the Fund to the Adviser will be 0.80% on ADNA over $6 billion and up to $7 billion, 0.70% on ADNA over $7 billion and up to $8 billion and 0.60% on ADNA over $8 billion. This arrangement will remain in place at least until July 31, 2027, 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, 2027 without the approval of the Board of Directors of Tweedy, Browne Fund Inc. The Adviser has agreed to waive the Fund’s management fee to the extent of any management fee charged in connection with the portfolio of the Fund’s assets that are allocated to an Affiliated Fund (as defined in this Prospectus). Such waiver shall continue until July 31, 2027. The Adviser has voluntarily agreed, through at least July 31, 2027, to waive a portion of the Fund’s investment advisory fees and/or to reimburse a portion of the Fund’s expenses to the extent necessary to keep the Fund’s expense ratio in line with that of the Tweedy, Browne International Value Fund. (For purposes of this calculation, the Fund’s acquired fund fees and expenses, brokerage costs, interest, taxes and extraordinary expenses are disregarded and the Fund’s expense ratio is rounded to two decimal points.) This arrangement may not be terminated prior to the close of business on July 31, 2027 without the approval of the Board of Directors of Tweedy, Browne Fund Inc. Acquired fund fees and expenses represent the expenses of the money market fund(s) in which the Fund’s cash balances are invested. The Adviser has voluntarily agreed, through at least July 31, 2027, to waive a portion of the Fund’s investment advisory fees and/or to reimburse a portion of the Fund’s expenses to the extent necessary to keep the Fund’s expense ratio in line with that of the Tweedy, Browne International Value Fund. (For purposes of this calculation, the Fund’s acquired fund fees and expenses, brokerage costs, interest, taxes and extraordinary expenses are disregarded and the Fund’s expense ratio is rounded to two decimal points.) This arrangement may not be terminated prior to the close of business on July 31, 2027 without the approval of the Board of Directors of Tweedy, Browne Fund Inc. The Adviser has voluntarily agreed, through at least July 31, 2027, to waive a portion of the Fund’s investment advisory fees and/or to reimburse a portion of the Fund’s expenses to the extent necessary to keep the Fund’s expense ratio in line with that of the Tweedy, Browne International Value Fund. (For purposes of this calculation, the Fund’s acquired fund fees and expenses, brokerage costs, interest, taxes and extraordinary expenses are disregarded and the Fund’s expense ratio is rounded to two decimal points.) This arrangement may not be terminated prior to the close of business on July 31, 2027 without the approval of the Board of Directors of Tweedy, Browne Fund Inc. Acquired fund fees and expenses represent the expenses of the money market fund(s) in which the Fund’s cash balances are invested.