The Tweedy, Browne Global Value Fund invests primarily in foreign equity securities that the Adviser believes are undervalued, but also invests on a more limited basis in U.S. equity securities when opportunities appear attractive. Investments by the Global Value
Fund are focused for the most part in developed markets with some exposure to emerging markets. The Fund seeks to reduce currency risk by hedging its perceived foreign currency exposure back into the U.S. dollar, where practicable.

As of December 31, 2018, the current Managing Directors and retired principals and their families, as well as employees of Tweedy, Browne, had more than $1.1 billion in portfolios combined with or similar to client portfolios, including approximately $127.3 million in the Global Value Fund. Our Managing Directors have been with the firm for tenures ranging from 28 to 45 years. No partner in the history of Tweedy, Browne has ever left the firm except for the reason of retirement.