TWEEDY, BROWNE GLOBAL VALUE FUND
TWEEDY, BROWNE AMERICAN VALUE FUND
Supplement to August 1, 1995
Statement of Additional Information
The Statement of Additional Information of the Tweedy,
Browne Global Value Fund and the Tweedy, Browne American Value
Fund (the "Funds") is supplemented to include the following
information under the heading "OPERATION OF THE FUNDS - Investment
Adviser."
The Investment Adviser has compiled a booklet, titled WHAT
HAS WORKED IN INVESTING, which describes 44 academic studies of
investment criteria that have produced high rates of return. In
the 44 studies included in WHAT HAS WORKED IN INVESTING,
exceptional returns were found for stocks with one or more of the
following investment characteristics: low stock price in relation
to book value, net current assets, earnings, cash flow, dividends
or previous share price: small market capitalization: and a
significant pattern of stock purchases by one or more insiders
(officers and directors), or by the company itself. The study
periods range from 1 to 55 years; indicated annual returns ranged
from 12.1% to 49.6% and indicated annual returns in excess of the
relevant market index ranged from 2.7% to 33.5% for the various
characteristics and historical periods that were examined.
Approximately half of the studies focused on U.S. stocks and the
balance focused on mature foreign stock markets. The investment
characteristics explained in this booklet, which are "value"-
oriented characteristics, have been the core of Tweedy, Browne's
investment philosophy for more than 30 years, and are the basis
for the management of the Tweedy, Browne American Value Fund and
Tweedy, Browne Global Value Fund. Because Tweedy, Browne does not
make portfolio decisions in accordance with any particular
academic study or computer model and because the studies analyze
only historical data, the returns from the Tweedy, Browne American
Value Fund and the Tweedy, Browne Global Value Fund will differ
from those indicated by these studies. WHAT HAS WORKED IN
INVESTING is generally furnished by the Funds' Distributor to
potential investors, and marketing materials and advertisements
prepared by the Distributor may quote or otherwise refer to the
booklet.
December 6, 1995
G:\SHARED\3RDPARTY\TWEEDY\SAI&PROS\SAISUP.DOC 1
G:\SHARED\3RDPARTY\TWEEDY\SAI&PROS\SAISUP.DOC
