TWEEDY, BROWNE GLOBAL VALUE FUND
TWEEDY, BROWNE AMERICAN VALUE FUND
Supplement to Prospectus and Statement of Additional Information
each dated August 1, 1997
Tweedy, Browne Company L.P. ("Tweedy, Browne"), the investment adviser to
the Tweedy, Browne Global Value Fund and Tweedy, Browne American Value Fund
(collectively the "Funds") and its partners have entered into an agreement under
which it will convert to a limited liability company and Affiliated Managers
Group, Inc. will acquire a majority interest in Tweedy, Browne (the
"Transaction").
Consummation of the Transaction is subject to a number of regulatory
requirements. Because the Transaction would constitute an assignment of the
Funds' investment advisory agreements ("Agreements") with Tweedy, Browne under
the Investment Company Act of 1940 as amended, and, therefore, a termination of
such Agreements, Tweedy, Browne will seek approval of new investment advisory
agreements from the Funds' shareholders prior to consummation of the
Transaction. The Transaction is expected to close on September 30, 1997.
August 22, 1997
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