Over the last fifty years, value investing has offered attractive performance potential, and greater stability of returns when compared with other equity investment strategies, especially during times of market volatility.1 Value stocks trade at share prices below the investment adviser’s estimate of their intrinsic value, and may offer investors a “margin of safety” upon entry. To the extent estimated value increases over time, value stocks can also benefit if their market prices reach those higher estimates. This makes value investing an important potential part of any portfolio diversification strategy. The Value of Experience Through Market Cycles Tweedy, Browne has maintained a dedicated focus on discovering and investing in undervalued stocks since the firm’s inception in 1920. Celebrating 30 years as of June 15, 2023, the Tweedy, Browne International Value Fund’s approach focuses on the fundamental characteristics of identified investment candidates within the value sphere. Rather than sticking closely to a benchmark index, Tweedy, Browne’s investment team invests without regard to any index and thinks outside the box. As part of this approach, Tweedy, Browne utilizes a security selection process that is highly disciplined. The result is performance since inception that is well above that of the MSCI EAFE Index (Hedged to USD), as can be seen in the following chart. Growth of Hypothetical $1,000,000 June 1993-June 2023 Source: FactSet. As of June 30, 2023. Fund inception date was June 15, 1993. Prior to 2004, information with respect to the MSCI EAFE Index (Hedged to USD) was available at month end only; therefore, the since-inception performance of the MSCI EAFE Index (Hedged to USD) reflects performance from May 31, 1993, the closest month end to the International Value Fund’s inception date. Green shading indicates years the Index was negative for the year. Bars above the center reflect periods when the MSCI EAFE Value Index was ahead of the MSCI EAFE Growth Index; bars beneath the center periods when Growth was ahead of Value. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.548.4539 or visit our website at amgfunds.com. Click to view Prospectus. Average annual returns(%)2 (as of 06/30/23) Expense Ratios (gross/net): TBGVX (Common): 1.38% / 1.34% The performance shown above represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please visit www.tweedy.com to obtain performance data which is current to the most recent month end. BROCHURE 100 Years of Value Investing Learn more about Tweedy, Browne’s unique firm history and philosophy inspired by the work of Benjamin Graham, its success with value investing, and the Tweedy, Browne International Value Fund (TBGVX). DOWNLOAD NOW Featured Articles Barron’s: Why Value Investing is Facing a ‘Tectonic Shift’ Co-managers Thomas Shrager and Bob Wyckoff discuss Tweedy’s investment philosophy and the future of value investing. READ MORE Value Investor Insight Interview: Collective Experience Members of Tweedy, Browne’s investment team describe what’s reminiscent about today’s investing environment and unsettling times in the past. READ MORELearn More About Tweedy, BrowneLearn about Tweedy, Browne International Value Fund (TBGVX)Contact AMGAdvisor Line: 800.368.4410 Email: firstname.lastname@example.org Contact Us 1 As measured by the performance of the MSCI World Index, the MSCI World Value Index, and the MSCI World Growth Index from January 1, 1975 through December 31, 2022. 2 Source: MSCI Inc. | 12/31/1974-6/30/2023 | Chart illustrates the monthly difference in rolling six-month returns of the MSCI EAFE Value and MSCI EAFE Growth Indexes (local currencies). Tweedy, Browne has voluntarily agreed, effective May 22, 2020 through at least July 31, 2023, to waive the Fund’s fees whenever the Fund’s average daily net assets (“ADNA”) exceed $6 billion. Under the arrangement, the advisory fee payable by the Fund is as follows: 1.25% on the first $6 billion of the Fund’s ADNA; 0.80% on the next $1 billion of the Fund’s ADNA (ADNA over $6 billion up to $7 billion); 0.70% on the next $1 billion of the Fund’s ADNA (ADNA over $7 billion); and 0.60% on the remaining amount, if any, of the Fund’s ADNA (ADNA over $8 billion). The Fund’s performance would have been lower during the period had fees not been waived. The Fund does not impose any front-end or deferred sales charges. The expense ratios shown above reflect the inclusion of acquired fund fees and expenses (i.e., the fees and expenses attributable to investing cash balances in money market funds) and may differ from those shown in the Fund’s financial statements. Indexes are unmanaged, and the figures for the indexes shown include reinvestment of dividends and capital gains distributions and do not reflect any fees or expenses. Investors cannot invest directly in an index. The MSCI EAFE Index is a free float-adjusted, market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index (in USD) reflects the return of the MSCI EAFE Index for a U.S. dollar investor. The MSCI EAFE Index (Hedged to USD) consists of the results of the MSCI EAFE Index hedged 100% back into U.S. dollars and accounts for interest rate differentials in forward currency exchange rates. Results for each index are inclusive of dividends and net of foreign withholding taxes. For the period January 1, 1975 through March 31, 2023, the MSCI World Value Index (in USD) (the “Value Index”) had an annualized return of 10.5%, compared to 10.10% for the MSCI World Index (the “World Index”) and 9.55% for the MSCI World Growth Index (the “Growth Index”). During the same period, the Value Index had a standard deviation of 14.69, compared to 14.75 for the World Index and 15.61 for the Growth Index, and a Sharpe ratio of 0.45, compared to 0.43 for the World Index and 0.38 for the Growth Index. This material must be preceded or accompanied by a current prospectus for Tweedy, Browne Fund Inc. Investors should carefully consider the Funds’ investment objectives, risks, charges, and expenses before investing. The prospectus contains this and other information about the Funds. Please call 800.835.3879 or click here to download a free prospectus. Read it carefully before investing or sending money. Tweedy, Browne Company LLC serves as the investment adviser to the Tweedy, Browne International Value Fund, Tweedy, Browne Value Fund, Tweedy, Browne International Value Fund II – Currency Unhedged and Tweedy, Browne Worldwide High Dividend Yield Value Fund. Tweedy, Browne’s 100-year history is grounded in undervalued securities, first as a market maker, then as an investor and investment adviser. The firm registered as an investment adviser with the SEC in 1975 and ceased operations as a broker-dealer in 2014. Any discussion of sectors, industries, or securities herein are informational and should not be perceived as investment recommendations. Any securities discussed may no longer be held in the Fund’s portfolio. It should not be assumed that any of the securities transactions discussed were or will prove to be profitable, or that future investment recommendations will be profitable. All holdings and sector/industry/regional allocations discussed herein are subject to review and adjustment in accordance with the Fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk. The securities of small, less well-known companies may be more volatile than those of larger companies. In addition, investing in foreign securities involves additional risks beyond the risks of investing in securities of U.S. markets. These risks include economic and political considerations not typically found in U.S. markets, including currency fluctuation, political uncertainty, and different financial and accounting standards, regulatory environments, and overall market and economic factors. Force majeure events such as pandemics and natural disasters are likely to increase the risks inherent in investments and could have a broad negative impact on the world economy and business activity in general. Value investing involves the risk that the market will not recognize a security’s intrinsic value for a long time, or that a security thought to be undervalued may actually be appropriately priced when purchased. Dividends are not guaranteed, and a company currently paying dividends may cease paying dividends at any time. Diversification does not guarantee a profit or protect against a loss in declining markets. There can be no guarantee of safety of principal or a satisfactory rate of return. Investors should refer to the prospectus for a description of risk factors associated with investments in securities held by the Funds. 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. Although the practice of hedging against currency exchange rate changes utilized by the International Value Fund and the Value Fund reduces the risk of loss from exchange rate movements, it also reduces the ability of a Fund to gain from favorable exchange rate movements when the U.S. dollar declines against the currencies in which a Fund’s investments are denominated, and, in some interest rate environments, may impose out-of-pocket costs on a Fund. Please refer to the Funds’ prospectus for a description of risk factors associated with investments in securities which may be held by the Funds. All investments are subject to risk including the possible loss of principal. There is no assurance that a Fund will achieve its investment objective. The Managing Directors and employees of Tweedy, Browne Company LLC may have a financial interest in the securities mentioned herein because, where consistent with the Firm’s Code of Ethics, the Managing Directors and employees may own these securities in their personal securities trading accounts or through their ownership of various pooled vehicles that own these securities. Inception dates for the International Value Fund, International Value Fund II, Value Fund and Worldwide High Dividend Yield Value Fund are June 15, 1993, October 26, 2009, December 8, 1993, and September 5, 2007, respectively. Prior to 2004, information with respect to the MSCI EAFE and MSCI World Indexes used was available at month end only; therefore, the since-inception performance of the MSCI EAFE Indexes quoted for the International Value Fund reflects performance from May 31, 1993, the closest month end to the International Value Fund’s inception date, and the since inception performance of the MSCI World Index quoted for the Value Fund reflects performance from November 30, 1993, the closest month end to the Value Fund’s inception date. The S&P 500/MSCI World Index (Hedged to USD) is a combination of the S&P 500 Index and the MSCI World Index (Hedged to USD), linked together by Tweedy, Browne, and represents the performance of the S&P 500 Index for the periods 12/8/93 – 12/31/06 and the performance of the MSCI World Index (Hedged to USD) beginning 1/1/07 and thereafter (beginning December 2006, the Fund was permitted to invest more significantly in non-US securities). The S&P 500 Index is a market capitalization weighted index composed of 500 widely held common stocks that assumes the reinvestment of dividends. The index is generally considered representative of U.S. large capitalization stocks. Unlike the Fund, indices are unmanaged, are not available for investment and do not incur expenses. Content reproduced from Morningstar is © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses arising from any use of this information. Past performance is no guarantee of future results. Tweedy, Browne International Value Fund, Tweedy, Browne Value Fund, Tweedy, Browne International Value Fund II – Currency Unhedged and Tweedy, Browne Worldwide High Dividend Yield Value Fund are distributed by AMG Distributors, Inc., Member FINRA/SIPC.