To achieve its investment objective by investing under normal circumstances at least 80 percent of its net assets (plus borrowings for investment purposes) in equity securities of non-U.S. companies that Tweedy, Browne Company LLC (Tweedy, Browne or the Adviser) believes are undervalued, and where either the companys insiders have been actively purchasing the companys equity securities and/or the company is conducting opportunistic share buybacks. For the purposes of the 80 percent policy, the Adviser considers a companys insiders to be corporate officers, such as the Chairman, Chief Executive Officer, President, Chief Financial Officer, Treasurer, and/or directors, or controlling shareholders, who would typically own 10 percent or more of the company's outstanding shares, and the Adviser principally intends to determine whether such insiders are actively purchasing a companys equity securities at a price that is less than the Advisers view of such securities intrinsic value by reference to public reports filed under the Securities Exchange Act of 1934, or comparable publicly available information of foreign companies. The Adviser defines an opportunistic share buyback as a companys publicly announced program or offer to repurchase equity securities of which it is the issuer at a price less than the Advisers view of such securities intrinsic value, or which is effective during a period in which the price the company would pay in the market for such securities is less than the Advisers view of such securities intrinsic value. Up to 20 percent of the Funds net assets may be invested in U.S. companies.