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Tweedy, Browne Global Value Fund Portfolio of Investments June 30, 2017 (Unaudited) Shares Value Shares Value ________ ___________ ________ ___________ COMMON STOCKS—85.3% Japan (continued) (d) Undisclosed Securities $ 2,113,976 Canada—1.2% ____________________ 90,300 E-L Financial Corp., Ltd. $ 58,753,754 ____________________133,653,262 1,500,000 National Bank of Canada 62,982,213 ___________________ Mexico—0.5% 121,735,967 ___________________ 520,112 Coca-Cola Femsa SA de CV, Sponsored (e) ADR 44,037,883 Chile—1.6% ____________________ 15,195,200 Antofagasta PLC ___________________ 157,804,279 Netherlands—7.1% China—1.4% 1,550,799 Akzo Nobel NV 134,585,234 3,160,000 Heineken Holding NV 289,232,068 783,858 Baidu Inc., Sponsored ADR(a) 140,200,842 ___________________ 7,534,860 Royal Dutch Shell PLC, Class A 199,678,903 (a) Czech Republic—0.0%(b) 345,000 Telegraaf Media Groep NV, CVA 2,426,651 1,378,910 Unilever NV, CVA ____________________ 75,993,626 2,800 Philip Morris CR a.s. ___________________ 1,845,442 ____________________701,916,482 France—12.3% Norway—0.4% 760,360 Cie Generale des Etablissements Michelin 100,945,406 900,000 Schibsted ASA 21,660,210 900,000 Schibsted ASA, Class B 19,822,960 7,135,610 CNP Assurances 159,962,607 ____________________ 4,304,900 Safran SA 393,974,675 ____________________41,483,170 5,998,250 SCOR SE 237,461,658 712,949 Teleperformance SA 91,195,217 Singapore—3.6% 4,782,031 Total SA ___________________ 236,082,681 12,787,454 DBS Group Holdings Ltd. 192,622,142 10,089,655 United Overseas Bank Ltd. 169,425,009 ___________________1,219,622,244 ____________________ ____________________362,047,151 Germany—6.8% 3,792,735 Axel Springer SE 227,537,280 South Korea—4.6% 1,936,000 Henkel AG & Company, KGaA 233,838,293 150,900 Daegu Department Store Company Ltd. 1,707,953 652,000 Krones AG 75,404,952 210,000 Hyundai Mobis Company Ltd. 45,885,592 42,354 KSB AG 21,771,899 1,482,135 Hyundai Motor Company 206,616,731 228,337 Linde AG 43,179,254 3,919,300 Kia Motors Corporation 130,854,573 380,000 Muenchener Rueckversicherungs AG 76,518,357 815,800 LG Corporation 55,116,322 ___________________ 678,250,035 132,553 Samchully Company Ltd. 14,307,823 ___________________ (d) Undisclosed Security ____________________ 984,140 Hong Kong—0.9% ____________________455,473,134 26,265,000 Emperor Entertainment Hotel Ltd. 6,358,953 5,678,136 Great Eagle Holdings Ltd. 28,876,378 Spain—0.8% 6,111,500 Hang Lung Group Ltd. 25,286,968 6,063,526 Mediaset España Comunicacion SA ____________________ 75,347,144 5,000,000 Hongkong & Shanghai Hotels Ltd./The 9,030,994 (b) 434,500 Jardine Strategic Holdings Ltd. 18,114,305 Sweden—0.0% 59,000 Miramar Hotel & Investment 136,646 63,360 Cloetta AB, B Shares ____________________ 260,665 11,264,000 Oriental Watch Holdings 2,452,946 2,561,000 Tai Cheung Holdings Ltd. 2,722,915 Switzerland—13.5% ___________________ 92,980,105 388,000 CIE Financiere Richemont AG 32,007,518 ___________________ (c) 218,165 Coltene Holding AG 22,519,303 Italy—0.6% 53,000 Daetwyler Holding AG, Bearer 9,004,438 144,268 Buzzi Unicem SpA 3,585,433 3,582,515 Nestle SA, Registered 312,181,775 (a) 4,795,392 SOL SpA(c) 58,139,554 80 Neue Zuercher Zeitung 500,183 ___________________ 3,275,000 Novartis AG, Registered 272,902,417 61,724,987 ___________________ 68,640 Phoenix Mecano AG(c) 41,141,711 Japan—1.4% 1,084,000 Roche Holding AG 276,419,151 248,117 Siegfried Holding AG(c) 70,148,465 2,126,200 Ebara Corporation 58,850,854 432,618 Tamedia AG 69,027,338 1,368,700 Honda Motor Company Ltd. 37,323,752 807,415 Zurich Insurance Group AG 235,315,122 73,800 Lintec Corporation 1,764,211 ____________________ 1,443,500 NGK Spark Plug Company Ltd. 30,691,719 ____________________1,341,167,421 164,400 Nippon Kanzai Company Ltd. 2,908,750 Taiwan—0.0%(b) 739,000 Lumax International Corp., Ltd. 1,428,442 1 Tweedy, Browne Global Value Fund Portfolio of Investments June 30, 2017 (Unaudited) _Shares_______ ___________Value _Shares_______ ___________Value Taiwan (continued) Croatia—0.1% 365,000 Thinking Electronic Industrial Company 166,388 Adris Grupa d.d. ____________________$ 11,856,323 Ltd. $ 1,011,489 ___________________ (b) 2,439,931 Germany—0.0% ___________________ 210,000 Villeroy & Boch AG ____________________ 4,645,403 Thailand—0.8% 14,267,700 Bangkok Bank Public Company Ltd., TOTAL PREFERRED STOCKS NVDR 77,701,634 ___________________ (Cost $35,405,655) 51,922,389 ____________________ United Kingdom—17.6% 12,880,300 BAE Systems PLC 105,990,388 REGISTERED INVESTMENT COMPANY—8.0% 1,325,000 British American Tobacco PLC 90,083,133 801,050,539 Dreyfus Treasury Securities Cash 5,424,025 Daily Mail & General Trust PLC, Class A 46,993,891 Management– Institutional Shares 7,854,302 Diageo PLC 231,440,983 (Cost $801,050,539) ____________________ 801,050,539 44,753,887 G4S PLC 189,746,947 12,375,843 GlaxoSmithKline PLC 262,917,337 22,104,832 HSBC Holdings PLC 204,351,613 1,111,325 Imperial Brands PLC 49,781,182 Face Value 3,346,355 Provident Financial PLC 105,756,728 ___________ 486,757 Shire PLC 26,795,820 U.S. TREASURY BILLS—7.3% 6,803 Shire PLC, ADR 1,124,332 (f) 25,976,349 Standard Chartered PLC(a) 262,243,534 $ 300,000,000 0.609 due 07/20/17 299,905,079 (f) 2,900,000 TT Electronics PLC 7,279,665 300,000,000 0.645 due 08/17/17 299,751,488 2,725,044 Unilever PLC 147,074,856 125,000,000 0.968(f) due 10/26/2017(e) 124,584,625 (d) ____________________ Undisclosed Securities ___________________ 19,188,350 1,750,768,759 ___________________ TOTAL U.S. TREASURY BILLS United States—10.2% (Cost $724,270,426) 724,241,192 ____________________ 594,254 AGCO Corp 40,046,777 76,000 Alphabet Inc., Class A(a) 70,655,680 TOTAL INVESTMENTS 76,208 Alphabet Inc., Class C(a) 69,252,496 75,700 American National Insurance Company 8,818,293 (Cost $7,132,581,566) 101.1% 10,053,157,038 396,719 Avnet, Inc. 15,424,435 UNREALIZED DEPRECIATION ON 1,315,780 Bank of New York Mellon FORWARD CONTRACTS (Net) (1.6) (157,285,875) Corporation/The 67,131,096 1,055,212 Baxter International, Inc. 63,882,534 OTHER ASSETS AND LIABILITIES 436 Berkshire Hathaway Inc., Class A(a) 111,049,200 (Net) 0.5 45,177,886 ________ ____________________ 301 Berkshire Hathaway Inc., Class B(a) 50,980 NET ASSETS 100.0% $ 9,941,049,049 5,214,000 Cisco Systems, Inc. 163,198,200 ________ ____________________ 587,000 ConocoPhillips 25,804,520 1,258,435 Devon Energy Corporation 40,232,167 ____________________________________________________ 1,852,170 Halliburton Company 79,106,181 (a) Non-income producing security. 115,635 International Business Machines Corp 17,788,132 (b) Amount represents less than 0.1% of net assets. 865,835 Johnson & Johnson 114,541,312 (c) (a) "Affiliated company" as defined by the Investment Company Act of 1940. 33,225 NOW Inc. 534,258 (d) Represents an issuer, a generally smaller capitalization issuer, where 882,900 Philip Morris International, Inc. 103,696,605 disclosure may be disadvantageous to the Fund's accumulation or 293,500 Phillips 66 24,269,515 ___________________ disposition program. (e) ___________________1,015,482,381 This security has been segregated to cover certain open forward contracts. At June 30, 2017, liquid assets totaling $168,622,508 have been segregated to cover such open forward contracts. TOTAL COMMON STOCKS (f) Rate represents annualized yield at date of purchase. (Cost $5,571,854,946) 8,475,942,918 ___________________ PREFERRED STOCKS—0.5% Abbreviations: ADR — American Depositary Receipt Chile—0.4% CVA — Certificaaten van aandelen (Share Certificates) 10,000,000 Embotelladora Andina SA ___________________ 35,420,663 NVDR — Non Voting Depository Receipt 2 Tweedy, Browne Global Value Fund Sector Diversification June 30, 2017 (Unaudited) Percentage of Sector _______________________ Diversification ___________________Net Assets COMMON STOCKS: Pharmaceuticals, Biotechnology & Life Sciences 10.3% Banks 9.8 Insurance 8.9 Capital Goods 7.8 Energy 6.0 Beverage 5.7 Automobiles & Components 5.6 Food 5.4 Media 4.7 Materials 4.0 Commercial Services & Supplies 2.9 Tobacco 2.5 Household & Personal Products 2.4 Technology Hardware & Equipment 2.1 Diversified Financials 1.7 Software & Services 1.6 Internet Software & Services 1.4 Health Care Equipment & Services 0.9 Real Estate 0.6 Consumer Durables & Apparel 0.3 Retailing 0.2 Utilities 0.2 Electronic Equipment & Instruments 0.2 Consumer Services ________0.1 Total Common Stocks 85.3 Preferred Stocks 0.5 Registered Investment Company 8.0 U.S. Treasury Bills 7.3 Unrealized Depreciation on Forward Contracts (1.6) Other Assets and Liabilities (Net) ________0.5 Net Assets 100.0% ________ ____________________________________________________ 3 Tweedy, Browne Global Value Fund Portfolio Composition 6/30/2017 (Unaudited) United Kingdom 18% Switzerland 13% France 12% United States 10% Germany 7% Netherlands 7% South Korea 5% Singapore 4% (a) Other Countries 10% Money Market Funds, Treasury Bills and Other Assets and (b) Liabilities (Net) 14% (a) "Other Countries" include Canada, Chile, China, Croatia, Czech Republic, Hong Kong, Italy, Japan Mexico, Norway, Spain, Sweden, Taiwan and Thailand (b) Includes Unrealized Depreciation on Forward Contracts (Net) TWEEDY, BROWNE GLOBAL VALUE FUND Schedule of Forward Exchange Contracts June 30, 2017 (Unaudited) Unrealized Counter- Contract Contract Value on Appreciation Contracts party Value Date Origination Date Value 06/30/17 (Depreciation) FORWARD EXCHANGE CONTRACTS TO BUY(a) 60,000,000 Great Britain Pound Sterling………… NTC 7/05/17 $ 77,904,000 $ 77,950,326 $ 46,326 25,000,000,000 South Korean Won ………………….
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