# EDGAR Filing Document

**Accession Number:** 0000896975
**File Stem:** 0001752724-23-038101
**Filing Date:** 2023-2
**Character Count:** 154203
**Document Hash:** b81f272f86f65583f59e218e481c3337
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-038101.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-038101

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TWEEDY, BROWNE FUND INC.
- **CENTRAL INDEX KEY:** 0000896975
- **IRS NUMBER:** 133700410
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07458
- **FILM NUMBER:** 23663792

**BUSINESS ADDRESS:**
- **STREET 1:** ONE STATION PLACE
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902
- **BUSINESS PHONE:** 203-703-0600

**MAIL ADDRESS:**
- **STREET 1:** ONE STATION PLACE
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TWEEDY BROWNE FUND INC
- **DATE OF NAME CHANGE:** 19930714

## Series and Classes Contracts Data

### TWEEDY, BROWNE INTERNATIONAL VALUE FUND II - CURRENCY UNHEDGED (Series ID: S000026835)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000080766 | TWEEDY, BROWNE INTERNATIONAL VALUE FUND II - CURRENCY UNHEDGED | TBCUX           |

## Nport-Ex

#### Tweedy, Browne International Value Fund<br>

------

#### Portfolio of Investments
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;**Value\*** |
| **COMMON STOCKS—95.1%** | **COMMON STOCKS—95.1%** | **COMMON STOCKS—95.1%** |
|  | **Belgium—0.9%** | **Belgium—0.9%** |
| 916013 | Fagron NV | &nbsp;&nbsp;&nbsp;&nbsp;$12993802 |
| 552008 | KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;35434969 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48428771 |
|  | **Canada—2.0%** | **Canada—2.0%** |
| 251390 | Lassonde Industries, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20646282 |
| 1124700 | National Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;75727061 |
| 470779 | Winpak, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14613797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;110987140 |
|  | **China—4.7%** | **China—4.7%** |
| 6558340 | Alibaba Group Holding, Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;71968707 |
| 4349576 | Baidu, Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;62032142 |
| 41516695 | Dali Foods Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18889095 |
| 3734350 | Haitian International Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9953554 |
| 6463000 | Shanghai Mechanical and Electrical Industry Co., Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6591769 |
| 1485150 | Tencent Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;62974934 |
| 15974780 | Uni-President China Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15946119 |
| 22047485 | WH Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12859760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;261216080 |
|  | **Czech Republic—0.0%<sup>(c)</sup>** | **Czech Republic—0.0%<sup>(c)</sup>** |
| 2800 | Philip Morris CR a.s. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066315 |
|  | **Finland—0.6%** | **Finland—0.6%** |
| 2365373 | Kemira Oyj | &nbsp;&nbsp;&nbsp;&nbsp;36187485 |
|  | **France—10.5%** | **France—10.5%** |
| 112219 | Alten SA | &nbsp;&nbsp;&nbsp;&nbsp;14017711 |
| 1590007 | Rubis SCA | &nbsp;&nbsp;&nbsp;&nbsp;41743122 |
| 1647635 | Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;205755940 |
| 2895521 | SCOR SE | &nbsp;&nbsp;&nbsp;&nbsp;66517062 |
| 1527083 | Tarkett SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18742462 |
| 3831330 | TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;239785894 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;586562191 |
|  | **Germany—8.7%** | **Germany—8.7%** |
| 2644654 | Deutsche Post AG, Registered | &nbsp;&nbsp;&nbsp;&nbsp;98684709 |
| 2540809 | Fresenius SE & Co., KGaA | &nbsp;&nbsp;&nbsp;&nbsp;70757517 |
| 1682955 | Henkel AG & Co., KGaA | &nbsp;&nbsp;&nbsp;&nbsp;107831339 |
| 792204 | Krones AG | &nbsp;&nbsp;&nbsp;&nbsp;88258893 |
| 42354 | KSB SE & Co., KGaA | &nbsp;&nbsp;&nbsp;&nbsp;18080922 |
| 254527 | Muenchener Rueckversicherungs AG, Registered | &nbsp;&nbsp;&nbsp;&nbsp;82085923 |
| 537857 | Norma Group SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9689176 |
| 65633 | Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;13026912 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;488415391 |
|  | **Hong Kong—1.6%** | **Hong Kong—1.6%** |
| 7421500 | CK Hutchison Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;44463955 |
| 26265000 | Emperor Entertainment Hotel, Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985451 |
| 5542142 | Great Eagle Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12167047 |
| 12583508 | Hang Lung Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23062774 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;**Value\*** |
|  | **Hong Kong (continued)** | **Hong Kong (continued)** |
| 59000 | Miramar Hotel & Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$91969 |
| 10820000 | TAI Cheung Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6113582 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87884778 |
|  | **Ireland—0.3%** | **Ireland—0.3%** |
| 1719755 | Grafton Group plc | &nbsp;&nbsp;&nbsp;&nbsp;16282886 |
|  | **Italy—1.9%** | **Italy—1.9%** |
| 821145 | Buzzi Unicem SpA | &nbsp;&nbsp;&nbsp;&nbsp;15776269 |
| 1800000 | Iveco Group NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10678179 |
| 4365000 | SOL SpA | &nbsp;&nbsp;&nbsp;&nbsp;82297128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;108751576 |
|  | **Japan—3.3%** | **Japan—3.3%** |
| 891970 | ADEKA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14479508 |
| 1001300 | Fuji Seal International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12713652 |
| 440730 | Fuso Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11242316 |
| 57600 | Konishi Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727889 |
| 3363180 | Kuraray Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;26773470 |
| 1368360 | Nabtesco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34522141 |
| 820800 | NGK Spark Plug Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14962491 |
| 578745 | Nifco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13423118 |
| 470 | Nihon Kohden Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11349 |
| 164400 | Nippon Kanzai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126512 |
| 104825 | Okamoto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923064 |
| 193700 | Shizuoka Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607297 |
| 1284760 | Sumitomo Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;25512314 |
| 271950 | Taikisha, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6827758 |
| 588565 | Transcosmos, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14376091 |
| 164305 | YAMABIKO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357234 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;184586204 |
|  | **Mexico—2.1%** | **Mexico—2.1%** |
| 1357016 | Coca-Cola FEMSA SAB de CV, Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;92114246 |
| 9067593 | Megacable Holdings SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;24135578 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;116249824 |
|  | **Netherlands—3.0%** | **Netherlands—3.0%** |
| 2160839 | Heineken Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;166383692 |
|  | **Philippines—0.1%** | **Philippines—0.1%** |
| 22609020 | Alliance Global Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4848660 |
|  | **Singapore—5.5%** | **Singapore—5.5%** |
| 5536500 | DBS Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;139949618 |
| 7345990 | United Overseas Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;168040277 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;307989895 |
|  | **South Korea—1.8%** | **South Korea—1.8%** |
| 160642 | Binggrae Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001052 |
| 131339 | Kangnam Jevisco Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157311 |
| 998776 | LG Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61844348 |
| 360632 | LX Holdings Corp.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415591 |
| 618300 | Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;27139193 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98557495 |
|  | **Sweden—4.7%** | **Sweden—4.7%** |
| 661300 | Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50642354 |
| 9470920 | Husqvarna AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;66616312 |

---

------

SEE NOTES TO PORTFOLIO OF INVESTMENTS

------

#### Tweedy, Browne International Value Fund<br>

------

#### Portfolio of Investments
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;**Value\*** |
|  | **Sweden (continued)** | **Sweden (continued)** |
| 3801500 | SKF AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;$58147851 |
| 3901988 | Trelleborg AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;90263346 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;265669863 |
|  | **Switzerland—14.0%** | **Switzerland—14.0%** |
| 142761 | Coltene Holding AG, Registered | &nbsp;&nbsp;&nbsp;&nbsp;11757877 |
| 2535079 | Nestlé SA, Registered | &nbsp;&nbsp;&nbsp;&nbsp;292651465 |
| 80 | Neue Zuercher Zeitung AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674449 |
| 984801 | Novartis AG, Registered | &nbsp;&nbsp;&nbsp;&nbsp;89069005 |
| 68178 | Phoenix Mecano AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24312722 |
| 539210 | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;169339306 |
| 429703 | TX Group AG | &nbsp;&nbsp;&nbsp;&nbsp;68624173 |
| 262041 | Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;125201393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;781630390 |
|  | **United Kingdom—15.4%** | **United Kingdom—15.4%** |
| 4003983 | Babcock International Group plc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13625021 |
| 16699941 | BAE Systems plc | &nbsp;&nbsp;&nbsp;&nbsp;171620556 |
| 12219853 | CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;195444884 |
| 5296459 | Diageo plc | &nbsp;&nbsp;&nbsp;&nbsp;230675754 |
| 1968375 | Howden Joinery Group plc | &nbsp;&nbsp;&nbsp;&nbsp;13224702 |
| 5273360 | Inchcape plc | &nbsp;&nbsp;&nbsp;&nbsp;51804829 |
| 15698026 | Johnson Service Group plc | &nbsp;&nbsp;&nbsp;&nbsp;18297778 |
| 17304144 | Lookers plc | &nbsp;&nbsp;&nbsp;&nbsp;15708198 |
| 552920 | Unilever plc | &nbsp;&nbsp;&nbsp;&nbsp;27660818 |
| 2283205 | Unilever plc (Ordinary Shares) | &nbsp;&nbsp;&nbsp;&nbsp;114697220 |
| 16292379 | Vertu Motors plc | &nbsp;&nbsp;&nbsp;&nbsp;10477734 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;863237494 |
|  | **United States—14.0%** | **United States—14.0%** |
| 1509760 | Alphabet, Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;133206125 |
| 1200900 | Alphabet, Inc., Class C<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;106555857 |
| 418 | Berkshire Hathaway, Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;195921181 |
| 546465 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26033593 |
| 687282 | FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;85772794 |
| 2589316 | Ionis Pharmaceuticals, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;97798465 |
| 787517 | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;139114878 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;784402893 |
| **TOTAL COMMON STOCKS<br>(Cost $3,012,632,362)<br>** | **TOTAL COMMON STOCKS<br>(Cost $3,012,632,362)<br>** | 5320339023 |
| **PREFERRED STOCKS—0.5%** | **PREFERRED STOCKS—0.5%** | **PREFERRED STOCKS—0.5%** |
|  | **Chile—0.4%** | **Chile—0.4%** |
| 11044000 | Embotelladora Andina SA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;21259651 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;**Value\*** |
|  | **Croatia—0.1%** | **Croatia—0.1%** |
| 166388 | Adris Grupa DD | &nbsp;&nbsp;&nbsp;&nbsp;$8579010 |
| **TOTAL PREFERRED STOCKS<br>(Cost $35,290,988)<br>** | **TOTAL PREFERRED STOCKS<br>(Cost $35,290,988)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;29838661 |
| **REGISTERED INVESTMENT COMPANY—2.2%** | **REGISTERED INVESTMENT COMPANY—2.2%** | **REGISTERED INVESTMENT COMPANY—2.2%** |
| 122416620 | Dreyfus Treasury Securities Cash Management– Institutional Shares 3.90%<sup>(d)</sup><br>(Cost $122,416,620) | &nbsp;&nbsp;&nbsp;&nbsp;122416620 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Face Value** |  |  |  |
| **U.S. TREASURY BILL—1.7%** | **U.S. TREASURY BILL—1.7%** | **U.S. TREASURY BILL—1.7%** | **U.S. TREASURY BILL—1.7%** |
| $100000000 | 4.132%<sup>(e)</sup> due 04/13/2023<sup>(f)</sup><br>(Cost $98,862,416) | 4.132%<sup>(e)</sup> due 04/13/2023<sup>(f)</sup><br>(Cost $98,862,416) | &nbsp;&nbsp;&nbsp;&nbsp;98870833 |
| **INVESTMENTS IN SECURITIES<br>(Cost $3,269,202,386)<br>** | **INVESTMENTS IN SECURITIES<br>(Cost $3,269,202,386)<br>** | 99.5% | 5571465137 |

---

---

| | | |
|:---|:---|:---|
| **UNREALIZED APPRECIATION ON<br> FORWARD CONTRACTS (Net)** | &nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;15912824 |
| **OTHER ASSETS<br> AND LIABILITIES (Net)** | &nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11030428 |
| **NET ASSETS<br>** | 100.0% | &nbsp;&nbsp;$5598408389 |

---

------

\* See Note 1 in Notes to Portfolio of Investments.

(a) "Affiliated company" as defined by the Investment Company Act of 1940. See Note 1.

(b) Non-income producing security.

(c) Amount represents less than 0.1% of net assets.

(d) Rate disclosed is the 7-day yield at December 31, 2022.

(e) Rate represents annualized yield at date of purchase.

(f) This position has been segregated to cover certain open forward contracts. At December 31, 2022, liquid assets totaling $98,870,833 have been segregated to cover such open forward contracts.

Abbreviations: <br> ADR — American Depositary Receipt

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#### SEE NOTES TO PORTFOLIO OF INVESTMENTS

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#### Tweedy, Browne International Value Fund<br>

------

#### Sector Diversification
December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Sector Diversification** | **Percentage of<br> Net Assets** |
| **COMMON STOCKS** |  |
| Capital Goods<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.0% |
| Pharmaceuticals, Biotechnology & Life Sciences<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.8 |
| Beverage<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| Insurance<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.4 |
| Banks<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.5 |
| Software & Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.0 |
| Food<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| Materials<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| Household & Personal Products<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Energy<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Retailing<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Transportation<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Health Care Equipment & Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Media<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Automobiles & Components<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Technology Hardware & Equipment<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Utilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Real Estate<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Commercial Services & Supplies<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Consumer Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.0\* |
| Tobacco<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.0\* |
| **Total Common Stocks** | &nbsp;&nbsp;&nbsp;95.1 |
| **Preferred Stocks<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| **Registered Investment Company<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| **U.S. Treasury Bill<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| **Unrealized Appreciation on Forward Contracts<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| **Other Assets and Liabilities (Net)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| **Net Assets<br>**  | 100.0% |

---

------

<sup>\*</sup> Amount represents less than 0.1% of net assets.

------

#### SEE NOTES TO PORTFOLIO OF INVESTMENTS

------

#### Tweedy, Browne International Value Fund<br>

------

#### Portfolio Composition
December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Portfolio Composition** | **Percentage of<br> Net Assets** |
| United Kingdom<br>| &nbsp;&nbsp;&nbsp;15% |
| United States<br>| &nbsp;&nbsp;&nbsp;14 |
| Switzerland<br>| &nbsp;&nbsp;&nbsp;14 |
| France<br>| &nbsp;&nbsp;&nbsp;10 |
| Germany<br>| &nbsp;&nbsp;&nbsp;&nbsp;9 |
| Singapore<br>| &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Sweden<br>| &nbsp;&nbsp;&nbsp;&nbsp;5 |
| China<br>| &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other Countries<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;18 |
| Money Market Funds, Treasury Bill and<br>Other Assets and Liabilities (Net)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;4 |
| **Total<br>**  | 100% |

---

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<sup>(a)</sup> "Other Countries" include Belgium, Canada, Chile, Croatia, Czech Republic, Finland, Hong Kong, Ireland, Italy, Japan, Mexico, Netherlands, Philippines and South Korea <br> <sup>(b)</sup> Includes Unrealized Appreciation on Forward Contracts (Net)

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#### SEE NOTES TO PORTFOLIO OF INVESTMENTS

------

#### Tweedy, Browne International Value Fund<br>

------

#### Schedule of Forward Exchange Contracts
December 31, 2022 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** |  | &nbsp;&nbsp;**Counter-<br> party** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Contract Value on<br> Origination Date** | &nbsp;&nbsp;**Value 12/31/22\*** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| **FORWARD EXCHANGE CONTRACTS TO BUY<sup>(a)</sup>** |  |  |  |  |  |  |
| 300000000 | Chinese Yuan<br>| &nbsp;&nbsp;BNY | &nbsp;&nbsp;&nbsp;&nbsp;1/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46483522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43408116 | &nbsp;&nbsp;$(3075406) |
| 400000000 | Chinese Yuan<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;1/17/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56033396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57895918 | &nbsp;&nbsp;&nbsp;&nbsp;1862522 |
| 300000000 | Chinese Yuan<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;1/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42073376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43432311 | &nbsp;&nbsp;&nbsp;&nbsp;1358935 |
| 36000000 | Great Britain Pound Sterling<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;7/17/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40867200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43485096 | &nbsp;&nbsp;&nbsp;&nbsp;2617896 |
| 110000000 | Hong Kong Dollar<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;4/28/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14050236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14119497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69261 |
| 16500000000 | South Korean Won<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;3/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11559479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13080013 | &nbsp;&nbsp;&nbsp;&nbsp;1520534 |
| **TOTAL<br>** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$211067209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$215420951 | &nbsp;&nbsp;&nbsp;&nbsp;$4353742 |
| **FORWARD EXCHANGE CONTRACTS TO SELL<sup>(a)</sup>** |  |  |  |  |  |  |
| 23000000 | Canadian Dollar<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;3/23/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(18046930) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(16986597) | &nbsp;&nbsp;&nbsp;&nbsp;$1060333 |
| 28000000 | Canadian Dollar<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;8/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21634485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20723729) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910756 |
| 22000000 | Canadian Dollar<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;12/8/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16356269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16305029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51240 |
| 50000000 | Canadian Dollar<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;12/28/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36931031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37067269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136238) |
| 9200000000 | Chilean Peso<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;3/23/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10828625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10672152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156473 |
| 7000000000 | Chilean Peso<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;12/28/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7647766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7963037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315271) |
| 300000000 | Chinese Yuan<br>| &nbsp;&nbsp;BNY | &nbsp;&nbsp;&nbsp;&nbsp;1/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46104904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43408116) | &nbsp;&nbsp;&nbsp;&nbsp;2696788 |
| 400000000 | Chinese Yuan<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;1/17/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61285025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57895918) | &nbsp;&nbsp;&nbsp;&nbsp;3389107 |
| 410000000 | Chinese Yuan<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;1/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63174114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59357491) | &nbsp;&nbsp;&nbsp;&nbsp;3816623 |
| 840000000 | Chinese Yuan<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;2/17/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129874145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121879465) | &nbsp;&nbsp;&nbsp;&nbsp;7994680 |
| 550000000 | Chinese Yuan<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;8/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81309227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80891275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417952 |
| 60000000 | European Union Euro<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;4/12/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66982800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64483510) | &nbsp;&nbsp;&nbsp;&nbsp;2499290 |
| 50000000 | European Union Euro<br>| &nbsp;&nbsp;BNY | &nbsp;&nbsp;&nbsp;&nbsp;5/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54239500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53837702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401798 |
| 50000000 | European Union Euro<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;5/26/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53785750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53871602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85852) |
| 75000000 | European Union Euro<br>| &nbsp;&nbsp;BNY | &nbsp;&nbsp;&nbsp;&nbsp;5/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81167250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80825910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341340 |
| 75000000 | European Union Euro<br>| &nbsp;&nbsp;BNY | &nbsp;&nbsp;&nbsp;&nbsp;6/23/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80244750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80937129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(692379) |
| 210000000 | European Union Euro<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;12/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221397750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228356218) | &nbsp;&nbsp;&nbsp;&nbsp;(6958468) |
| 65000000 | European Union Euro<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;12/8/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68787550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70704953) | &nbsp;&nbsp;&nbsp;&nbsp;(1917403) |
| 100000000 | European Union Euro<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;12/8/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105792500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108776850) | &nbsp;&nbsp;&nbsp;&nbsp;(2984350) |
| 120000000 | Great Britain Pound Sterling<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;7/17/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145050000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144950322) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99678 |
| 75000000 | Great Britain Pound Sterling<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;8/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90948375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90610558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337817 |
| 90000000 | Great Britain Pound Sterling<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;8/14/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110088900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108745568) | &nbsp;&nbsp;&nbsp;&nbsp;1343332 |
| 75000000 | Great Britain Pound Sterling<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;9/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86133750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90652591) | &nbsp;&nbsp;&nbsp;&nbsp;(4518841) |
| 65000000 | Great Britain Pound Sterling<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;10/2/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73561800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78579991) | &nbsp;&nbsp;&nbsp;&nbsp;(5018191) |
| 310000000 | Hong Kong Dollar<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;4/28/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39687112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39791309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104197) |
| 300000000 | Hong Kong Dollar<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;5/4/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38369304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38509425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140121) |
| 50000000 | Hong Kong Dollar<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;6/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6407258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6420230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12972) |
| 140000000 | Hong Kong Dollar<br>| &nbsp;&nbsp;BNY | &nbsp;&nbsp;&nbsp;&nbsp;8/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17902543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17981429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78886) |
| 1100000000 | Japanese Yen<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;5/19/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9716370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8501255) | &nbsp;&nbsp;&nbsp;&nbsp;1215115 |
| 5800000000 | Japanese Yen<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;8/10/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51309271) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45362323) | &nbsp;&nbsp;&nbsp;&nbsp;5946948 |
| 4500000000 | Japanese Yen<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;9/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40064103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35306223) | &nbsp;&nbsp;&nbsp;&nbsp;4757880 |
| 3000000000 | Japanese Yen<br>| &nbsp;&nbsp;BNY | &nbsp;&nbsp;&nbsp;&nbsp;9/22/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26012313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23608759) | &nbsp;&nbsp;&nbsp;&nbsp;2403554 |
| 3200000000 | Japanese Yen<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;12/11/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25332289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25476580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144291) |
| 500000000 | Mexican Peso<br>| &nbsp;&nbsp;BNY | &nbsp;&nbsp;&nbsp;&nbsp;4/5/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23084879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25210066) | &nbsp;&nbsp;&nbsp;&nbsp;(2125187) |
| 215000000 | Mexican Peso<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;4/12/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9942196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10825937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(883741) |
| 220000000 | Mexican Peso<br>| &nbsp;&nbsp;BNY | &nbsp;&nbsp;&nbsp;&nbsp;5/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10188487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11008807) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(820320) |
| 100000000 | Mexican Peso<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;6/2/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4674972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4987085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312113) |
| 260000000 | Mexican Peso<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;8/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12087401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12760251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(672850) |
| 80000000 | Philippine Peso<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;3/23/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1487819) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1432075) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55744 |
| 110000000 | Philippine Peso<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;11/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1851229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1958198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106969) |
| 53000000 | Singapore Dollar<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;1/12/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39092032) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39526268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(434236) |
| 60000000 | Singapore Dollar<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;4/12/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44301695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44818017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(516322) |
| 25000000 | Singapore Dollar<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;5/26/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18133683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18695239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(561556) |
| 85000000 | Singapore Dollar<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;6/23/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61545145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63609472) | &nbsp;&nbsp;&nbsp;&nbsp;(2064327) |
| 50000000 | Singapore Dollar<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;7/7/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36287103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37432875) | &nbsp;&nbsp;&nbsp;&nbsp;(1145772) |
| 63500000 | Singapore Dollar<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;8/18/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46639736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47607057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(967321) |
| 75000000 | Singapore Dollar<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;12/28/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56011949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56482034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(470085) |
| 60000000000 | South Korean Won<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;3/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49023613) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47563682) | &nbsp;&nbsp;&nbsp;&nbsp;1459931 |
| 47000000000 | South Korean Won<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;5/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37491125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37359405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131720 |
| 22000000000 | South Korean Won<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;12/8/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16952418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17665767) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(713349) |
| 125000000 | Swedish Krona<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;2/17/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13888580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12030990) | &nbsp;&nbsp;&nbsp;&nbsp;1857590 |
| 200000000 | Swedish Krona<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;4/5/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21301523) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19300622) | &nbsp;&nbsp;&nbsp;&nbsp;2000901 |
| 470000000 | Swedish Krona<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;4/28/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50521337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45407811) | &nbsp;&nbsp;&nbsp;&nbsp;5113526 |
| 220000000 | Swedish Krona<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;8/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21055654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21377014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(321360) |
| 115000000 | Swedish Krona<br>| &nbsp;&nbsp;BNY | &nbsp;&nbsp;&nbsp;&nbsp;9/21/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10979359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11184330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204971) |

---

------

#### SEE NOTES TO PORTFOLIO OF INVESTMENTS

------

#### Tweedy, Browne International Value Fund<br>

------

#### Schedule of Forward Exchange Contracts
December 31, 2022 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** |  | &nbsp;&nbsp;**Counter-<br> party** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Contract Value on<br> Origination Date** | &nbsp;&nbsp;**Value 12/31/22\*** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| **FORWARD EXCHANGE CONTRACTS TO SELL<sup>(a)</sup> (continued)** |  |  |  |  |  |  |
| 20000000 | Swiss Franc<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;1/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(22109953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(21668574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$441379 |
| 65000000 | Swiss Franc<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;4/12/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71401502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71044833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356669 |
| 22000000 | Swiss Franc<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;5/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22980702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24129210) | &nbsp;&nbsp;&nbsp;&nbsp;(1148508) |
| 95000000 | Swiss Franc<br>| &nbsp;&nbsp;BNY | &nbsp;&nbsp;&nbsp;&nbsp;12/8/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104464482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106339310) | &nbsp;&nbsp;&nbsp;&nbsp;(1874828) |
| 130000000 | Swiss Franc<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;12/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144438025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145587756) | &nbsp;&nbsp;&nbsp;&nbsp;(1149731) |
| 85000000 | Swiss Franc<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;12/28/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95238095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95336171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98076) |
| **TOTAL<br>** |  |  |  | &nbsp;&nbsp;$(3033348453) | &nbsp;&nbsp;$(3021789371) | &nbsp;&nbsp;$11559082 |
| **Unrealized Appreciation on Forward Contracts (Net)<br>** |  |  |  |  |  | &nbsp;&nbsp;$15912824 |

---

------

<sup>\*</sup> See Note 1 in Notes to Portfolio of Investments. <br> <sup>(a)</sup> Primary risk exposure being hedged against is currency risk.

---

| | |
|:---|:---|
| Counterparty Abbreviations: | Counterparty Abbreviations: |
| BNY — | The Bank of New York Mellon |
| JPM — | JPMorgan Chase Bank NA |
| NTC — | Northern Trust Company |
| SSB — | State Street Bank and Trust Company |

---

------

#### SEE NOTES TO PORTFOLIO OF INVESTMENTS

------

#### Tweedy, Browne International Value Fund II - Currency Unhedged<br>

------

#### Portfolio of Investments
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;**Value\*** |
| **COMMON STOCKS—96.4%** | **COMMON STOCKS—96.4%** | **COMMON STOCKS—96.4%** |
|  | **Belgium—1.0%** | **Belgium—1.0%** |
| 79510 | Fagron NV | &nbsp;&nbsp;&nbsp;&nbsp;$1127863 |
| 46370 | KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2976623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4104486 |
|  | **Canada—1.5%** | **Canada—1.5%** |
| 3500 | E-L Financial Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301561 |
| 21490 | Lassonde Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764941 |
| 71730 | Winpak, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2226624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6293126 |
|  | **China—5.9%** | **China—5.9%** |
| 598860 | Alibaba Group Holding, Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6571660 |
| 340680 | Baidu, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4858660 |
| 6681815 | Dali Foods Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040065 |
| 1004050 | Haitian International Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676199 |
| 357122 | Shanghai Mechanical and Electrical Industry Co., Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364237 |
| 87160 | Tencent Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3695852 |
| 1173000 | Times Neighborhood Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152215 |
| 2729475 | Uni-President China Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724578 |
| 1908970 | WH Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25196922 |
|  | **Finland—0.7%** | **Finland—0.7%** |
| 197290 | Kemira Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3018310 |
|  | **France—13.4%** | **France—13.4%** |
| 8655 | Alten SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081130 |
| 342430 | Rubis SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8989959 |
| 130882 | Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;16344488 |
| 382960 | SCOR SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8797509 |
| 517117 | Tarkett SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6346771 |
| 250808 | TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;15696956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57256813 |
|  | **Germany—7.9%** | **Germany—7.9%** |
| 204604 | Deutsche Post AG, Registered | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7634756 |
| 315180 | Fresenius SE & Co., KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8777265 |
| 52550 | Henkel AG & Co., KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3367016 |
| 19744 | Krones AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2199665 |
| 13543 | Muenchener Rueckversicherungs AG, Registered | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4367669 |
| 120547 | Norma Group SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171583 |
| 26253 | Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5210725 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33728679 |
|  | **Hong Kong—1.7%** | **Hong Kong—1.7%** |
| 1663100 | Chow Sang Sang Holdings International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195961 |
| 372000 | CK Hutchison Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2228740 |
| 4870000 | Emperor Entertainment Hotel, Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368138 |
| 734000 | Hang Lung Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345259 |
| 45710 | Luk Fook Holdings International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135606 |
| 109796 | Miramar Hotel & Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171149 |
| 1580000 | TAI Cheung Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7337594 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;**Value\*** |
|  | **Ireland—0.3%** | **Ireland—0.3%** |
| 135575 | Grafton Group plc | &nbsp;&nbsp;&nbsp;&nbsp;$1283643 |
|  | **Italy—0.9%** | **Italy—0.9%** |
| 129036 | Buzzi Unicem SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479107 |
| 66455 | SOL SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3732041 |
|  | **Japan—5.5%** | **Japan—5.5%** |
| 166700 | ADEKA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2706071 |
| 111200 | Fuji Seal International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411923 |
| 12000 | Fukuda Denshi Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415333 |
| 42405 | Fuso Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081684 |
| 111630 | Inaba Denki Sangyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271890 |
| 20600 | Kamigumi Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417134 |
| 88700 | Konishi Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120899 |
| 288625 | Kuraray Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297674 |
| 111685 | Nabtesco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2817683 |
| 62795 | Nifco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456435 |
| 57855 | Nihon Kohden Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396991 |
| 33045 | Okamoto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921466 |
| 67300 | Shizuoka Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558447 |
| 108745 | Sumitomo Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2159420 |
| 44060 | Taikisha, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106200 |
| 47965 | Transcosmos, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171577 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23310827 |
|  | **Mexico—2.9%** | **Mexico—2.9%** |
| 79141 | Coca-Cola FEMSA SAB de CV, Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5372091 |
| 2625871 | Megacable Holdings SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6989387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12361478 |
|  | **Netherlands—2.1%** | **Netherlands—2.1%** |
| 37400 | Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512260 |
| 71375 | Heineken Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5495845 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9008105 |
|  | **Philippines—0.5%** | **Philippines—0.5%** |
| 6997100 | Alliance Global Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500576 |
| 937800 | China Banking Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962662 |
|  | **Singapore—4.8%** | **Singapore—4.8%** |
| 393730 | DBS Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9952563 |
| 461100 | United Overseas Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10547710 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500273 |
|  | **South Korea—3.2%** | **South Korea—3.2%** |
| 27787 | Binggrae Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865056 |
| 132823 | Hankook & Co., Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465551 |
| 17345 | Hyundai Mobis Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751235 |
| 37361 | Kangnam Jevisco Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613674 |
| 89851 | LG Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5563586 |
| 26877 | LX Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180028 |
| 47060 | Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065616 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13504746 |
|  | **Sweden—4.7%** | **Sweden—4.7%** |
| 38380 | Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2939140 |
| 645133 | Husqvarna AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4537720 |

---

------

SEE NOTES TO PORTFOLIO OF INVESTMENTS

------

#### Tweedy, Browne International Value Fund II - Currency Unhedged<br>

------

#### Portfolio of Investments
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;**Value\*** |
|  | **Sweden (continued)** | **Sweden (continued)** |
| 317975 | SKF AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;$4863755 |
| 323568 | Trelleborg AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7484987 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19825602 |
|  | **Switzerland—11.4%** | **Switzerland—11.4%** |
| 109670 | Nestlé SA, Registered | &nbsp;&nbsp;&nbsp;&nbsp;12660389 |
| 69216 | Novartis AG, Registered | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6260148 |
| 5015 | Phoenix Mecano AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788382 |
| 33130 | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;10404501 |
| 25789 | TX Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4118540 |
| 27414 | Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;13098221 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48330181 |
|  | **Taiwan—0.1%** | **Taiwan—0.1%** |
|  | Miscellaneous Security<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332826 |
|  | **Thailand—1.1%** | **Thailand—1.1%** |
| 1110600 | Bangkok Bank Public Co., Ltd., NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4740824 |
|  | **United Kingdom—14.8%** | **United Kingdom—14.8%** |
| 320418 | Babcock International Group plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090340 |
| 1128027 | BAE Systems plc | &nbsp;&nbsp;&nbsp;&nbsp;11592413 |
| 687872 | CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;11001856 |
| 291588 | Diageo plc | &nbsp;&nbsp;&nbsp;&nbsp;12699481 |
| 385777 | GSK plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6634108 |
| 306936 | Howden Joinery Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062177 |
| 871910 | Inchcape plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8565535 |
| 1504280 | Johnson Service Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753404 |
| 744541 | Lookers plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675873 |
| 107702 | Unilever plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5387986 |
| 2741248 | Vertu Motors plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762914 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63226087 |
|  | **United States—12.0%** | **United States—12.0%** |
| 70070 | Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6182276 |
| 2730 | AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6732671 |
| 41700 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12881130 |
| 56475 | FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7048080 |
| 198422 | Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7494399 |
| 61790 | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;10915204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51253760 |
| **TOTAL COMMON STOCKS<br>(Cost $357,014,111)<br>** | **TOTAL COMMON STOCKS<br>(Cost $357,014,111)<br>** | &nbsp;&nbsp;&nbsp;410308985 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  |  | &nbsp;&nbsp;**Value\*** |
| **PREFERRED STOCKS—0.7%** | **PREFERRED STOCKS—0.7%** | **PREFERRED STOCKS—0.7%** | **PREFERRED STOCKS—0.7%** |
|  | **Chile—0.4%** | **Chile—0.4%** | **Chile—0.4%** |
| 940000 | Embotelladora Andina SA, Class A | Embotelladora Andina SA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;$1809496 |
|  | **Germany—0.3%** | **Germany—0.3%** | **Germany—0.3%** |
| 29000 | Jungheinrich AG | Jungheinrich AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819008 |
| 648 | KSB AG | KSB AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232014 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051022 |
| **TOTAL PREFERRED STOCKS<br>(Cost $3,455,379)<br>** | **TOTAL PREFERRED STOCKS<br>(Cost $3,455,379)<br>** | **TOTAL PREFERRED STOCKS<br>(Cost $3,455,379)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860518 |
| **REGISTERED INVESTMENT COMPANY—2.4%** | **REGISTERED INVESTMENT COMPANY—2.4%** | **REGISTERED INVESTMENT COMPANY—2.4%** | **REGISTERED INVESTMENT COMPANY—2.4%** |
| 10444013 | Dreyfus Government Securities Cash Management– Institutional Shares 4.00%<sup>(c)</sup><br>(Cost $10,444,013) | Dreyfus Government Securities Cash Management– Institutional Shares 4.00%<sup>(c)</sup><br>(Cost $10,444,013) | &nbsp;&nbsp;&nbsp;&nbsp;10444013 |
| **INVESTMENTS IN SECURITIES<br>(Cost $370,913,503)<br>** | **INVESTMENTS IN SECURITIES<br>(Cost $370,913,503)<br>** | &nbsp;&nbsp;&nbsp;99.5% | &nbsp;&nbsp;&nbsp;423613516 |
| **OTHER ASSETS<br> AND LIABILITIES (Net)** | **OTHER ASSETS<br> AND LIABILITIES (Net)** | &nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036610 |
| **NET ASSETS<br>** | **NET ASSETS<br>** | 100.0% | $425650126 |

---

------

\* See Note 1 in Notes to Portfolio of Investments.

(a) Non-income producing security.

(b) Represents one or more issuers where disclosure may be disadvantageous to the Fund's accumulation or disposition program. The aggregate amount of $332,826 represents 0.1% of the net assets of the Fund.

(c) Rate disclosed is the 7-day yield at December 31, 2022.

Abbreviations: <br> ADR — American Depositary Receipt <br> NVDR — Non-Voting Depositary Receipt

------

#### SEE NOTES TO PORTFOLIO OF INVESTMENTS

------

#### Tweedy, Browne International Value Fund II - Currency Unhedged<br>

------

#### Sector Diversification
December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Sector Diversification** | **Percentage of<br> Net Assets** |
| **COMMON STOCKS** |  |
| Capital Goods<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.6% |
| Pharmaceuticals, Biotechnology & Life Sciences<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.8 |
| Insurance<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.8 |
| Banks<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.7 |
| Beverage<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| Materials<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| Retailing<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| Food<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| Software & Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Energy<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Health Care Equipment & Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Media<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Utilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Household & Personal Products<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Transportation<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Automobiles & Components<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Technology Hardware & Equipment<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Commercial Services & Supplies<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Real Estate<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Consumer Durables & Apparel<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Diversified Financials<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Consumer Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| **Total Common Stocks** | &nbsp;&nbsp;&nbsp;96.4 |
| **Preferred Stocks<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| **Registered Investment Company<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| **Other Assets and Liabilities (Net)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| **Net Assets<br>**  | 100.0% |

---

------

#### SEE NOTES TO PORTFOLIO OF INVESTMENTS

------

#### Tweedy, Browne International Value Fund II - Currency Unhedged<br>

------

#### Portfolio Composition
December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Portfolio Composition** | **Percentage of<br> Net Assets** |
| United Kingdom<br>| &nbsp;&nbsp;&nbsp;15% |
| France<br>| &nbsp;&nbsp;&nbsp;13 |
| United States<br>| &nbsp;&nbsp;&nbsp;12 |
| Switzerland<br>| &nbsp;&nbsp;&nbsp;11 |
| Germany<br>| &nbsp;&nbsp;&nbsp;&nbsp;8 |
| China<br>| &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Japan<br>| &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Singapore<br>| &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other Countries<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;21 |
| Money Market Funds and Other Assets<br>and Liabilities (Net)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3 |
| **Total<br>**  | 100% |

---

------

<sup>(a)</sup> "Other Countries" include Belgium, Canada, Chile, Finland, Hong Kong, Ireland, Italy, Mexico, Netherlands, Philippines, South Korea, Sweden, Taiwan and Thailand

------

#### SEE NOTES TO PORTFOLIO OF INVESTMENTS

------

#### Tweedy, Browne Value Fund<br>

------

#### Portfolio of Investments
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;**Value\*** |
| **COMMON STOCKS—93.9%** | **COMMON STOCKS—93.9%** | **COMMON STOCKS—93.9%** |
|  | **Belgium—0.8%** | **Belgium—0.8%** |
| 64487 | Fagron NV | &nbsp;&nbsp;&nbsp;&nbsp;$914759 |
| 38820 | KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;2491967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3406726 |
|  | **Canada—1.1%** | **Canada—1.1%** |
| 18010 | Lassonde Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1479134 |
| 98414 | Winpak, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3054942 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4534076 |
|  | **China—2.6%** | **China—2.6%** |
| 231680 | Baidu, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3304140 |
| 3283500 | Dali Foods Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1493913 |
| 797375 | Haitian International Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2125327 |
| 345561 | Shanghai Mechanical and Electrical Industry Co., Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352446 |
| 2349905 | Uni-President China Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2345689 |
| 1531400 | WH Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10514743 |
|  | **Finland—0.6%** | **Finland—0.6%** |
| 170196 | Kemira Oyj | &nbsp;&nbsp;&nbsp;&nbsp;2603803 |
|  | **France—11.0%** | **France—11.0%** |
| 8155 | Alten SA | &nbsp;&nbsp;&nbsp;&nbsp;1018672 |
| 170526 | Rubis SCA | &nbsp;&nbsp;&nbsp;&nbsp;4476891 |
| 118920 | Safran SA | &nbsp;&nbsp;&nbsp;14850678 |
| 355239 | SCOR SE | &nbsp;&nbsp;&nbsp;&nbsp;8160692 |
| 150328 | Tarkett SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1845032 |
| 236380 | TotalEnergies SE | &nbsp;&nbsp;&nbsp;14793972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;45145937 |
|  | **Germany—8.0%** | **Germany—8.0%** |
| 190881 | Deutsche Post AG, Registered | &nbsp;&nbsp;&nbsp;&nbsp;7122685 |
| 301060 | Fresenius SE & Co., KGaA | &nbsp;&nbsp;&nbsp;&nbsp;8384045 |
| 84400 | Henkel AG & Co., KGaA | &nbsp;&nbsp;&nbsp;&nbsp;5407729 |
| 41893 | Krones AG | &nbsp;&nbsp;&nbsp;&nbsp;4667270 |
| 150000 | Norma Group SE | &nbsp;&nbsp;&nbsp;&nbsp;2702161 |
| 23478 | Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;4659940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;32943830 |
|  | **Hong Kong—1.2%** | **Hong Kong—1.2%** |
| 1046000 | Chow Sang Sang Holdings International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1381141 |
| 476000 | CK Hutchison Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2851828 |
| 214000 | Luk Fook Holdings International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4867833 |
|  | **Ireland—0.3%** | **Ireland—0.3%** |
| 123580 | Grafton Group plc | &nbsp;&nbsp;&nbsp;&nbsp;1170073 |
|  | **Italy—0.8%** | **Italy—0.8%** |
| 159790 | Buzzi Unicem SpA | &nbsp;&nbsp;&nbsp;&nbsp;3069969 |
|  | **Japan—4.2%** | **Japan—4.2%** |
| 63220 | ADEKA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1026262 |
| 41700 | Fuji Seal International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529471 |
| 40205 | Fuso Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1025565 |
| 36595 | Inaba Denki Sangyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744780 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;**Value\*** |
|  | **Japan (continued)** | **Japan (continued)** |
| 239905 | Kuraray Co., Ltd. | &nbsp;&nbsp;&nbsp;$1909826 |
| 130035 | Nabtesco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3280633 |
| 48495 | Nifco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1124768 |
| 48115 | Nihon Kohden Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1161805 |
| 28005 | Okamoto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780925 |
| 145060 | Sumitomo Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2880551 |
| 34620 | Taikisha, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869193 |
| 42760 | Transcosmos, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1044441 |
| 99120 | YAMABIKO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818776 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17196996 |
|  | **Mexico—2.1%** | **Mexico—2.1%** |
| 76490 | Coca-Cola FEMSA SAB de CV, Sponsored ADR<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5192141 |
| 1222747 | Megacable Holdings SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;3254635 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8446776 |
|  | **Netherlands—2.4%** | **Netherlands—2.4%** |
| 128033 | Heineken Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;9858487 |
|  | **Philippines—0.3%** | **Philippines—0.3%** |
| 6542900 | Alliance Global Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1403170 |
|  | **Singapore—2.2%** | **Singapore—2.2%** |
| 386517 | United Overseas Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8841616 |
|  | **South Korea—1.2%** | **South Korea—1.2%** |
| 22373 | Binggrae Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696509 |
| 70858 | LG Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4387537 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5084046 |
|  | **Sweden—4.1%** | **Sweden—4.1%** |
| 33829 | Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2590625 |
| 575755 | Husqvarna AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;4049730 |
| 256145 | SKF AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;3918001 |
| 271905 | Trelleborg AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;6289885 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16848241 |
|  | **Switzerland—6.9%** | **Switzerland—6.9%** |
| 118780 | Nestlé SA, ADR | &nbsp;&nbsp;&nbsp;13700085 |
| 50749 | Novartis AG, Registered | &nbsp;&nbsp;&nbsp;&nbsp;4589925 |
| 25228 | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;7922873 |
| 4637 | Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;2215527 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28428410 |
|  | **United Kingdom—10.6%** | **United Kingdom—10.6%** |
| 529590 | BAE Systems plc | &nbsp;&nbsp;&nbsp;&nbsp;5442446 |
| 709810 | CNH Industrial NV | &nbsp;&nbsp;&nbsp;11352733 |
| 62715 | Diageo plc, Sponsored ADR | &nbsp;&nbsp;&nbsp;11175186 |
| 252750 | Howden Joinery Group plc | &nbsp;&nbsp;&nbsp;&nbsp;1698123 |
| 282425 | Inchcape plc | &nbsp;&nbsp;&nbsp;&nbsp;2774508 |
| 1269763 | Johnson Service Group plc | &nbsp;&nbsp;&nbsp;&nbsp;1480049 |
| 185395 | Unilever plc, Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;9334638 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;43257683 |
|  | **United States—33.5%** | **United States—33.5%** |
| 123000 | Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;10852290 |
| 29300 | Alphabet, Inc., Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2599789 |
| 3595 | AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8865917 |
| 76760 | Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2542291 |

---

------

SEE NOTES TO PORTFOLIO OF INVESTMENTS

------

#### Tweedy, Browne Value Fund<br>

------

#### Portfolio of Investments
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;**Value\*** |
|  | **United States (continued)** | **United States (continued)** |
| 76570 | Bank of New York Mellon Corp./The | &nbsp;&nbsp;&nbsp;$3485466 |
| 60 | Berkshire Hathaway, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;28122658 |
| 140841 | Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4925210 |
| 60962 | Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8117700 |
| 107535 | Enterprise Products Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;2593744 |
| 35160 | FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6089712 |
| 45731 | FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5707229 |
| 72000 | Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1902960 |
| 190425 | Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7192352 |
| 66608 | Johnson & Johnson | &nbsp;&nbsp;&nbsp;11766303 |
| 33708 | National Western Life Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;9471948 |
| 76370 | Paramount Global, Class B | &nbsp;&nbsp;&nbsp;&nbsp;1289126 |
| 24140 | Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1822329 |
| 50625 | Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2178394 |
| 23825 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6880183 |
| 263163 | Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;10866000 |
|  |  | &nbsp;&nbsp;137271601 |
| **TOTAL COMMON STOCKS<br>(Cost $232,054,570)<br>** | **TOTAL COMMON STOCKS<br>(Cost $232,054,570)<br>** | 384894016 |
| **PREFERRED STOCK—0.2%** | **PREFERRED STOCK—0.2%** | **PREFERRED STOCK—0.2%** |
|  | **Chile—0.2%** | **Chile—0.2%** |
| 492000 | Embotelladora Andina SA, Class A<br>(Cost $918,376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947098 |
| **REGISTERED INVESTMENT COMPANY—2.3%** | **REGISTERED INVESTMENT COMPANY—2.3%** | **REGISTERED INVESTMENT COMPANY—2.3%** |
| 9580243 | Dreyfus Government Securities Cash Management– Institutional Shares 4.00%<sup>(c)</sup><br>(Cost $9,580,243) | &nbsp;&nbsp;&nbsp;&nbsp;9580243 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Face Value** |  |  | &nbsp;&nbsp;**Value\*** |
| **U.S. TREASURY BILL—2.6%** | **U.S. TREASURY BILL—2.6%** | **U.S. TREASURY BILL—2.6%** | **U.S. TREASURY BILL—2.6%** |
| $11000000 | 4.669%<sup>(d)</sup> due 06/01/2023<sup>(b)</sup><br>(Cost $10,792,375) | 4.669%<sup>(d)</sup> due 06/01/2023<sup>(b)</sup><br>(Cost $10,792,375) | $10795011 |
| **INVESTMENTS IN SECURITIES<br>(Cost $253,345,564)<br>** | **INVESTMENTS IN SECURITIES<br>(Cost $253,345,564)<br>** | 99.0% | 406216368 |

---

---

| | | |
|:---|:---|:---|
| **UNREALIZED APPRECIATION ON<br> FORWARD CONTRACTS (Net)** | &nbsp;&nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;3531931 |
| **OTHER ASSETS<br> AND LIABILITIES (Net)** | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217686 |
| **NET ASSETS<br>** | 100.0% | &nbsp;&nbsp;$409965985 |

---

------

\* See Note 1 in Notes to Portfolio of Investments.

(a) Non-income producing security.

(b) This position has been segregated to cover certain open forward contracts. At December 31, 2022, liquid assets totaling $15,987,152 have been segregated to cover such open forward contracts.

(c) Rate disclosed is the 7-day yield at December 31, 2022.

(d) Rate represents annualized yield at date of purchase.

Abbreviations: <br> ADR — American Depositary Receipt

------

#### SEE NOTES TO PORTFOLIO OF INVESTMENTS

------

#### Tweedy, Browne Value Fund<br>

------

#### Sector Diversification
December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Sector Diversification** | **Percentage of<br> Net Assets** |
| **COMMON STOCKS** |  |
| Capital Goods<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.1% |
| Insurance<br>| &nbsp;&nbsp;&nbsp;11.7 |
| Pharmaceuticals, Biotechnology & Life Sciences<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.4 |
| Software & Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.5 |
| Banks<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| Beverage<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| Food<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| Materials<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Energy<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Household & Personal Products<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Transportation<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Retailing<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Health Care Equipment & Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Media<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Automobiles & Components<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Utilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Diversified Financials<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Semiconductors & Semiconductor Equipment<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Commercial Services & Supplies<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Consumer Durables & Apparel<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| **Total Common Stocks** | &nbsp;&nbsp;&nbsp;93.9 |
| **Preferred Stock<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| **Registered Investment Company<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| **U.S. Treasury Bill<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| **Unrealized Appreciation on Forward Contracts<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| **Other Assets and Liabilities (Net)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| **Net Assets<br>**  | 100.0% |

---

------

#### SEE NOTES TO PORTFOLIO OF INVESTMENTS

------

#### Tweedy, Browne Value Fund<br>

------

#### Portfolio Composition
December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Portfolio Composition** | **Percentage of<br> Net Assets** |
| United States<br>| &nbsp;&nbsp;&nbsp;34% |
| France<br>| &nbsp;&nbsp;&nbsp;11 |
| United Kingdom<br>| &nbsp;&nbsp;&nbsp;11 |
| Germany<br>| &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Switzerland<br>| &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Japan<br>| &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Sweden<br>| &nbsp;&nbsp;&nbsp;&nbsp;4 |
| China<br>| &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Other Countries<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;12 |
| Money Market Funds, Treasury Bill and<br>Other Assets and Liabilities (Net)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;6 |
| **Total<br>**  | 100% |

---

------

<sup>(a)</sup> "Other Countries" include Belgium, Canada, Chile, Finland, Hong Kong, Ireland, Italy, Mexico, Netherlands, Philippines, Singapore and South Korea <br> <sup>(b)</sup> Includes Unrealized Appreciation on Forward Contracts (Net)

------

#### SEE NOTES TO PORTFOLIO OF INVESTMENTS

------

#### Tweedy, Browne Value Fund<br>

------

#### Schedule of Forward Exchange Contracts
December 31, 2022 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** |  | &nbsp;&nbsp;**Counter-<br> party** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Contract Value on<br> Origination Date** | &nbsp;&nbsp;**Value 12/31/22\*** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| **FORWARD EXCHANGE CONTRACTS TO BUY<sup>(a)</sup>** |  |  |  |  |  |  |
| 560000 | Canadian Dollar<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;1/6/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$408443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$413313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4870 |
| 26700000 | Chinese Yuan<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;1/12/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3863015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124922 |
| 45000000 | Chinese Yuan<br>| &nbsp;&nbsp;BNY | &nbsp;&nbsp;&nbsp;&nbsp;1/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6258942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6511217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252275 |
| 18500000 | Mexican Peso<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;1/6/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680 |
| **TOTAL<br>** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$11350824 | &nbsp;&nbsp;&nbsp;&nbsp;$11735571 | &nbsp;&nbsp;&nbsp;&nbsp;$384747 |
| **FORWARD EXCHANGE CONTRACTS TO SELL<sup>(a)</sup>** |  |  |  |  |  |  |
| 2500000 | Canadian Dollar<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;1/6/23 | &nbsp;&nbsp;&nbsp;&nbsp;$(1949781) | &nbsp;&nbsp;&nbsp;&nbsp;$(1845148) | &nbsp;&nbsp;&nbsp;&nbsp;$104633 |
| 720000000 | Chilean Peso<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;8/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(733945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(823444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89499) |
| 26700000 | Chinese Yuan<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;1/12/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4098612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3863015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235597 |
| 45000000 | Chinese Yuan<br>| &nbsp;&nbsp;BNY | &nbsp;&nbsp;&nbsp;&nbsp;1/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6915736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6511217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404519 |
| 20000000 | Chinese Yuan<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;1/17/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3064251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2894796) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169455 |
| 28500000 | Chinese Yuan<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;2/17/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4406444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4135196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271248 |
| 5000000 | European Union Euro<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;4/5/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5614350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5371479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242871 |
| 7000000 | European Union Euro<br>| &nbsp;&nbsp;BNY | &nbsp;&nbsp;&nbsp;&nbsp;5/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7593530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7537278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56252 |
| 13500000 | European Union Euro<br>| &nbsp;&nbsp;BNY | &nbsp;&nbsp;&nbsp;&nbsp;5/22/23 | &nbsp;&nbsp;&nbsp;&nbsp;(14421375) | &nbsp;&nbsp;&nbsp;&nbsp;(14542003) | &nbsp;&nbsp;&nbsp;&nbsp;(120628) |
| 9000000 | European Union Euro<br>| &nbsp;&nbsp;BNY | &nbsp;&nbsp;&nbsp;&nbsp;6/23/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9629370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9712455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83085) |
| 4300000 | European Union Euro<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;10/26/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4339861) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4667966) | &nbsp;&nbsp;&nbsp;&nbsp;(328105) |
| 6500000 | Great Britain Pound Sterling<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;1/12/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8777990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7821730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956260 |
| 8000000 | Great Britain Pound Sterling<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;7/17/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9670000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9663355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6645 |
| 4000000 | Great Britain Pound Sterling<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;8/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4850580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4832563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18017 |
| 7800000 | Hong Kong Dollar<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;3/23/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1000850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1000885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |
| 10000000 | Hong Kong Dollar<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;4/28/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1280230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1283591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3361) |
| 9000000 | Hong Kong Dollar<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;6/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1153306) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1155641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2335) |
| 6300000 | Hong Kong Dollar<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;8/14/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(804762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(809130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4368) |
| 15000000 | Hong Kong Dollar<br>| &nbsp;&nbsp;BNY | &nbsp;&nbsp;&nbsp;&nbsp;8/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1918130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1926582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8452) |
| 165000000 | Japanese Yen<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;2/2/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1517032) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1256272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260760 |
| 260000000 | Japanese Yen<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;5/19/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2296597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2009388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287209 |
| 160000000 | Japanese Yen<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;6/16/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1426377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1241548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184829 |
| 400000000 | Japanese Yen<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;8/10/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3538570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3128436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410134 |
| 350000000 | Japanese Yen<br>| &nbsp;&nbsp;BNY | &nbsp;&nbsp;&nbsp;&nbsp;12/8/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2650110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2785282) | &nbsp;&nbsp;&nbsp;&nbsp;(135172) |
| 350000000 | Japanese Yen<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;12/11/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2770719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2786501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15782) |
| 18500000 | Mexican Peso<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;1/6/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(839314) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(948026) | &nbsp;&nbsp;&nbsp;&nbsp;(108712) |
| 64000000 | Mexican Peso<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;6/2/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2991982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3191734) | &nbsp;&nbsp;&nbsp;&nbsp;(199752) |
| 20000000 | Mexican Peso<br>| &nbsp;&nbsp;BNY | &nbsp;&nbsp;&nbsp;&nbsp;7/7/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(930142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(990986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60844) |
| 26000000 | Philippine Peso<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;3/23/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(483541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18117 |
| 29000000 | Philippine Peso<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;11/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(488051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(516252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28201) |
| 10500000 | Singapore Dollar<br>| &nbsp;&nbsp;&nbsp;SSB | &nbsp;&nbsp;&nbsp;&nbsp;1/12/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7744648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7830676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86028) |
| 4900000000 | South Korean Won<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;3/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4056291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3883146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173145 |
| 1100000000 | South Korean Won<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;&nbsp;&nbsp;5/4/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(880000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(873896) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6104 |
| 13500000 | Swedish Krona<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;2/17/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1499967) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1299347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200620 |
| 37000000 | Swedish Krona<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;4/5/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3940782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3570615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370167 |
| 28500000 | Swedish Krona<br>| &nbsp;&nbsp;NTC | &nbsp;&nbsp;&nbsp;&nbsp;8/18/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2875303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2767766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107537 |
| 4700000 | Swiss Franc<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;12/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5211596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5263557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51961) |
| 9200000 | Swiss Franc<br>| &nbsp;&nbsp;&nbsp;JPM | &nbsp;&nbsp;12/28/23 | &nbsp;&nbsp;&nbsp;&nbsp;(10308123) | &nbsp;&nbsp;&nbsp;&nbsp;(10318738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10615) |
| **TOTAL<br>** |  |  |  | &nbsp;&nbsp;$(148672248) | &nbsp;&nbsp;$(145525064) | &nbsp;&nbsp;$3147184 |
| **Unrealized Appreciation on Forward Contracts (Net)<br>** |  |  |  |  |  | &nbsp;&nbsp;$3531931 |

---

------

<sup>\*</sup> See Note 1 in Notes to Portfolio of Investments. <br> <sup>(a)</sup> Primary risk exposure being hedged against is currency risk.

---

| | |
|:---|:---|
| Counterparty Abbreviations: | Counterparty Abbreviations: |
| BNY — | The Bank of New York Mellon |
| JPM — | JPMorgan Chase Bank NA |
| NTC — | Northern Trust Company |
| SSB — | State Street Bank and Trust Company |

---

------

#### SEE NOTES TO PORTFOLIO OF INVESTMENTS

------

#### Tweedy, Browne Worldwide High Dividend Yield Value Fund<br>

------

#### Portfolio of Investments
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;**Value\*** |
| **COMMON STOCKS—97.0%** | **COMMON STOCKS—97.0%** | **COMMON STOCKS—97.0%** |
|  | **Belgium—0.7%** | **Belgium—0.7%** |
| 7175 | KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;$460584 |
|  | **China—3.0%** | **China—3.0%** |
| 2033530 | Dali Foods Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925207 |
| 976845 | Uni-President China Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975093 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900300 |
|  | **Finland—2.3%** | **Finland—2.3%** |
| 95220 | Kemira Oyj | &nbsp;&nbsp;&nbsp;&nbsp;1456756 |
|  | **France—9.7%** | **France—9.7%** |
| 58430 | Rubis SCA | &nbsp;&nbsp;&nbsp;&nbsp;1533987 |
| 16835 | Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;2102348 |
| 88650 | SCOR SE | &nbsp;&nbsp;&nbsp;&nbsp;2036503 |
| 44294 | Tarkett SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543637 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6216475 |
|  | **Germany—8.3%** | **Germany—8.3%** |
| 36145 | Deutsche Post AG, Registered | &nbsp;&nbsp;&nbsp;&nbsp;1348743 |
| 44445 | Fresenius Medical Care AG & Co., KGaA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726231 |
| 50225 | Fresenius SE & Co., KGaA | &nbsp;&nbsp;&nbsp;&nbsp;1398687 |
| 3250 | Muenchener Rueckversicherungs AG, Registered | &nbsp;&nbsp;&nbsp;&nbsp;1048137 |
| 41885 | Norma Group SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754534 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5276332 |
|  | **Hong Kong—5.9%** | **Hong Kong—5.9%** |
| 177500 | CK Hutchison Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1063444 |
| 407000 | Hang Lung Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745940 |
| 15465 | Jardine Matheson Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786718 |
| 497350 | Johnson Electric Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626142 |
| 172775 | Luk Fook Holdings International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3734808 |
|  | **Ireland—0.6%** | **Ireland—0.6%** |
| 40695 | Grafton Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385306 |
|  | **Japan—5.2%** | **Japan—5.2%** |
| 42370 | ADEKA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687800 |
| 45315 | Inaba Denki Sangyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922249 |
| 56600 | Kuraray Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450579 |
| 16420 | Nabtesco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414258 |
| 17685 | Sumitomo Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351182 |
| 35785 | Takasago Thermal Engineering Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3306792 |
|  | **Mexico—3.3%** | **Mexico—3.3%** |
| 9925 | Coca-Cola FEMSA SAB de CV, Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673709 |
| 531475 | Megacable Holdings SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;1414648 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088357 |
|  | **Singapore—5.5%** | **Singapore—5.5%** |
| 67295 | DBS Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1701059 |
| 78510 | United Overseas Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1795924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3496983 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;**Value\*** |
|  | **South Korea—1.3%** | **South Korea—1.3%** |
| 13365 | LG Corp. | &nbsp;&nbsp;&nbsp;&nbsp;$827563 |
|  | **Sweden—7.2%** | **Sweden—7.2%** |
| 10925 | Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836636 |
| 101255 | Husqvarna AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712205 |
| 48290 | SKF AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738645 |
| 100550 | Trelleborg AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;2325989 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4613475 |
|  | **Switzerland—12.6%** | **Switzerland—12.6%** |
| 31255 | Nestlé SA, Registered | &nbsp;&nbsp;&nbsp;&nbsp;3608101 |
| 16072 | Novartis AG, Registered | &nbsp;&nbsp;&nbsp;&nbsp;1453610 |
| 6265 | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;1967528 |
| 2187 | Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;1044934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8074173 |
|  | **United Kingdom—15.5%** | **United Kingdom—15.5%** |
| 220690 | BAE Systems plc | &nbsp;&nbsp;&nbsp;&nbsp;2267969 |
| 68020 | Diageo plc | &nbsp;&nbsp;&nbsp;&nbsp;2962463 |
| 78507 | GSK plc | &nbsp;&nbsp;&nbsp;&nbsp;1350065 |
| 47690 | Howden Joinery Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320409 |
| 133180 | Inchcape plc | &nbsp;&nbsp;&nbsp;&nbsp;1308344 |
| 33700 | Unilever plc | &nbsp;&nbsp;&nbsp;&nbsp;1685903 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9895153 |
|  | **United States—15.9%** | **United States—15.9%** |
| 41145 | Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1362723 |
| 28760 | Enterprise Products Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693691 |
| 11775 | Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311213 |
| 13405 | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;2367993 |
| 13145 | Paramount Global, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221888 |
| 12795 | Progressive Corp./The | &nbsp;&nbsp;&nbsp;&nbsp;1659640 |
| 30645 | Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1318654 |
| 30030 | U.S. Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;1309608 |
| 23711 | Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934213 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10179623 |
| **TOTAL COMMON STOCKS<br>(Cost $49,798,510)<br>** | **TOTAL COMMON STOCKS<br>(Cost $49,798,510)<br>** | &nbsp;&nbsp;&nbsp;61912680 |
| **REGISTERED INVESTMENT COMPANY—2.3%** | **REGISTERED INVESTMENT COMPANY—2.3%** | **REGISTERED INVESTMENT COMPANY—2.3%** |
| 1476579 | Dreyfus Government Securities Cash Management– Institutional Shares 4.00%<sup>(b)</sup><br>(Cost $1,476,579) | &nbsp;&nbsp;&nbsp;&nbsp;1476579 |
| **INVESTMENTS IN SECURITIES<br>(Cost $51,275,089)<br>** | &nbsp;&nbsp;&nbsp;99.3% | &nbsp;&nbsp;&nbsp;63389259 |
| **OTHER ASSETS<br> AND LIABILITIES (Net)** | &nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443915 |
| **NET ASSETS<br>** | 100.0% | $63833174 |

---

------

\* See Note 1 in Notes to Portfolio of Investments. <br> (a) Non-income producing security. <br> (b) Rate disclosed is the 7-day yield at December 31, 2022.

Abbreviations: <br> ADR — American Depositary Receipt

------

SEE NOTES TO PORTFOLIO OF INVESTMENTS

------

#### Tweedy, Browne Worldwide High Dividend Yield Value Fund<br>

------

#### Sector Diversification
December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Sector Diversification** | **Percentage of<br> Net Assets** |
| **COMMON STOCKS** |  |
| Capital Goods<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.5% |
| Banks<br>| &nbsp;&nbsp;&nbsp;12.5 |
| Pharmaceuticals, Biotechnology & Life Sciences<br>| &nbsp;&nbsp;&nbsp;11.2 |
| Insurance<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.1 |
| Food<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.6 |
| Beverage<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| Materials<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Health Care Equipment & Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Retailing<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Household & Personal Products<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Media<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Utilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Automobiles & Components<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Transportation<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Telecommunication Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Real Estate<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Energy<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Semiconductors & Semiconductor Equipment<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| **Total Common Stocks** | &nbsp;&nbsp;&nbsp;97.0 |
| **Registered Investment Company<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| **Other Assets and Liabilities (Net)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| **Net Assets<br>**  | 100.0% |

---

------

#### SEE NOTES TO PORTFOLIO OF INVESTMENTS

------

#### Tweedy, Browne Worldwide High Dividend Yield Value Fund<br>

------

#### Portfolio Composition
December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Portfolio Composition** | **Percentage of<br> Net Assets** |
| United States<br>| &nbsp;&nbsp;&nbsp;16% |
| United Kingdom<br>| &nbsp;&nbsp;&nbsp;16 |
| Switzerland<br>| &nbsp;&nbsp;&nbsp;13 |
| France<br>| &nbsp;&nbsp;&nbsp;10 |
| Germany<br>| &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Sweden<br>| &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Hong Kong<br>| &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Singapore<br>| &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other Countries<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;16 |
| Money Market Funds and Other Assets<br>and Liabilities (Net)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3 |
| **Total<br>**  | 100% |

---

------

<sup>(a)</sup> "Other Countries" include Belgium, China, Finland, Ireland, Japan, Mexico and South Korea

------

#### SEE NOTES TO PORTFOLIO OF INVESTMENTS

------

TWEEDY, BROWNE FUND INC.<br>

------

Notes to Portfolio of Investments (Unaudited)

1. Valuation and Investment Practices

**Portfolio Valuation. Tweedy, Browne Fund Inc. (the "Company") consists of four series: Tweedy, Browne International Value Fund; Tweedy, Browne International Value Fund II – Currency Unhedged; Tweedy, Browne Value Fund and Tweedy, Browne Worldwide High Dividend Yield Value Fund (collectively the "Funds"). Under normal circumstances, portfolio securities and other assets listed on a U.S. national securities exchange, comparable foreign securities exchange or through any system providing for contemporaneous publication of actual prices (and not subject to restrictions against sale by the Fund on such exchange or system) are valued at the last quoted sale price at or prior to the close of regular trading on the New York Stock Exchange or, if applicable, the NASDAQ Official Closing Price ("NOCP"), unless, in the view of the Valuation Designee (the Investment Adviser has been appointed "Valuation Designee" by the Company's Board of Directors), such price is not reliable, or there is significant market movement that calls for application of fair value factors provided by a third party, as described below. Under normal circumstances, portfolio securities and other assets that are readily marketable but for which there are no reported sales on the valuation date, whether because they are not traded in a system providing for same day publication of sales or because there were no sales reported on such date, are generally valued at the mean between the last asked price and the last bid price prior to the close of regular trading, unless, in the view of the Valuation Designee, such price is not reliable. Forward exchange contracts are valued at the forward rate. Securities and other assets for which current market quotations are not readily available, and those securities which are generally not readily marketable due to significant legal or contractual restrictions, are valued at fair value as determined in good faith by the Valuation Designee pursuant to the Company's Valuation Policies and Procedures, which were approved by the Company's Board of Directors. Securities and other assets for which the most recent market quotations may not be reliable (including because the last sale price does not reflect current market value at the time of valuing the Fund's assets due to developments since such last price) may be valued at fair value if the Valuation Designee concludes that fair valuation will likely result in a more accurate net asset**

valuation. The Company has retained a third-party service provider that, under certain circumstances (including certain market movements) selected by the Company, provides fair value pricing for international equity securities whose principal markets are no longer open when the Funds calculate their net asset values. This means that a Fund's net asset value may be based, at least in part, on prices other than those determined as of the close of the principal market in which such assets trade. The Funds' use of fair value pricing may cause the net asset value of a Fund's shares to differ from the net asset value that would be calculated using market quotations. Fair value pricing involves subjective judgments, and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. Under normal circumstances, debt securities purchased with a remaining maturity of more than 60 days are valued through pricing obtained by pricing services approved by the Valuation Designee. Debt securities purchased with a remaining maturity of 60 days or less are valued at amortized cost, unless the Valuation Designee determines, in good faith, that such value does not represent fair value, in which case the securities will be valued in the same manner as debt securities with a remaining maturity in excess of 60 days or otherwise fair valued. Investments in open-end mutual funds are valued at net asset value (NAV) except that stable NAV money funds held in a cash sweep vehicle will generally be priced at cost ($1).

**Fair Value Measurements. The inputs and valuation techniques used to determine fair value of the Funds' investments are summarized into three levels as described in the hierarchy below:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - quoted prices in active markets for identical securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)

------

TWEEDY, BROWNE FUND INC.<br>

------

Notes to Portfolio of Investments (Unaudited)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value each Fund's assets carried at fair value as of December 31, 2022. See each Fund's respective Portfolio of Investments for details on portfolio holdings.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Value Fund** | &nbsp;&nbsp;**Total<br> Value at<br> December 31, 2022** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Investments in Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium<br>| &nbsp;&nbsp;$48428771 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$48428771 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China<br>| &nbsp;&nbsp;&nbsp;&nbsp; 261216080 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 261216080 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czech Republic<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2066315 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2066315 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36187485 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36187485 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France<br>| &nbsp;&nbsp;&nbsp;&nbsp; 586562191 | &nbsp;&nbsp;&nbsp;&nbsp; 18742462 | &nbsp;&nbsp;&nbsp;&nbsp; 567819729 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany<br>| &nbsp;&nbsp;&nbsp;&nbsp; 488415391 | &nbsp;&nbsp;&nbsp;&nbsp; 18080922 | &nbsp;&nbsp;&nbsp;&nbsp; 470334469 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong<br>| &nbsp;&nbsp;&nbsp;&nbsp; 87884778 | &nbsp;&nbsp;&nbsp;&nbsp; 8099033 | &nbsp;&nbsp;&nbsp;&nbsp; 79785745 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16282886 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16282886 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy<br>| &nbsp;&nbsp;&nbsp;&nbsp; 108751576 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108751576 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan<br>| &nbsp;&nbsp;&nbsp;&nbsp; 184586204 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 184586204 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands<br>| &nbsp;&nbsp;&nbsp;&nbsp; 166383692 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 166383692 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4848660 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4848660 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore<br>| &nbsp;&nbsp;&nbsp;&nbsp; 307989895 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 307989895 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea<br>| &nbsp;&nbsp;&nbsp;&nbsp; 98557495 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 98557495 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden<br>| &nbsp;&nbsp;&nbsp;&nbsp; 265669863 | &nbsp;&nbsp;&nbsp;&nbsp; 50642354 | &nbsp;&nbsp;&nbsp;&nbsp; 215027509 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland<br>| &nbsp;&nbsp;&nbsp;&nbsp; 781630390 | &nbsp;&nbsp;&nbsp;&nbsp; 12432326 | &nbsp;&nbsp;&nbsp;&nbsp; 769198064 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom<br>| &nbsp;&nbsp;&nbsp;&nbsp; 863237494 | &nbsp;&nbsp;&nbsp;&nbsp; 18297778 | &nbsp;&nbsp;&nbsp;&nbsp; 844939716 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Other Countries<br>| &nbsp;&nbsp;&nbsp;&nbsp;1011639857 | &nbsp;&nbsp;&nbsp;&nbsp;1011639857 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Preferred Stocks<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29838661 | &nbsp;&nbsp;&nbsp;&nbsp; 29838661 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Registered Investment Company<br>| &nbsp;&nbsp;&nbsp;&nbsp; 122416620 | &nbsp;&nbsp;&nbsp;&nbsp; 122416620 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill<br>| &nbsp;&nbsp;&nbsp;&nbsp; 98870833 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 98870833 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;5571465137 | &nbsp;&nbsp;&nbsp;&nbsp;1290190013 | &nbsp;&nbsp;&nbsp;&nbsp;4281275124 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation of forward exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58687312 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58687312 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation of forward exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42774488) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42774488) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total<br>**  | &nbsp;&nbsp;$5587377961 | &nbsp;&nbsp;$1290190013 | &nbsp;&nbsp;$4297187948 | &nbsp;&nbsp;$— |

---

------

TWEEDY, BROWNE FUND INC.<br>

------

Notes to Portfolio of Investments (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Value Fund II - Currency Unhedged** | &nbsp;&nbsp;**Total<br> Value at<br> December 31, 2022** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Investments in Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium<br>| &nbsp;&nbsp;$4104486 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4104486 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6293126 | &nbsp;&nbsp;&nbsp;&nbsp; 3991565 | &nbsp;&nbsp;&nbsp;&nbsp; 2301561 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25196922 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25196922 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3018310 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3018310 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57256813 | &nbsp;&nbsp;&nbsp;&nbsp; 6346771 | &nbsp;&nbsp;&nbsp;&nbsp; 50910042 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33728679 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33728679 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7337594 | &nbsp;&nbsp;&nbsp;&nbsp; 1260879 | &nbsp;&nbsp;&nbsp;&nbsp; 6076715 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1283643 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1283643 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3732041 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3732041 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23310827 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23310827 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9008105 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9008105 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1962662 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1962662 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20500273 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20500273 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13504746 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13504746 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19825602 | &nbsp;&nbsp;&nbsp;&nbsp; 2939140 | &nbsp;&nbsp;&nbsp;&nbsp; 16886462 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48330181 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48330181 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan<br>| &nbsp;&nbsp;&nbsp;&nbsp; 332826 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 332826 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4740824 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4740824 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63226087 | &nbsp;&nbsp;&nbsp;&nbsp; 1753404 | &nbsp;&nbsp;&nbsp;&nbsp; 61472683 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Other Countries<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63615238 | &nbsp;&nbsp;&nbsp;&nbsp; 63615238 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1809496 | &nbsp;&nbsp;&nbsp;&nbsp; 1809496 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1051022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1051022 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Registered Investment Company<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10444013 | &nbsp;&nbsp;&nbsp;&nbsp; 10444013 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total<br>**  | &nbsp;&nbsp; $423613516 | &nbsp;&nbsp;&nbsp;&nbsp; $92160506 | &nbsp;&nbsp; $331453010 | &nbsp;&nbsp;$— |

---

------

TWEEDY, BROWNE FUND INC.<br>

------

Notes to Portfolio of Investments (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Value Fund** | &nbsp;&nbsp;**Total<br> Value at<br> December 31, 2022** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Investments in Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium<br>| &nbsp;&nbsp;$3406726 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3406726 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10514743 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10514743 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2603803 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2603803 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45145937 | &nbsp;&nbsp;&nbsp;&nbsp; 1845032 | &nbsp;&nbsp;&nbsp;&nbsp; 43300905 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32943830 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32943830 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4867833 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4867833 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1170073 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1170073 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3069969 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3069969 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17196996 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17196996 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9858487 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9858487 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1403170 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1403170 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8841616 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8841616 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5084046 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5084046 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16848241 | &nbsp;&nbsp;&nbsp;&nbsp; 2590625 | &nbsp;&nbsp;&nbsp;&nbsp; 14257616 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28428410 | &nbsp;&nbsp;&nbsp;&nbsp; 13700085 | &nbsp;&nbsp;&nbsp;&nbsp; 14728325 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43257683 | &nbsp;&nbsp;&nbsp;&nbsp; 21989873 | &nbsp;&nbsp;&nbsp;&nbsp; 21267810 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Other Countries<br>| &nbsp;&nbsp;&nbsp;&nbsp; 150252453 | &nbsp;&nbsp;&nbsp;&nbsp; 150252453 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Preferred Stock<br>| &nbsp;&nbsp;&nbsp;&nbsp; 947098 | &nbsp;&nbsp;&nbsp;&nbsp; 947098 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Registered Investment Company<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9580243 | &nbsp;&nbsp;&nbsp;&nbsp; 9580243 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10795011 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10795011 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp; 406216368 | &nbsp;&nbsp;&nbsp;&nbsp; 200905409 | &nbsp;&nbsp;&nbsp;&nbsp; 205310959 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation of forward exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4868866 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4868866 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation of forward exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1336935) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1336935) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total<br>**  | &nbsp;&nbsp; $409748299 | &nbsp;&nbsp; $200905409 | &nbsp;&nbsp; $208842890 | &nbsp;&nbsp;$— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Worldwide High Dividend Yield Value Fund** | &nbsp;&nbsp;**Total<br> Value at<br> December 31, 2022** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Investments in Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium<br>| &nbsp;&nbsp;$460584 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$460584 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1900300 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1900300 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1456756 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1456756 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6216475 | &nbsp;&nbsp;&nbsp;&nbsp; 543637 | &nbsp;&nbsp;&nbsp;&nbsp; 5672838 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5276332 | &nbsp;&nbsp;&nbsp;&nbsp; 726231 | &nbsp;&nbsp;&nbsp;&nbsp; 4550101 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3734808 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3734808 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland<br>| &nbsp;&nbsp;&nbsp;&nbsp; 385306 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 385306 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3306792 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3306792 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3496983 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3496983 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea<br>| &nbsp;&nbsp;&nbsp;&nbsp; 827563 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 827563 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4613475 | &nbsp;&nbsp;&nbsp;&nbsp; 836636 | &nbsp;&nbsp;&nbsp;&nbsp; 3776839 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8074173 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8074173 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9895153 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9895153 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Other Countries<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12267980 | &nbsp;&nbsp;&nbsp;&nbsp; 12267980 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Registered Investment Company<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1476579 | &nbsp;&nbsp;&nbsp;&nbsp; 1476579 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total<br>**  | &nbsp;&nbsp;&nbsp;&nbsp; $63389259 | &nbsp;&nbsp;&nbsp;&nbsp; $15851063 | &nbsp;&nbsp;&nbsp;&nbsp; $47538196 | &nbsp;&nbsp;$— |

---

Foreign Currency. The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the exchange rates prevailing at the end of the

period, and purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions. Unrealized gains and losses from investments in securities that result from changes in foreign

------

TWEEDY, BROWNE FUND INC.<br>

------

Notes to Portfolio of Investments (Unaudited)

currency exchange rates, have been included in net unrealized appreciation/depreciation of securities. All other unrealized gains and losses that result from changes in foreign currency exchange rates have been included in net unrealized appreciation/depreciation of foreign currencies and net other assets. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investments, securities transactions, foreign currency transactions and the difference between the amounts of interest and dividends recorded on the books of a Fund and the amount actually received. The portion of foreign currency gains and losses related to fluctuation in the exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gains and losses on investment securities sold.

**Forward Exchange Contracts. International Value Fund and Value Fund enter into forward exchange contracts for hedging purposes in order to reduce their exposure to fluctuations in foreign currency exchange on their portfolio holdings. Forward exchange contracts are valued at the forward rate and are marked-to-market daily. The change in market value is recorded by each Fund as an unrealized gain or loss. When the contract is closed, each Fund records a realized**

gain or loss equal to the difference between the value of the contract at the time that it was opened and the value of the contract at the time that it was closed. A Fund may be required to post collateral with respect to certain "non-deliverable" forward exchange contracts in an unrealized loss position, and may receive collateral from the counterparty for certain non-deliverable forward exchange contracts in an unrealized gain position. Collateral is usually in the form of cash or U.S. Treasury Bills. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by a Fund is held in a segregated account at the Fund's custodian bank. Collateral received by a Fund is held in escrow in the Fund's custodian bank.

The use of forward exchange contracts does not eliminate fluctuations in the underlying prices of the International Value Fund's and Value Fund's investment securities, but it does establish a rate of exchange that can be achieved in the future. Although forward exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the hedged currency increase. In addition, the International Value and Value Funds could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts.

#### Securities Transactions. Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis.
The Investment Company Act of 1940, as amended, defines "affiliated companies" to include securities in which a fund owns 5% or more of the outstanding voting shares of an issuer. The following chart lists the issuers owned by International Value Fund that may be deemed "affiliated companies", as well as transactions that occurred in the securities of such issuers during the nine months ended December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shares Held<br> at 3/31/22** | &nbsp;&nbsp;**Name of Issuer†** | &nbsp;&nbsp;**Value at<br> 3/31/22** | &nbsp;&nbsp;**Purchase<br> Cost** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Value at<br> 12/31/22** | &nbsp;&nbsp;**Shares Held<br> at 12/31/22** | &nbsp;&nbsp;**Change in<br> Net Unrealized<br> Depreciation<br> 4/1/22<br> to 12/31/22** |
| 251390 | &nbsp;&nbsp;Lassonde Industries Inc, Class A | &nbsp;&nbsp;$28702396 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$20646282 | &nbsp;&nbsp;251390 | &nbsp;&nbsp;$(8056114) |
| 68178 | &nbsp;&nbsp;Phoenix Mecano AG | &nbsp;&nbsp;&nbsp;&nbsp;28955728 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24312722 | &nbsp;&nbsp;&nbsp;&nbsp;68178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4643006) |
|  |  | &nbsp;&nbsp;$57658124 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$44959004 |  | &nbsp;&nbsp;$(12699120) |

---

------

<sup>†</sup> Issuer country: Canada and Switzerland, respectively.

None of the other Funds owned 5% or more of the outstanding voting shares of any issuer.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Tweedy, Browne Fund Inc.

- **b. Investment Company Act file number:** 811-07458

- **c. CIK number of Registrant:** 0000896975

- **d. LEI of Registrant:** 5493005J2AI9DYTRQ585

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** One Station Place

  - **City:** Stamford

  - **State:** CT

  - **Foreign country:** US

  - **Zip / Postal Code:** 06902

  - **Telephone number:** 203-703-0600

**Item A.2. Information about the Series.**

- **a. Name of Series:** Tweedy, Browne International Value Fund II - Currency Unhedged

- **b. EDGAR series identifier (if any):** S000026835

- **c. LEI of Series:** 549300WI1EQW8811O937

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $426095325.24

**Total Liabilities:** $470680.52

**Net Assets:** $425624644.72

**Assets Attributable to Miscellaneous Securities:** $332825.74

**Cash Not Reported:** $322327.67

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000080766 | 5.55%                | 10.87%               | 0.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5748059.29              | $15623833.88                               |
| Month 2  | $685845.18               | $42276299.09                               |
| Month 3  | $4695134.45              | $-4175775.82                               |

### Schedule of Portfolio Investments

| Name                                          | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Unilever PLC                                  | Unilever PLC                                              | CUSIP: 000000000<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    107702 | NS      | $5387986.35   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Binggrae Co Ltd                               | Binggrae Co Ltd                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     27787 | NS      | $865055.43    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Krones AG                                     | Krones AG                                                 | CUSIP: 000000000<br>LEI: 529900NY2GSZWWUBW049 | Long             | EC               | CORP              | DE        |     19744 | NS      | $2199665.22   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Safran SA                                     | Safran SA                                                 | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |    130882 | NS      | $16344487.08  | 3.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Shizuoka Gas Co Ltd                           | Shizuoka Gas Co Ltd                                       | CUSIP: 000000000<br>LEI: 353800FKNOC1V6FE8T28 | Long             | EC               | CORP              | JP        |     67300 | NS      | $558446.62    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Munich Re                                     | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | CUSIP: 000000000<br>LEI: 529900MUF4C20K50JS49 | Long             | EC               | CORP              | DE        |     13543 | NS      | $4367668.87   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Megacable Holdings SAB de CV                  | Megacable Holdings SAB de CV                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   2625871 | NS      | $6989386.84   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Hankook & Co Co Ltd                           | Hankook & Co Co Ltd                                       | CUSIP: 000000000<br>LEI: 549300ET8LEWSPTMRK47 | Long             | EC               | CORP              | KR        |    132823 | NS      | $1465551.38   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| SOL SpA                                       | SOL SpA                                                   | CUSIP: 000000000<br>LEI: 81560096A9AEBBBD4B25 | Long             | EC               | CORP              | IT        |     66455 | NS      | $1252933.71   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| TX Group AG                                   | TX Group AG                                               | CUSIP: 000000000<br>LEI: 506700302V28Y6O14985 | Long             | EC               | CORP              | CH        |     25789 | NS      | $4118539.56   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| LX Holdings Corp                              | LX Holdings Corp                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     26877 | NS      | $180027.97    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Fukuda Denshi Co Ltd                          | Fukuda Denshi Co Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     12000 | NS      | $415333.41    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson Service Group PLC                     | Johnson Service Group PLC                                 | CUSIP: 000000000<br>LEI: 2138004WZUPWV53KWV11 | Long             | EC               | CORP              | GB        |   1504280 | NS      | $1753403.96   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CK Hutchison Holdings Ltd                     | CK Hutchison Holdings Ltd                                 | CUSIP: 000000000<br>LEI: 254900Z8HM1VEPOQ2G79 | Long             | EC               | CORP              | HK        |    372000 | NS      | $2228739.63   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Rubis SCA                                     | Rubis SCA                                                 | CUSIP: 000000000<br>LEI: 969500MGFIKUGLTC9742 | Long             | EC               | CORP              | FR        |    342430 | NS      | $8989958.76   | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                          | Tencent Holdings Ltd                                      | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |     87160 | NS      | $3695852.46   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Vertu Motors PLC                              | Vertu Motors PLC                                          | CUSIP: 000000000<br>LEI: 213800GIKJEIUIGMI575 | Long             | EC               | CORP              | GB        |   2741248 | NS      | $1762914.21   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Times Neighborhood Holdings Lt                | Times Neighborhood Holdings Ltd                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   1173000 | NS      | $152214.75    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ADEKA Corp                                    | ADEKA Corp                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    166700 | NS      | $2706070.85   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Buzzi Unicem SpA                              | Buzzi Unicem SpA                                          | CUSIP: 000000000<br>LEI: 5299003DX5YLKSVJ6K59 | Long             | EC               | CORP              | IT        |    129036 | NS      | $2479107.32   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Taikisha Ltd                                  | Taikisha Ltd                                              | CUSIP: 000000000<br>LEI: 3538005OOQOUE7DBWV52 | Long             | EC               | CORP              | JP        |     44060 | NS      | $1106199.75   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuraray Co Ltd                                | Kuraray Co Ltd                                            | CUSIP: 000000000<br>LEI: 549300W9JPTOE739QZ31 | Long             | EC               | CORP              | JP        |    288625 | NS      | $2297674.42   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| CHOW SANG SANG                                | Chow Sang Sang Holdings International Ltd                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |   1663100 | NS      | $2195961.29   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc                                  | Alphabet Inc                                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     70070 | NS      | $6182276.10   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Corp                                       | LG Corp                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     89851 | NS      | $5563586.34   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Kangnam Jevisco Co Ltd                        | Kangnam Jevisco Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     37361 | NS      | $613673.71    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Zurich Insurance Group AG                     | Zurich Insurance Group AG                                 | CUSIP: 000000000<br>LEI: 529900QVNRBND50TXP03 | Long             | EC               | CORP              | CH        |     27414 | NS      | $13098221.17  | 3.08%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC Group NV                                  | KBC Group NV                                              | CUSIP: 000000000<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |     46370 | NS      | $2976622.68   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc                                     | Baidu Inc                                                 | CUSIP: 000000000<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | CN        |    340680 | NS      | $4858659.79   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Dreyfus Government Securities Cash Management | Dreyfus Government Securities Cash Management             | CUSIP: 262006885<br>LEI: 54930024EL3G3ZEZB311 | Long             | STIV             | RF                | US        |  10116110 | NS      | $10116110.40  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Nihon Kohden Corp                             | Nihon Kohden Corp                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     57855 | NS      | $1396990.89   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                   | Novartis AG                                               | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     69216 | NS      | $6260148.20   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| U-PRESID CHINA                                | Uni-President China Holdings Ltd                          | CUSIP: 000000000<br>LEI: 529900JUA05094TOKA73 | Long             | EC               | CORP              | CN        |   2729475 | NS      | $2724578.00   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Autoliv Inc                                   | Autoliv Inc                                               | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | SE        |     38380 | NS      | $2939140.40   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Lassonde Industries Inc                       | Lassonde Industries Inc                                   | CUSIP: 517907101<br>LEI: 549300U3Y8OW3GQ0VE25 | Long             | EC               | CORP              | CA        |     21490 | NS      | $1764941.29   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial NV                             | CNH Industrial NV                                         | CUSIP: 000000000<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | GB        |    687872 | NS      | $11001856.02  | 2.58%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd                      | United Overseas Bank Ltd                                  | CUSIP: 000000000<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |    461100 | NS      | $10547709.94  | 2.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Phoenix Mecano AG                             | Phoenix Mecano AG                                         | CUSIP: 000000000<br>LEI: 529900SWF06EKVI1JY11 | Long             | EC               | CORP              | CH        |      5015 | NS      | $1788381.88   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| HAITIAN INT'L                                 | Haitian International Holdings Ltd                        | CUSIP: 000000000<br>LEI: 30030093DDRS825TVP62 | Long             | EC               | CORP              | CN        |   1004050 | NS      | $2676199.54   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuji Seal International Inc                   | Fuji Seal International Inc                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    111200 | NS      | $1411922.56   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Embotelladora Andina SA                       | Embotelladora Andina SA                                   | CUSIP: 000000000<br>LEI: 254900NNPKP1J9XTSA53 | Long             | EP               | CORP              | CL        |    940000 | NS      | $1809495.86   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SCOR SE                                       | SCOR SE                                                   | CUSIP: 000000000<br>LEI: 96950056ULJ4JI7V3752 | Long             | EC               | CORP              | FR        |    382960 | NS      | $8797509.65   | 2.07%             |  |  |  | No            |                  2 | On Loan: No      |
| China Banking Corp                            | China Banking Corp                                        | CUSIP: 000000000<br>LEI: 549300UF0WW28Z71DM64 | Long             | EC               | CORP              | PH        |    937800 | NS      | $462085.42    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Inc                        | Berkshire Hathaway Inc                                    | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     41700 | NS      | $12881130.00  | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SMEIC                                         | Shanghai Mechanical and Electrical Industry Co Ltd        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    357122 | NS      | $364237.30    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Transcosmos Inc                               | Transcosmos Inc                                           | CUSIP: 000000000<br>LEI: 353800AAR1GYRFDRTV97 | Long             | EC               | CORP              | JP        |     47965 | NS      | $1171576.95   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Diageo PLC                                    | Diageo PLC                                                | CUSIP: 000000000<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |    291588 | NS      | $12699481.23  | 2.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Kemira Oyj                                    | Kemira Oyj                                                | CUSIP: 000000000<br>LEI: 74370031Y7RK5H88CQ48 | Long             | EC               | CORP              | FI        |    197290 | NS      | $3018310.01   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Babcock International Group PL                | Babcock International Group PLC                           | CUSIP: 000000000<br>LEI: 213800TSKOLX4EU6L377 | Long             | EC               | CORP              | GB        |    320418 | NS      | $1090339.83   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Inchcape PLC                                  | Inchcape PLC                                              | CUSIP: 000000000<br>LEI: 213800RGEH1MPPNM2T57 | Long             | EC               | CORP              | GB        |    871910 | NS      | $8565534.85   | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Alliance Global Group Inc                     | Alliance Global Group Inc                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | PH        |   6997100 | NS      | $1500576.14   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| FMC Corp                                      | FMC Corp                                                  | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |     56475 | NS      | $7048080.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Nabtesco Corp                                 | Nabtesco Corp                                             | CUSIP: 000000000<br>LEI: 529900DVHQXYRTGW7739 | Long             | EC               | CORP              | JP        |    111685 | NS      | $2817683.47   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| EMPEROR E HOTEL                               | Emperor Entertainment Hotel Ltd                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |   4870000 | NS      | $368138.17    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Mobis Co Ltd                          | Hyundai Mobis Co Ltd                                      | CUSIP: 000000000<br>LEI: 988400HJA9E0ZVDHRS65 | Long             | EC               | CORP              | KR        |     17345 | NS      | $2751235.26   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| WH Group Ltd                                  | WH Group Ltd                                              | CUSIP: 000000000<br>LEI: 254900A4AYEDRWYSE928 | Long             | EC               | CORP              | HK        |   1908970 | NS      | $1113455.65   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Ionis Pharmaceuticals Inc                     | Ionis Pharmaceuticals Inc                                 | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |    198422 | NS      | $7494398.94   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Miramar Hotel & Investment                    | Miramar Hotel & Investment                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |    109796 | NS      | $171149.54    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Howden Joinery Group PLC                      | Howden Joinery Group PLC                                  | CUSIP: 000000000<br>LEI: 213800KC1LJOJTY3JP45 | Long             | EC               | CORP              | GB        |    306936 | NS      | $2062176.72   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| E-L Financial Corp Ltd                        | E-L Financial Corp Ltd                                    | CUSIP: 268575107<br>LEI: 5493008YS2NMV2UCI287 | Long             | EC               | CORP              | CA        |      3500 | NS      | $2301560.94   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd                        | DBS Group Holdings Ltd                                    | CUSIP: 000000000<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |    393730 | NS      | $9952562.62   | 2.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Alten SA                                      | Alten SA                                                  | CUSIP: 000000000<br>LEI: 969500Y7G9TY7Y24GN07 | Long             | EC               | CORP              | FR        |      8655 | NS      | $1081129.65   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| AutoZone Inc                                  | AutoZone Inc                                              | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |      2730 | NS      | $6732671.40   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Heavy Industries Ltd                 | Sumitomo Heavy Industries Ltd                             | CUSIP: 000000000<br>LEI: 353800VSTEIRMBC3S374 | Long             | EC               | CORP              | JP        |    108745 | NS      | $2159420.08   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| KSB SE & Co KGaA                              | KSB SE & Co KGaA                                          | CUSIP: 000000000<br>LEI: 529900BVAET534PD7C28 | Long             | EP               | CORP              | DE        |       648 | NS      | $232014.45    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| TAI Cheung Holdings Ltd                       | TAI Cheung Holdings Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |   1580000 | NS      | $892741.15    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Bank PCL                              | Bangkok Bank PCL                                          | CUSIP: 000000000<br>LEI: 549300CCL2BKJGMYXV60 | Long             | EC               | CORP              | TH        |   1110600 | NS      | $4740823.78   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Fagron                                        | Fagron                                                    | CUSIP: 000000000<br>LEI: 549300TRKRUFK2RRG779 | Long             | EC               | CORP              | BE        |     79510 | NS      | $1127863.02   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Husqvarna AB                                  | Husqvarna AB                                              | CUSIP: 000000000<br>LEI: 549300GYQIIJ3UXB7655 | Long             | EC               | CORP              | SE        |    645133 | NS      | $4537719.83   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Post AG                              | Deutsche Post AG                                          | CUSIP: 000000000<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |    204604 | NS      | $7634755.30   | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Grafton Group PLC                             | Grafton Group PLC                                         | CUSIP: 000000000<br>LEI: 635400BE9SBAG61DJ963 | Long             | EC               | CORP              | IE        |    135575 | NS      | $1283643.43   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Rheinmetall AG                                | Rheinmetall AG                                            | CUSIP: 000000000<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |     26253 | NS      | $5210725.03   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken Holding NV                           | Heineken Holding NV                                       | CUSIP: 000000000<br>LEI: 724500M1WJLFM9TYBS04 | Long             | EC               | CORP              | NL        |     71375 | NS      | $5495844.91   | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken NV                                   | Heineken NV                                               | CUSIP: 000000000<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |     37400 | NS      | $3512259.94   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Lookers PLC                                   | Lookers PLC                                               | CUSIP: 000000000<br>LEI: 213800TSB8PJEACDAV33 | Long             | EC               | CORP              | GB        |    744541 | NS      | $675872.65    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola Femsa SAB de CV                     | Coca-Cola Femsa SAB de CV                                 | CUSIP: 191241108<br>LEI: 5493008KEVFYPMGTXO33 | Long             | EC               | CORP              | MX        |     79141 | NS      | $5372091.08   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fuso Chemical Co Ltd                          | Fuso Chemical Co Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     42405 | NS      | $1081683.61   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK PLC                                       | GSK PLC                                                   | CUSIP: 000000000<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |    385777 | NS      | $6634108.24   | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Hang Lung Group Ltd                           | Hang Lung Group Ltd                                       | CUSIP: 000000000<br>LEI: 529900V2T2EPOQYH0981 | Long             | EC               | CORP              | HK        |    734000 | NS      | $1345258.90   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Konishi Co Ltd                                | Konishi Co Ltd                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     88700 | NS      | $1120898.61   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| LUK FOOK HOLD                                 | Luk Fook Holdings International Ltd                       | CUSIP: 000000000<br>LEI: 529900U7PECBLERIIX44 | Long             | EC               | CORP              | HK        |     45710 | NS      | $135605.75    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                              | Roche Holding AG                                          | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     33130 | NS      | $10404501.42  | 2.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Winpak Ltd                                    | Winpak Ltd                                                | CUSIP: 97535P104<br>LEI: 549300FWDGJBHZHH8U59 | Long             | EC               | CORP              | CA        |     71730 | NS      | $2226623.71   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                             | Johnson & Johnson                                         | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     61790 | NS      | $10915203.50  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE Systems PLC                               | BAE Systems PLC                                           | CUSIP: 000000000<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |   1128027 | NS      | $11592413.48  | 2.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                     | Alibaba Group Holding Ltd                                 | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |    598860 | NS      | $6571659.89   | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Nifco Inc/Japan                               | Nifco Inc/Japan                                           | CUSIP: 654101104<br>LEI: 353800JMDOH68J9I5140 | Long             | EC               | CORP              | JP        |     62795 | NS      | $1456435.40   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Trelleborg AB                                 | Trelleborg AB                                             | CUSIP: 000000000<br>LEI: 213800XY16PAWG2PAD14 | Long             | EC               | CORP              | SE        |    323568 | NS      | $7484987.26   | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                    | Samsung Electronics Co Ltd                                | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     47060 | NS      | $2065616.04   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| SKF AB                                        | SKF AB                                                    | CUSIP: 000000000<br>LEI: 549300B6HWYEE57O8J84 | Long             | EC               | CORP              | SE        |    317975 | NS      | $4863754.51   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co KGaA                           | Henkel AG & Co KGaA                                       | CUSIP: 000000000<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EC               | CORP              | DE        |     52550 | NS      | $3367016.27   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Okamoto Industries Inc                        | Okamoto Industries Inc                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     33045 | NS      | $921465.82    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Dali Foods Group Co Ltd                       | Dali Foods Group Co Ltd                                   | CUSIP: 000000000<br>LEI: 52990093PPQC644N7T38 | Long             | EC               | CORP              | CN        |   6681815 | NS      | $3040064.66   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                     | Nestle SA                                                 | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |    109670 | NS      | $12660388.96  | 2.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Norma Group SE                                | Norma Group SE                                            | CUSIP: 000000000<br>LEI: 5299000LM9HC76W5XD46 | Long             | EC               | CORP              | DE        |    120547 | NS      | $2171583.02   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius SE & Co KGaA                        | Fresenius SE & Co KGaA                                    | CUSIP: 000000000<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |    315180 | NS      | $8777265.08   | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Jungheinrich AG                               | Jungheinrich AG                                           | CUSIP: 000000000<br>LEI: 529900PHZORTU6FSXE73 | Long             | EP               | CORP              | DE        |     29000 | NS      | $819007.99    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Tarkett SA                                    | Tarkett SA                                                | CUSIP: 000000000<br>LEI: 9695002EVBYM5B2OIP31 | Long             | EC               | CORP              | FR        |    517117 | NS      | $6346770.86   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                              | TotalEnergies SE                                          | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    250808 | NS      | $15696956.53  | 3.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Kamigumi Co Ltd                               | Kamigumi Co Ltd                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     20600 | NS      | $417134.51    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Inaba Denki Sangyo Co Ltd                     | Inaba Denki Sangyo Co Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    111630 | NS      | $2271890.16   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** Tweedy, Browne Fund Inc.

**Signature:** Lester J. Lay

**Name of Signer:** Lester J. Lay

**Title:** Senior Director, Mutual Fund Accounting