UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number             811-07458                             

                                                 Tweedy, Browne Fund Inc.                                                 

(Exact name of registrant as specified in charter)

One Station Place, 5th Floor

                                                 Stamford, CT 06902                                                 

(Address of principal executive offices) (Zip code)

Patricia A. Rogers

Tweedy, Browne Company LLC

One Station Place, 5th Floor

                                             Stamford, CT 06902                                             

(Name and address of agent for service)

Registrant’s telephone number, including area code: 203-703-0600

Date of fiscal year end: March 31

Date of reporting period: December 31, 2016

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

Tweedy, Browne Global Value Fund

Portfolio of Investments

December 31, 2016 (Unaudited)

Shares			Value (Note 1)
		COMMON STOCKS—82.4%
		Canada—1.2%
	90,300	E-L Financial Corp., Ltd.		$49,488,077
	1,500,000	National Bank of Canada		60,993,252
				110,481,329
		Chile—1.4%
	15,195,200	Antofagasta PLC		126,737,758
		Czech Republic—0.0%(a)
	2,800	Philip Morris CR a.s.		1,431,371
		France—11.8%
	760,360	Cie Generale des Etablissements Michelin		84,770,488
	7,719,256	CNP Assurances		143,297,478
	4,304,900	Safran SA		310,668,036
	5,998,250	SCOR SE		207,704,487
	712,949	Teleperformance SA		71,664,124
	4,782,031	Total SA		245,736,745
				1,063,841,358
		Germany—7.0%
	3,792,735	Axel Springer SE		184,538,246
	1,936,000	Henkel AG & Company, KGaA		202,117,183
	652,000	Krones AG		59,760,993
	42,354	KSB AG		16,663,019
	228,337	Linde AG		37,594,960
	699,000	Muenchener Rueckversicherungs AG		132,450,875
				633,125,276
		Hong Kong—1.1%
	26,265,000	Emperor Entertainment Hotel Ltd.		6,199,409
	5,678,136	Great Eagle Holdings Ltd.		27,060,888
	6,111,500	Hang Lung Group Ltd.		21,283,027
	15,525,711	Hongkong & Shanghai Hotels Ltd./The		17,221,531
	434,500	Jardine Strategic Holdings Ltd.		14,425,400
	8,737,000	Luen Thai Holdings Ltd.		3,684,953
	59,000	Miramar Hotel & Investment		123,736
	11,264,000	Oriental Watch Holdings		2,179,243
	2,561,000	Tai Cheung Holdings Ltd.		2,252,764
				94,430,951
		Italy—0.5%
	144,268	Buzzi Unicem SpA		3,425,279
	4,795,392	SOL SpA(b)		40,311,863
				43,737,142
		Japan—1.6%
	2,126,200	Ebara Corporation		60,704,300
	1,368,700	Honda Motor Company Ltd.		40,074,682
	73,800	Lintec Corporation		1,615,393
	69,100	Mandom Corporation		2,985,930
	1,443,500	NGK Spark Plug Company Ltd.		32,153,410
	164,400	Nippon Kanzai Company Ltd.		2,555,470
	400,000	Shinko Shoji Company Ltd.		4,256,012
	87,800	T. Hasegawa Company Ltd.		1,466,407
		Undisclosed Security(c)		268,033
				146,079,637

Shares			Value (Note 1)
		Mexico—0.4%
	520,112	Coca-Cola Femsa SA de CV, Sponsored ADR(d)		$33,047,916
		Netherlands—6.9%
	2,136,174	Akzo Nobel NV		133,813,640
	3,160,000	Heineken Holding NV		220,445,738
	7,534,860	Royal Dutch Shell PLC, Class A		206,513,450
	360,000	Telegraaf Media Groep NV, CVA		1,803,626
	1,378,910	Unilever NV, CVA		56,889,182
				619,465,636
		Norway—0.5%
	24,550	Ekornes ASA		303,748
	900,000	Schibsted ASA		20,712,850
	900,000	Schibsted ASA, Class B		19,134,031
				40,150,629
		Singapore—3.3%
	12,787,454	DBS Group Holdings Ltd.		153,481,313
	10,089,655	United Overseas Bank Ltd.		142,471,767
				295,953,080
		South Korea—3.8%
	150,900	Daegu Department Store Company Ltd.		1,736,637
	210,000	Hyundai Mobis Company Ltd.		45,901,639
	1,461,400	Hyundai Motor Company		176,655,407
	3,173,506	Kia Motors Corporation		103,129,749
	95,895	LG Corporation		4,763,785
	132,553	Samchully Company Ltd.		11,139,369
		Undisclosed Security(c)		823,208
				344,149,794
		Spain—1.0%
	7,400,000	Mediaset España Comunicacion SA		87,027,603
		Sweden—0.0%(a)
	63,360	Cloetta AB, B Shares		200,166
		Switzerland—13.5%
	2,272,160	ABB Ltd.		48,020,856
	388,000	CIE Financiere Richemont AG		25,749,594
	218,165	Coltene Holding AG(b)		15,895,231
	53,000	Daetwyler Holding AG, Bearer		7,217,199
	3,582,515	Nestle SA, Registered		257,492,715
	80	Neue Zuercher Zeitung(e)		478,182
	3,275,000	Novartis AG, Registered		238,773,552
	68,640	Phoenix Mecano AG(b)		31,674,285
	1,084,000	Roche Holding AG		248,082,255
	248,117	Siegfried Holding AG(b)		51,998,742
	432,618	Tamedia AG		66,402,724
	807,415	Zurich Insurance Group AG		222,757,088
				1,214,542,423
		Taiwan—0.0%(a)
	739,000	Lumax International Corp., Ltd.		1,208,393
	365,000	Thinking Electronic Industrial Company Ltd.		715,753
				1,924,146

SEE NOTES TO PORTFOLIO OF INVESTMENTS

1

Tweedy, Browne Global Value Fund

Portfolio of Investments

December 31, 2016 (Unaudited)

Shares			Value (Note 1)
		Thailand—0.7%
	14,267,700	Bangkok Bank Public Company Ltd., NVDR		$63,548,349
		United Kingdom—16.9%
	12,880,300	BAE Systems PLC		94,140,511
	1,325,000	British American Tobacco PLC		75,664,935
	5,424,025	Daily Mail & General Trust PLC, Class A		52,076,109
	7,854,302	Diageo PLC		204,779,217
	44,753,887	G4S PLC		129,955,436
	12,062,317	GlaxoSmithKline PLC		232,813,196
	1,275,000	Hays PLC		2,350,579
	415,000	Headlam Group PLC		2,501,158
	22,104,832	HSBC Holdings PLC		179,424,732
	1,111,325	Imperial Brands PLC		48,645,959
	370,900	Pearson PLC		3,751,210
	3,346,355	Provident Financial PLC		117,804,068
	486,757	Shire PLC		28,172,470
	6,803	Shire PLC, ADR		1,159,095
	25,976,349	Standard Chartered PLC(e)		213,000,348
	4,891,800	TT Electronics PLC		9,852,629
	2,725,044	Unilever PLC		110,865,170
		Undisclosed Securities(c)		12,093,002
				1,519,049,824
		United States—10.8%
	594,254	AGCO Corp		34,383,536
	76,000	Alphabet Inc., Class A(e)		60,226,200
	76,208	Alphabet Inc., Class C(e)		58,818,859
	75,700	American National Insurance Company		9,432,977
	412,200	Avnet, Inc.		19,624,842
	1,315,780	Bank of New York Mellon Corporation/The		62,341,656
	1,055,212	Baxter International, Inc.		46,788,100
	436	Berkshire Hathaway Inc., Class A(e)		106,436,756
	301	Berkshire Hathaway Inc., Class B(e)		49,057
	5,214,000	Cisco Systems, Inc.		157,567,080
	587,000	ConocoPhillips		29,432,180
	1,258,435	Devon Energy Corporation		57,472,726
	1,852,170	Halliburton Company		100,183,875
	115,635	International Business Machines Corp		19,194,254
	865,835	Johnson & Johnson		99,752,850
	33,225	NOW Inc.(e)		680,116
	882,900	Philip Morris International, Inc.		80,776,521
	293,500	Phillips 66		25,361,335
				968,522,920
		TOTAL COMMON STOCKS (Cost $5,542,875,041)		7,407,447,308

Shares			Value (Note 1)
		PREFERRED STOCKS—0.6%
		Chile—0.4%
	10,000,000	Embotelladora Andina SA		$36,923,871
		Croatia—0.1%
	166,388	Adris Grupa d.d.		10,678,609
		Germany—0.1%
	279,000	Villeroy & Boch AG		4,294,956
		TOTAL PREFERRED STOCKS (Cost $36,208,137)		51,897,436
		REGISTERED INVESTMENT COMPANY—6.1%
	544,825,085	Dreyfus Treasury Prime Cash Management – Institutional Shares (Cost $544,825,085)		544,825,085
Face Value
		U.S. TREASURY BILLS—8.0%
	$300,000,000	0.421%(f) due 01/19/17		299,937,825
	300,000,000	0.453%(f) due 02/16/17		299,829,225
	125,000,000	0.477%(f) due 04/27/17(d)		124,783,250
		TOTAL U.S. TREASURY BILLS (Cost $724,577,946)		724,550,300

TOTAL INVESTMENTS (Cost $6,848,486,209)	97.1	%	8,728,720,129
UNREALIZED APPRECIATION ON FORWARD CONTRACTS (Net)	2.7		245,160,296
OTHER ASSETS AND LIABILITIES (Net)	0.2		18,919,645
NET ASSETS	100.0	%	$8,992,800,070

(a)	Amount represents less than 0.1% of net assets.
(b)	“Affiliated company” as defined by the Investment Company Act of 1940. See Note 1.
(c)	Represents an issuer, a generally smaller capitalization issuer, where disclosure may be disadvantageous to the Fund’s accumulation or disposition program.
(d)	This security has been segregated to cover certain open forward contracts. At December 31, 2016, liquid assets totaling $157,831,166 have been segregated to cover such open forward contracts.
(e)	Non-income producing security.
(f)	Rate represents annualized yield at date of purchase.

Abbreviations:
ADR	—	American Depositary Receipt
CVA	—	Certificaaten van aandelen (Share Certificates)
NVDR	—	Non Voting Depository Receipt

SEE NOTES TO PORTFOLIO OF INVESTMENTS

2

Tweedy, Browne Global Value Fund

Sector Diversification

December 31, 2016 (Unaudited)

Sector Diversification	Percentage of Net Assets
COMMON STOCKS:
Pharmaceuticals, Biotechnology & Life Sciences		10.0	%
Insurance		9.7
Banks		9.0
Energy		7.4
Capital Goods		7.3
Automobiles & Components		5.4
Beverage		5.1
Media		4.9
Food		4.7
Materials		3.8
Commercial Services & Supplies		2.3
Tobacco		2.3
Technology Hardware & Equipment		2.3
Household & Personal Products		2.3
Diversified Financials		2.0
Internet Software & Services		1.3
Health Care Equipment & Services		0.7
Real Estate		0.6
Consumer Durables & Apparel		0.3
Consumer Services		0.3
Electronic Equipment & Instruments		0.2
Software & Services		0.2
Retailing		0.2
Utilities		0.1
Total Common Stocks		82.4
Preferred Stocks		0.6
Registered Investment Company		6.1
U.S. Treasury Bills		8.0
Unrealized Appreciation on Forward Contracts (Net)		2.7
Other Assets and Liabilities (Net)		0.2
Net Assets		100.0	%

Portfolio Composition

December 31, 2016 (Unaudited)

Schedule of Forward Exchange Contracts

December 31, 2016 (Unaudited)

Contracts			Counter- party		Contract Value Date		Contract Value on Origination Date			Value 12/31/16 (Note 1)			Unrealized Appreciation (Depreciation)
	FORWARD EXCHANGE CONTRACTS TO SELL(a)
	45,000,000	Canadian Dollar		NTC		8/17/17		$(34,559,398	)		$(33,655,045	)		$904,353
	8,000,000	Canadian Dollar		NTC		8/28/17		(6,196,027	)		(5,984,098	)		211,929
	22,000,000	Canadian Dollar		NTC		9/21/17		(16,714,912	)		(16,462,149	)		252,763
	35,000,000	Canadian Dollar		NTC		12/13/17		(26,422,473	)		(26,222,175	)		200,298
	27,000,000	Canadian Dollar		SSB		12/18/17		(20,597,794	)		(20,230,043	)		367,751
	7,000,000,000	Chilean Peso		SSB		4/17/17		(9,903,792	)		(10,376,792	)		(473,000	)
	15,000,000,000	Chilean Peso		SSB		12/7/17		(21,629,416	)		(21,899,666	)		(270,250	)
	70,000,000	European Union Euro		NTC		1/9/17		(77,372,750	)		(73,872,114	)		3,500,636
	75,000,000	European Union Euro		JPM		2/17/17		(85,479,000	)		(79,300,551	)		6,178,449
	100,000,000	European Union Euro		JPM		3/6/17		(111,821,000	)		(105,823,913	)		5,997,087
	100,000,000	European Union Euro		NTC		3/8/17		(110,165,000	)		(105,836,756	)		4,328,244
	100,000,000	European Union Euro		SSB		3/21/17		(112,640,000	)		(105,920,310	)		6,719,690
	55,000,000	European Union Euro		SSB		4/17/17		(63,547,825	)		(58,340,165	)		5,207,660
	115,000,000	European Union Euro		BNY		4/24/17		(131,189,125	)		(122,026,428	)		9,162,697
	90,000,000	European Union Euro		NTC		4/27/17		(103,212,000	)		(95,513,187	)		7,698,813
	75,000,000	European Union Euro		BNY		5/2/17		(85,972,500	)		(79,614,114	)		6,358,386
	45,000,000	European Union Euro		JPM		8/17/17		(51,106,500	)		(48,041,180	)		3,065,320
	90,000,000	European Union Euro		SSB		10/16/17		(102,243,600	)		(96,414,775	)		5,828,825
	65,000,000	European Union Euro		SSB		10/26/17		(72,423,975	)		(69,673,068	)		2,750,907
	150,000,000	European Union Euro		SSB		11/8/17		(168,486,000	)		(160,904,686	)		7,581,314
	50,000,000	European Union Euro		SSB		11/13/17		(56,552,500	)		(53,650,384	)		2,902,116
	100,000,000	European Union Euro		NTC		11/15/17		(112,267,500	)		(107,313,163	)		4,954,337

SEE NOTES TO PORTFOLIO OF INVESTMENTS

3

Tweedy, Browne Global Value Fund

Schedule of Forward Exchange Contracts

December 31, 2016 (Unaudited)

Contracts			Counter- party		Contract Value Date		Contract Value on Origination Date			Value 12/31/16 (Note 1)			Unrealized Appreciation (Depreciation)
	FORWARD EXCHANGE CONTRACTS TO SELL(a) (continued)
	75,000,000	European Union Euro		NTC		11/20/17		$(83,124,375	)		$(80,508,124	)		$2,616,251
	40,000,000	European Union Euro		SSB		11/22/17		(43,701,200	)		(42,942,628	)		758,572
	150,000,000	European Union Euro		NTC		12/18/17		(161,081,250	)		(161,277,160	)		(195,910	)
	45,000,000	European Union Euro		BNY		12/28/17		(47,700,000	)		(48,410,490	)		(710,490	)
	50,000,000	Great Britain Pound Sterling		JPM		2/16/17		(72,441,000	)		(61,858,775	)		10,582,225
	50,000,000	Great Britain Pound Sterling		NTC		2/16/17		(72,392,000	)		(61,858,775	)		10,533,225
	35,000,000	Great Britain Pound Sterling		NTC		3/6/17		(48,944,000	)		(43,319,191	)		5,624,809
	45,000,000	Great Britain Pound Sterling		JPM		3/8/17		(62,824,050	)		(55,699,182	)		7,124,868
	45,000,000	Great Britain Pound Sterling		SSB		3/27/17		(65,414,250	)		(55,728,451	)		9,685,799
	20,000,000	Great Britain Pound Sterling		SSB		4/17/17		(28,307,700	)		(24,781,125	)		3,526,575
	50,000,000	Great Britain Pound Sterling		NTC		4/24/17		(70,918,000	)		(61,963,385	)		8,954,615
	85,000,000	Great Britain Pound Sterling		BNY		4/27/17		(122,455,250	)		(105,345,460	)		17,109,790
	60,000,000	Great Britain Pound Sterling		BNY		5/22/17		(86,994,000	)		(74,406,858	)		12,587,142
	60,000,000	Great Britain Pound Sterling		NTC		7/5/17		(79,398,000	)		(74,488,411	)		4,909,589
	65,000,000	Great Britain Pound Sterling		SSB		8/9/17		(87,267,700	)		(80,776,909	)		6,490,791
	65,000,000	Great Britain Pound Sterling		BNY		8/17/17		(85,189,000	)		(80,795,476	)		4,393,524
	45,000,000	Great Britain Pound Sterling		JPM		9/21/17		(59,836,500	)		(55,991,635	)		3,844,865
	50,000,000	Great Britain Pound Sterling		NTC		10/16/17		(62,537,000	)		(62,257,693	)		279,307
	55,000,000	Great Britain Pound Sterling		NTC		11/8/17		(67,863,125	)		(68,528,826	)		(665,701	)
	90,000,000	Great Britain Pound Sterling		SSB		11/21/17		(112,946,850	)		(112,180,080	)		766,770
	60,000,000	Great Britain Pound Sterling		BNY		12/28/17		(74,784,000	)		(74,865,406	)		(81,406	)
	2,000,000,000	Japanese Yen		SSB		6/7/17		(16,641,704	)		(17,286,761	)		(645,057	)
	1,200,000,000	Japanese Yen		JPM		8/21/17		(10,733,904	)		(10,415,823	)		318,081
	3,500,000,000	Japanese Yen		JPM		9/6/17		(31,780,219	)		(30,408,121	)		1,372,098
	3,000,000,000	Japanese Yen		BNY		9/19/17		(27,090,482	)		(26,084,081	)		1,006,401
	250,000,000	Mexican Peso		BNY		3/8/17		(13,395,847	)		(12,023,863	)		1,371,984
	420,000,000	Mexican Peso		NTC		11/22/17		(19,622,134	)		(19,411,542	)		210,592
	310,000,000	Norwegian Krone		JPM		1/9/17		(35,263,338	)		(36,017,668	)		(754,330	)
	80,000,000	Singapore Dollar		JPM		4/27/17		(59,180,352	)		(55,348,267	)		3,832,085
	27,000,000	Singapore Dollar		JPM		5/22/17		(19,555,298	)		(18,679,197	)		876,101
	40,000,000	Singapore Dollar		SSB		5/31/17		(28,781,120	)		(27,672,436	)		1,108,684
	60,000,000	Singapore Dollar		JPM		6/8/17		(43,296,291	)		(41,508,054	)		1,788,237
	45,000,000	Singapore Dollar		BNY		7/13/17		(33,190,736	)		(31,129,284	)		2,061,452
	33,000,000	Singapore Dollar		SSB		8/17/17		(24,571,305	)		(22,827,115	)		1,744,190
	40,000,000	Singapore Dollar		SSB		9/21/17		(29,289,846	)		(27,667,986	)		1,621,860
	50,000,000	Singapore Dollar		JPM		12/7/17		(35,014,006	)		(34,581,560	)		432,446
	50,000,000	Singapore Dollar		SSB		12/28/17		(34,569,612	)		(34,580,709	)		(11,097	)
	40,000,000,000	South Korean Won		JPM		5/2/17		(34,650,035	)		(33,135,466	)		1,514,569
	35,000,000,000	South Korean Won		JPM		5/31/17		(29,355,028	)		(29,003,757	)		351,271
	35,000,000,000	South Korean Won		SSB		6/8/17		(29,209,264	)		(29,006,579	)		202,685
	25,000,000,000	South Korean Won		SSB		8/23/17		(22,711,787	)		(20,743,304	)		1,968,483
	40,000,000,000	South Korean Won		SSB		8/28/17		(35,571,365	)		(33,192,070	)		2,379,295
	34,000,000,000	South Korean Won		JPM		10/26/17		(30,316,540	)		(28,241,215	)		2,075,325
	25,000,000,000	South Korean Won		SSB		12/28/17		(20,992,350	)		(20,787,357	)		204,993
	44,000,000	Swiss Franc		BNY		3/6/17		(45,421,699	)		(43,473,020	)		1,948,679
	100,000,000	Swiss Franc		NTC		3/8/17		(102,495,772	)		(98,814,945	)		3,680,827
	45,000,000	Swiss Franc		NTC		3/21/17		(46,454,011	)		(44,503,695	)		1,950,316
	45,000,000	Swiss Franc		SSB		4/27/17		(47,329,063	)		(44,610,069	)		2,718,994
	40,000,000	Swiss Franc		NTC		6/8/17		(41,298,849	)		(39,761,543	)		1,537,306
	60,000,000	Swiss Franc		BNY		8/17/17		(62,794,348	)		(59,935,780	)		2,858,568
	40,000,000	Swiss Franc		BNY		11/8/17		(41,788,550	)		(40,199,420	)		1,589,130
	80,000,000	Swiss Franc		JPM		11/13/17		(84,334,809	)		(80,428,212	)		3,906,597
	100,000,000	Swiss Franc		BNY		11/15/17		(104,799,832	)		(100,549,959	)		4,249,873
	80,000,000	Swiss Franc		SSB		11/20/17		(82,826,024	)		(80,469,369	)		2,356,655
	70,000,000	Swiss Franc		JPM		11/22/17		(71,501,532	)		(70,420,994	)		1,080,538
	65,000,000	Swiss Franc		JPM		12/13/17		(65,957,706	)		(65,491,480	)		466,226
	50,000,000	Swiss Franc		BNY		12/18/17		(50,289,921	)		(50,396,513	)		(106,592	)
	650,000,000	Thailand Baht		JPM		5/16/17		(18,197,088	)		(18,141,238	)		55,850
	850,000,000	Thailand Baht		BNY		6/5/17		(23,617,672	)		(23,721,897	)		(104,225	)

SEE NOTES TO PORTFOLIO OF INVESTMENTS

4

Tweedy, Browne Global Value Fund

Schedule of Forward Exchange Contracts

December 31, 2016 (Unaudited)

Contracts			Counter- party		Contract Value Date		Contract Value on Origination Date			Value 12/31/16 (Note 1)			Unrealized Appreciation (Depreciation)
	FORWARD EXCHANGE CONTRACTS TO SELL(a) (continued)
	500,000,000	Thailand Baht		JPM		6/13/17		$(14,048,890	)		$(13,953,761	)		$95,129
	400,000,000	Thailand Baht		BNY		8/28/17		(11,444,921	)		(11,162,379	)		282,542
	TOTAL							$(4,756,005,587	)		$(4,510,845,291	)		$245,160,296

^(a) Primary risk exposure being hedged against is currency risk.

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

5

Tweedy, Browne Global Value Fund II – Currency Unhedged

Portfolio of Investments

December 31, 2016 (Unaudited)

Shares			Value (Note 1)
		COMMON STOCKS—84.2%
		Canada—0.6%
	3,500	E-L Financial Corp., Ltd.		$1,918,143
		France—13.9%
	194,310	CNP Assurances		3,607,101
	167,400	Safran SA		12,080,613
	414,885	SCOR SE		14,366,436
	29,680	Teleperformance SA		2,983,371
	218,433	Total SA		11,224,732
				44,262,253
		Germany—8.3%
	177,000	Axel Springer SE		8,612,060
	50,800	Henkel AG & Company, KGaA		5,303,487
	26,726	Krones AG		2,449,651
	29,038	Muenchener Rueckversicherungs AG		5,502,301
	36,984	Siemens AG		4,556,246
				26,423,745
		Hong Kong—1.6%
	4,870,000	Emperor Entertainment Hotel Ltd.		1,149,481
	316,349	Great Eagle Holdings Ltd.		1,507,658
	20,587	Jardine Strategic Holdings Ltd.		683,488
	625,000	Luen Thai Holdings Ltd.		263,603
	109,796	Miramar Hotel & Investment		230,266
	4,448,000	Oriental Watch Holdings		860,553
	655,000	Tai Cheung Holdings Ltd.		576,166
				5,271,215
		Italy—1.0%
	113,408	Buzzi Unicem SpA		2,692,586
	66,455	SOL SpA		558,646
				3,251,232
		Japan—2.0%
	110,200	Ebara Corporation		3,146,277
	61,700	Lintec Corporation		1,350,539
	83,600	NGK Spark Plug Company Ltd.		1,862,158
				6,358,974
		Netherlands—6.0%
	54,850	Akzo Nobel NV		3,435,899
	29,000	Heineken Holding NV		2,023,078
	29,400	Heineken NV		2,209,752
	181,407	Royal Dutch Shell PLC, Class A		4,971,955
	161,712	Unilever NV, CVA		6,671,692
				19,312,376
		Singapore—4.8%
	657,813	DBS Group Holdings Ltd.		7,895,395
	950,893	Metro Holdings Ltd.		654,903
	488,670	United Overseas Bank Ltd.		6,900,303
				15,450,601
		South Korea—5.0%
	10,245	Hyundai Mobis Company Ltd.		2,239,344
	56,125	Hyundai Motor Company		6,784,443
	164,700	Kia Motors Corporation		5,352,273

Shares			Value (Note 1)
		South Korea (continued)
	5,674	LG Corporation		$281,868
	13,800	Samchully Company Ltd.		1,159,712
				15,817,640
		Switzerland—15.4%
	157,355	ABB Ltd.		3,325,612
	17,047	Coltene Holding AG		1,242,023
	142,100	Nestle SA, Registered		10,213,416
	161,339	Novartis AG, Registered		11,762,897
	5,015	Phoenix Mecano AG		2,314,198
	56,300	Roche Holding AG		12,884,715
	665	Tamedia AG		102,071
	26,799	Zurich Insurance Group AG		7,393,555
				49,238,487
		Thailand—1.7%
	1,220,100	Bangkok Bank Public Company Ltd., NVDR		5,434,327
		United Kingdom—13.5%
	547,600	BAE Systems PLC		4,002,340
	238,503	Daily Mail & General Trust PLC, Class A		2,289,869
	344,873	Diageo PLC		8,991,610
	2,477,190	G4S PLC		7,193,214
	5,113	GlaxoSmithKline PLC		98,685
	821,432	HSBC Holdings PLC		6,667,557
	116,639	Imperial Brands PLC		5,105,632
	5,082	Shire PLC		294,135
	831,653	Standard Chartered PLC(a)		6,819,372
	144,469	TT Electronics PLC		290,977
		Undisclosed Securities(b)		1,528,387
				43,281,778
		United States—10.4%
	53,840	AGCO Corp		3,115,182
	89,387	Avnet, Inc.		4,255,715
	212,500	Cisco Systems, Inc.		6,421,750
	29,399	ConocoPhillips		1,474,066
	70,900	Halliburton Company		3,834,981
	78,600	Johnson & Johnson		9,055,506
	36,100	MasterCard, Inc., Class A		3,727,325
	14,700	Phillips 66		1,270,227
				33,154,752
		TOTAL COMMON STOCKS (Cost $238,363,215)		269,175,523
		PREFERRED STOCKS—1.2%
		Chile—1.1%
	940,000	Embotelladora Andina SA		3,470,844
		Germany—0.1%
	648	KSB AG		242,635
		TOTAL PREFERRED STOCKS (Cost $3,051,153)		3,713,479

SEE NOTES TO PORTFOLIO OF INVESTMENTS

6

Tweedy, Browne Global Value Fund II – Currency Unhedged

Portfolio of Investments

December 31, 2016 (Unaudited)

Shares			Value (Note 1)
		REGISTERED INVESTMENT COMPANY—14.0%
	44,682,372	Dreyfus Government Prime Cash Management – Institutional Shares (Cost $44,682,372)		$44,682,372

TOTAL INVESTMENTS (Cost $286,096,740)	99.4	%	317,571,374
OTHER ASSETS AND LIABILITIES (Net)	0.6		1,969,870
NET ASSETS	100.0	%	$319,541,244

(a)	Non-income producing security.
(b)	Represents an issuer, a generally smaller capitalization issuer, where disclosure may be disadvantageous to the Fund’s accumulation or disposition program.

Abbreviations:
CVA	—	Certificaaten van aandelen (Share Certificates)
NVDR	—	Non Voting Depository Receipt

Sector Diversification

December 31, 2016 (Unaudited)

Sector Diversification	Percentage of Net Assets
COMMON STOCKS:
Pharmaceuticals, Biotechnology & Life Sciences		10.7	%
Banks		10.6
Capital Goods		10.5
Insurance		10.3
Energy		7.1
Food		5.3
Automobiles & Components		5.1
Beverage		4.1
Media		3.4
Commercial Services & Supplies		3.2
Technology Hardware & Equipment		2.8
Materials		2.5
Household & Personal Products		1.7
Tobacco		1.6
Electronic Equipment & Instruments		1.3
Software & Services		1.2
Retailing		0.9
Real Estate		0.6
Consumer Services		0.4
Health Care Equipment & Services		0.4
Utilities		0.4
Consumer Durables & Apparel		0.1
Total Common Stocks		84.2
Preferred Stocks		1.2
Registered Investment Company		14.0
Other Assets and Liabilities (Net)		0.6
Net Assets		100.0	%

Portfolio Composition

December 31, 2016 (Unaudited)

SEE NOTES TO PORTFOLIO OF INVESTMENTS

7

Tweedy, Browne Value Fund

Portfolio of Investments

December 31, 2016 (Unaudited)

Shares			Value (Note 1)
		COMMON STOCKS—82.1%
		Chile—1.2%
	846,500	Antofagasta PLC		$7,060,355
		France—5.0%
	360,300	CNP Assurances		6,688,479
	411,111	Total SA		21,125,977
				27,814,456
		Germany—4.0%
	164,718	Axel Springer SE		8,014,473
	84,400	Henkel AG & Company, KGaA		8,811,307
	29,300	Muenchener Rueckversicherungs AG		5,551,947
				22,377,727
		Japan—0.4%
	87,000	Honda Motor Company Ltd.		2,547,306
		Netherlands—8.2%
	297,000	Heineken Holding NV		20,719,109
	650,619	Royal Dutch Shell PLC, Class A		17,831,993
	183,946	Unilever NV, ADR		7,552,823
				46,103,925
		Singapore—1.4%
	550,917	United Overseas Bank Ltd.		7,779,267
		South Korea—3.4%
	86,700	Hyundai Motor Company		10,480,378
	260,000	Kia Motors Corporation		8,449,247
				18,929,625
		Switzerland—11.5%
	238,000	Nestle SA, Registered, Sponsored ADR		17,074,120
	254,363	Novartis AG, Registered		18,545,086
	79,800	Roche Holding AG		18,262,882
	38,415	Zurich Insurance Group AG		10,598,284
				64,480,372
		United Kingdom—7.5%
	143,583	Diageo PLC, Sponsored ADR		14,924,017
	1,214,061	HSBC Holdings PLC		9,854,523
	78,645	Shire PLC		4,551,807
	1,099	Shire PLC, ADR		187,248
	500,000	Standard Chartered PLC(a)		4,099,890
	205,000	Unilever PLC, Sponsored ADR		8,343,500
				41,960,985
		United States—39.5%
	94,535	3M Company		16,881,115
	6,150	Alphabet Inc., Class A(a)		4,873,567

Shares			Value (Note 1)
		United States (continued)
	6,166	Alphabet Inc., Class C(a)		$4,759,042
	393,000	Bank of New York Mellon Corporation/The		18,620,340
	170,490	Baxter International, Inc.		7,559,527
	80	Berkshire Hathaway Inc., Class A(a)		19,529,680
	30,626	Berkshire Hathaway Inc., Class B(a)		4,991,425
	527,475	Cisco Systems, Inc.		15,940,294
	230,068	Comcast Corporation, Class A		15,886,195
	161,695	ConocoPhillips		8,107,387
	286,520	Devon Energy Corporation		13,085,368
	129,850	Emerson Electric Company		7,239,138
	151,709	Halliburton Company		8,205,940
	128,400	Johnson & Johnson		14,792,964
	101,925	MasterCard, Inc., Class A		10,523,756
	488,706	MRC Global, Inc.(a)		9,901,184
	36,818	National Western Life Insurance Company, Class A		11,443,034
	51,335	Philip Morris International, Inc.		4,696,639
	437,085	Wells Fargo & Company		24,087,754
				221,124,349
		TOTAL COMMON STOCKS (Cost $268,288,663)		460,178,367
		REGISTERED INVESTMENT COMPANY—14.2%
	79,372,032	Dreyfus Government Prime Cash Management – Institutional Shares (Cost $79,372,032)		79,372,032
Face Value
		U.S. TREASURY BILL—2.5%
	$14,000,000	0.609%(b) due 06/08/17(c) (Cost $13,963,164)		13,962,382

TOTAL INVESTMENTS (Cost $361,623,859)	98.8	%	553,512,781
UNREALIZED APPRECIATION ON FORWARD CONTRACTS (Net)	1.2		6,567,456
OTHER ASSETS AND LIABILITIES (Net)	0.0		145,911
NET ASSETS	100.0	%	$560,226,148

(a)	Non-income producing security.
(b)	Rate represents annualized yield at date of purchase.
(c)	This security has been segregated to cover certain open forward contracts. At December 31, 2016, liquid assets totaling $13,962,382 have been segregated to cover such open forward contracts.

Abbreviations:
ADR	—	American Depositary Receipt

SEE NOTES TO PORTFOLIO OF INVESTMENTS

8

Tweedy, Browne Value Fund

Sector Diversification

December 31, 2016 (Unaudited)

Sector Diversification	Percentage of Net Assets
COMMON STOCKS:
Energy		12.2	%
Insurance		10.5
Pharmaceuticals, Biotechnology & Life Sciences		10.0
Banks		8.2
Beverage		6.4
Capital Goods		6.1
Food		5.9
Media		4.3
Automobiles & Components		3.8
Software & Services		3.6
Diversified Financials		3.3
Technology Hardware & Equipment		2.8
Household & Personal Products		1.6
Health Care Equipment & Services		1.3
Materials		1.3
Tobacco		0.8
Total Common Stocks		82.1
Registered Investment Company		14.2
U.S. Treasury Bill		2.5
Unrealized Appreciation on Forward Contracts (Net)		1.2
Other Assets and Liabilities (Net)		0.0	(a)
Net Assets		100.0	%

^(a) Amount represents less than 0.1% of net assets

Portfolio Composition

December 31, 2016 (Unaudited)

Schedule of Forward Exchange Contracts

December 31, 2016 (Unaudited)

Contracts			Counter- party		Contract Value Date		Contract Value on Origination Date			Value 12/31/16 (Note 1)			Unrealized Appreciation (Depreciation)
	FORWARD EXCHANGE CONTRACTS TO SELL(a)
	5,000,000	European Union Euro		JPM		03/06/17		$(5,591,050	)		$(5,291,196	)		$299,854
	23,000,000	European Union Euro		NTC		03/08/17		(25,337,950	)		(24,342,454	)		995,496
	14,000,000	European Union Euro		BNY		04/24/17		(15,970,850	)		(14,855,391	)		1,115,459
	2,500,000	European Union Euro		JPM		07/05/17		(2,794,800	)		(2,662,376	)		132,424
	2,750,000	European Union Euro		SSB		11/22/17		(3,004,458	)		(2,952,306	)		52,152
	7,000,000	European Union Euro		NTC		12/18/17		(7,517,125	)		(7,526,268	)		(9,143	)
	6,500,000	European Union Euro		BNY		12/28/17		(6,890,000	)		(6,992,626	)		(102,626	)
	4,500,000	Great Britain Pound Sterling		JPM		02/16/17		(6,519,690	)		(5,567,290	)		952,400
	6,000,000	Great Britain Pound Sterling		NTC		05/22/17		(8,694,300	)		(7,440,686	)		1,253,614
	1,500,000	Great Britain Pound Sterling		NTC		07/05/17		(1,984,950	)		(1,862,210	)		122,740
	3,200,000	Great Britain Pound Sterling		BNY		08/17/17		(4,193,920	)		(3,977,623	)		216,297
	1,500,000	Great Britain Pound Sterling		NTC		10/03/17		(1,960,800	)		(1,867,032	)		93,768
	3,000,000	Great Britain Pound Sterling		SSB		12/18/17		(3,808,290	)		(3,742,247	)		66,043
	2,700,000	Great Britain Pound Sterling		BNY		12/28/17		(3,365,280	)		(3,368,943	)		(3,663	)
	130,000,000	Japanese Yen		JPM		08/21/17		(1,162,839	)		(1,128,381	)		34,458
	1,250,000	Singapore Dollar		JPM		11/08/17		(900,752	)		(864,571	)		36,181
	9,000,000	Singapore Dollar		SSB		12/28/17		(6,222,530	)		(6,224,528	)		(1,998	)
	3,000,000,000	South Korean Won		JPM		05/02/17		(2,598,753	)		(2,485,160	)		113,593
	7,500,000,000	South Korean Won		SSB		12/18/17		(6,393,153	)		(6,235,230	)		157,923
	2,500,000,000	South Korean Won		SSB		12/28/17		(2,099,235	)		(2,078,736	)		20,499
	3,500,000	Swiss Franc		NTC		03/08/17		(3,587,352	)		(3,458,523	)		128,829
	2,500,000	Swiss Franc		JPM		07/05/17		(2,610,857	)		(2,489,552	)		121,305
	3,000,000	Swiss Franc		BNY		08/17/17		(3,139,717	)		(2,996,789	)		142,928
	5,000,000	Swiss Franc		NTC		10/03/17		(5,278,716	)		(5,011,749	)		266,967
	6,700,000	Swiss Franc		BNY		11/08/17		(6,999,582	)		(6,733,403	)		266,179
	8,000,000	Swiss Franc		JPM		11/22/17		(8,171,604	)		(8,048,114	)		123,490
	13,000,000	Swiss Franc		BNY		12/18/17		(13,075,380	)		(13,103,093	)		(27,713	)
	TOTAL							$(159,873,933	)		$(153,306,477	)		$6,567,456

^(a) Primary risk exposure being hedged against is currency risk.

Counterparty Abbreviations:

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

SEE NOTES TO PORTFOLIO OF INVESTMENTS

9

Tweedy, Browne Worldwide High Dividend Yield Value Fund

Portfolio of Investments

December 31, 2016 (Unaudited)

Shares			Value (Note 1)
		COMMON STOCKS—90.8%
		France—15.0%
	73,530	Cie Generale des Etablissements Michelin		$8,197,662
	312,900	CNP Assurances		5,808,562
	75,070	Safran SA		5,417,512
	294,000	SCOR SE		10,180,489
	250,000	Total SA		12,846,882
				42,451,107
		Germany—9.8%
	245,600	Axel Springer SE		11,949,844
	28,700	Muenchener Rueckversicherungs AG		5,438,255
	85,500	Siemens AG		10,533,177
				27,921,276
		Netherlands—4.8%
	493,000	Royal Dutch Shell PLC, Class A		13,512,014
		Singapore—8.2%
	965,668	DBS Group Holdings Ltd.		11,590,422
	823,000	United Overseas Bank Ltd.		11,621,236
				23,211,658
		Switzerland—20.3%
	348,000	ABB Ltd.		7,354,789
	217,900	Nestle SA, Registered		15,661,529
	153,000	Novartis AG, Registered		11,154,917
	47,000	Roche Holding AG		10,756,334
	46,000	Zurich Insurance Group AG		12,690,904
				57,618,473
		Thailand—0.6%
	386,200	Bangkok Bank Public Company Ltd., NVDR		1,720,135

Shares			Value (Note 1)
		United Kingdom—14.7%
	310,855	BAE Systems PLC		$2,272,001
	475,800	Diageo PLC		12,405,170
	2,374,466	G4S PLC		6,894,927
	525,000	GlaxoSmithKline PLC		10,132,956
	1,212,400	HSBC Holdings PLC		9,841,040
				41,546,094
		United States—17.4%
	408,350	Cisco Systems, Inc.		12,340,337
	79,640	ConocoPhillips		3,993,150
	59,800	Johnson & Johnson		6,889,558
	224,370	Verizon Communications, Inc.		11,976,871
	201,400	Wells Fargo & Company		11,099,154
	64,175	Williams-Sonoma, Inc.		3,105,428
				49,404,498
		TOTAL COMMON STOCKS (Cost $211,109,576)		257,385,255
		REGISTERED INVESTMENT COMPANY—8.9%
	25,164,672	Dreyfus Government Prime Cash Management – Institutional Shares (Cost $25,164,672)		25,164,672

TOTAL INVESTMENTS (Cost $236,274,248)	99.7	%	282,549,927
OTHER ASSETS AND LIABILITIES (Net)	0.3		820,128
NET ASSETS	100.0	%	$283,370,055

Abbreviations:
NVDR	—	Non Voting Depository Receipt

SEE NOTES TO PORTFOLIO OF INVESTMENTS

10

Tweedy, Browne Worldwide High Dividend Yield Value Fund

Sector Diversification

December 31, 2016 (Unaudited)

Sector Diversification	Percentage of Net Assets
COMMON STOCKS:
Banks		16.2	%
Pharmaceuticals, Biotechnology & Life Sciences		13.7
Insurance		12.1
Energy		10.7
Capital Goods		9.0
Food		5.5
Beverage		4.4
Technology Hardware & Equipment		4.4
Telecommunication Services		4.2
Media		4.2
Automobiles & Components		2.9
Commercial Services & Supplies		2.4
Retailing		1.1
Total Common Stocks		90.8
Registered Investment Company		8.9
Other Assets and Liabilities (Net)		0.3
Net Assets		100.0	%

Portfolio Composition

December 31, 2016 (Unaudited)

SEE NOTES TO PORTFOLIO OF INVESTMENTS

11

TWEEDY, BROWNE FUND INC.

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 Global Value Fund; Tweedy, Browne Global Value Fund II – Currency Unhedged; Tweedy, Browne Value Fund and Tweedy, Browne Worldwide High Dividend Yield Value Fund (collectively the “Funds”). 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”). 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. 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 Tweedy, Browne Company LLC (the “Investment Adviser”) under the direction of 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 Investment Adviser concludes that fair valuation will likely result in a more accurate net asset valuation. 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. Debt securities purchased with a remaining maturity of more than 60 days are valued through pricing obtained by pricing services approved by the Company’s Board of Directors. Debt securities purchased with a remaining maturity of 60 days or less are valued at amortized cost, which approximates fair value, or by reference to other factors (i.e., pricing services or dealer quotations) by the Investment Adviser.

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:

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers in and out of the levels are recognized utilizing values at the end of the period. The following is a summary of the inputs used to value each Fund’s assets carried at fair value as of December 31, 2016. See each Fund’s respective Portfolio of Investments for details on portfolio holdings.

	Global Value Fund
	Total Value at December 31, 2016			Level 1 Quoted Price		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Investments in Securities:
Common Stocks
Canada	$	110,481,329		$	60,993,252	$	49,488,077		$	—
Switzerland		1,214,542,423			1,214,064,241		478,182			—
All Other Countries		6,082,423,556			6,082,423,556		—			—
Preferred Stocks
Chile		36,923,871			—		36,923,871			—
All Other Countries		14,973,565			14,973,565		—			—
Registered Investment Company		544,825,085			544,825,085		—			—
U.S. Treasury Bills		724,550,300			—		724,550,300			—
Total Investments in Securities		8,728,720,129			7,917,279,699		811,440,430			—
Other Financial Instruments:
Asset
Unrealized appreciation of forward exchange contracts		249,178,354			—		249,178,354			—
Liability
Unrealized depreciation of forward exchange contracts		(4,018,058	)		—		(4,018,058	)		—
Total	$	8,973,880,425		$	7,917,279,699	$	1,056,600,726		$	—

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TWEEDY, BROWNE FUND INC.

Notes to Portfolio of Investments (Unaudited)

	Global Value Fund II – Currency Unhedged
	Total Value at December 31, 2016			Level 1 Quoted Price		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Investments in Securities:
Common Stocks
Canada	$	1,918,143		$	—	$	1,918,143		$	—
All Other Countries		267,257,380			267,257,380		—			—
Preferred Stocks
Chile		3,470,844			—		3,470,844			—
All Other Countries		242,635			242,635		—			—
Registered Investment Company		44,682,372			44,682,372		—			—
Total	$	317,571,374		$	312,182,387	$	5,388,987		$	—
	Value Fund
	Total Value at December 31, 2016			Level 1 Quoted Price		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Investments in Securities:
Common Stocks	$	460,178,367		$	460,178,367	$	—		$	—
Registered Investment Company		79,372,032			79,372,032		—			—
U.S. Treasury Bill		13,962,382			—		13,962,382			—
Total Investments in Securities		553,512,781			539,550,399		13,962,382			—
Other Financial Instruments:
Asset
Unrealized appreciation of forward exchange contracts		6,712,599			—		6,712,599			—
Liability
Unrealized depreciation of forward exchange contracts		(145,143	)		—		(145,143	)		—
Total	$	560,080,237		$	539,550,399	$	20,529,838		$	—
	Worldwide High Dividend Yield Value Fund
	Total Value at December 31, 2016			Level 1 Quoted Price		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Investments in Securities	$	282,549,927		$	282,549,927	$	—		$	—

As of December 31, 2016, securities with end of period values of $36,923,871 and $3,470,844, held by Global Value Fund and Global Value Fund II – Currency Unhedged, respectively, were transferred from Level 1 into Level 2 due to no trading volume on that day.

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 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. Global Value Fund and Value Fund are subject to foreign currency exchange risk in the normal course of pursuing their investment objectives and may 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

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TWEEDY, BROWNE FUND INC.

Notes to Portfolio of Investments (Unaudited)

the time that it was opened and the value of the contract at the time that it was closed.

The use of forward exchange contracts does not eliminate fluctuations in the underlying prices of the Global 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 Global 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 (“the 1940 Act”) 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 Global 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, 2016:

Shares Held at 3/31/16		Name of Issuer	Value at 3/31/16		Purchase Cost		Sales Proceeds		Value at 12/31/16		Shares Held at 12/31/16
	218,165	Coltene Holding AG		$14,807,837		$    —		$    —		$15,895,231		218,165
	68,640	Phoenix Mecano AG		30,730,852		—		—		31,674,285		68,640
	248,117	Siegfried Holding AG		45,936,557		—		—		51,998,742		248,117
	4,795,392	SOL SpA		42,733,055		—		—		40,311,863		4,795,392
				$134,208,301		$    —		$    —		$139,880,121

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

2. Tax Information

As of December 31, 2016, the aggregate cost of securities in each Fund’s portfolio for federal tax purposes was as follows:

Global Value Fund	$6,848,486,209
Global Value Fund II – Currency Unhedged	$286,096,740
Value Fund	$361,623,859
Worldwide High Dividend Yield Value Fund	$236,274,248

The aggregate gross unrealized appreciation/depreciation and net unrealized appreciation as computed on a federal income tax basis at December 31, 2016 for each Fund is as follows:

	Gross Appreciation		Gross Depreciation			Net Appreciation
Global Value Fund		$2,373,472,774		$(493,238,854	)		$1,880,233,920
Global Value Fund II – Currency Unhedged		47,758,492		(16,283,858	)		31,474,634
Value Fund		208,828,884		(16,939,962	)		191,888,922
Worldwide High Dividend Yield Value Fund		52,463,972		(6,188,293	)		46,275,679

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Item 2. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)                               Tweedy, Browne Fund Inc.                                                                        

By (Signature and Title)*	/s/ Thomas H. Shrager
	Thomas H. Shrager, President
	(principal executive officer)

Date     February 7, 2017                                                                                                                               

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Thomas H. Shrager
	Thomas H. Shrager, President
	(principal executive officer)

Date     February 7, 2017                                                                                                                               

By (Signature and Title)*	/s/ Roger R. de Bree
	Roger R. de Bree, Treasurer
	(principal financial officer)

Date     February 7, 2017                                                                                                                               

^* Print the name and title of each signing officer under his or her signature.