-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, F4Ne5prar40g9wa0vS7LLudSvEgqA40dxMZKQmOq8mThl0m1XwUAPKpPrKYVnYIu drqbx6f6Lcb4MSAXSWCymg== 0000950123-09-039088.txt : 20090828 0000950123-09-039088.hdr.sgml : 20090828 20090828102440 ACCESSION NUMBER: 0000950123-09-039088 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090630 FILED AS OF DATE: 20090828 DATE AS OF CHANGE: 20090828 EFFECTIVENESS DATE: 20090828 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TWEEDY BROWNE FUND INC CENTRAL INDEX KEY: 0000896975 IRS NUMBER: 133700410 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07458 FILM NUMBER: 091041526 BUSINESS ADDRESS: STREET 1: 350 PARK AVE STREET 2: 9TH FL CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2129160600 MAIL ADDRESS: STREET 1: 350 PARK AVE STREET 2: 9TH FL CITY: NEW YORK STATE: NY ZIP: 10022 0000896975 S000001301 TWEEDY, BROWNE VALUE FUND C000003511 TWEEDY, BROWNE VALUE FUND TWEBX 0000896975 S000001302 TWEEDY, BROWNE GLOBAL VALUE FUND C000003512 TWEEDY, BROWNE GLOBAL VALUE FUND TBGVX 0000896975 S000018426 Tweedy, Browne Worldwide High Dividend Yield Value Fund C000050916 Tweedy, Browne Worldwide High Dividend Yield Value Fund TBHDX N-Q 1 nq.txt TWEEDY NQ 0609 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) 350 Park Avenue, 9th Floor NEW YORK, NY 10022 (Address of principal executive offices)(Zip code) M. Gervase Rosenberger Tweedy, Browne Company LLC 350 Park Avenue, 9th Floor NEW YORK, NY 10022 (Name and address of agent for service) Registrant's telephone number, including area code: 212-916-0600 Date of fiscal year end: MARCH 31 Date of reporting period: JUNE 30, 2009 Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 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, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. SCHEDULE OF INVESTMENTS. The Schedule(s) of Investments is attached herewith. (MAP) TWEEDY, BROWNE GLOBAL VALUE FUND PORTFOLIO OF INVESTMENTS June 30, 2009 (Unaudited)
VALUE SHARES (NOTE 1) - ------------ --------------- COMMON STOCKS--90.8% CANADA--2.1% 100,000 Melcor Developments Ltd. ...................... $ 528,695 1,631,760 National Bank of Canada, Toronto .............. 75,521,677 --------------- 76,050,372 --------------- CZECH REPUBLIC--0.0%+ 2,800 Philip Morris CR a.s. ......................... 954,207 --------------- FINLAND--5.1% 2,188,000 Cargotec Corporation, B Share ................. 37,533,650 1,000,000 Huhtamaki Oyj ................................. 10,309,423 4,494,000 Kone Oyj, Class B ............................. 137,604,876 --------------- 185,447,949 --------------- FRANCE--7.2% 1,780,523 CNP Assurances ................................ 169,963,101 1,700,000 Total SA ...................................... 91,755,267 --------------- 261,718,368 --------------- GERMANY--12.7% 64,173 Boewe Systec AG ++ ............................ 558,073 2,289,458 Henkel AG & Company, KGaA ..................... 61,688,905 856,795 Krones AG ..................................... 32,604,214 42,354 KSB AG ........................................ 19,782,111 920,345 Linde AG ...................................... 75,428,168 818,224 Muenchener Rueckversicherungs-Gesellschaft AG ......... 110,394,937 1,620,636 Springer (Axel) Verlag AG ..................... 160,258,701 --------------- 460,715,109 --------------- GREECE--0.3% 480,695 Coca Cola Hellenic Bottling Company SA ......................................... 9,911,376 --------------- HONG KONG--1.9% 621,000 Guoco Group Ltd. .............................. 5,352,585 4,373,564 Jardine Strategic Holdings Ltd. ............... 64,466,334 200,000 Swire Pacific Ltd., Class B ................... 382,965 --------------- 70,201,884 --------------- IRELAND--0.0%+ 1,111,317 Unidare PLC ++ ................................ 93,527 --------------- ITALY--2.7% 205,576 Gruppo Minerali Maffei ++ 1,009,224 4,467,000 Mediaset SPA .................................. 25,015,426 12,022,342 Mondadori (Arnoldo) Editore SPA ++ . .......... 46,415,542 4,795,392 Sol SPA ....................................... 25,223,329 805,250 Vincenzo Zucchi SPA ++ ........................ 485,676 --------------- 98,149,197 --------------- JAPAN--6.4% 545,600 Aica Kogyo Company Ltd. ....................... 5,343,753 1,594,700 Canon Inc. .................................... 52,228,347 306,800 Daikoku Denki Company Ltd. .................... 4,086,003 2,218,000 Fujitec Company Ltd. .......................... 10,505,529 446,600 Fukuda Denshi Company Ltd. .................... 10,877,442
VALUE SHARES (NOTE 1) - ------------ --------------- JAPAN (CONTINUED) 1,073,600 Hi-Lex Corporation ............................ $ 9,235,508 1,566,000 Honda Motor Company Ltd. ...................... 43,173,136 22,100 Hurxley Corporation ........................... 206,375 48,000 Inaba Seisakusho Company Ltd. ................. 484,552 321,000 Katsuragawa Electric Company Ltd. ............. 968,140 794,000 Kawasumi Laboratories, Inc. ................... 5,192,662 1,849,500 Kuroda Electric Company Ltd. .................. 24,861,911 69,100 Mandom Corporation ............................ 1,564,839 21,670 Medikit Company Ltd. .......................... 4,222,377 76,200 Meito Sangyo Company Ltd. ..................... 1,089,869 36,240 Milbon Company Ltd. ........................... 816,935 307,100 Mirai Industry Company Ltd. ................... 2,412,622 162,780 Nippon Kanzai Company Ltd. .................... 2,370,378 1,051,000 Nippon Konpo Unyu Soko Company Ltd. ........... 11,644,494 420,500 Nitto FC Company Ltd. ......................... 2,266,259 20,100 Ryoyo Electro Corporation ..................... 167,908 377,200 Sangetsu Company Ltd. ......................... 8,287,962 282,300 Shingakukai Company Ltd. ...................... 991,861 172,000 SK Kaken Company Ltd. ......................... 4,412,085 528,500 T. Hasegawa Company Ltd. ...................... 6,337,509 1,281,300 Takata Corporation ............................ 20,291,511 --------------- 234,039,967 --------------- MEXICO--4.5% 1,921,351 Coca-Cola Femsa SA de CV, Sponsored ADR .............................. 77,084,602 14,623,380 Embotelladoras Arca SA de CV .................. 34,420,363 30,132,400 Grupo Continental SA .......................... 52,507,628 --------------- 164,012,593 --------------- NETHERLANDS--13.7% 2,093,000 Akzo Nobel NV ................................. 92,064,522 23,620 Crown Van Gelder Gemeenschappelijk Bezit NV ................................... 208,722 5,333,493 Heineken Holding NV ........................... 169,369,486 2,810,041 Heineken NV ................................... 104,212,815 450,000 Imtech NV ..................................... 8,735,658 2,009,134 Telegraaf Media Groep NV ...................... 32,689,924 307,955 TKH Group NV .................................. 4,276,313 3,612,751 Unilever NV, CVA .............................. 86,981,893 --------------- 498,539,333 --------------- NORWAY--0.6% 2,495,700 Schibsted ASA ++ .............................. 22,527,623 --------------- SINGAPORE--2.5% 33,542,550 Fraser and Neave Ltd. ......................... 89,919,573 --------------- SOUTH KOREA--4.3% 150,900 Daegu Department Store Company Ltd. ........... 1,172,660 11,330 Daehan City Gas Company Ltd. .................. 241,906 90,974 Hanil Cement Company Ltd. ..................... 5,298,694 8,152,655 Korea Exchange Bank ........................... 63,483,133 241,172 SK Telecom Company Ltd. ....................... 32,940,012 3,437,422 SK Telecom Company Ltd., ADR .................. 52,076,943 --------------- 155,213,348 ---------------
SEE NOTES TO PORTFOLIO OF INVESTMENTS 1 (MAP) TWEEDY, BROWNE GLOBAL VALUE FUND PORTFOLIO OF INVESTMENTS June 30, 2009 (Unaudited)
VALUE SHARES (NOTE 1) - ------------ --------------- SPAIN--2.2% 8,546,756 Gestevision Telecinco SA ...................... $ 79,720,492 --------------- SWEDEN--0.0%+ 63,360 Cloetta Fazer AB, B Shares ++ ................. 211,804 --------------- SWITZERLAND--11.9% 186,990 Coltene Holding AG ............................ 6,868,880 2,021,000 Compagnie Financiere Richemont AG ++ .......... 41,960,535 570,116 Daetwyler Holding AG, Bearer .................. 22,331,793 89,813 Edipresse SA, Bearer .......................... 15,810,490 80,613 Forbo Holding AG .............................. 15,417,686 29,134 Loeb Holding AG ............................... 3,978,115 4,000,000 Nestle SA, Registered ......................... 150,503,425 8 Neue Zuercher Zeitung ++ ...................... 389,867 2,068,000 Novartis AG, Registered ....................... 83,743,019 45,425 Phoenix Mecano AG ............................. 13,010,793 185,918 PubliGroupe SA, Registered .................... 13,949,620 131,705 Roche Holding AG .............................. 17,886,836 182,827 Siegfried Holding AG .......................... 16,483,093 7,400 Sika AG, Bearer ............................... 8,205,968 432,618 Tamedia AG .................................... 21,082,943 --------------- 431,623,063 --------------- UNITED KINGDOM--7.4% 1,521,000 AGA Foodservice Group PLC ..................... 2,304,470 2,453,599 BBA Group PLC ................................. 4,606,409 3,974,658 Carclo PLC .................................... 6,382,024 2,775,758 Daily Mail & General Trust, Class A ........... 12,982,370 8,225,426 Diageo PLC, Sponsored ADR ..................... 118,053,763 3,675,000 Ennstone PLC .................................. 6,052 3,000,000 G4S PLC ....................................... 10,301,047 969,024 GlaxoSmithKline PLC ........................... 17,051,520 593,139 GlaxoSmithKline PLC, Sponsored ADR ............ 20,961,532 923,006 Headlam Group PLC ............................. 3,857,133 208,135 Signet Jewelers Ltd. .......................... 4,205,753 5,038,361 TT Electronics PLC ............................ 2,717,407 2,879,718 Unilever PLC .................................. 67,532,682 --------------- 270,962,162 --------------- UNITED STATES--5.3% 75,700 American National Insurance Company ........... 5,721,406 526,900 Burlington Northern Santa Fe Corporation ................................ 38,748,226 587,000 ConocoPhillips ................................ 24,689,220 49,250 Devon Energy Corporation ...................... 2,684,125 500,000 Emerson Electric Company ...................... 16,200,000 1,752,802 Philip Morris International, Inc. ............. 76,457,223 49,884 Torchmark Corporation ......................... 1,847,703 269,276 Transatlantic Holdings, Inc. .................. 11,667,729 284,960 Union Pacific Corporation ..................... 14,835,018 --------------- 192,850,650 --------------- MISCELLANEOUS--0.0% Undisclosed Security* ......................... 772,250 --------------- TOTAL COMMON STOCKS (COST $2,535,218,172) ......................... 3,303,634,847 ---------------
VALUE SHARES (NOTE 1) - ------------ --------------- PREFERRED STOCKS--0.5% 166,388 Adris Grupa d.d. ++ ........................... $ 7,153,651 11,800 KSB AG, Vorzugsakt ............................ 5,329,481 700,000 Villeroy & Boch AG ............................ 4,761,972 --------------- TOTAL PREFERRED STOCKS (COST $18,099,466) ............................ 17,245,104 --------------- REGISTERED INVESTMENT COMPANY--5.2% 188,380,270 Dreyfus Government Prime Cash Management ......................... 188,380,270 --------------- TOTAL REGISTERED INVESTMENT COMPANY (COST $188,380,270) ........................... 188,380,270 --------------- RIGHTS--0.1% NORWAY--0.1% 1,500,000 Schibsted ASA, expires 7/2/09 ++ .............. 3,262,617 --------------- TOTAL RIGHTS (COST $3,526,858) ............................. 3,262,617 ---------------
FACE VALUE - ------------ U.S. TREASURY BILL--3.1% $115,000,000 0.000% ** due 11/5/09 +++ ............. 114,913,980 --------------- TOTAL U.S. TREASURY BILL (COST $114,892,694) ................... 114,913,980 --------------- TOTAL INVESTMENTS (COST $2,860,117,460***) .......................... 99.7% 3,627,436,818 UNREALIZED DEPRECIATION ON FORWARD CONTRACTS (NET) ........................... (0.2) (7,921,973) OTHER ASSETS AND LIABILITIES (NET) ................... 0.5 18,887,963 ----- --------------- NET ASSETS ........................................... 100.0% $ 3,638,402,808 ===== ===============
- ---------- * "UNDISCLOSED SECURITY" REPRESENTS AN ISSUER, GENERALLY A SMALLER CAPITALIZATION ISSUER, WHERE DISCLOSURE MAY BE DISADVANTAGEOUS TO THE FUND'S ACCUMULATION OR DISPOSITION PROGRAM. ** RATE REPRESENTS ANNUALIZED YIELD AT DATE OF PURCHASE. *** AGGREGATE COST FOR FEDERAL TAX PURPOSES IS $2,860,117,460. + AMOUNT REPRESENTS LESS THAN 0.1% OF NET ASSETS. ++ NON-INCOME PRODUCING SECURITY. +++ AT JUNE 30, 2009, LIQUID ASSETS TOTALING $26,979,804 HAVE BEEN SEGREGATED TO COVER CERTAIN OPEN FORWARD CONTRACTS. ABBREVIATIONS: ADR -- AMERICAN DEPOSITORY RECEIPT CVA -- CERTIFICAATEN VAN AANDELEN (SHARE CERTIFICATES) SEE NOTES TO PORTFOLIO OF INVESTMENTS 2 (MAP) TWEEDY, BROWNE GLOBAL VALUE FUND SECTOR DIVERSIFICATION June 30, 2009 (Unaudited)
PERCENTAGE OF NET VALUE SECTOR DIVERSIFICATION ASSETS (NOTE 1) - ---------------------- ---------- -------------- COMMON STOCKS: Beverage ......................................... 15.5% $ 565,560,033 Media ............................................ 11.9 430,842,998 Capital Goods .................................... 11.2 408,607,940 Food ............................................. 8.6 312,657,182 Insurance ........................................ 8.2 299,594,876 Materials ........................................ 6.8 247,297,563 Pharmaceuticals, Biotechnology & Life Sciences ... 3.8 139,642,907 Banks ............................................ 3.8 139,004,810 Energy ........................................... 3.3 119,128,612 Telecommunication Services ....................... 2.3 85,016,955 Tobacco .......................................... 2.1 77,411,430 Consumer Durables & Apparel ...................... 2.1 76,884,017 Technology Hardware & Equipment .................. 2.0 73,926,981 Automobiles & Components ......................... 2.0 72,700,155 Transportation ................................... 2.0 69,834,147 Diversified Financials ........................... 2.0 69,818,919 Household & Personal Products .................... 1.8 64,070,679 Health Care Equipment & Services ................. 0.7 27,161,361 Commercial Services & Supplies ................... 0.4 12,671,425 Retailing ........................................ 0.3 9,450,055 Consumer Services ................................ 0.0+ 1,198,236 Real Estate ...................................... 0.0+ 911,660 Utilities ........................................ 0.0+ 241,906 ----- -------------- TOTAL COMMON STOCKS .............................. 90.8 3,303,634,847 ----- -------------- PREFERRED STOCKS ................................. 0.5 17,245,104 REGISTERED INVESTMENT COMPANY .................... 5.2 188,380,270 RIGHTS ........................................... 0.1 3,262,617 U.S. TREASURY BILL ............................... 3.1 114,913,980 UNREALIZED DEPRECIATION ON FORWARD CONTRACTS (NET) ......................................... (0.2) (7,921,973) OTHER ASSETS AND LIABILITIES (NET) ............... 0.5 18,887,963 ----- -------------- NET ASSETS ....................................... 100.0% $3,638,402,808 ===== ==============
- ---------- + AMOUNT REPRESENTS LESS THAN 0.1% OF NET ASSETS PORTFOLIO COMPOSITION June 30, 2009 (Unaudited) (PIE CHART) Cash Equivalents and Other Assets and Liabilities (Net) ++ 9% United States 5% United Kingdom 7% Switzerland 12% Spain 2% South Korea 4% Singapore 3% Norway 1% Netherlands 14% Mexico 5% Japan 6% Italy 3% Hong Kong 2% Germany 13% France 7% Finland 5% Canada 2%
Croatia-0%+ Czech Republic-0%+ Greece-0%+ Ireland-0%+ Sweden-0%+ Miscellaneous-0%+ + Amount represents less than 1% of net assets ++ Includes Unrealized Depreciation on Forward Contracts (Net) SEE NOTES TO PORTFOLIO OF INVESTMENTS 3 (MAP) TWEEDY, BROWNE GLOBAL VALUE FUND SCHEDULE OF FORWARD EXCHANGE CONTRACTS June 30, 2009 (Unaudited)
CONTRACT VALUE CONTRACTS VALUE DATE (NOTE 1) - --------- ---------- --------------- FORWARD EXCHANGE CONTRACTS TO BUY 40,000,000 European Union Euro ............. 8/4/09 $ 56,106,490 60,000,000 European Union Euro ............. 8/25/09 84,154,777 100,000,000 Norwegian Krone ................. 10/13/09 15,495,146 25,000,000 Swiss Franc ..................... 7/20/09 22,993,157 20,000,000 Swiss Franc ..................... 7/27/09 18,396,125 40,000,000 Swiss Franc ..................... 8/4/09 36,795,820 60,200,000 Swiss Franc ..................... 8/12/09 55,383,008 36,000,000 Swiss Franc ..................... 9/10/09 33,131,629 35,000,000 Swiss Franc ..................... 9/18/09 32,214,864 --------------- TOTAL (Contract Amount $351,453,551) $ 354,671,016 =============== FORWARD EXCHANGE CONTRACTS TO SELL 15,000,000 Canadian Dollar ................. 3/12/10 $ (12,939,652) 45,000,000 Canadian Dollar ................. 5/14/10 (38,838,746) 6,000,000 Canadian Dollar ................. 6/1/10 (5,179,256) 20,000,000 Canadian Dollar ................. 6/10/10 (17,265,447) 80,000,000 European Union Euro ............. 7/27/09 (112,214,271) 40,000,000 European Union Euro ............. 8/4/09 (56,106,490) 60,000,000 European Union Euro ............. 8/25/09 (84,154,777) 110,000,000 European Union Euro ............. 8/31/09 (154,280,729) 57,000,000 European Union Euro ............. 9/10/09 (79,942,105) 60,000,000 European Union Euro ............. 9/18/09 (84,146,752) 100,000,000 European Union Euro ............. 10/6/09 (140,237,113) 60,000,000 European Union Euro ............. 10/13/09 (84,141,442) 20,000,000 European Union Euro ............. 12/30/09 (28,044,493) 50,000,000 European Union Euro ............. 2/5/10 (70,120,326) 40,000,000 European Union Euro ............. 3/30/10 (56,106,687) 25,000,000 European Union Euro ............. 4/19/10 (35,069,139) 65,000,000 European Union Euro ............. 5/4/10 (91,184,558) 85,000,000 European Union Euro ............. 5/14/10 (119,245,527) 15,000,000 European Union Euro ............. 5/25/10 (21,044,140) 35,000,000 European Union Euro ............. 5/27/10 (49,103,338) 90,000,000 European Union Euro ............. 6/2/10 (126,268,383) 45,000,000 European Union Euro ............. 6/10/10 (63,135,963) 10,000,000 Great Britain Pound Sterling .... 8/25/09 (16,467,256) 9,500,000 Great Britain Pound Sterling .... 9/10/09 (15,643,372) 30,000,000 Great Britain Pound Sterling .... 12/30/09 (49,383,819)
CONTRACT VALUE CONTRACTS VALUE DATE (NOTE 1) - --------- ---------- --------------- FORWARD EXCHANGE CONTRACTS TO SELL (CONTINUED) 27,000,000 Great Britain Pound Sterling .... 4/19/10 $ (44,428,149) 15,000,000 Great Britain Pound Sterling .... 5/14/10 (24,680,092) 1,800,000,000 Japanese Yen .................... 9/10/09 (18,671,510) 5,500,000,000 Japanese Yen .................... 2/24/10 (57,239,159) 2,000,000,000 Japanese Yen .................... 3/5/10 (20,818,914) 1,800,000,000 Japanese Yen .................... 5/14/10 (18,769,809) 5,000,000,000 Japanese Yen .................... 6/22/10 (52,189,236) 415,000,000 Mexican Peso .................... 10/19/09 (31,009,625) 400,000,000 Mexican Peso .................... 10/28/09 (29,849,898) 500,000,000 Mexican Peso .................... 1/15/10 (36,896,130) 230,000,000 Mexican Peso .................... 2/5/10 (16,924,037) 200,000,000 Mexican Peso .................... 5/4/10 (14,543,538) 330,000,000 Mexican Peso .................... 5/25/10 (23,929,703) 240,000,000 Mexican Peso .................... 5/27/10 (17,398,784) 240,000,000 Norwegian Krone ................. 10/13/09 (37,188,350) 45,000,000 Singapore Dollar ................ 11/19/09 (31,075,202) 23,000,000 Singapore Dollar ................ 6/10/10 (15,879,361) 22,000,000,000 South Korean Won ................ 2/5/10 (17,379,016) 30,000,000,000 South Korean Won ................ 3/30/10 (23,712,447) 41,350,000,000 South Korean Won ................ 5/4/10 (32,696,219) 25,000,000,000 South Korean Won ................ 5/25/10 (19,772,528) 40,000,000,000 South Korean Won ................ 6/29/10 (31,648,435) 25,000,000 Swiss Franc ..................... 7/20/09 (22,993,157) 20,000,000 Swiss Franc ..................... 7/27/09 (18,396,125) 40,000,000 Swiss Franc ..................... 8/4/09 (36,795,820) 90,000,000 Swiss Franc ..................... 8/12/09 (82,798,516) 26,000,000 Swiss Franc ..................... 8/25/09 (23,923,291) 36,000,000 Swiss Franc ..................... 9/10/09 (33,131,629) 35,000,000 Swiss Franc ..................... 9/18/09 (32,214,864) 67,000,000 Swiss Franc ..................... 9/30/09 (61,679,138) 70,000,000 Swiss Franc ..................... 10/6/09 (64,447,690) 40,000,000 Swiss Franc ..................... 10/9/09 (36,829,194) 40,000,000 Swiss Franc ..................... 10/13/09 (36,831,785) 25,000,000 Swiss Franc ..................... 5/4/10 (23,125,725) 20,000,000 Swiss Franc ..................... 5/14/10 (18,505,304) --------------- TOTAL (Contract Amount $2,707,496,723) ........... $(2,718,636,161) ===============
SEE NOTES TO PORTFOLIO OF INVESTMENTS 4 (MAP) TWEEDY, BROWNE VALUE FUND PORTFOLIO OF INVESTMENTS June 30, 2009 (Unaudited)
VALUE SHARES (NOTE 1) - ------------ --------------- COMMON STOCKS--90.9% FRANCE--5.8% 99,100 CNP Assurances ................................ $ 9,459,773 195,100 Total SA ...................................... 10,530,266 --------------- 19,990,039 --------------- GERMANY--11.1% 282,000 Henkel AG & Company, KGaA ..................... 7,598,423 94,000 Krones AG ..................................... 3,577,047 136,458 Linde AG ...................................... 11,183,607 78,360 Muenchener Rueckversicherungs-Gesellschaft AG ......... 10,572,346 50,600 Springer (Axel) Verlag AG ..................... 5,003,647 --------------- 37,935,070 --------------- ITALY--1.3% 635,000 Mediaset SPA .................................. 3,556,032 264,000 Mondadori (Arnoldo) Editore SPA + ............. 1,019,244 --------------- 4,575,276 --------------- JAPAN--2.1% 148,100 Canon Inc. .................................... 4,850,453 87,000 Honda Motor Company Ltd. ...................... 2,398,508 --------------- 7,248,961 --------------- MEXICO--0.3% 565,000 Grupo Continental SA .......................... 984,549 --------------- NETHERLANDS--6.6% 491,000 Heineken Holding NV ........................... 15,592,112 297,691 Unilever NV, ADR .............................. 7,198,168 --------------- 22,790,280 --------------- SOUTH KOREA--3.0% 607,400 Korea Exchange Bank ........................... 4,729,705 367,000 SK Telecom Company Ltd., ADR .................. 5,560,050 --------------- 10,289,755 --------------- SPAIN--1.8% 665,700 Gestevision Telecinco SA ...................... 6,209,365 --------------- SWITZERLAND--6.1% 375,600 Nestle SA, Registered, Sponsored ADR . ........ 14,130,072 121,500 Novartis AG, Registered ....................... 4,920,105 13,700 Roche Holding AG .............................. 1,860,595 --------------- 20,910,772 --------------- UNITED KINGDOM--6.9% 402,000 Daily Mail & General Trust, Class A ........... 1,880,176 256,000 Diageo PLC, Sponsored ADR ..................... 14,656,000 308,880 Unilever PLC, Sponsored ADR ................... 7,258,680 --------------- 23,794,856 --------------- UNITED STATES--45.9% 94,535 3M Company .................................... 5,681,554 107,002 American National Insurance Company ........... 8,087,211 126,292 Avatar Holdings Inc. + ........................ 2,294,726 97,139 Burlington Northern Santa Fe Corporation ...... 7,143,602 758,590 Comcast Corporation, Special Class A .......... 10,696,119
VALUE SHARES (NOTE 1) - ------------ --------------- UNITED STATES (CONTINUED) 153,905 ConocoPhillips ................................ $ 6,473,244 136,105 Devon Energy Corporation ...................... 7,417,723 202,770 Emerson Electric Company ...................... 6,569,748 236,780 Federated Investors, Inc., Class B ............ 5,704,030 75,560 FinishMaster, Inc. + .......................... 1,212,738 100,804 Henry Schein, Inc. + .......................... 4,833,552 136,018 Home Depot, Inc. .............................. 3,214,105 194,449 Johnson & Johnson ............................. 11,044,703 357,000 Leucadia National Corporation + ............... 7,529,130 52,084 National Western Life Insurance Company, Class A .................................... 6,080,807 98,000 Norfolk Southern Corporation .................. 3,691,660 241,910 Philip Morris International, Inc. ............. 10,552,114 185,088 Rayonier Inc., REIT ........................... 6,727,949 199,032 Transatlantic Holdings, Inc. .................. 8,624,057 259,154 UniFirst Corporation .......................... 9,632,754 159,680 Union Pacific Corporation ..................... 8,312,941 238,000 Wal-Mart Stores, Inc. ......................... 11,528,720 85,235 WellPoint, Inc. + ............................. 4,337,609 --------------- 157,390,796 --------------- TOTAL COMMON STOCKS (COST $251,110,063) ........................... 312,119,719 --------------- REGISTERED INVESTMENT COMPANY--5.3% 18,209,882 Dreyfus Government Prime Cash Management ...... 18,209,882 --------------- TOTAL REGISTERED INVESTMENT COMPANY (COST $18,209,882) ............................ 18,209,882 ---------------
FACE VALUE - ------------ U.S. TREASURY BILL--3.8% $ 13,000,000 0.000% * due 12/17/09 ++ ............. 12,979,863 --------------- TOTAL U.S. TREASURY BILL (COST $12,979,281) ................... 12,979,863 --------------- TOTAL INVESTMENTS (COST $282,299,226**) ............................ 100.0% 343,309,464 UNREALIZED APPRECIATION ON FORWARD CONTRACTS (NET) .......................... 0.0+++ 171,286 OTHER ASSETS AND LIABILITIES (NET) .................. 0.0+++ (227,245) ----- --------------- NET ASSETS .......................................... 100.0% $ 343,253,505 ===== ===============
- ---------- * RATE REPRESENTS ANNUALIZED YIELD AT DATE OF PURCHASE. ** AGGREGATE COST FOR FEDERAL TAX PURPOSES IS $282,299,226. + NON-INCOME PRODUCING SECURITY. ++ AT JUNE 30, 2009, LIQUID ASSETS TOTALLING $3,993,804 HAVE BEEN SEGREGATED TO COVER CERTAIN OPEN FORWARD CONTRACTS. +++ AMOUNT REPRESENTS LESS THAN 0.1% OF NET ASSETS. ABBREVIATIONS: ADR -- AMERICAN DEPOSITORY RECEIPT REIT -- REAL ESTATE INVESTMENT TRUST SEE NOTES TO PORTFOLIO OF INVESTMENTS 5 (MAP) TWEEDY, BROWNE VALUE FUND SECTOR DIVERSIFICATION June 30, 2009 (Unaudited)
PERCENTAGE OF VALUE SECTOR DIVERSIFICATION NET ASSETS (NOTE 1) - ---------------------- ---------- ------------ COMMON STOCKS: Insurance ........................................ 12.5% $ 42,824,194 Beverage ......................................... 9.1 31,232,661 Food ............................................. 8.3 28,586,920 Media ............................................ 8.3 28,364,583 Energy ........................................... 7.1 24,421,233 Transportation ................................... 5.5 19,148,203 Pharmaceuticals, Biotechnology & Life Sciences ... 5.2 17,825,403 Capital Goods .................................... 4.6 15,828,349 Diversified Financials ........................... 3.9 13,233,160 Food & Staples Retailing ......................... 3.4 11,528,720 Materials ........................................ 3.3 11,183,607 Tobacco .......................................... 3.1 10,552,114 Consumer Durables & Apparel ...................... 2.8 9,632,754 Health Care Equipment & Services ................. 2.7 9,171,161 Real Estate ...................................... 2.6 9,022,675 Household & Personal Products .................... 2.2 7,598,423 Telecommunication Services ....................... 1.6 5,560,050 Technology Hardware & Equipment .................. 1.4 4,850,453 Banks ............................................ 1.4 4,729,705 Automobiles & Components ......................... 1.0 3,611,246 Retailing ........................................ 0.9 3,214,105 ----- ------------ TOTAL COMMON STOCKS .............................. 90.9 312,119,719 ----- ------------ REGISTERED INVESTMENT COMPANY .................... 5.3 18,209,882 U.S. TREASURY BILL ............................... 3.8 12,979,863 UNREALIZED APPRECIATION ON FORWARD CONTRACTS (NET) ......................................... 0.0+ 171,286 OTHER ASSETS AND LIABILITIES (NET) ............... 0.0+ (227,245) ----- ------------ NET ASSETS ....................................... 100.0% $343,253,505 ===== ============
- ---------- + AMOUNT REPRESENTS LESS THAN 0.1% OF NET ASSETS PORTFOLIO COMPOSITION June 30, 2009 (Unaudited) (PIE CHART) Cash Equivalents and Other Assets and Liabilities (Net) ++ 9% United States 46% United Kingdom 7% Switzerland 6% Spain 2% South Korea 3% Netherlands 7% Japan 2% Italy 1% Germany 11% France 6%
Mexico-0%+ + Amount represents less than 1% of net assets ++ Includes Unrealized Depreciation on Forward Contracts (Net) SEE NOTES TO PORTFOLIO OF INVESTMENTS 6 (MAP) TWEEDY, BROWNE VALUE FUND SCHEDULE OF FORWARD EXCHANGE CONTRACTS June 30, 2009 (Unaudited)
CONTRACT MARKET VALUE CONTRACTS VALUE DATE (NOTE 1) - --------- ---------- -------------- FORWARD EXCHANGE CONTRACTS TO BUY 3,800,000 European Union Euro ............. 7/20/09 $ 5,330,141 5,000,000 European Union Euro ............. 8/25/09 7,012,898 5,500,000 Swiss Franc ..................... 7/27/09 5,058,934 -------------- TOTAL (Contract Amount $16,698,598) .............. $ 17,401,973 ============== FORWARD EXCHANGE CONTRACTS TO SELL 7,500,000 European Union Euro ............. 7/20/09 $ (10,520,016) 9,000,000 European Union Euro ............. 7/27/09 (12,624,106) 5,000,000 European Union Euro ............. 8/25/09 (7,012,898) 11,500,000 European Union Euro ............. 11/19/09 (16,126,273) 16,000,000 European Union Euro ............. 2/5/10 (22,438,504) 9,000,000 European Union Euro ............. 5/4/10 (12,625,554) 5,500,000 European Union Euro ............. 5/14/10 (7,715,887) 4,000,000 Great Britain Pound Sterling .... 7/27/09 (6,587,250) 950,000 Great Britain Pound Sterling .... 8/25/09 (1,564,389) 1,500,000 Great Britain Pound Sterling .... 11/19/09 (2,469,510) 1,750,000 Great Britain Pound Sterling .... 5/18/10 (2,879,303) 220,000,000 Japanese Yen .................... 2/5/10 (2,288,481) 815,000,000 South Korean Won ................ 8/31/09 (641,747) 4,250,000,000 South Korean Won ................ 2/5/10 (3,357,310) 7,300,000,000 South Korean Won ................ 5/4/10 (5,772,247) 10,000,000 Swiss Franc ..................... 7/27/09 (9,198,062) 2,000,000 Swiss Franc ..................... 8/25/09 (1,840,253) 2,000,000 Swiss Franc ..................... 8/31/09 (1,840,392) 4,000,000 Swiss Franc ..................... 10/13/09 (3,683,178) -------------- TOTAL (Contract Amount $130,653,271) ............. $ (131,185,360) ==============
SEE NOTES TO PORTFOLIO OF INVESTMENTS 7 (MAP) TWEEDY, BROWNE WORLDWIDE HIGH DIVIDEND YIELD VALUE FUND PORTFOLIO OF INVESTMENTS June 30, 2009 (Unaudited)
VALUE SHARES (NOTE 1) - ------------ --------------- COMMON STOCKS--86.9% CANADA--2.0% 56,100 IGM Financial, Inc. ........................... $ 1,987,786 --------------- FINLAND--2.3% 74,500 Kone Oyj, Class B ............................. 2,281,167 --------------- FRANCE--7.1% 43,100 CNP Assurances ................................ 4,114,190 56,000 Total SA ...................................... 3,022,526 --------------- 7,136,716 --------------- GERMANY--3.3% 24,500 Muenchener Rueckversicherungs-Gesellschaft AG ......... 3,305,545 --------------- ITALY--4.5% 133,905 Eni SPA ....................................... 3,164,781 246,275 Mediaset SPA .................................. 1,379,152 --------------- 4,543,933 --------------- MEXICO--5.3% 1,235,000 Embotelladoras Arca SA de CV .................. 2,906,930 653,600 Kimberly-Clark de Mexico SA de CV, Class A .................................... 2,493,757 --------------- 5,400,687 --------------- NETHERLANDS--8.4% 47,880 Akzo Nobel NV ................................. 2,106,091 92,820 Heineken NV ................................... 3,442,310 122,400 Unilever NV, CVA .............................. 2,946,946 --------------- 8,495,347 --------------- SOUTH KOREA--3.3% 305,300 Korea Exchange Bank ........................... 2,377,312 65,900 SK Telecom Company Ltd., ADR .................. 998,385 --------------- 3,375,697 --------------- SPAIN--2.5% 111,700 Telefonica SA ................................. 2,525,604 --------------- SWITZERLAND--3.2% 79,325 Novartis AG, Registered ....................... 3,212,241 --------------- UNITED KINGDOM--12.7% 231,230 BP PLC ........................................ 1,819,468 227,000 Daily Mail & General Trust, Class A ........... 1,061,691 228,700 Diageo PLC, Sponsored ADR ..................... 3,282,371 209,097 GlaxoSmithKline PLC ........................... 3,679,395 293,700 Pearson PLC ................................... 2,948,029 --------------- 12,790,954 --------------- UNITED STATES--32.3% 52,670 3M Company .................................... 3,165,467 55,565 Altria Group, Inc. ............................ 910,710 115,800 AT&T, Inc. .................................... 2,876,472 60,460 Coca-Cola Company/The ......................... 2,901,475
VALUE SHARES (NOTE 1) - ------------ --------------- UNITED STATES (CONTINUED) 67,215 ConocoPhillips ................................ $ 2,827,063 88,880 Emerson Electric Company ...................... 2,879,712 76,600 Federated Investors, Inc., Class B ............ 1,845,294 85,275 Genuine Parts Company ......................... 2,861,829 85,945 Home Depot, Inc. .............................. 2,030,880 53,520 Johnson & Johnson ............................. 3,039,936 51,625 Norfolk Southern Corporation .................. 1,944,714 81,745 Philip Morris International, Inc. ............. 3,565,717 45,190 Reynolds American, Inc. ....................... 1,745,238 --------------- 32,594,507 --------------- TOTAL COMMON STOCKS (COST $94,976,192) ............................ 87,650,184 --------------- REGISTERED INVESTMENT COMPANY--4.4% 4,440,780 Dreyfus Government Prime Cash Management ...... 4,440,780 --------------- TOTAL REGISTERED INVESTMENT COMPANY (COST $4,440,780) ............................. 4,440,780 ---------------
FACE VALUE - ------------ TREASURY BILLS--8.4% GERMANY--6.9% (E)5,000,000 0.000% * due 7/15/09 ................. 7,011,742 --------------- UNITED STATES--1.5% $ 1,500,000 0.000% * due 12/17/09 ................ 1,497,677 --------------- TOTAL TREASURY BILLS (COST $8,122,249) .................... 8,509,419 --------------- TOTAL INVESTMENTS (COST $107,539,221**) ............................ 99.7% 100,600,383 OTHER ASSETS AND LIABILITIES (NET) .................. 0.3 307,033 ----- --------------- NET ASSETS .......................................... 100.0% $ 100,907,416 ===== ===============
- ---------- * RATE REPRESENTS ANNUALIZED YIELD AT DATE OF PURCHASE. ** AGGREGATE COST FOR FEDERAL TAX PURPOSES IS $107,539,221. ABBREVIATIONS: ADR -- AMERICAN DEPOSITORY RECEIPT CVA -- CERTIFICAATEN VAN AANDELEN (SHARE CERTIFICATES) SEE NOTES TO PORTFOLIO OF INVESTMENTS 8 (MAP) TWEEDY, BROWNE WORLDWIDE HIGH DIVIDEND YIELD VALUE FUND SECTOR DIVERSIFICATION June 30, 2009 (Unaudited)
PERCENTAGE OF VALUE SECTOR DIVERSIFICATION NET ASSETS (NOTE 1) - ---------------------- ---------- ------------ COMMON STOCKS: Beverage ......................................... 12.5% $ 12,533,086 Energy ........................................... 10.7 10,833,838 Pharmaceuticals, Biotechnology & Life Sciences ... 9.8 9,931,572 Capital Goods .................................... 8.3 8,326,346 Insurance ........................................ 7.4 7,419,735 Telecommunication Services ....................... 6.3 6,400,461 Tobacco .......................................... 6.2 6,221,665 Media ............................................ 5.3 5,388,872 Retailing ........................................ 4.8 4,892,709 Diversified Financials ........................... 3.8 3,833,080 Food ............................................. 2.9 2,946,946 Household & Personal Products .................... 2.5 2,493,757 Banks ............................................ 2.4 2,377,312 Materials ........................................ 2.1 2,106,091 Transportation ................................... 1.9 1,944,714 ----- ------------ TOTAL COMMON STOCKS .............................. 86.9 87,650,184 ----- ------------ REGISTERED INVESTMENT COMPANY .................... 4.4 4,440,780 TREASURY BILLS ................................... 8.4 8,509,419 OTHER ASSETS AND LIABILITIES (NET) ............... 0.3 307,033 ----- ------------ NET ASSETS ....................................... 100.0% $100,907,416 ===== ============
PORTFOLIO COMPOSITION June 30, 2009 (Unaudited) (PIE CHART) Cash Equivalents and Other Assets and Liabilities (Net) 13% United States 32% United Kingdom 13% Switzerland 3% Spain 3% South Korea 3% Netherlands 9% Mexico 5% Italy 5% Germany 3% France 7% Finland 2% Canada 2%
SEE NOTES TO PORTFOLIO OF INVESTMENTS 9 TWEEDY, BROWNE FUND INC. NOTES TO PORTFOLIO HOLDINGS (UNAUDITED) 1. VALUATION AND INVESTMENT PRACTICES PORTFOLIO VALUATION Generally, the Funds' investments are valued at market value or at fair value as determined by, or under the direction of, the Company's Board of Directors. 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 sale price prior to the close of regular trading on the principal exchange or system for such security or asset or, if applicable, the NASDAQ Official Closing Price ("NOCP"). Portfolio securities and other assets, which 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. 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, will be valued at fair value as determined by the Investment Adviser under the direction of the Board of Directors. Securities and other assets for which the most recent market quotations may not be reliable (including because the last sales price does not reflect current market value at the time of valuing the Funds' asset due to developments since such last price) may be valued at fair value if the Investment Adviser concluded that fair valuation will likely result in a more accurate net asset valuation. Debt securities purchased with a remaining maturity of more than 60 days are valued through pricing obtained by pricing services approved by the Funds' Board of Directors. Debt securities purchased with a remaining maturity of 60 days or less are valued at amortized cost, which approximates market value, or by reference to other factors (i.e., pricing services or dealer quotations) by the Investment Adviser. Financial Accounting Standards No. 157, Fair Value Measurement ("FAS 157") clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. The three levels of the fair value hierarchy under FAS 157 are described 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, prepayment speeds, credit risk, etc.) - Level 3 - significant unobservable inputs (including the 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. A summary of the inputs used to value the Funds' assets carried at fair value as of June 30, 2009 is as follows:
GLOBAL VALUE FUND ------------------------------------------------------------- LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE JUNE 30, 2009 PRICE INPUT INPUT -------------- -------------- ------------ ------------ Investments in Securities: Equity Securities Common Stocks Canada $ 76,050,372 $ 76,050,372 $ -- $ -- Czech Republic 954,207 954,207 -- -- Finland 185,447,949 185,447,949 -- -- France 261,718,368 261,718,368 -- -- Germany 460,715,109 460,715,109 -- -- Greece 9,911,376 9,911,376 -- -- Hong Kong 70,201,884 70,201,884 -- -- Ireland 93,527 -- -- 93,527 Italy 98,149,197 98,149,197 -- -- Japan 234,039,967 229,627,882 4,412,085 -- Mexico 164,012,593 164,012,593 -- -- Netherlands 498,539,333 498,539,333 -- -- Norway 22,527,623 22,527,623 -- -- Singapore 89,919,573 -- 89,919,573 -- South Korea 155,213,348 155,213,348 -- -- Spain 79,720,492 79,720,492 -- -- Sweden 211,804 211,804 -- -- Switzerland 432,395,313 412,216,841 20,178,472 -- United Kingdom 270,962,162 264,574,086 6,382,024 6,052 United States 192,850,650 192,850,650 -- --
10 TWEEDY, BROWNE FUND INC. NOTES TO PORTFOLIO HOLDINGS (UNAUDITED)
GLOBAL VALUE FUND (CONTINUED) ------------------------------------------------------------- LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE JUNE 30, 2009 PRICE INPUT INPUT -------------- -------------- ------------ ------------ Preferred Stocks $ 17,245,104 $ 17,245,104 $ -- $ -- Registered Investment Company 188,380,270 188,380,270 -- -- Rights 3,262,617 3,262,617 -- -- U.S. Treasury Bill 114,913,980 -- 114,913,980 -- Other Financial Instruments: Asset Unrealized appreciation of forward exchange contracts 52,466,406 -- 52,466,406 -- Liability Unrealized depreciation of forward exchange contracts (60,388,379) -- (60,388,379) -- -------------- -------------- ------------ ------- TOTAL $3,619,514,845 $3,391,531,105 $227,884,161 $99,579 ============== ============== ============ =======
VALUE FUND --------------------------------------------------------- LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE JUNE 30, 2009 PRICE INPUT INPUT ------------- ------------ ----------- ------------ Investments in Securities: Equity Securities Common Stocks France $ 19,990,039 $ 19,990,039 $ -- $-- Germany 37,935,070 37,935,070 -- -- Italy 4,575,276 4,575,276 -- -- Japan 7,248,961 7,248,961 -- -- Mexico 984,549 984,549 -- -- Netherlands 22,790,280 22,790,280 -- -- South Korea 10,289,755 10,289,755 -- -- Spain 6,209,365 6,209,365 -- -- Switzerland 20,910,772 20,910,772 -- -- United Kingdom 23,794,856 23,794,856 -- -- United States 157,390,796 156,178,058 1,212,738 -- Registered Investment Company 18,209,882 18,209,882 -- -- U.S. Treasury Bill 12,979,863 -- 12,979,863 -- Other Financial Instruments: Asset Unrealized appreciation of forward exchange contracts 5,764,481 -- 5,764,481 -- Liability Unrealized depreciation of forward exchange contracts (5,593,195) -- (5,593,195) -- ------------ ------------ ----------- --- TOTAL $343,480,750 $329,116,863 $14,363,887 $ 0 ============ ============ =========== ===
11 TWEEDY, BROWNE FUND INC. NOTES TO PORTFOLIO HOLDINGS (UNAUDITED)
WORLDWIDE HIGH DIVIDEND YIELD VALUE FUND ------------------------------------------------------- LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE JUNE 30, 2009 PRICE INPUT INPUT ------------- ----------- ---------- ------------ Investments in Securities: Equity Securities Common Stocks Canada $ 1,987,786 $ 1,987,786 $ -- $-- Finland 2,281,167 2,281,167 -- -- France 7,136,716 7,136,716 -- -- Germany 3,305,545 3,305,545 -- -- Italy 4,543,933 4,543,933 -- -- Mexico 5,400,687 5,400,687 -- -- Netherlands 8,495,347 8,495,347 -- -- South Korea 3,375,697 3,375,697 -- -- Spain 2,525,604 2,525,604 -- -- Switzerland 3,212,241 3,212,241 -- -- United Kingdom 12,790,954 12,790,954 -- -- United States 32,594,507 32,594,507 -- -- Registered Investment Company 4,440,780 4,440,780 -- -- Treasury Bills Germany 7,011,742 -- 7,011,742 -- United States 1,497,677 -- 1,497,677 -- ------------ ----------- ---------- --- TOTAL $100,600,383 $92,090,964 $8,509,419 $ 0 ============ =========== ========== ===
The following is a reconciliation of the Global Value Fund's Level 3 investments for which significant unobservable inputs were used to determine fair value.
EQUITY SECURITIES ----------------- UNITED TOTAL IRELAND KINGDOM ------- ------- ------- Balance as of March 31, 2009 $93,798 $88,530 $5,268 Accrued discounts/premiums -- -- -- Realized gain (loss) -- -- -- Change in unrealized appreciation (depreciation) 5,781 4,997 784 Net purchases (sales) -- -- -- Transfer in and/or out of Level 3 -- -- -- ------- ------- ------ Balance as of June 30, 2009 $99,579 $93,527 $6,052 ======= ======= ======
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 which result from changes in foreign currency exchange rates have been included in the unrealized appreciation (depreciation) of 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 the Funds 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 The Global Value Fund and Value Fund may enter into forward exchange contracts for non-trading 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 the Fund as an unrealized gain or loss. When the contract is closed, the 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. 12 TWEEDY, BROWNE FUND INC. NOTES TO PORTFOLIO HOLDINGS (UNAUDITED) The use of forward exchange contracts does not eliminate fluctuations in the underlying prices of the Funds' 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 currency increase. In addition, the Fund 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. 2. UNREALIZED APPRECIATION/(DEPRECIATION) At June 30, 2009, the aggregate gross unrealized appreciation for all securities, in which there was an excess of value over tax cost on the Global Value Fund, Value Fund and Worldwide High Dividend Yield Value Fund, was $1,083,943,683, $75,355,259 and $4,788,464, repectively. The aggregate gross unrealized depreciation for all securities, in which there was an excess of tax cost over value for the Global Value Fund, Value Fund and Worldwide High Dividend Yield Value Fund, was $316,624,325, $14,345,021 and $11,727,302, respectively. 13 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 August 28, 2009 ---------------------------------------------------------------------------- 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 August 28, 2009 ---------------------------------------------------------------------------- By (Signature and Title)* /S/ ROBERT Q. WYCKOFF, JR. ------------------------------------------------------- Robert Q. Wyckoff, Jr., Treasurer (principal financial officer) Date August 28, 2009 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 n302.txt 302 CERT CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, Thomas H. Shrager, certify that: 1. I have reviewed this report on Form N-Q of Tweedy, Browne Fund Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: August 28, 2009 /S/ THOMAS H. SHRAGER -------------------------- --------------------------------- Thomas H. Shrager, President (principal executive officer) CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, Robert Q. Wyckoff, Jr., certify that: 1. I have reviewed this report on Form N-Q of Tweedy, Browne Fund Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: August 28, 2009 /S/ ROBERT Q. WYCKOFF, JR. ------------------------- --------------------------------- Robert Q. Wyckoff, Jr., Treasurer (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----