Annual Report 2007

This booklet consists of two separate documents:
INVESTMENT ADVISER’S LETTER

TO SHAREHOLDERS
----------------------------------------------------------------------------------------------------
ANNUAL REPORT
Tweedy, Browne Global Value Fund

Tweedy, Browne Value Fund
MARCH 31, 2007

TWEEDY, BROWNE FUND INC.
Investment Adviser’s Letter to Shareholders . . . . . . . . . . . . . . . . . . . 2
Annual Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Investment Adviser’s Note . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Expense Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Portfolio Highlights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Perspective on Assessing Investment Results. . . . . . . . . . . . . . . . 31
Portfolio of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Sector Diversification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Portfolio Composition. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Schedule of Forward Exchange Contracts . . . . . . . . . . . . . . . . . . 41
Statement of Assets and Liabilities. . . . . . . . . . . . . . . . . . . . . . . . 46
Statement of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
Statements of Changes in Net Assets. . . . . . . . . . . . . . . . . . . . . . 48
Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
Investment in the Fund by the Investment Adviser
and Related Parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
Report of PricewaterhouseCoopers LLP, Independent Registered
Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
Other Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

Expense Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64
Portfolio Highlights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66
Perspective on Assessing Investment Results. . . . . . . . . . . . . . . . 67
Portfolio of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
Portfolio Composition. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
Schedule of Forward Exchange Contracts . . . . . . . . . . . . . . . . . . 73
Statement of Assets and Liabilities. . . . . . . . . . . . . . . . . . . . . . . . 74
Statement of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
Statements of Changes in Net Assets. . . . . . . . . . . . . . . . . . . . . . 76
Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . 78
Investment in the Fund by the Investment Adviser
and Related Parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
Report of PricewaterhouseCoopers LLP, Independent Registered
Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86
Other Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87

INVESTMENT ADVISER’S LETTER

TO SHAREHOLDERS
MARCH 31, 2007
1
Investment Adviser’s Letter
Left to right: Will Browne, Bob Wyckoff, Chris Browne, Tom Shrager and John Spears.
To Our Shareholders:
We are pleased to present the Investment Adviser’s Letter to
Shareholders for the Tweedy, Browne Global Value Fund and the Tweedy,
Browne Value Fund for the year ended March 31, 2007. This letter is separate
from each Fund’s Annual Report to Shareholders, which accompany this
letter and which we also urge you to read. Investment results* for the past six
months and the last one, three, five and ten years, and results since inception
of each Fund are presented in the tables below:
MSCI EAFE MSCI EAFE
Period Ended Tweedy, Browne Index(1)(2) Index(1)(2)
3/31/07 Global Value Fund Hedged US $
6 Months 12.96% 11.77% 14.85%
1 Year 16.01 13.73 20.20
3 Years 16.98 20.06 19.83
5 Years 12.31 8.84 15.78
10 Years 12.57 7.90 8.31
Since Inception (6/15/93)(3) 13.31 8.45 8.11
Total Annual Fund Operating Expense Ratio as of 3/31/06 was 1.38% and as of 3/31/07 was 1.37%†
2
Period Ended Tweedy, Browne S&P
3/31/07 Value Fund 500(1)(4)
6 Months 5.13% 7.38%
1 Year 10.76 11.83
3 Years 7.42 10.06
5 Years 5.24 6.25
10 Years 8.55 8.20
Since Inception (12/8/93)(3) 10.73 10.71
* The preceding performance data represents past performance and is not a

guarantee of future results. Total return and principal value of an investment will
fluctuate so that an investor’s shares, when redeemed, may be worth more or less
than their original cost. The returns shown do not reflect the deduction of taxes
that a shareholder would pay on Fund distributions or the redemption of Fund
shares. Current performance may be lower or higher than the performance data
shown. Please visit www.tweedy.com to obtain performance data, which is
current to the most recent month end. See page 17 for footnotes 1 through 4,
which describe the indices and inception dates of the Funds. Results are annualized
for all periods greater than one year.
† The Funds do not impose any front-end or deferred sales charge. However, the
Global Value Fund imposes a 2% redemption fee on redemption proceeds for
redemptions or exchanges made within 60 days of purchase.
Were there any consequences for financial pundits making bad

predictions, their careers would have been in jeopardy over the last year.
Fortunately for them, there do not seem to be any such consequences. The
broad stock market indexes around the world in general got off to a pretty ho-
hum start, rising in the low single digits in the month of April. Come May,
all the major indexes fell, some more than others. The declines in May might
be better described as a hiccup rather than a crash, but this did not prevent
most stock market pundits from predicting that the bull market, which began
in 2002, was over and warning investors to raise cash and head for the hills.
Conventional wisdom held that stocks were not cheap, a point of view with
which we cannot take exception. However, while stocks were not cheap, they
were also not dear.
One market commentary in the May 21/22, 2006 weekend edition of The
Financial Times by contributing editor Tony Jackson carried the title, “Echoes
of the Late Eighties Crash Persist in the Markets.” In the July 16/17 weekend
edition of The Financial Times, the headline read, “Wall Street Faces Rough
Ride in the Second Half.” By the time the second article appeared, the
3
resumption of the bull market was well underway. And this is but a small
sample of the volumes of advice investors have been and continue to be
subjected to on a daily basis.
So how did the markets do over the last year, and more importantly, how
did our Funds perform? With the exception of the NASDAQ Composite
Index5, most broad market indices began to rise in June, resulting in a sort of
stealth bull market until February of this year when global equity markets
faced another brief comeuppance when the Chinese government expressed
concern over increasing speculation in their equity market. After several
weeks of choppy trading in February and early March, which saw many
markets correct by as much as 5% or more, the markets regained their footing
to end the March quarter at or above where they started off the new calendar
year. Again, with the exception of the NASDAQ Composite Index, broader
global indices over the last year produced results ranging from the low ‘teens
(the S&P 500 was up 11.83%) to a little over 20% (MSCI EAFE in U.S.
dollars (Unhedged) was up 20.20%). The relative weakness of the U.S. dollar
enhanced the results of the MSCI EAFE Index in U.S. dollars. However, the
return for the MSCI EAFE Index (Hedged to U.S. dollars) was still a more
than acceptable 13.73%. And most of these gains were achieved in the
second half of the year. At the end of September, the S&P 500 was up just a
little over 4%, and the MSCI EAFE Index in U.S. dollars was up 4.65%, while
the MSCI EAFE Index Hedged was up only 1.75%. In comparison, the
Tweedy, Browne Global Value Fund was up 2.70% for the first six months
ending September 30, 2006, and closed the fiscal year up 16.01%. The
Tweedy, Browne Value Fund was up 5.36% for the first six months ending
September 30, 2006, and finished the fiscal year up 10.76%.
For the last several years, it seems that the world has been awash in a sea
of liquidity caused at least in part by an abundance of low cost credit. This
unprecedented level of free-flowing cash has stimulated demand for virtually
all financial asset classes – from traditional equities to emerging market debt
to hedge funds and private equity. The result has been an across the board rise
in financial asset prices and valuations, and an extraordinary decline in equity
market volatility. The advance in public equity markets has been driven by
exceptional returns in smaller and medium capitalization issues, and has been
most pronounced in non-U.S. equity markets, particularly the emerging
markets, although a significant portion of the non-U.S. equity markets’ gain
was attributable to the strength of foreign currencies against the U.S. dollar.
For example, the MSCI World Small Cap Index, which is an unmanaged
capitalization-weighted index of companies that attempts to represent the
business activities of small cap companies across developed markets, was up
over 189% cumulatively in U.S. dollars over the last four years, for a
4
compound annualized return of over 30%. The MSCI “BRIC” Index, which
is a composite index of equities in Brazil, Russia, India and China, was up
approximately 409% cumulatively over the same period when measured in
U.S. dollars, or roughly 50% annualized. While the returns for the S&P 500
and the MSCI EAFE Index (in U.S. dollars) were not as robust, they still
compounded at annualized rates of return of approximately 16% and 28%,
respectively.
These spectacular returns have also been accompanied by unprecedented
declines in equity market volatility. At calendar year-end, it was reported in
The Wall Street Journal that in over 912 trading days the Dow Jones Industrial
Average6 had not experienced as much as a 2% daily decline, the longest
stretch of its kind in the index’s history. The Chicago Board of Options
implied volatility index, better known as the VIX, which is based on the
pricing of S&P 500 put and call options, was near its lowest level in 10 years
in January. The market’s advance has engendered a somewhat worrisome
degree of confidence and complacency among investors, who have shrugged
off Federal Reserve tightening, large increases in commodity prices, a
declining dollar, the bursting of the housing bubble, and increasing
geopolitical turmoil to take on increasing risk with lower expected returns.
Risk premiums on the riskiest of financial assets have shrunk dramatically. For
example, in late March, the roughly 300 basis point spread between the yield
on junk bonds and virtually risk-free U.S. Treasuries was near its lowest point
in 10 years. Just four to five years ago, the spread was in excess of 1,000 basis
points. To date, this willingness to take on increased risk for marginally better
expected returns has paid off, with the riskiest asset categories producing the
best returns, as evidenced by the record-shattering returns of the “BRIC”
countries; i.e., Brazil, Russia, India and China. Last year, each of these
emerging markets hit all-time highs.
While our Funds have participated strongly in this aggressive advance,
our relative results are significantly better if you include the down markets
which occurred early on in this equity market cycle; i.e., 2000, 2001 and 2002.
The Tweedy, Browne Global Value Fund has compounded at a little over 24%
per year net of fees over the last four fiscal years ending March 31, 2007,
beating the MSCI EAFE Index Hedged to U.S. dollars by a modest 2 basis
points per year. (Please refer to the Funds’ standardized performance set forth
in the tables at the beginning of this letter.) However, if one takes into
consideration the full market cycle, which extends back to the bursting of the
technology bubble in March 2000, our Global Value Fund produced a
compound annualized return of 10.08%, which was 729 basis points better
than the 2.79% return of the hedged MSCI EAFE Hedged Index, and 503
basis points better than the 5.05% return of the MSCI EAFE Unhedged
5
Index. In fact, our Global Value Fund has outperformed our benchmark index
in six out of the last seven calendar years.7 While the period since March 2000
has indeed been a good one for both of our Funds, we would caution our
shareholders that there have been, and there will certainly be, times when our
Funds underperform their respective benchmarks.
The same analysis holds true for our Value Fund, even though its results
have not been as robust as the results for our Global Value Fund. That is not
surprising, given that U.S. equity market results have not been nearly as strong
as international markets over the last four years. The Tweedy, Browne Value
Fund has compounded at an annualized rate of 13.12% over the last four fiscal
years. However, if the down markets are included, which occurred in the early
part of the cycle, a different story unfolds. Since the bursting of the
technology bubble in March 2000, the Value Fund has compounded at
approximately 6.49% per year versus a compound return of 0.89% for the S&P
500, or 560 basis points better than the Index.7
While it would be nice to beat the benchmark indices every year, that
may be an illusory goal given that specific market sectors can produce the
largest part of the gain in any given year. Keeping up with the broader indices
in the good years is not so bad. We believe that out-performance in the bad
years is what often results in superior long-term performance. It has been in
difficult market periods that we have generally produced our best relative
results.
In our view, perhaps of greater importance, these results have been
achieved while accepting a modest and manageable level of risk. Finding
attractively priced securities over the last several years has been more difficult,
and as we sold stocks that were hitting our targets, deeply undervalued
replacements were hard to come by. Our double digit cash reserve position
during much of this period, which led to a closing of our Funds to new
subscriptions, lowered our risk but was obviously a drag on returns. While our
cash reserves came down a bit in 2006, the market’s continued advance,
coupled with low volatility, has made bargain hunting a rather arduous
process.
In contrast to some of our competitors on the international side, who may
have loaded their portfolios with emerging market stocks, we have had very
modest exposure to these securities. To date, both of our Funds have had less
than 10% of their assets invested in the emerging markets, and these
investments have been in the more developed of those markets such as South
Korea, Croatia and Mexico. Moreover, in our view, South Korea may be
miscategorized as a developing market given its highly industrialized economy
and high standard of living. We have not invested directly in stocks in Brazil,
6
Russia, India or China although we have researched several companies in
Brazil and India. Even though we chose not to invest in those particular
companies, we are continuing to research other companies in both of those
countries. As we have said in the past, in order to invest, we need a stable
political environment, a legal system and regulatory structure that will allow
us to enforce our property rights if need be, reliable financial data and
reporting regimes so that we can adequately appraise businesses, the
availability of undervalued equities, and a forward currency market. If we have
all of that, we will not hesitate to commit capital. This effectively keeps us
out of the dicier and more speculative emerging markets, but allows us to
participate in those that are more developed.
As we alluded to earlier in this letter, the Shanghai Stock Exchange
Index, a measure of Chinese equity market returns, dropped nearly 9% in a
single day in February after it was rumored that the Chinese government
might constrain margin lending in an effort to curb speculative excesses in
their stock market. By way of background, prior to this sharp decline, the
Shanghai Index had increased 13.7% since the beginning of this calendar year
on top of a 136% return in 2006. Notwithstanding these increases, the recent
decline was enough to cause a fairly serious ripple throughout the world,
particularly in other emerging markets. In early March, after several nervous
trading days, the Chinese market righted itself and year-to-date through late
April was up over 40%. In an article that appeared the day after the market’s
steep February decline, The New York Times reported that the Chinese stock
market, which is highly volatile, is often referred to by local investors as “dubo
ji,” or the slot machine. A “one-armed bandit” is not at all what Ben Graham
had in mind when he developed his concept of investing with a “margin of
safety.”
In looking back over the past year, if we had been more fully invested, had
greater exposure to smaller cap stocks and the emerging markets, and had been
exposed to the gyrations of foreign currencies,8 we would have had better
returns, but we believe that we would have also dramatically increased the risk
of our Funds’ portfolios. As financial stewards of your capital, we will only
commit your capital – and ours – when we believe we are being adequately
compensated for the risks we are incurring. In those asset categories, we felt
we were not being adequately compensated.
Perhaps one of the clearest signs of investor complacency today is the
increasing popularity of private equity funds. According to the National
Venture Capital Association, the amount of money raised in 2006 by U.S.
private equity funds reached a new high, which was over 4 times the amount
raised in 2002. It is estimated that somewhere in the neighborhood of $300 to
$400 billion dollars has found its way into the coffers of private equity funds
7
over the last several years. When leveraged, as most of these vehicles are, we
are talking about trillions of dollars of buying power. These are investment
partnerships run by some of Wall Street’s best and brightest. Generally, they
raise capital from wealthy individuals and institutions, and then borrow
massive sums of money from banks, hedge funds and other institutional
investors, and use this money to buy both privately and publicly traded
companies. The theory behind this practice, particularly as it relates to the
publicly traded companies, is that in taking these companies private, the
private equity sponsors will free these companies from the short-term thinking
of their public shareholder base, and from risk-constraining regulatory regimes
such as Sarbanes-Oxley, and will be able to “rationalize” these businesses in a
way that will enhance their value over the long term. We sometimes wonder
what qualifies investment bankers to become “change agents” in highly
complex and competitive businesses without prior operating experience. But
far be it from us to question the abilities of these “masters of the universe.” We
do, however, find it somewhat amusing that these same investment bankers
who express disdain for the constraining influence of the public equity markets
are quick to take advantage of these same markets when they bring their
investments public again several years later. The reported investment records
of many of these partnerships in recent years have been quite extraordinary,
but bull markets – fueled by abundant credit and a surge of new investment in
the private equity class – have a way of making a lot of market participants
look smart. The long-term record for these vehicles paints a different picture.
David Swensen, the highly acclaimed manager of Yale’s endowment over
the last 20 plus years and a leading authority on alternative investments,
examined the performance records of private equity funds in his book,
Unconventional Success: A Fundamental Approach to Personal Investment,
and found that on average “… buyout investors incurred greater risk and paid
higher fees to achieve inferior results, which hardly represents a description of
investment success.” The greater risk comes from leverage: private equity
funds are paying full acquisition-market prices to buy businesses in auctions
and negotiated transactions, often borrowing 70% to 80% of the total
purchase price. This is equivalent to buying a $100 stock with $70 to $80 of
borrowed money and only $30 or $20 from your own pocket. A 20% to 30%
decline can wipe you out. Investors in these funds also face significant
liquidity risks because their invested capital is often “locked up” for very long
time periods, and there is no real active market in private partnership
interests.
Mr. Swensen cited a study by Cambridge Associates, a leading
investment consultant to college endowment funds, which examined the
returns of a group of 304 buyout funds for the 20 years ended June 30, 2003.
8
The mean annualized return for this pool of leveraged funds over the 20 years
was 11.5% versus a return of 12.2% for the S&P 500 for the same period.
Despite having enormous fees and incurring significantly greater risk through
leverage, the average buyout fund would have failed to outperform a low-fee,
highly diversified, and unleveraged S&P 500 index fund.
In another study conducted by Mr. Swensen’s investment team for the
period between 1987 and 1998, the Yale investment office examined 542
buyout deals, which on average produced a net return of 36% per year,
significantly outpacing the 17% annualized return for the S&P 500 for the
same period. But Swensen is quick to point out that comparing the returns of
a highly leveraged private equity fund to an index that is not leveraged, such
as the S&P 500, is not an apples-to-apples comparison. To produce a better
comparison, he applied leverage to the S&P 500 returns, and found that a
“comparably timed, comparably sized, and comparably leveraged investment”
in the S&P 500 would have produced an astonishing 86% annualized return,
beating the results of the buyouts by 50 percentage points per year.
Certainly one of the reasons these private equity funds have not, on
average, been able to add any value above an S&P 500 index return is the
enormous fee drag on the results of their investments. The price of admission
to these highly sought after vehicles is something that might have made even
Croesus blush. On top of an annualized maintenance fee of generally 1.0% to
2.0% per year of committed capital, most private equity funds receive 20% of
the gain on their investments. In addition, many private equity firms pay
themselves a fee for advising on their own acquisitions. The maintenance fees
alone on today’s $10 to $20 billion mega funds may be enough to focus the
private equity sponsor’s attention on asset gathering as opposed to returns.
The total fees earned on a $20 billion mega fund over a 7 to 10-year period
can run into the billions. The previously mentioned Cambridge study found
that larger buyout funds (those $1 billion and over) produced returns of only
6% per year versus 11.5% for the average of all of the private equity funds in
their study, and 12.2% for the S&P 500. Swensen attributed the poor results
of the larger funds to a shift in focus from generating high returns on riskier
deals, to protecting their franchise by pursuing steadier returns on less risky
deals.
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With record inflows over the last few years, these private equity funds are
on a spending spree that has exceeded that of the Michael Milken-fueled
takeover mania of the mid-to-late ‘80s. As you can see from the chart below,
deal volume in 2006 was nearly triple the volume achieved at the peak of the
takeover boom in 1989. Just a few months ago, Blackstone announced that
they had successfully won the bidding war for Sam Zell’s Equity Office
Properties, paying approximately $39 billion for the company, the largest
leveraged buyout (“LBO”) ever, only to be topped by KKR’s bid for Texas
Utilities the following week for $45 billion. Many market observers feel that
much larger deals are possible given the recent propensity of private equity
partnerships to join together in so-called “club deals.” It is estimated that
another $500 billion or more in private equity buyouts will be completed this
year.
Global LBO Total Deal Value ($bn)
Source: UBS/Thomson Financial, “Barbarians at the Gate Again”,

UBS Investment Research, February 12, 2007, p. 7, chart 8
This “buyout mania” is attributable to a number of factors including

strong global economies, high corporate profitability, and underleveraged
balance sheets; but far and away, the biggest enablers of this phenomenon are
an abundance of low cost credit, and a willingness by investors to take on more
and more risk. According to Standard & Poor’s LCD Leveraged Lending
Review, 2006 was a record year in the leveraged loan market. Loan volume
climbed to $480 billion, up 62% from the previous record of $295 billion in
2005. The average amount banks have been willing to lend to finance deals
in terms of a multiple of operating cash flow or EBITDA (Earnings Before
Interest, Taxes, Depreciation and Amortization), has grown steadily over the
last several years to an 8-year high of 5.5x EBITDA for deals involving issuers
with $50 million or more of EBITDA. This again is just the average. It is not
unusual to see multiples of debt-to-EBITDA in excess of 7x in some of the
recent mega deals. One of the main reasons why banks have been able to
accommodate this explosion in demand for debt is their ability to syndicate
these loans, which are then securitized in pools known as collateralized debt
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obligations, and resold to hedge funds, mutual funds, other institutions and
proprietary trading desks. In recent years, there has been a seemingly
insatiable demand for higher yielding buyout debt from these investors where
confidence has been buoyed by record low default rates.
Credit standards have also deteriorated in the wake of this boom. Interest
coverage ratios (EBITDA-to-interest expense) on average declined from 2.6x
in 2004 to a 6-year low in 2006 of 1.9x. According to Standard & Poor’s, this
27% decline in the averages masks an even more significant deterioration in
coverage ratios in the larger deals. In 2006, 41% of all large LBOs had pro
forma debt to EBITDA multiples of 6x or better, and 23% had an initial
coverage ratio of less than 1.5x interest. Loan covenants, which afford
protections to the lending institutions, have also come under pressure as banks
compete for deals. So called “covenant lite” loans are on the rise. New
financing techniques have emerged such as PIK (Pay-In-Kind) toggle loans,
which allow private equity sponsors to defer interest payments on their debt if
a deal gets into trouble. This has allowed the banks to bid for private equity
business at even higher levels of debt-to-EBITDA, and with even lower
coverage ratios. It is apparently not uncommon in these types of loans to find
coverage ratios of 1.1x to 1.4x interest. In addition, banks have been willing
to lend against an increasing number of adjustments or “add backs” to
EBITDA, which again allows for larger and larger loan commitments. These
add backs are often the result of anticipated operating improvements,
operating expense adjustments and other cost-saving measures. The following
excerpt from the January 12, 2007 issue of Grant’s Interest Rate Observer is
illustrative:
When a proposed corporate acquisition or merger is not quite presentable
on the face of the numbers, Wall Street just finds better numbers.
Frequently, this discovery takes the form of “adjustments” to earnings
before interest, taxes, depreciation and amortization. Even when
conventionally calculated, EBITDA has no standing in generally accepted
accounting principles. Adjusted EBITDA is unholier still, though it
certainly made Wall Street a more lucrative place to work. According to
LCD (S&P’s Leveraged Commentary and Data), no fewer than 24% of
loans for the purpose of affecting a merger or acquisition came to market
last year with adjustments equal to 5% or more of trailing EBITDA. That
proportion is the highest ever, and it’s up from just 16% in 2005.
More recently, banks have even begun to provide “equity bridges” to

bridge the gap between what the private equity buyer is willing to put up in
the form of equity and the amount of debt that can reasonably be used to
finance the transaction. This was most recently evidenced in the Alliance
Boot transaction in the U.K. where seven banks stepped up to provide bridge
11
equity. In reporting on this transaction in The Financial Times, Paul Davies
and James Politi pointed out that this additional equity allows private equity
buyers to compete for larger and larger deals outside of a “club deal”
environment. They also cautioned, “If the deal goes well, the equity will be
sold on in the market. Only if it goes badly will the banks be left holding it
and, say bankers, the fees for doing so are inadequate.” Needless to say, with
the banks’ ability to presumably lower their risk by syndicating the debt and
equity associated with these transactions, it is fair to say that they are
stumbling over themselves to accommodate the private equity funds. Credit
quality is deteriorating, and according to S&P LCD, is “unsustainably
stretched.”
This veritable flood of credit has also enabled private equity funds to pay
higher and higher prices for the companies they buy. As indicated in the
following chart, according to Standard & Poor’s, the average purchase price
paid by private equity sponsors for deals with EBITDA greater than $50
million has increased from 6.1x EBITDA in 2001 to more than 8.9x EBITDA
in 2006. We found similar price escalation in the deals we examined as a firm
over the last several years. One of our analysts, Jay Hill, examined over 40
transactions since 2004, and found that on average, across many industry
groups, acquirers paid roughly 9.4x EBITDA over this period. Remember
these are averages. It is not uncommon to see deals closing at higher
multiples. Most transactions today occur in an auction environment with
sellers creating maximum tension among bidders leading to higher and higher
deal prices. This has had the collateral effect of driving the prices on
comparable publicly-traded companies higher as well. For us, it makes our
search for bargains that much more difficult.
Average Purchase Price by Private Equity Sponsors
for Deals With EBITDA of More Than $50M
Source: “Q4 2006 Leveraged Buyout Review”, Standard & Poor’s, 2007, p. 63
12
As we have mentioned before, the key tenet of our investment approach
at Tweedy, Browne is to invest in companies when they are trading in the
stock market at prices which are generally at least a one-third discount from a
cautious estimate of a business’ intrinsic value. Our primary method of
estimating intrinsic value is to analyze and compare the prices paid for similar
businesses in cash merger and acquisition transactions. This examination of
comparable business acquisition transactions informs our best-guess estimate
of intrinsic value. The value of an acquisition is typically expressed as a
multiple of operating income or underlying corporate cash flow; i.e., EBIT
(Earnings Before Interest and Taxes) or EBITDA (Earnings Before Interest,
Taxes, Depreciation and Amortization). The standard today in the private
equity world for valuing a business is a multiple of EBITDA, as if depreciation
is a phantom expense. In our experience, it is quite rare to find a business that
doesn’t spend its depreciation, but the buyout world persists in using this
inflated concept of cash flow to value their targets. While we certainly pay
attention to the multiples of both EBIT and EBITDA that are paid in
comparable acquisitions, we are more comfortable in our methodology using
EBIT multiples where depreciation represents a real ongoing expense.
According to our analyst, Jay Hill, about one-half of the fairness opinions
written by investment bankers for recent transactions do not even calculate
multiples of EBIT paid for comparable businesses. Could they be missing
something important? What about earnings? As Charlie Munger, Vice
Chairman of Berkshire Hathaway, said in his book, Poor Charlie’s Almanack:
The Wit and Wisdom of Charles T. Munger, “I think that every time you see the
word EBITDA, you should substitute the words ‘bull@$#! earnings.’” In
addition, at the 2005 Berkshire Hathaway shareholders meeting, Mr. Munger
recalled that in the 1930s, acquirers were often able to borrow more than what
a business was worth and said, “I think that’s what happened in some of these
private equity deals. It’s weird.”
In the current easy-credit-fueled acquisition environment, we continue
to employ Benjamin Graham’s risk-averse framework for the analysis of stocks,
which is to think of a stock in many respects as a bond and, from that
perspective, analyze both its “margin of safety” and its yield to us as owners of
the business. For example, when we can buy shares of a company at a price
that is at least one-third less than our estimate of intrinsic value, we believe
that the discount from intrinsic value provides a “margin of safety” similar in
concept to the collateral backing for a bond. A second test of the
attractiveness of the investment from both a risk and return standpoint is the
return that we would receive from the company's earnings if we bought the
whole company free of debt – or after recouping any net cash on the
company's balance sheet – and held onto the business over the long-term.
Although bonds and equities differ in many material ways, not the least of
which is that bonds, as opposed to equities, provide a contractual right to the
13
return of your principal, we, in our analytical approach, “convert” the
company into a bond and consider our yield from owning it. We think this
perspective is invaluable and avoids simply “rubber stamping” valuations based
on the most recent transactions in the market place.
Mentally converting companies into bonds allows yield comparisons to
be made across industries and versus bonds and other investments. If
acquisition comparables for a particular industry appear to be providing
acquirers with very low returns from earnings, the intrinsic value, or
"collateral,” backing up the price of a stock in that industry may be
overvalued. There may be a euphoric mania for acquisitions. Acquisition
valuations, after all, are determined by human beings and are subject to what
British economist John Maynard Keynes described as "animal spirits."
Weighing the yield from earnings that acquirers and that we, as owners, would
receive, based on our purchase price, from holding onto a business is a second
precaution, a second test of reasonableness and attractiveness. This is in
addition to the “margin of safety" that we believe is provided by an estimated
intrinsic value that is significantly in excess of the current quoted market
price. Of course, we are not always correct. However, we like an investment to
be supported by what in our best analysis are belts and suspenders.
For example, let's say that an examination of companies comparable to
Company A revealed that acquirers were typically paying about 20x EBIT for
businesses in Company A's industry. Thinking about acquisitions as bond
equivalents tells us that acquirers were paying prices that provided a 5% pre-
tax yield on investment and a 3% after-tax yield, assuming a 40% tax rate. In
our book, a 3% after-tax yield is not a very attractive return for the risk of
owning a business. Passive investors can buy investment-grade corporate
bonds that yield around 5.5% pre-tax; and higher risk, high yield bonds yield
7.5% to 11% pre-tax. Acquisitions at 20x EBIT, or a 5% yield, therefore, do
not readily appear to provide attractive rates of return in comparison to bond
yields. Acquisition valuations at 20x EBIT may be overvalued and may not be
sustainable. An acquirer who pays 20x EBIT today might not be able to sell
the business at 20x EBIT eight years from now. However, if, as investors, we
could buy all of Company A at a price that would provide a 10% after-tax
return from its earnings (i.e., a price/earnings ratio of 10x), not only would our
investment be made at a large discount to estimated acquisition value, albeit
perhaps an overvalued acquisition value, but we would also be provided with
an attractive rate of return from owning the business through the purchase of
its shares.
While it remains to be seen what the ultimate outcome of the private
equity phenomenon will be, at least to date, we believe it has been a catalyst
for an increasing amount of merger and acquisition activity which has fueled
some of the stock markets’ strong returns and benefited our shareholders. For
example, SIG Holding, a Swiss aseptic packaging company in which the
14
Global Value Fund has owned shares for a number of years, has for some time
been the subject of two all-cash buyout offers. We recently sold our position
to the prevailing bidder, receiving well over 2.5x our original cost. Back in
October of last year, the private equity firm, KKR, together with Goldman
Sachs, paid 16x EBIT for the forklift division of Linde, a German industrial gas
company in which the Global Value Fund has invested. It might surprise you
to know that when we first established our position in Linde a few years back,
we valued that same forklift division at roughly 7x EBIT, which represents,
from our point of view, a more normalized valuation for a reasonably well-run
industrial company. Imperial Tobacco of the UK recently made a bid to buy
Altadis, the Spanish tobacco company in which the Global Value Fund has a
position. While the stock has appreciated significantly since the bid was first
made, we are hopeful for a higher bid more in line with what Japan Tobacco
paid for Gallaher Group, another UK tobacco company that was recently
acquired. We also have a possible deal pending between two companies
owned by our Funds. As we write this letter, Barclays, the large UK bank, has
just announced that it has agreed to buy ABN AMRO, the Netherlands’
largest bank and the largest holding in the Tweedy, Browne Global Value
Fund, for 67 billion Euros, or $91 billion U.S. dollars. The stock prices of both
companies are up, at least in part, in anticipation of a deal closing.
There have been numerous instances where buyout activity in a
particular industry group has led to significant advances in the stock prices of
comparable companies. Though the possibility of a deal had nothing to do
with the Global Value Fund’s investment decision to purchase shares of
Fraport, the Frankfurt airport operator, the share price moved up rapidly after
a number of airport acquisitions occurred at high multiples. We liked it
because it was intrinsically cheap. Similarly, the Value Fund’s shares in
Unifirst, the U.S.-based uniform rental company appreciated significantly
after Aramark, a direct competitor, was acquired in a management-led
leveraged buyout. The same value-oriented characteristics that draw us to our
portfolio companies are also of interest to the private equity acquirer, so it’s not
unusual for our stocks to be the targets of buyout groups. While we have
enjoyed the positive impact this buyout boom has had on some of our Funds’
portfolio companies, and the stock market as a whole, it has made bargain
hunting for new undervalued stocks much more difficult.9
We have no idea whether we are mid-cycle in this private equity boom,
or whether the current problems in the sub-prime mortgage market are a
harbinger that a turn in the credit cycle is upon us. So far, default rates on
corporate debt are at record lows and interest rates remain relatively benign,
but with credit standards rapidly deteriorating, and asset values rapidly
escalating, the expected return-to-risk ratios have rarely been lower. Even one
of the buyout community’s own, Steven Rattner, co-founder of Quadrangle
Group LLC, feels that “… the world isn’t pricing risk appropriately. … Spreads
15
are the narrowest they’ve ever been. Investors are simply not being paid for
the risks they’re taking: some of these deals will go bad.” (Evans, Edward,
“Quadrangle’s Rattner Warns Debt Investors on Risks.” Bloomberg, January 25,
2007.) It is at times like these that investors should dust off their copy of Ben
Graham’s, The Intelligent Investor, and reread Chapter 20, entitled, “Margin of
Safety” as the Central Concept of Investment.
In summary, the past year was a terrific one. The bull market in global
equities was extended for a fourth straight year despite brief comeuppances in
May and February. The bull was spurred on, at least in part, by what can only
be described as a rather frenetic pace of merger and acquisition activity in
global equity markets. This has led to an escalation in asset valuations and
credit that may be unsustainable. While cash reserves have declined
somewhat over the last year, we still have some dry powder should the markets
present us with opportunities.
In the meantime, the inexorable search for undervalued securities goes on
at Tweedy, Browne. Our investment team, consisting of our five Managing
Directors, Chris Browne, Will Browne, John Spears, Tom Shrager and Bob
Wyckoff, are very fortunate to be joined in this effort by an extraordinarily
talented group of equity analysts including David Browne, Frank Hawrylak,
Jay Hill, Laura Jereski and Elliott Larner in New York, and Olivier Berlage and
Roger de Bree in London. As you can appreciate, on some days the hunt for
bargains can be a bit frustrating, but our shareholders can rest assured that our
twelve person investment team continues to grind away in an environment
marked by collective effort, collegiality and a passion for value.
Thank you for your continued confidence.
Very truly yours,
TWEEDY, BROWNE COMPANY LLC
Christopher H. Browne
William H. Browne
John D. Spears
Thomas H. Shrager
Robert Q. Wyckoff, Jr.
Managing Directors
April 27, 2007
16
Notes:
(1) Indexes are unmanaged, and the figures for the indexes shown include
reinvestment of dividends and capital gains distributions and do not
reflect any fees or expenses. Investors cannot invest directly in an index.
We strongly recommend that these factors be considered before an
investment decision is made.
(2) MSCI EAFE US$ is an unmanaged capitalization-weighted index of
companies representing the stock markets of Europe, Australasia and
the Far East. MSCI EAFE Hedged consists of the results of the MSCI
EAFE Index hedged 100% back into US dollars and accounts for
interest rate differentials in forward currency exchange rates. Results for
both indexes are inclusive of dividends and net of foreign withholding
taxes.
(3) Inception dates for the Global Value Fund and the Value Fund were
June 15, 1993 and December 8, 1993, respectively. Information with
respect to MSCI EAFE indexes used is available at month end only;
therefore the closest month end to the Global Value Fund’s inception
date, May 31, 1993, was used.
(4) S&P 500 is an unmanaged capitalization-weighted index composed of
500 widely held common stocks listed on the New York Stock
Exchange, American Stock Exchange and over-the-counter market and
includes the reinvestment of dividends.
(5) NASDAQ Composite Index is an unmanaged capitalization-weighted
index composed of all NASDAQ domestic and non-US based common
stocks listed on the NASDAQ Stock Market.
(6) The Dow Jones Industrial Average is a price-weighted average of 30 blue
chip stocks that are generally considered the leaders in their industry
and includes the reinvestment of dividends.
(7) Returns shown are for a specific time period where the Funds
outperformed their relevant indexes. While the Funds outperformed the
relevant indexes for the period shown, there have been previous periods
when the Funds underperformed these indices. Since past performance
is not indicative of future results, there can be no guarantee that the
Funds will outperform their relevant indexes in the future. Please refer
to pages 2 and 3 of the letter for the Funds’ standardized performance
results.
(8) Although hedging against currency exchange rate changes reduces the
risk of loss from exchange rate movements, it also reduces the ability of
the Funds to gain from favorable exchange rate movements when the
U.S. dollar declines against the currencies in which the Funds’
17
investments are denominated and in some interest rate environments
may impose out-of-pocket costs on the Funds.
(9) As of March 31, 2007, Tweedy, Browne Global Value Fund and Tweedy,
Browne Value Fund had invested the following percentages of its net
assets, respectively, in the following portfolio holdings: SIG Holding
(0.0%, 0.0%); Linde (0.5%, 0.0%); Altadis (1.7%, 0.0%); Barclays
(1.8%, 0.0%); ABN AMRO (4.7%, 3.2%); Fraport (0.1%, 0.0%); and
Unifirst (0.0%, 1.9%).
Investing in foreign securities involves additional risks beyond the risks of
investing in US securities markets. These risks include currency fluctuations;
political uncertainty; different accounting and financial standards; different
regulatory environments; and different market and economic factors in
various non-U.S. countries. In addition, the securities of small, less well-
known companies may be more volatile than those of larger companies.
Investors should refer to the Funds’ prospectus for a description of risk factors
associated with investments in securities held by the Funds.
This letter contains opinions and statements on investment techniques,
economics, market conditions and other matters. Of course there is no
guarantee that these opinions and statements will prove to be correct, and
some of them are inherently speculative. None of them should be relied upon
as statements of fact.
Tweedy, Browne Value Fund and Tweedy, Browne Global Value Fund are
distributed by Tweedy, Browne Company LLC.
This material must be preceded or accompanied by a prospectus for Tweedy,
Browne Fund Inc.
REFERENCES
1. David F. Swensen, Unconventional Success-A Fundamental Approach to
Personal Investment (Free Press, 2005)
2. “LCD Leverage Lending Review”, Standard & Poor’s, Q4 2006
3. “Q4 2006 Leveraged Buyout Review”, Standard & Poor’s, 2007
4. Grant’s Interest Rate Observer, Vol. 25, No. 4, February 23, 2007
5. Charles T. Munger, Poor Charlie’s Almanack: The Wit and Wisdom of Charles T.
Munger (The Donning Company Publishers, Jan. 2005)
6. Evans, Edward, “Quadrangle’s Rattner Warns Debt Investors on Risks.”
Bloomberg, January 25, 2007.
7. UBS/Thomson Financial, “Barbarians at the Gate Again”, UBS Investment
Research, February 12, 2007
8. Davies, Paul J. & Politi, James, “Bridge Equity Causes Sleepless Nights.” The
Financial Times, April 24, 2007
18

ANNUAL REPORT
March 31, 2007
19
Investment Adviser’s Note
To Our Shareholders:
We are pleased to present the Annual Report to Shareholders for the
Tweedy, Browne Global Value Fund and the Tweedy, Browne Value Fund for
the year ended March 31, 2007. Investment results* for the past six months
and the last one, three, five and ten years, and results since inception of each
Fund are presented in the tables below:
MSCI EAFE MSCI EAFE

Period Ended Tweedy, Browne Index(1)(2) Index(1)(2)
3/31/07 Global Value Fund Hedged US $
6 Months 12.96% 11.77% 14.85%
1 Year 16.01 13.73 20.20
3 Years 16.98 20.06 19.83
5 Years 12.31 8.84 15.78
10 Years 12.57 7.90 8.31
Since Inception (6/15/93)(3) 13.31 8.45 8.11
Total Annual Fund Operating Expense Ratio as of 3/31/06 was 1.38% and as of 3/31/07 was 1.37%.†
Period Ended Tweedy, Browne S&P

3/31/07 Value Fund 500(1)(4)
6 Months 5.13% 7.38%
1 Year 10.76 11.83
3 Years 7.42 10.06
5 Years 5.24 6.25
10 Years 8.55 8.20
Since Inception (12/8/93)(3) 10.73 10.71
* The preceding performance data represents past performance and is not a guarantee
of future results. Total return and principal value of an investment will fluctuate so
that an investor’s shares, when redeemed, may be worth more or less than their
original cost. The returns shown do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of Fund shares.
Current performance may be lower or higher than the performance data shown.
Please visit www.tweedy.com to obtain performance data, which is current to the
most recent month end. See page 25 for footnotes 1 through 4, which describe the
indices and inception dates of the Funds. Results are annualized for all periods
greater than one year.
20
† The Funds do not impose any front-end or deferred sales charge. However, the
Global Value Fund imposes a 2% redemption fee on redemption proceeds for
redemptions or exchanges made within 60 days of purchase.
So how did the markets do over the last year, and more importantly, how
did our Funds perform? With the exception of the NASDAQ Composite
Index5, most broad market indices began to rise in June, resulting in a sort of
stealth bull market until February of this year when global equity markets faced
another brief comeuppance when the Chinese government expressed concern
over increasing speculation in their equity market. After several weeks of
choppy trading in February and early March, which saw many markets correct
by as much as 5% or more, the markets regained their footing to end the March
quarter at or above where they started off the new calendar year. Again, with
the exception of the NASDAQ Composite Index, broader global indices over
the last year produced results ranging from the low ‘teens (the S&P 500 was up
11.83%) to a little over 20% (MSCI EAFE in U.S. dollars (Unhedged) was up
20.20%). The relative weakness of the U.S. dollar enhanced the results of the
MSCI EAFE Index in U.S. dollars. However, the return for the MSCI EAFE
Index (Hedged to U.S. dollars) was still a more than acceptable 13.73%. And
most of these gains were achieved in the second half of the year. At the end of
September, the S&P 500 was up just a little over 4%, and the MSCI EAFE
Index in U.S. dollars was up 4.65%, while the MSCI EAFE Index Hedged was
up only 1.75%. In comparison, the Tweedy, Browne Global Value Fund was up
2.70% for the first six months ending September 30, 2006, and closed the fiscal
year up 16.01%. The Tweedy, Browne Value Fund was up 5.36% for the first
six months ending September 30, 2006, and finished the fiscal year up 10.76%.
For the last several years, it seems that the world has been awash in a sea
of liquidity caused at least in part by an abundance of low cost credit. This
unprecedented level of free-flowing cash has stimulated demand for virtually all
financial asset classes – from traditional equities to emerging market debt to
hedge funds and private equity. The result has been an across the board rise in
financial asset prices and valuations, and an extraordinary decline in equity
market volatility. The advance in public equity markets has been driven by
exceptional returns in smaller and medium capitalization issues, and has been
most pronounced in non-U.S. equity markets, particularly the emerging
markets, although a significant portion of the non-U.S. equity markets’ gain
was attributable to the strength of foreign currencies against the U.S. dollar.
For example, the MSCI World Small Cap Index, which is an unmanaged
capitalization-weighted index of companies that attempts to represent the
business activities of small cap companies across developed markets, was up
over 189% cumulatively in U.S. dollars over the last four years, for a compound
annualized return of over 30%. The MSCI “BRIC” Index, which is a
21
composite index of equities in Brazil, Russia, India and China, was up
approximately 409% cumulatively over the same period when measured in
U.S. dollars, or roughly 50% annualized. While the returns for the S&P 500
and the MSCI EAFE Index (in U.S. dollars) were not as robust, they still
compounded at annualized rates of return of approximately 16% and 28%,
respectively.
While our Funds have participated strongly in this aggressive advance, our
relative results are significantly better if you include the down markets which
occurred early on in this equity market cycle; i.e., 2000, 2001 and 2002. The
Tweedy, Browne Global Value Fund has compounded at a little over 24% per
year net of fees over the last four fiscal years ending March 31, 2007, beating
the MSCI EAFE Index Hedged to U.S. dollars by a modest 2 basis points per
year. [Please refer to the Funds’ standardized performance set forth in the tables
on page 20 at the beginning of this report.] However, if one takes into
consideration the full market cycle, which extends back to the bursting of the
technology bubble in March 2000, our Global Value Fund produced a
compound annualized return of 10.08%, which was 729 basis points better than
the 2.79% return of the hedged MSCI EAFE Hedged Index, and 503 basis
points better than the 5.05% return of the MSCI EAFE Unhedged Index. In
fact, our Global Value Fund has outperformed our benchmark index in six out
of the last seven calendar years.6 While the period since March 2000 has
indeed been a good one for both of our Funds, we would caution our
shareholders that there have been, and there certainly again will be, times
when our Funds underperform their respective benchmarks.
The same analysis holds true for our Value Fund, even though its results
have not been as robust as the results for our Global Value Fund. That is not
surprising, given that U.S. equity market results have not been nearly as strong
as international markets over the last four years. The Tweedy, Browne Value
Fund has compounded at an annualized rate of 13.12% over the last four fiscal
years. However, if the down markets are included, which occurred in the early
part of the cycle, a different story unfolds. Since the bursting of the technology
bubble in March 2000, the Value Fund has compounded at approximately
6.49% per year versus a compound return of 0.89% for the S&P 500, or 560
basis points better than the Index.6
While it would be nice to beat the benchmark indices every year, that may
be an illusory goal given that specific market sectors can produce the largest
part of the gain in any given year. Keeping up with the broader indices in the
good years is not so bad. We believe that out-performance in the bad years is
what often results in superior long-term performance. It has been in difficult
market periods that we have generally produced our best relative results.
22
In our view, perhaps of greater importance, these results have been
achieved while accepting a modest and manageable level of risk. Finding
attractively priced securities over the last several years has been more difficult,
and as we sold stocks that were hitting our targets, deeply undervalued
replacements were hard to come by. Our double digit cash reserve position
during much of this period, which led to a closing of our Funds to new
subscriptions, lowered our risk but was obviously a drag on returns. While our
cash reserves came down a bit in 2006, the market’s continued advance,
coupled with low volatility, has made bargain hunting a rather arduous process.
In contrast to some of our competitors on the international side, who may
have loaded their portfolios with emerging market stocks, we have had very
modest exposure to these securities. To date, both of our Funds have had less
than 10% of their assets invested in the emerging markets, and these
investments have been in the more developed of those markets such as South
Korea, Croatia and Mexico. Moreover, in our view, South Korea may be
miscategorized as a developing market given its highly industrialized economy
and high standard of living. We have not invested directly in stocks in Brazil,
Russia, India or China although we have researched several companies in Brazil
and India. Even though we chose not to invest in those particular companies,
we are continuing to research other companies in both of those countries. As
we have said in the past, in order to invest, we need a stable political
environment, a legal system and regulatory structure that will allow us to
enforce our property rights if need be, reliable financial data and reporting
regimes so that we can adequately appraise businesses, the availability of
undervalued equities, and a forward currency market. If we have all of that, we
will not hesitate to commit capital. This effectively keeps us out of the dicier
and more speculative emerging markets, but allows us to participate in those
that are more developed.
In looking back over the past year, if we had been more fully invested, had
greater exposure to smaller cap stocks and the emerging markets, and had been
exposed to the gyrations of foreign currencies,7 we would have had better
returns, but we believe that we would have also dramatically increased the risk
of our Funds’ portfolios. As financial stewards of your capital, we will only
commit your capital – and ours – when we believe we are being adequately
compensated for the risks we are incurring. In those asset categories, we felt we
were not being adequately compensated.
In summary, the past year was a terrific one. The bull market in global
equities was extended for a fourth straight year despite brief comeuppances in
May and February. The bull was spurred on, at least in part, by what can only
be described as a rather frenetic pace of merger and acquisition activity in
global equity markets. This has led to an escalation in asset valuations and
23
credit that may be unsustainable. While cash reserves have declined somewhat
over the last year, we still have some dry powder should the markets present us
with opportunities.
In the meantime, the inexorable search for undervalued securities goes on
at Tweedy, Browne. Our investment team, consisting of our five Managing
Directors, Chris Browne, Will Browne, John Spears, Tom Shrager and Bob
Wyckoff, are very fortunate to be joined in this effort by an extraordinarily
talented group of equity analysts including David Browne, Frank Hawrylak, Jay
Hill, Laura Jereski and Elliott Larner in New York, and Olivier Berlage and
Roger de Bree in London. As you can appreciate, on some days the hunt for
bargains can be a bit frustrating, but our shareholders can rest assured that our
twelve person investment team continues to grind away in an environment
marked by collective effort, collegiality and a passion for value.
Thank you for your continued confidence.
Very truly yours,
TWEEDY, BROWNE COMPANY LLC
Christopher H. Browne
William H. Browne
John D. Spears
Thomas H. Shrager
Robert Q. Wyckoff, Jr.
Managing Directors
April 27, 2007
24
Notes:
(1) Indexes are unmanaged, and the figures for the indexes shown include
reinvestment of dividends and capital gains distributions and do not
reflect any fees or expenses. Investors cannot invest directly in an index.
We strongly recommend that these factors be considered before an
investment decision is made.
(2) MSCI EAFE Index is an unmanaged capitalization-weighted index of
companies representing the stock markets of Europe, Australasia and the
Far East. MSCI EAFE Hedged consists of the results of the MSCI EAFE
Index hedged 100% back into US dollars and accounts for interest rate
differentials in forward currency exchange rates. Results for both indexes
are inclusive of dividends and net of foreign withholding taxes.
(3) Inception dates for the Global Value Fund and the Value Fund were June
15, 1993 and December 8, 1993, respectively. Information with respect
to MSCI EAFE indexes used is available at month end only; therefore
the closest month end to the Global Value Fund’s inception date, May
31, 1993, was used.
(4) S&P 500 is an unmanaged capitalization-weighted index composed of
500 widely held common stocks listed on the New York Stock Exchange,
American Stock Exchange and over-the-counter market and includes
the reinvestment of dividends.
(5) NASDAQ Composite Index is an unmanaged capitalization-weighted
index composed of all NASDAQ domestic and non-US based common
stocks listed on the NASDAQ Stock Market.
(6) Returns shown are for a specific time period where the Funds
outperformed their relevant indexes. While the Funds outperformed the
relevant indexes for the period shown, there have been previous periods
when the Funds underperformed these indices. Since past performance is
not indicative of future results, there can be no guarantee that the Funds
will outperform their relevant indexes in the future. Please refer to page
20 of the report for the Funds’ standardized performance results.
(7) Although hedging against currency exchange rate changes reduces the
risk of loss from exchange rate movements, it also reduces the ability of
the Funds to gain from favorable exchange rate movements when the
U.S. dollar declines against the currencies in which the Funds’
investments are denominated and in some interest rate environments
may impose out-of-pocket costs on the Funds.
25
Investing in foreign securities involves additional risks beyond the risks of
investing in US securities markets. These risks include currency fluctuations;
political uncertainty; different accounting and financial standards; different
regulatory environments; and different market and economic factors in various
non-U.S. countries. In addition, the securities of small, less well-known
companies may be more volatile than those of larger companies. Investors
should refer to the Funds’ prospectus for a description of risk factors associated
with investments in securities held by the Funds.
Tweedy, Browne Value Fund and Tweedy, Browne Global Value Fund are
distributed by Tweedy, Browne Company LLC.
This material must be preceded or accompanied by a prospectus for Tweedy,
Browne Fund Inc.
26
This page left blank intentionally.
TWEEDY, BROWNE GLOBAL VALUE FUND
Expense Information
A shareholder of the Fund incurs two types of costs: (1) transaction costs
and (2) ongoing costs, including management fees and other Fund expenses.
The Example below is intended to help a shareholder understand their
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the
beginning of the period and held for the entire period of October 1, 2006 to
March 31, 2007.
Actual Expenses The first line of the table on the following page provides
information about actual account values and actual expenses. The
information in this line may be used with the amount a shareholder invested
to estimate the expenses that were paid by the shareholder over the period.
Simply divide the shareholder’s account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by the
number in the first line under the heading entitled “Expenses Paid During
Period” to estimate the expenses paid during this period.
Hypothetical Example for Comparison Purposes The second line of the
table on the following page provides information about hypothetical account
values and hypothetical expenses based on the Fund’s actual expense ratio and
an assumed rate of return of 5% per year before expenses, which is not the
Fund’s actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses paid by the
shareholder of the Fund for the period. This information may be used to
compare the ongoing costs of investing in the Fund and other funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples
that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table on the following page are
meant to highlight a shareholder’s ongoing costs only and do not reflect
redemption fees. Redemptions from the Fund, including exchange
redemptions, within 60 days of purchase are subject to a redemption fee equal
to 2% of the redemption proceeds, which will be retained by the Fund. There
are no other transactional expenses associated with the purchase and sale of
shares charged by the Fund, such as commissions, sales loads and/or
redemption fees on shares held longer than 60 days. Other mutual funds may
have such transactional charges. Therefore, the second line of the table is
28
Expense Information
useful in comparing ongoing costs only, and will not help a shareholder
determine the relative total costs of owning different funds. In addition, if
redemption fees were included, a shareholder’s costs would have been higher.
Beginning Ending Expenses Paid During

Account Value Account Value Period*
10/1/06 3/31/07 10/1/06-3/31/07
Actual $1,000 $1,130 $7.27
Hypothetical
(5% return before expenses) $1,000 $1,018 $6.89
* Expenses are equal to the Fund’s annualized expense ratio of 1.37%, multiplied
by the average account value over the period, multiplied by 182 days in the most
recent fiscal half-year, divided by 365 (to reflect the one-half year period).
29
Portfolio Highlights
March 31, 2007

Hypothetical Illustration of $10,000 Invested in
Tweedy, Browne Global Value Fund vs. Morgan Stanley Capital
International (“MSCI”) Europe, Australasia and Far East (“EAFE”)
Index (in US Dollars and Hedged)
6/15/93 through 3/31/07
$60,000
Tweedy, Browne Global Value Fund* $56,029
$55,000
Index: MSCI EAFE Index (in US Dollars)*
$50,000 Index: MSCI EAFE Index (Hedged)*
$45,000
$40,000
$35,000
$30,722
$30,000 $29,426
$25,000
$20,000
$15,000
$10,000
$5,000
Mar 2000
Mar 2003
Mar 1997
Mar 2001
Mar 2005
Mar 2002
Mar 2006
Mar 2007
Mar 1999
Sep 2001
Mar 2004
Sep 1994
Mar 1996
Sep 2005
Sep 2006
Mar 1998
Sep 2000
Sep 2002
Jun 1993
Mar 1994
Sep 1993
Mar 1995
Sep 2003
Sep 2004
Sep 1999
Sep 1995
Sep 1996
Sep 1997
Sep 1998
________________________________________________________________________________________________________________________________________________________________________________________________________________
MSCI EAFE Index represents the change in market capitalizations of Europe, Australasia and the Far East
(EAFE), including dividends reinvested monthly, net after foreign withholding taxes.
Index and Average information is available at month end only; therefore, the closest month end to inception
date of the Fund, May 31, 1993, has been used.
AVERAGE ANNUAL TOTAL RETURN* AGGREGATE TOTAL RETURN*

Year Inception
Without Ended (6/15/93)–
The
——
—— Fund
—
——— Actual
—
————— —Waivers
—
——————— 3/31/07
—
—————— — —3/31/07
———————
Inception (6/15/93)
through 3/31/07 13.31% 13.30% The Fund 16.01% 460.29%
Year Ended 3/31/07 16.01% 16.01% MSCI EAFE (in
US Dollars) 20.20% 194.26%
MSCI EAFE (Hedged) 13.73% 207.23%
________________________________________________________________________________________________________________________________________________________________________________________________________________
Note: The performance shown represents past performance and is not a guarantee of future results. The
Fund’s share price and investment return will vary with market conditions, and the principal value
of shares, when redeemed, may be more or less than original cost.
* Assumes the reinvestment of all dividends and distributions and is net of foreign withholding tax.
SEE NOTES TO FINANCIAL STATEMENTS

30
Perspective On Assessing Investment Results
March 31, 2007
In accordance with rules and guidelines set out by the United States (US)
Securities and Exchange Commission, we have provided a comparison of the
historical investment results of Tweedy, Browne Global Value Fund to the
historical investment results of the most appropriate broad-based securities
indices, the Morgan Stanley Capital International (MSCI) Europe,
Australasia and the Far East (EAFE) Index in US dollars and hedged into US
dollars. However, the historical results of the MSCI EAFE indices in large
measure represent the investment results of stocks that we do not own. Any
portfolio which does not own exactly the same stocks in exactly the same
proportions as the index to which the particular portfolio is being compared is
not likely to have the same results as the index. The investment behavior of a
diversified portfolio of undervalued stocks tends to be correlated to the
investment behavior of a broad index; i.e., when the index is up, probably
more than one-half of the stocks in the entire universe of public companies in
all the countries that are included in the same index will be up, albeit, in
greater or lesser percentages than the index. Similarly, when the index
declines, probably more than one-half of the stocks in the entire universe of
public companies in all the countries that are included in the index will be
down in greater or lesser percentages than the index. But it is almost a
mathematical truth that “different stocks equal different results.”
We believe that favorable or unfavorable historical investment results in
comparison to an index are not necessarily predictive of future comparative
investment results. In Are Short-Term Performance and Value Investing Mutually
Exclusive?, Eugene Shahan analyzed the investment performance of seven
money managers, about whom Warren Buffett wrote in his article, The Super-
investors of Graham and Doddsville. Over long periods of time, the seven
managers significantly outperformed the market as measured by the Dow
Jones Industrial Average (the “DJIA”) or the Standard & Poor’s 500 Stock
Index (the “S&P 500”) by between 7.7% and 16.5% annually. (The goal of
most institutional money managers is to outperform the market by 2% to
3%.) However, for periods ranging from 13 years to 28 years, this group of
managers underperformed the market between 7.7% and 42% of the years.
Six of the seven investment managers underperformed the market between
28% and 42% of the years. In today’s environment, they would have lost many

31
of their clients during their periods of underperformance. Longer term, it

would have been the wrong decision to fire any of those money managers.
In examining the seven long-term investment records, unfavorable
investment results as compared to either index did not predict the
future favorable comparative investment results which occurred, and
favorable investment results in comparison to the DJIA or the S&P 500 were
not always followed by future favorable comparative results. Stretches
of consecutive annual underperformance ranged from one to six years.
Mr. Shahan concluded:
Unfortunately, there is no way to distinguish between a poor three-year
stretch for a manager who will do well over 15 years, from a poor three-
year stretch for a manager who will continue to do poorly. Nor is there
any reason to believe that a manager who does well from the outset
cannot continue to do well, and consistently.

32
Portfolio of Investments
March 31, 2007
Market
Value
Shares
——
———— (Note
———
— ——2)
—
COMMON STOCKS—91.5%
Belgium—2.5%
1,646,311 KBC Groep NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 204,049,382
———
———— —————
Canada—1.2%
100,000 Melcor Developments Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,192,173
1,830,660 National Bank of Canada, Toronto . . . . . . . . . . . . . . . . . . . . . . . 99,145,873
—
—————— —————
101,338,046
—
—————— —————
Czech Republic—0.0%††
2,800 Philip Morris CR a.s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,282,040
—
———
——— —————
Denmark—0.9%
19,501,939 Group 4 Securicor PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,299,211
—
———
——— —————
Finland—5.3%
2,435,000 Cargotec Corporation, B Share . . . . . . . . . . . . . . . . . . . . . . . . . . 146,541,472
1,000,000 Huhtamaki Oyj . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,492,951
4,870,000 Kone Oyj, Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277,265,152
—
—————— —————
440,299,575
—
—————— —————
France—6.2%
433,783 BNP Paribas SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,149,279
2,494,219 CNP Assurances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289,453,313
170,000 Nexans SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,403,259
1,000 NSC Groupe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,485
1,825,000 Sanofi-Aventis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158,150,633
—
—————— —————
515,266,969
—
—————— —————
Germany—4.8%
64,173 Boewe Systec AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,988,442
59,925 Fraport AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,361,779
42,354 KSB AG † . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,241,727
352,312 Linde AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,823,254
449,482 Merck KGaA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,750,626
1,560,342 Springer (Axel) Verlag AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272,550,453
—
—————— —————
398,716,281
—
—————— —————
Hong Kong—2.4%
13,986,234 Jardine Strategic Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 179,023,795
42,847,281 SCMP Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,462,691
892,500 Swire Pacific Ltd., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,909,665
—
—————— —————
196,396,151
—
—————— —————
Ireland—0.3%
5,089,055 Independent News & Media PLC . . . . . . . . . . . . . . . . . . . . . . . . 23,032,609
1,111,317 Unidare PLC † . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310,660
—
———
——— —————
23,343,269
—
———
——— —————

33
March 31, 2007
Market
Value
Shares
——
———— (Note
———
— ——2)
—
COMMON STOCKS
Italy—4.1%
348,709 Banco Popolare di Verona e Novara . . . . . . . . . . . . . . . . . . . . . . $ 10,792,279
937,215 Maffei SPA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,748,960
15,720,000 Mediaset SPA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,439,679
12,147,709 Mondadori (Arnoldo) Editore SPA . . . . . . . . . . . . . . . . . . . . . . . 126,452,730
2,598,000 Natuzzi SPA, Sponsored ADR † . . . . . . . . . . . . . . . . . . . . . . . . . . 21,225,660
1,005,000 Sol SPA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,929,835
805,250 Vincenzo Zucchi SPA † . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,019,658
—
—————— —————
343,608,801
—
—————— —————
Japan—3.7%
462,100 Chofu Seisakusho Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 9,881,876
967 Coca-Cola Central Japan Company Ltd. . . . . . . . . . . . . . . . . . . . 7,493,585
455,000 Daiwa Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,148,296
5,251,000 Fujitec Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,933,161
596,700 Fukuda Denshi Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,972,306
1,203,000 Hi-Lex Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,663,688
22,100 Hurxley Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351,129
319,000 Inaba Seisakusho Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 4,998,094
321,000 Katsuragawa Electric Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . 3,449,917
1,461,000 Kawasumi Laboratories Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,661,444
1,849,500 Kuroda Electric Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,263,184
69,100 Mandom Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,726,403
477,000 Matsumoto Yushi-Seiyaku Company Ltd. . . . . . . . . . . . . . . . . . . 11,372,052
21,670 Medikit Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,826,771
146,900 Meito Sangyo Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,967,237
36,240 Milbon Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,123,340
307,100 Mirai Industry Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,262,858
55,000 Nankai Plywood Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 351,218
40,000 Nippon Antenna Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 321,829
162,780 Nippon Kanzai Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,425,355
1,253,000 Nippon Konpo Unyu Soko Company Ltd. . . . . . . . . . . . . . . . . . 17,509,634
462,100 Nissha Printing Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,210,476
721,500 Nitto FC Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,173,487
451,000 Sangetsu Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,713,995
1,483,200 Sanyo Shinpan Finance Company Ltd. . . . . . . . . . . . . . . . . . . . . 37,621,715
760,600 Shikoku Coca-Cola Bottling Company Ltd. . . . . . . . . . . . . . . . . 8,670,486
289,300 Shingakukai Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,781,250
204,000 SK Kaken Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,219,776
612,000 Sonton Food Industry Company Ltd. . . . . . . . . . . . . . . . . . . . . . . 6,059,098
528,500 T. Hasegawa Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,687,855
405,400 Takefuji Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,240,034
169,100 Tenma Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,064,781
671,800 Torishima Pump Manufacturing Company Ltd. . . . . . . . . . . . . . . 6,338,219
—
—————— —————
309,484,549
—
—————— —————

34
March 31, 2007
Market
Value
Shares
——
———— (Note
———
— ——2)
—
COMMON STOCKS
Mexico—2.4%
1,921,351 Coca-Cola Femsa SA de CV, Sponsored ADR . . . . . . . . . . . . . . $ 69,399,198
14,623,380 Embotelladoras Arca SA de CV . . . . . . . . . . . . . . . . . . . . . . . . . . 54,355,441
157,327 Grupo Aeroportuario del Sureste SA de CV, ADR . . . . . . . . . . . 7,428,981
30,132,400 Grupo Continental SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,127,469
—
—————— —————
196,311,089
—
—————— —————
Netherlands—17.4%
9,213,832 ABN AMRO Holding NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395,178,131
1,980,990 Akzo Nobel NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149,913,184
23,620 Crown Van Gelder Gemeenschappelijk Bezit NV . . . . . . . . . . . . 587,961
5,477,810 Heineken Holding NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241,649,859
2,890,000 Heineken NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,649,468
394,612 Imtech NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,286,751
1,409,414 Koninklijke Grolsch NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,265,492
91,000 Randstad Holding NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,033,079
594,968 Stork NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,412,485
4,810,555 Telegraaf Media Groep NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164,571,787
100,000 TKH Group NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,271,461
3,612,751 Unilever NV, CVA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,838,694
4,498,159 Wegener NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,390,604
712,500 Wolters Kluwer NV, CVA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,302,065
—
— ————— —————
1,452,351,021
—
— ————— —————
Norway—1.2%
2,302,000 Schibsted ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,069,118
—
—————— —————
Singapore—3.4%
33,542,550 Fraser and Neave Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112,662,674
6,066,106 Jardine Cycle & Carriage Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,541,268
1,000,000 Robinson & Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,358,799
11,465,650 Singapore Press Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,225,013
6,292,000 United Overseas Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,020,548
—
—————— —————
283,808,302
—
—————— —————
South Korea—3.9%
8,615 Asia Cement Company, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 457,952
23,260 Daehan City Gas Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 613,277
93,346 Dong Ah Tire & Rubber Company Ltd. . . . . . . . . . . . . . . . . . . . 541,855
280,921 Hanil Cement Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,057,699
1,706,610 Korea Electric Power Corporation . . . . . . . . . . . . . . . . . . . . . . . . 68,130,136
23,200 Sam Young Electronics Company, Ltd. . . . . . . . . . . . . . . . . . . . . 198,554
36,890 Samchully Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,373,092
886,070 Samsung SDI Company, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,615,785
241,172 SK Telecom Company, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,101,040

35
March 31, 2007
Market
Value
Shares
——
———— (Note
———
— ——2)
—
COMMON STOCKS
South Korea—(Continued)
3,479,352 SK Telecom Company, Ltd., ADR . . . . . . . . . . . . . . . . . . . . . . . . $ 81,486,424
294,325 Tae Young Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,148,894
3,196,233 Youngone Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,871,462
—
—————— —————
322,596,170
—
—————— —————
Spain—1.7%
2,277,000 Altadis SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,701,570
—
—————— —————
Sweden—0.0%††
33,000 Cloetta Fazer AB, B Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,214,671
—
———
——— —————
Switzerland—13.3%
45,065 AFG Arbonia-Foster Holding AG, Bearer . . . . . . . . . . . . . . . . . . 22,886,878
2,021,000 Compagnie Financiere Richemont AG . . . . . . . . . . . . . . . . . . . . 112,489,310
5,702 Daetwyler Holding AG, Bearer . . . . . . . . . . . . . . . . . . . . . . . . . . 33,839,278
92,315 Edipresse SA, Bearer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,144,213
125,635 Forbo Holding AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,366,669
2,266 Gurit Holding AG, Bearer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,264,515
29,327 Loeb Holding AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,387,002
186,990 Medisize Holding AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,570,867
875,160 Nestle SA, Registered . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339,260,706
8 Neue Zuercher Zeitung † . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 495,468
2,368,760 Novartis AG, Registered . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,241,294
45,425 Phoenix Mecano AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,581,340
179,979 PubliGroupe SA, Registered . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,415,907
186,423 Siegfried Holding AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,273,221
51,172 Sika AG, Bearer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,558,142
367,980 Syngenta AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,081,381
473,990 Tamedia AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,063,196
—
— ————— —————
1,103,919,387
—
— ————— —————
United Kingdom—11.3%
3,249,131 AGA Foodservice Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,347,489
10,535,724 Barclays PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,990,022
7,123,125 BBA Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,258,565
3,979,658 Carclo PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,547,073
11,378,577 Clinton Cards PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,669,467
8,225,426 Diageo PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166,089,541
3,675,000 Ennstone PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,387,761
960,125 GlaxoSmithKline PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,307,630
593,139 GlaxoSmithKline PLC, Sponsored ADR . . . . . . . . . . . . . . . . . . . 32,776,861
923,006 Headlam Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,807,777
4,844,570 HSBC Holdings PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,519,851
15,137,000 Lloyds TSB Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166,259,080
263,075 Partridge Fine Art PLC †. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,366
779,500 Raven Mount PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,430,921

36
March 31, 2007
Market
Value
Shares
——
———— (Note
———
— ——2)
—
COMMON STOCKS
United Kingdom—(Continued)
10,148,287 Trinity Mirror PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 105,891,697
4,749,955 TT Electronics PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,312,722
2,853,000 Unilever PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,671,131
———
———— —————
942,364,954
———
———— —————
United States—5.5%
313,000 American Express Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,653,200
3,712,554 American International Group, Inc. . . . . . . . . . . . . . . . . . . . . . . 249,557,880
75,700 American National Insurance Company . . . . . . . . . . . . . . . . . . . 9,684,301
580,100 MBIA Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,990,749
1,000,000 Pfizer Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,260,000
160,000 PNC Financial Services Group Inc. . . . . . . . . . . . . . . . . . . . . . . . 11,515,200
692,000 Popular Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,459,520
6,728,996 Sun-Times Media Group Inc., Class A . . . . . . . . . . . . . . . . . . . . 33,375,820
409,000 Torchmark Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,826,310
350,000 Transatlantic Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,792,000
210,060 Wal-Mart Stores, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,862,317
—
—————— —————
455,977,297
—
—————— —————
Miscellaneous—0.0%††
Undisclosed Securities *** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 614,977
—
———
————————
TOTAL COMMON STOCKS
(Cost $3,818,705,113) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,616,012,830
—
— ————— —————
PREFERRED STOCKS—0.5%
153,360 Adris Grupa d.d. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,892,667
15,000 KSB AG, Vorzugsakt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,487,720
795,362 Villeroy & Boch AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,722,383
—
———
——— —————
TOTAL PREFERRED STOCKS
(Cost $19,079,276) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,102,770
—
———
——— —————
Face
Value
—
— —
———
U.S. TREASURY BILLS—5.9%
$ 469,500,000 4.970% due 5/10/07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 467,027,056
13,000,000 4.930% due 5/24/07 ††† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,907,617
14,000,000 4.880% due 8/23/07 ††† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,728,344
—
—————— —————
TOTAL U.S. TREASURY BILLS
(Cost $493,592,850) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 493,663,017
—
—————— —————
37
March 31, 2007
Market
Face Value
Value
—
— —
——— (Note
———
— ——2)
—
REPURCHASE AGREEMENTS—3.0%
$ 51,766,000 Agreement with UBS Warburg LLC, 5.100% dated 3/30/07,
to be repurchased at $51,788,001 on 4/2/07, collateralized
by $51,766,000 U.S. Treasury Bonds, 8.125% due 8/15/19
(market value $52,801,369) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 51,766,000
100,000,000 Agreement with Bank of America Corp., 5.100% dated 3/30/07,
(market value $101,287,385) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000
100,000,000 Agreement with Barclays Bank, 5.120% dated 3/30/07,
(market value $100,526,375) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000
—
—————— —————
TOTAL REPURCHASE AGREEMENTS
(Cost $251,766,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251,766,000
—
— ————— —————
TOTAL INVESTMENTS (Cost $4,583,143,239*) . . . . . . . . . . 100.9% 8,399,544,617
UNREALIZED DEPRECIATION ON FORWARD
CONTRACTS (Net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.1) (90,654,619)
OTHER ASSETS AND LIABILITIES (Net) . . . . . . . . . . . . . ——0.2
——— ————14,798,687
——— —————
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%
————— $8,323,688,685
——————— —————
————— ——————— —————
————————————
* Aggregate cost for federal tax purposes is $4,580,798,119.
** Rate represents annualized yield at date of purchase.
*** “Undisclosed Security” represents an issuer, generally a smaller capitalization issuer, where disclosure may
be disadvantageous to the Fund’s accumulation or disposition program.
† Non-income producing security.
†† Amount represents less than 0.1% of the net assets.
††† At March 31, 2007, liquid assets totaling $26,635,961 have been designated as collateral for open
forward contracts.
Abbreviations:
ADR — American Depository Receipt
CVA — Certificaaten van aandelen (Share Certificates)

38
Sector Diversification (Unaudited)
March 31, 2007
Percentage of Market Value

Sector
———————Diversification
———————— ————— —Net
————Assets
—————— (Note
—
————— —2)
——
COMMON STOCKS:
Food and Beverages. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.7% $ 1,472,725,879
Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.2 1,264,079,165
Printing and Publishing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.4 1,111,237,940
Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2 598,313,804
Pharmaceuticals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2 435,487,044
Machinery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1 340,971,487
Chemicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3 278,227,451
Building Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 216,994,478
Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 211,651,132
Electronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 210,149,271
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 203,309,671
Media. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 170,439,679
Tobacco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 146,983,610
Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 146,766,895
Telecommunications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 130,909,293
Financial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 109,505,698
Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 96,931,046
Commercial Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 89,636,261
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 74,116,505
Wholesale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 69,373,700
Engineering and Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 67,762,908
Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 66,415,907
Medical Research and Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 48,031,388
Textiles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 20,891,120
Paper Products. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 17,080,912
Personal Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 11,537,598
Mining and Metal Fabrication . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0†† 3,748,960
Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0†† 2,192,173
Autos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
——
——
—0.0††
—— ——————— 541,855
—————
Total Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
—91.5
—
——
——— 7,616,012,830
————————————
Preferred Stocks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 38,102,770
U.S. Treasury Bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.9 493,663,017
Repurchase Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0 251,766,000
Unrealized Depreciation on Forward Contracts . . . . . . . . . . . . . . . . (1.1) (90,654,619)
Other Assets and Liabilities (Net) . . . . . . . . . . . . . . . . . . . . . . . . . . . —
——
——
—0.2
—— ———— 14,798,687
————————
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%
—
——
——
——— —$8,323,688,685
—————— —————
—
——
——
——— —————— — —————
————————————
†† Amount represents less than 0.1% of net assets

39
Portfolio Composition (Unaudited)

March 31, 2007
Belgium-3%
Cash Equivalents-8% Canada-1%
Denmark-1%
Finland-5%
United States-6% France-6%
Germany-5%
United Kingdom-11% Hong Kong-2%
Italy-4%
Japan-4%
Mexico-2%
Switzerland-13%
Netherlands-18%
Spain-2%
South Korea-4%
Singapore-4%
Norway-1%
Czech Republic-0%†
Croatia-0%†
Ireland-0%†
Sweden-0%†
Miscellaneous-0%†
† Amount represents less than 1% of net assets

40
Schedule of Forward Exchange Contracts
March 31, 2007
Contract Market
Value Value
Contracts
——
—————— —Date
—
————— (Note
——
—————2)
—
FORWARD EXCHANGE CONTRACTS TO BUY
30,000,000 European Union Euro. . . . . . . . . . . . . . . . . . . 4/4/07 $ 39,942,509
11,000,000 European Union Euro. . . . . . . . . . . . . . . . . . . 4/16/07 14,652,653
41,000,000 Great Britain Pound Sterling . . . . . . . . . . . . . 4/19/07 80,412,636
26,000,000 Singapore Dollar. . . . . . . . . . . . . . . . . . . . . . . 4/27/07 17,153,338
14,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 4/16/07 11,484,570
12,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 4/16/07 9,843,917
11,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 4/19/07 9,025,908
55,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 4/27/07 45,160,458
33,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 5/9/07 ————
27,125,175
—————
TOTAL FORWARD EXCHANGE CONTRACTS TO BUY
(Contract Amount $280,758,914) . . . . . . . . . . . . . . . . . . . . . $———
282,258,443
——————
——————
———
FORWARD EXCHANGE CONTRACTS TO SELL
2,500,000 Canadian Dollar . . . . . . . . . . . . . . . . . . . . . . . 4/4/07 $ (2,167,353)
1,500,000 Canadian Dollar . . . . . . . . . . . . . . . . . . . . . . . 4/19/07 (1,300,983)
7,000,000 Canadian Dollar . . . . . . . . . . . . . . . . . . . . . . . 4/27/07 (6,072,680)
1,500,000 Canadian Dollar . . . . . . . . . . . . . . . . . . . . . . . 5/11/07 (1,301,851)
5,000,000 Canadian Dollar . . . . . . . . . . . . . . . . . . . . . . . 5/18/07 (4,340,448)
7,000,000 Canadian Dollar . . . . . . . . . . . . . . . . . . . . . . . 5/30/07 (6,078,881)
11,000,000 Canadian Dollar . . . . . . . . . . . . . . . . . . . . . . . 7/3/07 (9,561,592)
5,000,000 Canadian Dollar . . . . . . . . . . . . . . . . . . . . . . . 7/31/07 (4,349,439)
8,000,000 Canadian Dollar . . . . . . . . . . . . . . . . . . . . . . . 8/28/07 (6,964,328)
4,500,000 Canadian Dollar . . . . . . . . . . . . . . . . . . . . . . . 10/16/07 (3,922,116)
18,000,000 Canadian Dollar . . . . . . . . . . . . . . . . . . . . . . . 11/13/07 (15,697,465)
15,500,000 Canadian Dollar . . . . . . . . . . . . . . . . . . . . . . . 11/26/07 (13,520,863)
8,000,000 Canadian Dollar . . . . . . . . . . . . . . . . . . . . . . . 1/15/08 (6,985,683)
17,000,000 Canadian Dollar . . . . . . . . . . . . . . . . . . . . . . . 3/3/08 (14,859,275)
7,500,000 Canadian Dollar . . . . . . . . . . . . . . . . . . . . . . . 3/31/08 (6,559,039)
32,000,000 Czech Koruna . . . . . . . . . . . . . . . . . . . . . . . . . 11/26/07 (1,545,571)
22,000,000 Danish Krone . . . . . . . . . . . . . . . . . . . . . . . . . 4/16/07 (3,932,662)
29,000,000 Danish Krone . . . . . . . . . . . . . . . . . . . . . . . . . 5/9/07 (5,188,418)
48,000,000 Danish Krone . . . . . . . . . . . . . . . . . . . . . . . . . 5/11/07 (8,588,398)
83,000,000 Danish Krone . . . . . . . . . . . . . . . . . . . . . . . . . 5/22/07 (14,857,154)
30,000,000 European Union Euro. . . . . . . . . . . . . . . . . . . 4/4/07 (39,942,509)
37,000,000 European Union Euro . . . . . . . . . . . . . . . . . . . 5/9/07 (49,332,807)

41

March 31, 2007
Contract Market
Value Value
Contracts
——
—————— —Date
—
————— (Note
——
—————2)
—
98,000,000 European Union Euro. . . . . . . . . . . . . . . . . . . 8/15/07 $ (131,106,906)
41,000,000 Great Britain Pound Sterling . . . . . . . . . . . . . 4/19/07 (80,412,636)
160,000,000 Hong Kong Dollar . . . . . . . . . . . . . . . . . . . . . 5/18/07 (20,508,726)
54,000,000 Hong Kong Dollar . . . . . . . . . . . . . . . . . . . . . 7/12/07 (6,933,906)
230,000,000 Hong Kong Dollar . . . . . . . . . . . . . . . . . . . . . 7/23/07 (29,543,084)
77,000,000 Hong Kong Dollar . . . . . . . . . . . . . . . . . . . . . 7/24/07 (9,890,809)
42
March 31, 2007
Contract Market
Value Value
Contracts
——
—————— —Date
—
————— (Note
——
—————2)
—
120,000,000 Hong Kong Dollar . . . . . . . . . . . . . . . . . . . . . 7/31/07 $ (15,417,497)
15,000,000 Hong Kong Dollar . . . . . . . . . . . . . . . . . . . . . 8/15/07 (1,928,058)
195,000,000 Hong Kong Dollar . . . . . . . . . . . . . . . . . . . . . 8/28/07 (25,074,576)
180,000,000 Hong Kong Dollar . . . . . . . . . . . . . . . . . . . . . 9/28/07 (23,166,967)
100,000,000 Hong Kong Dollar . . . . . . . . . . . . . . . . . . . . . 10/22/07 (12,876,834)
90,000,000 Hong Kong Dollar . . . . . . . . . . . . . . . . . . . . . 12/17/07 (11,602,395)
100,000,000 Hong Kong Dollar . . . . . . . . . . . . . . . . . . . . . 1/8/08 (12,897,342)
120,000,000 Hong Kong Dollar . . . . . . . . . . . . . . . . . . . . . 1/15/08 (15,479,024)
135,000,000 Hong Kong Dollar . . . . . . . . . . . . . . . . . . . . . 2/20/08 (17,426,721)
3,000,000,000 Japanese Yen . . . . . . . . . . . . . . . . . . . . . . . . . . 4/16/07 (25,470,864)
2,300,000,000 Japanese Yen . . . . . . . . . . . . . . . . . . . . . . . . . . 5/11/07 (19,593,121)
1,600,000,000 Japanese Yen . . . . . . . . . . . . . . . . . . . . . . . . . . 5/16/07 (13,638,186)
3,150,000,000 Japanese Yen . . . . . . . . . . . . . . . . . . . . . . . . . 5/18/07 (26,856,633)
3,650,000,000 Japanese Yen . . . . . . . . . . . . . . . . . . . . . . . . . . 5/21/07 (31,130,815)
900,000,000 Japanese Yen . . . . . . . . . . . . . . . . . . . . . . . . . . 6/6/07 (7,691,088)
3,000,000,000 Japanese Yen . . . . . . . . . . . . . . . . . . . . . . . . . . 6/11/07 (25,652,830)
2,200,000,000 Japanese Yen . . . . . . . . . . . . . . . . . . . . . . . . . . 7/23/07 (18,911,680)
7,800,000,000 Japanese Yen . . . . . . . . . . . . . . . . . . . . . . . . . . 8/9/07 (67,195,748)
3,300,000,000 Japanese Yen . . . . . . . . . . . . . . . . . . . . . . . . . . 8/28/07 (28,497,965)
555,000,000 Japanese Yen . . . . . . . . . . . . . . . . . . . . . . . . . . 9/12/07 (4,802,040)
2,300,000,000 Japanese Yen . . . . . . . . . . . . . . . . . . . . . . . . . . 10/16/07 (19,981,459)
3,000,000,000 Japanese Yen . . . . . . . . . . . . . . . . . . . . . . . . . . 1/29/08 (26,378,091)
350,000,000 Mexican Peso . . . . . . . . . . . . . . . . . . . . . . . . . 4/4/07 (31,777,401)
170,000,000 Mexican Peso . . . . . . . . . . . . . . . . . . . . . . . . . 4/16/07 (15,425,943)
216,000,000 Mexican Peso . . . . . . . . . . . . . . . . . . . . . . . . . 5/11/07 (19,574,685)
145,000,000 Mexican Peso . . . . . . . . . . . . . . . . . . . . . . . . . 5/16/07 (13,136,713)
132,000,000 Mexican Peso . . . . . . . . . . . . . . . . . . . . . . . . . 8/28/07 (11,888,240)
135,000,000 Mexican Peso . . . . . . . . . . . . . . . . . . . . . . . . . 10/18/07 (12,119,456)
206,000,000 Mexican Peso . . . . . . . . . . . . . . . . . . . . . . . . . 12/17/07 (18,417,126)
130,000,000 Mexican Peso . . . . . . . . . . . . . . . . . . . . . . . . . 1/8/08 (11,604,907)
265,000,000 Mexican Peso . . . . . . . . . . . . . . . . . . . . . . . . . 1/15/08 (23,644,794)
195,000,000 Mexican Peso . . . . . . . . . . . . . . . . . . . . . . . . . 1/16/08 (17,397,806)
145,000,000 Mexican Peso . . . . . . . . . . . . . . . . . . . . . . . . . 1/29/08 (12,925,301)
125,000,000 Mexican Peso . . . . . . . . . . . . . . . . . . . . . . . . . 3/31/08 (11,094,491)
144,000,000 Norwegian Krone . . . . . . . . . . . . . . . . . . . . . . 6/6/07 (23,635,942)
92,000,000 Norwegian Krone . . . . . . . . . . . . . . . . . . . . . . 7/18/07 (15,112,693)
110,000,000 Norwegian Krone . . . . . . . . . . . . . . . . . . . . . . 9/12/07 (18,085,512)
45,000,000 Norwegian Krone . . . . . . . . . . . . . . . . . . . . . . 10/4/07 (7,400,117)
74,000,000 Norwegian Krone . . . . . . . . . . . . . . . . . . . . . . 10/22/07 (12,168,562)
135,000,000 Norwegian Krone . . . . . . . . . . . . . . . . . . . . . . 1/29/08 (22,194,188)
26,000,000 Singapore Dollar. . . . . . . . . . . . . . . . . . . . . . . 4/27/07 (17,153,338)
27,000,000 Singapore Dollar . . . . . . . . . . . . . . . . . . . . . . . 11/14/07 (18,033,951)
43

March 31, 2007
Contract Market
Value Value
Contracts
——
—————— —Date
—
————— (Note
——
—————2)
—
40,000,000 Singapore Dollar. . . . . . . . . . . . . . . . . . . . . . . 1/15/08 $ (26,806,994)
30,000,000 Singapore Dollar . . . . . . . . . . . . . . . . . . . . . . 3/31/08 (20,187,068)
4,100,000,000 South Korean Won. . . . . . . . . . . . . . . . . . . . . 4/19/07 (4,360,852)
16,757,000,000 South Korean Won. . . . . . . . . . . . . . . . . . . . . 5/11/07 (17,831,812)
8,000,000,000 South Korean Won. . . . . . . . . . . . . . . . . . . . . 6/18/07 (8,520,155)
22,000,000,000 South Korean Won. . . . . . . . . . . . . . . . . . . . . 7/3/07 (23,437,916)
14,750,000,000 South Korean Won. . . . . . . . . . . . . . . . . . . . . 7/12/07 (15,717,071)
20,000,000,000 South Korean Won. . . . . . . . . . . . . . . . . . . . . 8/6/07 (21,322,644)
32,000,000,000 South Korean Won. . . . . . . . . . . . . . . . . . . . . 8/22/07 (34,127,873)
12,000,000,000 South Korean Won. . . . . . . . . . . . . . . . . . . . . 9/12/07 (12,803,687)
11,250,000,000 South Korean Won. . . . . . . . . . . . . . . . . . . . . 10/4/07 (12,008,554)
28,000,000,000 South Korean Won. . . . . . . . . . . . . . . . . . . . . 10/9/07 (29,890,304)
35,000,000,000 South Korean Won. . . . . . . . . . . . . . . . . . . . . 10/18/07 (37,368,166)
22,300,000,000 South Korean Won . . . . . . . . . . . . . . . . . . . . . 11/13/07 (23,818,594)
30,000,000,000 South Korean Won. . . . . . . . . . . . . . . . . . . . . 12/26/07 (32,064,633)
17,000,000,000 South Korean Won. . . . . . . . . . . . . . . . . . . . . 1/31/08 (18,180,257)
34,000,000,000 South Korean Won. . . . . . . . . . . . . . . . . . . . . 3/7/08 (36,381,135)
40,000,000 Swedish Krona . . . . . . . . . . . . . . . . . . . . . . . . 5/9/07 (5,714,002)
26,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 4/16/07 (21,328,488)
11,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 4/19/07 (9,025,908)
55,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 4/27/07 (45,160,458)
33,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 5/9/07 (27,125,175)
7,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 5/11/07 (5,754,854)
26,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 5/16/07 (21,384,737)
23,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 5/18/07 (18,920,654)
25,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 6/18/07 (20,618,574)
16,500,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 7/3/07 (13,624,203)
20,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 7/12/07 (16,525,607)
19,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 7/18/07 (15,706,568)
32,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 7/23/07 (26,463,340)
24,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 7/24/07 (19,849,032)
20,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 7/31/07 (16,549,770)
45,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 8/6/07 (37,254,184)
20,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 8/15/07 (16,568,896)
31,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 8/28/07 (25,707,538)
62,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 9/12/07 (51,474,623)
72,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 9/21/07 (59,818,550)
40,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 10/1/07 (33,255,944)
25,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 10/4/07 (20,788,932)
25,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 10/9/07 (20,795,546)
27,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 10/16/07 (22,469,198)
20,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 10/22/07 (16,650,211)
37,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 11/13/07 (30,846,109)
25,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 12/4/07 (20,869,917)
25,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 12/21/07 (20,892,599)
34,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 1/8/08 (28,446,703)
20,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 1/15/08 (16,740,865)
44
March 31, 2007
Contract Market
Value Value
Contracts
——
—————— —Date
—
————— (Note
——
—————2)
—
13,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 1/29/08 $ (10,891,339)
50,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 1/31/08 (41,895,142)
25,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 2/19/08 (20,973,147)
31,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 3/3/08 (26,028,447)
50,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 3/31/08 ———
(42,053,867)
——————
TOTAL FORWARD EXCHANGE CONTRACTS TO SELL
(Contract Amount $5,982,833,597). . . . . . . . . . . . . . . . . . . . $(6,074,987,745)
—
————
————
———— ——
—— —

45
Statement of Assets and Liabilities

March 31, 2007
ASSETS
Investments, at value (Cost $4,583,143,239) (Note 2)
Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,147,778,617
Repurchase Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251,766,000
_______________
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,399,544,617
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 464
Foreign currency (Cost $3,568,822) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,568,337
Unrealized appreciation of forward exchange contracts (Note 2) . . . . . 36,711,434
Dividends and interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,335,717
Receivable for Fund shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,534,318
Recoverable foreign withholding taxes . . . . . . . . . . . . . . . . . . . . . . . . . . 589,780
Receivable for investment securities sold . . . . . . . . . . . . . . . . . . . . . . . . 287,893
Prepaid expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,044
Receivable for Fund redemption fee proceeds . . . . . . . . . . . . . . . . . . . . . 10,694
_______________
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,466,627,298
_______________
LIABILITIES
Unrealized depreciation of forward exchange contracts
(Note 2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 127,366,053
Payable for Fund shares redeemed . . . . . . . . . . . . . . . . 8,078,775
Investment advisory fee payable (Note 3) . . . . . . . . . . 5,577,354
Custodian fees payable (Note 3) . . . . . . . . . . . . . . . . . 675,217
Transfer agent fees payable (Note 3) . . . . . . . . . . . . . . 350,775
Administration and accounting fees payable (Note 3) 151,491
Accrued expenses and other payables . . . . . . . . . . . . . ____________________738,948
________________________
Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142,938,613
_______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,323,688,685
_______________
_______________
NET ASSETS consist of
Undistributed net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 18,857,934
Accumulated net realized gain on securities, forward exchange
contracts and foreign currencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312,661,784
Net unrealized appreciation of securities, forward exchange contracts,
foreign currencies and net other assets . . . . . . . . . . . . . . . . . . . . . . . 3,725,936,747
Par value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,760
Paid-in capital in excess of par value. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,266,206,460
_______________
Total Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,323,688,685
_______________
_______________
NET ASSET VALUE, offering and redemption price per share
($8,323,688,685÷257,601,517 shares of common stock outstanding) . . $ 32.31
_______________
_______________

46
Statement of Operations
For the Year Ended March 31, 2007
INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $15,984,059) . . . . . . . . $ 174,429,937
Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,976,510
_______________
Total Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230,406,447
_______________
EXPENSES
Investment advisory fee (Note 3) . . . . . . . . . . . . . . . . . . . . $ 99,292,752
Custodian fees (Note 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,584,957
Administration and accounting fees (Note 3). . . . . . . . . . . 2,131,744
Transfer agent fees (Note 3). . . . . . . . . . . . . . . . . . . . . . . . . 1,576,869
Legal and audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 338,370
Directors’ fees and expenses (Note 3) . . . . . . . . . . . . . . . . . 241,743
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____________________914,855
________________________
Total Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,081,290
_______________
NET INVESTMENT INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121,325,157
_______________
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

(Notes 2 and 4):
Net realized gain (loss) on:
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 586,210,139
Forward exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (55,246,810)
Foreign currencies and net other assets . . . . . . . . . . . . . . . . . . . . . . 668,189
_______________
Net realized gain on investments during the year . . . . . . . . . . . . . . . . . 531,631,518
_______________
Net unrealized appreciation (depreciation) of:
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 765,038,415
_______________
Net unrealized appreciation of investments during the year . . . . . . . . . 539,412,026
_______________
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,071,043,544
_______________
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,192,368,701
_______________
_______________

47
Statements of Changes in Net Assets
Year Ended Year Ended

__________3/31/2007
________________________________________ _________3/31/2006
_________________________________________
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 121,325,157 $ 96,138,314
Net realized gain on securities, forward exchange
contracts and currency transactions during the year . . . . . 531,631,518 126,421,388
Net unrealized appreciation of securities, forward exchange
contracts, foreign currencies and net other assets
during the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___________539,412,026
_______________________________________ _____1,132,302,460
_____________________________________________
Net increase in net assets resulting from operations . . . . . . . . 1,192,368,701 1,354,862,162
Distributions:
Dividends to shareholders from net investment income . . . . . (113,448,043) (101,574,100)
Distributions to shareholders from net realized gain
on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (92,487,665) —
Net increase (decrease) in net assets from Fund share
transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (723,921,015) 100,186,840
Redemption Fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . __________________________214,209
________________________ __________________________165,643
________________________
Net increase in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262,726,187 1,353,640,545
NET ASSETS
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _____8,060,962,498
_____________________________________________ _____6,707,321,953 _____________________________________________
End of year (including undistributed net investment
income of $18,857,934 and $11,843,914, respectively). . . __$8,323,688,685 __________________________________________________________________________________________________ $8,060,962,498
____________________________________________________________________________________________________

48
Financial Highlights
For a Fund share outstanding throughout each year.
Year Year Year Year Year

Ended Ended Ended Ended Ended
3/31/07
—
— ————— 3/31/06
—
— ————— 3/31/05
—
— ————— 3/31/04
—
— ————— 3/31/03
—
— —————
Net asset value, beginning of year . . . . $—
———28.56
—— — $—
——24.08
———— $—
———21.23
——— $—
———14.44
—— — $—
——19.79
————
Income from investment operations:
Net investment income . . . . . . . . . . . . 0.47 0.34 0.31(c) 0.20 0.19
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . . . —
———
—4.06
— — —
———
—4.51
—— —
———
—2.81
—— —
———
—6.78
— — —
——(5.07)
————
Total from investment
operations . . . . . . . . . . . . . —
———
—4.53
— — —
———
—4.85
—— —
———
—3.12
—— —
———
—6.98
— — —
——(4.88)
————
Distributions:
Dividends from net investment
income . . . . . . . . . . . . . . . . . . . . . . (0.43) (0.37) (0.27) (0.20) (0.20)
Distributions from net
realized gains. . . . . . . . . . . . . . . . . . —
——(0.35)
—
—— — —
———
———
— —
———
———
— —
———
———
— —
——(0.27)
————
Total distributions . . . . . . . . . . —
——(0.78)
—
—— — —
——(0.37)
—
— —— —
——(0.27)
—
— —— —
——(0.20)
—
—— — — —
——(0.47)
———
Redemption fees . . . . . . . . . . . . . . . . . . —
———
—0.00
— —
(b)
—
———
—0.00
——
(b)
—
———
—0.00
——
(b)
—
———
—0.01
— — — —
—— ———
—
Net asset value, end of year . . . . . . . . . $—
———32.31
—— — $—
——28.56
———— $—
———24.08
——— $—
———21.23
—— — $—
——14.44
————
—
———
——— —
———
——— —
———
——— ——
———— — —
———
———
Total return (a) . . . . . . . . . . . . . . . . . . . —
——16.01%
—
—— — —
——20.24%
———— —
——14.75%
———— —
——48.53%
—
—— — — —
——(24.86)%
————
—
———
—— — —
—————— —
—————— —
———
—— — —— ————
Ratios/Supplemental Data:
Net assets, end of year (in 000s). . . . . . $8,323,689 $8,060,962 $6,707,322 $5,352,702 $3,736,624
Ratio of operating expenses to
average net assets . . . . . . . . . . . . . . 1.37% 1.38% 1.39% 1.39% 1.37%
Ratio of net investment income to
average net assets . . . . . . . . . . . . . . 1.53% 1.33% 1.41%(c) 1.08% 1.17%
Portfolio turnover rate . . . . . . . . . . . . . 13% 6% 13% 8% 8%
________________________________________________
(a) Total return represents aggregate total return for the periods indicated.
(b) Amount represents less than $0.01 per share.
(c) For year ended 3/31/05, investment income per share reflects a special dividend which amounted to $0.13
per share. Excluding the special dividend, the ratio of net investment income to average net assets would
have been 0.78% per share.

49
Notes to Financial Statements
1. Organization
Tweedy, Browne Global Value Fund (the “Fund”) is a diversified series of
Tweedy, Browne Fund Inc. (the “Company”). The Company is an open-end
management investment company registered with the United States (US)
Securities and Exchange Commission under the Investment Company Act of
1940, as amended. The Company was organized as a Maryland corporation on
January 28, 1993. The Fund commenced operations on June 15, 1993. The
Fund seeks long-term capital growth by investing primarily in foreign
securities that Tweedy, Browne Company LLC (“Tweedy, Browne” or the
“Investment Adviser”) believes are undervalued.
2. Significant Accounting Policies
The preparation of financial statements in accordance with accounting
principles generally accepted in the United States requires management to
make estimates and assumptions that affect the reported amounts and
disclosures in the financial statements. Actual results could differ from those
estimates. The following is a summary of significant accounting policies
consistently followed by the Fund in the preparation of its financial
statements.
Portfolio Valuation Generally, the Fund’s 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
US 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
50
quotations may not be reliable (including because the last sales price does not
reflect current market value at the time of valuing the Fund’s 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 60 days or more are valued through pricing obtained by pricing
services approved by the Fund’s 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.
Repurchase Agreements The Fund engages in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Fund
acquires an underlying debt obligation subject to an obligation of the seller to
repurchase, and the Fund to resell, the obligation at an agreed-upon price and
time, thereby determining the yield during the Fund’s holding period. This
arrangement results in a fixed rate of return that is not subject to market
fluctuations during the Fund’s holding period. The value of the collateral held
on behalf of the Fund is at all times at least equal to the total amount of the
repurchase obligations, including interest. In the event of counterparty
default, the Fund has the right to use the collateral to offset losses incurred.
There is potential loss to the Fund in the event the Fund is delayed or
prevented from exercising its rights to dispose of the collateral securities,
including the risk of a possible decline in the value of the underlying securities
during the period while the Fund seeks to assert its rights. The Fund’s
Investment Adviser reviews the value of the collateral and the
creditworthiness of those banks and dealers with which the Fund enters into
repurchase agreements to evaluate potential risks.
Foreign Currency The books and records of the Fund are maintained in
US dollars. Foreign currencies, investments and other assets and liabilities are
translated into US 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
51
dividends recorded on the books of the 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 The Fund has entered into forward
exchange contracts for non-trading purposes in order to reduce its exposure to
fluctuations in foreign currency exchange on its 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.
The use of forward exchange contracts does not eliminate fluctuations in
the underlying prices of the 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 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 and Investment Income Securities transactions
are recorded as of the trade date. Realized gains and losses from securities
transactions are recorded on the identified cost basis. Dividend income and
distributions to shareholders are recorded on the ex-dividend date. Large,
nonrecurring dividends recognized by the Fund are presented separately on
the Statement of Operations as “special dividends” and the impact of these
dividends to net investment income per share is presented in the financial
highlights. Interest income is recorded on the accrual basis. Dividend income
and interest income may be subject to foreign withholding taxes. The Fund’s
custodian applies for refunds on behalf of the Fund where available.
Tweedy, Browne Company LLC is reimbursed by the Fund for the cost of
settling transactions in US securities for the Fund through its clearing broker.
For the year ended March 31, 2007 the Fund reimbursed Tweedy, Browne
Company LLC $1,107 for such transaction charges.
52
Dividends and Distributions to Shareholders Dividends from net

investment income, if any, and distributions from realized capital gains after
utilization of capital loss carryforwards, if any, will be declared and paid
annually. Additional distributions of net investment income and capital gains
from the Fund may be made at the discretion of the Board of Directors in order
to avoid the application of a 4% non-deductible federal excise tax on certain
undistributed amounts of ordinary income and capital gains. Income dividends
and capital gain distributions are determined in accordance with income tax
regulations which may differ from accounting principles generally accepted in
the United States. These differences are primarily due to differing treatments
of income and gains on various investment securities held by the Fund, timing
differences and differing characterization of distributions made by the Fund.
The character of distributions paid on a tax basis during December 2006
for fiscal year 2007 and December 2005 for fiscal year 2006 is as follows:
2007 2006
Distributions paid from:
Investment Income $113,448,043 $ 101,574,100
Short-term capital gain — —
—
——
—
——
—
——
—
—
——
——
—
——
—
——
—
——
—
——
——
—
— ——
——
—
——
—
——
—
——
—
——
——
—
—
——
—
——
——
—
——
—
——
Ordinary Income 113,448,043 101,574,100
Long-term capital gain 92,487,665 —
—
——
—
——
—
——
—
—
——
——
—
——
—
——
—
——
—
——
——
—
— ——
——
—
——
—
——
—
——
—
——
——
—
—
——
—
——
——
—
——
—
——
Total Distributions $205,935,708 $ 101,574,100
—
——
—
——
—
——
—
—
——
——
—
——
—
——
—
——
—
——
——
—
— ——
——
—
——
—
——
—
——
—
——
——
—
—
——
—
——
——
—
——
—
——
As of March 31, 2007, the components of distributable earnings on a tax
basis were as follows:
Undistributed ordinary income $ 19,084,197
Undistributed realized gain 224,805,867
Unrealized appreciation 3,818,746,498
—
—
——
—
——
—
——
——
—
—
——
—
——
——
—
——
—
——
———
—
——
—
——
Total $ 4,062,636,562
—
—
——
—
——
—
——
——
—
—
——
—
——
——
—
——
—
——
———
—
——
—
——
Federal Income Taxes The Fund has qualified and intends to continue to
qualify as a regulated investment company by complying with the
requirements of the Internal Revenue Code of 1986, as amended, applicable
to regulated investment companies and by distributing substantially all of its
taxable income to its shareholders. Therefore, no federal income tax provision
is required.
53
Expenses Expenses directly attributable to the Fund as a diversified series

of the Company are charged to the Fund. Other expenses of the Company are
allocated to each series based on the average net assets of each series or other
equitable allocation.
3. Investment Advisory Fee, Other Related Party Transactions and
Administration Fee
The Company, on behalf of the Fund, has entered into an investment
advisory agreement (the “Advisory Agreement”) with Tweedy, Browne.
Under the Advisory Agreement, the Company pays Tweedy, Browne a fee at
the annual rate of 1.25% of the value of the Fund’s average daily net assets.
The fee is payable monthly, provided the Fund will make such interim
payments as may be requested by the Investment Adviser not to exceed 75%
of the amount of the fee then accrued on the books of the Fund and unpaid.
For the year ended March 31, 2007, Tweedy, Browne received $99,292,752.
The current and retired managing directors and their families, as well as
employees of Tweedy, Browne, have approximately $99.6 million of their own
money invested in the Fund, as of March 31, 2007.
The Company, on behalf of the Fund, has entered into an administration
agreement (the “Administration Agreement”) with PFPC Inc. (the
“Administrator”), an indirect, majority-owned subsidiary of PNC Financial
Services Group Inc. Under the Administration Agreement, the Company
pays the Administrator an administration fee and a fund accounting fee
computed daily and payable monthly at the following annual rates of the
aggregate average daily net assets of the Fund and the Tweedy, Browne Value
Fund, allocated according to each Fund’s net assets:
Between Between
$1 Billion $5 Billion
Up to and and Exceeding
$1 Billion $5 Billion $10 Billion $10 Billion
Administration Fees 0.0300% 0.0180% 0.0100% 0.0090%
Accounting Fees 0.0075% 0.0060% 0.0050% 0.0040%
54
Prior to January 1, 2007, the administration fee and fund accounting fee
were computed daily and payable monthly at the following annual rates of the
aggregate average daily net assets of the Fund and the Tweedy, Browne Value
Fund, allocated according to each Fund’s net assets:
Between Between
$500 Million $1 Billion
$500 Million $1 Billion $4 Billion $4 Billion
Between Between
Accounting Fees 0.0300% 0.0100% 0.0075% 0.0060%
No officer, director or employee of Tweedy, Browne, the Administrator or

any parent or subsidiary of those corporations receives any compensation from
the Company for serving as a director or officer of the Company. The
Company pays each Non-Interested Director $75,000 annually to be paid
quarterly in $18,750 increments plus out-of-pocket expenses for their services
as directors. The annual fee of $75,000 paid to each Non-Interested Director
is divided proportionately between the Fund and the Tweedy, Browne Value
Fund. The current allocation ratio is 80% of the annual fee paid by the Fund
and 20% paid by Tweedy, Browne Value Fund. Total Directors’ fees paid by
the Fund for the year ended March 31, 2007, excluding any out-of-pocket
expenses, were $240,000.
Mellon Trust of New England, N.A. (“MTONE”), an indirect, wholly-
owned subsidiary of Mellon Financial Corporation, serves as the Fund’s
custodian pursuant to a custody agreement (the “Custody Agreement”). PFPC
Inc. also serves as the Fund’s transfer agent. Tweedy, Browne also serves as the
distributor to the Fund and pays all distribution fees. No distribution fees are
paid by the Fund.
4. Securities Transactions
Cost of purchases and proceeds from sales of investment securities,
excluding short-term investments, for the year ended March 31, 2007,
aggregated $880,959,095 and $949,557,394, respectively.
55
At March 31, 2007, the aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost was
$3,933,649,031 and the aggregate gross unrealized depreciation for all
securities in which there was an excess of tax cost over value was
$114,902,533.
5. Capital Stock
The Company is authorized to issue one billion shares of $0.0001 par
value capital stock, of which 600,000,000 of the unissued shares have been
designated as shares of the Fund. Redemptions from the Fund, including
exchange redemptions, within 60 days of purchase are subject to a redemption
fee equal to 2% of the redemption proceeds, which will be retained by the
Fund. Changes in shares outstanding for the Fund were as follows:
Year Ended 3/31/07 Year Ended 3/31/06
Shares Amount Shares Amount
Sold 21,616,948 $ 640,713,070 41,050,051 $ 1,056,646,129
Reinvested 6,186,427 191,284,317 3,505,493 92,545,016
Redeemed (52,475,756) (1,555,918,402) (40,780,035) (1,049,004,305)
Net Increase/
(Decrease) (24,672,381) $ (723,921,015) 3,775,509 $ 100,186,840
6. Foreign Securities
Investing in securities of foreign companies and foreign governments
involves economic and political risks and considerations not typically
associated with investing in US companies and the US Government. These
considerations include changes in exchange rates and exchange rate controls
(which may include suspension of the ability to transfer currency from a given
country), costs incurred in conversions between currencies, non-negotiable
brokerage commissions, less publicly available information, not generally
being subject to uniform standards, practices and requirements with respect to
accounting, auditing and financial reporting, lower trading volume, delayed
settlements and greater market volatility, the difficulty of enforcing
obligations in other countries, less securities regulation, different tax
provisions (including withholding on dividends paid to the Fund), war,
seizure, political and social instability and diplomatic developments.
56
7. Securities Lending
The Fund may lend securities to brokers, dealers and other financial
organizations to earn additional income. Each security out on loan is
collateralized with segregated assets held with the borrower in an amount
equal to or greater than the current market value of the loaned securities. At
March 31, 2007, the Fund did not have any securities out on loan.
8. New Accounting Pronouncements
In June 2006, the Financial Accounting Standards Board (“FASB”) issued
FASB Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in
Income Taxes.” This pronouncement provides guidance on the recognition,
measurement, classification, and disclosures related to uncertain tax positions,
along with any related interest and penalties. FIN 48 is effective on the last
business day of the semi-annual reporting period for fiscal years beginning after
December 15, 2006. At this time, management is evaluating the implications
of FIN 48 and its impact on the financial statements has not yet been
determined.
In addition, in September 2006, Statement of Financial Accounting
Standards No. 157, “Fair Value Measurements” (“SFAS 157”) was issued by
the FASB and is effective for fiscal years beginning after November 15, 2007.
SFAS 157 defines fair value, establishes a framework for measuring fair value
and expands disclosures about fair value measurements. Management is
currently evaluating the impact the adoption of SFAS 157 will have on the
Fund’s financial statement disclosures.
57
Report of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm
To the Shareholders of Tweedy, Browne Global Value Fund and the Board of
Directors of Tweedy, Browne Fund Inc.:
In our opinion, the accompanying statement of assets and liabilities,
including the portfolio of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Tweedy, Browne Global Value Fund
(the “Fund”, a series of Tweedy, Browne Fund Inc.) at March 31, 2007, the
results of its operations for the year then ended, the changes in its net assets for
each of the two years in the period then ended and the financial highlights for
each of the three years in the period then ended, in conformity with accounting
principles generally accepted in the United States of America. These financial
statements and financial highlights (hereafter referred to as “financial
statements”) are the responsibility of the Fund’s management. Our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that
our audits, which included confirmation of securities at March 31, 2007 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion.
The financial statements and financial highlights of the Fund for the
periods ended on or before March 31, 2004 were audited by other independent
accountants whose report dated May 10, 2004 expressed an unqualified opinion
on those financial statements and financial highlights.
PricewaterhouseCoopers LLP
Boston, Massachusetts
May 14, 2007
58
Other Information (Unaudited)
Year Ended March 31, 2007

1. Tax Information
For the fiscal year ended March 31, 2007, the amount of long-term capital
gain designated by the Fund was $305,405,465, which is taxable at a 20% rate
gain for federal income tax purposes.
Of the ordinary income (including short-term capital gain) distributions
made by the Fund during the fiscal year ended March 31, 2007, 0.496% qualify
for the dividend received deduction available to corporate shareholders.
For the fiscal year ended March 31, 2007, 100% of the distributions paid
by the Fund qualifies for the 15% dividend tax rate.
If the Fund meets the requirements of Section 853 of the Internal
Revenue Code of 1986, as amended, the Fund may elect to pass through to its
shareholders credits for foreign taxes paid.
For the fiscal year ended March 31, 2007, the Fund derived $169,069,131
of gross income from foreign sources and paid foreign taxes of $15,770,197
(representing $0.6563 and $0.0612 per share, respectively).
2. Portfolio Information
The Company files the Fund’s complete schedule of portfolio holdings
with the Securities and Exchange Commission (“SEC”) for the first and third
quarters of each fiscal year on Form N-Q. The Company’s Form N-Q is
available (1) on the SEC’s website at http://www.sec.gov; (2) for review and
copying at the SEC’s Public Reference Room (“PRR”) in Washington, DC; or
(3) by calling the Fund at 1-800-432-4789. Information regarding the
operation of the PRR may be obtained by calling 1-202-551-8090.
3. Proxy Voting Information
The policies and procedures that the Company uses to determine how to
vote proxies relating to portfolio securities held by the Fund are included in
the Company’s Statement of Additional Information, which is available
without charge and upon request by calling the Fund at 1-800-432-4789.
Information regarding how the Fund voted proxies relating to portfolio
securities during the most recent twelve-month period ended June 30 is
available, without charge, at http://www.sec.gov.
59
4. Directors and Officers Information

Information pertaining to the Directors and officers* of the Company is
set forth on the following pages. The Board of Directors oversees the
Company’s business and investment activities and is responsible for protecting
the interests of the Fund’s shareholders. You can find more information about
the Directors in the Company’s Statement of Additional Information, which
is available free of charge by calling 1-800-432-4789.
60
Number of
Portfolios in Other
Term of Fund Trusteeships/
Office and Complex Directorships
Name, Address, Age and Length of 1 Principal Occupation(s) Overseen by Held by
Position(s) with Company Time Served During Past 5 Years Director Director
DISINTERESTED DIRECTORS
Paul F. Balser 6 years Partner, Ironwood 2 Director, Janus
Ironwood Partners, LLC Manufacturing Fund, LP Capital Group,
420 Lexington Avenue (private equity Inc. (asset
New York, NY 10170 investments), since 2003; management)
Age: 65, Director Partner, Ironwood
Partners LLC (private
equity investments),
since December 2001;
Partner, Generation
Partners (private equity
investments) from
August 1995 to
September 30, 2004.
Bruce A. Beal 13 years Partner and Chairman, 2 None
The Beal Companies The Beal Companies
177 Milk Street (real estate development
Boston, MA 02109 and investment
Age: 70, Director companies); Real estate
consultant.
John C. Hover II 4 years Executive Vice President, 2 Director,
PO Box 676 United States Trust Excelsior Private
Buckingham, PA 18912 Company of New York; Equity Fund II,
Age: 63, Director Retired since 2001. Inc.; Director,
Excelsior Venture
Partners III, LLC;
Director, Excelsior
Venture Investors
III, LLC
Richard B. Salomon 12 years Partner, Wolf, Block, 2 None
Wolf, Block, Schorr Schorr and Solis-Cohen
& Solis-Cohen LLP LLP (law firm) since
250 Park Avenue April 2005. Previously
New York, NY 10177 Partner, Salans (law firm)
Age: 59, Director since prior to 2000.
61
Number of
Portfolios in Other
INTERESTED DIRECTOR2
Christopher H. Browne 3 13 years Managing Director, 2 Director,
Tweedy, Browne Tweedy, Browne American
Company LLC Company LLC Atlantic
350 Park Avenue Company
New York, NY 10022
Age: 60, Chairman and
President
OFFICERS WHO ARE NOT DIRECTORS
William H. Browne3 13 years Managing Director, N/A N/A
Tweedy, Browne Tweedy, Browne
Company LLC Company LLC
350 Park Avenue
New York, NY 10022
Age: 62, Vice President
Patricia A. Rogers 2 years Chief Compliance N/A N/A
Tweedy, Browne Officer of the Funds
Company LLC since June 2004;
350 Park Avenue Associate General
New York, NY 10022 Counsel, Tweedy, Browne
Age: 40, Chief Compliance Company LLC
Officer
M. Gervase Rosenberger 13 years Executive Vice N/A N/A
Tweedy, Browne President, Tweedy,
Company LLC Browne Company LLC
350 Park Avenue since 2001; General
New York, NY 10022 Counsel and Chief
Age: 56, Chief Operating Compliance Officer,
Officer, Vice President and Tweedy, Browne
Secretary Company LLC until
2001
John D. Spears 13 years Managing Director, N/A N/A
350 Park Avenue
New York, NY 10022
62
Number of
Portfolios in Other
Robert Q. Wyckoff, Jr. 4 years Managing Director, N/A N/A
350 Park Avenue
New York, NY 10022
Age: 54, Treasurer
——————
* The term “officer” means the president, vice president, secretary, treasurer, controller or
any other officer who performs a policy making function.
1 Directors and officers serve for an indefinite term until the earliest of their: (i) removal,
(ii) resignation or (iii) death.
2 “Interested person” of the Company as defined in the 1940 Act. Mr. Christopher H.
Browne is an “interested person” because of his affiliation with Tweedy, Browne
Company LLC, which acts as the Company’s investment adviser and distributor.
3 Mr. Christopher H. Browne and Mr. William H. Browne are brothers.
63
TWEEDY, BROWNE VALUE FUND
Expense Information
A shareholder of the Fund incurs two types of costs: (1) transaction costs
and (2) ongoing costs, including management fees and other Fund expenses.
The Example below is intended to help a shareholder understand their
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the
beginning of the period and held for the entire period of October 1, 2006 to
March 31, 2007.
Actual Expenses The first line of the table on the following page provides
information about actual account values and actual expenses. The
information in this line may be used with the amount a shareholder invested
to estimate the expenses that were paid by the shareholder over the period.
Simply divide the shareholder’s account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by the
number in the first line under the heading entitled “Expenses Paid During
Period” to estimate the expenses paid during this period.
Hypothetical Example for Comparison Purposes The second line of the
table on the following page provides information about hypothetical account
values and hypothetical expenses based on the Fund’s actual expense ratio and
an assumed rate of return of 5% per year before expenses, which is not the
Fund’s actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses paid by the
shareholder of the Fund for the period. This information may be used to
compare the ongoing costs of investing in the Fund and other funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples
that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table on the following page are
meant to highlight a shareholder’s ongoing costs only. Therefore, the second
line of the table is useful in comparing ongoing costs only, and will not help a
shareholder determine the relative total costs of owning different funds.
64
Expense Information
Beginning Ending Expenses Paid During
Account Value Account Value Period*
10/1/06 3/31/07 10/1/06-3/31/07
Actual $1,000 $1,051 $7.07
Hypothetical
(5% return before expenses) $1,000 $1,018 $6.94
* Expenses are equal to the Fund’s annualized expense ratio of 1.38%, multiplied
by the average account value over the period, multiplied by 182 days in the most
recent fiscal half-year, divided by 365 (to reflect the one-half year period).
65
Portfolio Highlights
March 31, 2007
Hypothetical Illustration of $10,000 Invested in
Tweedy, Browne Value Fund vs.
Standard & Poor’s 500 Stock Index (“S&P 500”)
12/8/93 through 3/31/07
$40,000 $38,845
Tweedy, Browne Value Fund* $38,761
$35,000
Index: S&P 500*
$30,000
$25,000
$20,000
$15,000
$10,000
$5,000
Mar 2005
Mar 2006
Mar 2007
Nov 1993
Mar 2000
Mar 2003
Mar 1997
Mar 2001
Mar 2002
Mar 1999
Sep 2001
Mar 2004
Sep 1994
Mar 1996
Sep 2004
Sep 2005
Sep 2006
Mar 1998
Sep 2000
Sep 2002
Mar 1994
Mar 1995
Sep 2003
Sep 1999
Sep 1995
Sep 1996
Sep 1997
Sep 1998
________________________________________________________________________________________________________________________________________________________________________________________________________________
The S&P 500 is an index composed of 500 widely held common stocks listed on the New York Stock
Exchange, American Stock Exchange and over-the-counter market and includes the reinvestment of dividends.
AVERAGE ANNUAL TOTAL RETURN* AGGREGATE TOTAL RETURN*

Year Inception
Without Ended (12/8/93)–
The
——
—— Fund
—
——— Actual
—
————— —Waivers
—
——————— 3/31/07
—
—————— — —3/31/07
———————
Inception (12/8/93)
through 3/31/07 10.73% 10.66% The Fund 10.76% 288.46%
Year Ended 3/31/07 10.76% 10.76% S&P 500 11.83% 287.61%
________________________________________________________________________________________________________________________________________________________________________________________________________________
Note: The performance shown represents past performance and is not a guarantee of future results. The
Fund’s share price and investment return will vary with market conditions, and the principal value of
shares, when redeemed, may be more or less than original cost.
* Assumes the reinvestment of all dividends and distributions.
66
March 31, 2007
In accordance with rules and guidelines set out by the United States (US)
Securities and Exchange Commission, we have provided a comparison of the
historical investment results of Tweedy, Browne Value Fund to the historical
investment results of the most appropriate broad-based securities market
index, the Standard & Poor’s 500 Stock Index (the “S&P 500”). The S&P
500 is an index composed of 500 widely held common stocks listed on the
New York Stock Exchange, American Stock Exchange and over-the-counter
market. However, the historical results of the S&P 500 in large measure
represent the investment results of stocks that we do not own. Any portfolio
which does not own exactly the same stocks in exactly the same proportions
as the index to which the particular portfolio is being compared is not likely
to have the same results as the index. The investment behavior of a diversified
portfolio of undervalued stocks tends to be correlated to the investment
behavior of a broad index; i.e., when the index is up, probably more than one-
half of the stocks in the entire universe of public companies that are included
in the same index will be up, albeit, in greater or lesser percentages than the
index. Similarly, when the index declines, probably more than one-half of the
stocks in the entire universe of public companies that are included in the
index will be down in greater or lesser percentages than the index. But it is
almost a mathematical truth that “different stocks equal different results.”
We believe that favorable or unfavorable historical investment results in
comparison to an index are not necessarily predictive of future comparative
investment results. In Are Short-Term Performance and Value Investing Mutually
Exclusive?, Eugene Shahan analyzed the investment performance of seven
money managers, about whom Warren Buffett wrote in his article, The Super
Investors of Graham and Doddsville. Over long periods of time, the seven
managers significantly outperformed the market as measured by the Dow Jones
Industrial Average (the “DJIA”) or the S&P 500 by between 7.7% and 16.5%
annually. (The goal of most institutional money managers is to outperform the
market by 2% to 3%.) However, for periods ranging from 13 years to 28 years,
this group of managers underperformed the market between 7.7% and 42% of
the years. Six of the seven investment managers underperformed the market
between 28% and 42% of the years. In today’s environment, they would have
lost many of their clients during their periods of underperformance. Longer
term, it would have been the wrong decision to fire any of those money
managers. In examining the seven long-term investment records, unfavorable
investment results as compared to either index did not predict the
67
future favorable comparative investment results which occurred, and

favorable investment results in comparison to the DJIA or the S&P 500
were not always followed by future favorable comparative results. Stretches
of consecutive annual underperformance ranged from one to six years.
Mr. Shahan concluded:
Unfortunately, there is no way to distinguish between a poor three-year
stretch for a manager who will do well over 15 years, from a poor three-
year stretch for a manager who will continue to do poorly. Nor is there
any reason to believe that a manager who does well from the outset
cannot continue to do well, and consistently.
68
March 31, 2007
Market
Value
Shares
——
———— (Note
———
— ——2)
—
COMMON STOCK - DOMESTIC—65.0%

Automotive Parts—0.5%
45,780 Dollar Thrifty Automotive Group Inc. † . . . . . . . . . . . . . . . . . . . $ 2,336,611
— —
———
—— —————
Banking—11.9%
213,245 Bank of America Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,879,760
306,169 PNC Financial Services Group Inc. . . . . . . . . . . . . . . . . . . . . . . . 22,034,983
425,495 Popular Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,046,197
620,600 Wells Fargo & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,367,258
—
———
——— —————
61,328,198
—
———
——— —————
Basic Industries—1.5%
185,088 Rayonier Inc., REIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,958,784
—
———
——— —————
Broadcast, Radio and TV—4.7%
958,590 Comcast Corporation, Special Class A † . . . . . . . . . . . . . . . . . . . 24,415,287
—
———
——— —————
Chemicals—0.2%
39,535 Stepan Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,037,794
—
———
——— —————
Computer Services—0.8%
153,974 Electronic Data Systems Corporation . . . . . . . . . . . . . . . . . . . . . 4,262,000
—
———
——— —————
Diversified Financial Services—11.8%
337,358 American Express Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,026,991
544,736 Federated Investors Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . 20,002,706
268,515 Freddie Mac . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,973,957
87,124 MBIA Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,705,751
—
———
——— —————
60,709,405
—
———
——— —————
Energy—0.1%
10,000 ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 683,500
—
———
————————
Food and Beverages—0.2%
15,200 Anheuser-Busch Companies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 766,992
—
———
————————
Health Care—1.4%
59,500 Bausch & Lomb, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,044,020
69,124 Johnson & Johnson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,165,412
—
———
——— —————
7,209,432
—
———
——— —————
Insurance—21.0%
293,361 American International Group, Inc. . . . . . . . . . . . . . . . . . . . . . . 19,719,726
70,462 American National Insurance Company . . . . . . . . . . . . . . . . . . . 9,014,204
368,836 Great American Financial Resources Inc. . . . . . . . . . . . . . . . . . . 9,029,105
357,000 Leucadia National Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . 10,502,940
74,245 National Western Life Insurance Company, Class A . . . . . . . . . 18,175,176

69
March 31, 2007
Market
Value
Shares
——
———— (Note
———
— ——2)
—
COMMON STOCK - DOMESTIC

Insurance—(Continued)
253,376 Torchmark Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,618,932
386,396 Transatlantic Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,162,108
—
—————— —————
108,222,191
—
—————— —————
Media—2.0%
895,545 Sun-Times Media Group Inc., Class A . . . . . . . . . . . . . . . . . . . . 4,441,903
174,005 Tribune Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,587,301
—
———
——— —————
10,029,204
—
———
——— —————
Real Estate—0.4%
55,225 Ramco-Gershenson Properties Trust, REIT . . . . . . . . . . . . . . . . . 1,972,085
—
———
——— —————
Retail—6.7%
330,342 Home Depot, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,136,765
251,579 UniFirst Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,653,086
276,425 Wal-Mart Stores, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,978,154
—
———
——— —————
34,768,005
—
———
——— —————
Telecommunications—0.2%
71,884 Citizens Communications Company . . . . . . . . . . . . . . . . . . . . . . 1,074,666
—
———
——— —————
Transportation—1.6%
164,671 Con-Way, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,207,203
—
———
——— —————
TOTAL COMMON STOCK - DOMESTIC
(Cost $171,882,600) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 334,981,357
—
—————— —————
COMMON STOCK - FOREIGN—26.8%
France—1.9%
220,000 Sanofi-Aventis, ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,572,200
—
———
——— —————
Japan—0.1%
19,500 Shikoku Coca-Cola Bottling Company Ltd. . . . . . . . . . . . . . . . . 222,291
—
———
————————
Netherlands—10.3%
389,179 ABN AMRO Holding NV, Sponsored ADR . . . . . . . . . . . . . . . . 16,742,480
608,000 Heineken Holding NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,821,506
323,571 Unilever NV, ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,454,745
—
———
——— —————
53,018,731
—
———
——— —————
South Korea—2.1%
467,163 SK Telecom Company, Ltd., ADR . . . . . . . . . . . . . . . . . . . . . . . . 10,940,957
—
———
——— —————
Switzerland—6.3%
337,400 Nestle SA, Registered, Sponsored ADR . . . . . . . . . . . . . . . . . . . 32,698,750
—
———
——— —————

70
March 31, 2007
Market
Value
Shares
——
———— (Note
———
— ——2)
—
COMMON STOCK - FOREIGN

United Kingdom—6.1%
276,000 Diageo PLC, Sponsored ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,342,200
308,880 Unilever PLC, Sponsored ADR . . . . . . . . . . . . . . . . . . . . . . . . . . 9,288,022
—
———
——— —————
31,630,222
—
———
——— —————
TOTAL COMMON STOCK - FOREIGN
(Cost $66,494,138) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,083,151
—
—————— —————
Face
Value
—
— —
———
U.S. TREASURY BILLS—5.0%
$ 21,800,000 4.970% ** due 5/10/07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,685,175
1,500,000 4.930% ** due 5/24/07 †† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,489,341
2,500,000 4.890% ** due 8/23/07 †† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,451,490
—
———
——— —————
TOTAL U.S. TREASURY BILLS
(Cost $25,621,825) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,626,006
—
———
——— —————
REPURCHASE AGREEMENTS—3.5%
3,391,000 Agreement with UBS Warburg LLC, 5.100% dated 3/30/07,
by $3,391,000 U.S. Treasury Bond, 8.125% due 5/15/21
(market value $3,459,378) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,391,000
15,000,000 Agreement with Barclays Bank, 5.120% dated 3/30/07, to be
repurchased at $15,006,400 on 4/2/07, collateralized by
$15,000,000 U.S. Treasury Bond, 4.580% due 5/15/13
(market value $15,300,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000
—
———
——— —————
TOTAL REPURCHASE AGREEMENTS
(Cost $18,391,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,391,000
—
—————— —————
TOTAL INVESTMENTS (Cost $282,389,563*) . . . . . . . . . . . 100.3% 517,081,514
UNREALIZED DEPRECIATION ON FORWARD
CONTRACTS (Net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.4) (2,042,797)
OTHER ASSETS AND LIABILITIES (Net) . . . . . . . . . . . . . ——0.1
——— — —
—————487,855
—————
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%
————— $
— —
—515,526,572
———— —————
————— — —
————— —————
————————————
* Aggregate cost for federal tax purposes is $282,389,566.
** Rate represents annualized yield at date of purchase.
† Non-income producing security.
†† At March 31, 2007, liquid assets totalling $3,940,831 have been designated as collateral for open
forward contracts.
Abbreviations:
ADR–American Depository Receipt.
REIT–Real Estate Investment Trust.
71
Portfolio Composition (Unaudited)

March 31, 2007
Cash Equivalents-8%
Transportation-2%
Telecommunications-2%
Banking-15%
Retail-7%
Basic Industries-2%
Pharmaceuticals-2% Broadcast, Radio and TV-5%
Media-2% Computer Services-1%
Diviersified Financial Services-12%

Insurance-21%
Food and Beverages-20%
Health Care-1%
Automotive Parts-0%†
Chemicals-0%†
Energy-0%†
Real Estate-0%†
† Amount represents less than 1% of net assets

72
March 31, 2007
Contract Market
Value Value
Contracts Date (Note 2)
———————— ——
————— ——
——————
900,000 European Union Euro. . . . . . . . . . . . . . . . . . . 7/10/07 $ (1,202,693)
750,000 European Union Euro. . . . . . . . . . . . . . . . . . . 1/8/08 (1,006,808)
600,000 Great Britain Pound Sterling . . . . . . . . . . . . . 12/17/07 (1,172,936)
43,000,000 Japanese Yen . . . . . . . . . . . . . . . . . . . . . . . . . . 8/9/07 (370,438)
9,850,000,000 South Korean Won. . . . . . . . . . . . . . . . . . . . . 3/7/08 (10,539,829)
1,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 4/12/07 (820,046)
3,500,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 5/9/07 (2,876,913)
2,500,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . 7/18/07 (2,066,654)
2,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 8/28/07 (1,658,551)
3,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 10/4/07 (2,494,672)
2,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . 1/25/08 (1,675,161)
5,000,000 Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . 3/3/08 ————
(4,198,137)
—————
TOTAL FORWARD EXCHANGE CONTRACTS TO SELL
(Contract Amount $77,418,376) . . . . . . . . . . . . . . . . . . . . . . $———
(79,461,173)
————
——
———— ——
—— —

73
Statement of Assets and Liabilities

March 31, 2007
ASSETS
Investments, at value (Cost $282,389,563) (Note 2)
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 498,690,514
Repurchase Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,391,000
_______________
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 517,081,514
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 833
Foreign currency (Cost $11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Receivable for investment securities sold . . . . . . . . . . . . . . . . . . . . . . . . 864,923
Dividends and interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 486,830
Unrealized appreciation of forward exchange contracts (Note 2) . . . . . 160,126
Receivable for Fund shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,338
Prepaid expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,057
_______________
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 518,615,632
_______________
LIABILITIES
Unrealized depreciation of forward exchange contracts
(Note 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,202,923
Payable for Fund shares redeemed . . . . . . . . . . . . . . . . 418,762
Investment advisory fee payable (Note 3) . . . . . . . . . . 350,105
Transfer agent fees payable (Note 3) . . . . . . . . . . . . . . 28,990
Administration and accounting fees payable (Note 3) 9,776
Custodian fees payable (Note 3) . . . . . . . . . . . . . . . . . 5,646
Accrued expenses and other payables . . . . . . . . . . . . . ________________________72,858
____________________
Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,089,060
_______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 515,526,572
_______________
_______________
NET ASSETS consist of
Undistributed net investment loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —
Accumulated net realized gain on securities, forward exchange
contracts and foreign currencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,256,587
Net unrealized appreciation of securities, forward exchange contracts,
foreign currencies and net other assets . . . . . . . . . . . . . . . . . . . . . . . 232,649,153
Par value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,091
Paid-in capital in excess of par value. . . . . . . . . . . . . . . . . . . . . . . . . . . . 260,618,741
_______________
_______________
Total Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 515,526,572
_______________
_______________
NET ASSET VALUE, offering and redemption price per share
($515,526,572÷20,913,488 shares of common stock outstanding) . . . . . . . $ 24.65
_______________
_______________

74
Statement of Operations
For the Year Ended March 31, 2007
INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $46,006) . . . . . . . . . . . $ 8,547,230
Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,993,163
_______________
Total Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,540,393
_______________
EXPENSES
Investment advisory fee (Note 3) . . . . . . . . . . . . . . . . . . . . $ 6,615,809
Transfer agent fees (Note 3). . . . . . . . . . . . . . . . . . . . . . . . . 242,754
Administration and accounting fees (Note 3). . . . . . . . . . . 143,863
Custodian fees (Note 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,970
Directors’ fees and expenses (Note 3) . . . . . . . . . . . . . . . . . 60,098
Legal and audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,905
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____________________140,735
________________________
Total Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,301,134
_______________
NET INVESTMENT INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,239,259
_______________
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

(Notes 2 and 4):
Net realized gain (loss) on:
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,050,481
Forward exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (409,471)
_______________
Net realized gain on investments during the year . . . . . . . . . . . . . . . . . 48,644,928
_______________
Net unrealized appreciation (depreciation) of:
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,145,912
Foreign currencies and net other assets . . . . . . . . . . . . . . . . . . . . . . 30
_______________
Net unrealized appreciation of investments during the year . . . . . . . . . 1,187,224
_______________
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,832,152
_______________
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 54,071,411
_______________
_______________

75
Statements of Changes in Net Assets
Year Ended Year Ended

__________3/31/2007
________________________________________ _________3/31/2006
_________________________________________
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,239,259 $ 6,531,735
Net realized gain on securities, forward exchange
contracts and currency transactions during the year . . . . . 48,644,928 33,713,517
Net unrealized appreciation of securities, forward exchange
contracts, foreign currencies and net other assets
during the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____________________1,187,224
______________________________ ____________________3,177,425
______________________________
Net increase in net assets resulting from operations . . . . . . . . 54,071,411 43,422,677
Distributions:
Dividends to shareholders from net investment income . . . . . (5,549,495) (7,557,544)
Distributions to shareholders from net realized gain on
investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (39,621,758) (42,642,868)
Net decrease in net assets from Fund share transactions. . . . . ____________(41,542,642) ______________________________________ ________(104,130,103)
__________________________________________
Net decrease in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32,642,484) (110,907,838)
NET ASSETS
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___________548,169,056
_______________________________________ ___________659,076,894 _______________________________________
End of year (including undistributed net investment
income of $0 and $1,277,842, respectively). . . . . . . . . . . . __$____________________515,526,572
______________________________________________________________________________ $______________________548,169,056
______________________________________________________________________________

76
Financial Highlights
For a Fund share outstanding throughout each year.
Year Year Year Year Year

Ended Ended Ended Ended Ended
3/31/07
—
— ————— 3/31/06
—
— ————— 3/31/05
—
— ————— 3/31/04
—
— ————— 3/31/03
—
— —————
Net asset value, beginning of year . . . . $—
———24.27
—— — $—
——24.67
———— $—
———24.38
——— $—
———18.53
—— — $—
——24.08
————
Income from investment operations:
Net investment income . . . . . . . . . . . . 0.21 0.30(b) 0.35(c) 0.27 0.13
Net realized and unrealized gain
(loss) on investments . . . . . . . . . . . —
———
—2.38
— — —
———
—1.49
—— —
———
—0.69
—— —
———
—5.68
— — —
——(5.21)
————
Total from investment
operations . . . . . . . . . . . . . —
———
—2.59
— — —
———
—1.79
—— —
———
—1.04
—— —
———
—5.95
— — —
——(5.08)
————
Distributions:
Dividends from net investment
income . . . . . . . . . . . . . . . . . . . . . . (0.27) (0.33) (0.39) (0.10) (0.10)
Distributions from net realized
gains . . . . . . . . . . . . . . . . . . . . . . . . —
——(1.94)
—
—— — —
——(1.86)
—
— —— —
——(0.36)
—
— —— —
———
———
— —
——(0.37)
————
Total distributions . . . . . . . . . . —
——(2.21)
—
—— — —
——(2.19)
—
— —— —
——(0.75)
—
— —— ——
——(0.10)
—— — — —
——(0.47)
———
Net asset value, end of year . . . . . . . . . $—
———24.65
—— — $—
——24.27
———— $—
———24.67
——— $—
———24.38
—— — $——
——18.53
———
——
———— — —
———
——— ——
—— ——— —
———
——— —
———
———
Total return (a) . . . . . . . . . . . . . . . . . . . —
——10.76%
—
—— — —
———
—7.41%
—— —
———
—4.18%
—— —
——32.13%
—
—— — — —
——(21.16)%
————
—
———
—— — —
———
— —— —
———
— —— —
———
—— — —— ————
Ratios/Supplemental Data:
Net assets, end of year (in 000s). . . . . . $515,527 $548,169 $659,077 $728,668 $659,884
Ratio of operating expenses to
average net assets . . . . . . . . . . . . . . 1.38% 1.36% 1.37% 1.38% 1.36%
Ratio of net investment income
to average net assets . . . . . . . . . . . . 0.80% 1.08%(b) 1.30%(c) 1.09% 0.59%
Portfolio turnover rate . . . . . . . . . . . . . 9% 9% 4% 3% 8%
________________________________________________
(a) Total return represents aggregate total return for the periods indicated.
(b) For year ended 3/31/06, investment income per share reflects a special dividend which amounted to $0.05 per
share. Excluding the special dividend, the ratio of net investment income to average net assets would have
been 0.88% per share.
(c) For year ended 3/31/05, investment income per share reflects a special dividend which amounted to $0.22 per
share. Excluding the special dividend, the ratio of net investment income to average net assets would have
been 0.45% per share.

77
1. Organization
Tweedy, Browne Value Fund (the “Fund”) (formerly, Tweedy, Browne
American Value Fund) is a diversified series of Tweedy, Browne Fund Inc. (the
“Company”). The Company is an open-end management investment
company registered with the United States (US) Securities and Exchange
Commission under the Investment Company Act of 1940, as amended. The
Company was organized as a Maryland corporation on January 28, 1993. The
Fund commenced operations on December 8, 1993. The Fund seeks long-term
capital growth by investing primarily in U.S. and foreign securities that
Tweedy, Browne Company LLC (“Tweedy, Browne” or the “Investment
Adviser”) believes are undervalued.
2. Significant Accounting Policies
The preparation of financial statements in accordance with accounting
principles generally accepted in the United States requires management to
make estimates and assumptions that affect the reported amounts and
disclosures in the financial statements. Actual results could differ from those
estimates. The following is a summary of significant accounting policies
consistently followed by the Fund in the preparation of its financial
statements.
Portfolio Valuation Generally, the Fund’s 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
US 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 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
78
quotations may not be reliable (including because the last sales price does not
reflect current market value at the time of valuing the Fund’s 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 60 days or more are valued through pricing obtained by pricing
services approved by the Fund’s 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.
Repurchase Agreements The Fund engages in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Fund
acquires an underlying debt obligation subject to an obligation of the seller to
repurchase, and the Fund to resell, the obligation at an agreed-upon price and
time, thereby determining the yield during the Fund’s holding period. This
arrangement results in a fixed rate of return that is not subject to market
fluctuations during the Fund’s holding period. The value of the collateral held
on behalf of the Fund is at all times at least equal to the total amount of the
repurchase obligations, including interest. In the event of counterparty
default, the Fund has the right to use the collateral to offset losses incurred.
There is potential loss to the Fund in the event the Fund is delayed or
prevented from exercising its rights to dispose of the collateral securities,
including the risk of a possible decline in the value of the underlying securities
during the period while the Fund seeks to assert its rights. The Fund’s
Investment Adviser reviews the value of the collateral and the
creditworthiness of those banks and dealers with which the Fund enters into
repurchase agreements to evaluate potential risks.
Foreign Currency The books and records of the Fund are maintained in
US dollars. Foreign currencies, investments and other assets and liabilities are
translated into US 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
79
currency transactions and the difference between the amounts of interest and
dividends recorded on the books of the 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 The Fund has entered into forward
exchange contracts for non-trading purposes in order to reduce its exposure to
fluctuations in foreign currency exchange on its 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.
The use of forward exchange contracts does not eliminate fluctuations in
the underlying prices of the 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 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 and Investment Income Securities transactions
are recorded as of the trade date. Realized gains and losses from securities
transactions are recorded on the identified cost basis. Dividend income and
distributions to shareholders are recorded on the ex-dividend date. Large, non-
recurring dividends recognized by the Fund are presented separately on the
Statement of Operations as “special dividends” and the impact of these
dividends to net investment income per share is presented in the financial
highlights. Interest income is recorded on the accrual basis. Dividend income
and interest income may be subject to foreign withholding taxes. The Fund’s
custodian applies for refunds on behalf of the Fund where available.
Tweedy, Browne Company LLC is reimbursed by the Fund for the cost of
settling transactions in US securities for the Fund through its clearing broker.
For the year ended March 31, 2007 the Fund reimbursed Tweedy, Browne
Company LLC $3,244 for such transaction charges.
80
Dividends and Distributions to Shareholders Dividends from net

investment income, if any, and distributions from realized capital gains after
utilization of capital loss carryforwards, if any, will be declared and paid
annually. Additional distributions of net investment income and capital gains
from the Fund may be made at the discretion of the Board of Directors in order
to avoid the application of a 4% non-deductible federal excise tax on certain
undistributed amounts of ordinary income and capital gains. Income dividends
and capital gain distributions are determined in accordance with income tax
regulations which may differ from accounting principles generally accepted in
the United States. These differences are primarily due to differing treatments
of income and gains on various investment securities held by the Fund, timing
differences and differing characterization of distributions made by the Fund.
The character of distributions paid on a tax basis during December 2006
for fiscal year 2007 and December 2005 for fiscal year 2006 is as follows:
2007 2006
Distributions paid from:
Investment Income $ 5,521,019 $ 7,557,544
Short-term capital gain 230,023 1,603,115
—
——
—
——
—
——
—
—
——
——
—
——
—
——
—
——
—
——
——
—
— —
——
—
—
——
—
——
—
——
——
—
——
—
—
——
——
—
——
—
Ordinary Income 5,751,042 9,160,659
Long-term capital gain 39,420,211 41,039,753
—
——
—
——
—
——
—
—
——
——
—
——
—
——
—
——
—
——
——
—
— —
——
—
—
——
—
——
—
——
——
—
——
—
—
——
——
—
——
—
Total Distributions $ 45,171,253 $50,200,412
—
——
—
——
—
——
—
—
——
——
—
——
—
——
—
——
—
——
——
—
— —
——
—
—
——
—
——
—
——
——
—
——
—
—
——
——
—
——
—
As of March 31, 2007, the components of distributable earnings on a tax
basis were as follows:
Undistributed ordinary income $ —
Undistributed realized gain 20,213,793
Unrealized appreciation 234,691,948
—
—
——
—
—
——
—
——
—
——
—
——
——
——
—
——
—
——
———
—
——
—
——
Total $ 254,905,741
—
—
——
—
—
——
—
——
—
——
—
——
——
——
—
——
—
——
———
—
——
—
——
Federal Income Taxes The Fund has qualified and intends to continue to
qualify as a regulated investment company by complying with the
requirements of the Internal Revenue Code of 1986, as amended, applicable
to regulated investment companies and by distributing substantially all of its
taxable income to its shareholders. Therefore, no federal income tax provision
is required.
81
Expenses Expenses directly attributable to the Fund as a diversified series

of the Company are charged to the Fund. Other expenses of the Company are
allocated to each series based on the average net assets of each series or other
equitable allocation.
3. Investment Advisory Fee, Other Related Party Transactions and
Administration Fee
The Company, on behalf of the Fund, has entered into an investment
advisory agreement (the “Advisory Agreement”) with Tweedy, Browne.
Under the Advisory Agreement, the Company pays Tweedy, Browne a fee at
the annual rate of 1.25% of the value of the Fund’s average daily net assets.
The fee is payable monthly, provided the Fund will make such interim
payments as may be requested by the Investment Adviser not to exceed 75%
of the amount of the fee then accrued on the books of the Fund and unpaid.
For the year ended March 31, 2007, Tweedy, Browne received $6,615,809.
The current and retired managing directors and their families, as well as
employees of Tweedy, Browne, have approximately $48.4 million of their own
money invested in the Fund, as of March 31, 2007.
The Company, on behalf of the Fund, has entered into an administration
agreement (the “Administration Agreement”) with PFPC Inc. (the
“Administrator”), an indirect, majority-owned subsidiary of PNC Financial
Services Group Inc. Under the Administration Agreement, the Company
pays the Administrator an administration fee and a fund accounting fee
computed daily and payable monthly at the following annual rates of the
aggregate average daily net assets of the Fund and the Tweedy, Browne Global
Value Fund, allocated according to each Fund’s net assets:
82
Between Between
$1 Billion $5 Billion
$1 Billion $5 Billion $10 Billion $10 Billion
Accounting Fees 0.0075% 0.0060% 0.0050% 0.0040%
Prior to January 1, 2007, the administration fee and fund accounting fee
were computed daily and payable monthly at the following annual rates of the
aggregate average daily net assets of the Fund and the Tweedy, Browne Global
Value Fund, allocated according to each Fund’s net assets:
Between Between
Between Between
Accounting Fees 0.0300% 0.0100% 0.0075% 0.0060%
No officer, director or employee of Tweedy, Browne, the Administrator or

any parent or subsidiary of those corporations receives any compensation from
the Company for serving as a director or officer of the Company. The
Company pays each Non-Interested Director $75,000 annually to be paid
quarterly in $18,750 increments plus out-of-pocket expenses for their services
as directors. The annual fee of $75,000 paid to each Non-Interested Director
is divided proportionately between the Fund and the Tweedy, Browne Global
Value Fund. The current allocation ratio is 20% of the annual fee paid by the
Fund and 80% paid by Tweedy, Browne Global Value Fund. Total Directors’
fees paid by the Fund for the year ended March 31, 2007, excluding any out-
of-pocket expenses, were $60,000.
Mellon Trust of New England, N.A. (“MTONE”), an indirect, wholly-
owned subsidiary of Mellon Financial Corporation, serves as the Fund’s
custodian pursuant to a custody agreement (the “Custody Agreement”). PFPC
Inc. also serves as the Fund’s transfer agent. Tweedy, Browne also serves as the
83
distributor to the Fund and pays all distribution fees. No distribution fees are
paid by the Fund.
4. Securities Transactions
Cost of purchases and proceeds from sales of investment securities,
excluding short-term investments, for the year ended March 31, 2007,
aggregated $41,435,472 and $100,553,290, respectively.
At March 31, 2007, the aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost was $240,835,322
and the aggregate gross unrealized depreciation for all securities in which there
was an excess of tax cost over value was $6,143,374.
5. Capital Stock
The Company is authorized to issue one billion shares of $0.0001 par
value capital stock, of which 400,000,000 of the unissued shares have been
designated as shares of the Fund. Changes in shares outstanding for the Fund
were as follows:
Year Ended 3/31/07 Year Ended 3/31/06
Shares Amount Shares Amount
Sold 710,487 $ 17,777,508 808,902 $ 19,954,116
Reinvested 1,736,914 42,467,545 1,926,006 45,973,770
Redeemed (4,119,879) (101,787,695) (6,864,632) (170,057,989)
Net Decrease (1,672,478) $ (41,542,642) (4,129,724) $ (104,130,103)
6. Foreign Securities
Investing in securities of foreign companies and foreign governments
involves economic and political risks and considerations not typically
associated with investing in US companies and the US Government. These
considerations include changes in exchange rates and exchange rate controls
(which may include suspension of the ability to transfer currency from a given
country), costs incurred in conversions between currencies, non-negotiable
brokerage commissions, less publicly available information, not generally
being subject to uniform standards, practices and requirements with respect to
accounting, auditing and financial reporting, lower trading volume, delayed
settlements and greater market volatility, the difficulty of enforcing
obligations in other countries, less securities regulation, different tax
84
provisions (including withholding on dividends paid to the Fund), war,

seizure, political and social instability and diplomatic developments.
7. Securities Lending
The Fund may lend securities to brokers, dealers and other financial
organizations to earn additional income. Each security out on loan is
collateralized with segregated assets held with the borrower in an amount
equal to or greater than the current market value of the loaned securities. At
March 31, 2007, the Fund did not have any securities out on loan.
8. New Accounting Pronouncements
In June 2006, the Financial Accounting Standards Board (“FASB”) issued
FASB Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in
Income Taxes.” This pronouncement provides guidance on the recognition,
measurement, classification, and disclosures related to uncertain tax positions,
along with any related interest and penalties. FIN 48 is effective on the last
business day of the semi-annual reporting period for fiscal years beginning after
December 15, 2006. At this time, management is evaluating the implications
of FIN 48 and its impact on the financial statements has not yet been
determined.
In addition, in September 2006, Statement of Financial Accounting
Standards No. 157, “Fair Value Measurements” (“SFAS 157”) was issued by
the FASB and is effective for fiscal years beginning after November 15, 2007.
SFAS 157 defines fair value, establishes a framework for measuring fair value
and expands disclosures about fair value measurements. Management is
currently evaluating the impact the adoption of SFAS 157 will have on the
Fund’s financial statement disclosures.
85
Report of PricewaterhouseCoopers LLP, Independent Registered Accounting Firm
To the Shareholders of Tweedy, Browne Value Fund and the Board of

Directors of Tweedy, Browne Fund Inc.:
In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all material
respects, the financial position of Tweedy, Browne Value Fund (the “Fund”,
formerly Tweedy, Browne American Value Fund, a series of Tweedy, Browne
Fund Inc.) at March 31, 2007, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period then
ended and the financial highlights for each of the three years in the period then
ended, in conformity with accounting principles generally accepted in the
United States of America. These financial statements and financial highlights
(hereafter referred to as “financial statements”) are the responsibility of the
Fund’s management. Our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
financial statements in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at March 31, 2007 by correspondence with the
custodian and brokers, provide a reasonable basis for our opinion.
The financial statements and financial highlights of the Fund for the
periods ended on or before March 31, 2004 were audited by other independent
accountants whose report dated May 10, 2004 expressed an unqualified opinion
on those financial statements and financial highlights.
PricewaterhouseCoopers LLP
Boston, Massachusetts
May 14, 2007
86
Year Ended March 31, 2007

1. Tax Information
For the fiscal year ended March 31, 2007, the amount of long-term capital
gain designated by the Fund was $44,682,292, which is taxable at a 20% rate
gain for federal income tax purposes.
Of the ordinary income (including short-term capital gain) distributions
made by the Fund during the fiscal year ended March 31, 2007, 100% qualify
for the dividend received deduction available to corporate shareholders.
For the fiscal year ended March 31, 2007, 100% of the distributions paid
by the Fund qualifies for the 15% dividend tax rate.
2. Portfolio Information
The Company files the Fund’s complete schedule of portfolio holdings
with the Securities and Exchange Commission (“SEC”) for the first and third
quarters of each fiscal year on Form N-Q. The Company’s Form N-Q is
available (1) on the SEC’s website at http://www.sec.gov; (2) for review and
copying at the SEC’s Public Reference Room (“PRR”) in Washington, DC; or
(3) by calling the Fund at 1-800-432-4789. Information regarding the
operation of the PRR may be obtained by calling 1-202-551-8090.
3. Proxy Voting Information
The policies and procedures that the Company uses to determine how to
vote proxies relating to portfolio securities held by the Fund are included in
the Company’s Statement of Additional Information, which is available
without charge and upon request by calling the Fund at 1-800-432-4789.
Information regarding how the Fund voted proxies relating to portfolio
securities during the most recent twelve-month period ended June 30 is
available, without charge, at http://www.sec.gov.
4. Directors and Officers Information
Information pertaining to the Directors and officers* of the Company is
set forth below. The Board of Directors oversees the Company’s business and
investment activities and is responsible for protecting the interests of the
Fund’s shareholders. You can find more information about the Directors in the
Company’s Statement of Additional Information, which is available free of
charge by calling 1-800-432-4789.
87
Number of
Portfolios in Other
DISINTERESTED DIRECTORS
Paul F. Balser 6 years Partner, Ironwood 2 Director, Janus
Ironwood Partners, LLC Manufacturing Fund, LP Capital Group,
420 Lexington Avenue (private equity Inc. (asset
New York, NY 10170 investments), since 2003; management)
Age: 65, Director Partner, Ironwood
Partners LLC (private
equity investments),
since December 2001;
Partner, Generation
Partners (private equity
investments) from
August 1995 to
September 30, 2004.
Bruce A. Beal 13 years Partner and Chairman, 2 None
The Beal Companies The Beal Companies
177 Milk Street (real estate development
Boston, MA 02109 and investment
Age: 70, Director companies); Real estate
consultant.
John C. Hover II 4 years Executive Vice President, 2 Director,
PO Box 676 United States Trust Excelsior Private
Buckingham, PA 18912 Company of New York; Equity Fund II,
Age: 63, Director Retired since 2001. Inc.; Director,
Excelsior Venture
Partners III, LLC;
Director, Excelsior
Venture Investors
III, LLC
Richard B. Salomon 12 years Partner, Wolf, Block, 2 None
Wolf, Block, Schorr Schorr and Solis-Cohen
& Solis-Cohen LLP LLP (law firm) since
250 Park Avenue April 2005. Previously
New York, NY 10177 Partner, Salans (law firm)
Age: 59, Director since prior to 2000.
88
Number of
Portfolios in Other
INTERESTED DIRECTOR2
Christopher H. Browne 3 13 years Managing Director, 2 Director,
Tweedy, Browne Tweedy, Browne American
Company LLC Company LLC. Atlantic
350 Park Avenue Company
New York, NY 10022
Age: 60, Chairman and
President
OFFICERS WHO ARE NOT DIRECTORS
William H. Browne3 13 years Managing Director, N/A N/A
Company LLC Company LLC.
350 Park Avenue
New York, NY 10022
Patricia A. Rogers 2 years Chief Compliance N/A N/A
Tweedy, Browne Officer of the Funds
Company LLC since June 2004;
350 Park Avenue Associate General
New York, NY 10022 Counsel, Tweedy, Browne
Age: 40, Chief Compliance Company LLC.
Officer
M. Gervase Rosenberger 13 years Executive Vice N/A N/A
Tweedy, Browne President, Tweedy,
Company LLC Browne Company LLC
350 Park Avenue since 2001; General
New York, NY 10022 Counsel and Chief
Age: 56, Chief Operating Compliance Officer,
Officer, Vice President and Tweedy, Browne Company
Secretary LLC until 2001.
John D. Spears 13 years Managing Director, N/A N/A
350 Park Avenue
New York, NY 10022
89

Number of
Portfolios in Other
Robert Q. Wyckoff, Jr. 4 years Managing Director, N/A N/A
350 Park Avenue
New York, NY 10022
Age: 54, Treasurer
——————
* The term “officer” means the president, vice president, secretary, treasurer, controller or
any other officer who performs a policy making function.
1 Directors and officers serve for an indefinite term until the earliest of their: (i) removal,
(ii) resignation or (iii) death.
2 “Interested person” of the Company as defined in the 1940 Act. Mr. Christopher H.
Browne is an “interested person” because of his affiliation with Tweedy, Browne
Company LLC, which acts as the Company’s investment adviser and distributor.
3 Mr. Christopher H. Browne and Mr. William H. Browne are brothers.
90
350 Park Avenue, New York, NY 10022
800-432-4789
www.tweedy.com

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This booklet consists of two separate documents:

INVESTMENT ADVISER’S LETTER

Tweedy, Browne Global Value Fund

MARCH 31, 2007

Investment Adviser’s Letter to Shareholders . . . . . . . . . . . . . . . . . . . 2

Tweedy, Browne Global Value Fund

Tweedy, Browne Value Fund

Tweedy, Browne Global Value Fund

INVESTMENT ADVISER’S LETTER

Investment Adviser’s Letter

* The preceding performance data represents past performance and is not a

Were there any consequences for financial pundits making bad

Source: UBS/Thomson Financial, “Barbarians at the Gate Again”,

This “buyout mania” is attributable to a number of factors including

More recently, banks have even begun to provide “equity bridges” to

Very truly yours,

TWEEDY, BROWNE COMPANY LLC

April 27, 2007

Tweedy, Browne Global Value Fund

Investment Adviser’s Note

MSCI EAFE MSCI EAFE

Period Ended Tweedy, Browne S&P

Very truly yours,

TWEEDY, BROWNE COMPANY LLC

April 27, 2007

Beginning Ending Expenses Paid During

March 31, 2007

AVERAGE ANNUAL TOTAL RETURN* AGGREGATE TOTAL RETURN*

SEE NOTES TO FINANCIAL STATEMENTS

March 31, 2007

SEE NOTES TO FINANCIAL STATEMENTS

Perspective On Assessing Investment Results

of their clients during their periods of underperformance. Longer term, it

SEE NOTES TO FINANCIAL STATEMENTS

SEE NOTES TO FINANCIAL STATEMENTS

SEE NOTES TO FINANCIAL STATEMENTS

SEE NOTES TO FINANCIAL STATEMENTS

SEE NOTES TO FINANCIAL STATEMENTS

SEE NOTES TO FINANCIAL STATEMENTS

Percentage of Market Value

SEE NOTES TO FINANCIAL STATEMENTS

Portfolio Composition (Unaudited)

† Amount represents less than 1% of net assets

SEE NOTES TO FINANCIAL STATEMENTS

SEE NOTES TO FINANCIAL STATEMENTS

Schedule of Forward Exchange Contracts

Schedule of Forward Exchange Contracts

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Assets and Liabilities

SEE NOTES TO FINANCIAL STATEMENTS

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

SEE NOTES TO FINANCIAL STATEMENTS

Statements of Changes in Net Assets

Year Ended Year Ended

SEE NOTES TO FINANCIAL STATEMENTS

Year Year Year Year Year

SEE NOTES TO FINANCIAL STATEMENTS

Notes to Financial Statements

Notes to Financial Statements

Dividends and Distributions to Shareholders Dividends from net