Important Notice: Fraudulent Schemes Impersonating Tweedy, Browne Company LLC

There have been recent incidents of individuals and groups falsely claiming to be associated with Tweedy, Browne Company LLC (“Tweedy, Browne”) and its employees on social media platforms and messaging apps. These imposters have engaged in a variety of unauthorized conduct, including soliciting customers to carry out trading activities with them, constructing fake websites that purport to represent or be hosted by Tweedy Browne, and impersonating Tweedy Browne using the genuine names of Tweedy Browne employees to offer investment opportunities.

There have also been fake websites and mobile applications that claim to be Tweedy Browne when in fact they are not. These are scams and not sponsored, endorsed by or in any way affiliated or authorized by Tweedy Browne.
Please be aware that Tweedy Browne does not engage in any investment activities, provide training or financial services, or conduct other regulated activities through social media platforms or messaging apps such as WhatsApp.

Tweedy Browne and its employees, officers, affiliates and agents are not responsible for any conduct by unauthorized parties and channels, nor are they responsible for the services or information provided by such unauthorized parties and channels. You may also submit a report through the Federal Bureau of Investigation’s Internet Crime Complaint Center at https://www.ic3.gov/.

International Value Fund: Allocation of Investments - US Funds

International Value Fund

The analyst's conclusions must always rest upon the figures and upon established tests and standards.

BENJAMIN GRAHAM, The Intelligent Investor
Top 20 Equity Holdings as of 04/30/2026
DHL Group
3.74
Germany

DHL Group operates as a logistics company. The Company offers letter and parcel dispatch, express delivery, freight transport, supply chain management, and e-commerce solutions. DHL Group serves customers worldwide.

Heineken Holding
3.26
Netherlands

Heineken Holding NV, through its subsidiary produces and distributes beverages internationally. The Company produces beers, spirits, wines, and soft drinks under various brand names. Heineken operates through numerous subsidiaries and associated companies worldwide.

CNH Industrial NV
3.24
United States

CNH Industrial NV through its brands, designs, produces and sells trucks, commercial vehicles, buses, special vehicles, agricultural and construction equipment, in addition to engines and transmissions for those vehicles and engines for marine applications. The company also provides equipment financing services.

Roche Holding AG
3.21
Switzerland

Roche Holding AG develops and manufactures pharmaceutical and diagnostic products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system.

United Overseas Bank
3.20
Singapore

United Overseas Bank Limited provides a wide range of financial services including personal financial services, wealth management, private banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management and insurance.

Ionis Pharmaceuticals Inc
3.12
United States

Ionis Pharmaceuticals, Inc. operates as a biotechnology company. The Company researches in RNA-targeted drug discovery and development that focuses on drugs for patients who have unmet medical needs. Ionis Pharmaceuticals serves customers in the United States.

Nestlé
3.09
Switzerland

Nestle SA is a multinational packaged food company that manufactures and markets a wide range of food products. The Company’s product line includes milk, chocolate, confectionery, bottled water, coffee, creamer, food seasoning and pet foods.

TotalEnergies SE
3.04
France

TotalEnergies explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. Total operates gasoline filling stations in Europe, the United States, and Africa.

Novartis
3.03
Switzerland

Novartis AG manufactures pharmaceutical and consumer healthcare products. The Company produces pharmaceuticals for cardiovascular, respiratory and infectious diseases, oncology, neuroscience, transplantation, dermatology, gastrointestinal and urinary conditions, and arthritis, vaccines and diagnostics, vision, and animal health products.

Sol SpA
2.91
Italy

Sol S.p.A. produces industrial and medical gases. The Company produces and markets oxygen, nitrogen, argon, hydrogen, carbon dioxide, acetylene, ammonia, chlorofluoride carbides, aseptic air, nitrous oxide and gas mixtures. Sol also produces gas for electronics, and liquid and compressed helium. The Company manufactures inhalation home care supplies.

Samsung Electronics Co., Ltd.
2.86
South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

Safran SA
2.42
France

Safran SA manufactures propulsion, communications, defense, security, and aerospace equipment. The Company produces engines for airplanes, helicopters, missiles and launch vehicles, mobile telephones, printing terminals, broadband networks, landing gear, wheels and brakes, aircraft wiring, inertial navigation systems, optronics, avionics, and fingerprint biometric equipment.

Prudential PLC
2.40
Hong Kong

Prudential Public Limited Company provides long term savings and protection products. The Company offers life and health insurance for long term business including asset management services. Prudential serves customers in Asia and Africa.

Rubis SCA
2.26
France

Rubis SCA distributes liquefied petroleum gas and stores bulk liquides. The Company stores hydrocarbons, chemicals, fertilizers and edible oils. Rubis also distributes liquefied petroleum gas (LPG) in Europe.

Coca Cola FEMSA
2.16
Mexico

Coca-Cola Femsa, S.A.B. de C.V. (Femsa) bottles beverages. The Company bottles and distributes branded beverages in parts of North, Central and South America. In some countries Femsa also markets water, beer, and other products.

Trelleborg AB
2.14
Sweden

Trelleborg AB manufactures and distribues industrial products. The Company produces noise supression and anti-vibration systems for the automobile industry and completes wheel systems for forest and farm machines and other equipment. Trelleborg also develops and makes industrial fluid systems and polymer and bitumen based building products. The Company markets worldwide.

Hana Financial Group
2.11
South Korea

Hana Financial Group Inc., in accordance with Financial Holding Companies Act, was established on December 1, 2005, through stock transfer with the former shareholders of its subsidiaries in order to provide management services and financing to associated companies.

Computacenter plc
2.01
Great Britain

Computacenter plc provides distributed information technology and related services to corporate and public sector organizations. The Group’s services are divided into three sectors: logistical operations, consolidation and integration, and operational management. Computacenter has operations in the UK, France, Luxembourg, and Belgium.

Diageo PLC
1.76
Great Britain

Diageo plc produces, distills and markets alcoholic beverages. The Company offers a wide range of branded beverages, including vodkas, whiskeys, tequilas, gins, and beer.

CVS Group PLC
1.58
United Kingdom

CVS Group PLC provides animal veterinary and related services. The Company sells animal medicines and a range of pet products directly to consumers. CVS Group operates throughout the United Kingdom.

Total
53.54%
June 15th 1993

International Value Fund
is established

Country Allocations
As of 04/30/2026
Market Value
Number of Issues
Percent
Country
Equities
3,879,152,284
86
92.74
Developed Europe
2,431,152,480
42
58.12
Belgium
27,844,362
2
0.67
Finland
60,513,941
1
1.45
France
412,908,514
6
9.87
Germany
300,749,222
5
7.19
Italy
121,700,270
1
2.91
Netherlands
186,055,762
3
4.45
Sweden
123,164,152
2
2.94
Switzerland
500,664,357
7
11.97
United Kingdom
697,551,900
15
16.68
Developed Asia & Pacific
632,332,456
24
15.12
Hong Kong
116,926,170
2
2.8
Japan
381,679,612
21
9.12
Singapore
133,726,674
1
3.2
Emerging Markets
490,834,137
15
11.73
Chile
42,386,195
1
1.01
China
43,708,704
3
1.04
Croatia
3,153,348
1
0.08
Czech Republic
2,564,477
1
0.06
Mexico
122,135,913
2
2.92
Philippines
3,148,161
1
0.08
South Korea
273,737,339
6
6.54
U.S. and Canada
324,833,211
5
7.77
Canada
150,591,970
3
3.6
United States
174,241,241
2
4.17
Hedging
-5,521,858
-0.13
Other Assets (Liabilities)
47,047,411
1.12
Net Cash
262,323,548
6.27
Total
4,183,001,385
100.00%

Size is often the Achilles heel of an investment management business. Our size allows us the flexibility to meaningfully invest fund assets in smaller and medium-sized companies.

TWEEDY, BROWNE
Market Capitalization as of 04/30/2026
% Equity
>50 Billion
26.63
25 - 50 Billion
9.35
10 - 25 Billion
20.34
2 - 10 Billion
28.71
<2 Billion
14.96
Sector Allocations As of 04/30/2026
% Equity
Communication Services
3.84
Consumer Discretionary
7.75
Consumer Staples
14.74
Energy
3.33
Financials
9.74
Health Care
15.95
Industrials
22.92
Information Technology
7.17
Materials
11.67
Real Estate
0.43
Utilities
2.47

The allocations of investments shown above reflect the Fund’s investments on the date indicated and may not be representative of the Fund’s current or future holdings.