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/.

VALUE FUND: Allocation of Investments - US Funds

VALUE FUND

The stock investor is neither right or wrong because others agreed or disagreed with him; he is right because his facts and analysis are right.

BENJAMIN GRAHAM, The Intelligent Investor
Top 20 Equity Holdings As of 04/30/2026
Roche Holding AG
3.22
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.

CNH Industrial NV
3.18
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.

TotalEnergies SE
3.01
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.

Samsung Electronics Co., Ltd.
2.80
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.

Ionis Pharmaceuticals Inc
2.71
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 ADR
2.43
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.

DHL Group
2.42
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.

United Overseas Bank
2.26
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.

Prudential PLC
2.23
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.

Alphabet Inc – A
2.22
United States

Google Inc. is a global technology company that provides a web based search engine through its website. The Company offers a wide range of search options, including web, image, groups, directory, and news searches.

Safran SA
2.18
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.

Wells Fargo & Company
2.16
United States

Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally.

Berkshire Hathaway A
2.13
United States

Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety of business sectors. The Company’s principal operations are insurance business conducted nationwide on a primary basis and worldwide on a reinsurance basis. Berkshire’s other operations include a railway company, a specialty chemical company, and an international association of diversified businesses.

Envista Holdings Corp
2.06
United States

Envista Holdings Corporation operates as a holding company. The Company, through its subsidiaries, provides dental consumables, equipment, and services to dental professionals. Envista Holdings offers its services in the United States.

Rubis SCA
2.04
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.

Hana Financial Group
1.77
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.

BAE Systems PLC
1.65
Great Britain

BAE Systems plc develops, delivers, and supports advanced defense and aerospace systems. The Group manufactures military aircraft, surface ships, submarines, radar, avionics, communications, electronics, and guided weapon systems. BAE Systems services clients located throughout the world.

FedEx Corp
1.64
United States

FedEx Corp. delivers packages and freight to multiple countries and territories through an integrated global network. The Company provides worldwide express delivery, ground small-parcel delivery, less-than-truckload freight delivery, supply chain management services, customs brokerage services, and trade facilitation and electronic commerce solutions.

Heineken Holding
1.63
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.

Computacenter plc
1.62
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.

Total
45.36%
December 8th 1993

Value Fund
is established

Country Allocations
AS OF 04/30/2026
Market Value
Number of Issues
Percent
Country
Equities
446,468,680
86
95.5
Developed Europe
217,277,064
36
46.47
Belgium
8,076,382
2
1.73
Finland
5,720,689
1
1.22
France
57,542,485
8
12.31
Germany
20,181,471
4
4.32
Netherlands
11,943,919
2
2.55
Sweden
7,681,381
2
1.64
Switzerland
35,096,656
4
7.51
United Kingdom
71,034,081
13
15.19
Developed Asia & Pacific
64,000,546
21
13.69
Hong Kong
10,428,119
1
2.23
Japan
42,992,653
19
9.2
Singapore
10,579,774
1
2.26
Emerging Markets
45,467,963
11
9.73
China
12,080,507
5
2.58
Mexico
5,303,492
1
1.13
Philippines
911,057
1
0.19
South Korea
27,172,907
4
5.81
U.S. and Canada
119,723,107
18
25.61
Canada
8,284,624
2
1.77
United States
111,438,483
16
23.84
Hedging
-616,649
-0.13
Other Assets (Liabilities)
2,563,619
0.55
Net Cash
19,101,667
4.09
Total
467,517,317
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
37.95
25 - 50 Billion
7.59
10 - 25 Billion
16.33
2 - 10 Billion
27.23
<2 Billion
10.90
Sector Allocations AS OF 04/30/2026
% Equity
Communication Services
4.43
Consumer Discretionary
7.62
Consumer Staples
9.00
Energy
3.29
Financials
14.76
Health Care
18.54
Industrials
22.93
Information Technology
7.26
Materials
10.02
Real Estate
0.00
Utilities
2.14

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.