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Global Value Fund II — Currency Unhedged: Top 20 Equity Holdings

Top 20 Equity Holdings (05/31/16)

Roche Holding AG4.47Switzerland
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.
SCOR SE4.20France
SCOR SE offers life, accident, property/casualty, health, and special needs reinsurance. The Company offers services through subsidiaries in Europe, the Americas, Asia, and Africa. SCOR also holds real estate investments.
Novartis AG3.88Switzerland
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.
Johnson & Johnson3.63USA
Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets. The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world.
Safran SA3.56France
Safran SA is a international tier-1 supplier of systems and equipment in aerospace, defense, and security. The Company sells engines for airplanes, helicopters, launch vehicles and missiles, landing and braking systems, nacelles, onboard electrical systems, optronics, avionics, identity documents, biometric equipment, smartcards, explosives detection, and trace analysis.
Total SA3.22France
Total SA 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.
Nestlé SA3.18Switzerland
Nestlé 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.
Axel Springer AG3.05Germany
Axel Springer AG is a publisher. The Company publishes daily and weekly newspapers, books, and magazines for young adults, families, and men and women. Springer produces television and radio programming, holds interests in television and radio stations, and offers electronic media on-line business services. The Company also offers commercial printing services.
Diageo PLC2.84Great 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.
Unilever NV2.20Netherlands
Unilever NV manufactures branded and packaged consumer goods, including food, detergents, fragrances, home and personal care products. Dually-listed company with ULVR LN.
DBS Group Holdings Ltd2.15Singapore
DBS Group Holdings Limited and its subsidiaries provide a variety of financial services. The Company offers services including mortgage financing, lease and hire purchase financing, nominee and trustee, funds management, corporate advisory and brokerage . DBS Group also acts as the primary dealer in Singapore government securities.
Teleperformance2.05France
Teleperformance offers customer relationship management services. The Company operates call centers, conducts programs to attract new customers, offers customer service and technical support services, collects debts, offers market research services, conducts telemarketing, and develops customer relationship management software.
G4S PLC2.03Great Britain
G4S PLC offers security services. The company offers security guards, alarms, monitoring, management and transportation of cash valuables, prison management, and electronic monitoring of offenders.
Hyundai Motor Company1.99South Korea
Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.
Zurich Insurance Group AG1.96Switzerland
Zurich Insurance Group AG provides insurance-based financial services. The Company offers general and life insurance products and services for individuals, small businesses, commercial enterprises, mid-sized and large corporations, and multinational companies.
Kia Motors Corp1.95South Korea
Kia Motors Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks and commercial vehicles. The Company also manufactures auto-parts and tools using hybrid electric and fuel cell technology.
Standard Chartered PLC1.94Great Britain
Standard Chartered plc is an international banking group operating principally in Asia, Africa, and the Middle East. The Company offers its products and services in the personal, consumer, corporate, institutional and treasury areas.
Imperial Brands PLC1.93Great Britain
Imperial Brands PLC is a consumer goods company. The Company manufactures, markets, and sells cigarettes, cigars, pipe and smokeless tobaccos, snus, e-cigarettes, and other tobacco products, as well as having a logistics business. Imperial Brands serves customers worldwide.
United Overseas Bank1.92Singapore
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.
Cisco Systems Inc1.87USA
Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. The Company provides products for transporting data, voice, and video within buildings, across campuses, and globally.
Totals:54.02% 

Note: The top twenty holdings listed above are not necessarily representative of the fund’s entire portfolio and are subject to change.