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

Top 20 Equity Holdings (11/30/14)

Safran SA3.79France
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.
Roche Holding AG3.64Switzerland
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.
Standard Chartered PLC3.24Great 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.
Axel Springer AG2.81Germany
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.
SCOR SE2.79France
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 AG2.70Switzerland
Novartis AG manufactures pharmaceutical and nutrition products. The Company produces treatments for hypertension, fungal infections, skin conditions, arthritis, cancer, cardiovascular diseases, arteriosclerosis and other conditions, animal health products, baby food, and clinical nutrition products.
G4S PLC2.63Great 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.
Total SA2.60France
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.
Johnson & Johnson2.47USA
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.
Nestle SA2.30Switzerland
Nestle SA processes food. The Company's subsidiaries produce and sell beverages, milk products, culinary products, frozen food, chocolate, ready-to-eat dishes, refrigerated products, food service products, and pet food. Nestle also manufactures pharmaceuticals and cosmetics.
Royal Dutch Shell PLC2.12Netherlands
Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and refines petroleum. The company produces fuels, chemicals, and lubricants. Shell owns and operates gasoline filling stations worldwide.
DBS Group Holdings Ltd2.01Singapore
DBS Group Holdings Limited and its subsidiaries provide a variety of financial services. The Company's services include 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.
TNT Express NV1.81Netherlands
TNT Express NV transports goods and documents by truck and air. The Company primarily transports high-tech electronics, automotive, industrial, healthcare and fashion products. TNT specializes in time-certain and day-definite delivery of freight.
Zurich Insurance Group AG1.81Switzerland
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.
Teleperformance1.75France
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.
Diageo PLC1.75Great Britain
Diageo PLC produces, distills and markets alcoholic beverages. The Company's premium drinks brands include Smirnoff, J&B, Johnnie Walker, Jose Cuervo, Seagrams, Captain Morgan, Tanqueray, Baileys, Harp, and Guinness Stout.
Antofagasta PLC1.68Chile
Antofagasta plc owns and operates copper mines in Chile and conducts exploration activities in Chile and Peru. The Group also operates a rail network servicing the mining region of northern Chile, as well as operates a concession for the distribution of water in this region.
Bangkok Bank Public Co Ltd1.61Thailand
Bangkok Bank Public Company Limited provides various banking and financial services including commercial, consumer, credit card, and mortgage lending, international trade financing, investment banking, and securities services.
HSBC Holdings1.60Great Britain
HSBC Holdings PLC is the holding company for the HSBC Group. The Company provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance. The Group operates worldwide.
Unilever NV1.42Netherlands
Unilever NV manufactures foods and home and personal care products. The Company produces Ben & Jerry's and Breyers ice cream, AdeS soy drinks, Brunch, Boursin, and Creme Bonjour dairy spreads, Bertolli olive oil, Five Brothers pasta sauce, Lipton tea drinks, Knorr soups, Hellmann's mayonnaise, Lawry's marinades, Dove soap, Comfort fabric softener, and Axe and Rexona deodorants.
Totals:46.53% 

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