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

Top 20 Equity Holdings (03/31/14)

Roche Holding AG3.81Switzerland
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.
Total SA3.19France
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.
G4S PLC2.51Great 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.
Novartis AG2.48Switzerland
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.
Nestle SA2.42Switzerland
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 PLC2.41Netherlands
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.
Johnson & Johnson2.36USA
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.
Axel Springer AG2.29Germany
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.
Safran SA1.97France
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.
Banco Santander Brasil ADR1.93Brazil
Banco Santander Brasil SA attracts deposits and offers retail, commercial and private banking, and asset management services. The Bank offers consumer credit, mortgage loans, lease financing, mutual funds, insurance, commercial credit, investment banking services, and structured finance.
Zurich Insurance Group AG1.86Switzerland
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.
Diageo PLC1.82Great 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.
DBS Group Holdings Ltd1.75Singapore
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.
HSBC Holdings1.64Great 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.
Cenovus Energy Inc1.63Canada
Cenovus Energy Inc. is an integrated oil company. The Company comprises natural gas, crude oil, and natural gas liquids reserves. Cenovus Energy has established natural gas and crude oil production in Alberta and Saskatchewan as well as refineries in Illinois and Texas.
Joy Global Inc1.61USA
Joy Global Inc. manufactures and markets underground mining equipment and surface mining equipment. The Company's equipment is used for the extraction of ores and minerals.
GlaxoSmithKline PLC1.52Great Britain
GlaxoSmithKline PLC is a research-based pharmaceutical company. The Company develops, manufactures, and markets vaccines, prescription, and over-the-counter medicines, as well as health-related consumer products. GlaxoSmithKline provides products for infections, depression, skin conditions, asthma, heart & circulatory disease, and cancer.
Teleperformance1.52France
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.
Bangkok Bank Public Co Ltd1.52Thailand
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.
Unilever NV1.50Netherlands
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:41.74% 

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