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Value Fund: Top 20 Equity Holdings

Top 20 Equity Holdings (08/31/15)

Novartis AG5.37Switzerland
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.
Wells Fargo & Company4.20USA
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.
Johnson & Johnson4.17USA
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.
Roche Holding AG3.92Switzerland
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.
Heineken Holding NV3.73Netherlands
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.
Total SA3.34France
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 SA - ADR3.16Switzerland
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.
Standard Chartered PLC3.00Great 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.
Royal Dutch Shell PLC2.95Netherlands
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.
Berkshire Hathaway Inc Del2.92USA
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 The Buffalo News, aviation training, and retail furniture businesses, as well as shoe, candy, and rug manufacturing.
Bank of New York Mellon Corp2.82USA
Bank of New York Mellon Corporation, through its subsidiaries, provides a complete range of financial and securities services to financial institutions, corporations and individuals worldwide. The Bank's services include securities servicing, global payment services, corporate banking, private and retail banking, asset management and financial market services.
Diageo PLC- ADR2.75Great 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.
Cisco Systems Inc2.46USA
Cisco Systems, Inc. supplies data networking products for the Internet. The Company's Internet Protocol-based networking solutions are installed at corporations, public institutions and telecommunication companies worldwide. The Company's solutions transport data, voice and video within buildings, across campuses, and around the world.
3M Co2.42USA
3M Co. conducts operations in electronics, telecommunications, industrial, consumer and office, health care, safety, and other markets. The Company's businesses share technologies, manufacturing operations, brands, marketing channels, and other resources. 3M serves customers in countries located around the world.
Comcast Corp Special Class A2.37USA
Comcast Corporation develops, manages, and operates hybrid fiber-coaxial broadband cable communications networks. The Company also provides programming content. Comcast is implementing high-speed Internet access service and digital video applications.
Devon Energy Corporation2.20USA
Devon Energy Corporation explores and produces oil and gas. The Company owns natural gas pipelines and treatment facilities.
Henkel KGaA2.19Germany
Henkel KGaA manufactures industrial, commercial, and consumer chemical products. The Company produces reactive polyurethane and laminating adhesives, labeling for glass and PET plastic bottles, corrosion inhibitors and other surface treatments, soaps, skin care products, hair dye, perfumes, detergents, dishwashing soaps, glass cleaners, wallpaper adhesives, and roofing products.
Halliburton Co2.18USA
Halliburton Company provides energy services and engineering and construction services, as well as manufactures products for the energy industry. The Company offers services and products and integrated solutions to customers in the exploration, development, and production of oil and natural gas.
Zurich Insurance Group AG1.90Switzerland
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.
Axel Springer AG1.79Germany
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.
Totals:59.84% 

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