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Value Fund: Top 20 Equity Holdings

Top 20 Equity Holdings (11/30/14)

Novartis AG4.68Switzerland
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.
Roche Holding AG4.41Switzerland
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.
Johnson & Johnson4.22USA
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.
Wells Fargo & Company3.77USA
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.
Total SA3.60France
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.
Royal Dutch Shell PLC3.28Netherlands
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.
Heineken Holding NV3.22Netherlands
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.
Standard Chartered PLC3.11Great 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.
Nestle SA - ADR2.83Switzerland
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.
Berkshire Hathaway Inc Del2.83USA
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.
Diageo PLC- ADR2.80Great 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.
Devon Energy Corporation2.68USA
Devon Energy Corporation explores and produces oil and gas. The Company owns natural gas pipelines and treatment facilities.
Bank of New York Mellon Corp2.49USA
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.
3M Co2.40USA
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.
Cisco Systems Inc2.31USA
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.
Henkel KGaA2.09Germany
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.
Comcast Corp Special Class A2.07USA
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.
Halliburton Co2.06USA
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.
Baxter International Inc.2.04USA
Baxter International Inc. develops, manufactures, and markets products and technologies related to hemophilia, immune disorders, infectious diseases, kidney disease, trauma and other chronic and acute medical conditions. The Company's products are used by hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, doctors' offices, and research laboratories.
Zurich Insurance Group AG1.91Switzerland
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.
Totals:58.80% 

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