Hansberger International Series

0001193125-11-152849.txt : 20110527 0001193125-11-152849.hdr.sgml : 20110527 20110527112714 ACCESSION NUMBER: 0001193125-11-152849 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110331 FILED AS OF DATE: 20110527 DATE AS OF CHANGE: 20110527 EFFECTIVENESS DATE: 20110527 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HANSBERGER INTERNATIONAL SERIES CENTRAL INDEX KEY: 0001019766 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07729 FILM NUMBER: 11876718 BUSINESS ADDRESS: STREET 1: 401 E LAS OLAS BLVD STREET 2: SUITE 1700 CITY: FT LAUDERDALE STATE: FL ZIP: 33301 BUSINESS PHONE: 954-522-5150 MAIL ADDRESS: STREET 1: 401 E LAS OLAS BLVD STREET 2: SUITE 1700 CITY: FT LAUDERDALE STATE: FL ZIP: 33301 FORMER COMPANY: FORMER CONFORMED NAME: HANSBERGER INSTITUTIONAL SERIES DATE OF NAME CHANGE: 19960725

0001019766 S000007820 International Value Fund

C000021299 Institutional Class HINTX

C000021300 Advisor Class HIVVX

0001019766 S000007821 Emerging Markets Fund

C000021301 Institutional Class HEMGX

C000021302 Advisor Class HEMMX

0001019766 S000007823 International Growth Fund

C000021305 Institutional Class HITGX

C000021306 Advisor Class HIGGX

N-Q 1 dnq.htm HANSBERGER INTERNATIONAL SERIES Hansberger International Series

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-07729

Hansberger International Series

(Exact name of registrant as specified in charter)

399 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Coleen Downs Dinneen, Esq.

Natixis Distributors, L.P.

399 Boylston Street

Boston, Massachusetts 02116

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 449-2810

Date of fiscal year end: December 31

Date of reporting period: March 31, 2011

ITEM 1. SCHEDULE OF INVESTMENTS

PORTFOLIO OF INVESTMENTS – as of March 31, 2011 (Unaudited)

International Value Fund


Shares		Description	Value (†)

	Common Stocks – 97.6% of Net Assets

		Australia – 2.7%
	20,071	Commonwealth Bank of Australia	$	1,087,490
	52,408	Westpac Banking Corp.		1,318,655

				2,406,145


		Brazil – 4.9%
	53,385	Cia Energetica de Minas Gerais, Sponsored Preference ADR		1,028,729
	63,935	Gafisa SA, ADR		820,925
	27,859	Petroleo Brasileiro SA, Sponsored Preference ADR		990,109
	52,340	Vale SA, Sponsored Preference ADR		1,545,077

				4,384,840


		Canada – 6.7%
	28,184	Bank of Nova Scotia		1,729,413
	18,034	Canadian National Railway Co.		1,357,419
	37,556	Suncor Energy, Inc.		1,684,011
	22,382	Teck Resources Ltd., Class B		1,186,694

				5,957,537


		China – 10.9%
	932,710	China Construction Bank Corp., Class H		873,189
	474,000	China Overseas Land & Investment Ltd.		968,457
	243,500	China Shenhua Energy Co. Ltd., Class H		1,147,660
	2,173,600	China State Construction International Holdings Ltd., Class H		1,982,110
	2,278,000	GOME Electrical Appliances Holdings Ltd.(b)		799,105
	955,030	Guangzhou Automobile Group Co. Ltd., Class H		1,165,641
	97,500	Ping An Insurance (Group) Co. of China Ltd., Class H		987,771
	305,600	Weichai Power Co. Ltd., Class H		1,858,741

				9,782,674


		Denmark – 1.3%
	26,756	Vestas Wind Systems A/S(b)		1,161,360


		France – 8.1%
	23,523	ArcelorMittal		850,448
	17,839	BNP Paribas		1,304,114
	19,585	Carrefour SA		865,261
	22,613	GDF Suez		922,193
	5,699	PPR		872,852
	104,745	STMicroelectronics NV		1,299,262
	18,442	Total SA		1,123,736

				7,237,866


		Germany – 4.8%
	14,440	Adidas AG		907,869
	10,322	Bayer AG, (Registered)		797,507
	19,107	SAP AG		1,168,590
	10,495	Siemens AG, (Registered)		1,435,595

				4,309,561


Shares		Description	Value (†)

	Common Stocks – continued

		India – 1.4%
	9,386	ICICI Bank Ltd., Sponsored ADR	$	467,705
	51,230	Sterlite Industries India Ltd., ADR		790,991

				1,258,696


		Italy – 1.2%
	44,318	ENI SpA		1,087,448


		Japan – 13.1%
	67,000	Asahi Glass Co. Ltd.		842,950
	158,000	Bank of Yokohama (The) Ltd.		751,035
	28,300	Canon, Inc.		1,217,176
	8,800	FANUC Ltd.		1,330,181
	75,100	Mitsui & Co. Ltd.		1,344,580
	4,100	Nintendo Co. Ltd.		1,114,830
	24,200	Shin-Etsu Chemical Co. Ltd.		1,204,442
	60,600	Sumitomo Corp.		866,048
	186,000	Sumitomo Trust & Banking Co. Ltd. (The)(c)(d)		983,890
	44,000	THK Co. Ltd.		1,102,506
	13,660	Yamada Denki Co. Ltd.		917,983

				11,675,621


		Korea – 2.2%
	17,774	KB Financial Group, Inc.		929,764
	1,252	Samsung Electronics Co. Ltd.		1,061,652

				1,991,416


		Mexico – 1.3%
	19,865	America Movil SAB de CV, Series L, ADR		1,154,156


		Norway – 1.3%
	46,111	Subsea 7 SA		1,163,845


		Russia – 6.3%
	33,272	Evraz Group SA, GDR(b)		1,320,898
	29,762	Gazprom, Sponsored ADR		962,503
	21,170	LUKOIL, Sponsored ADR		1,511,326
	35,767	MMC Norilsk Nickel, ADR		945,680
	248,801	Sberbank		933,276

				5,673,683


		Singapore – 1.3%
	97,600	DBS Group Holdings Ltd.		1,133,127


		South Africa – 1.8%
	79,704	MTN Group Ltd.		1,607,601


		Spain – 1.0%
	72,738	Banco Santander SA		848,417


		Sweden – 1.9%
	49,258	Sandvik AB		929,620
	60,743	Telefonaktiebolaget LM Ericsson, Class B		781,510

				1,711,130


Shares		Description	Value (†)

	Common Stocks – continued

		Switzerland – 7.5%
	66,553	ABB Ltd., (Registered)(b)	$	1,598,134
	19,509	Credit Suisse Group AG, (Registered)		827,576
	8,656	Lonza Group AG, (Registered)		724,713
	29,482	Nestle SA, (Registered)		1,688,289
	14,367	Novartis AG, (Registered)		777,987
	7,566	Roche Holding AG		1,080,162

				6,696,861


		Taiwan – 1.0%
	377,893	Taiwan Semiconductor Manufacturing Co. Ltd.		905,531


		United Kingdom – 16.9%
	249,839	Barclays PLC		1,121,765
	36,699	BHP Billiton PLC		1,452,957
	92,964	Eurasian Natural Resources Corp.		1,395,281
	38,059	GlaxoSmithKline PLC		725,201
	90,997	HSBC Holdings PLC		945,367
	106,682	ICAP PLC		902,839
	35,509	Kazakhmys PLC		793,011
	753,958	Lloyds Banking Group PLC(b)		700,579
	265,339	Man Group PLC		1,045,544
	45,637	Standard Chartered PLC		1,183,772
	153,106	Tesco PLC		935,272
	54,489	Unilever PLC		1,659,991
	405,207	Vodafone Group PLC		1,154,762
	91,034	WPP PLC		1,121,887

				15,138,228

		Total Common Stocks (Identified Cost $69,332,230)		87,285,743


	Preferred Stocks – 1.0%

		Germany – 1.0%
	14,601	Henkel AG & Co. KGaA (Identified Cost $491,480)		903,750


Principal Amount

	Short-Term Investments – 1.2%
$	1,077,494	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2011 at 0.000% to be repurchased at $1,077,494 on 4/01/2011 collateralized by $1,160,000 Federal Home Loan Mortgage Corp., 3.310% due 11/10/2020 valued at $1,103,450 including accrued interest(e) (Identified Cost $1,077,494)		1,077,494


		Total Investments – 99.8% (Identified Cost $70,901,204)(a)		89,266,987
		Other assets less liabilities – 0.2%		144,784

		Net Assets – 100.0%	$	89,411,771

(†)

Equity securities, including shares of closed-end investment companies and exchange-traded funds, for which market quotations are readily available are valued at market value, as reported by pricing services recommended by the investment adviser and approved by the Board of Trustees. Such pricing services generally use the security’s last sale price on the exchange or market where the security is primarily traded or, if there is no reported sale during the day, the closing bid price. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. Debt securities (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) are generally valued on the basis of evaluated bids furnished to the Fund by a pricing service recommended by the investment adviser and approved by the Board of Trustees, which service determines valuations for normal, institutional-size trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Broker-dealer bid quotations may also be used to value debt and equity securities where a pricing service does not price a security or where a pricing service does not provide a reliable price for the security. In instances where broker-dealer bid quotations are not available, certain securities held by the Fund may be valued on the basis of a price provided by a principal market maker. Forward foreign currency contracts are valued utilizing interpolated prices determined from information provided by an independent pricing service. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Investments in other open-end investment companies are valued at their net asset value each day. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s investment adviser using consistently applied procedures under the general supervision of the Board of Trustees.

The Fund may hold securities traded in foreign markets. Foreign securities are valued at the market price in the foreign market. However, if events occurring after the close of the foreign market (but before the close of regular trading on the New York Stock Exchange) are believed to materially affect the value of those securities, such securities are fair valued pursuant to procedures approved by the Board of Trustees. When fair valuing securities, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities market activity and/or significant events that occur after the close of the foreign market and before the Fund calculates its net asset value. At March 31, 2011, approximately 78% of the market value of investments was fair valued pursuant to procedures approved by the Board of Trustees.

The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.

(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):

At March 31, 2011, the net unrealized appreciation on investments based on a cost of $70,901,204 for federal income tax purposes was as follows:


Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	19,694,195
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,328,412	)

Net unrealized appreciation	$	18,365,783

At December 31, 2010, the Fund had a capital loss carryforward of $26,650,299 which expires on December 31, 2017. This amount may be available to offset future realized capital gains, if any, to the extent provided by regulations.

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted. The Act modernizes several of the federal income and excise tax provisions related to RICs, and, with certain exceptions, is effective for taxable years beginning after December 22, 2010. Among the changes made are changes to the capital loss carryforward rules allowing for capital losses to be carried forward indefinitely. Rules in effect as of the report date limited the carryforward period to eight years. Capital loss carryforwards generated in taxable years beginning after effective date of the Act must be fully used before capital loss carryforwards generated in taxable years prior to effective date of the Act; therefore, under certain circumstances, capital loss carryforwards available as of the report date, if applicable, may expire unused.

(b)	Non-income producing security.

(c)	Fair valued security by the Fund’s investment adviser. At March 31, 2011 the value of this security amounted to $983,890 or 1.1% of net assets.

(d)	Illiquid security. At March 31, 2011, the value of this security amounted to $983,890 or 1.1% of net assets.

(e)

It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities.



ADR/GDR		An American Depositary Receipt or Global Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs and GDRs may be significantly influenced by trading on exchanges not located in the United States.

Fair Value Measurements

In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Fund’s assets or liabilities. These inputs are summarized in the three broad levels list below:

•

Level 1 - quoted prices in active markets for identical assets or liabilities;

•

Level 2 - prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.);

•

Level 3 - prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2011, at value:

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	2,406,145	$	—	$	2,406,145
Brazil		4,384,840		—		—		4,384,840
Canada		5,957,537		—		—		5,957,537
China		—		9,782,674		—		9,782,674
Denmark		—		1,161,360		—		1,161,360
France		—		7,237,866		—		7,237,866
Germany		—		4,309,561		—		4,309,561
India		1,258,696		—		—		1,258,696
Italy		—		1,087,448		—		1,087,448
Japan		—		11,675,621		—		11,675,621
Korea		—		1,991,416		—		1,991,416
Mexico		1,154,156		—		—		1,154,156
Norway		—		1,163,845		—		1,163,845
Russia		4,740,407		933,276		—		5,673,683
Singapore		—		1,133,127		—		1,133,127
South Africa		—		1,607,601		—		1,607,601
Spain		—		848,417		—		848,417
Sweden		—		1,711,130		—		1,711,130
Switzerland		—		6,696,861		—		6,696,861
Taiwan		—		905,531		—		905,531
United Kingdom		—		15,138,228		—		15,138,228

Total Common Stocks		17,495,636		69,790,107		—		87,285,743

Preferred Stocks*		—		903,750		—		903,750
Short-Term Investments		—		1,077,494		—		1,077,494

Total	$	17,495,636	$	71,771,351	$	—	$	89,266,987

*	Major categories of the Fund’s investments are included above.

Security valued at $1,297,144 was transferred from Level 1 to Level 2 during the period ended March 31, 2011. At December 31, 2010, the security was valued at the market price in the foreign market in accordance with the Fund’s valuation policies; at March 31, 2011, the security was fair valued pursuant to procedures approved by the Board of Trustees. Transfers are recognized as of the beginning of the reporting period.

Industry Summary at March 31, 2011 (Unaudited)


Commercial Banks	18.2	%
Metals & Mining	11.4
Oil, Gas & Consumable Fuels	9.6
Machinery	5.8
Wireless Telecommunication Services	4.4
Pharmaceuticals	3.8
Food Products	3.8
Semiconductors & Semiconductor Equipment	3.6
Capital Markets	3.1
Electrical Equipment	3.1
Software	2.6
Trading Companies & Distributors	2.5
Construction & Engineering	2.2
Food & Staples Retailing	2.0
Other Investments, less than 2% each	22.5
Short-Term Investments	1.2

Total Investments	99.8
Other assets less liabilities	0.2

Net Assets	100.0	%

Currency Exposure at March 31, 2011 (Unaudited)


United States Dollar	19.8	%
Euro	16.0
British Pound	15.8
Japanese Yen	13.1
Hong Kong Dollar	12.1
Swiss Franc	7.5
Australian Dollar	2.7
South Korean Won	2.2
Canadian Dollar	2.0
Other, less than 2% each	8.6

Total Investments	99.8
Other assets less liabilities	0.2

Net Assets	100.0	%

PORTFOLIO OF INVESTMENTS – as of March 31, 2011 (Unaudited)

Emerging Markets Fund


Shares		Description	Value (†)

	Common Stocks – 98.4% of Net Assets

		Brazil – 16.1%
	38,591	Banco Bradesco SA, Sponsored Preference ADR	$	800,763
	39,928	Banco do Brasil SA		722,673
	29,444	Cia Energetica de Minas Gerais, Sponsored Preference ADR		567,386
	58,777	Gafisa SA, ADR		754,697
	33,995	Hypermarcas SA(b)		449,755
	21,942	Itau Unibanco Holding SA, Preference ADR		527,705
	18,923	Natura Cosmeticos SA		533,156
	45,486	OGX Petroleo e Gas Participacoes SA, Sponsored ADR(b)		559,478
	49,082	Petroleo Brasileiro SA, ADR		1,984,385
	69,052	Vale SA, Sponsored Preference ADR		2,038,415

				8,938,413


		China – 20.7%
	323,000	Anta Sports Products Ltd.		501,390
	304,000	Belle International Holdings Ltd.		561,492
	1,115,580	China Construction Bank Corp., Class H		1,044,389
	58,100	China Mobile Ltd.		536,321
	156,000	China National Building Material Co. Ltd., Class H		571,806
	280,000	China Overseas Land & Investment Ltd.		572,085
	4,750	China Petroleum & Chemical Corp., ADR		477,755
	133,000	China Shenhua Energy Co. Ltd., Class H		626,853
	686,000	China State Construction International Holdings Ltd., Class H		625,565
	504,000	CNOOC Ltd.		1,276,218
	242,000	Dongfeng Motor Group Co. Ltd., Class H		411,676
	2,530,000	GOME Electrical Appliances Holdings Ltd.(b)		887,505
	296,644	Guangzhou Automobile Group Co. Ltd., Class H		362,062
	1,273,425	Industrial & Commercial Bank of China Ltd., Class H		1,055,757
	69,500	Ping An Insurance (Group) Co. of China Ltd., Class H		704,103
	17,600	Tencent Holdings Ltd.		428,839
	144,600	Weichai Power Co. Ltd., Class H		879,496

				11,523,312


		Colombia – 1.0%
	14,332	Petrominerales Ltd.		543,123


		Egypt – 0.8%
	11,517	Orascom Construction Industries		469,716


		India – 7.5%
	38,033	Housing Development Finance Corp. Ltd.		595,594
	17,757	ICICI Bank Ltd., Sponsored ADR		884,831
	12,430	Infosys Technologies Ltd.		902,224
	17,581	Larsen & Toubro Ltd.		654,102
	32,221	Sterlite Industries India Ltd., ADR		497,492
	24,807	Tata Consultancy Services Ltd.		657,556

				4,191,799


Shares		Description	Value (†)

	Common Stocks – continued

		Indonesia – 3.0%
	81,000	PT Astra International Tbk	$	529,768
	804,023	PT Bank Mandiri Tbk		627,562
	213,500	PT United Tractors Tbk		531,469

				1,688,799


		Korea – 12.1%
	1,239	Hyundai Heavy Industries Co. Ltd.		584,274
	5,004	Hyundai Motor Co.		924,810
	15,807	KB Financial Group, Inc.		826,870
	2,563	LG Chem Ltd.		1,072,386
	1,924	Lotte Shopping Co. Ltd.		787,754
	2,355	Samsung Electronics Co. Ltd.		1,996,957
	6,002	Samsung Life Insurance Co. Ltd.		562,602

				6,755,653


		Malaysia – 2.0%
	196,500	Bumiputra-Commerce Holdings Bhd		531,638
	157,500	Genting Bhd		573,651

				1,105,289


		Mexico – 5.0%
	18,265	America Movil SAB de CV, Series L, ADR		1,061,196
	15,123	Desarrolladora Homex SAB de CV, ADR(b)		412,102
	133,663	Grupo Financiero Banorte SAB de CV		629,296
	180,100	Grupo Mexico SAB de CV, Series B		675,312

				2,777,906


		Peru – 0.9%
	4,637	Credicorp Ltd.		486,560


		Poland – 1.5%
	53,709	Powszechna Kasa Oszczednosci Bank Polski SA		826,183


		Russia – 11.3%
	22,528	Evraz Group SA, GDR(b)		894,362
	38,605	Gazprom, Sponsored ADR		1,248,486
	20,880	LUKOIL, Sponsored ADR		1,490,623
	26,126	Mechel, Sponsored ADR		804,419
	37,430	MMC Norilsk Nickel, ADR		989,649
	229,178	Sberbank		859,668

				6,287,207


		South Africa – 5.7%
	18,326	Impala Platinum Holdings Ltd.		529,495
	8,781	Kumba Iron Ore Ltd.		620,327
	44,862	MTN Group Ltd.		904,851
	10,842	Naspers Ltd., N Shares		583,209
	35,372	Shoprite Holdings Ltd.		541,948

				3,179,830


		Taiwan – 8.3%
	792,694	Chinatrust Financial Holding Co. Ltd.		672,890
	207,140	Formosa Plastics Corp.		728,320


Shares		Description	Value (†)

	Common Stocks – continued

		Taiwan – continued
	151,501	HON HAI Precision Industry Co. Ltd.	$	530,100
	30,000	HTC Corp.		1,171,794
	628,886	Taiwan Semiconductor Manufacturing Co. Ltd.		1,506,976

				4,610,080


		Turkey – 0.7%
	80,931	Turkiye Garanti Bankasi A/S		377,614


		United Kingdom – 1.8%
	33,761	Eurasian Natural Resources Corp. PLC		506,713
	21,958	Kazakhmys PLC		490,381

				997,094

		Total Common Stocks (Identified Cost $42,075,621)		54,758,578


	Preferred Stocks – 1.0%

		Brazil – 1.0%
	46,633	Banco do Estado do Rio Grande do Sul, Class B (Identified Cost $519,342)		574,112


Principal Amount

	Short-Term Investments – 0.4%
	$240,044	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2011 at 0.000% to be repurchased at $240,044 on 4/01/2011 collateralized by $255,000 Federal Home Loan Mortgage Corp, 3.500% due 8/18/2020 valued at $247,031 including accrued interest(c) (Identified Cost $240,044)		240,044


		Total Investments – 99.8% (Identified Cost $42,835,007)(a)		55,572,734
		Other assets less liabilities – 0.2%		91,164

		Net Assets – 100.0%	$	55,663,898

(†)

The Fund may hold securities traded in foreign markets. Foreign securities are valued at the market price in the foreign market. However, if events occurring after the close of the foreign market (but before the close of regular trading on the New York Stock Exchange) are believed to materially affect the value of those securities, such securities are fair valued pursuant to procedures approved by the Board of Trustees. When fair valuing securities, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities market activity and/or significant events that occur after the close of the foreign market and before the Fund calculates its net asset value. At March 31, 2011, approximately 62% of the market value of investments was fair valued pursuant to procedures approved by the Board of Trustees.

(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):

At March 31, 2011, the net unrealized appreciation on investments based on a cost of $42,835,007 for federal income tax purposes was as follows:


Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	13,593,880
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(856,153	)

Net unrealized appreciation	$	12,737,727

At December 31, 2010, the Fund had a capital loss carryforward of $6,221,862 which expires on December 31, 2017. At December 31, 2010, post-October currency loss deferrals were $1,761. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b)	Non-income producing security.

(c)

It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon a Fund's ability to dispose of the underlying securities.

ADR/

GDR

An American Depositary Receipt or Global Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs and GDRs may be significantly influenced by trading on exchanges not located in the United States.

Fair Value Measurements

•

Level 1 - quoted prices in active markets for identical assets or liabilities;

•

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2011, at value:

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Brazil	$	8,938,413	$	—	$	—	$	8,938,413
China		477,755		11,045,557		—		11,523,312
Colombia		543,123		—		—		543,123
Egypt		—		469,716		—		469,716
India		1,382,323		2,809,476		—		4,191,799
Indonesia		—		1,688,799		—		1,688,799
Korea		—		6,755,653		—		6,755,653
Malaysia		—		1,105,289		—		1,105,289
Mexico		2,777,906		—		—		2,777,906
Peru		486,560		—		—		486,560
Poland		—		826,183		—		826,183
Russia		5,427,539		859,668		—		6,287,207
South Africa		—		3,179,830		—		3,179,830
Taiwan		—		4,610,080		—		4,610,080
Turkey		—		377,614		—		377,614
United Kingdom		—		997,094		—		997,094

Total Common Stocks		20,033,619		34,724,959		—		54,758,578

Preferred Stocks*		574,112		—		—		574,112
Short-Term Investments		—		240,044		—		240,044

Total	$	20,607,731	$	34,965,003	$	—	$	55,572,734

*	Major categories of the Fund’s investments are included above.

Security valued at $410,649 was transferred from Level 1 to Level 2 during the period ended March 31, 2011. At December 31, 2010, the security was valued at the market price in the foreign market in accordance with the Fund’s valuation policies; at March 31, 2011, the security was fair valued pursuant to procedures approved by the Board of Trustees. Transfers are recognized as of the beginning of the reporting period.

Industry Summary at March 31, 2011 (Unaudited)


Commercial Banks	20.5	%
Oil, Gas & Consumable Fuels	14.8
Metals & Mining	14.6
Semiconductors & Semiconductor Equipment	6.3
Wireless Telecommunication Services	4.5
Automobiles	3.9
Machinery	3.6
Chemicals	3.2
Construction & Engineering	3.1
IT Services	2.8
Specialty Retail	2.6
Insurance	2.3
Communications Equipment	2.1
Household Durables	2.1
Other Investments, less than 2% each	13.0
Short-Term Investments	0.4

Total Investments	99.8
Other assets less liabilities	0.2

Net Assets	100.0	%

Currency Exposure at March 31, 2011 (Unaudited)


United States Dollar	31.7	%
Hong Kong Dollar	19.8
South Korean Won	12.1
New Taiwan Dollar	8.3
South African Rand	5.7
Indian Rupee	5.0
Brazilian Real	4.1
Indonesian Rupiah	3.0
Mexican Peso	2.3
Malaysian Ringgit	2.0
Other, less than 2% each	5.8

Total Investments	99.8
Other assets less liabilities	0.2

Net Assets	100.0	%

PORTFOLIO OF INVESTMENTS – as of March 31, 2011 (Unaudited)

International Growth Fund


Shares		Description	Value (†)

	Common Stocks – 97.9% of Net Assets

		Australia – 8.8%
	271,976	BHP Billiton Ltd.	$	13,054,157
	193,674	CSL Ltd.		7,152,668
	212,008	Macquarie Group Ltd.		8,013,717
	127,293	Rio Tinto Ltd.		11,157,065
	144,552	Woodside Petroleum Ltd.		6,998,145
	322,850	WorleyParsons Ltd.		10,343,313

				56,719,065


		Belgium – 1.4%
	154,358	Anheuser-Busch InBev NV		8,800,225


		Brazil – 5.1%
	637,111	Cia Energetica de Minas Gerais, Sponsored Preference ADR		12,277,129
	373,684	Itau Unibanco Holding SA, Preference ADR		8,987,100
	349,496	Vale SA, Sponsored ADR		11,655,692

				32,919,921


		Canada – 6.5%
	149,205	Bank of Nova Scotia		9,155,446
	365,665	Cameco Corp.		10,984,576
	504,989	Manulife Financial Corp.		8,948,645
	281,696	Suncor Energy, Inc.		12,631,249

				41,719,916


		Chile – 1.1%
	126,343	Sociedad Quimica y Minera de Chile SA, Sponsored ADR		6,981,714


		China – 11.0%
	8,798,000	Agile Property Holdings Ltd.		13,854,277
	2,823,050	China Merchants Bank Co. Ltd., Class H		7,803,976
	4,370,000	China Resources Land Ltd.		8,173,308
	9,238,000	Industrial & Commercial Bank of China Ltd., Class H		7,658,937
	77,701	New Oriental Education & Technology Group, Inc., Sponsored ADR(b)		7,775,539
	6,136,000	PetroChina Co. Ltd., Class H		9,381,529
	738,500	Ping An Insurance (Group) Co. of China Ltd., Class H		7,481,732
	361,100	Tencent Holdings Ltd.		8,798,509

				70,927,807


		Denmark – 2.6%
	60,042	Novo Nordisk A/S, Class B		7,540,230
	213,718	Vestas Wind Systems A/S(b)		9,276,554

				16,816,784


		France – 5.2%
	343,096	AXA SA		7,168,674
	149,900	BNP Paribas		10,958,387
	67,487	Iliad SA		8,085,703
	121,200	Total SA, Sponsored ADR		7,389,564

				33,602,328


Shares		Description	Value (†)

	Common Stocks – continued

		Germany – 8.5%
	152,797	Adidas AG	$	9,606,625
	231,948	Aixtron SE AG		10,169,165
	87,789	Bayer AG, (Registered)		6,782,829
	135,196	Bayerische Motoren Werke AG		11,224,479
	93,756	Deutsche Boerse AG		7,097,793
	46,066	Wacker Chemie AG		10,319,334

				55,200,225


		Hong Kong – 2.3%
	1,609,447	Esprit Holdings Ltd.		7,379,315
	1,421,075	Li & Fung Ltd.		7,258,245

				14,637,560


		India – 1.2%
	47,300	HDFC Bank Ltd., ADR		8,038,162


		Israel – 1.2%
	159,000	Teva Pharmaceutical Industries, Ltd., Sponsored ADR		7,977,030


		Italy – 1.7%
	203,229	Saipem SpA		10,796,361


		Japan – 9.6%
	216,200	Canon, Inc.		9,298,710
	76,000	FANUC Ltd.		11,487,924
	180,600	Komatsu Ltd.		6,126,971
	76,000	SMC Corp.		12,509,058
	497,200	Sony Financial Holdings, Inc.		9,851,819
	324,900	Toyota Motor Corp.		12,893,413

				62,167,895


		Korea – 1.9%
	29,315	Samsung Electronics Co. Ltd., GDR, 144A		12,491,121


		Mexico – 1.2%
	265,725	Wal-Mart de Mexico SA de CV, Series V, Sponsored ADR		7,945,178


		Norway – 1.1%
	445,787	Telenor ASA		7,336,849


		Russia – 1.5%
	307,866	Gazprom, Sponsored ADR		9,956,386


		Sweden – 2.9%
	338,851	Atlas Copco AB, Class A		8,998,732
	99,033	Millicom International Cellular SA		9,524,004

				18,522,736


		Switzerland – 7.8%
	343,493	ABB Ltd., (Registered)(b)		8,248,281
	107,797	Adecco SA, (Registered)		7,076,402
	132,403	Cie Financiere Richemont SA, Series A		7,634,358
	164,233	Credit Suisse Group AG, (Registered)		6,966,795
	379,548	Logitech International SA, (Registered)(b)		6,881,205


Shares		Description	Value (†)

	Common Stocks – continued

	Switzerland – continued
	127,707	Nestle SA, (Registered)	$	7,313,152
	46,014	Roche Holding AG		6,569,203

				50,689,396


		United Kingdom – 15.3%
	200,436	Anglo American PLC		10,299,421
	799,566	ARM Holdings PLC		7,419,410
	449,873	Autonomy Corp. PLC(b)		11,463,873
	344,664	BG Group PLC		8,556,437
	760,622	British Sky Broadcasting Group PLC		10,066,561
	193,099	HSBC Holdings PLC, Sponsored ADR		10,002,528
	785,293	Prudential PLC		8,893,182
	766,412	Rolls-Royce Group PLC(b)		7,599,406
	293,924	Standard Chartered PLC		7,624,054
	1,390,728	Tesco PLC		8,495,476
	231,752	Vedanta Resources PLC		8,832,920

				99,253,268

		Total Common Stocks (Identified Cost $506,197,529)		633,499,927


Principal Amount

	Short-Term Investments – 1.0%
$	6,066,279	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2011 at 0.000% to be repurchased at $6,066,279 on 4/01/2011 collateralized by $6,505,000 Federal Home Loan Mortgage Corp., 3.310% due 11/10/2020 valued at $6,187,881 including accrued interest (c) (Identified Cost $6,066,279)		6,066,279


		Total Investments – 98.9% (Identified Cost $512,263,808)(a)		639,566,206
		Other assets less liabilities – 1.1%		7,323,336

		Net Assets – 100.0%	$	646,889,542

(†)

Equity securities, including shares of closed-end investment companies and exchange-traded funds, for which market quotations are readily available are valued at market value, as reported by pricing services recommended by the investment adviser and approved by the Board of Trustees. Such pricing services generally use the security’s last sale price on the exchange or market where the security is primarily traded or, if there is no reported sale during the day, the closing bid price. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. Debt securities (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) are generally valued on the basis of evaluated bids furnished to the Fund by a pricing service recommended by the investment adviser and approved by the Board of Trustees, which service determines valuations for normal, institutional-size trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Broker-dealer bid quotations may also be used to value debt and equity securities where a pricing service does not price a security or where a pricing service does not provide a reliable price for the security. In instances where broker-dealer bid quotations are not available, certain securities held by the Fund may be valued on the basis of a price provided by a principal market maker. Forward foreign currency contracts are valued utilizing interpolated prices determined from information provided by an independent pricing service. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Investments in other open-end investment companies are valued at their net asset value each day. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund's investment adviser using consistently applied procedures under the general supervision of the Board of Trustees.

The Fund may hold securities traded in foreign markets. Foreign securities are valued at the market price in the foreign market. However, if events occurring after the close of the foreign market (but before the close of regular trading on the New York Stock Exchange) are believed to materially affect the value of those securities, such securities are fair valued pursuant to procedures approved by the Board of Trustees. When fair valuing securities, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities market activity and/or significant events that occur after the close of the foreign market and before the Fund calculates its net asset value. At March 31, 2011, approximately 71% of the market value of investments was fair valued pursuant to procedures approved by the Board of Trustees.

(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):

At March 31, 2011, the net unrealized appreciation on investments based on a cost of $512,271,619 for federal income tax purposes was as follows:


Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	139,170,805
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(11,876,218	)

Net unrealized appreciation	$	127,294,587

At December 31, 2010, the Fund had a capital loss carryforward of $237,224,859 of which $26,967,110 expires on December 31, 2016 and $210,257,749 expires on December 31, 2017. At December 31, 2010, post-October capital loss deferrals were $1,025,968 and post-October currency loss deferrals were $51,257. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b)	Non-income producing security.

(c)

144A

All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the value of Rule 144A holdings amounted to $2,524,642 or 0.4% of net assets.

ADR/

GDR

Fair Value Measurements

•

Level 1 - quoted prices in active markets for identical assets or liabilities;

•

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2011, at value:

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	56,719,065	$	—	$	56,719,065
Belgium		—		8,800,225		—		8,800,225
Brazil		32,919,921		—		—		32,919,921
Canada		41,719,916		—		—		41,719,916
Chile		6,981,714		—		—		6,981,714
China		7,775,539		63,152,268		—		70,927,807
Denmark		—		16,816,784		—		16,816,784
France		7,389,564		26,212,764		—		33,602,328
Germany		—		55,200,225		—		55,200,225
Hong Kong		—		14,637,560		—		14,637,560
India		8,038,162		—		—		8,038,162
Israel		7,977,030		—		—		7,977,030
Italy		—		10,796,361		—		10,796,361
Japan		—		62,167,895		—		62,167,895
Korea		12,491,121		—		—		12,491,121
Mexico		7,945,178		—		—		7,945,178
Norway		—		7,336,849		—		7,336,849
Russia		9,956,386		—		—		9,956,386
Sweden		9,524,004		8,998,732		—		18,522,736
Switzerland		6,881,205		43,808,191		—		50,689,396
United Kingdom		20,069,089		79,184,179		—		99,253,268

Total Common Stocks		179,668,829		453,831,098		—		633,499,927

Short-Term Investments		—		6,066,279		—		6,066,279

Total	$	179,668,829	$	459,897,377	$	—	$	639,566,206

Security valued at $8,868,957 was transferred from Level 2 to Level 1 during the period ended March 31, 2011. At December 31, 2010, the security was fair valued pursuant to procedures approved by the Board of Trustees; at March 31, 2011, the security was valued at the market price in the foreign market in accordance with the Fund’s valuation policies. Transfers are recognized as of the beginning of the reporting period.

Industry Summary at March 31, 2011 (Unaudited)


Commercial Banks	10.8	%
Oil, Gas & Consumable Fuels	10.1
Metals & Mining	8.5
Insurance	6.6
Machinery	6.1
Semiconductors & Semiconductor Equipment	4.6
Pharmaceuticals	4.4
Automobiles	3.7
Real Estate Management & Development	3.4
Energy Equipment & Services	3.3
Electrical Equipment	2.7
Chemicals	2.7
Textiles, Apparel & Luxury Goods	2.7
Food & Staples Retailing	2.5
Diversified Telecommunication Services	2.4
Capital Markets	2.4
Other Investments, less than 2% each	21.0
Short-Term Investments	1.0

Total Investments	98.9
Other assets less liabilities	1.1

Net Assets	100.0	%

Currency Exposure at March 31, 2011 (Unaudited)


United States Dollar	24.2	%
Euro	15.7
British Pound	13.8
Hong Kong Dollar	12.1
Japanese Yen	9.6
Australian Dollar	8.8
Swiss Franc	6.8
Canadian Dollar	2.8
Danish Krone	2.6
Other, less than 2% each	2.5

Total Investments	98.9
Other assets less liabilities	1.1

Net Assets	100.0	%

ITEM 2.

CONTROLS AND PROCEDURES.

The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3.

EXHIBITS


(a)(1)		Certification for the Principal Executive Officer pursuant to Rule 30a-2(a) of the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith.

(a)(2)		Certification for the Principal Financial Officer pursuant to Rule 30a-2(a) of the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Hansberger International Series

By:		/s/ David L. Giunta

Name:		David L. Giunta
Title:		President and Chief Executive Officer
Date:		May 20, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ David L. Giunta

Name:		David L. Giunta
Title:		President and Chief Executive Officer
Date:		May 20, 2011

By:		/s/ Michael C. Kardok

Name:		Michael C. Kardok
Title:		Treasurer
Date:		May 20, 2011

EX-99.CERT 2 dex99cert.htm CEO & CFO CERTIFICATIONS CEO & CFO Certifications

Exhibit (a)(1)

Hansberger International Series

Exhibit to SEC Form N-Q

Section 302 Certification

I, David L. Giunta, certify that:

I have reviewed this report on Form N-Q of Hansberger International Series;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of such disclosure controls and procedures, as of a date within 90 days prior to the filing of this report, based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 20, 2011

/s/ David L. Giunta

David L. Giunta

President and Chief Executive Officer

Exhibit (a)(2)

Hansberger International Series

Exhibit to SEC Form N-Q

Section 302 Certification

I, Michael C. Kardok, certify that:

I have reviewed this report on Form N-Q of Hansberger International Series;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 20, 2011

/s/ Michael C. Kardok

Michael C. Kardok

Treasurer