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OMB APPROVAL | ||
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OMB Number: |
3235-0578 | |
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Expires: |
April 30, 2013 | |
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UNITED STATES |
Estimated average burden hours per response. . . . . . . . . . . . . . . . . 5.6 | ||
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SECURITIES AND EXCHANGE COMMISSION |
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Washington, D.C. 20549 |
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FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number |
811-01829 | |||||||
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Columbia Acorn Trust | ||||||||
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(Exact name of registrant as specified in charter) | ||||||||
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225 Franklin Street, Boston, Massachusetts |
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02110 | ||||||
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(Address of principal executive offices) |
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(Zip code) | ||||||
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Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 | ||||||||
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(Name and address of agent for service) | ||||||||
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Registrant’s telephone number, including area code: |
1-612-671-1947 |
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Date of fiscal year end: |
December 31 |
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Date of reporting period: |
September 30, 2011 |
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Item 1. Schedule of Investments.
Columbia Acorn Fund
Statement of Investments (Unaudited), September 30, 2011
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Number of Shares |
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|
Value (000) |
| |
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Equities: 95.8% |
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| |||
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Information 25.8% |
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> Business Software 6.9% |
|
|
| |
|
4,700,000 |
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Informatica (a) |
|
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| |
|
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Enterprise Data Integration Software |
|
$ |
192,465 |
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|
2,550,000 |
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ANSYS (a) |
|
|
| |
|
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Simulation Software for Engineers and Designers |
|
125,052 |
| |
|
2,700,000 |
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Micros Systems (a) |
|
|
| |
|
|
|
Information Systems for Hotels, Restaurants and Retailers |
|
118,557 |
| |
|
1,100,000 |
|
Quality Systems (b) |
|
|
| |
|
|
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IT Systems for Medical Groups & Ambulatory Care Centers |
|
106,700 |
| |
|
5,164,999 |
|
Hexagon (Sweden) |
|
|
| |
|
|
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Design, Measurement and Visualization Software and Equipment |
|
67,162 |
| |
|
1,480,000 |
|
Concur Technologies (a) |
|
|
| |
|
|
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Web Enabled Cost & Expense Management Software |
|
55,086 |
| |
|
2,250,000 |
|
Blackbaud (c) |
|
|
| |
|
|
|
Software & Services for Non-Profits |
|
50,107 |
| |
|
2,000,000 |
|
TIBCO (a) |
|
|
| |
|
|
|
Datacenter Software |
|
44,780 |
| |
|
1,700,000 |
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Tyler Technologies (a)(c) |
|
|
| |
|
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Financial, Tax, Court, & Document Mgmt Systems for Local Governments |
|
42,976 |
| |
|
2,350,000 |
|
Constant Contact (a)(c) |
|
|
| |
|
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Email & Other Marketing Campaign Mgmt Systems Delivered Over the Web |
|
40,631 |
| |
|
1,450,000 |
|
NetSuite (a)(b) |
|
|
| |
|
|
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End to End IT Systems Solution Delivered Over the Web |
|
39,164 |
| |
|
850,000 |
|
Red Hat (a) |
|
|
| |
|
|
|
Maintenance & Support for Opensource OS & Middleware |
|
35,921 |
| |
|
1,200,000 |
|
Ariba (a) |
|
|
| |
|
|
|
Cost Management Software |
|
33,252 |
| |
|
2,025,000 |
|
Kenexa (a)(c) |
|
|
| |
|
|
|
Recruiting and Workforce Management Solutions |
|
31,671 |
| |
|
920,000 |
|
Jack Henry & Associates |
|
|
| |
|
|
|
Systems Financial Institutions |
|
26,662 |
| |
|
900,000 |
|
SPS Commerce (a)(c) |
|
|
| |
|
|
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Supply Chain Management Software Delivered via the Web |
|
14,661 |
| |
|
690,000 |
|
Advent Software (a) |
|
|
| |
|
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Asset Management & Trading Systems |
|
14,387 |
| |
|
550,000 |
|
Intralinks (a) |
|
|
| |
|
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Collaboration Software |
|
4,131 |
| |
|
313,100 |
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Tangoe (a) |
|
|
| |
|
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Software Solution for Managing Communication Expense & Devices |
|
3,541 |
| |
|
1,000,000 |
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InContact (a) |
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|
| |
|
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Call Center Systems Delivered Via the Web & Telco Services |
|
3,450 |
| |
|
|
|
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1,050,356 |
| |
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> Instrumentation 2.8% |
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|
| |
|
1,600,000 |
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Mettler Toledo (a)(c) |
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|
| |
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Laboratory Equipment |
|
223,936 |
| |
|
2,780,000 |
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IPG Photonics (a)(c) |
|
|
| |
|
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Fiber Lasers |
|
120,763 |
| |
|
2,035,000 |
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Trimble Navigation (a) |
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|
| |
|
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GPS-based Instruments |
|
68,274 |
| |
|
400,000 |
|
Hamamatsu Photonics (Japan) |
|
|
| |
|
|
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Optical Sensors for Medical & Industrial Applications |
|
16,123 |
| |
|
|
|
|
|
429,096 |
| |
|
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> Computer Hardware & Related Equipment 2.4% |
|
|
| |
|
3,565,000 |
|
Amphenol |
|
|
| |
|
|
|
Electronic Connectors |
|
145,345 |
| |
|
4,550,000 |
|
II-VI (a)(c) |
|
|
| |
|
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Laser Optics and Specialty Materials |
|
79,625 |
| |
|
1,605,000 |
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Zebra Technologies (a) |
|
|
| |
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Bar Code Printers |
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49,659 |
| |
|
1,200,000 |
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Netgear (a) |
|
|
| |
|
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Networking Products for Small Business & Home |
|
31,068 |
| |
|
800,000 |
|
Nice Systems - ADR (Israel) (a) |
|
|
| |
|
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Audio & Video Recording Solutions |
|
24,280 |
| |
|
605,000 |
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Dolby Laboratories (a) |
|
|
| |
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Audio Technology for Consumer Electronics |
|
16,601 |
| |
|
605,000 |
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Stratasys (a) |
|
|
| |
|
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Rapid Prototyping Systems |
|
11,217 |
| |
|
230,000 |
|
Gemalto (France) |
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| |
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Digital Security Solutions |
|
10,937 |
| |
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|
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368,732 |
| |
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> Mobile Communications 2.3% |
|
|
| |
|
5,700,000 |
|
Crown Castle International (a) |
|
|
| |
|
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Communications Towers |
|
231,819 |
| |
|
3,150,000 |
|
SBA Communications (a) |
|
|
| |
|
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Communications Towers |
|
108,612 |
| |
|
600,000 |
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MetroPCS Communications (a) |
|
|
| |
|
|
|
Discount Cellular Telephone Services |
|
5,226 |
| |
|
1,500,000 |
|
Globalstar (a)(b) |
|
|
| |
|
|
|
Satellite Mobile Voice & Data Carrier |
|
614 |
| |
|
|
|
|
|
346,271 |
| |
|
|
|
> Telephone and Data Services 2.2% |
|
|
| |
|
9,500,000 |
|
tw telecom (a)(c) |
|
|
| |
|
|
|
Fiber Optic Telephone/Data Services |
|
156,940 |
| |
|
1,200,000 |
|
AboveNet |
|
|
| |
|
|
|
Metropolitan Fiber Communications Services |
|
64,320 |
| |
|
9,000,000 |
|
PAETEC Holding (a)(c) |
|
|
| |
|
|
|
Telephone/Data Services for Business |
|
47,610 |
| |
|
2,520,000 |
|
Cogent Communications (a)(c) |
|
|
| |
|
|
|
Internet Data Pipelines |
|
33,894 |
| |
|
2,000,000 |
|
General Communications (a) |
|
|
| |
|
|
|
Commercial Comm & Consumer CATV, Web & Phone in Alaska |
|
16,400 |
| |
|
1,400,000 |
|
Boingo Wireless (a)(b) |
|
|
| |
|
|
|
Wholesale and Retail WiFi Networks |
|
10,010 |
| |
|
|
|
|
|
329,174 |
| |
|
|
|
> Semiconductors & Related Equipment 1.8% |
|
|
| |
|
9,065,000 |
|
Atmel (a) |
|
|
| |
|
|
|
Microcontrollers, RF, and Memory Semiconductors |
|
73,154 |
| |
|
6,202,000 |
|
ON Semiconductor (a) |
|
|
| |
|
|
|
Mixed Signal & Power Management Semiconductors |
|
44,468 |
| |
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
> Semiconductors & Related Equipment—continued |
|
|
| |
|
2,345,000 |
|
Microsemi (a) |
|
|
| |
|
|
|
Analog/Mixed Signal Semiconductors |
|
$ |
37,473 |
|
|
4,000,000 |
|
Entegris (a) |
|
|
| |
|
|
|
Semiconductor Materials Management Products |
|
25,520 |
| |
|
1,900,000 |
|
IXYS (a)(c) |
|
|
| |
|
|
|
Power Semiconductors |
|
20,672 |
| |
|
500,000 |
|
Littelfuse |
|
|
| |
|
|
|
Little Fuses |
|
20,105 |
| |
|
1,765,000 |
|
Pericom Semiconductor (a)(c) |
|
|
| |
|
|
|
Interface ICs & Frequency Control Products |
|
13,079 |
| |
|
2,290,000 |
|
TriQuint Semiconductor (a) |
|
|
| |
|
|
|
RF Semiconductors |
|
11,496 |
| |
|
644,280 |
|
Supertex (a)(c) |
|
|
| |
|
|
|
Analog/Mixed Signal Semiconductors |
|
11,146 |
| |
|
800,000 |
|
Monolithic Power Systems (a) |
|
|
| |
|
|
|
High Performance Analog & Mixed Signal ICs |
|
8,144 |
| |
|
|
|
|
|
265,257 |
| |
|
|
|
> Telecommunications Equipment 1.3% |
|
|
| |
|
4,130,000 |
|
Polycom (a) |
|
|
| |
|
|
|
Video Conferencing Equipment |
|
75,868 |
| |
|
685,000 |
|
F5 Networks (a) |
|
|
| |
|
|
|
Internet Traffic Management Equipment |
|
48,669 |
| |
|
1,905,000 |
|
Finisar (a) |
|
|
| |
|
|
|
Optical Subsystems and Components |
|
33,414 |
| |
|
2,030,000 |
|
Ixia (a) |
|
|
| |
|
|
|
Telecom Network Test Equipment |
|
15,570 |
| |
|
1,925,000 |
|
Infinera (a) |
|
|
| |
|
|
|
Optical Networking Equipment |
|
14,861 |
| |
|
|
|
|
|
188,382 |
| |
|
|
|
> Computer Services 1.1% |
|
|
| |
|
3,307,204 |
|
iGATE (c) |
|
|
| |
|
|
|
IT & Business Process Outsourcing Services |
|
38,165 |
| |
|
680,000 |
|
Syntel |
|
|
| |
|
|
|
Offshore I/T Services |
|
29,369 |
| |
|
2,125,000 |
|
Virtusa (a)(c) |
|
|
| |
|
|
|
Offshore I/T Outsourcing |
|
28,050 |
| |
|
1,145,000 |
|
ExlService Holdings (a) |
|
|
| |
|
|
|
Business Process Outsourcing |
|
25,190 |
| |
|
1,575,000 |
|
Genpact (a) |
|
|
| |
|
|
|
Business Process Outsourcing |
|
22,664 |
| |
|
4,500,000 |
|
Hackett Group (a)(c) |
|
|
| |
|
|
|
IT Integration & Best Practice Research |
|
16,785 |
| |
|
1,076,353 |
|
WNS - ADR (India) (a) |
|
|
| |
|
|
|
Offshore BPO (Business Process Outsourcing) Services |
|
12,863 |
| |
|
|
|
|
|
173,086 |
| |
|
|
|
> CATV 1.1% |
|
|
| |
|
3,000,000 |
|
Discovery Communications, Series C (a) |
|
|
| |
|
|
|
CATV programming |
|
105,450 |
| |
|
1,250,000 |
|
Liberty Global, Series A (a) |
|
|
| |
|
|
|
Cable TV Franchises Outside the USA |
|
45,225 |
| |
|
17,770 |
|
Jupiter Telecommunications (Japan) |
|
|
| |
|
|
|
Largest Cable Service Provider in Japan |
|
19,227 |
| |
|
|
|
|
|
169,902 |
| |
|
|
|
> Gaming Equipment & Services 0.9% |
|
|
| |
|
3,725,000 |
|
Bally Technologies (a)(c) |
|
|
| |
|
|
|
Slot Machines & Software |
|
100,500 |
| |
|
1,741,367 |
|
WMS Industries (a) |
|
|
| |
|
|
|
Slot Machine Provider |
|
30,631 |
| |
|
|
|
|
|
131,131 |
| |
|
|
|
> Financial Processors 0.8% |
|
|
| |
|
2,429,000 |
|
Global Payments |
|
|
| |
|
|
|
Credit Card Processor |
|
98,107 |
| |
|
5,000,000 |
|
Singapore Exchange (Singapore) |
|
|
| |
|
|
|
Singapore Equity & Derivatives Market Operator |
|
25,133 |
| |
|
|
|
|
|
123,240 |
| |
|
|
|
> Business Information & Marketing Services 0.8% |
|
|
| |
|
1,400,000 |
|
Verisk Analytics (a) |
|
|
| |
|
|
|
Risk & Decision Analytics |
|
48,678 |
| |
|
900,000 |
|
FTI Consulting (a) |
|
|
| |
|
|
|
Financial Consulting Firm |
|
33,129 |
| |
|
3,000,000 |
|
Navigant Consulting (a)(c) |
|
|
| |
|
|
|
Financial Consulting Firm |
|
27,810 |
| |
|
505,000 |
|
RPX (a) |
|
|
| |
|
|
|
Patent Aggregation and Defensive Patent Consulting |
|
10,459 |
| |
|
|
|
|
|
120,076 |
| |
|
|
|
> Electronics Distribution 0.5% |
|
|
| |
|
3,125,000 |
|
Avnet (a) |
|
|
| |
|
|
|
Electronic Components Distribution |
|
81,500 |
| |
|
|
|
|
|
81,500 |
| |
|
|
|
> Internet Related 0.4% |
|
|
| |
|
435,000 |
|
Equinix (a) |
|
|
| |
|
|
|
Network Neutral Data Centers |
|
38,641 |
| |
|
464,305 |
|
Mail.ru - GDR (Russia) (a)(h) |
|
|
| |
|
|
|
Internet Social Networking and Games for Russian Speakers |
|
13,444 |
| |
|
656,585 |
|
TheStreet.com |
|
|
| |
|
|
|
Financial Information Websites |
|
1,300 |
| |
|
|
|
|
|
53,385 |
| |
|
|
|
> Contract Manufacturing 0.3% |
|
|
| |
|
1,210,000 |
|
Plexus (a) |
|
|
| |
|
|
|
Electronic Manufacturing Services |
|
27,370 |
| |
|
2,800,000 |
|
Sanmina-SCI (a) |
|
|
| |
|
|
|
Electronic Manufacturing Services |
|
18,704 |
| |
|
|
|
|
|
46,074 |
| |
|
|
|
> Entertainment Programming 0.1% |
|
|
| |
|
1,250,000 |
|
IMAX (Canada) (a) |
|
|
| |
|
|
|
IMAX Movies, Theatre Equipment and Theatre Joint Ventures |
|
18,100 |
| |
|
|
|
|
|
18,100 |
| |
|
|
|
> Radio 0.1% |
|
|
| |
|
164,991 |
|
Saga Communications (a) |
|
|
| |
|
|
|
Radio Stations in Small & Mid-sized Cities |
|
4,869 |
| |
|
1,533,400 |
|
Salem Communications (c) |
|
|
| |
|
|
|
Radio Stations for Religious Programming |
|
3,511 |
| |
|
177,700 |
|
Spanish Broadcasting System (a) |
|
|
| |
|
|
|
Spanish Language Radio Stations |
|
295 |
| |
|
|
|
|
|
8,675 |
| |
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
> TV Broadcasting —% |
|
|
| |
|
1,750,000 |
|
Gray Television (a) |
|
|
| |
|
|
|
Mid Market Affiliated TV Stations |
|
$ |
2,730 |
|
|
2,500,000 |
|
Entravision Communications (a) |
|
|
| |
|
|
|
Spanish Language TV & Radio Stations |
|
2,550 |
| |
|
|
|
|
|
5,280 |
| |
|
|
|
> Consumer Software —% |
|
|
| |
|
362,577 |
|
Carbonite (a)(b) |
|
|
| |
|
|
|
Online file storage |
|
4,365 |
| |
|
|
|
|
|
4,365 |
| |
|
|
|
> Advertising —% |
|
|
| |
|
1,500,000 |
|
VisionChina Media - ADR (China) (a)(b) |
|
|
| |
|
|
|
Advertising on Digital Screens in China’s Mass Transit System |
|
2,745 |
| |
|
|
|
|
|
2,745 |
| |
|
Information: Total |
|
3,914,827 |
| |||
|
|
|
|
|
|
| |
|
Consumer Goods & Services 18.3% |
|
|
| |||
|
|
|
> Retail 5.4% |
|
|
| |
|
7,490,000 |
|
lululemon athletica (a)(c) |
|
|
| |
|
|
|
Premium Active Apparel Retailer |
|
364,388 |
| |
|
3,510,000 |
|
Abercrombie & Fitch |
|
|
| |
|
|
|
Teen Apparel Retailer |
|
216,076 |
| |
|
2,300,000 |
|
Shutterfly (a)(c) |
|
|
| |
|
|
|
Internet Photo-Centric Retailer |
|
94,714 |
| |
|
5,600,000 |
|
Pier 1 Imports (a) |
|
|
| |
|
|
|
Home Furnishing Retailer |
|
54,768 |
| |
|
5,225,000 |
|
Saks (a)(b) |
|
|
| |
|
|
|
Luxury Department Store Retailer |
|
45,719 |
| |
|
525,000 |
|
DSW |
|
|
| |
|
|
|
Branded Footwear Retailer |
|
24,244 |
| |
|
971,500 |
|
Teavana (a)(b) |
|
|
| |
|
|
|
Specialty Tea Retailer |
|
19,760 |
| |
|
1,371,366 |
|
Gaiam (c) |
|
|
| |
|
|
|
Healthy Living Catalogs & E-Commerce |
|
4,649 |
| |
|
66,000 |
|
The Fresh Market (a)(b) |
|
|
| |
|
|
|
Specialty Food Retailer |
|
2,519 |
| |
|
|
|
|
|
826,837 |
| |
|
|
|
> Apparel 3.6% |
|
|
| |
|
2,100,000 |
|
Coach |
|
|
| |
|
|
|
Designer & Retailer of Branded Leather Accessories |
|
108,843 |
| |
|
1,120,000 |
|
Deckers Outdoor (a) |
|
|
| |
|
|
|
Fashion Footwear Wholesaler |
|
104,451 |
| |
|
2,190,000 |
|
Warnaco Group (a)(c) |
|
|
| |
|
|
|
Global Branded Apparel Manufacturer |
|
100,937 |
| |
|
1,410,000 |
|
PVH |
|
|
| |
|
|
|
Apparel Wholesaler and Retailer |
|
82,118 |
| |
|
1,747,000 |
|
True Religion Apparel (a)(c) |
|
|
| |
|
|
|
Premium Denim |
|
47,099 |
| |
|
1,455,000 |
|
Guess? |
|
|
| |
|
|
|
Branded Apparel + Accessories + Licensor |
|
41,453 |
| |
|
1,000,000 |
|
Hanesbrands (a) |
|
|
| |
|
|
|
Apparel Wholesaler |
|
25,010 |
| |
|
600,000 |
|
Steven Madden (a) |
|
|
| |
|
|
|
Wholesaler/Retailer of Fashion Footwear |
|
18,060 |
| |
|
580,000 |
|
Crocs (a) |
|
|
| |
|
|
|
Branded Footwear Wholesaler & Retailer |
|
13,729 |
| |
|
36,037 |
|
Zuoan Fashion (China) (a)(b) |
|
|
| |
|
|
|
Men’s Apparel Provider in China |
|
99 |
| |
|
|
|
|
|
541,799 |
| |
|
|
|
> Travel 2.5% |
|
|
| |
|
3,100,000 |
|
Expedia |
|
|
| |
|
|
|
Online Travel Services Company |
|
79,825 |
| |
|
3,850,000 |
|
Gaylord Entertainment (a)(c) |
|
|
| |
|
|
|
Convention Hotels |
|
74,459 |
| |
|
1,470,000 |
|
Vail Resorts |
|
|
| |
|
|
|
Ski Resort Operator & Developer |
|
55,551 |
| |
|
1,400,000 |
|
HomeAway (a)(b) |
|
|
| |
|
|
|
Vacation Rental Online Marketplace |
|
47,068 |
| |
|
4,000,000 |
|
Avis Budget Group (a) |
|
|
| |
|
|
|
Second Largest Car Rental Company |
|
38,680 |
| |
|
970,000 |
|
Choice Hotels |
|
|
| |
|
|
|
Franchisor Of Budget Hotel Brands |
|
28,829 |
| |
|
3,000,000 |
|
Hertz (a) |
|
|
| |
|
|
|
Largest U.S. Rental Car Operator |
|
26,700 |
| |
|
2,000,000 |
|
Localiza Rent A Car (Brazil) |
|
|
| |
|
|
|
Car Rental |
|
26,390 |
| |
|
|
|
|
|
377,502 |
| |
|
|
|
> Food & Beverage 2.0% |
|
|
| |
|
1,780,000 |
|
Hansen Natural (a) |
|
|
| |
|
|
|
Alternative Beverages |
|
155,376 |
| |
|
1,050,000 |
|
Diamond Foods (b) |
|
|
| |
|
|
|
Snack Foods and Culinary Ingredients |
|
83,779 |
| |
|
32,896,000 |
|
Olam International (Singapore) |
|
|
| |
|
|
|
Agriculture Supply Chain Manager |
|
56,057 |
| |
|
1,750,000 |
|
GLG Life Tech (Canada) (a)(c) |
|
|
| |
|
|
|
Produce an All-Natural Sweetener Extracted from the Stevia Plant |
|
6,160 |
| |
|
240,000 |
|
Lance |
|
|
| |
|
|
|
Snack Foods |
|
5,004 |
| |
|
|
|
|
|
306,376 |
| |
|
|
|
> Other Consumer Services 0.8% |
|
|
| |
|
2,190,000 |
|
Lifetime Fitness (a)(c) |
|
|
| |
|
|
|
Sport & Fitness Club Operator |
|
80,701 |
| |
|
14,000,000 |
|
Lifestyle International (Hong Kong) |
|
|
| |
|
|
|
Mid to High-End Department Store Operator in Hong Kong & China |
|
35,518 |
| |
|
4,250,000 |
|
Move (a) |
|
|
| |
|
|
|
Real Estate Internet Websites |
|
6,162 |
| |
|
1,325,000 |
|
IFM Investments (Century 21 China RE) - ADR (China) (a) |
|
|
| |
|
|
|
Provide Real Estate Services in China |
|
1,524 |
| |
|
|
|
|
|
123,905 |
| |
|
|
|
> Casinos & Gaming 0.7% |
|
|
| |
|
1,100,000 |
|
Penn National Gaming (a) |
|
|
| |
|
|
|
Regional Casino Operator |
|
36,619 |
| |
|
3,950,000 |
|
Pinnacle Entertainment (a)(c) |
|
|
| |
|
|
|
Regional Casino Operator |
|
35,866 |
| |
|
3,000,000 |
|
Melco Crown Entertainment - ADR (Hong Kong) (a)(b) |
|
|
| |
|
|
|
Macau Casino Operator |
|
24,930 |
| |
|
12,000,000 |
|
MGM China Holdings (Hong Kong) (a) |
|
|
| |
|
|
|
Macau Casino Operator |
|
15,903 |
| |
|
|
|
|
|
113,318 |
| |
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
> Furniture & Textiles 0.7% |
|
|
| |
|
4,000,000 |
|
Knoll (c) |
|
|
| |
|
|
|
Office Furniture |
|
$ |
54,800 |
|
|
2,250,000 |
|
Herman Miller |
|
|
| |
|
|
|
Office Furniture |
|
40,185 |
| |
|
1,000,000 |
|
Interface |
|
|
| |
|
|
|
Modular & Broadloom Carpet |
|
11,860 |
| |
|
|
|
|
|
106,845 |
| |
|
|
|
> Educational Services 0.6% |
|
|
| |
|
2,800,000 |
|
Career Education (a) |
|
|
| |
|
|
|
Postsecondary Education |
|
36,540 |
| |
|
1,400,000 |
|
Universal Technical Institute (a)(c) |
|
|
| |
|
|
|
Vocational Training |
|
19,026 |
| |
|
800,000 |
|
New Oriental Education & Technology - ADR (China) (a) |
|
|
| |
|
|
|
Education Service Provider |
|
18,376 |
| |
|
300,000 |
|
ITT Educational Services (a)(b) |
|
|
| |
|
|
|
Postsecondary Degree Services |
|
17,274 |
| |
|
2,000,000 |
|
Voyager Learning, Contingent Value Rights (a)(d)(f) |
|
|
| |
|
|
|
Education Services for the K-12 Market |
|
180 |
| |
|
|
|
|
|
91,396 |
| |
|
|
|
> Other Durable Goods 0.5% |
|
|
| |
|
1,720,000 |
|
Jarden |
|
|
| |
|
|
|
Branded Household Products |
|
48,607 |
| |
|
460,000 |
|
Cavco Industries (a)(c) |
|
|
| |
|
|
|
Manufactured Homes |
|
15,843 |
| |
|
400,000 |
|
Tesla Motors (a)(b) |
|
|
| |
|
|
|
Design, Manufacture and Sell High Performance Electric Vehicles |
|
9,756 |
| |
|
|
|
|
|
74,206 |
| |
|
|
|
> Leisure Products 0.4% |
|
|
| |
|
2,180,000 |
|
Thor Industries |
|
|
| |
|
|
|
RV & Bus Manufacturer |
|
48,287 |
| |
|
975,000 |
|
Skullcandy (a)(b) |
|
|
| |
|
|
|
Lifestyle Branded Headphones |
|
13,777 |
| |
|
|
|
|
|
62,064 |
| |
|
|
|
> Consumer Goods Distribution 0.4% |
|
|
| |
|
2,100,000 |
|
Pool |
|
|
| |
|
|
|
Distributor of Swimming Pool Supplies & Equipment |
|
54,978 |
| |
|
|
|
|
|
54,978 |
| |
|
|
|
> Restaurants 0.3% |
|
|
| |
|
2,000,000 |
|
AFC Enterprises (a)(c) |
|
|
| |
|
|
|
Popeye’s Restaurants |
|
23,660 |
| |
|
675,000 |
|
Bravo Brio Restaurant Group (a) |
|
|
| |
|
|
|
Upscale Casual Italian Restaurants |
|
11,232 |
| |
|
450,000 |
|
Cheesecake Factory (a) |
|
|
| |
|
|
|
Casual Dining Restaurants |
|
11,092 |
| |
|
|
|
|
|
45,984 |
| |
|
|
|
> Nondurables 0.3% |
|
|
| |
|
1,600,000 |
|
Helen of Troy (a)(c) |
|
|
| |
|
|
|
Hair Dryers & Curling Irons |
|
40,192 |
| |
|
|
|
|
|
40,192 |
| |
|
|
|
> Other Entertainment 0.1% |
|
|
| |
|
320,000 |
|
CTS Eventim (Germany) |
|
|
| |
|
|
|
Event Ticket Sales |
|
9,533 |
| |
|
|
|
|
|
9,533 |
| |
|
Consumer Goods & Services: Total |
|
2,774,935 |
| |||
|
|
|
|
| |||
|
Industrial Goods & Services 17.6% |
|
|
| |||
|
|
|
> Machinery 9.7% |
|
|
| |
|
4,200,000 |
|
Donaldson (c) |
|
|
| |
|
|
|
Industrial Air Filtration |
|
230,160 |
| |
|
6,750,000 |
|
Ametek |
|
|
| |
|
|
|
Aerospace/Industrial Instruments |
|
222,547 |
| |
|
3,000,000 |
|
Nordson |
|
|
| |
|
|
|
Dispensing Systems for Adhesives & Coatings |
|
119,220 |
| |
|
3,535,000 |
|
Pentair |
|
|
| |
|
|
|
Pumps & Water Treatment |
|
113,155 |
| |
|
3,200,000 |
|
Kennametal |
|
|
| |
|
|
|
Consumable Cutting Tools |
|
104,768 |
| |
|
2,325,000 |
|
Clarcor |
|
|
| |
|
|
|
Mobile & Industrial Filters |
|
96,208 |
| |
|
1,800,000 |
|
Pall |
|
|
| |
|
|
|
Filtration & Fluids Clarification |
|
76,320 |
| |
|
2,250,000 |
|
HEICO (c) |
|
|
| |
|
|
|
FAA Approved Aircraft Replacement Parts |
|
75,735 |
| |
|
2,050,000 |
|
MOOG (a) |
|
|
| |
|
|
|
Motion Control Products for Aerospace, Defense & Industrial Markets |
|
66,871 |
| |
|
2,200,000 |
|
ESCO Technologies (c) |
|
|
| |
|
|
|
Automatic Electric Meter Readers |
|
56,100 |
| |
|
1,150,000 |
|
WABCO Holdings (a) |
|
|
| |
|
|
|
Truck & Bus Component Supplier |
|
43,539 |
| |
|
2,675,000 |
|
Oshkosh Corporation (a) |
|
|
| |
|
|
|
Specialty Truck Manufacturer |
|
42,105 |
| |
|
805,000 |
|
Toro |
|
|
| |
|
|
|
Turf Maintenance Equipment |
|
39,662 |
| |
|
1,300,000 |
|
Kaydon |
|
|
| |
|
|
|
Specialized Friction & Motion Control Products |
|
37,284 |
| |
|
600,000 |
|
Wabtec |
|
|
| |
|
|
|
Freight & Transit Component Supplier |
|
31,722 |
| |
|
1,667,021 |
|
Generac (a) |
|
|
| |
|
|
|
Standby Power Generators |
|
31,357 |
| |
|
926,962 |
|
Mine Safety Appliances |
|
|
| |
|
|
|
Safety Equipment |
|
24,991 |
| |
|
265,907 |
|
Neopost (France) |
|
|
| |
|
|
|
Postage Meter Machines |
|
19,498 |
| |
|
3,450,000 |
|
Jain Irrigation Systems (India) |
|
|
| |
|
|
|
Agricultural Micro-Irrigation Systems & Food Processing |
|
10,685 |
| |
|
10,000,000 |
|
Marel (Iceland) (a) |
|
|
| |
|
|
|
Largest Manufacturer of Poultry and Fish Processing Equipment |
|
9,943 |
| |
|
100,000 |
|
Valmont Industries |
|
|
| |
|
|
|
Center Pivot Irrigation Systems & Utility Poles |
|
7,794 |
| |
|
1,250,000 |
|
Spartan Motors |
|
|
| |
|
|
|
Specialty Truck & Chassis Manufacturer |
|
5,163 |
| |
|
|
|
|
|
1,464,827 |
| |
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
> Industrial Materials & Specialty Chemicals 2.1% |
|
|
| |
|
1,750,000 |
|
Albemarle |
|
|
| |
|
|
|
Refinery Catalysts and Other Specialty Chemicals |
|
$ |
70,700 |
|
|
760,000 |
|
FMC Corporation |
|
|
| |
|
|
|
Niche Specialty Chemicals |
|
52,562 |
| |
|
305,000 |
|
Novozymes (Denmark) |
|
|
| |
|
|
|
Industrial Enzymes |
|
43,365 |
| |
|
673,000 |
|
Sociedad Quimica y Minera de Chile - ADR (Chile) (b) |
|
|
| |
|
|
|
Producer of Specialty Fertilizers, Lithium and Iodine |
|
32,176 |
| |
|
1,260,000 |
|
Drew Industries (c) |
|
|
| |
|
|
|
RV & Manufactured Home Components |
|
25,175 |
| |
|
2,218,700 |
|
Kansai Paint (Japan) |
|
|
| |
|
|
|
Paint Producer in Japan, India, China and Southeast Asia |
|
21,261 |
| |
|
495,086 |
|
Mersen (France) |
|
|
| |
|
|
|
Advanced Industrial Materials |
|
19,594 |
| |
|
900,000 |
|
Albany International |
|
|
| |
|
|
|
Paper Machine Clothing and Advanced Textiles |
|
16,425 |
| |
|
400,000 |
|
Silgan Holdings |
|
|
| |
|
|
|
Metal & Plastic Packaging |
|
14,696 |
| |
|
8,000 |
|
Sika (Switzerland) |
|
|
| |
|
|
|
Chemicals for Construction & Industrial Applications |
|
14,164 |
| |
|
|
|
|
|
310,118 |
| |
|
|
|
> Other Industrial Services 1.9% |
|
|
| |
|
3,200,000 |
|
Expeditors International of Washington |
|
|
| |
|
|
|
International Freight Forwarder |
|
129,760 |
| |
|
1,767,165 |
|
Imtech (Netherlands) |
|
|
| |
|
|
|
Electromechanical and ICT Installation and Maintenance |
|
49,709 |
| |
|
1,300,000 |
|
Forward Air |
|
|
| |
|
|
|
Freight Transportation Between Airports |
|
33,085 |
| |
|
1,600,000 |
|
Mobile Mini (a) |
|
|
| |
|
|
|
Portable Storage Units Leasing |
|
26,304 |
| |
|
900,000 |
|
LKQ (a) |
|
|
| |
|
|
|
Alternative Auto Parts Distribution |
|
21,744 |
| |
|
626,524 |
|
Arcadis (Netherlands) |
|
|
| |
|
|
|
Engineering Consultants |
|
11,437 |
| |
|
750,000 |
|
UTI Worldwide |
|
|
| |
|
|
|
Freight Forwarding & Logistics |
|
9,780 |
| |
|
1,336,001 |
|
Acorn Energy (a)(c) |
|
|
| |
|
|
|
Frac Well Exploration/Monitoring Device, Sonar Security, Electric Grid Monitoring |
|
7,107 |
| |
|
|
|
|
|
288,926 |
| |
|
|
|
> Industrial Distribution 0.8% |
|
|
| |
|
605,000 |
|
WW Grainger |
|
|
| |
|
|
|
Industrial Distribution |
|
90,472 |
| |
|
2,600,000 |
|
Interline Brands (a)(c) |
|
|
| |
|
|
|
Industrial Distribution |
|
33,462 |
| |
|
|
|
|
|
123,934 |
| |
|
|
|
> Waste Management 0.7% |
|
|
| |
|
2,400,000 |
|
Waste Connections |
|
|
| |
|
|
|
Solid Waste Management |
|
81,168 |
| |
|
560,000 |
|
Clean Harbors (a) |
|
|
| |
|
|
|
Hazardous Waste Services & Disposal |
|
28,728 |
| |
|
|
|
|
|
109,896 |
| |
|
|
|
> Construction 0.7% |
|
|
| |
|
1,725,000 |
|
Chicago Bridge & Iron |
|
|
| |
|
|
|
Engineering & Construction for LNG & Petrochemicals |
|
49,387 |
| |
|
66,000 |
|
NVR (a) |
|
|
| |
|
|
|
DC Homebuilder |
|
39,863 |
| |
|
1,800,000 |
|
Mills Estruturas e Servicos de Engenharia (Brazil) |
|
|
| |
|
|
|
Civil Engineering & Construction |
|
16,858 |
| |
|
|
|
|
|
106,108 |
| |
|
|
|
> Outsourcing Services 0.6% |
|
|
| |
|
2,800,000 |
|
Quanta Services (a) |
|
|
| |
|
|
|
Electrical & Telecom Construction Services |
|
52,612 |
| |
|
1,210,000 |
|
Insperity |
|
|
| |
|
|
|
Professional Employer Organization |
|
26,922 |
| |
|
600,000 |
|
GP Strategies (a) |
|
|
| |
|
|
|
Training Programs |
|
5,994 |
| |
|
|
|
|
|
85,528 |
| |
|
|
|
> Electrical Components 0.6% |
|
|
| |
|
1,440,000 |
|
Acuity Brands |
|
|
| |
|
|
|
Commercial Lighting Fixtures |
|
51,898 |
| |
|
1,500,000 |
|
Ushio (Japan) |
|
|
| |
|
|
|
Industrial Light Sources |
|
22,836 |
| |
|
351,000 |
|
Saft (France) |
|
|
| |
|
|
|
Niche Battery Manufacturer |
|
9,426 |
| |
|
|
|
|
|
84,160 |
| |
|
|
|
> Steel 0.3% |
|
|
| |
|
4,000,000 |
|
GrafTech International (a) |
|
|
| |
|
|
|
Industrial Graphite Materials Producer |
|
50,800 |
| |
|
|
|
|
|
50,800 |
| |
|
|
|
> Conglomerates 0.2% |
|
|
| |
|
2,263,654 |
|
Aalberts Industries (Netherlands) |
|
|
| |
|
|
|
Flow Control and Heat Treatment |
|
33,655 |
| |
|
|
|
|
|
33,655 |
| |
|
|
|
> Water —% |
|
|
| |
|
649,000 |
|
Mueller Water Products |
|
|
| |
|
|
|
Fire Hydrants, Valves & Ductile Iron Pipes |
|
1,610 |
| |
|
|
|
|
|
1,610 |
| |
|
Industrial Goods & Services: Total |
|
2,659,562 |
| |||
|
|
|
|
| |||
|
Health Care 9.5% |
|
|
| |||
|
|
|
> Medical Equipment & Devices 3.3% |
|
|
| |
|
4,200,000 |
|
Alexion Pharmaceuticals (a) |
|
|
| |
|
|
|
Biotech Focused on Orphan Diseases |
|
269,052 |
| |
|
1,800,000 |
|
Sirona Dental Systems (a) |
|
|
| |
|
|
|
Manufacturer of Dental Equipment |
|
76,338 |
| |
|
860,000 |
|
Gen-Probe (a) |
|
|
| |
|
|
|
Molecular In-Vitro Diagnostics |
|
49,235 |
| |
|
550,000 |
|
Haemonetics (a) |
|
|
| |
|
|
|
Blood & Plasma Collection Equipment |
|
32,164 |
| |
|
340,000 |
|
Edwards Lifesciences (a) |
|
|
| |
|
|
|
Heart Valves |
|
24,235 |
| |
|
570,000 |
|
Orthofix International (a) |
|
|
| |
|
|
|
Bone Fixation & Stimulation Devices |
|
19,671 |
| |
|
625,100 |
|
Hill-Rom Holdings |
|
|
| |
|
|
|
Hospital Beds/Patient Handling |
|
18,766 |
| |
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
> Medical Equipment & Devices—continued |
|
|
| |
|
1,650,000 |
|
Pacific Biosciences of California (a)(b) |
|
|
| |
|
|
|
Genome Sequencing |
|
$ |
5,296 |
|
|
|
|
|
|
494,757 |
| |
|
|
|
> Biotechnology & Drug Delivery 3.0% |
|
|
| |
|
4,315,000 |
|
BioMarin Pharmaceutical (a) |
|
|
| |
|
|
|
Biotech Focused on Orphan Diseases |
|
137,519 |
| |
|
4,200,000 |
|
Seattle Genetics (a)(b) |
|
|
| |
|
|
|
Antibody-Based Therapies for Cancer |
|
80,052 |
| |
|
2,226,000 |
|
InterMune (a) |
|
|
| |
|
|
|
Drugs for Pulmonary Fibrosis & Hepatitis C |
|
44,965 |
| |
|
2,400,000 |
|
Auxilium Pharmaceuticals (a)(c) |
|
|
| |
|
|
|
Biotech Focused on Niche Disease Areas |
|
35,976 |
| |
|
1,170,000 |
|
Onyx Pharmaceuticals (a) |
|
|
| |
|
|
|
Commercial-Stage Biotech Focused on Cancer |
|
35,112 |
| |
|
4,500,000 |
|
NPS Pharmaceuticals (a)(c) |
|
|
| |
|
|
|
Orphan Drugs & Healthy Royalties |
|
29,295 |
| |
|
5,500,000 |
|
Micromet (a)(b)(c) |
|
|
| |
|
|
|
Next-generation Antibody Technology |
|
26,400 |
| |
|
3,430,000 |
|
Isis Pharmaceuticals (a) |
|
|
| |
|
|
|
Biotech Pioneer in Antisense Drugs |
|
23,255 |
| |
|
4,549,900 |
|
Chelsea Therapeutics (a)(c) |
|
|
| |
|
|
|
Biotech Focused on Rare Diseases |
|
16,607 |
| |
|
3,455,000 |
|
Raptor Pharmaceutical (a)(b)(c) |
|
|
| |
|
|
|
Orphan Drug Company |
|
15,582 |
| |
|
1,740,000 |
|
Anthera Pharmaceuticals (a) |
|
|
| |
|
|
|
Biotech Focused on Cardiovascular, Cancer & Immunology |
|
8,300 |
| |
|
142,825 |
|
United Therapeutics (a) |
|
|
| |
|
|
|
Biotech Focused on Rare Diseases |
|
5,355 |
| |
|
359,944 |
|
MicroDose Technologies (a)(d)(f) |
|
|
| |
|
|
|
Drug Inhaler Development |
|
299 |
| |
|
94,715 |
|
Locus Pharmaceuticals (a)(d)(e)(f) |
|
|
| |
|
|
|
High Throughput Rational Drug Design |
|
— |
| |
|
|
|
|
|
458,717 |
| |
|
|
|
> Medical Supplies 1.6% |
|
|
| |
|
3,200,000 |
|
Cepheid (a)(c) |
|
|
| |
|
|
|
Molecular Diagnostics |
|
124,256 |
| |
|
2,126,000 |
|
Patterson Companies |
|
|
| |
|
|
|
Dental/Vet/Med Distributor |
|
60,867 |
| |
|
650,000 |
|
Henry Schein (a) |
|
|
| |
|
|
|
Largest Distributor of Healthcare Products |
|
40,307 |
| |
|
325,200 |
|
Neogen (a) |
|
|
| |
|
|
|
Food and Animal Safety Products |
|
11,291 |
| |
|
|
|
|
|
236,721 |
| |
|
|
|
> Health Care Services 1.1% |
|
|
| |
|
665,000 |
|
Mednax (a) |
|
|
| |
|
|
|
Physician Mgmt for Pediatric and Anesthesia Practices |
|
41,656 |
| |
|
1,625,000 |
|
Community Health Systems (a) |
|
|
| |
|
|
|
Non-Urban Hospitals |
|
27,040 |
| |
|
3,800,000 |
|
Health Management Associates (a) |
|
|
| |
|
|
|
Non-Urban Hospitals |
|
26,296 |
| |
|
1,725,000 |
|
HealthSouth (a) |
|
|
| |
|
|
|
Inpatient Rehabalitation Facilities |
|
25,754 |
| |
|
4,900,000 |
|
eResearch Technology (a)(c) |
|
|
| |
|
|
|
Clinical Research Services |
|
21,854 |
| |
|
850,000 |
|
HMS Holdings (a) |
|
|
| |
|
|
|
Cost Containment Services |
|
20,731 |
| |
|
700,000 |
|
Allscripts Healthcare Solutions (a) |
|
|
| |
|
|
|
IT for Physician Offices and Hospitals |
|
12,614 |
| |
|
|
|
|
|
175,945 |
| |
|
|
|
> Pharmaceuticals 0.5% |
|
|
| |
|
4,788,400 |
|
Akorn (a)(c) |
|
|
| |
|
|
|
Develops, Manufactures & Sells Specialty Generic Drugs |
|
37,397 |
| |
|
2,859,820 |
|
Adcock Ingram Holdings (South Africa) |
|
|
| |
|
|
|
Manufacturer of Pharmaceuticals and Medical Supplies |
|
21,208 |
| |
|
2,040,000 |
|
Alimera Sciences (a)(b)(c) |
|
|
| |
|
|
|
Ophthalmology-Focused Pharmaceutical Company |
|
16,320 |
| |
|
870,000 |
|
Horizon Pharma (a) |
|
|
| |
|
|
|
Specialty Pharma Company |
|
6,081 |
| |
|
|
|
|
|
81,006 |
| |
|
Health Care: Total |
|
1,447,146 |
| |||
|
|
|
|
| |||
|
Energy & Minerals 9.3% |
|
|
| |||
|
|
|
> Oil Services 3.8% |
|
|
| |
|
6,200,000 |
|
FMC Technologies (a) |
|
|
| |
|
|
|
Oil and Gas Well Head Manufacturer |
|
233,120 |
| |
|
2,641,054 |
|
Fugro (Netherlands) |
|
|
| |
|
|
|
Sub-sea Oilfield Services |
|
133,192 |
| |
|
2,399,000 |
|
Atwood Oceanics (a) |
|
|
| |
|
|
|
Offshore Drilling Contractor |
|
82,430 |
| |
|
1,670,000 |
|
ShawCor (Canada) |
|
|
| |
|
|
|
Oil and Gas Pipeline Products |
|
38,774 |
| |
|
743,000 |
|
Oil States International (a) |
|
|
| |
|
|
|
Diversified North American Oil Service Provider |
|
37,834 |
| |
|
375,000 |
|
Bristow |
|
|
| |
|
|
|
Largest Provider of Helicopter Services to Offshore Oil and Gas Producers |
|
15,911 |
| |
|
1,056,600 |
|
Black Diamond Group (Canada) |
|
|
| |
|
|
|
Provides Accommodations/Equipment for Oil Sands Development |
|
13,662 |
| |
|
500,000 |
|
Hornbeck Offshore (a) |
|
|
| |
|
|
|
Supply Vessel Operator in U.S. Gulf of Mexico |
|
12,455 |
| |
|
2,890,900 |
|
Horizon North Logistics (Canada) |
|
|
| |
|
|
|
Provides Diversified Oil Service Offering in Northern Canada |
|
10,842 |
| |
|
8,870,000 |
|
Tuscany International Drilling (Colombia) (a) |
|
|
| |
|
1,040,000 |
|
Tuscany International Drilling - Warrants (Colombia) (a) |
|
4,909 |
| |
|
|
|
South America Based Drilling Rig Contractor |
|
5 |
| |
|
|
|
|
|
583,134 |
| |
|
|
|
> Oil & Gas Producers 3.4% |
|
|
| |
|
4,810,550 |
|
Pacific Rubiales Energy (Colombia) (b) |
|
|
| |
|
|
|
Oil Production & Exploration in Colombia |
|
101,913 |
| |
|
2,400,000 |
|
Tullow Oil (United Kingdom) |
|
|
| |
|
|
|
Oil and Gas Producer |
|
48,538 |
| |
|
1,389,000 |
|
Southwestern Energy (a) |
|
|
| |
|
|
|
Oil and Gas Producer |
|
46,295 |
| |
|
715,000 |
|
SM Energy |
|
|
| |
|
|
|
Oil and Gas Producer |
|
43,365 |
| |
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
> Oil & Gas Producers—continued |
|
|
| |
|
695,000 |
|
Range Resources |
|
|
| |
|
|
|
Oil and Gas Producer |
|
$ |
40,630 |
|
|
974,000 |
|
Rosetta Resources (a) |
|
|
| |
|
|
|
Oil and Gas Producer Exploring in South Texas and Montana |
|
33,330 |
| |
|
2,700,000 |
|
Denbury Resources (a) |
|
|
| |
|
|
|
Oil Producer Using Co2 Injection |
|
31,050 |
| |
|
650,000 |
|
Baytex (Canada) (a)(b) |
|
|
| |
|
|
|
Oil and Gas Producer in Canada |
|
27,175 |
| |
|
850,000 |
|
Northern Oil And Gas (a)(b) |
|
|
| |
|
|
|
Small E & P Company in North Dakota Bakken |
|
16,481 |
| |
|
1,143,800 |
|
Houston American Energy (b) |
|
|
| |
|
|
|
Oil and Gas Exploration/Production in Colombia |
|
15,739 |
| |
|
250,000 |
|
Cabot Oil and Gas |
|
|
| |
|
|
|
Large Natural Gas Producer in Appalachia and Gulf Coast |
|
15,477 |
| |
|
631,000 |
|
Celtic Exploration (Canada) (a) |
|
|
| |
|
|
|
Canadian Oil and Gas Producer |
|
13,591 |
| |
|
550,000 |
|
Swift Energy (a) |
|
|
| |
|
|
|
Oil and Gas Exploration and Production |
|
13,387 |
| |
|
27,000,000 |
|
ShaMaran Petroleum (a) |
|
|
| |
|
|
|
Oil Exploration in Kurdistan |
|
10,693 |
| |
|
383,000 |
|
Ultra Petroleum (a) |
|
|
| |
|
|
|
Oil and Gas Producer |
|
10,617 |
| |
|
847,000 |
|
Crew Energy (Canada) (a) |
|
|
| |
|
|
|
Canadian Oil and Gas Producer |
|
7,501 |
| |
|
6,866,628 |
|
PetroMagdalena Energy (Colombia) (a)(b) |
|
|
| |
|
|
|
Oil & Gas Exploration/Production in Colombia |
|
6,553 |
| |
|
228,200 |
|
Oasis Petroleum (a)(b) |
|
|
| |
|
|
|
Oil Producer in North Dakota |
|
5,096 |
| |
|
575,000 |
|
Venoco (a) |
|
|
| |
|
|
|
Oil and Gas Producer in California and Texas |
|
5,066 |
| |
|
37,500,000 |
|
Petromanas (Canada) (a)(c) |
|
4,473 |
| |
|
18,750,000 |
|
Petromanas - Warrants (Canada) (a)(d) |
|
|
| |
|
|
|
Exploring for Oil in Albania |
|
263 |
| |
|
26,000,000 |
|
Petrodorado (Colombia) (a)(c) |
|
4,218 |
| |
|
24,000,000 |
|
Petrodorado - Warrants (Colombia) (a)(d)(f) |
|
|
| |
|
|
|
Oil & Gas Exploration/Production in Columbia, Peru & Paraguay |
|
499 |
| |
|
6,300,000 |
|
Canacol Energy (Colombia) (a) |
|
|
| |
|
|
|
Oil Producer in South America |
|
3,848 |
| |
|
30,275,000 |
|
Petroamerica (Colombia) (a)(c) |
|
|
| |
|
|
|
Oil Exploration & Production in Colombia |
|
3,322 |
| |
|
1,198,100 |
|
Pan Orient (Canada) (a) |
|
|
| |
|
|
|
Growth Oriented, Return Focused Asian Explorer |
|
2,664 |
| |
|
8,400,000 |
|
Canadian Overseas Petroleum (United Kingdom) (a)(d) |
|
2,474 |
| |
|
4,200,000 |
|
Canadian Overseas Petroleum - Warrants (United Kingdom) (a)(d)(f) |
|
|
| |
|
|
|
Oil & Gas Exploration/Production in the North Sea |
|
232 |
| |
|
41,100,000 |
|
Quetzal Energy (Colombia) (a)(c)(d) |
|
|
| |
|
|
|
Explores for Oil & Gas in Latin America |
|
1,694 |
| |
|
8,900,000 |
|
Quetzal Energy (Colombia) (a)(c) |
|
|
| |
|
|
|
Explores for Oil & Gas in Latin America |
|
382 |
| |
|
|
|
|
|
516,566 |
| |
|
|
|
> Mining 1.6% |
|
|
| |
|
1,950,000 |
|
Silver Wheaton (Canada) |
|
|
| |
|
|
|
Silver Mining Royalty Company |
|
57,428 |
| |
|
545,000 |
|
Core Laboratories (Netherlands) |
|
|
| |
|
|
|
Oil and Gas Reservoir Consulting |
|
48,957 |
| |
|
15,000,000 |
|
Zhaojin Mining Industry (China) |
|
|
| |
|
|
|
Gold Mining and Refining in China |
|
24,952 |
| |
|
2,800,000 |
|
Alexco Resource (a) |
|
|
| |
|
|
|
Mining, Exploration & Environmental Services |
|
18,984 |
| |
|
4,432,000 |
|
Northam Platinum (South Africa) |
|
|
| |
|
|
|
Platinum Mining in South Africa |
|
17,971 |
| |
|
7,500,000 |
|
Duluth Metals (Canada) (a)(c) |
|
|
| |
|
|
|
Copper & Nickel Miner |
|
16,533 |
| |
|
900,000 |
|
Silver Standard Resources (a) |
|
|
| |
|
|
|
Silver Mining |
|
16,515 |
| |
|
1,150,000 |
|
Ivanhoe Mines (Canada) (a) |
|
|
| |
|
|
|
Copper Mine Project in Mongolia |
|
15,858 |
| |
|
12,000,000 |
|
Mongolian Mining (Hong Kong) (a) |
|
|
| |
|
|
|
Coking Coal Mining in Mongolia |
|
10,609 |
| |
|
5,000,000 |
|
Orko Silver (Canada) (a)(b) |
|
|
| |
|
|
|
Silver Exploration & Development |
|
8,970 |
| |
|
800,000 |
|
Augusta Resource (a)(b) |
|
|
| |
|
|
|
U.S. Copper/Molybdenum Mine |
|
2,456 |
| |
|
4,000,000 |
|
Wolverine Minerals (Canada) (a)(c)(d)(f) |
|
1,299 |
| |
|
2,000,000 |
|
Wolverine Minerals - Warrants (Canada) (a)(d)(f) |
|
|
| |
|
|
|
Gold Miner |
|
57 |
| |
|
500,000 |
|
Duluth Exploration - Special Warrants (Canada) (a)(d)(f) |
|
|
| |
|
|
|
Copper & Nickel Miner |
|
95 |
| |
|
|
|
|
|
240,684 |
| |
|
|
|
> Oil Refining, Marketing & Distribution 0.2% |
|
|
| |
|
600,000 |
|
Vopak (Netherlands) |
|
|
| |
|
|
|
World’s Largest Operator of Petroleum and Chemical Storage Terminals |
|
28,677 |
| |
|
|
|
|
|
28,677 |
| |
|
|
|
> Alternative Energy 0.2% |
|
|
| |
|
3,000,000 |
|
GT Solar International (a) |
|
|
| |
|
|
|
Largest Manufacturer of Furnaces & Reactors to Produce & Cast Polysilicon |
|
21,060 |
| |
|
500,000 |
|
STR Holdings (a)(b) |
|
|
| |
|
|
|
Makes Encapsulant for Solar Power Modules/Provides Quality Assurance |
|
4,055 |
| |
|
1,210,300 |
|
Synthesis Energy Systems (China) (a)(b) |
|
|
| |
|
|
|
Owner/Operator of Gasification Plants |
|
2,094 |
| |
|
|
|
|
|
27,209 |
| |
|
|
|
> Agricultural Commodities 0.1% |
|
|
| |
|
1,136,364 |
|
Union Agriculture Group (Argentina) (a)(d)(f) |
|
|
| |
|
|
|
Farmland Operator in Uruguay |
|
12,113 |
| |
|
|
|
|
|
12,113 |
| |
|
Energy & Minerals: Total |
|
1,408,383 |
| |||
|
Number of Shares |
|
|
|
Value (000) |
| |
|
Finance 9.3% |
|
|
| |||
|
|
|
> Banks 3.7% |
|
|
| |
|
2,738,000 |
|
BOK Financial |
|
|
| |
|
|
|
Tulsa Based S.W. Bank |
|
$ |
128,385 |
|
|
2,337,313 |
|
Hancock Holding |
|
|
| |
|
|
|
Gulf Coast Bank |
|
62,593 |
| |
|
5,700,000 |
|
Valley National Bancorp (b) |
|
|
| |
|
|
|
New Jersey/New York Bank |
|
60,363 |
| |
|
1,275,000 |
|
City National |
|
|
| |
|
|
|
Bank & Asset Manager |
|
48,144 |
| |
|
2,860,000 |
|
MB Financial (c) |
|
|
| |
|
|
|
Chicago Bank |
|
42,099 |
| |
|
4,487,800 |
|
Associated Banc-Corp |
|
|
| |
|
|
|
Midwest Bank |
|
41,737 |
| |
|
910,000 |
|
SVB Financial Group (a) |
|
|
| |
|
|
|
Bank to Venture Capitalists |
|
33,670 |
| |
|
4,300,000 |
|
CVB Financial (b) |
|
|
| |
|
|
|
Inland Empire Business Bank |
|
33,067 |
| |
|
3,000,000 |
|
TCF Financial |
|
|
| |
|
|
|
Great Lakes Bank |
|
27,480 |
| |
|
4,299,507 |
|
First Busey |
|
|
| |
|
|
|
Illinois Bank |
|
18,703 |
| |
|
1,350,000 |
|
TriCo Bancshares (c) |
|
|
| |
|
|
|
California Central Valley Bank |
|
16,564 |
| |
|
1,121,188 |
|
Sandy Spring Bancorp |
|
|
| |
|
|
|
Baltimore, D.C. Bank |
|
16,403 |
| |
|
772,632 |
|
Hudson Valley |
|
|
| |
|
|
|
Metro New York City Bank |
|
13,467 |
| |
|
706,559 |
|
Eagle Bancorp (a) |
|
|
| |
|
|
|
Metro D.C. Bank |
|
8,316 |
| |
|
779,305 |
|
TrustCo Bank |
|
|
| |
|
|
|
New York State Bank |
|
3,476 |
| |
|
246,505 |
|
Pacific Continental |
|
|
| |
|
|
|
Pacific N.W. Bank |
|
1,748 |
| |
|
158,389 |
|
Green Bankshares (a)(b) |
|
|
| |
|
|
|
Tennessee Bank |
|
201 |
| |
|
|
|
|
|
556,416 |
| |
|
|
|
> Insurance 2.3% |
|
|
| |
|
11,900,000 |
|
CNO Financial Group (a) |
|
|
| |
|
|
|
Life, Long Term Care & Medical Supplement Insurance |
|
64,379 |
| |
|
2,820,000 |
|
Leucadia National |
|
|
| |
|
|
|
Insurance Holding Company |
|
63,958 |
| |
|
1,320,000 |
|
Hanover Insurance Group |
|
|
| |
|
|
|
Personal & Commercial Lines Insurance |
|
46,860 |
| |
|
1,200,000 |
|
HCC Insurance Holdings |
|
|
| |
|
|
|
Specialty Insurance |
|
32,460 |
| |
|
832,000 |
|
Willis Group (Ireland) |
|
|
| |
|
|
|
Insurance Broker |
|
28,596 |
| |
|
1,225,000 |
|
Tower Group |
|
|
| |
|
|
|
Commercial & Personal Lines Insurance |
|
28,003 |
| |
|
1,200,000 |
|
Delphi Financial Group |
|
|
| |
|
|
|
Workers Comp & Group Employee Benefit Products & Services |
|
25,824 |
| |
|
1,420,000 |
|
Selective Insurance Group |
|
|
| |
|
|
|
Commercial & Personal Lines Insurance |
|
18,531 |
| |
|
900,000 |
|
Brown & Brown |
|
|
| |
|
|
|
Insurance Broker |
|
16,020 |
| |
|
150,000 |
|
Enstar Group (a) |
|
|
| |
|
|
|
Insurance/Reinsurance & Related Services |
|
14,284 |
| |
|
694,343 |
|
Symetra Financial |
|
|
| |
|
|
|
Life Insurance |
|
5,659 |
| |
|
300,000 |
|
Assured Guaranty |
|
|
| |
|
|
|
Global Muni Bond Insurance |
|
3,297 |
| |
|
|
|
|
|
347,871 |
| |
|
|
|
> Finance Companies 1.6% |
|
|
| |
|
1,505,202 |
|
World Acceptance (a)(c) |
|
|
| |
|
|
|
Personal Loans |
|
84,216 |
| |
|
2,300,000 |
|
Aaron’s |
|
|
| |
|
|
|
Rent to Own |
|
58,075 |
| |
|
2,150,000 |
|
McGrath Rentcorp (c) |
|
|
| |
|
|
|
Temporary Space & IT Rentals |
|
51,149 |
| |
|
3,400,000 |
|
H&E Equipment Services (a)(c) |
|
|
| |
|
|
|
Heavy Equipment Leasing |
|
28,050 |
| |
|
1,123,400 |
|
CAI International (a)(c) |
|
|
| |
|
|
|
International Container Leasing |
|
13,166 |
| |
|
1,091,000 |
|
Marlin Business Services (a)(c) |
|
|
| |
|
|
|
Small Equipment Leasing |
|
11,565 |
| |
|
78,500 |
|
Textainer Group Holdings |
|
|
| |
|
|
|
Top International Container Leasor |
|
1,592 |
| |
|
|
|
|
|
247,813 |
| |
|
|
|
> Brokerage & Money Management 1.3% |
|
|
| |
|
6,198,000 |
|
SEI Investments |
|
|
| |
|
|
|
Mutual Fund Administration & Investment Management |
|
95,325 |
| |
|
3,700,000 |
|
Eaton Vance |
|
|
| |
|
|
|
Specialty Mutual Funds |
|
82,399 |
| |
|
1,000,000 |
|
Artio Global Investors |
|
|
| |
|
|
|
International Asset Manager |
|
7,960 |
| |
|
400,000 |
|
Financial Engines (a) |
|
|
| |
|
|
|
Asset Management for 401k Plans |
|
7,244 |
| |
|
|
|
|
|
192,928 |
| |
|
|
|
> Credit Cards 0.3% |
|
|
| |
|
350,000 |
|
Alliance Data Systems (a)(b) |
|
|
| |
|
|
|
Diversified Credit Card Provider |
|
32,445 |
| |
|
100,000 |
|
Wright Express (a) |
|
|
| |
|
|
|
Pay Card Processor |
|
3,804 |
| |
|
|
|
|
|
36,249 |
| |
|
|
|
> Savings & Loans 0.1% |
|
|
| |
|
700,000 |
|
ViewPoint Financial |
|
|
| |
|
|
|
Texas Thrift |
|
8,015 |
| |
|
1,010,000 |
|
Provident New York Bancorp |
|
|
| |
|
|
|
New York State Thrift |
|
5,878 |
| |
|
452,146 |
|
Kaiser Federal Financial Group |
|
|
| |
|
|
|
Los Angeles Savings & Loan |
|
5,335 |
| |
|
65,991 |
|
Berkshire Hills Bancorp |
|
|
| |
|
|
|
Northeast Thrift |
|
1,219 |
| |
|
|
|
|
|
20,447 |
| |
|
Finance: Total |
|
1,401,724 |
| |||
|
Number of Shares |
|
|
|
Value (000) |
| |
|
Other Industries 6.0% |
|
|
| |||
|
|
|
> Real Estate 3.7% |
|
|
| |
|
4,575,000 |
|
Biomed Realty Trust |
|
|
| |
|
|
|
Life Science-focused Office Buildings |
|
$ |
75,808 |
|
|
840,000 |
|
Federal Realty Investment Trust |
|
|
| |
|
|
|
Shopping Centers |
|
69,224 |
| |
|
3,000,000 |
|
Associated Estates Realty (c) |
|
|
| |
|
|
|
Multifamily Properties |
|
46,380 |
| |
|
2,200,000 |
|
Dupont Fabros Technology (b) |
|
|
| |
|
|
|
Technology-focused Office Buildings |
|
43,318 |
| |
|
720,000 |
|
Digital Realty Trust (b) |
|
|
| |
|
|
|
Technology-focused Office Buildings |
|
39,715 |
| |
|
1,120,000 |
|
Kilroy Realty |
|
|
| |
|
|
|
West Coast Office and Industrial Properties |
|
35,056 |
| |
|
1,850,000 |
|
Extra Space Storage |
|
|
| |
|
|
|
Self Storage Facilities |
|
34,465 |
| |
|
975,000 |
|
Post Properties |
|
|
| |
|
|
|
Multifamily Properties |
|
33,871 |
| |
|
43,000,000 |
|
Mapletree Logistics Trust (Singapore) |
|
|
| |
|
|
|
Industrial Property Landlord |
|
27,852 |
| |
|
3,000,000 |
|
Education Realty Trust |
|
|
| |
|
|
|
Student Housing |
|
25,770 |
| |
|
15,000,000 |
|
Ascendas REIT (Singapore) |
|
|
| |
|
|
|
Industrial Property Landlord |
|
23,131 |
| |
|
530,000 |
|
Macerich |
|
|
| |
|
|
|
Regional Shopping Malls |
|
22,594 |
| |
|
700,000 |
|
Washington REIT |
|
|
| |
|
|
|
Washington, D.C. Diversified Properties |
|
19,726 |
| |
|
3,750,000 |
|
DCT Industrial Trust |
|
|
| |
|
|
|
Industrial Properties |
|
16,462 |
| |
|
1,000,000 |
|
St. Joe (a)(b) |
|
|
| |
|
|
|
Florida Panhandle Landowner |
|
14,990 |
| |
|
2,800 |
|
Orix JREIT (Japan) |
|
|
| |
|
|
|
Diversified REIT |
|
12,867 |
| |
|
3,050,000 |
|
Kite Realty Group |
|
|
| |
|
|
|
Community Shopping Centers |
|
11,163 |
| |
|
1,500,000 |
|
Summit Hotel Properties (c) |
|
|
| |
|
|
|
Owner of Select Service Hotels |
|
10,590 |
| |
|
37,407 |
|
Security Capital European Realty (Luxembourg) (a)(d)(e)(f) |
|
|
| |
|
|
|
Self Storage Properties |
|
— |
| |
|
|
|
|
|
562,982 |
| |
|
|
|
> Transportation 1.2% |
|
|
| |
|
1,275,000 |
|
JB Hunt Transport Services |
|
|
| |
|
|
|
Truck & Intermodal Carrier |
|
46,053 |
| |
|
1,260,000 |
|
World Fuel Services |
|
|
| |
|
|
|
Global Fuel Broker |
|
41,139 |
| |
|
2,800,000 |
|
Rush Enterprises, Class A (a)(c) |
|
|
| |
|
550,000 |
|
Rush Enterprises, Class B (a)(c) |
|
39,648 |
| |
|
|
|
Truck Sales and Service |
|
6,418 |
| |
|
2,730,000 |
|
Heartland Express |
|
|
| |
|
|
|
Regional Trucker |
|
37,019 |
| |
|
300,000 |
|
Genesee & Wyoming (a) |
|
|
| |
|
|
|
Short-line Operator |
|
13,956 |
| |
|
|
|
|
|
184,233 |
| |
|
|
|
> Regulated Utilities 1.1% |
|
|
| |
|
2,000,000 |
|
Northeast Utilities |
|
|
| |
|
|
|
Regulated Electric Utility |
|
67,300 |
| |
|
1,800,000 |
|
Wisconsin Energy |
|
|
| |
|
|
|
Wisconsin Utility |
|
56,322 |
| |
|
500,000 |
|
ALLETE |
|
|
| |
|
|
|
Regulated Electric Utility - Minnesota |
|
18,315 |
| |
|
333,000 |
|
Red Eléctrica de España (Spain) |
|
|
| |
|
|
|
Spanish Power Transmission |
|
15,175 |
| |
|
|
|
|
|
157,112 |
| |
|
Other Industries: Total |
|
904,327 |
| |||
|
|
|
|
|
|
| |
|
Total Equities: 95.8% |
|
14,510,904 |
| |||
|
|
|
|
|
|
| |
|
Securities Lending Collateral 2.2% |
|
|
| |||
|
333,232,511 |
|
Dreyfus Government Cash Management Fund (g) (7 day yield of 0.00%) |
|
333,233 |
| |
|
Total Securities Lending Collateral: |
|
333,233 |
| |||
|
|
|
|
|
|
| |
|
Total Investments: 98.0% |
|
14,844,137 |
(k) | |||
|
|
|
|
|
|
| |
|
Obligation to Return Collateral for Securities Loaned: (2.2)% |
|
(333,233 |
) | |||
|
|
|
|
|
|
| |
|
Cash and Other Assets Less Liabilities: 4.2% |
|
630,688 |
| |||
|
|
|
|
|
|
| |
|
Total Net Assets: 100.0% |
|
$ |
15,141,592 |
| ||
ADR = American Depositary Receipts
GDR = Global Depositary Receipts
> Notes to Statement of Investments (dollar values in thousands)
(a) Non-income producing security.
(b) All or a portion of this security was on loan at September 30, 2011. The total market value of securities on loan at September 30, 2011 was $319,697,071.
(c) An affiliated person of the Fund may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies during the nine months ended September 30, 2011, are as follows:
|
Affiliates |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
|
Acorn Energy |
|
— |
|
1,336,001 |
|
— |
|
1,336,001 |
|
$ |
7,107 |
|
$ |
— |
|
|
AFC Enterprises |
|
2,000,000 |
|
— |
|
— |
|
2,000,000 |
|
23,660 |
|
— |
| ||
|
Akorn |
|
2,659,068 |
|
2,129,332 |
|
— |
|
4,788,400 |
|
37,397 |
|
— |
| ||
|
Allos Therapeutics* |
|
7,035,000 |
|
— |
|
7,035,000 |
|
— |
|
— |
|
— |
| ||
|
Alimera Sciences |
|
361,450 |
|
1,678,550 |
|
— |
|
2,040,000 |
|
16,320 |
|
— |
| ||
|
Anthera Pharmaceuticals* |
|
1,450,000 |
|
290,000 |
|
— |
|
1,740,000 |
|
8,300 |
|
— |
| ||
|
Array Biopharma* |
|
3,500,000 |
|
— |
|
3,500,000 |
|
— |
|
— |
|
— |
| ||
|
Art Technology Group* |
|
9,000,000 |
|
— |
|
9,000,000 |
|
— |
|
— |
|
— |
| ||
|
Associated Estates Realty |
|
2,200,000 |
|
800,000 |
|
— |
|
3,000,000 |
|
46,380 |
|
1,207 |
| ||
|
Auxilium Pharmaceuticals |
|
1,200,000 |
|
1,200,000 |
|
— |
|
2,400,000 |
|
35,976 |
|
— |
| ||
|
Bally Technologies |
|
3,725,000 |
|
— |
|
— |
|
3,725,000 |
|
100,500 |
|
— |
| ||
|
Blackbaud |
|
2,250,000 |
|
— |
|
— |
|
2,250,000 |
|
50,107 |
|
540 |
| ||
|
CAI International |
|
1,650,000 |
|
— |
|
526,600 |
|
1,123,400 |
|
13,166 |
|
— |
| ||
|
Cavco Industries |
|
180,000 |
|
280,000 |
|
— |
|
460,000 |
|
15,843 |
|
— |
| ||
|
Cepheid |
|
2,415,000 |
|
785,000 |
|
— |
|
3,200,000 |
|
124,256 |
|
— |
| ||
|
Chelsea Therapeutics |
|
3,449,900 |
|
1,100,000 |
|
— |
|
4,549,900 |
|
16,607 |
|
— |
| ||
|
Clarcor* |
|
2,565,000 |
|
— |
|
240,000 |
|
2,325,000 |
|
96,208 |
|
1,077 |
| ||
|
Cogent Communications |
|
2,800,000 |
|
— |
|
280,000 |
|
2,520,000 |
|
33,894 |
|
— |
| ||
|
Constant Contact |
|
1,400,000 |
|
950,000 |
|
— |
|
2,350,000 |
|
40,631 |
|
— |
| ||
|
Diamond Foods* |
|
1,300,000 |
|
— |
|
250,000 |
|
1,050,000 |
|
83,779 |
|
170 |
| ||
|
Donaldson |
|
4,200,000 |
|
— |
|
— |
|
4,200,000 |
|
230,160 |
|
1,176 |
| ||
|
Drew Industries |
|
1,260,000 |
|
— |
|
— |
|
1,260,000 |
|
25,175 |
|
— |
| ||
|
Duluth Metals |
|
3,154,000 |
|
4,346,000 |
|
— |
|
7,500,000 |
|
16,533 |
|
|
| ||
|
Education Realty Trust* |
|
3,000,000 |
|
— |
|
— |
|
3,000,000 |
|
25,770 |
|
300 |
| ||
|
eResearch Technology |
|
4,250,000 |
|
650,000 |
|
— |
|
4,900,000 |
|
21,854 |
|
— |
| ||
|
ESCO Technologies |
|
2,200,000 |
|
— |
|
— |
|
2,200,000 |
|
56,100 |
|
528 |
| ||
|
Gaiam |
|
1,371,366 |
|
— |
|
— |
|
1,371,366 |
|
4,649 |
|
— |
| ||
|
Gaylord Entertainment |
|
3,850,000 |
|
— |
|
— |
|
3,850,000 |
|
74,459 |
|
— |
| ||
|
GLG Life Tech |
|
1,200,000 |
|
550,000 |
|
— |
|
1,750,000 |
|
6,160 |
|
— |
| ||
|
H&E Equipment Services |
|
3,000,000 |
|
400,000 |
|
— |
|
3,400,000 |
|
28,050 |
|
— |
| ||
|
Hackett Group |
|
4,500,000 |
|
— |
|
— |
|
4,500,000 |
|
16,785 |
|
— |
| ||
|
HEICO+ |
|
1,700,000 |
|
550,000 |
|
— |
|
2,250,000 |
|
75,735 |
|
237 |
| ||
|
Helen of Troy |
|
1,600,000 |
|
— |
|
— |
|
1,600,000 |
|
40,192 |
|
— |
| ||
|
iGate |
|
2,913,065 |
|
407,204 |
|
13,065 |
|
3,307,204 |
|
38,165 |
|
— |
| ||
|
II-VI+ |
|
2,225,000 |
|
2,325,000 |
|
— |
|
4,550,000 |
|
79,625 |
|
— |
| ||
|
Informatica* |
|
5,200,000 |
|
— |
|
500,000 |
|
4,700,000 |
|
192,465 |
|
— |
| ||
|
Interline Brands |
|
2,600,000 |
|
— |
|
— |
|
2,600,000 |
|
33,462 |
|
— |
| ||
|
IPG Photonics |
|
2,710,000 |
|
70,000 |
|
— |
|
2,780,000 |
|
120,763 |
|
— |
| ||
|
IXYS |
|
1,900,000 |
|
— |
|
— |
|
1,900,000 |
|
20,672 |
|
— |
| ||
|
Kenexa |
|
2,025,000 |
|
— |
|
— |
|
2,025,000 |
|
31,671 |
|
— |
| ||
|
Knoll |
|
4,000,000 |
|
— |
|
— |
|
4,000,000 |
|
54,800 |
|
640 |
| ||
|
Lifetime Fitness |
|
2,190,000 |
|
— |
|
— |
|
2,190,000 |
|
80,701 |
|
— |
| ||
|
lululemon athletica+ |
|
4,035,000 |
|
3,950,000 |
|
495,000 |
|
7,490,000 |
|
364,388 |
|
— |
| ||
|
Marlin Business Services |
|
1,091,000 |
|
— |
|
— |
|
1,091,000 |
|
11,565 |
|
— |
| ||
|
MB Financial |
|
2,860,000 |
|
— |
|
— |
|
2,860,000 |
|
42,099 |
|
57 |
| ||
|
McGrath Rentcorp |
|
2,350,000 |
|
— |
|
200,000 |
|
2,150,000 |
|
51,149 |
|
1,610 |
| ||
|
Mettler Toledo |
|
1,600,000 |
|
— |
|
— |
|
1,600,000 |
|
223,936 |
|
|
| ||
|
Micromet |
|
5,500,000 |
|
— |
|
— |
|
5,500,000 |
|
26,400 |
|
— |
| ||
|
Nabi Biopharmaceuticals* |
|
1,383,454 |
|
1,916,546 |
|
3,300,000 |
|
— |
|
— |
|
— |
| ||
|
Nanosphere* |
|
1,480,056 |
|
— |
|
1,480,056 |
|
— |
|
— |
|
— |
| ||
|
Navigant Consulting |
|
3,100,000 |
|
— |
|
100,000 |
|
3,000,000 |
|
27,810 |
|
— |
| ||
|
NPS Pharmaceuticals |
|
3,200,000 |
|
1,300,000 |
|
— |
|
4,500,000 |
|
29,295 |
|
— |
| ||
|
Orko Silver* |
|
10,000,000 |
|
— |
|
5,000,000 |
|
5,000,000 |
|
8,970 |
|
— |
| ||
|
Orthofix International* |
|
1,150,000 |
|
— |
|
580,000 |
|
570,000 |
|
19,671 |
|
— |
| ||
|
PAETEC Holding |
|
9,600,000 |
|
— |
|
600,000 |
|
9,000,000 |
|
47,610 |
|
— |
| ||
|
Pericom Semiconductor |
|
1,765,000 |
|
— |
|
— |
|
1,765,000 |
|
13,079 |
|
— |
| ||
|
Petroamerica |
|
30,275,000 |
|
— |
|
— |
|
30,275,000 |
|
3,322 |
|
— |
| ||
> Notes to Statement of Investments (dollar values in thousands)
|
Affiliates |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
|
Petrodorado |
|
24,000,000 |
|
2,000,000 |
|
— |
|
26,000,000 |
|
$ |
4,218 |
|
$ |
— |
|
|
Petrolifera Petroleum* |
|
13,950,000 |
|
— |
|
13,950,000 |
|
— |
|
— |
|
— |
| ||
|
Petromanas |
|
37,500,000 |
|
— |
|
— |
|
37,500,000 |
|
4,473 |
|
— |
| ||
|
Pinnacle Entertainment |
|
3,400,000 |
|
550,000 |
|
— |
|
3,950,000 |
|
35,866 |
|
— |
| ||
|
Quetzal Energy |
|
— |
|
50,000,000 |
|
— |
|
50,000,000 |
|
2,076 |
|
— |
| ||
|
Raptor Pharmaceutical |
|
— |
|
3,455,000 |
|
— |
|
3,455,000 |
|
15,582 |
|
— |
| ||
|
Rush Enterprises |
|
3,350,000 |
|
— |
|
— |
|
3,350,000 |
|
46,066 |
|
— |
| ||
|
Salem Communications |
|
1,541,000 |
|
— |
|
7,600 |
|
1,533,400 |
|
3,511 |
|
— |
| ||
|
Shutterfly |
|
1,700,000 |
|
600,000 |
|
— |
|
2,300,000 |
|
94,714 |
|
— |
| ||
|
Spanish Broadcasting System*+ |
|
2,400,000 |
|
240,000 |
|
2,462,300 |
|
177,700 |
|
295 |
|
— |
| ||
|
SPS Commerce |
|
856,429 |
|
43,571 |
|
— |
|
900,000 |
|
14,661 |
|
— |
| ||
|
Summit Hotel Properties |
|
— |
|
1,500,000 |
|
— |
|
1,500,000 |
|
10,590 |
|
230 |
| ||
|
Supertex |
|
1,035,000 |
|
— |
|
390,720 |
|
644,280 |
|
11,146 |
|
— |
| ||
|
Talbots* |
|
4,150,000 |
|
— |
|
4,150,000 |
|
— |
|
— |
|
— |
| ||
|
THQ* |
|
3,567,000 |
|
— |
|
3,567,000 |
|
— |
|
— |
|
— |
| ||
|
TriCo Bancshares |
|
1,350,000 |
|
— |
|
— |
|
1,350,000 |
|
16,564 |
|
243 |
| ||
|
True Religion Apparel |
|
2,047,000 |
|
— |
|
300,000 |
|
1,747,000 |
|
47,099 |
|
— |
| ||
|
Tuscany International Drilling* |
|
10,719,200 |
|
— |
|
1,849,200 |
|
8,870,000 |
|
4,909 |
|
— |
| ||
|
tw telecom |
|
9,500,000 |
|
— |
|
— |
|
9,500,000 |
|
156,940 |
|
— |
| ||
|
Tyler Technologies |
|
2,000,000 |
|
— |
|
300,000 |
|
1,700,000 |
|
42,976 |
|
— |
| ||
|
Universal Technical Institute |
|
1,700,000 |
|
— |
|
300,000 |
|
1,400,000 |
|
19,026 |
|
— |
| ||
|
Virtusa |
|
2,000,000 |
|
125,000 |
|
— |
|
2,125,000 |
|
28,050 |
|
— |
| ||
|
Warnaco Group |
|
2,190,000 |
|
— |
|
— |
|
2,190,000 |
|
100,937 |
|
— |
| ||
|
Wolverine Minerals |
|
— |
|
4,000,000 |
|
— |
|
4,000,000 |
|
1,299 |
|
— |
| ||
|
World Acceptance |
|
1,505,202 |
|
— |
|
— |
|
1,505,202 |
|
84,216 |
|
— |
| ||
|
Total of Affiliated Transactions |
|
322,039,190 |
|
89,527,204 |
|
60,376,541 |
|
351,189,853 |
|
$ |
3,638,585 |
|
$ |
8,015 |
|
* At September 30, 2011, the Fund owned less than five percent of the company’s outstanding voting shares.
+ Includes the effects of a stock split.
The aggregate cost and value of these companies at September 30, 2011, were $2,461,969 and $3,198,218 respectively. Investments in affiliate companies represent 21.12% of total net assets at September 30, 2011.
(d) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities, are valued at fair value determined in good faith under consistently applied procedures established by the Board of Trustees. At September 30, 2011, the market value of these securities (in thousands) amounted to $19,205 which represented 0.13% of total net assets.
Additional information on these securities is as follows:
|
Security |
|
Acquisition |
|
Shares |
|
Cost |
|
Value |
| ||
|
Union Agriculture Group |
|
12/08/10 |
|
1,136,364 |
|
$ |
15,000 |
|
$ |
12,113 |
|
|
Canadian Overseas Petroleum |
|
11/24/10 |
|
8,400,000 |
|
3,591 |
|
2,474 |
| ||
|
Quetzal Energy |
|
1/14/11 |
|
41,100,000 |
|
5,193 |
|
1,694 |
| ||
|
Wolverine Minerals |
|
6/03/11 |
|
4,000,000 |
|
2,005 |
|
1,299 |
| ||
|
Petrodorado - Warrants |
|
11/20/09 |
|
24,000,000 |
|
2,965 |
|
499 |
| ||
|
MicroDose Technologies |
|
11/24/00 |
|
359,944 |
|
2,005 |
|
299 |
| ||
|
Petromanas - Warrants |
|
5/20/10 |
|
18,750,000 |
|
1,086 |
|
263 |
| ||
|
Canadian Overseas Petroleum - Warrants |
|
11/24/10 |
|
4,200,000 |
|
526 |
|
232 |
| ||
|
Voyager Learning, Contingent Value Rights |
|
12/24/09 |
|
2,000,000 |
|
— |
|
180 |
| ||
|
Duluth Exploration - Special Warrants |
|
8/19/11 |
|
500,000 |
|
— |
|
95 |
| ||
|
Wolverine Minerals - Warrants |
|
6/03/11 |
|
2,000,000 |
|
243 |
|
57 |
| ||
|
Locus Pharmaceuticals |
|
9/05/01-2/08/07 |
|
94,715 |
|
7,780 |
|
— |
| ||
|
Security Capital European Realty |
|
8/20/98-7/20/99 |
|
37,407 |
|
205 |
|
— |
| ||
|
|
|
|
|
|
|
$ |
40,599 |
|
$ |
19,205 |
|
(e) Security has no value.
(f) Illiquid security.
(g) Investment made with cash collateral received from securities lending activity.
(h) Security exempt from registration under Section 4(2) of the Securities Act of 1933. This security may only be resold in exempt transactions to qualified buyers. Private resales of this security to qualified institutional buyers are also exempt from registration pursuant to Rule 144A under the Securities Act of 1933. At September 30, 2011, this security had an aggregate value of $13,444, which represented 0.09% of total net assets.
(i) At September 30, 2011, for federal income tax purposes the cost of investments was $11,249,077 and net unrealized appreciation was $3,595,060 consisting of gross unrealized appreciation of $4,942,760 and gross unrealized depreciation of $1,347,700.
> Notes to Statement of Investments (dollar values in thousands)
(j) On September 30, 2011, the market value of foreign securities represented 9.95% of total net assets. The Fund’s foreign portfolio was diversified as follows:
|
|
|
Value |
|
Percentage |
| |
|
Netherlands |
|
$ |
305,627 |
|
2.02 |
|
|
Canada |
|
246,767 |
|
1.63 |
| |
|
Singapore |
|
132,171 |
|
0.87 |
| |
|
Columbia |
|
124,021 |
|
0.82 |
| |
|
Japan |
|
92,314 |
|
0.61 |
| |
|
Hong Kong |
|
86,960 |
|
0.57 |
| |
|
Sweden |
|
67,162 |
|
0.44 |
| |
|
France |
|
59,455 |
|
0.39 |
| |
|
United Kingdom |
|
51,244 |
|
0.34 |
| |
|
China |
|
49,790 |
|
0.33 |
| |
|
Denmark |
|
43,364 |
|
0.29 |
| |
|
Brazil |
|
43,249 |
|
0.29 |
| |
|
South Africa |
|
39,179 |
|
0.26 |
| |
|
|
|
Value |
|
Percentage |
| |
|
Chile |
|
$ |
32,176 |
|
0.21 |
|
|
Israel |
|
24,280 |
|
0.16 |
| |
|
India |
|
23,547 |
|
0.16 |
| |
|
Spain |
|
15,174 |
|
0.10 |
| |
|
Switzerland |
|
14,164 |
|
0.09 |
| |
|
Russia |
|
13,444 |
|
0.09 |
| |
|
Argentina |
|
12,114 |
|
0.08 |
| |
|
Iraq |
|
10,693 |
|
0.07 |
| |
|
Iceland |
|
9,943 |
|
0.07 |
| |
|
Germany |
|
9,533 |
|
0.06 |
| |
|
Luxembourg |
|
— |
* |
— |
| |
|
Total Foreign Portfolio |
|
$ |
1,506,371 |
|
9.95 |
|
* Rounds to less than $500.
(k) Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by GAAP. These inputs are summarized in the three broad levels listed below:
· Level 1 — quoted prices in active markets for identical securities
· Level 2 — prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 — prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee of the Fund’s Board of Trustees that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Fund’s Valuation Committee that relies on significant unobservable inputs.
The following table summarizes the inputs used, as of September 30, 2011, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Equities |
|
|
|
|
|
|
|
|
| ||||
|
Information |
|
$ |
3,762,802 |
|
$ |
152,025 |
|
$ |
— |
|
$ |
3,914,827 |
|
|
Consumer Goods & Services |
|
2,657,746 |
|
117,009 |
|
180 |
|
2,774,935 |
| ||||
|
Industrial Goods & Services |
|
2,393,988 |
|
265,573 |
|
— |
|
2,659,561 |
| ||||
|
Health Care |
|
1,425,640 |
|
21,208 |
|
299 |
|
1,447,147 |
| ||||
|
Energy & Minerals |
|
1,125,717 |
|
270,457 |
|
12,209 |
|
1,408,383 |
| ||||
|
Finance |
|
1,401,724 |
|
— |
|
— |
|
1,401,724 |
| ||||
|
Other Industries |
|
825,304 |
|
79,023 |
|
— |
|
904,327 |
| ||||
|
Total Equities |
|
13,592,921 |
|
905,295 |
|
12,688 |
|
14,510,904 |
| ||||
|
Total Securities Lending Collateral |
|
333,233 |
|
— |
|
— |
|
333,233 |
| ||||
|
Total Investments |
|
$ |
13,926,154 |
|
$ |
905,295 |
|
$ |
12,688 |
|
$ |
14,844,137 |
|
The Fund’s assets assigned to the Level 2 input category are generally valued using a market approach, in which a security’s value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sales price on the foreign exchange or market on which they trade. The Fund may use a systematic fair valuation model provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements. Securities acquired via private placement that have a holding period or an extended settlement period are valued at a discount to the same shares that are trading freely on the market. These discounts are determined by the adviser’s experience with similar securities or situations. Factors may include, but are not limited to, trade volume, shares outstanding and stock price. Warrants which do not trade are valued as a percentage of the actively trading common stock using a model based on Black Scholes.
> Notes to Statement of Investments (dollar values in thousands)
The Fund’s assets assigned to the Level 3 input category are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. To determine fair value, management will utilize the valuation technique that they deem the most appropriate in the circumstances. Securities for which no market exists are valued based upon the market approach using some unobservable inputs which may include, but are not limited to, projected earnings, available cash, line of business, multiples, and consideration of the prioritization of the equity in a company’s capital structure.
The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:
|
Transfers In |
|
Tranfers Out |
| ||||||||
|
Level 1 |
|
Level 2 |
|
Level 1 |
|
Level 2 |
| ||||
|
$ |
91,474 |
|
$ |
16,715 |
|
$ |
16,715 |
|
$ |
91,474 |
|
Financial assets were transferred from Level 2 to Level 1 as they resumed trading during the period.
Financial assets were transferred from Level 2 to Level 1 as resale restrictions expired.
Foreign exchange-traded financial assets were transferred from Level 1 to Level 2.
The following table reconciles asset balances for the nine months ending September 30, 2011, in which significant unobservable inputs (Level 3) were used in determining value:
|
Investments |
|
Balance |
|
Realized |
|
Change in |
|
Purchases |
|
Sales |
|
Transfers |
|
Transfers |
|
Balance |
| ||||||||
|
Equities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Consumer Goods & Services |
|
$ |
262 |
|
$ |
— |
|
$ |
(82 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
180 |
|
|
Energy & Minerals |
|
15,000 |
|
— |
|
(2,887 |
) |
96 |
|
— |
|
— |
|
— |
|
12,209 |
| ||||||||
|
Health Care |
|
103 |
|
— |
|
196 |
|
— |
|
— |
|
— |
|
— |
|
299 |
| ||||||||
|
|
|
$ |
15,365 |
|
$ |
— |
|
$ |
(2,773 |
) |
$ |
96 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
12,688 |
|
The information in the above reconciliation table represents fiscal year to date activity for any securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.
The change in unrealized depreciation attributed to securities owned at September 30, 2011, which were valued using significant unobservable inputs (Level 3) amounted to $2,773.
Columbia Acorn International
Statement of Investments (Unaudited), September 30, 2011
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
Equities: 96.4% |
|
|
| |
|
Asia 41.6% |
|
|
|
|
| |
|
|
|
> Japan 18.6% |
|
|
| |
|
8,187,600 |
|
Kansai Paint |
|
|
| |
|
|
|
Paint Producer in Japan, India, China and Southeast Asia |
|
$ |
78,460 |
|
|
22,694 |
|
Seven Bank |
|
|
| |
|
|
|
ATM Processing Services |
|
44,294 |
| |
|
1,995,438 |
|
Aeon Delight |
|
|
| |
|
|
|
Facility Maintenance & Management |
|
42,826 |
| |
|
1,697,200 |
|
Hoshizaki Electric |
|
|
| |
|
|
|
Commercial Kitchen Equipment |
|
41,348 |
| |
|
7,780 |
|
Orix JREIT |
|
|
| |
|
|
|
Diversified REIT |
|
35,750 |
| |
|
1,139,000 |
|
Gree |
|
|
| |
|
|
|
Mobile Social Networking Game Developer/Platform |
|
34,736 |
| |
|
751,792 |
|
Ain Pharmaciez |
|
|
| |
|
|
|
Dispensing Pharmacy/Drugstore Operator |
|
33,127 |
| |
|
765,554 |
|
Hamamatsu Photonics |
|
|
| |
|
|
|
Optical Sensors for Medical & Industrial Applications |
|
30,857 |
| |
|
2,052,572 |
|
Japan Airport Terminal |
|
|
| |
|
|
|
Airport Terminal Operator at Haneda |
|
30,534 |
| |
|
25,380 |
|
Wacom (a) |
|
|
| |
|
|
|
Computer Graphic Illustration Devices |
|
29,747 |
| |
|
2,129,100 |
|
Kuraray |
|
|
| |
|
|
|
Special Resin, Fine Chemical, Fibers & Textures |
|
29,037 |
| |
|
16,005 |
|
Advance Residence Investment |
|
|
| |
|
|
|
Residential REIT |
|
28,992 |
| |
|
25,769,649 |
|
Shinsei Bank |
|
|
| |
|
|
|
Commercial Bank |
|
28,965 |
| |
|
2,116,900 |
|
Asics |
|
|
| |
|
|
|
Footwear and Apparel |
|
28,905 |
| |
|
25,979 |
|
Jupiter Telecommunications |
|
|
| |
|
|
|
Largest Cable Service Provider in Japan |
|
28,110 |
| |
|
855,604 |
|
Tsumura |
|
|
| |
|
|
|
Traditional Chinese/Japanese Herbal Rx Drugs (Kampo) |
|
27,280 |
| |
|
295,762 |
|
Nakanishi |
|
|
| |
|
|
|
Dental Tools & Machinery |
|
26,991 |
| |
|
937,651 |
|
Kintetsu World Express |
|
|
| |
|
|
|
Airfreight Logistics |
|
26,818 |
| |
|
1,851,900 |
|
Asahi Diamond Industrial |
|
|
| |
|
|
|
Consumable Diamond Tools |
|
25,760 |
| |
|
5,531 |
|
Osaka Securities Exchange (b) |
|
|
| |
|
|
|
Osaka Securities Exchange |
|
25,348 |
| |
|
1,277,429 |
|
Daiseki |
|
|
| |
|
|
|
Waste Disposal and Recycling |
|
25,279 |
| |
|
1,055,562 |
|
Glory |
|
|
| |
|
|
|
Currency Handling Systems & Related Equipment |
|
24,813 |
| |
|
2,600,000 |
|
Shimadzu |
|
|
| |
|
|
|
Analytical Instrument, Medical & Industrial Equipment |
|
21,932 |
| |
|
530,500 |
|
Kakaku.com |
|
|
| |
|
|
|
Online Price Comparison Services for Consumers |
|
21,776 |
| |
|
1,405,739 |
|
Ushio |
|
|
| |
|
|
|
Industrial Light Sources |
|
|
21,401 |
|
|
938,400 |
|
Start Today |
|
|
| |
|
|
|
Online Japanese Apparel Retailer |
|
20,333 |
| |
|
880,474 |
|
Aeon Mall |
|
|
| |
|
|
|
Suburban Shopping Mall Developer, Owner & Operator |
|
20,112 |
| |
|
469,500 |
|
Pigeon |
|
|
| |
|
|
|
Baby Care Products |
|
19,247 |
| |
|
1,940,200 |
|
Sintokogio |
|
|
| |
|
|
|
Automated Casting Machines, Surface Treatment System and Consumables |
|
18,987 |
| |
|
1,346,963 |
|
Torishima Pump Manufacturing (b) |
|
|
| |
|
|
|
Industrial Pump for Power Generation and Water Supply Systems |
|
18,918 |
| |
|
732,108 |
|
Icom |
|
|
| |
|
|
|
Two Way Radio Communication Equipment |
|
18,767 |
| |
|
2,874 |
|
Fukuoka REIT |
|
|
| |
|
|
|
Diversified REIT in Fukuoka |
|
18,677 |
| |
|
883,144 |
|
Ibiden |
|
|
| |
|
|
|
Electronic Parts & Ceramics |
|
18,663 |
| |
|
5,540 |
|
Mori Hills REIT Investment |
|
|
| |
|
|
|
Tokyo-centric Diversified REIT |
|
18,639 |
| |
|
636,250 |
|
Miura |
|
|
| |
|
|
|
Industrial Boiler |
|
18,629 |
| |
|
772,000 |
|
Misumi Group |
|
|
| |
|
|
|
Industrial Components Distributor |
|
17,156 |
| |
|
6,107,300 |
|
Nippon Sheet Glass |
|
|
| |
|
|
|
Sheet Glass for Building and Automotive Use |
|
13,664 |
| |
|
736,600 |
|
Park24 |
|
|
| |
|
|
|
Parking Lot Operator |
|
9,155 |
| |
|
634,794 |
|
Kamigumi |
|
|
| |
|
|
|
Port Cargo Handling & Logistics |
|
5,666 |
| |
|
|
|
|
|
1,029,699 |
| |
|
|
|
> Taiwan 4.8% |
|
|
| |
|
33,118,800 |
|
Far Eastone Telecom |
|
|
| |
|
|
|
Taiwan’s 3rd Largest Mobile Operator |
|
48,967 |
| |
|
7,017,009 |
|
President Chain Store |
|
|
| |
|
|
|
Taiwan’s Number One Convenience Chain Store Operator |
|
39,519 |
| |
|
2,240,000 |
|
St. Shine Optical |
|
|
| |
|
|
|
World’s Leading Disposable Contact Lens OEM |
|
27,343 |
| |
|
11,315,800 |
|
Taiwan Hon Chuan |
|
|
| |
|
|
|
Beverage Packaging (bottles, caps, labels) Manufacturer |
|
24,014 |
| |
|
3,678,530 |
|
Simplo Technology |
|
|
| |
|
|
|
Battery Packs for Notebook & Tablet PCs |
|
22,593 |
| |
|
1,580,717 |
|
Formosa International Hotels |
|
|
| |
|
|
|
Hotel, Food & Beverage Operation & Hospitality Management Services |
|
21,529 |
| |
|
5,910,000 |
|
Radiant Opto-Electronics |
|
|
| |
|
|
|
LCD Back Light Modules |
|
16,578 |
| |
|
5,613,270 |
|
Tripod Technologies |
|
|
| |
|
|
|
Printed Circuit Boards |
|
14,622 |
| |
|
7,025,500 |
|
Chroma Ate |
|
|
| |
|
|
|
Automatic Test Systems, Testing & Measurement Instruments |
|
14,396 |
| |
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
> Taiwan—continued |
|
|
| |
|
2,748,000 |
|
China Steel Chemical |
|
|
| |
|
|
|
Sole Coal Chemical Producer in Taiwan |
|
$ |
11,403 |
|
|
9,315,800 |
|
CTCI Corp |
|
|
| |
|
|
|
International Engineering Firm |
|
11,144 |
| |
|
3,458,700 |
|
Advantech |
|
|
| |
|
|
|
Industrial PC & Components |
|
9,085 |
| |
|
1,211,280 |
|
Sinyi Realty |
|
|
| |
|
|
|
Taiwanese Realty Company |
|
1,560 |
| |
|
510,800 |
|
Lung Yen |
|
|
| |
|
|
|
Funeral Services and Columbaria |
|
1,224 |
| |
|
|
|
|
|
263,977 |
| |
|
|
|
> Singapore 4.4% |
|
|
| |
|
33,000,000 |
|
Olam International |
|
|
| |
|
|
|
Agriculture Supply Chain Manager |
|
56,234 |
| |
|
23,489,149 |
|
Ascendas REIT |
|
|
| |
|
|
|
Industrial Property Landlord |
|
36,221 |
| |
|
42,675,997 |
|
Mapletree Industrial Trust REIT |
|
|
| |
|
|
|
Industrial Property Landlord |
|
35,113 |
| |
|
53,383,000 |
|
Mapletree Logistics Trust |
|
|
| |
|
|
|
Industrial Property Landlord |
|
34,577 |
| |
|
21,890,000 |
|
CDL Hospitality Trust |
|
|
| |
|
|
|
Hotel Owner/Operator |
|
25,144 |
| |
|
32,300,000 |
|
Mapletree Commercial Trust |
|
|
| |
|
|
|
Retail and Office Property Landlord |
|
19,994 |
| |
|
3,500,000 |
|
Singapore Exchange |
|
|
| |
|
|
|
Singapore Equity & Derivatives Market Operator |
|
17,593 |
| |
|
15,000,000 |
|
Goodpack Limited |
|
|
| |
|
|
|
International Bulk Container Leasing |
|
17,312 |
| |
|
|
|
|
|
242,188 |
| |
|
|
|
> Hong Kong 4.3% |
|
|
| |
|
7,000,000 |
|
Melco Crown Entertainment - ADR (c) |
|
|
| |
|
|
|
Macau Casino Operator |
|
58,170 |
| |
|
17,000,000 |
|
Lifestyle International |
|
|
| |
|
|
|
Mid to High-End Department Store Operator in Hong Kong & China |
|
43,129 |
| |
|
35,923,500 |
|
Mongolian Mining (c) |
|
|
| |
|
|
|
Coking Coal Mining in Mongolia |
|
31,761 |
| |
|
15,000,000 |
|
L’Occitane International (c) |
|
|
| |
|
|
|
Skin Care and Cosmetics Producer |
|
30,213 |
| |
|
37,703,800 |
|
Sasa International |
|
|
| |
|
|
|
Cosmetics Retailer |
|
22,358 |
| |
|
32,000,000 |
|
Hutchison Port Holdings Trust |
|
|
| |
|
|
|
Southern China Container Ports |
|
21,360 |
| |
|
12,500,000 |
|
MGM China Holdings (c) |
|
|
| |
|
|
|
Macau Casino Operator |
|
16,565 |
| |
|
40,438,400 |
|
Nagacorp |
|
|
| |
|
|
|
Casino/Entertainment Complex in Cambodia |
|
8,629 |
| |
|
7,419,000 |
|
Melco International |
|
|
| |
|
|
|
Macau Casino Operator |
|
4,857 |
| |
|
|
|
|
|
237,042 |
| |
|
|
|
> China 4.0% |
|
|
| |
|
34,745,554 |
|
Zhaojin Mining Industry |
|
|
| |
|
|
|
Gold Mining and Refining in China |
|
57,798 |
| |
|
965,387 |
|
New Oriental Education & Technology - ADR (c) |
|
|
| |
|
|
|
Education Service Provider |
|
22,175 |
| |
|
23,596,000 |
|
Jiangsu Expressway |
|
|
| |
|
|
|
Chinese Toll Road Operator |
|
|
17,821 |
|
|
19,410,400 |
|
Want Want |
|
|
| |
|
|
|
Chinese Branded Consumer Food Company |
|
17,579 |
| |
|
5,000,000 |
|
ENN Energy |
|
|
| |
|
|
|
China’s Largest Private Gas Operator |
|
16,175 |
| |
|
401,000 |
|
Netease.com |
|
|
| |
|
|
|
Chinese Online Gaming Services |
|
15,302 |
| |
|
11,165,300 |
|
Digital China |
|
|
| |
|
|
|
IT Distribution & Systems Integration Services |
|
14,615 |
| |
|
25,695,600 |
|
AMVIG Holdings |
|
|
| |
|
|
|
Chinese Tobacco Packaging Material Supplier |
|
14,483 |
| |
|
239,160,800 |
|
RexLot Holdings |
|
|
| |
|
|
|
Lottery Equipment Supplier in China |
|
14,216 |
| |
|
12,047,000 |
|
China Yurun Food |
|
|
| |
|
|
|
Meat Processor in China |
|
12,742 |
| |
|
263,700 |
|
51job - ADR (b)(c) |
|
|
| |
|
|
|
Integrated Human Resource Services |
|
10,522 |
| |
|
800,000 |
|
Noah Holdings - ADR (b) |
|
|
| |
|
|
|
Wealth Management Product Distributor in China |
|
7,360 |
| |
|
8,479,200 |
|
Wasion Group |
|
|
| |
|
|
|
Electronic Power Meter Total Solution Provider |
|
2,449 |
| |
|
265,146 |
|
Zuoan Fashion (b)(c) |
|
|
| |
|
|
|
Men’s Apparel Provider in China |
|
729 |
| |
|
|
|
|
|
223,966 |
| |
|
|
|
> India 2.7% |
|
|
| |
|
11,163,303 |
|
Jain Irrigation Systems |
|
|
| |
|
|
|
Agricultural Micro-Irrigation Systems & Food Processing |
|
34,573 |
| |
|
8,052,053 |
|
Mundra Port & Special Economic Zone |
|
|
| |
|
|
|
Indian West Coast Shipping Port |
|
26,906 |
| |
|
341,652 |
|
Asian Paints |
|
|
| |
|
|
|
India’s Largest Paint Company |
|
21,990 |
| |
|
32,642,905 |
|
REI Agro |
|
|
| |
|
|
|
Basmati Rice Processing |
|
16,480 |
| |
|
14,381,649 |
|
Manappuram Finance |
|
|
| |
|
|
|
Short-term Lending Collateralized by Household Gold |
|
15,262 |
| |
|
767,100 |
|
Shriram Transport Finance |
|
|
| |
|
|
|
Used Truck Finance |
|
9,529 |
| |
|
1,203,445 |
|
United Breweries (c) |
|
|
| |
|
|
|
India’s Largest Brewer |
|
9,150 |
| |
|
10,249,300 |
|
S. Kumars Nationwide |
|
|
| |
|
|
|
Textiles, Clothing & Retail |
|
8,711 |
| |
|
3,807,700 |
|
Infrastructure Development Finance |
|
|
| |
|
|
|
Infrastructure Finance in India |
|
8,552 |
| |
|
|
|
|
|
151,153 |
| |
|
|
|
> South Korea 1.5% |
|
|
| |
|
1,242,590 |
|
Woongjin Coway |
|
|
| |
|
|
|
South Korean Household Appliance Rental Service Provider |
|
40,009 |
| |
|
160,150 |
|
NHN (c) |
|
|
| |
|
|
|
Korean Online Search Services |
|
30,511 |
| |
|
129,332 |
|
MegaStudy |
|
|
| |
|
|
|
Education Service Provider |
|
12,973 |
| |
|
|
|
|
|
83,493 |
| |
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
> Philipines 0.6% |
|
|
| |
|
63,272,200 |
|
SM Prime Holdings |
|
|
| |
|
|
|
Shopping Mall Operator |
|
$ |
17,578 |
|
|
7,931,700 |
|
Int’l Container Terminal |
|
|
| |
|
|
|
Container Handling Terminals & Port Management |
|
8,415 |
| |
|
14,299,600 |
|
Manila Water Company |
|
|
| |
|
|
|
Water Utility Company in the Philippines |
|
6,190 |
| |
|
|
|
|
|
32,183 |
| |
|
|
|
> Thailand 0.6% |
|
|
| |
|
104,039,000 |
|
Home Product Center |
|
|
| |
|
|
|
Home Improvement Retailer |
|
31,099 |
| |
|
|
|
|
|
31,099 |
| |
|
|
|
> Indonesia 0.1% |
|
|
| |
|
8,306,300 |
|
Ace Indonesia |
|
|
| |
|
|
|
Home Improvement Retailer |
|
3,105 |
| |
|
|
|
|
|
3,105 |
| |
|
Asia: Total |
|
|
|
2,297,905 |
| |
|
Europe 35.3% |
|
|
|
|
| |
|
|
|
> United Kingdom 7.7% |
|
|
| |
|
1,853,000 |
|
Intertek Group |
|
|
| |
|
|
|
Testing, Inspection, Certification Services |
|
53,294 |
| |
|
5,700,000 |
|
Chemring |
|
|
| |
|
|
|
Defense Manufacturer of Countermeasures and Energetics |
|
46,669 |
| |
|
3,644,400 |
|
JLT Group (b) |
|
|
| |
|
|
|
International Business Insurance Broker |
|
35,688 |
| |
|
29,063,787 |
|
Archipelago Resources (a)(c) |
|
|
| |
|
|
|
Gold Mining Projects in Indonesia, Vietnam, and the Philippines |
|
31,066 |
| |
|
8,028,385 |
|
Workspace Group (a) |
|
|
| |
|
|
|
United Kingdom Real Estate |
|
26,965 |
| |
|
3,305,000 |
|
Serco |
|
|
| |
|
|
|
Facilities Management |
|
26,146 |
| |
|
2,109,700 |
|
Petropavlovsk |
|
|
| |
|
|
|
Gold and Iron Ore Mining in Russia |
|
19,401 |
| |
|
4,155,200 |
|
GlobeOp Financial Services |
|
|
| |
|
|
|
Hedge Fund Administrator |
|
18,726 |
| |
|
730,000 |
|
Rotork |
|
|
| |
|
|
|
Valve Actuators for Oil & Water Pipelines |
|
17,570 |
| |
|
446,300 |
|
Next |
|
|
| |
|
|
|
Clothes and Home Retailer in the United Kingdom |
|
17,497 |
| |
|
2,497,000 |
|
Domino’s Pizza United Kingdom & Ireland |
|
|
| |
|
|
|
Pizza Delivery in United Kingdom, Ireland and Germany |
|
17,216 |
| |
|
2,950,000 |
|
Abcam (c) |
|
|
| |
|
|
|
Online Sales of Antibodies |
|
16,676 |
| |
|
1,761,742 |
|
Smith and Nephew |
|
|
| |
|
|
|
Medical Equipment & Supplies |
|
15,848 |
| |
|
5,804,000 |
|
Cobham |
|
|
| |
|
|
|
Aerospace Components |
|
15,711 |
| |
|
740,581 |
|
Tullow Oil |
|
|
| |
|
|
|
Oil and Gas Producer |
|
14,978 |
| |
|
2,636,932 |
|
Premier Oil (c) |
|
|
| |
|
|
|
Oil and Gas Producer in Europe, Pakistan and Asia |
|
14,176 |
| |
|
1,691,711 |
|
Shaftesbury |
|
|
| |
|
|
|
London Prime Retail REIT |
|
|
12,221 |
|
|
9,009,000 |
|
Kesa Electricals |
|
|
| |
|
|
|
Europe’s Leading Electricals Retailers |
|
11,704 |
| |
|
4,163,948 |
|
PureCircle (c) |
|
|
| |
|
|
|
Natural Sweeteners |
|
5,790 |
| |
|
1,650,000 |
|
SKIL Ports and Logistics (c) |
|
|
| |
|
|
|
Indian Container Port Project |
|
3,782 |
| |
|
1,499,183 |
|
FlyBe (c) |
|
|
| |
|
|
|
Largest European Regional Airline |
|
2,665 |
| |
|
1,692,525 |
|
Sterling Resources (c) |
|
1,599 |
| |
|
1,147,475 |
|
Sterling Resources (c)(d) |
|
|
| |
|
|
|
Oil & Gas Exploration - Europe |
|
1,062 |
| |
|
|
|
|
|
426,450 |
| |
|
|
|
> Netherlands 5.8% |
|
|
| |
|
1,189,424 |
|
Vopak |
|
|
| |
|
|
|
World’s Largest Operator of Petroleum and Chemical Storage Terminals |
|
56,848 |
| |
|
1,955,311 |
|
Imtech |
|
|
| |
|
|
|
Electromechanical and ICT Installation and Maintenance |
|
55,001 |
| |
|
844,967 |
|
Fugro |
|
|
| |
|
|
|
Sub-sea Oilfield Services |
|
42,613 |
| |
|
1,371,573 |
|
Koninklijke TenCate (a) |
|
|
| |
|
|
|
Advanced Textiles and Industrial Fabrics |
|
42,153 |
| |
|
1,591,702 |
|
Unit 4 Aggresso (a) |
|
|
| |
|
|
|
Business Software Development |
|
38,867 |
| |
|
2,479,123 |
|
Aalberts Industries |
|
|
| |
|
|
|
Flow Control and Heat Treatment |
|
36,859 |
| |
|
1,252,514 |
|
Arcadis |
|
|
| |
|
|
|
Engineering Consultants |
|
22,864 |
| |
|
228,095 |
|
Core Laboratories (b) |
|
|
| |
|
|
|
Oil and Gas Reservoir Consulting |
|
20,490 |
| |
|
454,772 |
|
USG People |
|
|
| |
|
|
|
Temporary Staffing Services |
|
3,766 |
| |
|
|
|
|
|
319,461 |
| |
|
|
|
> France 5.0% |
|
|
| |
|
1,193,000 |
|
Gemalto |
|
|
| |
|
|
|
Digital Security Solutions |
|
56,731 |
| |
|
631,797 |
|
Neopost |
|
|
| |
|
|
|
Postage Meter Machines |
|
46,327 |
| |
|
554,800 |
|
Eurofins Scientific |
|
|
| |
|
|
|
Food, Pharmaceuticals and Materials Screening and Testing |
|
41,935 |
| |
|
971,800 |
|
Saft |
|
|
| |
|
|
|
Niche Battery Manufacturer |
|
26,097 |
| |
|
1,158,000 |
|
Teleperformance |
|
|
| |
|
|
|
Call Center Operator |
|
24,600 |
| |
|
556,874 |
|
Mersen |
|
|
| |
|
|
|
Advanced Industrial Materials |
|
22,040 |
| |
|
376,131 |
|
Rubis |
|
|
| |
|
|
|
Tank Storage and LPG Distribution |
|
18,947 |
| |
|
232,400 |
|
Norbert Dentressangle |
|
|
| |
|
|
|
Leading European Logistics and Transport Group |
|
17,861 |
| |
|
322,605 |
|
Pierre & Vacances |
|
|
| |
|
|
|
Vacation Apartment Lets |
|
12,839 |
| |
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
> France—continued |
|
|
| |
|
1,831,204 |
|
Hi-Media (b)(c) |
|
|
| |
|
|
|
Online Advertiser in Europe |
|
$ |
5,935 |
|
|
|
|
|
|
273,312 |
| |
|
|
|
> Switzerland 3.8% |
|
|
| |
|
265,000 |
|
Partners Group |
|
|
| |
|
|
|
Private Markets Asset Management |
|
43,634 |
| |
|
225,650 |
|
Geberit (c) |
|
|
| |
|
|
|
Plumbing Supplies |
|
41,664 |
| |
|
350,445 |
|
Kuehne & Nagel |
|
|
| |
|
|
|
Freight Forwarding/Logistics |
|
39,331 |
| |
|
19,251 |
|
Sika |
|
|
| |
|
|
|
Chemicals for Construction & Industrial Applications |
|
34,085 |
| |
|
286,300 |
|
Dufry Group (c) |
|
|
| |
|
|
|
Operates Airport Duty Free and Duty Paid Shops |
|
25,029 |
| |
|
773,707 |
|
Bank Sarasin & Cie |
|
|
| |
|
|
|
Private Banking |
|
23,657 |
| |
|
|
|
|
|
207,400 |
| |
|
|
|
> Germany 3.6% |
|
|
| |
|
2,286,441 |
|
Wirecard |
|
|
| |
|
|
|
Online Payment Processing & Risk Management |
|
34,980 |
| |
|
148,295 |
|
Rational |
|
|
| |
|
|
|
Commercial Ovens |
|
33,290 |
| |
|
1,600,000 |
|
Rhoen-Klinikum |
|
|
| |
|
|
|
Health Care Services |
|
32,400 |
| |
|
679,600 |
|
Rheinmetall |
|
|
| |
|
|
|
Defense & Automotive |
|
31,877 |
| |
|
819,889 |
|
CTS Eventim |
|
|
| |
|
|
|
Event Ticket Sales |
|
24,424 |
| |
|
636,800 |
|
Dürr |
|
|
| |
|
|
|
Automotive Plant Engineering & Associated Capital Equipment |
|
20,520 |
| |
|
555,700 |
|
Elringklinger (b) |
|
|
| |
|
|
|
Automobile Components |
|
12,992 |
| |
|
338,886 |
|
Deutsche Beteiligungs |
|
|
| |
|
|
|
Private Equity Investment Management |
|
6,753 |
| |
|
|
|
|
|
197,236 |
| |
|
|
|
> Sweden 1.9% |
|
|
| |
|
4,056,007 |
|
Hexagon |
|
|
| |
|
|
|
Design, Measurement and Visualization Software and Equipment |
|
52,741 |
| |
|
4,150,024 |
|
Sweco (a) |
|
|
| |
|
|
|
Engineering Consultants |
|
34,311 |
| |
|
658,700 |
|
Unibet (c) |
|
|
| |
|
|
|
European Online Gaming Operator |
|
12,388 |
| |
|
905,452 |
|
East Capital Explorer |
|
|
| |
|
|
|
Sweden-Based RUS/CEE Investment Fund |
|
6,920 |
| |
|
140,068 |
|
Orc Software (b) |
|
|
| |
|
|
|
Software for Securities Trading, Analysis and Risk Management |
|
941 |
| |
|
|
|
|
|
107,301 |
| |
|
|
|
> Italy 1.5% |
|
|
| |
|
2,621,149 |
|
Ansaldo STS |
|
|
| |
|
|
|
Railway Systems Integrator |
|
26,050 |
| |
|
13,547,300 |
|
CIR |
|
|
| |
|
|
|
Italian Holding Company |
|
25,470 |
| |
|
4,973,000 |
|
Geox |
|
|
| |
|
|
|
Apparel and Shoe Maker |
|
|
18,105 |
|
|
155,200 |
|
Tod’s |
|
|
| |
|
|
|
Leather Shoes and Bags |
|
13,093 |
| |
|
|
|
|
|
82,718 |
| |
|
|
|
> Denmark 1.3% |
|
|
| |
|
329,760 |
|
Novozymes |
|
|
| |
|
|
|
Industrial Enzymes |
|
46,885 |
| |
|
168,042 |
|
SimCorp |
|
|
| |
|
|
|
Software for Investment Managers |
|
24,107 |
| |
|
|
|
|
|
70,992 |
| |
|
|
|
> Ireland 1.2% |
|
|
| |
|
9,700,000 |
|
United Drug |
|
|
| |
|
|
|
Irish Pharmaceutical Wholesaler & Outsourcer |
|
29,701 |
| |
|
350,000 |
|
Paddy Power |
|
|
| |
|
|
|
Irish Betting Services |
|
18,020 |
| |
|
395,008 |
|
Aryzta |
|
|
| |
|
|
|
Baked Goods |
|
16,743 |
| |
|
|
|
|
|
64,464 |
| |
|
|
|
> Iceland 0.7% |
|
|
| |
|
35,982,499 |
|
Marel (c) |
|
|
| |
|
|
|
Largest Manufacturer of Poultry and Fish Processing Equipment |
|
35,777 |
| |
|
|
|
|
|
35,777 |
| |
|
|
|
> Czech Republic 0.4% |
|
|
| |
|
130,682 |
|
Komercni Banka |
|
|
| |
|
|
|
Leading Czech Universal Bank |
|
24,237 |
| |
|
|
|
|
|
24,237 |
| |
|
|
|
> Spain 0.4% |
|
|
| |
|
494,320 |
|
Red Eléctrica de España |
|
|
| |
|
|
|
Spanish Power Transmission |
|
22,525 |
| |
|
|
|
|
|
22,525 |
| |
|
|
|
> Portugal 0.4% |
|
|
| |
|
7,770,405 |
|
Redes Energéticas Nacionais |
|
|
| |
|
|
|
Portuguese Power Transmission and Gas Transportation |
|
21,838 |
| |
|
|
|
|
|
21,838 |
| |
|
|
|
> Finland 0.4% |
|
|
| |
|
1,039,429 |
|
Stockmann (b) |
|
|
| |
|
|
|
Department Store and Fashion Retailer in Scandinavia and Russia |
|
17,483 |
| |
|
409,248 |
|
Poyry |
|
|
| |
|
|
|
Engineering Consultants |
|
3,206 |
| |
|
|
|
|
|
20,689 |
| |
|
|
|
> Norway 0.3% |
|
|
| |
|
2,403,664 |
|
Atea |
|
|
| |
|
|
|
Leading Nordic IT Hardware/Software Reseller and Installation Company |
|
19,065 |
| |
|
|
|
|
|
19,065 |
| |
|
|
|
> Russia 0.3% |
|
|
| |
|
629,642 |
|
Mail.ru - GDR (c)(f) |
|
|
| |
|
|
|
Internet Social Networking and Games for Russian Speakers |
|
18,231 |
| |
|
|
|
|
|
18,231 |
| |
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
> Belgium 0.3% |
|
|
| |
|
332,977 |
|
EVS Broadcast Equipment |
|
|
| |
|
|
|
Digital Live Mobile Production Software and Systems |
|
$ |
17,220 |
|
|
|
|
|
|
17,220 |
| |
|
|
|
> Kazakhstan 0.2% |
|
|
| |
|
1,770,000 |
|
Halyk Savings Bank of Kazakhstan (c) |
|
|
| |
|
|
|
Largest Retail Bank and Insurer in Kazakhstan |
|
10,976 |
| |
|
|
|
|
|
10,976 |
| |
|
|
|
> Greece 0.1% |
|
|
| |
|
6,954,400 |
|
Intralot |
|
|
| |
|
|
|
Lottery and Gaming Systems and Services |
|
7,993 |
| |
|
|
|
|
|
7,993 |
| |
|
Europe: Total |
|
1,947,885 |
| |||
|
Other Countries 15.5% |
|
|
| |||
|
|
|
> Canada 4.8% |
|
|
| |
|
1,790,397 |
|
ShawCor |
|
|
| |
|
|
|
Oil and Gas Pipeline Products |
|
41,569 |
| |
|
1,403,772 |
|
CCL Industries |
|
|
| |
|
|
|
Leading Global Label Manufacturer |
|
37,415 |
| |
|
615,857 |
|
Baytex (b)(c) |
|
|
| |
|
|
|
Oil and Gas Producer in Canada |
|
25,747 |
| |
|
582,942 |
|
AG Growth |
|
|
| |
|
|
|
Leading Manufacturer of Augers and Grain Handling Equipment |
|
20,844 |
| |
|
653,200 |
|
Onex Capital |
|
|
| |
|
|
|
Private Equity |
|
20,358 |
| |
|
754,800 |
|
Alliance Grain Traders |
|
|
| |
|
|
|
Global Leader in Pulse Processing and Distribution |
|
16,063 |
| |
|
1,189,576 |
|
Black Diamond Group |
|
|
| |
|
|
|
Provides Accommodations/Equipment for Oil Sands Development |
|
15,382 |
| |
|
1,049,943 |
|
Ivanhoe Mines (c) |
|
14,478 |
| |
|
914,678 |
|
Ivanhoe Mines (c)(g) |
|
|
| |
|
|
|
Copper Mine Project in Mongolia |
|
12,531 |
| |
|
963,600 |
|
Tahoe Resources (c) |
|
|
| |
|
|
|
Silver Project in Guatemala |
|
13,885 |
| |
|
505,000 |
|
Celtic Exploration (c) |
|
|
| |
|
|
|
Canadian Oil and Gas Producer |
|
10,877 |
| |
|
2,411,514 |
|
Horizon North Logistics |
|
|
| |
|
|
|
Provides Diversified Oil Service Offering in Northern Canada |
|
9,044 |
| |
|
2,919,000 |
|
DeeThree Exploration (a)(c)(d) |
|
6,251 |
| |
|
1,142,377 |
|
DeeThree Exploration (a)(c) |
|
|
| |
|
|
|
Canadian Oil and Gas Producer |
|
2,497 |
| |
|
678,000 |
|
Crew Energy (c) |
|
|
| |
|
|
|
Canadian Oil and Gas Producer |
|
6,004 |
| |
|
6,217,500 |
|
Southern Arc Minerals (a)(c)(d) |
|
|
| |
|
|
|
Gold and Copper Exploration in Indonesia |
|
5,350 |
| |
|
1,607,306 |
|
Pan Orient (c) |
|
|
| |
|
|
|
Pan Orient is Growth Oriented, Return Focused Asian Explorer |
|
3,574 |
| |
|
12,500,000 |
|
Petromanas (c) |
|
1,491 |
| |
|
6,250,000 |
|
Petromanas - Warrants (c)(d) |
|
|
| |
|
|
|
Exploring for Oil in Albania |
|
88 |
| |
|
13,000,000 |
|
Eacom Timber (c) |
|
|
| |
|
|
|
Canadian Lumber Producer |
|
|
1,241 |
|
|
|
|
|
|
264,689 |
| |
|
|
|
> United States 4.6% |
|
|
| |
|
887,431 |
|
Alexion Pharmaceuticals (c) |
|
|
| |
|
|
|
Biotech Focused on Orphan Diseases |
|
56,849 |
| |
|
1,373,080 |
|
Atwood Oceanics (c) |
|
|
| |
|
|
|
Offshore Drilling Contractor |
|
47,179 |
| |
|
1,229,871 |
|
BioMarin Pharmaceutical (c) |
|
|
| |
|
|
|
Biotech Focused on Orphan Diseases |
|
39,196 |
| |
|
987,228 |
|
World Fuel Services |
|
|
| |
|
|
|
Global Fuel Broker |
|
32,233 |
| |
|
707,213 |
|
FMC Technologies (c) |
|
|
| |
|
|
|
Oil and Gas Well Head Manufacturer |
|
26,591 |
| |
|
421,732 |
|
Bristow |
|
|
| |
|
|
|
Largest Provider of Helicopter Services to Offshore Oil and Gas Producers |
|
17,894 |
| |
|
838,297 |
|
Textainer Group Holdings |
|
|
| |
|
|
|
Top International Container Leasor |
|
17,001 |
| |
|
270,000 |
|
Oil States International (c) |
|
|
| |
|
|
|
Diversified North American Oil Service Provider |
|
13,748 |
| |
|
|
|
|
|
250,691 |
| |
|
|
|
> South Africa 3.9% |
|
|
| |
|
1,170,188 |
|
Naspers |
|
|
| |
|
|
|
Media in Africa, China, Russia, and Other Emerging Markets |
|
50,535 |
| |
|
4,992,200 |
|
Adcock Ingram Holdings |
|
|
| |
|
|
|
Manufacturer of Pharmaceuticals and Medical Supplies |
|
37,021 |
| |
|
3,722,083 |
|
Mr. Price |
|
|
| |
|
|
|
South African Retailer of Apparel, Household and Sporting Goods |
|
30,847 |
| |
|
19,098,300 |
|
Rand Merchant Insurance |
|
|
| |
|
|
|
Directly Sold Property and Casualty Insurance; Holdings in Other Insurers |
|
29,575 |
| |
|
6,463,160 |
|
Northam Platinum |
|
|
| |
|
|
|
Platinum Mining in South Africa |
|
26,207 |
| |
|
10,271,492 |
|
Coronation Fund Managers |
|
|
| |
|
|
|
South African Fund Manager |
|
25,354 |
| |
|
1,019,988 |
|
Massmart Holdings |
|
|
| |
|
|
|
General Merchandise, Food, and Home Improvement Stores; Wal-Mart Subsidiary |
|
17,460 |
| |
|
|
|
|
|
216,999 |
| |
|
|
|
> Australia 1.4% |
|
|
| |
|
2,653,389 |
|
UGL |
|
|
| |
|
|
|
Engineering and Facilities Management |
|
29,009 |
| |
|
5,806,600 |
|
SAI Global |
|
|
| |
|
|
|
Publishing, Certification, Compliance Services |
|
26,419 |
| |
|
498,560 |
|
Cochlear |
|
|
| |
|
|
|
Cochlear Implants |
|
22,101 |
| |
|
|
|
|
|
77,529 |
| |
|
|
|
> Israel 0.6% |
|
|
| |
|
3,085,527 |
|
Israel Chemicals |
|
|
| |
|
|
|
Producer of Potash, Phosphates, Bromine, and Specialty Chemicals |
|
35,139 |
| |
|
|
|
|
|
35,139 |
| |
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
> Senegal 0.2% |
|
|
| |
|
45,237 |
|
Sonatel |
|
|
| |
|
|
|
Leading Telecoms Operator in Western Africa |
|
$ |
11,272 |
|
|
|
|
|
|
11,272 |
| |
|
Other Countries: Total |
|
856,319 |
| |||
|
Latin America 4.0% |
|
|
| |||
|
|
|
> Brazil 2.7% |
|
|
| |
|
4,200,000 |
|
Localiza Rent A Car |
|
|
| |
|
|
|
Car Rental |
|
55,419 |
| |
|
3,184,900 |
|
Mills Estruturas e Servicos de Engenharia |
|
|
| |
|
|
|
Civil Engineering & Construction |
|
29,829 |
| |
|
6,344,043 |
|
Suzano - Preferred |
|
|
| |
|
|
|
Brazilian Pulp and Paper Producer |
|
28,578 |
| |
|
3,634,800 |
|
MRV Engenharia |
|
|
| |
|
|
|
Brazilan Property Developer |
|
18,520 |
| |
|
1,179,000 |
|
Multiplus |
|
|
| |
|
|
|
Loyalty Program Operator in Brazil |
|
17,018 |
| |
|
|
|
|
|
149,364 |
| |
|
|
|
> Mexico 0.5% |
|
|
| |
|
624,168 |
|
Grupo Aeroportuario del Sureste - ADR |
|
|
| |
|
|
|
Mexican Airport Operator |
|
31,034 |
| |
|
|
|
|
|
31,034 |
| |
|
|
|
> Chile 0.3% |
|
|
| |
|
362,996 |
|
Sociedad Quimica y Minera de Chile - ADR |
|
|
| |
|
|
|
Producer of Specialty Fertilizers, Lithium and Iodine |
|
17,355 |
| |
|
|
|
|
|
17,355 |
| |
|
|
|
> Argentina 0.3% |
|
|
| |
|
1,136,364 |
|
Union Agriculture Group (c)(d)(e) |
|
|
| |
|
|
|
Farmland Operator in Uruguay |
|
12,114 |
| |
|
5,940,000 |
|
Madalena Ventures (c)(d) |
|
|
| |
|
|
|
Oil and Gas Exploration in Argentina |
|
2,666 |
| |
|
|
|
|
|
14,780 |
| |
|
|
|
> Colombia 0.2% |
|
|
| |
|
8,893,869 |
|
Canacol Energy (c) |
|
|
| |
|
|
|
Oil Producer in South America |
|
5,432 |
| |
|
22,525,000 |
|
Gulf United (c)(d) |
|
|
| |
|
|
|
Prospecting for Oil Alongside Large Producers in Colombia |
|
4,973 |
| |
|
|
|
|
|
10,405 |
| |
|
Latin America: Total |
|
222,938 |
| |||
|
|
|
|
| |||
|
Total Equities: 96.4% |
|
5,325,047 |
| |||
|
|
|
|
| |||
|
Securities Lending Collateral 0.9% |
|
|
| |||
|
47,260,372 |
|
Dreyfus Government Cash Management Fund (h) (7 day yield of 0.00%) |
|
47,260 |
| |
|
Total Securities Lending Collateral: (Cost: $47,260) |
|
47,260 |
| |||
|
|
|
|
| |||
|
Total Investments: 97.3% (Cost: $4,793,400)(i)(j) |
|
5,372,307 |
(k) | |||
|
|
|
|
| |||
|
Obligation to Return Collateral for Securities Loaned: (0.9)% |
|
(47,260 |
) | |||
|
|
|
|
| |||
|
Cash and Other Assets Less Liabilities: 3.6% |
|
198,718 |
| |||
|
|
|
|
| |||
|
Total Net Assets: 100.0% |
|
$ |
5,523,765 |
| ||
ADR = American Depositary Receipts
GDR = Global Depositary Receipts
> Notes to Statement of Investments (dollar values in thousands)
(a) An affiliated person of the Fund may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies during the nine months ended September 30, 2011, are as follows:
|
Affiliates |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
|
Archipelago Resources |
|
24,346,593 |
|
4,717,194 |
|
— |
|
29,063,787 |
|
$ |
31,066 |
|
$ |
— |
|
|
DeeThree Exploration |
|
2,392,877 |
|
1,668,500 |
|
— |
|
4,061,377 |
|
8,748 |
|
— |
| ||
|
Gulf United* |
|
— |
|
22,525,000 |
|
— |
|
22,525,000 |
|
4,973 |
|
— |
| ||
|
Koninklijke TenCate |
|
1,240,557 |
|
131,016 |
|
— |
|
1,371,573 |
|
42,153 |
|
— |
| ||
|
Southern Arc Minerals |
|
— |
|
6,217,500 |
|
— |
|
6,217,500 |
|
5,350 |
|
— |
| ||
|
Sweco |
|
3,887,000 |
|
263,024 |
|
— |
|
4,150,024 |
|
34,311 |
|
1,617 |
| ||
|
Unit 4 Aggresso |
|
1,476,800 |
|
114,902 |
|
— |
|
1,591,702 |
|
38,867 |
|
450 |
| ||
|
United Drug* |
|
12,110,000 |
|
737,752 |
|
3,147,752 |
|
9,700,000 |
|
29,701 |
|
1,371 |
| ||
|
Wacom |
|
20,900 |
|
4,480 |
|
— |
|
25,380 |
|
29,747 |
|
721 |
| ||
|
Workspace Group+ |
|
60,304,000 |
|
640,600 |
|
52,916,215 |
|
8,028,385 |
|
26,965 |
|
522 |
| ||
|
Total of Affiliated Transactions |
|
105,778,727 |
|
37,019,968 |
|
56,063,967 |
|
86,734,728 |
|
$ |
251,881 |
|
$ |
4,681 |
|
* At September 30, 2011, the Fund owned less than five percent of the company’s outstanding voting shares.
+ Includes the effects of a corporate action.
The aggregate cost and value of these companies at September 30, 2011, were $181,558 and $217,207, respectively. Investments in affiliated companies represented 3.93% of the Fund’s total net assets at September 30, 2011.
(b) All or a portion of this security was on loan at September 30, 2011. The total market value of securities on loan at September 30, 2011 was $43,849,295.
(c) Non-income producing security.
(d) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Board of Trustees. At September 30, 2011, the market value of these securities (in thousands) amounted to $32,504 which represented 0.59% of total net assets.
Additional information on these securities is as follows:
|
Security |
|
Acquisition |
|
Shares |
|
Cost |
|
Value |
| ||
|
Union Agriculture Group |
|
12/08/10 |
|
1,136,364 |
|
$ |
15,000 |
|
$ |
12,114 |
|
|
DeeThree Exploration |
|
9/07/10-3/08/11 |
|
2,919,000 |
|
10,228 |
|
6,251 |
| ||
|
Southern Arc Minerals |
|
2/16/11 |
|
6,217,500 |
|
10,087 |
|
5,350 |
| ||
|
Gulf United Energy |
|
2/11/11 |
|
22,525,000 |
|
6,758 |
|
4,973 |
| ||
|
Madalena Ventures |
|
10/21/10 |
|
5,940,000 |
|
3,764 |
|
2,666 |
| ||
|
Sterling Resources |
|
12/02/10 |
|
1,147,475 |
|
3,425 |
|
1,062 |
| ||
|
Petromanas - Warrants |
|
5/20/10 |
|
6,250,000 |
|
362 |
|
88 |
| ||
|
|
|
|
|
|
|
$ |
49,624 |
|
$ |
32,504 |
|
(e) Illiquid security.
(f) Security exempt from registration under Section 4(2) of the Securities Act of 1933. This security may only be resold in exempt transactions to qualified buyers. Private resales of this security to qualified institutional buyers are also exempt from registration pursuant to Rule 144A under the Securities Act of 1933. At September 30, 2011, this security had an aggregate value of $18,231, which represented 0.33% of total net assets.
(g) Security is traded on a U.S. exchange.
(h) Investment made with cash collateral received from securities lending activity.
(i) At September 30, 2011, for federal income tax purposes, the cost of investments was $4,793,400 and net unrealized appreciation was $578,907 consisting of gross unrealized appreciation of $1,122,711 and gross unrealized depreciation of $543,804.
(j) On September 30, 2011, the Fund’s total investments were denominated in currencies as follows:
|
Currency |
|
Value |
|
Percentage |
| |
|
Japanese Yen |
|
$ |
1,029,699 |
|
18.6 |
|
|
Euro |
|
1,006,966 |
|
18.2 |
| |
|
U.S. Dollar |
|
514,013 |
|
9.3 |
| |
|
British Pound |
|
423,789 |
|
7.7 |
| |
|
Hong Kong Dollar |
|
325,390 |
|
5.9 |
| |
|
Other currencies less than 5% of total net assets |
|
2,072,450 |
|
40.3 |
| |
|
|
|
$ |
5,372,307 |
|
100.0 |
|
(k) Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.
> Notes to Statement of Investments (dollar values in thousands)
At September 30, 2011, the Fund had entered into the following forward foreign currency exchange contracts:
|
Forward Foreign Currency |
|
Forward Foreign Currency |
|
Principal Amount in |
|
Principal |
|
Settlement |
|
Unrealized |
| ||
|
USD |
|
EUR |
|
56,462 |
|
$ |
79,721 |
|
10/14/11 |
|
$ |
4,082 |
|
|
USD |
|
EUR |
|
55,878 |
|
79,551 |
|
11/15/11 |
|
4,708 |
| ||
|
USD |
|
EUR |
|
58,431 |
|
80,000 |
|
12/15/11 |
|
1,742 |
| ||
|
AUD |
|
USD |
|
33,213 |
|
35,227 |
|
10/14/11 |
|
(3,130 |
) | ||
|
AUD |
|
USD |
|
4,379 |
|
4,500 |
|
10/14/11 |
|
(268 |
) | ||
|
AUD |
|
USD |
|
38,997 |
|
39,936 |
|
11/15/11 |
|
(2,405 |
) | ||
|
AUD |
|
USD |
|
39,571 |
|
40,000 |
|
12/15/11 |
|
(2,045 |
) | ||
|
CAD |
|
USD |
|
38,103 |
|
39,646 |
|
10/14/11 |
|
(3,294 |
) | ||
|
CAD |
|
USD |
|
39,685 |
|
39,996 |
|
11/15/11 |
|
(2,164 |
) | ||
|
CAD |
|
USD |
|
39,741 |
|
40,000 |
|
12/15/11 |
|
(2,136 |
) | ||
|
|
|
|
|
|
|
$ |
478,577 |
|
|
|
$ |
(4,910 |
) |
The counterparty for all forward foreign currency contracts is State Street Bank and Trust Company.
AUD = Australian Dollar
CAD = Canadian Dollar
EUR = Euro
USD = United States Dollar
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by GAAP. These inputs are summarized in the three broad levels listed below:
· Level 1 — quoted prices in active markets for identical securities
· Level 2 — prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 — prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee of the Fund’s Board of Trustees that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Fund’s Valuation Committee that relies on significant unobservable inputs.
The following table summarizes the inputs used, as of September 30, 2011, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Equities |
|
|
|
|
|
|
|
|
| ||||
|
Asia |
|
$ |
114,258 |
|
$ |
2,183,647 |
|
$ |
— |
|
$ |
2,297,905 |
|
|
Europe |
|
22,089 |
|
1,925,796 |
|
— |
|
1,947,885 |
| ||||
|
Other Countries |
|
503,692 |
|
352,627 |
|
— |
|
856,319 |
| ||||
|
Latin America |
|
203,185 |
|
7,639 |
|
12,114 |
|
222,938 |
| ||||
|
Total Equities |
|
843,224 |
|
4,469,709 |
|
12,114 |
|
5,325,047 |
| ||||
|
Total Securities Lending Collateral |
|
47,260 |
|
— |
|
— |
|
47,260 |
| ||||
|
Total Investments |
|
$ |
890,484 |
|
$ |
4,469,709 |
|
$ |
12,114 |
|
$ |
5,372,307 |
|
|
Unrealized Appreciation on Forward Foreign Currency Contracts |
|
— |
|
10,532 |
|
— |
|
10,532 |
| ||||
|
Unrealized Depreciation on Forward Foreign Currency Contracts |
|
— |
|
(15,442 |
) |
— |
|
(15,442 |
) | ||||
|
Total |
|
$ |
890,484 |
|
$ |
4,464,799 |
|
$ |
12,114 |
|
$ |
5,367,397 |
|
The Fund’s assets assigned to the Level 2 input category are generally valued using a market approach, in which a security’s value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sales price on the foreign exchange or market on which they trade. The Fund may use a systematic fair valuation model provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements. Forward foreign currency exchange contracts are valued at the prevailing forward exchange rate of the underlying currencies. Securities acquired via private placement that have a holding period or an extended settlement period are valued at a discount to the same shares that are trading freely on the market. These discounts are determined by the adviser’s experience with similar securities or situations. Factors may include, but
> Notes to Statement of Investments (dollar values in thousands)
are not limited to, trade volume, shares outstanding and stock price.
The Fund’s assets assigned to the Level 3 input category are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. To determine fair value, management will utilize the valuation technique that they deem the most appropriate in the circumstances. Securities for which no market exists are valued based upon the market approach using some unobservable inputs which may include, but are not limited to, projected earnings, available cash, line of business, multiples, and consideration of the prioritization of the equity in a company’s capital structure.
The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:
|
Transfers In |
|
Transfers Out |
| ||||||||
|
Level 1 |
|
Level 2 |
|
Level 1 |
|
Level 2 |
| ||||
|
$ |
214,727 |
|
$ |
22,667 |
|
$ |
22,667 |
|
$ |
214,727 |
|
Financial assets were transferred from Level 2 to Level 1 as they resumed trading during the period.
Financial assets were transferred from Level 2 to Level 1 as resale restrictions expired.
Foreign exchange-traded financial assets were transferred from Level 1 to Level 2.
The following table reconciles asset balances for the nine months ending September 30, 2011, in which significant unobservable inputs (Level 3) were used in determining value:
|
Investments |
|
Balance |
|
Realized |
|
Change in |
|
Purchases |
|
Sales |
|
Transfers |
|
Transfers |
|
Balance |
| ||||||||
|
Equities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Asia |
|
$ |
79 |
|
$ |
(38,558 |
) |
$ |
38,479 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
Latin America |
|
15,000 |
|
— |
|
(2,886 |
) |
— |
|
— |
|
— |
|
— |
|
12,114 |
| ||||||||
|
|
|
$ |
15,079 |
|
$ |
(38,558 |
) |
$ |
35,593 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
12,114 |
|
The information in the above reconciliation table represents fiscal year to date activity for any securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.
The change in unrealized depreciation attributed to securities owned at September 30, 2011, which were valued using significant unobservable inputs (Level 3) amounted to $2,886.
Columbia Acorn USA
Statement of Investments (Unaudited), September 30, 2011
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
Equities: 99.0% |
|
|
| |
|
Information 31.1% |
|
|
| |||
|
|
|
> Business Software 9.6% |
|
|
| |
|
910,000 |
|
Informatica (a) |
|
|
| |
|
|
|
Enterprise Data Integration Software |
|
$ |
37,265 |
|
|
698,000 |
|
Micros Systems (a) |
|
|
| |
|
|
|
Information Systems for Hotels, Restaurants and Retailers |
|
30,649 |
| |
|
375,000 |
|
ANSYS (a) |
|
|
| |
|
|
|
Simulation Software for Engineers and Designers |
|
18,390 |
| |
|
408,000 |
|
Ariba (a) |
|
|
| |
|
|
|
Cost Management Software |
|
11,306 |
| |
|
243,000 |
|
Concur Technologies (a) |
|
|
| |
|
|
|
Web Enabled Cost & Expense Management Software |
|
9,045 |
| |
|
300,000 |
|
Blackbaud |
|
|
| |
|
|
|
Software & Services for Non-Profits |
|
6,681 |
| |
|
322,000 |
|
SPS Commerce (a) |
|
|
| |
|
|
|
Supply Chain Management Software Delivered via the Web |
|
5,245 |
| |
|
52,000 |
|
Quality Systems |
|
|
| |
|
|
|
IT Systems for Medical Groups & Ambulatory Care Centers |
|
5,044 |
| |
|
184,000 |
|
NetSuite (a) |
|
|
| |
|
|
|
End to End IT Systems Solution Delivered Over the Web |
|
4,970 |
| |
|
220,000 |
|
Advent Software (a) |
|
|
| |
|
|
|
Asset Management & Trading Systems |
|
4,587 |
| |
|
198,000 |
|
Constant Contact (a) |
|
|
| |
|
|
|
E-mail & Other Marketing Campaign Mgmt Systems Delivered Over the Web |
|
3,423 |
| |
|
57,400 |
|
Tangoe (a) |
|
|
| |
|
|
|
Software Solution for Managing Communication Expense & Devices |
|
649 |
| |
|
|
|
|
|
137,254 |
| |
|
|
|
> Instrumentation 4.2% |
|
|
| |
|
678,000 |
|
IPG Photonics (a) |
|
|
| |
|
|
|
Fiber Lasers |
|
29,452 |
| |
|
180,000 |
|
Mettler Toledo (a) |
|
|
| |
|
|
|
Laboratory Equipment |
|
25,193 |
| |
|
168,000 |
|
Trimble Navigation (a) |
|
|
| |
|
|
|
GPS-based Instruments |
|
5,637 |
| |
|
|
|
|
|
60,282 |
| |
|
|
|
> Computer Hardware & Related Equipment 3.6% |
|
|
| |
|
1,238,000 |
|
II-VI (a) |
|
|
| |
|
|
|
Laser Optics and Specialty Materials |
|
21,665 |
| |
|
324,000 |
|
Zebra Technologies (a) |
|
|
| |
|
|
|
Bar Code Printers |
|
10,025 |
| |
|
252,000 |
|
Nice Systems - ADR (Israel) (a)(g) |
|
|
| |
|
|
|
Audio & Video Recording Solutions |
|
7,648 |
| |
|
159,000 |
|
Amphenol |
|
|
| |
|
|
|
Electronic Connectors |
|
6,482 |
| |
|
196,000 |
|
Netgear (a) |
|
|
| |
|
|
|
Networking Products for Small Business & Home |
|
5,075 |
| |
|
|
|
|
|
50,895 |
| |
|
|
|
> Semiconductors & Related Equipment 3.3% |
|
|
| |
|
1,958,000 |
|
Atmel (a) |
|
|
| |
|
|
|
Microcontrollers, RF, and Memory Semiconductors |
|
|
15,801 |
|
|
760,000 |
|
Microsemi (a) |
|
|
| |
|
|
|
Analog/Mixed Signal Semiconductors |
|
12,145 |
| |
|
1,061,750 |
|
ON Semiconductor (a) |
|
|
| |
|
|
|
Mixed Signal & Power Management Semiconductors |
|
7,613 |
| |
|
1,075,000 |
|
TriQuint Semiconductor (a) |
|
|
| |
|
|
|
RF Semiconductors |
|
5,397 |
| |
|
346,000 |
|
Monolithic Power Systems (a) |
|
|
| |
|
|
|
High Performance Analog & Mixed Signal ICs |
|
3,522 |
| |
|
430,000 |
|
Pericom Semiconductor (a) |
|
|
| |
|
|
|
Interface ICs & Frequency Control Products |
|
3,186 |
| |
|
|
|
|
|
47,664 |
| |
|
|
|
> Telephone and Data Services 2.6% |
|
|
| |
|
1,617,000 |
|
tw telecom (a) |
|
|
| |
|
|
|
Fiber Optic Telephone/Data Services |
|
26,713 |
| |
|
192,800 |
|
AboveNet |
|
|
| |
|
|
|
Metropolitan Fiber Communications Services |
|
10,334 |
| |
|
|
|
|
|
37,047 |
| |
|
|
|
> Telecommunications Equipment 2.4% |
|
|
| |
|
732,000 |
|
Finisar (a) |
|
|
| |
|
|
|
Optical Subsystems and Components |
|
12,839 |
| |
|
460,000 |
|
Polycom (a) |
|
|
| |
|
|
|
Video Conferencing Equipment |
|
8,450 |
| |
|
903,000 |
|
Ixia (a) |
|
|
| |
|
|
|
Telecom Network Test Equipment |
|
6,926 |
| |
|
752,000 |
|
Infinera (a) |
|
|
| |
|
|
|
Optical Networking Equipment |
|
5,806 |
| |
|
|
|
|
|
34,021 |
| |
|
|
|
> Gaming Equipment & Services 1.5% |
|
|
| |
|
660,000 |
|
Bally Technologies (a) |
|
|
| |
|
|
|
Slot Machines & Software |
|
17,807 |
| |
|
235,000 |
|
WMS Industries (a) |
|
|
| |
|
|
|
Slot Machine Provider |
|
4,133 |
| |
|
|
|
|
|
21,940 |
| |
|
|
|
> Mobile Communications 1.4% |
|
|
| |
|
560,000 |
|
SBA Communications (a) |
|
|
| |
|
|
|
Communications Towers |
|
19,309 |
| |
|
|
|
|
|
19,309 |
| |
|
|
|
> Computer Services 1.3% |
|
|
| |
|
556,000 |
|
ExlService Holdings (a) |
|
|
| |
|
|
|
Business Process Outsourcing |
|
12,232 |
| |
|
1,005,500 |
|
Hackett Group (a) |
|
|
| |
|
|
|
IT Integration & Best Practice Research |
|
3,750 |
| |
|
710,000 |
|
RCM Technologies (a)(b) |
|
|
| |
|
|
|
Technology & Engineering Services |
|
3,188 |
| |
|
|
|
|
|
19,170 |
| |
|
|
|
> Financial Processors 0.5% |
|
|
| |
|
170,000 |
|
Global Payments |
|
|
| |
|
|
|
Credit Card Processor |
|
6,866 |
| |
|
|
|
|
|
6,866 |
| |
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
> Contract Manufacturing 0.4% |
|
|
| |
|
236,000 |
|
Plexus (a) |
|
|
| |
|
|
|
Electronic Manufacturing Services |
|
$ |
5,338 |
|
|
|
|
|
|
5,338 |
| |
|
|
|
> Radio 0.1% |
|
|
| |
|
511,100 |
|
Salem Communications |
|
|
| |
|
|
|
Radio Stations for Religious Programming |
|
1,170 |
| |
|
|
|
|
|
1,170 |
| |
|
|
|
> TV Broadcasting 0.1% |
|
|
| |
|
975,000 |
|
Entravision Communications (a) |
|
|
| |
|
|
|
Spanish Language TV & Radio Stations |
|
994 |
| |
|
|
|
|
|
994 |
| |
|
|
|
> Consumer Software 0.1% |
|
|
| |
|
62,597 |
|
Carbonite (a)(c) |
|
|
| |
|
|
|
Online File Storage |
|
754 |
| |
|
|
|
|
|
754 |
| |
|
|
|
> Internet Related —% |
|
|
| |
|
225,100 |
|
TheStreet.com |
|
|
| |
|
|
|
Financial Information Websites |
|
446 |
| |
|
|
|
|
|
446 |
| |
|
Information: Total |
|
443,150 |
| |||
|
Consumer Goods & Services 17.6% |
|
|
| |||
|
|
|
> Retail 6.8% |
|
|
| |
|
780,000 |
|
lululemon athletica (a) |
|
|
| |
|
|
|
Premium Active Apparel Retailer |
|
37,947 |
| |
|
468,500 |
|
Abercrombie & Fitch |
|
|
| |
|
|
|
Teen Apparel Retailer |
|
28,841 |
| |
|
289,000 |
|
Shutterfly (a) |
|
|
| |
|
|
|
Internet Photo-Centric Retailer |
|
11,901 |
| |
|
805,000 |
|
Pier 1 Imports (a) |
|
|
| |
|
|
|
Home Furnishing Retailer |
|
7,873 |
| |
|
790,000 |
|
Saks (a) |
|
|
| |
|
|
|
Luxury Department Store Retailer |
|
6,913 |
| |
|
161,500 |
|
Teavana (a)(c) |
|
|
| |
|
|
|
Specialty Tea Retailer |
|
3,285 |
| |
|
9,000 |
|
The Fresh Market (a) |
|
|
| |
|
|
|
Specialty Food Retailer |
|
343 |
| |
|
|
|
|
|
97,103 |
| |
|
|
|
> Travel 2.9% |
|
|
| |
|
849,700 |
|
Gaylord Entertainment (a) |
|
|
| |
|
|
|
Convention Hotels |
|
16,433 |
| |
|
1,175,950 |
|
Avis Budget Group (a) |
|
|
| |
|
|
|
Second Largest Car Rental Company |
|
11,371 |
| |
|
750,000 |
|
Hertz (a) |
|
|
| |
|
|
|
Largest U.S. Rental Car Operator |
|
6,675 |
| |
|
140,000 |
|
HomeAway (a)(c) |
|
|
| |
|
|
|
Vacation Rental Online Marketplace |
|
4,707 |
| |
|
71,000 |
|
Vail Resorts |
|
|
| |
|
|
|
Ski Resort Operator & Developer |
|
2,683 |
| |
|
|
|
|
|
41,869 |
| |
|
|
|
> Apparel 1.6% |
|
|
| |
|
222,000 |
|
Warnaco Group (a) |
|
|
| |
|
|
|
Global Branded Apparel Manufacturer |
|
10,232 |
| |
|
90,000 |
|
Deckers Outdoor (a) |
|
|
| |
|
|
|
Fashion Footwear Wholesaler |
|
|
8,393 |
|
|
181,000 |
|
True Religion Apparel (a) |
|
|
| |
|
|
|
Premium Denim |
|
4,880 |
| |
|
|
|
|
|
23,505 |
| |
|
|
|
> Furniture & Textiles 1.5% |
|
|
| |
|
880,000 |
|
Knoll |
|
|
| |
|
|
|
Office Furniture |
|
12,056 |
| |
|
540,000 |
|
Interface |
|
|
| |
|
|
|
Modular & Broadloom Carpet |
|
6,404 |
| |
|
164,000 |
|
Herman Miller |
|
|
| |
|
|
|
Office Furniture |
|
2,929 |
| |
|
|
|
|
|
21,389 |
| |
|
|
|
> Food & Beverage 1.1% |
|
|
| |
|
197,000 |
|
Diamond Foods (c) |
|
|
| |
|
|
|
Snack Foods and Culinary Ingredients |
|
15,719 |
| |
|
|
|
|
|
15,719 |
| |
|
|
|
> Consumer Goods Distribution 0.9% |
|
|
| |
|
472,000 |
|
Pool |
|
|
| |
|
|
|
Distributor of Swimming Pool Supplies & Equipment |
|
12,357 |
| |
|
|
|
|
|
12,357 |
| |
|
|
|
> Other Durable Goods 0.8% |
|
|
| |
|
206,000 |
|
Cavco Industries (a) |
|
|
| |
|
|
|
Manufactured Homes |
|
7,095 |
| |
|
140,000 |
|
Jarden |
|
|
| |
|
|
|
Branded Household Products |
|
3,956 |
| |
|
|
|
|
|
11,051 |
| |
|
|
|
> Other Consumer Services 0.7% |
|
|
| |
|
259,000 |
|
Lifetime Fitness (a) |
|
|
| |
|
|
|
Sport & Fitness Club Operator |
|
9,544 |
| |
|
|
|
|
|
9,544 |
| |
|
|
|
> Casinos & Gaming 0.7% |
|
|
| |
|
775,000 |
|
Pinnacle Entertainment (a) |
|
|
| |
|
|
|
Regional Casino Operator |
|
7,037 |
| |
|
69,000 |
|
Penn National Gaming (a) |
|
|
| |
|
|
|
Regional Casino Operator |
|
2,297 |
| |
|
|
|
|
|
9,334 |
| |
|
|
|
> Leisure Products 0.4% |
|
|
| |
|
162,000 |
|
Thor Industries |
|
|
| |
|
|
|
RV & Bus Manufacturer |
|
3,588 |
| |
|
140,000 |
|
Skullcandy (a)(c) |
|
|
| |
|
|
|
Lifestyle Branded Headphones |
|
1,978 |
| |
|
|
|
|
|
5,566 |
| |
|
|
|
> Educational Services 0.2% |
|
|
| |
|
37,350 |
|
ITT Educational Services (a)(c) |
|
|
| |
|
|
|
Postsecondary Degree Services |
|
2,151 |
| |
|
|
|
|
|
2,151 |
| |
|
|
|
> Restaurants —% |
|
|
| |
|
26,600 |
|
Bravo Brio Restaurant Group (a) |
|
|
| |
|
|
|
Upscale Casual Italian Restaurants |
|
443 |
| |
|
|
|
|
|
443 |
| |
|
Consumer Goods & Services: Total |
|
250,031 |
| |||
|
Number of Shares |
|
|
|
Value (000) |
| |
|
Industrial Goods & Services 15.8% |
|
|
| |||
|
|
|
> Machinery 11.8% |
|
|
| |
|
941,250 |
|
Ametek |
|
|
| |
|
|
|
Aerospace/Industrial Instruments |
|
$ |
31,033 |
|
|
747,200 |
|
Nordson |
|
|
| |
|
|
|
Dispensing Systems for Adhesives & Coatings |
|
29,694 |
| |
|
445,000 |
|
Donaldson |
|
|
| |
|
|
|
Industrial Air Filtration |
|
24,386 |
| |
|
835,000 |
|
ESCO Technologies |
|
|
| |
|
|
|
Automatic Electric Meter Readers |
|
21,292 |
| |
|
585,000 |
|
Pentair |
|
|
| |
|
|
|
Pumps & Water Treatment |
|
18,726 |
| |
|
504,665 |
|
HEICO |
|
|
| |
|
|
|
FAA Approved Aircraft Replacement Parts |
|
16,987 |
| |
|
280,000 |
|
MOOG (a) |
|
|
| |
|
|
|
Motion Control Products for Aerospace, Defense & Industrial Markets |
|
9,134 |
| |
|
226,000 |
|
Kennametal |
|
|
| |
|
|
|
Consumable Cutting Tools |
|
7,399 |
| |
|
136,800 |
|
Toro |
|
|
| |
|
|
|
Turf Maintenance Equipment |
|
6,740 |
| |
|
162,000 |
|
Oshkosh Corporation (a) |
|
|
| |
|
|
|
Specialty Truck Manufacturer |
|
2,550 |
| |
|
|
|
|
|
167,941 |
| |
|
|
|
> Industrial Materials & Specialty Chemicals 1.0% |
|
|
| |
|
496,000 |
|
Drew Industries |
|
|
| |
|
|
|
RV & Manufactured Home Components |
|
9,910 |
| |
|
187,000 |
|
Albany International |
|
|
| |
|
|
|
Paper Machine Clothing and Advanced Textiles |
|
3,413 |
| |
|
|
|
|
|
13,323 |
| |
|
|
|
> Electrical Components 0.7% |
|
|
| |
|
280,000 |
|
Acuity Brands |
|
|
| |
|
|
|
Commercial Lighting Fixtures |
|
10,091 |
| |
|
|
|
|
|
10,091 |
| |
|
|
|
> Waste Management 0.7% |
|
|
| |
|
195,000 |
|
Waste Connections |
|
|
| |
|
|
|
Solid Waste Management |
|
6,595 |
| |
|
65,000 |
|
Clean Harbors (a) |
|
|
| |
|
|
|
Hazardous Waste Services & Disposal |
|
3,334 |
| |
|
|
|
|
|
9,929 |
| |
|
|
|
> Other Industrial Services 0.6% |
|
|
| |
|
600,000 |
|
Acorn Energy (a) |
|
|
| |
|
|
|
Frac Well Exploration/Monitoring Device, Sonar Security,Electric Grid Monitoring |
|
3,192 |
| |
|
265,000 |
|
TrueBlue (a) |
|
|
| |
|
|
|
Temporary Manual Labor |
|
3,003 |
| |
|
109,000 |
|
Forward Air |
|
|
| |
|
|
|
Freight Transportation Between Airports |
|
2,774 |
| |
|
|
|
|
|
8,969 |
| |
|
|
|
> Steel 0.6% |
|
|
| |
|
686,000 |
|
GrafTech International (a) |
|
|
| |
|
|
|
Industrial Graphite Materials Producer |
|
8,712 |
| |
|
|
|
|
|
8,712 |
| |
|
|
|
> Industrial Distribution 0.3% |
|
|
| |
|
350,000 |
|
Interline Brands (a) |
|
|
| |
|
|
|
Industrial Distribution |
|
4,505 |
| |
|
|
|
|
|
4,505 |
| |
|
|
|
> Water 0.1% |
|
|
| |
|
204,200 |
|
Mueller Water Products |
|
|
| |
|
|
|
Fire Hydrants, Valves & Ductile Iron Pipes |
|
|
506 |
|
|
|
|
|
|
506 |
| |
|
Industrial Goods & Services: Total |
|
223,976 |
| |||
|
Finance 10.4% |
|
|
| |||
|
|
|
> Banks 5.1% |
|
|
| |
|
431,597 |
|
Lakeland Financial |
|
|
| |
|
|
|
Indiana Bank |
|
8,917 |
| |
|
278,678 |
|
Hancock Holding |
|
|
| |
|
|
|
Gulf Coast Bank |
|
7,463 |
| |
|
675,000 |
|
Valley National Bancorp (c) |
|
|
| |
|
|
|
New Jersey/New York Bank |
|
7,148 |
| |
|
480,000 |
|
MB Financial |
|
|
| |
|
|
|
Chicago Bank |
|
7,066 |
| |
|
1,478,200 |
|
First Busey |
|
|
| |
|
|
|
Illinois Bank |
|
6,430 |
| |
|
170,000 |
|
SVB Financial Group (a) |
|
|
| |
|
|
|
Bank to Venture Capitalists |
|
6,290 |
| |
|
623,000 |
|
Associated Banc-Corp |
|
|
| |
|
|
|
Midwest Bank |
|
5,794 |
| |
|
594,000 |
|
TCF Financial |
|
|
| |
|
|
|
Great Lakes Bank |
|
5,441 |
| |
|
513,755 |
|
Pacific Continental |
|
|
| |
|
|
|
Pacific N.W. Bank |
|
3,643 |
| |
|
269,600 |
|
Eagle Bancorp (a) |
|
|
| |
|
|
|
Metro D.C. Bank |
|
3,173 |
| |
|
595,300 |
|
TrustCo Bank |
|
|
| |
|
|
|
New York State Bank |
|
2,655 |
| |
|
70,000 |
|
City National |
|
|
| |
|
|
|
Bank & Asset Manager |
|
2,643 |
| |
|
178,826 |
|
Sandy Spring Bancorp |
|
|
| |
|
|
|
Baltimore, D.C. Bank |
|
2,616 |
| |
|
210,000 |
|
CVB Financial |
|
|
| |
|
|
|
Inland Empire Business Bank |
|
1,615 |
| |
|
90,000 |
|
TriCo Bancshares |
|
|
| |
|
|
|
California Central Valley Bank |
|
1,104 |
| |
|
851,247 |
|
Guaranty Bancorp (a) |
|
|
| |
|
|
|
Colorado Bank |
|
1,022 |
| |
|
|
|
|
|
73,020 |
| |
|
|
|
> Finance Companies 3.4% |
|
|
| |
|
345,000 |
|
World Acceptance (a) |
|
|
| |
|
|
|
Personal Loans |
|
19,303 |
| |
|
412,500 |
|
Aaron’s |
|
|
| |
|
|
|
Rent to Own |
|
10,416 |
| |
|
345,000 |
|
Textainer Group Holdings |
|
|
| |
|
|
|
Top International Container Leasor |
|
6,996 |
| |
|
210,000 |
|
McGrath Rentcorp |
|
|
| |
|
|
|
Temporary Space & IT Rentals |
|
4,996 |
| |
|
330,000 |
|
CAI International (a) |
|
|
| |
|
|
|
International Container Leasing |
|
3,868 |
| |
|
201,000 |
|
H&E Equipment Services (a) |
|
|
| |
|
|
|
Heavy Equipment Leasing |
|
1,658 |
| |
|
99,200 |
|
Marlin Business Services (a) |
|
|
| |
|
|
|
Small Equipment Leasing |
|
1,051 |
| |
|
|
|
|
|
48,288 |
| |
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
> Savings & Loans 0.9% |
|
|
| |
|
602,487 |
|
ViewPoint Financial |
|
|
| |
|
|
|
Texas Thrift |
|
$ |
6,899 |
|
|
215,000 |
|
Berkshire Hills Bancorp |
|
|
| |
|
|
|
Northeast Thrift |
|
3,971 |
| |
|
173,073 |
|
Kaiser Federal Financial Group |
|
|
| |
|
|
|
Los Angeles Savings & Loan |
|
2,042 |
| |
|
|
|
|
|
12,912 |
| |
|
|
|
> Brokerage & Money Management 0.7% |
|
|
| |
|
209,500 |
|
Eaton Vance |
|
|
| |
|
|
|
Specialty Mutual Funds |
|
4,665 |
| |
|
173,000 |
|
Financial Engines (a) |
|
|
| |
|
|
|
Asset Management for 401k Plans |
|
3,133 |
| |
|
675,000 |
|
MF Global (a) |
|
|
| |
|
|
|
Futures Broker |
|
2,788 |
| |
|
|
|
|
|
10,586 |
| |
|
|
|
> Insurance 0.3% |
|
|
| |
|
39,000 |
|
Enstar Group (a) |
|
|
| |
|
|
|
Insurance/Reinsurance & Related Services |
|
3,714 |
| |
|
|
|
|
|
3,714 |
| |
|
Finance: Total |
|
148,520 |
| |||
|
Health Care 10.0% |
|
|
| |||
|
|
|
> Biotechnology & Drug Delivery 4.2% |
|
|
| |
|
520,000 |
|
BioMarin Pharmaceutical (a) |
|
|
| |
|
|
|
Biotech Focused on Orphan Diseases |
|
16,572 |
| |
|
495,000 |
|
Seattle Genetics (a)(c) |
|
|
| |
|
|
|
Antibody-Based Therapies for Cancer |
|
9,435 |
| |
|
375,000 |
|
Auxilium Pharmaceuticals (a) |
|
|
| |
|
|
|
Biotech Focused on Niche Disease Areas |
|
5,621 |
| |
|
840,000 |
|
NPS Pharmaceuticals (a) |
|
|
| |
|
|
|
Orphan Drugs & Healthy Royalties |
|
5,468 |
| |
|
178,000 |
|
Onyx Pharmaceuticals (a) |
|
|
| |
|
|
|
Commercial-Stage Biotech Focused on Cancer |
|
5,342 |
| |
|
643,000 |
|
Isis Pharmaceuticals (a) |
|
|
| |
|
|
|
Biotech Pioneer in Antisense Drugs |
|
4,360 |
| |
|
196,000 |
|
InterMune (a) |
|
|
| |
|
|
|
Drugs for Pulmonary Fibrosis & Hepatitis C |
|
3,959 |
| |
|
810,000 |
|
Micromet (a) |
|
|
| |
|
|
|
Next-generation Antibody Technology |
|
3,888 |
| |
|
790,000 |
|
Chelsea Therapeutics (a) |
|
|
| |
|
|
|
Biotech Focused on Rare Diseases |
|
2,884 |
| |
|
265,000 |
|
Anthera Pharmaceuticals (a) |
|
|
| |
|
|
|
Biotech Focused on Cardiovascular, Cancer & Immunology |
|
1,264 |
| |
|
243,000 |
|
Savient Pharmaceuticals (a)(c) |
|
|
| |
|
|
|
Biotech Company Focused on Severe Gout |
|
996 |
| |
|
18,675 |
|
United Therapeutics (a) |
|
|
| |
|
|
|
Biotech Focused on Rare Diseases |
|
700 |
| |
|
18,181 |
|
Metabolex, Series A-1 (a)(d)(e) |
|
|
| |
|
|
|
Diabetes Drug Development |
|
18 |
| |
|
738,060 |
|
Medicure - Warrants (a)(d)(e) |
|
|
| |
|
|
|
Cardiovascular Biotech Company |
|
— |
| |
|
37,500 |
|
Locus Pharmaceuticals, Series A-1, Pfd. (a)(d)(e) |
|
|
| |
|
|
|
High Throughput Rational Drug Design |
|
— |
| |
|
19,329 |
|
Locus Pharmaceuticals, Series B-1, Pfd. (a)(d)(e) |
|
|
| |
|
|
|
High Throughput Rational Drug Design |
|
|
— |
|
|
|
|
|
|
60,507 |
| |
|
|
|
> Medical Equipment & Devices 3.1% |
|
|
| |
|
370,000 |
|
Alexion Pharmaceuticals (a) |
|
|
| |
|
|
|
Biotech Focused on Orphan Diseases |
|
23,702 |
| |
|
224,000 |
|
Sirona Dental Systems (a) |
|
|
| |
|
|
|
Manufacturer of Dental Equipment |
|
9,500 |
| |
|
140,000 |
|
Gen-Probe (a) |
|
|
| |
|
|
|
Molecular In-Vitro Diagnostics |
|
8,015 |
| |
|
84,007 |
|
Hill-Rom Holdings |
|
|
| |
|
|
|
Hospital Beds/Patient Handling |
|
2,522 |
| |
|
155,000 |
|
Pacific Biosciences of California (a)(c) |
|
|
| |
|
|
|
Genome Sequencing |
|
498 |
| |
|
|
|
|
|
44,237 |
| |
|
|
|
> Medical Supplies 1.3% |
|
|
| |
|
439,600 |
|
Cepheid (a) |
|
|
| |
|
|
|
Molecular Diagnostics |
|
17,070 |
| |
|
49,000 |
|
Neogen (a) |
|
|
| |
|
|
|
Food and Animal Safety Products |
|
1,701 |
| |
|
|
|
|
|
18,771 |
| |
|
|
|
> Health Care Services 0.8% |
|
|
| |
|
738,900 |
|
Health Management Associates (a) |
|
|
| |
|
|
|
Non-Urban Hospitals |
|
5,113 |
| |
|
205,000 |
|
HealthSouth (a) |
|
|
| |
|
|
|
Inpatient Rehabalitation Facilities |
|
3,061 |
| |
|
151,000 |
|
Community Health Systems (a) |
|
|
| |
|
|
|
Non-Urban Hospitals |
|
2,512 |
| |
|
|
|
|
|
10,686 |
| |
|
|
|
> Pharmaceuticals 0.6% |
|
|
| |
|
796,500 |
|
Akorn (a) |
|
|
| |
|
|
|
Develops, Manufactures & Sells Specialty Generic Drugs |
|
6,221 |
| |
|
133,180 |
|
Alimera Sciences (a)(c) |
|
|
| |
|
|
|
Ophthalmology-Focused Pharmaceutical Company |
|
1,065 |
| |
|
150,000 |
|
Horizon Pharma (a)(c) |
|
|
| |
|
|
|
Specialty Pharma Company |
|
1,049 |
| |
|
|
|
|
|
8,335 |
| |
|
Health Care: Total |
|
142,536 |
| |||
|
Energy & Minerals 8.2% |
|
|
| |||
|
|
|
> Oil Services 4.8% |
|
|
| |
|
1,000,000 |
|
FMC Technologies (a) |
|
|
| |
|
|
|
Oil and Gas Well Head Manufacturer |
|
37,600 |
| |
|
803,000 |
|
Atwood Oceanics (a) |
|
|
| |
|
|
|
Offshore Drilling Contractor |
|
27,591 |
| |
|
86,000 |
|
Bristow |
|
|
| |
|
|
|
Largest Provider of Helicopter Services to Offshore Oil and Gas Producers |
|
3,649 |
| |
|
|
|
|
|
68,840 |
| |
|
|
|
> Oil & Gas Producers 2.5% |
|
|
| |
|
1,135,000 |
|
Quicksilver Resources (a)(c) |
|
|
| |
|
|
|
Natural Gas and Coal Seam Gas Producer |
|
8,603 |
| |
|
133,000 |
|
SM Energy |
|
|
| |
|
|
|
Oil and Gas Producer |
|
8,067 |
| |
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
> Oil & Gas Producers—continued |
|
|
| |
|
368,200 |
|
Houston American Energy (c) |
|
|
| |
|
|
|
Oil and Gas Exploration/Production in Colombia |
|
$ |
5,066 |
|
|
143,000 |
|
Rosetta Resources (a) |
|
|
| |
|
|
|
Oil and Gas Producer Exploring in South Texas and Montana |
|
4,894 |
| |
|
230,000 |
|
Northern Oil And Gas (a)(c) |
|
|
| |
|
|
|
Small E&P Company in North Dakota Bakken |
|
4,460 |
| |
|
168,000 |
|
Swift Energy (a) |
|
|
| |
|
|
|
Oil and Gas Exploration and Production |
|
4,089 |
| |
|
22,800 |
|
Oasis Petroleum (a) |
|
|
| |
|
|
|
Oil Producer in North Dakota |
|
509 |
| |
|
|
|
|
|
35,688 |
| |
|
|
|
> Mining 0.9% |
|
|
| |
|
85,000 |
|
Core Laboratories (Netherlands) (g) |
|
|
| |
|
|
|
Oil and Gas Reservoir Consulting |
|
7,635 |
| |
|
600,000 |
|
Alexco Resource (a) |
|
|
| |
|
|
|
Mining, Exploration & Environmental Services |
|
4,068 |
| |
|
180,000 |
|
Augusta Resource (a)(c) |
|
|
| |
|
|
|
U.S. Copper/Molybdenum Mine |
|
553 |
| |
|
|
|
|
|
12,256 |
| |
|
Energy & Minerals: Total |
|
116,784 |
| |||
|
Other Industries 5.9% |
|
|
| |||
|
|
|
> Real Estate 4.8% |
|
|
| |
|
915,000 |
|
Extra Space Storage |
|
|
| |
|
|
|
Self Storage Facilities |
|
17,046 |
| |
|
739,200 |
|
Biomed Realty Trust |
|
|
| |
|
|
|
Life Science-focused Office Buildings |
|
12,249 |
| |
|
600,000 |
|
Associated Estates Realty |
|
|
| |
|
|
|
Multifamily Properties |
|
9,276 |
| |
|
870,000 |
|
Education Realty Trust |
|
|
| |
|
|
|
Student Housing |
|
7,473 |
| |
|
177,000 |
|
Kilroy Realty |
|
|
| |
|
|
|
West Coast Office and Industrial Properties |
|
5,540 |
| |
|
1,380,000 |
|
Kite Realty Group |
|
|
| |
|
|
|
Community Shopping Centers |
|
5,051 |
| |
|
1,058,000 |
|
DCT Industrial Trust |
|
|
| |
|
|
|
Industrial Properties |
|
4,645 |
| |
|
191,000 |
|
Dupont Fabros Technology (c) |
|
|
| |
|
|
|
Technology-focused Office Buildings |
|
3,761 |
| |
|
100,000 |
|
Post Properties |
|
|
| |
|
|
|
Multifamily Properties |
|
3,474 |
| |
|
|
|
|
|
68,515 |
| |
|
|
|
> Transportation 1.1% |
|
|
| |
|
256,000 |
|
World Fuel Services |
|
|
| |
|
|
|
Global Fuel Broker |
|
8,358 |
| |
|
410,091 |
|
Rush Enterprises, Class A (a) |
|
5,807 |
| |
|
115,000 |
|
Rush Enterprises, Class B (a) |
|
|
| |
|
|
|
Truck Sales and Service |
|
1,342 |
| |
|
|
|
|
|
15,507 |
| |
|
Other Industries: Total |
|
84,022 |
| |||
|
|
|
|
| |||
|
Total Equities: 99.0% |
|
1,409,019 |
| |||
|
|
|
|
|
|
| |
|
Securities Lending Collateral 3.2% |
|
|
| |||
|
45,915,875 |
|
Dreyfus Government Cash Management Fund (f) (7 day yield of 0.00%) |
|
45,916 |
| |
|
|
|
|
|
|
| |
|
Total Securities Lending Collateral: |
|
45,916 |
| |||
|
|
|
|
| |||
|
Total Investments: 102.2% |
|
1,454,935 |
(i) | |||
|
|
|
|
| |||
|
Obligation to Return Collateral for Securities Loaned: (3.2)% |
|
(45,916 |
) | |||
|
|
|
|
| |||
|
Cash and Other Assets Less Liabilities: 1.0% |
|
14,590 |
| |||
|
|
|
|
| |||
|
Total Net Assets: 100.0% |
|
$ |
1,423,609 |
| ||
ADR = American Depositary Receipts
> Notes to Statement of Investments (dollar values in thousands)
(a) Non-income producing security.
(b) An affiliated person of the Fund may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies during the nine months ended September 30, 2011, are as follows:
|
Affiliates |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
|
RCM Technologies |
|
710,000 |
|
— |
|
— |
|
710,000 |
|
$ |
3,188 |
|
$ |
— |
|
|
Total of Affiliated Transactions |
|
710,000 |
|
— |
|
— |
|
710,000 |
|
$ |
3,188 |
|
$ |
— |
|
The aggregate cost and value of these companies at September 30, 2011, were $4,479 and $3,188, respectively. Investments in affiliated companies represented 0.22% of the Fund’s total net assets at September 30, 2011.
(c) All or a portion of this security was on loan at September 30, 2011. The total market value of securities on loan at September 30, 2011 was $43,598,480.
(d) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Board of Trustees. At September 30, 2011, the market value of these securities (in thousands) amounted to $18 which represented less than 0.01% of total net assets.
|
Security |
|
Acquisition |
|
Shares |
|
Cost |
|
Value |
| ||
|
Metabolex, Series A-1 |
|
2/11/00 |
|
18,181 |
|
$ |
2,000 |
|
$ |
18 |
|
|
Locus Pharmaceuticals, Series A-1 Pfd. |
|
9/05/01 |
|
37,500 |
|
1,500 |
|
— |
| ||
|
Locus Pharmaceuticals, Series B-1 Pfd. |
|
2/08/07 |
|
19,329 |
|
56 |
|
— |
| ||
|
Medicure - Warrants |
|
12/22/06 |
|
738,060 |
|
— |
|
— |
| ||
|
|
|
|
|
|
|
$ |
3,556 |
|
$ |
18 |
|
(e) Illiquid security.
(f) Investment made with cash collateral received from securities lending activity.
(g) On September 30, 2011, the market value of foreign securities represents 1.08% of total net assets. The Fund’s foreign portfolio was diversified as follows:
|
|
|
Value |
|
Percent |
| |
|
Israel |
|
$ |
7,648 |
|
0.54 |
|
|
Netherlands |
|
7,635 |
|
0.54 |
| |
|
Total Foreign Portfolio |
|
$ |
15,283 |
|
1.08 |
|
(h) At September 30, 2011, for federal income tax purposes, the cost of investments was $1,213,876 and net unrealized appreciation was $241,059 consisting of gross unrealized appreciation of $406,760 and gross unrealized depreciation of $165,701.
(i) Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by GAAP. These inputs are summarized in the three broad levels listed below:
· Level 1 — quoted prices in active markets for identical securities
· Level 2 — prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 — prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee of the Fund’s Board of Trustees that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Fund’s Valuation Committee that relies on significant unobservable inputs.
> Notes to Statement of Investments (dollar values in thousands)
The following table summarizes the inputs used, as of September 30, 2011, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Equities |
|
|
|
|
|
|
|
|
| ||||
|
Information |
|
$ |
443,150 |
|
$ |
— |
|
$ |
— |
|
$ |
443,150 |
|
|
Consumer Goods & Services |
|
250,031 |
|
— |
|
— |
|
250,031 |
| ||||
|
Industrial Goods & Services |
|
223,976 |
|
— |
|
— |
|
223,976 |
| ||||
|
Finance |
|
148,520 |
|
— |
|
— |
|
148,520 |
| ||||
|
Health Care |
|
142,518 |
|
— |
* |
18 |
|
142,536 |
| ||||
|
Energy & Minerals |
|
116,784 |
|
— |
|
— |
|
116,784 |
| ||||
|
Other Industries |
|
84,022 |
|
— |
|
— |
|
84,022 |
| ||||
|
Total Equities |
|
1,409,001 |
|
— |
* |
18 |
|
1,409,019 |
| ||||
|
Total Securities Lending Collateral |
|
45,916 |
|
— |
|
— |
|
45,916 |
| ||||
|
Total Investments |
|
$ |
1,454,917 |
|
$ |
— |
* |
$ |
18 |
|
$ |
1,454,935 |
|
* Rounds to less than $500.
The Fund’s assets assigned to the Level 2 input category are generally valued using a market approach, in which a security’s value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Warrants which do not trade are valued as a percentage of the actively trading common stock using a model, based on Black Scholes.
The Fund’s assets assigned to the Level 3 input category are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. To determine fair value, management will utilize the valuation technique that they deem the most appropriate in the circumstances. Securities for which no market exists are valued based upon the market approach using some unobservable inputs which may include, but are not limited to, projected earnings, available cash, line of business, multiples, and consideration of the prioritization of the equity in a company’s capital structure.
There were no significant transfers of financial assets between levels 1 and 2 during the period.
The following table reconciles asset balances for the nine months ending September 30, 2011, in which significant unobservable inputs (Level 3) were used in determining value:
|
Investments |
|
Balance |
|
Realized |
|
Change in |
|
Purchases |
|
Sales |
|
Transfers |
|
Transfers |
|
Balance |
| ||||||||
|
Equities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Health Care |
|
$ |
20 |
|
$ |
— |
|
$ |
(2 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
18 |
|
|
|
|
$ |
20 |
|
$ |
— |
|
$ |
(2 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
18 |
|
The information in the above reconciliation table represents fiscal year to date activity for any securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.
The change in unrealized depreciation attributed to securities owned at September 30, 2011, which were valued using significant unobservable inputs (Level 3) amounted to $2.
Columbia Acorn International Select
Statement of Investments (Unaudited), September 30, 2011
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
Equities: 95.3% |
|
|
| |
|
Asia 42.0% |
|
|
| |||
|
|
|
> Japan 16.5% |
|
|
| |
|
2,100,000 |
|
Kansai Paint |
|
$ |
20,124 |
|
|
6,753 |
|
Seven Bank |
|
13,180 |
| |
|
8,970 |
|
Jupiter Telecommunications |
|
9,706 |
| |
|
528,000 |
|
Asahi Diamond Industrial |
|
7,344 |
| |
|
181,000 |
|
Gree |
|
5,520 |
| |
|
110,000 |
|
Ain Pharmaciez |
|
4,847 |
| |
|
|
|
|
|
60,721 |
| |
|
|
|
> Singapore 11.8% |
|
|
| |
|
13,130,000 |
|
Ascendas REIT |
|
20,247 |
| |
|
19,420,000 |
|
Mapletree Industrial Trust REIT |
|
15,978 |
| |
|
11,142,000 |
|
Mapletree Logistics Trust |
|
7,217 |
| |
|
|
|
|
|
43,442 |
| |
|
|
|
> China 5.5% |
|
|
| |
|
6,276,000 |
|
Zhaojin Mining Industry |
|
10,440 |
| |
|
3,764,000 |
|
Want Want |
|
3,409 |
| |
|
84,000 |
|
Netease.com |
|
3,205 |
| |
|
4,170,000 |
|
Jiangsu Expressway |
|
3,150 |
| |
|
|
|
|
|
20,204 |
| |
|
|
|
> Taiwan 4.5% |
|
|
| |
|
11,208,400 |
|
Far Eastone Telecom |
|
16,572 |
| |
|
|
|
|
|
16,572 |
| |
|
|
|
> South Korea 3.7% |
|
|
| |
|
52,000 |
|
NHN (a) |
|
9,907 |
| |
|
111,000 |
|
Woongjin Coway |
|
3,574 |
| |
|
|
|
|
|
13,481 |
| |
|
Asia: Total |
|
154,420 |
| |||
|
Europe 38.3% |
|
|
| |||
|
|
|
> United Kingdom 14.8% |
|
|
| |
|
1,480,000 |
|
Chemring |
|
12,118 |
| |
|
1,014,600 |
|
JLT Group (b) |
|
9,936 |
| |
|
312,000 |
|
Intertek Group |
|
8,973 |
| |
|
6,886,399 |
|
Archipelago Resources (a) |
|
7,361 |
| |
|
850,000 |
|
Serco |
|
6,724 |
| |
|
1,304,000 |
|
Workspace Group |
|
4,380 |
| |
|
423,820 |
|
Shaftesbury |
|
3,062 |
| |
|
616,000 |
|
Cobham |
|
1,667 |
| |
|
|
|
|
|
54,221 |
| |
|
|
|
> Netherlands 7.3% |
|
|
| |
|
166,000 |
|
AkzoNobel |
|
7,325 |
| |
|
235,519 |
|
Imtech |
|
6,625 |
| |
|
115,821 |
|
Fugro |
|
5,841 |
| |
|
242,103 |
|
Aalberts Industries |
|
3,599 |
| |
|
38,000 |
|
Core Laboratories (b) |
|
3,414 |
| |
|
|
|
|
|
26,804 |
| |
|
|
|
> Germany 5.6% |
|
|
| |
|
630,000 |
|
Wirecard |
|
9,638 |
| |
|
270,000 |
|
Rhoen-Klinikum |
|
5,467 |
| |
|
115,500 |
|
Rheinmetall |
|
5,418 |
| |
|
|
|
|
|
20,523 |
| |
|
|
|
> Switzerland 2.6% |
|
|
| |
|
49,000 |
|
Kuehne & Nagel |
|
5,499 |
| |
|
24,000 |
|
Partners Group |
|
3,952 |
| |
|
|
|
|
|
9,451 |
| |
|
|
|
> Sweden 2.3% |
|
|
| |
|
658,666 |
|
Hexagon |
|
8,565 |
| |
|
|
|
|
|
8,565 |
| |
|
|
|
> Ireland 1.6% |
|
|
| |
|
1,930,000 |
|
United Drug |
|
5,909 |
| |
|
|
|
|
|
5,909 |
| |
|
|
|
> Iceland 1.3% |
|
|
| |
|
4,800,000 |
|
Marel (a) |
|
4,773 |
| |
|
|
|
|
|
4,773 |
| |
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
> Denmark 1.1% |
|
|
| |
|
29,000 |
|
Novozymes |
|
$ |
4,123 |
|
|
|
|
|
|
4,123 |
| |
|
|
|
> Belgium 1.0% |
|
|
| |
|
74,000 |
|
EVS Broadcast Equipment |
|
3,827 |
| |
|
|
|
|
|
3,827 |
| |
|
|
|
> France 0.7% |
|
|
| |
|
32,657 |
|
Neopost |
|
2,395 |
| |
|
|
|
|
|
2,395 |
| |
|
Europe: Total |
|
140,591 |
| |||
|
Other Countries 12.7% |
|
|
| |||
|
|
|
> South Africa 6.6% |
|
|
| |
|
7,209,798 |
|
Rand Merchant Insurance |
|
11,165 |
| |
|
1,220,200 |
|
Adcock Ingram Holdings |
|
9,049 |
| |
|
88,700 |
|
Naspers |
|
3,830 |
| |
|
|
|
|
|
24,044 |
| |
|
|
|
> Canada 2.8% |
|
|
| |
|
210,400 |
|
CCL Industries |
|
5,608 |
| |
|
125,000 |
|
AG Growth |
|
4,469 |
| |
|
|
|
|
|
10,077 |
| |
|
|
|
> United States 1.9% |
|
|
| |
|
112,000 |
|
Atwood Oceanics (a) |
|
3,848 |
| |
|
52,000 |
|
SM Energy |
|
3,154 |
| |
|
|
|
|
|
7,002 |
| |
|
|
|
> Israel 1.4% |
|
|
| |
|
460,000 |
|
Israel Chemicals |
|
5,239 |
| |
|
|
|
|
|
5,239 |
| |
|
Other Countries: Total |
|
46,362 |
| |||
|
Latin America 2.2% |
|
|
| |||
|
|
|
> Colombia 1.7% |
|
|
| |
|
260,000 |
|
Pacific Rubiales Energy |
|
5,508 |
| |
|
18,800,000 |
|
Quetzal Energy (a)(c) |
|
775 |
| |
|
|
|
|
|
6,283 |
| |
|
|
|
> Argentina 0.5% |
|
|
| |
|
166,667 |
|
Union Agriculture Group (a)(c)(f) |
|
1,777 |
| |
|
|
|
|
|
1,777 |
| |
|
Latin America: Total |
|
8,060 |
| |||
|
|
|
|
|
|
| |
|
Total Equities: 95.2% |
|
349,433 |
| |||
|
|
|
|
|
|
| |
|
Securities Lending Collateral 1.1% |
|
|
| |||
|
3,965,250 |
|
Dreyfus Government Cash Management Fund (d) (7 day yield of 0.00%) |
|
3,965 |
| |
|
Total Securities Lending Collateral: |
|
3,965 |
| |||
|
|
|
|
|
|
| |
|
Total Investments: 96.3% |
|
353,398 |
(h) | |||
|
|
|
|
|
|
| |
|
Obligation to Return Collateral for Securities Loaned: (1.1)% |
|
(3,965 |
) | |||
|
|
|
|
|
|
| |
|
Cash and Other Assets Less Liabilities: 4.8% |
|
17,494 |
| |||
|
|
|
|
|
|
| |
|
Total Net Assets: 100.0% |
|
$ |
366,927 |
| ||
> Notes to Statement of Investments (dollar values in thousands)
(a) Non-income producing security.
(b) All or a portion of this security was on loan at September 30, 2011. The total market value of securities on loan at September 30, 2011 was $3,742,527.
(c) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Board of Trustees. At September 30, 2011, the market value of these securities (in thousands) amounted to $2,552 which represented 0.70% of total net assets.
Additional information on these securities is as follows:
|
Security |
|
Acquisition |
|
Shares |
|
Cost |
|
Value |
| ||
|
Union Agriculture Group |
|
12/8/10 |
|
166,667 |
|
$ |
2,200 |
|
$ |
1,777 |
|
|
Quetzal Energy |
|
1/14/11 |
|
18,800,000 |
|
2,376 |
|
775 |
| ||
|
|
|
|
|
|
|
$ |
4,576 |
|
$ |
2,552 |
|
(d) Investment made with cash collateral received from securities lending activity.
(e) At September 30, 2011, for federal income tax purposes, the cost of investments was $353,605 and net unrealized appreciation was $28,270 consisting of gross unrealized appreciation of $54,463 and gross unrealized depreciation of $26,193.
(f) Illiquid security.
(g) On September 30, 2011, the Fund’s total investments were denominated in currencies as follows:
|
Currency |
|
Value |
|
Percentage |
| |
|
Japanese Yen |
|
$ |
60,721 |
|
16.5 |
|
|
Euro |
|
56,045 |
|
15.3 |
| |
|
Pound Sterling |
|
54,221 |
|
14.8 |
| |
|
US Dollar |
|
47,839 |
|
13.0 |
| |
|
Singapore Dollar |
|
43,442 |
|
11.8 |
| |
|
South African Rand |
|
24,044 |
|
6.6 |
| |
|
Other currencies less than 5% of total net assets |
|
95,563 |
|
26.0 |
| |
|
|
|
$ |
381,875 |
|
104.0 |
|
(h) Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by GAAP. These inputs are summarized in the three broad levels listed below:
· Level 1 — quoted prices in active markets for identical securities
· Level 2 — prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 — prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee of the Fund’s Board of Trustees that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Fund’s Valuation Committee that relies on significant unobservable inputs.
> Notes to Statement of Investments (dollar values in thousands)
The following table summarizes the inputs used, as of September 30, 2011, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Equities |
|
|
|
|
|
|
|
|
| ||||
|
Asia |
|
$ |
3,205 |
|
$ |
151,215 |
|
$ |
— |
|
$ |
154,420 |
|
|
Europe |
|
3,414 |
|
137,177 |
|
— |
|
140,591 |
| ||||
|
Other Countries |
|
17,079 |
|
29,283 |
|
— |
|
46,362 |
| ||||
|
Latin America |
|
5,508 |
|
775 |
|
1,777 |
|
8,060 |
| ||||
|
Total Equities |
|
29,206 |
|
318,450 |
|
1,777 |
|
349,433 |
| ||||
|
Total Securities Lending Collateral |
|
3,965 |
|
— |
|
— |
|
3,965 |
| ||||
|
Total Investments |
|
$ |
33,171 |
|
$ |
318,450 |
|
$ |
1,777 |
|
$ |
353,398 |
|
The Fund’s assets assigned to the Level 2 input category are generally valued using a market approach, in which a security’s value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sales price on the foreign exchange or market on which they trade. The Fund may use a systematic fair valuation model provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements. Securities acquired via private placement that have a holding period or an extended settlement period are valued at a discount to the same shares that are trading freely on the market. These discounts are determined by the adviser’s experience with similar securities or situations. Factors may include, but are not limited to, trade volume, shares outstanding and stock price.
The Fund’s assets assigned to the Level 3 input category are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. To determine fair value, management will utilize the valuation technique that they deem the most appropriate in the circumstances. Securities for which no market exists are valued based upon the market approach using some unobservable inputs which may include, but are not limited to, projected earnings, available cash, line of business, multiples, and consideration of the prioritization of the equity in a company’s capital structure.
There were no significant transfers of financial assets between levels 1 and 2 during the period.
The following table reconciles asset balances for the nine months ending September 30, 2011, in which significant unobservable inputs (Level 3) were used in determining value:
|
Investments |
|
Balance |
|
Realized |
|
Change in |
|
Purchases |
|
Sales |
|
Transfers |
|
Transfers |
|
Balance |
| ||||||||
|
Latin America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Argentina |
|
$ |
2,200 |
|
$ |
— |
|
$ |
(423 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,777 |
|
|
|
|
$ |
2,200 |
|
$ |
— |
|
$ |
(423 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,777 |
|
The information in the above reconciliation table represents fiscal year to date activity for any securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.
The change in unrealized depreciation attributed to securities owned at September 30, 2011, which were valued using significant unobservable inputs (Level 3) amounted to $423.
Columbia Acorn Select
Statement of Investments (Unaudited), September 30, 2011
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
Equities: 98.5% |
|
|
| |
|
Consumer Goods & Services 24.4% |
|
|
| |||
|
|
|
> Retail 10.7% |
|
|
| |
|
950,000 |
|
Abercrombie & Fitch |
|
$ |
58,482 |
|
|
2,625,000 |
|
Safeway |
|
43,654 |
| |
|
565,000 |
|
lululemon athletica (a) |
|
27,487 |
| |
|
240,000 |
|
Tiffany & Co. |
|
14,597 |
| |
|
|
|
|
|
144,220 |
| |
|
|
|
> Travel 6.5% |
|
|
| |
|
7,525,000 |
|
Hertz (a) |
|
66,973 |
| |
|
1,060,000 |
|
Gaylord Entertainment (a)(b) |
|
20,500 |
| |
|
|
|
|
|
87,473 |
| |
|
|
|
> Apparel 3.4% |
|
|
| |
|
875,000 |
|
Coach |
|
45,351 |
| |
|
|
|
|
|
45,351 |
| |
|
|
|
> Casinos & Gaming 1.4% |
|
|
| |
|
315,000,000 |
|
RexLot Holdings (China) |
|
18,724 |
| |
|
|
|
|
|
18,724 |
| |
|
|
|
> Educational Services 1.3% |
|
|
| |
|
315,000 |
|
ITT Educational Services (a)(b) |
|
18,138 |
| |
|
|
|
|
|
18,138 |
| |
|
|
|
> Food & Beverage 0.5% |
|
|
| |
|
1,850,000 |
|
GLG Life Tech (Canada) (a)(b)(c) |
|
6,512 |
| |
|
|
|
|
|
6,512 |
| |
|
|
|
> Leisure Products 0.3% |
|
|
| |
|
266,300 |
|
Skullcandy (a)(b) |
|
3,763 |
| |
|
|
|
|
|
3,763 |
| |
|
|
|
> Other Consumer Services 0.3% |
|
|
| |
|
2,946,537 |
|
IFM Investments (Century 21 China RE) - ADR (China) (a)(c) |
|
3,388 |
| |
|
|
|
|
|
3,388 |
| |
|
Consumer Goods & Services: Total |
|
327,569 |
| |||
|
Industrial Goods & Services 20.2% |
|
|
| |||
|
|
|
> Machinery 12.6% |
|
|
| |
|
1,660,000 |
|
Ametek |
|
54,730 |
| |
|
735,000 |
|
Donaldson |
|
40,278 |
| |
|
1,085,000 |
|
Kennametal |
|
35,523 |
| |
|
790,000 |
|
Pall |
|
33,496 |
| |
|
325,000 |
|
Oshkosh Corporation (a) |
|
5,115 |
| |
|
|
|
|
|
169,142 |
| |
|
|
|
> Outsourcing Services 2.1% |
|
|
| |
|
1,500,000 |
|
Quanta Services (a) |
|
28,185 |
| |
|
|
|
|
|
28,185 |
| |
|
|
|
> Other Industrial Services 2.0% |
|
|
| |
|
685,000 |
|
Expeditors International of Washington |
|
27,777 |
| |
|
|
|
|
|
27,777 |
| |
|
|
|
> Industrial Distribution 1.9% |
|
|
| |
|
170,000 |
|
WW Grainger |
|
25,422 |
| |
|
|
|
|
|
25,422 |
| |
|
|
|
> Waste Management 1.6% |
|
|
| |
|
650,000 |
|
Waste Management |
|
21,164 |
| |
|
|
|
|
|
21,164 |
| |
|
Industrial Goods & Services: Total |
|
271,690 |
| |||
|
Information 17.9% |
|
|
| |||
|
|
|
> Mobile Communications 6.4% |
|
|
| |
|
1,360,000 |
|
Crown Castle International (a) |
|
55,311 |
| |
|
730,000 |
|
SBA Communications (a) |
|
25,171 |
| |
|
12,000,000 |
|
Globalstar (a)(b) |
|
4,908 |
| |
|
|
|
|
|
85,390 |
| |
|
|
|
> Computer Services 3.8% |
|
|
| |
|
4,276,336 |
|
WNS - ADR (India) (a)(c) |
|
51,102 |
| |
|
|
|
|
|
51,102 |
| |
|
|
|
> Contract Manufacturing 3.1% |
|
|
| |
|
6,275,000 |
|
Sanmina-SCI (a)(c) |
|
41,917 |
| |
|
|
|
|
|
41,917 |
| |
|
|
|
> Computer Hardware & Related Equipment 2.1% |
|
|
| |
|
700,000 |
|
Amphenol |
|
28,539 |
| |
|
|
|
|
|
28,539 |
| |
|
|
|
> Instrumentation 1.2% |
|
|
| |
|
115,000 |
|
Mettler Toledo (a) |
|
16,096 |
| |
|
|
|
|
|
16,096 |
| |
|
|
|
> Business Software 0.5% |
|
|
| |
|
182,000 |
|
Concur Technologies (a) |
|
6,774 |
| |
|
|
|
|
|
6,774 |
| |
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
> Telecommunications Equipment 0.4% |
|
|
| |
|
324,000 |
|
Finisar (a) |
|
$ |
5,683 |
|
|
|
|
|
|
5,683 |
| |
|
|
|
> Advertising 0.4% |
|
|
| |
|
2,573,400 |
|
VisionChina Media - ADR (China) (a)(b) |
|
4,709 |
| |
|
|
|
|
|
4,709 |
| |
|
Information: Total |
|
240,210 |
| |||
|
Finance 13.9% |
|
|
| |||
|
|
|
> Credit Cards 6.5% |
|
|
| |
|
3,800,000 |
|
Discover Financial Services |
|
87,172 |
| |
|
|
|
|
|
87,172 |
| |
|
|
|
> Insurance 4.7% |
|
|
| |
|
11,650,000 |
|
CNO Financial Group (a) |
|
63,026 |
| |
|
|
|
|
|
63,026 |
| |
|
|
|
> Brokerage & Money Management 2.7% |
|
|
| |
|
4,900,000 |
|
MF Global (a) |
|
20,237 |
| |
|
1,050,000 |
|
SEI Investments |
|
16,149 |
| |
|
|
|
|
|
36,386 |
| |
|
Finance: Total |
|
186,584 |
| |||
|
Energy & Minerals 13.1% |
|
|
| |||
|
|
|
> Oil & Gas Producers 8.7% |
|
|
| |
|
2,255,000 |
|
Pacific Rubiales Energy (Colombia) |
|
47,773 |
| |
|
33,500,000 |
|
Canacol Energy (Colombia) (a)(c) |
|
20,460 |
| |
|
1,309,500 |
|
Houston American Energy (b) |
|
18,019 |
| |
|
36,500,000 |
|
ShaMaran Petroleum (Iraq) (a)(c) |
|
14,455 |
| |
|
24,000,000 |
|
Canadian Overseas Petroleum (United Kingdom) (a)(c)(d) |
|
7,070 |
| |
|
12,000,000 |
|
Canadian Overseas Petroleum - Warrants (United Kingdom) (a)(d)(e) |
|
662 |
| |
|
34,856,000 |
|
Petrodorado (Colombia) (a)(c) |
|
5,655 |
| |
|
17,144,000 |
|
Petrodorado - Warrants (Colombia) (a)(d)(e) |
|
356 |
| |
|
18,125,000 |
|
Petromanas (Canada) (a) |
|
2,162 |
| |
|
6,562,500 |
|
Petromanas - Warrants (Canada) (a)(d) |
|
92 |
| |
|
|
|
|
|
116,704 |
| |
|
|
|
> Agricultural Commodities 1.5% |
|
|
| |
|
1,515,152 |
|
Union Agriculture Group (Argentina) (a)(d)(e) |
|
16,152 |
| |
|
38,000,000 |
|
Eacom Timber (Canada) (a)(c) |
|
3,626 |
| |
|
|
|
|
|
19,778 |
| |
|
|
|
> Alternative Energy 1.4% |
|
|
| |
|
2,700,000 |
|
Canadian Solar (China) (a)(b)(c) |
|
9,936 |
| |
|
3,050,372 |
|
Synthesis Energy Systems (China) (a)(b)(c) |
|
5,277 |
| |
|
1,600,000 |
|
Real Goods Solar (a)(c) |
|
2,912 |
| |
|
|
|
|
|
18,125 |
| |
|
|
|
> Mining 1.1% |
|
|
| |
|
950,000 |
|
Kirkland Lake Gold (Canada) (a) |
|
15,402 |
| |
|
|
|
|
|
15,402 |
| |
|
|
|
> Oil Services 0.4% |
|
|
| |
|
10,885,700 |
|
Tuscany International Drilling (Colombia) (a) |
|
6,025 |
| |
|
760,000 |
|
Tuscany International Drilling - Warrants (Colombia) (a) |
|
4 |
| |
|
|
|
|
|
6,029 |
| |
|
Energy & Minerals: Total |
|
176,038 |
| |||
|
Other Industries 6.4% |
|
|
| |||
|
|
|
> Transportation 3.1% |
|
|
| |
|
1,140,000 |
|
JB Hunt Transport Services |
|
41,177 |
| |
|
|
|
|
|
41,177 |
| |
|
|
|
> Real Estate 2.2% |
|
|
| |
|
1,800,000 |
|
Biomed Realty Trust |
|
29,826 |
| |
|
|
|
|
|
29,826 |
| |
|
|
|
> Regulated Utilities 1.1% |
|
|
| |
|
475,000 |
|
Wisconsin Energy |
|
14,863 |
| |
|
|
|
|
|
14,863 |
| |
|
Other Industries: Total |
|
85,866 |
| |||
|
Health Care 2.6% |
|
|
| |||
|
|
|
> Pharmaceuticals 1.5% |
|
|
| |
|
2,500,000 |
|
Akorn (a) |
|
19,525 |
| |
|
195,000 |
|
Horizon Pharma (a)(b) |
|
1,363 |
| |
|
|
|
|
|
20,888 |
| |
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
> Biotechnology & Drug Delivery 1.1% |
|
|
| |
|
2,200,000 |
|
NPS Pharmaceuticals (a) |
|
$ |
14,322 |
|
|
|
|
|
|
14,322 |
| |
|
Health Care: Total |
|
35,210 |
| |||
|
|
|
|
| |||
|
Total Equities: 98.5% |
|
1,323,167 |
| |||
|
|
|
|
| |||
|
Securities Lending Collateral 2.4% |
|
|
| |||
|
32,441,695 |
|
Dreyfus Government Cash Management Fund (f) (7 day yield of 0.00%) |
|
32,442 |
| |
|
Total Securities Lending Collateral: |
|
32,442 |
| |||
|
|
|
|
| |||
|
Total Investments: 100.9% |
|
1,355,609 |
(i) | |||
|
|
|
|
| |||
|
Obligation to Return Collateral for Securities Loaned: (2.4)% |
|
(32,442 |
) | |||
|
|
|
|
| |||
|
Cash and Other Assets Less Liabilities: 1.5% |
|
20,166 |
| |||
|
|
|
|
| |||
|
Total Net Assets: 100.0% |
|
$ |
1,343,333 |
| ||
ADR = American Depositary Receipts
> Notes to Statement of Investments (dollar values in thousands)
(a) Non-income producing security.
(b) All or a portion of this security was on loan at September 30, 2011. The total market value of securities on loan at September 30, 2011 was $29,941,439.
(c) An affiliated person of the Fund may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies during the nine months ended September 30, 2011, are as follows:
|
Affiliates |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
|
Canacol Energy |
|
36,240,000 |
|
— |
|
2,740,000 |
|
33,500,000 |
|
$ |
20,460 |
|
$ |
— |
|
|
Canadian Overseas Petroleum* |
|
16,800,000 |
|
7,200,000 |
|
— |
|
24,000,000 |
|
7,070 |
|
— |
| ||
|
Canadian Solar |
|
3,200,000 |
|
100,000 |
|
600,000 |
|
2,700,000 |
|
9,936 |
|
— |
| ||
|
Eacom Timber |
|
38,000,000 |
|
— |
|
— |
|
38,000,000 |
|
3,626 |
|
— |
| ||
|
GLG Life Tech |
|
1,000,000 |
|
850,000 |
|
— |
|
1,850,000 |
|
6,512 |
|
— |
| ||
|
Globalstar* |
|
15,000,000 |
|
— |
|
3,000,000 |
|
12,000,000 |
|
4,908 |
|
— |
| ||
|
IFM Investments (Century 21 China RE) - ADR |
|
2,300,000 |
|
646,537 |
|
— |
|
2,946,537 |
|
3,388 |
|
— |
| ||
|
Petrodorado |
|
28,400,000 |
|
6,456,000 |
|
— |
|
34,856,000 |
|
5,655 |
|
— |
| ||
|
Real Goods Solar |
|
1,500,000 |
|
100,000 |
|
— |
|
1,600,000 |
|
2,912 |
|
— |
| ||
|
Sanmina-SCI |
|
7,100,000 |
|
— |
|
825,000 |
|
6,275,000 |
|
41,917 |
|
— |
| ||
|
ShaMaran Petroleum |
|
35,950,000 |
|
550,000 |
|
— |
|
36,500,000 |
|
14,455 |
|
— |
| ||
|
Synthesis Energy Systems |
|
4,500,000 |
|
— |
|
1,449,628 |
|
3,050,372 |
|
5,277 |
|
— |
| ||
|
Tuscany International Drilling* |
|
11,324,000 |
|
— |
|
438,300 |
|
10,885,700 |
|
6,025 |
|
— |
| ||
|
VisionChina Media - ADR* |
|
3,675,000 |
|
— |
|
1,101,600 |
|
2,573,400 |
|
4,709 |
|
— |
| ||
|
WNS - ADR |
|
4,200,000 |
|
76,336 |
|
— |
|
4,276,336 |
|
51,102 |
|
— |
| ||
|
Total of Affiliated Transactions |
|
209,189,000 |
|
15,978,873 |
|
10,154,528 |
|
215,013,345 |
|
$ |
187,952 |
|
$ |
— |
|
* At September 30, 2011, the Fund owned less than five percent of the company’s outstanding voting shares.
The aggregate cost and value of these companies at September 30, 2011, were $264,476 and $165,240, respectively. Investments in affiliated companies represented 12.30% of the Fund’s total net assets at September 30, 2011.
(d) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued in good faith by the Board of Trustees. At September 30, 2011, these securities (in thousands) amounted to $24,333, which represented 1.81% of total net assets.
|
Security |
|
Acquisition |
|
Shares |
|
Cost |
|
Value |
| ||
|
Union Agriculture Group |
|
12/08/10 |
|
1,515,152 |
|
$ |
20,000 |
|
$ |
16,152 |
|
|
Canadian Overseas Petroleum |
|
11/24/10 |
|
24,000,000 |
|
10,260 |
|
7,070 |
| ||
|
Canadian Overseas Petroleum - Warrants |
|
11/24/10 |
|
12,000,000 |
|
1,502 |
|
662 |
| ||
|
Petrodorado - Warrants |
|
11/20/09 |
|
17,144,000 |
|
2,118 |
|
357 |
| ||
|
Petromanas - Warrants |
|
5/20/10 |
|
6,562,500 |
|
380 |
|
92 |
| ||
|
|
|
|
|
|
|
$ |
34,260 |
|
$ |
24,333 |
|
(e) Illiquid security.
(f) Investment made with cash collateral received from securities lending activity.
(g) On September 30, 2011, the market value of foreign securities represents 17.83% of total net assets. The Fund’s foreign portfolio was diversified as follows:
|
|
|
Value |
|
Percent |
| |
|
Colombia |
|
$ |
80,273 |
|
5.98 |
|
|
India |
|
51,102 |
|
3.80 |
| |
|
China |
|
42,034 |
|
3.13 |
| |
|
Canada |
|
27,794 |
|
2.07 |
| |
|
Argentina |
|
16,152 |
|
1.20 |
| |
|
Iraq |
|
14,455 |
|
1.07 |
| |
|
United Kingdom |
|
7,732 |
|
0.58 |
| |
|
Total Foreign Portfolio |
|
$ |
239,542 |
|
17.83 |
|
(h) At Setpember 30, 2011, for federal income tax purposes, the cost of investments was $1,308,684 and net unrealized appreciation was $46,925 consisting of gross unrealized appreciation of $324,355 and gross unrealized depreciation of $277,430.
(i) Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.
> Notes to Statement of Investments (dollar values in thousands)
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by GAAP. These inputs are summarized in the three broad levels listed below:
· Level 1 — quoted prices in active markets for identical securities
· Level 2 — prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 — prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee of the Fund’s Board of Trustees that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Fund’s Valuation Committee that relies on significant unobservable inputs.
The following table summarizes the inputs used, as of September 30, 2011, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Equities |
|
|
|
|
|
|
|
|
| ||||
|
Consumer Goods & Services |
|
$ |
308,845 |
|
$ |
18,724 |
|
$ |
— |
|
$ |
327,569 |
|
|
Industrial Goods & Services |
|
271,690 |
|
— |
|
— |
|
271,690 |
| ||||
|
Information |
|
240,210 |
|
— |
|
— |
|
240,210 |
| ||||
|
Finance |
|
186,584 |
|
— |
|
— |
|
186,584 |
| ||||
|
Energy & Minerals |
|
151,706 |
|
8,180 |
|
16,152 |
|
176,038 |
| ||||
|
Other Industries |
|
85,866 |
|
— |
|
— |
|
85,866 |
| ||||
|
Health Care |
|
35,210 |
|
— |
|
— |
|
35,210 |
| ||||
|
Total Equities |
|
1,280,111 |
|
26,904 |
|
16,152 |
|
1,323,167 |
| ||||
|
Total Securities Lending Collateral |
|
32,442 |
|
— |
|
— |
|
32,442 |
| ||||
|
Total Investments |
|
$ |
1,312,553 |
|
$ |
26,904 |
|
$ |
16,152 |
|
$ |
1,355,609 |
|
The Fund’s assets assigned to the Level 2 input category are generally valued using a market approach, in which a security’s value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sales price on the foreign exchange or market on which they trade. The Fund may use a systematic fair valuation model provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements. Securities acquired via private placement that have a holding period or an extended settlement period are valued at a discount to the same shares that are trading freely on the market. These discounts are determined by the adviser’s experience with similar securities or situations. Factors may include, but are not limited to, trade volume, shares outstanding and stock price. Warrants which do not trade are valued as a percentage of the actively trading common stock using a model based on Black Scholes.
The Fund’s assets assigned to the Level 3 input category are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. To determine fair value, management will utilize the valuation technique that they deem the most appropriate in the circumstances. Securities for which no market exists are valued based upon the market approach using some unobservable inputs which may include, but are not limited to, projected earnings, available cash, line of business, multiples, and consideration of the prioritization of the equity in a company’s capital structure.
The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:
|
Transfers In |
|
Transfers Out |
| ||||||||
|
Level 1 |
|
Level 2 |
|
Level 1 |
|
Level 2 |
| ||||
|
$ |
50,762 |
|
$ |
— |
|
$ |
— |
|
$ |
50,762 |
|
Financial assets were transferred from Level 2 to Level 1 as resale restrictions expired.
> Notes to Statement of Investments (dollar values in thousands)
The following table reconciles asset balances for the nine months ending September 30, 2011, in which significant unobservable inputs (Level 3) were used in determining value:
|
Investments |
|
Balance |
|
Realized |
|
Change in |
|
Purchases |
|
Sales |
|
Transfers |
|
Transfers |
|
Balance |
| ||||||||
|
Equities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Energy & Minerals |
|
$ |
20,000 |
|
$ |
— |
|
$ |
(3,848 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
16,152 |
|
|
|
|
$ |
20,000 |
|
$ |
— |
|
$ |
(3,848 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
16,152 |
|
The information in the above reconciliation table represents fiscal year to date activity for any securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.
The change in unrealized depreciation attributed to securities owned at September 30, 2011, which were valued using significant unobservable inputs (Level 3) amounted to $3,848.
Columbia Thermostat Fund
Statement of Investments (Unaudited), September 30, 2011
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
> Affiliated Stock Funds: 63.7% |
|
|
| |
|
1,437,902 |
|
Columbia Dividend Income Fund, Class I |
|
$ |
17,514 |
|
|
512,910 |
|
Columbia Acorn International Fund, Class I |
|
17,264 |
| |
|
501,194 |
|
Columbia Acorn Fund, Class I |
|
12,871 |
| |
|
682,892 |
|
Columbia Marsico Growth Fund, Class I |
|
12,572 |
| |
|
769,451 |
|
Columbia Large Cap Enhanced Core Fund, Class I |
|
8,625 |
| |
|
677,414 |
|
Columbia Contrarian Core Fund, Class I |
|
8,610 |
| |
|
395,830 |
|
Columbia Acorn Select Fund, Class I |
|
8,562 |
| |
|
Total Stock Funds: (Cost: $79,231) |
|
86,018 |
| |||
|
|
|
|
|
|
| |
|
|
|
> Affiliated Bond Funds: 35.8% |
|
|
| |
|
2,623,446 |
|
Columbia Intermediate Bond Fund, Class I |
|
24,215 |
| |
|
1,233,832 |
|
Columbia U.S. Treasury Index Fund, Class I |
|
14,633 |
| |
|
1,040,371 |
|
Columbia Income Opportunities Fund, Class I |
|
9,457 |
| |
|
Total Bond Funds: (Cost: $47,009) |
|
48,305 |
| |||
|
|
|
|
| |||
|
Total Investments: 99.5% |
|
134,323 |
(b) | |||
|
|
|
|
| |||
|
Cash and Other Assets Less Liabilities: 0.5% |
|
725 |
| |||
|
|
|
|
| |||
|
Total Net Assets: 100.0% |
|
$ |
135,048 |
| ||
> Notes to Statement of Investments (dollar values in thousands)
(a) At September 30, 2011, for federal income tax purposes, the cost of investments was $126,240 and net unrealized appreciation was $8,083 consisting of gross unrealized appreciation of $8,137 and gross unrealized depreciation of $54.
(b) Securities are valued using policies described in the notes to financial statements in the most recent shareholder report.
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by GAAP. These inputs are summarized in the three broad levels listed below:
· Level 1 — quoted prices in active markets for identical securities
· Level 2 — prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 — prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee of the Fund’s Board of Trustees that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Fund’s Valuation Committee that relies on significant unobservable inputs.
The following table summarizes the inputs used, as of September 30, 2011, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Total Stock Funds |
|
$ |
86,018 |
|
$ |
— |
|
$ |
— |
|
$ |
86,018 |
|
|
Total Bond Funds |
|
48,305 |
|
— |
|
— |
|
48,305 |
| ||||
|
Total Investments |
|
$ |
134,323 |
|
$ |
— |
|
$ |
— |
|
$ |
134,323 |
|
There were no significant transfers of financial assets between levels 1 and 2 during the period.
Columbia Acorn Emerging Markets Fund
Statement of Investments (Unaudited), September 30, 2011
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
Equities: 87.4% |
|
|
| |
|
Asia 43.5% |
|
|
|
|
| |
|
|
|
> Taiwan 12.9% |
|
|
| |
|
26,990 |
|
Chroma Ate |
|
$ |
55 |
|
|
4,000 |
|
St. Shine Optical |
|
49 |
| |
|
7,730 |
|
Simplo Technology |
|
47 |
| |
|
25,902 |
|
Far Eastone Telecom |
|
38 |
| |
|
2,449 |
|
Formosa International Hotels |
|
33 |
| |
|
5,000 |
|
President Chain Store |
|
28 |
| |
|
9,277 |
|
Radiant Opto-Electronics |
|
26 |
| |
|
11,085 |
|
Taiwan Hon Chuan |
|
24 |
| |
|
13,900 |
|
CTCI Corp |
|
17 |
| |
|
4,800 |
|
Advantech |
|
13 |
| |
|
1,200 |
|
Lung Yen |
|
3 |
| |
|
|
|
|
|
333 |
| |
|
|
|
> China 10.5% |
|
|
| |
|
83,166 |
|
AMVIG Holdings |
|
47 |
| |
|
33,251 |
|
Digital China |
|
43 |
| |
|
1,000 |
|
Netease.com |
|
38 |
| |
|
37,812 |
|
Jiangsu Expressway |
|
29 |
| |
|
3,000 |
|
Noah Holdings - ADR |
|
28 |
| |
|
451,892 |
|
RexLot Holdings |
|
27 |
| |
|
7,538 |
|
ENN Energy |
|
24 |
| |
|
579 |
|
51job - ADR |
|
23 |
| |
|
10,727 |
|
China Yurun Food |
|
11 |
| |
|
|
|
|
|
270 |
| |
|
|
|
> Hong Kong 8.9% |
|
|
| |
|
219,935 |
|
Nagacorp |
|
47 |
| |
|
48,909 |
|
Mongolian Mining (a) |
|
43 |
| |
|
16,865 |
|
Lifestyle International |
|
43 |
| |
|
65,652 |
|
Sasa International |
|
39 |
| |
|
4,137 |
|
Melco Crown Entertainment - ADR |
|
34 |
| |
|
33,000 |
|
Melco International |
|
22 |
| |
|
|
|
|
|
228 |
| |
|
|
|
> Philipines 4.6% |
|
|
| |
|
189,156 |
|
SM Prime Holdings |
|
53 |
| |
|
88,382 |
|
Manila Water Company |
|
38 |
| |
|
25,567 |
|
Int’l Container Terminal |
|
27 |
| |
|
|
|
|
|
118 |
| |
|
|
|
> Indonesia 2.6% |
|
|
| |
|
178,989 |
|
Ace Indonesia |
|
67 |
| |
|
|
|
|
|
67 |
| |
|
|
|
> Japan 1.4% |
|
|
| |
|
3,860 |
|
Kansai Paint |
|
37 |
| |
|
|
|
|
|
37 |
| |
|
|
|
> Thailand 1.4% |
|
|
| |
|
117,555 |
|
Home Product Center |
|
35 |
| |
|
|
|
|
|
35 |
| |
|
|
|
> Singapore 1.2% |
|
|
| |
|
27,403 |
|
Goodpack Limited |
|
32 |
| |
|
|
|
|
|
32 |
| |
|
Asia: Total |
|
|
|
1,120 |
| |
|
Other Countries 17.8% |
|
|
| |||
|
|
|
> South Africa 12.3% |
|
|
| |
|
9,580 |
|
Adcock Ingram Holdings |
|
71 |
| |
|
24,626 |
|
Coronation Fund Managers |
|
61 |
| |
|
39,175 |
|
Rand Merchant Insurance |
|
61 |
| |
|
11,354 |
|
Northam Platinum |
|
46 |
| |
|
5,370 |
|
Mr. Price |
|
44 |
| |
|
1,945 |
|
Massmart Holdings |
|
33 |
| |
|
|
|
|
|
316 |
| |
|
|
|
> United States 3.0% |
|
|
| |
|
645 |
|
Bristow |
|
28 |
| |
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
> United States—continued |
|
|
| |
|
752 |
|
Atwood Oceanics |
|
$ |
26 |
|
|
1,200 |
|
Textainer Group Holdings |
|
24 |
| |
|
|
|
|
|
78 |
| |
|
|
|
> Canada 2.5% |
|
|
| |
|
3,100 |
|
Alliance Grain Traders |
|
66 |
| |
|
|
|
|
|
66 |
| |
|
Other Countries: Total |
|
460 |
| |||
|
Europe 14.3% |
|
|
|
|
| |
|
|
|
> Sweden 3.3% |
|
|
| |
|
3,498 |
|
Hexagon |
|
46 |
| |
|
4,972 |
|
East Capital Explorer |
|
38 |
| |
|
|
|
|
|
84 |
| |
|
|
|
> United Kingdom 2.6% |
|
|
| |
|
62,959 |
|
Archipelago Resources (a) |
|
67 |
| |
|
|
|
|
|
67 |
| |
|
|
|
> Czech Republic 2.5% |
|
|
| |
|
352 |
|
Komercni Banka |
|
65 |
| |
|
|
|
|
|
65 |
| |
|
|
|
> Switzerland 2.3% |
|
|
| |
|
675 |
|
Dufry Group (a) |
|
59 |
| |
|
|
|
|
|
59 |
| |
|
|
|
> France 1.5% |
|
|
| |
|
780 |
|
Rubis |
|
39 |
| |
|
|
|
|
|
39 |
| |
|
|
|
> Kazakhstan 1.1% |
|
|
| |
|
4,332 |
|
Halyk Savings Bank of Kazakhstan (a) |
|
27 |
| |
|
|
|
|
|
27 |
| |
|
|
|
> Germany 1.0% |
|
|
| |
|
824 |
|
Dürr |
|
27 |
| |
|
|
|
|
|
27 |
| |
|
Europe: Total |
|
368 |
| |||
|
Latin America 11.8% |
|
|
| |||
|
|
|
> Brazil 8.5% |
|
|
| |
|
4,436 |
|
Localiza Rent A Car |
|
59 |
| |
|
11,121 |
|
MRV Engenharia |
|
57 |
| |
|
4,617 |
|
Mills Estruturas e Servicos de Engenharia |
|
43 |
| |
|
7,431 |
|
Suzano - Preferred |
|
33 |
| |
|
1,884 |
|
Multiplus |
|
27 |
| |
|
|
|
|
|
219 |
| |
|
|
|
> Mexico 2.3% |
|
|
| |
|
1,203 |
|
Grupo Aeroportuario del Sureste - ADR |
|
59 |
| |
|
|
|
|
|
59 |
| |
|
|
|
> Argentina 1.0% |
|
|
| |
|
56,433 |
|
Madalena Ventures (a) |
|
26 |
| |
|
|
|
|
|
26 |
| |
|
Latin America: Total |
|
304 |
| |||
|
|
|
|
| |||
|
Total Equities: 87.4% |
|
2,252 |
| |||
|
|
|
Exchange Traded Funds: 5.2% |
|
|
| |
|
India 5.2% |
|
|
|
|
| |
|
3,065 |
|
EGShares India Small Cap ETF |
|
45 |
| |
|
2,444 |
|
Wisdomtree India Earnings Index ETF |
|
45 |
| |
|
3,649 |
|
Market Vectors India Small Cap Index ETF |
|
43 |
| |
|
India: Total |
|
133 |
| |||
|
|
|
|
| |||
|
Total Exchange Traded Funds: 5.2% |
|
133 |
| |||
|
|
|
|
| |||
|
Total Investments: 92.6% |
|
$ |
2,385 |
(d) | ||
|
|
|
|
| |||
|
Cash and Other Assets Less Liabilities: 7.4% |
|
192 |
| |||
|
|
|
|
| |||
|
Total Net Assets: 100.0% |
|
$ |
2,577 |
| ||
ADR = American Depositary Receipts
> Notes to Statement of Investments (dollar values in thousands)
(a) Non-income producing security.
(b) At September 30, 2011, for federal income tax purposes the cost of investments was $2,699 and net unrealized depreciation was $314 consisting of gross unrealized appreciation of $6 and gross unrealized depreciation of $320.
(c) On September 30, 2011, the Fund’s total investments were denominated in currencies as follows:
|
Currency |
|
Value |
|
Percentage |
| |
|
U.S. Dollar |
|
$ |
420 |
|
16.3 |
|
|
Hong Kong Dollar |
|
375 |
|
14.6 |
| |
|
Taiwan Dollar |
|
333 |
|
12.9 |
| |
|
South African Rand |
|
316 |
|
12.3 |
| |
|
Brazilian Real |
|
219 |
|
8.5 |
| |
|
Other currencies less than 5% of total net assets |
|
722 |
|
28.0 |
| |
|
|
|
$ |
2,385 |
|
92.6 |
|
(d) Securities are valued using policies described below:
Securities of the Fund are valued at market value or, if a market quotation for a security is not readily available or is deemed not to be reliable because of events or circumstances that have occurred between the market quotation and the time as of which the security is to be valued, the security is valued at a fair value determined in good faith under consistently applied procedures established by the Board of Trustees. A security traded on a securities exchange or in an over-the-counter market in which transaction prices are reported is valued at the last sales price at the time of valuation. A security traded principally on NASDAQ is valued at the NASDAQ official closing price. Mutual Funds and Exchange Traded Funds are valued at their closing net asset value as reported to NASDAQ. A security for which there is no reported sale on the valuation date is valued at the latest bid quotation. Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value. A security for which a market quotation is not readily available and any other assets are valued at their fair value determined in good faith under consistently applied procedures established by the Board of Trustees. The Fund has retained an independent statistical fair value pricing service that employs a systematic methodology to assist in the fair valuation process for securities principally traded in a foreign market in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time as of which the securities are to be valued. If a security is valued at fair value, that value may be different from the last quoted market price for the security.
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by GAAP. These inputs are summarized in the three broad levels listed below:
· Level 1 — quoted prices in active markets for identical securities
· Level 2 — prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 — prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee of the Fund’s Board of Trustees that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Fund’s Valuation Committee that relies on significant unobservable inputs.
The following table summarizes the inputs used, as of September 30, 2011, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Equities |
|
|
|
|
|
|
|
|
| ||||
|
Asia |
|
$ |
123 |
|
$ |
997 |
|
$ |
— |
|
$ |
1,120 |
|
|
Other Countries |
|
144 |
|
316 |
|
— |
|
460 |
| ||||
|
Europe |
|
— |
|
368 |
|
— |
|
368 |
| ||||
|
Latin America |
|
304 |
|
— |
|
— |
|
304 |
| ||||
|
Total Equities |
|
571 |
|
1,681 |
|
— |
|
2,252 |
| ||||
|
Exchange Traded Funds |
|
|
|
|
|
|
|
|
| ||||
|
Asia |
|
133 |
|
— |
|
— |
|
133 |
| ||||
|
Total Exchange Traded Funds |
|
133 |
|
— |
|
— |
|
133 |
| ||||
|
Total Investments |
|
$ |
704 |
|
$ |
1,681 |
|
$ |
— |
|
$ |
2,385 |
|
The Fund’s assets assigned to the Level 2 input category are generally valued using a market approach, in which a security’s value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sales price on the foreign exchange or market on which they trade. The Fund may use a systematic fair valuation model provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements.
There were no significant transfers of financial assets between levels 1 and 2 during the period.
Columbia Acorn European Fund
Statement of Investments (Unaudited), September 30, 2011
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
Equities: 92.7% |
|
|
| |
|
Europe 92.7% |
|
|
|
|
| |
|
|
|
> France 22.2% |
|
|
| |
|
1,580 |
|
1000 mercis |
|
$ |
78 |
|
|
1,100 |
|
Gemalto |
|
52 |
| |
|
600 |
|
Eurofins Scientific |
|
46 |
| |
|
590 |
|
Neopost |
|
43 |
| |
|
360 |
|
Norbert Dentressangle |
|
28 |
| |
|
1,050 |
|
Teleperformance |
|
22 |
| |
|
420 |
|
Rubis |
|
21 |
| |
|
720 |
|
Saft |
|
20 |
| |
|
460 |
|
Mersen |
|
18 |
| |
|
4,670 |
|
Hi-Media (a) |
|
15 |
| |
|
220 |
|
Pierre & Vacances |
|
9 |
| |
|
|
|
|
|
352 |
| |
|
|
|
> United Kingdom 18.7% |
|
|
| |
|
5,800 |
|
Chemring |
|
47 |
| |
|
1,400 |
|
Intertek Group |
|
40 |
| |
|
17,220 |
|
Charles Taylor |
|
37 |
| |
|
3,450 |
|
JLT Group |
|
34 |
| |
|
5,430 |
|
GlobeOp Financial Services |
|
24 |
| |
|
3,000 |
|
Domino’s Pizza United Kingdom & Ireland |
|
21 |
| |
|
2,140 |
|
Serco |
|
17 |
| |
|
5,020 |
|
Workspace Group |
|
17 |
| |
|
2,790 |
|
Abcam (a) |
|
16 |
| |
|
620 |
|
Rotork |
|
15 |
| |
|
2,540 |
|
Premier Oil (a) |
|
14 |
| |
|
4,850 |
|
Cobham |
|
13 |
| |
|
160 |
|
Shaftesbury |
|
1 |
| |
|
|
|
|
|
296 |
| |
|
|
|
> Netherlands 16.8% |
|
|
| |
|
1,340 |
|
Imtech |
|
38 |
| |
|
1,530 |
|
Unit 4 Aggresso |
|
37 |
| |
|
770 |
|
Vopak |
|
37 |
| |
|
2,420 |
|
Aalberts Industries |
|
36 |
| |
|
390 |
|
Core Laboratories |
|
35 |
| |
|
1,910 |
|
Arcadis |
|
35 |
| |
|
1,020 |
|
Koninklijke TenCate |
|
31 |
| |
|
340 |
|
Fugro |
|
17 |
| |
|
|
|
|
|
266 |
| |
|
|
|
> Germany 10.6% |
|
|
| |
|
2,880 |
|
Wirecard |
|
44 |
| |
|
140 |
|
Rational |
|
32 |
| |
|
560 |
|
Rheinmetall |
|
26 |
| |
|
720 |
|
Elringklinger |
|
17 |
| |
|
520 |
|
Dürr |
|
17 |
| |
|
550 |
|
CTS Eventim |
|
16 |
| |
|
800 |
|
Rhoen-Klinikum |
|
16 |
| |
|
|
|
|
|
168 |
| |
|
|
|
> Switzerland 7.7% |
|
|
| |
|
290 |
|
Geberit (a) |
|
53 |
| |
|
15 |
|
Sika |
|
27 |
| |
|
160 |
|
Partners Group |
|
26 |
| |
|
170 |
|
Dufry Group (a) |
|
15 |
| |
|
|
|
|
|
121 |
| |
|
|
|
> Sweden 4.8% |
|
|
| |
|
5,250 |
|
Sweco |
|
43 |
| |
|
2,460 |
|
Hexagon |
|
32 |
| |
|
|
|
|
|
75 |
| |
|
|
|
> Italy 2.8% |
|
|
| |
|
10,650 |
|
CIR |
|
20 |
| |
|
3,640 |
|
Geox Apparel and Shoe Maker |
|
13 |
| |
|
130 |
|
Tod’s |
|
11 |
| |
|
|
|
|
|
44 |
| |
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
|
> Ireland 2.7% |
|
|
| |
|
8,700 |
|
United Drug |
|
$ |
27 |
|
|
300 |
|
Paddy Power |
|
15 |
| |
|
|
|
|
|
42 |
| |
|
|
|
> Portugal 2.0% |
|
|
| |
|
11,230 |
|
Redes Energéticas Nacionais |
|
32 |
| |
|
|
|
|
|
32 |
| |
|
|
|
> Russia 1.6% |
|
|
| |
|
860 |
|
Mail.ru - GDR (a)(b) |
|
25 |
| |
|
|
|
|
|
25 |
| |
|
|
|
> Belgium 1.0% |
|
|
| |
|
300 |
|
EVS Broadcast Equipment |
|
16 |
| |
|
|
|
|
|
16 |
| |
|
|
|
> Norway 0.9% |
|
|
| |
|
1,900 |
|
Atea |
|
15 |
| |
|
|
|
|
|
15 |
| |
|
|
|
> Greece 0.9% |
|
|
| |
|
12,800 |
|
Intralot |
|
15 |
| |
|
|
|
|
|
15 |
| |
|
|
|
> Iceland —% |
|
|
| |
|
400 |
|
Marel (a) |
|
— |
| |
|
|
|
|
|
— |
| |
|
Europe: Total |
|
1,467 |
| |||
|
|
|
|
| |||
|
Total Equities: 92.7% |
|
1,467 |
| |||
|
|
|
|
| |||
|
Total Investments: 92.7% |
|
1,467 |
(e) | |||
|
|
|
|
| |||
|
Cash and Other Assets Less Liabilities: 7.3% |
|
115 |
| |||
|
|
|
|
| |||
|
Total Net Assets: 100.0% |
|
$ |
1,582 |
| ||
GDR = Global Depositary Receipts
> Notes to Statement of Investments (dollar values in thousands)
(a) Non-income producing security.
(b) Security exempt from registration under Section 4(2) of the Securities Act of 1933. This security may only be resold in exempt transactions to qualified buyers. Private resales of this security to qualified institutional buyers are also exempt from registration pursuant to Rule 144A under the Securities Act of 1933. At September 30, 2011, this security had an aggregate value of $25, which represented 1.58% of total net assets.
(c) At September 30, 2011 for federal income tax purposes the cost of investments was $1,566 and net unrealized depreciation was $99 consisting of gross unrealized appreciation of $13 and gross unrealized depreciation of $112.
(d) On September 30, 2011, the Fund’s total investments were denominated in currencies as follows:
|
Currency |
|
Value |
|
Percentage |
| |
|
Euro |
|
$ |
899 |
|
56.8 |
|
|
Pound Sterling |
|
296 |
|
18.7 |
| |
|
Swiss Franc |
|
121 |
|
7.7 |
| |
|
Other currencies less than 5% of total net assets |
|
151 |
|
9.5 |
| |
|
|
|
$ |
1,467 |
|
92.7 |
|
(e) Securities are valued using policies described below:
Securities of the Fund are valued at market value or, if a market quotation for a security is not readily available or is deemed not to be reliable because of events or circumstances that have occurred between the market quotation and the time as of which the security is to be valued, the security is valued at a fair value determined in good faith under consistently applied procedures established by the Board of Trustees. A security traded on a securities exchange or in an over-the-counter market in which transaction prices are reported is valued at the last sales price at the time of valuation. A security traded principally on NASDAQ is valued at the NASDAQ official closing price. Mutual Funds and Exchange Traded Funds are valued at their closing net asset value as reported to NASDAQ. A security for which there is no reported sale on the valuation date is valued at the latest bid quotation. Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value. A security for which a market quotation is not readily available and any other assets are valued at their fair value determined in good faith under consistently applied procedures established by the Board of Trustees. The Fund has retained an independent statistical fair value pricing service that employs a systematic methodology to assist in the fair valuation process for securities principally traded in a foreign market in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time as of which the securities are to be valued. If a security is valued at fair value, that value may be different from the last quoted market price for the security.
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by GAAP. These inputs are summarized in the three broad levels listed below:
· Level 1 — quoted prices in active markets for identical securities
· Level 2 — prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 — prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee of the Fund’s Board of Trustees that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Fund’s Valuation Committee that relies on significant unobservable inputs.
The following table summarizes the inputs used, as of September 30, 2011, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Equities |
|
|
|
|
|
|
|
|
| ||||
|
Europe |
|
$ |
35 |
|
$ |
1,432 |
|
$ |
— |
|
$ |
1,467 |
|
|
Total Equities |
|
35 |
|
1,432 |
|
— |
|
1,467 |
| ||||
|
Total Investments |
|
$ |
35 |
|
$ |
1,432 |
|
$ |
— |
|
$ |
1,467 |
|
The Fund’s assets assigned to the Level 2 input category are generally valued using a market approach, in which a security’s value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sales price on the foreign exchange or market on which they trade. The Fund may use a systematic fair valuation model provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements.
There were no significant transfers of financial assets between levels 1 and 2 during the period.
Item 2. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-Q is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
(b) There was no change 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.
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.
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.
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(registrant) |
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Columbia Acorn Trust |
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By (Signature and Title) |
/s/ Charles P. McQuaid |
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Charles P. McQuaid, President |
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November 21, 2011 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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By (Signature and Title) |
/s/ Charles P. McQuaid |
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Charles P. McQuaid, President |
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November 21, 2011 |
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By (Signature and Title) |
/s/ Bruce H. Lauer |
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Bruce H. Lauer, Treasurer |
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November 21, 2011 |
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Exhibit 99.CERT
I, Bruce H. Lauer, certify that:
1. I have reviewed this report on Form N-Q of Columbia Acorn Trust;
2. 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;
3. 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;
4. The registrant’s other certifying officer(s) 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:
(a) 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;
(b) 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;
(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) 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
5. The registrant’s other certifying officer(s) 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):
(a) 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
(b) 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.
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Date: |
November 21, 2011 |
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/s/ Bruce H. Lauer |
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Bruce H. Lauer, Treasurer |
I, Charles P. McQuaid, certify that:
1. I have reviewed this report on Form N-Q of Columbia Acorn Trust;
2. 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;
3. 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;
4. The registrant’s other certifying officer(s) 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:
(a) 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;
(b) 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;
(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) 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
5. The registrant’s other certifying officer(s) 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):
(a) 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
(b) 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.
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Date: |
November 21, 2011 |
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/s/ Charles P. McQuaid |
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Charles P. McQuaid, President |