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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
Investment Company Act file number |
811-01829 | |||||||
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Columbia Acorn Trust | ||||||||
(Exact name of registrant as specified in charter) | ||||||||
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225 Franklin Street, Boston, Massachusetts |
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02110 | ||||||
(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 | ||||||||
(Name and address of agent for service) | ||||||||
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Registrants 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: |
March 31, 2012 |
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Item 1. Schedule of Investments.
Columbia Acorn Fund
Statement of Investments (Unaudited), March 31, 2012
Number of Shares |
|
|
|
Value (000) |
| |
|
|
Equities: 97.4% |
|
|
| |
Information 29.0% |
|
|
| |||
|
|
> Business Software 8.3% |
|
|
| |
5,000,000 |
|
Informatica (a) |
|
|
| |
|
|
Enterprise Data Integration Software |
|
$ |
264,500 |
|
2,550,000 |
|
Ansys (a) |
|
|
| |
|
|
Simulation Software for Engineers & Designers |
|
165,801 |
| |
2,700,000 |
|
Micros Systems (a) |
|
|
| |
|
|
Information Systems for Hotels, Restaurants & Retailers |
|
149,283 |
| |
1,830,000 |
|
Concur Technologies (a) |
|
|
| |
|
|
Web Enabled Cost & Expense Management Software |
|
105,005 |
| |
2,350,000 |
|
Quality Systems |
|
|
| |
|
|
IT Systems for Medical Groups & Ambulatory Care Centers |
|
102,765 |
| |
5,164,999 |
|
Hexagon (Sweden) |
|
|
| |
|
|
Design, Measurement & Visualization Software & Equipment |
|
100,243 |
| |
2,850,000 |
|
Ariba (a) |
|
|
| |
|
|
Cost Management Software |
|
93,223 |
| |
2,350,000 |
|
Constant Contact (a)(b) |
|
|
| |
|
|
Email & Other Marketing Campaign Management Systems Delivered Over the Web |
|
70,006 |
| |
2,150,000 |
|
TIBCO (a) |
|
|
| |
|
|
Datacenter Software |
|
65,575 |
| |
1,700,000 |
|
Tyler Technologies (a)(b) |
|
|
| |
|
|
Financial, Tax, Court & Document Management Systems for Local Governments |
|
65,297 |
| |
1,150,000 |
|
NetSuite (a) |
|
|
| |
|
|
End to End IT Systems Solution Delivered Over the Web |
|
57,834 |
| |
1,650,000 |
|
Blackbaud |
|
|
| |
|
|
Software & Services for Non-profits |
|
54,830 |
| |
1,700,000 |
|
Kenexa (a)(b) |
|
|
| |
|
|
Recruiting & Workforce Management Solutions |
|
53,108 |
| |
750,000 |
|
Red Hat (a) |
|
|
| |
|
|
Maintenance & Support for Opensource OS & Middleware |
|
44,918 |
| |
2,500,000 |
|
Velti (a) |
|
|
| |
|
|
Mobile Marketing Software Platform |
|
33,875 |
| |
750,000 |
|
Jack Henry & Associates |
|
|
| |
|
|
Systems Financial Institutions |
|
25,590 |
| |
900,000 |
|
SPS Commerce (a)(b) |
|
|
| |
|
|
Supply Chain Management Software Delivered via the Web |
|
24,192 |
| |
690,000 |
|
Advent Software (a) |
|
|
| |
|
|
Asset Management & Trading Systems |
|
17,664 |
| |
900,000 |
|
Active Network (a) |
|
|
| |
|
|
Web Delivered Software Solutions for Managing Events & Activities |
|
15,147 |
| |
1,000,000 |
|
InContact (a) |
|
|
| |
|
|
Call Center Systems Delivered via the Web & Telco Services |
|
5,580 |
| |
55,000 |
|
Solera Holdings |
|
|
| |
|
|
Software for Automotive Insurance Claims Processing |
|
2,524 |
| |
|
|
|
|
1,516,960 |
| |
|
|
> Instrumentation 3.0% |
|
|
| |
1,600,000 |
|
Mettler Toledo (a)(b) |
|
|
| |
|
|
Laboratory Equipment |
|
295,600 |
| |
2,780,000 |
|
IPG Photonics (a)(b) |
|
|
| |
|
|
Fiber Lasers |
|
144,699 |
| |
2,035,000 |
|
Trimble Navigation (a) |
|
|
| |
|
|
GPS-based Instruments |
|
110,745 |
| |
|
|
|
|
551,044 |
| |
|
|
> Computer Hardware & Related Equipment 2.6% |
|
|
| |
3,495,000 |
|
Amphenol |
|
|
| |
|
|
Electronic Connectors |
|
208,896 |
| |
4,550,000 |
|
II-VI (a)(b) |
|
|
| |
|
|
Laser Optics & Specialty Materials |
|
107,607 |
| |
1,605,000 |
|
Zebra Technologies (a) |
|
|
| |
|
|
Bar Code Printers |
|
66,094 |
| |
900,000 |
|
Netgear (a) |
|
|
| |
|
|
Networking Products for Small Business & Home |
|
34,380 |
| |
800,000 |
|
Nice Systems - ADR (Israel) (a) |
|
|
| |
|
|
Audio & Video Recording Solutions |
|
31,440 |
| |
605,000 |
|
Stratasys (a) |
|
|
| |
|
|
Rapid Prototyping Systems |
|
22,095 |
| |
207,000 |
|
Gemalto (France) |
|
|
| |
|
|
Digital Security Solutions |
|
13,663 |
| |
|
|
|
|
484,175 |
| |
|
|
> Semiconductors & Related Equipment 2.4% |
|
|
| |
12,300,000 |
|
Atmel (a) |
|
|
| |
|
|
Microcontrollers, RF & Memory Semiconductors |
|
121,278 |
| |
7,932,000 |
|
ON Semiconductor (a) |
|
|
| |
|
|
Mixed Signal & Power Management Semiconductors |
|
71,467 |
| |
5,000,000 |
|
Entegris (a) |
|
|
|
|
|
Semiconductor Materials Management Products |
|
46,700 |
|
2,160,000 |
|
Microsemi (a) |
|
|
|
|
|
Analog/Mixed Signal Semiconductors |
|
46,310 |
|
500,000 |
|
Littelfuse |
|
|
|
|
|
Little Fuses |
|
31,350 |
|
1,900,000 |
|
IXYS (a)(b) |
|
|
|
|
|
Power Semiconductors |
|
25,080 |
|
1,165,000 |
|
Monolithic Power Systems (a) |
|
|
|
|
|
High Performance Analog & Mixed Signal ICs |
|
22,916 |
|
400,000 |
|
Hittite Microwave (a) |
|
|
|
|
|
Radio Frequency, Microwave & Millimeterwave Semiconductors |
|
21,724 |
|
615,000 |
|
Ultratech (a) |
|
|
|
|
|
Semiconductor Equipment |
|
17,823 |
|
2,290,000 |
|
TriQuint Semiconductor (a) |
|
|
|
|
|
RF Semiconductors |
|
15,790 |
|
1,765,000 |
|
Pericom Semiconductor (a)(b) |
|
|
|
|
|
Interface ICs & Frequency Control Products |
|
14,279 |
|
380,000 |
|
Cree (a) |
|
|
|
|
|
LED Lighting, Components & Chips |
|
12,019 |
|
|
|
|
|
446,736 |
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
> Mobile Communications 2.3% |
|
|
| |
4,465,000 |
|
Crown Castle International (a) |
|
|
| |
|
|
Communications Towers |
|
$ |
238,163 |
|
3,700,000 |
|
SBA Communications (a) |
|
|
| |
|
|
Communications Towers |
|
187,997 |
| |
1,500,000 |
|
Globalstar (a) |
|
|
| |
|
|
Satellite Mobile Voice & Data Carrier |
|
1,050 |
| |
|
|
|
|
427,210 |
| |
|
|
> Telephone & Data Services 2.2% |
|
|
| |
9,500,000 |
|
tw telecom (a)(b) |
|
|
| |
|
|
Fiber Optic Telephone/Data Services |
|
210,520 |
| |
1,400,000 |
|
AboveNet (a)(b) |
|
|
| |
|
|
Metropolitan Fiber Communications Services |
|
115,920 |
| |
2,200,000 |
|
Cogent Communications (a) |
|
|
| |
|
|
Internet Data Pipelines |
|
41,976 |
| |
1,650,000 |
|
Boingo Wireless (a) |
|
|
| |
|
|
Wholesale & Retail Wi-Fi Networks |
|
19,965 |
| |
2,000,000 |
|
General Communications (a)(b) |
|
|
| |
|
|
Commercial Communication & Consumer CATV, Web & Phone in Alaska |
|
17,440 |
| |
|
|
|
|
405,821 |
| |
|
|
> Computer Services 1.3% |
|
|
| |
3,400,000 |
|
iGATE (a)(b) |
|
|
| |
|
|
IT & Business Process Outsourcing Services |
|
56,984 |
| |
1,435,200 |
|
ExlService Holdings (a) |
|
|
| |
|
|
Business Process Outsourcing |
|
39,382 |
| |
680,000 |
|
Syntel |
|
|
| |
|
|
Offshore IT Services |
|
38,080 |
| |
2,125,000 |
|
Virtusa (a)(b) |
|
|
| |
|
|
Offshore IT Outsourcing |
|
36,699 |
| |
1,575,000 |
|
Genpact (a) |
|
|
| |
|
|
Business Process Outsourcing |
|
25,672 |
| |
3,849,207 |
|
Hackett Group (a)(b) |
|
|
| |
|
|
IT Integration & Best Practice Research |
|
22,980 |
| |
1,091,353 |
|
WNS - ADR (India) (a) |
|
|
| |
|
|
Offshore BPO (Business Process Outsourcing) Services |
|
13,151 |
| |
|
|
|
|
232,948 |
| |
|
|
> Gaming Equipment & Services 1.2% |
|
|
| |
3,725,000 |
|
Bally Technologies (a)(b) |
|
|
| |
|
|
Slot Machines & Software |
|
174,144 |
| |
1,530,000 |
|
WMS Industries (a) |
|
|
| |
|
|
Slot Machine Provider |
|
36,307 |
| |
|
|
|
|
210,451 |
| |
|
|
> Internet Related 1.0% |
|
|
| |
585,000 |
|
Equinix (a) |
|
|
| |
|
|
Network Neutral Data Centers |
|
92,108 |
| |
1,450,000 |
|
TripAdvisor (a) |
|
|
| |
|
|
Online Travel Research |
|
51,722 |
| |
304,000 |
|
NetEase.com - ADR (China) (a) |
|
|
| |
|
|
Chinese Online Gaming Services |
|
17,662 |
| |
400,000 |
|
Mail.ru - GDR (Russia) (a)(c) |
|
|
| |
|
|
Internet Social Networking & Games for Russian Speakers |
|
15,780 |
| |
250,000 |
|
Akamai (a) |
|
|
| |
|
|
Content Delivery Network (CDN) for Better Delivery of Online Content |
|
9,175 |
| |
|
|
|
|
186,447 |
| |
|
|
> Telecommunications Equipment 0.9% |
|
|
| |
685,000 |
|
F5 Networks (a) |
|
|
| |
|
|
Internet Traffic Management Equipment |
|
92,448 |
| |
1,695,000 |
|
Finisar (a) |
|
|
| |
|
|
Optical Subsystems & Components |
|
34,154 |
| |
2,330,000 |
|
Ixia (a) |
|
|
| |
|
|
Telecom Network Test Equipment |
|
29,102 |
| |
1,925,000 |
|
Infinera (a) |
|
|
| |
|
|
Optical Networking Equipment |
|
15,631 |
| |
|
|
|
|
171,335 |
| |
|
|
> Business Information & Marketing Services 0.9% |
|
|
| |
1,900,000 |
|
Verisk Analytics (a) |
|
|
| |
|
|
Risk & Decision Analytics |
|
89,243 |
| |
2,800,000 |
|
Navigant Consulting (a)(b) |
|
|
| |
|
|
Financial Consulting Firm |
|
38,948 |
| |
868,516 |
|
FTI Consulting (a) |
|
|
| |
|
|
Financial Consulting Firm |
|
32,586 |
| |
505,000 |
|
RPX (a) |
|
|
| |
|
|
Patent Aggregation & Defensive Patent Consulting |
|
8,565 |
| |
|
|
|
|
169,342 |
| |
|
|
> CATV 0.8% |
|
|
| |
1,595,000 |
|
Discovery Series C (a) |
|
|
| |
|
|
CATV Programming |
|
74,773 |
| |
1,250,000 |
|
Liberty Global Series A (a) |
|
|
|
|
|
Cable TV Franchises Outside the USA |
|
62,600 |
|
15,770 |
|
Jupiter Telecommunications (Japan) |
|
|
|
|
|
Largest Cable Service Provider in Japan |
|
15,795 |
|
|
|
|
|
153,168 |
|
|
|
> Financial Processors 0.7% |
|
|
|
2,299,000 |
|
Global Payments |
|
|
|
|
|
Credit Card Processor |
|
108,053 |
|
5,000,000 |
|
Singapore Exchange (Singapore) |
|
|
|
|
|
Singapore Equity & Derivatives Market Operator |
|
27,656 |
|
|
|
|
|
135,709 |
|
|
|
> Electronics Distribution 0.6% |
|
|
|
3,125,000 |
|
Avnet (a) |
|
|
|
|
|
Electronic Components Distribution |
|
113,719 |
|
|
|
|
|
113,719 |
|
|
|
> Contract Manufacturing 0.5% |
|
|
|
3,800,000 |
|
Sanmina-SCI (a) |
|
|
|
|
|
Electronic Manufacturing Services |
|
43,510 |
|
1,100,000 |
|
Plexus (a) |
|
|
|
|
|
Electronic Manufacturing Services |
|
38,489 |
|
|
|
|
|
81,999 |
|
|
|
> Entertainment Programming 0.2% |
|
|
|
1,100,000 |
|
IMAX (Canada) (a) |
|
|
|
|
|
IMAX Movies, Theatre Equipment & Theatre Joint Ventures |
|
26,884 |
|
|
|
|
|
26,884 |
|
|
|
> TV Broadcasting 0.1% |
|
|
|
2,500,000 |
|
Entravision Communications |
|
|
|
|
|
Spanish Language TV & Radio Stations |
|
4,275 |
|
1,750,000 |
|
Gray Television (a) |
|
|
|
|
|
Mid Market Affiliated TV Stations |
|
3,307 |
|
|
|
|
|
7,582 |
|
Number of Shares |
|
|
|
Value (000) |
| |
|
|
> Radio % |
|
|
| |
164,991 |
|
Saga Communications (a) |
|
|
| |
|
|
Radio Stations in Small & Mid-sized Cities |
|
$ |
5,907 |
|
|
|
|
|
5,907 |
| |
|
|
> Consumer Software % |
|
|
| |
273,500 |
|
Carbonite (a)(d) |
|
|
| |
|
|
Online File Storage |
|
3,011 |
| |
|
|
|
|
3,011 |
| |
|
|
> Advertising % |
|
|
| |
1,500,000 |
|
VisionChina Media - ADR (China) (a) |
|
|
| |
|
|
Advertising on Digital Screens in Chinas Mass Transit System |
|
2,370 |
| |
|
|
|
|
2,370 |
| |
Information: Total |
|
5,332,818 |
| |||
|
|
|
|
|
| |
Industrial Goods & Services 18.7% |
|
|
| |||
|
|
> Machinery 11.1% |
|
|
| |
6,750,000 |
|
Ametek |
|
|
| |
|
|
Aerospace/Industrial Instruments |
|
327,442 |
| |
8,400,000 |
|
Donaldson (b) |
|
|
| |
|
|
Industrial Air Filtration |
|
300,132 |
| |
3,125,000 |
|
Nordson |
|
|
| |
|
|
Dispensing Systems for Adhesives & Coatings |
|
170,344 |
| |
3,725,000 |
|
Kennametal |
|
|
| |
|
|
Consumable Cutting Tools |
|
165,874 |
| |
3,100,000 |
|
Pentair |
|
|
| |
|
|
Pumps & Water Treatment |
|
147,591 |
| |
2,775,000 |
|
Moog (a)(b) |
|
|
| |
|
|
Motion Control Products for Aerospace, Defense & Industrial Markets |
|
119,020 |
| |
2,325,000 |
|
Clarcor |
|
|
| |
|
|
Mobile & Industrial Filters |
|
114,134 |
| |
1,800,000 |
|
Pall |
|
|
| |
|
|
Filtration & Fluids Clarification |
|
107,334 |
| |
2,450,000 |
|
Heico (b) |
|
|
| |
|
|
FAA Approved Aircraft Replacement Parts |
|
98,368 |
| |
2,200,000 |
|
ESCO Technologies (b) |
|
|
| |
|
|
Automatic Electric Meter Readers |
|
80,894 |
| |
2,675,000 |
|
Oshkosh Corporation (a) |
|
|
| |
|
|
Specialty Truck Manufacturer |
|
61,980 |
| |
950,000 |
|
WABCO Holdings (a) |
|
|
| |
|
|
Truck & Bus Component Supplier |
|
57,456 |
| |
805,000 |
|
Toro |
|
|
| |
|
|
Turf Maintenance Equipment |
|
57,244 |
| |
435,000 |
|
Valmont Industries |
|
|
| |
|
|
Center Pivot Irrigation Systems & Utility Poles |
|
51,073 |
| |
600,000 |
|
Wabtec |
|
|
| |
|
|
Freight & Transit Component Supplier |
|
45,222 |
| |
1,776,000 |
|
Generac (a) |
|
|
| |
|
|
Standby Power Generators |
|
43,601 |
| |
900,000 |
|
Polypore International (a)(d) |
|
|
| |
|
|
Battery Separators & Filtration Media |
|
31,644 |
| |
166,419 |
|
Middleby (a) |
|
|
| |
|
|
Manufacturer of Cooking Equipment |
|
16,838 |
| |
210,000 |
|
Neopost (France) |
|
|
| |
|
|
Postage Meter Machines |
|
13,505 |
| |
501,000 |
|
Kaydon |
|
|
| |
|
|
Specialized Friction & Motion Control Products |
|
12,781 |
| |
10,000,000 |
|
Marel (Iceland) |
|
|
| |
|
|
Largest Manufacturer of Poultry & Fish Processing Equipment |
|
11,735 |
| |
3,450,000 |
|
Jain Irrigation Systems (India) |
|
6,656 |
| |
172,500 |
|
Jain Irrigation Systems - DVR (India) (a) |
|
|
| |
|
|
Agricultural Micro-irrigation Systems & Food Processing |
|
162 |
| |
1,000,000 |
|
Spartan Motors |
|
|
| |
|
|
Specialty Truck & Chassis Manufacturer |
|
5,290 |
| |
|
|
|
|
2,046,320 |
| |
|
|
> Industrial Materials & Specialty Chemicals 2.1% |
|
|
| |
1,750,000 |
|
Albemarle |
|
|
| |
|
|
Refinery Catalysts & Other Specialty Chemicals |
|
111,860 |
| |
760,000 |
|
FMC Corporation |
|
|
| |
|
|
Niche Specialty Chemicals |
|
80,454 |
| |
1,880,000 |
|
Drew Industries (a)(b) |
|
|
| |
|
|
RV & Manufactured Home Components |
|
51,343 |
| |
1,525,000 |
|
Novozymes (Denmark) |
|
|
| |
|
|
Industrial Enzymes |
|
44,415 |
| |
673,000 |
|
Sociedad Quimica y Minera de Chile - ADR (Chile) |
|
|
| |
|
|
Producer of Specialty Fertilizers, Lithium & Iodine |
|
39,485 |
| |
2,218,700 |
|
Kansai Paint (Japan) |
|
|
| |
|
|
Paint Producer in Japan, India, China & Southeast Asia |
|
22,493 |
| |
900,000 |
|
Albany International |
|
|
| |
|
|
Paper Machine Clothing & Advanced Textiles |
|
20,655 |
| |
260,000 |
|
Mersen (France) |
|
|
| |
|
|
Advanced Industrial Materials |
|
9,215 |
| |
200,000 |
|
Silgan Holdings |
|
|
| |
|
|
Metal & Plastic Packaging |
|
8,840 |
| |
|
|
|
|
388,760 |
| |
|
|
> Other Industrial Services 1.9% |
|
|
| |
3,050,000 |
|
Expeditors International of Washington |
|
|
| |
|
|
International Freight Forwarder |
|
141,855 |
| |
1,601,465 |
|
Imtech (Netherlands) |
|
|
| |
|
|
Electromechanical & ICT Installation & Maintenance |
|
51,197 |
| |
1,300,000 |
|
Forward Air |
|
|
| |
|
|
Freight Transportation Between Airports |
|
47,671 |
| |
1,350,000 |
|
LKQ (a) |
|
|
| |
|
|
Alternative Auto Parts Distribution |
|
42,079 |
| |
1,600,000 |
|
Mobile Mini (a) |
|
|
| |
|
|
Portable Storage Units Leasing |
|
33,792 |
| |
1,500,000 |
|
Acorn Energy (b) |
|
|
| |
|
|
Frac Well Exploration/Monitoring Device, Sonar Security, Electric Grid Monitoring |
|
16,305 |
| |
750,000 |
|
UTI Worldwide |
|
|
| |
|
|
Freight Forwarding & Logistics |
|
12,923 |
| |
|
|
|
|
345,822 |
| |
|
|
> Construction 0.9% |
|
|
| |
1,725,000 |
|
Chicago Bridge & Iron |
|
|
| |
|
|
Engineering & Construction for LNG & Petrochemicals |
|
74,503 |
| |
Number of Shares |
|
|
|
Value (000) |
| |
|
|
> Constructioncontinued |
|
|
| |
66,000 |
|
NVR (a) |
|
|
| |
|
|
DC Homebuilder |
|
$ |
47,938 |
|
1,350,000 |
|
Fortune Brands Home & Security (a) |
|
|
| |
|
|
Home Building Supplies & Small Locks |
|
29,794 |
| |
1,800,000 |
|
Mills Estruturas e Servicos de Engenharia (Brazil) |
|
|
| |
|
|
Civil Engineering & Construction |
|
22,877 |
| |
|
|
|
|
175,112 |
| |
|
|
> Electrical Components 0.7% |
|
|
| |
1,440,000 |
|
Acuity Brands |
|
|
| |
|
|
Commercial Lighting Fixtures |
|
90,475 |
| |
1,500,000 |
|
Ushio (Japan) |
|
|
| |
|
|
Industrial Light Sources |
|
21,249 |
| |
351,000 |
|
Saft Batteries (France) |
|
|
| |
|
|
Niche Battery Manufacturer |
|
11,375 |
| |
|
|
|
|
123,099 |
| |
|
|
> Waste Management 0.6% |
|
|
| |
2,400,000 |
|
Waste Connections |
|
|
| |
|
|
Solid Waste Management |
|
78,072 |
| |
560,000 |
|
Clean Harbors (a) |
|
|
| |
|
|
Hazardous Waste Services & Disposal |
|
37,705 |
| |
|
|
|
|
115,777 |
| |
|
|
> Outsourcing Services 0.6% |
|
|
| |
2,800,000 |
|
Quanta Services (a) |
|
|
| |
|
|
Electrical & Telecom Construction Services |
|
58,520 |
| |
1,210,000 |
|
Insperity |
|
|
| |
|
|
Professional Employer Organization |
|
37,074 |
| |
600,000 |
|
GP Strategies (a) |
|
|
| |
|
|
Training Programs |
|
10,500 |
| |
|
|
|
|
106,094 |
| |
|
|
> Industrial Distribution 0.3% |
|
|
| |
2,399,751 |
|
Interline Brands (a)(b) |
|
|
| |
|
|
Industrial Distribution |
|
51,859 |
| |
|
|
|
|
51,859 |
| |
|
|
> Conglomerates 0.3% |
|
|
| |
2,263,654 |
|
Aalberts Industries (Netherlands) |
|
|
| |
|
|
Flow Control & Heat Treatment |
|
46,795 |
| |
|
|
|
|
46,795 |
| |
|
|
> Steel 0.2% |
|
|
| |
3,750,000 |
|
GrafTech International (a) |
|
|
| |
|
|
Industrial Graphite Materials Producer |
|
44,775 |
| |
|
|
|
|
44,775 |
| |
Industrial Goods & Services: Total |
|
3,444,413 |
| |||
|
|
|
|
|
| |
Consumer Goods & Services 16.4% |
|
|
| |||
|
|
> Retail 5.0% |
|
|
| |
4,922,800 |
|
lululemon athletica (a) |
|
|
| |
|
|
Premium Active Apparel Retailer |
|
367,635 |
| |
3,460,000 |
|
Abercrombie & Fitch |
|
|
| |
|
|
Teen Apparel Retailer |
|
171,651 |
| |
3,370,000 |
|
Shutterfly (a)(b) |
|
|
| |
|
|
Internet Photo-centric Retailer |
|
105,582 |
| |
5,600,000 |
|
Pier 1 Imports (a)(b) |
|
|
| |
|
|
Home Furnishing Retailer |
|
101,808 |
| |
5,225,000 |
|
Saks (a) |
|
|
| |
|
|
Luxury Department Store Retailer |
|
60,662 |
| |
392,500 |
|
Fossil (a) |
|
|
| |
|
|
Watch Designer & Retailer |
|
51,802 |
| |
525,000 |
|
DSW |
|
|
| |
|
|
Branded Footwear Retailer |
|
28,754 |
| |
971,500 |
|
Teavana (a)(d) |
|
|
| |
|
|
Specialty Tea Retailer |
|
19,158 |
| |
1,371,366 |
|
Gaiam (a)(b) |
|
|
| |
|
|
Healthy Living Catalogs & E-Commerce |
|
5,458 |
| |
300,000 |
|
American Eagle Outfitters |
|
|
| |
|
|
Teen Apparel Retailer |
|
5,157 |
| |
66,000 |
|
The Fresh Market (a) |
|
|
| |
|
|
Specialty Food Retailer |
|
3,165 |
| |
|
|
|
|
920,832 |
| |
|
|
> Apparel 3.0% |
|
|
| |
2,100,000 |
|
Coach |
|
|
| |
|
|
Designer & Retailer of Branded Leather Accessories |
|
162,288 |
| |
1,660,000 |
|
PVH |
|
|
| |
|
|
Apparel Wholesaler & Retailer |
|
148,288 |
| |
2,190,000 |
|
Warnaco Group (a)(b) |
|
|
| |
|
|
Global Branded Apparel Manufacturer |
|
127,896 |
| |
1,140,000 |
|
Deckers Outdoor (a) |
|
|
| |
|
|
Fashion Footwear Wholesaler |
|
71,877 |
| |
600,000 |
|
Steven Madden (a) |
|
|
| |
|
|
Wholesaler/Retailer of Fashion Footwear |
|
25,650 |
| |
393,452 |
|
True Religion Apparel (a) |
|
|
| |
|
|
Premium Denim |
|
10,780 |
| |
|
|
|
|
546,779 |
| |
|
|
> Travel 2.5% |
|
|
| |
3,850,000 |
|
Gaylord Entertainment (a)(b) |
|
|
| |
|
|
Convention Hotels |
|
118,580 |
| |
1,430,000 |
|
Vail Resorts |
|
|
| |
|
|
Ski Resort Operator & Developer |
|
61,847 |
| |
3,750,000 |
|
Hertz (a) |
|
|
| |
|
|
Largest U.S. Rental Car Operator |
|
56,400 |
| |
3,800,000 |
|
Avis Budget Group (a) |
|
|
| |
|
|
Second Largest Car Rental Company |
|
53,770 |
| |
1,450,000 |
|
Expedia (d) |
|
|
| |
|
|
Online Travel Services Company |
|
48,488 |
| |
1,600,000 |
|
HomeAway (a) |
|
|
| |
|
|
Vacation Rental Online Marketplace |
|
40,592 |
| |
2,000,000 |
|
Localiza Rent A Car (Brazil) |
|
|
| |
|
|
Car Rental |
|
36,813 |
| |
970,000 |
|
Choice Hotels |
|
|
| |
|
|
Franchisor of Budget Hotel Brands |
|
36,220 |
| |
|
|
|
|
452,710 |
| |
|
|
> Food & Beverage 1.2% |
|
|
| |
2,340,000 |
|
Monster Beverage (a) |
|
|
| |
|
|
Alternative Beverages |
|
145,290 |
| |
32,000,000 |
|
Olam International (Singapore) |
|
|
| |
|
|
Agriculture Supply Chain Manager |
|
60,136 |
| |
240,000 |
|
Snyders-Lance |
|
|
| |
|
|
Snack Foods |
|
6,204 |
| |
45,500 |
|
Annies (a) |
|
|
| |
|
|
Developer & Marketer of Natural & Organic Food |
|
1,585 |
| |
Number of Shares |
|
|
|
Value (000) |
| |
|
|
> Food & Beveragecontinued |
|
|
| |
1,678,125 |
|
GLG Life Tech (Canada) (a)(b)(d) |
|
|
| |
|
|
Produce an All-natural Sweetener Extracted from the Stevia Plant |
|
$ |
1,326 |
|
|
|
|
|
214,541 |
| |
|
|
> Other Consumer Services 0.8% |
|
|
| |
2,190,000 |
|
Lifetime Fitness (a)(b) |
|
|
| |
|
|
Sport & Fitness Club Operator |
|
110,748 |
| |
13,500,000 |
|
Lifestyle International (Hong Kong) |
|
|
| |
|
|
Mid to High-end Department Store Operator in Hong Kong & China |
|
34,392 |
| |
1,062,500 |
|
Move (a) |
|
|
| |
|
|
Real Estate Internet Websites |
|
10,317 |
| |
1,325,000 |
|
IFM Investments (Century 21 China RE) - ADR (China) (a) |
|
|
| |
|
|
Provide Real Estate Services in China |
|
954 |
| |
|
|
|
|
156,411 |
| |
|
|
> Furniture & Textiles 0.8% |
|
|
| |
4,200,000 |
|
Knoll (b) |
|
|
| |
|
|
Office Furniture |
|
69,888 |
| |
2,250,000 |
|
Herman Miller |
|
|
| |
|
|
Office Furniture |
|
51,660 |
| |
1,750,000 |
|
Interface |
|
|
| |
|
|
Modular & Broadloom Carpet |
|
24,413 |
| |
215,000 |
|
Caesarstone (Israel) (a) |
|
|
| |
|
|
Quartz Countertops |
|
2,511 |
| |
|
|
|
|
148,472 |
| |
|
|
> Consumer Goods Distribution 0.8% |
|
|
| |
2,015,000 |
|
Pool |
|
|
| |
|
|
Distributor of Swimming Pool Supplies & Equipment |
|
75,401 |
| |
1,528,500 |
|
GNC Holdings |
|
|
| |
|
|
Specialty Retailer of Health + Wellness Products |
|
53,329 |
| |
625,000 |
|
United Stationers |
|
|
| |
|
|
Wholesale Distributor of Business Products |
|
19,394 |
| |
|
|
|
|
148,124 |
| |
|
|
> Casinos & Gaming 0.8% |
|
|
| |
3,950,000 |
|
Pinnacle Entertainment (a)(b) |
|
|
| |
|
|
Regional Casino Operator |
|
45,464 |
| |
3,000,000 |
|
Melco Crown Entertainment - ADR (Hong Kong) (a) |
|
|
| |
|
|
Macau Casino Operator |
|
40,830 |
| |
850,000 |
|
Penn National Gaming (a) |
|
|
| |
|
|
Regional Casino Operator |
|
36,533 |
| |
12,000,000 |
|
MGM China Holdings (Hong Kong) (d) |
|
|
| |
|
|
Macau Casino Operator |
|
21,906 |
| |
|
|
|
|
144,733 |
| |
|
|
> Other Durable Goods 0.5% |
|
|
| |
1,500,000 |
|
Jarden |
|
|
| |
|
|
Branded Household Products |
|
60,345 |
| |
460,000 |
|
Cavco Industries (a)(b) |
|
|
| |
|
|
Manufactured Homes |
|
21,427 |
| |
400,000 |
|
Tesla Motors (a) |
|
|
| |
|
|
Design, Manufacture and Sell High-performance Electric Vehicles |
|
14,896 |
| |
|
|
|
|
96,668 |
| |
|
|
> Restaurants 0.3% |
|
|
| |
2,000,000 |
|
AFC Enterprises (a)(b) |
|
|
| |
|
|
Popeyes Restaurants |
|
33,920 |
| |
675,000 |
|
Bravo Brio Restaurant Group (a) |
|
|
| |
|
|
Upscale Casual Italian Restaurants |
|
13,473 |
| |
450,000 |
|
Cheesecake Factory (a) |
|
|
| |
|
|
Casual Dining Restaurants |
|
13,226 |
| |
|
|
|
|
60,619 |
| |
|
|
> Nondurables 0.3% |
|
|
| |
1,600,000 |
|
Helen of Troy (a)(b) |
|
|
| |
|
|
Personal Care, Housewares, Healthcare & Home Environment Products |
|
54,416 |
| |
|
|
|
|
54,416 |
| |
|
|
> Educational Services 0.3% |
|
|
| |
800,000 |
|
New Oriental Education & Technology - ADR (China) (a) |
|
|
| |
|
|
Education Service Provider |
|
21,968 |
| |
300,000 |
|
ITT Educational Services (a)(d) |
|
|
| |
|
|
Postsecondary Degree Services |
|
19,842 |
| |
612,205 |
|
Universal Technical Institute |
|
|
| |
|
|
Vocational Training |
|
8,075 |
| |
2,000,000 |
|
Voyager Learning, Contingent Value Rights (a)(e)(f) |
|
|
| |
|
|
Education Services for the K-12 Market |
|
220 |
| |
|
|
|
|
50,105 |
| |
|
|
> Leisure Products 0.1% |
|
|
| |
1,290,000 |
|
Skullcandy (a)(d) |
|
|
| |
|
|
Lifestyle Branded Headphones |
|
20,421 |
| |
|
|
|
|
20,421 |
| |
|
|
> Other Entertainment % |
|
|
| |
265,000 |
|
CTS Eventim (Germany) |
|
|
| |
|
|
Event Ticket Sales |
|
9,154 |
| |
|
|
|
|
9,154 |
| |
Consumer Goods & Services: Total |
|
3,023,985 |
| |||
|
|
|
|
|
| |
Finance 10.2% |
|
|
| |||
|
|
> Banks 4.2% |
|
|
| |
2,691,414 |
|
BOK Financial |
|
|
| |
|
|
Tulsa-based S.W. Bank |
|
151,473 |
| |
6,287,800 |
|
Associated Banc-Corp |
|
|
| |
|
|
Midwest Bank |
|
87,778 |
| |
2,337,313 |
|
Hancock Holding |
|
|
| |
|
|
Gulf Coast Bank |
|
82,998 |
| |
5,070,000 |
|
Valley National Bancorp |
|
|
| |
|
|
New Jersey/New York Bank |
|
65,657 |
| |
1,175,000 |
|
City National |
|
|
| |
|
|
Bank & Asset Manager |
|
61,652 |
| |
2,860,000 |
|
MB Financial (b) |
|
|
| |
|
|
Chicago Bank |
|
60,031 |
| |
810,000 |
|
SVB Financial Group (a) |
|
|
| |
|
|
Bank to Venture Capitalists |
|
52,115 |
| |
3,400,000 |
|
CVB Financial |
|
|
| |
|
|
Inland Empire Business Bank |
|
39,916 |
| |
2,200,000 |
|
TCF Financial |
|
|
| |
|
|
Great Lakes Bank |
|
26,158 |
| |
700,000 |
|
Wintrust Financial |
|
|
| |
|
|
Chicago & Milwaukee Full Service Bank |
|
25,053 |
| |
Number of Shares |
|
|
|
Value (000) |
| |
|
|
> Bankscontinued |
|
|
| |
1,350,000 |
|
TriCo Bancshares (b) |
|
$ |
23,517 |
|
4,299,507 |
|
First Busey |
|
21,240 |
| |
1,121,188 |
|
Sandy Spring Bancorp |
|
20,372 |
| |
811,295 |
|
Hudson Valley |
|
13,086 |
| |
2,136,500 |
|
TrustCo Bank |
|
12,199 |
| |
706,559 |
|
Eagle Bancorp (a) |
|
11,828 |
| |
1,000,000 |
|
First Commonwealth |
|
6,120 |
| |
500,000 |
|
Oriental Financial Group |
|
6,050 |
| |
246,505 |
|
Pacific Continental Bank |
|
2,322 |
| |
152,569 |
|
Green Bankshares (a) |
|
258 |
| |
|
|
|
|
769,823 |
| |
|
|
> Insurance 2.6% |
|
|
| |
2,820,000 |
|
Leucadia National |
|
73,602 |
| |
8,900,000 |
|
CNO Financial Group (a) |
|
69,242 |
| |
2,764,000 |
|
Tower Group (b) |
|
61,997 |
| |
833,000 |
|
Allied World Holdings |
|
57,202 |
| |
1,120,000 |
|
The Hanover Insurance Group |
|
46,054 |
| |
2,050,000 |
|
Selective Insurance Group |
|
36,100 |
| |
1,100,000 |
|
HCC Insurance Holdings |
|
34,287 |
| |
832,000 |
|
Willis Group (Ireland) |
|
29,103 |
| |
925,000 |
|
Kemper |
|
28,009 |
| |
250,000 |
|
Enstar Group (a) |
|
24,748 |
| |
900,000 |
|
Brown & Brown |
|
21,402 |
| |
500,000 |
|
Assured Guaranty |
|
8,260 |
| |
|
|
|
|
490,006 |
| |
|
|
> Finance Companies 1.4% |
|
|
| |
1,459,555 |
|
World Acceptance (a)(b) |
|
89,398 |
| |
2,150,000 |
|
McGrath Rentcorp (b) |
|
69,037 |
| |
3,400,000 |
|
H & E Equipment Services (a)(b) |
|
64,328 |
| |
1,123,400 |
|
CAI International (a)(b) |
|
20,423 |
| |
1,091,000 |
|
Marlin Business Services (b) |
|
16,430 |
| |
422,500 |
|
Regional Management (a) |
|
7,098 |
| |
78,500 |
|
Textainer Group Holdings |
|
2,661 |
| |
|
|
|
|
269,375 |
| |
|
|
> Brokerage & Money Management 1.3% |
|
|
| |
6,198,000 |
|
SEI Investments |
|
128,237 |
| |
3,700,000 |
|
Eaton Vance |
|
105,746 |
| |
1,000,000 |
|
Artio Global Investors (d) |
|
4,770 |
| |
|
|
|
|
238,753 |
| |
|
|
> Credit Cards 0.5% |
|
|
| |
550,000 |
|
Alliance Data Systems (a) |
|
69,278 |
| |
275,000 |
|
Wright Express (a) |
|
17,801 |
| |
|
|
|
|
87,079 |
| |
|
|
> Savings & Loans 0.2% |
|
|
| |
400,000 |
|
Financial Engines (a) |
|
8,944 |
| |
1,010,000 |
|
Provident New York Bancorp |
|
8,545 |
| |
470,000 |
|
ViewPoint Financial |
|
7,229 |
| |
452,146 |
|
Kaiser Federal |
|
6,325 |
| |
65,991 |
|
Berkshire Hills Bancorp |
|
1,512 |
| |
|
|
|
|
32,555 |
| |
Finance: Total |
|
1,887,591 |
| |||
|
|
|
|
|
| |
Health Care 8.7% |
|
|
| |||
|
|
> Biotechnology & Drug Delivery 4.1% |
|
|
| |
2,290,000 |
|
Alexion Pharmaceuticals (a) |
|
212,649 |
| |
4,315,000 |
|
BioMarin Pharmaceutical (a) |
|
147,789 |
| |
6,153,000 |
|
Seattle Genetics (a)(b)(d) |
|
125,398 |
| |
3,250,000 |
|
Auxilium Pharmaceuticals (a)(b) |
|
60,352 |
| |
2,950,000 |
|
InterMune (a) |
|
43,277 |
| |
6,000,000 |
|
NPS Pharmaceuticals (a)(b) |
|
41,040 |
| |
1,000,000 |
|
Onyx Pharmaceuticals (a) |
|
37,680 |
| |
3,430,000 |
|
Isis Pharmaceuticals (a) |
|
30,081 |
| |
4,200,000 |
|
Raptor Pharmaceutical (a)(b)(d) |
|
28,392 |
| |
Number of Shares |
|
|
|
Value (000) |
| |
|
|
> Biotechnology & Drug Deliverycontinued |
|
|
| |
5,750,000 |
|
Chelsea Therapeutics International (a)(b) |
|
$ |
14,720 |
|
2,990,000 |
|
Anthera Pharmaceuticals (a)(b) |
|
6,608 |
| |
180,167 |
|
Synageva Biopharma (a) |
|
6,463 |
| |
359,944 |
|
MicroDose Therapeutx (a)(e)(f) |
|
270 |
| |
|
|
|
|
754,719 |
| |
|
|
> Medical Supplies 2.1% |
|
|
| |
3,900,000 |
|
Cepheid (a)(b) |
|
163,137 |
| |
950,000 |
|
Henry Schein (a) |
|
71,896 |
| |
2,126,000 |
|
Patterson Companies |
|
71,008 |
| |
1,136,500 |
|
DENTSPLY International |
|
45,608 |
| |
375,000 |
|
Techne |
|
26,287 |
| |
|
|
|
|
377,936 |
| |
|
|
> Medical Equipment & Devices 1.3% |
|
|
| |
1,873,800 |
|
Hill-Rom Holdings |
|
62,604 |
| |
760,000 |
|
Gen-Probe (a) |
|
50,472 |
| |
550,000 |
|
Haemonetics (a) |
|
38,324 |
| |
675,000 |
|
Sirona Dental Systems (a) |
|
34,789 |
| |
950,000 |
|
PerkinElmer Inc. |
|
26,277 |
| |
570,000 |
|
Orthofix International (a) |
|
21,421 |
| |
2,525,000 |
|
Pacific Biosciences of California (a) |
|
8,635 |
| |
|
|
|
|
242,522 |
| |
|
|
> Health Care Services 0.7% |
|
|
| |
665,000 |
|
Mednax (a) |
|
49,456 |
| |
4,900,000 |
|
eResearch Technology (a)(b) |
|
38,318 |
| |
1,200,000 |
|
Allscripts Healthcare Solutions (a) |
|
19,920 |
| |
825,000 |
|
HealthSouth (a) |
|
16,896 |
| |
1,875,000 |
|
Health Management Associates (a) |
|
12,600 |
| |
|
|
|
|
137,190 |
| |
|
|
> Pharmaceuticals 0.5% |
|
|
| |
4,000,000 |
|
Akorn (a) |
|
46,800 |
| |
3,388,000 |
|
Adcock Ingram Holdings (South Africa) |
|
25,926 |
| |
2,040,000 |
|
Alimera Sciences (a)(b) |
|
6,895 |
| |
1,095,000 |
|
Horizon Pharma (a) |
|
4,533 |
| |
|
|
|
|
84,154 |
| |
Health Care: Total |
|
1,596,521 |
| |||
|
|
|
|
|
| |
Energy & Minerals 8.6% |
|
|
| |||
|
|
> Oil Services 3.9% |
|
|
| |
5,298,000 |
|
FMC Technologies (a) |
|
267,125 |
| |
1,988,054 |
|
Fugro (Netherlands) |
|
141,641 |
| |
2,114,000 |
|
Atwood Oceanics (a) |
|
94,898 |
| |
743,000 |
|
Oil States International (a) |
|
57,999 |
| |
1,670,000 |
|
ShawCor (Canada) |
|
52,572 |
| |
1,000,000 |
|
Hornbeck Offshore (a) |
|
42,030 |
| |
1,056,600 |
|
Black Diamond Group (Canada) |
|
21,059 |
| |
585,000 |
|
Rowan (a) |
|
19,264 |
| |
2,890,900 |
|
Horizon North Logistics (Canada) |
|
18,114 |
| |
4,435,000 |
|
Tuscany International Drilling (Colombia) (a) |
|
3,335 |
| |
|
|
|
|
718,037 |
| |
|
|
> Oil & Gas Producers 3.1% |
|
|
| |
4,250,000 |
|
Pacific Rubiales Energy (Colombia) |
|
124,162 |
| |
900,000 |
|
SM Energy |
|
63,693 |
| |
2,700,000 |
|
Denbury Resources (a) |
|
49,221 |
| |
974,000 |
|
Rosetta Resources (a) |
|
47,492 |
| |
1,697,000 |
|
Tullow Oil (United Kingdom) |
|
41,448 |
| |
695,000 |
|
Range Resources |
|
40,407 |
| |
650,000 |
|
Baytex (Canada) |
|
33,749 |
| |
2,160,000 |
|
Athabasca Oil Sands (Canada) (a) |
|
24,016 |
| |
1,140,000 |
|
Celtic Exploration (Canada) (a) |
|
16,618 |
| |
Number of Shares |
|
|
|
Value (000) |
| |
|
|
> Oil & Gas Producerscontinued |
|
|
| |
550,000 |
|
Swift Energy (a) |
|
$ |
15,966 |
|
500,000 |
|
Cabot Oil and Gas |
|
15,585 |
| |
1,547,000 |
|
Crew Energy (Canada) (a) |
|
14,765 |
| |
340,000 |
|
Petroleum Development Corporation (a) |
|
12,611 |
| |
7,582,928 |
|
PetroMagdalena Energy (Colombia) (a)(b)(d) |
|
12,164 |
| |
1,100,000 |
|
Kodiak Oil and Gas (a) |
|
10,956 |
| |
37,500,000 |
|
Petromanas (Canada) (a)(b) |
|
8,647 |
| |
18,750,000 |
|
Petromanas - Warrants (Canada) (a)(e) |
|
92 |
| |
200,000 |
|
Approach Resource (a) |
|
7,390 |
| |
27,000,000 |
|
Shamaran Petroleum (Iraq) (a) |
|
6,903 |
| |
26,000,000 |
|
Petrodorado (Colombia) (a)(b) |
|
5,995 |
| |
24,000,000 |
|
Petrodorado - Warrants (Colombia) (a)(e)(f) |
|
941 |
| |
1,198,100 |
|
Pan Orient (Canada) (a) |
|
4,889 |
| |
5,917,100 |
|
Canacol (Colombia) (a) |
|
4,686 |
| |
25,000,000 |
|
Petroamerica (Colombia) (a) |
|
4,010 |
| |
41,100,000 |
|
Quetzal Energy (Colombia) (a)(b)(e) |
|
2,176 |
| |
8,900,000 |
|
Quetzal Energy (Colombia) (a)(b) |
|
491 |
| |
393,600 |
|
Houston American Energy (a) |
|
2,054 |
| |
8,400,000 |
|
Canadian Overseas Petroleum (United Kingdom) (a)(e) |
|
1,779 |
| |
4,200,000 |
|
Canadian Overseas Petroleum - Warrants (United Kingdom) (a)(e)(f) |
|
106 |
| |
|
|
|
|
573,012 |
| |
|
|
> Mining 1.3% |
|
|
| |
442,000 |
|
Core Laboratories (Netherlands) |
|
58,154 |
| |
1,600,000 |
|
Silver Wheaton (Canada) |
|
53,120 |
| |
15,000,000 |
|
Zhaojin Mining Industry (China) |
|
25,231 |
| |
4,432,000 |
|
Northam Platinum (South Africa) |
|
19,713 |
| |
2,800,000 |
|
Alexco Resource (a) |
|
19,544 |
| |
1,150,000 |
|
Ivanhoe Mines (Mongolia) (a) |
|
18,090 |
| |
7,500,000 |
|
Duluth Metals (Canada) (a)(b)(d) |
|
17,068 |
| |
920,000 |
|
Kirkland Lake Gold (Canada) (a) |
|
13,300 |
| |
12,000,000 |
|
Mongolian Mining (Mongolia) (a) |
|
11,421 |
| |
800,000 |
|
Augusta Resource (a) |
|
2,184 |
| |
4,000,000 |
|
Wolverine Minerals (Canada) (a)(b)(e) |
|
674 |
| |
2,000,000 |
|
Wolverine Minerals - Warrants (Canada) (a)(e)(f) |
|
30 |
| |
500,000 |
|
Duluth Exploration - Special Warrants (Canada) (a)(e)(f) |
|
45 |
| |
|
|
|
|
238,574 |
| |
|
|
> Alternative Energy 0.1% |
|
|
| |
2,000,000 |
|
GT Solar International (a) |
|
16,540 |
| |
1,210,300 |
|
Synthesis Energy Systems (China) (a) |
|
1,779 |
| |
|
|
|
|
18,319 |
| |
|
|
> Oil Refining, Marketing & Distribution 0.1% |
|
|
| |
300,000 |
|
Vopak (Netherlands) |
|
17,283 |
| |
|
|
|
|
17,283 |
| |
|
|
> Agricultural Commodities 0.1% |
|
|
| |
1,250,000 |
|
Union Agriculture Group (Argentina) (a)(e)(f) |
|
13,275 |
| |
|
|
|
|
13,275 |
| |
Energy & Minerals: Total |
|
1,578,500 |
| |||
|
|
|
|
|
| |
Other Industries 5.8% |
|
|
| |||
|
|
> Real Estate 3.6% |
|
|
| |
3,700,000 |
|
Dupont Fabros Technology (b) |
|
90,465 |
| |
750,000 |
|
Federal Realty Investment Trust |
|
72,592 |
| |
3,700,000 |
|
Associated Estates Realty (b) |
|
60,458 |
| |
1,850,000 |
|
Extra Space Storage |
|
53,262 |
| |
720,000 |
|
Digital Realty Trust |
|
53,258 |
| |
2,450,000 |
|
Biomed Realty Trust |
|
46,501 |
| |
975,000 |
|
Post Properties |
|
45,689 |
| |
770,000 |
|
Kilroy Realty |
|
35,890 |
| |
3,000,000 |
|
Education Realty Trust |
|
32,520 |
| |
Number of Shares |
|
|
|
Value (000) |
| |
|
|
> Real Estatecontinued |
|
|
| |
43,000,000 |
|
Mapletree Logistics Trust (Singapore) |
|
$ |
32,348 |
|
325,000 |
|
Jones Lang LaSalle |
|
27,076 |
| |
1,300,000 |
|
St. Joe (a)(d) |
|
24,713 |
| |
15,000,000 |
|
Ascendas REIT (Singapore) |
|
24,130 |
| |
3,750,000 |
|
DCT Industrial Trust |
|
22,125 |
| |
3,500,000 |
|
Kite Realty Group (b) |
|
18,445 |
| |
2,000,031 |
|
Summit Hotel Properties (b) |
|
15,160 |
| |
2,800 |
|
Orix JREIT (Japan) |
|
13,084 |
| |
|
|
|
|
667,716 |
| |
|
|
> Transportation 1.3% |
|
|
| |
1,155,000 |
|
JB Hunt Transport Services |
|
62,797 |
| |
2,800,000 |
|
Rush Enterprises, Class A (a)(b) |
|
59,416 |
| |
550,000 |
|
Rush Enterprises, Class B (a)(b) |
|
9,565 |
| |
1,260,000 |
|
World Fuel Services |
|
51,660 |
| |
2,400,000 |
|
Heartland Express |
|
34,704 |
| |
400,000 |
|
Genesee & Wyoming (a) |
|
21,832 |
| |
|
|
|
|
239,974 |
| |
|
|
> Regulated Utilities 0.9% |
|
|
| |
2,000,000 |
|
Northeast Utilities |
|
74,240 |
| |
1,660,000 |
|
Wisconsin Energy |
|
58,399 |
| |
500,000 |
|
Allete |
|
20,745 |
| |
200,000 |
|
Red Eléctrica de España (Spain) |
|
9,786 |
| |
|
|
|
|
163,170 |
| |
Other Industries: Total |
|
1,070,860 |
| |||
|
|
|
|
|
| |
Total Equities: 97.4% |
|
17,934,688 |
| |||
|
|
|
|
|
| |
Securities Lending Collateral 0.9% |
|
|
| |||
169,250,625 |
|
Dreyfus Government Cash Management Fund (7 day yield of 0.01%) (g) |
|
169,251 |
| |
Total Securities Lending Collateral: |
|
169,251 |
| |||
|
|
|
|
|
| |
Total Investments: 98.3% |
|
18,103,939 |
(j) | |||
|
|
|
| |||
Obligation to Return Collateral for Securities Loaned: (0.9)% |
|
(169,251 |
) | |||
|
|
|
| |||
Cash and Other Assets Less Liabilities: 2.6% |
|
480,744 |
| |||
|
|
|
| |||
Total Net Assets: 100.0% |
|
$ |
18,415,432 |
|
ADR - American Depositary Receipts
DVR - Differential Voting Right Equity Shares
GDR - Global 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 three months ended March 31, 2012, are as follows:
Affiliates |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
AboveNet |
|
1,400,000 |
|
|
|
|
|
1,400,000 |
|
$ |
115,920 |
|
$ |
|
|
Acorn Energy |
|
1,500,000 |
|
|
|
|
|
1,500,000 |
|
16,305 |
|
128 |
| ||
AFC Enterprises |
|
2,000,000 |
|
|
|
|
|
2,000,000 |
|
33,920 |
|
|
| ||
Alimera Sciences |
|
2,040,000 |
|
|
|
|
|
2,040,000 |
|
6,895 |
|
|
| ||
Anthera Pharmaceuticals |
|
1,740,000 |
|
1,250,000 |
|
|
|
2,990,000 |
|
6,608 |
|
|
| ||
Associated Estates Realty |
|
3,700,000 |
|
|
|
|
|
3,700,000 |
|
60,458 |
|
629 |
| ||
Auxilium Pharmaceuticals |
|
3,033,715 |
|
216,285 |
|
|
|
3,250,000 |
|
60,352 |
|
|
| ||
Bally Technologies |
|
3,725,000 |
|
|
|
|
|
3,725,000 |
|
174,144 |
|
|
| ||
CAI International |
|
1,123,400 |
|
|
|
|
|
1,123,400 |
|
20,423 |
|
|
| ||
Cavco Industries |
|
460,000 |
|
|
|
|
|
460,000 |
|
21,427 |
|
|
| ||
Cepheid |
|
3,200,000 |
|
700,000 |
|
|
|
3,900,000 |
|
163,137 |
|
|
| ||
Chelsea Therapeutics International |
|
4,550,000 |
|
1,200,000 |
|
|
|
5,750,000 |
|
14,720 |
|
|
| ||
Cogent Communications* |
|
2,520,000 |
|
|
|
320,000 |
|
2,200,000 |
|
41,976 |
|
|
| ||
Constant Contact |
|
2,350,000 |
|
|
|
|
|
2,350,000 |
|
70,006 |
|
|
| ||
Donaldson** |
|
4,200,000 |
|
4,200,000 |
|
|
|
8,400,000 |
|
300,132 |
|
672 |
| ||
Drew Industries |
|
1,500,000 |
|
380,000 |
|
|
|
1,880,000 |
|
51,343 |
|
|
| ||
Duluth Metals |
|
7,500,000 |
|
|
|
|
|
7,500,000 |
|
17,068 |
|
|
| ||
Dupont Fabros Technology |
|
3,350,000 |
|
350,000 |
|
|
|
3,700,000 |
|
90,465 |
|
378 |
| ||
eResearch Technology |
|
4,900,000 |
|
|
|
|
|
4,900,000 |
|
38,318 |
|
|
| ||
ESCO Technologies |
|
2,200,000 |
|
|
|
|
|
2,200,000 |
|
80,894 |
|
176 |
| ||
Gaiam |
|
1,371,366 |
|
|
|
|
|
1,371,366 |
|
5,458 |
|
|
| ||
Gaylord Entertainment |
|
3,850,000 |
|
|
|
|
|
3,850,000 |
|
118,580 |
|
|
| ||
General Communications |
|
2,000,000 |
|
|
|
|
|
2,000,000 |
|
17,440 |
|
|
| ||
GLG Life Tech |
|
1,750,000 |
|
|
|
71,875 |
|
1,678,125 |
|
1,326 |
|
|
| ||
H & E Equipment Services |
|
3,400,000 |
|
|
|
|
|
3,400,000 |
|
64,328 |
|
|
| ||
Hackett Group+ |
|
4,500,000 |
|
|
|
650,793 |
|
3,849,207 |
|
22,980 |
|
|
| ||
Heico |
|
2,250,000 |
|
200,000 |
|
|
|
2,450,000 |
|
98,368 |
|
135 |
| ||
Helen of Troy |
|
1,600,000 |
|
|
|
|
|
1,600,000 |
|
54,416 |
|
|
| ||
Horizon Pharma* |
|
1,095,000 |
|
|
|
|
|
1,095,000 |
|
4,533 |
|
|
| ||
iGATE |
|
3,400,000 |
|
|
|
|
|
3,400,000 |
|
56,984 |
|
|
| ||
II-VI |
|
4,550,000 |
|
|
|
|
|
4,550,000 |
|
107,607 |
|
|
| ||
Interline Brands |
|
2,600,000 |
|
|
|
200,249 |
|
2,399,751 |
|
51,859 |
|
|
| ||
IPG Photonics |
|
2,780,000 |
|
|
|
|
|
2,780,000 |
|
144,699 |
|
|
| ||
IXYS |
|
1,900,000 |
|
|
|
|
|
1,900,000 |
|
25,080 |
|
|
| ||
Kenexa |
|
1,700,000 |
|
|
|
|
|
1,700,000 |
|
53,108 |
|
|
| ||
Kite Realty Group |
|
3,500,000 |
|
|
|
|
|
3,500,000 |
|
18,445 |
|
210 |
| ||
Knoll |
|
4,200,000 |
|
|
|
|
|
4,200,000 |
|
69,888 |
|
420 |
| ||
Lifetime Fitness |
|
2,190,000 |
|
|
|
|
|
2,190,000 |
|
110,748 |
|
|
| ||
lululemon athletica* |
|
5,740,000 |
|
|
|
817,200 |
|
4,922,800 |
|
367,635 |
|
|
| ||
Marlin Business Services |
|
1,091,000 |
|
|
|
|
|
1,091,000 |
|
16,430 |
|
65 |
| ||
MB Financial |
|
2,360,000 |
|
500,000 |
|
|
|
2,860,000 |
|
60,031 |
|
26 |
| ||
McGrath Rentcorp |
|
2,150,000 |
|
|
|
|
|
2,150,000 |
|
69,037 |
|
495 |
| ||
Mettler Toledo |
|
1,600,000 |
|
|
|
|
|
1,600,000 |
|
295,600 |
|
|
| ||
Micromet* |
|
6,702,347 |
|
64,547 |
|
6,766,894 |
|
|
|
|
|
|
| ||
Moog |
|
2,775,000 |
|
|
|
|
|
2,775,000 |
|
119,020 |
|
|
| ||
Navigant Consulting |
|
2,800,000 |
|
|
|
|
|
2,800,000 |
|
38,948 |
|
|
| ||
NPS Pharmaceuticals |
|
6,000,000 |
|
|
|
|
|
6,000,000 |
|
41,040 |
|
|
| ||
Pericom Semiconductor |
|
1,765,000 |
|
|
|
|
|
1,765,000 |
|
14,279 |
|
|
| ||
Petroamerica* |
|
30,275,000 |
|
|
|
5,275,000 |
|
25,000,000 |
|
4,010 |
|
|
| ||
Petrodorado |
|
26,000,000 |
|
|
|
|
|
26,000,000 |
|
5,995 |
|
|
| ||
PetroMagdalena Energy |
|
7,582,928 |
|
|
|
|
|
7,582,928 |
|
12,164 |
|
|
| ||
Petromanas |
|
37,500,000 |
|
|
|
|
|
37,500,000 |
|
8,647 |
|
|
| ||
Pier 1 Imports |
|
5,600,000 |
|
|
|
|
|
5,600,000 |
|
101,808 |
|
|
| ||
Pinnacle Entertainment |
|
3,950,000 |
|
|
|
|
|
3,950,000 |
|
45,464 |
|
|
| ||
Quetzal Energy |
|
50,000,000 |
|
|
|
|
|
50,000,000 |
|
2,667 |
|
|
| ||
Raptor Pharmaceutical |
|
3,455,000 |
|
745,000 |
|
|
|
4,200,000 |
|
28,392 |
|
|
| ||
Rush Enterprises |
|
3,350,000 |
|
|
|
|
|
3,350,000 |
|
68,981 |
|
|
| ||
Salem Communications* |
|
1,527,700 |
|
|
|
1,527,700 |
|
|
|
|
|
|
| ||
> Notes to Statement of Investments (dollar values in thousands)
Affiliates |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
Seattle Genetics |
|
6,153,000 |
|
|
|
|
|
6,153,000 |
|
$ |
125,398 |
|
$ |
|
|
Shutterfly |
|
3,070,000 |
|
300,000 |
|
|
|
3,370,000 |
|
105,582 |
|
|
| ||
SPS Commerce |
|
900,000 |
|
|
|
|
|
900,000 |
|
24,192 |
|
|
| ||
Summit Hotel Properties |
|
1,500,000 |
|
500,031 |
|
|
|
2,000,031 |
|
15,160 |
|
188 |
| ||
Tower Group |
|
1,675,000 |
|
1,089,000 |
|
|
|
2,764,000 |
|
61,997 |
|
518 |
| ||
TriCo Bancshares |
|
1,350,000 |
|
|
|
|
|
1,350,000 |
|
23,517 |
|
122 |
| ||
True Religion Apparel* |
|
1,507,000 |
|
|
|
1,113,548 |
|
393,452 |
|
10,780 |
|
|
| ||
tw telecom |
|
9,500,000 |
|
|
|
|
|
9,500,000 |
|
210,520 |
|
|
| ||
Tyler Technologies |
|
1,700,000 |
|
|
|
|
|
1,700,000 |
|
65,297 |
|
|
| ||
Virtusa |
|
2,125,000 |
|
|
|
|
|
2,125,000 |
|
36,699 |
|
|
| ||
Warnaco Group |
|
2,190,000 |
|
|
|
|
|
2,190,000 |
|
127,896 |
|
|
| ||
Wolverine Minerals |
|
4,000,000 |
|
|
|
|
|
4,000,000 |
|
674 |
|
|
| ||
World Acceptance |
|
1,505,202 |
|
|
|
45,647 |
|
1,459,555 |
|
89,398 |
|
|
| ||
Total of Affiliated Transactions |
|
345,027,658 |
|
11,694,863 |
|
16,788,906 |
|
339,933,615 |
|
$ |
4,607,616 |
|
$ |
4,162 |
|
* |
At March 31, 2012, the Fund owned less than five percent of the companys outstanding voting shares. |
** |
Includes the effects of a 2:1 stock split. |
+ |
Includes the effects of a corporate action. |
The aggregate cost and value of these companies at March 31, 2012, were $2,743,348 and $4,178,682, respectively. Investments in affiliated companies represented 22.69% of the Funds total net assets at March 31, 2012.
(c) 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 March 31, 2012, this security had an aggregate value of $15,780, which represented 0.09% of total net assets.
(d) All or a portion of this security was on loan at March 31, 2012. The total market value of securities on loan at March 31, 2012 was $166,411.
(e) 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 March 31, 2012, the market value of these securities amounted to $19,608, which represented 0.11% of total net assets.
Additional information on these securities is as follows:
Security |
|
Acquisition |
|
Shares |
|
Cost |
|
Value |
| ||
Union Agriculture Group |
|
12/8/10-12/16/11 |
|
1,250,000 |
|
$ |
|
$ |
13,275 |
| |
Quetzal Energy |
|
1/14/11 |
|
41,100,000 |
|
5,193 |
|
2,176 |
| ||
Canadian Overseas Petroleum |
|
11/24/10 |
|
8,400,000 |
|
3,591 |
|
1,779 |
| ||
Petrodorado - Warrants |
|
11/20/09 |
|
24,000,000 |
|
2,965 |
|
941 |
| ||
Wolverine Minerals |
|
6/3/11 |
|
4,000,000 |
|
2,005 |
|
674 |
| ||
MicroDose Therapeutx |
|
11/24/00 |
|
359,944 |
|
2,005 |
|
270 |
| ||
Voyager Learning, Contingent Value Rights |
|
12/24/09 |
|
2,000,000 |
|
|
|
220 |
| ||
Canadian Overseas Petroleum - Warrants |
|
11/24/10 |
|
4,200,000 |
|
526 |
|
106 |
| ||
Petromanas - Warrants |
|
5/20/10 |
|
18,750,000 |
|
1,086 |
|
92 |
| ||
Duluth Exploration - Special Warrants |
|
8/19/11 |
|
500,000 |
|
|
|
45 |
| ||
Wolverine Minerals - Warrants |
|
6/3/11 |
|
2,000,000 |
|
243 |
|
30 |
| ||
|
|
|
|
|
|
$ |
32,614 |
|
$ |
19,608 |
|
(f) Illiquid security.
(g) Investment made with cash collateral received from securities lending activity.
(h) At March 31, 2012, for federal income tax purposes, the cost of investments was $10,977,173 and net unrealized appreciation was $7,126,766 consisting of gross unrealized appreciation of $7,687,302 and gross unrealized depreciation of $(560,536).
> Notes to Statement of Investments (dollar values in thousands)
(i) On March 31, 2012, the market value of foreign securities represented 9.36% of total net assets. The Funds foreign portfolio was diversified as follows:
|
|
Value |
|
Percentage |
| |
Netherlands |
|
$ |
315,070 |
|
1.71 |
|
Canada |
|
306,968 |
|
1.67 |
| |
Colombia |
|
157,960 |
|
0.86 |
| |
Singapore |
|
144,270 |
|
0.78 |
| |
Sweden |
|
100,243 |
|
0.54 |
| |
Hong Kong |
|
97,128 |
|
0.53 |
| |
Japan |
|
72,621 |
|
0.39 |
| |
China |
|
69,964 |
|
0.38 |
| |
Brazil |
|
59,690 |
|
0.32 |
| |
France |
|
47,758 |
|
0.26 |
| |
South Africa |
|
45,639 |
|
0.25 |
| |
Denmark |
|
44,415 |
|
0.24 |
| |
United Kingdom |
|
43,333 |
|
0.24 |
| |
Chile |
|
39,485 |
|
0.21 |
| |
Israel |
|
33,951 |
|
0.18 |
| |
Mongolia |
|
29,511 |
|
0.16 |
| |
Ireland |
|
29,103 |
|
0.16 |
| |
India |
|
19,969 |
|
0.12 |
| |
Russia |
|
15,780 |
|
0.09 |
| |
Argentina |
|
13,275 |
|
0.07 |
| |
Iceland |
|
11,735 |
|
0.06 |
| |
Spain |
|
9,786 |
|
0.05 |
| |
Germany |
|
9,154 |
|
0.05 |
| |
Iraq |
|
6,903 |
|
0.04 |
| |
Total Foreign Portfolio |
|
$ |
1,723,711 |
|
9.36 |
|
(j) 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 Funds 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 managements 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 Funds 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 Funds Valuation Committee that relies on significant unobservable inputs.
Under the direction of the Funds Board of Trustees (the Board), the Boards Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board.
The Committee meets at least quarterly to review and approve valuation matters, which may include a description of fair value actions, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendation of third party pricing vendors and determining appropriate pricing methodologies; events that require fair valuation and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions.
For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
> Notes to Statement of Investments (dollar values in thousands)
The following table summarizes the inputs used, as of March 31, 2012, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Information |
|
$ |
5,051,628 |
|
$ |
281,190 |
|
$ |
|
|
$ |
5,332,818 |
|
Industrial Goods & Services |
|
3,205,616 |
|
238,797 |
|
|
|
3,444,413 |
| ||||
Consumer Goods & Services |
|
2,898,177 |
|
125,588 |
|
220 |
|
3,023,985 |
| ||||
Finance |
|
1,887,591 |
|
|
|
|
|
1,887,591 |
| ||||
Health Care |
|
1,570,325 |
|
25,926 |
|
270 |
|
1,596,521 |
| ||||
Energy & Minerals |
|
1,302,645 |
|
262,535 |
|
13,320 |
|
1,578,500 |
| ||||
Other Industries |
|
991,512 |
|
79,348 |
|
|
|
1,070,860 |
| ||||
Total Equities |
|
16,907,494 |
|
1,013,384 |
|
13,810 |
|
17,934,688 |
| ||||
Total Securities Lending Collateral |
|
169,251 |
|
|
|
|
|
169,251 |
| ||||
Total Investments |
|
$ |
17,076,745 |
|
$ |
1,013,384 |
|
$ |
13,810 |
|
$ |
18,103,939 |
|
The Funds assets assigned to the Level 2 input category are generally valued using a market approach, in which a securitys 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, in accordance with the policy adopted by the Board of Trustees, 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 investment managers 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. Securities which have halted or temporarily stopped trading are valued at the last sale and adjusted by a premium or a discount to account for the anticipated re-opening price. These adjustments are determined by the investment managers experience with similar securities or situations.
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 |
| ||||
$ |
|
|
$ |
115,086 |
|
$ |
115,086 |
|
$ |
|
|
Financial assets were transferred from Level 1 to Level 2 as trading halted during the period.
The following table reconciles asset balances for the period ending March 31, 2012, 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 |
|
$ |
180 |
|
$ |
|
|
$ |
40 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
220 |
|
Health Care |
|
270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
270 |
| ||||||||
Energy & Minerals |
|
12,507 |
|
|
|
813 |
|
|
|
|
|
|
|
|
|
13,320 |
| ||||||||
|
|
$ |
12,957 |
|
$ |
|
|
$ |
853 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
13,810 |
|
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 appreciation attributed to securities owned at March 31, 2012, which were valued using significant unobservable inputs (Level 3) amounted to $853.
> Notes to Statement of Investments (dollar values in thousands)
The Fund does not hold any significant investments categorized as Level 3.
Certain common stock classified as Level 3 are valued using a market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, trades of similar securities, estimated earnings of the respective company, market multiples derived from a set of comparable companies, and the position of the security within the respective companys capital structure. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in estimated earnings of the respective company may result in a change to the comparable companies and market multiples utilized.
Columbia Acorn International
Statement of Investments (Unaudited), March 31, 2012
Number of Shares |
|
|
|
Value (000) |
| |
|
|
Equities: 95.7% |
|
|
| |
Asia 42.3% |
|
|
|
|
| |
|
|
> Japan 17.3% |
|
|
| |
5,582,600 |
|
Kansai Paint |
|
|
| |
|
|
Paint Producer in Japan, India, China & Southeast Asia |
|
$ |
56,596 |
|
22,694,000 |
|
Seven Bank |
|
|
| |
|
|
ATM Processing Services |
|
49,767 |
| |
22,300 |
|
Wacom (a) |
|
|
| |
|
|
Computer Graphic Illustration Devices |
|
46,834 |
| |
2,981,100 |
|
Kuraray |
|
|
| |
|
|
Special Resin, Fine Chemical, Fibers & Textures |
|
42,398 |
| |
3,029,900 |
|
Park24 |
|
|
| |
|
|
Parking Lot Operator |
|
40,971 |
| |
1,860,438 |
|
Aeon Delight |
|
|
| |
|
|
Facility Maintenance & Management |
|
39,233 |
| |
1,582,200 |
|
Hoshizaki Electric |
|
|
| |
|
|
Commercial Kitchen Equipment |
|
37,531 |
| |
1,694,562 |
|
Glory |
|
|
| |
|
|
Currency Handling Systems & Related Equipment |
|
37,164 |
| |
7,780 |
|
Orix JREIT |
|
|
| |
|
|
Diversified REIT |
|
36,356 |
| |
2,400,000 |
|
NGK Insulators |
|
|
| |
|
|
Ceramic Products for Auto, Power & Electronics |
|
34,575 |
| |
937,651 |
|
Kintetsu World Express |
|
|
| |
|
|
Airfreight Logistics |
|
32,758 |
| |
589,792 |
|
Ain Pharmaciez |
|
|
| |
|
|
Dispensing Pharmacy/Drugstore Operator |
|
31,834 |
| |
1,718,724 |
|
Start Today |
|
|
| |
|
|
Online Japanese Apparel Retailer |
|
31,742 |
| |
295,762 |
|
Nakanishi |
|
|
| |
|
|
Dental Tools & Machinery |
|
31,399 |
| |
16,005 |
|
Advance Residence Investment |
|
|
| |
|
|
Residential REIT |
|
30,405 |
| |
2,137,272 |
|
Japan Airport Terminal |
|
|
| |
|
|
Airport Terminal Operator at Haneda |
|
28,174 |
| |
480,000 |
|
Disco |
|
|
| |
|
|
Semiconductor Dicing & Grinding Equipment |
|
26,729 |
| |
1,427,129 |
|
Daiseki |
|
|
| |
|
|
Waste Disposal & Recycling |
|
26,533 |
| |
25,979 |
|
Jupiter Telecommunications |
|
|
| |
|
|
Largest Cable Service Provider in Japan |
|
26,020 |
| |
855,604 |
|
Tsumura |
|
|
| |
|
|
Traditional Chinese/Japanese Herbal Rx Drugs (Kampo) |
|
24,732 |
| |
18,673,649 |
|
Shinsei Bank |
|
|
| |
|
|
Commercial Bank |
|
24,582 |
| |
2,600,000 |
|
Shimadzu |
|
|
| |
|
|
Analytical Instrument, Medical & Industrial Equipment |
|
23,663 |
| |
6,140 |
|
Kenedix Realty Investment |
|
|
| |
|
|
Tokyo Mid-size Office REIT |
|
22,592 |
| |
1,885,600 |
|
Asahi Diamond Industrial |
|
|
| |
|
|
Consumable Diamond Tools |
|
22,292 |
| |
857,144 |
|
Ibiden |
|
|
| |
|
|
Electronic Parts & Ceramics |
|
22,164 |
| |
5,540 |
|
Mori Hills REIT Investment |
|
|
| |
|
|
Tokyo-centric Diversified REIT |
|
22,162 |
| |
1,940,200 |
|
Sintokogio |
|
|
| |
|
|
Automated Casting Machines, Surface Treatment System & Consumables |
|
21,723 |
| |
750,600 |
|
Doshisha |
|
|
| |
|
|
Wholesaler |
|
21,581 |
| |
339,000 |
|
FP Corporation |
|
|
| |
|
|
Disposable Food Trays & Containers |
|
21,373 |
| |
880,474 |
|
Aeon Mall |
|
|
| |
|
|
Suburban Shopping Mall Developer, Owner & Operator |
|
20,567 |
| |
1,405,739 |
|
Ushio |
|
|
| |
|
|
Industrial Light Sources |
|
19,914 |
| |
500,000 |
|
Sanrio (b) |
|
|
| |
|
|
Character Goods & Licensing |
|
19,528 |
| |
772,000 |
|
Misumi Group |
|
|
| |
|
|
Industrial Components Distributor |
|
18,870 |
| |
1,346,963 |
|
Torishima Pump Manufacturing |
|
|
| |
|
|
Industrial Pump for Power Generation & Water Supply Systems |
|
18,472 |
| |
732,108 |
|
Icom |
|
|
| |
|
|
Two Way Radio Communication Equipment |
|
17,800 |
| |
2,417 |
|
Fukuoka REIT |
|
|
| |
|
|
Diversified REIT in Fukuoka |
|
17,371 |
| |
1,603 |
|
Japan Real Estate Investment |
|
|
| |
|
|
Office REIT in Tokyo |
|
14,134 |
| |
511,450 |
|
Miura |
|
|
| |
|
|
Industrial Boiler |
|
13,302 |
| |
257,800 |
|
Horiba |
|
|
| |
|
|
Measuring Instruments & Analyzers |
|
8,898 |
| |
246,300 |
|
Gree (b) |
|
|
| |
|
|
Mobile Social Networking Game Developer/Platform |
|
6,206 |
| |
145,700 |
|
Nihon Parkerizing |
|
|
| |
|
|
Metal Surface Treatment Agents & Processing |
|
2,166 |
| |
|
|
|
|
1,091,111 |
| |
|
|
> Taiwan 6.5% |
|
|
| |
36,606,000 |
|
Far EasTone Telecom |
|
|
| |
|
|
Taiwans Third Largest Mobile Operator |
|
75,238 |
| |
5,614,530 |
|
Simplo Technology |
|
|
| |
|
|
Battery Packs for Notebook & Tablet PCs |
|
42,547 |
| |
12,218,270 |
|
Tripod Technologies |
|
|
| |
|
|
Printed Circuit Boards (PCB) |
|
41,172 |
| |
2,492,300 |
|
St. Shine Optical |
|
|
| |
|
|
Worlds Leading Disposable Contact Lens OEM |
|
32,412 |
| |
10,329,000 |
|
Taiwan Mobile |
|
|
| |
|
|
Taiwans Second-largest Mobile Operator |
|
31,491 |
| |
18,571,200 |
|
CTCI Corp |
|
|
| |
|
|
International Engineering Firm |
|
30,790 |
| |
5,910,000 |
|
Radiant Opto-Electronics |
|
|
| |
|
|
LCD Back Light Units & Modules |
|
26,393 |
| |
10,277,000 |
|
Chroma Ate |
|
|
| |
|
|
Automatic Test Systems, Testing & Measurement Instruments |
|
26,310 |
| |
11,200,000 |
|
Taiwan Hon Chuan |
|
|
| |
|
|
Beverage Packaging (Bottles, Caps, Labels) Manufacturer |
|
25,449 |
| |
Number of Shares |
|
|
|
Value (000) |
| |
|
|
> Taiwancontinued |
|
|
| |
6,603,000 |
|
Advantech |
|
|
| |
|
|
Industrial PC & Components |
|
$ |
22,973 |
|
2,930,000 |
|
MStar Semiconductor |
|
|
| |
|
|
ICs for TV, Digital Set-top-box & Handset |
|
17,953 |
| |
3,181,000 |
|
President Chain Store |
|
|
| |
|
|
Taiwans Number One Convenience Chain Store Operator |
|
17,745 |
| |
2,595,000 |
|
PC Home |
|
|
| |
|
|
Taiwanese Internet Retail Company |
|
14,671 |
| |
2,468,300 |
|
Lung Yen |
|
|
| |
|
|
Funeral Services & Columbaria |
|
7,895 |
| |
|
|
|
|
413,039 |
| |
|
|
> Hong Kong 4.0% |
|
|
| |
7,000,000 |
|
Melco Crown Entertainment - ADR (c) |
|
|
| |
|
|
Macau Casino Operator |
|
95,270 |
| |
18,000,000 |
|
Lifestyle International |
|
|
| |
|
|
Mid to High-end Department Store Operator in Hong Kong & China |
|
45,856 |
| |
15,625,000 |
|
LOccitane International |
|
|
| |
|
|
Skin Care & Cosmetics Producer |
|
37,052 |
| |
8,475,000 |
|
AAC Technologies |
|
|
| |
|
|
Miniature Acoustic Components |
|
23,083 |
| |
12,500,000 |
|
MGM China Holdings |
|
|
| |
|
|
Macau Casino Operator |
|
22,819 |
| |
38,000,000 |
|
Sasa International |
|
|
| |
|
|
Cosmetics Retailer |
|
22,050 |
| |
8,000,000 |
|
Melco International (c) |
|
|
| |
|
|
Macau Casino Operator |
|
7,642 |
| |
|
|
|
|
253,772 |
| |
|
|
> Singapore 3.6% |
|
|
| |
27,000,000 |
|
Olam International |
|
|
| |
|
|
Agriculture Supply Chain Manager |
|
50,740 |
| |
20,000,000 |
|
Ascendas REIT |
|
|
| |
|
|
Industrial Property Landlord |
|
32,174 |
| |
20,000,000 |
|
CDL Hospitality Trust |
|
|
| |
|
|
Hotel Owner/Operator |
|
27,648 |
| |
35,000,000 |
|
Mapletree Logistics Trust |
|
|
| |
|
|
Industrial Property Landlord |
|
26,329 |
| |
28,000,000 |
|
Mapletree Industrial Trust |
|
|
| |
|
|
Industrial Property Landlord |
|
24,477 |
| |
35,000,000 |
|
Mapletree Commercial Trust |
|
|
| |
|
|
Retail & Office Property Landlord |
|
24,406 |
| |
15,000,000 |
|
Goodpack Limited |
|
|
| |
|
|
International Bulk Container Leasing |
|
21,186 |
| |
3,500,000 |
|
Singapore Exchange |
|
|
| |
|
|
Singapore Equity & Derivatives Market Operator |
|
19,359 |
| |
|
|
|
|
226,319 |
| |
|
|
> China 3.3% |
|
|
| |
644,000 |
|
NetEase.com - ADR (c) |
|
|
| |
|
|
Chinese Online Gaming Services |
|
37,416 |
| |
18,920,554 |
|
Zhaojin Mining Industry |
|
|
| |
|
|
Gold Mining & Refining in China |
|
31,826 |
| |
1,100,000 |
|
New Oriental Education & Technology - ADR (c) |
|
|
| |
|
|
Education Service Provider |
|
30,206 |
| |
26,565,000 |
|
Want Want |
|
|
| |
|
|
Chinese Branded Consumer Food Company |
|
29,725 |
| |
13,570,200 |
|
Digital China |
|
|
| |
|
|
IT Distribution & Systems Integration Services |
|
26,998 |
| |
220,000,000 |
|
RexLot Holdings (b) |
|
|
| |
|
|
Lottery Equipment Supplier in China |
|
19,557 |
| |
28,763,700 |
|
AMVIG Holdings |
|
|
| |
|
|
Chinese Tobacco Packaging Material Supplier |
|
15,604 |
| |
263,700 |
|
51job - ADR (b)(c) |
|
|
| |
|
|
Integrated Human Resource Services |
|
14,994 |
| |
|
|
|
|
206,326 |
| |
|
|
> India 2.1% |
|
|
| |
2,262,300 |
|
United Breweries |
|
|
| |
|
|
Indias Largest Brewer |
|
23,890 |
| |
341,652 |
|
Asian Paints |
|
|
| |
|
|
Indias Largest Paint Company |
|
21,739 |
| |
11,163,303 |
|
Jain Irrigation Systems |
|
21,537 |
| |
558,165 |
|
Jain Irrigation Systems - DVR (c) |
|
|
| |
|
|
Agricultural Micro-irrigation Systems & Food Processing |
|
525 |
| |
8,052,053 |
|
Adani Ports & Special Economic Zone |
|
|
| |
|
|
Indian West Coast Shipping Port |
|
20,442 |
| |
1,550,000 |
|
Shriram Transport Finance |
|
|
| |
|
|
Used Truck Finance |
|
18,232 |
| |
32,642,905 |
|
REI Agro |
|
|
| |
|
|
Basmati Rice Processing |
|
7,849 |
| |
10,249,300 |
|
S. Kumars Nationwide |
|
|
| |
|
|
Textiles, Clothing & Retail |
|
6,646 |
| |
791,352 |
|
Titan Industries |
|
|
| |
|
|
Jewelry, Watches, Eyeglasses |
|
3,549 |
| |
1,650,000 |
|
SKIL Ports and Logistics (c) |
|
|
| |
|
|
Indian Container Port Project |
|
3,220 |
| |
1,477,269 |
|
Redington India |
|
|
| |
|
|
Supply Chain Solutions for IT & Mobile Handsets in Emerging Markets |
|
2,555 |
| |
1,668,793 |
|
Manappuram Finance |
|
|
| |
|
|
Short-term Lending Collateralized by Household Gold |
|
997 |
| |
|
|
|
|
131,181 |
| |
|
|
> Korea 1.6% |
|
|
| |
101,150 |
|
NHN |
|
|
| |
|
|
Korean Online Search Services |
|
23,216 |
| |
1,134,000 |
|
Grand Korea Leisure |
|
|
| |
|
|
Largest Foreigner Only Casino Group in Korea |
|
21,907 |
| |
623,410 |
|
Woongjin Coway |
|
|
| |
|
|
Korean Household Appliance Rental Service Provider |
|
20,729 |
| |
471,971 |
|
Handsome |
|
|
| |
|
|
Koreas Leading High-end Apparel Company |
|
13,873 |
| |
570,990 |
|
iMarketKorea |
|
|
| |
|
|
Procurement, Distribution of MRO (Maintenance, Repair, Operations) Goods |
|
9,865 |
| |
182,000 |
|
Hana Tour Service |
|
|
| |
|
|
Koreas Largest Wholesale Tour Provider |
|
7,244 |
| |
10,090 |
|
Hyundai Home Shopping |
|
|
| |
|
|
TV Home Shopping Company |
|
1,198 |
| |
|
|
|
|
98,032 |
| |
Number of Shares |
|
|
|
Value (000) |
| |
|
|
> Mongolia 1.1% |
|
|
| |
42,636,400 |
|
Mongolian Mining (c) |
|
|
| |
|
|
Coking Coal Mining in Mongolia |
|
$ |
40,577 |
|
1,049,943 |
|
Ivanhoe Mines (c) |
|
|
| |
|
|
Copper Mine Project in Mongolia |
|
16,516 |
| |
914,678 |
|
Ivanhoe Mines (c)(d) |
|
|
| |
|
|
Copper Mine Project in Mongolia |
|
14,397 |
| |
|
|
|
|
71,490 |
| |
|
|
> Indonesia 0.9% |
|
|
| |
29,063,787 |
|
Archipelago Resources (a)(c) |
|
|
| |
|
|
Gold Mining Projects in Indonesia, Vietnam & the Philippines |
|
30,217 |
| |
48,560,000 |
|
Tower Bersama Infrastructure |
|
|
| |
|
|
Communications Towers |
|
15,696 |
| |
10,000,000 |
|
Ace Indonesia |
|
|
| |
|
|
Home Improvement Retailer |
|
4,872 |
| |
6,937,300 |
|
Jasa Marga |
|
|
| |
|
|
Largest Toll Road Operator in Indonesia |
|
3,914 |
| |
6,217,500 |
|
Southern Arc Minerals (a)(c)(e) |
|
|
| |
|
|
Gold & Copper Exploration in Indonesia |
|
2,663 |
| |
|
|
|
|
57,362 |
| |
|
|
> Thailand 0.8% |
|
|
| |
118,000,000 |
|
Home Product Center |
|
|
| |
|
|
Home Improvement Retailer |
|
53,181 |
| |
|
|
|
|
53,181 |
| |
|
|
> Philippines 0.7% |
|
|
| |
58,577,000 |
|
SM Prime Holdings |
|
|
| |
|
|
Shopping Mall Operator |
|
23,053 |
| |
7,931,700 |
|
Intl Container Terminal |
|
|
| |
|
|
Container Handling Terminals & Port Management |
|
12,116 |
| |
19,454,700 |
|
Manila Water Company |
|
|
| |
|
|
Water Utility Company in the Philippines |
|
10,535 |
| |
|
|
|
|
45,704 |
| |
|
|
> Cambodia 0.4% |
|
|
| |
50,000,000 |
|
Nagacorp |
|
|
| |
|
|
Casino/Entertainment Complex in Cambodia |
|
22,733 |
| |
|
|
|
|
22,733 |
| |
Asia: Total |
|
|
|
2,670,250 |
| |
Europe 33.0% |
|
|
|
|
| |
|
|
> United Kingdom 5.8% |
|
|
| |
1,460,000 |
|
Intertek Group |
|
|
| |
|
|
Testing, Inspection, Certification Services |
|
58,639 |
| |
5,654,735 |
|
Chemring |
|
|
| |
|
|
Defense Manufacturer of Countermeasures & Energetics |
|
36,857 |
| |
3,000,000 |
|
JLT Group |
|
|
| |
|
|
International Business Insurance Broker |
|
33,518 |
| |
3,305,000 |
|
Serco |
|
|
| |
|
|
Facilities Management |
|
28,678 |
| |
7,500,000 |
|
Workspace Group (a) |
|
|
| |
|
|
UK Real Estate |
|
28,221 |
| |
730,000 |
|
Rotork |
|
|
| |
|
|
Valve Actuators for Oil & Water Pipelines |
|
23,925 |
| |
740,581 |
|
Tullow Oil |
|
|
| |
|
|
Oil & Gas Producer |
|
18,088 |
| |
1,761,742 |
|
Smith and Nephew |
|
|
| |
|
|
Medical Equipment & Supplies |
|
17,851 |
| |
2,497,000 |
|
Dominos Pizza United Kingdom & Ireland |
|
|
| |
|
|
Pizza Delivery in the United Kingdom, Ireland & Germany |
|
17,238 |
| |
2,636,932 |
|
Premier Oil (c) |
|
|
| |
|
|
Oil & Gas Producer in Europe, Pakistan & Asia |
|
16,546 |
| |
2,950,000 |
|
Abcam |
|
|
| |
|
|
Online Sales of Antibodies |
|
16,468 |
| |
1,773,408 |
|
Shaftesbury |
|
|
| |
|
|
London Prime Retail REIT |
|
13,970 |
| |
548,000 |
|
Rightmove |
|
|
| |
|
|
Internet Real Estate Listings |
|
12,727 |
| |
262,300 |
|
Next |
|
|
| |
|
|
Clothes & Home Retailer in the UK |
|
12,515 |
| |
3,167,139 |
|
BBA Aviation |
|
|
| |
|
|
Aviation Support Services |
|
10,841 |
| |
1,060,885 |
|
Greggs |
|
|
| |
|
|
Bakery |
|
8,832 |
| |
4,163,948 |
|
PureCircle (b)(c) |
|
|
| |
|
|
Natural Sweeteners |
|
7,127 |
| |
2,840,000 |
|
Sterling Resources (c) |
|
|
| |
|
|
Oil & Gas Exploration in Europe |
|
4,556 |
| |
|
|
|
|
366,597 |
| |
|
|
> Netherlands 5.1% |
|
|
| |
1,763,611 |
|
Imtech |
|
|
| |
|
|
Electromechanical & ICT Installation & Maintenance |
|
56,380 |
| |
2,479,123 |
|
Aalberts Industries |
|
|
| |
|
|
Flow Control & Heat Treatment |
|
51,249 |
| |
687,967 |
|
Fugro |
|
|
| |
|
|
Sub-sea Oilfield Services |
|
49,015 |
| |
1,591,702 |
|
UNIT4 (a) |
|
|
| |
|
|
Business Software Development |
|
46,172 |
| |
1,181,073 |
|
Koninklijke TenCate (a) |
|
|
| |
|
|
Advanced Textiles & Industrial Fabrics |
|
41,034 |
| |
1,252,514 |
|
Arcadis |
|
|
| |
|
|
Engineering Consultants |
|
26,176 |
| |
177,395 |
|
Core Laboratories |
|
|
| |
|
|
Oil & Gas Reservoir Consulting |
|
23,340 |
| |
317,424 |
|
Vopak |
|
|
| |
|
|
Worlds Largest Operator of Petroleum & Chemical Storage Terminals |
|
18,287 |
| |
403,800 |
|
TKH Group |
|
|
| |
|
|
Dutch Industrial Conglomerate |
|
10,968 |
| |
|
|
|
|
322,621 |
| |
|
|
> Switzerland 4.1% |
|
|
| |
280,000 |
|
Partners Group |
|
|
| |
|
|
Private Markets Asset Management |
|
54,623 |
| |
255,000 |
|
Geberit (c) |
|
|
| |
|
|
Plumbing Supplies |
|
53,362 |
| |
360,000 |
|
Dufry Group (c) |
|
|
| |
|
|
Operates Airport Duty Free & Duty Paid Shops |
|
47,059 |
| |
15,500 |
|
Sika |
|
|
| |
|
|
Chemicals for Construction & Industrial Applications |
|
33,551 |
| |
Number of Shares |
|
|
|
Value (000) |
| |
|
|
> Switzerlandcontinued |
|
|
| |
245,000 |
|
Kuehne & Nagel |
|
|
| |
|
|
Freight Forwarding/Logistics |
|
$ |
33,139 |
|
580,000 |
|
Bank Sarasin & Cie |
|
|
| |
|
|
Private Banking |
|
18,183 |
| |
236,217 |
|
Zehnder |
|
|
| |
|
|
Radiators & Ventilation Systems |
|
17,506 |
| |
|
|
|
|
257,423 |
| |
|
|
> Germany 3.9% |
|
|
| |
2,500,000 |
|
Wirecard |
|
|
| |
|
|
Online Payment Processing & Risk Management |
|
47,596 |
| |
679,600 |
|
Rheinmetall |
|
|
| |
|
|
Defense & Automotive |
|
40,239 |
| |
148,295 |
|
Rational |
|
|
| |
|
|
Commercial Ovens |
|
34,681 |
| |
1,600,000 |
|
Rhoen-Klinikum |
|
|
| |
|
|
Health Care Services |
|
32,126 |
| |
500,000 |
|
Dürr |
|
|
| |
|
|
Automotive Plant Engineering & Associated Capital Equipment |
|
31,829 |
| |
625,000 |
|
CTS Eventim |
|
|
| |
|
|
Event Ticket Sales |
|
21,589 |
| |
555,700 |
|
Elringklinger |
|
|
| |
|
|
Automobile Components |
|
15,912 |
| |
165,400 |
|
Bertrandt |
|
|
| |
|
|
Outsourced Engineering |
|
12,464 |
| |
338,886 |
|
Deutsche Beteiligungs (b) |
|
|
| |
|
|
Private Equity Investment Management |
|
7,690 |
| |
|
|
|
|
244,126 |
| |
|
|
> France 3.8% |
|
|
| |
1,073,700 |
|
Gemalto |
|
|
| |
|
|
Digital Security Solutions |
|
70,869 |
| |
418,000 |
|
Eurofins Scientific |
|
|
| |
|
|
Food, Pharmaceuticals & Materials Screening & Testing |
|
45,602 |
| |
971,800 |
|
Saft Batteries |
|
|
| |
|
|
Niche Battery Manufacturer |
|
31,495 |
| |
430,000 |
|
Neopost |
|
|
| |
|
|
Postage Meter Machines |
|
27,654 |
| |
353,648 |
|
Rubis |
|
|
| |
|
|
Tank Storage & LPG Distribution |
|
20,680 |
| |
232,400 |
|
Norbert Dentressangle |
|
|
| |
|
|
Leading European Logistics & Transport Group |
|
20,643 |
| |
460,000 |
|
Mersen |
|
|
| |
|
|
Advanced Industrial Materials |
|
16,304 |
| |
1,831,204 |
|
Hi-Media (b)(c) |
|
|
| |
|
|
Online Advertiser in Europe |
|
6,399 |
| |
|
|
|
|
239,646 |
| |
|
|
> Sweden 2.4% |
|
|
| |
4,056,007 |
|
Hexagon |
|
|
| |
|
|
Design, Measurement & Visualization Software & Equipment |
|
78,720 |
| |
4,150,024 |
|
Sweco (a) |
|
|
| |
|
|
Engineering Consultants |
|
45,008 |
| |
658,700 |
|
Unibet |
|
|
| |
|
|
European Online Gaming Operator |
|
18,469 |
| |
905,452 |
|
East Capital Explorer |
|
|
| |
|
|
Sweden-based RUS/CEE Investment Fund |
|
7,630 |
| |
|
|
|
|
149,827 |
| |
|
|
> Italy 1.8% |
|
|
| |
2,661,000 |
|
Pirelli |
|
|
| |
|
|
Global Tire Supplier |
|
31,657 |
| |
2,621,149 |
|
Ansaldo STS |
|
|
| |
|
|
Railway Systems Integrator |
|
26,009 |
| |
5,800,000 |
|
Geox |
|
|
| |
|
|
Apparel & Shoe Maker |
|
18,952 |
| |
166,200 |
|
Tods (b) |
|
|
| |
|
|
Leather Shoes & Bags |
|
18,697 |
| |
12,503,754 |
|
CIR |
|
|
| |
|
|
Italian Holding Company |
|
17,693 |
| |
|
|
|
|
113,008 |
| |
|
|
> Denmark 1.3% |
|
|
| |
1,648,800 |
|
Novozymes |
|
|
| |
|
|
Industrial Enzymes |
|
48,020 |
| |
168,042 |
|
SimCorp |
|
|
| |
|
|
Software for Investment Managers |
|
29,365 |
| |
130,651 |
|
Solar A/S |
|
|
| |
|
|
Technical Wholesaler of Electrical, Plumbing & HVAC Equipment |
|
7,189 |
| |
|
|
|
|
84,574 |
| |
|
|
> Russia 0.7% |
|
|
| |
629,642 |
|
Mail.ru - GDR (c)(f) |
|
|
| |
|
|
Internet Social Networking & Games for Russian Speakers |
|
24,839 |
| |
2,109,700 |
|
Petropavlovsk |
|
|
| |
|
|
Gold & Iron Ore Mining in Russia |
|
18,796 |
| |
|
|
|
|
43,635 |
| |
|
|
> Iceland 0.6% |
|
|
| |
35,982,499 |
|
Marel |
|
|
| |
|
|
Largest Manufacturer of Poultry & Fish Processing Equipment |
|
41,095 |
| |
|
|
|
|
41,095 |
| |
|
|
> Ireland 0.6% |
|
|
| |
6,750,000 |
|
United Drug |
|
|
| |
|
|
Irish Pharmaceutical Wholesaler & Outsourcer |
|
19,085 |
| |
289,400 |
|
Paddy Power |
|
|
| |
|
|
Irish Betting Services |
|
18,226 |
| |
|
|
|
|
37,311 |
| |
|
|
> Spain 0.5% |
|
|
| |
618,320 |
|
Red Eléctrica de España |
|
|
| |
|
|
Spanish Power Transmission |
|
30,257 |
| |
|
|
|
|
30,257 |
| |
|
|
> Norway 0.5% |
|
|
| |
2,403,664 |
|
Atea |
|
|
| |
|
|
Leading Nordic IT Hardware/Software Reseller & Installation Company |
|
29,018 |
| |
|
|
|
|
29,018 |
| |
Number of Shares |
|
|
|
Value (000) |
| |
|
|
> Czech Republic 0.4% |
|
|
| |
130,682 |
|
Komercni Banka |
|
|
| |
|
|
Leading Czech Universal Bank |
|
$ |
26,023 |
|
|
|
|
|
26,023 |
| |
|
|
> Portugal 0.4% |
|
|
| |
8,531,175 |
|
Redes Energéticas Nacionais |
|
|
| |
|
|
Portuguese Power Transmission & Gas Transportation |
|
25,828 |
| |
|
|
|
|
25,828 |
| |
|
|
> Belgium 0.4% |
|
|
| |
438,880 |
|
EVS Broadcast Equipment |
|
|
| |
|
|
Digital Live Mobile Production Software & Systems |
|
22,758 |
| |
|
|
|
|
22,758 |
| |
|
|
> Finland 0.3% |
|
|
| |
1,039,429 |
|
Stockmann |
|
|
| |
|
|
Department Store & Fashion Retailer in Scandinavia & Russia |
|
22,402 |
| |
|
|
|
|
22,402 |
| |
|
|
> Kazakhstan 0.3% |
|
|
| |
3,319,000 |
|
Halyk Savings Bank of Kazakhstan - GDR (c) |
|
|
| |
|
|
Largest Retail Bank & Insurer in Kazakhstan |
|
21,574 |
| |
|
|
|
|
21,574 |
| |
|
|
> Greece 0.1% |
|
|
| |
6,954,400 |
|
Intralot |
|
|
| |
|
|
Lottery & Gaming Systems & Services |
|
6,623 |
| |
|
|
|
|
6,623 |
| |
Europe: Total |
|
|
|
2,084,346 |
| |
Other Countries 16.2% |
|
|
| |||
|
|
> South Africa 4.6% |
|
|
| |
1,170,188 |
|
Naspers |
|
|
| |
|
|
Media in Africa, China, Russia & Other Emerging Markets |
|
65,748 |
| |
11,763,907 |
|
Coronation Fund Managers |
|
|
| |
|
|
South African Fund Manager |
|
43,707 |
| |
19,098,300 |
|
Rand Merchant Insurance |
|
|
| |
|
|
Directly Sold Property & Casualty Insurance; Holdings in Other Insurers |
|
42,847 |
| |
3,175,083 |
|
Mr. Price |
|
|
| |
|
|
South African Retailer of Apparel, Household & Sporting Goods |
|
39,048 |
| |
8,679,940 |
|
Northam Platinum |
|
|
| |
|
|
Platinum Mining in South Africa |
|
38,608 |
| |
4,992,200 |
|
Adcock Ingram Holdings |
|
|
| |
|
|
Manufacturer of Pharmaceuticals & Medical Supplies |
|
38,201 |
| |
1,025,504 |
|
Massmart Holdings |
|
|
| |
|
|
General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary |
|
21,649 |
| |
|
|
|
|
289,808 |
| |
|
|
> United States 4.5% |
|
|
| |
627,431 |
|
Alexion Pharmaceuticals (c) |
|
|
| |
|
|
Biotech Focused on Orphan Diseases |
|
58,263 |
| |
952,080 |
|
Atwood Oceanics (c) |
|
|
| |
|
|
Offshore Drilling Contractor |
|
42,739 |
| |
1,229,871 |
|
BioMarin Pharmaceutical (c) |
|
|
| |
|
|
Biotech Focused on Orphan Diseases |
|
42,123 |
| |
987,228 |
|
World Fuel Services |
|
|
| |
|
|
Global Fuel Broker |
|
40,476 |
| |
965,297 |
|
Textainer Group Holdings |
|
|
| |
|
|
Top International Container Leaser |
|
32,724 |
| |
555,500 |
|
Hornbeck Offshore (c) |
|
|
| |
|
|
Supply Vessel Operator in U.S. Gulf of Mexico |
|
23,348 |
| |
461,213 |
|
FMC Technologies (c) |
|
|
| |
|
|
Oil & Gas Well Head Manufacturer |
|
23,254 |
| |
270,000 |
|
Oil States International (c) |
|
|
| |
|
|
Diversified North American Oil Service Provider |
|
21,076 |
| |
|
|
|
|
284,003 |
| |
|
|
> Canada 4.4% |
|
|
| |
1,403,772 |
|
CCL Industries |
|
|
| |
|
|
Leading Global Label Manufacturer |
|
51,369 |
| |
1,212,597 |
|
ShawCor |
|
|
| |
|
|
Oil & Gas Pipeline Products |
|
38,173 |
| |
615,857 |
|
Baytex |
|
|
| |
|
|
Oil & Gas Producer in Canada |
|
31,977 |
| |
582,942 |
|
AG Growth (b) |
|
|
| |
|
|
Leading Manufacturer of Augers & Grain Handling Equipment |
|
24,377 |
| |
653,200 |
|
Onex Capital |
|
|
| |
|
|
Private Equity |
|
24,040 |
| |
1,049,576 |
|
Black Diamond Group |
|
|
| |
|
|
Provides Accommodations/Equipment for Oil Sands Development |
|
20,919 |
| |
984,500 |
|
Alliance Grain Traders |
|
|
| |
|
|
Global Leader in Pulse Processing & Distribution |
|
15,121 |
| |
2,411,514 |
|
Horizon North Logistics |
|
|
| |
|
|
Provides Diversified Oil Service Offering in Northern Canada |
|
15,110 |
| |
2,919,000 |
|
DeeThree Exploration (a)(c)(e) |
|
12,734 |
| |
1,142,377 |
|
DeeThree Exploration (a)(c) |
|
|
| |
|
|
Canadian Oil & Gas Producer |
|
5,085 |
| |
721,000 |
|
Celtic Exploration (c) |
|
|
| |
|
|
Canadian Oil & Gas Producer |
|
10,510 |
| |
1,043,000 |
|
Crew Energy (c) |
|
|
| |
|
|
Canadian Oil & Gas Producer |
|
9,955 |
| |
731,000 |
|
Athabasca Oil Sands (c) |
|
|
| |
|
|
Oil Sands SAGD & Alberta Deep Basin Development |
|
8,127 |
| |
1,607,306 |
|
Pan Orient (c) |
|
|
| |
|
|
Growth-oriented, Return-focused Asian Explorer |
|
6,558 |
| |
1,611,000 |
|
Americas Petrogas (c) |
|
|
| |
|
|
Oil & Gas Exploration in Argentina, Potash in Peru |
|
5,750 |
| |
6,250,000 |
|
Petromanas - Warrants (c)(e) |
|
|
| |
|
|
Exploring for Oil in Albania |
|
31 |
| |
|
|
|
|
279,836 |
| |
|
|
> Australia 1.6% |
|
|
| |
2,653,389 |
|
UGL |
|
|
| |
|
|
Engineering & Facilities Management |
|
36,352 |
| |
498,560 |
|
Cochlear |
|
|
| |
|
|
Cochlear Implants |
|
31,939 |
| |
Number of Shares |
|
|
|
Value (000) |
| |
|
|
> Australiacontinued |
|
|
| |
4,546,885 |
|
Challenger Financial |
|
|
| |
|
|
Largest Annuity Provider |
|
$ |
17,908 |
|
17,451,906 |
|
Commonwealth Property Office Fund |
|
|
| |
|
|
Australia Prime Office REIT |
|
17,814 |
| |
|
|
|
|
104,013 |
| |
|
|
> Israel 0.9% |
|
|
| |
4,706,527 |
|
Israel Chemicals |
|
|
| |
|
|
Producer of Potash, Phosphates, Bromine & Specialty Chemicals |
|
54,374 |
| |
125,000 |
|
Caesarstone (c) |
|
|
| |
|
|
Quartz Countertops |
|
1,460 |
| |
|
|
|
|
55,834 |
| |
|
|
> Senegal 0.2% |
|
|
| |
45,237 |
|
Sonatel |
|
|
| |
|
|
Leading Telecoms Operator in Western Africa |
|
11,681 |
| |
|
|
|
|
11,681 |
| |
Other Countries: Total |
|
1,025,175 |
| |||
Latin America 4.2% |
|
|
| |||
|
|
> Brazil 2.6% |
|
|
| |
3,700,000 |
|
Localiza Rent A Car |
|
|
| |
|
|
Car Rental |
|
68,104 |
| |
1,500,000 |
|
Odontoprev |
|
|
| |
|
|
Dental Insurance |
|
25,226 |
| |
1,200,000 |
|
Multiplus |
|
|
| |
|
|
Loyalty Program Operator in Brazil |
|
24,849 |
| |
1,880,200 |
|
Mills Estruturas e Servicos de Engenharia |
|
|
| |
|
|
Civil Engineering & Construction |
|
23,896 |
| |
2,917,000 |
|
MRV Engenharia |
|
|
| |
|
|
Brazilian Property Developer |
|
20,661 |
| |
|
|
|
|
162,736 |
| |
|
|
> Mexico 0.7% |
|
|
| |
600,000 |
|
Grupo Aeroportuario del Sureste - ADR |
|
|
| |
|
|
Mexican Airport Operator |
|
41,112 |
| |
|
|
|
|
41,112 |
| |
|
|
> Argentina 0.3% |
|
|
| |
1,250,000 |
|
Union Agriculture Group (c)(e)(g) |
|
|
| |
|
|
Farmland Operator in Uruguay |
|
13,275 |
| |
4,950,000 |
|
Madalena Ventures (c)(e) |
|
4,474 |
| |
2,475,000 |
|
Madalena Ventures (c) |
|
|
| |
|
|
Oil & Gas Exploration in Argentina |
|
2,283 |
| |
|
|
|
|
20,032 |
| |
|
|
> Guatemala 0.3% |
|
|
| |
932,600 |
|
Tahoe Resources (c) |
|
|
| |
|
|
Silver Project in Guatemala |
|
19,653 |
| |
|
|
|
|
19,653 |
| |
|
|
> Colombia 0.2% |
|
|
| |
8,353,169 |
|
Canacol (c) |
|
|
| |
|
|
Oil Producer in South America |
|
6,616 |
| |
22,525,000 |
|
Gulf United (c)(e) |
|
|
| |
|
|
Prospecting for Oil Alongside Large Producers in Colombia |
|
2,595 |
| |
|
|
|
|
9,211 |
| |
|
|
> Chile 0.1% |
|
|
| |
4,016,878 |
|
Viña Concha y Toro |
|
|
| |
|
|
Global Branded Wine Manufacturer |
|
9,208 |
| |
|
|
|
|
9,208 |
| |
Latin America: Total |
|
261,952 |
| |||
|
|
|
| |||
Total Equities: 95.7% |
|
6,041,723 |
| |||
|
|
|
| |||
Securities Lending Collateral 0.5% |
|
|
| |||
32,332,947 |
|
Dreyfus Government Cash Management Fund (7 day yield of 0.01%) (h) |
|
32,333 |
| |
Total Securities Lending Collateral: |
|
32,333 |
| |||
|
|
|
| |||
Total Investments: 96.2% |
|
6,074,056 |
(k) | |||
|
|
|
| |||
Obligation to Return Collateral for Securities Loaned: (0.5)% |
|
(32,333 |
) | |||
|
|
|
| |||
Cash and Other Assets Less Liabilities: 4.3% |
|
272,701 |
| |||
|
|
|
| |||
Total Net Assets: 100.0% |
|
$ |
6,314,424 |
|
ADR - American Depositary Receipts
DVR - Differential Voting Right Equity Shares
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 three months ended March 31, 2012, are as follows:
Affiliates |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
Archipelago Resources |
|
29,063,787 |
|
|
|
|
|
29,063,787 |
|
$ |
30,217 |
|
$ |
|
|
DeeThree Exploration |
|
4,061,377 |
|
|
|
|
|
4,061,377 |
|
17,819 |
|
|
| ||
Koninklijke TenCate* |
|
1,371,573 |
|
|
|
190,500 |
|
1,181,073 |
|
41,034 |
|
|
| ||
Southern Arc Minerals |
|
6,217,500 |
|
|
|
|
|
6,217,500 |
|
2,663 |
|
|
| ||
Sweco |
|
4,150,024 |
|
|
|
|
|
4,150,024 |
|
45,008 |
|
|
| ||
UNIT4 |
|
1,591,702 |
|
|
|
|
|
1,591,702 |
|
46,172 |
|
|
| ||
Wacom |
|
23,790 |
|
|
|
1,490 |
|
22,300 |
|
46,834 |
|
|
| ||
Workspace Group |
|
8,000,000 |
|
|
|
500,000 |
|
7,500,000 |
|
28,221 |
|
372,696 |
| ||
Total of Affiliated Transactions |
|
54,479,753 |
|
|
|
691,990 |
|
53,787,763 |
|
$ |
257,968 |
|
$ |
372,696 |
|
* At March 31, 2012, the Fund owned less than five percent of the companys outstanding voting shares.
The aggregate cost and value of these companies at March 31, 2012, were $149,124 and $216,934, respectively. Investments in affiliated companies represented 3.44% of the Funds total net assets at March 31, 2012.
(b) All or a portion of this security was on loan at March 31, 2012. The total market value of securities on loan at March 31, 2012 was $30,746.
(c) Non-income producing security.
(d) Security is traded on a U.S. exchange.
(e) 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 March 31, 2012, the market value of these securities amounted to $35,772, which represented 0.57% of total net assets.
Additional information on these securities is as follows:
Security |
|
Acquisition |
|
Shares |
|
Cost |
|
Value |
| ||
Union Agriculture Group |
|
12/8/10-12/16/11 |
|
1,250,000 |
|
$ |
15,000 |
|
$ |
13,275 |
|
DeeThree Exploration |
|
9/7/10-3/8/11 |
|
2,919,000 |
|
10,228 |
|
12,734 |
| ||
Madalena Ventures |
|
10/21/10 |
|
4,950,000 |
|
3,136 |
|
4,474 |
| ||
Southern Arc Minerals |
|
2/16/11 |
|
6,217,500 |
|
10,087 |
|
2,663 |
| ||
Gulf United |
|
2/11/11 |
|
22,525,000 |
|
6,758 |
|
2,595 |
| ||
Petromanas - Warrants |
|
5/20/10 |
|
6,250,000 |
|
362 |
|
31 |
| ||
|
|
|
|
|
|
$ |
45,571 |
|
$ |
35,772 |
|
(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 March 31, 2012, this security had an aggregate value of $24,839, which represented 0.39% of total net assets.
(g) Illiquid security.
(h) Investment made with cash collateral received from securities lending activity.
(i) At March 31, 2012, for federal income tax purposes, the cost of investments was $4,674,005 and net unrealized appreciation was $1,400,051 consisting of gross unrealized appreciation of $1,708,166 and gross unrealized depreciation of $(308,115).
(j) On March 31, 2012, the Funds total investments were denominated in currencies as follows:
Currency |
|
Value |
|
Percentage of |
| |
Japanese Yen |
|
$ |
1,091,111 |
|
17.3 |
|
Euro |
|
1,041,240 |
|
16.5 |
| |
U.S. Dollar |
|
604,481 |
|
9.6 |
| |
British Pound |
|
414,274 |
|
6.6 |
| |
Taiwan Dollar |
|
413,039 |
|
6.5 |
| |
Hong Kong Dollar |
|
345,522 |
|
5.5 |
| |
Canadian Dollar |
|
336,597 |
|
5.3 |
| |
Other currencies less than 5% of total net assets |
|
1,795,459 |
|
28.4 |
| |
|
|
$ |
6,041,723 |
|
95.7 |
|
(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)
Various inputs are used in determining the value of the Funds 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 managements 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 Funds 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 Funds Valuation Committee that relies on significant unobservable inputs.
Under the direction of the Funds Board of Trustees (the Board), the Boards Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board.
The Committee meets at least quarterly to review and approve valuation matters, which may include a description of fair value actions, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendation of third party pricing vendors and determining appropriate pricing methodologies; events that require fair valuation and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions.
For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table summarizes the inputs used, as of March 31, 2012, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Asia |
|
$ |
208,799 |
|
$ |
2,461,451 |
|
$ |
|
|
$ |
2,670,250 |
|
Europe |
|
27,896 |
|
2,056,450 |
|
|
|
2,084,346 |
| ||||
Other Countries |
|
552,534 |
|
472,641 |
|
|
|
1,025,175 |
| ||||
Latin America |
|
241,608 |
|
7,069 |
|
13,275 |
|
261,952 |
| ||||
Total Equities |
|
1,030,837 |
|
4,997,611 |
|
13,275 |
|
6,041,723 |
| ||||
Total Securities Lending Collateral |
|
32,333 |
|
|
|
|
|
32,333 |
| ||||
Total Investments |
|
$ |
1,063,170 |
|
$ |
4,997,611 |
|
$ |
13,275 |
|
$ |
6,074,056 |
|
The Funds assets assigned to the Level 2 input category are generally valued using a market approach, in which a securitys 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, in accordance with the policy adopted by the Board of Trustees, 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 investment managers experience with similar securities or situations. Factors may include, but are not limited to, trade volume, shares outstanding and stock price.
> Notes to Statement of Investments (dollar values in thousands)
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 |
| ||||
$ |
1,843 |
|
$ |
|
|
$ |
|
|
$ |
1,843 |
|
Financial assets were transferred from Level 2 to Level 1 as resale restrictions no longer apply.
The following table reconciles asset balances for the three months ending March 31, 2012, in which significant unobservable inputs (Level 3) were used in determining value:
Investments |
|
Balance |
|
Realized |
|
Change in |
|
Purchases |
|
Sales |
|
Transfers |
|
Transfers |
|
Balance |
| ||||||||
Equities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Latin America |
|
$ |
12,462 |
|
$ |
|
|
$ |
813 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
13,275 |
|
|
|
$ |
12,462 |
|
$ |
|
|
$ |
813 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
13,275 |
|
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 appreciation attributed to securities owned at March 31, 2012, which were valued using significant unobservable inputs (Level 3) amounted to $813.
The Fund does not hold any significant investments categorized as Level 3.
Certain common stock classified as Level 3 are valued using a market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, trades of similar securities, estimated earnings of the respective company, market multiples derived from a set of comparable companies, and the position of the security within the respective companys capital structure. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in estimated earnings of the respective company may result in a change to the comparable companies and market multiples utilized.
Columbia Acorn USA
Statement of Investments (Unaudited), March 31, 2012
Number of Shares |
|
|
|
Value (000) |
| |
|
|
Equities: 99.5% |
|
|
| |
Information 32.5% |
|
|
| |||
|
|
> Business Software 10.2% |
|
|
| |
910,000 |
|
Informatica (a) |
|
|
| |
|
|
Enterprise Data Integration Software |
|
$ |
48,139 |
|
698,000 |
|
Micros Systems (a) |
|
|
| |
|
|
Information Systems for Hotels, Restaurants & Retailers |
|
38,592 |
| |
375,000 |
|
Ansys (a) |
|
|
| |
|
|
Simulation Software for Engineers & Designers |
|
24,383 |
| |
281,000 |
|
NetSuite (a) |
|
|
| |
|
|
End to End IT Systems Solution Delivered Over the Web |
|
14,131 |
| |
243,000 |
|
Concur Technologies (a) |
|
|
| |
|
|
Web Enabled Cost & Expense Management Software |
|
13,943 |
| |
408,000 |
|
Ariba (a) |
|
|
| |
|
|
Cost Management Software |
|
13,346 |
| |
300,000 |
|
Blackbaud |
|
|
| |
|
|
Software & Services for Non-profits |
|
9,969 |
| |
322,000 |
|
SPS Commerce (a) |
|
|
| |
|
|
Supply Chain Management Software Delivered via the Web |
|
8,655 |
| |
400,000 |
|
Velti (a) |
|
|
| |
|
|
Mobile Marketing Software Platform |
|
5,420 |
| |
198,000 |
|
Advent Software (a) |
|
|
| |
|
|
Asset Management & Trading Systems |
|
5,069 |
| |
|
|
|
|
181,647 |
| |
|
|
> Semiconductors & Related Equipment 4.1% |
|
|
| |
1,958,000 |
|
Atmel (a) |
|
|
| |
|
|
Microcontrollers, RF & Memory Semiconductors |
|
19,306 |
| |
690,000 |
|
Microsemi (a) |
|
|
| |
|
|
Analog/Mixed Signal Semiconductors |
|
14,794 |
| |
1,061,750 |
|
ON Semiconductor (a) |
|
|
| |
|
|
Mixed Signal & Power Management Semiconductors |
|
9,566 |
| |
426,000 |
|
Monolithic Power Systems (a) |
|
|
| |
|
|
High Performance Analog & Mixed Signal ICs |
|
8,379 |
| |
262,000 |
|
Ultratech (a) |
|
|
| |
|
|
Semiconductor Equipment |
|
7,593 |
| |
1,075,000 |
|
TriQuint Semiconductor (a) |
|
|
| |
|
|
RF Semiconductors |
|
7,412 |
| |
390,000 |
|
Pericom Semiconductor (a) |
|
|
| |
|
|
Interface ICs & Frequency Control Products |
|
3,155 |
| |
50,000 |
|
Hittite Microwave (a) |
|
|
| |
|
|
Radio Frequency, Microwave & Millimeterwave Semiconductors |
|
2,716 |
| |
|
|
|
|
72,921 |
| |
|
|
> Instrumentation 3.9% |
|
|
| |
180,000 |
|
Mettler Toledo (a) |
|
|
| |
|
|
Laboratory Equipment |
|
33,255 |
| |
525,000 |
|
IPG Photonics (a) |
|
|
| |
|
|
Fiber Lasers |
|
27,326 |
| |
168,000 |
|
Trimble Navigation (a) |
|
|
| |
|
|
GPS-based Instruments |
|
9,143 |
| |
|
|
|
|
69,724 |
| |
|
|
> Computer Hardware & Related Equipment 3.0% |
|
|
| |
1,317,000 |
|
II-VI (a) |
|
|
| |
|
|
Laser Optics & Specialty Materials |
|
31,147 |
| |
292,000 |
|
Zebra Technologies (a) |
|
|
| |
|
|
Bar Code Printers |
|
12,025 |
| |
177,000 |
|
Nice Systems - ADR (Israel) (a) |
|
|
| |
|
|
Audio & Video Recording Solutions |
|
6,956 |
| |
107,000 |
|
Netgear (a) |
|
|
| |
|
|
Networking Products for Small Business & Home |
|
4,087 |
| |
|
|
|
|
54,215 |
| |
|
|
> Telephone & Data Services 2.8% |
|
|
| |
1,457,000 |
|
tw telecom (a) |
|
|
| |
|
|
Fiber Optic Telephone/Data Services |
|
32,287 |
| |
148,000 |
|
AboveNet (a) |
|
|
| |
|
|
Metropolitan Fiber Communications Services |
|
12,254 |
| |
400,000 |
|
Boingo Wireless (a) |
|
|
| |
|
|
Wholesale & Retail Wi-Fi Networks |
|
4,840 |
| |
|
|
|
|
49,381 |
| |
|
|
> Gaming Equipment & Services 2.0% |
|
|
| |
660,000 |
|
Bally Technologies (a) |
|
|
| |
|
|
Slot Machines & Software |
|
30,855 |
| |
235,000 |
|
WMS Industries (a) |
|
|
| |
|
|
Slot Machine Provider |
|
5,576 |
| |
|
|
|
|
36,431 |
| |
|
|
|
|
|
| |
|
|
> Telecommunications Equipment 2.0% |
|
|
| |
732,000 |
|
Finisar (a) |
|
|
| |
|
|
Optical Subsystems & Components |
|
14,750 |
| |
903,000 |
|
Ixia (a) |
|
|
| |
|
|
Telecom Network Test Equipment |
|
11,278 |
| |
752,000 |
|
Infinera (a)(b) |
|
|
| |
|
|
Optical Networking Equipment |
|
6,106 |
| |
165,000 |
|
Polycom (a) |
|
|
| |
|
|
Video Conferencing Equipment |
|
3,147 |
| |
|
|
|
|
35,281 |
| |
|
|
> Computer Services 1.9% |
|
|
| |
556,000 |
|
ExlService Holdings (a) |
|
|
| |
|
|
Business Process Outsourcing |
|
15,257 |
| |
97,000 |
|
Syntel |
|
|
| |
|
|
Offshore IT Services |
|
5,432 |
| |
776,766 |
|
Hackett Group (a) |
|
|
| |
|
|
IT Integration & Best Practice Research |
|
4,637 |
| |
359,000 |
|
WNS - ADR (India) (a) |
|
|
| |
|
|
Offshore BPO (Business Process Outsourcing) Services |
|
4,326 |
| |
640,000 |
|
RCM Technologies (a)(c) |
|
|
| |
|
|
Technology & Engineering Services |
|
3,565 |
| |
|
|
|
|
33,217 |
| |
|
|
> Mobile Communications 1.6% |
|
|
| |
560,000 |
|
SBA Communications (a) |
|
|
| |
|
|
Communications Towers |
|
28,454 |
| |
|
|
|
|
28,454 |
| |
|
|
> Contract Manufacturing 0.5% |
|
|
| |
236,000 |
|
Plexus (a) |
|
|
| |
|
|
Electronic Manufacturing Services |
|
8,258 |
| |
|
|
|
|
8,258 |
| |
Number of Shares |
|
|
|
Value (000) |
| |
|
|
> Financial Processors 0.4% |
|
|
| |
170,000 |
|
Global Payments |
|
|
| |
|
|
Credit Card Processor |
|
$ |
7,990 |
|
|
|
|
|
7,990 |
| |
|
|
> TV Broadcasting 0.1% |
|
|
| |
875,000 |
|
Entravision Communications |
|
|
| |
|
|
Spanish Language TV & Radio Stations |
|
1,496 |
| |
|
|
|
|
1,496 |
| |
Information: Total |
|
579,015 |
| |||
|
|
|
|
|
| |
Industrial Goods & Services 17.8% |
|
|
| |||
|
|
> Machinery 13.5% |
|
|
| |
876,300 |
|
Ametek |
|
|
| |
|
|
Aerospace/Industrial Instruments |
|
42,509 |
| |
747,200 |
|
Nordson |
|
|
| |
|
|
Dispensing Systems for Adhesives & Coatings |
|
40,730 |
| |
890,000 |
|
Donaldson |
|
|
| |
|
|
Industrial Air Filtration |
|
31,800 |
| |
835,000 |
|
ESCO Technologies |
|
|
| |
|
|
Automatic Electric Meter Readers |
|
30,703 |
| |
585,000 |
|
Pentair |
|
|
| |
|
|
Pumps & Water Treatment |
|
27,852 |
| |
504,665 |
|
Heico |
|
|
| |
|
|
FAA Approved Aircraft Replacement Parts |
|
20,262 |
| |
355,000 |
|
Moog (a) |
|
|
| |
|
|
Motion Control Products for Aerospace, Defense & Industrial Markets |
|
15,226 |
| |
166,219 |
|
Toro |
|
|
| |
|
|
Turf Maintenance Equipment |
|
11,820 |
| |
226,000 |
|
Kennametal |
|
|
| |
|
|
Consumable Cutting Tools |
|
10,064 |
| |
100,000 |
|
Polypore International (a)(b) |
|
|
| |
|
|
Battery Separators & Filtration Media |
|
3,516 |
| |
146,000 |
|
Oshkosh Corporation (a) |
|
|
| |
|
|
Specialty Truck Manufacturer |
|
3,383 |
| |
25,327 |
|
Middleby (a) |
|
|
| |
|
|
Manufacturer of Cooking Equipment |
|
2,562 |
| |
|
|
|
|
240,427 |
| |
|
|
> Electrical Components 1.0% |
|
|
| |
280,000 |
|
Acuity Brands |
|
|
| |
|
|
Commercial Lighting Fixtures |
|
17,592 |
| |
|
|
|
|
17,592 |
| |
|
|
> Industrial Materials & Specialty Chemicals 1.0% |
|
|
| |
496,000 |
|
Drew Industries (a) |
|
|
| |
|
|
RV & Manufactured Home Components |
|
13,546 |
| |
170,000 |
|
Albany International |
|
|
| |
|
|
Paper Machine Clothing & Advanced Textiles |
|
3,901 |
| |
|
|
|
|
17,447 |
| |
|
|
> Other Industrial Services 0.8% |
|
|
| |
600,000 |
|
Acorn Energy (b) |
|
|
| |
|
|
Frac Well Exploration/Monitoring Device, Sonar Security, Electric Grid Monitoring |
|
6,522 |
| |
240,000 |
|
TrueBlue (a) |
|
|
| |
|
|
Temporary Manual Labor |
|
4,291 |
| |
109,000 |
|
Forward Air |
|
|
| |
|
|
Freight Transportation Between Airports |
|
3,997 |
| |
|
|
|
|
14,810 |
| |
|
|
> Waste Management 0.6% |
|
|
| |
176,000 |
|
Waste Connections |
|
|
| |
|
|
Solid Waste Management |
|
5,725 |
| |
65,000 |
|
Clean Harbors (a) |
|
|
| |
|
|
Hazardous Waste Services & Disposal |
|
4,377 |
| |
|
|
|
|
10,102 |
| |
|
|
> Steel 0.4% |
|
|
| |
686,000 |
|
GrafTech International (a) |
|
|
| |
|
|
Industrial Graphite Materials Producer |
|
8,191 |
| |
|
|
|
|
8,191 |
| |
|
|
> Industrial Distribution 0.3% |
|
|
| |
233,400 |
|
Interline Brands (a) |
|
|
| |
|
|
Industrial Distribution |
|
5,044 |
| |
|
|
|
|
5,044 |
| |
|
|
> Construction 0.2% |
|
|
| |
200,000 |
|
Fortune Brands Home & Security (a) |
|
|
| |
|
|
Home Building Supplies & Small Locks |
|
4,414 |
| |
|
|
|
|
4,414 |
| |
Industrial Goods & Services: Total |
|
318,027 |
| |||
|
|
|
|
|
| |
Consumer Goods & Services 16.2% |
|
|
| |||
|
|
> Retail 6.5% |
|
|
| |
730,000 |
|
lululemon athletica (a) |
|
|
| |
|
|
Premium Active Apparel Retailer |
|
54,516 |
| |
468,500 |
|
Abercrombie & Fitch |
|
|
| |
|
|
Teen Apparel Retailer |
|
23,242 |
| |
805,000 |
|
Pier 1 Imports (a) |
|
|
| |
|
|
Home Furnishing Retailer |
|
14,635 |
| |
356,000 |
|
Shutterfly (a) |
|
|
| |
|
|
Internet Photo-centric Retailer |
|
11,153 |
| |
790,000 |
|
Saks (a) |
|
|
| |
|
|
Luxury Department Store Retailer |
|
9,172 |
| |
161,500 |
|
Teavana (a)(b) |
|
|
| |
|
|
Specialty Tea Retailer |
|
3,185 |
| |
9,000 |
|
The Fresh Market (a) |
|
|
| |
|
|
Specialty Food Retailer |
|
432 |
| |
|
|
|
|
116,335 |
| |
|
|
> Travel 3.5% |
|
|
| |
849,700 |
|
Gaylord Entertainment (a) |
|
|
| |
|
|
Convention Hotels |
|
26,171 |
| |
1,300,950 |
|
Avis Budget Group (a) |
|
|
| |
|
|
Second Largest Car Rental Company |
|
18,408 |
| |
750,000 |
|
Hertz (a) |
|
|
| |
|
|
Largest U.S. Rental Car Operator |
|
11,280 |
| |
140,000 |
|
HomeAway (a) |
|
|
| |
|
|
Vacation Rental Online Marketplace |
|
3,552 |
| |
64,000 |
|
Vail Resorts |
|
|
| |
|
|
Ski Resort Operator & Developer |
|
2,768 |
| |
|
|
|
|
62,179 |
| |
|
|
> Furniture & Textiles 1.5% |
|
|
| |
880,000 |
|
Knoll |
|
|
| |
|
|
Office Furniture |
|
14,643 |
| |
540,000 |
|
Interface |
|
|
| |
|
|
Modular & Broadloom Carpet |
|
7,533 |
| |
148,000 |
|
Herman Miller |
|
|
| |
|
|
Office Furniture |
|
3,398 |
| |
20,000 |
|
Caesarstone (Israel) (a) |
|
|
| |
|
|
Quartz Countertops |
|
234 |
| |
|
|
|
|
25,808 |
| |
Number of Shares |
|
|
|
Value (000) |
| |
|
|
> Apparel 1.2% |
|
|
| |
222,000 |
|
Warnaco Group (a) |
|
|
| |
|
|
Global Branded Apparel Manufacturer |
|
$ |
12,965 |
|
81,000 |
|
Deckers Outdoor (a) |
|
|
| |
|
|
Fashion Footwear Wholesaler |
|
5,107 |
| |
82,300 |
|
True Religion Apparel (a) |
|
|
| |
|
|
Premium Denim |
|
2,255 |
| |
|
|
|
|
20,327 |
| |
|
|
> Consumer Goods Distribution 1.0% |
|
|
| |
472,000 |
|
Pool |
|
|
| |
|
|
Distributor of Swimming Pool Supplies & Equipment |
|
17,662 |
| |
|
|
|
|
17,662 |
| |
|
|
> Other Durable Goods 0.8% |
|
|
| |
206,000 |
|
Cavco Industries (a) |
|
|
| |
|
|
Manufactured Homes |
|
9,596 |
| |
126,000 |
|
Jarden |
|
|
| |
|
|
Branded Household Products |
|
5,069 |
| |
|
|
|
|
14,665 |
| |
|
|
> Other Consumer Services 0.7% |
|
|
| |
259,000 |
|
Lifetime Fitness (a) |
|
|
| |
|
|
Sport & Fitness Club Operator |
|
13,098 |
| |
|
|
|
|
13,098 |
| |
|
|
> Casinos & Gaming 0.5% |
|
|
| |
775,000 |
|
Pinnacle Entertainment (a) |
|
|
| |
|
|
Regional Casino Operator |
|
8,920 |
| |
|
|
|
|
8,920 |
| |
|
|
> Leisure Products 0.2% |
|
|
| |
230,000 |
|
Skullcandy (a)(b) |
|
|
| |
|
|
Lifestyle Branded Headphones |
|
3,641 |
| |
|
|
|
|
3,641 |
| |
|
|
> Nondurables 0.2% |
|
|
| |
106,000 |
|
Helen of Troy (a) |
|
|
| |
|
|
Personal Care, Housewares, Healthcare & Home Environment Products |
|
3,605 |
| |
|
|
|
|
3,605 |
| |
|
|
> Educational Services 0.1% |
|
|
| |
37,350 |
|
ITT Educational Services (a)(b) |
|
|
| |
|
|
Postsecondary Degree Services |
|
2,470 |
| |
|
|
|
|
2,470 |
| |
|
|
> Food & Beverage % |
|
|
| |
4,900 |
|
Annies (a) |
|
|
| |
|
|
Developer & Marketer of Natural & Organic Food |
|
171 |
| |
|
|
|
|
171 |
| |
Consumer Goods & Services: Total |
|
288,881 |
| |||
|
|
|
| |||
Finance 12.3% |
|
|
| |||
|
|
> Banks 7.1% |
|
|
| |
833,000 |
|
MB Financial |
|
|
| |
|
|
Chicago Bank |
|
17,485 |
| |
1,053,000 |
|
Associated Banc-Corp |
|
|
| |
|
|
Midwest Bank |
|
14,700 |
| |
431,597 |
|
Lakeland Financial |
|
|
| |
|
|
Indiana Bank |
|
11,234 |
| |
211,000 |
|
City National |
|
|
| |
|
|
Bank & Asset Manager |
|
11,071 |
| |
170,000 |
|
SVB Financial Group (a) |
|
|
| |
|
|
Bank to Venture Capitalists |
|
10,938 |
| |
278,678 |
|
Hancock Holding |
|
|
| |
|
|
Gulf Coast Bank |
|
9,896 |
| |
675,000 |
|
Valley National Bancorp |
|
|
| |
|
|
New Jersey/New York Bank |
|
8,741 |
| |
1,478,200 |
|
First Busey |
|
|
| |
|
|
Illinois Bank |
|
7,302 |
| |
594,000 |
|
TCF Financial |
|
|
| |
|
|
Great Lakes Bank |
|
7,063 |
| |
513,755 |
|
Pacific Continental Bank |
|
|
| |
|
|
Pacific N.W. Bank |
|
4,840 |
| |
844,000 |
|
TrustCo Bank |
|
|
| |
|
|
New York State Bank |
|
4,819 |
| |
269,600 |
|
Eagle Bancorp (a) |
|
|
| |
|
|
Metro D.C. Bank |
|
4,513 |
| |
556,000 |
|
First Commonwealth |
|
|
| |
|
|
Western Pennsylvania Bank |
|
3,403 |
| |
178,826 |
|
Sandy Spring Bancorp |
|
|
| |
|
|
Baltimore, D.C. Bank |
|
3,249 |
| |
210,000 |
|
CVB Financial |
|
|
| |
|
|
Inland Empire Business Bank |
|
2,465 |
| |
105,700 |
|
Hudson Valley |
|
|
| |
|
|
Metro New York City Bank |
|
1,705 |
| |
851,247 |
|
Guaranty Bancorp (a) |
|
|
| |
|
|
Colorado Bank |
|
1,694 |
| |
90,000 |
|
TriCo Bancshares |
|
|
| |
|
|
California Central Valley Bank |
|
1,568 |
| |
|
|
|
|
126,686 |
| |
|
|
> Finance Companies 3.4% |
|
|
| |
345,000 |
|
World Acceptance (a) |
|
|
| |
|
|
Personal Loans |
|
21,131 |
| |
345,000 |
|
Textainer Group Holdings |
|
|
| |
|
|
Top International Container Leaser |
|
11,696 |
| |
346,000 |
|
McGrath Rentcorp |
|
|
| |
|
|
Temporary Space & IT Rentals |
|
11,110 |
| |
397,172 |
|
H & E Equipment Services (a) |
|
|
| |
|
|
Heavy Equipment Leasing |
|
7,515 |
| |
330,000 |
|
CAI International (a) |
|
|
| |
|
|
International Container Leasing |
|
5,999 |
| |
100,000 |
|
Marlin Business Services |
|
|
| |
|
|
Small Equipment Leasing |
|
1,506 |
| |
45,500 |
|
Regional Management (a) |
|
|
| |
|
|
Consumer Loans |
|
764 |
| |
|
|
|
|
59,721 |
| |
|
|
> Savings & Loans 0.9% |
|
|
| |
602,487 |
|
ViewPoint Financial |
|
|
| |
|
|
Texas Thrift |
|
9,266 |
| |
194,000 |
|
Berkshire Hills Bancorp |
|
|
| |
|
|
Northeast Thrift |
|
4,447 |
| |
173,073 |
|
Kaiser Federal |
|
|
| |
|
|
Los Angeles Savings & Loan |
|
2,421 |
| |
|
|
|
|
16,134 |
| |
Number of Shares |
|
|
|
Value (000) |
| |
|
|
> Brokerage & Money Management 0.5% |
|
|
| |
340,500 |
|
Eaton Vance |
|
|
| |
|
|
Specialty Mutual Funds |
|
$ |
9,732 |
|
|
|
|
|
9,732 |
| |
|
|
> Insurance 0.4% |
|
|
| |
39,000 |
|
Enstar Group (a) |
|
|
| |
|
|
Insurance/Reinsurance & Related Services |
|
3,860 |
| |
55,000 |
|
Allied World Holdings |
|
|
| |
|
|
Commercial Lines Insurance/Reinsurance |
|
3,777 |
| |
|
|
|
|
7,637 |
| |
Finance: Total |
|
219,910 |
| |||
|
|
|
|
|
| |
Health Care 8.9% |
|
|
| |||
|
|
> Biotechnology & Drug Delivery 5.2% |
|
|
| |
251,000 |
|
Alexion Pharmaceuticals (a) |
|
|
| |
|
|
Biotech Focused on Orphan Diseases |
|
23,308 |
| |
520,000 |
|
BioMarin Pharmaceutical (a) |
|
|
| |
|
|
Biotech Focused on Orphan Diseases |
|
17,810 |
| |
682,000 |
|
Seattle Genetics (a)(b) |
|
|
| |
|
|
Antibody-based Therapies for Cancer |
|
13,899 |
| |
421,000 |
|
Auxilium Pharmaceuticals (a) |
|
|
| |
|
|
Biotech Focused on Niche Disease Areas |
|
7,818 |
| |
1,055,000 |
|
NPS Pharmaceuticals (a) |
|
|
| |
|
|
Orphan Drugs & Healthy Royalties |
|
7,216 |
| |
160,000 |
|
Onyx Pharmaceuticals (a) |
|
|
| |
|
|
Commercial-stage Biotech Focused on Cancer |
|
6,029 |
| |
643,000 |
|
Isis Pharmaceuticals (a) |
|
|
| |
|
|
Biotech Pioneer in Antisense Drugs |
|
5,639 |
| |
313,000 |
|
InterMune (a) |
|
|
| |
|
|
Drugs for Pulmonary Fibrosis & Hepatitis C |
|
4,592 |
| |
374,000 |
|
Raptor Pharmaceutical (a)(b) |
|
|
| |
|
|
Orphan Drug Company |
|
2,528 |
| |
948,000 |
|
Chelsea Therapeutics International (a) |
|
|
| |
|
|
Biotech Focused on Rare Diseases |
|
2,427 |
| |
530,000 |
|
Anthera Pharmaceuticals (a) |
|
|
| |
|
|
Biotech Focused on Cardiovascular, Cancer & Immunology |
|
1,172 |
| |
29,671 |
|
Synageva Biopharma (a) |
|
|
| |
|
|
Biotech Focused on Orphan Diseases |
|
1,064 |
| |
18,181 |
|
Metabolex, Series A-1 (a)(d)(e) |
|
|
| |
|
|
Diabetes Drug Development |
|
11 |
| |
|
|
|
|
93,513 |
| |
|
|
> Medical Equipment & Devices 1.5% |
|
|
| |
224,000 |
|
Sirona Dental Systems (a) |
|
|
| |
|
|
Manufacturer of Dental Equipment |
|
11,545 |
| |
268,000 |
|
Hill-Rom Holdings |
|
|
| |
|
|
Hospital Beds/Patient Handling |
|
8,954 |
| |
72,000 |
|
Gen-Probe (a) |
|
|
| |
|
|
Molecular In-vitro Diagnostics |
|
4,781 |
| |
385,000 |
|
Pacific Biosciences of California (a) |
|
|
| |
|
|
Genome Sequencing |
|
1,317 |
| |
|
|
|
|
26,597 |
| |
|
|
> Medical Supplies 1.4% |
|
|
| |
488,600 |
|
Cepheid (a) |
|
|
| |
|
|
Molecular Diagnostics |
|
20,438 |
| |
53,000 |
|
Techne |
|
|
| |
|
|
Cytokines, Antibodies & Other Reagents for Life Science |
|
3,716 |
| |
|
|
|
|
24,154 |
| |
|
|
> Pharmaceuticals 0.5% |
|
|
| |
733,000 |
|
Akorn (a) |
|
|
| |
|
|
Develops, Manufactures & Sells Specialty Generic Drugs |
|
8,576 |
| |
150,000 |
|
Horizon Pharma (a) |
|
|
| |
|
|
Specialty Pharmaceutical Company |
|
621 |
| |
133,180 |
|
Alimera Sciences (a) |
|
|
| |
|
|
Ophthalmology-focused Pharmaceutical Company |
|
450 |
| |
|
|
|
|
9,647 |
| |
|
|
> Health Care Services 0.3% |
|
|
| |
738,900 |
|
Health Management Associates (a) |
|
|
| |
|
|
Non-urban Hospitals |
|
4,965 |
| |
|
|
|
|
4,965 |
| |
Health Care: Total |
|
158,876 |
| |||
|
|
|
| |||
Other Industries 6.5% |
|
|
| |||
|
|
> Real Estate 5.3% |
|
|
| |
915,000 |
|
Extra Space Storage |
|
|
| |
|
|
Self Storage Facilities |
|
26,343 |
| |
519,000 |
|
Dupont Fabros Technology |
|
|
| |
|
|
Technology-focused Office Buildings |
|
12,689 |
| |
561,200 |
|
Biomed Realty Trust |
|
|
| |
|
|
Life Science-focused Office Buildings |
|
10,651 |
| |
600,000 |
|
Associated Estates Realty |
|
|
| |
|
|
Multifamily Properties |
|
9,804 |
| |
870,000 |
|
Education Realty Trust |
|
|
| |
|
|
Student Housing |
|
9,431 |
| |
1,380,000 |
|
Kite Realty Group |
|
|
| |
|
|
Community Shopping Centers |
|
7,273 |
| |
958,000 |
|
DCT Industrial Trust |
|
|
| |
|
|
Industrial Properties |
|
5,652 |
| |
100,000 |
|
Post Properties |
|
|
| |
|
|
Multifamily Properties |
|
4,686 |
| |
200,000 |
|
St. Joe (a)(b) |
|
|
| |
|
|
Florida Panhandle Landowner |
|
3,802 |
| |
77,000 |
|
Kilroy Realty |
|
|
| |
|
|
West Coast Office & Industrial Properties |
|
3,589 |
| |
|
|
|
|
93,920 |
| |
|
|
> Transportation 1.2% |
|
|
| |
256,000 |
|
World Fuel Services |
|
|
| |
|
|
Global Fuel Broker |
|
10,496 |
| |
410,091 |
|
Rush Enterprises, Class A (a) |
|
8,702 |
| |
115,000 |
|
Rush Enterprises, Class B (a) |
|
|
| |
|
|
Truck Sales & Service |
|
2,000 |
| |
|
|
|
|
21,198 |
| |
Other Industries: Total |
|
115,118 |
| |||
|
|
|
| |||
Energy & Minerals 5.3% |
|
|
| |||
|
|
> Oil Services 2.5% |
|
|
| |
725,000 |
|
Atwood Oceanics (a) |
|
|
| |
|
|
Offshore Drilling Contractor |
|
32,545 |
| |
167,000 |
|
FMC Technologies (a) |
|
|
| |
|
|
Oil & Gas Well Head Manufacturer |
|
8,420 |
| |
83,000 |
|
Hornbeck Offshore (a) |
|
|
| |
|
|
Supply Vessel Operator in U.S. Gulf of Mexico |
|
3,489 |
| |
|
|
|
|
44,454 |
| |
Number of Shares |
|
|
|
Value (000) |
| |
|
|
> Oil & Gas Producers 1.9% |
|
|
| |
133,000 |
|
SM Energy |
|
|
| |
|
|
Oil & Gas Producer |
|
$ |
9,412 |
|
143,000 |
|
Rosetta Resources (a) |
|
|
| |
|
|
Oil & Gas Producer Exploring in South Texas & Montana |
|
6,973 |
| |
168,000 |
|
Swift Energy (a) |
|
|
| |
|
|
Oil & Gas Exploration & Production |
|
4,877 |
| |
117,000 |
|
Petroleum Development Corporation (a) |
|
|
| |
|
|
Oil & Gas Producer in U.S. |
|
4,339 |
| |
100,000 |
|
Approach Resource (a) |
|
|
| |
|
|
Oil & Gas Producer in West Texas Permian |
|
3,695 |
| |
567,000 |
|
Quicksilver Resources (a)(b) |
|
|
| |
|
|
Natural Gas & Coal Seam Gas Producer |
|
2,858 |
| |
262,200 |
|
Houston American Energy (a) |
|
|
| |
|
|
Oil & Gas Exploration/Production in Colombia |
|
1,369 |
| |
|
|
|
|
33,523 |
| |
|
|
> Mining 0.9% |
|
|
| |
85,000 |
|
Core Laboratories (Netherlands) |
|
|
| |
|
|
Oil & Gas Reservoir Consulting |
|
11,184 |
| |
600,000 |
|
Alexco Resource (a) |
|
|
| |
|
|
Mining, Exploration & Environmental Services |
|
4,188 |
| |
180,000 |
|
Augusta Resource (a) |
|
|
| |
|
|
US Copper/Moly Mine |
|
491 |
| |
|
|
|
|
15,863 |
| |
Energy & Minerals: Total |
|
93,840 |
| |||
|
|
|
| |||
Total Equities: 99.5% |
|
1,773,667 |
| |||
|
|
|
|
|
| |
Securities Lending Collateral 1.3% |
|
|
| |||
22,953,025 |
|
Dreyfus Government Cash Management Fund (7 day yield of 0.01%) (f) |
|
22,953 |
| |
Total Securities Lending Collateral: |
|
22,953 |
| |||
|
|
|
|
|
| |
Total Investments: 100.8% |
|
1,796,620 |
(i) | |||
|
|
|
|
|
| |
Obligation to Return Collateral for Securities Loaned: (1.3)% |
|
(22,953 |
) | |||
|
|
|
|
|
| |
Cash and Other Assets Less Liabilities: 0.5% |
|
8,134 |
| |||
|
|
|
|
|
| |
Total Net Assets: 100.0% |
|
$ |
1,781,801 |
|
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 March 31, 2012. The total market value of securities on loan at March 31, 2012 was $22,452.
(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 three months ended March 31, 2012, are as follows:
Affiliates |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
RCM Technologies |
|
640,000 |
|
|
|
|
|
640,000 |
|
$ |
3,565 |
|
$ |
|
|
Total of Affiliated Transactions |
|
640,000 |
|
|
|
|
|
640,000 |
|
$ |
3,565 |
|
$ |
|
|
The aggregate cost and value of this company at March 31, 2012, were $3,624 and $3,565, respectively. Investments in affiliated companies represented 0.20% of the Funds total net assets at March 31, 2012.
(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 March 31, 2012, the market value of this security amounted to $11, 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 |
|
$ |
11 |
|
|
|
|
|
|
|
$ |
2,000 |
|
$ |
11 |
|
(e) Illiquid security.
(f) Investment made with cash collateral received from securities lending activity.
> Notes to Statement of Investments (dollar values in thousands)
(g) At March 31, 2012, for federal income tax purposes, the cost of investments was $1,189,595 and net unrealized appreciation (depreciation) was $607,025 consisting of gross unrealized appreciation of $685,305 and gross unrealized depreciation of $(78,280).
(h) On March 31, 2012, the market value of foreign securities represented 1.27% of total net assets. The Funds foreign portfolio was diversified as follows:
|
|
Value |
|
Percentage |
| |
Netherlands |
|
$ |
11,183 |
|
0.63 |
|
Israel |
|
7,190 |
|
0.40 |
| |
India |
|
4,326 |
|
0.24 |
| |
Total Foreign Portfolio |
|
$ |
22,699 |
|
1.27 |
|
(i) Securities are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
Fair Value Measurements
Various inputs are used in determining the value of the Funds 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 managements 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 Funds 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 Funds Valuation Committee that relies on significant unobservable inputs.
Under the direction of the Funds Board of Trustees (the Board), the Boards Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board.
The Committee meets at least quarterly to review and approve valuation matters, which may include a description of fair value actions, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendation of third party pricing vendors and determining appropriate pricing methodologies; events that require fair valuation and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions.
For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table summarizes the inputs used, as of March 31, 2012, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Information |
|
$ |
571,025 |
|
$ |
7,990 |
|
$ |
|
|
$ |
579,015 |
|
Industrial Goods & Services |
|
318,027 |
|
|
|
|
|
318,027 |
| ||||
Consumer Goods & Services |
|
288,881 |
|
|
|
|
|
288,881 |
| ||||
Finance |
|
219,910 |
|
|
|
|
|
219,910 |
| ||||
Health Care |
|
158,865 |
|
|
|
11 |
|
158,876 |
| ||||
Other Industries |
|
115,118 |
|
|
|
|
|
115,118 |
| ||||
Energy & Minerals |
|
93,840 |
|
|
|
|
|
93,840 |
| ||||
Total Equities |
|
1,765,666 |
|
7,990 |
|
11 |
|
1,773,667 |
| ||||
Total Securities Lending Collateral |
|
22,953 |
|
|
|
|
|
22,953 |
| ||||
Total Investments |
|
$ |
1,788,619 |
|
$ |
7,990 |
|
$ |
11 |
|
$ |
1,796,620 |
|
> Notes to Statement of Investments (dollar values in thousands)
The Funds assets assigned to the Level 2 input category are generally valued using a market approach, in which a securitys value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Securities which have halted or temporarily stopped trading are valued at the last sale and adjusted by a premium or a discount to account for the anticipated re-opening price. These adjustments are determined by the investment managers experience with similar securities or situations.
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 |
| ||||
$ |
|
|
$ |
8,055 |
|
$ |
8,055 |
|
$ |
|
|
Financial assets were transferred from Level 1 to Level 2 as trading was halted during the period.
The following table reconciles asset balances for the three months ending March 31, 2012, 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 |
|
$ |
27 |
|
$ |
|
|
$ |
(16 |
) |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
11 |
|
|
|
$ |
27 |
|
$ |
|
|
$ |
(16 |
) |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
11 |
|
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 March 31, 2012, which were valued using significant unobservable inputs (Level 3) amounted to $(16).
The Fund does not hold any significant investments categorized as Level 3.
Certain common stock classified as Level 3 are valued using a market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, trades of similar securities, estimated earnings of the respective company, market multiples derived from a set of comparable companies, and the position of the security within the respective companys capital structure. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in estimated earnings of the respective company may result in a change to the comparable companies and market multiples utilized.
Columbia Acorn International Select
Statement of Investments (Unaudited), March 31, 2012
Number of Shares |
|
|
|
Value (000) |
| |
|
|
Equities: 95.1% |
|
|
| |
Asia 49.3% |
|
|
|
|
| |
|
|
> Japan 16.0% |
|
|
| |
1,911,000 |
|
Kansai Paint |
|
$ |
19,374 |
|
6,753,000 |
|
Seven Bank |
|
14,809 |
| |
8,970 |
|
Jupiter Telecommunications |
|
8,984 |
| |
528,000 |
|
Asahi Diamond Industrial |
|
6,242 |
| |
74,000 |
|
Ain Pharmaciez |
|
3,994 |
| |
59,400 |
|
Gree (a) |
|
1,496 |
| |
|
|
|
|
54,899 |
| |
|
|
> Singapore 13.8% |
|
|
| |
13,130,000 |
|
Ascendas REIT |
|
21,122 |
| |
20,395,000 |
|
Mapletree Industrial Trust |
|
17,829 |
| |
11,142,000 |
|
Mapletree Logistics Trust |
|
8,382 |
| |
|
|
|
|
47,333 |
| |
|
|
> Taiwan 9.0% |
|
|
| |
11,103,000 |
|
Far EasTone Telecom |
|
22,821 |
| |
2,789,400 |
|
CTCI Corp |
|
4,625 |
| |
1,179,000 |
|
Taiwan Mobile |
|
3,594 |
| |
|
|
|
|
31,040 |
| |
|
|
> China 4.4% |
|
|
| |
4,146,000 |
|
Zhaojin Mining Industry |
|
6,974 |
| |
84,000 |
|
NetEase.com - ADR (b) |
|
4,880 |
| |
3,044,000 |
|
Want Want |
|
3,406 |
| |
|
|
|
|
15,260 |
| |
|
|
> Korea 3.3% |
|
|
| |
49,830 |
|
NHN |
|
11,437 |
| |
|
|
|
|
11,437 |
| |
|
|
> Indonesia 2.8% |
|
|
| |
9,272,000 |
|
Archipelago Resources (b) |
|
9,640 |
| |
|
|
|
|
9,640 |
| |
Asia: Total |
|
169,609 |
| |||
|
|
|
|
|
| |
Europe 25.7% |
|
|
|
|
| |
|
|
> Germany 6.4% |
|
|
| |
630,000 |
|
Wirecard |
|
11,994 |
| |
109,500 |
|
Rheinmetall |
|
6,484 |
| |
175,000 |
|
Rhoen-Klinikum |
|
3,514 |
| |
|
|
|
|
21,992 |
| |
|
|
> United Kingdom 6.2% |
|
|
| |
178,000 |
|
Intertek Group |
|
7,149 |
| |
659,000 |
|
Serco |
|
5,719 |
| |
772,800 |
|
Chemring |
|
5,037 |
| |
314,000 |
|
JLT Group |
|
3,508 |
| |
|
|
|
|
21,413 |
| |
|
|
> Sweden 3.4% |
|
|
| |
595,666 |
|
Hexagon |
|
11,561 |
| |
|
|
|
|
11,561 |
| |
|
|
> Netherlands 3.3% |
|
|
| |
239,919 |
|
Imtech |
|
7,670 |
| |
28,100 |
|
Core Laboratories |
|
3,697 |
| |
|
|
|
|
11,367 |
| |
|
|
> Switzerland 2.5% |
|
|
| |
24,000 |
|
Partners Group |
|
4,682 |
| |
28,000 |
|
Kuehne & Nagel |
|
3,787 |
| |
|
|
|
|
8,469 |
| |
|
|
> Iceland 1.6% |
|
|
| |
4,800,000 |
|
Marel |
|
5,633 |
| |
|
|
|
|
5,633 |
| |
|
|
> Denmark 1.2% |
|
|
| |
145,000 |
|
Novozymes |
|
4,223 |
| |
|
|
|
|
4,223 |
| |
|
|
> Belgium 1.1% |
|
|
| |
74,000 |
|
EVS Broadcast Equipment |
|
3,837 |
| |
|
|
|
|
3,837 |
| |
Europe: Total |
|
88,495 |
| |||
Number of Shares |
|
|
|
Value (000) |
| |
Other Countries 19.2% |
|
|
| |||
|
|
> South Africa 11.2% |
|
|
| |
7,601,015 |
|
Rand Merchant Insurance |
|
$ |
17,053 |
|
1,317,200 |
|
Adcock Ingram Holdings |
|
10,080 |
| |
112,700 |
|
Naspers |
|
6,332 |
| |
1,146,000 |
|
Northam Platinum |
|
5,097 |
| |
|
|
|
|
38,562 |
| |
|
|
> United States 2.3% |
|
|
| |
94,000 |
|
Atwood Oceanics (b) |
|
4,220 |
| |
52,000 |
|
SM Energy |
|
3,680 |
| |
|
|
|
|
7,900 |
| |
|
|
> Canada 2.2% |
|
|
| |
106,400 |
|
CCL Industries |
|
3,893 |
| |
89,000 |
|
AG Growth |
|
3,722 |
| |
|
|
|
|
7,615 |
| |
|
|
> Australia 1.9% |
|
|
| |
826,355 |
|
Challenger Financial |
|
3,255 |
| |
3,170,358 |
|
Commonwealth Property Office Fund |
|
3,236 |
| |
|
|
|
|
6,491 |
| |
|
|
> Israel 1.6% |
|
|
| |
460,000 |
|
Israel Chemicals |
|
5,314 |
| |
10,000 |
|
Caesarstone (b) |
|
117 |
| |
|
|
|
|
5,431 |
| |
Other Countries: Total |
|
65,999 |
| |||
|
|
|
| |||
Latin America 0.9% |
|
|
| |||
|
|
> Argentina 0.6% |
|
|
| |
183,333 |
|
Union Agriculture Group (b)(c)(d) |
|
1,947 |
| |
|
|
|
|
1,947 |
| |
|
|
> Colombia 0.3% |
|
|
| |
18,800,000 |
|
Quetzal Energy (b)(c) |
|
995 |
| |
|
|
|
|
995 |
| |
Latin America: Total |
|
2,942 |
| |||
|
|
|
|
|
| |
Total Equities: 95.1% |
|
327,045 |
| |||
|
|
|
|
|
| |
Securities Lending Collateral 0.8% |
|
|
| |||
2,658,332 |
|
Dreyfus Government Cash Management Fund (7 day yield of 0.01%) (e) |
|
2,658 |
| |
Total Securities Lending Collateral: |
|
2,658 |
| |||
|
|
|
| |||
Total Investments: 95.9% |
|
329,703 |
(h) | |||
|
|
|
| |||
Obligation to Return Collateral for Securities Loaned: (0.8)% |
|
(2,658 |
) | |||
|
|
|
| |||
Cash and Other Assets Less Liabilities: 4.9% |
|
16,804 |
| |||
|
|
|
| |||
Total Net Assets: 100.0% |
|
$ |
343,849 |
|
ADR - American Depositary Receipts
> Notes to Statement of Investments (dollar values in thousands)
(a) All or a portion of this security was on loan at March 31, 2012. The total market value of securities on loan at March 31, 2012 was $2,531.
(b) Non-income producing security.
(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 March 31, 2012, the market value of these securities amounted to $2,942 which represented 0.86% of total net assets.
Additional information on these securities is as follows:
Security |
|
Acquisition |
|
Shares |
|
Cost |
|
Value |
| ||
Union Agriculture Group |
|
12/8/10-12/16/11 |
|
183,333 |
|
$ |
2,200 |
|
$ |
1,947 |
|
Quetzal Energy |
|
1/14/11 |
|
18,800,000 |
|
2,376 |
|
995 |
| ||
|
|
|
|
|
|
$ |
4,576 |
|
$ |
2,942 |
|
(d) Illiquid security.
(e) Investment made with cash collateral received from securities lending activity.
(f) At March 31, 2012, for federal income tax purposes, the cost of investments was $268,546 and net unrealized appreciation was $61,157 consisting of gross unrealized appreciation of $74,081 and gross unrealized depreciation of $(12,924).
(g) On March 31, 2012, the Funds total investments were denominated in currencies as follows:
Currency |
|
Value |
|
Percentage |
| |
Japanese Yen |
|
$ |
54,900 |
|
16.0 |
|
Singapore Dollar |
|
47,333 |
|
13.8 |
| |
South African Rand |
|
38,562 |
|
11.2 |
| |
Euro |
|
33,499 |
|
9.7 |
| |
Pound Sterling |
|
31,052 |
|
9.0 |
| |
Taiwan Dollar |
|
31,040 |
|
9.0 |
| |
U.S. Dollar |
|
18,541 |
|
5.4 |
| |
Other currencies less than 5% of total net assets |
|
72,118 |
|
21.0 |
| |
|
|
$ |
327,045 |
|
95.1 |
|
(h) Securities are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
At March 31, 2012, the Fund had entered into the following forward foreign currency exchange contracts:
Forward Foreign Currency |
|
Forward Foreign Currency |
|
Principal Amount in |
|
Principal |
|
Settlement Date |
|
Unrealized |
| ||
USD |
|
ZAR |
|
200,400 |
|
$ |
26,000 |
|
04/13/12 |
|
$ |
(86 |
) |
The counterparty for all forward foreign currency exchange contracts is State Street Bank and Trust Company.
USD = United States Dollar
ZAR = South African Rand
Fair Value Measurements
Various inputs are used in determining the value of the Funds 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 managements 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 Funds 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 Funds Valuation Committee that relies on significant unobservable inputs.
> Notes to Statement of Investments (dollar values in thousands)
Under the direction of the Funds Board of Trustees (the Board), the Boards Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board.
The Committee meets at least quarterly to review and approve valuation matters, which may include a description of fair value actions, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendation of third party pricing vendors and determining appropriate pricing methodologies; events that require fair valuation and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions.
The following table summarizes the inputs used, as of March 31, 2012, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Asia |
|
$ |
4,880 |
|
$ |
164,729 |
|
$ |
|
|
$ |
169,609 |
|
Europe |
|
3,697 |
|
84,798 |
|
|
|
88,495 |
| ||||
Other Countries |
|
15,632 |
|
50,367 |
|
|
|
65,999 |
| ||||
Latin America |
|
|
|
995 |
|
1,947 |
|
2,942 |
| ||||
Total Equities |
|
24,209 |
|
300,889 |
|
1,947 |
|
327,045 |
| ||||
Total Securities Lending Collateral |
|
2,658 |
|
|
|
|
|
2,658 |
| ||||
Total Investments |
|
$ |
26,867 |
|
$ |
300,889 |
|
$ |
1,947 |
|
$ |
329,703 |
|
Unrealized Depreciation of Forward Foreign Currency Exchange Contracts |
|
|
|
(86 |
) |
|
|
(86 |
) | ||||
Total |
|
$ |
26,867 |
|
$ |
300,803 |
|
$ |
1,947 |
|
$ |
329,617 |
|
The Funds assets assigned to the Level 2 input category are generally valued using a market approach, in which a securitys 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, in accordance with the policy adopted by the Board of Trustees, 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 investment managers experience with similar securities or situations. Factors may include, but are not limited to, trade volume, shares outstanding and stock price.
The Funds 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, the investment manager will utilize the valuation technique that it deems 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 companys capital structure.
There were no transfers of financial assets between levels 1 and 2 during the period.
The following table reconciles asset balances for the three months ending March 31, 2012, in which significant unobservable inputs (Level 3) were used in determining value:
Investment Type |
|
Balance |
|
Realized |
|
Change in |
|
Purchases |
|
Sales |
|
Transfers |
|
Transfers |
|
Balance |
| ||||||||
Latin America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Argentina |
|
$ |
1,828 |
|
$ |
|
|
$ |
119 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
1,947 |
|
|
|
$ |
1,828 |
|
$ |
|
|
$ |
119 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
1,947 |
|
> Notes to Statement of Investments (dollar values in thousands)
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 appreciation attributed to securities owned at March 31, 2012, which were valued using significant unobservable inputs (Level 3) amounted to $119.
The Fund does not hold any significant investments categorized as Level 3.
Certain common stock classified as Level 3 are valued using a market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, trades of similar securities, estimated earnings of the respective company, market multiples derived from a set of comparable companies, and the position of the security within the respective companys capital structure. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in estimated earnings of the respective company may result in a change to the comparable companies and market multiples utilized.
Columbia Acorn Select
Statement of Investments (Unaudited), March 31, 2012
Number of Shares |
|
|
|
Value (000) |
| |
|
|
Equities: 98.8% |
|
|
| |
Consumer Goods & Services 21.7% |
|
|
| |||
|
|
> Travel 8.1% |
|
|
| |
5,225,000 |
|
Hertz (a) |
|
$ |
78,584 |
|
1,020,000 |
|
Gaylord Entertainment (a) |
|
31,416 |
| |
|
|
|
|
110,000 |
| |
|
|
> Retail 6.8% |
|
|
| |
390,000 |
|
lululemon athletica (a) |
|
29,125 |
| |
555,000 |
|
Abercrombie & Fitch |
|
27,534 |
| |
1,100,000 |
|
Safeway (b) |
|
22,231 |
| |
200,000 |
|
Tiffany & Co. |
|
13,826 |
| |
|
|
|
|
92,716 |
| |
|
|
> Apparel 3.5% |
|
|
| |
615,000 |
|
Coach |
|
47,527 |
| |
|
|
|
|
47,527 |
| |
|
|
> Casinos & Gaming 1.7% |
|
|
| |
260,000,000 |
|
RexLot Holdings (China) (b) |
|
23,113 |
| |
|
|
|
|
23,113 |
| |
|
|
> Educational Services 1.3% |
|
|
| |
270,000 |
|
ITT Educational Services (a)(b) |
|
17,858 |
| |
|
|
|
|
17,858 |
| |
|
|
> Other Consumer Services 0.2% |
|
|
| |
3,430,000 |
|
IFM Investments (Century 21 China RE) - ADR (China) (a)(b)(c) |
|
2,469 |
| |
|
|
|
|
2,469 |
| |
|
|
> Food & Beverage 0.1% |
|
|
| |
1,500,000 |
|
GLG Life Tech (Canada) (a)(b) |
|
1,185 |
| |
9,100 |
|
Annies (a) |
|
317 |
| |
|
|
|
|
1,502 |
| |
Consumer Goods & Services: Total |
|
295,185 |
| |||
|
|
|
| |||
Information 21.4% |
|
|
| |||
|
|
> Mobile Communications 7.5% |
|
|
| |
1,010,000 |
|
SBA Communications (a) |
|
51,318 |
| |
770,000 |
|
Crown Castle International (a) |
|
41,072 |
| |
15,000,000 |
|
Globalstar (a)(c) |
|
10,500 |
| |
|
|
|
|
102,890 |
| |
|
|
> Contract Manufacturing 3.7% |
|
|
| |
4,375,000 |
|
Sanmina-SCI (a)(c) |
|
50,094 |
| |
|
|
|
|
50,094 |
| |
|
|
> Computer Services 3.5% |
|
|
| |
3,940,000 |
|
WNS - ADR (India) (a)(c) |
|
47,477 |
| |
|
|
|
|
47,477 |
| |
|
|
> Computer Hardware & Related Equipment 2.8% |
|
|
| |
645,000 |
|
Amphenol |
|
38,552 |
| |
|
|
|
|
38,552 |
| |
|
|
> Instrumentation 1.5% |
|
|
| |
110,000 |
|
Mettler Toledo (a) |
|
20,322 |
| |
|
|
|
|
20,322 |
| |
|
|
> Semiconductors & Related Equipment 0.8% |
|
|
| |
1,175,000 |
|
Atmel (a) |
|
11,586 |
| |
|
|
|
|
11,586 |
| |
|
|
> Business Software 0.8% |
|
|
| |
182,000 |
|
Concur Technologies (a) |
|
10,443 |
| |
|
|
|
|
10,443 |
| |
|
|
> Advertising 0.7% |
|
|
| |
6,108,437 |
|
VisionChina Media - ADR (China) (a)(c) |
|
9,651 |
| |
|
|
|
|
9,651 |
| |
Information: Total |
|
291,015 |
| |||
|
|
|
| |||
Industrial Goods & Services 20.8% |
|
|
| |||
|
|
> Machinery 15.4% |
|
|
| |
1,490,000 |
|
Ametek |
|
72,280 |
| |
1,260,000 |
|
Donaldson |
|
45,020 |
| |
975,000 |
|
Kennametal |
|
43,417 |
| |
690,000 |
|
Pall |
|
41,145 |
| |
160,000 |
|
Nordson |
|
8,721 |
| |
|
|
|
|
210,583 |
| |
|
|
> Outsourcing Services 2.2% |
|
|
| |
1,420,000 |
|
Quanta Services (a) |
|
29,678 |
| |
|
|
|
|
29,678 |
| |
Number of Shares |
|
|
|
Value (000) |
| |
|
|
> Other Industrial Services 2.0% |
|
|
| |
600,000 |
|
Expeditors International of Washington |
|
$ |
27,906 |
|
|
|
|
|
27,906 |
| |
|
|
> Industrial Materials & Specialty Chemicals 1.2% |
|
|
| |
150,000 |
|
FMC Corporation |
|
15,879 |
| |
|
|
|
|
15,879 |
| |
Industrial Goods & Services: Total |
|
284,046 |
| |||
|
|
|
| |||
Finance 15.0% |
|
|
| |||
|
|
> Credit Cards 5.2% |
|
|
| |
2,115,000 |
|
Discover Financial Services |
|
70,514 |
| |
|
|
|
|
70,514 |
| |
|
|
> Insurance 4.7% |
|
|
| |
8,325,000 |
|
CNO Financial Group (a) |
|
64,768 |
| |
|
|
|
|
64,768 |
| |
|
|
> Banks 3.5% |
|
|
| |
630,000 |
|
City National |
|
33,056 |
| |
1,075,000 |
|
Associated Banc-Corp |
|
15,007 |
| |
|
|
|
|
48,063 |
| |
|
|
> Brokerage & Money Management 1.5% |
|
|
| |
965,000 |
|
SEI Investments |
|
19,966 |
| |
|
|
|
|
19,966 |
| |
|
|
> Finance Companies 0.1% |
|
|
| |
84,500 |
|
Regional Management (a) |
|
1,420 |
| |
|
|
|
|
1,420 |
| |
Finance: Total |
|
204,731 |
| |||
|
|
|
| |||
Energy & Minerals 11.5% |
|
|
| |||
|
|
> Oil & Gas Producers 7.3% |
|
|
| |
1,480,000 |
|
Pacific Rubiales Energy (Colombia) |
|
43,238 |
| |
30,872,300 |
|
Canacol (Colombia) (a) |
|
24,452 |
| |
36,500,000 |
|
Shamaran Petroleum (Iraq) (a) |
|
9,331 |
| |
34,700,000 |
|
Petrodorado (Colombia) (a)(c) |
|
8,001 |
| |
17,144,000 |
|
Petrodorado - Warrants (Colombia) (a)(d)(e) |
|
672 |
| |
24,000,000 |
|
Canadian Overseas Petroleum (United Kingdom) (a)(c)(d) |
|
|
5,082 |
|
12,000,000 |
|
Canadian Overseas Petroleum - Warrants (United Kingdom) (a)(d)(e) |
|
302 |
| |
826,400 |
|
Houston American Energy (a) |
|
4,314 |
| |
18,125,000 |
|
Petromanas (Canada) (a) |
|
4,179 |
| |
6,562,500 |
|
Petromanas - Warrants (Canada) (a)(d) |
|
32 |
| |
|
|
|
|
99,603 |
| |
|
|
> Agricultural Commodities 1.6% |
|
|
| |
1,666,667 |
|
Union Agriculture Group (Argentina) (a)(d)(e) |
|
17,700 |
| |
33,572,000 |
|
Eacom Timber (Canada) (a)(c) |
|
3,702 |
| |
|
|
|
|
21,402 |
| |
|
|
> Alternative Energy 1.0% |
|
|
| |
2,700,000 |
|
Canadian Solar (China) (a)(b)(c) |
|
8,586 |
| |
2,500,000 |
|
Synthesis Energy Systems (China) (a) |
|
3,675 |
| |
1,200,000 |
|
Real Goods Solar (a) |
|
1,740 |
| |
|
|
|
|
14,001 |
| |
|
|
> Mining 0.9% |
|
|
| |
870,000 |
|
Kirkland Lake Gold (Canada) (a) |
|
12,578 |
| |
|
|
|
|
12,578 |
| |
|
|
> Oil Services 0.7% |
|
|
| |
12,700,000 |
|
Tuscany International Drilling (Colombia) (a) |
|
9,549 |
| |
|
|
|
|
9,549 |
| |
Energy & Minerals: Total |
|
157,133 |
| |||
|
|
|
| |||
Other Industries 4.3% |
|
|
| |||
|
|
> Real Estate 3.2% |
|
|
| |
1,660,000 |
|
Biomed Realty Trust |
|
31,507 |
| |
475,000 |
|
Dupont Fabros Technology |
|
11,614 |
| |
|
|
|
|
43,121 |
| |
|
|
> Regulated Utilities 1.1% |
|
|
| |
435,000 |
|
Wisconsin Energy |
|
15,303 |
| |
|
|
|
|
15,303 |
| |
Other Industries: Total |
|
58,424 |
|
Number of Shares |
|
|
|
Value (000) |
| |
Health Care 4.1% |
|
|
| |||
|
|
> Biotechnology & Drug Delivery 1.8% |
|
|
| |
2,510,000 |
|
NPS Pharmaceuticals (a) |
|
$ |
17,169 |
|
395,000 |
|
Seattle Genetics (a)(b) |
|
8,050 |
| |
|
|
|
|
25,219 |
| |
|
|
> Pharmaceuticals 1.2% |
|
|
| |
1,400,000 |
|
Akorn (a) |
|
16,380 |
| |
|
|
|
|
16,380 |
| |
|
|
> Medical Supplies 1.1% |
|
|
| |
190,000 |
|
Henry Schein (a) |
|
14,379 |
| |
|
|
|
|
14,379 |
| |
Health Care: Total |
|
55,978 |
| |||
|
|
|
| |||
Total Equities: 98.8% |
|
1,346,512 |
| |||
|
|
|
| |||
Securities Lending Collateral 3.5% |
|
|
| |||
47,277,255 |
|
Dreyfus Government Cash Management Fund (7 day yield of 0.01%) (f) |
|
47,277 |
| |
Total Securities Lending Collateral: |
|
47,277 |
| |||
|
|
|
| |||
Total Investments: 102.3% |
|
1,393,789 |
(i) | |||
|
|
|
| |||
Obligation to Return Collateral for Securities Loaned: (3.5)% |
|
(47,277 |
) | |||
|
|
|
| |||
Cash and Other Assets Less Liabilities: 1.2% |
|
16,749 |
| |||
|
|
|
| |||
Total Net Assets: 100.0% |
|
$ |
1,363,261 |
|
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 March 31, 2012. The total market value of securities on loan at March 31, 2012 was $45,804.
(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 three months ended March 31, 2012, are as follows:
Affiliates |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
Canacol* |
|
31,372,300 |
|
|
|
500,000 |
|
30,872,300 |
|
$ |
24,452 |
|
$ |
|
|
Canadian Overseas Petroleum |
|
24,000,000 |
|
|
|
|
|
24,000,000 |
|
5,082 |
|
|
| ||
Canadian Solar |
|
2,700,000 |
|
|
|
|
|
2,700,000 |
|
8,586 |
|
|
| ||
Eacom Timber |
|
36,000,000 |
|
|
|
2,428,000 |
|
33,572,000 |
|
3,702 |
|
|
| ||
GLG Life Tech* |
|
1,850,000 |
|
|
|
350,000 |
|
1,500,000 |
|
1,185 |
|
|
| ||
Globalstar |
|
13,184,322 |
|
1,815,678 |
|
|
|
15,000,000 |
|
10,500 |
|
|
| ||
IFM Investments (Century 21 China RE) - ADR |
|
3,430,000 |
|
|
|
|
|
3,430,000 |
|
2,469 |
|
|
| ||
Petrodorado |
|
34,700,000 |
|
|
|
|
|
34,700,000 |
|
8,001 |
|
|
| ||
Real Goods Solar* |
|
1,500,000 |
|
|
|
300,000 |
|
1,200,000 |
|
1,740 |
|
|
| ||
Sanmina-SCI |
|
6,100,000 |
|
|
|
1,725,000 |
|
4,375,000 |
|
50,094 |
|
|
| ||
Synthesis Energy Systems* |
|
2,950,372 |
|
|
|
450,372 |
|
2,500,000 |
|
3,675 |
|
|
| ||
VisionChina Media - ADR |
|
7,000,000 |
|
|
|
891,563 |
|
6,108,437 |
|
9,651 |
|
|
| ||
WNS - ADR |
|
4,254,230 |
|
|
|
314,230 |
|
3,940,000 |
|
47,477 |
|
|
| ||
Total of Affiliated Transactions |
|
169,041,224 |
|
1,815,678 |
|
6,959,165 |
|
163,897,737 |
|
$ |
176,614 |
|
$ |
|
|
* At March 31, 2012, the Fund owned less than five percent of the companys outstanding voting shares.
The aggregate cost and value of these companies at March 31, 2012, were $219,738 and $145,562, respectively. Investments in affiliated companies represented 10.68% of the Funds total net assets at March 31, 2012.
(d) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued at a fair value determined in good faith under consistenly applied procedures established by the Board of Trustees. At March 31, 2012, the market value of these securities amounted to $23,788 which represented 1.74% of total net assets.
> Notes to Statement of Investments (dollar values in thousands)
Security |
|
Acquisition |
|
Shares |
|
Cost |
|
Value |
| ||
Union Agriculture Group |
|
12/8/10-12/16/11 |
|
1,666,667 |
|
$ |
20,000 |
|
$ |
17,700 |
|
Canadian Overseas Petroleum |
|
11/24/10 |
|
24,000,000 |
|
10,260 |
|
5,082 |
| ||
Petrodorado - Warrants |
|
11/20/09 |
|
17,144,000 |
|
2,118 |
|
672 |
| ||
Canadian Overseas Petroleum - Warrants |
|
11/24/10 |
|
12,000,000 |
|
1,502 |
|
302 |
| ||
Petromanas - Warrants |
|
5/20/10 |
|
6,562,500 |
|
380 |
|
32 |
| ||
|
|
|
|
|
|
$ |
34,260 |
|
$ |
23,788 |
|
(e) Illiquid security.
(f) Investment made with cash collateral received from securities lending activity.
(g) At March 31, 2012, for federal income tax purposes, the cost of investments was $1,026,971 and net unrealized appreciation was $366,818 consisting of gross unrealized appreciation of $495,701 and gross unrealized depreciation of $(128,883).
(h) On March 31, 2012, the market value of foreign securities represented 17.24% of total net assets. The Funds foreign portfolio was diversified as follows:
|
|
Value |
|
Percentage |
| |
Colombia |
|
$ |
85,912 |
|
6.30 |
|
China |
|
47,494 |
|
3.49 |
| |
India |
|
47,477 |
|
3.48 |
| |
Canada |
|
21,676 |
|
1.59 |
| |
Argentina |
|
17,700 |
|
1.30 |
| |
Iraq |
|
9,331 |
|
0.68 |
| |
United Kingdom |
|
5,384 |
|
0.40 |
| |
Total Foreign Portfolio |
|
$ |
234,974 |
|
17.24 |
|
(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 Funds 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 managements 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 Funds 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 Funds Valuation Committee that relies on significant unobservable inputs.
Under the direction of the Funds Board of Trustees (the Board), the Boards Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board.
The Committee meets at least quarterly to review and approve valuation matters, which may include a description of fair value actions, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendation of third party pricing vendors and determining appropriate pricing methodologies; events that require fair valuation and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions.
For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
> Notes to Statement of Investments (dollar values in thousands)
The following table summarizes the inputs used, as of March 31, 2012, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Consumer Goods & Services |
|
$ |
272,072 |
|
$ |
23,113 |
|
$ |
|
|
$ |
295,185 |
|
Information |
|
291,015 |
|
|
|
|
|
291,015 |
| ||||
Industrial Goods & Services |
|
284,046 |
|
|
|
|
|
284,046 |
| ||||
Finance |
|
204,731 |
|
|
|
|
|
204,731 |
| ||||
Energy & Minerals |
|
133,345 |
|
6,088 |
|
17,700 |
|
157,133 |
| ||||
Other Industries |
|
58,424 |
|
|
|
|
|
58,424 |
| ||||
Health Care |
|
55,978 |
|
|
|
|
|
55,978 |
| ||||
Total Equities |
|
1,299,611 |
|
29,201 |
|
17,700 |
|
1,346,512 |
| ||||
Total Securities Lending Collateral |
|
47,277 |
|
|
|
|
|
47,277 |
| ||||
Total Investments |
|
$ |
1,346,888 |
|
$ |
29,201 |
|
$ |
17,700 |
|
$ |
1,393,789 |
|
The Funds assets assigned to the Level 2 input category are generally valued using a market approach, in which a securitys 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, in accordance with the policy adopted by the Board of Trustees, 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 investment managers 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.
There were no transfers of financial assets between levels 1 and 2 during the period.
The following table reconciles asset balances for the six months ending March 31, 2012, 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 |
|
$ |
16,617 |
|
$ |
|
|
$ |
1,083 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
17,700 |
|
|
|
$ |
16,617 |
|
$ |
|
|
$ |
1,083 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
17,700 |
|
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 appreciation attributed to securities owned at March 31, 2012, which were valued using significant unobservable inputs (Level 3) amounted to $1,083.
Quantitative information pertaining to Level 3 unobservable fair value measurements
|
|
Fair Value at |
|
Valuation Technique(s) |
|
Unobservable Input (s) |
|
Range (Weighted |
|
Equities |
|
17,700 |
|
Market comparable companies |
|
Discount for lack of marketability |
|
-6% - +16% (-9%) |
|
Certain common stock classified as Level 3 are valued using a market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, trades of similar securities, estimated earnings of the respective company, market multiples derived from a set of comparable companies, and the position of the security within the respective companys capital structure. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in estimated earnings of the respective company may result in a change to the comparable companies and market multiples utilized.
Columbia Thermostat Fund
Statement of Investments (Unaudited), March 31, 2012
Number of Shares |
|
|
|
Value (000) |
| |
|
|
> Affiliated Bond Funds: 53.4% |
|
|
| |
9,295,325 |
|
Columbia Intermediate Bond Fund, Class I |
|
$ |
86,725 |
|
5,457,987 |
|
Columbia Income Opportunities Fund, Class I |
|
52,233 |
| |
2,987,862 |
|
Columbia U.S. Treasury Income Fund, Class I |
|
34,629 |
| |
Total Bond Funds (Cost: $171,419) |
|
173,587 |
| |||
|
|
|
|
|
| |
|
|
> Affiliated Stock Funds: 43.8% |
|
|
| |
725,247 |
|
Columbia Acorn International Fund, Class I |
|
28,662 |
| |
1,946,023 |
|
Columbia Dividend Income Fund, Class I |
|
28,529 |
| |
1,353,681 |
|
Columbia Contrarian Core Fund, Class I |
|
21,361 |
| |
668,359 |
|
Columbia Acorn Fund, Class I |
|
21,287 |
| |
1,014,784 |
|
Columbia Large Cap Enhanced Core Fund, Class I |
|
14,227 |
| |
981,120 |
|
Columbia Select Large Cap Growth Fund, Class I (a) |
|
14,197 |
| |
509,047 |
|
Columbia Acorn Select Fund, Class I |
|
14,177 |
| |
Total Stock Funds (Cost: $114,924) |
|
142,440 |
| |||
|
|
|
|
|
| |
Total Investments: 97.2% |
|
316,027 |
(c) | |||
|
|
|
|
|
| |
Cash and Other Assets Less Liabilities: 2.8% |
|
8,998 |
| |||
|
|
|
|
|
| |
Total Net Assets: 100.0% |
|
$ |
325,025 |
|
> Notes to Statement of Investments (dollar values in thousands)
(a) Non-income producing security.
(b) At March 31, 2012, for federal income tax purposes, the cost of investments was $286,343 and net unrealized appreciation was $29,684 consisting of gross unrealized appreciation of $29,684 and gross unrealized depreciation of $().
(c) Securities are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
Fair Value Measurements
Various inputs are used in determining the value of the Funds 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 managements 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 Funds 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 Funds Valuation Committee that relies on significant unobservable inputs.
Under the direction of the Funds Board of Trustees (the Board), the Boards Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board.
The Committee meets at least quarterly to review and approve valuation matters, which may include a description of fair value actions, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendation of third party pricing vendors and determining appropriate pricing methodologies; events that require fair valuation and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions.
For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
> Notes to Statement of Investments (dollar values in thousands)
The following table summarizes the inputs used, as of March 31, 2012, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Total Bond Funds |
|
$ |
173,587 |
|
$ |
|
|
$ |
|
|
$ |
173,587 |
|
Total Stock Funds |
|
142,440 |
|
|
|
|
|
142,440 |
| ||||
Total Investments |
|
$ |
316,027 |
|
$ |
|
|
$ |
|
|
$ |
316,027 |
|
There were no transfers of financial assets between levels 1 and 2 during the period.
Columbia Acorn Emerging Markets Fund
Statement of Investments (Unaudited), March 31, 2012
Number of Shares |
|
|
|
Value (000) |
| |
|
|
Equities: 96.1% |
|
|
| |
Asia 55.2% |
|
|
|
|
| |
|
|
> Taiwan 16.8% |
|
|
| |
58,126 |
|
Far EasTone Telecom |
|
$ |
120 |
|
64,762 |
|
CTCI Corp |
|
107 |
| |
30,000 |
|
Tripod Technologies |
|
101 |
| |
38,990 |
|
Chroma Ate |
|
100 |
| |
7,200 |
|
St. Shine Optical |
|
94 |
| |
10,342 |
|
Simplo Technology |
|
78 |
| |
13,700 |
|
PC Home |
|
77 |
| |
15,277 |
|
Radiant Opto-Electronics |
|
68 |
| |
19,169 |
|
Advantech |
|
67 |
| |
9,800 |
|
MStar Semiconductor |
|
60 |
| |
16,500 |
|
Lung Yen |
|
53 |
| |
21,689 |
|
Taiwan Hon Chuan |
|
49 |
| |
|
|
|
|
974 |
| |
|
|
> Indonesia 11.1% |
|
|
| |
369,019 |
|
Ace Indonesia |
|
180 |
| |
535,709 |
|
Tower Bersama Infrastructure |
|
173 |
| |
137,500 |
|
Archipelago Resources (a) |
|
143 |
| |
93,264 |
|
Surya Citra Media |
|
82 |
| |
109,911 |
|
Jasa Marga |
|
62 |
| |
|
|
|
|
640 |
| |
|
|
> Hong Kong 6.2% |
|
|
| |
118,462 |
|
Melco International (a) |
|
113 |
| |
28,089 |
|
Lifestyle International |
|
72 |
| |
5,150 |
|
Melco Crown Entertainment - ADR (a) |
|
70 |
| |
89,999 |
|
Sasa International |
|
52 |
| |
18,027 |
|
AAC Technologies |
|
49 |
| |
|
|
|
|
356 |
| |
|
|
> China 6.1% |
|
|
| |
45,651 |
|
Digital China |
|
|
91 |
|
1,277 |
|
NetEase.com - ADR (a) |
|
74 |
| |
823,246 |
|
RexLot Holdings |
|
73 |
| |
1,154 |
|
51job - ADR (a)(b) |
|
66 |
| |
89,275 |
|
AMVIG Holdings |
|
48 |
| |
|
|
|
|
352 |
| |
|
|
> India 4.7% |
|
|
| |
7,835 |
|
United Breweries |
|
83 |
| |
13,040 |
|
Titan Industries |
|
59 |
| |
30,249 |
|
Jain Irrigation Systems |
|
58 |
| |
22,500 |
|
Adani Ports & Special Economic Zone |
|
57 |
| |
7,562 |
|
Redington India |
|
13 |
| |
|
|
|
|
270 |
| |
|
|
> Philippines 2.9% |
|
|
| |
40,787 |
|
Intl Container Terminal |
|
62 |
| |
100,465 |
|
Manila Water Company |
|
54 |
| |
128,155 |
|
SM Prime Holdings |
|
51 |
| |
|
|
|
|
167 |
| |
|
|
> Cambodia 2.7% |
|
|
| |
340,000 |
|
Nagacorp |
|
155 |
| |
|
|
|
|
155 |
| |
|
|
> Thailand 1.9% |
|
|
| |
249,018 |
|
Home Product Center |
|
112 |
| |
|
|
|
|
112 |
| |
|
|
> Mongolia 1.6% |
|
|
| |
98,500 |
|
Mongolian Mining (a) |
|
94 |
| |
|
|
|
|
94 |
| |
|
|
> Japan 1.2% |
|
|
| |
7,060 |
|
Kansai Paint |
|
72 |
| |
|
|
|
|
72 |
| |
Asia: Total |
|
|
|
3,192 |
|
Number of Shares |
|
|
|
Value (000) |
| |
Other Countries 19.1% |
|
|
| |||
|
|
> South Africa 11.4% |
|
|
| |
71,200 |
|
Rand Merchant Insurance |
|
$ |
160 |
|
42,926 |
|
Coronation Fund Managers |
|
159 |
| |
15,850 |
|
Adcock Ingram Holdings |
|
121 |
| |
6,597 |
|
Mr. Price |
|
81 |
| |
15,354 |
|
Northam Platinum |
|
68 |
| |
3,197 |
|
Massmart Holdings |
|
68 |
| |
|
|
|
|
657 |
| |
|
|
> Canada 4.6% |
|
|
| |
10,801 |
|
Alliance Grain Traders |
|
166 |
| |
17,500 |
|
Americas Petrogas (a) |
|
62 |
| |
4,172 |
|
Crew Energy (a) |
|
40 |
| |
|
|
|
|
268 |
| |
|
|
> United States 3.1% |
|
|
| |
2,204 |
|
Textainer Group Holdings |
|
75 |
| |
1,509 |
|
Hornbeck Offshore (a) |
|
63 |
| |
952 |
|
Atwood Oceanics (a) |
|
43 |
| |
|
|
|
|
181 |
| |
Other Countries: Total |
|
1,106 |
| |||
|
|
|
| |||
Europe 13.5% |
|
|
| |||
|
|
> Sweden 3.7% |
|
|
| |
7,231 |
|
Hexagon |
|
141 |
| |
8,806 |
|
East Capital Explorer |
|
74 |
| |
|
|
|
|
215 |
| |
|
|
> Switzerland 2.5% |
|
|
| |
1,116 |
|
Dufry Group (a) |
|
146 |
| |
|
|
|
|
146 |
| |
|
|
> Kazakhstan 2.0% |
|
|
| |
17,800 |
|
Halyk Savings Bank of Kazakhstan - GDR (a) |
|
116 |
| |
|
|
|
|
116 |
| |
|
|
> Czech Republic 1.5% |
|
|
| |
434 |
|
Komercni Banka |
|
86 |
| |
|
|
|
|
86 |
| |
|
|
> Italy 1.4% |
|
|
| |
7,000 |
|
Pirelli |
|
83 |
| |
|
|
|
|
83 |
| |
|
|
> Germany 1.4% |
|
|
| |
1,229 |
|
Dürr |
|
78 |
| |
|
|
|
|
78 |
| |
|
|
> France 1.0% |
|
|
| |
965 |
|
Rubis |
|
57 |
| |
|
|
|
|
57 |
| |
Europe: Total |
|
781 |
| |||
|
|
|
| |||
Latin America 8.3% |
|
|
| |||
|
|
> Brazil 5.0% |
|
|
| |
5,490 |
|
Localiza Rent A Car |
|
101 |
| |
11,325 |
|
MRV Engenharia |
|
80 |
| |
3,144 |
|
Multiplus |
|
65 |
| |
3,361 |
|
Mills Estruturas e Servicos de Engenharia |
|
43 |
| |
|
|
|
|
289 |
| |
|
|
> Mexico 2.0% |
|
|
| |
1,647 |
|
Grupo Aeroportuario del Sureste - ADR |
|
113 |
| |
|
|
|
|
113 |
| |
|
|
> Chile 0.7% |
|
|
| |
16,500 |
|
Viña Concha y Toro |
|
38 |
| |
|
|
|
|
38 |
| |
|
|
> Argentina 0.6% |
|
|
| |
40,200 |
|
Madalena Ventures (a) |
|
37 |
| |
|
|
|
|
37 |
| |
Latin America: Total |
|
477 |
| |||
|
|
|
|
|
| |
Total Equities: 96.1% |
|
5,556 |
| |||
Number of Shares |
|
|
|
Value (000) |
| |
Securities Lending Collateral 0.6% |
|
|
| |||
35,100 |
|
Dreyfus Government Cash Management Fund (7 day yield of 0.01%) (c) |
|
$ |
35 |
|
Total Securities Lending Collateral: |
|
35 |
| |||
|
|
|
| |||
Total Investments: 96.7% |
|
5,591 |
(f) | |||
|
|
|
| |||
Obligation to Return Collateral for Securities Loaned: (0.6)% |
|
(35 |
) | |||
|
|
|
| |||
Cash and Other Assets Less Liabilities: 3.9% |
|
226 |
| |||
|
|
|
| |||
Total Net Assets: 100.0% |
|
$ |
5,782 |
|
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 March 31, 2012. The total market value of securities on loan at March 31, 2012 was $34.
(c) Investment made with cash collateral received from securities lending activity.
(d) At March 31, 2012, for federal income tax purposes, the cost of investments was $5,101 and net unrealized appreciation was $490 consisting of gross unrealized appreciation of $630 and gross unrealized depreciation of $(140).
(e) On March 31, 2012, the Funds total investments were denominated in currencies as follows:
Currency |
|
Value |
|
Percentage |
| |
Taiwan Dollar |
|
$ |
974 |
|
16.8 |
|
South African Rand |
|
657 |
|
11.4 |
| |
Indonesian Rupiah |
|
640 |
|
11.1 |
| |
Hong Kong Dollar |
|
356 |
|
6.2 |
| |
Brazilain Real |
|
289 |
|
5.0 |
| |
U.S. Dollar |
|
181 |
|
3.1 |
| |
Other currencies less than 5% of total net assets |
|
2,459 |
|
42.5 |
| |
|
|
$ |
5,556 |
|
96.1 |
|
(f) 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 Funds 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 managements 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 Funds 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 Funds Valuation Committee that relies on significant unobservable inputs.
> Notes to Statement of Investments (dollar values in thousands)
Under the direction of the Funds Board of Trustees (the Board), the Boards Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board.
The Committee meets at least quarterly to review and approve valuation matters, which may include a description of fair value actions, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendation of third party pricing vendors and determining appropriate pricing methodologies; events that require fair valuation and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions.
For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table summarizes the inputs used, as of March 31, 2012, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Asia |
|
$ |
210 |
|
$ |
2,982 |
|
$ |
|
|
$ |
3,192 |
|
Other Countries |
|
449 |
|
657 |
|
|
|
1,106 |
| ||||
Europe |
|
|
|
781 |
|
|
|
781 |
| ||||
Latin America |
|
477 |
|
|
|
|
|
477 |
| ||||
Total Equities |
|
1,136 |
|
4,420 |
|
|
|
5,556 |
| ||||
Total Securities Lending Collateral |
|
35 |
|
|
|
|
|
35 |
| ||||
Total Investments |
|
$ |
1,171 |
|
$ |
4,420 |
|
$ |
|
|
$ |
5,591 |
|
The Funds assets assigned to the Level 2 input category are generally valued using a market approach, in which a securitys 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, in accordance with the policy adopted by the Board of Trustees, 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 transfers of financial assets between levels 1 and 2 during the period.
Columbia Acorn European Fund
Statement of Investments (Unaudited), March 31, 2012
Number of Shares |
|
|
|
Value (000) |
| |
|
|
Equities: 94.0% |
|
|
| |
Europe 91.7% |
|
|
| |||
|
|
> United Kingdom 16.2% |
|
|
| |
1,100 |
|
Intertek Group |
|
$ |
44 |
|
15,220 |
|
Charles Taylor |
|
37 |
| |
2,927 |
|
JLT Group |
|
33 |
| |
4,900 |
|
Chemring |
|
32 |
| |
3,180 |
|
Shaftesbury |
|
25 |
| |
3,610 |
|
Dominos Pizza United Kingdom & Ireland |
|
25 |
| |
1,000 |
|
Rightmove |
|
23 |
| |
5,800 |
|
Workspace Group |
|
22 |
| |
660 |
|
Rotork |
|
22 |
| |
2,480 |
|
Serco |
|
21 |
| |
2,870 |
|
Premier Oil (a) |
|
18 |
| |
3,190 |
|
Abcam |
|
18 |
| |
999 |
|
Greggs |
|
8 |
| |
|
|
|
|
328 |
| |
|
|
> France 16.1% |
|
|
| |
1,000 |
|
Gemalto |
|
66 |
| |
600 |
|
Eurofins Scientific |
|
65 |
| |
1,200 |
|
1000 mercis |
|
57 |
| |
360 |
|
Norbert Dentressangle |
|
32 |
| |
790 |
|
Saft Batteries |
|
26 |
| |
352 |
|
Neopost |
|
23 |
| |
600 |
|
Mersen |
|
21 |
| |
310 |
|
Rubis |
|
18 |
| |
5,030 |
|
Hi-Media (a) |
|
18 |
| |
|
|
|
|
326 |
| |
|
|
> Netherlands 14.0% |
|
|
| |
2,420 |
|
Aalberts Industries |
|
50 |
| |
1,530 |
|
UNIT4 |
|
44 |
| |
330 |
|
Core Laboratories |
|
44 |
| |
1,160 |
|
Koninklijke TenCate |
|
40 |
| |
1,260 |
|
Imtech |
|
40 |
| |
410 |
|
Fugro |
|
29 |
| |
1,280 |
|
Arcadis |
|
27 |
| |
400 |
|
TKH Group |
|
11 |
| |
|
|
|
|
285 |
| |
|
|
> Germany 11.1% |
|
|
| |
3,080 |
|
Wirecard |
|
59 |
| |
170 |
|
Rational |
|
40 |
| |
560 |
|
Rheinmetall |
|
33 |
| |
520 |
|
Dürr |
|
33 |
| |
300 |
|
Bertrandt |
|
23 |
| |
590 |
|
CTS Eventim |
|
20 |
| |
450 |
|
Stratec Biomedical Systems |
|
18 |
| |
|
|
|
|
226 |
| |
|
|
> Switzerland 7.7% |
|
|
| |
250 |
|
Geberit (a) |
|
52 |
| |
15 |
|
Sika |
|
33 |
| |
160 |
|
Partners Group |
|
31 |
| |
170 |
|
Dufry Group (a) |
|
22 |
| |
243 |
|
Zehnder |
|
18 |
| |
|
|
|
|
156 |
| |
|
|
> Sweden 6.1% |
|
|
| |
2,670 |
|
Hexagon |
|
52 |
| |
4,070 |
|
Sweco |
|
44 |
| |
1,000 |
|
Unibet |
|
28 |
| |
|
|
|
|
124 |
| |
|
|
> Italy 4.4% |
|
|
| |
2,000 |
|
Pirelli |
|
24 |
| |
7,000 |
|
Geox |
|
23 |
| |
Number of Shares |
|
|
|
Value (000) |
| |
|
|
> Italycontinued |
|
|
| |
200 |
|
Tods |
|
$ |
22 |
|
13,860 |
|
CIR |
|
20 |
| |
|
|
|
|
89 |
| |
|
|
> Iceland 2.5% |
|
|
| |
43,750 |
|
Marel |
|
51 |
| |
|
|
|
|
51 |
| |
|
|
> Ireland 2.2% |
|
|
| |
9,300 |
|
United Drug |
|
26 |
| |
300 |
|
Paddy Power |
|
19 |
| |
|
|
|
|
45 |
| |
|
|
> Portugal 2.0% |
|
|
| |
13,480 |
|
Redes Energéticas Nacionais |
|
41 |
| |
|
|
|
|
41 |
| |
|
|
> Norway 2.0% |
|
|
| |
3,310 |
|
Atea |
|
40 |
| |
|
|
|
|
40 |
| |
|
|
> Russia 1.9% |
|
|
| |
1,000 |
|
Mail.ru - GDR (a)(b) |
|
39 |
| |
|
|
|
|
39 |
| |
|
|
> Belgium 1.6% |
|
|
| |
630 |
|
EVS Broadcast Equipment |
|
33 |
| |
|
|
|
|
33 |
| |
|
|
> Czech Republic 1.4% |
|
|
| |
140 |
|
Komercni Banka |
|
28 |
| |
|
|
|
|
28 |
| |
|
|
> Poland 1.1% |
|
|
| |
4,000 |
|
FX Energy (a) |
|
22 |
| |
|
|
|
|
22 |
| |
|
|
> Denmark 0.8% |
|
|
| |
300 |
|
Solar A/S |
|
17 |
| |
|
|
|
|
17 |
| |
|
|
> Greece 0.6% |
|
|
| |
12,800 |
|
Intralot |
|
12 |
| |
|
|
|
|
12 |
| |
Europe: Total |
|
1,862 |
| |||
|
|
|
| |||
Other Countries 1.3% |
|
|
| |||
|
|
> Canada 1.3% |
|
|
| |
1,670 |
|
Alliance Grain Traders |
|
26 |
| |
|
|
|
|
26 |
| |
Other Countries: Total |
|
26 |
| |||
|
|
|
| |||
Asia 1.0% |
|
|
| |||
|
|
> Hong Kong 1.0% |
|
|
| |
9,000 |
|
LOccitane International |
|
21 |
| |
|
|
|
|
21 |
| |
Asia: Total |
|
21 |
| |||
|
|
|
| |||
Total Equities: 94.0% |
|
1,909 |
| |||
|
|
|
| |||
Total Investments: 94.0% |
|
1,909 |
(e) | |||
|
|
|
|
|
| |
Cash and Other Assets Less Liabilities: 6.0% |
|
122 |
| |||
|
|
|
|
|
| |
Total Net Assets: 100.0% |
|
$ |
2,031 |
|
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 March 31, 2012, this security had an aggregate value of $39, which represented 1.92% of total net assets.
(c) At March 31, 2012, for federal income tax purposes, the cost of investments was $1,708 and net unrealized appreciation was $201 consisting of gross unrealized appreciation of $249 and gross unrealized depreciation of $(48).
(d) On March 31, 2012, the Funds total investments were denominated in currencies as follows:
Currency |
|
Value |
|
Percentage |
| |
Euro |
|
$ |
1,014 |
|
49.9 |
|
British Pound |
|
328 |
|
16.2 |
| |
Swiss Franc |
|
156 |
|
7.7 |
| |
Swedish Krona |
|
124 |
|
6.1 |
| |
U.S. Dollar |
|
105 |
|
5.1 |
| |
Other currencies less than 5% of total net assets |
|
182 |
|
9.0 |
| |
|
|
$ |
1,909 |
|
94.0 |
|
(e) 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 Funds 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 managements 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 Funds 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 Funds Valuation Committee that relies on significant unobservable inputs.
Under the direction of the Funds Board of Trustees (the Board), the Boards Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board.
The Committee meets at least quarterly to review and approve valuation matters, which may include a description of fair value actions, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendation of third party pricing vendors and determining appropriate pricing methodologies; events that require fair valuation and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions.
For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
> Notes to Statement of Investments (dollar values in thousands)
The following table summarizes the inputs used, as of March 31, 2012, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Europe |
|
$ |
65 |
|
$ |
1,797 |
|
$ |
|
|
$ |
1,862 |
|
Other Countries |
|
26 |
|
|
|
|
|
26 |
| ||||
Asia |
|
|
|
21 |
|
|
|
21 |
| ||||
Total Equities |
|
91 |
|
1,818 |
|
|
|
1,909 |
| ||||
Total Investments |
|
$ |
91 |
|
$ |
1,818 |
|
$ |
|
|
$ |
1,909 |
|
The Funds assets assigned to the Level 2 input category are generally valued using a market approach, in which a securitys 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, in accordance with the policy adopted by the Board of Trustees, 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 transfers of financial assets between levels 1 and 2 during the period.
Item 2. Controls and Procedures.
(a) The registrants principal executive officer and principal financial officers, based on their evaluation of the registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants 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.
(registrant) |
|
Columbia Acorn Trust |
| ||
|
|
|
| ||
|
|
|
| ||
By (Signature and Title) |
|
/s/ Charles P. McQuaid |
| ||
|
|
Charles P. McQuaid, President |
| ||
|
|
|
| ||
|
|
|
| ||
Date |
|
May 22, 2012 |
| ||
|
|
|
| ||
|
|
|
| ||
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. | |||||
|
|
|
| ||
|
|
|
| ||
By (Signature and Title) |
|
/s/ Charles P. McQuaid |
| ||
|
|
Charles P. McQuaid, President |
| ||
|
|
|
| ||
|
|
|
| ||
Date |
|
May 22, 2012 |
| ||
|
|
|
| ||
|
|
|
| ||
By (Signature and Title) |
|
/s/ Bruce H. Lauer |
| ||
|
|
Bruce H. Lauer, Treasurer |
| ||
|
|
|
| ||
|
|
|
| ||
Date |
|
May 22, 2012 |
| ||
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 registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting.
Date: |
May 22, 2012 |
/s/ Bruce H. Lauer |
|
| |
|
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 registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting.
Date: |
May 22, 2012 |
/s/ Charles P. McQuaid |
|
| |
|
Charles P. McQuaid, President |