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OMB APPROVAL | ||
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OMB Number: |
3235-0578 | |
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Expires: |
January 16, 2016 | |
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UNITED STATES |
Estimated average burden hours per response. . . . . . . . . . . . 10.5 | ||
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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 | |||||||
| ||||||||
Columbia Acorn Trust | ||||||||
(Exact name of registrant as specified in charter) | ||||||||
| ||||||||
227 W. Monroe Street, Suite 3000, Chicago, IL |
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60606 | ||||||
(Address of principal executive offices) |
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(Zip code) | ||||||
| ||||||||
Mary C. Moynihan Perkins Coie LLP 700 13th Street, NW Suite 600 Washington, DC 20005 | ||||||||
(Name and address of agent for service) | ||||||||
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Registrants telephone number, including area code: |
312-634-9200 |
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Date of fiscal year end: |
December 31 |
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Date of reporting period: |
March 31, 2014 |
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Item 1. Schedule of Investments.
Columbia Acorn® Fund
Statement of Investments, March 31, 2014
Number of Shares |
|
|
|
Value |
| |
|
|
Equities: 97.7% |
|
|
| |
Information 26.6% |
|
|
| |||
|
|
> Business Software 5.9% |
|
|
| |
6,050,000 |
|
Informatica (a)(b) |
|
$ |
228,569,000 |
|
|
|
Enterprise Data Integration Software |
|
|
| |
2,500,000 |
|
Ansys (a) |
|
192,550,000 |
| |
|
|
Simulation Software for Engineers & Designers |
|
|
| |
2,924,000 |
|
Hexagon (Sweden) |
|
99,344,530 |
| |
|
|
Design, Measurement & Visualization Software & Equipment |
|
|
| |
1,810,000 |
|
Micros Systems (a) |
|
95,803,300 |
| |
|
|
Information Systems for Hotels, Restaurants & Retailers |
|
|
| |
954,700 |
|
Demandware (a) |
|
61,158,082 |
| |
|
|
eCommerce Website Platform for Retailers & Apparel Manufacturers |
|
|
| |
860,000 |
|
Solera Holdings |
|
54,472,400 |
| |
|
|
Software for Automotive Insurance Claims Processing |
|
|
| |
550,000 |
|
NetSuite (a) |
|
52,156,500 |
| |
|
|
End-to-end IT Systems Solution Delivered Over the Web |
|
|
| |
750,000 |
|
SPS Commerce (a) |
|
46,087,500 |
| |
|
|
Supply Chain Management Software Delivered via the Web |
|
|
| |
450,000 |
|
Concur Technologies (a) |
|
44,581,500 |
| |
|
|
Web-enabled Cost & Expense Management Software |
|
|
| |
500,000 |
|
Tyler Technologies (a) |
|
41,840,000 |
| |
|
|
Financial, Tax, Court & Document Management Systems for Local Governments |
|
|
| |
750,000 |
|
Jack Henry & Associates |
|
41,820,000 |
| |
|
|
IT Systems & Outsourced IT Solutions for Financial Institutions |
|
|
| |
2,100,000 |
|
Tangoe (a)(b) |
|
39,039,000 |
| |
|
|
Software Solution for Managing Communication Expense & Devices |
|
|
| |
3,740,934 |
|
InContact (a)(b) |
|
35,912,966 |
| |
|
|
Call Center Systems Delivered via the Web & Telecommunication Services |
|
|
| |
550,000 |
|
Commvault Systems (a) |
|
35,722,500 |
| |
|
|
Data Storage Management |
|
|
| |
1,550,000 |
|
RealPage (a) |
|
28,148,000 |
| |
|
|
Software for Managing Rental Properties Delivered via the Web |
|
|
| |
500,000 |
|
Red Hat (a) |
|
26,490,000 |
| |
|
|
Maintenance & Support for Opensource Operating System & Middleware |
|
|
| |
900,000 |
|
Ellie Mae (a) |
|
25,956,000 |
| |
|
|
Software for Managing & Network for Facilitating Mortgage Origination |
|
|
| |
610,000 |
|
Envestnet (a) |
|
24,509,800 |
| |
|
|
Technology Platform for Investment Advisors |
|
|
| |
700,000 |
|
Blackbaud |
|
21,910,000 |
| |
|
|
Software & Services for Non-profits |
|
|
| |
610,000 |
|
E2open (a) |
|
14,377,700 |
| |
|
|
Supply Chain Management Software & Supplier/Partner Network |
|
|
| |
1,000,000 |
|
Exa (a)(b) |
|
13,260,000 |
| |
|
|
Simulation Software |
|
|
| |
190,000 |
|
Amber Road (a) |
|
2,926,000 |
| |
|
|
Global Trade Management Software Delivered via the Web |
|
|
| |
298,920 |
|
Covisint (a)(c) |
|
2,191,084 |
| |
|
|
Collaboration Software Platform Provider |
|
|
| |
|
|
|
|
1,228,825,862 |
| |
|
|
> Instrumentation 3.1% |
|
|
| |
1,475,000 |
|
Mettler-Toledo International (a)(b) |
|
347,628,000 |
| |
|
|
Laboratory Equipment |
|
|
| |
4,070,000 |
|
Trimble Navigation (a) |
|
158,200,900 |
| |
|
|
GPS-based Instruments |
|
|
| |
1,620,000 |
|
IPG Photonics (a) |
|
115,149,600 |
| |
|
|
Fiber Lasers |
|
|
| |
582,000 |
|
FLIR Systems |
|
20,952,000 |
| |
|
|
Infrared Cameras |
|
|
| |
107,593 |
|
Measurement Specialties (a) |
|
7,300,185 |
| |
|
|
Sensors |
|
|
| |
|
|
|
|
649,230,685 |
| |
|
|
> Computer Hardware & Related Equipment 2.8% |
|
|
| |
3,415,000 |
|
Amphenol |
|
312,984,750 |
| |
|
|
Electronic Connectors |
|
|
| |
1,105,000 |
|
Zebra Technologies (a) |
|
76,698,050 |
| |
|
|
Bar Code Printers |
|
|
| |
624,000 |
|
Rogers (a) |
|
38,950,080 |
| |
|
|
Printed Circuit Materials & High-performance Foams |
|
|
| |
2,339,000 |
|
II-VI (a) |
|
36,090,770 |
| |
|
|
Laser Optics & Specialty Materials |
|
|
| |
507,000 |
|
Belden |
|
35,287,200 |
| |
|
|
Specialty Cable |
|
|
| |
280,000 |
|
Gemalto (Netherlands) |
|
32,610,618 |
| |
|
|
Digital Security Solutions |
|
|
| |
267,000 |
|
Stratasys (a) |
|
28,326,030 |
| |
|
|
Rapid Prototyping & Direct Digital Manufacturing Systems |
|
|
| |
660,000 |
|
Netgear (a) |
|
22,261,800 |
| |
|
|
Networking Products for Small Business & Home |
|
|
| |
|
|
|
|
583,209,298 |
| |
|
|
> Mobile Communications 2.4% |
|
|
| |
3,400,000 |
|
SBA Communications (a) |
|
309,264,000 |
| |
|
|
Communications Towers |
|
|
| |
1,400,000 |
|
Crown Castle International |
|
103,292,000 |
| |
|
|
Communications Towers |
|
|
| |
27,650,000 |
|
Globalstar (a)(c) |
|
73,272,500 |
| |
|
|
Satellite Mobile Voice & Data Carrier |
|
|
| |
419,212 |
|
Audience (a) |
|
5,240,150 |
| |
|
|
Improving Voice Quality for Mobile Devices |
|
|
| |
|
|
|
|
491,068,650 |
| |
|
|
> Telephone & Data Services 2.2% |
|
|
| |
9,500,000 |
|
tw telecom (a)(b) |
|
296,970,000 |
| |
|
|
Fiber Optic Telephone/Data Services |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Telephone & Data Servicescontinued |
|
|
| |
2,200,000 |
|
Cogent Communications |
|
$ |
78,166,000 |
|
|
|
Internet Data Pipelines |
|
|
| |
2,500,000 |
|
Telefonica Deutschland (Germany) |
|
19,927,701 |
| |
|
|
Mobile & Fixed-line Communications in Germany |
|
|
| |
1,500,000 |
|
General Communications (a) |
|
17,115,000 |
| |
|
|
Commercial Communication & Consumer Cable TV, Web & Phone in Alaska |
|
|
| |
2,500,000 |
|
Boingo Wireless (a)(b) |
|
16,950,000 |
| |
|
|
Wholesale & Retail WiFi Networks |
|
|
| |
1,500,000 |
|
Windstream (c) |
|
12,360,000 |
| |
|
|
Business & Rural Telecom Services |
|
|
| |
4,000,000 |
|
Towerstream (a)(b)(c) |
|
9,400,000 |
| |
|
|
High Speed Wireless, Rooftop Antenna Space & WiFi Offload |
|
|
| |
|
|
|
|
450,888,701 |
| |
|
|
> Computer Services 1.8% |
|
|
| |
4,150,000 |
|
iGATE (a)(b) |
|
130,891,000 |
| |
|
|
IT & Business Process Outsourcing Services |
|
|
| |
1,835,000 |
|
Virtusa (a)(b) |
|
61,490,850 |
| |
|
|
Offshore IT Outsourcing |
|
|
| |
1,618,000 |
|
ExlService Holdings (a) |
|
50,012,380 |
| |
|
|
Business Process Outsourcing |
|
|
| |
2,558,000 |
|
Genpact (a) |
|
44,560,360 |
| |
|
|
Business Process Outsourcing |
|
|
| |
2,000,000 |
|
WNS - ADR (India) (a) |
|
36,000,000 |
| |
|
|
Offshore BPO (Business Process Outsourcing) Services |
|
|
| |
373,000 |
|
Syntel (a) |
|
33,532,700 |
| |
|
|
Offshore IT Services |
|
|
| |
3,274,000 |
|
Hackett Group (b) |
|
19,578,520 |
| |
|
|
IT Integration & Best Practice Research |
|
|
| |
|
|
|
|
376,065,810 |
| |
|
|
> Internet Related 1.6% |
|
|
| |
1,150,000 |
|
TripAdvisor (a) |
|
104,178,500 |
| |
|
|
Online Travel Research |
|
|
| |
3,390,000 |
|
Pandora Media (a) |
|
102,784,800 |
| |
|
|
Streaming Music |
|
|
| |
1,344,707 |
|
RetailMeNot (a) |
|
43,030,624 |
| |
|
|
Digital Coupon Marketplace |
|
|
| |
175,000 |
|
Equinix (a) |
|
32,347,000 |
| |
|
|
Network Neutral Data Centers |
|
|
| |
972,000 |
|
Yandex (Russia) (a) |
|
29,344,680 |
| |
|
|
Search Engine for Russian & Turkish Languages |
|
|
| |
3,464,625 |
|
Vonage (a) |
|
14,793,949 |
| |
|
|
Business & Consumer Internet Telephony |
|
|
| |
|
|
|
|
326,479,553 |
| |
|
|
> Business Information & Marketing Services 1.2% |
|
|
| |
1,900,000 |
|
Verisk Analytics (a) |
|
113,924,000 |
| |
|
|
Risk & Decision Analytics |
|
|
| |
4,025,000 |
|
Navigant Consulting (a)(b) |
|
75,106,500 |
| |
|
|
Financial Consulting Firm |
|
|
| |
2,570,000 |
|
RPX (a) |
|
41,839,600 |
| |
|
|
Patent Aggregation & Defensive Patent Consulting |
|
|
| |
650,000 |
|
Bankrate (a) |
|
11,011,000 |
| |
|
|
Internet Advertising for the Insurance, Credit Card & Banking Markets |
|
|
| |
|
|
|
|
241,881,100 |
| |
|
|
> Gaming Equipment & Services 1.0% |
|
|
| |
3,028,000 |
|
Bally Technologies (a)(b) |
|
200,665,560 |
| |
|
|
Slot Machines & Software |
|
|
| |
|
|
|
|
|
| |
|
|
> Semiconductors & Related Equipment 0.9% |
|
|
| |
5,390,000 |
|
Atmel (a) |
|
45,060,400 |
| |
|
|
Microcontrollers, Radio Frequency & Memory Semiconductors |
|
|
| |
420,000 |
|
Littelfuse |
|
39,328,800 |
| |
|
|
Little Fuses |
|
|
| |
820,000 |
|
Monolithic Power Systems (a) |
|
31,791,400 |
| |
|
|
High Performance Analog & Mixed Signal Integrated Circuits |
|
|
| |
469,000 |
|
Cree (a) |
|
26,526,640 |
| |
|
|
LED Lighting, Components & Chips |
|
|
| |
400,000 |
|
Hittite Microwave |
|
25,216,000 |
| |
|
|
Radio Frequency, Microwave & Millimeterwave Semiconductors |
|
|
| |
615,000 |
|
Ultratech (a) |
|
17,951,850 |
| |
|
|
Semiconductor Equipment |
|
|
| |
560,000 |
|
Semtech (a) |
|
14,190,400 |
| |
|
|
Analog Semiconductors |
|
|
| |
|
|
|
|
200,065,490 |
| |
|
|
> Financial Processors 0.8% |
|
|
| |
1,700,000 |
|
Global Payments |
|
120,887,000 |
| |
|
|
Credit Card Processor |
|
|
| |
5,000,000 |
|
Singapore Exchange (Singapore) |
|
27,631,020 |
| |
|
|
Singapore Equity & Derivatives Market Operator |
|
|
| |
900,000 |
|
Liquidity Services (a)(c) |
|
23,445,000 |
| |
|
|
E-Auctions for Surplus & Salvage Goods |
|
|
| |
|
|
|
|
171,963,020 |
| |
|
|
> Telecommunications Equipment 0.8% |
|
|
| |
640,000 |
|
F5 Networks (a) |
|
68,243,200 |
| |
|
|
Internet Traffic Management Equipment |
|
|
| |
1,538,000 |
|
Finisar (a) |
|
40,772,380 |
| |
|
|
Optical Subsystems & Components |
|
|
| |
2,365,000 |
|
Infinera (a) |
|
21,474,200 |
| |
|
|
Optical Networking Equipment |
|
|
| |
573,000 |
|
CalAmp (a) |
|
15,969,510 |
| |
|
|
Machine to Machine Communications |
|
|
| |
1,040,000 |
|
Ixia (a) |
|
13,000,000 |
| |
|
|
Telecom Network Test Equipment |
|
|
| |
|
|
|
|
159,459,290 |
| |
|
|
> Electronics Distribution 0.7% |
|
|
| |
3,125,000 |
|
Avnet |
|
145,406,250 |
| |
|
|
Electronic Components Distribution |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Contract Manufacturing 0.5% |
|
|
| |
3,800,000 |
|
Sanmina-SCI (a) |
|
$ |
66,310,000 |
|
|
|
Electronic Manufacturing Services |
|
|
| |
960,000 |
|
Plexus (a) |
|
38,467,200 |
| |
|
|
Electronic Manufacturing Services |
|
|
| |
|
|
|
|
104,777,200 |
| |
|
|
> Cable TV 0.5% |
|
|
| |
800,000 |
|
Liberty Global Series A (a) |
|
33,280,000 |
| |
800,000 |
|
Liberty Global Series C (a) |
|
32,568,000 |
| |
|
|
Cable TV Franchises Outside the USA |
|
|
| |
400,000 |
|
Discovery Series C (a) |
|
30,824,000 |
| |
|
|
Cable TV Programming |
|
|
| |
|
|
|
|
96,672,000 |
| |
|
|
> Advertising 0.2% |
|
|
| |
1,000,000 |
|
Lamar Advertising (a) |
|
50,990,000 |
| |
|
|
Outdoor Advertising |
|
|
| |
100,000 |
|
Criteo (a)(c) |
|
4,055,000 |
| |
|
|
Digital Performance Marketing |
|
|
| |
|
|
|
|
55,045,000 |
| |
|
|
> Entertainment Programming 0.2% |
|
|
| |
800,000 |
|
IMAX (Canada) (a) |
|
21,864,000 |
| |
|
|
IMAX Movies, Theatre Equipment & Theatre Joint Ventures |
|
|
| |
4,031,557 |
|
Zee Entertainment Enterprises (India) |
|
18,336,499 |
| |
|
|
Indias Leading Programmer of Pay Television Content |
|
|
| |
|
|
|
|
40,200,499 |
| |
Information: Total |
|
5,521,903,968 |
| |||
|
|
|
| |||
Industrial Goods & Services 22.2% |
|
|
| |||
|
|
> Machinery 13.1% |
|
|
| |
8,860,000 |
|
Ametek |
|
456,201,400 |
| |
|
|
Aerospace/Industrial Instruments |
|
|
| |
8,400,000 |
|
Donaldson (b) |
|
356,160,000 |
| |
|
|
Industrial Air Filtration |
|
|
| |
3,400,000 |
|
Nordson (b) |
|
239,666,000 |
| |
|
|
Dispensing Systems for Adhesives & Coatings |
|
|
| |
3,230,000 |
|
Moog (a)(b) |
|
211,597,300 |
| |
|
|
Motion Control Products for Aerospace, Defense & Industrial Markets |
|
|
| |
3,113,000 |
|
Generac |
|
183,573,610 |
| |
|
|
Standby Power Generators |
|
|
| |
3,828,750 |
|
HEICO (b) |
|
166,206,038 |
| |
|
|
FAA Approved Aircraft Replacement Parts |
|
|
| |
3,725,000 |
|
Kennametal |
|
165,017,500 |
| |
|
|
Consumable Cutting Tools |
|
|
| |
1,210,000 |
|
WABCO Holdings (a) |
|
127,727,600 |
| |
|
|
Truck & Bus Component Supplier |
|
|
| |
1,405,000 |
|
Pall |
|
125,705,350 |
| |
|
|
Life Science, Water & Industrial Filtration |
|
|
| |
2,000,000 |
|
Oshkosh Corporation |
|
117,740,000 |
| |
|
|
Specialty Truck Manufacturer |
|
|
| |
1,610,000 |
|
Toro |
|
101,735,900 |
| |
|
|
Turf Maintenance Equipment |
|
|
| |
1,200,000 |
|
Wabtec |
|
93,000,000 |
| |
|
|
Freight & Transit Component Supplier |
|
|
| |
2,300,000 |
|
ESCO Technologies (b) |
|
80,937,000 |
| |
|
|
Automatic Electric Meter Readers |
|
|
| |
281,400 |
|
Middleby (a) |
|
74,348,694 |
| |
|
|
Manufacturer of Cooking Equipment |
|
|
| |
435,000 |
|
Valmont Industries |
|
64,745,400 |
| |
|
|
Center Pivot Irrigation Systems & Utility Poles |
|
|
| |
1,015,000 |
|
Clarcor |
|
58,210,250 |
| |
|
|
Mobile Equipment & Industrial Filters |
|
|
| |
664,400 |
|
Neopost (France) (c) |
|
52,465,590 |
| |
|
|
Postage Meter Machines |
|
|
| |
550,000 |
|
Dorman Products (a) |
|
32,483,000 |
| |
|
|
Aftermarket Auto Parts Distributor |
|
|
| |
10,000,000 |
|
Marel (Iceland) (a) |
|
9,270,348 |
| |
|
|
Largest Manufacturer of Poultry & Fish Processing Equipment |
|
|
| |
|
|
|
|
2,716,790,980 |
| |
|
|
> Other Industrial Services 1.8% |
|
|
| |
1,800,000 |
|
Expeditors International of Washington |
|
71,334,000 |
| |
|
|
International Freight Forwarder |
|
|
| |
1,500,000 |
|
Forward Air |
|
69,165,000 |
| |
|
|
Freight Transportation Between Airports |
|
|
| |
2,500,000 |
|
LKQ (a) |
|
65,875,000 |
| |
|
|
Alternative Auto Parts Distribution |
|
|
| |
1,400,000 |
|
Mobile Mini |
|
60,704,000 |
| |
|
|
Portable Storage Units Leasing |
|
|
| |
1,375,000 |
|
KAR Auction Services |
|
41,731,250 |
| |
|
|
Auto Auctions |
|
|
| |
2,400,000 |
|
CAE (Canada) |
|
31,587,517 |
| |
|
|
Flight Simulator Equipment & Training Centers |
|
|
| |
255,000 |
|
MTU Aero Engines (Germany) |
|
23,698,741 |
| |
|
|
Airplane Engine Components & Services |
|
|
| |
440,822 |
|
Acorn Energy (a)(c) |
|
1,494,387 |
| |
|
|
Fiber Optic Oil Well Monitoring & Evaluation |
|
|
| |
|
|
|
|
365,589,895 |
| |
|
|
> Industrial Distribution 1.7% |
|
|
| |
1,870,000 |
|
WESCO International (a) |
|
155,621,400 |
| |
|
|
Industrial Distributor |
|
|
| |
930,000 |
|
Airgas |
|
99,054,300 |
| |
|
|
Industrial Gas Distributor |
|
|
| |
2,320,000 |
|
MRC Global (a) |
|
62,547,200 |
| |
|
|
Industrial Distributor |
|
|
| |
930,000 |
|
Boise Cascade (a) |
|
26,635,200 |
| |
|
|
Wood Products Manufacturer & Distributor |
|
|
| |
103,164 |
|
Titan Machinery (a) |
|
1,616,580 |
| |
|
|
Agriculture & Construction Dealerships |
|
|
| |
|
|
|
|
345,474,680 |
| |
|
|
> Construction 1.6% |
|
|
| |
2,010,000 |
|
Chicago Bridge & Iron |
|
175,171,500 |
| |
|
|
Engineering & Construction for Liquefied Natural Gas & Petrochemicals |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Constructioncontinued |
|
|
| |
99,000 |
|
NVR (a) |
|
$ |
113,553,000 |
|
|
|
Homebuilder |
|
|
| |
930,000 |
|
Fortune Brands Home & Security |
|
39,134,400 |
| |
|
|
Home Building Supplies & Small Locks |
|
|
| |
1,453,516 |
|
PGT (a) |
|
16,729,969 |
| |
|
|
Wind Resistant Windows & Doors |
|
|
| |
|
|
|
|
344,588,869 |
| |
|
|
> Industrial Materials & Specialty Chemicals 1.5% |
|
|
| |
1,780,000 |
|
Drew Industries (b) |
|
96,476,000 |
| |
|
|
RV & Manufactured Home Components |
|
|
| |
1,000,000 |
|
FMC Corporation |
|
76,560,000 |
| |
|
|
Niche Specialty Chemicals |
|
|
| |
1,288,000 |
|
Novozymes (Denmark) |
|
56,636,017 |
| |
|
|
Industrial Enzymes |
|
|
| |
1,200,000 |
|
PolyOne |
|
43,992,000 |
| |
|
|
Intermediate Stage Chemicals Producer |
|
|
| |
776,221 |
|
Sociedad Quimica y Minera de Chile - ADR (Chile) |
|
24,637,255 |
| |
|
|
Producer of Specialty Fertilizers, Lithium & Iodine |
|
|
| |
400,000 |
|
Owens-Illinois (a) |
|
13,532,000 |
| |
|
|
Glass Packaging for Food & Beverages |
|
|
| |
|
|
|
|
311,833,272 |
| |
|
|
> Electrical Components 1.1% |
|
|
| |
1,415,000 |
|
Acuity Brands |
|
187,586,550 |
| |
|
|
Commercial Lighting Fixtures |
|
|
| |
1,065,000 |
|
Thermon (a) |
|
24,686,700 |
| |
|
|
Global Engineered Thermal Solutions |
|
|
| |
1,500,000 |
|
Ushio (Japan) |
|
19,377,193 |
| |
|
|
Industrial Light Sources |
|
|
| |
|
|
|
|
231,650,443 |
| |
|
|
> Outsourcing Services 0.7% |
|
|
| |
3,000,000 |
|
Quanta Services (a) |
|
110,700,000 |
| |
|
|
Electrical & Telecom Construction Services |
|
|
| |
1,144,000 |
|
Insperity |
|
35,441,120 |
| |
|
|
Professional Employer Organization |
|
|
| |
|
|
|
|
146,141,120 |
| |
|
|
> Conglomerates 0.4% |
|
|
| |
2,500,000 |
|
Aalberts Industries (Netherlands) |
|
87,136,335 |
| |
|
|
Flow Control & Heat Treatment |
|
|
| |
|
|
|
|
|
| |
|
|
> Waste Management 0.3% |
|
|
| |
1,500,000 |
|
Waste Connections |
|
65,790,000 |
| |
|
|
Solid Waste Management |
|
|
| |
Industrial Goods & Services: Total |
|
4,614,995,594 |
| |||
|
|
|
|
|
| |
Consumer Goods & Services 15.0% |
|
|
| |||
|
|
> Retail 4.4% |
|
|
| |
1,759,000 |
|
Caseys General Stores |
|
118,890,810 |
| |
|
|
Owner/Operator of Convenience Stores |
|
|
| |
1,160,000 |
|
ULTA (a) |
|
113,076,800 |
| |
|
|
Specialty Beauty Product Retailer |
|
|
| |
1,675,000 |
|
Williams-Sonoma |
|
111,622,000 |
| |
|
|
Home Goods & Furnishing Retailer |
|
|
| |
822,845 |
|
Fossil (a) |
|
95,951,955 |
| |
|
|
Watch Designer & Retailer |
|
|
| |
4,960,000 |
|
Pier 1 Imports |
|
93,644,800 |
| |
|
|
Home Furnishing Retailer |
|
|
| |
1,845,498 |
|
Shutterfly (a) |
|
78,765,855 |
| |
|
|
Internet Photo-centric Retailer |
|
|
| |
1,660,000 |
|
Kate Spade & Company (a) |
|
61,569,400 |
| |
|
|
Global Lifestyle Brand |
|
|
| |
1,189,000 |
|
The Fresh Market (a) |
|
39,950,400 |
| |
|
|
Specialty Food Retailer |
|
|
| |
1,050,000 |
|
DSW |
|
37,653,000 |
| |
|
|
Branded Footwear Retailer |
|
|
| |
1,000,000 |
|
Urban Outfitters (a) |
|
36,470,000 |
| |
|
|
Multi-channel Apparel & Accessory Retailer |
|
|
| |
1,205,000 |
|
Burlington Stores (a) |
|
35,571,600 |
| |
|
|
Off-Price Apparel Retailer |
|
|
| |
2,557,000 |
|
DIA (Spain) |
|
23,362,214 |
| |
|
|
Leading Hard Discounter in Spain, Latin America & the Eastern Mediterranean |
|
|
| |
314,000 |
|
Restoration Hardware Holdings (a) |
|
23,107,260 |
| |
|
|
Specialty Home Furnishing Retailer |
|
|
| |
300,000 |
|
Zulily (a)(c) |
|
15,057,000 |
| |
|
|
eCommerce Retailer Offering Flash Sale Events |
|
|
| |
852,000 |
|
Massmart Holdings (South Africa) |
|
11,127,470 |
| |
|
|
General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary |
|
|
| |
1,500,000 |
|
Gaiam (a)(b) |
|
10,875,000 |
| |
|
|
Healthy Living Catalogs & eCommerce, Non-theatrical Media |
|
|
| |
|
|
|
|
906,695,564 |
| |
|
|
> Travel 3.3% |
|
|
| |
4,400,000 |
|
Avis Budget Group (a) |
|
214,280,000 |
| |
|
|
Second Largest Car Rental Company |
|
|
| |
4,700,000 |
|
Hertz (a) |
|
125,208,000 |
| |
|
|
Largest U.S. Rental Car Operator |
|
|
| |
1,430,000 |
|
Vail Resorts |
|
99,671,000 |
| |
|
|
Ski Resort Operator & Developer |
|
|
| |
1,100,000 |
|
Expedia |
|
79,750,000 |
| |
|
|
Online Travel Services Company |
|
|
| |
1,815,000 |
|
HomeAway (a) |
|
68,371,050 |
| |
|
|
Vacation Rental Online Marketplace |
|
|
| |
1,412,000 |
|
Choice Hotels |
|
64,952,000 |
| |
|
|
Franchisor of Budget Hotel Brands |
|
|
| |
2,100,000 |
|
Localiza Rent A Car (Brazil) |
|
30,486,558 |
| |
|
|
Car Rental |
|
|
| |
|
|
|
|
682,718,608 |
| |
|
|
> Consumer Goods Distribution 1.7% |
|
|
| |
2,015,000 |
|
Pool |
|
123,559,800 |
| |
|
|
Swimming Pool Supplies & Equipment Distributor |
|
|
| |
2,305,000 |
|
GNC |
|
101,466,100 |
| |
|
|
Specialty Retailer of Health & Wellness Products |
|
|
| |
9,700,000 |
|
Groupon (a) |
|
76,048,000 |
| |
|
|
Global Marketplace for Deals |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Consumer Goods Distributioncontinued |
|
|
| |
556,000 |
|
United Natural Foods (a) |
|
$ |
39,431,520 |
|
|
|
Distributor of Natural/Organic Foods to Grocery Stores |
|
|
| |
900,000 |
|
The Chefs Warehouse (a) |
|
19,260,000 |
| |
|
|
Distributor of Specialty Foods to Fine Dining Restaurants |
|
|
| |
|
|
|
|
359,765,420 |
| |
|
|
> Furniture & Textiles 1.0% |
|
|
| |
3,669,000 |
|
Knoll (b) |
|
66,739,110 |
| |
|
|
Office Furniture |
|
|
| |
1,765,000 |
|
Herman Miller |
|
56,709,450 |
| |
|
|
Office Furniture |
|
|
| |
2,325,000 |
|
Interface |
|
47,778,750 |
| |
|
|
Modular Carpet |
|
|
| |
812,360 |
|
Caesarstone (Israel) |
|
44,176,137 |
| |
|
|
Quartz Countertops |
|
|
| |
|
|
|
|
215,403,447 |
| |
|
|
> Restaurants 0.9% |
|
|
| |
2,000,000 |
|
Popeyes Louisiana Kitchen (a)(b) |
|
81,280,000 |
| |
|
|
Popeyes Restaurants |
|
|
| |
968,000 |
|
Dominos Pizza |
|
74,506,960 |
| |
|
|
Franchisor of Pizza Restaurants |
|
|
| |
765,000 |
|
Fiesta Restaurant Group (a) |
|
34,876,350 |
| |
|
|
Owns/Operates Two Restaurant Chains: Pollo Tropical & Taco Cabana |
|
|
| |
|
|
|
|
190,663,310 |
| |
|
|
> Casinos & Gaming 0.8% |
|
|
| |
1,300,000 |
|
Melco Crown Entertainment - ADR (Hong Kong) |
|
50,245,000 |
| |
|
|
Macau Casino Operator |
|
|
| |
14,000,000 |
|
Melco International (Hong Kong) |
|
47,070,168 |
| |
|
|
Macau Casino Operator |
|
|
| |
12,000,000 |
|
MGM China Holdings (Hong Kong) |
|
42,396,547 |
| |
|
|
Macau Casino Operator |
|
|
| |
30,000,000 |
|
Nagacorp (Cambodia) |
|
31,319,176 |
| |
|
|
Casino/Entertainment Complex in Cambodia |
|
|
| |
|
|
|
|
171,030,891 |
| |
|
|
> Other Consumer Services 0.7% |
|
|
| |
1,969,000 |
|
Lifetime Fitness (a) |
|
94,708,900 |
| |
|
|
Sport & Fitness Club Operator |
|
|
| |
14,500,000 |
|
Lifestyle International (Hong Kong) |
|
29,499,130 |
| |
|
|
Mid- to High-end Department Store Operator in Hong Kong & China |
|
|
| |
900,000 |
|
Blackhawk Network (a)(b) |
|
21,951,000 |
| |
|
|
Third Party Distributer of Prepaid Content, Mostly Gift Cards |
|
|
| |
450,000 |
|
IFM Investments (Century 21 China RE) - ADR (China) (a) |
|
715,500 |
| |
|
|
Provide Real Estate Services in China |
|
|
| |
|
|
|
|
146,874,530 |
| |
|
|
> Apparel 0.7% |
|
|
| |
932,000 |
|
PVH |
|
116,285,640 |
| |
|
|
Apparel Wholesaler & Retailer |
|
|
| |
2,620,000 |
|
Quiksilver (a) |
|
19,676,200 |
| |
|
|
Action Sports Lifestyle Branded Apparel & Footwear |
|
|
| |
|
|
|
|
135,961,840 |
| |
|
|
> Food & Beverage 0.6% |
|
|
| |
4,386,552 |
|
Boulder Brands (a)(b) |
|
77,291,046 |
| |
|
|
Healthy Food Products |
|
|
| |
1,624,000 |
|
B&G Foods |
|
48,898,640 |
| |
|
|
Acquirer of Small Food Brands |
|
|
| |
1,665,270 |
|
GLG Life Tech (Canada) (a)(b) |
|
753,175 |
| |
|
|
Produces an All-natural Sweetener Extracted from the Stevia Plant |
|
|
| |
|
|
|
|
126,942,861 |
| |
|
|
> Educational Services 0.4% |
|
|
| |
1,300,000 |
|
DeVry |
|
55,107,000 |
| |
|
|
Post-secondary Degree Services |
|
|
| |
550,000 |
|
ITT Educational Services (a)(c) |
|
15,774,000 |
| |
|
|
Post-secondary Degree Services |
|
|
| |
|
|
|
|
70,881,000 |
| |
|
|
> Other Durable Goods 0.3% |
|
|
| |
460,000 |
|
Cavco Industries (a)(b) |
|
36,087,000 |
| |
|
|
Manufactured Homes |
|
|
| |
1,400,000 |
|
Select Comfort (a) |
|
25,312,000 |
| |
|
|
Specialty Mattresses |
|
|
| |
|
|
|
|
61,399,000 |
| |
|
|
> Nondurables 0.2% |
|
|
| |
1,288,000 |
|
Prestige Brands Holdings (a) |
|
35,098,000 |
| |
|
|
Household & Personal Care Products |
|
|
| |
Consumer Goods & Services: Total |
|
3,103,434,471 |
| |||
|
|
|
|
|
| |
Finance 11.6% |
|
|
| |||
|
|
> Banks 4.2% |
|
|
| |
2,470,000 |
|
BOK Financial |
|
170,553,500 |
| |
|
|
Tulsa-based Southwest Bank |
|
|
| |
9,000,000 |
|
Associated Banc-Corp (b) |
|
162,540,000 |
| |
|
|
Midwest Bank |
|
|
| |
885,000 |
|
SVB Financial Group (a) |
|
113,970,300 |
| |
|
|
Bank to Venture Capitalists |
|
|
| |
2,860,000 |
|
MB Financial (b) |
|
88,545,600 |
| |
|
|
Chicago Bank |
|
|
| |
1,013,000 |
|
City National |
|
79,743,360 |
| |
|
|
Bank & Asset Manager |
|
|
| |
1,900,000 |
|
Hancock Holding |
|
69,635,000 |
| |
|
|
Gulf Coast Bank |
|
|
| |
5,323,500 |
|
Valley National Bancorp (c) |
|
55,417,635 |
| |
|
|
New Jersey/New York Bank |
|
|
| |
2,200,000 |
|
TCF Financial |
|
36,652,000 |
| |
|
|
Great Lakes Bank |
|
|
| |
1,162,000 |
|
Sandy Spring Bancorp |
|
29,026,760 |
| |
|
|
Baltimore & Washington, D.C. Bank |
|
|
| |
4,841,882 |
|
First Busey (b) |
|
28,082,916 |
| |
|
|
Illinois Bank |
|
|
| |
843,000 |
|
Hudson Valley |
|
16,059,150 |
| |
|
|
Metro New York City Bank |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Bankscontinued |
|
|
| |
2,136,500 |
|
TrustCo Bank |
|
$ |
15,040,960 |
|
|
|
New York State Bank |
|
|
| |
300,000 |
|
OFG Bancorp |
|
5,157,000 |
| |
|
|
Puerto Rican Bank |
|
|
| |
|
|
|
|
870,424,181 |
| |
|
|
> Insurance 2.8% |
|
|
| |
8,900,000 |
|
CNO Financial Group |
|
161,090,000 |
| |
|
|
Life, Long-term Care & Medical Supplement Insurance |
|
|
| |
833,000 |
|
Allied World Holdings |
|
85,957,270 |
| |
|
|
Commercial Lines Insurance/Reinsurance |
|
|
| |
2,625,000 |
|
Selective Insurance Group |
|
61,215,000 |
| |
|
|
Commercial & Personal Lines Insurance |
|
|
| |
1,650,000 |
|
Brown & Brown |
|
50,754,000 |
| |
|
|
Insurance Broker |
|
|
| |
1,100,000 |
|
HCC Insurance Holdings |
|
50,039,000 |
| |
|
|
Specialty Insurance |
|
|
| |
675,000 |
|
Protective Life |
|
35,498,250 |
| |
|
|
Life Insurance |
|
|
| |
800,000 |
|
RLI |
|
35,392,000 |
| |
|
|
Specialty Insurance |
|
|
| |
250,000 |
|
Enstar Group (a) |
|
34,077,500 |
| |
|
|
Insurance/Reinsurance & Related Services |
|
|
| |
500,000 |
|
The Hanover Insurance Group |
|
30,720,000 |
| |
|
|
Commercial & Personal Lines Insurance |
|
|
| |
10,837,000 |
|
Rand Merchant Insurance (South Africa) |
|
29,645,289 |
| |
|
|
Directly Sold Property & Casualty Insurance; Holdings in Other Insurers |
|
|
| |
|
|
|
|
574,388,309 |
| |
|
|
> Brokerage & Money Management 1.8% |
|
|
| |
7,275,000 |
|
SEI Investments |
|
244,512,750 |
| |
|
|
Mutual Fund Administration & Investment Management |
|
|
| |
3,052,000 |
|
Eaton Vance |
|
116,464,320 |
| |
|
|
Specialty Mutual Funds |
|
|
| |
1,648,030 |
|
Coronation Fund Managers (South Africa) |
|
15,497,242 |
| |
|
|
South African Fund Manager |
|
|
| |
|
|
|
|
376,474,312 |
| |
|
|
> Finance Companies 1.5% |
|
|
| |
2,280,000 |
|
H & E Equipment Services (a)(b) |
|
92,226,000 |
| |
|
|
Heavy Equipment Leasing |
|
|
| |
2,150,000 |
|
McGrath Rentcorp (b) |
|
75,164,000 |
| |
|
|
Temporary Space & IT Rentals |
|
|
| |
808,343 |
|
World Acceptance (a)(b)(c) |
|
60,690,392 |
| |
|
|
Personal Loans |
|
|
| |
1,500,000 |
|
CAI International (a)(b) |
|
37,005,000 |
| |
|
|
International Container Leasing |
|
|
| |
1,091,000 |
|
Marlin Business Services (b) |
|
22,703,710 |
| |
|
|
Small Equipment Leasing |
|
|
| |
350,000 |
|
Onex Capital (Canada) |
|
19,432,836 |
| |
|
|
Private Equity |
|
|
| |
|
|
|
|
307,221,938 |
| |
|
|
> Credit Cards 0.9% |
|
|
| |
490,000 |
|
Alliance Data Systems (a) |
|
133,500,500 |
| |
|
|
Diversified Credit Card Provider |
|
|
| |
620,000 |
|
WEX (a) |
|
58,931,000 |
| |
|
|
Pay Card Processor |
|
|
| |
|
|
|
|
192,431,500 |
| |
|
|
> Diversified Financial Companies 0.4% |
|
|
| |
2,820,000 |
|
Leucadia National |
|
78,960,000 |
| |
|
|
Holding Company |
|
|
| |
|
|
|
|
|
| |
|
|
> Savings & Loans % |
|
|
| |
443,742 |
|
Simplicity Bancorp (b) |
|
7,809,859 |
| |
|
|
Los Angeles Savings & Loan |
|
|
| |
Finance: Total |
|
2,407,710,099 |
| |||
|
|
|
|
|
| |
Health Care 9.2% |
|
|
| |||
|
|
> Biotechnology & Drug Delivery 4.0% |
|
|
| |
4,972,000 |
|
Seattle Genetics (a) |
|
226,524,320 |
| |
|
|
Antibody-based Therapies for Cancer |
|
|
| |
2,312,309 |
|
Synageva Biopharma (a)(b) |
|
191,852,278 |
| |
|
|
Biotech Focused on Orphan Diseases |
|
|
| |
1,150,000 |
|
BioMarin Pharmaceutical (a) |
|
78,441,500 |
| |
|
|
Biotech Focused on Orphan Diseases |
|
|
| |
1,151,982 |
|
Ultragenyx (a)(d)(e) |
|
50,406,758 |
| |
472,707 |
|
Ultragenyx (a) |
|
23,110,645 |
| |
|
|
Biotech Focused on Ultra-Orphan Drugs |
|
|
| |
2,108,000 |
|
NPS Pharmaceuticals (a) |
|
63,092,440 |
| |
|
|
Orphan Drugs & Healthy Royalties |
|
|
| |
2,050,000 |
|
Sarepta Therapeutics (a)(b) |
|
49,261,500 |
| |
|
|
Biotech Focused on Rare Diseases |
|
|
| |
690,134 |
|
Alnylam Pharmaceuticals (a) |
|
46,335,597 |
| |
|
|
Biotech Developing Drugs for Rare Diseases |
|
|
| |
112,000 |
|
Intercept Pharmaceuticals (a) |
|
36,936,480 |
| |
|
|
Biotech Developing Drugs for Several Diseases |
|
|
| |
1,994,000 |
|
Celldex Therapeutics (a) |
|
35,233,980 |
| |
|
|
Biotech Developing Drugs for Cancer |
|
|
| |
869,000 |
|
InterMune (a) |
|
29,085,430 |
| |
|
|
Drugs for Pulmonary Fibrosis & Hepatitis C |
|
|
| |
359,944 |
|
MicroDose Therapeutx Contingent Value Rights (a)(d)(e) |
|
907,059 |
| |
|
|
Drug Inhaler Development |
|
|
| |
|
|
|
|
831,187,987 |
| |
|
|
> Medical Supplies 2.3% |
|
|
| |
5,590,000 |
|
Cepheid (a)(b) |
|
288,332,200 |
| |
|
|
Molecular Diagnostics |
|
|
| |
772,000 |
|
Henry Schein (a) |
|
92,153,640 |
| |
|
|
Largest Distributor of Healthcare Products |
|
|
| |
580,000 |
|
Bio-Techne |
|
49,514,600 |
| |
|
|
Cytokines, Antibodies & Other Reagents for Life Science |
|
|
| |
1,153,000 |
|
Patterson Companies |
|
48,149,280 |
| |
|
|
Dental/Vet/Med Distributor |
|
|
| |
|
|
|
|
478,149,720 |
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Health Care Services 1.5% |
|
|
| |
9,905,000 |
|
Allscripts Healthcare Solutions (a)(b) |
|
$ |
178,587,150 |
|
|
|
Health Care IT |
|
|
| |
2,100,000 |
|
HealthSouth |
|
75,453,000 |
| |
|
|
Inpatient Rehabilitation Facilities |
|
|
| |
1,004,000 |
|
Envision Healthcare Holdings (a) |
|
33,965,320 |
| |
|
|
Provider of Health Care Outsourcing Services |
|
|
| |
525,000 |
|
Medidata Solutions (a) |
|
28,528,500 |
| |
|
|
Cloud-based Software for Drug Studies |
|
|
| |
76,000 |
|
Castlight Health (a) |
|
1,612,720 |
| |
|
|
Provider of Cloud-based Software for Managing Health Care Costs |
|
|
| |
|
|
|
|
318,146,690 |
| |
|
|
> Pharmaceuticals 0.7% |
|
|
| |
5,290,000 |
|
Akorn (a)(b) |
|
116,380,000 |
| |
|
|
Develops, Manufactures & Sells Specialty Generic Drugs |
|
|
| |
2,040,000 |
|
Alimera Sciences (a)(b)(c) |
|
16,095,600 |
| |
|
|
Ophthalmology-focused Pharmaceutical Company |
|
|
| |
416,118 |
|
Revance Therapeutics (a) |
|
13,107,717 |
| |
|
|
Drug Developer Focused on Aesthetics |
|
|
| |
|
|
|
|
145,583,317 |
| |
|
|
> Medical Equipment & Devices 0.7% |
|
|
| |
1,240,000 |
|
Sirona Dental Systems (a) |
|
92,590,800 |
| |
|
|
Manufacturer of Dental Equipment |
|
|
| |
925,000 |
|
PerkinElmer |
|
41,680,500 |
| |
|
|
Analytical Instruments for Life Sciences |
|
|
| |
|
|
|
|
134,271,300 |
| |
Health Care: Total |
|
1,907,339,014 |
| |||
|
|
|
|
|
| |
Energy & Minerals 6.6% |
|
|
| |||
|
|
> Oil & Gas Producers 3.3% |
|
|
| |
2,322,600 |
|
Rosetta Resources (a) |
|
108,186,708 |
| |
|
|
Oil & Gas Producer Exploring in Texas |
|
|
| |
1,007,000 |
|
SM Energy |
|
71,789,030 |
| |
|
|
Oil & Gas Producer |
|
|
| |
717,000 |
|
Energen Corporation |
|
57,940,770 |
| |
|
|
Oil & Gas Producer with Natural Gas Utility |
|
|
| |
695,000 |
|
Range Resources |
|
57,664,150 |
| |
|
|
Oil & Gas Producer |
|
|
| |
2,868,000 |
|
WPX Energy (a) |
|
51,710,040 |
| |
|
|
Oil & Gas Produced in U.S. & Argentina |
|
|
| |
1,861,000 |
|
Bill Barrett Corporation (a) |
|
47,641,600 |
| |
|
|
Oil & Gas Producer in U.S. Rockies |
|
|
| |
2,200,000 |
|
Pacific Rubiales Energy (Colombia) |
|
39,621,891 |
| |
|
|
Oil Production & Exploration in Colombia |
|
|
| |
743,000 |
|
Baytex (Canada) |
|
30,593,722 |
| |
|
|
Oil & Gas Producer in Canada |
|
|
| |
886,000 |
|
Cabot Oil and Gas |
|
30,017,680 |
| |
|
|
Large Natural Gas Producer in Appalachia & Gulf Coast |
|
|
| |
1,159,000 |
|
Laredo Petroleum (a) |
|
29,971,740 |
| |
|
|
Permian Basin Oil Producer |
|
|
| |
550,000 |
|
Carrizo Oil & Gas (a) |
|
29,403,000 |
| |
|
|
Oil & Gas Producer |
|
|
| |
1,021,000 |
|
Denbury Resources |
|
16,744,400 |
| |
|
|
Oil Producer Using Co2 Injection |
|
|
| |
530,000 |
|
Forum Energy Technology (a) |
|
16,419,400 |
| |
|
|
Oil Field Capital Equipment & Consumables |
|
|
| |
262,000 |
|
PDC Energy (a) |
|
16,312,120 |
| |
|
|
Oil & Gas Producer in U.S. |
|
|
| |
141,000 |
|
Clayton Williams (a) |
|
15,934,410 |
| |
|
|
Oil & Gas Producer |
|
|
| |
570,000 |
|
Rice Energy (a) |
|
15,042,300 |
| |
|
|
Natural Gas Producer |
|
|
| |
1,400,000 |
|
DeeThree Exploration (Canada) (a) |
|
12,005,427 |
| |
|
|
Canadian Oil & Gas Producer |
|
|
| |
62,000,000 |
|
Petromanas (Canada) (a)(b) |
|
11,497,060 |
| |
|
|
Exploring for Oil in Albania |
|
|
| |
27,000,000 |
|
Shamaran Petroleum (Iraq) (a) |
|
10,990,502 |
| |
|
|
Oil Exploration & Production in Kurdistan |
|
|
| |
35,000,000 |
|
Petroamerica Oil (Colombia) (a)(b) |
|
9,497,965 |
| |
|
|
Oil Exploration & Production in Colombia |
|
|
| |
12,052,000 |
|
Canadian Overseas Petroleum (United Kingdom) (a)(b) |
|
3,161,538 |
| |
8,400,000 |
|
Canadian Overseas Petroleum (United Kingdom) (a)(b)(e) |
|
2,093,351 |
| |
|
|
Oil & Gas Exploration/Production in the North Sea |
|
|
| |
61,091 |
|
Matador Resources (a) |
|
1,496,119 |
| |
|
|
Oil & Gas Producer in Texas & Louisiana |
|
|
| |
26,000,000 |
|
Petrodorado Energy (Colombia) (a)(b) |
|
940,751 |
| |
|
|
Oil & Gas Exploration & Production in Colombia, Peru & Paraguay |
|
|
| |
|
|
|
|
686,675,674 |
| |
|
|
> Oil Services 2.3% |
|
|
| |
3,858,000 |
|
FMC Technologies (a) |
|
201,734,820 |
| |
|
|
Oil & Gas Well Head Manufacturer |
|
|
| |
1,613,000 |
|
Hornbeck Offshore (a) |
|
67,439,530 |
| |
|
|
Supply Vessel Operator in U.S. Gulf of Mexico |
|
|
| |
784,959 |
|
Chart Industries (a) |
|
62,443,488 |
| |
|
|
Manufacturer of Natural Gas Processing/Storage Equipment |
|
|
| |
1,314,579 |
|
ShawCor (Canada) |
|
54,818,717 |
| |
|
|
Oil & Gas Pipeline Products |
|
|
| |
900,000 |
|
Atwood Oceanics (a) |
|
45,351,000 |
| |
|
|
Offshore Drilling Contractor |
|
|
| |
2,601,900 |
|
Horizon North Logistics (Canada) |
|
19,676,060 |
| |
|
|
Provides Diversified Oil Service Offering in Northern Canada |
|
|
| |
596,600 |
|
Black Diamond Group (Canada) |
|
18,483,537 |
| |
|
|
Provides Accommodations/Equipment for Oil Sands Development |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Oil Servicescontinued |
|
|
| |
480,000 |
|
Rowan (a) |
|
$ |
16,166,400 |
|
|
|
Contract Offshore Driller |
|
|
| |
|
|
|
|
486,113,552 |
| |
|
|
> Mining 0.8% |
|
|
| |
387,000 |
|
Core Labs (Netherlands) |
|
76,796,280 |
| |
|
|
Oil & Gas Reservoir Consulting |
|
|
| |
2,400,000 |
|
Alamos Gold (Canada) |
|
21,687,924 |
| |
500,000 |
|
Alamos Gold (Canada) (f) |
|
4,510,000 |
| |
|
|
Gold Mining |
|
|
| |
5,000,000 |
|
Kirkland Lake Gold (Canada) (a)(b)(c) |
|
15,241,972 |
| |
|
|
Gold Mining |
|
|
| |
3,477,459 |
|
Northam Platinum (South Africa) (a) |
|
12,858,803 |
| |
|
|
Platinum Mining in South Africa |
|
|
| |
2,000,000 |
|
Argonaut Gold (Canada) (a) |
|
8,720,036 |
| |
|
|
Gold & Silver Mining |
|
|
| |
2,000,000 |
|
Allied Nevada Gold (a)(c) |
|
8,620,000 |
| |
|
|
Gold & Silver Mining |
|
|
| |
5,979,000 |
|
Duluth Metals (Canada) (a) |
|
3,515,468 |
| |
|
|
Copper & Nickel Miner |
|
|
| |
2,050,000 |
|
Alexco Resource (a) |
|
3,075,000 |
| |
|
|
Mining, Exploration & Environmental Services |
|
|
| |
3,000,000 |
|
Kaminak Gold (a)(c) |
|
2,170,963 |
| |
|
|
Exploration Stage Canadian Gold Miner |
|
|
| |
2,300 |
|
Silvercrest Mines (a) |
|
4,203 |
| |
|
|
Gold & Silver Mining |
|
|
| |
|
|
|
|
157,200,649 |
| |
|
|
> Alternative Energy 0.1% |
|
|
| |
3,693,611 |
|
RGS Energy (a)(b)(c) |
|
15,032,997 |
| |
|
|
Residential & Commercial Solar Systems Installer |
|
|
| |
1,210,300 |
|
Synthesis Energy Systems (China) (a) |
|
2,372,188 |
| |
|
|
Owner/Operator of Gasification Plants/Technology Licenses |
|
|
| |
|
|
|
|
17,405,185 |
| |
|
|
> Agricultural Commodities 0.1% |
|
|
| |
1,306,818 |
|
Union Agriculture Group (Uruguay) (a)(d)(e) |
|
13,421,021 |
| |
|
|
Farmland Operator in Uruguay |
|
|
| |
Energy & Minerals: Total |
|
1,360,816,081 |
| |||
|
|
|
|
|
| |
Other Industries 6.5% |
|
|
| |||
|
|
> Real Estate 4.4% |
|
|
| |
2,100,000 |
|
Extra Space Storage |
|
101,871,000 |
| |
|
|
Self Storage Facilities |
|
|
| |
1,760,000 |
|
Post Properties |
|
86,416,000 |
| |
|
|
Multifamily Properties |
|
|
| |
750,000 |
|
Federal Realty |
|
86,040,000 |
| |
|
|
Shopping Centers |
|
|
| |
3,225,000 |
|
DuPont Fabros Technology |
|
77,625,750 |
| |
|
|
Data Centers |
|
|
| |
7,350,000 |
|
EdR (b) |
|
72,544,500 |
| |
|
|
Student Housing |
|
|
| |
24,000,000 |
|
Ascendas REIT (Singapore) |
|
43,199,943 |
| |
|
|
Industrial Property Landlord |
|
|
| |
5,175,000 |
|
DCT Industrial Trust |
|
40,779,000 |
| |
|
|
Industrial Properties |
|
|
| |
2,150,000 |
|
Terreno Realty (b) |
|
40,656,500 |
| |
|
|
Industrial Properties |
|
|
| |
1,900,000 |
|
Biomed Realty Trust |
|
38,931,000 |
| |
|
|
Life Science-focused Office Buildings |
|
|
| |
325,000 |
|
Jones Lang LaSalle |
|
38,512,500 |
| |
|
|
Real Estate Services |
|
|
| |
6,250,000 |
|
Kite Realty Group |
|
37,500,000 |
| |
|
|
Community Shopping Centers |
|
|
| |
1,170,000 |
|
Coresite Realty (b) |
|
36,270,000 |
| |
|
|
Data Centers |
|
|
| |
1,800,000 |
|
St. Joe (a) |
|
34,650,000 |
| |
|
|
Florida Panhandle Landowner |
|
|
| |
1,300,000 |
|
Hudson Pacific Properties |
|
29,991,000 |
| |
|
|
West Coast Office Buildings & Production Studios |
|
|
| |
2,850,000 |
|
Summit Hotel Properties |
|
26,448,000 |
| |
|
|
Owner of Select Service Hotels |
|
|
| |
110,000 |
|
AMERCO |
|
25,533,200 |
| |
|
|
North American Moving & Storage King |
|
|
| |
20,000,000 |
|
Mapletree Commercial Trust (Singapore) |
|
19,441,895 |
| |
|
|
Retail & Office Property Landlord |
|
|
| |
14,000 |
|
Orix JREIT (Japan) |
|
17,478,750 |
| |
|
|
Diversified REIT |
|
|
| |
950,000 |
|
American Residential Properties (a) |
|
17,081,000 |
| |
|
|
Single-family Rental Properties |
|
|
| |
24,664,000 |
|
Mapletree Greater China Commercial Trust (Hong Kong) |
|
16,001,130 |
| |
|
|
Retail & Office Property Landlord |
|
|
| |
12,000,000 |
|
CDL Hospitality Trust (Singapore) |
|
15,819,022 |
| |
|
|
Hotel Owner/Operator |
|
|
| |
400,000 |
|
RE/MAX |
|
11,532,000 |
| |
|
|
Residential Real Estate Broker |
|
|
| |
|
|
|
|
914,322,190 |
| |
|
|
> Transportation 1.5% |
|
|
| |
3,100,000 |
|
Rush Enterprises, Class A (a)(b) |
|
100,688,000 |
| |
550,000 |
|
Rush Enterprises, Class B (a)(b) |
|
15,521,000 |
| |
|
|
Truck Sales & Service |
|
|
| |
846,000 |
|
Kirby (a) |
|
85,657,500 |
| |
|
|
Largest Operator of U.S. (Jones Act) Liquid Tank Barges |
|
|
| |
1,085,000 |
|
JB Hunt Transport Services |
|
78,033,200 |
| |
|
|
Truck & Intermodal Carrier |
|
|
| |
300,000 |
|
Genesee & Wyoming (a) |
|
29,196,000 |
| |
|
|
Short-line Operator |
|
|
| |
|
|
|
|
309,095,700 |
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Regulated Utilities 0.6% |
|
|
| |
2,000,000 |
|
Northeast Utilities |
|
$ |
91,000,000 |
|
|
|
Regulated Electric Utility |
|
|
| |
700,000 |
|
Wisconsin Energy |
|
32,585,000 |
| |
|
|
Wisconsin Utility |
|
|
| |
|
|
|
|
123,585,000 |
| |
Other Industries: Total |
|
1,347,002,890 |
| |||
|
|
|
|
|
| |
Total Equities: 97.7% (Cost: $10,543,491,152) |
|
20,263,202,117 |
(g) | |||
|
|
|
| |||
Short-Term Investments 2.5% |
|
|
| |||
280,000,000 |
|
JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%) |
|
280,000,000 |
| |
246,037,979 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) |
|
246,037,979 |
| |
Total Short-Term Investments: 2.5% (Cost: $526,037,979) |
|
526,037,979 |
| |||
|
|
|
|
|
| |
Securities Lending Collateral 0.4% |
|
|
| |||
88,536,596 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (h) |
|
88,536,596 |
| |
Total Securities Lending Collateral: 0.4% (Cost: $88,536,596) |
|
88,536,596 |
| |||
|
|
|
|
|
| |
Total Investments: 100.6% (Cost: $11,158,065,727) (i) |
|
20,877,776,692 |
(j) | |||
|
|
|
|
|
| |
Obligation to Return Collateral for Securities Loaned: (0.4)% |
|
(88,536,596 |
) | |||
|
|
|
|
|
| |
Cash and Other Assets Less Liabilities: (0.2)% |
|
(42,968,107 |
) | |||
|
|
|
|
|
| |
Net Assets: 100.0% |
|
$ |
20,746,271,989 |
|
ADR - American Depositary Receipts
REIT - Real Estate Investment Trust
> Notes to Statement of Investments
(a) Non-income producing security.
(b) An affiliated person of the Fund, as defined in the Investment Company Act of 1940, 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 period ended March 31, 2014, are as follows:
Security |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
Donaldson |
|
8,400,000 |
|
|
|
|
|
8,400,000 |
|
$ |
356,160,000 |
|
$ |
1,176,000 |
|
Mettler-Toledo International |
|
1,475,000 |
|
|
|
|
|
1,475,000 |
|
347,628,000 |
|
|
| ||
tw telecom |
|
9,500,000 |
|
|
|
|
|
9,500,000 |
|
296,970,000 |
|
|
| ||
Cepheid |
|
6,170,000 |
|
|
|
580,000 |
|
5,590,000 |
|
288,332,200 |
|
|
| ||
Nordson |
|
3,400,000 |
|
|
|
|
|
3,400,000 |
|
239,666,000 |
|
612,000 |
| ||
Informatica |
|
5,500,000 |
|
550,000 |
|
|
|
6,050,000 |
|
228,569,000 |
|
|
| ||
Moog |
|
3,230,000 |
|
|
|
|
|
3,230,000 |
|
211,597,300 |
|
|
| ||
Bally Technologies |
|
3,105,000 |
|
|
|
77,000 |
|
3,028,000 |
|
200,665,560 |
|
|
| ||
Synageva Biopharma |
|
2,392,000 |
|
|
|
79,691 |
|
2,312,309 |
|
191,852,278 |
|
|
| ||
Allscripts Healthcare Solutions |
|
9,905,000 |
|
|
|
|
|
9,905,000 |
|
178,587,150 |
|
|
| ||
HEICO |
|
3,828,750 |
|
|
|
|
|
3,828,750 |
|
166,206,038 |
|
|
| ||
Associated Banc-Corp |
|
9,000,000 |
|
|
|
|
|
9,000,000 |
|
162,540,000 |
|
810,000 |
| ||
iGATE |
|
4,150,000 |
|
|
|
|
|
4,150,000 |
|
130,891,000 |
|
|
| ||
Akorn |
|
5,417,981 |
|
|
|
127,981 |
|
5,290,000 |
|
116,380,000 |
|
|
| ||
Rush Enterprises |
|
3,650,000 |
|
|
|
|
|
3,650,000 |
|
116,209,000 |
|
|
| ||
Drew Industries |
|
1,780,000 |
|
|
|
|
|
1,780,000 |
|
96,476,000 |
|
|
| ||
Pier 1 Imports (1) |
|
7,185,000 |
|
|
|
2,225,000 |
|
4,960,000 |
|
93,644,800 |
|
431,100 |
| ||
H & E Equipment Services |
|
2,508,816 |
|
|
|
228,816 |
|
2,280,000 |
|
92,226,000 |
|
|
| ||
MB Financial |
|
2,860,000 |
|
|
|
|
|
2,860,000 |
|
88,545,600 |
|
343,200 |
| ||
Popeyes Louisiana Kitchen |
|
2,000,000 |
|
|
|
|
|
2,000,000 |
|
81,280,000 |
|
|
| ||
ESCO Technologies |
|
2,300,000 |
|
|
|
|
|
2,300,000 |
|
80,937,000 |
|
|
| ||
DuPont Fabros Technology (1) |
|
3,625,000 |
|
|
|
400,000 |
|
3,225,000 |
|
77,625,750 |
|
|
| ||
Boulder Brands |
|
2,886,552 |
|
1,500,000 |
|
|
|
4,386,552 |
|
77,291,046 |
|
|
| ||
McGrath Rentcorp |
|
2,150,000 |
|
|
|
|
|
2,150,000 |
|
75,164,000 |
|
516,000 |
| ||
Navigant Consulting |
|
4,025,000 |
|
|
|
|
|
4,025,000 |
|
75,106,500 |
|
|
| ||
Globalstar (1) |
|
25,500,000 |
|
2,150,000 |
|
|
|
27,650,000 |
|
73,272,500 |
|
|
| ||
EdR |
|
7,350,000 |
|
|
|
|
|
7,350,000 |
|
72,544,500 |
|
808,500 |
| ||
Knoll |
|
3,669,000 |
|
|
|
|
|
3,669,000 |
|
66,739,110 |
|
440,280 |
| ||
Virtusa |
|
1,985,000 |
|
|
|
150,000 |
|
1,835,000 |
|
61,490,850 |
|
|
| ||
> Notes to Statement of Investments
Security |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
World Acceptance |
|
850,000 |
|
|
|
41,657 |
|
808,343 |
|
$ |
60,690,392 |
|
$ |
|
|
Sarepta Therapeutics |
|
2,050,000 |
|
|
|
|
|
2,050,000 |
|
49,261,500 |
|
|
| ||
SPS Commerce (1) |
|
900,000 |
|
|
|
150,000 |
|
750,000 |
|
46,087,500 |
|
|
| ||
Terreno Realty |
|
2,020,931 |
|
129,069 |
|
|
|
2,150,000 |
|
40,656,500 |
|
|
| ||
Tangoe |
|
2,100,000 |
|
|
|
|
|
2,100,000 |
|
39,039,000 |
|
|
| ||
CAI International |
|
1,500,000 |
|
|
|
|
|
1,500,000 |
|
37,005,000 |
|
|
| ||
Coresite Realty |
|
1,170,000 |
|
|
|
|
|
1,170,000 |
|
36,270,000 |
|
409,500 |
| ||
II-VI (1) |
|
3,640,000 |
|
|
|
1,301,000 |
|
2,339,000 |
|
36,090,770 |
|
|
| ||
Cavco Industries |
|
460,000 |
|
|
|
|
|
460,000 |
|
36,087,000 |
|
|
| ||
InContact |
|
3,740,596 |
|
338 |
|
|
|
3,740,934 |
|
35,912,966 |
|
|
| ||
Insperity (1) |
|
1,400,000 |
|
|
|
256,000 |
|
1,144,000 |
|
35,441,120 |
|
194,480 |
| ||
First Busey |
|
4,841,882 |
|
|
|
|
|
4,841,882 |
|
28,082,916 |
|
193,675 |
| ||
Marlin Business Services |
|
1,091,000 |
|
|
|
|
|
1,091,000 |
|
22,703,710 |
|
120,010 |
| ||
Blackhawk Network |
|
900,000 |
|
|
|
|
|
900,000 |
|
21,951,000 |
|
|
| ||
Hackett Group |
|
3,274,000 |
|
|
|
|
|
3,274,000 |
|
19,578,520 |
|
|
| ||
Boingo Wireless |
|
2,500,000 |
|
|
|
|
|
2,500,000 |
|
16,950,000 |
|
|
| ||
Alimera Sciences |
|
2,040,000 |
|
|
|
|
|
2,040,000 |
|
16,095,600 |
|
|
| ||
Kirkland Lake Gold |
|
4,900,000 |
|
100,000 |
|
|
|
5,000,000 |
|
15,241,972 |
|
|
| ||
RGS Energy |
|
2,600,000 |
|
1,093,611 |
|
|
|
3,693,611 |
|
15,032,997 |
|
|
| ||
Exa |
|
1,000,000 |
|
|
|
|
|
1,000,000 |
|
13,260,000 |
|
|
| ||
Petromanas |
|
51,359,500 |
|
10,640,500 |
|
|
|
62,000,000 |
|
11,497,060 |
|
|
| ||
Gaiam |
|
1,500,000 |
|
|
|
|
|
1,500,000 |
|
10,875,000 |
|
|
| ||
Petroamerica Oil |
|
35,000,000 |
|
|
|
|
|
35,000,000 |
|
9,497,965 |
|
|
| ||
Towerstream |
|
3,319,900 |
|
680,100 |
|
|
|
4,000,000 |
|
9,400,000 |
|
|
| ||
Simplicity Bancorp |
|
452,146 |
|
|
|
8,404 |
|
443,742 |
|
7,809,859 |
|
36,172 |
| ||
Canadian Overseas Petroleum |
|
19,471,000 |
|
981,000 |
|
|
|
20,452,000 |
|
5,254,889 |
|
|
| ||
Duluth Metals (1) |
|
7,025,500 |
|
|
|
1,046,500 |
|
5,979,000 |
|
3,515,468 |
|
|
| ||
Acorn Energy (1) |
|
1,161,957 |
|
|
|
721,135 |
|
440,822 |
|
1,494,387 |
|
|
| ||
Petrodorado Energy |
|
26,000,000 |
|
|
|
|
|
26,000,000 |
|
940,751 |
|
|
| ||
GLG Life Tech |
|
1,665,270 |
|
|
|
|
|
1,665,270 |
|
753,175 |
|
|
| ||
Total of Affiliated Transactions |
|
338,881,781 |
|
17,824,618 |
|
7,393,184 |
|
349,313,215 |
|
$ |
5,027,074,199 |
|
$ |
6,090,917 |
|
(1) At March 31, 2014, the Fund owned less than five percent of the companys outstanding voting shares.
The aggregate cost and value of these companies at March 31, 2014, was $2,372,691,304 and $4,659,901,904, respectively. Investments in affiliated companies represented 22.46% of the Funds total net assets at March 31, 2014.
(c) All or a portion of this security was on loan at March 31, 2014. The total market value of securities on loan at March 31, 2014 was $86,548,043.
(d) Illiquid security.
(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 Funds Board of Trustees. At March 31, 2014, the market value of these securities amounted to $66,828,189, which represented 0.32% of total net assets. Additional information on these securities is as follows:
Security |
|
Acquisition |
|
Shares/Units |
|
Cost |
|
Value |
| ||
Ultragenyx |
|
12/19/12 |
|
1,151,982 |
|
$ |
9,999,999 |
|
$ |
50,406,758 |
|
Union Agriculture Group |
|
12/8/10-6/27/12 |
|
1,306,818 |
|
15,000,000 |
|
13,421,021 |
| ||
Canadian Overseas Petroleum |
|
11/24/10 |
|
8,400,000 |
|
3,591,152 |
|
2,093,351 |
| ||
MicroDose Therapeutx Contingent Value Rights |
|
8/14/13 |
|
359,944 |
|
|
|
907,059 |
| ||
|
|
|
|
|
|
$ |
28,591,151 |
|
$ |
66,828,189 |
|
(f) Security is traded on a U.S. exchange.
> Notes to Statement of Investments
(g) On March 31, 2014, the market value of foreign securities represented 6.99% of total net assets. The Funds foreign portfolio was diversified as follows:
Country |
|
Value |
|
Percentage |
| |
Canada |
|
$ |
274,387,451 |
|
1.32 |
|
Netherlands |
|
196,543,233 |
|
0.95 |
| |
Hong Kong |
|
185,211,975 |
|
0.89 |
| |
Singapore |
|
106,091,880 |
|
0.51 |
| |
Sweden |
|
99,344,530 |
|
0.48 |
| |
South Africa |
|
69,128,804 |
|
0.34 |
| |
Denmark |
|
56,636,017 |
|
0.27 |
| |
India |
|
54,336,499 |
|
0.26 |
| |
France |
|
52,465,590 |
|
0.25 |
| |
Colombia |
|
50,060,607 |
|
0.24 |
| |
Israel |
|
44,176,137 |
|
0.21 |
| |
Germany |
|
43,626,442 |
|
0.21 |
| |
Japan |
|
36,855,943 |
|
0.18 |
| |
Cambodia |
|
31,319,176 |
|
0.15 |
| |
Brazil |
|
30,486,558 |
|
0.15 |
| |
Russia |
|
29,344,680 |
|
0.14 |
| |
Chile |
|
24,637,255 |
|
0.12 |
| |
Spain |
|
23,362,214 |
|
0.11 |
| |
Uruguay |
|
13,421,021 |
|
0.06 |
| |
Iraq |
|
10,990,502 |
|
0.05 |
| |
Iceland |
|
9,270,348 |
|
0.05 |
| |
United Kingdom |
|
5,254,889 |
|
0.03 |
| |
China |
|
3,087,688 |
|
0.02 |
| |
Total Foreign Portfolio |
|
$ |
1,450,039,439 |
|
6.99 |
|
(h) Investment made with cash collateral received from securities lending activity.
(i) At March 31, 2014, for federal income tax purposes, the cost of investments was $11,158,065,727 and net unrealized appreciation was $9,719,710,965 consisting of gross unrealized appreciation of $10,013,739,561 and gross unrealized depreciation of $294,028,596.
(j) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2013.
Fair Value Measurements
Various inputs are used in determining the value of the Funds investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (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 (the Committee) of the Funds Board of Trustees (the Board) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which the investment manager believes that available market quotations are unreliable, to review the appropriateness of the Trusts Portfolio Pricing Policy and the pricing procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Funds investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
> Notes to Statement of Investments
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Funds securities 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. Significant changes in any of these factors could result in lower or higher fair value measurements. 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, 2014, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Information |
|
$ |
5,324,053,600 |
|
$ |
197,850,368 |
|
$ |
|
|
$ |
5,521,903,968 |
|
Industrial Goods & Services |
|
4,366,411,370 |
|
248,584,224 |
|
|
|
4,614,995,594 |
| ||||
Consumer Goods & Services |
|
2,918,659,766 |
|
184,774,705 |
|
|
|
3,103,434,471 |
| ||||
Finance |
|
2,362,567,568 |
|
45,142,531 |
|
|
|
2,407,710,099 |
| ||||
Health Care |
|
1,856,025,197 |
|
50,406,758 |
|
907,059 |
|
1,907,339,014 |
| ||||
Energy & Minerals |
|
1,332,442,906 |
|
14,952,154 |
|
13,421,021 |
|
1,360,816,081 |
| ||||
Other Industries |
|
1,235,062,150 |
|
111,940,740 |
|
|
|
1,347,002,890 |
| ||||
Total Equities |
|
19,395,222,557 |
|
853,651,480 |
|
14,328,080 |
|
20,263,202,117 |
| ||||
Total Short-Term Investments |
|
526,037,979 |
|
|
|
|
|
526,037,979 |
| ||||
Total Securities Lending Collateral |
|
88,536,596 |
|
|
|
|
|
88,536,596 |
| ||||
Total Investments |
|
$ |
20,009,797,132 |
|
$ |
853,651,480 |
|
$ |
14,328,080 |
|
$ |
20,877,776,692 |
|
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 sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, 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.
There were no transfers of financial assets between levels during the period.
The Fund does not hold any significant investments categorized as Level 3.
Certain securities classified as Level 3 are valued at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include, but are not limited to estimated earnings of the company and the position of the security within the companys capital structure. The Committee also may use some observable inputs, which may include, but are not limited to, trades of similar securities and market multiples derived from a set of comparable companies. Significant increases or decreases to any of these inputs could result in a significantly lower or higher fair value measurement.
Columbia Acorn International®
Statement of Investments, March 31, 2014
Number of Shares |
|
|
|
Value |
| |
|
|
Equities: 95.3% |
|
|
| |
Asia 41.9% |
|
|
| |||
|
|
> Japan 19.3% |
|
|
| |
4,784,600 |
|
Kansai Paint |
|
$ |
68,116,492 |
|
|
|
Paint Producer in Japan, India, China & Southeast Asia |
|
|
| |
501,000 |
|
Rinnai |
|
44,068,982 |
| |
|
|
Gas Appliances for Household & Commercial Use |
|
|
| |
1,105,800 |
|
Benesse |
|
42,295,037 |
| |
|
|
Education Service Provider |
|
|
| |
1,521,900 |
|
Glory |
|
41,733,156 |
| |
|
|
Currency Handling Systems & Related Equipment |
|
|
| |
33,000 |
|
Orix JREIT |
|
41,199,910 |
| |
|
|
Diversified REIT |
|
|
| |
2,100,000 |
|
Park24 |
|
39,902,421 |
| |
|
|
Parking Lot Operator |
|
|
| |
1,450,000 |
|
Japan Airport Terminal |
|
37,605,794 |
| |
|
|
Airport Terminal Operator at Haneda |
|
|
| |
1,658,000 |
|
Aica Kogyo |
|
36,968,904 |
| |
|
|
Laminated Sheets, Building Materials & Chemical Adhesives |
|
|
| |
1,600,000 |
|
Nabtesco |
|
36,931,139 |
| |
|
|
Machinery Components |
|
|
| |
816,000 |
|
Kintetsu World Express |
|
36,256,792 |
| |
|
|
Airfreight Logistics |
|
|
| |
630,000 |
|
Makita |
|
34,683,781 |
| |
|
|
Power Tools |
|
|
| |
1,456,000 |
|
Ariake Japan |
|
33,792,951 |
| |
|
|
Manufacturer of Soup/Sauce Extracts |
|
|
| |
1,567,000 |
|
NGK Insulators |
|
32,690,295 |
| |
|
|
Ceramic Products for Auto, Power & Electronics |
|
|
| |
4,407,000 |
|
NOF |
|
31,875,277 |
| |
|
|
Specialty Chemicals, Life Science & Rocket Fuels |
|
|
| |
11,000,000 |
|
Aozora Bank |
|
31,319,292 |
| |
|
|
Commercial Bank |
|
|
| |
975,000 |
|
Nakanishi |
|
31,203,106 |
| |
|
|
Dental Tools & Machinery |
|
|
| |
2,709,000 |
|
Nippon Kayaku |
|
30,453,125 |
| |
|
|
Functional Chemicals, Pharmaceuticals & Auto Safety Systems |
|
|
| |
2,350,000 |
|
Ushio |
|
30,357,602 |
| |
|
|
Industrial Light Sources |
|
|
| |
1,350,000 |
|
NGK Spark Plug |
|
30,337,223 |
| |
|
|
Automobile Parts |
|
|
| |
5,950 |
|
Kenedix Office Investment (a) |
|
29,506,123 |
| |
|
|
Tokyo Mid-size Office REIT |
|
|
| |
293,000 |
|
Shimano |
|
29,471,912 |
| |
|
|
Manufacturer of Bicycle Components & Fishing Tackle |
|
|
| |
780,000 |
|
Hoshizaki Electric |
|
29,457,208 |
| |
|
|
Commercial Kitchen Equipment |
|
|
| |
709,000 |
|
Omron |
|
29,336,100 |
| |
|
|
Electric Components for Factory Automation |
|
|
| |
661,600 |
|
Santen Pharmaceutical |
|
29,273,902 |
| |
|
|
Specialty Pharma (Ophthalmic Medicine) |
|
|
| |
1,050,000 |
|
Misumi Group |
|
29,094,058 |
| |
|
|
Industrial Components Distributor |
|
|
| |
1,638,000 |
|
Suruga Bank |
|
28,854,301 |
| |
|
|
Regional Bank |
|
|
| |
7,165,000 |
|
Seven Bank |
|
28,118,315 |
| |
|
|
ATM Processing Services |
|
|
| |
203,400 |
|
Hirose Electric |
|
27,964,108 |
| |
|
|
Electrical Connectors |
|
|
| |
930,000 |
|
JIN (a) |
|
27,760,368 |
| |
|
|
Eyeglasses Retailer |
|
|
| |
1,600,000 |
|
OSG |
|
27,717,218 |
| |
|
|
Consumable Cutting Tools |
|
|
| |
3,948,000 |
|
Wacom |
|
27,665,977 |
| |
|
|
Computer Graphic Illustration Devices |
|
|
| |
1,580,000 |
|
Daiseki |
|
27,323,591 |
| |
|
|
Waste Disposal & Recycling |
|
|
| |
602,500 |
|
Hamamatsu Photonics |
|
27,180,355 |
| |
|
|
Optical Sensors for Medical & Industrial Applications |
|
|
| |
1,132,000 |
|
Tamron (a) |
|
26,743,772 |
| |
|
|
Camera Lens Maker |
|
|
| |
2,100,000 |
|
Asahi Diamond Industrial |
|
26,715,473 |
| |
|
|
Consumable Diamond Tools |
|
|
| |
12,800 |
|
Nippon Prologis REIT |
|
25,837,667 |
| |
|
|
Logistics REIT in Japan |
|
|
| |
1,000,000 |
|
MonotaRO (a) |
|
25,364,237 |
| |
|
|
Online MRO (Maintenance, Repair, Operations) Goods Distributor in Japan |
|
|
| |
744,000 |
|
Sanrio |
|
25,113,606 |
| |
|
|
Character Goods & Licensing |
|
|
| |
1,658,000 |
|
Nippon Paint |
|
25,104,598 |
| |
|
|
Paints for Automotive, Decorative & Industrial Usage |
|
|
| |
749,900 |
|
Toyo Suisan Kaisha |
|
25,057,109 |
| |
|
|
Instant Noodle Manufacturer |
|
|
| |
3,000 |
|
Industrial & Infrastructure Fund (a) |
|
24,688,619 |
| |
|
|
Industrial REIT in Japan |
|
|
| |
1,600,000 |
|
Doshisha |
|
24,654,403 |
| |
|
|
Wholesaler of Household Products |
|
|
| |
1,065,780 |
|
Nihon Parkerizing |
|
24,604,626 |
| |
|
|
Metal Surface Treatment Agents & Processing Service |
|
|
| |
960,000 |
|
Aeon Mall |
|
24,594,724 |
| |
|
|
Suburban Shopping Mall Developer, Owner & Operator |
|
|
| |
388,400 |
|
Disco |
|
24,172,915 |
| |
|
|
Semiconductor Dicing & Grinding Equipment |
|
|
| |
566,700 |
|
Itochu Techno-Science |
|
23,933,593 |
| |
|
|
IT Network Equipment Sales & Services |
|
|
| |
755,000 |
|
OBIC |
|
23,824,981 |
| |
|
|
Computer Software |
|
|
| |
532,000 |
|
FamilyMart |
|
23,395,257 |
| |
|
|
Convenience Store Operator |
|
|
| |
864,200 |
|
Start Today |
|
22,108,181 |
| |
|
|
Online Japanese Apparel Retailer |
|
|
| |
255,800 |
|
Hikari Tsushin |
|
21,603,593 |
| |
|
|
Distribution of Office IT/Mobiles/Insurance |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Japancontinued |
|
|
| |
429,492 |
|
Ain Pharmaciez |
|
$ |
19,856,845 |
|
|
|
Dispensing Pharmacy/Drugstore Operator |
|
|
| |
835,000 |
|
Icom (b) |
|
19,142,567 |
| |
|
|
Two Way Radio Communication Equipment |
|
|
| |
571,080 |
|
Milbon |
|
18,986,446 |
| |
|
|
Manufacturer of Hair Products |
|
|
| |
3,918 |
|
Global One Real Estate |
|
11,520,103 |
| |
|
|
Office REIT |
|
|
| |
518,100 |
|
Rohto Pharmaceutical |
|
9,148,728 |
| |
|
|
Pharmaceutical, Health & Beauty Products |
|
|
| |
5,430 |
|
Mori Hills REIT Investment |
|
7,179,672 |
| |
|
|
Tokyo-centric Diversified REIT |
|
|
| |
1,575,000 |
|
Lifenet Insurance (c) |
|
6,486,057 |
| |
|
|
Online Life Insurance Company in Japan |
|
|
| |
59,106 |
|
Miraca Holdings |
|
2,589,229 |
| |
|
|
Outsourced Lab Testing, Diagnostic Equipment & Reagents |
|
|
| |
|
|
|
|
1,622,941,816 |
| |
|
|
> Taiwan 3.8% |
|
|
| |
29,700,000 |
|
Far EasTone Telecom |
|
62,868,843 |
| |
|
|
Taiwans Third Largest Mobile Operator |
|
|
| |
7,306,000 |
|
Delta Electronics |
|
45,247,803 |
| |
|
|
Industrial Automation, Switching Power Supplies & Passive Components |
|
|
| |
1,747,000 |
|
St. Shine Optical |
|
39,049,735 |
| |
|
|
Worlds Leading Disposable Contact Lens OEM (Original Equipment Manufacturer) |
|
|
| |
1,750,000 |
|
Ginko International |
|
30,236,697 |
| |
|
|
Largest Contact Lens Maker in China |
|
|
| |
4,499,000 |
|
Advantech |
|
29,225,066 |
| |
|
|
Industrial PC & Components |
|
|
| |
2,930,000 |
|
President Chain Store |
|
20,671,588 |
| |
|
|
Convenience Chain Store Operator |
|
|
| |
4,305,000 |
|
Novatek Microelectronics |
|
19,787,695 |
| |
|
|
Display-related Integrated Circuit Designer |
|
|
| |
11,716,253 |
|
Lite-On Technology |
|
17,516,169 |
| |
|
|
Mobile Device, LED & PC Server Component Supplier |
|
|
| |
11,600,000 |
|
CTCI Corp |
|
17,416,031 |
| |
|
|
International Engineering Firm |
|
|
| |
6,413,000 |
|
Chroma Ate |
|
15,318,440 |
| |
|
|
Automatic Test Systems, Testing & Measurement Instruments |
|
|
| |
2,027,000 |
|
PC Home |
|
15,210,709 |
| |
|
|
Taiwanese Internet Retail Company |
|
|
| |
223,000 |
|
Hermes Microvision |
|
8,952,985 |
| |
|
|
E-beam Inspection Systems for Semiconductor Integrated Circuits |
|
|
| |
|
|
|
|
321,501,761 |
| |
|
|
> Hong Kong 3.8% |
|
|
| |
2,500,000 |
|
Melco Crown Entertainment - ADR (c) |
|
96,625,000 |
| |
|
|
Macau Casino Operator |
|
|
| |
20,000,000 |
|
Melco International |
|
67,243,097 |
| |
|
|
Macau Casino Operator |
|
|
| |
10,000,000 |
|
MGM China Holdings |
|
35,330,456 |
| |
|
|
Macau Casino Operator |
|
|
| |
38,000,000 |
|
Sa Sa International (a) |
|
30,537,327 |
| |
|
|
Cosmetics Retailer |
|
|
| |
20,000,000 |
|
Vitasoy International |
|
29,068,619 |
| |
|
|
Hong Kong Soy Food Brand |
|
|
| |
40,000,000 |
|
Mapletree Greater China Commercial Trust |
|
25,950,584 |
| |
|
|
Retail & Office Property Landlord |
|
|
| |
10,000,000 |
|
Lifestyle International |
|
20,344,227 |
| |
|
|
Mid- to High-end Department Store Operator in Hong Kong & China |
|
|
| |
6,287,000 |
|
Kingboard Chemicals |
|
12,293,645 |
| |
|
|
Paper & Glass Laminates, PCB, Specialty Chemicals & Properties |
|
|
| |
|
|
|
|
317,392,955 |
| |
|
|
> Korea 3.0% |
|
|
| |
1,424,261 |
|
Paradise |
|
43,538,822 |
| |
|
|
Korean Foreigner Only Casino Operator |
|
|
| |
74,400 |
|
KCC |
|
38,192,780 |
| |
|
|
Paint & Housing Material Manufacturer |
|
|
| |
519,217 |
|
LS Industrial Systems |
|
32,835,785 |
| |
|
|
Manufacturer of Electrical & Automation Equipment |
|
|
| |
246,300 |
|
CJ Corp |
|
31,548,538 |
| |
|
|
Holding Company of Korean Consumer Conglomerate |
|
|
| |
815,000 |
|
Samsung Securities |
|
29,979,815 |
| |
|
|
Brokerage & Wealth Management |
|
|
| |
465,540 |
|
KEPCO Plant Service & Engineering |
|
29,684,343 |
| |
|
|
Power Plant & Grid Maintenance |
|
|
| |
402,580 |
|
Coway |
|
28,215,079 |
| |
|
|
Household Appliance Rental Service Provider |
|
|
| |
359,000 |
|
Soulbrain |
|
12,959,988 |
| |
|
|
Electronic Chemical Producer |
|
|
| |
17,583 |
|
AmorePacific Group |
|
8,465,544 |
| |
|
|
Holding Company of Koreas Leading Cosmetics Manufacturer |
|
|
| |
|
|
|
|
255,420,694 |
| |
|
|
> China 2.7% |
|
|
| |
2,500,000 |
|
WuXi PharmaTech - ADR (c) |
|
92,150,000 |
| |
|
|
Largest Contract Research Organization Business in China |
|
|
| |
3,850,000 |
|
Biostime |
|
26,452,963 |
| |
|
|
Pediatric Nutrition & Baby Care Products Provider |
|
|
| |
18,460,000 |
|
Sihuan Pharmaceuticals |
|
22,300,753 |
| |
|
|
Leading Chinese Generic Drug Manufacturer |
|
|
| |
606,476 |
|
BitAuto - ADR (c) |
|
21,736,100 |
| |
|
|
Auto Vertical Website |
|
|
| |
308,030 |
|
SouFun - ADR (a) |
|
21,075,413 |
| |
|
|
Chinese Real Estate Internet Portal |
|
|
| |
11,020,000 |
|
Want Want |
|
16,487,275 |
| |
|
|
Chinese Branded Consumer Food Company |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Chinacontinued |
|
|
| |
17,994,000 |
|
NewOcean Energy (a) |
|
$ |
13,966,362 |
|
|
|
Southern China Liquefied Petroleum Gas Distributor |
|
|
| |
35,119,000 |
|
AMVIG Holdings |
|
13,443,371 |
| |
|
|
Chinese Tobacco Packaging Material Supplier |
|
|
| |
|
|
|
|
227,612,237 |
| |
|
|
> Singapore 2.3% |
|
|
| |
40,000,000 |
|
Mapletree Commercial Trust |
|
38,883,790 |
| |
|
|
Retail & Office Property Landlord |
|
|
| |
9,300,000 |
|
Petra Foods |
|
27,281,183 |
| |
|
|
Cocoa Processor & Chocolate Manufacturer |
|
|
| |
9,780,000 |
|
Super Group |
|
27,103,553 |
| |
|
|
Instant Food & Beverages in Southeast Asia |
|
|
| |
20,000,000 |
|
CDL Hospitality Trust |
|
26,365,037 |
| |
|
|
Hotel Owner/Operator |
|
|
| |
13,500,000 |
|
Ascendas REIT |
|
24,299,968 |
| |
|
|
Industrial Property Landlord |
|
|
| |
3,800,000 |
|
Singapore Exchange |
|
20,999,575 |
| |
|
|
Singapore Equity & Derivatives Market Operator |
|
|
| |
19,032,000 |
|
Mapletree Logistics Trust |
|
15,822,599 |
| |
|
|
Industrial Property Landlord |
|
|
| |
11,663,000 |
|
Mapletree Industrial Trust |
|
12,679,060 |
| |
|
|
Industrial Property Landlord |
|
|
| |
|
|
|
|
193,434,765 |
| |
|
|
> India 2.1% |
|
|
| |
9,885,176 |
|
Zee Entertainment Enterprises |
|
44,960,179 |
| |
|
|
Indias Leading Programmer of Pay Television Content |
|
|
| |
3,423,265 |
|
Asian Paints |
|
31,435,688 |
| |
|
|
Indias Largest Paint Company |
|
|
| |
7,500,000 |
|
Adani Ports & Special Economic Zone |
|
23,588,962 |
| |
|
|
Indian West Coast Shipping Port |
|
|
| |
1,655,000 |
|
United Breweries |
|
22,863,542 |
| |
|
|
Indias Largest Brewer |
|
|
| |
920,000 |
|
Colgate Palmolive India |
|
21,147,633 |
| |
|
|
Consumer Products in Oral Care |
|
|
| |
12,909,000 |
|
Redington India |
|
17,067,884 |
| |
|
|
Supply Chain Solutions for IT & Mobile Handsets in Emerging Markets |
|
|
| |
90,000 |
|
Bosch |
|
16,440,167 |
| |
|
|
Automotive Parts |
|
|
| |
1,390,871 |
|
SKIL Ports and Logistics (c) |
|
1,704,311 |
| |
|
|
Indian Container Port Project |
|
|
| |
|
|
|
|
179,208,366 |
| |
|
|
> Indonesia 1.8% |
|
|
| |
31,764,600 |
|
Archipelago Resources (b)(d)(e)(f) |
|
28,596,433 |
| |
|
|
Gold Mining Projects in Indonesia, Vietnam & the Philippines |
|
|
| |
400,000,000 |
|
Ace Indonesia |
|
26,511,119 |
| |
|
|
Home Improvement Retailer |
|
|
| |
48,000,000 |
|
Tower Bersama Infrastructure (c) |
|
25,449,168 |
| |
|
|
Communications Towers |
|
|
| |
14,292,500 |
|
Matahari Department Store (c) |
|
17,570,525 |
| |
|
|
Largest Department Store Chain in Indonesia |
|
|
| |
58,000,000 |
|
Surya Citra Media |
|
16,405,380 |
| |
|
|
Free to Air TV Station in Indonesia |
|
|
| |
5,600,000 |
|
Mayora Indah |
|
14,885,291 |
| |
|
|
Consumer Branded Food Manufacturer |
|
|
| |
149,672,000 |
|
Arwana Citramulia |
|
12,491,520 |
| |
|
|
Ceramic Tiles for Home Decoration |
|
|
| |
49,000,000 |
|
MNC Skyvision |
|
10,340,631 |
| |
|
|
Largest Satellite Pay TV Operator in Indonesia |
|
|
| |
|
|
|
|
152,250,067 |
| |
|
|
> Thailand 1.1% |
|
|
| |
116,666,667 |
|
Home Product Center |
|
35,110,668 |
| |
|
|
Home Improvement Retailer |
|
|
| |
4,500,000 |
|
Airports of Thailand |
|
26,983,276 |
| |
|
|
Airport Operator of Thailand |
|
|
| |
16,000,000 |
|
Robinsons Department Store |
|
26,090,462 |
| |
|
|
Department Store Operator in Thailand |
|
|
| |
10,000,000 |
|
Samui Airport Property Fund |
|
4,940,651 |
| |
|
|
Thai Airport Operator |
|
|
| |
|
|
|
|
93,125,057 |
| |
|
|
> Philippines 1.0% |
|
|
| |
19,000,000 |
|
Puregold Price Club |
|
18,665,545 |
| |
|
|
Supermarket Operator in the Philippines |
|
|
| |
12,138,840 |
|
Robinsons Retail Holdings (c) |
|
18,406,203 |
| |
|
|
Multi-format Retailer in the Philippines |
|
|
| |
60,000,000 |
|
Melco Crown Philippines Resorts (c) |
|
17,424,590 |
| |
|
|
Integrated Resort Operator in Manila |
|
|
| |
6,960,000 |
|
Security Bank |
|
16,451,219 |
| |
|
|
Commercial Bank in the Philippines |
|
|
| |
21,994,200 |
|
SM Prime Holdings |
|
7,185,619 |
| |
|
|
Shopping Mall Operator & Property Developer |
|
|
| |
1,486,250 |
|
Universal Robina |
|
4,716,222 |
| |
|
|
Branded Consumer Food Manufacturer in the Philippines |
|
|
| |
|
|
|
|
82,849,398 |
| |
|
|
> Cambodia 0.7% |
|
|
| |
60,000,000 |
|
Nagacorp |
|
62,638,352 |
| |
|
|
Casino/Entertainment Complex in Cambodia |
|
|
| |
|
|
|
|
|
| |
|
|
> Malaysia 0.3% |
|
|
| |
5,000,000 |
|
Aeon |
|
22,018,068 |
| |
|
|
Shopping Center & Department Store Operator |
|
|
| |
Asia: Total |
|
3,530,393,536 |
| |||
|
|
|
|
|
| |
Europe 33.5% |
|
|
| |||
|
|
> United Kingdom 9.9% |
|
|
| |
4,560,000 |
|
Jardine Lloyd Thompson Group |
|
80,887,457 |
| |
|
|
International Business Insurance Broker |
|
|
| |
1,500,000 |
|
Spirax Sarco |
|
72,270,959 |
| |
|
|
Steam Systems for Manufacturing & Process Industries |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> United Kingdomcontinued |
|
|
| |
2,450,000 |
|
Babcock International |
|
$ |
55,018,455 |
|
|
|
Public Sector Outsourcer |
|
|
| |
3,240,000 |
|
Smith & Nephew |
|
49,100,239 |
| |
|
|
Medical Equipment & Supplies |
|
|
| |
2,430,000 |
|
WH Smith |
|
48,735,633 |
| |
|
|
Newsprint, Books & General Stationery Retailer |
|
|
| |
3,937,000 |
|
Telecity |
|
45,813,719 |
| |
|
|
European Data Center Provider |
|
|
| |
3,921,500 |
|
Shaftesbury |
|
43,018,259 |
| |
|
|
London Prime Retail REIT |
|
|
| |
960,100 |
|
Croda |
|
40,752,061 |
| |
|
|
Oleochemicals & Industrial Chemicals |
|
|
| |
958,646 |
|
Fidessa Group |
|
40,546,507 |
| |
|
|
Software for Financial Trading Systems |
|
|
| |
7,250,000 |
|
Elementis |
|
34,628,792 |
| |
|
|
Specialty Chemicals |
|
|
| |
3,234,993 |
|
PureCircle (c) |
|
33,006,501 |
| |
|
|
Natural Sweeteners |
|
|
| |
466,940 |
|
Whitbread |
|
32,399,467 |
| |
|
|
The UKs Leading Hotelier & Coffee Shop |
|
|
| |
908,500 |
|
AVEVA |
|
31,715,848 |
| |
|
|
Engineering Software |
|
|
| |
35,245,747 |
|
Cable and Wireless |
|
30,907,735 |
| |
|
|
Leading Telecoms Service Provider in the Caribbean |
|
|
| |
1,025,000 |
|
Aggreko |
|
25,649,522 |
| |
|
|
Temporary Power & Temperature Control Services |
|
|
| |
10,026,000 |
|
Smiths News (b) |
|
25,364,781 |
| |
|
|
Newspaper & Magazine Distributor |
|
|
| |
564,000 |
|
Rightmove |
|
24,804,393 |
| |
|
|
Internet Real Estate Listings |
|
|
| |
3,218,000 |
|
Halfords |
|
24,775,058 |
| |
|
|
The UKs Leading Retailer of Leisure Goods & Auto Parts |
|
|
| |
2,660,000 |
|
Dominos Pizza UK & Ireland |
|
24,456,926 |
| |
|
|
Pizza Delivery in UK, Ireland & Germany |
|
|
| |
3,740,000 |
|
Abcam |
|
24,254,701 |
| |
|
|
Online Sales of Antibodies |
|
|
| |
2,971,319 |
|
Ocado (c) |
|
22,816,442 |
| |
|
|
Leading Online Grocery Retailer |
|
|
| |
4,365,000 |
|
RPS Group |
|
22,748,247 |
| |
|
|
Consultant Specializing in Energy, Water, Urban Planning, Health & Safety |
|
|
| |
|
|
|
|
833,671,702 |
| |
|
|
> Netherlands 3.3% |
|
|
| |
2,491,770 |
|
Aalberts Industries |
|
86,849,482 |
| |
|
|
Flow Control & Heat Treatment |
|
|
| |
531,700 |
|
Gemalto |
|
61,925,235 |
| |
|
|
Digital Security Solutions |
|
|
| |
1,178,288 |
|
TKH Group |
|
41,149,842 |
| |
|
|
Dutch Industrial Conglomerate |
|
|
| |
1,068,478 |
|
Arcadis |
|
41,090,552 |
| |
|
|
Engineering Consultants |
|
|
| |
143,395 |
|
Core Labs |
|
28,455,304 |
| |
|
|
Oil & Gas Reservoir Consulting |
|
|
| |
404,124 |
|
Vopak |
|
22,564,723 |
| |
|
|
Worlds Largest Operator of Petroleum & Chemical Storage Terminals |
|
|
| |
|
|
|
|
282,035,138 |
| |
|
|
> Germany 3.3% |
|
|
| |
1,663,000 |
|
Wirecard |
|
69,005,861 |
| |
|
|
Online Payment Processing & Risk Management |
|
|
| |
148,295 |
|
Rational |
|
52,811,173 |
| |
|
|
Commercial Ovens |
|
|
| |
795,000 |
|
NORMA Group |
|
42,128,076 |
| |
|
|
Clamps for Automotive & Industrial Applications |
|
|
| |
795,000 |
|
Aurelius |
|
30,239,339 |
| |
|
|
European Turnaround Investor |
|
|
| |
2,350,000 |
|
TAG Immobilien |
|
29,137,288 |
| |
|
|
Owner of Residential Properties in Germany |
|
|
| |
300,000 |
|
MTU Aero Engines |
|
27,880,872 |
| |
|
|
Airplane Engine Components & Services |
|
|
| |
595,000 |
|
Elringklinger |
|
23,451,660 |
| |
|
|
Automobile Components |
|
|
| |
72,393 |
|
Deutsche Beteiligungs (a) |
|
2,012,595 |
| |
|
|
Private Equity Investment Management |
|
|
| |
|
|
|
|
276,666,864 |
| |
|
|
> Sweden 3.0% |
|
|
| |
2,308,522 |
|
Hexagon |
|
78,433,321 |
| |
|
|
Design, Measurement & Visualization Software & Equipment |
|
|
| |
3,255,024 |
|
Sweco |
|
54,440,670 |
| |
|
|
Engineering Consultants |
|
|
| |
1,580,000 |
|
Swedish Match |
|
51,630,796 |
| |
|
|
Market Leader in Swedish Snus |
|
|
| |
784,000 |
|
Unibet |
|
39,367,767 |
| |
|
|
European Online Gaming Operator |
|
|
| |
1,044,000 |
|
Mekonomen |
|
28,792,547 |
| |
|
|
Leading Nordic Integrated Wholesaler/ Retailer of Automotive Parts & Service |
|
|
| |
|
|
|
|
252,665,101 |
| |
|
|
> Switzerland 2.8% |
|
|
| |
263,500 |
|
Partners Group |
|
74,038,120 |
| |
|
|
Private Markets Asset Management |
|
|
| |
16,300 |
|
Sika |
|
66,671,342 |
| |
|
|
Chemicals for Construction & Industrial Applications |
|
|
| |
179,000 |
|
Geberit |
|
58,617,160 |
| |
|
|
Plumbing Supplies |
|
|
| |
72,500 |
|
INFICON |
|
26,857,927 |
| |
|
|
Gas Detection Instruments |
|
|
| |
283,306 |
|
Zehnder |
|
12,433,994 |
| |
|
|
Radiators & Heat Recovery Ventilation Systems |
|
|
| |
|
|
|
|
238,618,543 |
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> France 2.5% |
|
|
| |
1,350,000 |
|
Neopost (a) |
|
$ |
106,605,278 |
|
|
|
Postage Meter Machines |
|
|
| |
146,000 |
|
Eurofins Scientific |
|
43,696,978 |
| |
|
|
Food, Pharmaceuticals & Materials Screening & Testing |
|
|
| |
163,400 |
|
Norbert Dentressangle |
|
26,765,334 |
| |
|
|
Leading European Logistics & Transport Group |
|
|
| |
708,000 |
|
Saft |
|
24,745,286 |
| |
|
|
Niche Battery Manufacturer |
|
|
| |
1,831,204 |
|
Hi-Media (c) |
|
5,878,025 |
| |
|
|
Online Advertiser in Europe |
|
|
| |
|
|
|
|
207,690,901 |
| |
|
|
> Denmark 2.0% |
|
|
| |
1,702,063 |
|
SimCorp |
|
69,095,714 |
| |
|
|
Software for Investment Managers |
|
|
| |
1,315,800 |
|
Novozymes |
|
57,858,441 |
| |
|
|
Industrial Enzymes |
|
|
| |
709,000 |
|
Jyske Bank (c) |
|
38,960,429 |
| |
|
|
Danish Bank |
|
|
| |
|
|
|
|
165,914,584 |
| |
|
|
> Spain 1.9% |
|
|
| |
7,055,000 |
|
DIA |
|
64,458,515 |
| |
|
|
Leading Hard Discounter in Spain, Latin America & the Eastern Mediterranean |
|
|
| |
700,000 |
|
Viscofan |
|
36,611,726 |
| |
|
|
Sausage Casings Maker |
|
|
| |
720,000 |
|
Bolsas y Mercados Españoles |
|
29,295,993 |
| |
|
|
Spanish Stock Markets |
|
|
| |
4,050,000 |
|
Prosegur |
|
26,056,175 |
| |
|
|
Security Guards |
|
|
| |
|
|
|
|
156,422,409 |
| |
|
|
> Finland 1.3% |
|
|
| |
1,226,866 |
|
Vacon (a) |
|
51,719,857 |
| |
|
|
Leading Independent Manufacturer of Variable Speed Alternating Current Drives |
|
|
| |
1,669,000 |
|
Tikkurila (a) |
|
39,317,981 |
| |
|
|
Decorative & Industrial Paint in Scandinavia & Central & Eastern Europe |
|
|
| |
711,000 |
|
Konecranes (a) |
|
22,656,040 |
| |
|
|
Manufacture & Service of Industrial Cranes & Port Handling Equipment |
|
|
| |
|
|
|
|
113,693,878 |
| |
|
|
> Norway 1.1% |
|
|
| |
4,154,000 |
|
Orkla |
|
35,415,629 |
| |
|
|
Food & Brands, Aluminum, Chemicals Conglomerate |
|
|
| |
2,814,434 |
|
Atea |
|
30,904,345 |
| |
|
|
Nordic IT Hardware/Software Reseller & Installation Company |
|
|
| |
1,321,000 |
|
Subsea 7 |
|
24,554,477 |
| |
|
|
Offshore Subsea Contractor |
|
|
| |
|
|
|
|
90,874,451 |
| |
|
|
> Russia 0.7% |
|
|
| |
1,980,874 |
|
Yandex (c) |
|
59,802,586 |
| |
|
|
Search Engine for Russian & Turkish Languages |
|
|
| |
|
|
|
|
|
| |
|
|
> Kazakhstan 0.5% |
|
|
| |
5,143,000 |
|
Halyk Savings Bank of Kazakhstan - GDR |
|
42,686,900 |
| |
|
|
Largest Retail Bank & Insurer in Kazakhstan |
|
|
| |
|
|
|
|
|
| |
|
|
> Italy 0.4% |
|
|
| |
1,959,000 |
|
Pirelli |
|
30,766,497 |
| |
|
|
Global Tire Supplier |
|
|
| |
|
|
|
|
|
| |
|
|
> Belgium 0.3% |
|
|
| |
437,465 |
|
EVS Broadcast Equipment |
|
28,343,733 |
| |
|
|
Digital Live Mobile Production Software & Systems |
|
|
| |
|
|
|
|
|
| |
|
|
> Iceland 0.3% |
|
|
| |
28,312,499 |
|
Marel (g) |
|
19,891,497 |
| |
7,670,000 |
|
Marel (g) |
|
7,110,357 |
| |
|
|
Largest Manufacturer of Poultry & Fish Processing Equipment |
|
|
| |
|
|
|
|
27,001,854 |
| |
|
|
> Turkey 0.2% |
|
|
| |
1,785,000 |
|
Bizim Toptan |
|
17,101,697 |
| |
|
|
Cash & Carry Stores in Turkey |
|
|
| |
Europe: Total |
|
2,823,956,838 |
| |||
|
|
|
|
|
| |
Other Countries 15.4% |
|
|
| |||
|
|
> South Africa 4.4% |
|
|
| |
14,231,161 |
|
Coronation Fund Managers |
|
133,822,657 |
| |
|
|
South African Fund Manager |
|
|
| |
777,188 |
|
Naspers |
|
85,731,337 |
| |
|
|
Media in Africa, China, Russia & Other Emerging Markets |
|
|
| |
19,098,300 |
|
Rand Merchant Insurance |
|
52,244,590 |
| |
|
|
Directly Sold Property & Casualty Insurance; Holdings in Other Insurers |
|
|
| |
2,644,083 |
|
Mr. Price |
|
39,533,160 |
| |
|
|
South African Retailer of Apparel, Household & Sporting Goods |
|
|
| |
8,679,940 |
|
Northam Platinum (c) |
|
32,096,321 |
| |
|
|
Platinum Mining in South Africa |
|
|
| |
2,230,504 |
|
Massmart Holdings |
|
29,131,297 |
| |
|
|
General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary |
|
|
| |
|
|
|
|
372,559,362 |
| |
|
|
> Canada 4.0% |
|
|
| |
961,772 |
|
CCL Industries |
|
82,405,286 |
| |
|
|
Largest Global Label Converter |
|
|
| |
1,067,730 |
|
ShawCor |
|
44,524,969 |
| |
|
|
Oil & Gas Pipeline Products |
|
|
| |
3,188,000 |
|
CAE |
|
41,958,752 |
| |
|
|
Flight Simulator Equipment & Training Centers |
|
|
| |
653,200 |
|
Onex Capital |
|
36,267,224 |
| |
|
|
Private Equity |
|
|
| |
690,857 |
|
Baytex |
|
28,446,685 |
| |
|
|
Oil & Gas Producer in Canada |
|
|
| |
2,168,377 |
|
DeeThree Exploration (c) |
|
18,594,495 |
| |
1,130,000 |
|
DeeThree Exploration (c)(e) |
|
9,496,293 |
| |
|
|
Canadian Oil & Gas Producer |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Canadacontinued |
|
|
| |
709,576 |
|
Black Diamond Group |
|
$ |
21,983,698 |
|
|
|
Provides Accommodations/Equipment for Oil Sands Development |
|
|
| |
507,064 |
|
AG Growth |
|
21,465,939 |
| |
|
|
Leading Manufacturer of Augers & Grain Handling Equipment |
|
|
| |
766,000 |
|
Trilogy Energy |
|
18,784,496 |
| |
|
|
Oil & Gas Producer in Canada |
|
|
| |
1,901,514 |
|
Horizon North Logistics |
|
14,379,608 |
| |
|
|
Provides Diversified Oil Service Offering in Northern Canada |
|
|
| |
|
|
|
|
338,307,445 |
| |
|
|
> Australia 3.8% |
|
|
| |
13,800,000 |
|
IAG |
|
71,374,551 |
| |
|
|
General Insurance Provider |
|
|
| |
3,500,000 |
|
Dominos Pizza Enterprises |
|
64,954,442 |
| |
|
|
Dominos Pizza Operator in Australia/New Zealand & France/Benelux |
|
|
| |
10,653,000 |
|
Challenger Financial |
|
63,381,755 |
| |
|
|
Largest Annuity Provider |
|
|
| |
6,520,000 |
|
Amcor |
|
62,996,050 |
| |
|
|
Global Leader in Flexible & Rigid Packaging |
|
|
| |
10,000,000 |
|
SAI Global |
|
38,087,070 |
| |
|
|
Publishing, Certification, Compliance Services |
|
|
| |
1,670,000 |
|
Austbrokers |
|
15,952,213 |
| |
|
|
Local Australian Small Business Insurance Broker |
|
|
| |
|
|
|
|
316,746,081 |
| |
|
|
> United States 1.9% |
|
|
| |
1,272,297 |
|
Textainer Group Holdings |
|
48,690,806 |
| |
|
|
Top International Container Leasor |
|
|
| |
601,213 |
|
FMC Technologies (c) |
|
31,437,428 |
| |
|
|
Oil & Gas Well Head Manufacturer |
|
|
| |
592,080 |
|
Atwood Oceanics (c) |
|
29,834,911 |
| |
|
|
Offshore Drilling Contractor |
|
|
| |
634,500 |
|
Hornbeck Offshore (c) |
|
26,528,445 |
| |
|
|
Supply Vessel Operator in U.S. Gulf of Mexico |
|
|
| |
685,900 |
|
Rowan (c) |
|
23,101,112 |
| |
|
|
Contract Offshore Driller |
|
|
| |
|
|
|
|
159,592,702 |
| |
|
|
> New Zealand 0.8% |
|
|
| |
12,000,000 |
|
Auckland International Airport |
|
39,701,362 |
| |
|
|
Auckland Airport Operator |
|
|
| |
8,000,000 |
|
Sky City Entertainment |
|
27,304,120 |
| |
|
|
Casino/Entertainment Complex |
|
|
| |
|
|
|
|
67,005,482 |
| |
|
|
> Israel 0.5% |
|
|
| |
791,000 |
|
Caesarstone |
|
43,014,580 |
| |
|
|
Quartz Countertops |
|
|
| |
Other Countries: Total |
|
1,297,225,652 |
| |||
|
|
|
|
|
| |
Latin America 4.5% |
|
|
| |||
|
|
> Brazil 1.7% |
|
|
| |
4,000,000 |
|
Localiza Rent A Car |
|
58,069,634 |
| |
|
|
Car Rental |
|
|
| |
58,937,078 |
|
Beadell Resources (b)(c) |
|
33,031,903 |
| |
|
|
Gold Mining in Brazil |
|
|
| |
1,500,000 |
|
Linx |
|
29,623,182 |
| |
|
|
Retail Management Software in Brazil |
|
|
| |
6,000,000 |
|
Odontoprev |
|
24,089,907 |
| |
|
|
Dental Insurance |
|
|
| |
|
|
|
|
144,814,626 |
| |
|
|
> Mexico 1.6% |
|
|
| |
15,876,000 |
|
Qualitas |
|
43,193,713 |
| |
|
|
Leading Auto Insurer in Mexico & Central America |
|
|
| |
15,347,000 |
|
Genomma Lab Internacional (c) |
|
39,485,713 |
| |
|
|
Develops, Markets & Distributes Consumer Products |
|
|
| |
3,466,000 |
|
Gruma (c) |
|
28,672,054 |
| |
|
|
Tortilla Producer & Distributor |
|
|
| |
200,000 |
|
Grupo Aeroportuario del Sureste - ADR |
|
24,528,000 |
| |
|
|
Mexican Airport Operator |
|
|
| |
|
|
|
|
135,879,480 |
| |
|
|
> Guatemala 0.4% |
|
|
| |
1,626,600 |
|
Tahoe Resources (c) |
|
34,385,927 |
| |
|
|
Silver Project in Guatemala |
|
|
| |
|
|
|
|
|
| |
|
|
> Chile 0.3% |
|
|
| |
840,872 |
|
Sociedad Quimica y Minera de Chile - ADR |
|
26,689,278 |
| |
|
|
Producer of Specialty Fertilizers, Lithium & Iodine |
|
|
| |
|
|
|
|
|
| |
|
|
> Colombia 0.3% |
|
|
| |
14,729,000 |
|
Isagen |
|
24,125,820 |
| |
|
|
Leading Colombian Electricity Provider |
|
|
| |
|
|
|
|
|
| |
|
|
> Uruguay 0.2% |
|
|
| |
1,306,818 |
|
Union Agriculture Group (c)(e)(f) |
|
13,421,021 |
| |
|
|
Farmland Operator in Uruguay |
|
|
| |
Latin America: Total |
|
379,316,152 |
| |||
|
|
|
|
|
| |
Total Equities: 95.3% (Cost: $5,675,061,834) |
|
8,030,892,178 |
(h) | |||
|
|
|
|
|
| |
Short-Term Investments 4.1% |
|
|
| |||
220,000,000 |
|
JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%) |
|
220,000,000 |
| |
127,891,288 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) |
|
127,891,288 |
| |
Total Short-Term Investments: 4.1% (Cost: $347,891,288) |
|
347,891,288 |
| |||
Number of Shares |
|
|
|
Value |
| |
Securities Lending Collateral 1.1% |
|
|
| |||
93,082,112 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (i) |
|
$ |
93,082,112 |
|
Total Securities Lending Collateral: 1.1% (Cost: $93,082,112) |
|
93,082,112 |
| |||
|
|
|
| |||
Total Investments: 100.5% (Cost: $6,116,035,234)(j) |
|
8,471,865,578 |
(k) | |||
|
|
|
| |||
Obligation to Return Collateral for Securities Loaned: (1.1)% |
|
(93,082,112 |
) | |||
|
|
|
| |||
Cash and Other Assets Less Liabilities: 0.6% |
|
53,448,128 |
| |||
|
|
|
| |||
Net Assets: 100.0% |
|
$ |
8,432,231,594 |
|
ADR - American Depositary Receipts
GDR - Global Depositary Receipts
REIT - Real Estate Investment Trust
> Notes to Statement of Investments
(a) All or a portion of this security was on loan at March 31, 2014. The total market value of securities on loan at March 31, 2014 was $86,858,504.
(b) An affiliated person of the Fund, as defined in the Investment Company Act of 1940, 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 period ended March 31, 2014, are as follows:
Security |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
Beadell Resources |
|
58,937,078 |
|
|
|
|
|
58,937,078 |
|
$ |
33,031,903 |
|
$ |
|
|
Archipelago Resources |
|
31,764,600 |
|
|
|
|
|
31,764,600 |
|
28,596,433 |
|
|
| ||
Smiths News |
|
10,944,000 |
|
321 |
|
918,321 |
|
10,026,000 |
|
25,364,781 |
|
1,260,317 |
| ||
Icom |
|
835,000 |
|
|
|
|
|
835,000 |
|
19,142,567 |
|
122,596 |
| ||
Empresas Hites (1) |
|
23,162,664 |
|
|
|
23,162,664 |
|
|
|
|
|
|
| ||
Total of Affiliated Transactions |
|
125,643,342 |
|
321 |
|
24,080,985 |
|
101,562,678 |
|
$ |
106,135,684 |
|
$ |
1,382,913 |
|
(1) At March 31, 2014, the Fund owned less than five percent of the companys outstanding voting shares.
The aggregate cost and value of these companies at March 31, 2014, was $119,971,259 and $106,135,684, respectively. Investments in affiliated companies represented 1.26% of the Funds total net assets at March 31, 2014.
(c) Non-income producing security.
(d) The Fund also received put options through a transaction related to a proposed company restructuring of Archipelago Resources. Additional information on the put options received is as follows:
Security |
|
Option Shares |
|
Exercise Price |
|
Expiration Date |
|
Value |
| ||
Option (1) |
|
31,764,600 |
|
GBP |
0.58 |
|
August 13, 2014 |
|
$ |
2,118,254 |
|
GBP - British Pound
(1) Archipelago Resources is expected to restructure into a new company during 2014. From January 31, 2014, the option is exercisable until the earlier of (i) the date the company is restructured and prices the shares for its initial public offering or (ii) August 13, 2014, subject to extension until the date the company is restructured and prices the shares for its initial public offering (but not later than September 26, 2016). After August 13, 2014, the valuation of the option will fluctuate based upon its fair market value as determined in accordance with the put option agreement. These put options are valued at fair value determined in good faith under consistently applied procedures established by the Funds Board of Trustees.
> Notes to Statement of Investments
(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 Funds Board of Trustees. At March 31, 2014, the market value of these securities amounted to $51,513,747, which represented 0.61% of total net assets. Additional information on these securities is as follows:
Security |
|
Acquisition |
|
Shares/Units |
|
Cost |
|
Value |
| ||
Archipelago Resources |
|
2/23/10-9/26/13 |
|
31,764,600 |
|
$ |
18,376,857 |
|
$ |
28,596,433 |
|
Union Agriculture Group |
|
12/8/10-6/27/12 |
|
1,306,818 |
|
15,000,000 |
|
13,421,021 |
| ||
DeeThree Exploration |
|
9/7/10 |
|
1,130,000 |
|
2,950,812 |
|
9,496,293 |
| ||
|
|
|
|
|
|
$ |
36,327,669 |
|
$ |
51,513,747 |
|
(f) Illiquid security.
(g) The common stock equity holdings of Marel are stated separately on the Statement of Investments due to the application of the onshore or offshore foreign currency exchange rate. The appropriate exchange rate is applied to each purchased security lot based on the applicable registration obtained from Marels regulatory governing body, the Icelandic Central Bank.
(h) On March 31, 2014, the Funds total equity investments were denominated in currencies as follows:
Currency |
|
Value |
|
Percentage |
| |
Japanese Yen |
|
$ |
1,622,941,816 |
|
19.3 |
|
Euro |
|
1,067,164,117 |
|
12.7 |
| |
British Pound |
|
863,972,446 |
|
10.2 |
| |
United States Dollar |
|
629,776,883 |
|
7.5 |
| |
Other currencies less than 5% of total net assets |
|
3,847,036,916 |
|
45.6 |
| |
Total Equities |
|
$ |
8,030,892,178 |
|
95.3 |
|
(i) Investment made with cash collateral received from securities lending activity.
(j) At March 31, 2014, for federal income tax purposes, the cost of investments was $6,116,035,234 and net unrealized appreciation was $2,355,830,344 consisting of gross unrealized appreciation of $2,585,801,439 and gross unrealized depreciation of $229,971,095.
(k) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2013.
Fair Value Measurements
Various inputs are used in determining the value of the Funds investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (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 (the Committee) of the Funds Board of Trustees (the Board) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which the investment manager believes that available market quotations are unreliable, to review the appropriateness of the Trusts Portfolio Pricing Policy and the pricing procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Funds investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments and derivatives categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Funds securities 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
> Notes to Statement of Investments
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. Significant changes in any of these factors could result in lower or higher fair value measurements. 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, 2014, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Asia |
|
$ |
231,586,513 |
|
$ |
3,270,210,590 |
|
$ |
28,596,433 |
|
$ |
3,530,393,536 |
|
Europe |
|
88,257,890 |
|
2,735,698,948 |
|
|
|
2,823,956,838 |
| ||||
Other Countries |
|
531,418,434 |
|
765,807,218 |
|
|
|
1,297,225,652 |
| ||||
Latin America |
|
332,863,228 |
|
33,031,903 |
|
13,421,021 |
|
379,316,152 |
| ||||
Total Equities |
|
1,184,126,065 |
|
6,804,748,659 |
|
42,017,454 |
|
8,030,892,178 |
| ||||
Total Short-Term Investments |
|
347,891,288 |
|
|
|
|
|
347,891,288 |
| ||||
Total Securities Lending Collateral |
|
93,082,112 |
|
|
|
|
|
93,082,112 |
| ||||
Total Investments |
|
$ |
1,625,099,465 |
|
$ |
6,804,748,659 |
|
$ |
42,017,454 |
|
$ |
8,471,865,578 |
|
Unrealized Appreciation on Options |
|
|
|
|
|
2,118,254 |
|
2,118,254 |
| ||||
Total |
|
$ |
1,625,099,465 |
|
$ |
6,804,748,659 |
|
$ |
44,135,708 |
|
$ |
8,473,983,832 |
|
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 sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, 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.
There were no transfers of financial assets between levels during the period.
The Fund does not hold any significant investments categorized as Level 3.
Certain securities classified as Level 3 are valued at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include, but are not limited to estimated earnings of the company and the position of the security within the companys capital structure. The Committee also may use some observable inputs, which may include, but are not limited to, trades of similar securities and market multiples derived from a set of comparable companies. Significant increases or decreases to any of these inputs could result in a significantly lower or higher fair value measurement.
Columbia Acorn USA®
Statement of Investments, March 31, 2014
Number of Shares |
|
|
|
Value |
| |
|
|
Equities: 98.6% |
|
|
| |
Information 24.8% |
|
|
| |||
|
|
> Business Software 7.4% |
|
|
| |
745,000 |
|
Informatica (a) |
|
$ |
28,146,100 |
|
|
|
Enterprise Data Integration Software |
|
|
| |
343,000 |
|
Ansys (a) |
|
26,417,860 |
| |
|
|
Simulation Software for Engineers & Designers |
|
|
| |
265,000 |
|
SPS Commerce (a) |
|
16,284,250 |
| |
|
|
Supply Chain Management Software Delivered via the Web |
|
|
| |
170,000 |
|
NetSuite (a) |
|
16,121,100 |
| |
|
|
End-to-end IT Systems Solution Delivered Over the Web |
|
|
| |
85,000 |
|
Concur Technologies (a) |
|
8,420,950 |
| |
|
|
Web-enabled Cost & Expense Management Software |
|
|
| |
275,000 |
|
RealPage (a) |
|
4,994,000 |
| |
|
|
Software for Managing Rental Properties Delivered via the Web |
|
|
| |
310,000 |
|
Exa (a) |
|
4,110,600 |
| |
|
|
Simulation Software |
|
|
| |
60,000 |
|
Demandware (a) |
|
3,843,600 |
| |
|
|
eCommerce Website Platform for Retailers & Apparel Manufacturers |
|
|
| |
394,187 |
|
InContact (a) |
|
3,784,195 |
| |
|
|
Call Center Systems Delivered via the Web & Telecommunication Services |
|
|
| |
125,000 |
|
Ellie Mae (a) |
|
3,605,000 |
| |
|
|
Software for Managing & Network for Facilitating Mortgage Origination |
|
|
| |
82,000 |
|
Envestnet (a) |
|
3,294,760 |
| |
|
|
Technology Platform for Investment Advisors |
|
|
| |
50,000 |
|
Commvault Systems (a) |
|
3,247,500 |
| |
|
|
Data Storage Management |
|
|
| |
126,000 |
|
E2open (a) |
|
2,969,820 |
| |
|
|
Supply Chain Management Software & Supplier/Partner Network |
|
|
| |
53,380 |
|
Covisint (a)(b) |
|
391,276 |
| |
|
|
Collaboration Software Platform Provider |
|
|
| |
|
|
|
|
125,631,011 |
| |
|
|
> Instrumentation 4.8% |
|
|
| |
164,000 |
|
Mettler-Toledo International (a) |
|
38,651,520 |
| |
|
|
Laboratory Equipment |
|
|
| |
427,000 |
|
IPG Photonics (a) |
|
30,351,160 |
| |
|
|
Fiber Lasers |
|
|
| |
274,000 |
|
Trimble Navigation (a) |
|
10,650,380 |
| |
|
|
GPS-based Instruments |
|
|
| |
19,118 |
|
Measurement Specialties (a) |
|
1,297,156 |
| |
|
|
Sensors |
|
|
| |
|
|
|
|
80,950,216 |
| |
|
|
> Telephone & Data Services 2.4% |
|
|
| |
1,200,000 |
|
tw telecom (a) |
|
37,512,000 |
| |
|
|
Fiber Optic Telephone/Data Services |
|
|
| |
364,000 |
|
Boingo Wireless (a) |
|
2,467,920 |
| |
|
|
Wholesale & Retail WiFi Networks |
|
|
| |
|
|
|
|
39,979,920 |
| |
|
|
> Computer Services 2.0% |
|
|
| |
506,000 |
|
ExlService Holdings (a) |
|
15,640,460 |
| |
|
|
Business Process Outsourcing |
|
|
| |
327,000 |
|
WNS - ADR (India) (a) |
|
5,886,000 |
| |
|
|
Offshore BPO (Business Process Outsourcing) Services |
|
|
| |
175,000 |
|
Virtusa (a) |
|
5,864,250 |
| |
|
|
Offshore IT Outsourcing |
|
|
| |
582,000 |
|
RCM Technologies (a) |
|
3,916,860 |
| |
|
|
Technology & Engineering Services |
|
|
| |
591,000 |
|
Hackett Group |
|
3,534,180 |
| |
|
|
IT Integration & Best Practice Research |
|
|
| |
|
|
|
|
34,841,750 |
| |
|
|
> Telecommunications Equipment 1.6% |
|
|
| |
426,000 |
|
Finisar (a) |
|
11,293,260 |
| |
|
|
Optical Subsystems & Components |
|
|
| |
281,000 |
|
CalAmp (a) |
|
7,831,470 |
| |
|
|
Machine to Machine Communications |
|
|
| |
369,000 |
|
Ixia (a) |
|
4,612,500 |
| |
|
|
Telecom Network Test Equipment |
|
|
| |
464,278 |
|
Infinera (a) |
|
4,215,644 |
| |
|
|
Optical Networking Equipment |
|
|
| |
|
|
|
|
27,952,874 |
| |
|
|
> Semiconductors & Related Equipment 1.6% |
|
|
| |
255,000 |
|
Monolithic Power Systems (a) |
|
9,886,350 |
| |
|
|
High Performance Analog & Mixed Signal Integrated Circuits |
|
|
| |
970,000 |
|
Atmel (a) |
|
8,109,200 |
| |
|
|
Microcontrollers, Radio Frequency & Memory Semiconductors |
|
|
| |
238,000 |
|
Ultratech (a) |
|
6,947,220 |
| |
|
|
Semiconductor Equipment |
|
|
| |
45,000 |
|
Hittite Microwave |
|
2,836,800 |
| |
|
|
Radio Frequency, Microwave & Millimeterwave Semiconductors |
|
|
| |
|
|
|
|
27,779,570 |
| |
|
|
> Gaming Equipment & Services 1.4% |
|
|
| |
370,110 |
|
Bally Technologies (a) |
|
24,527,190 |
| |
|
|
Slot Machines & Software |
|
|
| |
|
|
|
|
|
| |
|
|
> Mobile Communications 1.1% |
|
|
| |
197,000 |
|
SBA Communications (a) |
|
17,919,120 |
| |
|
|
Communications Towers |
|
|
| |
|
|
|
|
|
| |
|
|
> Financial Processors 0.8% |
|
|
| |
139,000 |
|
Global Payments |
|
9,884,290 |
| |
|
|
Credit Card Processor |
|
|
| |
153,000 |
|
Liquidity Services (a)(b) |
|
3,985,650 |
| |
|
|
E-Auctions for Surplus & Salvage Goods |
|
|
| |
|
|
|
|
13,869,940 |
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Computer Hardware & Related Equipment 0.7% |
|
|
| |
101,000 |
|
Rogers (a) |
|
$ |
6,304,420 |
|
|
|
Printed Circuit Materials & High-performance Foams |
|
|
| |
53,000 |
|
Belden |
|
3,688,800 |
| |
|
|
Specialty Cable |
|
|
| |
128,000 |
|
II-VI (a) |
|
1,975,040 |
| |
|
|
Laser Optics & Specialty Materials |
|
|
| |
|
|
|
|
11,968,260 |
| |
|
|
> Contract Manufacturing 0.5% |
|
|
| |
215,000 |
|
Plexus (a) |
|
8,615,050 |
| |
|
|
Electronic Manufacturing Services |
|
|
| |
|
|
|
|
|
| |
|
|
> Internet Related 0.3% |
|
|
| |
141,831 |
|
RetailMeNot (a) |
|
4,538,592 |
| |
|
|
Digital Coupon Marketplace |
|
|
| |
|
|
|
|
|
| |
|
|
> Business Information & Marketing Services 0.2% |
|
|
| |
230,000 |
|
RPX (a) |
|
3,744,400 |
| |
|
|
Patent Aggregation & Defensive Patent Consulting |
|
|
| |
Information: Total |
|
422,317,893 |
| |||
|
|
|
|
|
| |
Industrial Goods & Services 21.0% |
|
|
| |||
|
|
> Machinery 15.1% |
|
|
| |
871,000 |
|
Ametek |
|
44,847,790 |
| |
|
|
Aerospace/Industrial Instruments |
|
|
| |
590,000 |
|
Nordson |
|
41,589,100 |
| |
|
|
Dispensing Systems for Adhesives & Coatings |
|
|
| |
855,000 |
|
Donaldson |
|
36,252,000 |
| |
|
|
Industrial Air Filtration |
|
|
| |
757,500 |
|
HEICO |
|
32,883,075 |
| |
|
|
FAA Approved Aircraft Replacement Parts |
|
|
| |
436,000 |
|
Moog (a) |
|
28,562,360 |
| |
|
|
Motion Control Products for Aerospace, Defense & Industrial Markets |
|
|
| |
237,000 |
|
Toro |
|
14,976,030 |
| |
|
|
Turf Maintenance Equipment |
|
|
| |
245,000 |
|
Generac |
|
14,447,650 |
| |
|
|
Standby Power Generators |
|
|
| |
360,000 |
|
ESCO Technologies |
|
12,668,400 |
| |
|
|
Automatic Electric Meter Readers |
|
|
| |
46,000 |
|
Middleby (a) |
|
12,153,660 |
| |
|
|
Manufacturer of Cooking Equipment |
|
|
| |
264,000 |
|
Kennametal |
|
11,695,200 |
| |
|
|
Consumable Cutting Tools |
|
|
| |
134,000 |
|
Dorman Products (a) |
|
7,914,040 |
| |
|
|
Aftermarket Auto Parts Distributor |
|
|
| |
|
|
|
|
257,989,305 |
| |
|
|
> Industrial Materials & Specialty Chemicals 2.4% |
|
|
| |
539,000 |
|
Drew Industries |
|
29,213,800 |
| |
|
|
RV & Manufactured Home Components |
|
|
| |
290,000 |
|
PolyOne |
|
10,631,400 |
| |
|
|
Intermediate Stage Chemicals Producer |
|
|
| |
|
|
|
|
39,845,200 |
| |
|
|
> Electrical Components 1.5% |
|
|
| |
152,000 |
|
Acuity Brands |
|
20,150,640 |
| |
|
|
Commercial Lighting Fixtures |
|
|
| |
239,000 |
|
Thermon (a) |
|
5,540,020 |
| |
|
|
Global Engineered Thermal Solutions |
|
|
| |
|
|
|
|
25,690,660 |
| |
|
|
> Industrial Distribution 0.8% |
|
|
| |
90,000 |
|
WESCO International (a) |
|
7,489,800 |
| |
|
|
Industrial Distributor |
|
|
| |
217,000 |
|
MRC Global (a) |
|
5,850,320 |
| |
|
|
Industrial Distributor |
|
|
| |
|
|
|
|
13,340,120 |
| |
|
|
> Other Industrial Services 0.6% |
|
|
| |
109,000 |
|
Forward Air |
|
5,025,990 |
| |
|
|
Freight Transportation Between Airports |
|
|
| |
151,000 |
|
KAR Auction Services |
|
4,582,850 |
| |
|
|
Auto Auctions |
|
|
| |
132,274 |
|
Acorn Energy (a)(b) |
|
448,409 |
| |
|
|
Fiber Optic Oil Well Monitoring & Evaluation |
|
|
| |
|
|
|
|
10,057,249 |
| |
|
|
> Construction 0.4% |
|
|
| |
86,000 |
|
Fortune Brands Home & Security |
|
3,618,880 |
| |
|
|
Home Building Supplies & Small Locks |
|
|
| |
263,039 |
|
PGT (a) |
|
3,027,579 |
| |
|
|
Wind Resistant Windows & Doors |
|
|
| |
|
|
|
|
6,646,459 |
| |
|
|
> Waste Management 0.2% |
|
|
| |
82,000 |
|
Waste Connections |
|
3,596,520 |
| |
|
|
Solid Waste Management |
|
|
| |
Industrial Goods & Services: Total |
|
357,165,513 |
| |||
|
|
|
|
|
| |
Consumer Goods & Services 16.6% |
|
|
| |||
|
|
> Travel 5.0% |
|
|
| |
1,183,950 |
|
Avis Budget Group (a) |
|
57,658,365 |
| |
|
|
Second Largest Car Rental Company |
|
|
| |
614,000 |
|
Hertz (a) |
|
16,356,960 |
| |
|
|
Largest U.S. Rental Car Operator |
|
|
| |
135,000 |
|
HomeAway (a) |
|
5,085,450 |
| |
|
|
Vacation Rental Online Marketplace |
|
|
| |
100,666 |
|
Choice Hotels |
|
4,630,636 |
| |
|
|
Franchisor of Budget Hotel Brands |
|
|
| |
29,000 |
|
Vail Resorts |
|
2,021,300 |
| |
|
|
Ski Resort Operator & Developer |
|
|
| |
|
|
|
|
85,752,711 |
| |
|
|
> Retail 3.1% |
|
|
| |
238,000 |
|
Caseys General Stores |
|
16,086,420 |
| |
|
|
Owner/Operator of Convenience Stores |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Retailcontinued |
|
|
| |
620,000 |
|
Pier 1 Imports |
|
$ |
11,705,600 |
|
|
|
Home Furnishing Retailer |
|
|
| |
185,991 |
|
Shutterfly (a) |
|
7,938,096 |
| |
|
|
Internet Photo-centric Retailer |
|
|
| |
201,000 |
|
The Fresh Market (a) |
|
6,753,600 |
| |
|
|
Specialty Food Retailer |
|
|
| |
135,000 |
|
Kate Spade & Company (a) |
|
5,007,150 |
| |
|
|
Global Lifestyle Brand |
|
|
| |
46,400 |
|
Restoration Hardware Holdings (a) |
|
3,414,576 |
| |
|
|
Specialty Home Furnishing Retailer |
|
|
| |
101,500 |
|
Burlington Stores (a) |
|
2,996,280 |
| |
|
|
Off-Price Apparel Retailer |
|
|
| |
|
|
|
|
53,901,722 |
| |
|
|
> Furniture & Textiles 2.6% |
|
|
| |
333,814 |
|
Caesarstone (Israel) |
|
18,152,805 |
| |
|
|
Quartz Countertops |
|
|
| |
688,000 |
|
Interface |
|
14,138,400 |
| |
|
|
Modular Carpet |
|
|
| |
640,000 |
|
Knoll |
|
11,641,600 |
| |
|
|
Office Furniture |
|
|
| |
|
|
|
|
43,932,805 |
| |
|
|
> Consumer Goods Distribution 2.0% |
|
|
| |
358,000 |
|
Pool |
|
21,952,560 |
| |
|
|
Swimming Pool Supplies & Equipment Distributor |
|
|
| |
353,000 |
|
The Chefs Warehouse (a) |
|
7,554,200 |
| |
|
|
Distributor of Specialty Foods to Fine Dining Restaurants |
|
|
| |
79,000 |
|
United Natural Foods (a) |
|
5,602,680 |
| |
|
|
Distributor of Natural/Organic Foods to Grocery Stores |
|
|
| |
|
|
|
|
35,109,440 |
| |
|
|
> Other Consumer Services 1.2% |
|
|
| |
293,000 |
|
Lifetime Fitness (a) |
|
14,093,300 |
| |
|
|
Sport & Fitness Club Operator |
|
|
| |
252,000 |
|
Blackhawk Network (a) |
|
6,146,280 |
| |
|
|
Third Party Distributer of Prepaid Content, Mostly Gift Cards |
|
|
| |
|
|
|
|
20,239,580 |
| |
|
|
> Other Durable Goods 1.2% |
|
|
| |
187,000 |
|
Cavco Industries (a) |
|
14,670,150 |
| |
|
|
Manufactured Homes |
|
|
| |
297,000 |
|
Select Comfort (a) |
|
5,369,760 |
| |
|
|
Specialty Mattresses |
|
|
| |
|
|
|
|
20,039,910 |
| |
|
|
> Food & Beverage 0.6% |
|
|
| |
372,705 |
|
Boulder Brands (a) |
|
6,567,062 |
| |
|
|
Healthy Food Products |
|
|
| |
100,000 |
|
B&G Foods |
|
3,011,000 |
| |
|
|
Acquirer of Small Food Brands |
|
|
| |
|
|
|
|
9,578,062 |
| |
|
|
> Restaurants 0.3% |
|
|
| |
112,000 |
|
Fiesta Restaurant Group (a) |
|
5,106,080 |
| |
|
|
Owns/Operates Two Restaurant Chains: Pollo Tropical & Taco Cabana |
|
|
| |
|
|
|
|
|
| |
|
|
> Nondurables 0.3% |
|
|
| |
166,000 |
|
Prestige Brands Holdings (a) |
|
4,523,500 |
| |
|
|
Household & Personal Care Products |
|
|
| |
|
|
|
|
|
| |
|
|
> Apparel 0.2% |
|
|
| |
475,000 |
|
Quiksilver (a) |
|
3,567,250 |
| |
|
|
Action Sports Lifestyle Branded Apparel & Footwear |
|
|
| |
|
|
|
|
|
| |
|
|
> Educational Services 0.1% |
|
|
| |
34,350 |
|
ITT Educational Services (a)(b) |
|
985,158 |
| |
|
|
Post-secondary Degree Services |
|
|
| |
Consumer Goods & Services: Total |
|
282,736,218 |
| |||
|
|
|
|
|
| |
Finance 14.0% |
|
|
| |||
|
|
> Banks 8.4% |
|
|
| |
801,000 |
|
MB Financial |
|
24,798,960 |
| |
|
|
Chicago Bank |
|
|
| |
164,000 |
|
SVB Financial Group (a) |
|
21,119,920 |
| |
|
|
Bank to Venture Capitalists |
|
|
| |
993,000 |
|
Associated Banc-Corp |
|
17,933,580 |
| |
|
|
Midwest Bank |
|
|
| |
392,597 |
|
Lakeland Financial |
|
15,790,251 |
| |
|
|
Indiana Bank |
|
|
| |
173,000 |
|
City National |
|
13,618,560 |
| |
|
|
Bank & Asset Manager |
|
|
| |
1,615,986 |
|
First Busey |
|
9,372,719 |
| |
|
|
Illinois Bank |
|
|
| |
228,000 |
|
Hancock Holding |
|
8,356,200 |
| |
|
|
Gulf Coast Bank |
|
|
| |
487,000 |
|
TCF Financial |
|
8,113,420 |
| |
|
|
Great Lakes Bank |
|
|
| |
566,750 |
|
Valley National Bancorp (b) |
|
5,899,868 |
| |
|
|
New Jersey/New York Bank |
|
|
| |
571,000 |
|
First Commonwealth |
|
5,161,840 |
| |
|
|
Western Pennsylvania Bank |
|
|
| |
695,000 |
|
TrustCo Bank |
|
4,892,800 |
| |
|
|
New York State Bank |
|
|
| |
171,826 |
|
Sandy Spring Bancorp |
|
4,292,213 |
| |
|
|
Baltimore & Washington, D.C. Bank |
|
|
| |
154,849 |
|
Guaranty Bancorp |
|
2,206,598 |
| |
|
|
Colorado Bank |
|
|
| |
89,700 |
|
Hudson Valley |
|
1,708,785 |
| |
|
|
Metro New York City Bank |
|
|
| |
|
|
|
|
143,265,714 |
| |
|
|
> Finance Companies 3.5% |
|
|
| |
673,208 |
|
CAI International (a) |
|
16,608,041 |
| |
|
|
International Container Leasing |
|
|
| |
389,000 |
|
Textainer Group Holdings |
|
14,887,030 |
| |
|
|
Top International Container Leasor |
|
|
| |
180,689 |
|
World Acceptance (a)(b) |
|
13,566,130 |
| |
|
|
Personal Loans |
|
|
| |
315,000 |
|
McGrath Rentcorp |
|
11,012,400 |
| |
|
|
Temporary Space & IT Rentals |
|
|
| |
91,000 |
|
Marlin Business Services |
|
1,893,710 |
| |
|
|
Small Equipment Leasing |
|
|
| |
39,641 |
|
H & E Equipment Services (a) |
|
1,603,479 |
| |
|
|
Heavy Equipment Leasing |
|
|
| |
|
|
|
|
59,570,790 |
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Savings & Loans 1.0% |
|
|
| |
393,487 |
|
ViewPoint Financial |
|
$ |
11,352,100 |
|
|
|
Texas Thrift |
|
|
| |
128,000 |
|
Berkshire Hills Bancorp |
|
3,312,640 |
| |
|
|
Northeast Thrift |
|
|
| |
154,268 |
|
Simplicity Bancorp |
|
2,715,117 |
| |
|
|
Los Angeles Savings & Loan |
|
|
| |
|
|
|
|
17,379,857 |
| |
|
|
> Insurance 0.6% |
|
|
| |
35,000 |
|
Enstar Group (a) |
|
4,770,850 |
| |
|
|
Insurance/Reinsurance & Related Services |
|
|
| |
45,000 |
|
Allied World Holdings |
|
4,643,550 |
| |
|
|
Commercial Lines Insurance/Reinsurance |
|
|
| |
|
|
|
|
9,414,400 |
| |
|
|
> Brokerage & Money Management 0.5% |
|
|
| |
139,000 |
|
SEI Investments |
|
4,671,790 |
| |
|
|
Mutual Fund Administration & Investment Management |
|
|
| |
200,000 |
|
Kennedy-Wilson Holdings |
|
4,502,000 |
| |
|
|
Global Distressed Real Estate |
|
|
| |
|
|
|
|
9,173,790 |
| |
Finance: Total |
|
238,804,551 |
| |||
|
|
|
|
|
| |
Health Care 10.9% |
|
|
| |||
|
|
> Biotechnology & Drug Delivery 5.4% |
|
|
| |
300,380 |
|
Synageva Biopharma (a) |
|
24,922,528 |
| |
|
|
Biotech Focused on Orphan Diseases |
|
|
| |
516,000 |
|
Seattle Genetics (a) |
|
23,508,960 |
| |
|
|
Antibody-based Therapies for Cancer |
|
|
| |
295,500 |
|
NPS Pharmaceuticals (a) |
|
8,844,315 |
| |
|
|
Orphan Drugs & Healthy Royalties |
|
|
| |
97,000 |
|
BioMarin Pharmaceutical (a) |
|
6,616,370 |
| |
|
|
Biotech Focused on Orphan Diseases |
|
|
| |
265,000 |
|
Sarepta Therapeutics (a) |
|
6,367,950 |
| |
|
|
Biotech Focused on Rare Diseases |
|
|
| |
88,795 |
|
Alnylam Pharmaceuticals (a) |
|
5,961,696 |
| |
|
|
Biotech Developing Drugs for Rare Diseases |
|
|
| |
156,200 |
|
InterMune (a) |
|
5,228,014 |
| |
|
|
Drugs for Pulmonary Fibrosis & Hepatitis C |
|
|
| |
294,000 |
|
Celldex Therapeutics (a) |
|
5,194,980 |
| |
|
|
Biotech Developing Drugs for Cancer |
|
|
| |
61,185 |
|
Ultragenyx (a) |
|
2,991,335 |
| |
|
|
Biotech Focused on Ultra-Orphan Drugs |
|
|
| |
9,000 |
|
Intercept Pharmaceuticals (a) |
|
2,968,110 |
| |
|
|
Biotech Developing Drugs for Several Diseases |
|
|
| |
228 |
|
CymaBay Therapeutics (a) |
|
1,710 |
| |
|
|
Diabetes Drug Development |
|
|
| |
|
|
|
|
92,605,968 |
| |
|
|
> Medical Supplies 2.1% |
|
|
| |
552,600 |
|
Cepheid (a) |
|
28,503,108 |
| |
|
|
Molecular Diagnostics |
|
|
| |
87,000 |
|
Bio-Techne |
|
7,427,190 |
| |
|
|
Cytokines, Antibodies & Other Reagents for Life Science |
|
|
| |
|
|
|
|
35,930,298 |
| |
|
|
> Health Care Services 1.8% |
|
|
| |
960,000 |
|
Allscripts Healthcare Solutions (a) |
|
17,308,800 |
| |
|
|
Health Care IT |
|
|
| |
150,000 |
|
HealthSouth |
|
5,389,500 |
| |
|
|
Inpatient Rehabilitation Facilities |
|
|
| |
112,000 |
|
Envision Healthcare Holdings (a) |
|
3,788,960 |
| |
|
|
Provider of Health Care Outsourcing Services |
|
|
| |
62,000 |
|
Medidata Solutions (a) |
|
3,369,080 |
| |
|
|
Cloud-based Software for Drug Studies |
|
|
| |
6,000 |
|
Castlight Health (a) |
|
127,320 |
| |
|
|
Provider of Cloud-based Software for Managing Health Care Costs |
|
|
| |
|
|
|
|
29,983,660 |
| |
|
|
> Pharmaceuticals 1.1% |
|
|
| |
699,200 |
|
Akorn (a) |
|
15,382,400 |
| |
|
|
Develops, Manufactures & Sells Specialty Generic Drugs |
|
|
| |
331,180 |
|
Alimera Sciences (a)(b) |
|
2,613,010 |
| |
|
|
Ophthalmology-focused Pharmaceutical Company |
|
|
| |
31,509 |
|
Revance Therapeutics (a) |
|
992,534 |
| |
|
|
Drug Developer Focused on Aesthetics |
|
|
| |
|
|
|
|
18,987,944 |
| |
|
|
> Medical Equipment & Devices 0.5% |
|
|
| |
120,000 |
|
Sirona Dental Systems (a) |
|
8,960,400 |
| |
|
|
Manufacturer of Dental Equipment |
|
|
| |
Health Care: Total |
|
186,468,270 |
| |||
|
|
|
|
|
| |
Other Industries 6.2% |
|
|
| |||
|
|
> Real Estate 5.2% |
|
|
| |
832,000 |
|
Extra Space Storage |
|
40,360,320 |
| |
|
|
Self Storage Facilities |
|
|
| |
986,800 |
|
EdR |
|
9,739,716 |
| |
|
|
Student Housing |
|
|
| |
1,255,000 |
|
Kite Realty Group |
|
7,530,000 |
| |
|
|
Community Shopping Centers |
|
|
| |
223,000 |
|
Coresite Realty |
|
6,913,000 |
| |
|
|
Data Centers |
|
|
| |
871,000 |
|
DCT Industrial Trust |
|
6,863,480 |
| |
|
|
Industrial Properties |
|
|
| |
356,000 |
|
St. Joe (a) |
|
6,853,000 |
| |
|
|
Florida Panhandle Landowner |
|
|
| |
91,000 |
|
Post Properties |
|
4,468,100 |
| |
|
|
Multifamily Properties |
|
|
| |
196,200 |
|
Biomed Realty Trust |
|
4,020,138 |
| |
|
|
Life Science-focused Office Buildings |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Real Estatecontinued |
|
|
| |
90,000 |
|
American Residential Properties (a)(b) |
|
$ |
1,618,200 |
|
|
|
Single-family Rental Properties |
|
|
| |
|
|
|
|
88,365,954 |
| |
|
|
> Transportation 1.0% |
|
|
| |
468,091 |
|
Rush Enterprises, Class A (a) |
|
15,203,596 |
| |
105,000 |
|
Rush Enterprises, Class B (a) |
|
2,963,100 |
| |
|
|
Truck Sales & Service |
|
|
| |
|
|
|
|
18,166,696 |
| |
Other Industries: Total |
|
106,532,650 |
| |||
|
|
|
|
|
| |
Energy & Minerals 5.1% |
|
|
| |||
|
|
> Oil & Gas Producers 3.1% |
|
|
| |
237,000 |
|
Rosetta Resources (a) |
|
11,039,460 |
| |
|
|
Oil & Gas Producer Exploring in Texas |
|
|
| |
134,000 |
|
PDC Energy (a) |
|
8,342,840 |
| |
|
|
Oil & Gas Producer in U.S. |
|
|
| |
103,000 |
|
SM Energy |
|
7,342,870 |
| |
|
|
Oil & Gas Producer |
|
|
| |
205,000 |
|
Bill Barrett Corporation (a) |
|
5,248,000 |
| |
|
|
Oil & Gas Producer in U.S. Rockies |
|
|
| |
46,000 |
|
Clayton Williams (a) |
|
5,198,460 |
| |
|
|
Oil & Gas Producer |
|
|
| |
95,000 |
|
Carrizo Oil & Gas (a) |
|
5,078,700 |
| |
|
|
Oil & Gas Producer |
|
|
| |
240,000 |
|
WPX Energy (a) |
|
4,327,200 |
| |
|
|
Oil & Gas Produced in U.S. & Argentina |
|
|
| |
159,000 |
|
Laredo Petroleum (a) |
|
4,111,740 |
| |
|
|
Permian Basin Oil Producer |
|
|
| |
45,000 |
|
Rice Energy (a) |
|
1,187,550 |
| |
|
|
Natural Gas Producer |
|
|
| |
19,548 |
|
Matador Resources (a) |
|
478,731 |
| |
|
|
Oil & Gas Producer in Texas & Louisiana |
|
|
| |
|
|
|
|
52,355,551 |
| |
|
|
> Oil Services 1.1% |
|
|
| |
224,000 |
|
Hornbeck Offshore (a) |
|
9,365,440 |
| |
|
|
Supply Vessel Operator in U.S. Gulf of Mexico |
|
|
| |
113,000 |
|
Atwood Oceanics (a) |
|
5,694,070 |
| |
|
|
Offshore Drilling Contractor |
|
|
| |
54,384 |
|
Chart Industries (a) |
|
4,326,247 |
| |
|
|
Manufacturer of Natural Gas Processing/Storage Equipment |
|
|
| |
|
|
|
|
19,385,757 |
| |
|
|
> Mining 0.9% |
|
|
| |
70,000 |
|
Core Labs (Netherlands) |
|
13,890,800 |
| |
|
|
Oil & Gas Reservoir Consulting |
|
|
| |
546,000 |
|
Alexco Resource (a)(b) |
|
819,000 |
| |
|
|
Mining, Exploration & Environmental Services |
|
|
| |
|
|
|
|
14,709,800 |
| |
Energy & Minerals: Total |
|
86,451,108 |
| |||
|
|
|
| |||
Total Equities: 98.6% (Cost: $878,358,451) |
|
1,680,476,203 |
(c) | |||
|
|
|
|
|
| |
Short-Term Investments 1.5% |
|
|
| |||
25,379,582 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) |
|
25,379,582 |
| |
Total Short-Term Investments: 1.5% (Cost: $25,379,582) |
|
25,379,582 |
| |||
|
|
|
|
|
| |
Securities Lending Collateral 1.0% |
|
|
| |||
17,021,662 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (d) |
|
17,021,662 |
| |
Total Securities Lending Collateral: 1.0% (Cost: $17,021,662) |
|
17,021,662 |
| |||
|
|
|
| |||
Total Investments: 101.1% (Cost: $920,759,695)(e) |
|
1,722,877,447 |
(f) | |||
|
|
|
| |||
Obligation to Return Collateral for Securities Loaned: (1.0)% |
|
(17,021,662 |
) | |||
|
|
|
| |||
Cash and Other Assets Less Liabilities: (0.1)% |
|
(965,552 |
) | |||
|
|
|
| |||
Net Assets: 100.0% |
|
$ |
1,704,890,233 |
|
ADR - American Depositary Receipts
> Notes to Statement of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at March 31, 2014. The total market value of securities on loan at March 31, 2014 was $16,882,366.
> Notes to Statement of Investments
(c) On March 31, 2014, the market value of foreign securities represented 2.22% of total net assets. The Funds foreign portfolio was diversified as follows:
Country |
|
Value |
|
Percentage |
| |
Israel |
|
$ |
18,152,805 |
|
1.06 |
|
Netherlands |
|
13,890,800 |
|
0.81 |
| |
India |
|
5,886,000 |
|
0.35 |
| |
Total Foreign Portfolio |
|
$ |
37,929,605 |
|
2.22 |
|
(d) Investment made with cash collateral received from securities lending activity.
(e) At March 31, 2014, for federal income tax purposes, the cost of investments was $920,759,695 and net unrealized appreciation was $802,117,752 consisting of gross unrealized appreciation of $825,391,301 and gross unrealized depreciation of $23,273,549.
(f) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2013.
Fair Value Measurements
Various inputs are used in determining the value of the Funds investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (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 (the Committee) of the Funds Board of Trustees (the Board) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which the investment manager believes that available market quotations are unreliable, to review the appropriateness of the Trusts Portfolio Pricing Policy and the pricing procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Funds investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Funds securities 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. Significant changes in any of these factors could result in lower or higher fair value measurements. 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
The following table summarizes the inputs used, as of March 31, 2014, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Information |
|
$ |
422,317,893 |
|
$ |
|
|
$ |
|
|
$ |
422,317,893 |
|
Industrial Goods & Services |
|
357,165,513 |
|
|
|
|
|
357,165,513 |
| ||||
Consumer Goods & Services |
|
282,736,218 |
|
|
|
|
|
282,736,218 |
| ||||
Finance |
|
238,804,551 |
|
|
|
|
|
238,804,551 |
| ||||
Health Care |
|
186,468,270 |
|
|
|
|
|
186,468,270 |
| ||||
Other Industries |
|
106,532,650 |
|
|
|
|
|
106,532,650 |
| ||||
Energy & Minerals |
|
86,451,108 |
|
|
|
|
|
86,451,108 |
| ||||
Total Equities |
|
1,680,476,203 |
|
|
|
|
|
1,680,476,203 |
| ||||
Total Short-Term Investments |
|
25,379,582 |
|
|
|
|
|
25,379,582 |
| ||||
Total Securities Lending Collateral |
|
17,021,662 |
|
|
|
|
|
17,021,662 |
| ||||
Total Investments |
|
$ |
1,722,877,447 |
|
$ |
|
|
$ |
|
|
$ |
1,722,877,447 |
|
There were no transfers of financial assets between levels 1 and 2 during the period.
The following table shows transfers between Level 1 and Level 3 of the fair value hierarchy:
Transfers In |
|
Transfers Out |
| ||||||||
Level 1 |
|
Level 3 |
|
Level 1 |
|
Level 3 |
| ||||
$ |
970 |
|
$ |
|
|
$ |
|
|
$ |
970 |
|
Financial assets were transferred from Level 3 to Level 1 as stock commenced trading on an exchange.
Columbia Acorn International SelectSM
Statement of Investments, March 31, 2014
Number of Shares |
|
|
|
Value |
| |
|
|
Equities: 92.9% |
|
|
| |
Asia 38.3% |
|
|
| |||
|
|
> Japan 15.3% |
|
|
| |
108,700 |
|
Rinnai |
|
$ |
9,561,474 |
|
|
|
Gas Appliances for Household & Commercial Use |
|
|
| |
350,000 |
|
NGK Spark Plug |
|
7,865,206 |
| |
|
|
Automobile Parts |
|
|
| |
1,726,000 |
|
Seven Bank |
|
6,773,512 |
| |
|
|
ATM Processing Services |
|
|
| |
172,000 |
|
Dentsu |
|
6,513,301 |
| |
|
|
Advertising Agency |
|
|
| |
2,750 |
|
Nippon Prologis REIT |
|
5,551,061 |
| |
|
|
Logistics REIT in Japan |
|
|
| |
4,205 |
|
Orix JREIT |
|
5,249,867 |
| |
|
|
Diversified REIT |
|
|
| |
74,000 |
|
Makita |
|
4,073,968 |
| |
|
|
Power Tools |
|
|
| |
91,000 |
|
FamilyMart |
|
4,001,820 |
| |
|
|
Convenience Store Operator |
|
|
| |
206,000 |
|
Park24 |
|
3,914,237 |
| |
|
|
Parking Lot Operator |
|
|
| |
|
|
|
|
53,504,446 |
| |
|
|
> Singapore 6.9% |
|
|
| |
9,513,999 |
|
Ascendas REIT |
|
17,125,177 |
| |
|
|
Industrial Property Landlord |
|
|
| |
8,571,000 |
|
Mapletree Logistics Trust |
|
7,125,657 |
| |
|
|
Industrial Property Landlord |
|
|
| |
|
|
|
|
24,250,834 |
| |
|
|
> Korea 5.8% |
|
|
| |
97,400 |
|
KT&G |
|
7,335,891 |
| |
|
|
Leading Producer of Tobacco & Ginseng |
|
|
| |
108,700 |
|
KEPCO Plant Service & Engineering |
|
6,931,065 |
| |
|
|
Power Plant & Grid Maintenance |
|
|
| |
47,500 |
|
CJ Corp |
|
6,084,269 |
| |
|
|
Holding Company of Korean Consumer Conglomerate |
|
|
| |
|
|
|
|
20,351,225 |
| |
|
|
> Taiwan 4.4% |
|
|
| |
6,700,000 |
|
Far EasTone Telecom |
|
14,182,534 |
| |
|
|
Taiwans Third Largest Mobile Operator |
|
|
| |
34,000 |
|
Hermes Microvision |
|
1,365,029 |
| |
|
|
E-beam Inspection Systems for Semiconductor Integrated Circuits |
|
|
| |
|
|
|
|
15,547,563 |
| |
|
|
> Indonesia 3.1% |
|
|
| |
11,903,000 |
|
Archipelago Resources (a)(b)(c) |
|
10,715,808 |
| |
|
|
Gold Mining Projects in Indonesia, Vietnam & the Philippines |
|
|
| |
|
|
|
|
|
| |
|
|
> Hong Kong 2.8% |
|
|
| |
170,000 |
|
Melco Crown Entertainment - ADR |
|
6,570,500 |
| |
|
|
Macau Casino Operator |
|
|
| |
1,000,000 |
|
Melco International |
|
3,362,155 |
| |
|
|
Macau Casino Operator |
|
|
| |
|
|
|
|
9,932,655 |
| |
Asia: Total |
|
134,302,531 |
| |||
|
|
|
|
|
| |
Europe 29.7% |
|
|
| |||
|
|
> United Kingdom 9.8% |
|
|
| |
720,000 |
|
Jardine Lloyd Thompson Group |
|
12,771,704 |
| |
|
|
International Business Insurance Broker |
|
|
| |
310,000 |
|
Babcock International |
|
6,961,519 |
| |
|
|
Public Sector Outsourcer |
|
|
| |
440,000 |
|
Smith & Nephew |
|
6,667,934 |
| |
|
|
Medical Equipment & Supplies |
|
|
| |
70,442 |
|
Whitbread |
|
4,887,744 |
| |
|
|
The UKs Leading Hotelier & Coffee Shop |
|
|
| |
270,000 |
|
Telecity |
|
3,141,911 |
| |
|
|
European Data Center Provider |
|
|
| |
|
|
|
|
34,430,812 |
| |
|
|
> Denmark 3.9% |
|
|
| |
131,474 |
|
SimCorp |
|
5,337,223 |
| |
|
|
Software for Investment Managers |
|
|
| |
104,500 |
|
Novozymes |
|
4,595,081 |
| |
|
|
Industrial Enzymes |
|
|
| |
67,300 |
|
Jyske Bank (d) |
|
3,698,218 |
| |
|
|
Danish Bank |
|
|
| |
|
|
|
|
13,630,522 |
| |
|
|
> France 3.8% |
|
|
| |
169,300 |
|
Neopost (e) |
|
13,369,091 |
| |
|
|
Postage Meter Machines |
|
|
| |
|
|
|
|
|
| |
|
|
> Norway 2.7% |
|
|
| |
724,000 |
|
Orkla |
|
6,172,584 |
| |
|
|
Food & Brands, Aluminum, Chemicals Conglomerate |
|
|
| |
180,000 |
|
Subsea 7 |
|
3,345,803 |
| |
|
|
Offshore Subsea Contractor |
|
|
| |
|
|
|
|
9,518,387 |
| |
|
|
> Germany 2.7% |
|
|
| |
630,000 |
|
Telefonica Deutschland |
|
5,021,781 |
| |
|
|
Mobile & Fixed-line Communications in Germany |
|
|
| |
107,400 |
|
Wirecard |
|
4,456,542 |
| |
|
|
Online Payment Processing & Risk Management |
|
|
| |
|
|
|
|
9,478,323 |
| |
|
|
> Sweden 2.6% |
|
|
| |
169,000 |
|
Swedish Match |
|
5,522,535 |
| |
|
|
Market Leader in Swedish Snus |
|
|
| |
99,000 |
|
Hexagon |
|
3,363,580 |
| |
|
|
Design, Measurement & Visualization Software & Equipment |
|
|
| |
|
|
|
|
8,886,115 |
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Switzerland 2.1% |
|
|
| |
26,100 |
|
Partners Group |
|
$ |
7,333,567 |
|
|
|
Private Markets Asset Management |
|
|
| |
|
|
|
|
|
| |
|
|
> Netherlands 1.1% |
|
|
| |
33,000 |
|
Gemalto |
|
3,843,394 |
| |
|
|
Digital Security Solutions |
|
|
| |
|
|
|
|
|
| |
|
|
> Spain 1.0% |
|
|
| |
66,000 |
|
Viscofan |
|
3,451,963 |
| |
|
|
Sausage Casings Maker |
|
|
| |
Europe: Total |
|
103,942,174 |
| |||
|
|
|
|
|
| |
Other Countries 18.9% |
|
|
| |||
|
|
> Australia 11.4% |
|
|
| |
2,200,000 |
|
IAG |
|
11,378,552 |
| |
|
|
General Insurance Provider |
|
|
| |
1,674,000 |
|
Challenger Financial |
|
9,959,735 |
| |
|
|
Largest Annuity Provider |
|
|
| |
790,000 |
|
Amcor |
|
7,632,957 |
| |
|
|
Global Leader in Flexible & Rigid Packaging |
|
|
| |
465,000 |
|
Crown Resorts |
|
7,191,772 |
| |
|
|
Australian Casino Operator |
|
|
| |
1,700,000 |
|
Regis Resources |
|
3,579,320 |
| |
|
|
Gold Mining in Australia |
|
|
| |
|
|
|
|
39,742,336 |
| |
|
|
> Canada 4.0% |
|
|
| |
119,000 |
|
CCL Industries |
|
10,196,002 |
| |
|
|
Largest Global Label Converter |
|
|
| |
159,000 |
|
Goldcorp |
|
3,892,320 |
| |
|
|
Gold Mining |
|
|
| |
|
|
|
|
14,088,322 |
| |
|
|
> South Africa 3.5% |
|
|
| |
710,000 |
|
Coronation Fund Managers |
|
6,676,482 |
| |
|
|
South African Fund Manager |
|
|
| |
50,000 |
|
Naspers |
|
5,515,482 |
| |
|
|
Media in Africa, China, Russia & Other Emerging Markets |
|
|
| |
|
|
|
|
12,191,964 |
| |
Other Countries: Total |
|
66,022,622 |
| |||
|
|
|
|
|
| |
Latin America 6.0% |
|
|
| |||
|
|
> Guatemala 3.5% |
|
|
| |
588,000 |
|
Tahoe Resources (d) |
|
12,430,176 |
| |
|
|
Silver Project in Guatemala |
|
|
| |
|
|
|
|
|
| |
|
|
> Brazil 1.9% |
|
|
| |
12,057,582 |
|
Beadell Resources (d) |
|
6,757,798 |
| |
|
|
Gold Mining in Brazil |
|
|
| |
|
|
|
|
|
| |
|
|
> Uruguay 0.6% |
|
|
| |
191,666 |
|
Union Agriculture Group (a)(c)(d) |
|
1,968,410 |
| |
|
|
Farmland Operator in Uruguay |
|
|
| |
Latin America: Total |
|
21,156,384 |
| |||
|
|
|
|
|
| |
Total Equities: 92.9% (Cost: $262,562,152) |
|
325,423,711 |
(f) | |||
|
|
|
|
|
| |
Short-Term Investments 6.6% |
|
|
| |||
20,000,000 |
|
JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%) |
|
20,000,000 |
| |
3,144,049 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) |
|
3,144,049 |
| |
Total Short-Term Investments: 6.6% (Cost: $23,144,049) |
|
23,144,049 |
| |||
|
|
|
|
|
| |
Securities Lending Collateral % |
|
|
| |||
124,396 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g) |
|
124,396 |
| |
Total Securities Lending Collateral: % (Cost: $124,396) |
|
124,396 |
| |||
|
|
|
| |||
Total Investments: 99.5% (Cost: $285,830,597)(h) |
|
348,692,156 |
(i) | |||
|
|
|
| |||
Obligation to Return Collateral for Securities Loaned: ()% |
|
(124,396 |
) | |||
|
|
|
| |||
Cash and Other Assets Less Liabilities: 0.5% |
|
1,729,096 |
| |||
|
|
|
| |||
Net Assets: 100.0% |
|
$ |
350,296,856 |
|
ADR - American Depositary Receipts
REIT - Real Estate Investment Trust
> Notes to Statement of Investments
(a) 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 Funds Board of Trustees. At March 31, 2014, the market value of these securities amounted to $12,684,218, which represented 3.62% of total net assets. Additional information on these securities is as follows:
Security |
|
Acquisition |
|
Shares/Units |
|
Cost |
|
Value |
| ||
Archipelago Resources |
|
12/20/10-9/26/13 |
|
11,903,000 |
|
$ |
12,066,977 |
|
$ |
10,715,808 |
|
Union Agriculture Group |
|
12/8/10-6/27/12 |
|
191,666 |
|
2,200,000 |
|
1,968,410 |
| ||
|
|
|
|
|
|
$ |
14,266,977 |
|
$ |
12,684,218 |
|
> Notes to Statement of Investments
(b) The Fund also received put options through a transaction related to a proposed company restructuring of Archipelago Resources. Additional information on the put options received is as follows:
Security |
|
Option Shares |
|
Exercise Price |
|
Expiration Date |
|
Value |
| ||
Option (1) |
|
11,903,000 |
|
GBP |
0.58 |
|
August 13, 2014 |
|
$ |
793,764 |
|
GBP - British Pound
(1) Archipelago Resources is expected to restructure into a new company during 2014. From January 31, 2014, the option is exercisable until the earlier of (i) the date the company is restructured and prices the shares for its initial public offering or (ii) August 13, 2014, subject to extension until the date the company is restructured and prices the shares for its initial public offering (but not later than September 26, 2016). After August 13, 2014, the valuation of the option will fluctuate based upon its fair market value as determined in accordance with the put option agreement. These put options are valued at fair value determined in good faith under consistently applied procedures established by the Funds Board of Trustees.
(c) Illiquid security.
(d) Non-income producing security.
(e) All or a portion of this security was on loan at March 31, 2014. The total market value of securities on loan at March 31, 2014 was $118,976.
(f) On March 31, 2014, the Funds total equity investments were denominated in currencies as follows:
Currency |
|
Value |
|
Percentage |
| |
Japanese Yen |
|
$ |
53,504,446 |
|
15.3 |
|
Australian Dollar |
|
46,500,134 |
|
13.3 |
| |
British Pound |
|
45,146,619 |
|
12.9 |
| |
Euro |
|
30,142,772 |
|
8.6 |
| |
Singapore Dollar |
|
24,250,834 |
|
6.9 |
| |
Canadian Dollar |
|
22,626,178 |
|
6.4 |
| |
South Korean Won |
|
20,351,225 |
|
5.8 |
| |
Other currencies less than 5% of total net assets |
|
82,901,503 |
|
23.7 |
| |
Total Equities |
|
$ |
325,423,711 |
|
92.9 |
|
(g) Investment made with cash collateral received from securities lending activity.
(h) At March 31, 2014, for federal income tax purposes, the cost of investments was $285,830,597 and net unrealized appreciation was $62,861,559 consisting of gross unrealized appreciation of $76,031,590 and gross unrealized depreciation of $13,170,031.
(i) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2013.
At March 31, 2014, the Fund had entered into the following forward foreign currency exchange contract:
Forward Foreign |
|
Forward Foreign |
|
Principal Amount in |
|
Principal Amount in |
|
Settlement Date |
|
Unrealized |
| ||
USD |
|
ZAR |
|
97,024,500 |
|
$ |
9,000,000 |
|
4/15/14 |
|
$ |
(197,540 |
) |
The counterparty for all forward foreign currency exchange contracts is Morgan Stanley.
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 accounting principles generally accepted in the United States of America (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
> Notes to Statement of Investments
amortized cost. Additionally, securities fair valued by the Valuation Committee (the Committee) of the Funds Board of Trustees (the Board) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which the investment manager believes that available market quotations are unreliable, to review the appropriateness of the Trusts Portfolio Pricing Policy and the pricing procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Funds investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments and derivatives categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Funds securities 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. Significant changes in any of these factors could result in lower or higher fair value measurements. 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, 2014, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Asia |
|
$ |
6,570,500 |
|
$ |
117,016,223 |
|
$ |
10,715,808 |
|
$ |
134,302,531 |
|
Europe |
|
|
|
103,942,174 |
|
|
|
103,942,174 |
| ||||
Other Countries |
|
14,088,322 |
|
51,934,300 |
|
|
|
66,022,622 |
| ||||
Latin America |
|
12,430,176 |
|
6,757,798 |
|
1,968,410 |
|
21,156,384 |
| ||||
Total Equities |
|
33,088,998 |
|
279,650,495 |
|
12,684,218 |
|
325,423,711 |
| ||||
Total Short-Term Investments |
|
23,144,049 |
|
|
|
|
|
23,144,049 |
| ||||
Total Securities Lending Collateral |
|
124,396 |
|
|
|
|
|
124,396 |
| ||||
Total Investments |
|
$ |
56,357,443 |
|
$ |
279,650,495 |
|
$ |
12,684,218 |
|
$ |
348,692,156 |
|
Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
|
| ||||
Forward Foreign Currency Exchange Contracts |
|
|
|
(197,540 |
) |
|
|
(197,540 |
) | ||||
Options |
|
|
|
|
|
793,764 |
|
793,764 |
| ||||
Total |
|
$ |
56,357,443 |
|
$ |
279,452,955 |
|
$ |
13,477,982 |
|
$ |
349,288,380 |
|
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 sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, 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.
There were no transfers of financial assets between levels during the period.
> Notes to Statement of Investments
The following table reconciles asset balances for the period ending March 31, 2014, in which significant observable and/or unobservable inputs (Level 3) were used in determining value:
Investments in Securities |
|
Balance as |
|
Realized Gain/ |
|
Change |
|
Purchases |
|
Sales |
|
Transfers |
|
Transfers |
|
Balance as |
| ||||||||
Equities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Asia |
|
$ |
10,249,601 |
|
$ |
|
|
$ |
466,207 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
10,715,808 |
|
Latin America |
|
2,048,910 |
|
|
|
(80,500 |
) |
|
|
|
|
|
|
|
|
1,968,410 |
| ||||||||
Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Asia |
|
985,539 |
|
|
|
(191,775 |
) |
|
|
|
|
|
|
|
|
793,764 |
| ||||||||
|
|
$ |
13,284,050 |
|
$ |
|
|
$ |
193,932 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
13,477,982 |
|
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, 2014, which were valued using significant unobservable inputs (Level 3), amounted to $193,932.
Quantitative information pertaining to Level 3 unobservable fair value measurements
|
|
Fair Value |
|
Valuation Technique(s) |
|
Unobservable Input(s) |
|
Range (Weighted Average) |
| |
Equities |
|
|
|
|
|
|
|
|
| |
Asia |
|
$ |
10,715,808 |
|
Discounted cash flow |
|
Enterprise valuation and illiquid discount |
|
14.6% to 19.5% |
|
Latin America |
|
$ |
1,968,410 |
|
Market comparable companies |
|
Discount for lack of marketability |
|
8% to 13% |
|
Options |
|
|
|
|
|
|
|
|
| |
Asia |
|
$ |
793,764 |
|
Income approach |
|
Illiquid discount |
|
0.6% |
|
Certain securities classified as Level 3 are valued at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include, but are not limited to estimated earnings of the company and the position of the security within the companys capital structure. The Committee also may use some observable inputs, which may include, but are not limited to, trades of similar securities and market multiples derived from a set of comparable companies. Significant increases or decreases to any of these inputs could result in a significantly lower or higher fair value measurement.
Columbia Acorn SelectSM
Statement of Investments, March 31, 2014
Number of Shares |
|
|
|
Value |
| |
|
|
Equities: 98.6% |
|
|
| |
Industrial Goods & Services 26.3% |
|
|
| |||
|
|
> Machinery 17.6% |
|
|
| |
925,000 |
|
Ametek |
|
$ |
47,628,250 |
|
|
|
Aerospace/Industrial Instruments |
|
|
| |
800,000 |
|
Donaldson |
|
33,920,000 |
| |
|
|
Industrial Air Filtration |
|
|
| |
505,000 |
|
Kennametal |
|
22,371,500 |
| |
|
|
Consumable Cutting Tools |
|
|
| |
220,000 |
|
Pall |
|
19,683,400 |
| |
|
|
Life Science, Water & Industrial Filtration |
|
|
| |
270,000 |
|
Nordson |
|
19,032,300 |
| |
|
|
Dispensing Systems for Adhesives & Coatings |
|
|
| |
|
|
|
|
142,635,450 |
| |
|
|
> Outsourcing Services 3.1% |
|
|
| |
670,000 |
|
Quanta Services (a) |
|
24,723,000 |
| |
|
|
Electrical & Telecom Construction Services |
|
|
| |
|
|
|
|
|
| |
|
|
> Industrial Distribution 2.5% |
|
|
| |
190,000 |
|
Airgas |
|
20,236,900 |
| |
|
|
Industrial Gas Distributor |
|
|
| |
|
|
|
|
|
| |
|
|
> Industrial Materials & Specialty Chemicals 1.8% |
|
|
| |
190,000 |
|
FMC Corporation |
|
14,546,400 |
| |
|
|
Niche Specialty Chemicals |
|
|
| |
|
|
|
|
|
| |
|
|
> Other Industrial Services 1.3% |
|
|
| |
400,000 |
|
LKQ (a) |
|
10,540,000 |
| |
|
|
Alternative Auto Parts Distribution |
|
|
| |
Industrial Goods & Services: Total |
|
212,681,750 |
| |||
|
|
|
|
|
| |
Information 22.0% |
|
|
| |||
|
|
> Instrumentation 5.4% |
|
|
| |
95,000 |
|
Mettler-Toledo International (a) |
|
22,389,600 |
| |
|
|
Laboratory Equipment |
|
|
| |
550,000 |
|
Trimble Navigation (a) |
|
21,378,500 |
| |
|
|
GPS-based Instruments |
|
|
| |
|
|
|
|
43,768,100 |
| |
|
|
> Computer Hardware & Related Equipment 3.7% |
|
|
| |
325,000 |
|
Amphenol |
|
29,786,250 |
| |
|
|
Electronic Connectors |
|
|
| |
|
|
|
|
|
| |
|
|
> Computer Services 3.4% |
|
|
| |
1,510,000 |
|
WNS - ADR (India) (a) |
|
27,180,000 |
| |
|
|
Offshore BPO (Business Process Outsourcing) Services |
|
|
| |
|
|
|
|
|
| |
|
|
> Mobile Communications 3.0% |
|
|
| |
270,000 |
|
SBA Communications (a) |
|
24,559,200 |
| |
|
|
Communications Towers |
|
|
| |
|
|
|
|
|
| |
|
|
> Business Software 2.8% |
|
|
| |
180,000 |
|
Ansys (a) |
|
13,863,600 |
| |
|
|
Simulation Software for Engineers & Designers |
|
|
| |
234,000 |
|
Informatica (a) |
|
8,840,520 |
| |
|
|
Enterprise Data Integration Software |
|
|
| |
|
|
|
|
22,704,120 |
| |
|
|
> Telecommunications Equipment 2.4% |
|
|
| |
180,000 |
|
F5 Networks (a) |
|
19,193,400 |
| |
|
|
Internet Traffic Management Equipment |
|
|
| |
|
|
|
|
|
| |
|
|
> Contract Manufacturing 0.9% |
|
|
| |
440,000 |
|
Sanmina-SCI (a) |
|
7,678,000 |
| |
|
|
Electronic Manufacturing Services |
|
|
| |
|
|
|
|
|
| |
|
|
> Semiconductors & Related Equipment 0.4% |
|
|
| |
360,000 |
|
Atmel (a) |
|
3,009,600 |
| |
|
|
Microcontrollers, Radio Frequency & Memory Semiconductors |
|
|
| |
Information: Total |
|
177,878,670 |
| |||
|
|
|
|
|
| |
Finance 16.3% |
|
|
| |||
|
|
> Banks 5.0% |
|
|
| |
333,000 |
|
City National |
|
26,213,760 |
| |
|
|
Bank & Asset Manager |
|
|
| |
800,000 |
|
Associated Banc-Corp |
|
14,448,000 |
| |
|
|
Midwest Bank |
|
|
| |
|
|
|
|
40,661,760 |
| |
|
|
> Credit Cards 4.3% |
|
|
| |
604,000 |
|
Discover Financial Services |
|
35,146,760 |
| |
|
|
Credit Card Company |
|
|
| |
|
|
|
|
|
| |
|
|
> Insurance 4.2% |
|
|
| |
1,875,000 |
|
CNO Financial Group |
|
33,937,500 |
| |
|
|
Life, Long-term Care & Medical Supplement Insurance |
|
|
| |
|
|
|
|
|
| |
|
|
> Brokerage & Money Management 2.8% |
|
|
| |
665,000 |
|
SEI Investments |
|
22,350,650 |
| |
|
|
Mutual Fund Administration & Investment Management |
|
|
| |
Finance: Total |
|
132,096,670 |
| |||
|
|
|
|
|
| |
Consumer Goods & Services 14.7% |
|
|
| |||
|
|
> Travel 5.8% |
|
|
| |
950,000 |
|
Hertz (a) |
|
25,308,000 |
| |
|
|
Largest U.S. Rental Car Operator |
|
|
| |
220,000 |
|
Vail Resorts |
|
15,334,000 |
| |
|
|
Ski Resort Operator & Developer |
|
|
| |
130,000 |
|
Choice Hotels |
|
5,980,000 |
| |
|
|
Franchisor of Budget Hotel Brands |
|
|
| |
|
|
|
|
46,622,000 |
| |
|
|
> Retail 3.7% |
|
|
| |
205,000 |
|
Caseys General Stores |
|
13,855,950 |
| |
|
|
Owner/Operator of Convenience Stores |
|
|
| |
115,000 |
|
ULTA (a) |
|
11,210,200 |
| |
|
|
Specialty Beauty Product Retailer |
|
|
| |
195,000 |
|
Best Buy |
|
5,149,950 |
| |
|
|
Consumer Electronic Specialty Retailer |
|
|
| |
|
|
|
|
30,216,100 |
| |
|
|
> Other Consumer Services 3.3% |
|
|
| |
340,000 |
|
Lifetime Fitness (a) |
|
16,354,000 |
| |
|
|
Sport & Fitness Club Operator |
|
|
| |
400,000 |
|
Blackhawk Network (a) |
|
9,756,000 |
| |
|
|
Third Party Distributer of Prepaid Content, Mostly Gift Cards |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Other Consumer Servicescontinued |
|
|
| |
647,938 |
|
IFM Investments (Century 21 China RE) - ADR (China) (a) |
|
$ |
1,030,221 |
|
|
|
Provide Real Estate Services in China |
|
|
| |
|
|
|
|
27,140,221 |
| |
|
|
> Apparel 1.4% |
|
|
| |
89,000 |
|
PVH |
|
11,104,530 |
| |
|
|
Apparel Wholesaler & Retailer |
|
|
| |
|
|
|
|
|
| |
|
|
> Educational Services 0.4% |
|
|
| |
120,000 |
|
ITT Educational Services (a) |
|
3,441,600 |
| |
|
|
Post-secondary Degree Services |
|
|
| |
|
|
|
|
|
| |
|
|
> Food & Beverage 0.1% |
|
|
| |
1,500,000 |
|
GLG Life Tech (Canada) (a) |
|
678,426 |
| |
|
|
Produces an All-natural Sweetener Extracted from the Stevia Plant |
|
|
| |
Consumer Goods & Services: Total |
|
119,202,877 |
| |||
|
|
|
|
|
| |
Energy & Minerals 9.3% |
|
|
| |||
|
|
> Oil & Gas Producers 5.9% |
|
|
| |
3,025,000 |
|
Canacol (Colombia) (a) |
|
19,099,503 |
| |
|
|
Oil Producer in South America |
|
|
| |
20,600,000 |
|
Shamaran Petroleum (Iraq) (a) |
|
8,385,346 |
| |
|
|
Oil Exploration & Production in Kurdistan |
|
|
| |
410,000 |
|
Pacific Rubiales Energy (Colombia) |
|
7,384,080 |
| |
|
|
Oil Production & Exploration in Colombia |
|
|
| |
22,500,000 |
|
Canadian Overseas Petroleum (United Kingdom) (a)(b)(c) |
|
5,607,191 |
| |
|
|
Oil & Gas Exploration/Production in the North Sea |
|
|
| |
58,300 |
|
Antero Resources (a) |
|
3,649,580 |
| |
|
|
Utica & Marcellus Shale |
|
|
| |
12,000,000 |
|
Petromanas (Canada) (a) |
|
2,225,237 |
| |
|
|
Exploring for Oil in Albania |
|
|
| |
33,700,000 |
|
Petrodorado Energy (Colombia) (a)(b) |
|
1,219,358 |
| |
|
|
Oil & Gas Exploration & Production in Colombia, Peru & Paraguay |
|
|
| |
|
|
|
|
47,570,295 |
| |
|
|
> Agricultural Commodities 2.2% |
|
|
| |
1,742,424 |
|
Union Agriculture Group (Uruguay) (a)(c)(d) |
|
17,894,694 |
| |
|
|
Farmland Operator in Uruguay |
|
|
| |
|
|
|
|
|
| |
|
|
> Oil Services 0.7% |
|
|
| |
173,000 |
|
Rowan (a) |
|
5,826,640 |
| |
|
|
Contract Offshore Driller |
|
|
| |
|
|
|
|
|
| |
|
|
> Alternative Energy 0.5% |
|
|
| |
2,000,000 |
|
Synthesis Energy Systems (China) (a) |
|
3,920,000 |
| |
|
|
Owner/Operator of Gasification Plants/Technology Licenses |
|
|
| |
Energy & Minerals: Total |
|
75,211,629 |
| |||
|
|
|
|
|
| |
Health Care 6.0% |
|
|
| |||
|
|
> Medical Supplies 4.2% |
|
|
| |
330,000 |
|
Cepheid (a) |
|
17,021,400 |
| |
|
|
Molecular Diagnostics |
|
|
| |
142,000 |
|
Henry Schein (a) |
|
16,950,540 |
| |
|
|
Largest Distributor of Healthcare Products |
|
|
| |
|
|
|
|
33,971,940 |
| |
|
|
> Biotechnology & Drug Delivery 1.8% |
|
|
| |
310,000 |
|
Seattle Genetics (a) |
|
14,123,600 |
| |
|
|
Antibody-based Therapies for Cancer |
|
|
| |
Health Care: Total |
|
48,095,540 |
| |||
|
|
|
|
|
| |
Other Industries 4.0% |
|
|
| |||
|
|
> Real Estate 4.0% |
|
|
| |
430,000 |
|
Post Properties |
|
21,113,000 |
| |
|
|
Multifamily Properties |
|
|
| |
230,000 |
|
Extra Space Storage |
|
11,157,300 |
| |
|
|
Self Storage Facilities |
|
|
| |
|
|
|
|
32,270,300 |
| |
Other Industries: Total |
|
32,270,300 |
| |||
|
|
|
|
|
| |
Total Equities: 98.6% (Cost: $497,437,515) |
|
797,437,436 |
(e) | |||
|
|
|
|
|
| |
Short-Term Investments 1.5% |
|
|
| |||
12,193,976 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) |
|
12,193,976 |
| |
Total Short-Term Investments: 1.5% (Cost: $12,193,976) |
|
12,193,976 |
| |||
|
|
|
| |||
Total Investments: 100.1% (Cost: $509,631,491) (f) |
|
809,631,412 |
(g) | |||
|
|
|
| |||
Cash and Other Assets Less Liabilities: (0.1)% |
|
(593,287 |
) | |||
|
|
|
| |||
Net Assets: 100.0% |
|
$ |
809,038,125 |
|
ADR - American Depositary Receipts
> Notes to Statement of Investments
(a) Non-income producing security.
(b) An affiliated person of the Fund, as defined in the Investment Company Act of 1940, 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 period ended March 31, 2014, are as follows:
Security |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
Canadian Overseas Petroleum |
|
24,000,000 |
|
|
|
1,500,000 |
|
22,500,000 |
|
$ |
5,607,191 |
|
$ |
|
|
IFM Investments (Century 21 China RE) - ADR (1) |
|
898,852 |
|
|
|
250,914 |
|
647,938 |
|
1,030,221 |
|
|
| ||
Petrodorado Energy |
|
33,700,000 |
|
|
|
|
|
33,700,000 |
|
1,219,358 |
|
|
| ||
Total of Affiliated Transactions |
|
58,598,852 |
|
|
|
1,750,914 |
|
56,847,938 |
|
$ |
7,856,770 |
|
$ |
|
|
(1) At March 31, 2014, the Fund owned less than five percent of the companys outstanding voting shares.
The aggregate cost and value of these companies at March 31, 2014, was $23,207,419 and $6,826,549, respectively. Investments in affiliated companies represented 0.84% of the Funds total net assets at March 31, 2014.
(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 Funds Board of Trustees. At March 31, 2014, the market value of these securities amounted to $23,501,885, which represented 2.90% of total net assets. Additional information on these securities is as follows:
Security |
|
Acquisition |
|
Shares/Units |
|
Cost |
|
Value |
| ||
Union Agriculture Group |
|
12/8/10-6/27/12 |
|
1,742,424 |
|
$ |
20,000,000 |
|
$ |
17,894,694 |
|
Canadian Overseas Petroleum |
|
11/24/10 |
|
22,500,000 |
|
9,596,330 |
|
5,607,191 |
| ||
|
|
|
|
|
|
$ |
29,596,330 |
|
$ |
23,501,885 |
|
(d) Illiquid security.
(e) On March 31, 2014, the market value of foreign securities represented 11.70% of total net assets. The Funds foreign portfolio was diversified as follows:
Country |
|
Value |
|
Percentage |
| |
Colombia |
|
$ |
27,702,940 |
|
3.43 |
|
India |
|
27,180,000 |
|
3.36 |
| |
Uruguay |
|
17,894,694 |
|
2.21 |
| |
Iraq |
|
8,385,346 |
|
1.04 |
| |
United Kingdom |
|
5,607,191 |
|
0.69 |
| |
China |
|
4,950,221 |
|
0.61 |
| |
Canada |
|
2,903,664 |
|
0.36 |
| |
Total Foreign Portfolio |
|
$ |
94,624,056 |
|
11.70 |
|
(f) At March 31, 2014, for federal income tax purposes, the cost of investments was $509,631,491 and net unrealized appreciation was $299,999,921 consisting of gross unrealized appreciation of $335,154,064 and gross unrealized depreciation of $35,154,143.
(g) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2013.
Fair Value Measurements
Various inputs are used in determining the value of the Funds investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (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 (the Committee) of the Funds Board of Trustees (the Board) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
> Notes to Statement of Investments
Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which the investment manager believes that available market quotations are unreliable, to review the appropriateness of the Trusts Portfolio Pricing Policy and the pricing procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Funds investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Funds securities 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. Significant changes in any of these factors could result in lower or higher fair value measurements. 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, 2014, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Industrial Goods & Services |
|
$ |
212,681,750 |
|
$ |
|
|
$ |
|
|
$ |
212,681,750 |
|
Information |
|
177,878,670 |
|
|
|
|
|
177,878,670 |
| ||||
Finance |
|
132,096,670 |
|
|
|
|
|
132,096,670 |
| ||||
Consumer Goods & Services |
|
119,202,877 |
|
|
|
|
|
119,202,877 |
| ||||
Energy & Minerals |
|
51,709,744 |
|
5,607,191 |
|
17,894,694 |
|
75,211,629 |
| ||||
Health Care |
|
48,095,540 |
|
|
|
|
|
48,095,540 |
| ||||
Other Industries |
|
32,270,300 |
|
|
|
|
|
32,270,300 |
| ||||
Total Equities |
|
773,935,551 |
|
5,607,191 |
|
17,894,694 |
|
797,437,436 |
| ||||
Total Short-Term Investments |
|
12,193,976 |
|
|
|
|
|
12,193,976 |
| ||||
Total Investments |
|
$ |
786,129,527 |
|
$ |
5,607,191 |
|
$ |
17,894,694 |
|
$ |
809,631,412 |
|
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 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.
There were no transfers of financial assets between levels during the period.
The following table reconciles asset balances for the period ending March 31, 2014, in which significant observable and/or unobservable inputs (Level 3) were used in determining value:
Investments in |
|
Balance as of |
|
Realized |
|
Change in |
|
Purchases |
|
Sales |
|
Transfers |
|
Transfers |
|
Balance as of |
| ||||||||
Equities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Energy & Minerals |
|
$ |
18,626,513 |
|
$ |
|
|
$ |
(731,819 |
) |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
17,894,694 |
|
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, 2014, which were valued using significant unobservable inputs (Level 3), amounted to $731,819.
> Notes to Statement of Investments
Quantitative information pertaining to Level 3 unobservable fair value measurements
|
|
Fair Value |
|
Valuation Technique(s) |
|
Unobservable Input(s) |
|
Range (Weighted |
| |
Equities |
|
|
|
|
|
|
|
|
| |
Energy & Minerals |
|
$ |
17,894,694 |
|
Market comparable companies |
|
Discount for lack of marketability |
|
8% to 13% |
|
Certain securities classified as Level 3 are valued at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include, but are not limited to estimated earnings of the company and the position of the security within the companys capital structure. The Committee also may use some observable inputs, which may include, but are not limited to, trades of similar securities and market multiples derived from a set of comparable companies. Significant increases or decreases to any of these inputs could result in a significantly lower or higher fair value measurement.
Columbia Thermostat FundSM
Statement of Investments, March 31, 2014
Number of Shares |
|
|
|
Value |
| |
|
|
> Affiliated Bond Funds 89.8% |
|
|
| |
46,966,537 |
|
Columbia Short Term Bond Fund, Class I (a) |
|
$ |
468,256,374 |
|
34,541,806 |
|
Columbia Income Opportunities Fund, Class I (a) |
|
352,326,427 |
| |
38,597,441 |
|
Columbia Intermediate Bond Fund, Class I (a) |
|
351,236,711 |
| |
Total Affiliated Bond Funds: (Cost: $1,165,582,728) |
|
1,171,819,512 |
| |||
|
|
|
|
|
| |
|
|
> Affiliated Stock Funds 9.9% |
|
|
| |
1,426,823 |
|
Columbia Dividend Income Fund, Class I (a) |
|
26,553,180 |
| |
548,713 |
|
Columbia Acorn International, Class I (a) |
|
25,943,147 |
| |
941,537 |
|
Columbia Contrarian Core Fund, Class I (a) |
|
19,593,387 |
| |
512,490 |
|
Columbia Acorn Fund, Class I (a) |
|
19,151,739 |
| |
692,164 |
|
Columbia Large Cap Enhanced Core Fund, Class I (a) |
|
13,158,035 |
| |
482,291 |
|
Columbia Acorn Select, Class I (a) |
|
12,886,800 |
| |
623,635 |
|
Columbia Select Large Cap Growth Fund, Class I (a)(b) |
|
12,079,815 |
| |
Total Affiliated Stock Funds: (Cost: $90,822,786) |
|
129,366,103 |
| |||
|
|
|
|
|
| |
|
|
> Short-Term Investments 0.1% |
|
|
| |
1,031,762 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) |
|
1,031,762 |
| |
Total Short-Term Investments: (Cost: $1,031,762) |
|
1,031,762 |
| |||
|
|
|
| |||
Total Investments: 99.8% (Cost: $1,257,437,276)(c) |
|
1,302,217,377 |
(d) | |||
|
|
|
| |||
Cash and Other Assets Less Liabilities: 0.2% |
|
3,129,047 |
| |||
|
|
|
| |||
Net Assets: 100.0% |
|
$ |
1,305,346,424 |
|
> Notes to Statement of Investments
(a) An affiliated person of the Fund, as defined in the Investment Company Act of 1940, 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 period ended March 31, 2014, are as follows:
Security |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
Columbia Short Term Bond Fund, Class I |
|
47,811,438 |
|
2,981,942 |
|
3,826,843 |
|
46,966,537 |
|
$ |
468,256,374 |
|
$ |
1,337,459 |
|
Columbia Income Opportunities Fund, Class I |
|
35,741,824 |
|
1,808,227 |
|
3,008,245 |
|
34,541,806 |
|
352,326,427 |
|
4,549,299 |
| ||
Columbia Intermediate Bond Fund, Class I |
|
39,903,530 |
|
2,536,789 |
|
3,842,878 |
|
38,597,441 |
|
351,236,711 |
|
2,400,058 |
| ||
Columbia Dividend Income Fund, Class I |
|
1,469,969 |
|
828,716 |
|
871,862 |
|
1,426,823 |
|
26,553,180 |
|
161,926 |
| ||
Columbia Acorn International, Class I |
|
583,352 |
|
315,675 |
|
350,314 |
|
548,713 |
|
25,943,147 |
|
|
| ||
Columbia Contrarian Core Fund, Class I |
|
984,664 |
|
548,011 |
|
591,138 |
|
941,537 |
|
19,593,387 |
|
|
| ||
Columbia Acorn Fund, Class I |
|
545,386 |
|
306,100 |
|
338,996 |
|
512,490 |
|
19,151,739 |
|
|
| ||
Columbia Large Cap Enhanced Core Fund, Class I |
|
720,935 |
|
404,479 |
|
433,250 |
|
692,164 |
|
13,158,035 |
|
|
| ||
Columbia Acorn Select, Class I |
|
509,430 |
|
284,250 |
|
311,389 |
|
482,291 |
|
12,886,800 |
|
|
| ||
Columbia Select Large Cap Growth Fund, Class I |
|
700,545 |
|
375,125 |
|
452,035 |
|
623,635 |
|
12,079,815 |
|
|
| ||
Total of Affiliated Transactions |
|
128,971,073 |
|
10,389,314 |
|
14,026,950 |
|
125,333,437 |
|
$ |
1,301,185,615 |
|
$ |
8,448,742 |
|
The aggregate cost and value of these companies at March 31, 2014, was $1,256,405,514 and $1,301,185,615, respectively. Investments in affiliated companies represented 99.68% of the Funds total net assets at March 31, 2014.
(b) Non-income producing security.
(c) At March 31, 2014, for federal income tax purposes, the cost of investments was $1,257,437,276 and net unrealized appreciation was $44,780,101 consisting of gross unrealized appreciation of $49,514,685 and gross unrealized depreciation of $4,734,584.
(d) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2013.
> Notes to Statement of Investments
Fair Value Measurements
Various inputs are used in determining the value of the Funds investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (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 (the Committee) of the Funds Board of Trustees (the Board) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which the investment manager believes that available market quotations are unreliable, to review the appropriateness of the Trusts Portfolio Pricing Policy and the pricing procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Funds investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Funds securities 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. Significant changes in any of these factors could result in lower or higher fair value measurements. 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, 2014, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Total Affiliated Bond Funds |
|
$ |
1,171,819,512 |
|
$ |
|
|
$ |
|
|
$ |
1,171,819,512 |
|
Total Affiliated Stock Funds |
|
129,366,103 |
|
|
|
|
|
129,366,103 |
| ||||
Total Short-Term Investments |
|
1,031,762 |
|
|
|
|
|
1,031,762 |
| ||||
Total Investments |
|
$ |
1,302,217,377 |
|
$ |
|
|
$ |
|
|
$ |
1,302,217,377 |
|
There were no transfers of financial assets between levels during the period.
Columbia Acorn Emerging Markets FundSM
Statement of Investments, March 31, 2014
Number of Shares |
|
|
|
Value |
| |
|
|
Equities: 97.1% |
|
|
| |
Asia 58.6% |
|
|
| |||
|
|
> Indonesia 9.8% |
|
|
| |
54,833,000 |
|
MNC Skyvision |
|
$ |
11,571,588 |
|
|
|
Largest Satellite Pay TV Operator in Indonesia |
|
|
| |
6,677,000 |
|
Matahari Department Store (a) |
|
8,208,389 |
| |
|
|
Largest Department Store Chain in Indonesia |
|
|
| |
21,295,479 |
|
Surya Citra Media |
|
6,023,456 |
| |
|
|
Free to Air TV Station in Indonesia |
|
|
| |
66,827,700 |
|
Arwana Citramulia |
|
5,577,393 |
| |
|
|
Ceramic Tiles for Home Decoration |
|
|
| |
82,889,190 |
|
Ace Indonesia |
|
5,493,713 |
| |
|
|
Home Improvement Retailer |
|
|
| |
2,039,100 |
|
Mayora Indah |
|
5,420,106 |
| |
|
|
Consumer Branded Food Manufacturer |
|
|
| |
9,323,409 |
|
Tower Bersama Infrastructure (a) |
|
4,943,187 |
| |
|
|
Communications Towers |
|
|
| |
1,591,929 |
|
Archipelago Resources (b)(c)(d)(e) |
|
1,433,152 |
| |
|
|
Gold Mining Projects in Indonesia, Vietnam & the Philippines |
|
|
| |
|
|
|
|
48,670,984 |
| |
|
|
> Taiwan 8.6% |
|
|
| |
3,561,000 |
|
Far EasTone Telecom |
|
7,537,911 |
| |
|
|
Taiwans Third Largest Mobile Operator |
|
|
| |
967,169 |
|
Advantech |
|
6,282,636 |
| |
|
|
Industrial PC & Components |
|
|
| |
3,529,631 |
|
Lite-On Technology |
|
5,276,910 |
| |
|
|
Mobile Device, LED & PC Server Component Supplier |
|
|
| |
848,000 |
|
Delta Electronics |
|
5,251,866 |
| |
|
|
Industrial Automation, Switching Power Supplies & Passive Components |
|
|
| |
653,000 |
|
PC Home |
|
4,900,145 |
| |
|
|
Taiwanese Internet Retail Company |
|
|
| |
280,000 |
|
Ginko International |
|
4,837,871 |
| |
|
|
Largest Contact Lens Maker in China |
|
|
| |
196,000 |
|
St. Shine Optical |
|
4,381,081 |
| |
|
|
Worlds Leading Disposable Contact Lens OEM (Original Equipment Manufacturer) |
|
|
| |
1,797,990 |
|
Chroma Ate |
|
4,294,776 |
| |
|
|
Automatic Test Systems, Testing & Measurement Instruments |
|
|
| |
|
|
|
|
42,763,196 |
| |
|
|
> China 7.8% |
|
|
| |
276,445 |
|
WuXi PharmaTech - ADR (a) |
|
10,189,763 |
| |
|
|
Largest Contract Research Organization Business in China |
|
|
| |
13,122,000 |
|
AMVIG Holdings |
|
5,023,033 |
| |
|
|
Chinese Tobacco Packaging Material Supplier |
|
|
| |
4,090,000 |
|
Sihuan Pharmaceuticals |
|
4,940,958 |
| |
|
|
Leading Chinese Generic Drug Manufacturer |
|
|
| |
70,809 |
|
SouFun - ADR |
|
4,844,752 |
| |
|
|
Chinese Real Estate Internet Portal |
|
|
| |
134,948 |
|
BitAuto - ADR (a) |
|
4,836,536 |
| |
|
|
Auto Vertical Website |
|
|
| |
668,000 |
|
Biostime |
|
4,589,761 |
| |
|
|
Pediatric Nutrition & Baby Care Products Provider |
|
|
| |
5,774,000 |
|
NewOcean Energy |
|
4,481,593 |
| |
|
|
Southern China Liquefied Petroleum Gas Distributor |
|
|
| |
|
|
|
|
38,906,396 |
| |
|
|
> India 7.0% |
|
|
| |
1,518,065 |
|
Zee Entertainment Enterprises |
|
6,904,528 |
| |
|
|
Indias Leading Programmer of Pay Television Content |
|
|
| |
37,774 |
|
Bosch |
|
6,900,121 |
| |
|
|
Automotive Parts |
|
|
| |
1,808,593 |
|
Adani Ports & Special Economic Zone |
|
5,688,377 |
| |
|
|
Indian West Coast Shipping Port |
|
|
| |
4,166,996 |
|
Redington India |
|
5,509,474 |
| |
|
|
Supply Chain Solutions for IT & Mobile Handsets in Emerging Markets |
|
|
| |
220,390 |
|
Colgate Palmolive India |
|
5,066,008 |
| |
|
|
Consumer Products in Oral Care |
|
|
| |
359,450 |
|
United Breweries |
|
4,965,740 |
| |
|
|
Indias Largest Brewer |
|
|
| |
|
|
|
|
35,034,248 |
| |
|
|
> Philippines 6.8% |
|
|
| |
43,342,000 |
|
Melco Crown Philippines Resorts (a) |
|
12,586,943 |
| |
|
|
Integrated Resort Operator in Manila |
|
|
| |
2,435,328 |
|
Security Bank |
|
5,756,338 |
| |
|
|
Commercial Bank in the Philippines |
|
|
| |
42,417,600 |
|
RFM Corporation |
|
5,518,203 |
| |
|
|
Flour, Bread, Pasta & Ice Cream Manufacturer/Distributor in the Philippines |
|
|
| |
3,491,580 |
|
Robinsons Retail Holdings (a) |
|
5,294,306 |
| |
|
|
Multi-format Retailer in the Philippines |
|
|
| |
5,094,500 |
|
Puregold Price Club |
|
5,004,822 |
| |
|
|
Supermarket Operator in the Philippines |
|
|
| |
|
|
|
|
34,160,612 |
| |
|
|
> Hong Kong 5.7% |
|
|
| |
4,336,000 |
|
Melco International |
|
14,578,303 |
| |
|
|
Macau Casino Operator |
|
|
| |
11,307,799 |
|
Sa Sa International |
|
9,087,104 |
| |
|
|
Cosmetics Retailer |
|
|
| |
3,418,000 |
|
Vitasoy International |
|
4,967,827 |
| |
|
|
Hong Kong Soy Food Brand |
|
|
| |
|
|
|
|
28,633,234 |
| |
|
|
> Thailand 4.0% |
|
|
| |
4,672,400 |
|
Robinsons Department Store |
|
7,619,067 |
| |
|
|
Department Store Operator in Thailand |
|
|
| |
24,525,383 |
|
Home Product Center |
|
7,380,879 |
| |
|
|
Home Improvement Retailer |
|
|
| |
10,055,200 |
|
Samui Airport Property Fund |
|
4,967,924 |
| |
|
|
Thai Airport Operator |
|
|
| |
|
|
|
|
19,967,870 |
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Singapore 2.6% |
|
|
| |
2,701,000 |
|
Super Group (b) |
|
$ |
7,485,347 |
|
|
|
Instant Food & Beverages in Southeast Asia |
|
|
| |
1,798,000 |
|
Petra Foods |
|
5,274,362 |
| |
|
|
Cocoa Processor & Chocolate Manufacturer |
|
|
| |
|
|
|
|
12,759,709 |
| |
|
|
> Korea 2.1% |
|
|
| |
172,818 |
|
Paradise |
|
5,282,945 |
| |
|
|
Korean Foreigner Only Casino Operator |
|
|
| |
259,889 |
|
Koh Young Technology |
|
5,238,342 |
| |
|
|
Inspection Systems for Printed Circuit Boards |
|
|
| |
|
|
|
|
10,521,287 |
| |
|
|
> Cambodia 1.9% |
|
|
| |
9,228,000 |
|
Nagacorp |
|
9,633,779 |
| |
|
|
Casino/Entertainment Complex in Cambodia |
|
|
| |
|
|
|
|
|
| |
|
|
> Japan 1.3% |
|
|
| |
447,760 |
|
Kansai Paint |
|
6,374,585 |
| |
|
|
Paint Producer in Japan, India, China & Southeast Asia |
|
|
| |
|
|
|
|
|
| |
|
|
> Malaysia 1.0% |
|
|
| |
1,135,300 |
|
Aeon |
|
4,999,423 |
| |
|
|
Shopping Center & Department Store Operator |
|
|
| |
Asia: Total |
|
292,425,323 |
| |||
|
|
|
|
|
| |
Europe 14.2% |
|
|
| |||
|
|
> Finland 3.4% |
|
|
| |
247,840 |
|
Vacon (b) |
|
10,447,962 |
| |
|
|
Leading Independent Manufacturer of Variable Speed Alternating Current Drives |
|
|
| |
290,000 |
|
Tikkurila |
|
6,831,764 |
| |
|
|
Decorative & Industrial Paint in Scandinavia & Central & Eastern Europe |
|
|
| |
|
|
|
|
17,279,726 |
| |
|
|
> Kazakhstan 2.1% |
|
|
| |
1,268,483 |
|
Halyk Savings Bank of Kazakhstan - GDR |
|
10,528,409 |
| |
|
|
Largest Retail Bank & Insurer in Kazakhstan |
|
|
| |
|
|
|
|
|
| |
|
|
> Sweden 2.1% |
|
|
| |
303,638 |
|
Hexagon |
|
10,316,270 |
| |
|
|
Design, Measurement & Visualization Software & Equipment |
|
|
| |
|
|
|
|
|
| |
|
|
> Russia 1.8% |
|
|
| |
295,239 |
|
Yandex (a) |
|
8,913,265 |
| |
|
|
Search Engine for Russian & Turkish Languages |
|
|
| |
|
|
|
|
|
| |
|
|
> United Kingdom 1.6% |
|
|
| |
8,957,839 |
|
Cable and Wireless |
|
7,855,317 |
| |
|
|
Leading Telecoms Service Provider in the Caribbean |
|
|
| |
|
|
|
|
|
| |
|
|
> Turkey 1.1% |
|
|
| |
569,979 |
|
Bizim Toptan |
|
5,460,845 |
| |
|
|
Cash & Carry Stores in Turkey |
|
|
| |
|
|
|
|
|
| |
|
|
> Spain 1.1% |
|
|
| |
840,828 |
|
Prosegur |
|
5,409,571 |
| |
|
|
Security Guards |
|
|
| |
|
|
|
|
|
| |
|
|
> Italy 1.0% |
|
|
| |
324,156 |
|
Pirelli |
|
5,090,937 |
| |
|
|
Global Tire Supplier |
|
|
| |
Europe: Total |
|
70,854,340 |
| |||
|
|
|
|
|
| |
Other Countries 12.3% |
|
|
| |||
|
|
> South Africa 8.2% |
|
|
| |
2,081,394 |
|
Coronation Fund Managers |
|
19,572,379 |
| |
|
|
South African Fund Manager |
|
|
| |
3,469,702 |
|
Rand Merchant Insurance |
|
9,491,586 |
| |
|
|
Directly Sold Property & Casualty Insurance; Holdings in Other Insurers |
|
|
| |
399,378 |
|
Mr. Price |
|
5,971,323 |
| |
|
|
South African Retailer of Apparel, Household & Sporting Goods |
|
|
| |
446,313 |
|
Massmart Holdings |
|
5,829,031 |
| |
|
|
General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary |
|
|
| |
|
|
|
|
40,864,319 |
| |
|
|
> United States 2.8% |
|
|
| |
215,040 |
|
Textainer Group Holdings |
|
8,229,581 |
| |
|
|
Top International Container Leasor |
|
|
| |
111,249 |
|
Atwood Oceanics (a) |
|
5,605,837 |
| |
|
|
Offshore Drilling Contractor |
|
|
| |
|
|
|
|
13,835,418 |
| |
|
|
> Canada 1.3% |
|
|
| |
486,425 |
|
CAE |
|
6,402,066 |
| |
|
|
Flight Simulator Equipment & Training Centers |
|
|
| |
Other Countries: Total |
|
61,101,803 |
| |||
|
|
|
|
|
| |
Latin America 12.0% |
|
|
| |||
|
|
> Brazil 5.2% |
|
|
| |
718,970 |
|
Localiza Rent A Car |
|
10,437,581 |
| |
|
|
Car Rental |
|
|
| |
9,580,580 |
|
Beadell Resources (a) |
|
5,369,537 |
| |
|
|
Gold Mining in Brazil |
|
|
| |
1,275,100 |
|
Odontoprev |
|
5,119,507 |
| |
|
|
Dental Insurance |
|
|
| |
255,000 |
|
Linx |
|
5,035,941 |
| |
|
|
Retail Management Software in Brazil |
|
|
| |
|
|
|
|
25,962,566 |
| |
|
|
> Mexico 4.7% |
|
|
| |
2,687,000 |
|
Qualitas |
|
7,310,501 |
| |
|
|
Leading Auto Insurer in Mexico & Central America |
|
|
| |
652,200 |
|
Gruma (a) |
|
5,395,243 |
| |
|
|
Tortilla Producer & Distributor |
|
|
| |
2,050,000 |
|
Genomma Lab Internacional (a) |
|
5,274,367 |
| |
|
|
Develops, Markets & Distributes Consumer Products |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Mexicocontinued |
|
|
| |
42,927 |
|
Grupo Aeroportuario del Sureste - ADR |
|
$ |
5,264,567 |
|
|
|
Mexican Airport Operator |
|
|
| |
|
|
|
|
23,244,678 |
| |
|
|
> Colombia 1.1% |
|
|
| |
3,344,904 |
|
Isagen |
|
5,478,889 |
| |
|
|
Leading Colombian Electricity Provider |
|
|
| |
|
|
|
|
|
| |
|
|
> Chile 1.0% |
|
|
| |
1,117,409 |
|
Forus |
|
4,992,095 |
| |
|
|
Multi-brand Latin American Wholesaler & Retailer |
|
|
| |
Latin America: Total |
|
59,678,228 |
| |||
|
|
|
|
|
| |
Total Equities: 97.1% (Cost: $451,478,314) |
|
484,059,694 |
(f) | |||
|
|
|
|
|
| |
Short-Term Investments 3.0% |
|
|
| |||
15,128,245 |
|
JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%) |
|
15,128,245 |
| |
Total Short-Term Investments: 3.0% (Cost: $15,128,245) |
|
15,128,245 |
| |||
|
|
|
| |||
Securities Lending Collateral 0.1% |
|
|
| |||
381,970 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g) |
|
381,970 |
| |
Total Securities Lending Collateral: 0.1% (Cost: $381,970) |
|
381,970 |
| |||
|
|
|
| |||
Total Investments: 100.2% (Cost: $466,988,529) (h) |
|
499,569,909 |
(i) | |||
|
|
|
| |||
Obligation to Return Collateral for Securities Loaned: (0.1)% |
|
(381,970 |
) | |||
|
|
|
| |||
Cash and Other Assets Less Liabilities: (0.1)% |
|
(441,677 |
) | |||
|
|
|
| |||
Net Assets: 100.0% |
|
$ |
498,746,262 |
|
ADR - American Depositary Receipts
GDR - Global Depositary Receipts
> Notes to Statement of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at March 31, 2014. The total market value of securities on loan at March 31, 2014 was $361,767.
(c) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. This security is valued at fair value determined in good faith under consistently applied procedures established by the Funds Board of Trustees. At March 31, 2014, the market value of this security amounted to $1,433,152, which represented 0.29% of total net assets. Additional information on this security is as follows:
Security |
|
Acquisition |
|
Shares/Units |
|
Cost |
|
Value |
| ||
Archipelago Resources |
|
8/19/11-9/26/13 |
|
1,591,929 |
|
$ |
1,316,810 |
|
$ |
1,433,152 |
|
(d) Illiquid security.
(e) The Fund also received put options through a transaction related to a proposed company restructuring of Archipelago Resources. Additional information on the put options received is as follows:
Security |
|
Option Shares |
|
Exercise Price |
|
Expiration Date |
|
Value |
| ||
Option (1) |
|
1,591,929 |
|
GBP |
0.58 |
|
August 13, 2014 |
|
$ |
106,159 |
|
GBP - British Pound
(1) Archipelago Resources is expected to restructure into a new company during 2014. From January 31, 2014, the option is exercisable until the earlier of (i) the date the company is restructured and prices the shares for its initial public offering or (ii) August 13, 2014, subject to extension until the date the company is restructured and prices the shares for its initial public offering (but not later than September 26, 2016). After August 13, 2014, the valuation of the option will fluctuate based upon its fair market value as determined in accordance with the put option agreement. These put options are valued at fair value determined in good faith under consistently applied procedures established by the Funds Board of Trustees.
> Notes to Statement of Investments
(f) On March 31, 2014, the Funds total investments were denominated in currencies as follows:
Currency |
|
Value |
|
Percentage of |
| |
United States Dollar |
|
$ |
58,412,710 |
|
11.7 |
|
Hong Kong Dollar |
|
57,302,358 |
|
11.5 |
| |
Indonesian Rupiah |
|
47,237,833 |
|
9.5 |
| |
Taiwan Dollar |
|
42,763,197 |
|
8.6 |
| |
South African Rand |
|
40,864,319 |
|
8.2 |
| |
Indian Rupee |
|
35,034,248 |
|
7.0 |
| |
Philippine Peso |
|
34,160,612 |
|
6.8 |
| |
Euro |
|
27,780,233 |
|
5.6 |
| |
Other currencies less than 5% of total net assets |
|
140,504,184 |
|
28.2 |
| |
Total Equities |
|
$ |
484,059,694 |
|
97.1 |
|
(g) Investment made with cash collateral received from securities lending activity.
(h) At March 31, 2014, for federal income tax purposes, the cost of investments was $466,988,529 and net unrealized appreciation was $32,581,380 consisting of gross unrealized appreciation of $48,440,682 and gross unrealized depreciation of $15,859,302.
(i) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2013.
Fair Value Measurements
Various inputs are used in determining the value of the Funds investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (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 (the Committee) of the Funds Board of Trustees (the Board) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which the investment manager believes that available market quotations are unreliable, to review the appropriateness of the Trusts Portfolio Pricing Policy and the pricing procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Funds investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments and derivatives categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Funds securities 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. Significant changes in any of these factors could result in lower or higher fair value measurements. 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
The following table summarizes the inputs used, as of March 31, 2014, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Asia |
|
$ |
19,871,051 |
|
$ |
271,121,120 |
|
$ |
1,433,152 |
|
$ |
292,425,323 |
|
Europe |
|
8,913,265 |
|
61,941,075 |
|
|
|
70,854,340 |
| ||||
Other Countries |
|
20,237,484 |
|
40,864,319 |
|
|
|
61,101,803 |
| ||||
Latin America |
|
54,308,691 |
|
5,369,537 |
|
|
|
59,678,228 |
| ||||
Total Equities |
|
103,330,491 |
|
379,296,051 |
|
1,433,152 |
|
484,059,694 |
| ||||
Total Short-Term Investments |
|
15,128,245 |
|
|
|
|
|
15,128,245 |
| ||||
Total Securities Lending Collateral |
|
381,970 |
|
|
|
|
|
381,970 |
| ||||
Total Investments |
|
$ |
118,840,706 |
|
$ |
379,296,051 |
|
$ |
1,433,152 |
|
$ |
499,569,909 |
|
Unrealized Appreciation on Options |
|
|
|
|
|
106,159 |
|
106,159 |
| ||||
Total |
|
$ |
118,840,706 |
|
$ |
379,296,051 |
|
$ |
1,539,311 |
|
$ |
499,676,068 |
|
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 sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, 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 during the period.
The Fund does not hold any significant investments categorized as Level 3.
Certain securities classified as Level 3 are valued at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include, but are not limited to estimated earnings of the company and the position of the security within the companys capital structure. The Committee also may use some observable inputs, which may include, but are not limited to, trades of similar securities and market multiples derived from a set of comparable companies. Significant increases or decreases to any of these inputs could result in a significantly lower or higher fair value measurement.
Columbia Acorn European FundSM
Statement of Investments, March 31, 2014
Number of Shares |
|
|
|
Value |
| |
|
|
Equities: 94.4% |
|
|
| |
Europe 93.9% |
|
|
| |||
|
|
> United Kingdom 30.5% |
|
|
| |
78,940 |
|
Jardine Lloyd Thompson Group |
|
$ |
1,400,275 |
|
|
|
International Business Insurance Broker |
|
|
| |
1,809,310 |
|
Assura |
|
1,289,507 |
| |
|
|
UK Primary Health Care Property Developer |
|
|
| |
24,770 |
|
Spirax Sarco |
|
1,193,434 |
| |
|
|
Steam Systems for Manufacturing & Process Industries |
|
|
| |
195,540 |
|
Charles Taylor |
|
847,586 |
| |
|
|
Insurance Services |
|
|
| |
68,350 |
|
Telecity |
|
795,369 |
| |
|
|
European Data Center Provider |
|
|
| |
39,380 |
|
WH Smith |
|
789,798 |
| |
|
|
Newsprint, Books & General Stationery Retailer |
|
|
| |
35,030 |
|
Babcock International |
|
786,652 |
| |
|
|
Public Sector Outsourcer |
|
|
| |
110,450 |
|
Abcam |
|
716,292 |
| |
|
|
Online Sales of Antibodies |
|
|
| |
64,730 |
|
Shaftesbury |
|
710,078 |
| |
|
|
London Prime Retail REIT |
|
|
| |
15,870 |
|
AVEVA |
|
554,024 |
| |
|
|
Engineering Software |
|
|
| |
12,230 |
|
Croda |
|
519,110 |
| |
|
|
Oleochemicals & Industrial Chemicals |
|
|
| |
12,070 |
|
Fidessa Group |
|
510,508 |
| |
|
|
Software for Financial Trading Systems |
|
|
| |
65,820 |
|
Halfords |
|
506,741 |
| |
|
|
The UKs Leading Retailer of Leisure Goods & Auto Parts |
|
|
| |
104,990 |
|
Elementis |
|
501,473 |
| |
|
|
Specialty Chemicals |
|
|
| |
11,380 |
|
Rightmove |
|
500,486 |
| |
|
|
Internet Real Estate Listings |
|
|
| |
33,000 |
|
Dialight |
|
499,270 |
| |
|
|
LED Products for Hazardous & Industrial Environments |
|
|
| |
569,003 |
|
Cable and Wireless |
|
498,971 |
| |
|
|
Leading Telecoms Service Provider in the Caribbean |
|
|
| |
6,965 |
|
Whitbread |
|
483,279 |
| |
|
|
The UKs Leading Hotelier & Coffee Shop |
|
|
| |
19,060 |
|
Aggreko |
|
476,956 |
| |
|
|
Temporary Power & Temperature Control Services |
|
|
| |
50,140 |
|
Dominos Pizza UK & Ireland |
|
461,004 |
| |
|
|
Pizza Delivery in UK, Ireland & Germany |
|
|
| |
87,630 |
|
RPS Group |
|
456,685 |
| |
|
|
Consultant Specializing in Energy, Water, Urban Planning, Health & Safety |
|
|
| |
178,590 |
|
Smiths News |
|
451,815 |
| |
|
|
Newspaper & Magazine Distributor |
|
|
| |
55,180 |
|
Ocado (a) |
|
423,721 |
| |
|
|
Leading Online Grocery Retailer |
|
|
| |
|
|
|
|
15,373,034 |
| |
|
|
> France 11.7% |
|
|
| |
17,230 |
|
Neopost |
|
1,360,599 |
| |
|
|
Postage Meter Machines |
|
|
| |
2,560 |
|
Eurofins Scientific |
|
766,194 |
| |
|
|
Food, Pharmaceuticals & Materials Screening & Testing |
|
|
| |
4,050 |
|
Norbert Dentressangle |
|
663,400 |
| |
|
|
Leading European Logistics & Transport Group |
|
|
| |
8,780 |
|
1000 mercis |
|
596,079 |
| |
|
|
Interactive Advertising & Marketing |
|
|
| |
14,380 |
|
AKKA Technologies |
|
515,868 |
| |
|
|
Engineering Consultancy |
|
|
| |
17,330 |
|
Bonduelle |
|
512,828 |
| |
|
|
Producer of Canned, Deep-Frozen & Fresh Vegetables |
|
|
| |
13,340 |
|
Cegedim (a) |
|
510,904 |
| |
|
|
Medical Market Research/IT Services |
|
|
| |
155,350 |
|
Hi-Media (a) |
|
498,662 |
| |
|
|
Online Advertiser in Europe |
|
|
| |
13,730 |
|
Saft |
|
479,877 |
| |
|
|
Niche Battery Manufacturer |
|
|
| |
|
|
|
|
5,904,411 |
| |
|
|
> Germany 10.0% |
|
|
| |
26,000 |
|
Aurelius |
|
988,960 |
| |
|
|
European Turnaround Investor |
|
|
| |
17,730 |
|
NORMA Group |
|
939,536 |
| |
|
|
Clamps for Automotive & Industrial Applications |
|
|
| |
14,130 |
|
Wirecard |
|
586,322 |
| |
|
|
Online Payment Processing & Risk Management |
|
|
| |
13,430 |
|
Elringklinger |
|
529,337 |
| |
|
|
Automobile Components |
|
|
| |
1,470 |
|
Rational |
|
523,500 |
| |
|
|
Commercial Ovens |
|
|
| |
5,500 |
|
MTU Aero Engines |
|
511,149 |
| |
|
|
Airplane Engine Components & Services |
|
|
| |
40,480 |
|
TAG Immobilien |
|
501,905 |
| |
|
|
Owner of Residential Properties in Germany |
|
|
| |
60,230 |
|
Telefonica Deutschland |
|
480,098 |
| |
|
|
Mobile & Fixed-line Communications in Germany |
|
|
| |
|
|
|
|
5,060,807 |
| |
|
|
> Netherlands 7.2% |
|
|
| |
9,110 |
|
Gemalto |
|
1,061,010 |
| |
|
|
Digital Security Solutions |
|
|
| |
25,230 |
|
Aalberts Industries |
|
879,380 |
| |
|
|
Flow Control & Heat Treatment |
|
|
| |
16,970 |
|
Arcadis |
|
652,617 |
| |
|
|
Engineering Consultants |
|
|
| |
15,220 |
|
TKH Group |
|
531,534 |
| |
|
|
Dutch Industrial Conglomerate |
|
|
| |
2,520 |
|
Core Labs |
|
500,069 |
| |
|
|
Oil & Gas Reservoir Consulting |
|
|
| |
|
|
|
|
3,624,610 |
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Sweden 7.1% |
|
|
| |
28,110 |
|
Swedish Match |
|
$ |
918,571 |
|
|
|
Market Leader in Swedish Snus |
|
|
| |
24,100 |
|
Hexagon |
|
818,811 |
| |
|
|
Design, Measurement & Visualization Software & Equipment |
|
|
| |
39,560 |
|
Sweco |
|
661,646 |
| |
|
|
Engineering Consultants |
|
|
| |
12,450 |
|
Unibet |
|
625,164 |
| |
|
|
European Online Gaming Operator |
|
|
| |
19,560 |
|
Mekonomen |
|
539,446 |
| |
|
|
Leading Nordic Integrated Wholesaler/Retailer of Automotive Parts & Service |
|
|
| |
|
|
|
|
3,563,638 |
| |
|
|
> Switzerland 6.0% |
|
|
| |
3,120 |
|
Geberit |
|
1,021,707 |
| |
|
|
Plumbing Supplies |
|
|
| |
3,620 |
|
Partners Group |
|
1,017,146 |
| |
|
|
Private Markets Asset Management |
|
|
| |
1,340 |
|
INFICON |
|
496,409 |
| |
|
|
Gas Detection Instruments |
|
|
| |
120 |
|
Sika |
|
490,832 |
| |
|
|
Chemicals for Construction & Industrial Applications |
|
|
| |
|
|
|
|
3,026,094 |
| |
|
|
> Finland 5.9% |
|
|
| |
28,980 |
|
Vacon |
|
1,221,683 |
| |
|
|
Leading Independent Manufacturer of Variable Speed Alternating Current Drives |
|
|
| |
83,680 |
|
Munksjo (a) |
|
698,607 |
| |
|
|
Specialty Paper Maker |
|
|
| |
24,981 |
|
Tikkurila |
|
588,498 |
| |
|
|
Decorative & Industrial Paint in Scandinavia & Central & Eastern Europe |
|
|
| |
14,130 |
|
Konecranes (b) |
|
450,253 |
| |
|
|
Manufacture & Service of Industrial Cranes & Port Handling Equipment |
|
|
| |
|
|
|
|
2,959,041 |
| |
|
|
> Spain 5.7% |
|
|
| |
120,310 |
|
DIA |
|
1,099,221 |
| |
|
|
Leading Hard Discounter in Spain, Latin America & the Eastern Mediterranean |
|
|
| |
14,560 |
|
Viscofan |
|
761,524 |
| |
|
|
Sausage Casings Maker |
|
|
| |
87,060 |
|
Prosegur |
|
560,111 |
| |
|
|
Security Guards |
|
|
| |
10,500 |
|
Bolsas y Mercados Españoles |
|
427,233 |
| |
|
|
Spanish Stock Markets |
|
|
| |
|
|
|
|
2,848,089 |
| |
|
|
> Norway 3.9% |
|
|
| |
41,610 |
|
Subsea 7 |
|
773,438 |
| |
|
|
Offshore Subsea Contractor |
|
|
| |
80,730 |
|
Orkla |
|
688,277 |
| |
|
|
Food & Brands, Aluminum, Chemicals Conglomerate |
|
|
| |
46,970 |
|
Atea |
|
515,762 |
| |
|
|
Nordic IT Hardware/Software Reseller & Installation Company |
|
|
| |
|
|
|
|
1,977,477 |
| |
|
|
> Denmark 2.1% |
|
|
| |
13,310 |
|
SimCorp |
|
540,323 |
| |
|
|
Software for Investment Managers |
|
|
| |
9,200 |
|
Jyske Bank (a) |
|
505,551 |
| |
|
|
Danish Bank |
|
|
| |
|
|
|
|
1,045,874 |
| |
|
|
> Turkey 1.0% |
|
|
| |
54,270 |
|
Bizim Toptan |
|
519,949 |
| |
|
|
Cash & Carry Stores in Turkey |
|
|
| |
|
|
|
|
|
| |
|
|
> Belgium 1.0% |
|
|
| |
7,900 |
|
EVS Broadcast Equipment |
|
511,848 |
| |
|
|
Digital Live Mobile Production Software & Systems |
|
|
| |
|
|
|
|
|
| |
|
|
> Italy 0.9% |
|
|
| |
29,040 |
|
Pirelli |
|
456,079 |
| |
|
|
Global Tire Supplier |
|
|
| |
|
|
|
|
|
| |
|
|
> Russia 0.9% |
|
|
| |
14,500 |
|
Yandex (a) |
|
437,755 |
| |
|
|
Search Engine for Russian & Turkish Languages |
|
|
| |
Europe: Total |
|
47,308,706 |
| |||
|
|
|
|
|
| |
Other Countries 0.5% |
|
|
| |||
|
|
> United States 0.5% |
|
|
| |
5,277 |
|
Gulfmark Offshore |
|
237,148 |
| |
|
|
Operator of Offshore Supply Vessels |
|
|
| |
Other Countries: Total |
|
237,148 |
| |||
|
|
|
|
|
| |
Total Equities: 94.4% (Cost: $43,424,157) |
|
47,545,854 |
(c) | |||
|
|
|
|
|
| |
Short-Term Investments 4.9% |
|
|
| |||
2,492,228 |
|
JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%) |
|
2,492,228 |
| |
Total Short-Term Investments: 4.9% (Cost: $2,492,228) |
|
2,492,228 |
| |||
Number of Shares |
|
|
|
Value |
| |
Securities Lending Collateral 0.6% |
|
|
| |||
280,540 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (d) |
|
$ |
280,540 |
|
Total Securities Lending Collateral: 0.6% (Cost: $280,540) |
|
280,540 |
| |||
|
|
|
|
|
| |
Total Investments: 99.9% (Cost: $46,196,925)(e) |
|
50,318,622 |
(f) | |||
|
|
|
| |||
Obligation to Return Collateral for Securities Loaned: (0.6)% |
|
(280,540 |
) | |||
|
|
|
| |||
Cash and Other Assets Less Liabilities: 0.7% |
|
328,661 |
| |||
|
|
|
| |||
Net Assets: 100.0% |
|
$ |
50,366,743 |
|
REIT - Real Estate Investment Trust
> Notes to Statement of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at March 31, 2014. The total market value of securities on loan at March 31, 2014 was $264,594.
(c) On March 31, 2014, the Funds total equity investments were denominated in currencies as follows:
Currency |
|
Value |
|
Percentage of |
| |
Euro |
|
$ |
20,864,815 |
|
41.4 |
|
British Pound |
|
15,373,034 |
|
30.5 |
| |
Swedish Krona |
|
3,563,638 |
|
7.1 |
| |
Swiss Franc |
|
3,026,094 |
|
6.0 |
| |
Other currencies less than 5% of total net assets |
|
4,718,273 |
|
9.4 |
| |
Total Equities |
|
$ |
47,545,854 |
|
94.4 |
|
(d) Investment made with cash collateral received from securities lending activity.
(e) At March 31, 2014, for federal income tax purposes, the cost of investments was $46,196,925 and net unrealized appreciation was $4,121,697 consisting of gross unrealized appreciation of $4,835,371 and gross unrealized depreciation of $713,674.
(f) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2013.
Fair Value Measurements
Various inputs are used in determining the value of the Funds investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (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
> Notes to Statement of Investments
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 (the Committee) of the Funds Board of Trustees (the Board) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which the investment manager believes that available market quotations are unreliable, to review the appropriateness of the Trusts Portfolio Pricing Policy and the pricing procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Funds investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Funds securities 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. Significant changes in any of these factors could result in lower or higher fair value measurements. 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, 2014, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Europe |
|
$ |
937,824 |
|
$ |
46,370,882 |
|
$ |
|
|
$ |
47,308,706 |
|
Other Countries |
|
237,148 |
|
|
|
|
|
237,148 |
| ||||
Total Equities |
|
1,174,972 |
|
46,370,882 |
|
|
|
47,545,854 |
| ||||
Total Short-Term Investments |
|
2,492,228 |
|
|
|
|
|
2,492,228 |
| ||||
Total Securities Lending Collateral |
|
280,540 |
|
|
|
|
|
280,540 |
| ||||
Total Investments |
|
$ |
3,947,740 |
|
$ |
46,370,882 |
|
$ |
|
|
$ |
50,318,622 |
|
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 sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, 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 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/ P. Zachary Egan |
| ||
|
P. Zachary Egan, President |
| ||
|
|
| ||
|
|
| ||
Date |
|
May 22, 2014 |
| |
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/ P. Zachary Egan |
| |
|
P. Zachary Egan, President |
| |
|
|
| |
|
|
| |
Date |
|
May 22, 2014 |
|
|
|
| |
|
|
| |
By (Signature and Title) |
/s/ Bruce H. Lauer |
| |
|
Bruce H. Lauer, Treasurer |
| |
|
|
| |
|
|
| |
Date |
|
May 22, 2014 |
|
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, 2014 |
/s/ Bruce H. Lauer |
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Bruce H. Lauer, Treasurer |
I, P. Zachary Egan, 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, 2014 |
/s/ P. Zachary Egan |
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P. Zachary Egan, President |