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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
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Investment Company Act file number |
811-01829 | |||||||
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Columbia Acorn Trust | ||||||||
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(Exact name of registrant as specified in charter) | ||||||||
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227 W. Monroe Street, Suite 3000, Chicago, IL |
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60606 | ||||||
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(Address of principal executive offices) |
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(Zip code) | ||||||
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Scott R. Plummer | ||||||||
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P. Zachary Egan | ||||||||
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Mary C. Moynihan | ||||||||
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(Name and address of agents for service) | ||||||||
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Registrant’s 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: |
September 30, 2014 |
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Item 1. Schedule of Investments.
Columbia Acorn® Fund
Statement of Investments (Unaudited), September 30, 2014
|
Number of Shares |
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|
Value |
| |
|
|
|
Equities: 98.2% |
|
|
| |
|
Information 25.8% |
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| |||
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> Business Software 6.0% |
|
|
| |
|
5,800,000 |
|
Informatica (a)(b) |
|
$ |
198,592,000 |
|
|
|
|
Enterprise Data Integration Software |
|
|
| |
|
2,500,000 |
|
Ansys (a) |
|
189,175,000 |
| |
|
|
|
Simulation Software for Engineers & Designers |
|
|
| |
|
2,693,000 |
|
Hexagon (Sweden) |
|
85,153,780 |
| |
|
|
|
Design, Measurement & Visualization Software & Equipment |
|
|
| |
|
1,176,000 |
|
Solera Holdings |
|
66,279,360 |
| |
|
|
|
Software for Automotive Insurance Claims Processing |
|
|
| |
|
450,000 |
|
Ultimate Software (a) |
|
63,679,500 |
| |
|
|
|
Human Capital Management Systems |
|
|
| |
|
1,035,000 |
|
SPS Commerce (a)(b) |
|
55,010,250 |
| |
|
|
|
Supply Chain Management Software Delivered via Web |
|
|
| |
|
1,000,000 |
|
DemandWare (a) |
|
50,920,000 |
| |
|
|
|
eCommerce Website Platform for Retailers & Apparel Manufacturers |
|
|
| |
|
550,000 |
|
NetSuite (a) |
|
49,247,000 |
| |
|
|
|
End-to-end IT Systems Solution Delivered via Web |
|
|
| |
|
500,000 |
|
Tyler Technologies (a) |
|
44,200,000 |
| |
|
|
|
Financial, Tax, Court & Document Management Systems for Local Governments |
|
|
| |
|
260,000 |
|
Concur Technologies (a)(c) |
|
32,973,200 |
| |
|
|
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Web-enabled Expense Management Software |
|
|
| |
|
3,741,000 |
|
InContact (a)(b) |
|
32,527,995 |
| |
|
|
|
Call Center Systems Delivered via Web & Telecommunication Services |
|
|
| |
|
550,000 |
|
Commvault Systems (a) |
|
27,720,000 |
| |
|
|
|
Data Storage Management |
|
|
| |
|
610,000 |
|
Envestnet (a) |
|
27,450,000 |
| |
|
|
|
Technology Platform for Investment Advisors |
|
|
| |
|
1,750,000 |
|
Tangoe (a) |
|
23,712,500 |
| |
|
|
|
Software Solution for Managing Communication Expense & Devices |
|
|
| |
|
2,225,000 |
|
E2Open (a)(b) |
|
20,714,750 |
| |
|
|
|
Supply Chain Management Software & Supplier/Partner Network |
|
|
| |
|
1,046,288 |
|
Amber Road (a)(c) |
|
18,142,634 |
| |
|
|
|
Global Trade Management Software Delivered via Web |
|
|
| |
|
1,050,000 |
|
RealPage (a) |
|
16,275,000 |
| |
|
|
|
Software for Managing Rental Properties Delivered via Web |
|
|
| |
|
589,372 |
|
Textura (a)(c) |
|
15,559,421 |
| |
|
|
|
Construction Vendor Management Software |
|
|
| |
|
1,728,000 |
|
Five9 (a)(c) |
|
11,301,120 |
| |
|
|
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Call Center Software |
|
|
| |
|
708,300 |
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Kinaxis (Canada) (a) |
|
10,081,077 |
| |
|
|
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Supply Chain Planning & Analytics Software |
|
|
| |
|
699,967 |
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Exa (a)(b) |
|
7,895,627 |
| |
|
|
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Simulation Software |
|
|
| |
|
540,000 |
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Covisint (a)(c) |
|
2,241,000 |
| |
|
|
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Collaboration Software Platform Provider |
|
|
| |
|
|
|
|
|
1,048,851,214 |
| |
|
|
|
> Instrumentation 3.5% |
|
|
| |
|
1,351,638 |
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Mettler-Toledo International (a) |
|
346,195,041 |
| |
|
|
|
Laboratory Equipment |
|
|
| |
|
4,362,000 |
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Trimble Navigation (a) |
|
133,041,000 |
| |
|
|
|
GPS-based Instruments |
|
|
| |
|
1,620,000 |
|
IPG Photonics (a)(c) |
|
111,423,600 |
| |
|
|
|
Fiber Lasers |
|
|
| |
|
876,000 |
|
FLIR Systems |
|
27,453,840 |
| |
|
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Infrared Cameras |
|
|
| |
|
|
|
|
|
618,113,481 |
| |
|
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> Computer Hardware & Related Equipment 3.0% |
|
|
| |
|
3,156,000 |
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Amphenol |
|
315,158,160 |
| |
|
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Electronic Connectors |
|
|
| |
|
803,000 |
|
Zebra Technologies (a) |
|
56,988,910 |
| |
|
|
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Bar Code Printers |
|
|
| |
|
395,000 |
|
Stratasys (a)(c) |
|
47,708,100 |
| |
|
|
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Rapid Prototyping & Direct Digital Manufacturing Systems |
|
|
| |
|
624,000 |
|
Rogers (a) |
|
34,170,240 |
| |
|
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Printed Circuit Materials & High-performance Foams |
|
|
| |
|
507,000 |
|
Belden |
|
32,458,140 |
| |
|
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Specialty Cable |
|
|
| |
|
1,604,000 |
|
II-VI (a) |
|
18,879,080 |
| |
|
|
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Laser Optics & Specialty Materials |
|
|
| |
|
539,000 |
|
VeriFone Holdings (a) |
|
18,530,820 |
| |
|
|
|
Point of Sale Systems |
|
|
| |
|
|
|
|
|
523,893,450 |
| |
|
|
|
> Mobile Communications 2.7% |
|
|
| |
|
2,360,000 |
|
SBA Communications (a) |
|
261,724,000 |
| |
|
|
|
Communications Towers |
|
|
| |
|
26,000,000 |
|
Globalstar (a)(c) |
|
95,160,000 |
| |
|
|
|
Satellite Mobile Voice & Data Carrier |
|
|
| |
|
940,000 |
|
Crown Castle International |
|
75,698,200 |
| |
|
|
|
Communications Towers |
|
|
| |
|
2,000,000 |
|
Gogo (a)(c) |
|
33,720,000 |
| |
|
|
|
Provider of Wi-Fi on Airplanes |
|
|
| |
|
1,753,625 |
|
Audience (a)(b) |
|
12,976,825 |
| |
|
|
|
Improving Voice Quality for Mobile Devices |
|
|
| |
|
|
|
|
|
479,279,025 |
| |
|
|
|
> Computer Services 2.2% |
|
|
| |
|
3,775,000 |
|
iGATE (a)(b) |
|
138,618,000 |
| |
|
|
|
IT & Business Process Outsourcing Services |
|
|
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Computer Services—continued |
|
|
| |
|
1,835,000 |
|
Virtusa (a)(b) |
|
$ |
65,252,600 |
|
|
|
|
Offshore IT Outsourcing |
|
|
| |
|
2,112,805 |
|
WNS - ADR (India) (a) |
|
47,559,240 |
| |
|
|
|
Offshore Business Process Outsourcing Services |
|
|
| |
|
1,618,000 |
|
ExlService Holdings (a) |
|
39,495,380 |
| |
|
|
|
Business Process Outsourcing |
|
|
| |
|
373,000 |
|
Syntel (a) |
|
32,801,620 |
| |
|
|
|
Offshore IT Services |
|
|
| |
|
1,983,000 |
|
Genpact (a) |
|
32,362,560 |
| |
|
|
|
Business Process Outsourcing |
|
|
| |
|
3,274,000 |
|
Hackett Group (b) |
|
19,513,040 |
| |
|
|
|
IT Integration & Best Practice Research |
|
|
| |
|
|
|
|
|
375,602,440 |
| |
|
|
|
> Business Information & Marketing Services 1.5% |
|
|
| |
|
1,900,000 |
|
Verisk Analytics (a) |
|
115,691,000 |
| |
|
|
|
Risk & Decision Analytics |
|
|
| |
|
4,075,000 |
|
Navigant Consulting (a)(b) |
|
56,683,250 |
| |
|
|
|
Financial Consulting Firm |
|
|
| |
|
4,800,000 |
|
Bankrate (a) |
|
54,528,000 |
| |
|
|
|
Internet Advertising for the Insurance, Credit Card & Banking Markets |
|
|
| |
|
2,570,000 |
|
RPX (a) |
|
35,286,100 |
| |
|
|
|
Patent Aggregation & Defensive Patent Consulting |
|
|
| |
|
|
|
|
|
262,188,350 |
| |
|
|
|
> Internet Related 1.3% |
|
|
| |
|
3,456,000 |
|
Pandora Media (a) |
|
83,496,960 |
| |
|
|
|
Streaming Music |
|
|
| |
|
625,000 |
|
TripAdvisor (a) |
|
57,137,500 |
| |
|
|
|
Online Travel Research |
|
|
| |
|
12,165,736 |
|
Vonage (a)(b) |
|
39,903,614 |
| |
|
|
|
Business & Consumer Internet Telephony |
|
|
| |
|
2,199,707 |
|
RetailMeNot (a) |
|
35,547,265 |
| |
|
|
|
Digital Coupon Marketplace |
|
|
| |
|
257,000 |
|
Rightmove (United Kingdom) |
|
8,938,213 |
| |
|
|
|
Internet Real Estate Listings |
|
|
| |
|
|
|
|
|
225,023,552 |
| |
|
|
|
> Semiconductors & Related Equipment 0.9% |
|
|
| |
|
5,390,000 |
|
Atmel (a) |
|
43,551,200 |
| |
|
|
|
Microcontrollers, Radio Frequency & Memory Semiconductors |
|
|
| |
|
420,000 |
|
Littelfuse |
|
35,775,600 |
| |
|
|
|
Little Fuses |
|
|
| |
|
699,000 |
|
Monolithic Power Systems |
|
30,790,950 |
| |
|
|
|
High-performance Analog & Mixed Signal Integrated Circuits |
|
|
| |
|
560,000 |
|
Semtech (a) |
|
15,204,000 |
| |
|
|
|
Analog Semiconductors |
|
|
| |
|
615,000 |
|
Ultratech (a) |
|
13,991,250 |
| |
|
|
|
Semiconductor Equipment |
|
|
| |
|
2,500,000 |
|
Rubicon Technology (a)(b)(c) |
|
|
10,625,000 |
|
|
|
|
Sapphire for the Lighting, Electronics & Automotive Industries |
|
|
| |
|
|
|
|
|
149,938,000 |
| |
|
|
|
> Telecommunications Equipment 0.8% |
|
|
| |
|
640,000 |
|
F5 Networks (a) |
|
75,993,600 |
| |
|
|
|
Internet Traffic Management Equipment |
|
|
| |
|
2,983,000 |
|
Infinera (a) |
|
31,828,610 |
| |
|
|
|
Optical Networking Equipment |
|
|
| |
|
1,118,000 |
|
CalAmp (a) |
|
19,699,160 |
| |
|
|
|
Machine to Machine Communications |
|
|
| |
|
1,040,000 |
|
Ixia (a) |
|
9,505,600 |
| |
|
|
|
Telecom Network Test Equipment |
|
|
| |
|
|
|
|
|
137,026,970 |
| |
|
|
|
> Financial Processors 0.8% |
|
|
| |
|
1,700,000 |
|
Global Payments |
|
118,796,000 |
| |
|
|
|
Credit Card Processor |
|
|
| |
|
1,300,000 |
|
Liquidity Services (a) |
|
17,875,000 |
| |
|
|
|
E-auctions for Surplus & Salvage Goods |
|
|
| |
|
|
|
|
|
136,671,000 |
| |
|
|
|
> Telephone & Data Services 0.7% |
|
|
| |
|
2,200,000 |
|
Cogent Communications |
|
73,942,000 |
| |
|
|
|
Internet Data Pipelines |
|
|
| |
|
2,800,000 |
|
Boingo Wireless (a)(b) |
|
19,964,000 |
| |
|
|
|
Wholesale & Retail Wi-Fi Networks |
|
|
| |
|
1,430,000 |
|
GTT Communications (a) |
|
17,031,300 |
| |
|
|
|
Provider of High-capacity Data Transit |
|
|
| |
|
4,000,000 |
|
Towerstream (a)(b) |
|
5,920,000 |
| |
|
|
|
High Speed Wireless, Rooftop Antenna Space & Wi-Fi Offload |
|
|
| |
|
|
|
|
|
116,857,300 |
| |
|
|
|
> Electronics Distribution 0.6% |
|
|
| |
|
2,738,000 |
|
Avnet |
|
113,627,000 |
| |
|
|
|
Electronic Components Distribution |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Contract Manufacturing 0.6% |
|
|
| |
|
3,800,000 |
|
Sanmina-SCI (a) |
|
79,268,000 |
| |
|
|
|
Electronic Manufacturing Services |
|
|
| |
|
684,918 |
|
Plexus (a) |
|
25,294,022 |
| |
|
|
|
Electronic Manufacturing Services |
|
|
| |
|
|
|
|
|
104,562,022 |
| |
|
|
|
> Cable TV 0.5% |
|
|
| |
|
800,000 |
|
Liberty Global Series A (a) |
|
34,032,000 |
| |
|
800,000 |
|
Liberty Global Series C (a) |
|
32,812,000 |
| |
|
|
|
Cable TV Franchises Outside U.S. |
|
|
| |
|
670,000 |
|
Discovery Series C (a) |
|
24,977,600 |
| |
|
|
|
Cable TV Programming |
|
|
| |
|
|
|
|
|
91,821,600 |
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Entertainment Programming 0.4% |
|
|
| |
|
1,250,000 |
|
IMAX (Canada) (a)(c) |
|
$ |
34,325,000 |
|
|
|
|
IMAX Movies, Theatre Equipment & Theatre Joint Ventures |
|
|
| |
|
5,500,000 |
|
Zee Entertainment Enterprises (India) |
|
27,917,050 |
| |
|
|
|
Indian Programmer of Pay Television Content |
|
|
| |
|
|
|
|
|
62,242,050 |
| |
|
|
|
> Advertising 0.3% |
|
|
| |
|
1,000,000 |
|
Lamar Advertising |
|
49,250,000 |
| |
|
|
|
Outdoor Advertising |
|
|
| |
|
Information: Total |
|
4,494,947,454 |
| |||
|
|
|
|
|
|
| |
|
Industrial Goods & Services 23.4% |
|
|
| |||
|
|
|
> Machinery 14.0% |
|
|
| |
|
7,996,000 |
|
Ametek |
|
401,479,160 |
| |
|
|
|
Aerospace/Industrial Instruments |
|
|
| |
|
8,400,000 |
|
Donaldson (b) |
|
341,292,000 |
| |
|
|
|
Industrial Air Filtration |
|
|
| |
|
3,400,000 |
|
Nordson (b) |
|
258,638,000 |
| |
|
|
|
Dispensing Systems for Adhesives & Coatings |
|
|
| |
|
2,974,827 |
|
Moog (a)(b) |
|
203,478,167 |
| |
|
|
|
Motion Control Products for Aerospace, Defense & Industrial Markets |
|
|
| |
|
4,000,000 |
|
Generac (a)(b)(c) |
|
162,160,000 |
| |
|
|
|
Standby Power Generators |
|
|
| |
|
3,828,750 |
|
HEICO (b) |
|
154,298,625 |
| |
|
|
|
FAA-approved Aircraft Replacement Parts |
|
|
| |
|
3,182,000 |
|
Kennametal |
|
131,448,420 |
| |
|
|
|
Consumable Cutting Tools |
|
|
| |
|
1,335,000 |
|
Pall |
|
111,739,500 |
| |
|
|
|
Life Science, Water & Industrial Filtration |
|
|
| |
|
1,210,000 |
|
WABCO Holdings (a) |
|
110,049,500 |
| |
|
|
|
Truck & Bus Component Supplier |
|
|
| |
|
1,081,200 |
|
Middleby (a) |
|
95,286,156 |
| |
|
|
|
Manufacturer of Cooking Equipment |
|
|
| |
|
1,529,000 |
|
Toro |
|
90,562,670 |
| |
|
|
|
Turf Maintenance Equipment |
|
|
| |
|
1,083,000 |
|
Wabtec |
|
87,766,320 |
| |
|
|
|
Freight & Transit Component Supplier |
|
|
| |
|
1,724,000 |
|
Oshkosh Corporation |
|
76,114,600 |
| |
|
|
|
Specialty Truck Manufacturer |
|
|
| |
|
2,185,000 |
|
ESCO Technologies (b) |
|
75,994,300 |
| |
|
|
|
Industrial Filtration & Advanced Measurement Equipment |
|
|
| |
|
664,400 |
|
Neopost (France) |
|
48,867,344 |
| |
|
|
|
Postage Meter Machines |
|
|
| |
|
881,086 |
|
Dorman Products (a)(c) |
|
35,296,305 |
| |
|
|
|
Aftermarket Auto Parts Distributor |
|
|
| |
|
225,000 |
|
Valmont Industries (c) |
|
30,359,250 |
| |
|
|
|
Center Pivot Irrigation Systems & Utility Poles |
|
|
| |
|
705,000 |
|
Rexnord (a) |
|
20,057,250 |
| |
|
|
|
Manufacturer of Mechanical Power Transmission Parts & Water Management Equipment |
|
|
| |
|
10,000,000 |
|
Marel (Iceland) (a) |
|
8,809,297 |
| |
|
|
|
Largest Manufacturer of Poultry & Fish Processing Equipment |
|
|
| |
|
|
|
|
|
2,443,696,864 |
| |
|
|
|
> Other Industrial Services 2.2% |
|
|
| |
|
5,148,000 |
|
LKQ (a) |
|
136,885,320 |
| |
|
|
|
Alternative Auto Parts Distribution |
|
|
| |
|
1,800,000 |
|
Expeditors International of Washington |
|
73,044,000 |
| |
|
|
|
International Freight Forwarder |
|
|
| |
|
1,500,000 |
|
Forward Air |
|
67,245,000 |
| |
|
|
|
Freight Transportation Between Airports |
|
|
| |
|
1,250,000 |
|
Mobile Mini |
|
43,712,500 |
| |
|
|
|
Portable Storage Units Leasing |
|
|
| |
|
1,375,000 |
|
KAR Auction Services |
|
39,366,250 |
| |
|
|
|
Auto Auctions |
|
|
| |
|
1,894,000 |
|
CAE (Canada) |
|
22,965,775 |
| |
|
|
|
Flight Simulator Equipment & Training Centers |
|
|
| |
|
|
|
|
|
383,218,845 |
| |
|
|
|
> Industrial Distribution 1.7% |
|
|
| |
|
1,687,000 |
|
WESCO International (a) |
|
132,024,620 |
| |
|
|
|
Industrial Distributor |
|
|
| |
|
930,000 |
|
Airgas |
|
102,904,500 |
| |
|
|
|
Industrial Gas Distributor |
|
|
| |
|
1,545,000 |
|
MRC Global (a) |
|
36,029,400 |
| |
|
|
|
Industrial Distributor |
|
|
| |
|
883,000 |
|
Boise Cascade (a) |
|
26,613,620 |
| |
|
|
|
Wood Products Manufacturer & Distributor |
|
|
| |
|
|
|
|
|
297,572,140 |
| |
|
|
|
> Construction 1.7% |
|
|
| |
|
94,500 |
|
NVR (a) |
|
106,786,890 |
| |
|
|
|
Homebuilder |
|
|
| |
|
1,631,000 |
|
Chicago Bridge & Iron |
|
94,353,350 |
| |
|
|
|
Engineering & Construction for Liquefied Natural Gas & Petrochemicals |
|
|
| |
|
930,000 |
|
Fortune Brands Home & Security |
|
38,232,300 |
| |
|
|
|
Home Building Supplies & Small Locks |
|
|
| |
|
3,592,200 |
|
PGT (a)(b) |
|
33,479,304 |
| |
|
|
|
Wind Resistant Windows & Doors |
|
|
| |
|
400,000 |
|
Lumber Liquidators (a)(c) |
|
22,952,000 |
| |
|
|
|
Hardwood Flooring Retailer |
|
|
| |
|
|
|
|
|
295,803,844 |
| |
|
|
|
> Electrical Components 1.2% |
|
|
| |
|
1,209,000 |
|
Acuity Brands |
|
142,311,390 |
| |
|
|
|
Commercial Lighting Fixtures |
|
|
| |
|
1,827,007 |
|
Thermon (a)(b) |
|
44,615,511 |
| |
|
|
|
Global Engineered Thermal Solutions |
|
|
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Electrical Components—continued |
|
|
| |
|
1,500,000 |
|
Ushio (Japan) |
|
$ |
15,855,381 |
|
|
|
|
Industrial Light Sources |
|
|
| |
|
|
|
|
|
202,782,282 |
| |
|
|
|
> Industrial Materials & Specialty Chemicals 1.1% |
|
|
| |
|
1,680,000 |
|
Drew Industries (b) |
|
70,879,200 |
| |
|
|
|
RV & Manufactured Home Components |
|
|
| |
|
1,090,000 |
|
Novozymes (Denmark) |
|
47,291,191 |
| |
|
|
|
Industrial Enzymes |
|
|
| |
|
700,000 |
|
PolyOne |
|
24,906,000 |
| |
|
|
|
Intermediate Stage Chemicals Producer |
|
|
| |
|
917,486 |
|
Sociedad Quimica y Minera de Chile - ADR (Chile) |
|
23,983,084 |
| |
|
|
|
Producer of Specialty Fertilizers, Lithium & Iodine |
|
|
| |
|
350,000 |
|
FMC Corporation |
|
20,016,500 |
| |
|
|
|
Niche Specialty Chemicals |
|
|
| |
|
|
|
|
|
187,075,975 |
| |
|
|
|
> Outsourcing Services 0.8% |
|
|
| |
|
3,000,000 |
|
Quanta Services (a) |
|
108,870,000 |
| |
|
|
|
Electrical & Telecom Construction Services |
|
|
| |
|
822,000 |
|
Insperity |
|
22,473,480 |
| |
|
|
|
Professional Employer Organization |
|
|
| |
|
|
|
|
|
131,343,480 |
| |
|
|
|
> Waste Management 0.4% |
|
|
| |
|
1,500,000 |
|
Waste Connections |
|
72,780,000 |
| |
|
|
|
Solid Waste Management |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Conglomerates 0.3% |
|
|
| |
|
2,321,000 |
|
Aalberts Industries (Netherlands) |
|
60,091,545 |
| |
|
|
|
Flow Control & Heat Treatment |
|
|
| |
|
Industrial Goods & Services: Total |
|
4,074,364,975 |
| |||
|
|
|
|
| |||
|
Consumer Goods & Services 14.4% |
|
|
| |||
|
|
|
> Retail 4.8% |
|
|
| |
|
1,044,000 |
|
ULTA (a) |
|
123,369,480 |
| |
|
|
|
Specialty Beauty Product Retailer |
|
|
| |
|
1,475,839 |
|
Casey’s General Stores |
|
105,817,656 |
| |
|
|
|
Owner/Operator of Convenience Stores |
|
|
| |
|
1,508,000 |
|
Williams-Sonoma |
|
100,387,560 |
| |
|
|
|
Home Goods & Furnishing Retailer |
|
|
| |
|
1,660,000 |
|
Shutterfly (a) |
|
80,908,400 |
| |
|
|
|
Internet Photo-centric Retailer |
|
|
| |
|
2,366,000 |
|
Kate Spade & Company (a) |
|
62,060,180 |
| |
|
|
|
Global Lifestyle Brand |
|
|
| |
|
646,845 |
|
Fossil (a) |
|
60,738,746 |
| |
|
|
|
Watch Designer & Retailer |
|
|
| |
|
1,381,000 |
|
Burlington Stores (a) |
|
55,046,660 |
| |
|
|
|
Off-price Apparel Retailer |
|
|
| |
|
1,535,000 |
|
The Fresh Market (a)(c) |
|
53,617,550 |
| |
|
|
|
Specialty Food Retailer |
|
|
| |
|
1,170,000 |
|
Zulily (a)(c) |
|
44,331,300 |
| |
|
|
|
eCommerce Retailer Offering Flash Sale Events |
|
|
| |
|
900,000 |
|
Urban Outfitters (a) |
|
33,030,000 |
| |
|
|
|
Multi-channel Apparel & Accessory Retailer |
|
|
| |
|
945,000 |
|
DSW |
|
28,453,950 |
| |
|
|
|
Branded Footwear Retailer |
|
|
| |
|
1,238,262 |
|
Michaels Stores (a)(c) |
|
21,644,820 |
| |
|
|
|
Craft & Hobby Specialty Retailer |
|
|
| |
|
1,762,555 |
|
Pier 1 Imports |
|
20,956,779 |
| |
|
|
|
Home Furnishing Retailer |
|
|
| |
|
2,557,000 |
|
DIA (Spain) |
|
18,324,037 |
| |
|
|
|
Discount Retailer in Spain, Latin America & the Eastern Mediterranean |
|
|
| |
|
2,100,000 |
|
Gaiam (a)(b) |
|
15,414,000 |
| |
|
|
|
Healthy Living Through Catalogs, eCommerce & Gaiam TV |
|
|
| |
|
852,000 |
|
Massmart Holdings (South Africa) (c) |
|
9,269,283 |
| |
|
|
|
General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary |
|
|
| |
|
|
|
|
|
833,370,401 |
| |
|
|
|
> Travel 3.6% |
|
|
| |
|
3,950,000 |
|
Avis Budget Group (a) |
|
216,815,500 |
| |
|
|
|
Second Largest Car Rental Company |
|
|
| |
|
1,430,000 |
|
Vail Resorts |
|
124,066,800 |
| |
|
|
|
Ski Resort Operator & Developer |
|
|
| |
|
1,050,000 |
|
Expedia |
|
92,001,000 |
| |
|
|
|
Online Travel Services Company |
|
|
| |
|
3,000,000 |
|
Hertz (a) |
|
76,170,000 |
| |
|
|
|
Largest U.S. Rental Car Operator |
|
|
| |
|
2,142,000 |
|
HomeAway (a) |
|
76,041,000 |
| |
|
|
|
Vacation Rental Online Marketplace |
|
|
| |
|
849,483 |
|
Choice Hotels |
|
44,173,116 |
| |
|
|
|
Franchisor of Budget Hotel Brands |
|
|
| |
|
|
|
|
|
629,267,416 |
| |
|
|
|
> Consumer Goods Distribution 1.5% |
|
|
| |
|
1,818,000 |
|
Pool |
|
98,026,560 |
| |
|
|
|
Swimming Pool Supplies & Equipment Distributor |
|
|
| |
|
1,340,000 |
|
United Natural Foods (a) |
|
82,356,400 |
| |
|
|
|
Distributor of Natural/Organic Foods to Grocery Stores |
|
|
| |
|
4,972,000 |
|
Groupon (a)(c) |
|
33,212,960 |
| |
|
|
|
Global Marketplace for Deals |
|
|
| |
|
819,000 |
|
GNC Holdings |
|
31,728,060 |
| |
|
|
|
Specialty Retailer of Health & Wellness Products |
|
|
| |
|
900,000 |
|
The Chefs’ Warehouse (a) |
|
14,634,000 |
| |
|
|
|
Distributor of Specialty Foods to Fine Dining Restaurants |
|
|
| |
|
|
|
|
|
259,957,980 |
| |
|
|
|
> Furniture & Textiles 1.1% |
|
|
| |
|
3,669,000 |
|
Knoll (b) |
|
63,510,390 |
| |
|
|
|
Office Furniture |
|
|
| |
|
2,920,000 |
|
Interface |
|
47,128,800 |
| |
|
|
|
Modular Carpet |
|
|
| |
|
812,360 |
|
Caesarstone (Israel) |
|
41,982,765 |
| |
|
|
|
Quartz Countertops |
|
|
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Furniture & Textiles—continued |
|
|
| |
|
916,000 |
|
Herman Miller |
|
$ |
27,342,600 |
|
|
|
|
Office Furniture |
|
|
| |
|
700,000 |
|
La-Z-Boy |
|
13,853,000 |
| |
|
|
|
Upholstery Giant |
|
|
| |
|
|
|
|
|
193,817,555 |
| |
|
|
|
> Restaurants 1.0% |
|
|
| |
|
719,000 |
|
Domino’s Pizza |
|
55,334,240 |
| |
|
|
|
Franchisor of Pizza Restaurants |
|
|
| |
|
1,350,000 |
|
Popeyes Louisiana Kitchen (a)(b) |
|
54,675,000 |
| |
|
|
|
Popeyes Restaurants |
|
|
| |
|
1,001,000 |
|
Fiesta Restaurant Group (a) |
|
49,729,680 |
| |
|
|
|
Owner/Operator of Two Restaurant Chains: Pollo Tropical & Taco Cabana |
|
|
| |
|
492,000 |
|
Papa John’s International |
|
19,675,080 |
| |
|
|
|
Franchisor of Pizza Restaurants |
|
|
| |
|
|
|
|
|
179,414,000 |
| |
|
|
|
> Apparel 0.5% |
|
|
| |
|
793,000 |
|
PVH |
|
96,071,950 |
| |
|
|
|
Apparel Wholesaler & Retailer |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Other Durable Goods 0.5% |
|
|
| |
|
1,900,000 |
|
Select Comfort (a) |
|
39,748,000 |
| |
|
|
|
Specialty Mattresses |
|
|
| |
|
500,000 |
|
Cavco Industries (a)(b) |
|
34,000,000 |
| |
|
|
|
Manufactured Homes |
|
|
| |
|
653,000 |
|
Gentex |
|
17,480,810 |
| |
|
|
|
Manufacturer of Auto Parts |
|
|
| |
|
|
|
|
|
91,228,810 |
| |
|
|
|
> Food & Beverage 0.5% |
|
|
| |
|
3,947,000 |
|
Boulder Brands (a)(b) |
|
53,797,610 |
| |
|
|
|
Healthy Food Products |
|
|
| |
|
1,029,000 |
|
B&G Foods |
|
28,348,950 |
| |
|
|
|
Acquirer of Small Food Brands |
|
|
| |
|
1,665,270 |
|
GLG Life Tech (Canada) (a)(b) |
|
550,158 |
| |
|
|
|
Producer of an All-natural Sweetener Extracted from the Stevia Plant |
|
|
| |
|
|
|
|
|
82,696,718 |
| |
|
|
|
> Educational Services 0.3% |
|
|
| |
|
1,075,000 |
|
DeVry |
|
46,020,750 |
| |
|
|
|
Postsecondary Degree Services |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Nondurables 0.2% |
|
|
| |
|
229,000 |
|
KT&G (Korea) |
|
20,494,092 |
| |
|
|
|
Tobacco & Ginseng Products |
|
|
| |
|
620,000 |
|
Prestige Brands Holdings (a) |
|
20,069,400 |
| |
|
|
|
Household & Personal Care Products |
|
|
| |
|
|
|
|
|
40,563,492 |
| |
|
|
|
> Other Consumer Services 0.2% |
|
|
| |
|
900,000 |
|
Blackhawk Network (a) |
|
29,070,000 |
| |
|
|
|
Third Party Distributer of Prepaid Content, Mostly Gift Cards |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Casinos & Gaming 0.1% |
|
|
| |
|
900,000 |
|
Melco Crown Entertainment - ADR (Hong Kong) |
|
23,661,000 |
| |
|
|
|
Macau Casino Operator |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Leisure Products 0.1% |
|
|
| |
|
650,000 |
|
Performance Sports Group (a) |
|
10,445,500 |
| |
|
|
|
Sporting Goods Manufacturer |
|
|
| |
|
52,654 |
|
Fox Factory Holding (a) |
|
816,137 |
| |
|
|
|
High Performance Suspension Systems for Leisure Market |
|
|
| |
|
|
|
|
|
11,261,637 |
| |
|
Consumer Goods & Services: Total |
|
2,516,401,709 |
| |||
|
|
|
|
| |||
|
Finance 12.1% |
|
|
| |||
|
|
|
> Banks 4.1% |
|
|
| |
|
9,000,000 |
|
Associated Banc-Corp (b) |
|
156,780,000 |
| |
|
|
|
Midwest Bank |
|
|
| |
|
1,800,000 |
|
BOK Financial |
|
119,664,000 |
| |
|
|
|
Tulsa-based Southwest Bank |
|
|
| |
|
840,000 |
|
SVB Financial Group (a) |
|
94,155,600 |
| |
|
|
|
Bank to Venture Capitalists |
|
|
| |
|
2,860,000 |
|
MB Financial |
|
79,164,800 |
| |
|
|
|
Chicago Bank |
|
|
| |
|
940,000 |
|
City National |
|
71,129,800 |
| |
|
|
|
Bank & Asset Manager |
|
|
| |
|
1,900,000 |
|
Hancock Holding |
|
60,895,000 |
| |
|
|
|
Gulf Coast Bank |
|
|
| |
|
3,323,500 |
|
Valley National Bancorp (c) |
|
32,204,715 |
| |
|
|
|
New Jersey/New York Bank |
|
|
| |
|
4,841,882 |
|
First Busey (b) |
|
26,969,283 |
| |
|
|
|
Illinois Bank |
|
|
| |
|
1,162,000 |
|
Sandy Spring Bancorp |
|
26,598,180 |
| |
|
|
|
Baltimore & Washington, D.C. Bank |
|
|
| |
|
843,000 |
|
Hudson Valley |
|
15,300,450 |
| |
|
|
|
Metro New York City Bank |
|
|
| |
|
950,000 |
|
TCF Financial |
|
14,753,500 |
| |
|
|
|
Great Lakes Bank |
|
|
| |
|
2,136,500 |
|
TrustCo Bank |
|
13,759,060 |
| |
|
|
|
New York State Bank |
|
|
| |
|
1,922,634 |
|
Cascade Bancorp (a) |
|
9,709,301 |
| |
|
|
|
Central Oregon & Idaho Bank |
|
|
| |
|
|
|
|
|
721,083,689 |
| |
|
|
|
> Insurance 2.9% |
|
|
| |
|
8,800,000 |
|
CNO Financial Group |
|
149,248,000 |
| |
|
|
|
Life, Long-term Care & Medical Supplement Insurance |
|
|
| |
|
2,275,000 |
|
Allied World Holdings |
|
83,811,000 |
| |
|
|
|
Commercial Lines Insurance/ Reinsurance |
|
|
| |
|
2,625,000 |
|
Selective Insurance Group |
|
58,117,500 |
| |
|
|
|
Commercial & Personal Lines Insurance |
|
|
| |
|
1,100,000 |
|
HCC Insurance Holdings |
|
53,119,000 |
| |
|
|
|
Specialty Insurance |
|
|
| |
|
1,650,000 |
|
Brown & Brown |
|
53,047,500 |
| |
|
|
|
Insurance Broker |
|
|
| |
|
800,000 |
|
RLI |
|
34,632,000 |
| |
|
|
|
Specialty Insurance |
|
|
| |
|
250,000 |
|
Enstar Group (a) |
|
34,080,000 |
| |
|
|
|
Insurance/Reinsurance & Related Services |
|
|
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Insurance—continued |
|
|
| |
|
10,837,000 |
|
Rand Merchant Insurance (South Africa) |
|
$ |
34,001,445 |
|
|
|
|
Directly Sold Property & Casualty Insurance; Holdings in Other Insurers |
|
|
| |
|
|
|
|
|
500,056,445 |
| |
|
|
|
> Brokerage & Money Management 2.5% |
|
|
| |
|
7,368,774 |
|
SEI Investments |
|
266,454,868 |
| |
|
|
|
Mutual Fund Administration & Investment Management |
|
|
| |
|
3,052,000 |
|
Eaton Vance |
|
115,151,960 |
| |
|
|
|
Specialty Mutual Funds |
|
|
| |
|
11,436,300 |
|
Sprott (Canada) (c) |
|
29,000,484 |
| |
|
|
|
Asset Manager Focused on Resources, Particularly Gold & Silver |
|
|
| |
|
1,648,030 |
|
Coronation Fund Managers (South Africa) |
|
14,117,311 |
| |
|
|
|
South African Fund Manager |
|
|
| |
|
1,000,000 |
|
Wisdom Tree (a)(c) |
|
11,380,000 |
| |
|
|
|
Fund Manager with ETF Specialty |
|
|
| |
|
|
|
|
|
436,104,623 |
| |
|
|
|
> Credit Cards 1.1% |
|
|
| |
|
490,000 |
|
Alliance Data Systems (a) |
|
121,652,300 |
| |
|
|
|
Diversified Credit Card Provider |
|
|
| |
|
670,000 |
|
WEX (a) |
|
73,914,400 |
| |
|
|
|
Card Processor |
|
|
| |
|
|
|
|
|
195,566,700 |
| |
|
|
|
> Finance Companies 1.0% |
|
|
| |
|
2,000,000 |
|
McGrath Rentcorp (b) |
|
68,400,000 |
| |
|
|
|
Mini-rental Conglomerate |
|
|
| |
|
808,343 |
|
World Acceptance (a)(b)(c) |
|
54,563,153 |
| |
|
|
|
Personal Loans |
|
|
| |
|
1,500,000 |
|
CAI International (a)(b) |
|
29,025,000 |
| |
|
|
|
International Container Leasing |
|
|
| |
|
902,210 |
|
Marlin Business Services (b) |
|
16,528,487 |
| |
|
|
|
Small Equipment Leasing |
|
|
| |
|
|
|
|
|
168,516,640 |
| |
|
|
|
> Diversified Financial Companies 0.5% |
|
|
| |
|
2,820,000 |
|
Leucadia National |
|
67,228,800 |
| |
|
|
|
Holding Company |
|
|
| |
|
400,000 |
|
Liberty Tax (a) |
|
12,920,000 |
| |
|
|
|
Tax Preparation Company |
|
|
| |
|
|
|
|
|
80,148,800 |
| |
|
Finance: Total |
|
2,101,476,897 |
| |||
|
|
|
|
| |||
|
Health Care 9.6% |
|
|
| |||
|
|
|
> Biotechnology & Drug Delivery 3.7% |
|
|
| |
|
2,493,309 |
|
Synageva BioPharma (a)(b)(c) |
|
171,489,793 |
| |
|
|
|
Biotech Focused on Orphan Diseases |
|
|
| |
|
4,001,000 |
|
Seattle Genetics (a) |
|
148,757,180 |
| |
|
|
|
Antibody-based Therapies for Cancer |
|
|
| |
|
1,624,689 |
|
Ultragenyx Pharmaceutical (a)(b)(c) |
|
91,957,398 |
| |
|
|
|
Biotech Focused on “Ultra-Orphan” Drugs |
|
|
| |
|
2,552,000 |
|
Sarepta Therapeutics (a)(b)(c) |
|
53,847,200 |
| |
|
|
|
Biotech Focused on Rare Diseases |
|
|
| |
|
737,000 |
|
BioMarin Pharmaceutical (a) |
|
53,181,920 |
| |
|
|
|
Biotech Focused on Orphan Diseases |
|
|
| |
|
153,000 |
|
Intercept Pharmaceuticals (a) |
|
36,213,570 |
| |
|
|
|
Biotech Developing Drugs for Several Diseases |
|
|
| |
|
2,750,000 |
|
Celldex Therapeutics (a)(c) |
|
35,640,000 |
| |
|
|
|
Biotech Developing Drugs for Cancer |
|
|
| |
|
423,400 |
|
Alnylam Pharmaceuticals (a) |
|
33,067,540 |
| |
|
|
|
Biotech Developing Drugs for Rare Diseases |
|
|
| |
|
963,000 |
|
NPS Pharmaceuticals (a) |
|
25,038,000 |
| |
|
|
|
Orphan Drugs & Healthy Royalties |
|
|
| |
|
359,944 |
|
MicroDose Therapeutx Contingent Value Rights (a)(d)(e) |
|
705,490 |
| |
|
|
|
Drug Inhaler Development |
|
|
| |
|
|
|
|
|
649,898,091 |
| |
|
|
|
> Medical Supplies 2.5% |
|
|
| |
|
5,836,000 |
|
Cepheid (a)(b) |
|
256,959,080 |
| |
|
|
|
Molecular Diagnostics |
|
|
| |
|
1,040,000 |
|
Bio-Techne |
|
97,292,000 |
| |
|
|
|
Cytokines, Antibodies & other Reagents for Life Science |
|
|
| |
|
687,000 |
|
Henry Schein (a) |
|
80,014,890 |
| |
|
|
|
Large Distributor of Dental, Vet & Medical Products |
|
|
| |
|
|
|
|
|
434,265,970 |
| |
|
|
|
> Health Care Services 1.7% |
|
|
| |
|
6,724,600 |
|
Allscripts Healthcare Solutions (a) |
|
90,210,509 |
| |
|
|
|
Health Care IT |
|
|
| |
|
2,100,000 |
|
HealthSouth |
|
77,490,000 |
| |
|
|
|
Inpatient Rehabilitation Facilities |
|
|
| |
|
1,384,000 |
|
Medidata Solutions (a) |
|
61,297,360 |
| |
|
|
|
Cloud-based Software for Drug Studies |
|
|
| |
|
1,277,000 |
|
Envision Healthcare Holdings (a) |
|
44,286,360 |
| |
|
|
|
Provider of Health Care Outsourcing Services |
|
|
| |
|
890,000 |
|
Castlight Health (a)(b)(c) |
|
11,516,600 |
| |
|
|
|
Provider of Cloud-based Software for Managing Health Care Costs |
|
|
| |
|
|
|
|
|
284,800,829 |
| |
|
|
|
> Pharmaceuticals 1.1% |
|
|
| |
|
5,089,000 |
|
Akorn (a) |
|
184,578,030 |
| |
|
|
|
Developer, Manufacturer & Distributor of Specialty Generic Drugs |
|
|
| |
|
476,000 |
|
Revance Therapeutics (a)(c) |
|
9,201,080 |
| |
|
|
|
Drug Developer Focused on Aesthetics |
|
|
| |
|
|
|
|
|
193,779,110 |
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Medical Equipment & Devices 0.6% |
|
|
| |
|
833,000 |
|
Sirona Dental Systems (a) |
|
$ |
63,874,440 |
|
|
|
|
Manufacturer of Dental Equipment |
|
|
| |
|
506,020 |
|
Abaxis |
|
25,660,274 |
| |
|
|
|
Instruments & Tests for Vet & Medical Markets |
|
|
| |
|
647,000 |
|
Wright Medical Group (a) |
|
19,604,100 |
| |
|
|
|
Leader in Foot & Ankle Replacement |
|
|
| |
|
|
|
|
|
109,138,814 |
| |
|
Health Care: Total |
|
1,671,882,814 |
| |||
|
|
|
|
| |||
|
Energy & Minerals 6.9% |
|
|
| |||
|
|
|
> Oil & Gas Producers 3.0% |
|
|
| |
|
2,322,600 |
|
Rosetta Resources (a) |
|
103,495,056 |
| |
|
|
|
Oil & Gas Producer Exploring in Texas |
|
|
| |
|
778,000 |
|
SM Energy |
|
60,684,000 |
| |
|
|
|
Oil & Gas Producer |
|
|
| |
|
717,000 |
|
Energen Corporation |
|
51,796,080 |
| |
|
|
|
Oil & Gas Producer with Natural Gas Utility |
|
|
| |
|
926,000 |
|
Carrizo Oil & Gas (a) |
|
49,837,320 |
| |
|
|
|
Oil & Gas Producer |
|
|
| |
|
632,000 |
|
Range Resources |
|
42,855,920 |
| |
|
|
|
Oil & Gas Producer |
|
|
| |
|
2,200,000 |
|
Pacific Rubiales Energy (Colombia) |
|
36,890,933 |
| |
|
|
|
Oil Production & Exploration in Colombia |
|
|
| |
|
1,358,000 |
|
WPX Energy (a) |
|
32,673,480 |
| |
|
|
|
Oil & Gas Produced in U.S. & Argentina |
|
|
| |
|
281,000 |
|
Clayton Williams (a) |
|
27,102,450 |
| |
|
|
|
Oil & Gas Producer |
|
|
| |
|
928,000 |
|
Laredo Petroleum (a)(c) |
|
20,796,480 |
| |
|
|
|
Permian Basin Oil Producer |
|
|
| |
|
891,000 |
|
Parsley Energy (a) |
|
19,005,030 |
| |
|
|
|
Permian-Midland Basin Oil & Gas Producer |
|
|
| |
|
770,000 |
|
Bill Barrett Corporation (a) |
|
16,970,800 |
| |
|
|
|
Oil & Gas Producer in U.S. Rockies |
|
|
| |
|
570,000 |
|
Rice Energy (a) |
|
15,162,000 |
| |
|
|
|
Natural Gas Producer |
|
|
| |
|
262,000 |
|
PDC Energy (a) |
|
13,175,980 |
| |
|
|
|
Oil & Gas Producer in U.S. |
|
|
| |
|
64,685,000 |
|
Petromanas (Canada) (a)(b)(c) |
|
12,706,549 |
| |
|
|
|
Exploring for Oil in Albania |
|
|
| |
|
1,400,000 |
|
DeeThree Exploration (Canada) (a) |
|
11,375,508 |
| |
|
|
|
Canadian Oil & Gas Producer |
|
|
| |
|
42,000,000 |
|
Petroamerica Oil (Colombia) (a)(c) |
|
11,062,994 |
| |
|
|
|
Oil Exploration & Production in Colombia |
|
|
| |
|
28,700,000 |
|
Shamaran Petroleum (Iraq) (a) |
|
8,328,497 |
| |
|
|
|
Oil Exploration & Production in Kurdistan |
|
|
| |
|
24,115,500 |
|
Canadian Overseas Petroleum (Canada) (a)(b) |
|
3,337,562 |
| |
|
8,400,000 |
|
Canadian Overseas Petroleum (Canada) (a)(b)(d) |
|
1,104,424 |
| |
|
|
|
Oil & Gas Exploration Offshore West Africa |
|
|
| |
|
26,000,000 |
|
Petrodorado Energy (Colombia) (a)(b) |
|
812,536 |
| |
|
|
|
Oil & Gas Exploration & Production in Colombia, Peru & Paraguay |
|
|
| |
|
|
|
|
|
539,173,599 |
| |
|
|
|
> Oil Services 2.6% |
|
|
| |
|
3,858,000 |
|
FMC Technologies (a) |
|
209,527,980 |
| |
|
|
|
Oil & Gas Well Head Manufacturer |
|
|
| |
|
1,314,579 |
|
ShawCor (Canada) (c) |
|
66,318,776 |
| |
|
|
|
Oil & Gas Pipeline Products |
|
|
| |
|
964,000 |
|
Chart Industries (a) |
|
58,929,320 |
| |
|
|
|
Manufacturer of Natural Gas Processing/Storage Equipment |
|
|
| |
|
1,613,000 |
|
Hornbeck Offshore (a) |
|
52,793,490 |
| |
|
|
|
Supply Vessel Operator in U.S. Gulf of Mexico |
|
|
| |
|
780,000 |
|
Gulfport Energy (a) |
|
41,652,000 |
| |
|
|
|
Oil & Gas Producer Focused on Utica Shale in Ohio |
|
|
| |
|
2,601,900 |
|
Horizon North Logistics (Canada) (c) |
|
11,802,002 |
| |
|
|
|
Diversified Oil Service Offering in Northern Canada |
|
|
| |
|
463,863 |
|
Black Diamond Group (Canada) |
|
9,865,813 |
| |
|
|
|
Provides Accommodations/Equipment for Oil Sands Development |
|
|
| |
|
289,000 |
|
Rowan |
|
7,314,590 |
| |
|
|
|
Contract Offshore Driller |
|
|
| |
|
|
|
|
|
458,203,971 |
| |
|
|
|
> Mining 1.1% |
|
|
| |
|
492,000 |
|
Core Labs (Netherlands) |
|
72,004,200 |
| |
|
|
|
Oil & Gas Reservoir Consulting |
|
|
| |
|
4,000,000 |
|
Alamos Gold (Canada) |
|
31,894,281 |
| |
|
|
|
Gold Mining |
|
|
| |
|
503,000 |
|
US Silica |
|
31,442,530 |
| |
|
|
|
Provider of Frac Sand & Industrial Sand in U.S. |
|
|
| |
|
5,500,000 |
|
Kirkland Lake Gold (Canada) (a)(b) |
|
24,309,121 |
| |
|
|
|
Gold Mining |
|
|
| |
|
4,250,000 |
|
Argonaut Gold (Canada) (a) |
|
14,875,664 |
| |
|
|
|
Gold & Silver Mining |
|
|
| |
|
3,650,000 |
|
Allied Nevada Gold (a)(c) |
|
12,081,500 |
| |
|
|
|
Gold & Silver Mining |
|
|
| |
|
3,000,000 |
|
Kaminak Gold (a) |
|
2,062,592 |
| |
|
|
|
Exploration Stage Canadian Gold Miner |
|
|
| |
|
2,800,000 |
|
Alexco Resource (a) |
|
1,875,720 |
| |
|
|
|
Mining, Exploration & Environmental Services |
|
|
| |
|
5,544,000 |
|
Duluth Metals (Canada) (a) |
|
1,188,053 |
| |
|
|
|
Copper & Nickel Miner |
|
|
| |
|
|
|
|
|
191,733,661 |
| |
|
Number of Shares |
|
|
|
Value |
| ||
|
|
|
> Agricultural Commodities 0.1% |
|
|
| ||
|
1,306,818 |
|
Union Agriculture Group (Uruguay) (a)(d)(e) |
|
$ |
13,224,998 |
| |
|
|
|
Farmland Operator in Uruguay |
|
|
| ||
|
|
|
|
|
|
| ||
|
|
|
> Alternative Energy 0.1% |
|
|
| ||
|
4,699,210 |
|
RGS Energy (a)(b)(c) |
|
8,082,641 |
| ||
|
|
|
U.S. Residential & Commercial Solar Systems Installer |
|
|
| ||
|
1,210,300 |
|
Synthesis Energy Systems (China) (a) |
|
1,379,742 |
| ||
|
|
|
Owner/Operator of Gasification Plants/Technology Licenses |
|
|
| ||
|
|
|
|
|
9,462,383 |
| ||
|
Energy & Minerals: Total |
|
1,211,798,612 |
| ||||
|
|
|
|
| ||||
|
Other Industries 6.0% |
|
|
| ||||
|
|
|
> Real Estate 3.8% |
|
|
| ||
|
2,100,000 |
|
Extra Space Storage |
|
108,297,000 |
| ||
|
|
|
Self Storage Facilities |
|
|
| ||
|
750,000 |
|
Federal Realty |
|
88,845,000 |
| ||
|
|
|
Shopping Centers |
|
|
| ||
|
7,350,000 |
|
EdR (b) |
|
75,558,000 |
| ||
|
|
|
Student Housing |
|
|
| ||
|
1,320,000 |
|
Post Properties |
|
67,768,800 |
| ||
|
|
|
Multifamily Properties |
|
|
| ||
|
325,000 |
|
Jones Lang LaSalle |
|
41,060,500 |
| ||
|
|
|
Real Estate Services |
|
|
| ||
|
2,150,000 |
|
Terreno Realty (b) |
|
40,484,500 |
| ||
|
|
|
Industrial Properties |
|
|
| ||
|
150,000 |
|
Amerco |
|
39,283,500 |
| ||
|
|
|
North American Moving & Storage |
|
|
| ||
|
5,175,000 |
|
DCT Industrial Trust |
|
38,864,250 |
| ||
|
|
|
Industrial Properties |
|
|
| ||
|
1,800,000 |
|
St. Joe (a)(c) |
|
35,874,000 |
| ||
|
|
|
Florida Panhandle Landowner |
|
|
| ||
|
880,000 |
|
Coresite Realty |
|
28,925,600 |
| ||
|
|
|
Data Centers |
|
|
| ||
|
1,172,500 |
|
Kite Realty Group |
|
28,421,400 |
| ||
|
|
|
Community Shopping Centers |
|
|
| ||
|
975,000 |
|
Hudson Pacific Properties |
|
24,043,500 |
| ||
|
|
|
West Coast Office Buildings & Production Studios |
|
|
| ||
|
20,282,089 |
|
Mapletree Commercial Trust (Singapore) |
|
22,417,297 |
| ||
|
|
|
Retail & Office Property Landlord |
|
|
| ||
|
10,362 |
|
Orix JREIT (Japan) |
|
13,025,866 |
| ||
|
|
|
Diversified REIT |
|
|
| ||
|
90,000 |
|
Deltic Timber |
|
5,608,800 |
| ||
|
|
|
Arkansas Land & Timber |
|
|
| ||
|
|
|
|
|
658,478,013 |
| ||
|
|
|
> Transportation 1.6% |
|
|
| ||
|
2,704,100 |
|
Rush Enterprises, Class A (a)(b) |
|
90,452,145 |
| ||
|
550,000 |
|
Rush Enterprises, Class B (a)(b) |
|
16,450,500 |
| ||
|
|
|
Truck Sales & Service |
|
|
| ||
|
1,000,000 |
|
JB Hunt Transport Services |
|
74,050,000 |
| ||
|
|
|
Truck & Intermodal Carrier |
|
|
| ||
|
530,000 |
|
Kirby (a) |
|
62,460,500 |
| ||
|
|
|
Largest Operator of U.S. (Jones Act) Liquid Tank Barges |
|
|
| ||
|
300,000 |
|
Genesee & Wyoming (a) |
|
28,593,000 |
| ||
|
|
|
Short-line Operator |
|
|
| ||
|
400,000 |
|
Heartland Express |
|
9,584,000 |
| ||
|
|
|
Regional Trucker |
|
|
| ||
|
|
|
|
|
281,590,145 |
| ||
|
|
|
> Regulated Utilities 0.6% |
|
|
| ||
|
1,900,000 |
|
Northeast Utilities |
|
84,170,000 |
| ||
|
|
|
Regulated Electric Utility |
|
|
| ||
|
650,000 |
|
Wisconsin Energy |
|
27,950,000 |
| ||
|
|
|
Wisconsin Utility |
|
|
| ||
|
|
|
|
|
112,120,000 |
| ||
|
Other Industries: Total |
|
1,052,188,158 |
| ||||
|
Total Equities: 98.2% |
|
17,123,060,619 |
(f) | ||||
|
|
|
|
| ||||
|
Short-Term Investments 1.8% |
|
|
| ||||
|
280,000,000 |
|
JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%) |
|
280,000,000 |
| ||
|
27,132,688 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) |
|
27,132,688 |
| ||
|
Total Short-Term Investments: 1.8% |
|
307,132,688 |
| ||||
|
|
|
|
| ||||
|
Securities Lending Collateral 2.4% |
|
|
| ||||
|
419,416,059 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g) |
|
419,416,059 |
| ||
|
Total Securities Lending Collateral: 2.4% |
|
419,416,059 |
| ||||
|
|
|
|
| ||||
|
Total Investments: 102.4% |
|
17,849,609,366 |
(i) | ||||
|
Obligation to Return Collateral for Securities Loaned: (2.4)% |
|
(419,416,059 |
) | ||||
|
Cash and Other Assets Less Liabilities: —% |
|
6,499,802 |
| ||||
|
Net Assets: 100.0% |
|
$ |
17,436,693,109 |
| |||
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 September 30, 2014, are as follows:
|
Security |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
|
Mettler-Toledo International (1) |
|
1,475,000 |
|
— |
|
123,362 |
|
1,351,638 |
|
$ |
346,195,041 |
|
$ |
— |
|
|
Donaldson |
|
8,400,000 |
|
— |
|
— |
|
8,400,000 |
|
341,292,000 |
|
3,948,000 |
| ||
|
Nordson |
|
3,400,000 |
|
— |
|
— |
|
3,400,000 |
|
258,638,000 |
|
1,972,000 |
| ||
|
Cepheid |
|
6,170,000 |
|
246,000 |
|
580,000 |
|
5,836,000 |
|
256,959,080 |
|
— |
| ||
|
Moog |
|
3,230,000 |
|
— |
|
255,173 |
|
2,974,827 |
|
203,478,167 |
|
— |
| ||
|
Informatica |
|
5,500,000 |
|
550,000 |
|
250,000 |
|
5,800,000 |
|
198,592,000 |
|
— |
| ||
|
Akorn (1) |
|
5,417,981 |
|
676,000 |
|
1,004,981 |
|
5,089,000 |
|
184,578,030 |
|
— |
| ||
|
Synageva BioPharma |
|
2,392,000 |
|
181,000 |
|
79,691 |
|
2,493,309 |
|
171,489,793 |
|
— |
| ||
|
Generac |
|
3,113,000 |
|
887,000 |
|
|
|
4,000,000 |
|
162,160,000 |
|
— |
| ||
|
Associated Banc-Corp |
|
9,000,000 |
|
— |
|
— |
|
9,000,000 |
|
156,780,000 |
|
2,430,000 |
| ||
|
HEICO |
|
3,828,750 |
|
— |
|
— |
|
3,828,750 |
|
154,298,625 |
|
229,725 |
| ||
|
iGATE |
|
4,150,000 |
|
— |
|
375,000 |
|
3,775,000 |
|
138,618,000 |
|
— |
| ||
|
Rush Enterprises |
|
3,650,000 |
|
— |
|
395,900 |
|
3,254,100 |
|
106,902,645 |
|
— |
| ||
|
Globalstar (1) |
|
25,500,000 |
|
2,150,000 |
|
1,650,000 |
|
26,000,000 |
|
95,160,000 |
|
— |
| ||
|
Ultragenyx Pharmaceutical (2) |
|
3,610,890 |
|
472,707 |
|
2,458,908 |
|
1,624,689 |
|
91,957,398 |
|
253,930 |
| ||
|
Allscripts Healthcare Solutions (1) |
|
9,905,000 |
|
— |
|
3,180,400 |
|
6,724,600 |
|
90,210,509 |
|
— |
| ||
|
MB Financial (1) |
|
2,860,000 |
|
— |
|
— |
|
2,860,000 |
|
79,164,800 |
|
1,086,800 |
| ||
|
ESCO Technologies |
|
2,300,000 |
|
— |
|
115,000 |
|
2,185,000 |
|
75,994,300 |
|
542,800 |
| ||
|
EdR |
|
7,350,000 |
|
— |
|
— |
|
7,350,000 |
|
75,558,000 |
|
2,499,000 |
| ||
|
Drew Industries |
|
1,780,000 |
|
— |
|
100,000 |
|
1,680,000 |
|
70,879,200 |
|
— |
| ||
|
McGrath Rentcorp |
|
2,150,000 |
|
— |
|
150,000 |
|
2,000,000 |
|
68,400,000 |
|
1,569,500 |
| ||
|
Virtusa |
|
1,985,000 |
|
— |
|
150,000 |
|
1,835,000 |
|
65,252,600 |
|
— |
| ||
|
Knoll |
|
3,669,000 |
|
— |
|
— |
|
3,669,000 |
|
63,510,390 |
|
1,320,840 |
| ||
|
Navigant Consulting |
|
4,025,000 |
|
50,000 |
|
— |
|
4,075,000 |
|
56,683,250 |
|
— |
| ||
|
SPS Commerce |
|
900,000 |
|
285,000 |
|
150,000 |
|
1,035,000 |
|
55,010,250 |
|
— |
| ||
|
Popeyes Louisiana Kitchen |
|
2,000,000 |
|
— |
|
650,000 |
|
1,350,000 |
|
54,675,000 |
|
— |
| ||
|
World Acceptance |
|
850,000 |
|
— |
|
41,657 |
|
808,343 |
|
54,563,153 |
|
— |
| ||
|
Sarepta Therapeutics |
|
2,050,000 |
|
502,000 |
|
— |
|
2,552,000 |
|
53,847,200 |
|
— |
| ||
|
Boulder Brands |
|
2,886,552 |
|
1,500,000 |
|
439,552 |
|
3,947,000 |
|
53,797,610 |
|
— |
| ||
|
Thermon |
|
1,065,000 |
|
762,007 |
|
— |
|
1,827,007 |
|
44,615,511 |
|
— |
| ||
|
Terreno Realty |
|
2,020,931 |
|
129,069 |
|
— |
|
2,150,000 |
|
40,484,500 |
|
580,500 |
| ||
|
Vonage |
|
— |
|
12,165,736 |
|
— |
|
12,165,736 |
|
39,903,614 |
|
— |
| ||
|
Cavco Industries |
|
460,000 |
|
40,000 |
|
— |
|
500,000 |
|
34,000,000 |
|
— |
| ||
|
PGT |
|
738,564 |
|
2,853,636 |
|
|
|
3,592,200 |
|
33,479,304 |
|
|
| ||
|
InContact |
|
3,740,596 |
|
404 |
|
— |
|
3,741,000 |
|
32,527,995 |
|
— |
| ||
|
Blackhawk Network (1) |
|
900,000 |
|
— |
|
— |
|
900,000 |
|
29,070,000 |
|
— |
| ||
|
CAI International |
|
1,500,000 |
|
— |
|
— |
|
1,500,000 |
|
29,025,000 |
|
— |
| ||
|
Coresite Realty (1) |
|
1,170,000 |
|
— |
|
290,000 |
|
880,000 |
|
28,925,600 |
|
1,139,962 |
| ||
|
First Busey |
|
4,841,882 |
|
— |
|
— |
|
4,841,882 |
|
26,969,283 |
|
677,863 |
| ||
|
Kirkland Lake Gold |
|
4,900,000 |
|
600,000 |
|
— |
|
5,500,000 |
|
24,309,121 |
|
— |
| ||
|
Tangoe (1) |
|
2,100,000 |
|
— |
|
350,000 |
|
1,750,000 |
|
23,712,500 |
|
— |
| ||
|
Insperity (1) |
|
1,400,000 |
|
— |
|
578,000 |
|
822,000 |
|
22,473,480 |
|
599,750 |
| ||
|
Pier 1 Imports (1) |
|
7,185,000 |
|
— |
|
5,422,445 |
|
1,762,555 |
|
20,956,779 |
|
922,800 |
| ||
|
E2Open |
|
610,000 |
|
1,615,000 |
|
— |
|
2,225,000 |
|
20,714,750 |
|
— |
| ||
|
Boingo Wireless |
|
2,500,000 |
|
300,000 |
|
— |
|
2,800,000 |
|
19,964,000 |
|
— |
| ||
|
Hackett Group |
|
3,274,000 |
|
— |
|
— |
|
3,274,000 |
|
19,513,040 |
|
— |
| ||
|
II-VI (1) |
|
3,640,000 |
|
— |
|
2,036,000 |
|
1,604,000 |
|
18,879,080 |
|
— |
| ||
|
Marlin Business Services |
|
1,091,000 |
|
— |
|
188,790 |
|
902,210 |
|
16,528,487 |
|
376,395 |
| ||
|
Gaiam |
|
1,500,000 |
|
600,000 |
|
— |
|
2,100,000 |
|
15,414,000 |
|
— |
| ||
|
Audience |
|
— |
|
1,753,625 |
|
— |
|
1,753,625 |
|
12,976,825 |
|
— |
| ||
|
Petromanas |
|
51,359,500 |
|
13,325,500 |
|
— |
|
64,685,000 |
|
12,706,549 |
|
— |
| ||
|
Castlight Health |
|
— |
|
890,000 |
|
|
|
890,000 |
|
11,516,600 |
|
|
| ||
|
Petroamerica Oil (1) |
|
35,000,000 |
|
7,000,000 |
|
— |
|
42,000,000 |
|
11,062,994 |
|
— |
| ||
|
Rubicon Technology |
|
— |
|
2,500,000 |
|
— |
|
2,500,000 |
|
10,625,000 |
|
— |
| ||
|
RGS Energy |
|
2,600,000 |
|
2,099,210 |
|
— |
|
4,699,210 |
|
8,082,641 |
|
— |
| ||
|
Exa |
|
1,000,000 |
|
— |
|
300,033 |
|
699,967 |
|
7,895,627 |
|
— |
| ||
|
Towerstream |
|
3,319,900 |
|
680,100 |
|
— |
|
4,000,000 |
|
5,920,000 |
|
— |
| ||
|
Canadian Overseas Petroleum |
|
19,471,000 |
|
13,044,500 |
|
— |
|
32,515,500 |
|
4,441,986 |
|
— |
| ||
> Notes to Statement of Investments
|
Security |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
|
Duluth Metals (1) |
|
7,025,500 |
|
— |
|
1,481,500 |
|
5,544,000 |
|
$ |
1,188,053 |
|
$ |
— |
|
|
Petrodorado Energy |
|
26,000,000 |
|
— |
|
— |
|
26,000,000 |
|
812,536 |
|
— |
| ||
|
GLG Life Tech |
|
1,665,270 |
|
— |
|
— |
|
1,665,270 |
|
550,158 |
|
— |
| ||
|
Bally Technologies (1) |
|
3,105,000 |
|
— |
|
3,105,000 |
|
— |
|
— |
|
— |
| ||
|
tw telecom (1) |
|
9,500,000 |
|
— |
|
9,500,000 |
|
— |
|
— |
|
— |
| ||
|
H & E Equipment Services (1) |
|
2,508,816 |
|
— |
|
2,508,816 |
|
— |
|
— |
|
— |
| ||
|
Alimera Sciences (1) |
|
2,040,000 |
|
— |
|
2,040,000 |
|
— |
|
— |
|
— |
| ||
|
Acorn Energy (1) |
|
1,161,957 |
|
— |
|
1,161,957 |
|
— |
|
— |
|
— |
| ||
|
Dupont Fabros Technology (1) |
|
3,625,000 |
|
— |
|
3,625,000 |
|
— |
|
— |
|
1,128,750 |
| ||
|
Simplicity Bancorp (1) |
|
452,146 |
|
— |
|
452,146 |
|
— |
|
— |
|
72,577 |
| ||
|
Total of Affiliated Transactions |
|
348,019,235 |
|
67,858,494 |
|
45,189,311 |
|
370,688,418 |
|
$ |
4,413,890,054 |
|
$ |
21,351,192 |
|
(1) At September 30, 2014, the Fund owned less than five percent of the company’s outstanding voting shares.
(2) Includes the effects of a stock split.
The aggregate cost and value of these companies at September 30, 2014, was $2,032,462,853 and $3,462,313,188, respectively. Investments in affiliated companies represented 19.86% of the Fund’s total net assets at September 30, 2014.
(c) All or a portion of this security was on loan at September 30, 2014. The total market value of securities on loan at September 30, 2014 was $399,879,068.
(d) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Fund’s Board of Trustees. At September 30, 2014, the market value of these securities amounted to $15,034,912, which represented 0.09% 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 |
|
1,306,818 |
|
$ |
15,000,000 |
|
$ |
13,224,998 |
|
|
Canadian Overseas Petroleum |
|
11/24/10 |
|
8,400,000 |
|
3,591,152 |
|
1,104,424 |
| ||
|
MicroDose Therapeutx Contingent Value Rights |
|
8/14/13 |
|
359,944 |
|
— |
|
705,490 |
| ||
|
|
|
|
|
|
|
$ |
18,591,152 |
|
$ |
15,034,912 |
|
(e) Illiquid security.
(f) On September 30, 2014, the market value of foreign securities represented 5.74% of total net assets. The Fund’s foreign portfolio was diversified as follows:
|
Country |
|
Value |
|
Percentage |
| |
|
Canada |
|
$ |
285,700,247 |
|
1.64 |
|
|
Netherlands |
|
132,095,745 |
|
0.76 |
| |
|
Sweden |
|
85,153,780 |
|
0.49 |
| |
|
India |
|
75,476,290 |
|
0.43 |
| |
|
South Africa |
|
57,388,039 |
|
0.33 |
| |
|
France |
|
48,867,344 |
|
0.28 |
| |
|
Colombia |
|
48,766,463 |
|
0.28 |
| |
|
Denmark |
|
47,291,191 |
|
0.27 |
| |
|
Israel |
|
41,982,765 |
|
0.24 |
| |
|
Japan |
|
28,881,247 |
|
0.16 |
| |
|
Chile |
|
23,983,084 |
|
0.14 |
| |
|
Hong Kong |
|
23,661,000 |
|
0.14 |
| |
|
Singapore |
|
22,417,297 |
|
0.13 |
| |
|
Korea |
|
20,494,092 |
|
0.12 |
| |
|
Spain |
|
18,324,037 |
|
0.10 |
| |
|
Uruguay |
|
13,224,998 |
|
0.07 |
| |
|
United Kingdom |
|
8,938,213 |
|
0.05 |
| |
|
Iceland |
|
8,809,297 |
|
0.05 |
| |
|
Iraq |
|
8,328,497 |
|
0.05 |
| |
|
China |
|
1,379,742 |
|
0.01 |
| |
|
Total Foreign Portfolio |
|
$ |
1,001,163,368 |
|
5.74 |
|
> Notes to Statement of Investments
(g) Investment made with cash collateral received from securities lending activity.
(h) At September 30, 2014, for federal income tax purposes, the cost of investments was approximately $10,331,963,714 and net unrealized appreciation was $7,517,645,652 consisting of gross unrealized appreciation of $7,970,738,342 and gross unrealized depreciation of $453,092,690.
(i) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated June 30, 2014.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s 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 management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee (the Committee) of the Fund’s 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 Trust’s 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 Fund’s 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 September 30, 2014, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Equities |
|
|
|
|
|
|
|
|
| ||||
|
Information |
|
$ |
4,372,938,411 |
|
$ |
122,009,043 |
|
$ |
— |
|
$ |
4,494,947,454 |
|
|
Industrial Goods & Services |
|
3,893,450,217 |
|
180,914,758 |
|
— |
|
4,074,364,975 |
| ||||
|
Consumer Goods & Services |
|
2,468,314,297 |
|
48,087,412 |
|
— |
|
2,516,401,709 |
| ||||
|
Finance |
|
2,053,358,141 |
|
48,118,756 |
|
— |
|
2,101,476,897 |
| ||||
|
Health Care |
|
1,671,177,324 |
|
— |
|
705,490 |
|
1,671,882,814 |
| ||||
|
Energy & Minerals |
|
1,197,469,190 |
|
1,104,424 |
|
13,224,998 |
|
1,211,798,612 |
| ||||
|
Other Industries |
|
1,016,744,995 |
|
35,443,163 |
|
— |
|
1,052,188,158 |
| ||||
|
Total Equities |
|
16,673,452,575 |
|
435,677,556 |
|
13,930,488 |
|
17,123,060,619 |
| ||||
|
Total Short-Term Investments |
|
307,132,688 |
|
— |
|
— |
|
307,132,688 |
| ||||
|
Total Securities Lending Collateral |
|
419,416,059 |
|
— |
|
— |
|
419,416,059 |
| ||||
|
Total Investments |
|
$ |
17,400,001,322 |
|
$ |
435,677,556 |
|
$ |
13,930,488 |
|
$ |
17,849,609,366 |
|
> Notes to Statement of Investments
The Fund’s assets assigned to the Level 2 input category are generally valued using a market approach, in which a security’s value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last 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 manager’s 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 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 |
| ||||
|
$ |
14,371,342 |
|
$ |
— |
|
$ |
— |
|
$ |
14,371,342 |
|
Financial assets were transferred from Level 3 to Level 1 as resale restrictions no longer apply.
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 company’s 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 (Unaudited), September 30, 2014
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
Equities: 95.8% |
|
|
| |
|
Asia 43.0% |
|
|
| |||
|
|
|
> Japan 19.2% |
|
|
| |
|
4,784,600 |
|
Kansai Paint |
|
$ |
71,535,459 |
|
|
|
|
Paint Producer in Japan, India, China & Southeast Asia |
|
|
| |
|
1,555,000 |
|
Glory |
|
43,894,114 |
| |
|
|
|
Currency Handling Systems & Related Equipment |
|
|
| |
|
1,090,000 |
|
Japan Airport Terminal |
|
43,751,344 |
| |
|
|
|
Airport Terminal Operator at Haneda |
|
|
| |
|
2,255,000 |
|
Aeon Mall |
|
43,077,759 |
| |
|
|
|
Suburban Shopping Mall Developer, Owner & Operator |
|
|
| |
|
32,000 |
|
Orix JREIT |
|
40,226,570 |
| |
|
|
|
Diversified REIT |
|
|
| |
|
1,050,000 |
|
Familymart |
|
40,071,970 |
| |
|
|
|
Convenience Store Operator |
|
|
| |
|
3,196,000 |
|
Nippon Kayaku |
|
39,091,154 |
| |
|
|
|
Functional Chemicals, Pharmaceuticals & Auto Safety Systems |
|
|
| |
|
1,105,800 |
|
Benesse |
|
36,278,936 |
| |
|
|
|
Education Service Provider |
|
|
| |
|
630,000 |
|
Makita |
|
35,589,812 |
| |
|
|
|
Power Tools |
|
|
| |
|
1,440,000 |
|
Nabtesco |
|
34,496,176 |
| |
|
|
|
Machinery Components |
|
|
| |
|
1,538,500 |
|
Aica Kogyo |
|
32,688,909 |
| |
|
|
|
Laminated Sheets, Building Materials & Chemical Adhesives |
|
|
| |
|
264,400 |
|
Hirose Electric |
|
32,643,042 |
| |
|
|
|
Electrical Connectors |
|
|
| |
|
1,956,400 |
|
Park24 |
|
31,219,040 |
| |
|
|
|
Parking Lot Operator |
|
|
| |
|
1,560,000 |
|
Suruga Bank |
|
31,125,086 |
| |
|
|
|
Regional Bank |
|
|
| |
|
2,900,000 |
|
Ushio |
|
30,653,735 |
| |
|
|
|
Industrial Light Sources |
|
|
| |
|
2,100,000 |
|
Asahi Diamond Industrial |
|
30,406,586 |
| |
|
|
|
Consumable Diamond Tools |
|
|
| |
|
838,000 |
|
OBIC |
|
29,989,898 |
| |
|
|
|
Computer Software |
|
|
| |
|
4,800,000 |
|
NOF |
|
29,942,449 |
| |
|
|
|
Specialty Chemicals, Life Science & Rocket Fuels |
|
|
| |
|
439,400 |
|
Disco |
|
29,880,074 |
| |
|
|
|
Semiconductor Dicing & Grinding Equipment |
|
|
| |
|
5,560 |
|
Kenedix Office Investment |
|
29,853,988 |
| |
|
|
|
Tokyo Mid-size Office REIT |
|
|
| |
|
1,010,000 |
|
NGK Spark Plug |
|
29,719,081 |
| |
|
|
|
Automobile Parts |
|
|
| |
|
355,000 |
|
Rinnai |
|
29,453,469 |
| |
|
|
|
Gas Appliances for Home & Commercial Use |
|
|
| |
|
1,580,000 |
|
Daiseki |
|
29,446,343 |
| |
|
|
|
Waste Disposal & Recycling |
|
|
| |
|
960,000 |
|
Misumi Group |
|
29,007,254 |
| |
|
|
|
Industrial Components Distributor |
|
|
| |
|
1,200,000 |
|
NGK Insulators |
|
28,604,050 |
| |
|
|
|
Ceramic Products for Auto, Power & Electronics |
|
|
| |
|
750,000 |
|
Kintetsu World Express |
|
28,599,833 |
| |
|
|
|
Airfreight Logistics |
|
|
| |
|
8,340,000 |
|
Aozora Bank |
|
28,200,992 |
| |
|
|
|
Commercial Bank |
|
|
| |
|
1,222,080 |
|
Nihon Parkerizing |
|
27,940,690 |
| |
|
|
|
Metal Surface Treatment Agents & Processing Service |
|
|
| |
|
1,600,000 |
|
OSG |
|
27,744,394 |
| |
|
|
|
Consumable Cutting Tools |
|
|
| |
|
749,800 |
|
Nakanishi |
|
27,602,478 |
| |
|
|
|
Dental Tools & Machinery |
|
|
| |
|
1,600,000 |
|
Doshisha |
|
27,440,382 |
| |
|
|
|
Consumer Goods Wholesaler |
|
|
| |
|
603,000 |
|
Omron |
|
27,405,144 |
| |
|
|
|
Electric Components for Factory Automation |
|
|
| |
|
486,600 |
|
Santen Pharmaceutical |
|
27,250,070 |
| |
|
|
|
Specialty Pharma (Ophthalmic Medicine) |
|
|
| |
|
1,402,000 |
|
Tamron (a) |
|
26,939,371 |
| |
|
|
|
Camera Lenses |
|
|
| |
|
792,900 |
|
Toyo Suisan Kaisha |
|
26,328,501 |
| |
|
|
|
Instant Noodles & Processed Foods |
|
|
| |
|
2,736,000 |
|
Moshi Moshi Hotline |
|
25,948,104 |
| |
|
|
|
Call Center Operator |
|
|
| |
|
1,129,000 |
|
Ariake Japan |
|
25,307,440 |
| |
|
|
|
Commercial Soup & Sauce Extracts |
|
|
| |
|
208,000 |
|
Shimano |
|
25,301,849 |
| |
|
|
|
Bicycle Components & Fishing Tackle |
|
|
| |
|
527,500 |
|
Hamamatsu Photonics |
|
25,063,950 |
| |
|
|
|
Optical Sensors for Medical & Industrial Applications |
|
|
| |
|
930,000 |
|
JIN (b) |
|
25,056,113 |
| |
|
|
|
Eyeglasses Retailer |
|
|
| |
|
3,000 |
|
Industrial & Infrastructure Fund |
|
24,873,104 |
| |
|
|
|
Industrial REIT in Japan |
|
|
| |
|
1,150,000 |
|
Aeon Financial Service |
|
24,609,526 |
| |
|
|
|
Diversified Consumer-related Finance Company |
|
|
| |
|
1,107,000 |
|
Stanley Electric |
|
23,965,590 |
| |
|
|
|
Automobile Lighting & LED Equipment |
|
|
| |
|
500,000 |
|
Hoshizaki Electric |
|
23,332,035 |
| |
|
|
|
Commercial Kitchen Equipment |
|
|
| |
|
1,668,900 |
|
Rohto Pharmaceutical |
|
22,381,437 |
| |
|
|
|
Pharmaceutical, Health & Beauty Products |
|
|
| |
|
2,000,000 |
|
Toto |
|
22,003,206 |
| |
|
|
|
Toilets & Bathroom Fittings |
|
|
| |
|
970,000 |
|
Nippon Paint |
|
21,881,139 |
| |
|
|
|
Paints for Automotive, Decorative & Industrial Usage |
|
|
| |
|
835,000 |
|
Icom (a) |
|
20,928,973 |
| |
|
|
|
Two-way Radio Communication Equipment |
|
|
| |
|
571,080 |
|
Milbon |
|
18,957,344 |
| |
|
|
|
Hair Products for Salons |
|
|
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Japan—continued |
|
|
| |
|
255,800 |
|
Hikari Tsushin |
|
$ |
18,184,950 |
|
|
|
|
Office IT/Mobiles/Insurance Distribution |
|
|
| |
|
3,885,400 |
|
Wacom (b) |
|
16,766,033 |
| |
|
|
|
Computer Graphic Illustration Devices |
|
|
| |
|
8,150 |
|
Japan Retail Fund |
|
16,427,958 |
| |
|
|
|
Largest Retail REIT in Japan |
|
|
| |
|
575,600 |
|
MonotaRO (b) |
|
14,408,029 |
| |
|
|
|
Online Maintenance, Repair and Operations Goods Distributor in Japan |
|
|
| |
|
269,000 |
|
Ezaki Glico |
|
9,276,416 |
| |
|
|
|
Confectionary, Ice Cream & Dairy Products |
|
|
| |
|
1,191,200 |
|
Lifenet Insurance (c) |
|
4,520,938 |
| |
|
|
|
Online Life Insurance Company in Japan |
|
|
| |
|
|
|
|
|
1,567,292,287 |
| |
|
|
|
> Taiwan 4.0% |
|
|
| |
|
2,001,000 |
|
St. Shine Optical |
|
42,690,164 |
| |
|
|
|
Disposable Contact Lens Original Equipment Manufacturer |
|
|
| |
|
6,729,000 |
|
Delta Electronics |
|
42,508,930 |
| |
|
|
|
Industrial Automation, Switching Power Supplies & Passive Components |
|
|
| |
|
5,250,000 |
|
President Chain Store |
|
37,642,249 |
| |
|
|
|
Taiwan’s Number One Convenience Chain Store Operator |
|
|
| |
|
15,613,000 |
|
Far EasTone Telecom |
|
29,933,307 |
| |
|
|
|
Taiwan’s Third Largest Mobile Operator |
|
|
| |
|
5,410,000 |
|
Novatek Microelectronics |
|
26,699,358 |
| |
|
|
|
Display-related Integrated Circuit Designer |
|
|
| |
|
1,925,000 |
|
Ginko International |
|
25,866,363 |
| |
|
|
|
Largest Contact Lens Maker in China |
|
|
| |
|
336,000 |
|
Largan Precision |
|
24,038,465 |
| |
|
|
|
Mobile Device Camera Lenses & Modules |
|
|
| |
|
3,078,687 |
|
Advantech |
|
21,726,480 |
| |
|
|
|
Industrial PC & Components |
|
|
| |
|
2,139,680 |
|
PC Home |
|
20,803,832 |
| |
|
|
|
Taiwanese Internet Retail Company |
|
|
| |
|
6,427,000 |
|
Chroma Ate |
|
17,832,013 |
| |
|
|
|
Automatic Test Systems, Testing & Measurement Instruments |
|
|
| |
|
11,470,881 |
|
Lite-On Technology |
|
16,498,853 |
| |
|
|
|
Mobile Device, LED & PC Server Component Supplier |
|
|
| |
|
349,750 |
|
Hermes Microvision |
|
14,548,755 |
| |
|
|
|
E-beam Inspection Systems for Semiconductor Integrated Circuits |
|
|
| |
|
3,927,000 |
|
Vanguard International Semiconductor |
|
5,735,062 |
| |
|
|
|
Semiconductor Foundry |
|
|
| |
|
|
|
|
|
326,523,831 |
| |
|
|
|
> Korea 3.2% |
|
|
| |
|
316,943 |
|
CJ Corp |
|
52,123,793 |
| |
|
|
|
Holding Company of Korean Consumer Conglomerate |
|
|
| |
|
507,000 |
|
KT&G |
|
45,373,382 |
| |
|
|
|
Tobacco & Ginseng Products |
|
|
| |
|
631,865 |
|
LS Industrial Systems |
|
35,121,677 |
| |
|
|
|
Electrical & Automation Equipment |
|
|
| |
|
974,261 |
|
Paradise |
|
31,841,900 |
| |
|
|
|
Korean Casino Operator |
|
|
| |
|
295,580 |
|
Coway |
|
23,573,838 |
| |
|
|
|
Household Appliance Rentals |
|
|
| |
|
591,876 |
|
Grand Korea Leisure |
|
23,466,916 |
| |
|
|
|
‘Foreigner Only’ Casino Group in Korea |
|
|
| |
|
294,940 |
|
KEPCO Plant Service & Engineering |
|
23,336,758 |
| |
|
|
|
Power Plant & Grid Maintenance |
|
|
| |
|
628,107 |
|
LF Corp |
|
20,809,364 |
| |
|
|
|
Apparel Design & Retail |
|
|
| |
|
279,090 |
|
Soulbrain |
|
6,830,398 |
| |
|
|
|
Electronic Chemical Producer |
|
|
| |
|
|
|
|
|
262,478,026 |
| |
|
|
|
> China 3.2% |
|
|
| |
|
2,500,000 |
|
WuXi PharmaTech - ADR (c) |
|
87,550,000 |
| |
|
|
|
Largest Contract Research Organization Business in China |
|
|
| |
|
83,100,000 |
|
Sihuan Pharmaceuticals |
|
62,240,256 |
| |
|
|
|
Chinese Generic Drug Manufacturer |
|
|
| |
|
407,570 |
|
BitAuto - ADR (c) |
|
31,790,460 |
| |
|
|
|
Automotive Information Website for Buyers & Dealers |
|
|
| |
|
17,890,000 |
|
CIMC Enric |
|
17,866,962 |
| |
|
|
|
Tanks & Equipment to Supply Natural Gas & Liquefied Natural Gas |
|
|
| |
|
35,119,000 |
|
AMVIG Holdings |
|
16,051,041 |
| |
|
|
|
Chinese Tobacco Packaging Material Supplier |
|
|
| |
|
29,072,000 |
|
NewOcean Energy (b) |
|
14,485,826 |
| |
|
|
|
Southern China Liquefied Petroleum Gas Distributor |
|
|
| |
|
580,600 |
|
Jumei International - ADR (b)(c) |
|
13,632,488 |
| |
|
|
|
Online Beauty & Apparel Products Retailer |
|
|
| |
|
3,850,000 |
|
Biostime (b) |
|
11,958,958 |
| |
|
|
|
Pediatric Nutrition & Baby Care Products Provider |
|
|
| |
|
|
|
|
|
255,575,991 |
| |
|
|
|
> Hong Kong 2.8% |
|
|
| |
|
2,178,000 |
|
Melco Crown Entertainment - ADR |
|
57,259,620 |
| |
|
|
|
Macau Casino Operator |
|
|
| |
|
16,798,000 |
|
Melco International |
|
38,936,098 |
| |
|
|
|
Macau Casino Operator |
|
|
| |
|
50,000,000 |
|
Mapletree Greater China Commercial Trust |
|
35,442,149 |
| |
|
|
|
Retail & Office Property Landlord |
|
|
| |
|
47,509,000 |
|
Sa Sa International |
|
32,548,742 |
| |
|
|
|
Cosmetics Retailer |
|
|
| |
|
|
Number of Shares |
|
|
|
Value |
| ||||||
|
|
|
|
> Hong Kong—continued |
|
|
| ||||||
|
|
8,320,000 |
|
MGM China Holdings |
|
$ |
|
23,975,131 |
| ||||
|
|
|
|
Macau Casino Operator |
|
|
| ||||||
|
|
10,000,000 |
|
Lifestyle International (d) |
|
17,727,745 |
| ||||||
|
|
|
|
Mid- to High-end Department Store Operator in Hong Kong & China |
|
|
| ||||||
|
|
10,000,000 |
|
Vitasoy International |
|
12,738,840 |
| ||||||
|
|
|
|
Hong Kong Soy Food Brand |
|
|
| ||||||
|
|
5,175,500 |
|
Kingboard Chemicals |
|
10,289,349 |
| ||||||
|
|
|
|
Paper & Glass Laminates, PCB, Specialty Chemicals & Properties |
|
|
| ||||||
|
|
|
|
|
|
228,917,674 |
| ||||||
|
|
|
|
> India 2.5% |
|
|
| ||||||
|
|
13,478,000 |
|
Zee Entertainment Enterprises |
|
68,412,000 |
| ||||||
|
|
|
|
Indian Programmer of Pay Television Content |
|
|
| ||||||
|
|
3,423,265 |
|
Asian Paints |
|
34,816,322 |
| ||||||
|
|
|
|
India’s Largest Paint Company |
|
|
| ||||||
|
|
6,095,000 |
|
Adani Ports & Special Economic Zone |
|
27,323,162 |
| ||||||
|
|
|
|
Indian West Coast Shipping Port |
|
|
| ||||||
|
|
920,000 |
|
Colgate Palmolive India |
|
25,939,673 |
| ||||||
|
|
|
|
Consumer Products in Oral Care |
|
|
| ||||||
|
|
2,085,000 |
|
United Breweries |
|
24,010,602 |
| ||||||
|
|
|
|
India’s Largest Brewer |
|
|
| ||||||
|
|
90,000 |
|
Bosch |
|
21,871,201 |
| ||||||
|
|
|
|
Automotive Parts |
|
|
| ||||||
|
|
|
|
|
|
202,372,960 |
| ||||||
|
|
|
|
> Singapore 2.4% |
|
|
| ||||||
|
|
40,564,179 |
|
Mapletree Commercial Trust |
|
44,834,595 |
| ||||||
|
|
|
|
Retail & Office Property Landlord |
|
|
| ||||||
|
|
5,803,000 |
|
Singapore Exchange |
|
32,855,106 |
| ||||||
|
|
|
|
Singapore Equity & Derivatives Market Operator |
|
|
| ||||||
|
|
8,900,000 |
|
Petra Foods |
|
28,185,310 |
| ||||||
|
|
|
|
Chocolate Manufacturer in Southeast Asia |
|
|
| ||||||
|
|
20,000,000 |
|
CDL Hospitality Trust |
|
26,155,554 |
| ||||||
|
|
|
|
Hotel Owner Operator |
|
|
| ||||||
|
|
13,500,000 |
|
Ascendas REIT |
|
23,813,251 |
| ||||||
|
|
|
|
Industrial Property Landlord |
|
|
| ||||||
|
|
19,349,750 |
|
Mapletree Logistics Trust |
|
17,522,634 |
| ||||||
|
|
|
|
Industrial Property Landlord |
|
|
| ||||||
|
|
15,000,000 |
|
Mapletree Industrial Trust |
|
16,688,508 |
| ||||||
|
|
|
|
Industrial Property Landlord |
|
|
| ||||||
|
|
3,802,000 |
|
Super Group (b) |
|
3,803,892 |
| ||||||
|
|
|
|
Instant Food & Beverages in Southeast Asia |
|
|
| ||||||
|
|
|
|
|
|
193,858,850 |
| ||||||
|
|
|
|
> Indonesia 2.1% |
|
|
| ||||||
|
|
31,764,600 |
|
Archipelago Resources (a)(c)(d)(e)(f) |
|
28,837,304 |
| ||||||
|
|
|
|
Gold Mining Projects in Indonesia, Vietnam & the Philippines |
|
|
| ||||||
|
|
400,000,000 |
|
Ace Indonesia |
|
29,053,592 |
| ||||||
|
|
|
|
Home Improvement Retailer |
|
|
| ||||||
|
|
20,000,000 |
|
Matahari Department Store |
|
26,641,613 |
| ||||||
|
|
|
|
Largest Department Store Chain in Indonesia |
|
|
| ||||||
|
|
39,077,300 |
|
Tower Bersama Infrastructure |
|
25,696,612 |
| ||||||
|
|
|
|
Communications Towers |
|
|
| ||||||
|
|
74,536,300 |
|
Surya Citra Media |
|
23,449,388 |
| ||||||
|
|
|
|
Free to Air TV Station in Indonesia |
|
|
| ||||||
|
|
220,150,800 |
|
Arwana Citramulia |
|
17,959,387 |
| ||||||
|
|
|
|
Ceramic Tiles for Home Decoration |
|
|
| ||||||
|
|
5,600,000 |
|
Mayora Indah |
|
14,011,126 |
| ||||||
|
|
|
|
Consumer Branded Food Manufacturer |
|
|
| ||||||
|
|
49,000,000 |
|
MNC Skyvision |
|
6,833,532 |
| ||||||
|
|
|
|
Largest Satellite Pay TV Operator in Indonesia |
|
|
| ||||||
|
|
|
|
|
|
172,482,554 |
| ||||||
|
|
|
|
> Philippines 1.3% |
|
|
| ||||||
|
|
32,706,600 |
|
Puregold Price Club |
|
25,271,778 |
| ||||||
|
|
|
|
Supermarket Operator in the Philippines |
|
|
| ||||||
|
|
17,000,000 |
|
Robinsons Retail Holdings |
|
23,978,608 |
| ||||||
|
|
|
|
Multi-format Retailer in the Philippines |
|
|
| ||||||
|
|
78,170,000 |
|
Melco Crown (Philippines) Resorts (c) |
|
22,914,556 |
| ||||||
|
|
|
|
Integrated Resort Operator in Manila |
|
|
| ||||||
|
|
5,555,150 |
|
Security Bank |
|
18,160,511 |
| ||||||
|
|
|
|
Commercial Bank in the Philippines |
|
|
| ||||||
|
|
3,743,130 |
|
Universal Robina |
|
15,542,903 |
| ||||||
|
|
|
|
Branded Consumer Food Manufacturer in the Philippines |
|
|
| ||||||
|
|
|
|
|
|
105,868,356 |
| ||||||
|
|
|
|
> Thailand 1.1% |
|
|
| ||||||
|
|
4,360,000 |
|
Airports of Thailand |
|
32,053,475 |
| ||||||
|
|
|
|
Airport Operator of Thailand |
|
|
| ||||||
|
|
95,761,333 |
|
Home Product Center |
|
30,725,188 |
| ||||||
|
|
|
|
Home Improvement Retailer |
|
|
| ||||||
|
|
15,703,000 |
|
Robinson Department Store |
|
25,520,024 |
| ||||||
|
|
|
|
Department Store Operator in Thailand |
|
|
| ||||||
|
|
|
|
|
|
88,298,687 |
| ||||||
|
|
|
|
> Malaysia 0.7% |
|
|
| ||||||
|
|
51,801,200 |
|
7-Eleven Malaysia Holdings (c) |
|
28,265,249 |
| ||||||
|
|
|
|
Exclusive 7-Eleven Franchisor for Malaysia |
|
|
| ||||||
|
|
24,006,700 |
|
Aeon |
|
27,515,681 |
| ||||||
|
|
|
|
Shopping Center & Department Store Operator |
|
|
| ||||||
|
|
|
|
|
|
55,780,930 |
| ||||||
|
|
|
|
> Cambodia 0.5% |
|
|
| ||||||
|
|
60,000,000 |
|
Nagacorp |
|
42,930,918 |
| ||||||
|
|
|
|
Casino & Entertainment Complex in Cambodia |
|
|
| ||||||
|
Asia: Total |
|
3,502,381,064 |
|
| ||||||||
|
Number of Shares |
|
|
|
Value |
| |
|
Europe 30.5% |
|
|
| |||
|
|
|
> United Kingdom 9.5% |
|
|
| |
|
4,365,635 |
|
Jardine Lloyd Thompson Group |
|
$ |
68,862,615 |
|
|
|
|
International Business Insurance Broker |
|
|
| |
|
3,590,000 |
|
Babcock International |
|
63,348,328 |
| |
|
|
|
Public Sector Outsourcer |
|
|
| |
|
1,300,000 |
|
Spirax Sarco |
|
59,320,119 |
| |
|
|
|
Steam Systems for Manufacturing & Process Industries |
|
|
| |
|
2,430,000 |
|
WH Smith |
|
42,511,232 |
| |
|
|
|
Newsprint, Books & General Stationery Retailer |
|
|
| |
|
606,940 |
|
Whitbread |
|
40,783,859 |
| |
|
|
|
UK Hotelier & Coffee Shop |
|
|
| |
|
1,134,000 |
|
Rightmove |
|
39,439,428 |
| |
|
|
|
Internet Real Estate Listings |
|
|
| |
|
958,646 |
|
Fidessa Group |
|
35,604,640 |
| |
|
|
|
Software for Financial Trading Systems |
|
|
| |
|
3,066,000 |
|
Shaftesbury |
|
33,790,099 |
| |
|
|
|
London Prime Retail REIT |
|
|
| |
|
4,550,000 |
|
Abcam |
|
29,670,898 |
| |
|
|
|
Online Sales of Antibodies |
|
|
| |
|
2,834,000 |
|
PureCircle (b)(c) |
|
27,577,523 |
| |
|
|
|
Natural Sweeteners |
|
|
| |
|
11,184,000 |
|
Connect Group (a) |
|
27,060,433 |
| |
|
|
|
Newspaper & Magazine Distributor |
|
|
| |
|
2,210,000 |
|
Telecity |
|
26,743,660 |
| |
|
|
|
European Data Center Provider |
|
|
| |
|
35,245,747 |
|
Cable and Wireless |
|
26,693,634 |
| |
|
|
|
Telecommunications Service Provider in the Caribbean |
|
|
| |
|
6,534,800 |
|
Polypipe |
|
26,087,460 |
| |
|
|
|
Manufacturer of Plastic Piping & Fittings |
|
|
| |
|
1,510,000 |
|
Smith and Nephew |
|
25,400,698 |
| |
|
|
|
Medical Equipment & Supplies |
|
|
| |
|
3,277,885 |
|
Halfords |
|
25,102,369 |
| |
|
|
|
UK Retailer of Leisure Goods & Auto Parts |
|
|
| |
|
5,800,000 |
|
RPS Group |
|
24,540,971 |
| |
|
|
|
Consultant Specializing in Energy, Water, Urban Planning, Health & Safety |
|
|
| |
|
2,483,322 |
|
Halma |
|
24,536,592 |
| |
|
|
|
Health & Safety Sensor Technology |
|
|
| |
|
2,660,000 |
|
Domino’s Pizza UK & Ireland |
|
24,463,176 |
| |
|
|
|
Pizza Delivery in UK, Ireland & Germany |
|
|
| |
|
975,602 |
|
Aggreko |
|
24,418,081 |
| |
|
|
|
Temporary Power & Temperature Control Services |
|
|
| |
|
5,650,001 |
|
Elementis |
|
23,289,101 |
| |
|
|
|
Specialty Chemicals |
|
|
| |
|
908,500 |
|
AVEVA |
|
22,666,622 |
| |
|
|
|
Engineering Software |
|
|
| |
|
4,712,000 |
|
Ocado (c) |
|
20,135,499 |
| |
|
|
|
Online Grocery Retailer |
|
|
| |
|
20,900,000 |
|
Assura |
|
15,755,148 |
| |
|
|
|
UK Primary Health Care Property Developer |
|
|
| |
|
|
|
|
|
777,802,185 |
| |
|
|
|
> Sweden 2.9% |
|
|
| |
|
2,308,522 |
|
Hexagon |
|
72,996,426 |
| |
|
|
|
Design, Measurement & Visualization Software & Equipment |
|
|
| |
|
1,580,000 |
|
Swedish Match |
|
51,115,517 |
| |
|
|
|
Swedish Snus |
|
|
| |
|
3,255,024 |
|
Sweco |
|
46,123,365 |
| |
|
|
|
Engineering Consultants |
|
|
| |
|
818,422 |
|
Unibet |
|
41,170,619 |
| |
|
|
|
European Online Gaming Operator |
|
|
| |
|
1,044,000 |
|
Mekonomen |
|
22,572,330 |
| |
|
|
|
Nordic Integrated Wholesaler/Retailer of Automotive Parts & Service |
|
|
| |
|
|
|
|
|
233,978,257 |
| |
|
|
|
> France 2.7% |
|
|
| |
|
1,350,000 |
|
Neopost |
|
99,293,970 |
| |
|
|
|
Postage Meter Machines |
|
|
| |
|
146,000 |
|
Eurofins Scientific |
|
37,774,918 |
| |
|
|
|
Food, Pharmaceuticals & Materials Screening & Testing |
|
|
| |
|
729,096 |
|
Saft |
|
24,808,643 |
| |
|
|
|
Niche Battery Manufacturer |
|
|
| |
|
767,000 |
|
Eutelsat |
|
24,766,342 |
| |
|
|
|
Fixed Satellite Services |
|
|
| |
|
163,400 |
|
Norbert Dentressangle |
|
23,521,408 |
| |
|
|
|
European Logistics & Transport Group |
|
|
| |
|
1,831,204 |
|
Hi-Media (b)(c) |
|
6,007,377 |
| |
|
|
|
Online Advertiser in Europe |
|
|
| |
|
|
|
|
|
216,172,658 |
| |
|
|
|
> Germany 2.6% |
|
|
| |
|
1,663,000 |
|
Wirecard |
|
61,159,627 |
| |
|
|
|
Online Payment Processing & Risk Management |
|
|
| |
|
130,000 |
|
Rational |
|
38,639,479 |
| |
|
|
|
Commercial Ovens |
|
|
| |
|
795,000 |
|
NORMA Group |
|
33,129,610 |
| |
|
|
|
Clamps for Automotive & Industrial Applications |
|
|
| |
|
365,000 |
|
MTU Aero Engines |
|
31,053,633 |
| |
|
|
|
Airplane Engine Components & Services |
|
|
| |
|
795,000 |
|
Aurelius |
|
28,276,521 |
| |
|
|
|
European Turnaround Investor |
|
|
| |
|
595,000 |
|
Elringklinger (b) |
|
17,532,802 |
| |
|
|
|
Automobile Components |
|
|
| |
|
406,158 |
|
TAG Immobilien (b) |
|
4,591,785 |
| |
|
|
|
Owner of Residential Properties in Germany |
|
|
| |
|
|
|
|
|
214,383,457 |
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Switzerland 2.5% |
|
|
| |
|
263,500 |
|
Partners Group |
|
$ |
69,256,757 |
|
|
|
|
Private Markets Asset Management |
|
|
| |
|
179,000 |
|
Geberit |
|
57,694,033 |
| |
|
|
|
Plumbing Supplies |
|
|
| |
|
16,300 |
|
Sika |
|
56,360,101 |
| |
|
|
|
Chemicals for Construction & Industrial Applications |
|
|
| |
|
72,500 |
|
INFICON |
|
22,098,565 |
| |
|
|
|
Gas Detection Instruments |
|
|
| |
|
|
|
|
|
205,409,456 |
| |
|
|
|
> Netherlands 2.1% |
|
|
| |
|
2,491,770 |
|
Aalberts Industries |
|
64,512,844 |
| |
|
|
|
Flow Control & Heat Treatment |
|
|
| |
|
790,670 |
|
Arcadis |
|
26,152,255 |
| |
|
|
|
Engineering Consultants |
|
|
| |
|
237,700 |
|
Gemalto |
|
21,825,478 |
| |
|
|
|
Digital Security Solutions |
|
|
| |
|
404,124 |
|
Vopak |
|
21,775,997 |
| |
|
|
|
World’s Largest Operator of Petroleum & Chemical Storage Terminals |
|
|
| |
|
143,395 |
|
Core Labs |
|
20,985,858 |
| |
|
|
|
Oil & Gas Reservoir Consulting |
|
|
| |
|
764,253 |
|
Brunel |
|
17,502,582 |
| |
|
|
|
NL Specialist & Energy Staffing |
|
|
| |
|
|
|
|
|
172,755,014 |
| |
|
|
|
> Spain 2.0% |
|
|
| |
|
7,828,000 |
|
DIA |
|
56,097,209 |
| |
|
|
|
Discount Retailer in Spain, Latin America & the Eastern Mediterranean |
|
|
| |
|
794,000 |
|
Viscofan |
|
43,492,925 |
| |
|
|
|
Sausage Casings Maker |
|
|
| |
|
830,000 |
|
Bolsas y Mercados Españoles |
|
31,577,543 |
| |
|
|
|
Spanish Stock Markets |
|
|
| |
|
5,042,000 |
|
Prosegur |
|
31,273,475 |
| |
|
|
|
Security Guards |
|
|
| |
|
|
|
|
|
162,441,152 |
| |
|
|
|
> Denmark 1.9% |
|
|
| |
|
1,315,800 |
|
Novozymes |
|
57,087,843 |
| |
|
|
|
Industrial Enzymes |
|
|
| |
|
1,932,063 |
|
SimCorp |
|
56,714,018 |
| |
|
|
|
Software for Investment Managers |
|
|
| |
|
709,000 |
|
Jyske Bank (c) |
|
38,315,871 |
| |
|
|
|
Danish Bank |
|
|
| |
|
|
|
|
|
152,117,732 |
| |
|
|
|
> Finland 1.7% |
|
|
| |
|
1,226,866 |
|
Vacon |
|
52,221,307 |
| |
|
|
|
Leading Independent Manufacturer of Variable Speed Air Conditioning Drives |
|
|
| |
|
7,766,000 |
|
Sponda |
|
35,007,197 |
| |
|
|
|
Office, Retail & Logistics Properties |
|
|
| |
|
1,669,000 |
|
Tikkurila |
|
34,750,416 |
| |
|
|
|
Decorative & Industrial Paint in Scandinavia & Central & Eastern Europe |
|
|
| |
|
711,000 |
|
Konecranes |
|
19,068,026 |
| |
|
|
|
Manufacture & Service of Industrial Cranes & Port Handling Equipment |
|
|
| |
|
|
|
|
|
141,046,946 |
| |
|
|
|
> Norway 1.0% |
|
|
| |
|
3,784,000 |
|
Orkla |
|
34,219,293 |
| |
|
|
|
Food & Brands, Aluminum, Chemicals Conglomerate |
|
|
| |
|
2,613,864 |
|
Atea |
|
29,394,400 |
| |
|
|
|
Nordic IT Hardware/Software Reseller & Installation Company |
|
|
| |
|
1,321,000 |
|
Subsea 7 |
|
18,864,820 |
| |
|
|
|
Offshore Subsea Contractor |
|
|
| |
|
|
|
|
|
82,478,513 |
| |
|
|
|
> Kazakhstan 0.7% |
|
|
| |
|
5,143,000 |
|
Halyk Savings Bank of Kazakhstan - GDR |
|
59,144,500 |
| |
|
|
|
Largest Retail Bank & Insurer in Kazakhstan |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Iceland 0.4% |
|
|
| |
|
28,312,499 |
|
Marel (g) |
|
20,589,282 |
| |
|
7,670,000 |
|
Marel (g) |
|
6,756,731 |
| |
|
|
|
Largest Manufacturer of Poultry & Fish Processing Equipment |
|
|
| |
|
|
|
|
|
27,346,013 |
| |
|
|
|
> Italy 0.3% |
|
|
| |
|
1,959,000 |
|
Pirelli |
|
27,012,764 |
| |
|
|
|
Global Tire Supplier |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Belgium 0.2% |
|
|
| |
|
516,965 |
|
EVS Broadcast Equipment |
|
18,011,027 |
| |
|
|
|
Digital Live Mobile Production Software & Systems |
|
|
| |
|
Europe: Total |
|
2,490,099,674 |
| |||
|
|
|
|
|
|
| |
|
Other Countries 18.1% |
|
|
| |||
|
|
|
> Australia 5.0% |
|
|
| |
|
3,500,000 |
|
Domino’s Pizza Enterprises |
|
80,212,854 |
| |
|
|
|
Domino’s Pizza Operator in Australia & New Zealand |
|
|
| |
|
14,000,000 |
|
IAG |
|
75,031,064 |
| |
|
|
|
General Insurance Provider |
|
|
| |
|
11,515,000 |
|
Challenger Financial |
|
71,656,897 |
| |
|
|
|
Largest Annuity Provider in Australia |
|
|
| |
|
7,030,000 |
|
Amcor |
|
69,633,228 |
| |
|
|
|
Global Leader in Flexible & Rigid Packaging |
|
|
| |
|
37,550,000 |
|
Spotless (c) |
|
59,395,259 |
| |
|
|
|
Largest Facility Management & Catering Company |
|
|
| |
|
12,820,287 |
|
Mermaid Marine (b) |
|
21,616,190 |
| |
|
|
|
Support Vessels for Offshore Oil/Gas Industry |
|
|
| |
|
2,189,620 |
|
Austbrokers |
|
19,362,934 |
| |
|
|
|
Australian Small Business Insurance Broker |
|
|
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Australia—continued |
|
|
| |
|
3,900,000 |
|
SAI Global |
|
$ |
13,844,514 |
|
|
|
|
Publishing, Certification, Compliance Services |
|
|
| |
|
|
|
|
|
410,752,940 |
| |
|
|
|
> Canada 4.8% |
|
|
| |
|
926,772 |
|
CCL Industries |
|
92,615,137 |
| |
|
|
|
Largest Global Label Converter |
|
|
| |
|
1,067,730 |
|
ShawCor (b) |
|
53,865,570 |
| |
|
|
|
Oil & Gas Pipeline Products |
|
|
| |
|
1,108,857 |
|
Baytex (b) |
|
41,930,527 |
| |
|
|
|
Oil & Gas Producer in Canada |
|
|
| |
|
3,188,000 |
|
CAE |
|
38,656,226 |
| |
|
|
|
Flight Simulator Equipment & Training Centers |
|
|
| |
|
3,622,000 |
|
Canadian Energy Services & Technology |
|
30,335,604 |
| |
|
|
|
North American Drilling Fluids & Chemicals |
|
|
| |
|
490,200 |
|
Onex Capital |
|
27,294,854 |
| |
|
|
|
Private Equity |
|
|
| |
|
2,168,377 |
|
DeeThree Exploration (c) |
|
17,618,850 |
| |
|
1,130,000 |
|
DeeThree Exploration (c)(e) |
|
8,998,027 |
| |
|
|
|
Canadian Oil & Gas Producer |
|
|
| |
|
518,589 |
|
Ag Growth |
|
20,605,572 |
| |
|
|
|
Manufacturer of Augers & Grain Handling Equipment |
|
|
| |
|
1,656,569 |
|
Rona |
|
20,175,544 |
| |
|
|
|
Canadian Home Improvement Retailer |
|
|
| |
|
766,000 |
|
Trilogy Energy (b) |
|
17,345,203 |
| |
|
|
|
Oil & Gas Producer in Canada |
|
|
| |
|
551,976 |
|
Black Diamond Group |
|
11,739,871 |
| |
|
|
|
Provides Accommodations/Equipment for Oil Sands Development |
|
|
| |
|
1,901,514 |
|
Horizon North Logistics (b) |
|
8,625,109 |
| |
|
|
|
Diversified Oil Service Offering in Northern Canada |
|
|
| |
|
|
|
|
|
389,806,094 |
| |
|
|
|
> South Africa 4.7% |
|
|
| |
|
14,021,217 |
|
Coronation Fund Managers |
|
120,108,185 |
| |
|
|
|
South African Fund Manager |
|
|
| |
|
777,188 |
|
Naspers |
|
85,759,151 |
| |
|
|
|
Media in Africa, China, Russia & Other Emerging Markets |
|
|
| |
|
22,959,300 |
|
Rand Merchant Insurance |
|
72,035,560 |
| |
|
|
|
Directly Sold Property & Casualty Insurance; Holdings in Other Insurers |
|
|
| |
|
2,644,083 |
|
Mr. Price |
|
49,758,981 |
| |
|
|
|
South African Retailer of Apparel, Household & Sporting Goods |
|
|
| |
|
8,679,940 |
|
Northam Platinum (c) |
|
28,326,019 |
| |
|
|
|
Platinum Mining in South Africa |
|
|
| |
|
2,230,504 |
|
Massmart Holdings (b) |
|
24,266,634 |
| |
|
|
|
General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary |
|
|
| |
|
|
|
|
|
380,254,530 |
| |
|
|
|
> United States 2.2% |
|
|
| |
|
1,272,297 |
|
Textainer Group Holdings (b) |
|
39,593,883 |
| |
|
|
|
Top International Container Leaser |
|
|
| |
|
601,213 |
|
FMC Technologies (c) |
|
32,651,878 |
| |
|
|
|
Oil & Gas Well Head Manufacturer |
|
|
| |
|
912,000 |
|
Bladex |
|
27,980,160 |
| |
|
|
|
Latin American Trade Financing House |
|
|
| |
|
350,000 |
|
Synageva Biopharma (b)(c) |
|
24,073,000 |
| |
|
|
|
Biotech Focused on Orphan Diseases |
|
|
| |
|
634,500 |
|
Hornbeck Offshore (c) |
|
20,767,185 |
| |
|
|
|
Supply Vessel Operator in U.S. Gulf of Mexico |
|
|
| |
|
685,900 |
|
Rowan |
|
17,360,129 |
| |
|
|
|
Contract Offshore Driller |
|
|
| |
|
225,000 |
|
Chart Industries (c) |
|
13,754,250 |
| |
|
|
|
Manufacturer of Natural Gas Processing/Storage Equipment |
|
|
| |
|
|
|
|
|
176,180,485 |
| |
|
|
|
> New Zealand 0.9% |
|
|
| |
|
10,800,000 |
|
Auckland International Airport |
|
32,446,000 |
| |
|
|
|
Auckland Airport Operator |
|
|
| |
|
8,000,000 |
|
Sky City Entertainment |
|
22,789,674 |
| |
|
|
|
Casino & Entertainment Complex |
|
|
| |
|
3,738,000 |
|
Ryman Healthcare |
|
22,778,011 |
| |
|
|
|
Retirement Village Operator |
|
|
| |
|
|
|
|
|
78,013,685 |
| |
|
|
|
> Israel 0.5% |
|
|
| |
|
791,000 |
|
Caesarstone |
|
40,878,880 |
| |
|
|
|
Quartz Countertops |
|
|
| |
|
Other Countries: Total |
|
1,475,886,614 |
| |||
|
|
|
|
|
|
| |
|
Latin America 4.2% |
|
|
| |||
|
|
|
> Brazil 1.5% |
|
|
| |
|
4,000,000 |
|
Localiza Rent A Car |
|
57,489,531 |
| |
|
|
|
Car Rental |
|
|
| |
|
1,184,000 |
|
Linx |
|
24,649,838 |
| |
|
|
|
Retail Management Software in Brazil |
|
|
| |
|
6,000,000 |
|
Odontoprev |
|
21,717,904 |
| |
|
|
|
Dental Insurance |
|
|
| |
|
58,937,078 |
|
Beadell Resources (a)(c) |
|
20,786,982 |
| |
|
|
|
Gold Mining in Brazil |
|
|
| |
|
|
|
|
|
124,644,255 |
| |
|
|
|
> Mexico 1.4% |
|
|
| |
|
15,347,000 |
|
Genomma Lab International (c) |
|
36,794,862 |
| |
|
|
|
Develops, Markets & Distributes Consumer Products |
|
|
| |
|
12,339,000 |
|
Qualitas |
|
33,074,271 |
| |
|
|
|
Auto Insurer in Mexico & Central America |
|
|
| |
|
200,000 |
|
Grupo Aeroportuario del Sureste - ADR |
|
25,698,000 |
| |
|
|
|
Mexican Airport Operator |
|
|
| |
|
2,200,000 |
|
Gruma (c) |
|
23,555,341 |
| |
|
|
|
Tortilla Producer & Distributor |
|
|
| |
|
|
|
|
|
119,122,474 |
| |
|
Number of Shares |
|
|
|
Value |
| |||
|
|
|
> Guatemala 0.4% |
|
|
| |||
|
1,626,600 |
|
Tahoe Resources (c) |
|
$ |
33,099,883 |
| ||
|
|
|
Silver Project in Guatemala |
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
> Colombia 0.4% |
|
|
| |||
|
23,377,000 |
|
Isagen |
|
31,746,622 |
| |||
|
|
|
Colombian Electricity Provider |
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
> Chile 0.3% |
|
|
| |||
|
921,000 |
|
Sociedad Quimica y Minera de Chile - ADR |
|
24,074,940 |
| |||
|
|
|
Producer of Specialty Fertilizers, Lithium & Iodine |
|
|
| |||
|
|
|
|
|
|
| |||
|
|
|
> Uruguay 0.2% |
|
|
| |||
|
1,306,818 |
|
Union Agriculture Group (c)(d)(e) |
|
13,224,998 |
| |||
|
|
|
Farmland Operator in Uruguay |
|
|
| |||
|
Latin America: Total |
|
345,913,172 |
| |||||
|
|
|
|
| |||||
|
Total Equities: 95.8% |
|
7,814,280,524 |
(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 |
| |||
|
111,100,756 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) |
|
111,100,756 |
| |||
|
Total Short-Term Investments: 4.1% |
|
331,100,756 |
| |||||
|
|
|
|
| |||||
|
Securities Lending Collateral 1.9% |
|
|
| |||||
|
155,777,631 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (i) |
|
155,777,631 |
| |||
|
Total Securities Lending Collateral: 1.9% |
|
155,777,631 |
| |||||
|
|
|
|
| |||||
|
Total Investments: 101.8% |
|
8,301,158,911 |
(k) | |||||
|
|
|
|
|
|
| |||
|
Obligation to Return Collateral for Securities Loaned: (1.9)% |
|
(155,777,631 |
) | |||||
|
|
|
|
| |||||
|
Cash and Other Assets Less Liabilities: 0.1% |
|
12,354,140 |
| |||||
|
|
|
|
| |||||
|
Net Assets: 100.0% |
|
$ |
8,157,735,420 |
| ||||
ADR - American Depositary Receipts
GDR - Global Depositary Receipts
REIT - Real Estate Investment Trust
> 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 September 30, 2014, are as follows:
|
Security |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
|
Archipelago Resources |
|
31,764,600 |
|
— |
|
— |
|
31,764,600 |
|
$ |
28,837,304 |
|
$ |
— |
|
|
Connect Group |
|
10,944,000 |
|
1,158,321 |
|
918,321 |
|
11,184,000 |
|
27,060,433 |
|
1,907,037 |
| ||
|
Tamron |
|
573,700 |
|
828,300 |
|
— |
|
1,402,000 |
|
26,939,371 |
|
223,023 |
| ||
|
Icom |
|
835,000 |
|
— |
|
— |
|
835,000 |
|
20,928,973 |
|
237,621 |
| ||
|
Beadell Resources |
|
58,937,078 |
|
— |
|
— |
|
58,937,078 |
|
20,786,982 |
|
— |
| ||
|
Empresas Hites (1) |
|
23,162,664 |
|
— |
|
23,162,664 |
|
— |
|
— |
|
— |
| ||
|
Total of Affiliated Transactions |
|
126,217,042 |
|
1,986,621 |
|
24,080,985 |
|
104,122,678 |
|
$ |
124,553,063 |
|
$ |
2,367,681 |
|
(1) At September 30, 2014, the Fund owned less than five percent of the company’s outstanding voting shares.
The aggregate cost and value of these companies at September 30, 2014, was $155,617,380 and $124,553,063, respectively. Investments in affiliated companies represented 1.53% of the Fund’s total net assets at September 30, 2014.
(b) All or a portion of this security was on loan at September 30, 2014. The total market value of securities on loan at September 30, 2014 was $147,583,238.
(c) Non-income producing security.
(d) Illiquid security.
> 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 Fund’s Board of Trustees. At September 30, 2014, the market value of these securities amounted to $51,060,329, which represented 0.63% 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 |
|
$ |
28,837,304 |
|
|
Union Agriculture Group |
|
12/8/10-6/27/12 |
|
1,306,818 |
|
15,000,000 |
|
13,224,998 |
| ||
|
DeeThree Exploration |
|
9/7/10 |
|
1,130,000 |
|
2,950,812 |
|
8,998,027 |
| ||
|
|
|
|
|
|
|
$ |
36,327,669 |
|
$ |
51,060,329 |
|
(f) 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 |
|
December 31, 2014 |
|
$ |
1,029,904 |
|
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) December 31, 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 December 31, 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 Fund’s Board of Trustees.
(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 Marel’s regulatory governing body, the Icelandic Central Bank.
(h) On September 30, 2014, the Fund’s total equity investments were denominated in currencies as follows:
|
Currency |
|
Value |
|
Percentage |
| |
|
Japanese Yen |
|
$ |
1,567,292,287 |
|
19.2 |
|
|
Euro |
|
930,837,161 |
|
11.4 |
| |
|
British Pound |
|
806,639,490 |
|
9.9 |
| |
|
United States Dollar |
|
550,420,229 |
|
6.7 |
| |
|
Australian Dollar |
|
431,539,922 |
|
5.3 |
| |
|
Canadian Dollar |
|
422,905,977 |
|
5.2 |
| |
|
Other currencies less than 5% of total net assets |
|
3,104,645,458 |
|
38.1 |
| |
|
Total Equities |
|
$ |
7,814,280,524 |
|
95.8 |
|
(i) Investment made with cash collateral received from securities lending activity.
(j) At September 30, 2014, for federal income tax purposes, the cost of investments was approximately $6,474,715,248 and net unrealized appreciation was $1,826,443,663 consisting of gross unrealized appreciation of $2,208,509,742 and gross unrealized depreciation of $382,066,079.
(k) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated June 30, 2014.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s 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 management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee (the Committee) of the Fund’s 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 Trust’s 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 Fund’s 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 September 30, 2014, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Equities |
|
|
|
|
|
|
|
|
| ||||
|
Asia |
|
$ |
190,232,568 |
|
$ |
3,265,583,447 |
|
$ |
46,565,049 |
|
$ |
3,502,381,064 |
|
|
Europe |
|
20,985,858 |
|
2,469,113,816 |
|
— |
|
2,490,099,674 |
| ||||
|
Other Countries |
|
597,867,432 |
|
878,019,182 |
|
— |
|
1,475,886,614 |
| ||||
|
Latin America |
|
311,901,192 |
|
20,786,982 |
|
13,224,998 |
|
345,913,172 |
| ||||
|
Total Equities |
|
1,120,987,050 |
|
6,633,503,427 |
|
59,790,047 |
|
7,814,280,524 |
| ||||
|
Total Short-Term Investments |
|
331,100,756 |
|
— |
|
— |
|
331,100,756 |
| ||||
|
Total Securities Lending Collateral |
|
155,777,631 |
|
— |
|
— |
|
155,777,631 |
| ||||
|
Total Investments |
|
$ |
1,607,865,437 |
|
$ |
6,633,503,427 |
|
$ |
59,790,047 |
|
$ |
8,301,158,911 |
|
|
Unrealized Appreciation on Options |
|
— |
|
— |
|
1,029,904 |
|
1,029,904 |
| ||||
|
Total |
|
$ |
1,607,865,437 |
|
$ |
6,633,503,427 |
|
$ |
60,819,951 |
|
$ |
8,302,188,815 |
|
The Fund’s assets assigned to the Level 2 input category are generally valued using a market approach, in which a security’s value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last 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 manager’s 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 1 and 2 during the period.
The following table shows transfers between Level 2 and Level 3 of the fair value hierarchy:
|
Transfers In |
|
Transfers Out |
| ||||||||
|
Level 2 |
|
Level 3 |
|
Level 2 |
|
Level 3 |
| ||||
|
$ |
— |
|
$ |
23,380,857 |
|
$ |
23,380,857 |
|
$ |
— |
|
Financial assets were transferred from Level 2 to Level 3 as trading halted 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 company’s 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 (Unaudited), September 30, 2014
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
Equities: 98.6% |
|
|
| |
|
Information 22.2% |
|
|
| |||
|
|
|
> Business Software 7.8% |
|
|
| |
|
343,000 |
|
Ansys (a) |
|
$ |
25,954,810 |
|
|
|
|
Simulation Software for Engineers & Designers |
|
|
| |
|
700,000 |
|
Informatica (a) |
|
23,968,000 |
| |
|
|
|
Enterprise Data Integration Software |
|
|
| |
|
265,000 |
|
SPS Commerce (a) |
|
14,084,750 |
| |
|
|
|
Supply Chain Management Software Delivered via Web |
|
|
| |
|
134,000 |
|
NetSuite (a) |
|
11,998,360 |
| |
|
|
|
End-to-end IT Systems Solution Delivered via Web |
|
|
| |
|
54,000 |
|
Concur Technologies (a)(b) |
|
6,848,280 |
| |
|
|
|
Web-enabled Expense Management Software |
|
|
| |
|
119,000 |
|
DemandWare (a) |
|
6,059,480 |
| |
|
|
|
eCommerce Website Platform for Retailers & Apparel Manufacturers |
|
|
| |
|
275,000 |
|
RealPage (a)(b) |
|
4,262,500 |
| |
|
|
|
Software for Managing Rental Properties Delivered via Web |
|
|
| |
|
82,000 |
|
Envestnet (a) |
|
3,690,000 |
| |
|
|
|
Technology Platform for Investment Advisors |
|
|
| |
|
394,187 |
|
InContact (a) |
|
3,427,456 |
| |
|
|
|
Call Center Systems Delivered via Web & Telecommunication Services |
|
|
| |
|
50,000 |
|
Commvault Systems (a) |
|
2,520,000 |
| |
|
|
|
Data Storage Management |
|
|
| |
|
94,954 |
|
Textura (a)(b) |
|
2,506,786 |
| |
|
|
|
Construction Vendor Management Software |
|
|
| |
|
216,991 |
|
Exa (a) |
|
2,447,658 |
| |
|
|
|
Simulation Software |
|
|
| |
|
346,769 |
|
Five9 (a)(b) |
|
2,267,869 |
| |
|
|
|
Call Center Software |
|
|
| |
|
196,000 |
|
E2Open (a)(b) |
|
1,824,760 |
| |
|
|
|
Supply Chain Management Software & Supplier/Partner Network |
|
|
| |
|
95,950 |
|
Covisint (a)(b) |
|
398,193 |
| |
|
|
|
Collaboration Software Platform Provider |
|
|
| |
|
|
|
|
|
112,258,902 |
| |
|
|
|
> Instrumentation 5.6% |
|
|
| |
|
164,000 |
|
Mettler-Toledo International (a) |
|
42,005,320 |
| |
|
|
|
Laboratory Equipment |
|
|
| |
|
427,000 |
|
IPG Photonics (a)(b) |
|
29,369,060 |
| |
|
|
|
Fiber Lasers |
|
|
| |
|
274,000 |
|
Trimble Navigation (a) |
|
8,357,000 |
| |
|
|
|
GPS-based Instruments |
|
|
| |
|
|
|
|
|
79,731,380 |
| |
|
|
|
> Computer Services 2.5% |
|
|
| |
|
506,000 |
|
ExlService Holdings (a) |
|
12,351,460 |
| |
|
|
|
Business Process Outsourcing |
|
|
| |
|
212,821 |
|
Virtusa (a) |
|
7,567,915 |
| |
|
|
|
Offshore IT Outsourcing |
|
|
| |
|
327,000 |
|
WNS - ADR (India) (a) |
|
7,360,770 |
| |
|
|
|
Offshore Business Process Outsourcing Services |
|
|
| |
|
582,000 |
|
RCM Technologies (a) |
|
4,405,740 |
| |
|
|
|
Technology & Engineering Services |
|
|
| |
|
591,000 |
|
Hackett Group |
|
3,522,360 |
| |
|
|
|
IT Integration & Best Practice Research |
|
|
| |
|
|
|
|
|
35,208,245 |
| |
|
|
|
> Semiconductors & Related Equipment 1.7% |
|
|
| |
|
255,000 |
|
Monolithic Power Systems |
|
11,232,750 |
| |
|
|
|
High-performance Analog & Mixed Signal Integrated Circuits |
|
|
| |
|
970,000 |
|
Atmel (a) |
|
7,837,600 |
| |
|
|
|
Microcontrollers, Radio Frequency & Memory Semiconductors |
|
|
| |
|
238,000 |
|
Ultratech (a) |
|
5,414,500 |
| |
|
|
|
Semiconductor Equipment |
|
|
| |
|
|
|
|
|
24,484,850 |
| |
|
|
|
> Telecommunications Equipment 1.1% |
|
|
| |
|
710,278 |
|
Infinera (a) |
|
7,578,666 |
| |
|
|
|
Optical Networking Equipment |
|
|
| |
|
281,000 |
|
CalAmp (a) |
|
4,951,220 |
| |
|
|
|
Machine to Machine Communications |
|
|
| |
|
369,000 |
|
Ixia (a) |
|
3,372,660 |
| |
|
|
|
Telecom Network Test Equipment |
|
|
| |
|
|
|
|
|
15,902,546 |
| |
|
|
|
> Computer Hardware & Related Equipment 0.7% |
|
|
| |
|
101,000 |
|
Rogers (a) |
|
5,530,760 |
| |
|
|
|
Printed Circuit Materials & High-performance Foams |
|
|
| |
|
78,000 |
|
Belden |
|
4,993,560 |
| |
|
|
|
Specialty Cable |
|
|
| |
|
|
|
|
|
10,524,320 |
| |
|
|
|
> Financial Processors 0.6% |
|
|
| |
|
95,000 |
|
Global Payments |
|
6,638,600 |
| |
|
|
|
Credit Card Processor |
|
|
| |
|
153,000 |
|
Liquidity Services (a) |
|
2,103,750 |
| |
|
|
|
E-auctions for Surplus & Salvage Goods |
|
|
| |
|
|
|
|
|
8,742,350 |
| |
|
|
|
> Contract Manufacturing 0.6% |
|
|
| |
|
215,000 |
|
Plexus (a) |
|
7,939,950 |
| |
|
|
|
Electronic Manufacturing Services |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Internet Related 0.5% |
|
|
| |
|
280,831 |
|
RetailMeNot (a) |
|
4,538,229 |
| |
|
|
|
Digital Coupon Marketplace |
|
|
| |
|
951,000 |
|
Vonage (a) |
|
3,119,280 |
| |
|
|
|
Business & Consumer Internet Telephony |
|
|
| |
|
|
|
|
|
7,657,509 |
| |
|
|
|
> Business Information & Marketing Services 0.4% |
|
|
| |
|
230,000 |
|
RPX (a) |
|
3,157,900 |
| |
|
|
|
Patent Aggregation & Defensive Patent Consulting |
|
|
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Business Information & Marketing Services—continued |
|
|
| |
|
218,000 |
|
Bankrate (a) |
|
$ |
2,476,480 |
|
|
|
|
Internet Advertising for the Insurance, Credit Card & Banking Markets |
|
|
| |
|
|
|
|
|
5,634,380 |
| |
|
|
|
> Mobile Communications 0.4% |
|
|
| |
|
48,000 |
|
SBA Communications (a) |
|
5,323,200 |
| |
|
|
|
Communications Towers |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Telephone & Data Services 0.3% |
|
|
| |
|
621,000 |
|
Boingo Wireless (a) |
|
4,427,730 |
| |
|
|
|
Wholesale & Retail Wi-Fi Networks |
|
|
| |
|
Information: Total |
|
317,835,362 |
| |||
|
|
|
|
|
|
| |
|
Industrial Goods & Services 21.7% |
|
|
| |||
|
|
|
> Machinery 17.3% |
|
|
| |
|
590,000 |
|
Nordson |
|
44,881,300 |
| |
|
|
|
Dispensing Systems for Adhesives & Coatings |
|
|
| |
|
812,000 |
|
Ametek |
|
40,770,520 |
| |
|
|
|
Aerospace/Industrial Instruments |
|
|
| |
|
855,000 |
|
Donaldson |
|
34,738,650 |
| |
|
|
|
Industrial Air Filtration |
|
|
| |
|
757,500 |
|
HEICO |
|
30,527,250 |
| |
|
|
|
FAA-approved Aircraft Replacement Parts |
|
|
| |
|
368,610 |
|
Moog (a) |
|
25,212,924 |
| |
|
|
|
Motion Control Products for Aerospace, Defense & Industrial Markets |
|
|
| |
|
237,000 |
|
Toro |
|
14,037,510 |
| |
|
|
|
Turf Maintenance Equipment |
|
|
| |
|
317,000 |
|
Generac (a)(b) |
|
12,851,180 |
| |
|
|
|
Standby Power Generators |
|
|
| |
|
360,000 |
|
ESCO Technologies |
|
12,520,800 |
| |
|
|
|
Industrial Filtration & Advanced Measurement Equipment |
|
|
| |
|
138,000 |
|
Middleby (a) |
|
12,161,940 |
| |
|
|
|
Manufacturer of Cooking Equipment |
|
|
| |
|
264,000 |
|
Kennametal |
|
10,905,840 |
| |
|
|
|
Consumable Cutting Tools |
|
|
| |
|
147,374 |
|
Dorman Products (a)(b) |
|
5,903,802 |
| |
|
|
|
Aftermarket Auto Parts Distributor |
|
|
| |
|
98,000 |
|
Graham |
|
2,817,500 |
| |
|
|
|
Designer & Builder of Vacuum & Heat Transfer Equipment for Process Indsutries |
|
|
| |
|
|
|
|
|
247,329,216 |
| |
|
|
|
> Industrial Materials & Specialty Chemicals 1.8% |
|
|
| |
|
539,000 |
|
Drew Industries |
|
22,740,410 |
| |
|
|
|
RV & Manufactured Home Components |
|
|
| |
|
73,000 |
|
PolyOne |
|
2,597,340 |
| |
|
|
|
Intermediate Stage Chemicals Producer |
|
|
| |
|
|
|
|
|
25,337,750 |
| |
|
|
|
> Electrical Components 1.5% |
|
|
| |
|
127,000 |
|
Acuity Brands |
|
14,949,170 |
| |
|
|
|
Commercial Lighting Fixtures |
|
|
| |
|
292,400 |
|
Thermon (a) |
|
7,140,408 |
| |
|
|
|
Global Engineered Thermal Solutions |
|
|
| |
|
|
|
|
|
22,089,578 |
| |
|
|
|
> Industrial Distribution 0.5% |
|
|
| |
|
90,000 |
|
WESCO International (a) |
|
7,043,400 |
| |
|
|
|
Industrial Distributor |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Other Industrial Services 0.3% |
|
|
| |
|
151,000 |
|
KAR Auction Services |
|
4,323,130 |
| |
|
|
|
Auto Auctions |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Construction 0.3% |
|
|
| |
|
449,000 |
|
PGT (a) |
|
4,184,680 |
| |
|
|
|
Wind Resistant Windows & Doors |
|
|
| |
|
Industrial Goods & Services: Total |
|
310,307,754 |
| |||
|
|
|
|
|
|
| |
|
Consumer Goods & Services 17.0% |
|
|
| |||
|
|
|
> Travel 5.5% |
|
|
| |
|
887,950 |
|
Avis Budget Group (a) |
|
48,739,575 |
| |
|
|
|
Second Largest Car Rental Company |
|
|
| |
|
469,000 |
|
Hertz (a) |
|
11,907,910 |
| |
|
|
|
Largest U.S. Rental Car Operator |
|
|
| |
|
281,000 |
|
HomeAway (a) |
|
9,975,500 |
| |
|
|
|
Vacation Rental Online Marketplace |
|
|
| |
|
100,666 |
|
Choice Hotels |
|
5,234,632 |
| |
|
|
|
Franchisor of Budget Hotel Brands |
|
|
| |
|
29,000 |
|
Vail Resorts |
|
2,516,040 |
| |
|
|
|
Ski Resort Operator & Developer |
|
|
| |
|
|
|
|
|
78,373,657 |
| |
|
|
|
> Retail 3.5% |
|
|
| |
|
204,931 |
|
Casey’s General Stores |
|
14,693,553 |
| |
|
|
|
Owner/Operator of Convenience Stores |
|
|
| |
|
185,991 |
|
Shutterfly (a) |
|
9,065,201 |
| |
|
|
|
Internet Photo-centric Retailer |
|
|
| |
|
207,500 |
|
Burlington Stores (a) |
|
8,270,950 |
| |
|
|
|
Off-price Apparel Retailer |
|
|
| |
|
201,000 |
|
The Fresh Market (a)(b) |
|
7,020,930 |
| |
|
|
|
Specialty Food Retailer |
|
|
| |
|
251,733 |
|
Michaels Stores (a)(b) |
|
4,400,293 |
| |
|
|
|
Craft & Hobby Specialty Retailer |
|
|
| |
|
135,000 |
|
Kate Spade & Company (a) |
|
3,541,050 |
| |
|
|
|
Global Lifestyle Brand |
|
|
| |
|
243,023 |
|
Pier 1 Imports |
|
2,889,543 |
| |
|
|
|
Home Furnishing Retailer |
|
|
| |
|
|
|
|
|
49,881,520 |
| |
|
|
|
> Furniture & Textiles 2.5% |
|
|
| |
|
333,814 |
|
Caesarstone (Israel) |
|
17,251,508 |
| |
|
|
|
Quartz Countertops |
|
|
| |
|
688,000 |
|
Interface |
|
11,104,320 |
| |
|
|
|
Modular Carpet |
|
|
| |
|
460,000 |
|
Knoll |
|
7,962,600 |
| |
|
|
|
Office Furniture |
|
|
| |
|
|
|
|
|
36,318,428 |
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Consumer Goods Distribution 2.0% |
|
|
| |
|
275,000 |
|
Pool |
|
$ |
14,828,000 |
|
|
|
|
Swimming Pool Supplies & Equipment Distributor |
|
|
| |
|
143,000 |
|
United Natural Foods (a) |
|
8,788,780 |
| |
|
|
|
Distributor of Natural/Organic Foods to Grocery Stores |
|
|
| |
|
353,000 |
|
The Chefs’ Warehouse (a)(b) |
|
5,739,780 |
| |
|
|
|
Distributor of Specialty Foods to Fine Dining Restaurants |
|
|
| |
|
|
|
|
|
29,356,560 |
| |
|
|
|
> Other Durable Goods 1.5% |
|
|
| |
|
187,000 |
|
Cavco Industries (a) |
|
12,716,000 |
| |
|
|
|
Manufactured Homes |
|
|
| |
|
297,000 |
|
Select Comfort (a) |
|
6,213,240 |
| |
|
|
|
Specialty Mattresses |
|
|
| |
|
104,000 |
|
Gentex |
|
2,784,080 |
| |
|
|
|
Manufacturer of Auto Parts |
|
|
| |
|
|
|
|
|
21,713,320 |
| |
|
|
|
> Food & Beverage 0.8% |
|
|
| |
|
612,705 |
|
Boulder Brands (a) |
|
8,351,169 |
| |
|
|
|
Healthy Food Products |
|
|
| |
|
100,000 |
|
B&G Foods |
|
2,755,000 |
| |
|
|
|
Acquirer of Small Food Brands |
|
|
| |
|
|
|
|
|
11,106,169 |
| |
|
|
|
> Restaurants 0.6% |
|
|
| |
|
112,000 |
|
Fiesta Restaurant Group (a) |
|
5,564,160 |
| |
|
|
|
Owner/Operator of Two Restaurant Chains: Pollo Tropical & Taco Cabana |
|
|
| |
|
79,000 |
|
Papa John’s International |
|
3,159,210 |
| |
|
|
|
Franchisor of Pizza Restaurants |
|
|
| |
|
|
|
|
|
8,723,370 |
| |
|
|
|
> Other Consumer Services 0.6% |
|
|
| |
|
252,000 |
|
Blackhawk Network (a) |
|
8,139,600 |
| |
|
|
|
Third Party Distributer of Prepaid Content, Mostly Gift Cards |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Leisure Products —% |
|
|
| |
|
10,005 |
|
Fox Factory Holding (a) |
|
155,078 |
| |
|
|
|
High Performance Suspension Systems for Leisure Market |
|
|
| |
|
Consumer Goods & Services: Total |
|
243,767,702 |
| |||
|
|
|
|
| |||
|
Finance 13.4% |
|
|
| |||
|
|
|
> Banks 8.7% |
|
|
| |
|
801,000 |
|
MB Financial |
|
22,171,680 |
| |
|
|
|
Chicago Bank |
|
|
| |
|
993,000 |
|
Associated Banc-Corp |
|
17,298,060 |
| |
|
|
|
Midwest Bank |
|
|
| |
|
140,000 |
|
SVB Financial Group (a) |
|
15,692,600 |
| |
|
|
|
Bank to Venture Capitalists |
|
|
| |
|
392,597 |
|
Lakeland Financial |
|
14,722,387 |
| |
|
|
|
Indiana Bank |
|
|
| |
|
130,000 |
|
City National |
|
9,837,100 |
| |
|
|
|
Bank & Asset Manager |
|
|
| |
|
1,615,986 |
|
First Busey |
|
9,001,042 |
| |
|
|
|
Illinois Bank |
|
|
| |
|
487,000 |
|
TCF Financial |
|
7,563,110 |
| |
|
|
|
Great Lakes Bank |
|
|
| |
|
228,000 |
|
Hancock Holding |
|
7,307,400 |
| |
|
|
|
Gulf Coast Bank |
|
|
| |
|
566,750 |
|
Valley National Bancorp (b) |
|
5,491,808 |
| |
|
|
|
New Jersey/New York Bank |
|
|
| |
|
695,000 |
|
TrustCo Bank |
|
4,475,800 |
| |
|
|
|
New York State Bank |
|
|
| |
|
171,826 |
|
Sandy Spring Bancorp |
|
3,933,097 |
| |
|
|
|
Baltimore & Washington, D.C. Bank |
|
|
| |
|
379,000 |
|
First Commonwealth |
|
3,179,810 |
| |
|
|
|
Western Pennsylvania Bank |
|
|
| |
|
154,849 |
|
Guaranty Bancorp |
|
2,092,010 |
| |
|
|
|
Colorado Bank |
|
|
| |
|
89,700 |
|
Hudson Valley |
|
1,628,055 |
| |
|
|
|
Metro New York City Bank |
|
|
| |
|
|
|
|
|
124,393,959 |
| |
|
|
|
> Finance Companies 3.1% |
|
|
| |
|
673,208 |
|
CAI International (a) |
|
13,026,575 |
| |
|
|
|
International Container Leasing |
|
|
| |
|
180,689 |
|
World Acceptance (a)(b) |
|
12,196,507 |
| |
|
|
|
Personal Loans |
|
|
| |
|
315,000 |
|
McGrath Rentcorp |
|
10,773,000 |
| |
|
|
|
Mini-rental Conglomerate |
|
|
| |
|
218,788 |
|
Textainer Group Holdings (b) |
|
6,808,683 |
| |
|
|
|
Top International Container Leaser |
|
|
| |
|
91,000 |
|
Marlin Business Services |
|
1,667,120 |
| |
|
|
|
Small Equipment Leasing |
|
|
| |
|
|
|
|
|
44,471,885 |
| |
|
|
|
> Insurance 0.7% |
|
|
| |
|
135,000 |
|
Allied World Holdings |
|
4,973,400 |
| |
|
|
|
Commercial Lines Insurance/Reinsurance |
|
|
| |
|
35,000 |
|
Enstar Group (a) |
|
4,771,200 |
| |
|
|
|
Insurance/Reinsurance & Related Services |
|
|
| |
|
|
|
|
|
9,744,600 |
| |
|
|
|
> Savings & Loans 0.6% |
|
|
| |
|
373,487 |
|
ViewPoint Financial |
|
8,941,279 |
| |
|
|
|
Texas Thrift |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Brokerage & Money Management 0.3% |
|
|
| |
|
139,000 |
|
SEI Investments |
|
5,026,240 |
| |
|
|
|
Mutual Fund Administration & Investment Management |
|
|
| |
|
Finance: Total |
|
192,577,963 |
| |||
|
|
|
|
|
|
| |
|
Health Care 11.5% |
|
|
| |||
|
|
|
> Biotechnology & Drug Delivery 4.7% |
|
|
| |
|
321,400 |
|
Synageva BioPharma (a)(b) |
|
22,105,892 |
| |
|
|
|
Biotech Focused on Orphan Diseases |
|
|
| |
|
414,000 |
|
Seattle Genetics (a) |
|
15,392,520 |
| |
|
|
|
Antibody-based Therapies for Cancer |
|
|
| |
|
314,000 |
|
Sarepta Therapeutics (a)(b) |
|
6,625,400 |
| |
|
|
|
Biotech Focused on Rare Diseases |
|
|
| |
|
179,600 |
|
NPS Pharmaceuticals (a) |
|
4,669,600 |
| |
|
|
|
Orphan Drugs & Healthy Royalties |
|
|
| |
|
354,000 |
|
Celldex Therapeutics (a)(b) |
|
4,587,840 |
| |
|
|
|
Biotech Developing Drugs for Cancer |
|
|
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Biotechnology & Drug Delivery—continued |
|
|
| |
|
56,700 |
|
Alnylam Pharmaceuticals (a) |
|
$ |
4,428,270 |
|
|
|
|
Biotech Developing Drugs for Rare Diseases |
|
|
| |
|
51,000 |
|
BioMarin Pharmaceutical (a) |
|
3,680,160 |
| |
|
|
|
Biotech Focused on Orphan Diseases |
|
|
| |
|
61,185 |
|
Ultragenyx Pharmaceutical (a)(b) |
|
3,463,071 |
| |
|
|
|
Biotech Focused on “Ultra-Orphan” Drugs |
|
|
| |
|
12,000 |
|
Intercept Pharmaceuticals (a) |
|
2,840,280 |
| |
|
|
|
Biotech Developing Drugs for Several Diseases |
|
|
| |
|
228 |
|
CymaBay Therapeutics (a) |
|
1,560 |
| |
|
|
|
Diabetes Drug Development |
|
|
| |
|
|
|
|
|
67,794,593 |
| |
|
|
|
> Medical Supplies 2.6% |
|
|
| |
|
581,600 |
|
Cepheid (a) |
|
25,607,848 |
| |
|
|
|
Molecular Diagnostics |
|
|
| |
|
125,000 |
|
Bio-Techne |
|
11,693,750 |
| |
|
|
|
Cytokines, Antibodies & other Reagents for Life Science |
|
|
| |
|
|
|
|
|
37,301,598 |
| |
|
|
|
> Health Care Services 2.0% |
|
|
| |
|
724,900 |
|
Allscripts Healthcare Solutions (a) |
|
9,724,533 |
| |
|
|
|
Health Care IT |
|
|
| |
|
171,000 |
|
Medidata Solutions (a) |
|
7,573,590 |
| |
|
|
|
Cloud-based Software for Drug Studies |
|
|
| |
|
150,000 |
|
HealthSouth |
|
5,535,000 |
| |
|
|
|
Inpatient Rehabilitation Facilities |
|
|
| |
|
112,000 |
|
Envision Healthcare Holdings (a) |
|
3,884,160 |
| |
|
|
|
Provider of Health Care Outsourcing Services |
|
|
| |
|
83,000 |
|
Castlight Health (a)(b) |
|
1,074,020 |
| |
|
|
|
Provider of Cloud-based Software for Managing Health Care Costs |
|
|
| |
|
|
|
|
|
27,791,303 |
| |
|
|
|
> Pharmaceuticals 1.8% |
|
|
| |
|
694,200 |
|
Akorn (a) |
|
25,178,634 |
| |
|
|
|
Developer, Manufacturer & Distributor of Specialty Generic Drugs |
|
|
| |
|
36,000 |
|
Revance Therapeutics (a)(b) |
|
695,880 |
| |
|
|
|
Drug Developer Focused on Aesthetics |
|
|
| |
|
|
|
|
|
25,874,514 |
| |
|
|
|
> Medical Equipment & Devices 0.4% |
|
|
| |
|
106,000 |
|
Wright Medical Group (a) |
|
3,211,800 |
| |
|
|
|
Leader in Foot & Ankle Replacement |
|
|
| |
|
40,482 |
|
Abaxis |
|
2,052,842 |
| |
|
|
|
Instruments & Tests for Vet & Medical Markets |
|
|
| |
|
|
|
|
|
5,264,642 |
| |
|
Health Care: Total |
|
164,026,650 |
| |||
|
|
|
|
|
|
| |
|
Other Industries 7.5% |
|
|
| |||
|
|
|
> Real Estate 6.2% |
|
|
| |
|
832,000 |
|
Extra Space Storage |
|
42,906,240 |
| |
|
|
|
Self Storage Facilities |
|
|
| |
|
986,800 |
|
EdR |
|
10,144,304 |
| |
|
|
|
Student Housing |
|
|
| |
|
313,750 |
|
Kite Realty Group |
|
7,605,300 |
| |
|
|
|
Community Shopping Centers |
|
|
| |
|
223,000 |
|
Coresite Realty |
|
7,330,010 |
| |
|
|
|
Data Centers |
|
|
| |
|
356,000 |
|
St. Joe (a)(b) |
|
7,095,080 |
| |
|
|
|
Florida Panhandle Landowner |
|
|
| |
|
871,000 |
|
DCT Industrial Trust |
|
6,541,210 |
| |
|
|
|
Industrial Properties |
|
|
| |
|
91,000 |
|
Post Properties |
|
4,671,940 |
| |
|
|
|
Multifamily Properties |
|
|
| |
|
116,000 |
|
Hudson Pacific Properties |
|
2,860,560 |
| |
|
|
|
West Coast Office Buildings & Production Studios |
|
|
| |
|
|
|
|
|
89,154,644 |
| |
|
|
|
> Transportation 1.3% |
|
|
| |
|
468,091 |
|
Rush Enterprises, Class A (a) |
|
15,657,644 |
| |
|
105,000 |
|
Rush Enterprises, Class B (a) |
|
3,140,550 |
| |
|
|
|
Truck Sales & Service |
|
|
| |
|
|
|
|
|
18,798,194 |
| |
|
Other Industries: Total |
|
107,952,838 |
| |||
|
|
|
|
|
|
| |
|
Energy & Minerals 5.3% |
|
|
| |||
|
|
|
> Oil & Gas Producers 3.5% |
|
|
| |
|
237,000 |
|
Rosetta Resources (a) |
|
10,560,720 |
| |
|
|
|
Oil & Gas Producer Exploring in Texas |
|
|
| |
|
77,000 |
|
Clayton Williams (a) |
|
7,426,650 |
| |
|
|
|
Oil & Gas Producer |
|
|
| |
|
135,000 |
|
Carrizo Oil & Gas (a) |
|
7,265,700 |
| |
|
|
|
Oil & Gas Producer |
|
|
| |
|
89,000 |
|
SM Energy |
|
6,942,000 |
| |
|
|
|
Oil & Gas Producer |
|
|
| |
|
83,000 |
|
PDC Energy (a) |
|
4,174,070 |
| |
|
|
|
Oil & Gas Producer in U.S. |
|
|
| |
|
159,000 |
|
Laredo Petroleum (a)(b) |
|
3,563,190 |
| |
|
|
|
Permian Basin Oil Producer |
|
|
| |
|
129,000 |
|
WPX Energy (a) |
|
3,103,740 |
| |
|
|
|
Oil & Gas Produced in U.S. & Argentina |
|
|
| |
|
143,000 |
|
Parsley Energy (a) |
|
3,050,190 |
| |
|
|
|
Permian-Midland Basin Oil & Gas Producer |
|
|
| |
|
120,000 |
|
Bill Barrett Corporation (a) |
|
2,644,800 |
| |
|
|
|
Oil & Gas Producer in U.S. Rockies |
|
|
| |
|
45,000 |
|
Rice Energy (a) |
|
1,197,000 |
| |
|
|
|
Natural Gas Producer |
|
|
| |
|
|
|
|
|
49,928,060 |
| |
|
|
|
> Oil Services 1.1% |
|
|
| |
|
224,000 |
|
Hornbeck Offshore (a) |
|
7,331,520 |
| |
|
|
|
Supply Vessel Operator in U.S. Gulf of Mexico |
|
|
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Oil Services—continued |
|
|
| |
|
84,000 |
|
Chart Industries (a) |
|
$ |
5,134,920 |
|
|
|
|
Manufacturer of Natural Gas Processing/Storage Equipment |
|
|
| |
|
51,000 |
|
Gulfport Energy (a) |
|
2,723,400 |
| |
|
|
|
Oil & Gas Producer Focused on Utica Shale in Ohio |
|
|
| |
|
|
|
|
|
15,189,840 |
| |
|
|
|
> Mining 0.7% |
|
|
| |
|
70,000 |
|
Core Labs (Netherlands) |
|
10,244,500 |
| |
|
|
|
Oil & Gas Reservoir Consulting |
|
|
| |
|
Energy & Minerals: Total |
|
75,362,400 |
| |||
|
|
|
|
|
|
| |
|
Total Equities: 98.6% |
|
1,411,830,669 |
(c) | |||
|
|
|
|
| |||
|
Short-Term Investments 1.8% |
|
|
| |||
|
26,123,517 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) |
|
26,123,517 |
| |
|
Total Short-Term Investments: 1.8% |
|
26,123,517 |
| |||
|
|
|
|
|
|
| |
|
Securities Lending Collateral 5.1% |
|
|
| |||
|
72,568,200 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (d) |
|
72,568,200 |
| |
|
Total Securities Lending Collateral: 5.1% |
|
72,568,200 |
| |||
|
|
|
|
|
|
| |
|
Total Investments: 105.5% |
|
1,510,522,386 |
(f) | |||
|
|
|
|
|
|
| |
|
Obligation to Return Collateral for Securities Loaned: (5.1)% |
|
(72,568,200 |
) | |||
|
|
|
|
|
|
| |
|
Cash and Other Assets Less Liabilities: (0.4)% |
|
(6,472,525 |
) | |||
|
|
|
|
|
|
| |
|
Net Assets: 100.0% |
|
$ |
1,431,481,661 |
| ||
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 September 30, 2014. The total market value of securities on loan at September 30, 2014 was $70,141,343.
(c) On September 30, 2014, the market value of foreign securities represented 2.44% of total net assets. The Fund’s foreign portfolio was diversified as follows:
|
Country |
|
Value |
|
Percentage |
| |
|
Israel |
|
$ |
17,251,508 |
|
1.21 |
|
|
Netherlands |
|
10,244,500 |
|
0.72 |
| |
|
India |
|
7,360,770 |
|
0.51 |
| |
|
Total Foreign Portfolio |
|
$ |
34,856,778 |
|
2.44 |
|
(d) Investment made with cash collateral received from securities lending activity.
(e) At September 30, 2014, for federal income tax purposes, the cost of investments was approximately $926,559,709 and net unrealized appreciation was $583,962,677 consisting of gross unrealized appreciation of $624,848,145 and gross unrealized depreciation of $40,885,468.
(f) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated June 30, 2014.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s 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 management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee (the Committee) of the Fund’s 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 Trust’s 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 Fund’s 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 September 30, 2014, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Equities |
|
|
|
|
|
|
|
|
| ||||
|
Information |
|
$ |
317,835,362 |
|
$ |
— |
|
$ |
— |
|
$ |
317,835,362 |
|
|
Industrial Goods & Services |
|
310,307,754 |
|
— |
|
— |
|
310,307,754 |
| ||||
|
Consumer Goods & Services |
|
243,767,702 |
|
— |
|
— |
|
243,767,702 |
| ||||
|
Finance |
|
192,577,963 |
|
— |
|
— |
|
192,577,963 |
| ||||
|
Health Care |
|
164,026,650 |
|
— |
|
— |
|
164,026,650 |
| ||||
|
Other Industries |
|
107,952,838 |
|
— |
|
— |
|
107,952,838 |
| ||||
|
Energy & Minerals |
|
75,362,400 |
|
— |
|
— |
|
75,362,400 |
| ||||
|
Total Equities |
|
1,411,830,669 |
|
— |
|
— |
|
1,411,830,669 |
| ||||
|
Total Short-Term Investments |
|
26,123,517 |
|
— |
|
— |
|
26,123,517 |
| ||||
|
Total Securities Lending Collateral |
|
72,568,200 |
|
— |
|
— |
|
72,568,200 |
| ||||
|
Total Investments |
|
$ |
1,510,522,386 |
|
$ |
— |
|
$ |
— |
|
$ |
1,510,522,386 |
|
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 (Unaudited), September 30, 2014
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
Equities: 90.9% |
|
|
| |
|
Asia 37.6% |
|
|
|
|
| |
|
|
|
> Japan 18.3% |
|
|
| |
|
285,000 |
|
NGK Spark Plug |
|
$ |
8,386,077 |
|
|
|
|
Automobile Parts |
|
|
| |
|
2,965 |
|
Nippon Prologis REIT |
|
6,893,367 |
| |
|
|
|
Logistics REIT in Japan |
|
|
| |
|
212,000 |
|
Japan Tobacco |
|
6,889,031 |
| |
|
|
|
Cigarettes |
|
|
| |
|
4,205 |
|
Orix JREIT |
|
5,286,023 |
| |
|
|
|
Diversified REIT |
|
|
| |
|
88,300 |
|
Secom |
|
5,260,423 |
| |
|
|
|
Security Services |
|
|
| |
|
57,000 |
|
Rinnai |
|
4,729,148 |
| |
|
|
|
Gas Appliances for Home & Commercial Use |
|
|
| |
|
965,000 |
|
Seven Bank |
|
3,932,721 |
| |
|
|
|
ATM Processing Services |
|
|
| |
|
218,000 |
|
Park24 |
|
3,478,711 |
| |
|
|
|
Parking Lot Operator |
|
|
| |
|
60,000 |
|
Makita |
|
3,389,506 |
| |
|
|
|
Power Tools |
|
|
| |
|
1,660 |
|
Japan Retail Fund |
|
3,346,063 |
| |
|
|
|
Largest Retail REIT in Japan |
|
|
| |
|
86,700 |
|
Dentsu |
|
3,302,426 |
| |
|
|
|
Advertising Agency |
|
|
| |
|
88,900 |
|
Benesse |
|
2,916,619 |
| |
|
|
|
Education Service Provider |
|
|
| |
|
60,000 |
|
Toyo Suisan Kaisha |
|
1,992,319 |
| |
|
|
|
Instant Noodles & Processed Foods |
|
|
| |
|
|
|
|
|
59,802,434 |
| |
|
|
|
> Singapore 9.3% |
|
|
| |
|
9,514,001 |
|
Ascendas REIT |
|
16,782,168 |
| |
|
|
|
Industrial Property Landlord |
|
|
| |
|
7,600,000 |
|
Mapletree Logistics Trust |
|
6,882,364 |
| |
|
|
|
Industrial Property Landlord |
|
|
| |
|
1,210,000 |
|
Singapore Exchange |
|
6,850,711 |
| |
|
|
|
Singapore Equity & Derivatives Market Operator |
|
|
| |
|
|
|
|
|
30,515,243 |
| |
|
|
|
> Korea 6.7% |
|
|
| |
|
140,000 |
|
KT&G |
|
12,529,139 |
| |
|
|
|
Tobacco & Ginseng Products |
|
|
| |
|
57,600 |
|
CJ Corp |
|
9,472,778 |
| |
|
|
|
Holding Company of Korean Consumer Conglomerate |
|
|
| |
|
|
|
|
|
22,001,917 |
| |
|
|
|
> Indonesia 3.3% |
|
|
| |
|
11,903,000 |
|
Archipelago Resources (a)(b)(c)(d) |
|
10,806,068 |
| |
|
|
|
Gold Mining Projects in Indonesia, Vietnam & the Philippines |
|
|
| |
|
Asia: Total |
|
123,125,662 |
| |||
|
|
|
|
|
|
| |
|
Other Countries 25.6% |
|
|
| |||
|
|
|
> Canada 9.7% |
|
|
| |
|
404,000 |
|
Baytex (e) |
|
15,276,932 |
| |
|
|
|
Oil & Gas Producer in Canada |
|
|
| |
|
107,000 |
|
CCL Industries |
|
10,692,834 |
| |
|
|
|
Largest Global Label Converter |
|
|
| |
|
256,000 |
|
Goldcorp |
|
5,895,680 |
| |
|
|
|
Gold Mining |
|
|
| |
|
|
|
|
|
31,865,446 |
| |
|
|
|
> Australia 9.7% |
|
|
| |
|
2,486,000 |
|
IAG |
|
13,323,373 |
| |
|
|
|
General Insurance Provider |
|
|
| |
|
2,080,000 |
|
Challenger Financial |
|
12,943,669 |
| |
|
|
|
Largest Annuity Provider in Australia |
|
|
| |
|
540,000 |
|
Amcor |
|
5,348,783 |
| |
|
|
|
Global Leader in Flexible & Rigid Packaging |
|
|
| |
|
|
|
|
|
31,615,825 |
| |
|
|
|
> United States 3.5% |
|
|
| |
|
758,000 |
|
Denbury Resources |
|
11,392,740 |
| |
|
|
|
Oil Producer Using Co2 Injection |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> South Africa 2.7% |
|
|
| |
|
50,000 |
|
Naspers |
|
5,517,272 |
| |
|
|
|
Media in Africa, China, Russia & Other Emerging Markets |
|
|
| |
|
390,000 |
|
Coronation Fund Managers |
|
3,340,808 |
| |
|
|
|
South African Fund Manager |
|
|
| |
|
|
|
|
|
8,858,080 |
| |
|
Other Countries: Total |
|
83,732,091 |
| |||
|
|
|
|
|
|
| |
|
Europe 22.1% |
|
|
| |||
|
|
|
> United Kingdom 7.2% |
|
|
| |
|
479,000 |
|
Babcock International |
|
8,452,325 |
| |
|
|
|
Public Sector Outsourcer |
|
|
| |
|
454,285 |
|
Jardine Lloyd Thompson Group |
|
7,165,797 |
| |
|
|
|
International Business Insurance Broker |
|
|
| |
|
70,442 |
|
Whitbread |
|
4,733,411 |
| |
|
|
|
UK Hotelier & Coffee Shop |
|
|
| |
|
200,000 |
|
Smith and Nephew |
|
3,364,331 |
| |
|
|
|
Medical Equipment & Supplies |
|
|
| |
|
|
|
|
|
23,715,864 |
| |
|
|
|
> Sweden 4.0% |
|
|
| |
|
307,000 |
|
Swedish Match |
|
9,931,939 |
| |
|
|
|
Swedish Snus |
|
|
| |
|
99,000 |
|
Hexagon |
|
3,130,421 |
| |
|
|
|
Design, Measurement & Visualization Software & Equipment |
|
|
| |
|
|
|
|
|
13,062,360 |
| |
|
|
|
> Germany 3.3% |
|
|
| |
|
1,293,500 |
|
Telefonica Deutschland |
|
6,746,000 |
| |
|
|
|
Mobile & Fixed-line Communications in Germany |
|
|
| |
|
107,400 |
|
Wirecard |
|
3,949,816 |
| |
|
|
|
Online Payment Processing & Risk Management |
|
|
| |
|
|
|
|
|
10,695,816 |
| |
|
|
|
> Switzerland 2.9% |
|
|
| |
|
26,100 |
|
Partners Group |
|
6,859,967 |
| |
|
|
|
Private Markets Asset Management |
|
|
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Switzerland—continued |
|
|
| |
|
30,000 |
|
Swatch |
|
$ |
2,620,877 |
|
|
|
|
Watch Manufacturer |
|
|
| |
|
|
|
|
|
9,480,844 |
| |
|
|
|
> Denmark 2.0% |
|
|
| |
|
67,300 |
|
Jyske Bank (a) |
|
3,637,035 |
| |
|
|
|
Danish Bank |
|
|
| |
|
71,500 |
|
Novozymes |
|
3,102,129 |
| |
|
|
|
Industrial Enzymes |
|
|
| |
|
|
|
|
|
6,739,164 |
| |
|
|
|
> Norway 1.6% |
|
|
| |
|
579,000 |
|
Orkla |
|
5,235,986 |
| |
|
|
|
Food & Brands, Aluminum, Chemicals Conglomerate |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Spain 1.1% |
|
|
| |
|
66,000 |
|
Viscofan |
|
3,615,281 |
| |
|
|
|
Sausage Casings Maker |
|
|
| |
|
Europe: Total |
|
72,545,315 |
| |||
|
|
|
|
|
|
| |
|
Latin America 5.5% |
|
|
| |||
|
|
|
> Guatemala 3.6% |
|
|
| |
|
588,000 |
|
Tahoe Resources (a) |
|
11,965,284 |
| |
|
|
|
Silver Project in Guatemala |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Brazil 1.3% |
|
|
| |
|
12,057,582 |
|
Beadell Resources (a) |
|
4,252,684 |
| |
|
|
|
Gold Mining in Brazil |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Uruguay 0.6% |
|
|
| |
|
191,666 |
|
Union Agriculture Group (a)(b)(c) |
|
1,939,660 |
| |
|
|
|
Farmland Operator in Uruguay |
|
|
| |
|
Latin America: Total |
|
18,157,628 |
| |||
|
|
|
|
|
|
| |
|
Total Equities: 90.8% |
|
297,560,696 |
(f) | |||
|
|
|
|
|
|
| |
|
Short-Term Investments 9.1% |
|
|
| |||
|
20,000,000 |
|
JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%) |
|
20,000,000 |
| |
|
9,980,511 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) |
|
9,980,511 |
| |
|
Total Short-Term Investments: 9.1% |
|
29,980,511 |
| |||
|
|
|
|
|
|
| |
|
Securities Lending Collateral 1.9% |
|
|
| |||
|
6,258,875 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g) |
|
6,258,875 |
| |
|
Total Securities Lending Collateral: 1.9% |
|
6,258,875 |
| |||
|
|
|
|
|
|
| |
|
Total Investments: 101.8% |
|
333,800,082 |
(i) | |||
|
|
|
|
|
|
| |
|
Obligation to Return Collateral for Securities Loaned: (1.9)% |
|
(6,258,875 |
) | |||
|
|
|
|
|
|
| |
|
Cash and Other Assets Less Liabilities: 0.1% |
|
277,800 |
| |||
|
|
|
|
|
|
| |
|
Net Assets: 100.0% |
|
$ |
327,819,007 |
| ||
REIT - Real Estate Investment Trust
> Notes to Statement of Investments
(a) Non-income producing security.
(b) 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 Fund’s Board of Trustees. At September 30, 2014, the market value of these securities amounted to $12,745,728, which represented 3.89% 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 |
|
$ |
10,806,068 |
|
|
Union Agriculture Group |
|
12/8/10-6/27/12 |
|
191,666 |
|
2,200,000 |
|
1,939,660 |
| ||
|
|
|
|
|
|
|
$ |
14,266,977 |
|
$ |
12,745,728 |
|
(c) Illiquid security.
> Notes to Statement of Investments
(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) |
|
11,903,000 |
|
GBP |
0.58 |
|
December 31, 2014 |
|
$ |
385,931 |
|
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) December 31, 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 December 31, 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 Fund’s Board of Trustees.
(e) All or a portion of this security was on loan at September 30, 2014. The total market value of securities on loan at September 30, 2014 was $5,892,734.
(f) On September 30, 2014, the Fund’s total equity investments were denominated in currencies as follows:
|
Currency |
|
Value |
|
Percentage of |
| |
|
Japanese Yen |
|
$ |
59,802,434 |
|
18.2 |
|
|
Canadian Dollar |
|
37,935,051 |
|
11.6 |
| |
|
Australian Dollar |
|
35,868,509 |
|
10.9 |
| |
|
British Pound |
|
34,521,933 |
|
10.6 |
| |
|
Singapore Dollar |
|
30,515,243 |
|
9.3 |
| |
|
South Korean Won |
|
22,001,916 |
|
6.7 |
| |
|
United States Dollar |
|
19,228,080 |
|
5.9 |
| |
|
Other currencies less than 5% of total net assets |
|
57,687,530 |
|
17.6 |
| |
|
Total Equities |
|
$ |
297,560,696 |
|
90.8 |
|
(g) Investment made with cash collateral received from securities lending activity.
(h) At September 30, 2014, for federal income tax purposes, the cost of investments was approximately $288,608,095 and net unrealized appreciation was $45,191,987 consisting of gross unrealized appreciation of $60,928,831 and gross unrealized depreciation of $15,736,844.
(i) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated June 30, 2014.
At September 30, 2014, the Fund had entered into the following forward foreign currency exchange contracts:
|
Forward Foreign Currency |
|
Forward Foreign Currency Exchange |
|
Principal Amount in |
|
Principal |
|
Settlement Date |
|
Unrealized |
| ||
|
USD |
|
ZAR |
|
99,319,500 |
|
$ |
9,000,000 |
|
10/15/14 |
|
$ |
217,136 |
|
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 Fund’s 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 management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee (the Committee) of the Fund’s 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 Trust’s 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 Fund’s 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 September 30, 2014, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Equities |
|
|
|
|
|
|
|
|
| ||||
|
Asia |
|
$ |
— |
|
$ |
112,319,594 |
|
$ |
10,806,068 |
|
$ |
123,125,662 |
|
|
Other Countries |
|
43,258,186 |
|
40,473,905 |
|
— |
|
83,732,091 |
| ||||
|
Europe |
|
— |
|
72,545,315 |
|
— |
|
72,545,315 |
| ||||
|
Latin America |
|
11,965,284 |
|
4,252,684 |
|
1,939,660 |
|
18,157,628 |
| ||||
|
Total Equities |
|
55,223,470 |
|
229,591,498 |
|
12,745,728 |
|
297,560,696 |
| ||||
|
Total Short-Term Investments |
|
29,980,511 |
|
— |
|
— |
|
29,980,511 |
| ||||
|
Total Securities Lending Collateral |
|
6,258,875 |
|
— |
|
— |
|
6,258,875 |
| ||||
|
Total Investments |
|
$ |
91,462,856 |
|
$ |
229,591,498 |
|
$ |
12,745,728 |
|
$ |
333,800,082 |
|
|
Unrealized Appreciation on: |
|
|
|
|
|
|
|
|
| ||||
|
Forward Foreign Currency Exchange Contracts |
|
— |
|
217,136 |
|
— |
|
217,136 |
| ||||
|
Options |
|
— |
|
— |
|
385,931 |
|
385,931 |
| ||||
|
Total |
|
$ |
91,462,856 |
|
$ |
229,808,634 |
|
$ |
13,131,659 |
|
$ |
334,403,149 |
|
The Fund’s assets assigned to the Level 2 input category are generally valued using a market approach, in which a security’s value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last 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.
The following table reconciles asset balances for the period ending September 30, 2014, in which significant observable and/or unobservable inputs (Level 3) were used in determining value:
|
Investments in |
|
Balance as |
|
Realized |
|
Change |
|
Purchases |
|
Sales |
|
Transfers |
|
Transfers |
|
Balance as |
| ||||||||
|
Equities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Asia |
|
$ |
10,249,601 |
|
$ |
— |
|
$ |
556,467 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
10,806,068 |
|
|
Latin America |
|
2,048,910 |
|
— |
|
(109,250 |
) |
— |
|
— |
|
— |
|
— |
|
1,939,660 |
| ||||||||
|
Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Asia |
|
985,539 |
|
— |
|
(599,608 |
) |
— |
|
— |
|
— |
|
— |
|
385,931 |
| ||||||||
|
|
|
$ |
13,284,050 |
|
$ |
— |
|
$ |
(152,391 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
13,131,659 |
|
> Notes to Statement of Investments
The information in the above reconciliation table represents fiscal year to date activity for any securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.
The change in unrealized depreciation attributed to securities owned at September 30, 2014, which were valued using significant unobservable inputs (Level 3), amounted to $152,391.
Quantitative information pertaining to Level 3 unobservable fair value measurements
|
|
|
Fair Value |
|
Valuation Technique(s) |
|
Unobservable Input(s) |
|
Range (Weighted Average) |
| ||
|
Equities |
|
|
|
|
|
|
|
|
| ||
|
Asia |
|
$ |
10,806,068 |
|
Discounted cash flow |
|
Enterprise valuation and illiquid discount |
|
|
5% to 19.5% |
|
|
Latin America |
|
1,939,660 |
|
Market comparable companies |
|
Discount for lack of marketability |
|
|
8% to 15% |
| |
|
Options |
|
|
|
|
|
|
|
|
|
| |
|
Asia |
|
385,931 |
|
Income approach |
|
NA |
|
NA |
| ||
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 company’s 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 (Unaudited), September 30, 2014
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
Equities: 98.5% |
|
|
| |
|
Industrial Goods & Services 26.9% |
|
|
| |||
|
|
|
> Machinery 17.9% |
|
|
| |
|
865,000 |
|
Ametek |
|
$ |
43,431,650 |
|
|
|
|
Aerospace/Industrial Instruments |
|
|
| |
|
800,000 |
|
Donaldson |
|
32,504,000 |
| |
|
|
|
Industrial Air Filtration |
|
|
| |
|
300,000 |
|
Nordson |
|
22,821,000 |
| |
|
|
|
Dispensing Systems for Adhesives & Coatings |
|
|
| |
|
185,000 |
|
Pall |
|
15,484,500 |
| |
|
|
|
Life Science, Water & Industrial Filtration |
|
|
| |
|
355,000 |
|
Kennametal |
|
14,665,050 |
| |
|
|
|
Consumable Cutting Tools |
|
|
| |
|
|
|
|
|
128,906,200 |
| |
|
|
|
> Other Industrial Services 3.2% |
|
|
| |
|
860,000 |
|
LKQ (a) |
|
22,867,400 |
| |
|
|
|
Alternative Auto Parts Distribution |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Industrial Distribution 2.9% |
|
|
| |
|
190,000 |
|
Airgas |
|
21,023,500 |
| |
|
|
|
Industrial Gas Distributor |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Outsourcing Services 2.9% |
|
|
| |
|
570,000 |
|
Quanta Services (a) |
|
20,685,300 |
| |
|
|
|
Electrical & Telecom Construction Services |
|
|
| |
|
Industrial Goods & Services: Total |
|
193,482,400 |
| |||
|
|
|
|
|
|
| |
|
Information 23.7% |
|
|
| |||
|
|
|
> Instrumentation 5.4% |
|
|
| |
|
90,000 |
|
Mettler-Toledo International (a) |
|
23,051,700 |
| |
|
|
|
Laboratory Equipment |
|
|
| |
|
525,000 |
|
Trimble Navigation (a) |
|
16,012,500 |
| |
|
|
|
GPS-based Instruments |
|
|
| |
|
|
|
|
|
39,064,200 |
| |
|
|
|
> Computer Services 4.4% |
|
|
| |
|
1,395,000 |
|
WNS - ADR (India) (a) |
|
31,401,450 |
| |
|
|
|
Offshore Business Process Outsourcing Services |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Computer Hardware & Related Equipment 4.1% |
|
|
| |
|
295,000 |
|
Amphenol |
|
29,458,700 |
| |
|
|
|
Electronic Connectors |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Business Software 3.4% |
|
|
| |
|
200,000 |
|
Ansys (a) |
|
15,134,000 |
| |
|
|
|
Simulation Software for Engineers & Designers |
|
|
| |
|
275,000 |
|
Informatica (a) |
|
9,416,000 |
| |
|
|
|
Enterprise Data Integration Software |
|
|
| |
|
|
|
|
|
24,550,000 |
| |
|
|
|
> Telecommunications Equipment 3.2% |
|
|
| |
|
195,000 |
|
F5 Networks (a) |
|
23,154,300 |
| |
|
|
|
Internet Traffic Management Equipment |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Mobile Communications 1.8% |
|
|
| |
|
114,300 |
|
SBA Communications (a) |
|
12,675,870 |
| |
|
|
|
Communications Towers |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Internet Related 0.8% |
|
|
| |
|
1,635,000 |
|
Vonage (a) |
|
5,362,800 |
| |
|
|
|
Business & Consumer Internet Telephony |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Semiconductors & Related Equipment 0.6% |
|
|
| |
|
535,000 |
|
Atmel (a) |
|
4,322,800 |
| |
|
|
|
Microcontrollers, Radio Frequency & Memory Semiconductors |
|
|
| |
|
Information: Total |
|
169,990,120 |
| |||
|
|
|
|
|
|
| |
|
Finance 15.0% |
|
|
| |||
|
|
|
> Insurance 4.3% |
|
|
| |
|
1,830,000 |
|
CNO Financial Group |
|
31,036,800 |
| |
|
|
|
Life, Long-term Care & Medical Supplement Insurance |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Banks 4.0% |
|
|
| |
|
220,000 |
|
City National |
|
16,647,400 |
| |
|
|
|
Bank & Asset Manager |
|
|
| |
|
680,000 |
|
Associated Banc-Corp |
|
11,845,600 |
| |
|
|
|
Midwest Bank |
|
|
| |
|
|
|
|
|
28,493,000 |
| |
|
|
|
> Credit Cards 3.5% |
|
|
| |
|
390,000 |
|
Discover Financial Services |
|
25,112,100 |
| |
|
|
|
Credit Card Company |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Brokerage & Money Management 3.2% |
|
|
| |
|
645,000 |
|
SEI Investments |
|
23,323,200 |
| |
|
|
|
Mutual Fund Administration & Investment Management |
|
|
| |
|
Finance: Total |
|
107,965,100 |
| |||
|
|
|
|
|
|
| |
|
Consumer Goods & Services 14.1% |
|
|
| |||
|
|
|
> Retail 5.2% |
|
|
| |
|
440,000 |
|
The Fresh Market (a)(b) |
|
15,369,200 |
| |
|
|
|
Specialty Food Retailer |
|
|
| |
|
115,000 |
|
ULTA (a) |
|
13,589,550 |
| |
|
|
|
Specialty Beauty Product Retailer |
|
|
| |
|
112,799 |
|
Casey’s General Stores |
|
8,087,688 |
| |
|
|
|
Owner/Operator of Convenience Stores |
|
|
| |
|
|
|
|
|
37,046,438 |
| |
|
|
|
> Travel 4.6% |
|
|
| |
|
210,000 |
|
Vail Resorts |
|
18,219,600 |
| |
|
|
|
Ski Resort Operator & Developer |
|
|
| |
|
380,000 |
|
Hertz (a) |
|
9,648,200 |
| |
|
|
|
Largest U.S. Rental Car Operator |
|
|
| |
|
100,000 |
|
Choice Hotels |
|
5,200,000 |
| |
|
|
|
Franchisor of Budget Hotel Brands |
|
|
| |
|
|
|
|
|
33,067,800 |
| |
|
|
|
> Other Consumer Services 1.6% |
|
|
| |
|
354,000 |
|
Blackhawk Network (a) |
|
11,434,200 |
| |
|
|
|
Third Party Distributer of Prepaid Content, Mostly Gift Cards |
|
|
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Apparel 1.5% |
|
|
| |
|
89,000 |
|
PVH |
|
$ |
10,782,350 |
|
|
|
|
Apparel Wholesaler & Retailer |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Consumer Goods Distribution 1.1% |
|
|
| |
|
134,000 |
|
United Natural Foods (a) |
|
8,235,640 |
| |
|
|
|
Distributor of Natural/Organic Foods to Grocery Stores |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Food & Beverage 0.1% |
|
|
| |
|
1,500,000 |
|
GLG Life Tech (Canada) (a) |
|
495,558 |
| |
|
|
|
Producer of an All-natural Sweetener Extracted from the Stevia Plant |
|
|
| |
|
Consumer Goods & Services: Total |
|
101,061,986 |
| |||
|
|
|
|
|
|
| |
|
Energy & Minerals 7.3% |
|
|
| |||
|
|
|
> Oil & Gas Producers 3.9% |
|
|
| |
|
1,880,000 |
|
Canacol (Colombia) (a) |
|
8,846,466 |
| |
|
|
|
Oil Producer in South America |
|
|
| |
|
20,600,000 |
|
Shamaran Petroleum (Iraq) (a) |
|
5,977,946 |
| |
|
|
|
Oil Exploration & Production in Kurdistan |
|
|
| |
|
58,300 |
|
Antero Resources (a)(b) |
|
3,200,087 |
| |
|
|
|
Utica & Marcellus Shale |
|
|
| |
|
15,399,500 |
|
Petromanas (Canada) (a)(b) |
|
3,025,037 |
| |
|
|
|
Exploring for Oil in Albania |
|
|
| |
|
22,500,000 |
|
Canadian Overseas Petroleum (Canada) (a)(c)(d) |
|
2,958,279 |
| |
|
|
|
Oil & Gas Exploration Offshore West Africa |
|
|
| |
|
28,000 |
|
Clayton Williams (a) |
|
2,700,600 |
| |
|
|
|
Oil & Gas Producer |
|
|
| |
|
33,700,000 |
|
Petrodorado Energy (Colombia) (a)(d) |
|
1,053,172 |
| |
|
|
|
Oil & Gas Exploration & Production in Colombia, Peru & Paraguay |
|
|
| |
|
|
|
|
|
27,761,587 |
| |
|
|
|
> Agricultural Commodities 2.5% |
|
|
| |
|
1,742,424 |
|
Union Agriculture Group (Uruguay) (a)(c)(e) |
|
17,633,331 |
| |
|
|
|
Farmland Operator in Uruguay |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Oil Services 0.6% |
|
|
| |
|
173,000 |
|
Rowan |
|
4,378,630 |
| |
|
|
|
Contract Offshore Driller |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Alternative Energy 0.3% |
|
|
| |
|
2,000,000 |
|
Synthesis Energy Systems (China) (a)(b) |
|
2,280,000 |
| |
|
|
|
Owner/Operator of Gasification Plants/Technology Licenses |
|
|
| |
|
Energy & Minerals: Total |
|
52,053,548 |
| |||
|
|
|
|
|
|
| |
|
Health Care 5.8% |
|
|
| |||
|
|
|
> Medical Supplies 3.8% |
|
|
| |
|
330,000 |
|
Cepheid (a) |
|
14,529,900 |
| |
|
|
|
Molecular Diagnostics |
|
|
| |
|
110,000 |
|
Henry Schein (a) |
|
12,811,700 |
| |
|
|
|
Large Distributor of Dental, Vet & Medical Products |
|
|
| |
|
|
|
|
|
27,341,600 |
| |
|
|
|
> Biotechnology & Drug Delivery 2.0% |
|
|
| |
|
131,000 |
|
Synageva BioPharma (a)(b) |
|
9,010,180 |
| |
|
|
|
Biotech Focused on Orphan Diseases |
|
|
| |
|
148,000 |
|
Seattle Genetics (a) |
|
5,502,640 |
| |
|
|
|
Antibody-based Therapies for Cancer |
|
|
| |
|
|
|
|
|
14,512,820 |
| |
|
Health Care: Total |
|
41,854,420 |
| |||
|
|
|
|
|
|
| |
|
Other Industries 5.7% |
|
|
| |||
|
|
|
> Real Estate 5.7% |
|
|
| |
|
367,000 |
|
Post Properties |
|
18,841,780 |
| |
|
|
|
Multifamily Properties |
|
|
| |
|
230,000 |
|
Extra Space Storage |
|
11,861,100 |
| |
|
|
|
Self Storage Facilities |
|
|
| |
|
1,025,000 |
|
EdR |
|
10,537,000 |
| |
|
|
|
Student Housing |
|
|
| |
|
|
|
|
|
41,239,880 |
| |
|
Other Industries: Total |
|
41,239,880 |
| |||
|
|
|
|
|
|
| |
|
Total Equities: 98.5% |
|
707,647,454 |
(f) | |||
|
|
|
|
|
|
| |
|
Short-Term Investments 2.0% |
|
|
| |||
|
14,355,842 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) |
|
14,355,842 |
| |
|
Total Short-Term Investments: 2.0% |
|
14,355,842 |
| |||
|
|
|
|
| |||
|
Securities Lending Collateral 0.9% |
|
|
| |||
|
6,297,275 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g) |
|
6,297,275 |
| |
|
Total Securities Lending Collateral: 0.9% |
|
6,297,275 |
| |||
|
|
|
|
|
|
| |
|
Total Investments: 101.4% |
|
728,300,571 |
(i) | |||
|
|
|
|
|
|
| |
|
Obligation to Return Collateral for Securities Loaned: (0.9)% |
|
(6,297,275 |
) | |||
|
|
|
|
|
|
| |
|
Cash and Other Assets Less Liabilities: (0.5)% |
|
(3,945,529 |
) | |||
|
|
|
|
|
|
| |
|
Net Assets: 100.0% |
|
$ |
718,057,767 |
| ||
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 September 30, 2014. The total market value of securities on loan at September 30, 2014 was $6,078,550.
(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 Fund’s Board of Trustees. At September 30, 2014, the market value of these securities amounted to $20,591,610, which represented 2.87% 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 |
|
$ |
17,633,331 |
|
|
Canadian Overseas Petroleum |
|
11/24/10 |
|
22,500,000 |
|
9,596,330 |
|
2,958,279 |
| ||
|
|
|
|
|
|
|
$ |
29,596,330 |
|
$ |
20,591,610 |
|
(d) 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 September 30, 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 |
|
$ |
2,958,279 |
|
$ |
— |
|
|
Petrodorado Energy |
|
33,700,000 |
|
— |
|
— |
|
33,700,000 |
|
1,053,172 |
|
— |
| ||
|
IFM Investments (Century 21 China RE) - ADR (1) |
|
898,852 |
|
— |
|
898,852 |
|
— |
|
— |
|
— |
| ||
|
Total of Affiliated Transactions |
|
58,598,852 |
|
— |
|
2,398,852 |
|
56,200,000 |
|
$ |
4,011,451 |
|
$ |
— |
|
(1) At September 30, 2014, the Fund owned less than five percent of the company’s outstanding voting shares.
The aggregate cost and value of these companies at September 30, 2014, was $23,207,418 and $4,011,451, respectively. Investments in affiliated companies represented 0.56% of the Fund’s total net assets at September 30, 2014.
(e) Illiquid security.
(f) On September 30, 2014, the market value of foreign securities represented 10.26% of total net assets. The Fund’s foreign portfolio was diversified as follows:
|
Country |
|
Value |
|
Percentage |
| |
|
India |
|
$ |
31,401,450 |
|
4.37 |
|
|
Uruguay |
|
17,633,331 |
|
2.46 |
| |
|
Colombia |
|
9,899,638 |
|
1.38 |
| |
|
Canada |
|
6,478,874 |
|
0.90 |
| |
|
Iraq |
|
5,977,946 |
|
0.83 |
| |
|
China |
|
2,280,000 |
|
0.32 |
| |
|
Total Foreign Portfolio |
|
$ |
73,671,239 |
|
10.26 |
|
(g) Investment made with cash collateral received from securities lending activity.
(h) At September 30, 2014, for federal income tax purposes, the cost of investments was approximately $505,874,138 and net unrealized appreciation was $222,426,433 consisting of gross unrealized appreciation of $266,392,774 and gross unrealized depreciation of $43,966,341.
(i) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated June 30, 2014.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s 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 management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at
> Notes to Statement of Investments
amortized cost. Additionally, securities fair valued by the Valuation Committee (the Committee) of the Fund’s 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 Trust’s 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 Fund’s 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 September 30, 2014, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Equities |
|
|
|
|
|
|
|
|
| ||||
|
Industrial Goods & Services |
|
$ |
193,482,400 |
|
$ |
— |
|
$ |
— |
|
$ |
193,482,400 |
|
|
Information |
|
169,990,120 |
|
— |
|
— |
|
169,990,120 |
| ||||
|
Finance |
|
107,965,100 |
|
— |
|
— |
|
107,965,100 |
| ||||
|
Consumer Goods & Services |
|
101,061,986 |
|
— |
|
— |
|
101,061,986 |
| ||||
|
Energy & Minerals |
|
31,461,938 |
|
2,958,279 |
|
17,633,331 |
|
52,053,548 |
| ||||
|
Health Care |
|
41,854,420 |
|
— |
|
— |
|
41,854,420 |
| ||||
|
Other Industries |
|
41,239,880 |
|
— |
|
— |
|
41,239,880 |
| ||||
|
Total Equities |
|
687,055,844 |
|
2,958,279 |
|
17,633,331 |
|
707,647,454 |
| ||||
|
Total Short-Term Investments |
|
14,355,842 |
|
— |
|
— |
|
14,355,842 |
| ||||
|
Total Securities Lending Collateral |
|
6,297,275 |
|
— |
|
— |
|
6,297,275 |
| ||||
|
Total Investments |
|
$ |
707,708,961 |
|
$ |
2,958,279 |
|
$ |
17,633,331 |
|
$ |
728,300,571 |
|
The Fund’s assets assigned to the Level 2 input category are generally valued using a market approach, in which a security’s value is determined through its correlation to prices and information from observable market transactions for similar or identical assets 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 manager’s 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 September 30, 2014, in which significant observable and/or unobservable inputs (Level 3) were used in determining value:
|
Investments in |
|
Balance as |
|
Realized |
|
Change |
|
Purchases |
|
Sales |
|
Transfers |
|
Transfers |
|
Balance as |
| ||||||||
|
Equities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Energy & Minerals |
|
$ |
18,626,513 |
|
$ |
— |
|
$ |
(993,182 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
17,633,331 |
|
The information in the above reconciliation table represents fiscal year to date activity for any securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.
The change in unrealized depreciation attributed to securities owned at September 30, 2014, which were valued using significant unobservable inputs (Level 3), amounted to $993,182.
> Notes to Statement of Investments
Quantitative information pertaining to Level 3 unobservable fair value measurements
|
|
|
Fair Value at |
|
Valuation Technique(s) |
|
Unobservable Input(s) |
|
Range (Weighted |
| |
|
Equities Energy & Minerals |
|
$ |
17,633,331 |
|
Market comparable companies |
|
Discount for lack of marketability |
|
8% to 15% |
|
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 company’s 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 (Unaudited), September 30, 2014
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Affiliated Bond Funds 84.8% |
|
|
| |
|
42,554,748 |
|
Columbia Short Term Bond Fund, Class I (a) |
|
$ |
423,419,743 |
|
|
28,831,453 |
|
Columbia Intermediate Bond Fund, Class I (a) |
|
264,672,743 |
| |
|
21,040,302 |
|
Columbia Income Opportunities Fund, Class I (a) |
|
209,982,210 |
| |
|
29,217,179 |
|
Columbia U.S. Government Mortgage Fund, Class I (a) |
|
158,941,455 |
| |
|
Total Affiliated Bond Funds: |
|
1,057,016,151 |
| |||
|
|
|
|
|
|
| |
|
|
|
> Affiliated Stock Funds 14.8% |
|
|
| |
|
1,928,724 |
|
Columbia Dividend Income Fund, Class I (a) |
|
37,513,674 |
| |
|
790,186 |
|
Columbia Acorn International, Class I (a) |
|
35,906,069 |
| |
|
1,264,879 |
|
Columbia Contrarian Core Fund, Class I (a) |
|
28,130,917 |
| |
|
767,475 |
|
Columbia Acorn Fund, Class I (a)(b) |
|
27,268,380 |
| |
|
918,935 |
|
Columbia Large Cap Enhanced Core Fund, Class I (a) |
|
18,819,787 |
| |
|
733,672 |
|
Columbia Acorn Select, Class I (a)(b) |
|
18,642,598 |
| |
|
1,002,672 |
|
Columbia Select Large Cap Growth Fund, Class I (a) |
|
18,559,455 |
| |
|
Total Affiliated Stock Funds: |
|
184,840,880 |
| |||
|
|
|
|
|
|
| |
|
|
|
> Short-Term Investments 0.4% |
|
|
| |
|
5,008,307 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) |
|
5,008,307 |
| |
|
Total Short-Term Investments: |
|
5,008,307 |
| |||
|
|
|
|
| |||
|
Total Investments: 100.0% |
|
1,246,865,338 |
(d) | |||
|
|
|
|
| |||
|
Cash and Other Assets Less Liabilities: —% |
|
(105,245 |
) | |||
|
|
|
|
| |||
|
Net Assets: 100.0% |
|
$ |
1,246,760,093 |
| ||
> 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 September 30, 2014, are as follows:
|
Security |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
|
Columbia Short Term Bond Fund, Class I |
|
47,811,438 |
|
11,511,230 |
|
16,767,920 |
|
42,554,748 |
|
$ |
423,419,743 |
|
$ |
4,123,116 |
|
|
Columbia Intermediate Bond Fund, Class I |
|
39,903,530 |
|
8,368,388 |
|
19,440,465 |
|
28,831,453 |
|
264,672,743 |
|
6,161,550 |
| ||
|
Columbia Income Opportunities Fund, Class I |
|
35,741,824 |
|
5,851,346 |
|
20,552,868 |
|
21,040,302 |
|
209,982,210 |
|
10,185,545 |
| ||
|
Columbia U.S. Government Mortgage Fund, Class I |
|
— |
|
34,283,897 |
|
5,066,718 |
|
29,217,179 |
|
158,941,455 |
|
1,894,247 |
| ||
|
Columbia Dividend Income Fund, Class I |
|
1,469,969 |
|
3,626,150 |
|
3,167,395 |
|
1,928,724 |
|
37,513,674 |
|
590,594 |
| ||
|
Columbia Acorn International, Class I |
|
583,352 |
|
1,405,587 |
|
1,198,753 |
|
790,186 |
|
35,906,069 |
|
13,232 |
| ||
|
Columbia Contrarian Core Fund, Class I |
|
984,664 |
|
2,410,129 |
|
2,129,914 |
|
1,264,879 |
|
28,130,917 |
|
— |
| ||
|
Columbia Acorn Fund, Class I |
|
545,386 |
|
1,453,730 |
|
1,231,641 |
|
767,475 |
|
27,268,380 |
|
— |
| ||
|
Columbia Large Cap Enhanced Core Fund, Class I |
|
720,935 |
|
1,740,760 |
|
1,542,760 |
|
918,935 |
|
18,819,787 |
|
44,404 |
| ||
|
Columbia Acorn Select, Class I |
|
509,430 |
|
1,366,388 |
|
1,142,146 |
|
733,672 |
|
18,642,598 |
|
— |
| ||
|
Columbia Select Large Cap Growth Fund, Class I |
|
700,545 |
|
1,929,874 |
|
1,627,747 |
|
1,002,672 |
|
18,559,455 |
|
112,227 |
| ||
|
Total of Affiliated Transactions |
|
128,971,073 |
|
73,947,479 |
|
73,868,327 |
|
129,050,225 |
|
$ |
1,241,857,031 |
|
$ |
23,124,915 |
|
The aggregate cost and value of these companies at September 30, 2014, was $1,197,646,236 and $1,241,857,031 respectively. Investments in affiliated companies represented 99.61% of the Fund’s total net assets at September 30, 2014.
(b) Non-income producing security.
(c) At September 30, 2014, for federal income tax purposes, the cost of investments was approximately $1,202,654,543 and net unrealized appreciation was $44,210,795 consisting of gross unrealized appreciation of $45,770,923 and gross unrealized depreciation of $1,560,128.
(d) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated June 30, 2014.
> Notes to Statement of Investments
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s 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 management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include mutual funds whose NAVs are published each day.
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 Trust’s 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 Fund’s 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 September 30, 2014, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Total Affiliated Bond Funds |
|
$ |
1,057,016,151 |
|
$ |
— |
|
$ |
— |
|
$ |
1,057,016,151 |
|
|
Total Affiliated Stock Funds |
|
184,840,880 |
|
— |
|
— |
|
184,840,880 |
| ||||
|
Total Short-Term Investments |
|
5,008,307 |
|
— |
|
— |
|
5,008,307 |
| ||||
|
Total Investments |
|
$ |
1,246,865,338 |
|
$ |
— |
|
$ |
— |
|
$ |
1,246,865,338 |
|
There were no transfers of financial assets between levels during the period.
Columbia Acorn Emerging Markets FundSM
Statement of Investments (Unaudited), September 30, 2014
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
Equities: 96.4% |
|
|
| |
|
Asia 60.9% |
|
|
|
|
| |
|
|
|
> Taiwan 10.2% |
|
|
| |
|
377,000 |
|
St. Shine Optical |
|
$ |
8,043,074 |
|
|
|
|
Disposable Contact Lens Original Equipment Manufacturer |
|
|
| |
|
765,302 |
|
PC Home |
|
7,440,932 |
| |
|
|
|
Taiwanese Internet Retail Company |
|
|
| |
|
2,086,990 |
|
Chroma Ate |
|
5,790,452 |
| |
|
|
|
Automatic Test Systems, Testing & Measurement Instruments |
|
|
| |
|
742,000 |
|
President Chain Store |
|
5,320,105 |
| |
|
|
|
Taiwan’s Number One Convenience Chain Store Operator |
|
|
| |
|
833,000 |
|
Delta Electronics |
|
5,262,288 |
| |
|
|
|
Industrial Automation, Switching Power Supplies & Passive Components |
|
|
| |
|
724,988 |
|
Advantech |
|
5,116,285 |
| |
|
|
|
Industrial PC & Components |
|
|
| |
|
71,000 |
|
Largan Precision |
|
5,079,556 |
| |
|
|
|
Mobile Device Camera Lenses & Modules |
|
|
| |
|
3,087,291 |
|
Lite-On Technology |
|
4,440,527 |
| |
|
|
|
Mobile Device, LED & PC Server Component Supplier |
|
|
| |
|
324,500 |
|
Ginko International |
|
4,360,330 |
| |
|
|
|
Largest Contact Lens Maker in China |
|
|
| |
|
1,738,000 |
|
Far EasTone Telecom |
|
3,332,101 |
| |
|
|
|
Taiwan’s Third Largest Mobile Operator |
|
|
| |
|
951,000 |
|
Vanguard International Semiconductor |
|
1,388,858 |
| |
|
|
|
Semiconductor Foundry |
|
|
| |
|
|
|
|
|
55,574,508 |
| |
|
|
|
> China 9.1% |
|
|
| |
|
313,642 |
|
WuXi PharmaTech - ADR (a) |
|
10,983,743 |
| |
|
|
|
Largest Contract Research Organization Business in China |
|
|
| |
|
13,900,000 |
|
Sihuan Pharmaceuticals |
|
10,410,825 |
| |
|
|
|
Chinese Generic Drug Manufacturer |
|
|
| |
|
114,558 |
|
BitAuto - ADR (a) |
|
8,935,524 |
| |
|
|
|
Automotive Information Website for Buyers & Dealers |
|
|
| |
|
13,822,000 |
|
AMVIG Holdings |
|
6,317,307 |
| |
|
|
|
Chinese Tobacco Packaging Material Supplier |
|
|
| |
|
11,330,000 |
|
NewOcean Energy |
|
5,645,446 |
| |
|
|
|
Southern China Liquefied Petroleum Gas Distributor |
|
|
| |
|
212,636 |
|
Jumei International - ADR (a)(b) |
|
4,992,693 |
| |
|
|
|
Online Beauty & Apparel Products Retailer |
|
|
| |
|
830,000 |
|
Biostime (b) |
|
2,578,165 |
| |
|
|
|
Pediatric Nutrition & Baby Care Products Provider |
|
|
| |
|
|
|
|
|
49,863,703 |
| |
|
|
|
> Indonesia 8.8% |
|
|
| |
|
7,426,700 |
|
Matahari Department Store |
|
9,892,963 |
| |
|
|
|
Largest Department Store Chain in Indonesia |
|
|
| |
|
62,000,000 |
|
MNC Skyvision |
|
8,646,510 |
| |
|
|
|
Largest Satellite Pay TV Operator in Indonesia |
|
|
| |
|
82,889,190 |
|
Ace Indonesia |
|
6,020,572 |
| |
|
|
|
Home Improvement Retailer |
|
|
| |
|
9,010,709 |
|
Tower Bersama Infrastructure |
|
5,925,299 |
| |
|
|
|
Communications Towers |
|
|
| |
|
2,183,600 |
|
Mayora Indah |
|
5,463,338 |
| |
|
|
|
Consumer Branded Food Manufacturer |
|
|
| |
|
66,827,700 |
|
Arwana Citramulia |
|
5,451,648 |
| |
|
|
|
Ceramic Tiles for Home Decoration |
|
|
| |
|
17,095,479 |
|
Surya Citra Media |
|
5,378,299 |
| |
|
|
|
Free to Air TV Station in Indonesia |
|
|
| |
|
1,591,929 |
|
Archipelago Resources (a)(b)(c)(d)(e) |
|
1,445,223 |
| |
|
|
|
Gold Mining Projects in Indonesia, Vietnam & the Philippines |
|
|
| |
|
|
|
|
|
48,223,852 |
| |
|
|
|
> India 7.5% |
|
|
| |
|
2,422,982 |
|
Zee Entertainment Enterprises |
|
12,298,638 |
| |
|
|
|
Indian Programmer of Pay Television Content |
|
|
| |
|
37,774 |
|
Bosch |
|
9,179,586 |
| |
|
|
|
Automotive Parts |
|
|
| |
|
1,808,593 |
|
Adani Ports & Special Economic Zone |
|
8,107,708 |
| |
|
|
|
Indian West Coast Shipping Port |
|
|
| |
|
222,910 |
|
Colgate Palmolive India |
|
6,285,014 |
| |
|
|
|
Consumer Products in Oral Care |
|
|
| |
|
445,596 |
|
United Breweries |
|
5,131,428 |
| |
|
|
|
India’s Largest Brewer |
|
|
| |
|
|
|
|
|
41,002,374 |
| |
|
|
|
> Philippines 7.5% |
|
|
| |
|
55,239,300 |
|
Melco Crown (Philippines) Resorts (a) |
|
16,192,709 |
| |
|
|
|
Integrated Resort Operator in Manila |
|
|
| |
|
56,400,000 |
|
RFM Corporation |
|
6,631,384 |
| |
|
|
|
Flour, Bread, Pasta & Ice Cream Manufacturer/Distributor in the Philippines |
|
|
| |
|
4,498,580 |
|
Robinsons Retail Holdings |
|
6,345,276 |
| |
|
|
|
Multi-format Retailer in the Philippines |
|
|
| |
|
1,882,390 |
|
Security Bank |
|
6,153,779 |
| |
|
|
|
Commercial Bank in the Philippines |
|
|
| |
|
7,193,200 |
|
Puregold Price Club |
|
5,558,051 |
| |
|
|
|
Supermarket Operator in the Philippines |
|
|
| |
|
|
|
|
|
40,881,199 |
| |
|
|
|
> Hong Kong 5.0% |
|
|
| |
|
5,181,000 |
|
Melco International |
|
12,009,044 |
| |
|
|
|
Macau Casino Operator |
|
|
| |
|
15,134,799 |
|
Sa Sa International (b) |
|
10,368,955 |
| |
|
|
|
Cosmetics Retailer |
|
|
| |
|
3,920,000 |
|
Vitasoy International |
|
4,993,625 |
| |
|
|
|
Hong Kong Soy Food Brand |
|
|
| |
|
|
|
|
|
27,371,624 |
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Korea 3.5% |
|
|
| |
|
373,088 |
|
Koh Young Technology |
|
$ |
10,013,452 |
|
|
|
|
Inspection Systems for Printed Circuit Boards |
|
|
| |
|
132,149 |
|
Grand Korea Leisure |
|
5,239,492 |
| |
|
|
|
‘Foreigner Only’ Casino Group in Korea |
|
|
| |
|
121,818 |
|
Paradise |
|
3,981,394 |
| |
|
|
|
Korean Casino Operator |
|
|
| |
|
|
|
|
|
19,234,338 |
| |
|
|
|
> Thailand 3.3% |
|
|
| |
|
20,003,409 |
|
Home Product Center |
|
6,418,128 |
| |
|
|
|
Home Improvement Retailer |
|
|
| |
|
3,737,700 |
|
Robinson Department Store |
|
6,074,393 |
| |
|
|
|
Department Store Operator in Thailand |
|
|
| |
|
10,340,200 |
|
Samui Airport Property Fund |
|
5,612,568 |
| |
|
|
|
Thai Airport Operator |
|
|
| |
|
|
|
|
|
18,105,089 |
| |
|
|
|
> Malaysia 2.0% |
|
|
| |
|
10,810,900 |
|
7-Eleven Malaysia Holdings (a) |
|
5,898,952 |
| |
|
|
|
Exclusive 7-Eleven Franchisor for Malaysia |
|
|
| |
|
4,592,100 |
|
Aeon |
|
5,263,312 |
| |
|
|
|
Shopping Center & Department Store Operator |
|
|
| |
|
|
|
|
|
11,162,264 |
| |
|
|
|
> Cambodia 1.5% |
|
|
| |
|
11,570,000 |
|
Nagacorp |
|
8,278,512 |
| |
|
|
|
Casino & Entertainment Complex in Cambodia |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Singapore 1.3% |
|
|
| |
|
1,829,000 |
|
Petra Foods |
|
5,792,240 |
| |
|
|
|
Chocolate Manufacturer in Southeast Asia |
|
|
| |
|
1,079,000 |
|
Super Group (b) |
|
1,079,537 |
| |
|
|
|
Instant Food & Beverages in Southeast Asia |
|
|
| |
|
|
|
|
|
6,871,777 |
| |
|
|
|
> Japan 1.2% |
|
|
| |
|
447,760 |
|
Kansai Paint |
|
6,694,544 |
| |
|
|
|
Paint Producer in Japan, India, China & Southeast Asia |
|
|
| |
|
Asia: Total |
|
333,263,784 |
| |||
|
|
|
|
| |||
|
Latin America 12.0% |
|
|
| |||
|
|
|
> Mexico 5.2% |
|
|
| |
|
652,200 |
|
Gruma (a) |
|
6,983,088 |
| |
|
|
|
Tortilla Producer & Distributor |
|
|
| |
|
2,069,000 |
|
Qualitas |
|
5,545,884 |
| |
|
|
|
Auto Insurer in Mexico & Central America |
|
|
| |
|
42,927 |
|
Grupo Aeroportuario del Sureste - ADR |
|
5,515,690 |
| |
|
|
|
Mexican Airport Operator |
|
|
| |
|
2,180,100 |
|
Genomma Lab International (a) |
|
5,226,851 |
| |
|
|
|
Develops, Markets & Distributes Consumer Products |
|
|
| |
|
2,747,000 |
|
Hoteles City Express (a) |
|
5,045,865 |
| |
|
|
|
Budget Hotel Operator in Mexico |
|
|
| |
|
|
|
|
|
28,317,378 |
| |
|
|
|
> Brazil 4.4% |
|
|
| |
|
718,970 |
|
Localiza Rent A Car |
|
10,333,312 |
| |
|
|
|
Car Rental |
|
|
| |
|
255,000 |
|
Linx |
|
5,308,876 |
| |
|
|
|
Retail Management Software in Brazil |
|
|
| |
|
1,275,100 |
|
Odontoprev |
|
4,615,417 |
| |
|
|
|
Dental Insurance |
|
|
| |
|
11,145,526 |
|
Beadell Resources (a) |
|
3,931,003 |
| |
|
|
|
Gold Mining in Brazil |
|
|
| |
|
|
|
|
|
24,188,608 |
| |
|
|
|
> Colombia 1.4% |
|
|
| |
|
5,842,782 |
|
Isagen |
|
7,934,662 |
| |
|
|
|
Colombian Electricity Provider |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Chile 1.0% |
|
|
| |
|
1,258,078 |
|
Forus |
|
5,316,874 |
| |
|
|
|
Multi-brand Latin American Wholesaler & Retailer |
|
|
| |
|
Latin America: Total |
|
65,757,522 |
| |||
|
|
|
|
| |||
|
Europe 11.9% |
|
|
| |||
|
|
|
> Finland 3.2% |
|
|
| |
|
265,727 |
|
Vacon |
|
11,310,617 |
| |
|
|
|
Leading Independent Manufacturer of Variable Speed Air Conditioning Drives |
|
|
| |
|
290,000 |
|
Tikkurila |
|
6,038,119 |
| |
|
|
|
Decorative & Industrial Paint in Scandinavia & Central & Eastern Europe |
|
|
| |
|
|
|
|
|
17,348,736 |
| |
|
|
|
> Kazakhstan 2.7% |
|
|
| |
|
1,268,483 |
|
Halyk Savings Bank of Kazakhstan - GDR |
|
14,587,555 |
| |
|
|
|
Largest Retail Bank & Insurer in Kazakhstan |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Sweden 2.0% |
|
|
| |
|
347,064 |
|
Hexagon |
|
10,974,308 |
| |
|
|
|
Design, Measurement & Visualization Software & Equipment |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> United Kingdom 1.3% |
|
|
| |
|
9,054,086 |
|
Cable and Wireless |
|
6,857,181 |
| |
|
|
|
Telecommunications Service Provider in the Caribbean |
|
|
| |
|
22,341 |
|
PureCircle (a) |
|
217,399 |
| |
|
|
|
Natural Sweeteners |
|
|
| |
|
|
|
|
|
7,074,580 |
| |
|
|
|
> France 1.0% |
|
|
| |
|
163,000 |
|
Eutelsat |
|
5,263,251 |
| |
|
|
|
Fixed Satellite Services |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Spain 0.9% |
|
|
| |
|
840,828 |
|
Prosegur |
|
5,215,314 |
| |
|
|
|
Security Guards |
|
|
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Italy 0.8% |
|
|
| |
|
324,156 |
|
Pirelli |
|
$ |
4,469,806 |
|
|
|
|
Global Tire Supplier |
|
|
| |
|
Europe: Total |
|
64,933,550 |
| |||
|
|
|
|
|
|
| |
|
Other Countries 11.6% |
|
|
| |||
|
|
|
> South Africa 8.0% |
|
|
| |
|
2,048,460 |
|
Coronation Fund Managers |
|
17,547,465 |
| |
|
|
|
South African Fund Manager |
|
|
| |
|
4,343,702 |
|
Rand Merchant Insurance |
|
13,628,508 |
| |
|
|
|
Directly Sold Property & Casualty Insurance; Holdings in Other Insurers |
|
|
| |
|
399,378 |
|
Mr. Price |
|
7,515,892 |
| |
|
|
|
South African Retailer of Apparel, Household & Sporting Goods |
|
|
| |
|
463,782 |
|
Massmart Holdings |
|
5,045,688 |
| |
|
|
|
General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary |
|
|
| |
|
|
|
|
|
43,737,553 |
| |
|
|
|
> United States 2.0% |
|
|
| |
|
196,000 |
|
Bladex |
|
6,013,280 |
| |
|
|
|
Latin American Trade Financing House |
|
|
| |
|
153,472 |
|
Textainer Group Holdings (b) |
|
4,776,049 |
| |
|
|
|
Top International Container Leaser |
|
|
| |
|
|
|
|
|
10,789,329 |
| |
|
|
|
> Canada 1.1% |
|
|
| |
|
507,892 |
|
CAE |
|
6,158,465 |
| |
|
|
|
Flight Simulator Equipment & Training Centers |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Morocco 0.5% |
|
|
| |
|
9,302 |
|
Holcim Maroc |
|
2,227,554 |
| |
|
|
|
Largest Cement Player in Morocco |
|
|
| |
|
3,000 |
|
Lafarge Ciments Maroc |
|
591,834 |
| |
|
|
|
Largest Moroccan Cement Maker |
|
|
| |
|
|
|
|
|
2,819,388 |
| |
|
Other Countries: Total |
|
63,504,735 |
| |||
|
|
|
|
|
|
| |
|
Total Equities: 96.4% |
|
527,459,591 |
(f) | |||
|
|
|
|
|
|
| |
|
Short-Term Investments 3.4% |
|
|
| |||
|
18,534,932 |
|
JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%) |
|
18,534,932 |
| |
|
Total Short-Term Investments: 3.4% |
|
18,534,932 |
| |||
|
|
|
|
|
|
| |
|
Securities Lending Collateral 1.8% |
|
|
| |||
|
10,004,733 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g) |
|
10,004,733 |
| |
|
Total Securities Lending Collateral: 1.8% |
|
10,004,733 |
| |||
|
|
|
|
|
|
| |
|
Total Investments: 101.6% |
|
555,999,256 |
(i) | |||
|
|
|
|
|
|
| |
|
Obligation to Return Collateral for Securities Loaned: (1.8)% |
|
(10,004,733 |
) | |||
|
|
|
|
|
|
| |
|
Cash and Other Assets Less Liabilities: 0.2% |
|
1,319,619 |
| |||
|
|
|
|
|
|
| |
|
Net Assets: 100.0% |
|
$ |
547,314,142 |
| ||
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 September 30, 2014. The total market value of securities on loan at September 30, 2014 was $9,478,218.
(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 Fund’s Board of Trustees. At September 30, 2014, the market value of this security amounted to $1,445,223, which represented 0.26% 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 |
|
$ |
1,445,223 |
|
> Notes to Statement of Investments
(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) |
|
1,591,929 |
|
GBP |
0.58 |
|
December 31, 2014 |
|
$ |
51,615 |
|
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) December 31, 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 December 31, 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 Fund’s Board of Trustees.
(e) Illiquid security.
(f) On September 30, 2014, the Fund’s total equity investments were denominated in currencies as follows:
|
Currency |
|
Value |
|
Percentage |
| |
|
Hong Kong Dollar |
|
$ |
60,601,878 |
|
11.1 |
|
|
United States Dollar |
|
55,804,533 |
|
10.2 |
| |
|
Taiwan Dollar |
|
55,574,508 |
|
10.2 |
| |
|
Indonesian Rupiah |
|
46,778,629 |
|
8.5 |
| |
|
South African Rand |
|
43,737,553 |
|
8.0 |
| |
|
Indian Rupee |
|
41,002,374 |
|
7.5 |
| |
|
Philippines Peso |
|
40,881,199 |
|
7.5 |
| |
|
Euro |
|
32,297,107 |
|
5.9 |
| |
|
Other currencies less than 5% of total net assets |
|
150,781,810 |
|
27.5 |
| |
|
Total Equities |
|
$ |
527,459,591 |
|
96.4 |
|
(g) Investment made with cash collateral received from securities lending activity.
(h) At September 30, 2014, for federal income tax purposes, the cost of investments was approximately $524,569,697 and net unrealized appreciation was $31,429,559 consisting of gross unrealized appreciation of $65,045,966 and gross unrealized depreciation of $33,616,407.
(i) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated June 30, 2014.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s 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 management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee (the Committee) of the Fund’s 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 Trust’s 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 Fund’s 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 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 September 30, 2014, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Equities |
|
|
|
|
|
|
|
|
| ||||
|
Asia |
|
$ |
24,911,960 |
|
$ |
306,906,601 |
|
$ |
1,445,223 |
|
$ |
333,263,784 |
|
|
Latin America |
|
61,826,519 |
|
3,931,003 |
|
— |
|
65,757,522 |
| ||||
|
Europe |
|
— |
|
64,933,550 |
|
— |
|
64,933,550 |
| ||||
|
Other Countries |
|
16,947,794 |
|
46,556,941 |
|
— |
|
63,504,735 |
| ||||
|
Total Equities |
|
103,686,273 |
|
422,328,095 |
|
1,445,223 |
|
527,459,591 |
| ||||
|
Total Short-Term Investments |
|
18,534,932 |
|
— |
|
— |
|
18,534,932 |
| ||||
|
Total Securities Lending Collateral |
|
10,004,733 |
|
— |
|
— |
|
10,004,733 |
| ||||
|
Total Investments |
|
$ |
132,225,938 |
|
$ |
422,328,095 |
|
$ |
1,445,223 |
|
$ |
555,999,256 |
|
|
Unrealized Appreciation on Options |
|
— |
|
— |
|
51,615 |
|
51,615 |
| ||||
|
Total |
|
$ |
132,225,938 |
|
$ |
422,328,095 |
|
$ |
1,496,838 |
|
$ |
556,050,871 |
|
The Fund’s assets assigned to the Level 2 input category are generally valued using a market approach, in which a security’s value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last 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 company’s 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 (Unaudited), September 30, 2014
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
Equities: 96.6% |
|
|
| |
|
Europe 96.5% |
|
|
|
|
| |
|
|
|
> United Kingdom 33.2% |
|
|
| |
|
1,933,560 |
|
Assura |
|
$ |
1,457,585 |
|
|
560,145 |
|
Assura-Rights (a)(b) |
|
27,242 |
| |
|
|
|
UK Primary Health Care Property Developer |
|
|
| |
|
30,750 |
|
Spirax Sarco |
|
1,403,149 |
| |
|
|
|
Steam Systems for Manufacturing & Process Industries |
|
|
| |
|
70,133 |
|
Jardine Lloyd Thompson Group |
|
1,106,263 |
| |
|
|
|
International Business Insurance Broker |
|
|
| |
|
58,070 |
|
Babcock International |
|
1,024,690 |
| |
|
|
|
Public Sector Outsourcer |
|
|
| |
|
240,940 |
|
Charles Taylor |
|
1,013,607 |
| |
|
|
|
Insurance Services |
|
|
| |
|
47,530 |
|
WH Smith |
|
831,506 |
| |
|
|
|
Newsprint, Books & General Stationery Retailer |
|
|
| |
|
277,770 |
|
Connect Group |
|
672,083 |
| |
|
|
|
Newspaper & Magazine Distributor |
|
|
| |
|
196,680 |
|
Cambian (a) |
|
666,392 |
| |
|
|
|
Mental Health Facilities & Programs |
|
|
| |
|
101,510 |
|
Abcam |
|
661,954 |
| |
|
|
|
Online Sales of Antibodies |
|
|
| |
|
54,000 |
|
Shaftesbury |
|
595,129 |
| |
|
|
|
London Prime Retail REIT |
|
|
| |
|
40,510 |
|
Dialight |
|
591,712 |
| |
|
|
|
LED Products for Hazardous & Industrial Environments |
|
|
| |
|
59,235 |
|
Halma |
|
585,274 |
| |
|
|
|
Health & Safety Sensor Technology |
|
|
| |
|
15,610 |
|
Fidessa Group |
|
579,764 |
| |
|
|
|
Software for Financial Trading Systems |
|
|
| |
|
141,240 |
|
Polypipe |
|
563,842 |
| |
|
|
|
Manufacturer of Plastic Piping & Fittings |
|
|
| |
|
22,503 |
|
Aggreko |
|
563,221 |
| |
|
|
|
Temporary Power & Temperature Control Services |
|
|
| |
|
73,060 |
|
Halfords |
|
559,501 |
| |
|
|
|
UK Retailer of Leisure Goods & Auto Parts |
|
|
| |
|
8,325 |
|
Whitbread |
|
559,406 |
| |
|
|
|
UK Hotelier & Coffee Shop |
|
|
| |
|
726,213 |
|
Cable and Wireless |
|
550,003 |
| |
|
|
|
Telecommunications Service Provider in the Caribbean |
|
|
| |
|
133,120 |
|
Elementis |
|
548,716 |
| |
|
|
|
Specialty Chemicals |
|
|
| |
|
59,400 |
|
Domino’s Pizza UK & Ireland |
|
546,283 |
| |
|
|
|
Pizza Delivery in UK, Ireland & Germany |
|
|
| |
|
128,860 |
|
RPS Group |
|
545,233 |
| |
|
|
|
Consultant Specializing in Energy, Water, Urban Planning, Health & Safety |
|
|
| |
|
14,880 |
|
Rightmove |
|
517,512 |
| |
|
|
|
Internet Real Estate Listings |
|
|
| |
|
19,210 |
|
AVEVA |
|
479,280 |
| |
|
|
|
Engineering Software |
|
|
| |
|
110,390 |
|
Ocado (a) |
|
471,723 |
| |
|
|
|
Online Grocery Retailer |
|
|
| |
|
2,222 |
|
PureCircle (a) |
|
21,622 |
| |
|
|
|
Natural Sweeteners |
|
|
| |
|
|
|
|
|
17,142,692 |
| |
|
|
|
> France 12.6% |
|
|
| |
|
23,030 |
|
Neopost |
|
1,693,882 |
| |
|
|
|
Postage Meter Machines |
|
|
| |
|
3,230 |
|
Eurofins Scientific |
|
835,705 |
| |
|
|
|
Food, Pharmaceuticals & Materials Screening & Testing |
|
|
| |
|
21,040 |
|
Cegedim (a) |
|
662,770 |
| |
|
|
|
Medical Market Research/IT Services |
|
|
| |
|
16,651 |
|
Saft |
|
566,577 |
| |
|
|
|
Niche Battery Manufacturer |
|
|
| |
|
170,400 |
|
Hi-Media (a) |
|
559,008 |
| |
|
|
|
Online Advertiser in Europe |
|
|
| |
|
17,160 |
|
Eutelsat |
|
554,094 |
| |
|
|
|
Fixed Satellite Services |
|
|
| |
|
16,283 |
|
AKKA Technologies |
|
551,176 |
| |
|
|
|
Engineering Consultancy |
|
|
| |
|
21,430 |
|
Bonduelle |
|
548,110 |
| |
|
|
|
Producer of Canned, Deep-frozen & Fresh Vegetables |
|
|
| |
|
3,740 |
|
Norbert Dentressangle |
|
538,372 |
| |
|
|
|
European Logistics & Transport Group |
|
|
| |
|
|
|
|
|
6,509,694 |
| |
|
|
|
> Germany 10.6% |
|
|
| |
|
32,530 |
|
Aurelius |
|
1,157,026 |
| |
|
|
|
European Turnaround Investor |
|
|
| |
|
27,290 |
|
NORMA Group |
|
1,137,242 |
| |
|
|
|
Clamps for Automotive & Industrial Applications |
|
|
| |
|
20,890 |
|
Wirecard |
|
768,265 |
| |
|
|
|
Online Payment Processing & Risk Management |
|
|
| |
|
6,950 |
|
MTU Aero Engines |
|
591,295 |
| |
|
|
|
Airplane Engine Components & Services |
|
|
| |
|
112,250 |
|
Telefonica Deutschland |
|
585,418 |
| |
|
|
|
Mobile & Fixed-line Communications in Germany |
|
|
| |
|
1,910 |
|
Rational |
|
567,703 |
| |
|
|
|
Commercial Ovens |
|
|
| |
|
19,110 |
|
Elringklinger |
|
563,112 |
| |
|
|
|
Automobile Components |
|
|
| |
|
9,829 |
|
TAG Immobilien (c) |
|
111,121 |
| |
|
|
|
Owner of Residential Properties in Germany |
|
|
| |
|
|
|
|
|
5,481,182 |
| |
|
|
|
> Sweden 7.9% |
|
|
| |
|
29,450 |
|
Hexagon |
|
931,221 |
| |
|
|
|
Design, Measurement & Visualization Software & Equipment |
|
|
| |
|
25,880 |
|
Swedish Match |
|
837,259 |
| |
|
|
|
Swedish Snus |
|
|
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Sweden—continued |
|
|
| |
|
40,490 |
|
Recipharm (a) |
|
$ |
687,365 |
|
|
|
|
Contract Development Manufacturing Organization |
|
|
| |
|
43,610 |
|
Sweco |
|
617,949 |
| |
|
|
|
Engineering Consultants |
|
|
| |
|
11,111 |
|
Unibet |
|
558,938 |
| |
|
|
|
European Online Gaming Operator |
|
|
| |
|
21,070 |
|
Mekonomen |
|
455,555 |
| |
|
|
|
Nordic Integrated Wholesaler/Retailer of Automotive Parts & Service |
|
|
| |
|
|
|
|
|
4,088,287 |
| |
|
|
|
> Switzerland 6.5% |
|
|
| |
|
4,280 |
|
Partners Group |
|
1,124,930 |
| |
|
|
|
Private Markets Asset Management |
|
|
| |
|
3,480 |
|
Geberit |
|
1,121,649 |
| |
|
|
|
Plumbing Supplies |
|
|
| |
|
1,820 |
|
INFICON |
|
554,750 |
| |
|
|
|
Gas Detection Instruments |
|
|
| |
|
160 |
|
Sika |
|
553,228 |
| |
|
|
|
Chemicals for Construction & Industrial Applications |
|
|
| |
|
|
|
|
|
3,354,557 |
| |
|
|
|
> Spain 6.0% |
|
|
| |
|
145,730 |
|
DIA |
|
1,044,334 |
| |
|
|
|
Discount Retailer in Spain, Latin America & the Eastern Mediterranean |
|
|
| |
|
15,040 |
|
Viscofan |
|
823,846 |
| |
|
|
|
Sausage Casings Maker |
|
|
| |
|
109,520 |
|
Prosegur |
|
679,308 |
| |
|
|
|
Security Guards |
|
|
| |
|
14,590 |
|
Bolsas y Mercados Españoles |
|
555,080 |
| |
|
|
|
Spanish Stock Markets |
|
|
| |
|
|
|
|
|
3,102,568 |
| |
|
|
|
> Netherlands 5.6% |
|
|
| |
|
35,710 |
|
Aalberts Industries |
|
924,545 |
| |
|
|
|
Flow Control & Heat Treatment |
|
|
| |
|
6,180 |
|
Gemalto |
|
567,444 |
| |
|
|
|
Digital Security Solutions |
|
|
| |
|
3,610 |
|
Core Labs |
|
528,323 |
| |
|
|
|
Oil & Gas Reservoir Consulting |
|
|
| |
|
14,179 |
|
Arcadis |
|
468,986 |
| |
|
|
|
Engineering Consultants |
|
|
| |
|
18,101 |
|
Brunel |
|
414,541 |
| |
|
|
|
NL Specialist & Energy Staffing |
|
|
| |
|
|
|
|
|
2,903,839 |
| |
|
|
|
> Finland 4.6% |
|
|
| |
|
31,721 |
|
Tikkurila |
|
660,466 |
| |
|
|
|
Decorative & Industrial Paint in Scandinavia & Central & Eastern Europe |
|
|
| |
|
70,810 |
|
Munksjo |
|
657,359 |
| |
|
|
|
Specialty Paper Maker |
|
|
| |
|
131,300 |
|
Sponda |
|
591,868 |
| |
|
|
|
Office, Retail & Logistics Properties |
|
|
| |
|
16,520 |
|
Konecranes |
|
443,043 |
| |
|
|
|
Manufacture & Service of Industrial Cranes & Port Handling Equipment |
|
|
| |
|
|
|
|
|
2,352,736 |
| |
|
|
|
> Norway 3.2% |
|
|
| |
|
67,850 |
|
Orkla |
|
613,578 |
| |
|
|
|
Food & Brands, Aluminum, Chemicals Conglomerate |
|
|
| |
|
38,130 |
|
Subsea 7 |
|
544,524 |
| |
|
|
|
Offshore Subsea Contractor |
|
|
| |
|
42,030 |
|
Atea |
|
472,651 |
| |
|
|
|
Nordic IT Hardware/Software Reseller & Installation Company |
|
|
| |
|
|
|
|
|
1,630,753 |
| |
|
|
|
> Denmark 2.3% |
|
|
| |
|
22,580 |
|
SimCorp |
|
662,816 |
| |
|
|
|
Software for Investment Managers |
|
|
| |
|
9,790 |
|
Jyske Bank (a) |
|
529,072 |
| |
|
|
|
Danish Bank |
|
|
| |
|
|
|
|
|
1,191,888 |
| |
|
|
|
> Italy 2.1% |
|
|
| |
|
39,720 |
|
Pirelli |
|
547,702 |
| |
|
|
|
Global Tire Supplier |
|
|
| |
|
16,450 |
|
IMA |
|
544,217 |
| |
|
|
|
Food & Drugs Packaging & Machinery |
|
|
| |
|
|
|
|
|
1,091,919 |
| |
|
|
|
> Austria 1.1% |
|
|
| |
|
5,770 |
|
Schoeller-Bleckmann |
|
562,446 |
| |
|
|
|
Manufacturer of Components for Directional Drilling |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Belgium 0.8% |
|
|
| |
|
12,520 |
|
EVS Broadcast Equipment |
|
436,196 |
| |
|
|
|
Digital Live Mobile Production Software & Systems |
|
|
| |
|
Europe: Total |
|
49,848,757 |
| |||
|
|
|
|
| |||
|
Other Countries 0.1% |
|
|
| |||
|
|
|
> United States 0.1% |
|
|
| |
|
1,637 |
|
Gulfmark Offshore |
|
51,320 |
| |
|
|
|
Operator of Offshore Supply Vessels |
|
|
| |
|
Other Countries: Total |
|
51,320 |
| |||
|
|
|
|
| |||
|
Total Equities: 96.6% |
|
49,900,077 |
(d) | |||
|
|
|
|
| |||
|
Short-Term Investments 3.7% |
|
|
| |||
|
1,920,689 |
|
JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%) |
|
1,920,689 |
| |
|
Total Short-Term Investments: 3.7% |
|
1,920,689 |
| |||
|
Number of Shares |
|
|
|
Value |
| |
|
Securities Lending Collateral 0.3% |
|
|
| |||
|
129,317 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (e) |
|
$ |
129,317 |
|
|
Total Securities Lending Collateral: 0.3% |
|
129,317 |
| |||
|
|
|
|
| |||
|
Total Investments: 100.6% |
|
51,950,083 |
(g) | |||
|
|
|
|
| |||
|
Obligation to Return Collateral for Securities Loaned: (0.3)% |
|
(129,317 |
) | |||
|
|
|
|
| |||
|
Cash and Other Assets Less Liabilities: (0.3)% |
|
(177,784 |
) | |||
|
|
|
|
| |||
|
Net Assets: 100.0% |
|
$ |
51,642,982 |
| ||
REIT - Real Estate Investment Trust
> Notes to Statement of Investments
(a) Non-income producing security.
(b) Illiquid security.
(c) All or a portion of this security was on loan at September 30, 2014. The total market value of securities on loan at September 30, 2014 was $123,138.
(d) On September 30, 2014, the Fund’s total equity investments were denominated in currencies as follows:
|
Currency |
|
Value |
|
Percentage |
| |
|
Euro |
|
$ |
21,912,256 |
|
42.4 |
|
|
British Pound |
|
17,142,692 |
|
33.2 |
| |
|
Swedish Krona |
|
4,088,287 |
|
7.9 |
| |
|
Swiss Franc |
|
3,354,557 |
|
6.5 |
| |
|
Other currencies less than 5% of total net assets |
|
3,402,285 |
|
6.6 |
| |
|
Total Equities |
|
$ |
49,900,077 |
|
96.6 |
|
(e) Investment made with cash collateral received from securities lending activity.
(f) At September 30, 2014, for federal income tax purposes, the cost of investments was $52,614,852 and net unrealized depreciation was $664,769 consisting of gross unrealized appreciation of $2,388,614 and gross unrealized depreciation of $3,053,383.
(g) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated June 30, 2014.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s 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 management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at
> Notes to Statement of Investments
amortized cost. Additionally, securities fair valued by the Valuation Committee (the Committee) of the Fund’s 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 Trust’s 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 Fund’s 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 September 30, 2014, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Equities |
|
|
|
|
|
|
|
|
| ||||
|
Europe |
|
$ |
528,323 |
|
$ |
49,320,434 |
|
$ |
— |
|
$ |
49,848,757 |
|
|
Other Countries |
|
51,320 |
|
— |
|
— |
|
51,320 |
| ||||
|
Total Equities |
|
579,643 |
|
49,320,434 |
|
— |
|
49,900,077 |
| ||||
|
Total Short-Term Investments |
|
1,920,689 |
|
— |
|
— |
|
1,920,689 |
| ||||
|
Total Securities Lending Collateral |
|
129,317 |
|
— |
|
— |
|
129,317 |
| ||||
|
Total Investments |
|
$ |
2,629,649 |
|
$ |
49,320,434 |
|
$ |
— |
|
$ |
51,950,083 |
|
The Fund’s assets assigned to the Level 2 input category are generally valued using a market approach, in which a security’s value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last 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 registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-Q is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
(b) There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
(registrant) |
|
Columbia Acorn Trust |
| |
|
|
|
| ||
|
|
|
| ||
|
By (Signature and Title) |
/s/ P. Zachary Egan |
| ||
|
|
P. Zachary Egan, President |
| ||
|
|
|
| ||
|
|
|
| ||
|
Date |
|
November 21, 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 |
|
November 21, 2014 |
|
|
|
|
| |
|
|
|
| |
|
By (Signature and Title) |
/s/ John M. Kunka |
| |
|
|
John M. Kunka, Treasurer |
| |
|
|
|
| |
|
|
|
| |
|
Date |
|
November 21, 2014 |
|
Exhibit 99.CERT
I, John M. Kunka, certify that:
1. I have reviewed this report on Form N-Q of Columbia Acorn Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date: November 21, 2014 |
/s/ John M. Kunka |
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John M. Kunka, 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 registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date: November 21, 2014 |
/s/ P. Zachary Egan |
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P. Zachary Egan, President |