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OMB APPROVAL | ||
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OMB Number: |
3235-0578 | |
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Expires: |
January 16, 2016 | |
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UNITED STATES |
Estimated average burden hours per response. . . . . . . . . . . . . 10.5 | ||
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SECURITIES AND EXCHANGE COMMISSION |
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Washington, D.C. 20549 |
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FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number |
811-01829 | |||||||
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Columbia Acorn Trust | ||||||||
(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 | ||||||
(Address of principal executive offices) |
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(Zip code) | ||||||
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Scott R. Plummer Columbia Management Investment Advisers, LLC 5228 Ameriprise Financial Center Minneapolis, MN 55474
P. Zachary Egan Columbia Acorn Trust 227 West Monroe Street, Suite 3000 Chicago, Illinois 60606
Mary C. Moynihan Perkins Coie LLP 700 13th Street, NW Suite 600 Washington, DC 20005 | ||||||||
(Name and address of agents for service) | ||||||||
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Registrants telephone number, including area code: |
312-634-9200 |
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Date of fiscal year end: |
December 31 |
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Date of reporting period: |
March 31, 2015 |
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Item 1. Schedule of Investments.
COLUMBIA ACORN® FUND
STATEMENT OF INVESTMENTS (UNAUDITED), MARCH 31, 2015
Number of Shares |
|
|
|
Value |
| |
|
|
Equities: 97.0% |
|
|
| |
Information 28.9% |
|
|
| |||
|
|
> Business Software 6.4% |
|
|
| |
1,806,000 |
|
Ansys (a) |
|
$ |
159,271,140 |
|
|
|
Simulation Software for Engineers & Designers |
|
|
| |
554,000 |
|
Ultimate Software (a) |
|
94,155,070 |
| |
|
|
Human Capital Management Systems |
|
|
| |
2,080,000 |
|
Informatica (a) |
|
91,218,400 |
| |
|
|
Enterprise Data Integration Software |
|
|
| |
1,668,000 |
|
Solera Holdings |
|
86,168,880 |
| |
|
|
Software for Automotive Insurance Claims Processing |
|
|
| |
1,306,000 |
|
Verint Systems (a) |
|
80,880,580 |
| |
|
|
Contact Center & Security Software |
|
|
| |
4,155,000 |
|
Cadence Design Systems (a) |
|
76,618,200 |
| |
|
|
Electronic Design Automation Software |
|
|
| |
1,076,000 |
|
SPS Commerce (a)(b) |
|
72,199,600 |
| |
|
|
Supply Chain Management Software Delivered via the Web |
|
|
| |
570,149 |
|
NetSuite (a) |
|
52,887,021 |
| |
|
|
End-to-end IT Systems Solution Delivered via the Web |
|
|
| |
3,741,000 |
|
inContact (a)(b) |
|
40,776,900 |
| |
|
|
Call Center Systems Delivered via the Web & Telco Services |
|
|
| |
610,000 |
|
Envestnet (a) |
|
34,208,800 |
| |
|
|
Technology Platform for Investment Advisors |
|
|
| |
561,300 |
|
DemandWare (a) |
|
34,183,170 |
| |
|
|
E-Commerce Website Platform for Retailers & Apparel Manufacturers |
|
|
| |
699,000 |
|
Fleetmatics (a) |
|
31,350,150 |
| |
|
|
Fleet Management Software |
|
|
| |
1,134,283 |
|
Textura (a) |
|
30,829,812 |
| |
|
|
Construction Vendor Management Software |
|
|
| |
220,000 |
|
Tyler Technologies (a) |
|
26,516,600 |
| |
|
|
Financial, Tax, Court & Document Management Systems for Local Governments |
|
|
| |
|
|
|
|
911,264,323 |
| |
|
|
> Instrumentation 4.1% |
|
|
| |
911,000 |
|
Mettler-Toledo International (a) |
|
299,400,150 |
| |
|
|
Laboratory Equipment |
|
|
| |
1,399,000 |
|
IPG Photonics (a) |
|
129,687,300 |
| |
|
|
Fiber Lasers |
|
|
| |
3,458,000 |
|
Trimble Navigation (a) |
|
87,141,600 |
| |
|
|
GPS-based Instruments |
|
|
| |
1,895,000 |
|
FLIR Systems |
|
59,275,600 |
| |
|
|
Infrared Cameras |
|
|
| |
|
|
|
|
575,504,650 |
| |
|
|
> Computer Hardware & Related Equipment 3.1% |
|
|
| |
4,010,000 |
|
Amphenol |
|
236,309,300 |
| |
|
|
Electronic Connectors |
|
|
| |
539,000 |
|
Rogers (a) |
|
44,311,190 |
| |
|
|
Printed Circuit Materials & High Performance Foams |
|
|
| |
1,250,000 |
|
VeriFone Holdings (a) |
|
43,612,500 |
| |
|
|
Point of Sale Systems |
|
|
| |
474,000 |
|
Zebra Technologies (a) |
|
42,998,910 |
| |
|
|
Bar Code Printers |
|
|
| |
450,000 |
|
Belden |
|
42,102,000 |
| |
|
|
Specialty Cable |
|
|
| |
504,000 |
|
Stratasys (a)(c) |
|
26,601,120 |
| |
|
|
Rapid Prototyping & Direct Digital Manufacturing Systems |
|
|
| |
|
|
|
|
435,935,020 |
| |
|
|
> Mobile Communications 3.1% |
|
|
| |
1,300,000 |
|
SBA Communications (a) |
|
152,230,000 |
| |
|
|
Communications Towers |
|
|
| |
34,500,000 |
|
Globalstar (a) |
|
114,885,000 |
| |
|
|
Satellite Mobile Voice & Data Carrier |
|
|
| |
800,000 |
|
Crown Castle International |
|
66,032,000 |
| |
|
|
Communications Towers |
|
|
| |
3,458,800 |
|
Gogo (a)(c) |
|
65,924,728 |
| |
|
|
Provider of Wi-Fi on Airplanes |
|
|
| |
2,001,000 |
|
Global Eagle Entertainment (a)(c) |
|
26,633,310 |
| |
|
|
Provider of Entertainment & Wi-Fi on Airplanes |
|
|
| |
1,644,000 |
|
Audience (a)(b)(c) |
|
7,463,760 |
| |
|
|
Improving Voice Quality for Mobile Devices |
|
|
| |
|
|
|
|
433,168,798 |
| |
|
|
> Computer Services 2.7% |
|
|
| |
3,650,000 |
|
IGATE (a) |
|
155,709,000 |
| |
|
|
IT & Business Process Outsourcing Services |
|
|
| |
1,570,000 |
|
Virtusa (a)(b) |
|
64,966,600 |
| |
|
|
Offshore IT Outsourcing |
|
|
| |
1,333,000 |
|
ExlService Holdings (a) |
|
49,587,600 |
| |
|
|
Business Process Outsourcing |
|
|
| |
2,025,000 |
|
WNS - ADR (a) |
|
49,248,000 |
| |
|
|
Offshore Business Process Outsourcing Services |
|
|
| |
1,531,000 |
|
Genpact (a) |
|
35,595,750 |
| |
|
|
Business Process Outsourcing |
|
|
| |
2,700,000 |
|
Hackett Group (b) |
|
24,138,000 |
| |
|
|
IT Integration & Best Practice Research |
|
|
| |
|
|
|
|
379,244,950 |
| |
|
|
> Business Information & Marketing Services 1.8% |
|
|
| |
1,429,000 |
|
Verisk Analytics (a) |
|
102,030,600 |
| |
|
|
Risk & Decision Analytics |
|
|
| |
7,250,000 |
|
Bankrate (a)(b) |
|
82,215,000 |
| |
|
|
Internet Advertising for the Insurance, Credit Card & Banking Markets |
|
|
| |
3,100,000 |
|
Navigant Consulting (a)(b) |
|
40,176,000 |
| |
|
|
Financial Consulting Firm |
|
|
| |
2,570,000 |
|
RPX (a) |
|
36,982,300 |
| |
|
|
Patent Aggregation & Defensive Patent Consulting |
|
|
| |
|
|
|
|
261,403,900 |
| |
Number of Shares |
|
|
|
Value |
| ||
|
|
> Internet Related 1.3% |
|
|
| ||
1,210,000 |
|
Verisign (a) |
|
$ |
|
81,033,700 |
|
|
|
Internet Domain Registry for .com/.net (Approximately 50% of World Domains) |
|
|
| ||
14,500,000 |
|
Vonage (a)(b) |
|
71,195,000 |
| ||
|
|
Business & Consumer Internet Telephony |
|
|
| ||
1,830,000 |
|
RetailMeNot (a)(c) |
|
32,958,300 |
| ||
|
|
Digital Coupon Marketplace |
|
|
| ||
|
|
|
|
185,187,000 |
| ||
|
|
> Telephone & Data Services 1.2% |
|
|
| ||
1,572,000 |
|
Cogent Communications |
|
55,538,760 |
| ||
|
|
Internet Data Pipelines |
|
|
| ||
2,601,000 |
|
GTT Communications (a)(b) |
|
49,106,880 |
| ||
|
|
Provider of High Capacity Data Transit |
|
|
| ||
1,150,000 |
|
Zayo Group Holdings (a)(c) |
|
32,154,000 |
| ||
|
|
Fiber Optic Data Communications |
|
|
| ||
2,900,000 |
|
Boingo Wireless (a)(b) |
|
21,866,000 |
| ||
|
|
Wi-Fi & Cellular Communications Networks |
|
|
| ||
4,000,000 |
|
Towerstream (a)(b)(c) |
|
8,640,000 |
| ||
|
|
High Speed Wireless, Rooftop Antenna Space & Wi-Fi Offload |
|
|
| ||
|
|
|
|
167,305,640 |
| ||
|
|
> Telecommunications Equipment 1.1% |
|
|
| ||
629,000 |
|
F5 Networks (a) |
|
72,297,260 |
| ||
|
|
Internet Traffic Management Equipment |
|
|
| ||
2,568,000 |
|
Infinera (a) |
|
50,512,560 |
| ||
|
|
Optical Networking Equipment |
|
|
| ||
1,619,000 |
|
CalAmp (a) |
|
26,211,610 |
| ||
|
|
Machine-to-machine Communications |
|
|
| ||
|
|
|
|
149,021,430 |
| ||
|
|
> Financial Processors 0.9% |
|
|
| ||
1,261,000 |
|
Global Payments |
|
115,608,480 |
| ||
|
|
Credit Card Processor |
|
|
| ||
1,600,000 |
|
Liquidity Services (a)(b) |
|
15,808,000 |
| ||
|
|
E-Auctions for Surplus & Salvage Goods |
|
|
| ||
|
|
|
|
131,416,480 |
| ||
|
|
> Semiconductors & Related Equipment 0.7% |
|
|
| ||
4,467,000 |
|
Atmel |
|
36,763,410 |
| ||
|
|
Microcontrollers, Radio Frequency & Memory Semiconductors |
|
|
| ||
367,000 |
|
Littelfuse |
|
36,476,130 |
| ||
|
|
Little Fuses |
|
|
| ||
427,000 |
|
Monolithic Power Systems |
|
22,481,550 |
| ||
|
|
High Performance Analog & Mixed Signal Integrated Circuits |
|
|
| ||
2,500,000 |
|
Rubicon Technology (a)(b)(c) |
|
9,850,000 |
| ||
|
|
Producer of Sapphire for the Lighting, Electronics & Automotive Industries |
|
|
| ||
|
|
|
|
105,571,090 |
| ||
|
|
> Cable TV 0.7% |
|
|
| ||
800,000 |
|
Liberty Global Series A (a) |
|
41,176,000 |
| ||
366,000 |
|
Liberty Global Series C (a) |
|
18,230,460 |
| ||
|
|
Cable TV Franchises Outside of the United States |
|
|
| ||
1,154,000 |
|
Discovery Communications Series C (a) |
|
34,014,150 |
| ||
|
|
Cable TV Programming |
|
|
| ||
|
|
|
|
93,420,610 |
| ||
|
|
> Contract Manufacturing 0.5% |
|
|
| ||
3,100,000 |
|
Sanmina (a) |
|
74,989,000 |
| ||
|
|
Electronic Manufacturing Services |
|
|
| ||
|
|
|
|
|
| ||
|
|
> Entertainment Programming 0.5% |
|
|
| ||
1,250,000 |
|
IMAX (Canada) (a) |
|
42,137,500 |
| ||
|
|
IMAX Movies, Theater Equipment & Theater Joint Ventures |
|
|
| ||
5,500,000 |
|
Zee Entertainment Enterprises (India) |
|
30,033,135 |
| ||
|
|
Indian Programmer of Pay Television Content |
|
|
| ||
|
|
|
|
72,170,635 |
| ||
|
|
> Electronics Distribution 0.5% |
|
|
| ||
1,621,000 |
|
Avnet |
|
72,134,500 |
| ||
|
|
Electronic Components Distribution |
|
|
| ||
|
|
|
|
|
| ||
|
|
> Advertising 0.3% |
|
|
| ||
725,000 |
|
Lamar Advertising |
|
42,970,750 |
| ||
|
|
Outdoor Advertising |
|
|
| ||
Information: Total |
|
4,090,708,776 |
| ||||
|
|
|
| ||||
Industrial Goods & Services 23.4% |
|
|
| ||||
|
|
> Machinery 15.3% |
|
|
| ||
6,910,000 |
|
Ametek |
|
363,051,400 |
| ||
|
|
Aerospace/Industrial Instruments |
|
|
| ||
7,952,000 |
|
Donaldson (b) |
|
299,869,920 |
| ||
|
|
Industrial Air Filtration |
|
|
| ||
3,034,000 |
|
Nordson |
|
237,683,560 |
| ||
|
|
Dispensing Systems for Adhesives & Coatings |
|
|
| ||
3,514,750 |
|
HEICO (b) |
|
174,120,715 |
| ||
|
|
FAA-approved Aircraft Replacement Parts |
|
|
| ||
2,027,000 |
|
Moog (a)(b) |
|
152,126,350 |
| ||
|
|
Motion Control Products for Aerospace, Defense & Industrial Markets |
|
|
| ||
2,982,000 |
|
Generac (a) |
|
145,193,580 |
| ||
|
|
Standby Power Generators |
|
|
| ||
946,000 |
|
WABCO Holdings (a) |
|
116,244,480 |
| ||
|
|
Truck & Bus Component Supplier |
|
|
| ||
1,486,000 |
|
Toro |
|
104,198,320 |
| ||
|
|
Turf Maintenance Equipment |
|
|
| ||
2,100,000 |
|
Oshkosh Corporation |
|
102,459,000 |
| ||
|
|
Specialty Truck Manufacturer |
|
|
| ||
968,200 |
|
Middleby (a) |
|
99,385,730 |
| ||
|
|
Manufacturer of Cooking Equipment |
|
|
| ||
1,021,000 |
|
Wabtec |
|
97,005,210 |
| ||
|
|
Freight & Transit Component Supplier |
|
|
| ||
2,592,000 |
|
Kennametal |
|
87,324,480 |
| ||
|
|
Consumable Cutting Tools |
|
|
| ||
Number of Shares |
|
|
|
Value |
| ||
|
|
> Machinerycontinued |
|
|
| ||
846,000 |
|
Pall |
|
$ |
84,929,940 |
| |
|
|
Life Science, Water & Industrial Filtration |
|
|
| ||
1,489,000 |
|
ESCO Technologies (b) |
|
58,041,220 |
| ||
|
|
Industrial Filtration & Advanced Measurement Equipment |
|
|
| ||
957,721 |
|
Dorman Products (a)(c) |
|
47,646,620 |
| ||
|
|
Aftermarket Auto Parts Distributor |
|
|
| ||
|
|
|
|
2,169,280,525 |
| ||
|
|
> Other Industrial Services 2.5% |
|
|
| ||
7,481,000 |
|
LKQ (a) |
|
191,214,360 |
| ||
|
|
Alternative Auto Parts Distribution |
|
|
| ||
1,800,000 |
|
Expeditors International of Washington |
|
86,724,000 |
| ||
|
|
International Freight Forwarder |
|
|
| ||
1,500,000 |
|
Forward Air |
|
81,450,000 |
| ||
|
|
Freight Transportation Between Airports |
|
|
| ||
|
|
|
|
359,388,360 |
| ||
|
|
> Construction 1.6% |
|
|
| ||
96,000 |
|
NVR (a) |
|
127,551,360 |
| ||
|
|
Homebuilder |
|
|
| ||
626,000 |
|
Allegion |
|
38,292,420 |
| ||
|
|
Mechanical & Electronic Security Systems |
|
|
| ||
2,865,200 |
|
PGT (a)(b) |
|
32,018,610 |
| ||
|
|
Wind Resistant Windows & Doors |
|
|
| ||
660,000 |
|
Fortune Brands Home & Security |
|
31,336,800 |
| ||
|
|
Home Building Supplies & Small Locks |
|
|
| ||
|
|
|
|
229,199,190 |
| ||
|
|
> Industrial Distribution 1.4% |
|
|
| ||
1,553,000 |
|
WESCO International (a) |
|
108,539,170 |
| ||
|
|
Industrial Distributor |
|
|
| ||
853,000 |
|
Airgas |
|
90,511,830 |
| ||
|
|
Industrial Gas Distributor |
|
|
| ||
|
|
|
|
199,051,000 |
| ||
|
|
> Electrical Components 1.2% |
|
|
| ||
726,000 |
|
Acuity Brands |
|
122,084,160 |
| ||
|
|
Commercial Lighting Fixtures |
|
|
| ||
1,983,829 |
|
Thermon (a)(b) |
|
47,750,764 |
| ||
|
|
Global Engineered Thermal Solutions |
|
|
| ||
|
|
|
|
169,834,924 |
| ||
|
|
> Industrial Materials & Specialty Chemicals 0.7% |
|
|
| ||
1,610,000 |
|
Drew Industries (b) |
|
99,079,400 |
| ||
|
|
RV & Manufactured Home Components |
|
|
| ||
|
|
|
|
|
| ||
|
|
> Outsourcing Services 0.7% |
|
|
| ||
3,400,000 |
|
Quanta Services (a) |
|
97,002,000 |
| ||
|
|
Electrical Transmission & Pipeline Contracting Services |
|
|
| ||
Industrial Goods & Services: Total |
|
3,322,835,399 |
| ||||
|
|
|
|
|
| ||
Finance 12.1% |
|
|
| ||||
|
|
> Banks 4.3% |
|
|
| ||
9,414,000 |
|
Associated Banc-Corp (b) |
|
|
175,100,400 |
| |
|
|
Midwest Bank |
|
|
| ||
2,027,000 |
|
BOK Financial (c) |
|
124,092,940 |
| ||
|
|
Tulsa-based Southwest Bank |
|
|
| ||
840,000 |
|
SVB Financial Group (a) |
|
106,713,600 |
| ||
|
|
Bank to Venture Capitalists |
|
|
| ||
2,420,000 |
|
MB Financial |
|
75,770,200 |
| ||
|
|
Chicago Bank |
|
|
| ||
1,730,000 |
|
Hancock Holding |
|
51,657,800 |
| ||
|
|
Gulf Coast Bank |
|
|
| ||
1,163,480 |
|
Sandy Spring Bancorp |
|
30,518,081 |
| ||
|
|
Baltimore & Washington, D.C. Bank |
|
|
| ||
4,296,286 |
|
First Busey |
|
28,742,153 |
| ||
|
|
Illinois Bank |
|
|
| ||
3,136,500 |
|
TrustCo Bank |
|
21,579,120 |
| ||
|
|
New York State Bank |
|
|
| ||
|
|
|
|
614,174,294 |
| ||
|
|
> Brokerage & Money Management 3.5% |
|
|
| ||
7,368,774 |
|
SEI Investments |
|
324,889,246 |
| ||
|
|
Mutual Fund Administration & Investment Management |
|
|
| ||
3,463,508 |
|
Eaton Vance |
|
144,220,473 |
| ||
|
|
Specialty Mutual Funds |
|
|
| ||
11,000,000 |
|
Sprott (Canada) (c) |
|
23,449,528 |
| ||
|
|
Asset Manager Focused on Resources, Particularly Gold & Silver |
|
|
| ||
|
|
|
|
492,559,247 |
| ||
|
|
> Insurance 2.1% |
|
|
| ||
7,300,000 |
|
CNO Financial Group |
|
125,706,000 |
| ||
|
|
Life, Long-term Care & Medical Supplement Insurance |
|
|
| ||
2,000,000 |
|
Allied World Assurance Company Holdings |
|
80,800,000 |
| ||
|
|
Commercial Lines Insurance/Reinsurance |
|
|
| ||
910,000 |
|
HCC Insurance Holdings |
|
51,569,700 |
| ||
|
|
Specialty Insurance |
|
|
| ||
800,000 |
|
RLI |
|
41,928,000 |
| ||
|
|
Specialty Insurance |
|
|
| ||
|
|
|
|
300,003,700 |
| ||
|
|
> Finance Companies 0.9% |
|
|
| ||
787,422 |
|
World Acceptance (a)(b)(c) |
|
57,418,812 |
| ||
|
|
Personal Loans |
|
|
| ||
1,345,000 |
|
McGrath Rentcorp (b) |
|
44,263,950 |
| ||
|
|
Mini-rental Conglomerate |
|
|
| ||
839,000 |
|
CAI International (a) |
|
20,614,230 |
| ||
|
|
International Container Leasing |
|
|
| ||
|
|
|
|
122,296,992 |
| ||
|
|
> Credit Cards 0.6% |
|
|
| ||
863,000 |
|
WEX (a) |
|
92,651,680 |
| ||
|
|
Card Processor |
|
|
| ||
|
|
|
|
|
| ||
|
|
> Diversified Financial Companies 0.6% |
|
|
| ||
3,875,000 |
|
Leucadia National |
|
86,373,750 |
| ||
|
|
Holding Company |
|
|
| ||
Number of Shares |
|
|
|
Value |
| |
|
|
> Specialized Finance 0.1% |
|
|
| |
195,201 |
|
MSCI |
|
$ |
11,967,773 |
|
|
|
Investment Decision Support Tools |
|
|
| |
Finance: Total |
|
|
1,720,027,436 |
| ||
|
|
|
|
|
| |
Health Care 11.4% |
|
|
| |||
|
|
> Biotechnology & Drug Delivery 4.3% |
|
|
| |
1,950,318 |
|
Synageva BioPharma (a)(b)(c) |
|
190,214,515 |
| |
|
|
Biotech Focused on Orphan Diseases |
|
|
| |
1,704,000 |
|
Ultragenyx Pharmaceutical (a) |
|
105,801,360 |
| |
|
|
Biotech Focused on Ultra-Orphan Drugs |
|
|
| |
2,548,000 |
|
Seattle Genetics (a) |
|
90,071,800 |
| |
|
|
Antibody-based Therapies for Cancer |
|
|
| |
269,200 |
|
Intercept Pharmaceuticals (a)(c) |
|
75,919,784 |
| |
|
|
Biotech Developing Drugs for Several Diseases |
|
|
| |
2,140,400 |
|
Celldex Therapeutics (a)(c) |
|
59,652,948 |
| |
|
|
Biotech Developing Drugs for Cancer |
|
|
| |
2,523,900 |
|
Sarepta Therapeutics (a)(b)(c) |
|
33,517,392 |
| |
|
|
Biotech Focused on Rare Diseases |
|
|
| |
302,300 |
|
Alnylam Pharmaceuticals (a) |
|
31,566,166 |
| |
|
|
Biotech Developing Drugs Primarily for Rare Diseases |
|
|
| |
275,000 |
|
Agios Pharmaceuticals (a)(c) |
|
25,932,500 |
| |
|
|
Biotech Focused on Cancer & Orphan Diseases |
|
|
| |
359,944 |
|
MicroDose Therapeutx Contingent Value Rights (a)(d)(e) |
|
395,938 |
| |
|
|
Drug Inhaler Development |
|
|
| |
|
|
|
|
613,072,403 |
| |
|
|
> Medical Supplies 3.3% |
|
|
| |
4,909,800 |
|
Cepheid (a)(b) |
|
279,367,620 |
| |
|
|
Molecular Diagnostics |
|
|
| |
1,169,200 |
|
Bio-Techne |
|
117,259,068 |
| |
|
|
Maker of Consumables & Systems for the Life Science Market |
|
|
| |
291,100 |
|
Henry Schein (a) |
|
40,643,382 |
| |
|
|
Distributor of Dental, Vet & Medical Products |
|
|
| |
1,375,400 |
|
VWR (a) |
|
35,746,646 |
| |
|
|
Distributor of Lab Supplies |
|
|
| |
|
|
|
|
473,016,716 |
| |
|
|
> Health Care Services 1.7% |
|
|
| |
1,549,500 |
|
Medidata Solutions (a) |
|
75,987,480 |
| |
|
|
Cloud-based Software for Drug Studies |
|
|
| |
1,647,700 |
|
HealthSouth |
|
73,091,972 |
| |
|
|
Inpatient Rehabilitation Facilities & Home Health Care |
|
|
| |
1,239,000 |
|
Envision Healthcare Holdings (a) |
|
47,515,650 |
| |
|
|
Provider of Health Care Outsourcing Services |
|
|
| |
2,746,200 |
|
Allscripts Healthcare Solutions (a) |
|
32,844,552 |
| |
|
|
Health Care IT |
|
|
| |
487,818 |
|
Castlight Health (a) |
|
3,785,467 |
| |
|
|
Provider of Cloud-based Software for Managing Health Care Costs |
|
|
| |
|
|
|
|
233,225,121 |
| |
|
|
> Medical Equipment & Devices 1.1% |
|
|
| |
1,729,500 |
|
Wright Medical Group (a) |
|
|
44,621,100 |
|
|
|
Foot & Ankle Replacement |
|
|
| |
460,900 |
|
Sirona Dental Systems (a) |
|
41,476,391 |
| |
|
|
Manufacturer of Dental Equipment |
|
|
| |
595,000 |
|
Abaxis |
|
38,145,450 |
| |
|
|
Instruments & Tests for Vet & Medical Markets |
|
|
| |
513,000 |
|
Align Technology (a) |
|
27,591,705 |
| |
|
|
Invisalign System to Correct Malocclusion (Crooked Teeth) |
|
|
| |
|
|
|
|
151,834,646 |
| |
|
|
> Pharmaceuticals 1.0% |
|
|
| |
3,048,000 |
|
Akorn (a) |
|
144,810,480 |
| |
|
|
Developer, Manufacturer & Distributor of Specialty Generic Drugs |
|
|
| |
Health Care: Total |
|
1,615,959,366 |
| |||
|
|
|
|
|
| |
Consumer Goods & Services 11.1% |
|
|
| |||
|
|
> Retail 2.9% |
|
|
| |
880,145 |
|
Fossil (a) |
|
72,567,955 |
| |
|
|
Watch Designer & Retailer |
|
|
| |
791,839 |
|
Caseys General Stores |
|
71,344,694 |
| |
|
|
Owner/Operator of Convenience Stores |
|
|
| |
1,492,000 |
|
The Fresh Market (a) |
|
60,634,880 |
| |
|
|
Specialty Food Retailer |
|
|
| |
595,200 |
|
Williams-Sonoma |
|
47,443,392 |
| |
|
|
Home Goods & Furnishing Retailer |
|
|
| |
786,900 |
|
Burlington Stores (a) |
|
46,757,598 |
| |
|
|
Off-price Apparel Retailer |
|
|
| |
771,056 |
|
Shutterfly (a) |
|
34,882,573 |
| |
|
|
Internet Photo-centric Retailer |
|
|
| |
508,000 |
|
Urban Outfitters (a) |
|
23,190,200 |
| |
|
|
Multi-channel Apparel & Accessory Retailer |
|
|
| |
533,500 |
|
DSW |
|
19,675,480 |
| |
|
|
Branded Footwear Retailer |
|
|
| |
642,492 |
|
Michaels Stores (a) |
|
17,385,834 |
| |
|
|
Craft & Hobby Specialty Retailer |
|
|
| |
2,100,000 |
|
Gaiam (a)(b) |
|
15,309,000 |
| |
|
|
Promoter of Healthy Living through Catalogs, E-Commerce & Gaiam TV |
|
|
| |
425,245 |
|
Zulily (a)(c) |
|
5,523,933 |
| |
|
|
E-Commerce Retailer Offering Flash Sale Events |
|
|
| |
|
|
|
|
414,715,539 |
| |
|
|
> Travel 2.8% |
|
|
| |
2,450,000 |
|
Avis Budget Group (a) |
|
144,586,750 |
| |
|
|
Car Rental Company |
|
|
| |
895,600 |
|
Vail Resorts |
|
92,622,952 |
| |
|
|
Ski Resort Operator & Developer |
|
|
| |
2,142,000 |
|
HomeAway (a) |
|
64,624,140 |
| |
|
|
Vacation Rental Online Marketplace |
|
|
| |
2,531,000 |
|
Hertz (a) |
|
54,872,080 |
| |
|
|
U.S. Rental Car Operator |
|
|
| |
729,483 |
|
Choice Hotels |
|
46,737,976 |
| |
|
|
Franchisor of Budget Hotel Brands |
|
|
| |
|
|
|
|
403,443,898 |
|
Number of Shares |
|
|
|
Value |
| |
|
|
> Consumer Goods Distribution 1.6% |
|
|
| |
1,444,000 |
|
Pool |
|
$ |
100,733,440 |
|
|
|
Swimming Pool Supplies & Equipment Distributor |
|
|
| |
1,286,000 |
|
United Natural Foods (a) |
|
99,073,440 |
| |
|
|
Distributor of Natural/Organic Foods to Grocery Stores |
|
|
| |
863,000 |
|
The Chefs Warehouse (a) |
|
19,357,090 |
| |
|
|
Distributor of Specialty Foods to Fine Dining Restaurants |
|
|
| |
|
|
|
|
219,163,970 |
| |
|
|
> Restaurants 1.3% |
|
|
| |
950,000 |
|
Papa Johns International |
|
58,719,500 |
| |
|
|
Franchisor of Pizza Restaurants |
|
|
| |
858,000 |
|
Fiesta Restaurant Group (a) |
|
52,338,000 |
| |
|
|
Owner/Operator of Two Restaurant Chains: Pollo Tropical & Taco Cabana |
|
|
| |
403,000 |
|
Dominos Pizza |
|
40,521,650 |
| |
|
|
Franchisor of Pizza Restaurants |
|
|
| |
650,000 |
|
Popeyes Louisiana Kitchen (a) |
|
38,883,000 |
| |
|
|
Popeyes Restaurants |
|
|
| |
|
|
|
|
190,462,150 |
| |
|
|
> Other Durable Goods 1.2% |
|
|
| |
2,224,284 |
|
Select Comfort (a) |
|
76,671,069 |
| |
|
|
Specialty Mattresses |
|
|
| |
2,732,952 |
|
Gentex |
|
50,013,022 |
| |
|
|
Manufacturer of Auto Parts |
|
|
| |
500,000 |
|
Cavco Industries (a)(b) |
|
37,530,000 |
| |
|
|
Manufactured Homes |
|
|
| |
|
|
|
|
164,214,091 |
| |
|
|
> Furniture & Textiles 0.7% |
|
|
| |
2,836,000 |
|
Knoll (b) |
|
66,447,480 |
| |
|
|
Office Furniture |
|
|
| |
540,000 |
|
Caesarstone (Israel) |
|
32,783,400 |
| |
|
|
Quartz Countertops |
|
|
| |
|
|
|
|
99,230,880 |
| |
|
|
> Apparel 0.3% |
|
|
| |
456,000 |
|
PVH |
|
48,591,360 |
| |
|
|
Apparel Wholesaler & Retailer |
|
|
| |
|
|
|
|
|
| |
|
|
> Other Consumer Services 0.3% |
|
|
| |
994,000 |
|
Blackhawk Network (a) |
|
35,336,700 |
| |
|
|
Third-party Distributor of Prepaid Content, Mostly Gift Cards |
|
|
| |
|
|
|
|
|
| |
|
|
> Food & Beverage % |
|
|
| |
1,493,770 |
|
GLG Life Tech (Canada) (a) |
|
371,511 |
| |
|
|
Producer of an All-natural Sweetener Extracted from the Stevia Plant |
|
|
| |
Consumer Goods & Services: Total |
|
1,575,530,099 |
| |||
|
|
|
|
|
| |
Other Industries 6.5% |
|
|
| |||
|
|
> Real Estate 3.8% |
|
|
| |
717,000 |
|
Federal Realty |
|
105,549,570 |
| |
|
|
Shopping Centers & Mixed Use Projects |
|
|
| |
1,467,000 |
|
Extra Space Storage |
|
99,125,190 |
| |
|
|
Self Storage Facilities |
|
|
| |
2,450,000 |
|
EdR (b) |
|
86,681,000 |
| |
|
|
Student Housing |
|
|
| |
1,320,000 |
|
Post Properties |
|
75,147,600 |
| |
|
|
Multifamily Properties |
|
|
| |
190,000 |
|
Amerco |
|
62,776,000 |
| |
|
|
North American Moving & Storage King |
|
|
| |
325,000 |
|
Jones Lang LaSalle |
|
55,380,000 |
| |
|
|
Real Estate Services |
|
|
| |
2,150,000 |
|
Terreno Realty (b) |
|
49,020,000 |
| |
|
|
Industrial Properties |
|
|
| |
|
|
|
|
533,679,360 |
| |
|
|
> Transportation 1.9% |
|
|
| |
2,650,000 |
|
Rush Enterprises, Class A (a)(b) |
|
72,504,000 |
| |
550,000 |
|
Rush Enterprises, Class B (a)(b) |
|
13,596,000 |
| |
|
|
Truck Sales & Service |
|
|
| |
669,000 |
|
JB Hunt Transport Services |
|
57,129,255 |
| |
|
|
Truck & Intermodal Carrier |
|
|
| |
720,000 |
|
Kirby (a) |
|
54,036,000 |
| |
|
|
Operator of U.S. (Jones Act) Liquid Tank Barges |
|
|
| |
1,800,000 |
|
Heartland Express |
|
42,768,000 |
| |
|
|
Regional Trucker |
|
|
| |
380,000 |
|
Genesee & Wyoming (a) |
|
36,647,200 |
| |
|
|
Short-line Operator |
|
|
| |
|
|
|
|
276,680,455 |
| |
|
|
> Regulated Utilities 0.8% |
|
|
| |
1,600,000 |
|
Eversource Energy |
|
80,832,000 |
| |
|
|
Regulated Electric Utility |
|
|
| |
577,000 |
|
Wisconsin Energy |
|
28,561,500 |
| |
|
|
Wisconsin Utility |
|
|
| |
|
|
|
|
109,393,500 |
| |
Other Industries: Total |
|
919,753,315 |
| |||
|
|
|
|
|
| |
Energy & Minerals 3.6% |
|
|
| |||
|
|
> Oil & Gas Producers 1.9% |
|
|
| |
1,037,000 |
|
Carrizo Oil & Gas (a) |
|
51,487,050 |
| |
|
|
Oil & Gas Producer |
|
|
| |
420,000 |
|
Cimarex Energy |
|
48,337,800 |
| |
|
|
Oil & Gas Producer in Texas, New Mexico & Oklahoma |
|
|
| |
732,000 |
|
Energen Corporation |
|
48,312,000 |
| |
|
|
Oil & Gas Producer with Natural Gas Utility |
|
|
| |
778,000 |
|
SM Energy |
|
40,207,040 |
| |
|
|
Oil & Gas Producer |
|
|
| |
501,000 |
|
PDC Energy (a) |
|
27,074,040 |
| |
|
|
Oil & Gas Producer in the United States |
|
|
| |
1,550,000 |
|
Rosetta Resources (a) |
|
26,381,000 |
| |
|
|
Oil & Gas Producer Exploring in Texas |
|
|
| |
281,000 |
|
Clayton Williams (a) |
|
14,227,030 |
| |
|
|
Oil & Gas Producer |
|
|
| |
107,561,000 |
|
ShaMaran Petroleum (Iraq) (a)(b) |
|
7,643,196 |
| |
|
|
Oil Exploration & Production in Kurdistan |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Oil & Gas Producerscontinued |
|
|
| |
67,500,000 |
|
Petromanas (Canada) (a)(b)(c) |
|
$ |
2,664,719 |
|
|
|
Exploring for Oil in Albania |
|
|
| |
24,115,500 |
|
Canadian Overseas Petroleum (Canada) (a)(b) |
|
1,570,825 |
| |
8,400,000 |
|
Canadian Overseas Petroleum (Canada) (a)(b)(d) |
|
519,798 |
| |
|
|
Oil & Gas Exploration Offshore West Africa |
|
|
| |
2,600,000 |
|
Petrodorado Energy (Colombia) (a)(b) |
|
205,282 |
| |
|
|
Oil & Gas Exploration & Production in Colombia, Peru & Paraguay |
|
|
| |
|
|
|
|
268,629,780 |
| |
|
|
> Oil Services 0.8% |
|
|
| |
1,797,579 |
|
ShawCor (Canada) |
|
49,958,376 |
| |
|
|
Oil & Gas Pipeline Products |
|
|
| |
780,000 |
|
Gulfport Energy (a) |
|
35,809,800 |
| |
|
|
Oil & Gas Producer Focused on Utica Shale in Ohio |
|
|
| |
1,470,000 |
|
Hornbeck Offshore (a) |
|
27,650,700 |
| |
|
|
Supply Vessel Operator in Gulf of Mexico |
|
|
| |
|
|
|
|
113,418,876 |
| |
|
|
> Mining 0.8% |
|
|
| |
423,000 |
|
Core Labs (Netherlands) (c) |
|
44,199,270 |
| |
|
|
Oil & Gas Reservoir Consulting |
|
|
| |
6,697,200 |
|
Kirkland Lake Gold (Canada) (a)(b)(c) |
|
28,765,361 |
| |
|
|
Gold Mining |
|
|
| |
3,500,000 |
|
Alamos Gold (Canada) |
|
20,504,520 |
| |
|
|
Gold Mining |
|
|
| |
9,014,700 |
|
Argonaut Gold (Canada) (a)(b) |
|
12,526,842 |
| |
|
|
Gold & Silver Mining |
|
|
| |
3,412,300 |
|
Silvercrest Mines (a) |
|
3,744,895 |
| |
|
|
Gold & Silver Mining |
|
|
| |
3,000,000 |
|
Kaminak Gold (a)(c) |
|
2,131,776 |
| |
|
|
Exploration Stage Canadian Gold Miner |
|
|
| |
|
|
|
|
111,872,664 |
| |
|
|
> Agricultural Commodities 0.1% |
|
|
| |
1,306,818 |
|
Union Agriculture Group (Uruguay) (a)(d)(e) |
|
14,231,248 |
| |
|
|
Farmland Operator in Uruguay |
|
|
| |
Energy & Minerals: Total |
|
508,152,568 |
| |||
|
|
|
|
|
| |
Total Equities: 97.0% (Cost: $7,228,403,959) |
|
13,752,966,959 |
(f) | |||
|
|
|
|
|
| |
Short-Term Investments 3.2% |
|
|
| |||
280,000,000 |
|
JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%) |
|
280,000,000 |
| |
177,215,101 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) |
|
177,215,101 |
| |
Total Short-Term Investments: 3.2% (Cost: $457,215,101) |
|
457,215,101 |
| |||
|
|
|
|
|
| |
Securities Lending Collateral 1.7% |
|
|
| |||
236,439,798 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g) |
|
236,439,798 |
| |
Total Securities Lending Collateral: 1.7% (Cost: $236,439,798) |
|
236,439,798 |
| |||
|
|
|
| |||
Total Investments: 101.9% (Cost: $7,922,058,858)(h) |
|
14,446,621,858 |
(i) | |||
|
|
|
| |||
Obligation to Return Collateral for Securities Loaned: (1.7)% |
|
(236,439,798 |
) | |||
|
|
|
| |||
Cash and Other Assets Less Liabilities: (0.2)% |
|
(27,973,810 |
) | |||
|
|
|
| |||
Net Assets: 100.0% |
|
$ |
14,182,208,250 |
|
ADR - American Depositary Receipts
> Notes to Statement of Investments
(a) Non-income producing security.
(b) An affiliated person of the Fund, as defined in the Investment Company Act of 1940, may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies during the period ended March 31, 2015, are as follows:
Security |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
Donaldson |
|
7,952,000 |
|
|
|
|
|
7,952,000 |
|
$ |
299,869,920 |
|
$ |
1,312,080 |
|
Cepheid |
|
5,350,800 |
|
|
|
441,000 |
|
4,909,800 |
|
279,367,620 |
|
|
| ||
Nordson (1) |
|
3,130,000 |
|
|
|
96,000 |
|
3,034,000 |
|
237,683,560 |
|
667,480 |
| ||
Synageva BioPharma |
|
2,419,209 |
|
|
|
468,891 |
|
1,950,318 |
|
190,214,515 |
|
|
| ||
Associated Banc-Corp |
|
9,000,000 |
|
414,000 |
|
|
|
9,414,000 |
|
175,100,400 |
|
941,400 |
| ||
HEICO |
|
3,626,750 |
|
|
|
112,000 |
|
3,514,750 |
|
174,120,715 |
|
|
| ||
Moog |
|
2,456,000 |
|
|
|
429,000 |
|
2,027,000 |
|
152,126,350 |
|
|
| ||
> Notes to Statement of Investments
Security |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
Generac (1) |
|
3,632,000 |
|
|
|
650,000 |
|
2,982,000 |
|
$ |
145,193,580 |
|
$ |
|
|
Drew Industries |
|
1,610,000 |
|
|
|
|
|
1,610,000 |
|
99,079,400 |
|
3,220,000 |
| ||
EdR |
|
2,450,000 |
|
|
|
|
|
2,450,000 |
|
86,681,000 |
|
882,000 |
| ||
Rush Enterprises |
|
3,200,000 |
|
|
|
|
|
3,200,000 |
|
86,100,000 |
|
|
| ||
Bankrate |
|
6,300,300 |
|
949,700 |
|
|
|
7,250,000 |
|
82,215,000 |
|
|
| ||
SPS Commerce |
|
1,330,000 |
|
|
|
254,000 |
|
1,076,000 |
|
72,199,600 |
|
|
| ||
Vonage |
|
14,044,775 |
|
455,225 |
|
|
|
14,500,000 |
|
71,195,000 |
|
|
| ||
Knoll |
|
3,366,000 |
|
|
|
530,000 |
|
2,836,000 |
|
66,447,480 |
|
361,264 |
| ||
Virtusa |
|
1,658,000 |
|
|
|
88,000 |
|
1,570,000 |
|
64,966,600 |
|
|
| ||
ESCO Technologies |
|
1,948,000 |
|
|
|
459,000 |
|
1,489,000 |
|
58,041,220 |
|
119,120 |
| ||
World Acceptance |
|
808,343 |
|
|
|
20,921 |
|
787,422 |
|
57,418,812 |
|
|
| ||
GTT Communications |
|
1,950,000 |
|
651,000 |
|
|
|
2,601,000 |
|
49,106,880 |
|
|
| ||
Terreno Realty |
|
2,150,000 |
|
|
|
|
|
2,150,000 |
|
49,020,000 |
|
|
| ||
Thermon |
|
1,940,094 |
|
43,735 |
|
|
|
1,983,829 |
|
47,750,764 |
|
|
| ||
McGrath Rentcorp |
|
1,580,000 |
|
|
|
235,000 |
|
1,345,000 |
|
44,263,950 |
|
387,100 |
| ||
inContact |
|
3,741,000 |
|
|
|
|
|
3,741,000 |
|
40,776,900 |
|
|
| ||
Navigant Consulting |
|
4,128,523 |
|
|
|
1,028,523 |
|
3,100,000 |
|
40,176,000 |
|
|
| ||
Cavco Industries |
|
500,000 |
|
|
|
|
|
500,000 |
|
37,530,000 |
|
|
| ||
Sarepta Therapeutics |
|
2,523,900 |
|
|
|
|
|
2,523,900 |
|
33,517,392 |
|
|
| ||
PGT |
|
3,592,200 |
|
|
|
727,000 |
|
2,865,200 |
|
32,018,610 |
|
|
| ||
Kirkland Lake Gold |
|
6,347,100 |
|
350,100 |
|
|
|
6,697,200 |
|
28,765,361 |
|
|
| ||
Hackett Group |
|
2,903,719 |
|
|
|
203,719 |
|
2,700,000 |
|
24,138,000 |
|
|
| ||
Boingo Wireless |
|
2,800,000 |
|
100,000 |
|
|
|
2,900,000 |
|
21,866,000 |
|
|
| ||
CAI International (1) |
|
1,500,000 |
|
|
|
661,000 |
|
839,000 |
|
20,614,230 |
|
|
| ||
Liquidity Services |
|
1,600,000 |
|
|
|
|
|
1,600,000 |
|
15,808,000 |
|
|
| ||
Gaiam |
|
2,100,000 |
|
|
|
|
|
2,100,000 |
|
15,309,000 |
|
|
| ||
Argonaut Gold |
|
9,014,700 |
|
|
|
|
|
9,014,700 |
|
12,526,842 |
|
|
| ||
Rubicon Technology |
|
2,500,000 |
|
|
|
|
|
2,500,000 |
|
9,850,000 |
|
|
| ||
Towerstream |
|
4,000,000 |
|
|
|
|
|
4,000,000 |
|
8,640,000 |
|
|
| ||
ShaMaran Petroleum |
|
28,962,000 |
|
78,599,000 |
|
|
|
107,561,000 |
|
7,643,196 |
|
|
| ||
Audience |
|
2,150,000 |
|
|
|
506,000 |
|
1,644,000 |
|
7,463,760 |
|
|
| ||
Petromanas |
|
67,500,000 |
|
|
|
|
|
67,500,000 |
|
2,664,719 |
|
|
| ||
Canadian Overseas Petroleum |
|
32,515,500 |
|
|
|
|
|
32,515,500 |
|
2,090,623 |
|
|
| ||
Petrodorado Energy |
|
2,600,000 |
|
|
|
|
|
2,600,000 |
|
205,282 |
|
|
| ||
Allied Nevada Gold (1) |
|
7,103,513 |
|
|
|
7,103,513 |
|
|
|
|
|
|
| ||
Amber Road (1) |
|
2,000,000 |
|
|
|
2,000,000 |
|
|
|
|
|
|
| ||
Boulder Brands (1) |
|
3,484,000 |
|
|
|
3,484,000 |
|
|
|
|
|
|
| ||
E2Open (1) |
|
2,575,000 |
|
|
|
2,575,000 |
|
|
|
|
|
|
| ||
Marlin Business Services (1) |
|
902,210 |
|
|
|
902,210 |
|
|
|
|
|
|
| ||
RGS Energy (1) |
|
5,000,000 |
|
|
|
5,000,000 |
|
|
|
|
|
|
| ||
Total of Affiliated Transactions |
|
283,945,636 |
|
81,562,760 |
|
27,974,777 |
|
337,533,619 |
|
$ |
2,949,766,281 |
|
$ |
7,890,444 |
|
(1) At March 31, 2015, the Fund owned less than five percent of the companys outstanding voting shares.
The aggregate cost and value of these companies at March 31, 2015, was $1,518,703,816 and $2,546,274,911, respectively. Investments in affiliated companies represented 17.95% of the Funds total net assets at March 31, 2015.
(c) All or a portion of this security was on loan at March 31, 2015. The total market value of securities on loan at March 31, 2015 was $226,593,324.
(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 Funds Board of Trustees. At March 31, 2015, the market value of these securities amounted to $15,146,984, which represented 0.11% 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 |
|
$ |
14,231,248 |
|
Canadian Overseas Petroleum |
|
11/24/10 |
|
8,400,000 |
|
3,591,152 |
|
519,798 |
| ||
MicroDose Therapeutx Contingent Value Rights |
|
8/14/13 |
|
359,944 |
|
|
|
395,938 |
| ||
|
|
|
|
|
|
$ |
18,591,152 |
|
$ |
15,146,984 |
|
(e) Illiquid security.
> Notes to Statement of Investments
(f) On March 31, 2015, the market value of foreign securities represented 2.20% of total net assets. The Funds foreign portfolio was diversified as follows:
Country |
|
Value |
|
Percentage |
| |
Canada |
|
$ |
182,468,980 |
|
1.30 |
|
Netherlands |
|
44,199,270 |
|
0.31 |
| |
Israel |
|
32,783,400 |
|
0.23 |
| |
India |
|
30,033,135 |
|
0.21 |
| |
Uruguay |
|
14,231,248 |
|
0.10 |
| |
Iraq |
|
7,643,196 |
|
0.05 |
| |
Colombia |
|
205,282 |
|
0.00 |
* | |
Total Foreign Portfolio |
|
$ |
311,564,511 |
|
2.20 |
|
* Rounds to zero.
(g) Investment made with cash collateral received from securities lending activity.
(h) At March 31, 2015, for federal income tax purposes, the cost of investments was approximately $7,922,058,858 and net unrealized appreciation was $6,524,563,000 consisting of gross unrealized appreciation of $6,888,584,428 and gross unrealized depreciation of $364,021,428.
(i) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2014.
Fair Value Measurements
Various inputs are used in determining the value of the Funds investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
· Level 1 quoted prices in active markets for identical securities
· Level 2 prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including managements own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee (the Committee) of the Funds Board of Trustees (the Board) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which the investment manager believes that available market quotations are unreliable, to review the appropriateness of the Trusts Portfolio Pricing Policy and the pricing procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Funds investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Funds securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
> Notes to Statement of Investments
The following table summarizes the inputs used, as of March 31, 2015, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Information |
|
$ |
4,060,675,641 |
|
$ |
30,033,135 |
|
$ |
|
|
$ |
4,090,708,776 |
|
Industrial Goods & Services |
|
3,322,835,399 |
|
|
|
|
|
3,322,835,399 |
| ||||
Finance |
|
1,720,027,436 |
|
|
|
|
|
1,720,027,436 |
| ||||
Health Care |
|
1,615,563,428 |
|
|
|
395,938 |
|
1,615,959,366 |
| ||||
Consumer Goods & Services |
|
1,575,530,099 |
|
|
|
|
|
1,575,530,099 |
| ||||
Other Industries |
|
919,753,315 |
|
|
|
|
|
919,753,315 |
| ||||
Energy & Minerals |
|
493,401,522 |
|
519,798 |
|
14,231,248 |
|
508,152,568 |
| ||||
Total Equities |
|
13,707,786,840 |
|
30,552,933 |
|
14,627,186 |
|
13,752,966,959 |
| ||||
Total Short-Term Investments |
|
457,215,101 |
|
|
|
|
|
457,215,101 |
| ||||
Total Securities Lending Collateral |
|
236,439,798 |
|
|
|
|
|
236,439,798 |
| ||||
Total Investments |
|
$ |
14,401,441,739 |
|
$ |
30,552,933 |
|
$ |
14,627,186 |
|
$ |
14,446,621,858 |
|
The Funds assets assigned to the Level 2 input category are generally valued using a market approach, in which a securitys value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements. Securities acquired via private placement that have a holding period or an extended settlement period are valued at a discount to the same shares that are trading freely on the market. These discounts are determined by the investment managers experience with similar securities or situations. Factors may include, but are not limited to, trade volume, shares outstanding and stock price.
There were no transfers of financial assets between levels during the period.
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
Certain securities classified as Level 3 are valued at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include, but are not limited to estimated earnings of the company and the position of the security within the companys capital structure. The Committee also may use some observable inputs, which may include, but are not limited to, trades of similar securities and market multiples derived from a set of comparable companies. Significant increases or decreases to any of these inputs could result in a significantly lower or higher fair value measurement.
COLUMBIA ACORN INTERNATIONAL®
STATEMENT OF INVESTMENTS (UNAUDITED), MARCH 31, 2015
Number of Shares |
|
|
|
Value |
| |
|
|
Equities: 96.0% |
|
|
| |
Asia 46.2% |
|
|
|
|
| |
|
|
> Japan 22.1% |
|
|
| |
2,700,000 |
|
NGK Insulators |
|
$ |
57,527,649 |
|
|
|
Ceramic Products for Auto, Power & Electronics |
|
|
| |
2,978,600 |
|
Kansai Paint |
|
54,209,818 |
| |
|
|
Paint Producer in Japan, India, China & Southeast Asia |
|
|
| |
2,710,000 |
|
Aeon Mall |
|
53,666,439 |
| |
|
|
Suburban Shopping Mall Developer, Owner & Operator |
|
|
| |
1,798,600 |
|
Glory |
|
50,087,269 |
| |
|
|
Currency Handling Systems & Related Equipment |
|
|
| |
3,850,800 |
|
Ushio |
|
47,732,799 |
| |
|
|
Industrial Light Sources |
|
|
| |
1,050,000 |
|
FamilyMart |
|
43,993,378 |
| |
|
|
Convenience Store Operator |
|
|
| |
1,301,200 |
|
Benesse |
|
40,933,231 |
| |
|
|
Education Service Provider |
|
|
| |
1,600,000 |
|
Aeon Financial Service |
|
40,361,893 |
| |
|
|
Diversified Consumer-related Finance Company in Japan |
|
|
| |
28,000 |
|
Orix JREIT |
|
40,103,071 |
| |
|
|
Diversified REIT |
|
|
| |
1,960,000 |
|
Park24 |
|
40,101,097 |
| |
|
|
Parking Lot Operator |
|
|
| |
2,728,000 |
|
Santen Pharmaceutical |
|
39,790,123 |
| |
|
|
Specialty Pharma (Ophthalmic Medicine) |
|
|
| |
5,311,000 |
|
NOF |
|
39,397,331 |
| |
|
|
Specialty Chemicals, Life Science & Rocket Fuels |
|
|
| |
3,143,000 |
|
Nippon Kayaku |
|
39,352,399 |
| |
|
|
Functional Chemicals, Pharmaceuticals & Auto Safety Systems |
|
|
| |
1,440,000 |
|
NGK Spark Plug |
|
38,655,375 |
| |
|
|
Automobile Parts |
|
|
| |
1,225,000 |
|
Recruit Holdings |
|
38,221,789 |
| |
|
|
Recruitment & Media Services |
|
|
| |
600,000 |
|
Japan Airport Terminal |
|
36,285,663 |
| |
|
|
Airport Terminal Operator at Haneda |
|
|
| |
277,620 |
|
Hirose Electric |
|
35,743,745 |
| |
|
|
Electrical Connectors |
|
|
| |
752,800 |
|
Kintetsu World Express |
|
33,836,654 |
| |
|
|
Airfreight Logistics |
|
|
| |
6,149 |
|
Kenedix Office Investment |
|
33,739,618 |
| |
|
|
Tokyo Mid-size Office REIT |
|
|
| |
772,000 |
|
OBIC |
|
32,736,918 |
| |
|
|
Computer Software |
|
|
| |
930,000 |
|
JIN (a) |
|
32,205,104 |
| |
|
|
Eyeglasses Retailer |
|
|
| |
1,600,000 |
|
OSG |
|
31,115,701 |
| |
|
|
Consumable Cutting Tools |
|
|
| |
1,470,000 |
|
Suruga Bank |
|
30,527,007 |
| |
|
|
Regional Bank |
|
|
| |
2,066,000 |
|
Nippon Shokubai |
|
30,240,518 |
| |
|
|
Producer of Acrylic Acid & Super Absorbent Polymers used in Disposable Diapers |
|
|
| |
746,500 |
|
Ezaki Glico |
|
30,178,682 |
| |
|
|
Confectionary, Ice Cream & Dairy Products |
|
|
| |
1,402,000 |
|
Tamron (b) |
|
30,165,507 |
| |
|
|
Camera Lenses |
|
|
| |
876,300 |
|
Ariake Japan |
|
30,082,564 |
| |
|
|
Commercial Soup & Sauce Extracts |
|
|
| |
2,736,000 |
|
Moshi Moshi Hotline |
|
29,853,954 |
| |
|
|
Call Center Operator |
|
|
| |
292,400 |
|
Disco |
|
29,833,863 |
| |
|
|
Semiconductor Dicing & Grinding Equipment |
|
|
| |
2,000,000 |
|
Toto |
|
29,697,920 |
| |
|
|
Toilets & Bathroom Fittings |
|
|
| |
8,340,000 |
|
Aozora Bank |
|
29,561,634 |
| |
|
|
Commercial Bank |
|
|
| |
1,580,000 |
|
Daiseki |
|
28,490,844 |
| |
|
|
Waste Disposal & Recycling |
|
|
| |
629,900 |
|
Otsuka |
|
26,843,300 |
| |
|
|
One-stop IT Services & Office Supplies Provider |
|
|
| |
650,000 |
|
Misumi Group |
|
26,195,854 |
| |
|
|
Industrial Components Distributor |
|
|
| |
886,900 |
|
Nabtesco |
|
25,621,857 |
| |
|
|
Machinery Components |
|
|
| |
390,000 |
|
Hoshizaki Electric |
|
25,326,120 |
| |
|
|
Commercial Kitchen Equipment |
|
|
| |
643,000 |
|
Nakanishi |
|
25,092,395 |
| |
|
|
Dental Tools & Machinery |
|
|
| |
1,107,000 |
|
Stanley Electric |
|
24,987,566 |
| |
|
|
Automobile Lighting & LED Equipment |
|
|
| |
1,600,000 |
|
Doshisha |
|
24,833,045 |
| |
|
|
Consumer Goods Wholesaler |
|
|
| |
12,050 |
|
Japan Retail Fund |
|
23,944,337 |
| |
|
|
Largest Retail REIT in Japan |
|
|
| |
1,676,000 |
|
Rohto Pharmaceutical |
|
23,822,025 |
| |
|
|
Pharmaceutical, Health & Beauty Products |
|
|
| |
5,092 |
|
Industrial & Infrastructure Fund |
|
23,700,366 |
| |
|
|
Industrial REIT in Japan |
|
|
| |
783,600 |
|
Hamamatsu Photonics |
|
23,619,405 |
| |
|
|
Optical Sensors for Medical & Industrial Applications |
|
|
| |
1,012,000 |
|
Aica Kogyo |
|
23,564,882 |
| |
|
|
Laminated Sheets, Building Materials & Chemical Adhesives |
|
|
| |
512,000 |
|
Omron |
|
23,065,167 |
| |
|
|
Electric Components for Factory Automation |
|
|
| |
309,000 |
|
Rinnai |
|
22,900,276 |
| |
|
|
Gas Appliances for Home & Commercial Use |
|
|
| |
624,000 |
|
Nippon Paint Holdings |
|
22,811,414 |
| |
|
|
Paints for Automotive, Decorative & Industrial Usage |
|
|
| |
698,480 |
|
Milbon |
|
22,418,639 |
| |
|
|
Hair Products for Salons |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Japancontinued |
|
|
| |
1,914,500 |
|
Asahi Diamond Industrial |
|
$ |
21,850,149 |
|
|
|
Consumable Diamond Tools |
|
|
| |
1,753,060 |
|
Nihon Parkerizing |
|
21,205,884 |
| |
|
|
Metal Surface Treatment Chemicals & Processing Service |
|
|
| |
313,200 |
|
Hikari Tsushin |
|
20,284,592 |
| |
|
|
Office IT/Mobiles/Insurance Distribution |
|
|
| |
835,000 |
|
Icom (b) |
|
20,067,394 |
| |
|
|
Two Way Radio Communication Equipment |
|
|
| |
686,800 |
|
Kaken Pharmaceutical |
|
19,855,165 |
| |
|
|
Pharmaceutical & Agrochemical Producer |
|
|
| |
4,235,000 |
|
IHI |
|
19,801,717 |
| |
|
|
Industrial Conglomerates |
|
|
| |
258,000 |
|
Makita |
|
13,369,642 |
| |
|
|
Power Tools |
|
|
| |
370,900 |
|
Toyo Suisan Kaisha |
|
13,049,133 |
| |
|
|
Instant Noodles & Processed Foods |
|
|
| |
352,600 |
|
MonotaRO (a) |
|
12,770,515 |
| |
|
|
Online Maintenance, Repair & Operations Goods Distributor in Japan |
|
|
| |
1,496 |
|
Kenedix Retail REIT |
|
3,471,354 |
| |
|
|
Retail REIT in Japan |
|
|
| |
|
|
|
|
1,752,901,750 |
| |
|
|
> Taiwan 4.6% |
|
|
| |
9,100,000 |
|
President Chain Store |
|
68,396,889 |
| |
|
|
Convenience Chain Store Operator in Taiwan |
|
|
| |
14,140,000 |
|
Far EasTone Telecom |
|
34,111,990 |
| |
|
|
Mobile Operator in Taiwan |
|
|
| |
2,081,000 |
|
St. Shine Optical |
|
33,498,260 |
| |
|
|
Disposable Contact Lens Original Equipment Manufacturer |
|
|
| |
5,871,000 |
|
Novatek Microelectronics |
|
30,299,818 |
| |
|
|
Display Related Integrated Circuit Designer |
|
|
| |
2,300,000 |
|
PChome Online |
|
29,871,567 |
| |
|
|
Taiwanese Internet Retail Company |
|
|
| |
293,000 |
|
Largan Precision |
|
25,188,620 |
| |
|
|
Mobile Device Camera Lenses & Modules |
|
|
| |
3,761,000 |
|
Delta Electronics |
|
23,699,715 |
| |
|
|
Industrial Automation, Switching Power Supplies & Passive Components |
|
|
| |
3,034,686 |
|
Advantech |
|
23,075,971 |
| |
|
|
Industrial PC & Components |
|
|
| |
13,516,000 |
|
Vanguard International Semiconductor |
|
22,943,033 |
| |
|
|
Semiconductor Foundry |
|
|
| |
1,925,000 |
|
Ginko International |
|
22,115,216 |
| |
|
|
Contact Lens Maker in China |
|
|
| |
7,611,000 |
|
Chroma Ate |
|
18,886,325 |
| |
|
|
Automatic Test Systems, Testing & Measurement Instruments |
|
|
| |
10,016,881 |
|
Lite-On Technology |
|
12,957,953 |
| |
|
|
Mobile Device, LED & PC Server Component Supplier |
|
|
| |
211,750 |
|
Hermes Microvision |
|
12,182,406 |
| |
|
|
E-Beam Inspection Systems for Semiconductor Integrated Circuits |
|
|
| |
1,000,000 |
|
Voltronic Power |
|
9,900,562 |
| |
|
|
Uninterruptible Power Supply Products |
|
|
| |
|
|
|
|
367,128,325 |
| |
|
|
> India 4.0% |
|
|
| |
13,478,000 |
|
Zee Entertainment Enterprises |
|
73,597,561 |
| |
|
|
Indian Programmer of Pay Television Content |
|
|
| |
3,423,265 |
|
Asian Paints |
|
44,411,409 |
| |
|
|
Indian Paint Company |
|
|
| |
6,229,667 |
|
Bharti Infratel |
|
38,324,926 |
| |
|
|
Communications Towers |
|
|
| |
90,000 |
|
Bosch |
|
36,559,217 |
| |
|
|
Automotive Parts |
|
|
| |
1,204,602 |
|
Container Corporation of India |
|
30,474,445 |
| |
|
|
Railway Cargo Services |
|
|
| |
6,095,000 |
|
Adani Ports & Special Economic Zone |
|
30,011,065 |
| |
|
|
Indian West Coast Shipping Port |
|
|
| |
920,000 |
|
Colgate Palmolive India |
|
29,600,896 |
| |
|
|
Consumer Products in Oral Care |
|
|
| |
1,850,000 |
|
United Breweries |
|
29,564,791 |
| |
|
|
Indian Brewer |
|
|
| |
|
|
|
|
312,544,310 |
| |
|
|
> Singapore 3.0% |
|
|
| |
11,000,000 |
|
Singapore Exchange |
|
65,223,007 |
| |
|
|
Singapore Equity & Derivatives Market Operator |
|
|
| |
55,000,000 |
|
Mapletree Commercial Trust |
|
64,124,626 |
| |
|
|
Retail & Office Property Landlord |
|
|
| |
13,500,000 |
|
Ascendas REIT |
|
25,464,137 |
| |
|
|
Industrial Property Landlord |
|
|
| |
8,500,000 |
|
Petra Foods |
|
23,654,304 |
| |
|
|
Chocolate Manufacturer in Southeast Asia |
|
|
| |
17,742,000 |
|
CDL Hospitality Trust |
|
22,688,971 |
| |
|
|
Hotel Owner Operator |
|
|
| |
20,865,750 |
|
Mapletree Logistics Trust |
|
18,929,470 |
| |
|
|
Industrial Property Landlord |
|
|
| |
15,000,000 |
|
Mapletree Industrial Trust |
|
17,254,695 |
| |
|
|
Industrial Property Landlord |
|
|
| |
|
|
|
|
237,339,210 |
| |
|
|
> Korea 2.9% |
|
|
| |
536,317 |
|
KT&G |
|
42,878,289 |
| |
|
|
Tobacco & Ginseng Products |
|
|
| |
249,671 |
|
CJ Corp |
|
39,562,070 |
| |
|
|
Holding Company of Korean Consumer Conglomerate |
|
|
| |
631,865 |
|
LS Industrial Systems |
|
36,302,491 |
| |
|
|
Electrical & Automation Equipment |
|
|
| |
145,900 |
|
Nongshim |
|
32,000,598 |
| |
|
|
Instant Noodles, Snacks & Bottled Water |
|
|
| |
1,119,428 |
|
LF Corp |
|
31,943,755 |
| |
|
|
Apparel Design & Retail |
|
|
| |
1,187,900 |
|
Cheil Worldwide (c) |
|
25,734,223 |
| |
|
|
Advertising |
|
|
| |
475,576 |
|
Grand Korea Leisure (a) |
|
16,189,361 |
| |
|
|
Foreigner Only Casino Group in Korea |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Koreacontinued |
|
|
| |
578,438 |
|
CJ Hellovision |
|
$ |
6,430,412 |
|
|
|
Cable TV, Broadband & Mobile Virtual Network Operator |
|
|
| |
|
|
|
|
231,041,199 |
| |
|
|
> China 2.8% |
|
|
| |
28,645,000 |
|
China Everbright International |
|
48,043,333 |
| |
|
|
Private Municipal Waste Operator |
|
|
| |
90,360,000 |
|
Sihuan Pharmaceuticals (d) |
|
47,915,014 |
| |
|
|
Chinese Generic Drug Manufacturer |
|
|
| |
850,000 |
|
WuXi PharmaTech - ADR (c) |
|
32,963,000 |
| |
|
|
Contract Research Organization in China |
|
|
| |
560,250 |
|
BitAuto - ADR (a)(c) |
|
28,505,520 |
| |
|
|
Automotive Information Website for Buyers & Dealers |
|
|
| |
23,671,000 |
|
Sino Biopharmaceutical |
|
23,947,553 |
| |
|
|
Pharmaceutical Developer |
|
|
| |
47,500,000 |
|
AMVIG Holdings (b) |
|
21,199,203 |
| |
|
|
Chinese Tobacco Packaging Material Supplier |
|
|
| |
32,790,000 |
|
NewOcean Energy (a) |
|
16,214,941 |
| |
|
|
Southern China Liquefied Petroleum Gas Distributor |
|
|
| |
|
|
|
|
218,788,564 |
| |
|
|
> Hong Kong 2.0% |
|
|
| |
52,849,000 |
|
Mapletree Greater China Commercial Trust |
|
40,044,589 |
| |
|
|
Retail & Office Property Landlord |
|
|
| |
1,800,000 |
|
Melco Crown Entertainment - ADR |
|
38,628,000 |
| |
|
|
Macau Casino Operator |
|
|
| |
15,000,000 |
|
Melco International |
|
25,241,556 |
| |
|
|
Macau Casino Operator |
|
|
| |
13,120,000 |
|
Lifestyle International |
|
23,387,925 |
| |
|
|
Mid- to High-end Department Store Operator in Hong Kong & China |
|
|
| |
9,347,000 |
|
Vitasoy International |
|
14,612,505 |
| |
|
|
Hong Kong Soy Food Brand |
|
|
| |
25,223,000 |
|
Sa Sa International (a) |
|
12,331,562 |
| |
|
|
Cosmetics Retailer |
|
|
| |
4,358,000 |
|
Kingboard Chemicals |
|
6,896,783 |
| |
|
|
Paper & Glass Laminates, PCB, Specialty Chemicals & Properties |
|
|
| |
|
|
|
|
161,142,920 |
| |
|
|
> Indonesia 1.6% |
|
|
| |
19,000,000 |
|
Matahari Department Store |
|
28,572,485 |
| |
|
|
Department Store Chain in Indonesia |
|
|
| |
33,000,000 |
|
Tower Bersama Infrastructure |
|
23,913,958 |
| |
|
|
Communications Towers |
|
|
| |
43,000,000 |
|
Link Net (c) |
|
19,650,096 |
| |
|
|
Fixed Broadband & CATV Service Provider |
|
|
| |
324,290,000 |
|
Ace Indonesia |
|
18,222,015 |
| |
|
|
Home Improvement Retailer |
|
|
| |
220,150,800 |
|
Arwana Citramulia |
|
13,638,405 |
| |
|
|
Ceramic Tiles for Home Decoration |
|
|
| |
6,000,000 |
|
Mayora Indah |
|
13,247,935 |
| |
|
|
Consumer Branded Food Manufacturer |
|
|
| |
54,460,800 |
|
MNC Sky Vision |
|
6,872,682 |
| |
|
|
Satellite Pay TV Operator in Indonesia |
|
|
| |
11,854,300 |
|
Surya Citra Media |
|
3,075,780 |
| |
|
|
Free to Air TV Station in Indonesia |
|
|
| |
|
|
|
|
127,193,356 |
| |
|
|
> Philippines 1.2% |
|
|
| |
16,000,000 |
|
Robinsons Retail Holdings |
|
30,067,114 |
| |
|
|
Multi-format Retailer in the Philippines |
|
|
| |
31,000,000 |
|
Puregold Price Club |
|
28,802,453 |
| |
|
|
Supermarket Operator in the Philippines |
|
|
| |
90,000,000 |
|
Melco Crown (Philippines) Resorts |
|
18,437,287 |
| |
|
|
Integrated Resort Operator in Manila |
|
|
| |
3,106,980 |
|
Universal Robina |
|
15,694,116 |
| |
|
|
Branded Consumer Food Manufacturer in the Philippines |
|
|
| |
|
|
|
|
93,000,970 |
| |
|
|
> Thailand 1.1% |
|
|
| |
4,360,000 |
|
Airports of Thailand |
|
37,468,787 |
| |
|
|
Airport Operator of Thailand |
|
|
| |
107,731,500 |
|
Home Product Center |
|
26,982,536 |
| |
|
|
Home Improvement Retailer |
|
|
| |
14,485,000 |
|
Robinson Department Store |
|
21,137,451 |
| |
|
|
Department Store Operator in Thailand |
|
|
| |
|
|
|
|
85,588,774 |
| |
|
|
> Cambodia 0.5% |
|
|
| |
60,000,000 |
|
Nagacorp |
|
39,837,465 |
| |
|
|
Casino & Entertainment Complex in Cambodia |
|
|
| |
|
|
|
|
|
| |
|
|
> Malaysia 0.4% |
|
|
| |
43,839,000 |
|
7-Eleven Malaysia Holdings |
|
18,939,490 |
| |
|
|
Exclusive 7-Eleven Franchisor for Malaysia |
|
|
| |
17,441,500 |
|
Aeon |
|
13,924,175 |
| |
|
|
Shopping Center & Department Store Operator |
|
|
| |
410,300 |
|
Astro Malaysia Holdings |
|
353,945 |
| |
|
|
Largest Pay TV Operator in Malaysia |
|
|
| |
|
|
|
|
33,217,610 |
| |
Asia: Total |
|
3,659,724,453 |
| |||
|
|
|
|
|
| |
Europe 30.3% |
|
|
| |||
|
|
> United Kingdom 9.7% |
|
|
| |
1,300,000 |
|
Spirax Sarco |
|
65,733,891 |
| |
|
|
Steam Systems for Manufacturing & Process Industries |
|
|
| |
3,300,000 |
|
Babcock International |
|
48,139,956 |
| |
|
|
Public Sector Outsourcer |
|
|
| |
2,430,000 |
|
WH Smith |
|
46,690,913 |
| |
|
|
Newsprint, Books & General Stationery Retailer |
|
|
| |
1,980,000 |
|
Aggreko |
|
44,788,588 |
| |
|
|
Temporary Power & Temperature Control Services |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> United Kingdomcontinued |
|
|
| |
2,630,000 |
|
Jardine Lloyd Thompson Group |
|
$ |
40,847,051 |
|
|
|
International Business Insurance Broker |
|
|
| |
45,000,000 |
|
Cable and Wireless |
|
40,580,484 |
| |
|
|
Telecommunications Service Provider in the Caribbean |
|
|
| |
872,000 |
|
Rightmove |
|
38,685,198 |
| |
|
|
Internet Real Estate Listings |
|
|
| |
473,398 |
|
Whitbread |
|
36,759,324 |
| |
|
|
UK Hotelier & Coffee Shop |
|
|
| |
39,805,000 |
|
Assura |
|
36,756,594 |
| |
|
|
UK Primary Health Care Property Developer |
|
|
| |
4,800,000 |
|
Abcam |
|
34,478,114 |
| |
|
|
Online Sales of Antibodies |
|
|
| |
14,379,428 |
|
Connect Group (b) |
|
32,902,209 |
| |
|
|
Newspaper & Magazine Distributor |
|
|
| |
958,646 |
|
Fidessa Group |
|
31,370,544 |
| |
|
|
Software for Financial Trading Systems |
|
|
| |
2,660,000 |
|
Dominos Pizza UK & Ireland |
|
30,584,995 |
| |
|
|
Pizza Delivery in the UK, Ireland & Germany |
|
|
| |
7,430,000 |
|
Polypipe |
|
30,361,802 |
| |
|
|
Manufacturer of Plastic Piping & Fittings |
|
|
| |
4,372,390 |
|
Halfords |
|
29,768,064 |
| |
|
|
UK Retailer of Leisure Goods & Auto Parts |
|
|
| |
2,725,000 |
|
Halma |
|
28,155,791 |
| |
|
|
Health & Safety Sensor Technology |
|
|
| |
4,712,000 |
|
Ocado (c) |
|
24,555,590 |
| |
|
|
Online Grocery Retailer |
|
|
| |
5,650,001 |
|
Elementis |
|
24,268,770 |
| |
|
|
Specialty Chemicals |
|
|
| |
3,075,000 |
|
PureCircle (c) |
|
23,605,530 |
| |
|
|
Natural Sweeteners |
|
|
| |
1,280,000 |
|
Smith & Nephew |
|
21,826,005 |
| |
|
|
Medical Equipment & Supplies |
|
|
| |
908,500 |
|
AVEVA |
|
19,859,269 |
| |
|
|
Engineering Software |
|
|
| |
5,800,000 |
|
RPS Group |
|
19,384,181 |
| |
|
|
Consultant Specializing in Energy, Water, Urban Planning, Health & Safety |
|
|
| |
1,480,000 |
|
Shaftesbury |
|
18,204,048 |
| |
|
|
London Prime Retail REIT |
|
|
| |
|
|
|
|
768,306,911 |
| |
|
|
> Sweden 3.3% |
|
|
| |
1,723,394 |
|
Hexagon |
|
61,189,258 |
| |
|
|
Design, Measurement & Visualization Software & Equipment |
|
|
| |
948,422 |
|
Unibet |
|
52,034,555 |
| |
|
|
European Online Gaming Operator |
|
|
| |
3,255,024 |
|
Sweco |
|
41,767,331 |
| |
|
|
Engineering Consultants |
|
|
| |
1,137,000 |
|
Modern Times Group |
|
34,819,232 |
| |
|
|
Leading Nordic TV Broadcaster |
|
|
| |
1,044,000 |
|
Mekonomen |
|
27,578,479 |
| |
|
|
Nordic Integrated Wholesaler/Retailer of Automotive Parts & Service |
|
|
| |
856,000 |
|
Swedish Match |
|
25,168,699 |
| |
|
|
Swedish Snus |
|
|
| |
979,403 |
|
Recipharm |
|
20,868,244 |
| |
|
|
Contract Development Manufacturing Organization |
|
|
| |
|
|
|
|
263,425,798 |
| |
|
|
> Germany 3.2% |
|
|
| |
608,000 |
|
MTU Aero Engines |
|
59,565,285 |
| |
|
|
Airplane Engine Components & Services |
|
|
| |
1,350,000 |
|
Wirecard |
|
56,896,015 |
| |
|
|
Online Payment Processing & Risk Management |
|
|
| |
795,000 |
|
NORMA Group |
|
39,914,542 |
| |
|
|
Clamps for Automotive & Industrial Applications |
|
|
| |
117,000 |
|
Rational |
|
39,108,699 |
| |
|
|
Commercial Ovens |
|
|
| |
795,000 |
|
Aurelius |
|
33,200,743 |
| |
|
|
European Turnaround Investor |
|
|
| |
745,000 |
|
Elringklinger |
|
22,335,498 |
| |
|
|
Automobile Components |
|
|
| |
|
|
|
|
251,020,782 |
| |
|
|
> Spain 2.5% |
|
|
| |
10,110,000 |
|
Distribuidora Internacional de Alimentación |
|
78,898,061 |
| |
|
|
Discount Retailer in Spain & Latin America |
|
|
| |
671,000 |
|
Viscofan |
|
40,997,093 |
| |
|
|
Sausage Casings Maker |
|
|
| |
6,564,000 |
|
Prosegur |
|
37,381,026 |
| |
|
|
Security Guards |
|
|
| |
830,000 |
|
Bolsas y Mercados Españoles |
|
36,962,561 |
| |
|
|
Spanish Stock Markets |
|
|
| |
|
|
|
|
194,238,741 |
| |
|
|
> France 2.5% |
|
|
| |
1,350,000 |
|
Neopost |
|
74,248,723 |
| |
|
|
Postage Meter Machines |
|
|
| |
1,110,000 |
|
Eutelsat |
|
36,820,093 |
| |
|
|
Fixed Satellite Services |
|
|
| |
163,400 |
|
Norbert Dentressangle |
|
27,653,030 |
| |
|
|
European Logistics & Transport Group |
|
|
| |
729,096 |
|
Saft |
|
26,646,043 |
| |
|
|
Niche Battery Manufacturer |
|
|
| |
90,000 |
|
Eurofins Scientific |
|
24,223,322 |
| |
|
|
Food, Pharmaceuticals & Materials Screening & Testing |
|
|
| |
1,831,204 |
|
Hi-Media (a)(c) |
|
4,331,806 |
| |
|
|
Online Advertiser in Europe |
|
|
| |
|
|
|
|
193,923,017 |
| |
|
|
> Netherlands 2.4% |
|
|
| |
2,103,770 |
|
Aalberts Industries |
|
66,210,805 |
| |
|
|
Flow Control & Heat Treatment |
|
|
| |
718,124 |
|
Vopak |
|
39,631,057 |
| |
|
|
Operator of Petroleum & Chemical Storage Terminals |
|
|
| |
324,700 |
|
Gemalto |
|
25,871,571 |
| |
|
|
Digital Security Solutions |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Netherlandscontinued |
|
|
| |
790,670 |
|
Arcadis |
|
$ |
25,392,286 |
|
|
|
Engineering Consultants |
|
|
| |
1,201,000 |
|
Brunel |
|
22,973,243 |
| |
|
|
Temporary Specialist & Energy Staffing |
|
|
| |
114,395 |
|
Core Labs (a) |
|
11,953,133 |
| |
|
|
Oil & Gas Reservoir Consulting |
|
|
| |
|
|
|
|
192,032,095 |
| |
|
|
> Switzerland 2.0% |
|
|
| |
179,000 |
|
Geberit |
|
66,984,611 |
| |
|
|
Plumbing Supplies |
|
|
| |
213,500 |
|
Partners Group |
|
63,650,182 |
| |
|
|
Private Markets Asset Management |
|
|
| |
72,500 |
|
INFICON |
|
25,906,179 |
| |
|
|
Gas Detection Instruments |
|
|
| |
|
|
|
|
156,540,972 |
| |
|
|
> Denmark 1.6% |
|
|
| |
1,932,063 |
|
SimCorp |
|
63,395,100 |
| |
|
|
Software for Investment Managers |
|
|
| |
1,315,800 |
|
Novozymes |
|
60,064,949 |
| |
|
|
Industrial Enzymes |
|
|
| |
|
|
|
|
123,460,049 |
| |
|
|
> Finland 1.1% |
|
|
| |
7,766,000 |
|
Sponda |
|
33,325,704 |
| |
|
|
Office, Retail & Logistics Properties |
|
|
| |
1,669,000 |
|
Tikkurila |
|
31,826,484 |
| |
|
|
Decorative & Industrial Paint in Scandinavia, Central & Eastern Europe |
|
|
| |
711,000 |
|
Konecranes |
|
22,404,346 |
| |
|
|
Manufacture & Service of Industrial Cranes & Port Handling Equipment |
|
|
| |
|
|
|
|
87,556,534 |
| |
|
|
> Norway 0.7% |
|
|
| |
2,613,864 |
|
Atea |
|
29,446,002 |
| |
|
|
Nordic IT Hardware/Software Reseller & Integrator |
|
|
| |
3,784,000 |
|
Orkla |
|
28,559,071 |
| |
|
|
Food & Brands, Aluminum, Chemicals Conglomerate |
|
|
| |
|
|
|
|
58,005,073 |
| |
|
|
> Italy 0.6% |
|
|
| |
1,909,000 |
|
Pirelli |
|
31,599,156 |
| |
|
|
Global Tire Supplier |
|
|
| |
385,950 |
|
Industria Macchine Automatiche |
|
18,158,768 |
| |
|
|
Food & Drugs Packaging & Machinery |
|
|
| |
|
|
|
|
49,757,924 |
| |
|
|
> Kazakhstan 0.5% |
|
|
| |
5,143,000 |
|
Halyk Savings Bank of Kazakhstan - GDR |
|
38,006,770 |
| |
|
|
Retail Bank & Insurer in Kazakhstan |
|
|
| |
|
|
> Belgium 0.2% |
|
|
| |
516,965 |
|
EVS Broadcast Equipment |
|
19,241,329 |
| |
|
|
Digital Live Mobile Production Software & Systems |
|
|
| |
Europe: Total |
|
2,395,515,995 |
| |||
|
|
|
|
|
| |
Other Countries 16.8% |
|
|
| |||
|
|
> Canada 4.6% |
|
|
| |
800,772 |
|
CCL Industries |
|
90,095,148 |
| |
|
|
Global Label Converter |
|
|
| |
898,000 |
|
Vermilion Energy (a) |
|
37,754,925 |
| |
|
|
Canadian Exploration & Production Company |
|
|
| |
3,188,000 |
|
CAE |
|
37,202,353 |
| |
|
|
Flight Simulator Equipment & Training Centers |
|
|
| |
1,067,730 |
|
ShawCor |
|
29,674,388 |
| |
|
|
Oil & Gas Pipeline Products |
|
|
| |
490,200 |
|
Onex Capital |
|
28,466,472 |
| |
|
|
Private Equity |
|
|
| |
2,115,898 |
|
Rona |
|
27,063,714 |
| |
|
|
Canadian Home Improvement Retailer |
|
|
| |
363,000 |
|
Keyera |
|
24,146,500 |
| |
|
|
Integrated Supply of Hydrocarbon Processing, Transport & Storage |
|
|
| |
1,010,000 |
|
Prairie Sky Royalty |
|
23,827,563 |
| |
|
|
Canadian Owner of Oil & Gas Mineral Interests |
|
|
| |
3,360,105 |
|
DeeThree Exploration (b)(c) |
|
16,899,348 |
| |
1,130,000 |
|
DeeThree Exploration (b)(c)(e) |
|
5,569,569 |
| |
|
|
Canadian Oil & Gas Producer |
|
|
| |
531,286 |
|
Ag Growth |
|
21,586,181 |
| |
|
|
Manufacturer of Augers & Grain Handling Equipment |
|
|
| |
1,358,857 |
|
Baytex |
|
21,489,800 |
| |
|
|
Oil & Gas Producer in Canada |
|
|
| |
|
|
|
|
363,775,961 |
| |
|
|
> South Africa 4.4% |
|
|
| |
13,683,594 |
|
Coronation Fund Managers |
|
110,604,076 |
| |
|
|
South African Fund Manager |
|
|
| |
493,188 |
|
Naspers |
|
75,650,609 |
| |
|
|
Media in Africa, China, Russia & other Emerging Markets |
|
|
| |
19,045,300 |
|
Rand Merchant Insurance |
|
72,523,066 |
| |
|
|
Directly Sold Property & Casualty Insurance; Holdings in other Insurers |
|
|
| |
2,644,083 |
|
Mr. Price |
|
56,551,952 |
| |
|
|
South African Retailer of Apparel, Household & Sporting Goods |
|
|
| |
8,679,940 |
|
Northam Platinum (c) |
|
32,809,939 |
| |
|
|
Platinum Mining in South Africa |
|
|
| |
|
|
|
|
348,139,642 |
| |
|
|
> Australia 4.0% |
|
|
| |
46,578,144 |
|
Spotless |
|
80,341,311 |
| |
|
|
Facility Management & Catering Company |
|
|
| |
2,428,257 |
|
Dominos Pizza Enterprises |
|
68,488,949 |
| |
|
|
Dominos Pizza Operator in Australia & New Zealand |
|
|
| |
12,550,000 |
|
Challenger Financial |
|
68,127,203 |
| |
|
|
Annuity Provider in Australia |
|
|
| |
4,270,000 |
|
Amcor |
|
45,496,668 |
| |
|
|
Global Leader in Flexible & Rigid Packaging |
|
|
| |
5,260,000 |
|
IAG |
|
24,348,489 |
| |
|
|
General Insurance Provider |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Australiacontinued |
|
|
| |
5,000,000 |
|
Estia Health (c) |
|
$ |
23,344,573 |
|
|
|
Residential Aged Care Operator |
|
|
| |
1,217,356 |
|
Austbrokers |
|
8,025,667 |
| |
|
|
Local Australian Small Business Insurance Broker |
|
|
| |
|
|
|
|
318,172,860 |
| |
|
|
> United States 1.8% |
|
|
| |
350,000 |
|
Cimarex Energy |
|
40,281,500 |
| |
|
|
Oil & Gas Producer in Texas, New Mexico & Oklahoma |
|
|
| |
350,000 |
|
Synageva BioPharma (a)(c) |
|
34,135,500 |
| |
|
|
Biotech Focused on Orphan Diseases |
|
|
| |
912,000 |
|
Bladex |
|
29,904,480 |
| |
|
|
Latin American Trade Financing House |
|
|
| |
933,297 |
|
Textainer Group Holdings |
|
27,989,577 |
| |
|
|
Top International Container Leasor |
|
|
| |
634,500 |
|
Hornbeck Offshore (c) |
|
11,934,945 |
| |
|
|
Supply Vessel Operator in Gulf of Mexico |
|
|
| |
|
|
|
|
144,246,002 |
| |
|
|
> New Zealand 1.1% |
|
|
| |
10,800,000 |
|
Auckland International Airport |
|
36,276,163 |
| |
|
|
Auckland Airport Operator |
|
|
| |
8,000,000 |
|
Sky City Entertainment |
|
24,485,318 |
| |
|
|
Casino & Entertainment Complex |
|
|
| |
4,011,000 |
|
Ryman Healthcare |
|
23,473,337 |
| |
|
|
Retirement Village Operator |
|
|
| |
|
|
|
|
84,234,818 |
| |
|
|
> Israel 0.6% |
|
|
| |
791,000 |
|
Caesarstone |
|
48,021,610 |
| |
|
|
Quartz Countertops |
|
|
| |
|
|
|
|
|
| |
|
|
> Egypt 0.3% |
|
|
| |
3,119,000 |
|
Commercial International Bank of Egypt |
|
22,992,074 |
| |
|
|
Leading Private Universal Bank in Egypt |
|
|
| |
Other Countries: Total |
|
1,329,582,967 |
| |||
|
|
|
|
|
| |
Latin America 2.7% |
|
|
| |||
|
|
> Brazil 1.1% |
|
|
| |
3,500,000 |
|
Localiza Rent A Car |
|
40,115,305 |
| |
|
|
Car Rental |
|
|
| |
6,487,000 |
|
Odontoprev |
|
22,256,474 |
| |
|
|
Dental Insurance |
|
|
| |
1,400,000 |
|
Linx |
|
20,423,932 |
| |
|
|
Retail Management Software in Brazil |
|
|
| |
3,421,215 |
|
Beadell Resources |
|
668,635 |
| |
|
|
Gold Mining in Brazil |
|
|
| |
|
|
|
|
83,464,346 |
| |
|
|
> Mexico 0.7% |
|
|
| |
252,000 |
|
Grupo Aeroportuario del Sureste - ADR (c) |
|
33,873,840 |
| |
|
|
Mexican Airport Operator |
|
|
| |
12,339,000 |
|
Qualitas |
|
22,326,443 |
| |
|
|
Auto Insurer in Mexico & Central America |
|
|
| |
|
|
|
|
56,200,283 |
| |
|
|
|
|
|
| |
|
|
> Colombia 0.3% |
|
|
| |
23,377,000 |
|
Isagen |
|
27,423,019 |
| |
|
|
Colombian Electricity Provider |
|
|
| |
|
|
|
|
|
| |
|
|
> Guatemala 0.2% |
|
|
| |
1,626,600 |
|
Tahoe Resources |
|
17,825,753 |
| |
|
|
Silver Project in Guatemala |
|
|
| |
|
|
|
|
|
| |
|
|
> Chile 0.2% |
|
|
| |
921,000 |
|
Sociedad Quimica y Minera de Chile - ADR |
|
16,808,250 |
| |
|
|
Producer of Specialty Fertilizers, Lithium & Iodine |
|
|
| |
|
|
|
|
|
| |
|
|
> Uruguay 0.2% |
|
|
| |
1,306,818 |
|
Union Agriculture Group (c)(d)(e) |
|
14,231,248 |
| |
|
|
Farmland Operator in Uruguay |
|
|
| |
Latin America: Total |
|
215,952,899 |
| |||
Total Equities: 96.0% |
|
7,600,776,314 |
(f) | |||
|
|
|
| |||
Short-Term Investments 3.0% |
|
|
| |||
220,000,000 |
|
JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%) |
|
220,000,000 |
| |
18,955,990 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) |
|
18,955,990 |
| |
Total Short-Term Investments: 3.0% |
|
238,955,990 |
| |||
Securities Lending Collateral 0.8% |
|
|
| |||
64,494,251 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g) |
|
64,494,251 |
| |
Total Securities Lending Collateral: 0.8% |
|
64,494,251 |
| |||
|
|
|
| |||
Total Investments: 99.8% |
|
7,904,226,555 |
(i) | |||
|
|
|
| |||
Obligation to Return Collateral for Securities Loaned: (0.8)% |
|
(64,494,251 |
) | |||
|
|
|
| |||
Cash and Other Assets Less Liabilities: 1.0% |
|
76,968,177 |
| |||
|
|
|
| |||
Net Assets: 100.0% |
|
$ |
7,916,700,481 |
|
ADR - American Depositary Receipts
GDR - Global Depositary Receipts
REIT - Real Estate Investment Trust
> Notes to Statement of Investments
(a) All or a portion of this security was on loan at March 31, 2015. The total market value of securities on loan at March 31, 2015 was $61,874,636.
(b) An affiliated person of the Fund, as defined in the Investment Company Act of 1940, may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies during the period ended March 31, 2015, are as follows:
Security |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
Connect Group |
|
14,379,428 |
|
|
|
|
|
14,379,428 |
|
$ |
32,902,209 |
|
$ |
1,445,996 |
|
Tamron |
|
1,402,000 |
|
|
|
|
|
1,402,000 |
|
30,165,507 |
|
|
| ||
DeeThree Exploration |
|
3,298,377 |
|
1,191,728 |
|
|
|
4,490,105 |
|
22,468,917 |
|
|
| ||
AMVIG Holdings |
|
35,119,000 |
|
12,381,000 |
|
|
|
47,500,000 |
|
21,199,203 |
|
1,771,515 |
| ||
Icom |
|
835,000 |
|
|
|
|
|
835,000 |
|
20,067,394 |
|
105,159 |
| ||
Total of Affiliated Transactions |
|
55,033,805 |
|
13,572,728 |
|
|
|
68,606,533 |
|
$ |
126,803,230 |
|
$ |
3,322,670 |
|
The aggregate cost and value of these companies at March 31, 2015, was $135,989,948 and $126,803,230, respectively. Investments in affiliated companies represented 1.60% of the Funds total net assets at March 31, 2015.
(c) Non-income producing security.
(d) Illiquid security.
(e) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Funds Board of Trustees. At March 31, 2015, the market value of these securities amounted to $19,800,817, which represented 0.25% 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 |
|
$ |
14,231,248 |
|
DeeThree Exploration |
|
9/7/10 |
|
1,130,000 |
|
2,950,812 |
|
5,569,569 |
| ||
|
|
|
|
|
|
$ |
17,950,812 |
|
$ |
19,800,817 |
|
(f) On March 31, 2015, the Funds total equity investments were denominated in currencies as follows:
Currency |
|
Value |
|
Percentage |
| |
Japanese Yen |
|
$ |
1,752,901,750 |
|
22.1 |
|
Euro |
|
975,817,289 |
|
12.3 |
| |
British Pound |
|
768,306,911 |
|
9.7 |
| |
U.S. Dollar |
|
407,237,374 |
|
5.2 |
| |
Other currencies less than 5% of total net assets |
|
3,696,512,990 |
|
46.7 |
| |
Total Equities |
|
$ |
7,600,776,314 |
|
96.0 |
|
(g) Investment made with cash collateral received from securities lending activity.
(h) At March 31, 2015, for federal income tax purposes, the cost of investments was approximately $6,190,571,178 and net unrealized appreciation was $1,713,655,377 consisting of gross unrealized appreciation of $2,053,936,632 and gross unrealized depreciation of $340,281,255.
(i) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2014.
Fair Value Measurements
Various inputs are used in determining the value of the Funds investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
· Level 1 quoted prices in active markets for identical securities
· Level 2 prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including managements own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at
> Notes to Statement of Investments
amortized cost. Additionally, securities fair valued by the Valuation Committee (the Committee) of the Funds Board of Trustees (the Board) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which the investment manager believes that available market quotations are unreliable, to review the appropriateness of the Trusts Portfolio Pricing Policy and the pricing procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Funds investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Funds securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table summarizes the inputs used, as of March 31, 2015, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Asia |
|
$ |
100,096,520 |
|
$ |
3,511,712,919 |
|
$ |
47,915,014 |
|
$ |
3,659,724,453 |
|
Europe |
|
11,953,133 |
|
2,383,562,862 |
|
|
|
2,395,515,995 |
| ||||
Other Countries |
|
550,474,004 |
|
779,108,963 |
|
|
|
1,329,582,967 |
| ||||
Latin America |
|
201,053,016 |
|
668,635 |
|
14,231,248 |
|
215,952,899 |
| ||||
Total Equities |
|
863,576,673 |
|
6,675,053,379 |
|
62,146,262 |
|
7,600,776,314 |
| ||||
Total Short-Term Investments |
|
238,955,990 |
|
|
|
|
|
238,955,990 |
| ||||
Total Securities Lending Collateral |
|
64,494,251 |
|
|
|
|
|
64,494,251 |
| ||||
Total Investments |
|
$ |
1,167,026,914 |
|
$ |
6,675,053,379 |
|
$ |
62,146,262 |
|
$ |
7,904,226,555 |
|
The Funds assets assigned to the Level 2 input category are generally valued using a market approach, in which a securitys value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements. Securities acquired via private placement that have a holding period or an extended settlement period are valued at a discount to the same shares that are trading freely on the market. These discounts are determined by the investment managers experience with similar securities or situations. Factors may include, but are not limited to, trade volume, shares outstanding and stock price.
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 |
| ||||
$ |
|
|
$ |
55,274,689 |
|
$ |
55,274,689 |
|
$ |
|
|
There were no transfers of financial assets between levels 1 and 2 during the period. Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
Certain securities classified as Level 3 are valued at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include, but are not limited to estimated earnings of the company and the position of the security within the companys capital structure. The Committee also may use some observable inputs, which may include, but are not limited to, trades of similar securities and market multiples derived from a set of comparable companies. Significant increases or decreases to any of these inputs could result in a significantly lower or higher fair value measurement.
COLUMBIA ACORN INTERNATIONAL®
PORTFOLIO DIVERSIFICATION (UNAUDITED)
At March 31, 2015, the Funds portfolio investments as a percentage of net assets were diversified as follows:
|
|
Value |
|
Percentage |
| |
> Industrial Goods & Services |
|
|
|
|
| |
Machinery |
|
$ |
530,793,001 |
|
6.7 |
|
Industrial Materials & Specialty Chemicals |
|
517,728,665 |
|
6.5 |
| |
Other Industrial Services |
|
440,656,780 |
|
5.6 |
| |
Electrical Components |
|
227,017,895 |
|
2.9 |
| |
Outsourcing Services |
|
188,835,536 |
|
2.4 |
| |
Conglomerates |
|
167,532,689 |
|
2.1 |
| |
Construction |
|
97,346,414 |
|
1.2 |
| |
Waste Management |
|
48,043,333 |
|
0.6 |
| |
Industrial Distribution |
|
12,770,515 |
|
0.2 |
| |
|
|
2,230,724,828 |
|
28.2 |
| |
> Consumer Goods & Services |
|
|
|
|
| |
Retail |
|
664,552,991 |
|
8.4 |
| |
Food & Beverage |
|
291,855,950 |
|
3.7 |
| |
Casinos & Gaming |
|
214,853,543 |
|
2.7 |
| |
Nondurables |
|
179,214,101 |
|
2.3 |
| |
Restaurants |
|
135,833,268 |
|
1.7 |
| |
Other Durable Goods |
|
118,142,373 |
|
1.5 |
| |
Consumer Goods Distribution |
|
107,620,742 |
|
1.3 |
| |
Furniture & Textiles |
|
48,021,610 |
|
0.6 |
| |
Educational Services |
|
40,933,231 |
|
0.5 |
| |
Travel |
|
40,115,304 |
|
0.5 |
| |
Apparel |
|
31,943,755 |
|
0.4 |
| |
Consumer Electronics |
|
30,165,507 |
|
0.4 |
| |
Other Consumer Services |
|
23,387,925 |
|
0.3 |
| |
|
|
1,926,640,300 |
|
24.3 |
| |
> Information |
|
|
|
|
| |
Business Software |
|
228,975,021 |
|
2.9 |
| |
Internet Related |
|
142,841,327 |
|
1.8 |
| |
Financial Processors |
|
122,119,022 |
|
1.5 |
| |
Mobile Communications |
|
116,418,269 |
|
1.5 |
| |
Computer Hardware & Related Equipment |
|
114,747,101 |
|
1.4 |
| |
Semiconductors & Related Equipment |
|
95,259,120 |
|
1.2 |
| |
Entertainment Programming |
|
73,597,561 |
|
0.9 |
| |
Instrumentation |
|
70,661,521 |
|
0.9 |
| |
Advertising |
|
68,287,818 |
|
0.9 |
| |
Computer Services |
|
56,289,302 |
|
0.7 |
| |
Satellite Broadcasting & Services |
|
44,046,720 |
|
0.6 |
| |
Telephone & Data Services |
|
40,580,484 |
|
0.5 |
| |
TV Broadcasting |
|
37,895,011 |
|
0.5 |
| |
Business Information & Marketing Services |
|
29,853,954 |
|
0.4 |
| |
Cable TV |
|
26,080,507 |
|
0.3 |
| |
Telecommunications Equipment |
|
25,188,620 |
|
0.3 |
| |
|
|
1,292,841,358 |
|
16.3 |
| |
> Finance |
|
|
|
|
| |
Insurance |
|
|
258,454,394 |
|
3.3 |
|
Banks |
|
191,353,858 |
|
2.4 |
| |
Brokerage & Money Management |
|
174,254,258 |
|
2.2 |
| |
Finance Companies |
|
56,456,049 |
|
0.7 |
| |
Financial Processors |
|
36,962,561 |
|
0.5 |
| |
|
|
717,481,120 |
|
9.1 |
| |
> Other Industries |
|
|
|
|
| |
Real Estate |
|
455,418,019 |
|
5.8 |
| |
Transportation |
|
202,031,927 |
|
2.6 |
| |
Regulated Utilities |
|
27,423,019 |
|
0.3 |
| |
|
|
684,872,965 |
|
8.7 |
| |
> Health Care |
|
|
|
|
| |
Pharmaceuticals |
|
185,339,101 |
|
2.4 |
| |
Medical Supplies |
|
90,091,589 |
|
1.1 |
| |
Medical Equipment & Devices |
|
46,918,399 |
|
0.6 |
| |
Health Care Services |
|
46,817,909 |
|
0.5 |
| |
Biotechnology & Drug Delivery |
|
34,135,501 |
|
0.5 |
| |
|
|
403,302,499 |
|
5.1 |
| |
> Energy & Minerals |
|
|
|
|
| |
Oil & Gas Producers |
|
145,822,704 |
|
1.9 |
| |
Mining |
|
63,257,461 |
|
0.8 |
| |
Oil Refining, Marketing & Distribution |
|
79,992,498 |
|
1.0 |
| |
Oil Services |
|
41,609,333 |
|
0.5 |
| |
Agricultural Commodities |
|
14,231,248 |
|
0.1 |
| |
|
|
344,913,244 |
|
4.3 |
| |
|
|
|
|
|
| |
Total Equities: |
|
7,600,776,314 |
|
96.0 |
| |
Short-Term Investments: |
|
238,955,990 |
|
3.0 |
| |
Securities Lending Collateral: |
|
64,494,251 |
|
0.8 |
| |
Total Investments: |
|
7,904,226,555 |
|
99.8 |
| |
|
|
|
|
|
| |
Obligation to Return Collateral for Securities Loaned: |
|
(64,494,251 |
) |
(0.8 |
) | |
Cash and Other Assets Less Liabilities: |
|
76,968,177 |
|
1.0 |
| |
Net Assets: |
|
$ |
7,916,700,481 |
|
100.0 |
|
COLUMBIA ACORN USA®
STATEMENT OF INVESTMENTS (UNAUDITED), MARCH 31, 2015
Number of Shares |
|
|
|
Value |
| |
|
|
Equities: 94.3% |
|
|
| |
Information 23.8% |
|
|
| |||
|
|
> Business Software 8.0% |
|
|
| |
230,000 |
|
Ansys (a) |
|
$ |
20,283,700 |
|
|
|
Simulation Software for Engineers & Designers |
|
|
| |
249,424 |
|
SPS Commerce (a) |
|
16,736,351 |
| |
|
|
Supply Chain Management Software Delivered via the Web |
|
|
| |
116,929 |
|
NetSuite (a) |
|
10,846,334 |
| |
|
|
End-to-end IT Systems Solution Delivered via the Web |
|
|
| |
373,934 |
|
Textura (a) |
|
10,163,526 |
| |
|
|
Construction Vendor Management Software |
|
|
| |
196,000 |
|
Solera Holdings |
|
10,125,360 |
| |
|
|
Software for Automotive Insurance Claims Processing |
|
|
| |
214,000 |
|
Informatica (a) |
|
9,384,970 |
| |
|
|
Enterprise Data Integration Software |
|
|
| |
145,000 |
|
DemandWare (a) |
|
8,830,500 |
| |
|
|
E-Commerce Website Platform for Retailers & Apparel Manufacturers |
|
|
| |
816,768 |
|
Amber Road (a) |
|
7,555,104 |
| |
|
|
Global Trade Management Software Delivered via the Web |
|
|
| |
82,000 |
|
Envestnet (a) |
|
4,598,560 |
| |
|
|
Technology Platform for Investment Advisors |
|
|
| |
97,000 |
|
Fleetmatics (a) |
|
4,350,450 |
| |
|
|
Fleet Management Software |
|
|
| |
394,187 |
|
inContact (a) |
|
4,296,638 |
| |
|
|
Call Center Systems Delivered via the Web & Telco Services |
|
|
| |
|
|
|
|
107,171,493 |
| |
|
|
> Instrumentation 6.6% |
|
|
| |
141,000 |
|
Mettler-Toledo International (a) |
|
46,339,650 |
| |
|
|
Laboratory Equipment |
|
|
| |
383,000 |
|
IPG Photonics (a) |
|
35,504,100 |
| |
|
|
Fiber Lasers |
|
|
| |
274,000 |
|
Trimble Navigation (a) |
|
6,904,800 |
| |
|
|
GPS-based Instruments |
|
|
| |
|
|
|
|
88,748,550 |
| |
|
|
> Computer Services 3.1% |
|
|
| |
506,000 |
|
ExlService Holdings (a) |
|
18,823,200 |
| |
|
|
Business Process Outsourcing |
|
|
| |
227,000 |
|
Virtusa (a) |
|
9,393,260 |
| |
|
|
Offshore IT Outsourcing |
|
|
| |
327,000 |
|
WNS - ADR (a) |
|
7,952,640 |
| |
|
|
Offshore Business Process Outsourcing Services |
|
|
| |
432,000 |
|
Hackett Group |
|
3,862,080 |
| |
|
|
IT Integration & Best Practice Research |
|
|
| |
302,000 |
|
RCM Technologies |
|
2,023,400 |
| |
|
|
Technology & Engineering Services |
|
|
| |
|
|
|
|
42,054,580 |
| |
|
|
> Semiconductors & Related Equipment 1.4% |
|
|
| |
152,000 |
|
Monolithic Power Systems |
|
8,002,800 |
| |
|
|
High Performance Analog & Mixed Signal Integrated Circuits |
|
|
| |
970,000 |
|
Atmel |
|
7,983,100 |
| |
|
|
Microcontrollers, Radio Frequency & Memory Semiconductors |
|
|
| |
600,000 |
|
Rubicon Technology (a)(b) |
|
2,364,000 |
| |
|
|
Producer of Sapphire for the Lighting, Electronics & Automotive Industries |
|
|
| |
|
|
|
|
18,349,900 |
| |
|
|
> Computer Hardware & Related Equipment 1.2% |
|
|
| |
101,000 |
|
Rogers (a) |
|
8,303,210 |
| |
|
|
Printed Circuit Materials & High Performance Foams |
|
|
| |
78,000 |
|
Belden |
|
7,297,680 |
| |
|
|
Specialty Cable |
|
|
| |
|
|
|
|
15,600,890 |
| |
|
|
> Mobile Communications 0.8% |
|
|
| |
422,081 |
|
Gogo (a)(b) |
|
8,044,864 |
| |
|
|
Provider of Wi-Fi on Airplanes |
|
|
| |
23,000 |
|
SBA Communications (a) |
|
2,693,300 |
| |
|
|
Communications Towers |
|
|
| |
|
|
|
|
10,738,164 |
| |
|
|
> Internet Related 0.7% |
|
|
| |
280,831 |
|
RetailMeNot (a)(b) |
|
5,057,766 |
| |
|
|
Digital Coupon Marketplace |
|
|
| |
951,000 |
|
Vonage (a) |
|
4,669,410 |
| |
|
|
Business & Consumer Internet Telephony |
|
|
| |
|
|
|
|
9,727,176 |
| |
|
|
> Telecommunications Equipment 0.7% |
|
|
| |
484,278 |
|
Infinera (a) |
|
9,525,748 |
| |
|
|
Optical Networking Equipment |
|
|
| |
|
|
> Financial Processors 0.6% |
|
|
| |
77,000 |
|
Global Payments |
|
7,059,360 |
| |
|
|
Credit Card Processor |
|
|
| |
153,000 |
|
Liquidity Services (a) |
|
1,511,640 |
| |
|
|
E-Auctions for Surplus & Salvage Goods |
|
|
| |
|
|
|
|
8,571,000 |
| |
|
|
> Business Information & Marketing Services 0.4% |
|
|
| |
211,000 |
|
RPX (a) |
|
3,036,290 |
| |
|
|
Patent Aggregation & Defensive Patent Consulting |
|
|
| |
218,000 |
|
Bankrate (a) |
|
2,472,120 |
| |
|
|
Internet Advertising for the Insurance, Credit Card & Banking Markets |
|
|
| |
|
|
|
|
5,508,410 |
| |
|
|
> Telephone & Data Services 0.3% |
|
|
| |
621,000 |
|
Boingo Wireless (a) |
|
4,682,340 |
| |
|
|
Wi-Fi & Cellular Communications Networks |
|
|
| |
Information: Total |
|
320,678,251 |
| |||
Number of Shares |
|
|
|
Value |
| |
Industrial Goods & Services 21.9% |
|
|
| |||
|
|
> Machinery 17.3% |
|
|
| |
793,000 |
|
Ametek |
|
$ |
41,664,220 |
|
|
|
Aerospace/Industrial Instruments |
|
|
| |
515,000 |
|
Nordson |
|
40,345,100 |
| |
|
|
Dispensing Systems for Adhesives & Coatings |
|
|
| |
725,500 |
|
HEICO |
|
35,941,270 |
| |
|
|
FAA-approved Aircraft Replacement Parts |
|
|
| |
855,000 |
|
Donaldson |
|
32,242,050 |
| |
|
|
Industrial Air Filtration |
|
|
| |
238,000 |
|
Moog (a) |
|
17,861,900 |
| |
|
|
Motion Control Products for Aerospace, Defense & Industrial Markets |
|
|
| |
222,000 |
|
Toro |
|
15,566,640 |
| |
|
|
Turf Maintenance Equipment |
|
|
| |
276,000 |
|
Generac (a) |
|
13,438,440 |
| |
|
|
Standby Power Generators |
|
|
| |
247,000 |
|
ESCO Technologies |
|
9,628,060 |
| |
|
|
Industrial Filtration & Advanced Measurement Equipment |
|
|
| |
91,000 |
|
Middleby (a) |
|
9,341,150 |
| |
|
|
Manufacturer of Cooking Equipment |
|
|
| |
239,000 |
|
Kennametal |
|
8,051,910 |
| |
|
|
Consumable Cutting Tools |
|
|
| |
149,293 |
|
Dorman Products (a)(b) |
|
7,427,327 |
| |
|
|
Aftermarket Auto Parts Distributor |
|
|
| |
64,000 |
|
Graham |
|
1,534,080 |
| |
|
|
Designer & Builder of Vacuum & Heat Transfer Equipment for Process Industries |
|
|
| |
|
|
|
|
233,042,147 |
| |
|
|
> Industrial Materials & Specialty Chemicals 2.4% |
|
|
| |
539,000 |
|
Drew Industries |
|
33,170,060 |
| |
|
|
RV & Manufactured Home Components |
|
|
| |
|
|
|
|
|
| |
|
|
> Electrical Components 1.3% |
|
|
| |
64,000 |
|
Acuity Brands |
|
10,762,240 |
| |
|
|
Commercial Lighting Fixtures |
|
|
| |
260,598 |
|
Thermon (a) |
|
6,272,594 |
| |
|
|
Global Engineered Thermal Solutions |
|
|
| |
|
|
|
|
17,034,834 |
| |
|
|
> Industrial Distribution 0.5% |
|
|
| |
90,000 |
|
WESCO International (a) |
|
6,290,100 |
| |
|
|
Industrial Distributor |
|
|
| |
|
|
|
|
|
| |
|
|
> Construction 0.4% |
|
|
| |
449,000 |
|
PGT (a) |
|
5,017,575 |
| |
|
|
Wind Resistant Windows & Doors |
|
|
| |
Industrial Goods & Services: Total |
|
294,554,716 |
| |||
|
|
|
| |||
Consumer Goods & Services 14.8% |
|
|
| |||
|
|
> Travel 3.7% |
|
|
| |
425,950 |
|
Avis Budget Group (a) |
|
25,137,439 |
| |
|
|
Car Rental Company |
|
|
| |
281,000 |
|
HomeAway (a) |
|
8,477,770 |
| |
|
|
Vacation Rental Online Marketplace |
|
|
| |
345,000 |
|
Hertz (a) |
|
|
7,479,600 |
|
|
|
U.S. Rental Car Operator |
|
|
| |
89,666 |
|
Choice Hotels |
|
5,744,901 |
| |
|
|
Franchisor of Budget Hotel Brands |
|
|
| |
29,000 |
|
Vail Resorts |
|
2,999,180 |
| |
|
|
Ski Resort Operator & Developer |
|
|
| |
|
|
|
|
49,838,890 |
| |
|
|
> Retail 3.0% |
|
|
| |
207,500 |
|
Burlington Stores (a) |
|
12,329,650 |
| |
|
|
Off-price Apparel Retailer |
|
|
| |
234,000 |
|
The Fresh Market (a) |
|
9,509,760 |
| |
|
|
Specialty Food Retailer |
|
|
| |
147,845 |
|
Shutterfly (a) |
|
6,688,508 |
| |
|
|
Internet Photo-centric Retailer |
|
|
| |
73,931 |
|
Caseys General Stores |
|
6,661,183 |
| |
|
|
Owner/Operator of Convenience Stores |
|
|
| |
203,784 |
|
Michaels Stores (a) |
|
5,514,395 |
| |
|
|
Craft & Hobby Specialty Retailer |
|
|
| |
|
|
|
|
40,703,496 |
| |
|
|
> Consumer Goods Distribution 2.5% |
|
|
| |
260,000 |
|
Pool |
|
18,137,600 |
| |
|
|
Swimming Pool Supplies & Equipment Distributor |
|
|
| |
134,000 |
|
United Natural Foods (a) |
|
10,323,360 |
| |
|
|
Distributor of Natural/Organic Foods to Grocery Stores |
|
|
| |
268,276 |
|
The Chefs Warehouse (a) |
|
6,017,431 |
| |
|
|
Distributor of Specialty Foods to Fine Dining Restaurants |
|
|
| |
|
|
|
|
34,478,391 |
| |
|
|
> Other Durable Goods 2.2% |
|
|
| |
187,000 |
|
Cavco Industries (a) |
|
14,036,220 |
| |
|
|
Manufactured Homes |
|
|
| |
297,000 |
|
Select Comfort (a) |
|
10,237,590 |
| |
|
|
Specialty Mattresses |
|
|
| |
296,000 |
|
Gentex |
|
5,416,800 |
| |
|
|
Manufacturer of Auto Parts |
|
|
| |
|
|
|
|
29,690,610 |
| |
|
|
> Furniture & Textiles 1.5% |
|
|
| |
189,814 |
|
Caesarstone (Israel) |
|
11,523,608 |
| |
|
|
Quartz Countertops |
|
|
| |
357,000 |
|
Knoll |
|
8,364,510 |
| |
|
|
Office Furniture |
|
|
| |
|
|
|
|
19,888,118 |
| |
|
|
> Restaurants 0.7% |
|
|
| |
79,000 |
|
Papa Johns International |
|
4,882,990 |
| |
|
|
Franchisor of Pizza Restaurants |
|
|
| |
68,000 |
|
Fiesta Restaurant Group (a) |
|
4,148,000 |
| |
|
|
Owner/Operator of Two Restaurant Chains: Pollo Tropical & Taco Cabana |
|
|
| |
|
|
|
|
9,030,990 |
| |
|
|
> Other Consumer Services 0.7% |
|
|
| |
252,000 |
|
Blackhawk Network (a) |
|
8,958,600 |
| |
|
|
Third-party Distributor of Prepaid Content, Mostly Gift Cards |
|
|
|
Number of Shares |
|
|
|
Value |
| |
|
|
> Leisure Products 0.5% |
|
|
| |
359,668 |
|
Performance Sports Group (a) |
|
$ |
7,013,526 |
|
|
|
Sporting Goods Manufacturer |
|
|
| |
Consumer Goods & Services: Total |
|
199,602,621 |
| |||
|
|
|
| |||
Finance 12.7% |
|
|
| |||
|
|
> Banks 7.9% |
|
|
| |
733,000 |
|
MB Financial |
|
22,950,230 |
| |
|
|
Chicago Bank |
|
|
| |
140,000 |
|
SVB Financial Group (a) |
|
17,785,600 |
| |
|
|
Bank to Venture Capitalists |
|
|
| |
930,000 |
|
Associated Banc-Corp |
|
17,298,000 |
| |
|
|
Midwest Bank |
|
|
| |
392,597 |
|
Lakeland Financial |
|
15,931,586 |
| |
|
|
Indiana Bank |
|
|
| |
1,484,641 |
|
First Busey |
|
9,932,249 |
| |
|
|
Illinois Bank |
|
|
| |
228,000 |
|
Hancock Holding |
|
6,808,080 |
| |
|
|
Gulf Coast Bank |
|
|
| |
695,000 |
|
TrustCo Bank |
|
4,781,600 |
| |
|
|
New York State Bank |
|
|
| |
172,101 |
|
Sandy Spring Bancorp |
|
4,514,209 |
| |
|
|
Baltimore & Washington, D.C. Bank |
|
|
| |
379,000 |
|
First Commonwealth |
|
3,411,000 |
| |
|
|
Western Pennsylvania Bank |
|
|
| |
154,849 |
|
Guaranty Bancorp |
|
2,626,239 |
| |
|
|
Colorado Bank |
|
|
| |
|
|
|
|
106,038,793 |
| |
|
|
> Finance Companies 2.8% |
|
|
| |
495,208 |
|
CAI International (a) |
|
12,167,261 |
| |
|
|
International Container Leasing |
|
|
| |
135,125 |
|
World Acceptance (a)(b) |
|
9,853,315 |
| |
|
|
Personal Loans |
|
|
| |
418,543 |
|
Marlin Business Services |
|
8,383,416 |
| |
|
|
Small Equipment Leasing |
|
|
| |
227,000 |
|
McGrath Rentcorp |
|
7,470,570 |
| |
|
|
Mini-rental Conglomerate |
|
|
| |
|
|
|
|
37,874,562 |
| |
|
|
> Insurance 0.9% |
|
|
| |
515,590 |
|
Patriot National (a) |
|
6,547,993 |
| |
|
|
Underwriting, Claims Administration & Case Management Outsourcing for Workers Comp Insurers |
|
|
| |
135,000 |
|
Allied World Assurance Company Holdings |
|
5,454,000 |
| |
|
|
Commercial Lines Insurance/Reinsurance |
|
|
| |
|
|
|
|
12,001,993 |
| |
|
|
> Savings & Loans 0.6% |
|
|
| |
373,487 |
|
LegacyTexas |
|
8,489,359 |
| |
|
|
Texas Thrift |
|
|
| |
|
|
|
|
|
| |
|
|
> Brokerage & Money Management 0.5% |
|
|
| |
139,000 |
|
SEI Investments |
|
6,128,510 |
| |
|
|
Mutual Fund Administration & Investment Management |
|
|
| |
Finance: Total |
|
170,533,217 |
| |||
|
|
|
| |||
Health Care 12.5% |
|
|
| |||
|
|
> Biotechnology & Drug Delivery 5.2% |
|
|
| |
271,469 |
|
Synageva BioPharma (a)(b) |
|
26,476,371 |
| |
|
|
Biotech Focused on Orphan Diseases |
|
|
| |
286,800 |
|
Seattle Genetics (a) |
|
10,138,380 |
| |
|
|
Antibody-based Therapies for Cancer |
|
|
| |
154,000 |
|
Ultragenyx Pharmaceutical (a) |
|
9,561,860 |
| |
|
|
Biotech Focused on Ultra-Orphan Drugs |
|
|
| |
280,300 |
|
Celldex Therapeutics (a) |
|
7,811,961 |
| |
|
|
Biotech Developing Drugs for Cancer |
|
|
| |
17,800 |
|
Intercept Pharmaceuticals (a)(b) |
|
5,019,956 |
| |
|
|
Biotech Developing Drugs for Several Diseases |
|
|
| |
338,500 |
|
Sarepta Therapeutics (a)(b) |
|
4,495,280 |
| |
|
|
Biotech Focused on Rare Diseases |
|
|
| |
40,100 |
|
Alnylam Pharmaceuticals (a) |
|
4,187,242 |
| |
|
|
Biotech Developing Drugs Primarily for Rare Diseases |
|
|
| |
26,000 |
|
Agios Pharmaceuticals (a)(b) |
|
2,451,800 |
| |
|
|
Biotech Focused on Cancer & Orphan Diseases |
|
|
| |
|
|
|
|
70,142,850 |
| |
|
|
> Medical Supplies 3.3% |
|
|
| |
494,500 |
|
Cepheid (a) |
|
28,137,050 |
| |
|
|
Molecular Diagnostics |
|
|
| |
135,200 |
|
Bio-Techne |
|
13,559,208 |
| |
|
|
Maker of Consumables & Systems for the Life Science Market |
|
|
| |
86,300 |
|
VWR (a) |
|
2,242,937 |
| |
|
|
Distributor of Lab Supplies |
|
|
| |
|
|
|
|
43,939,195 |
| |
|
|
> Health Care Services 1.8% |
|
|
| |
184,500 |
|
Medidata Solutions (a) |
|
9,047,880 |
| |
|
|
Cloud-based Software for Drug Studies |
|
|
| |
154,200 |
|
HealthSouth |
|
6,840,312 |
| |
|
|
Inpatient Rehabilitation Facilities & Home Health Care |
|
|
| |
110,500 |
|
Envision Healthcare Holdings (a) |
|
4,237,675 |
| |
|
|
Provider of Health Care Outsourcing Services |
|
|
| |
343,600 |
|
Allscripts Healthcare Solutions (a) |
|
4,109,456 |
| |
|
|
Health Care IT |
|
|
| |
46,268 |
|
Castlight Health (a) |
|
359,040 |
| |
|
|
Provider of Cloud-based Software for Managing Health Care Costs |
|
|
| |
|
|
|
|
24,594,363 |
| |
|
|
> Pharmaceuticals 1.5% |
|
|
| |
442,117 |
|
Akorn (a) |
|
21,004,979 |
| |
|
|
Developer, Manufacturer & Distributor of Specialty Generic Drugs |
|
|
| |
|
|
|
|
|
| |
|
|
> Medical Equipment & Devices 0.7% |
|
|
| |
200,300 |
|
Wright Medical Group (a) |
|
5,167,740 |
| |
|
|
Foot & Ankle Replacement |
|
|
| |
Number of Shares |
|
|
|
Value |
| ||
|
|
> Medical Equipment & Devicescontinued |
|
|
| ||
61,200 |
|
Abaxis |
|
$ |
3,923,532 |
| |
|
|
Instruments & Tests for Vet & Medical Markets |
|
|
| ||
|
|
|
|
9,091,272 |
| ||
Health Care: Total |
|
168,772,659 |
| ||||
|
|
|
| ||||
Other Industries 6.2% |
|
|
| ||||
|
|
> Real Estate 4.3% |
|
|
| ||
611,000 |
|
Extra Space Storage |
|
41,285,270 |
| ||
|
|
Self Storage Facilities |
|
|
| ||
328,933 |
|
EdR |
|
11,637,649 |
| ||
|
|
Student Housing |
|
|
| ||
91,000 |
|
Post Properties |
|
5,180,630 |
| ||
|
|
Multifamily Properties |
|
|
| ||
|
|
|
|
58,103,549 |
| ||
|
|
> Transportation 1.9% |
|
|
| ||
468,091 |
|
Rush Enterprises, Class A (a) |
|
12,806,970 |
| ||
105,000 |
|
Rush Enterprises, Class B (a) |
|
2,595,600 |
| ||
|
|
Truck Sales & Service |
|
|
| ||
414,000 |
|
Heartland Express |
|
9,836,640 |
| ||
|
|
Regional Trucker |
|
|
| ||
|
|
|
|
25,239,210 |
| ||
Other Industries: Total |
|
83,342,759 |
| ||||
|
|
|
|
|
| ||
Energy & Minerals 2.4% |
|
|
| ||||
|
|
> Oil & Gas Producers 1.7% |
|
|
| ||
148,000 |
|
Carrizo Oil & Gas (a) |
|
7,348,200 |
| ||
|
|
Oil & Gas Producer |
|
|
| ||
89,000 |
|
SM Energy |
|
4,599,520 |
| ||
|
|
Oil & Gas Producer |
|
|
| ||
83,000 |
|
PDC Energy (a) |
|
4,485,320 |
| ||
|
|
Oil & Gas Producer in the United States |
|
|
| ||
77,000 |
|
Clayton Williams (a) |
|
3,898,510 |
| ||
|
|
Oil & Gas Producer |
|
|
| ||
159,000 |
|
Rosetta Resources (a) |
|
2,706,180 |
| ||
|
|
Oil & Gas Producer Exploring in Texas |
|
|
| ||
|
|
|
|
23,037,730 |
| ||
|
|
> Oil Services 0.4% |
|
|
| ||
137,000 |
|
Hornbeck Offshore (a) |
|
2,576,970 |
| ||
|
|
Supply Vessel Operator in Gulf of Mexico |
|
|
| ||
51,000 |
|
Gulfport Energy (a) |
|
2,341,410 |
| ||
|
|
Oil & Gas Producer Focused on Utica Shale in Ohio |
|
|
| ||
|
|
|
|
4,918,380 |
| ||
|
|
> Mining 0.3% |
|
|
| ||
39,000 |
|
Core Labs (Netherlands) (b) |
|
4,075,110 |
| ||
|
|
Oil & Gas Reservoir Consulting |
|
|
| ||
Energy & Minerals: Total |
|
32,031,220 |
| ||||
|
|
|
|
|
| ||
Total Equities: 94.3% |
|
1,269,515,443 |
(c) | ||||
|
|
|
|
|
| ||
Short-Term Investments 4.7% |
|
|
| ||||
64,164,090 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) |
|
64,164,090 |
| ||
|
|
|
|
|
| ||
Total Short-Term Investments: 4.7% |
|
64,164,090 |
| ||||
|
|
|
| ||||
Securities Lending Collateral 2.6% |
|
|
| ||||
34,441,850 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (d) |
|
34,441,850 |
| ||
|
|
|
|
|
| ||
Total Securities Lending Collateral: 2.6% |
|
34,441,850 |
| ||||
|
|
|
| ||||
Total Investments: 101.6% |
|
1,368,121,383 |
(f) | ||||
|
|
|
| ||||
Obligation to Return Collateral for Securities Loaned: (2.6)% |
|
(34,441,850 |
) | ||||
|
|
|
| ||||
Cash and Other Assets Less Liabilities: 1.0% |
|
12,248,583 |
| ||||
|
|
|
| ||||
Net Assets: 100.0% |
|
$ |
1,345,928,116 |
| |||
ADR - American Depositary Receipts
> Notes to Statement of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at March 31, 2015. The total market value of securities on loan at March 31, 2015 was $33,038,748.
(c) On March 31, 2015, the market value of foreign securities represented 1.16% of total net assets. The Funds foreign portfolio was diversified as follows:
Country |
|
Value |
|
Percentage |
| |
Israel |
|
$ |
11,523,608 |
|
0.86 |
|
Netherlands |
|
4,075,110 |
|
0.30 |
| |
Total Foreign Portfolio |
|
$ |
15,598,718 |
|
1.16 |
|
(d) Investment made with cash collateral received from securities lending activity.
> Notes to Statement of Investments
(e) At March 31, 2015, for federal income tax purposes, the cost of investments was approximately $754,158,142 and net unrealized appreciation was $613,963,241 consisting of gross unrealized appreciation of $641,020,566 and gross unrealized depreciation of $27,057,325.
(f) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2014.
Fair Value Measurements
Various inputs are used in determining the value of the Funds investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
· Level 1 quoted prices in active markets for identical securities
· Level 2 prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including managements own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee (the Committee) of the Funds Board of Trustees (the Board) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which the investment manager believes that available market quotations are unreliable, to review the appropriateness of the Trusts Portfolio Pricing Policy and the pricing procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Funds investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Funds securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table summarizes the inputs used, as of March 31, 2015, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Information |
|
$ |
320,678,251 |
|
$ |
|
|
$ |
|
|
$ |
320,678,251 |
|
Industrial Goods & Services |
|
294,554,716 |
|
|
|
|
|
294,554,716 |
| ||||
Consumer Goods & Services |
|
199,602,621 |
|
|
|
|
|
199,602,621 |
| ||||
Finance |
|
170,533,217 |
|
|
|
|
|
170,533,217 |
| ||||
Health Care |
|
168,772,659 |
|
|
|
|
|
168,772,659 |
| ||||
Other Industries |
|
83,342,759 |
|
|
|
|
|
83,342,759 |
| ||||
Energy & Minerals |
|
32,031,220 |
|
|
|
|
|
32,031,220 |
| ||||
Total Equities |
|
1,269,515,443 |
|
|
|
|
|
1,269,515,443 |
| ||||
Total Short-Term Investments |
|
64,164,090 |
|
|
|
|
|
64,164,090 |
| ||||
Total Securities Lending Collateral |
|
34,441,850 |
|
|
|
|
|
34,441,850 |
| ||||
Total Investments |
|
$ |
1,368,121,383 |
|
$ |
|
|
$ |
|
|
$ |
1,368,121,383 |
|
There were no transfers of financial assets between levels during the period.
COLUMBIA ACORN INTERNATIONAL SELECTSM
STATEMENT OF INVESTMENTS (UNAUDITED), MARCH 31, 2015
Number of Shares |
|
|
|
Value |
| |
|
|
Equities: 95.0% |
|
|
| |
Asia 43.5% |
|
|
| |||
|
|
> Japan 25.2% |
|
|
| |
297,400 |
|
Recruit Holdings |
|
$ |
9,279,314 |
|
|
|
Recruitment & Media Services |
|
|
| |
399,000 |
|
KDDI |
|
9,014,420 |
| |
|
|
Mobile & Fixed Line Communication Service Provider in Japan |
|
|
| |
132,000 |
|
Secom |
|
8,804,444 |
| |
|
|
Security Services |
|
|
| |
190,000 |
|
Japan Tobacco |
|
6,006,824 |
| |
|
|
Cigarettes |
|
|
| |
206,300 |
|
NGK Spark Plug |
|
5,537,919 |
| |
|
|
Automobile Parts |
|
|
| |
777,000 |
|
Seven Bank |
|
3,831,182 |
| |
|
|
ATM Processing Services |
|
|
| |
181,000 |
|
Park24 |
|
3,703,214 |
| |
|
|
Parking Lot Operator |
|
|
| |
2,560 |
|
Orix JREIT |
|
3,666,566 |
| |
|
|
Diversified REIT |
|
|
| |
1,600 |
|
Nippon Prologis REIT |
|
3,522,192 |
| |
|
|
Logistics REIT in Japan |
|
|
| |
133,000 |
|
Aeon Mall |
|
2,633,814 |
| |
|
|
Suburban Shopping Mall Developer, Owner & Operator |
|
|
| |
1,300 |
|
Japan Retail Fund |
|
2,583,207 |
| |
|
|
Largest Retail REIT in Japan |
|
|
| |
32,200 |
|
Rinnai |
|
2,386,372 |
| |
|
|
Gas Appliances for Home & Commercial Use |
|
|
| |
|
|
|
|
60,969,468 |
| |
|
|
> Singapore 11.3% |
|
|
| |
2,036,000 |
|
Singapore Exchange |
|
12,072,185 |
| |
|
|
Singapore Equity & Derivatives Market Operator |
|
|
| |
6,491,000 |
|
CapitaMall Trust |
|
10,391,560 |
| |
|
|
Singapore Commercial Property Real Estate Investment Trust |
|
|
| |
2,650,000 |
|
Ascendas REIT |
|
4,998,516 |
| |
|
|
Industrial Property Landlord |
|
|
| |
|
|
|
|
27,462,261 |
| |
|
|
> Korea 7.0% |
|
|
| |
37,194 |
|
CJ Corp |
|
5,893,642 |
| |
|
|
Holding Company of Korean Consumer Conglomerate |
|
|
| |
23,200 |
|
Samsung Fire and Marine |
|
5,593,763 |
| |
|
|
Non-life Insurance |
|
|
| |
68,400 |
|
KT&G |
|
5,468,547 |
| |
|
|
Tobacco & Ginseng Products |
|
16,955,952 |
| |
Asia: Total |
|
105,387,681 |
| |||
Europe 29.8% |
|
|
| |||
|
|
> United Kingdom 7.4% |
|
|
| |
330,000 |
|
Babcock International |
|
4,813,996 |
| |
|
|
Public Sector Outsourcer |
|
|
| |
47,689 |
|
Whitbread |
|
3,703,048 |
| |
|
|
UK Hotelier & Coffee Shop |
|
|
| |
126,000 |
|
WH Smith |
|
2,421,010 |
| |
|
|
Newsprint, Books & General Stationery Retailer |
|
|
| |
155,000 |
|
Jardine Lloyd Thompson Group |
|
2,407,336 |
| |
|
|
International Business Insurance Broker |
|
|
| |
140,000 |
|
Smith & Nephew |
|
2,387,219 |
| |
|
|
Medical Equipment & Supplies |
|
|
| |
97,000 |
|
Aggreko |
|
2,194,188 |
| |
|
|
Temporary Power & Temperature Control Services |
|
|
| |
|
|
|
|
17,926,797 |
| |
|
|
> Germany 7.3% |
|
|
| |
1,305,500 |
|
Telefonica Deutschland |
|
7,507,185 |
| |
|
|
Mobile & Fixed-line Communications in Germany |
|
|
| |
56,000 |
|
MTU Aero Engines |
|
5,486,277 |
| |
|
|
Airplane Engine Components & Services |
|
|
| |
107,400 |
|
Wirecard |
|
4,526,394 |
| |
|
|
Online Payment Processing & Risk Management |
|
|
| |
|
|
|
|
17,519,856 |
| |
|
|
> Switzerland 3.7% |
|
|
| |
21,040 |
|
Partners Group |
|
6,272,599 |
| |
|
|
Private Markets Asset Management |
|
|
| |
7,300 |
|
Geberit |
|
2,731,774 |
| |
|
|
Plumbing Supplies |
|
|
| |
|
|
|
|
9,004,373 |
| |
|
|
> Spain 3.2% |
|
|
| |
655,000 |
|
Distribuidora Internacional de Alimentación |
|
5,111,596 |
| |
|
|
Discount Retailer in Spain & Latin America |
|
|
| |
44,000 |
|
Viscofan |
|
2,688,334 |
| |
|
|
Sausage Casings Maker |
|
|
| |
|
|
|
|
7,799,930 |
| |
|
|
> Sweden 2.4% |
|
|
| |
120,000 |
|
Swedish Match |
|
3,528,322 |
| |
|
|
Swedish Snus |
|
|
| |
62,900 |
|
Hexagon |
|
2,233,270 |
| |
|
|
Design, Measurement & Visualization Software & Equipment |
|
|
| |
|
|
|
|
5,761,592 |
| |
|
|
> France 2.0% |
|
|
| |
145,081 |
|
Eutelsat |
|
4,812,519 |
| |
|
|
Fixed Satellite Services |
|
|
| |
|
|
|
|
|
| |
|
|
> Norway 1.6% |
|
|
| |
511,000 |
|
Orkla |
|
3,856,682 |
| |
|
|
Food & Brands, Aluminum, Chemicals Conglomerate |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Denmark 1.2% |
|
|
| |
65,500 |
|
Novozymes |
|
$ |
2,990,009 |
|
|
|
Industrial Enzymes |
|
|
| |
|
|
|
|
|
| |
|
|
> Netherlands 1.0% |
|
|
| |
44,000 |
|
Vopak |
|
2,428,225 |
| |
|
|
Operator of Petroleum & Chemical Storage Terminals |
|
|
| |
Europe: Total |
|
72,099,983 |
| |||
|
|
|
| |||
Other Countries 17.2% |
|
|
| |||
|
|
> Australia 7.2% |
|
|
| |
2,062,000 |
|
Challenger Financial |
|
11,193,490 |
| |
|
|
Annuity Provider in Australia |
|
|
| |
350,000 |
|
Amcor |
|
3,729,235 |
| |
|
|
Global Leader in Flexible & Rigid Packaging |
|
|
| |
514,000 |
|
IAG |
|
2,379,301 |
| |
|
|
General Insurance Provider |
|
|
| |
|
|
|
|
17,302,026 |
| |
|
|
> Canada 6.0% |
|
|
| |
67,000 |
|
CCL Industries |
|
7,538,194 |
| |
|
|
Global Label Converter |
|
|
| |
258,000 |
|
Goldcorp |
|
4,674,960 |
| |
|
|
Gold Mining |
|
|
| |
56,000 |
|
Vermilion Energy (a) |
|
2,354,428 |
| |
|
|
Canadian Exploration & Production Company |
|
|
| |
|
|
|
|
14,567,582 |
| |
|
|
> South Africa 4.0% |
|
|
| |
33,000 |
|
Naspers |
|
5,061,903 |
| |
|
|
Media in Africa, China, Russia & other Emerging Markets |
|
|
| |
569,000 |
|
Coronation Fund Managers |
|
4,599,210 |
| |
|
|
South African Fund Manager |
|
|
| |
|
|
|
|
9,661,113 |
| |
Other Countries: Total |
|
41,530,721 |
| |||
|
|
|
| |||
Latin America 4.5% |
|
|
| |||
|
|
> Guatemala 2.7% |
|
|
| |
588,000 |
|
Tahoe Resources |
|
|
6,443,835 |
|
|
|
Silver Project in Guatemala |
|
|
| |
|
|
|
|
|
| |
|
|
> Brazil 1.0% |
|
|
| |
12,057,582 |
|
Beadell Resources |
|
2,356,508 |
| |
|
|
Gold Mining in Brazil |
|
|
| |
|
|
|
|
|
| |
|
|
> Uruguay 0.8% |
|
|
| |
191,666 |
|
Union Agriculture Group (b)(c)(d) |
|
2,087,243 |
| |
|
|
Farmland Operator in Uruguay |
|
|
| |
Latin America: Total |
|
10,887,586 |
| |||
|
|
|
|
|
| |
Total Equities: 95.0% |
|
|
| |||
(Cost: $202,446,123) |
|
229,905,971 |
(e) | |||
|
|
|
| |||
Securities Lending Collateral 0.5% |
|
|
| |||
1,257,745 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (f) |
|
1,257,745 |
| |
Total Securities Lending Collateral: 0.5% (Cost: $1,257,745) |
|
1,257,745 |
| |||
|
|
|
| |||
Total Investments: 95.5% |
|
|
| |||
(Cost: $203,703,868)(g) |
|
231,163,716 |
(h) | |||
|
|
|
| |||
Obligation to Return Collateral for Securities Loaned: (0.5)% |
|
(1,257,745 |
) | |||
|
|
|
| |||
Cash and Other Assets Less Liabilities: 5.0% |
|
12,053,755 |
| |||
|
|
|
| |||
Net Assets: 100.0% |
|
$ |
241,959,726 |
|
REIT - Real Estate Investment Trust
> Notes to Statement of Investments
(a) All or a portion of this security was on loan at March 31, 2015. The total market value of securities on loan at March 31, 2015 was $1,197,778.
(b) Non-income producing security.
(c) Illiquid security.
(d) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. This security is valued at fair value determined in good faith under consistently applied procedures established by the Funds Board of Trustees. At March 31, 2015, the market value of this security amounted to $2,087,243, which represented 0.86% of total net assets. Additional information on this security is as follows:
Security |
|
Acquisition |
|
Shares/Units |
|
Cost |
|
Value |
| ||
Union Agriculture Group |
|
12/8/10-6/27/12 |
|
191,666 |
|
$ |
2,200,000 |
|
$ |
2,087,243 |
|
> Notes to Statement of Investments
(e) On March 31, 2015, the Funds total equity investments were denominated in currencies as follows:
Currency |
|
Value |
|
Percentage |
| |
Japanese Yen |
|
$ |
60,969,468 |
|
25.2 |
|
Euro |
|
32,560,529 |
|
13.5 |
| |
Singapore Dollar |
|
27,462,261 |
|
11.3 |
| |
Australian Dollar |
|
19,658,534 |
|
8.1 |
| |
British Pound |
|
17,926,797 |
|
7.4 |
| |
South Korean Won |
|
16,955,952 |
|
7.0 |
| |
Canadian Dollar |
|
16,336,457 |
|
6.8 |
| |
Other currencies less than 5% of total net assets |
|
38,035,973 |
|
15.7 |
| |
Total Equities |
|
$ |
229,905,971 |
|
95.0 |
|
(f) Investment made with cash collateral received from securities lending activity.
(g) At March 31, 2015, for federal income tax purposes, the cost of investments was approximately $203,703,868 and net unrealized appreciation was $27,459,848 consisting of gross unrealized appreciation of $43,885,109 and gross unrealized depreciation of $16,425,261.
(h) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2014.
At March 31, 2015, the Fund had entered into the following forward foreign currency exchange contract:
Forward Foreign |
|
Forward Foreign |
|
Principal Amount |
|
Principal Amount |
|
Settlement |
|
Unrealized |
| ||
USD |
|
ZAR |
|
110,534,400 |
|
$ |
9,000,000 |
|
4/15/15 |
|
$ |
(92,633 |
) |
The counterparty for all forward foreign currency exchange contracts is Morgan Stanley.
USD - U.S. Dollar
ZAR - South African Rand
Fair Value Measurements
Various inputs are used in determining the value of the Funds investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
· Level 1 quoted prices in active markets for identical securities
· Level 2 prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including managements own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee (the Committee) of the Funds Board of Trustees (the Board) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which the investment manager believes that available market quotations are unreliable, to review the appropriateness of the Trusts Portfolio Pricing Policy and the pricing procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Funds investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments and derivatives categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Funds securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models
> Notes to Statement of Investments
used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table summarizes the inputs used, as of March 31, 2015, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Asia |
|
$ |
|
|
$ |
105,387,681 |
|
$ |
|
|
$ |
105,387,681 |
|
Europe |
|
|
|
72,099,983 |
|
|
|
72,099,983 |
| ||||
Other Countries |
|
14,567,582 |
|
26,963,139 |
|
|
|
41,530,721 |
| ||||
Latin America |
|
6,443,835 |
|
2,356,508 |
|
2,087,243 |
|
10,887,586 |
| ||||
Total Equities |
|
21,011,417 |
|
206,807,311 |
|
2,087,243 |
|
229,905,971 |
| ||||
Total Securities Lending Collateral |
|
1,257,745 |
|
|
|
|
|
1,257,745 |
| ||||
Total Investments |
|
$ |
22,269,162 |
|
$ |
206,807,311 |
|
$ |
2,087,243 |
|
$ |
231,163,716 |
|
Unrealized Depreciation on: |
|
|
|
|
|
|
|
|
| ||||
Forward Foreign Currency Exchange Contracts |
|
|
|
(92,633 |
) |
|
|
(92,633 |
) | ||||
Total |
|
$ |
22,269,162 |
|
$ |
206,714,678 |
|
$ |
2,087,243 |
|
$ |
231,071,083 |
|
The Funds assets assigned to the Level 2 input category are generally valued using a market approach, in which a securitys value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements. Forward foreign currency exchange contracts are valued at the prevailing forward exchange rate of the underlying currencies.
There were no transfers of financial assets between levels during the period.
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
Certain securities classified as Level 3 are valued at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include, but are not limited to estimated earnings of the company and the position of the security within the companys capital structure. The Committee also may use some observable inputs, which may include, but are not limited to, trades of similar securities and market multiples derived from a set of comparable companies. Significant increases or decreases to any of these inputs could result in a significantly lower or higher fair value measurement.
COLUMBIA ACORN INTERNATIONAL SELECTSM
PORTFOLIO DIVERSIFICATION (UNAUDITED)
At March 31, 2015, the Funds portfolio investments as a percentage of net assets were diversified as follows:
|
|
Value |
|
Percentage |
| |
|
|
|
|
|
| |
> Information |
|
|
|
|
| |
Financial Processors |
|
$ |
16,598,580 |
|
6.9 |
|
Advertising |
|
9,279,314 |
|
3.8 |
| |
Mobile Communications |
|
9,014,420 |
|
3.7 |
| |
Telephone & Data Services |
|
7,507,185 |
|
3.1 |
| |
Internet Related |
|
5,061,903 |
|
2.1 |
| |
Satellite Broadcasting & Services |
|
4,812,519 |
|
2.0 |
| |
Business Software |
|
2,233,270 |
|
0.9 |
| |
|
|
54,507,191 |
|
22.5 |
| |
> Consumer Goods & Services |
|
|
|
|
| |
Nondurables |
|
19,013,566 |
|
7.8 |
| |
Other Durable Goods |
|
7,924,291 |
|
3.3 |
| |
Retail |
|
7,532,606 |
|
3.1 |
| |
Food & Beverage |
|
6,216,656 |
|
2.6 |
| |
Restaurants |
|
3,703,048 |
|
1.5 |
| |
|
|
44,390,167 |
|
18.3 |
| |
> Industrial Goods & Services |
|
|
|
|
| |
Other Industrial Services |
|
20,188,122 |
|
8.4 |
| |
Conglomerates |
|
9,750,325 |
|
4.0 |
| |
Industrial Materials & Specialty Chemicals |
|
6,719,244 |
|
2.8 |
| |
Outsourcing Services |
|
4,813,996 |
|
2.0 |
| |
Construction |
|
2,731,775 |
|
1.1 |
| |
|
|
44,203,462 |
|
18.3 |
| |
> Finance |
|
|
|
|
| |
Insurance |
|
21,573,889 |
|
8.9 |
| |
Brokerage & Money Management |
|
10,871,808 |
|
4.5 |
| |
Banks |
|
3,831,182 |
|
1.6 |
| |
|
|
36,276,879 |
|
15.0 |
| |
> Other Industries |
|
|
|
|
| |
Real Estate |
|
27,795,854 |
|
11.5 |
| |
|
|
27,795,854 |
|
11.5 |
| |
> Energy & Minerals |
|
|
|
|
| |
Mining |
|
13,475,304 |
|
5.6 |
| |
Oil Refining, Marketing & Distribution |
|
2,428,225 |
|
1.0 |
| |
Oil & Gas Producers |
|
2,354,427 |
|
1.0 |
| |
Agricultural Commodities |
|
2,087,243 |
|
0.8 |
| |
|
|
20,345,199 |
|
8.4 |
| |
> Health Care |
|
|
|
|
| |
Medical Equipment & Devices |
|
|
2,387,219 |
|
1.0 |
|
|
|
2,387,219 |
|
1.0 |
| |
|
|
|
|
|
| |
Total Equities: |
|
229,905,971 |
|
95.0 |
| |
Securities Lending Collateral: |
|
1,257,745 |
|
0.5 |
| |
Total Investments: |
|
231,163,716 |
|
95.5 |
| |
|
|
|
|
|
| |
Obligation to Return Collateral for Securities Loaned: |
|
(1,257,745 |
) |
(0.5 |
) | |
Cash and Other Assets Less Liabilities: |
|
12,053,755 |
|
5.0 |
| |
Net Assets: |
|
$ |
241,959,726 |
|
100.0 |
|
COLUMBIA ACORN SELECTSM
STATEMENT OF INVESTMENTS (UNAUDITED), MARCH 31, 2015
Number of Shares |
|
|
|
Value |
| |
Equities: 97.7% |
|
|
| |||
Industrial Goods & Services 27.7% |
|
|
| |||
|
|
> Machinery 18.3% |
|
|
| |
754,000 |
|
Ametek |
|
$ |
39,615,160 |
|
|
|
Aerospace/Industrial Instruments |
|
|
| |
764,000 |
|
Donaldson |
|
28,810,440 |
| |
|
|
Industrial Air Filtration |
|
|
| |
264,000 |
|
Nordson |
|
20,681,760 |
| |
|
|
Dispensing Systems for Adhesives & Coatings |
|
|
| |
163,000 |
|
Pall |
|
16,363,570 |
| |
|
|
Life Science, Water & Industrial Filtration |
|
|
| |
260,000 |
|
Kennametal |
|
8,759,400 |
| |
|
|
Consumable Cutting Tools |
|
|
| |
|
|
|
|
114,230,330 |
| |
|
|
> Other Industrial Services 4.3% |
|
|
| |
1,050,000 |
|
LKQ (a) |
|
26,838,000 |
| |
|
|
Alternative Auto Parts Distribution |
|
|
| |
|
|
|
|
|
| |
|
|
> Industrial Distribution 2.8% |
|
|
| |
167,000 |
|
Airgas |
|
17,720,370 |
| |
|
|
Industrial Gas Distributor |
|
|
| |
|
|
|
|
|
| |
|
|
> Outsourcing Services 2.3% |
|
|
| |
500,000 |
|
Quanta Services (a) |
|
14,265,000 |
| |
|
|
Electrical Transmission & Pipeline Contracting Services |
|
|
| |
Industrial Goods & Services: Total |
|
173,053,700 |
| |||
|
|
|
| |||
Information 27.5% |
|
|
| |||
|
|
> Business Software 6.6% |
|
|
| |
390,000 |
|
Solera Holdings |
|
20,147,400 |
| |
|
|
Software for Automotive Insurance Claims Processing |
|
|
| |
163,000 |
|
Ansys (a) |
|
14,374,970 |
| |
|
|
Simulation Software for Engineers & Designers |
|
|
| |
147,000 |
|
Informatica (a) |
|
6,446,685 |
| |
|
|
Enterprise Data Integration Software |
|
|
| |
|
|
|
|
40,969,055 |
| |
|
|
> Instrumentation 5.3% |
|
|
| |
59,500 |
|
Mettler-Toledo International (a) |
|
19,554,675 |
| |
|
|
Laboratory Equipment |
|
|
| |
525,000 |
|
Trimble Navigation (a) |
|
13,230,000 |
| |
|
|
GPS-based Instruments |
|
|
| |
|
|
|
|
32,784,675 |
| |
|
|
> Computer Hardware & Related Equipment 4.7% |
|
|
| |
495,000 |
|
Amphenol |
|
29,170,350 |
| |
|
|
Electronic Connectors |
|
|
| |
|
|
|
|
|
| |
|
|
> Computer Services 3.4% |
|
|
| |
875,000 |
|
WNS - ADR (a) |
|
21,280,000 |
| |
|
|
Offshore Business Process Outsourcing Services |
|
|
| |
|
|
|
|
|
| |
|
|
> Telecommunications Equipment 3.3% |
|
|
| |
181,000 |
|
F5 Networks (a) |
|
20,804,140 |
| |
|
|
Internet Traffic Management Equipment |
|
|
| |
|
|
|
|
|
| |
|
|
> Internet Related 1.3% |
|
|
| |
1,635,000 |
|
Vonage (a) |
|
8,027,850 |
| |
|
|
Business & Consumer Internet Telephony |
|
|
| |
|
|
|
|
|
| |
|
|
> Mobile Communications 1.1% |
|
|
| |
60,000 |
|
SBA Communications (a) |
|
7,026,000 |
| |
|
|
Communications Towers |
|
|
| |
|
|
|
|
|
| |
|
|
> Business Information & Marketing Services 1.1% |
|
|
| |
595,000 |
|
Bankrate (a) |
|
6,747,300 |
| |
|
|
Internet Advertising for the Insurance, Credit Card & Banking Markets |
|
|
| |
|
|
|
|
|
| |
|
|
> Semiconductors & Related Equipment 0.7% |
|
|
| |
535,000 |
|
Atmel |
|
4,403,050 |
| |
|
|
Microcontrollers, Radio Frequency & Memory Semiconductors |
|
|
| |
Information: Total |
|
171,212,420 |
| |||
|
|
|
| |||
Finance 12.0% |
|
|
| |||
|
|
> Brokerage & Money Management 6.6% |
|
|
| |
610,000 |
|
SEI Investments |
|
26,894,900 |
| |
|
|
Mutual Fund Administration & Investment Management |
|
|
| |
348,000 |
|
Eaton Vance |
|
14,490,720 |
| |
|
|
Specialty Mutual Funds |
|
|
| |
|
|
|
|
41,385,620 |
| |
|
|
> Banks 2.7% |
|
|
| |
915,000 |
|
Associated Banc-Corp |
|
17,019,000 |
| |
|
|
Midwest Bank |
|
|
| |
|
|
|
|
|
| |
|
|
> Insurance 2.7% |
|
|
| |
960,000 |
|
CNO Financial Group |
|
16,531,200 |
| |
|
|
Life, Long-term Care & Medical Supplement Insurance |
|
|
| |
Finance: Total |
|
74,935,820 |
| |||
|
|
|
| |||
Consumer Goods & Services 10.5% |
|
|
| |||
|
|
> Retail 4.5% |
|
|
| |
444,578 |
|
The Fresh Market (a) |
|
18,067,650 |
| |
|
|
Specialty Food Retailer |
|
|
| |
120,000 |
|
Fossil (a) |
|
9,894,000 |
| |
|
|
Watch Designer & Retailer |
|
|
| |
|
|
|
|
27,961,650 |
| |
|
|
> Travel 2.6% |
|
|
| |
157,080 |
|
Vail Resorts |
|
16,245,213 |
| |
|
|
Ski Resort Operator & Developer |
|
|
| |
|
|
|
|
|
| |
|
|
> Other Consumer Services 1.7% |
|
|
| |
294,000 |
|
Blackhawk Network (a) |
|
10,451,700 |
| |
|
|
Third-party Distributor of Prepaid Content, Mostly Gift Cards |
|
|
| |
|
|
|
|
|
| |
|
|
> Consumer Goods Distribution 1.6% |
|
|
| |
134,000 |
|
United Natural Foods (a) |
|
10,323,360 |
| |
|
|
Distributor of Natural/Organic Foods to Grocery Stores |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Food & Beverage 0.1% |
|
|
| |
1,315,000 |
|
GLG Life Tech (Canada) (a) |
|
$ |
327,050 |
|
|
|
Producer of an All-natural Sweetener Extracted from the Stevia Plant |
|
|
| |
Consumer Goods & Services: Total |
|
65,308,973 |
| |||
|
|
|
| |||
Health Care 8.1% |
|
|
| |||
|
|
> Medical Supplies 4.5% |
|
|
| |
243,000 |
|
Cepheid (a) |
|
13,826,700 |
| |
|
|
Molecular Diagnostics |
|
|
| |
325,000 |
|
VWR (a) |
|
8,446,750 |
| |
|
|
Distributor of Lab Supplies |
|
|
| |
41,000 |
|
Henry Schein (a) |
|
5,724,420 |
| |
|
|
Distributor of Dental, Vet & Medical Products |
|
|
| |
|
|
|
|
27,997,870 |
| |
|
|
> Biotechnology & Drug Delivery 3.6% |
|
|
| |
121,769 |
|
Synageva BioPharma (a)(b) |
|
11,876,131 |
| |
|
|
Biotech Focused on Orphan Diseases |
|
|
| |
91,000 |
|
Ultragenyx Pharmaceutical (a) |
|
5,650,190 |
| |
|
|
Biotech Focused on Ultra-Orphan Drugs |
|
|
| |
148,000 |
|
Seattle Genetics (a) |
|
5,231,800 |
| |
|
|
Antibody-based Therapies for Cancer |
|
|
| |
|
|
|
|
22,758,121 |
| |
Health Care: Total |
|
50,755,991 |
| |||
|
|
|
| |||
Energy & Minerals 6.7% |
|
|
| |||
|
|
> Agricultural Commodities 3.1% |
|
|
| |
1,742,424 |
|
Union Agriculture Group (Uruguay) (a)(c)(d) |
|
18,974,997 |
| |
|
|
Farmland Operator in Uruguay |
|
|
| |
|
|
|
|
|
| |
|
|
> Oil & Gas Producers 2.0% |
|
|
| |
106,000 |
|
Carrizo Oil & Gas (a) |
|
5,262,900 |
| |
|
|
Oil & Gas Producer |
|
|
| |
45,000 |
|
Cimarex Energy |
|
5,179,050 |
| |
|
|
Oil & Gas Producer in Texas, New Mexico & Oklahoma |
|
|
| |
22,500,000 |
|
Canadian Overseas Petroleum (Canada) (a)(d)(e) |
|
1,392,316 |
| |
|
|
Oil & Gas Exploration Offshore West Africa |
|
|
| |
16,000,000 |
|
Petromanas (Canada) (a)(b) |
|
631,637 |
| |
|
|
Exploring for Oil in Albania |
|
|
| |
3,036,000 |
|
Petrodorado Energy (Colombia) (a)(e) |
|
239,706 |
| |
|
|
Oil & Gas Exploration & Production in Colombia, Peru & Paraguay |
|
|
| |
|
|
|
|
12,705,609 |
| |
|
|
> Oil Services 0.8% |
|
|
| |
109,000 |
|
Gulfport Energy (a) |
|
5,004,190 |
| |
|
|
Oil & Gas Producer Focused on Utica Shale in Ohio |
|
|
| |
|
|
|
|
|
| |
|
|
> Mining 0.8% |
|
|
| |
47,000 |
|
Core Labs (Netherlands) (b) |
|
4,911,030 |
| |
|
|
Oil & Gas Reservoir Consulting |
|
|
| |
Energy & Minerals: Total |
|
41,595,826 |
| |||
|
|
|
| |||
Other Industries 5.2% |
|
|
| |||
|
|
> Real Estate 5.2% |
|
|
| |
166,000 |
|
Extra Space Storage |
|
11,216,620 |
| |
|
|
Self Storage Facilities |
|
|
| |
197,000 |
|
Post Properties |
|
11,215,210 |
| |
|
|
Multifamily Properties |
|
|
| |
275,000 |
|
EdR |
|
9,729,500 |
| |
|
|
Student Housing |
|
|
| |
|
|
|
|
32,161,330 |
| |
Other Industries: Total |
|
32,161,330 |
| |||
|
|
|
| |||
Total Equities: 97.7% |
|
609,024,060 |
(f) | |||
|
|
|
|
|
| |
Short-Term Investments 2.6% |
|
|
| |||
16,316,617 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) |
|
16,316,617 |
| |
Total Short-Term Investments: 2.6% (Cost: $16,316,617) |
|
16,316,617 |
| |||
|
|
|
|
|
| |
Securities Lending Collateral 1.0% |
|
|
| |||
6,411,300 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g) |
|
6,411,300 |
| |
Total Securities Lending Collateral: 1.0% (Cost: $6,411,300) |
|
6,411,300 |
| |||
|
|
|
| |||
Total Investments: 101.3% |
|
|
| |||
(Cost: $458,298,712)(h) |
|
631,751,977 |
(i) | |||
|
|
|
| |||
Obligation to Return Collateral for Securities Loaned: (1.0)% |
|
(6,411,300 |
) | |||
|
|
|
| |||
Cash and Other Assets Less Liabilities: (0.3)% |
|
(1,843,478 |
) | |||
|
|
|
| |||
Net Assets: 100.0% |
|
$ |
623,497,199 |
|
ADR - American Depositary Receipts
> Notes to Statement of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at March 31, 2015. The total market value of securities on loan at March 31, 2015 was $6,198,822.
(c) Illiquid security.
(d) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Funds Board of Trustees. At March 31, 2015, the market value of these securities amounted to $20,367,313, which represented 3.27% 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 |
|
$ |
18,974,997 |
|
Canadian Overseas Petroleum |
|
11/24/10 |
|
22,500,000 |
|
9,596,330 |
|
1,392,316 |
| ||
|
|
|
|
|
|
$ |
29,596,330 |
|
$ |
20,367,313 |
|
(e) An affiliated person of the Fund, as defined in the Investment Company Act of 1940, may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies during the period ended March 31, 2015, are as follows:
Security |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
Canadian Overseas Petroleum |
|
22,500,000 |
|
|
|
|
|
22,500,000 |
|
$ |
1,392,316 |
|
$ |
|
|
Petrodorado Energy |
|
3,370,000 |
|
|
|
334,000 |
|
3,036,000 |
|
239,706 |
|
|
| ||
Total of Affiliated Transactions |
|
25,870,000 |
|
|
|
334,000 |
|
25,536,000 |
|
$ |
1,632,022 |
|
$ |
|
|
The aggregate cost and value of these companies at March 31, 2015, was $20,784,680 and $1,632,022, respectively. Investments in affiliated companies represented 0.26% of the Funds total net assets at March 31, 2015.
(f) On March 31, 2015, the market value of foreign securities represented 4.25% of total net assets. The Funds foreign portfolio was diversified as follows:
Country |
|
Value |
|
Percentage |
| |
Uruguay |
|
$ |
18,974,997 |
|
3.04 |
|
Netherlands |
|
4,911,030 |
|
0.79 |
| |
Canada |
|
2,351,003 |
|
0.38 |
| |
Colombia |
|
239,706 |
|
0.04 |
| |
Total Foreign Portfolio |
|
$ |
26,476,736 |
|
4.25 |
|
(g) Investment made with cash collateral received from securities lending activity.
(h) At March 31, 2015, for federal income tax purposes, the cost of investments was approximately $458,298,712 and net unrealized appreciation was $173,453,265 consisting of gross unrealized appreciation of $208,526,283 and gross unrealized depreciation of $35,073,018.
(i) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2014.
Fair Value Measurements
Various inputs are used in determining the value of the Funds investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
· Level 1 quoted prices in active markets for identical securities
· Level 2 prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including managements own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee (the Committee) of the Funds Board of Trustees (the Board) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which the investment manager believes that available market quotations are unreliable, to review the appropriateness of the Trusts Portfolio Pricing Policy and the pricing
> Notes to Statement of Investments
procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Funds investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Funds securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table summarizes the inputs used, as of March 31, 2015, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Industrial Goods & Services |
|
$ |
173,053,700 |
|
$ |
|
|
$ |
|
|
$ |
173,053,700 |
|
Information |
|
171,212,420 |
|
|
|
|
|
171,212,420 |
| ||||
Finance |
|
74,935,820 |
|
|
|
|
|
74,935,820 |
| ||||
Consumer Goods & Services |
|
65,308,973 |
|
|
|
|
|
65,308,973 |
| ||||
Health Care |
|
50,755,991 |
|
|
|
|
|
50,755,991 |
| ||||
Energy & Minerals |
|
21,228,513 |
|
1,392,316 |
|
18,974,997 |
|
41,595,826 |
| ||||
Other Industries |
|
32,161,330 |
|
|
|
|
|
32,161,330 |
| ||||
Total Equities |
|
588,656,747 |
|
1,392,316 |
|
18,974,997 |
|
609,024,060 |
| ||||
Total Short-Term Investments |
|
16,316,617 |
|
|
|
|
|
16,316,617 |
| ||||
Total Securities Lending Collateral |
|
6,411,300 |
|
|
|
|
|
6,411,300 |
| ||||
Total Investments |
|
$ |
611,384,664 |
|
$ |
1,392,316 |
|
$ |
18,974,997 |
|
$ |
631,751,977 |
|
The Funds assets assigned to the Level 2 input category are generally valued using a market approach, in which a securitys value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Securities acquired via private placement that have a holding period or an extended settlement period are valued at a discount to the same shares that are trading freely on the market. These discounts are determined by the investment managers experience with similar securities or situations. Factors may include, but are not limited to, trade volume, shares outstanding and stock price.
There were no transfers of financial assets between levels during the period.
The following table reconciles asset balances for the period ending March 31, 2015, in which significant observable and/or unobservable inputs (Level 3) were used in determining value:
Investments in Securities |
|
Balance as |
|
Realized |
|
Change |
|
Purchases |
|
Sales |
|
Transfers |
|
Transfers |
|
Balance as |
| ||||||||
Equities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Energy & Minerals |
|
$ |
15,908,331 |
|
$ |
|
|
$ |
3,066,666 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
18,974,997 |
|
The information in the above reconciliation table represents fiscal year to date activity for any securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.
The change in unrealized appreciation attributed to securities owned at March 31, 2015, which were valued using significant unobservable inputs (Level 3), amounted to $3,066,666.
> 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 |
|
$ |
18,974,997 |
|
Market comparable companies |
|
Discount for lack of marketability |
|
7% to 23% |
|
Certain securities classified as Level 3 are valued at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include, but are not limited to estimated earnings of the company and the position of the security within the companys capital structure. The Committee also may use some observable inputs, which may include, but are not limited to, trades of similar securities and market multiples derived from a set of comparable companies. Significant increases or decreases to any of these inputs could result in a significantly lower or higher fair value measurement.
COLUMBIA THERMOSTAT FUNDSM
STATEMENT OF INVESTMENTS (UNAUDITED), MARCH 31, 2015
Number of Shares |
|
|
|
Value |
| |
|
|
> Affiliated Bond Funds 89.7% |
|
|
| |
44,390,962 |
|
Columbia Short Term Bond Fund, Class I (a) |
|
$ |
442,133,980 |
|
29,765,306 |
|
Columbia Intermediate Bond Fund, Class I (a) |
|
277,115,001 |
| |
21,998,052 |
|
Columbia Income Opportunities Fund, Class I (a) |
|
221,740,366 |
| |
29,925,334 |
|
Columbia U.S. Government Mortgage Fund, Class I (a) |
|
166,085,604 |
| |
Total Affiliated Bond Funds: (Cost: $1,092,874,322) |
|
1,107,074,951 |
| |||
|
|
> Affiliated Stock Funds 9.9% |
|
|
| |
562,762 |
|
Columbia Acorn International, Class I (a) |
|
24,530,805 |
| |
1,296,966 |
|
Columbia Dividend Income Fund, Class I (a) |
|
24,357,023 |
| |
551,616 |
|
Columbia Acorn Fund, Class I (a)(b) |
|
18,374,326 |
| |
831,211 |
|
Columbia Contrarian Core Fund, Class I (a) |
|
18,203,519 |
| |
533,606 |
|
Columbia Acorn Select, Class I (a)(b) |
|
12,288,941 |
| |
564,010 |
|
Columbia Large Cap Enhanced Core Fund, Class I (a) |
|
12,182,612 |
| |
634,659 |
|
Columbia Select Large Cap Growth Fund, Class I (a)(b) |
|
12,064,869 |
| |
Total Affiliated Stock Funds: |
|
122,002,095 |
| |||
|
|
> Short-Term Investments 0.3% |
|
|
| |
4,155,573 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) |
|
|
4,155,573 |
|
Total Short-Term Investments: (Cost: $4,155,573) |
|
4,155,573 |
| |||
Total Investments: 99.9% |
|
|
| |||
(Cost: $1,185,204,229)(c) |
|
1,233,232,619 |
(d) | |||
|
|
|
| |||
Cash and Other Assets Less Liabilities: 0.1% |
|
1,228,809 |
| |||
|
|
|
| |||
Net Assets: 100.0% |
|
$ |
1,234,461,428 |
|
> Notes to Statement of Investments
(a) An affiliated person of the Fund, as defined in the Investment Company Act of 1940, may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies during the period ended March 31, 2015, are as follows:
Security |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
Columbia Short Term Bond Fund, Class I |
|
42,849,246 |
|
2,448,736 |
|
907,020 |
|
44,390,962 |
|
$ |
442,133,980 |
|
$ |
1,205,740 |
|
Columbia Intermediate Bond Fund, Class I |
|
28,994,280 |
|
1,711,274 |
|
940,248 |
|
29,765,306 |
|
277,115,001 |
|
2,018,327 |
| ||
Columbia Income Opportunities Fund, Class I |
|
21,780,174 |
|
1,364,586 |
|
1,146,708 |
|
21,998,052 |
|
221,740,366 |
|
2,647,214 |
| ||
Columbia U.S. Government Mortgage Fund, Class I |
|
28,883,507 |
|
1,814,285 |
|
772,458 |
|
29,925,334 |
|
166,085,604 |
|
1,207,571 |
| ||
Columbia Acorn International, Class I |
|
898,450 |
|
|
|
335,688 |
|
562,762 |
|
24,530,805 |
|
|
| ||
Columbia Dividend Income Fund, Class I |
|
1,962,468 |
|
8,696 |
|
674,198 |
|
1,296,966 |
|
24,357,023 |
|
166,261 |
| ||
Columbia Acorn Fund, Class I |
|
879,308 |
|
|
|
327,692 |
|
551,616 |
|
18,374,326 |
|
|
| ||
Columbia Contrarian Core Fund, Class I |
|
1,291,662 |
|
|
|
460,451 |
|
831,211 |
|
18,203,519 |
|
|
| ||
Columbia Acorn Select, Class I |
|
836,113 |
|
|
|
302,507 |
|
533,606 |
|
12,288,941 |
|
|
| ||
Columbia Large Cap Enhanced Core Fund, Class I |
|
870,296 |
|
|
|
306,286 |
|
564,010 |
|
12,182,612 |
|
|
| ||
Columbia Select Large Cap Growth Fund, Class I |
|
1,023,561 |
|
|
|
388,902 |
|
634,659 |
|
12,064,869 |
|
|
| ||
Total of Affiliated Transactions |
|
130,269,065 |
|
7,347,577 |
|
6,562,158 |
|
131,054,484 |
|
$ |
1,229,077,046 |
|
$ |
7,245,113 |
|
The aggregate cost and value of these companies at March 31, 2015, was $1,181,048,656 and $1,229,077,046 respectively. Investments in affiliated companies represented 99.56% of the Funds total net assets at March 31, 2015.
(b) Non-income producing security.
(c) At March 31, 2015, for federal income tax purposes, the cost of investments was approximately $1,185,204,229 and net unrealized appreciation was $48,028,390 consisting of gross unrealized appreciation of $48,654,804 and gross unrealized depreciation of $626,414.
(d) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2014.
> Notes to Statement of Investments
Fair Value Measurements
Various inputs are used in determining the value of the Funds investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
· Level 1 quoted prices in active markets for identical securities
· Level 2 prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including managements own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include 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 Trusts Portfolio Pricing Policy and the pricing procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Funds investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Funds securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table summarizes the inputs used, as of March 31, 2015, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Total Affiliated Bond Funds |
|
$ |
1,107,074,951 |
|
$ |
|
|
$ |
|
|
$ |
1,107,074,951 |
|
Total Affiliated Stock Funds |
|
122,002,095 |
|
|
|
|
|
122,002,095 |
| ||||
Total Short-Term Investments |
|
4,155,573 |
|
|
|
|
|
4,155,573 |
| ||||
Total Investments |
|
$ |
1,233,232,619 |
|
$ |
|
|
$ |
|
|
$ |
1,233,232,619 |
|
There were no transfers of financial assets between levels during the period.
COLUMBIA ACORN EMERGING MARKETS FUNDSM
STATEMENT OF INVESTMENTS (UNAUDITED), MARCH 31, 2015
Number of Shares |
|
|
|
Value |
| |
Equities: 97.1% |
|
|
| |||
Asia 65.6% |
|
|
| |||
|
|
> Taiwan 11.3% |
|
|
| |
1,240,000 |
|
President Chain Store |
|
$ |
9,320,016 |
|
|
|
Convenience Chain Store Operator in Taiwan |
|
|
| |
570,000 |
|
PChome Online |
|
7,402,954 |
| |
|
|
Taiwanese Internet Retail Company |
|
|
| |
420,000 |
|
St. Shine Optical |
|
6,760,821 |
| |
|
|
Disposable Contact Lens Original Equipment Manufacturer |
|
|
| |
2,050,990 |
|
Chroma Ate |
|
5,089,432 |
| |
|
|
Automatic Test Systems, Testing & Measurement Instruments |
|
|
| |
2,814,000 |
|
Vanguard International Semiconductor |
|
4,776,686 |
| |
|
|
Semiconductor Foundry |
|
|
| |
55,000 |
|
Largan Precision |
|
4,728,239 |
| |
|
|
Mobile Device Camera Lenses & Modules |
|
|
| |
598,988 |
|
Advantech |
|
4,554,748 |
| |
|
|
Industrial PC & Components |
|
|
| |
360,000 |
|
Ginko International |
|
4,135,832 |
| |
|
|
Contact Lens Maker in China |
|
|
| |
404,000 |
|
Voltronic Power |
|
3,999,827 |
| |
|
|
Uninterruptible Power Supply Products |
|
|
| |
|
|
|
|
50,768,555 |
| |
|
|
> China 11.3% |
|
|
| |
31,000,000 |
|
AMVIG Holdings |
|
13,835,269 |
| |
|
|
Chinese Tobacco Packaging Material Supplier |
|
|
| |
126,580 |
|
BitAuto - ADR (a) |
|
6,440,390 |
| |
|
|
Automotive Information Website for Buyers & Dealers |
|
|
| |
11,951,000 |
|
Sihuan Pharmaceuticals (b) |
|
6,337,233 |
| |
|
|
Chinese Generic Drug Manufacturer |
|
|
| |
11,330,000 |
|
NewOcean Energy |
|
5,602,784 |
| |
|
|
Southern China Liquefied Petroleum Gas Distributor |
|
|
| |
3,128,000 |
|
China Everbright International |
|
5,246,275 |
| |
|
|
Private Municipal Waste Operator |
|
|
| |
4,925,000 |
|
Sino Biopharmaceutical |
|
4,982,540 |
| |
|
|
Pharmaceutical Developer |
|
|
| |
121,000 |
|
WuXi PharmaTech - ADR (a) |
|
4,692,380 |
| |
|
|
Contract Research Organization in China |
|
|
| |
2,146,000 |
|
Xinhua Winshare Publishing |
|
2,091,010 |
| |
|
|
Sichuan Publisher, Distributor & Retailer |
|
|
| |
257,000 |
|
Phoenix New Media - ADR (a) |
|
1,457,190 |
| |
|
|
Internet Advertising |
|
|
| |
|
|
|
|
50,685,071 |
| |
|
|
> India 10.8% |
|
|
| |
2,422,982 |
|
Zee Entertainment Enterprises |
|
13,230,862 |
| |
|
|
Indian Programmer of Pay Television Content |
|
|
| |
1,737,269 |
|
Adani Ports & Special Economic Zone |
|
8,554,109 |
| |
|
|
Indian West Coast Shipping Port |
|
|
| |
17,632 |
|
Bosch |
|
7,162,357 |
| |
|
|
Automotive Parts |
|
|
| |
190,350 |
|
Colgate Palmolive India |
|
6,124,490 |
| |
|
|
Consumer Products in Oral Care |
|
|
| |
353,739 |
|
United Breweries |
|
5,653,091 |
| |
|
|
Indian Brewer |
|
|
| |
730,342 |
|
Bharti Infratel |
|
4,493,066 |
| |
|
|
Communications Towers |
|
|
| |
140,070 |
|
Container Corporation of India |
|
3,543,540 |
| |
|
|
Railway Cargo Services |
|
|
| |
|
|
|
|
48,761,515 |
| |
|
|
> Indonesia 8.5% |
|
|
| |
61,839,700 |
|
MNC Sky Vision (a) |
|
7,803,863 |
| |
|
|
Satellite Pay TV Operator in Indonesia |
|
|
| |
4,248,600 |
|
Matahari Department Store |
|
6,389,108 |
| |
|
|
Department Store Chain in Indonesia |
|
|
| |
11,800,000 |
|
Link Net (a) |
|
5,392,352 |
| |
|
|
Fixed Broadband & CATV Service Provider |
|
|
| |
2,300,000 |
|
Mayora Indah |
|
5,078,375 |
| |
|
|
Consumer Branded Food Manufacturer |
|
|
| |
6,744,300 |
|
Tower Bersama Infrastructure |
|
4,887,361 |
| |
|
|
Communications Towers |
|
|
| |
82,889,190 |
|
Ace Indonesia |
|
4,657,585 |
| |
|
|
Home Improvement Retailer |
|
|
| |
66,827,700 |
|
Arwana Citramulia |
|
4,139,995 |
| |
|
|
Ceramic Tiles for Home Decoration |
|
|
| |
|
|
|
|
38,348,639 |
| |
|
|
> Philippines 5.6% |
|
|
| |
41,313,300 |
|
Melco Crown (Philippines) Resorts (a)(c) |
|
8,463,391 |
| |
|
|
Integrated Resort Operator in Manila |
|
|
| |
56,400,000 |
|
RFM Corporation |
|
6,677,236 |
| |
|
|
Flour, Bread, Pasta & Ice Cream Manufacturer/Distributor in the Philippines |
|
|
| |
5,613,200 |
|
Puregold Price Club |
|
5,215,288 |
| |
|
|
Supermarket Operator in the Philippines |
|
|
| |
2,636,090 |
|
Robinsons Retail Holdings |
|
4,953,726 |
| |
|
|
Multi-format Retailer in the Philippines |
|
|
| |
|
|
|
|
25,309,641 |
| |
|
|
> Korea 4.3% |
|
|
| |
256,088 |
|
Koh Young Technology |
|
10,252,917 |
| |
|
|
Inspection Systems for Printed Circuit Boards |
|
|
| |
421,000 |
|
The Basic House (a) |
|
5,868,287 |
| |
|
|
Casual & Formal Apparel in China |
|
|
| |
98,149 |
|
Grand Korea Leisure |
|
3,341,148 |
| |
|
|
Foreigner Only Casino Group in Korea |
|
|
| |
|
|
|
|
19,462,352 |
| |
|
|
> Hong Kong 4.1% |
|
|
| |
5,817,000 |
|
Melco International |
|
9,788,675 |
| |
|
|
Macau Casino Operator |
|
|
| |
3,698,000 |
|
Vitasoy International |
|
5,781,218 |
| |
|
|
Hong Kong Soy Food Brand |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Hong Kongcontinued |
|
|
| |
5,583,799 |
|
Sa Sa International (c) |
|
$ |
2,729,928 |
|
|
|
Cosmetics Retailer |
|
|
| |
|
|
|
|
18,299,821 |
| |
|
|
> Thailand 3.6% |
|
|
| |
3,737,700 |
|
Robinson Department Store |
|
5,454,294 |
| |
|
|
Department Store Operator in Thailand |
|
|
| |
10,016,800 |
|
Samui Airport Property Fund |
|
5,294,682 |
| |
|
|
Thai Airport Operator |
|
|
| |
21,126,235 |
|
Home Product Center |
|
5,291,298 |
| |
|
|
Home Improvement Retailer |
|
|
| |
|
|
|
|
16,040,274 |
| |
|
|
> Malaysia 2.0% |
|
|
| |
12,777,900 |
|
7-Eleven Malaysia Holdings |
|
5,520,357 |
| |
|
|
Exclusive 7-Eleven Franchisor for Malaysia |
|
|
| |
4,006,700 |
|
Aeon |
|
3,198,692 |
| |
|
|
Shopping Center & Department Store Operator |
|
|
| |
114,500 |
|
Astro Malaysia Holdings |
|
98,773 |
| |
|
|
Largest Pay TV Operator in Malaysia |
|
|
| |
|
|
|
|
8,817,822 |
| |
|
|
> Cambodia 1.7% |
|
|
| |
11,570,000 |
|
Nagacorp |
|
7,681,991 |
| |
|
|
Casino & Entertainment Complex in Cambodia |
|
|
| |
|
|
> Japan 1.3% |
|
|
| |
310,760 |
|
Kansai Paint |
|
5,655,759 |
| |
|
|
Paint Producer in Japan, India, China & Southeast Asia |
|
|
| |
|
|
> Singapore 1.1% |
|
|
| |
1,829,000 |
|
Petra Foods |
|
5,089,850 |
| |
|
|
Chocolate Manufacturer in Southeast Asia |
|
|
| |
Asia: Total |
|
294,921,290 |
| |||
|
|
|
| |||
Europe 11.9% |
|
|
| |||
|
|
> United Kingdom 3.0% |
|
|
| |
10,175,965 |
|
Cable and Wireless |
|
9,176,568 |
| |
|
|
Telecommunications Service Provider in the Caribbean |
|
|
| |
580,790 |
|
PureCircle (a)(c) |
|
4,458,490 |
| |
|
|
Natural Sweeteners |
|
|
| |
|
|
|
|
13,635,058 |
| |
|
|
> Kazakhstan 2.1% |
|
|
| |
1,268,483 |
|
Halyk Savings Bank of Kazakhstan - GDR |
|
9,374,090 |
| |
|
|
Retail Bank & Insurer in Kazakhstan |
|
|
| |
|
|
> Sweden 1.6% |
|
|
| |
207,455 |
|
Hexagon |
|
7,365,708 |
| |
|
|
Design, Measurement & Visualization Software & Equipment |
|
|
| |
|
|
> France 1.5% |
|
|
| |
200,000 |
|
Eutelsat |
|
6,634,251 |
| |
|
|
Fixed Satellite Services |
|
|
| |
|
|
> Spain 1.5% |
|
|
| |
1,148,390 |
|
Prosegur |
|
6,539,914 |
| |
|
|
Security Guards |
|
|
| |
|
|
> Finland 1.2% |
|
|
| |
290,000 |
|
Tikkurila |
|
5,530,066 |
| |
|
|
Decorative & Industrial Paint in Scandinavia, Central & Eastern Europe |
|
|
| |
|
|
> Italy 1.0% |
|
|
| |
270,882 |
|
Pirelli |
|
4,483,836 |
| |
|
|
Global Tire Supplier |
|
|
| |
Europe: Total |
|
53,562,923 |
| |||
|
|
|
| |||
Latin America 10.3% |
|
|
| |||
|
|
> Brazil 3.7% |
|
|
| |
677,970 |
|
Localiza Rent A Car |
|
7,770,564 |
| |
|
|
Car Rental |
|
|
| |
1,430,100 |
|
Odontoprev |
|
4,906,580 |
| |
|
|
Dental Insurance |
|
|
| |
280,000 |
|
Linx |
|
4,084,786 |
| |
|
|
Retail Management Software in Brazil |
|
|
| |
335,646 |
|
Beadell Resources |
|
65,598 |
| |
|
|
Gold Mining in Brazil |
|
|
| |
|
|
|
|
16,827,528 |
| |
|
|
> Mexico 3.2% |
|
|
| |
40,525 |
|
Grupo Aeroportuario del Sureste - ADR (a) |
|
5,447,370 |
| |
|
|
Mexican Airport Operator |
|
|
| |
2,500,000 |
|
Qualitas (a) |
|
4,523,552 |
| |
|
|
Auto Insurer in Mexico & Central America |
|
|
| |
2,747,000 |
|
Hoteles City Express (a) |
|
4,178,084 |
| |
|
|
Leading Budget Hotel Operator in Mexico |
|
|
| |
|
|
|
|
14,149,006 |
| |
|
|
> Chile 1.8% |
|
|
| |
1,943,078 |
|
Forus |
|
8,010,335 |
| |
|
|
Multi-brand Latin American Wholesaler & Retailer |
|
|
| |
|
|
> Colombia 1.6% |
|
|
| |
6,047,782 |
|
Isagen |
|
7,094,514 |
| |
|
|
Colombian Electricity Provider |
|
|
| |
Latin America: Total |
|
46,081,383 |
| |||
|
|
|
| |||
Other Countries 9.3% |
|
|
| |||
|
|
> South Africa 7.1% |
|
|
| |
1,955,513 |
|
Coronation Fund Managers |
|
15,806,352 |
| |
|
|
South African Fund Manager |
|
|
| |
2,599,148 |
|
Rand Merchant Insurance |
|
9,897,360 |
| |
|
|
Directly Sold Property & Casualty Insurance; Holdings in other Insurers |
|
|
| |
288,041 |
|
Mr. Price |
|
6,160,654 |
| |
|
|
South African Retailer of Apparel, Household & Sporting Goods |
|
|
| |
|
|
|
|
31,864,366 |
| |
|
|
> United States 1.2% |
|
|
| |
171,094 |
|
Bladex |
|
5,610,172 |
| |
|
|
Latin American Trade Financing House |
|
|
| |
Number of Shares |
|
|
|
Value |
| |
|
|
> Egypt 1.0% |
|
|
| |
593,000 |
|
Commercial International Bank of Egypt |
|
$ |
4,371,369 |
|
|
|
Leading Private Universal Bank in Egypt |
|
|
| |
Other Countries: Total |
|
41,845,907 |
| |||
|
|
|
|
|
| |
Total Equities: 97.1% |
|
|
| |||
(Cost: $423,179,204) |
|
436,411,503 |
(d) | |||
|
|
|
| |||
Short-Term Investments 2.3% |
|
|
| |||
10,363,888 |
|
JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%) |
|
10,363,888 |
| |
Total Short-Term Investments: 2.3% (Cost: $10,363,888) |
|
10,363,888 |
| |||
Securities Lending Collateral 0.6% |
|
|
| |||
2,592,411 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (e) |
|
2,592,411 |
| |
Total Securities Lending Collateral: 0.6% (Cost: $2,592,411) |
|
2,592,411 |
| |||
|
|
|
| |||
Total Investments: 100.0% |
|
|
| |||
(Cost: $436,135,503)(f) |
|
449,367,802 |
(g) | |||
|
|
|
| |||
Obligation to Return Collateral for Securities Loaned: (0.6)% |
|
(2,592,411 |
) | |||
|
|
|
| |||
Cash and Other Assets Less Liabilities: 0.6% |
|
2,533,169 |
| |||
|
|
|
| |||
Net Assets: 100.0% |
|
$ |
449,308,560 |
|
ADR - American Depositary Receipts
GDR - Global Depositary Receipts
> 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 March 31, 2015. The total market value of securities on loan at March 31, 2015 was $2,402,594.
(d) On March 31, 2015, the Funds total equity investments were denominated in currencies as follows:
Currency |
|
Value |
|
Percentage of |
| |
Hong Kong Dollar |
|
$ |
64,076,922 |
|
14.3 |
|
Taiwan Dollar |
|
50,768,556 |
|
11.3 |
| |
Indian Rupee |
|
48,761,515 |
|
10.9 |
| |
Indonesian Rupiah |
|
38,348,639 |
|
8.5 |
| |
U.S. Dollar |
|
33,021,593 |
|
7.3 |
| |
South African Rand |
|
31,864,366 |
|
7.1 |
| |
Philippines Peso |
|
25,309,641 |
|
5.6 |
| |
Euro |
|
23,188,067 |
|
5.2 |
| |
Other currencies less than 5% of total net assets |
|
121,072,204 |
|
26.9 |
| |
Total Equities |
|
$ |
436,411,503 |
|
97.1 |
|
(e) Investment made with cash collateral received from securities lending activity.
(f) At March 31, 2015, for federal income tax purposes, the cost of investments was approximately $436,135,503 and net unrealized appreciation was $13,232,299 consisting of gross unrealized appreciation of $57,882,801 and gross unrealized depreciation of $44,650,502.
(g) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2014.
Fair Value Measurements
Various inputs are used in determining the value of the Funds investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
· Level 1 quoted prices in active markets for identical securities
· Level 2 prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including managements own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
> Notes to Statement of Investments
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee (the Committee) of the Funds Board of Trustees (the Board) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which the investment manager believes that available market quotations are unreliable, to review the appropriateness of the Trusts Portfolio Pricing Policy and the pricing procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Funds investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Funds securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table summarizes the inputs used, as of March 31, 2015, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Asia |
|
$ |
12,589,960 |
|
$ |
275,994,097 |
|
$ |
6,337,233 |
|
$ |
294,921,290 |
|
Europe |
|
|
|
53,562,923 |
|
|
|
53,562,923 |
| ||||
Latin America |
|
46,015,785 |
|
65,598 |
|
|
|
46,081,383 |
| ||||
Other Countries |
|
5,610,172 |
|
36,235,735 |
|
|
|
41,845,907 |
| ||||
Total Equities |
|
64,215,917 |
|
365,858,353 |
|
6,337,233 |
|
436,411,503 |
| ||||
Total Short-Term Investments |
|
10,363,888 |
|
|
|
|
|
10,363,888 |
| ||||
Total Securities Lending Collateral |
|
2,592,411 |
|
|
|
|
|
2,592,411 |
| ||||
Total Investments |
|
$ |
77,172,216 |
|
$ |
365,858,353 |
|
$ |
6,337,233 |
|
$ |
449,367,802 |
|
The Funds assets assigned to the Level 2 input category are generally valued using a market approach, in which a securitys value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements.
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 |
| ||||
$ |
|
|
$ |
7,949,312 |
|
$ |
7,949,312 |
|
$ |
|
|
There were no transfers of financial assets between levels 1 and 2 during the period. Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.
> Notes to Statement of Investments
The following table reconciles asset balances for the period ending March 31, 2015, in which significant observable and/or unobservable inputs (Level 3) were used in determining value:
Investments in Securities |
|
Balance as |
|
Realized |
|
Change |
|
Purchases |
|
Sales |
|
Transfers |
|
Transfers |
|
Balance as |
| ||||||||
Equities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Asia |
|
$ |
|
|
$ |
|
|
$ |
(1,612,079 |
) |
$ |
|
|
$ |
|
|
$ |
7,949,312 |
|
$ |
|
|
$ |
6,337,233 |
|
The information in the above reconciliation table represents fiscal year to date activity for any securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.
The change in unrealized depreciation attributed to securities owned at March 31, 2015, which were valued using significant unobservable inputs (Level 3), amounted to $1,612,079.
Quantitative information pertaining to Level 3 unobservable fair value measurements
|
|
Fair Value at |
|
Valuation Technique(s) |
|
Unobservable Input(s) |
|
Range (Weighted |
| |
Equities |
|
|
|
|
|
|
|
|
| |
Asia |
|
$ |
6,337,233 |
|
Market comparable companies |
|
Discount for lack of marketability |
|
10 |
% |
Certain securities classified as Level 3 are valued at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include, but are not limited to estimated earnings of the company and the position of the security within the companys capital structure. The Committee also may use some observable inputs, which may include, but are not limited to, trades of similar securities or indicies. Significant increases or decreases to any of these inputs could result in a significantly lower or higher fair value measurement.
COLUMBIA ACORN EMERGING MARKETS FUNDSM
PORTFOLIO DIVERSIFICATION (UNAUDITED)
At March 31, 2015, the Funds portfolio investments as a percentage of net assets were diversified as follows:
|
|
Value |
|
Percentage |
| |
|
|
|
|
|
| |
> Consumer Goods & Services |
|
|
|
|
| |
Retail |
|
$ |
76,395,243 |
|
17.0 |
|
Food & Beverage |
|
32,738,260 |
|
7.3 |
| |
Casinos & Gaming |
|
29,275,205 |
|
6.5 |
| |
Travel |
|
11,948,647 |
|
2.6 |
| |
Consumer Goods Distribution |
|
6,124,490 |
|
1.4 |
| |
Apparel |
|
5,868,288 |
|
1.3 |
| |
Other Durable Goods |
|
4,483,836 |
|
1.0 |
| |
|
|
166,833,969 |
|
37.1 |
| |
> Information |
|
|
|
|
| |
Instrumentation |
|
15,342,349 |
|
3.4 |
| |
Satellite Broadcasting & Services |
|
14,536,887 |
|
3.2 |
| |
Entertainment Programming |
|
13,230,863 |
|
3.0 |
| |
Business Software |
|
11,450,495 |
|
2.5 |
| |
Mobile Communications |
|
9,380,427 |
|
2.1 |
| |
Telephone & Data Services |
|
9,176,568 |
|
2.0 |
| |
Computer Hardware & Related Equipment |
|
8,554,575 |
|
1.9 |
| |
Internet Related |
|
7,897,580 |
|
1.8 |
| |
Cable TV |
|
5,392,352 |
|
1.2 |
| |
Semiconductors & Related Equipment |
|
4,776,686 |
|
1.1 |
| |
Telecommunications Equipment |
|
4,728,239 |
|
1.1 |
| |
|
|
104,467,021 |
|
23.3 |
| |
> Industrial Goods & Services |
|
|
|
|
| |
Industrial Materials & Specialty Chemicals |
|
29,161,089 |
|
6.5 |
| |
Other Industrial Services |
|
8,554,109 |
|
1.9 |
| |
Machinery |
|
7,162,357 |
|
1.6 |
| |
Outsourcing Services |
|
6,539,914 |
|
1.4 |
| |
Waste Management |
|
5,246,275 |
|
1.2 |
| |
|
|
56,663,744 |
|
12.6 |
| |
> Finance |
|
|
|
|
| |
Banks |
|
19,355,631 |
|
4.3 |
| |
Insurance |
|
19,327,491 |
|
4.3 |
| |
Brokerage & Money Management |
|
15,806,352 |
|
3.5 |
| |
|
|
54,489,474 |
|
12.1 |
| |
> Health Care |
|
|
|
|
| |
Pharmaceuticals |
|
16,012,153 |
|
3.6 |
| |
Medical Supplies |
|
10,896,654 |
|
2.4 |
| |
|
|
26,908,807 |
|
6.0 |
| |
> Other Industries |
|
|
|
|
| |
Transportation |
|
|
14,285,593 |
|
3.2 |
|
Regulated Utilities |
|
7,094,513 |
|
1.6 |
| |
|
|
21,380,106 |
|
4.8 |
| |
> Energy & Minerals |
|
|
|
|
| |
Oil Refining, Marketing & Distribution |
|
5,602,784 |
|
1.2 |
| |
Mining |
|
65,598 |
|
0.0 |
* | |
|
|
5,668,382 |
|
1.2 |
| |
|
|
|
|
|
| |
Total Equities: |
|
436,411,503 |
|
97.1 |
| |
Short-Term Investments: |
|
10,363,888 |
|
2.3 |
| |
Securities Lending Collateral: |
|
2,592,411 |
|
0.6 |
| |
Total Investments: |
|
449,367,802 |
|
100.0 |
| |
|
|
|
|
|
| |
Obligation to Return Collateral for Securities Loaned: |
|
(2,592,411 |
) |
(0.6 |
) | |
Cash and Other Assets Less Liabilities: |
|
2,533,169 |
|
0.6 |
| |
Net Assets: |
|
$ |
449,308,560 |
|
100.0 |
|
* Rounds to zero.
COLUMBIA ACORN EUROPEAN FUNDSM
STATEMENT OF INVESTMENTS (UNAUDITED), MARCH 31, 2015
Number of Shares |
|
|
|
Value |
| |
Equities: 96.8% |
|
|
| |||
Europe 96.8% |
|
|
| |||
|
|
> United Kingdom 34.9% |
|
|
| |
1,667,855 |
|
Assura |
|
$ |
1,540,125 |
|
|
|
UK Primary Health Care Property Developer |
|
|
| |
20,450 |
|
Spirax Sarco |
|
1,034,045 |
| |
|
|
Steam Systems for Manufacturing & Process Industries |
|
|
| |
241,240 |
|
Charles Taylor |
|
797,123 |
| |
96,338 |
|
Charles Taylor - Rights |
|
95,034 |
| |
|
|
Insurance Services |
|
|
| |
950,000 |
|
Cable and Wireless |
|
856,699 |
| |
|
|
Telecommunications Service Provider in the Caribbean |
|
|
| |
56,990 |
|
Babcock International |
|
831,362 |
| |
|
|
Public Sector Outsourcer |
|
|
| |
199,280 |
|
Cambian (a) |
|
688,776 |
| |
|
|
Mental Health Facilities & Programs |
|
|
| |
32,710 |
|
WH Smith |
|
628,502 |
| |
|
|
Newsprint, Books & General Stationery Retailer |
|
|
| |
55,260 |
|
Dialight |
|
622,288 |
| |
|
|
LED Products for Hazardous & Industrial Environments |
|
|
| |
7,954 |
|
Whitbread |
|
617,627 |
| |
|
|
UK Hotelier & Coffee Shop |
|
|
| |
26,960 |
|
Aggreko |
|
609,849 |
| |
|
|
Temporary Power & Temperature Control Services |
|
|
| |
18,470 |
|
Fidessa Group |
|
604,409 |
| |
|
|
Software for Financial Trading Systems |
|
|
| |
38,560 |
|
Jardine Lloyd Thompson Group |
|
598,883 |
| |
|
|
International Business Insurance Broker |
|
|
| |
76,159 |
|
Halfords |
|
518,505 |
| |
|
|
UK Retailer of Leisure Goods & Auto Parts |
|
|
| |
225,231 |
|
Connect Group |
|
515,361 |
| |
|
|
Newspaper & Magazine Distributor |
|
|
| |
92,240 |
|
Ocado (a) |
|
480,689 |
| |
|
|
Online Grocery Retailer |
|
|
| |
63,970 |
|
Abcam |
|
459,493 |
| |
|
|
Online Sales of Antibodies |
|
|
| |
37,830 |
|
Dominos Pizza UK & Ireland |
|
434,974 |
| |
|
|
Pizza Delivery in the UK, Ireland & Germany |
|
|
| |
9,670 |
|
Rightmove |
|
428,997 |
| |
|
|
Internet Real Estate Listings |
|
|
| |
101,620 |
|
Polypipe |
|
415,258 |
| |
|
|
Manufacturer of Plastic Piping & Fittings |
|
|
| |
95,860 |
|
Elementis |
|
411,753 |
| |
|
|
Specialty Chemicals |
|
|
| |
53,548 |
|
PureCircle (a)(b) |
|
411,066 |
| |
|
|
Natural Sweeteners |
|
|
| |
39,570 |
|
Halma |
|
408,853 |
| |
|
|
Health & Safety Sensor Technology |
|
|
| |
18,550 |
|
AVEVA |
|
405,492 |
| |
|
|
Engineering Software |
|
|
| |
120,090 |
|
RPS Group |
|
401,353 |
| |
|
|
Consultant Specializing in Energy, Water, Urban Planning, Health & Safety |
|
|
| |
|
|
|
|
14,816,516 |
| |
|
|
> France 10.8% |
|
|
| |
16,720 |
|
Neopost |
|
|
919,584 |
|
|
|
Postage Meter Machines |
|
|
| |
18,960 |
|
Eutelsat |
|
628,927 |
| |
|
|
Fixed Satellite Services |
|
|
| |
14,480 |
|
Cegedim (a) |
|
490,443 |
| |
|
|
Medical Market Research/IT Services |
|
|
| |
12,681 |
|
Saft |
|
463,448 |
| |
|
|
Niche Battery Manufacturer |
|
|
| |
2,690 |
|
Norbert Dentressangle |
|
455,243 |
| |
|
|
European Logistics & Transport Group |
|
|
| |
1,540 |
|
Eurofins Scientific |
|
414,488 |
| |
|
|
Food, Pharmaceuticals & Materials Screening & Testing |
|
|
| |
174,500 |
|
Hi-Media (a)(b) |
|
412,789 |
| |
|
|
Online Advertiser in Europe |
|
|
| |
12,613 |
|
AKKA Technologies |
|
407,000 |
| |
|
|
Engineering Consultancy |
|
|
| |
15,690 |
|
Bonduelle |
|
404,917 |
| |
|
|
Producer of Canned, Deep-frozen & Fresh Vegetables |
|
|
| |
|
|
|
|
4,596,839 |
| |
|
|
> Germany 10.2% |
|
|
| |
23,640 |
|
Aurelius |
|
987,252 |
| |
|
|
European Turnaround Investor |
|
|
| |
16,360 |
|
NORMA Group |
|
821,386 |
| |
|
|
Clamps for Automotive & Industrial Applications |
|
|
| |
7,000 |
|
MTU Aero Engines |
|
685,785 |
| |
|
|
Airplane Engine Components & Services |
|
|
| |
14,360 |
|
Wirecard |
|
605,205 |
| |
|
|
Online Payment Processing & Risk Management |
|
|
| |
70,780 |
|
Telefonica Deutschland |
|
407,015 |
| |
|
|
Mobile & Fixed-line Communications in Germany |
|
|
| |
13,410 |
|
Elringklinger |
|
402,039 |
| |
|
|
Automobile Components |
|
|
| |
1,200 |
|
Rational |
|
401,115 |
| |
|
|
Commercial Ovens |
|
|
| |
|
|
|
|
4,309,797 |
| |
|
|
> Sweden 9.7% |
|
|
| |
21,733 |
|
Hexagon |
|
771,632 |
| |
|
|
Design, Measurement & Visualization Software & Equipment |
|
|
| |
11,851 |
|
Unibet |
|
650,198 |
| |
|
|
European Online Gaming Operator |
|
|
| |
29,580 |
|
Recipharm (a) |
|
630,264 |
| |
|
|
Contract Development Manufacturing Organization |
|
|
| |
41,270 |
|
Sweco |
|
529,562 |
| |
|
|
Engineering Consultants |
|
|
| |
17,970 |
|
Swedish Match |
|
528,366 |
| |
|
|
Swedish Snus |
|
|
| |
18,960 |
|
Mekonomen |
|
500,851 |
| |
|
|
Nordic Integrated Wholesaler/Retailer of Automotive Parts & Service |
|
|
| |
16,160 |
|
Modern Times Group |
|
494,880 |
| |
|
|
Leading Nordic TV Broadcaster |
|
|
| |
90 |
|
Trelleborg |
|
1,780 |
| |
|
|
Manufacturer of Sealing, Dampening & Protective Solutions for Industry |
|
|
| |
|
|
|
|
4,107,533 |
|
Number of Shares |
|
|
|
Value |
| |
|
|
> Spain 7.2% |
|
|
| |
169,200 |
|
Distribuidora Internacional de Alimentación |
|
$ |
1,320,431 |
|
|
|
Discount Retailer in Spain & Latin America |
|
|
| |
10,430 |
|
Viscofan |
|
637,258 |
| |
|
|
Sausage Casings Maker |
|
|
| |
109,950 |
|
Prosegur |
|
626,149 |
| |
|
|
Security Guards |
|
|
| |
10,370 |
|
Bolsas y Mercados Españoles |
|
461,809 |
| |
|
|
Spanish Stock Markets |
|
|
| |
|
|
|
|
3,045,647 |
| |
|
|
> Netherlands 6.1% |
|
|
| |
26,330 |
|
Aalberts Industries |
|
828,670 |
| |
|
|
Flow Control & Heat Treatment |
|
|
| |
27,271 |
|
Brunel |
|
521,651 |
| |
|
|
Temporary Specialist & Energy Staffing |
|
|
| |
5,490 |
|
Gemalto |
|
437,434 |
| |
|
|
Digital Security Solutions |
|
|
| |
12,819 |
|
Arcadis |
|
411,681 |
| |
|
|
Engineering Consultants |
|
|
| |
3,920 |
|
Core Labs |
|
409,601 |
| |
|
|
Oil & Gas Reservoir Consulting |
|
|
| |
|
|
|
|
2,609,037 |
| |
|
|
> Finland 5.7% |
|
|
| |
58,000 |
|
Munksjo (a) |
|
738,396 |
| |
10,380 |
|
Munksjo (a)(c) |
|
130,169 |
| |
|
|
Specialty Paper Maker |
|
|
| |
28,801 |
|
Tikkurila |
|
549,212 |
| |
|
|
Decorative & Industrial Paint in Scandinavia, Central & Eastern Europe |
|
|
| |
123,070 |
|
Sponda |
|
528,122 |
| |
|
|
Office, Retail & Logistics Properties |
|
|
| |
15,240 |
|
Konecranes |
|
480,228 |
| |
|
|
Manufacture & Service of Industrial Cranes & Port Handling Equipment |
|
|
| |
|
|
|
|
2,426,127 |
| |
|
|
> Switzerland 5.7% |
|
|
| |
2,740 |
|
Geberit |
|
1,025,351 |
| |
|
|
Plumbing Supplies |
|
|
| |
3,250 |
|
Partners Group |
|
968,914 |
| |
|
|
Private Markets Asset Management |
|
|
| |
1,150 |
|
INFICON |
|
410,925 |
| |
|
|
Gas Detection Instruments |
|
|
| |
|
|
|
|
2,405,190 |
| |
|
|
> Norway 2.2% |
|
|
| |
70,370 |
|
Orkla |
|
531,105 |
| |
|
|
Food & Brands, Aluminum, Chemicals Conglomerate |
|
|
| |
36,180 |
|
Atea |
|
407,579 |
| |
|
|
Nordic IT Hardware/Software Reseller & Integrator |
|
|
| |
|
|
|
|
938,684 |
| |
|
|
> Italy 2.1% |
|
|
| |
10,240 |
|
Industria Macchine Automatiche |
|
481,787 |
| |
|
|
Food & Drugs Packaging & Machinery |
|
|
| |
24,990 |
|
Pirelli |
|
413,653 |
| |
|
|
Global Tire Supplier |
|
|
| |
|
|
|
|
895,440 |
| |
|
|
> Denmark 1.2% |
|
|
| |
15,490 |
|
SimCorp |
|
508,260 |
| |
|
|
Software for Investment Managers |
|
|
| |
|
|
> Belgium 1.0% |
|
|
| |
11,070 |
|
EVS Broadcast Equipment |
|
412,023 |
| |
|
|
Digital Live Mobile Production Software & Systems |
|
|
| |
Europe: Total |
|
41,071,093 |
| |||
Total Equities: 96.8% |
|
|
| |||
(Cost: $38,774,821) |
|
41,071,093 |
(d) | |||
Short-Term Investments 6.9% |
|
|
| |||
2,906,561 |
|
JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%) |
|
2,906,561 |
| |
Total Short-Term Investments: 6.9% (Cost: $2,906,561) |
|
2,906,561 |
| |||
|
|
|
| |||
Securities Lending Collateral 0.1% |
|
|
| |||
63,226 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (e) |
|
63,226 |
| |
Total Securities Lending Collateral: 0.1% (Cost: $63,226) |
|
63,226 |
| |||
|
|
|
| |||
Total Investments: 103.8% |
|
|
| |||
(Cost: $41,744,608)(f) |
|
44,040,880 |
(g) | |||
|
|
|
| |||
Obligation to Return Collateral for Securities Loaned: (0.1)% |
|
(63,226 |
) | |||
|
|
|
| |||
Cash and Other Assets Less Liabilities: (3.7)% |
|
(1,540,972 |
) | |||
|
|
|
| |||
Net Assets: 100.0% |
|
$ |
42,436,682 |
|
> Notes to Statement of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at March 31, 2015. The total market value of securities on loan at March 31, 2015 was $59,874.
(c) Security is traded on a Swedish exchange.
(d) On March 31, 2015, the Funds total equity investments were denominated in currencies as follows:
Currency |
|
Value |
|
Percentage |
| |
Euro |
|
$ |
17,755,139 |
|
41.8 |
|
British Pound |
|
14,816,516 |
|
34.9 |
| |
Swedish Krona |
|
4,237,703 |
|
10.0 |
| |
Swiss Franc |
|
2,405,190 |
|
5.7 |
| |
Other currencies less than 5% of total net assets |
|
1,856,545 |
|
4.4 |
| |
Total Equities |
|
$ |
41,071,093 |
|
96.8 |
|
(e) Investment made with cash collateral received from securities lending activity.
(f) At March 31, 2015, for federal income tax purposes, the cost of investments was approximately $41,744,608 and net unrealized appreciation was $2,296,272 consisting of gross unrealized appreciation of $4,477,741 and gross unrealized depreciation of $2,181,469.
(g) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2014.
Fair Value Measurements
Various inputs are used in determining the value of the Funds investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
· Level 1 quoted prices in active markets for identical securities
· Level 2 prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including managements own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee (the Committee) of the Funds Board of Trustees (the Board) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which the investment manager believes that available market quotations are unreliable, to review the appropriateness of the Trusts Portfolio Pricing Policy and the pricing procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Funds investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Funds securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
> Notes to Statement of Investments
The following table summarizes the inputs used, as of March 31, 2015, in valuing the Funds assets:
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
Equities |
|
|
|
|
|
|
|
|
| ||||
Europe |
|
$ |
409,601 |
|
$ |
40,661,492 |
|
$ |
|
|
$ |
41,071,093 |
|
Total Equities |
|
409,601 |
|
40,661,492 |
|
|
|
41,071,093 |
| ||||
Total Short-Term Investments |
|
2,906,561 |
|
|
|
|
|
2,906,561 |
| ||||
Total Securities Lending Collateral |
|
63,226 |
|
|
|
|
|
63,226 |
| ||||
Total Investments |
|
$ |
3,379,388 |
|
$ |
40,661,492 |
|
$ |
|
|
$ |
44,040,880 |
|
The Funds assets assigned to the Level 2 input category are generally valued using a market approach, in which a securitys value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements.
There were no transfers of financial assets between levels during the period.
COLUMBIA ACORN EUROPEAN FUNDSM
PORTFOLIO DIVERSIFICATION (UNAUDITED)
At March 31, 2015, the Funds portfolio investments as a percentage of net assets were diversified as follows:
|
|
Value |
|
Percentage |
| |
> Industrial Goods & Services |
|
|
|
|
| |
Machinery |
|
$ |
4,549,071 |
|
10.7 |
|
Other Industrial Services |
|
3,052,717 |
|
7.2 |
| |
Outsourcing Services |
|
2,386,163 |
|
5.6 |
| |
Conglomerates |
|
2,347,027 |
|
5.5 |
| |
Industrial Materials & Specialty Chemicals |
|
2,233,349 |
|
5.3 |
| |
Construction |
|
1,440,609 |
|
3.4 |
| |
Electrical Components |
|
1,085,736 |
|
2.6 |
| |
|
|
17,094,672 |
|
40.3 |
| |
> Information |
|
|
|
|
| |
Business Software |
|
2,289,793 |
|
5.4 |
| |
Telephone & Data Services |
|
1,263,714 |
|
3.0 |
| |
Computer Services |
|
898,022 |
|
2.1 |
| |
Computer Hardware & Related Equipment |
|
849,457 |
|
2.0 |
| |
Satellite Broadcasting & Services |
|
628,927 |
|
1.5 |
| |
Financial Processors |
|
605,205 |
|
1.4 |
| |
TV Broadcasting |
|
494,880 |
|
1.2 |
| |
Internet Related |
|
428,998 |
|
1.0 |
| |
Advertising |
|
412,789 |
|
1.0 |
| |
Instrumentation |
|
408,853 |
|
0.9 |
| |
|
|
8,280,638 |
|
19.5 |
| |
> Consumer Goods & Services |
|
|
|
|
| |
Retail |
|
3,448,977 |
|
8.1 |
| |
Food & Beverage |
|
1,981,607 |
|
4.7 |
| |
Restaurants |
|
1,052,601 |
|
2.5 |
| |
Casinos & Gaming |
|
650,198 |
|
1.5 |
| |
Consumer Goods Distribution |
|
515,361 |
|
1.2 |
| |
Other Durable Goods |
|
413,653 |
|
1.0 |
| |
|
|
8,062,397 |
|
19.0 |
| |
> Finance |
|
|
|
|
| |
Insurance |
|
1,491,040 |
|
3.5 |
| |
Brokerage & Money Management |
|
968,914 |
|
2.3 |
| |
Financial Processors |
|
461,809 |
|
1.1 |
| |
|
|
2,921,763 |
|
6.9 |
| |
> Other Industries |
|
|
|
|
| |
Real Estate |
|
2,068,247 |
|
4.9 |
| |
Transportation |
|
455,242 |
|
1.0 |
| |
|
|
2,523,489 |
|
5.9 |
| |
> Health Care |
|
|
|
|
| |
Health Care Services |
|
688,776 |
|
1.6 |
| |
Pharmaceuticals |
|
630,264 |
|
1.5 |
| |
Medical Supplies |
|
459,493 |
|
1.1 |
| |
|
|
1,778,533 |
|
4.2 |
| |
> Energy & Minerals |
|
|
|
|
| |
Mining |
|
|
409,601 |
|
1.0 |
|
|
|
409,601 |
|
1.0 |
| |
|
|
|
|
|
| |
Total Equities: |
|
41,071,093 |
|
96.8 |
| |
Short-Term Investments: |
|
2,906,561 |
|
6.9 |
| |
Securities Lending Collateral: |
|
63,226 |
|
0.1 |
| |
Total Investments: |
|
44,040,880 |
|
103.8 |
| |
|
|
|
|
|
| |
Obligation to Return Collateral for Securities Loaned: |
|
(63,226 |
) |
(0.1 |
) | |
Cash and Other Assets Less Liabilities: |
|
(1,540,972 |
) |
(3.7 |
) | |
Net Assets: |
|
$ |
42,436,682 |
|
100.0 |
|
Item 2. Controls and Procedures.
(a) The registrants principal executive officer and principal financial officers, based on their evaluation of the registrants disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-Q is accumulated and communicated to the registrants management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
(b) There was no change in the registrants internal control over financial reporting that occurred during the registrants last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 3. Exhibits.
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) |
|
Columbia Acorn Trust |
| |
|
|
| ||
|
|
| ||
By (Signature and Title) |
/s/ P. Zachary Egan |
| ||
|
P. Zachary Egan, President |
| ||
|
|
| ||
|
|
| ||
Date |
|
May 21, 2015 |
| |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) |
/s/ P. Zachary Egan |
| |
|
P. Zachary Egan, President |
| |
|
|
| |
|
|
| |
Date |
|
May 21, 2015 |
|
|
|
| |
|
|
| |
By (Signature and Title) |
/s/ John M. Kunka |
| |
|
John M. Kunka, Treasurer |
| |
|
|
| |
|
|
| |
Date |
|
May 21, 2015 |
|
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 registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: May 21, 2015 |
/s/ John M. Kunka |
|
|
|
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 registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: May 21, 2015 |
/s/ P. Zachary Egan |
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P. Zachary Egan, President |