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OMB APPROVAL | |
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OMB Number: |
3235-0578 |
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Expires: |
March 31, 2019 |
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UNITED STATES |
Estimated average burden hours per response . . . . . . . . . . 10.5 | |
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SECURITIES AND EXCHANGE COMMISSION |
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Washington, D.C. 20549 |
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FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number |
811-01829 | |||||||
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Columbia Acorn Trust | ||||||||
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(Exact name of registrant as specified in charter) | ||||||||
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227 W. Monroe Street, Suite 3000, Chicago, IL |
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60606 | ||||||
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(Address of principal executive offices) |
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(Zip code) | ||||||
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Mary C. Moynihan Perkins Coie LLP 700 13th Street, NW Suite 600 Washington, DC 20005
Paul B. Goucher, Esq. Columbia Management Investment Advisers, LLC 100 Park Avenue New York, New York 10017
P. Zachary Egan Columbia Acorn Trust 227 West Monroe Street, Suite 3000 Chicago, Illinois 60606 | ||||||||
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(Name and address of agent for service) | ||||||||
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Registrant’s telephone number, including area code: |
312-634-9200 |
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Date of fiscal year end: |
December 31 |
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Date of reporting period: |
March 31, 2016 |
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Item 1. Schedule of Investments.
COLUMBIA ACORN® FUND
STATEMENT OF INVESTMENTS (UNAUDITED), MARCH 31, 2016
|
Number of Shares |
|
|
|
Value |
| |
|
Equities: 98.7% |
|
|
| |||
|
Information 28.2% |
|
|
| |||
|
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> Business Software 7.5% |
|
|
| |
|
1,138,317 |
|
Ansys (a) |
|
$ |
101,833,839 |
|
|
|
|
Simulation Software for Engineers & Designers |
|
|
| |
|
524,073 |
|
Ultimate Software (a) |
|
101,408,126 |
| |
|
|
|
Human Capital Management Systems |
|
|
| |
|
3,476,086 |
|
Cadence Design Systems (a) |
|
81,966,131 |
| |
|
|
|
Electronic Design Automation Software |
|
|
| |
|
892,000 |
|
Manhattan Associates (a) |
|
50,728,040 |
| |
|
|
|
Supply Chain Management Software & Services |
|
|
| |
|
1,849,000 |
|
Cvent (a) |
|
39,568,600 |
| |
|
|
|
Software for Corporate Event Planners & Marketing Platform for Hotels |
|
|
| |
|
459,465 |
|
NetSuite (a) |
|
31,468,758 |
| |
|
|
|
Enterprise Software Delivered via the Web |
|
|
| |
|
611,961 |
|
DemandWare (a) |
|
23,927,675 |
| |
|
|
|
E-Commerce Website Platform for Retailers & Apparel Manufacturers |
|
|
| |
|
499,178 |
|
SPS Commerce (a) |
|
21,434,703 |
| |
|
|
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Supply Chain Management Software Delivered via the Web |
|
|
| |
|
1,136,747 |
|
Textura (a)(b) |
|
21,177,597 |
| |
|
|
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Construction Vendor Management Software |
|
|
| |
|
|
|
|
|
473,513,469 |
| |
|
|
|
> Computer Services 4.2% |
|
|
| |
|
2,290,000 |
|
Booz Allen Hamilton |
|
69,341,200 |
| |
|
|
|
IT Consulting for U.S. Government |
|
|
| |
|
566,000 |
|
Gartner (a) |
|
50,572,100 |
| |
|
|
|
IT Research & Consulting Services |
|
|
| |
|
1,642,586 |
|
WNS - ADR (a) |
|
50,328,835 |
| |
|
|
|
Offshore Business Process Outsourcing Services |
|
|
| |
|
1,418,272 |
|
Genpact (a) |
|
38,562,816 |
| |
|
|
|
Business Process Outsourcing |
|
|
| |
|
629,558 |
|
ExlService Holdings (a) |
|
32,611,104 |
| |
|
|
|
Business Process Outsourcing |
|
|
| |
|
691,671 |
|
Virtusa (a) |
|
25,909,996 |
| |
|
|
|
Offshore IT Outsourcing |
|
|
| |
|
|
|
|
|
267,326,051 |
| |
|
|
|
> Financial Processors 2.5% |
|
|
| |
|
1,567,000 |
|
Vantiv (a) |
|
84,429,960 |
| |
|
|
|
Credit Card Processor |
|
|
| |
|
1,261,683 |
|
CoreLogic (a) |
|
43,780,400 |
| |
|
|
|
Data Processing Services for Real Estate, Insurance & Mortgages |
|
|
| |
|
468,625 |
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Global Payments |
|
30,601,213 |
| |
|
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Credit Card Processor |
|
|
| |
|
|
|
|
|
158,811,573 |
| |
|
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> Business Information & Marketing Services 2.5% |
|
|
| |
|
319,000 |
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Factset Research Systems |
|
48,338,070 |
| |
|
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Securities Data Purveyor |
|
|
| |
|
483,363 |
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Verisk Analytics (a) |
|
38,630,371 |
| |
|
|
|
Risk & Decision Analytics |
|
|
| |
|
2,370,162 |
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Navigant Consulting (a)(c) |
|
37,472,261 |
| |
|
|
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Financial Consulting Firm |
|
|
| |
|
3,729,361 |
|
Bankrate (a) |
|
34,198,240 |
| |
|
|
|
Internet Advertising for Credit Cards, Banking/Mortgages/ Loans & Senior Living |
|
|
| |
|
|
|
|
|
158,638,942 |
| |
|
|
|
> Instrumentation 2.3% |
|
|
| |
|
170,447 |
|
Mettler-Toledo International (a) |
|
58,763,308 |
| |
|
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|
Laboratory Equipment |
|
|
| |
|
1,582,634 |
|
FLIR Systems |
|
52,147,790 |
| |
|
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Infrared Cameras |
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|
| |
|
392,226 |
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IPG Photonics (a) |
|
37,685,074 |
| |
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Fiber Lasers |
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| |
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|
148,596,172 |
| |
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> Internet Related 1.6% |
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|
| |
|
782,885 |
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Verisign (a) |
|
69,316,638 |
| |
|
|
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Internet Domain Registry for .COM/.NET |
|
|
| |
|
7,493,505 |
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Vonage (a) |
|
34,245,318 |
| |
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Business & Consumer Internet Telephony |
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|
| |
|
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|
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|
103,561,956 |
| |
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> Mobile Communications 1.6% |
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|
| |
|
550,215 |
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Crown Castle International |
|
47,593,597 |
| |
|
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|
Communications Towers |
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|
| |
|
2,512,994 |
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Global Eagle Entertainment (a) |
|
21,410,709 |
| |
|
|
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Provider of Entertainment & Wi-Fi on Airplanes |
|
|
| |
|
185,000 |
|
SBA Communications (a) |
|
18,531,450 |
| |
|
|
|
Communications Towers |
|
|
| |
|
1,264,104 |
|
Gogo (a)(b) |
|
13,917,785 |
| |
|
|
|
Provider of Wi-Fi on Airplanes |
|
|
| |
|
|
|
|
|
101,453,541 |
| |
|
|
|
> Semiconductors & Related Equipment 1.3% |
|
|
| |
|
795,500 |
|
MA-COM Technology Solutions Holdings (a) |
|
34,834,945 |
| |
|
|
|
Radio Frequency, Microwave & Millimeterwave Semiconductors |
|
|
| |
|
247,161 |
|
Littelfuse |
|
30,427,991 |
| |
|
|
|
Little Fuses |
|
|
| |
|
298,243 |
|
Monolithic Power Systems |
|
18,980,184 |
| |
|
|
|
High Performance Analog & Mixed Signal Integrated Circuits |
|
|
| |
|
|
|
|
|
84,243,120 |
| |
|
|
|
> Computer Hardware & Related Equipment 1.2% |
|
|
| |
|
973,208 |
|
Amphenol |
|
56,270,887 |
| |
|
|
|
Electronic Connectors |
|
|
| |
|
356,373 |
|
Rogers (a) |
|
21,336,051 |
| |
|
|
|
Printed Circuit Materials & High Performance Foams |
|
|
| |
|
|
|
|
|
77,606,938 |
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Telephone & Data Services 1.0% |
|
|
| |
|
1,455,841 |
|
GTT Communications (a) |
|
$ |
24,079,610 |
|
|
|
|
Provider of High Capacity Data Transit |
|
|
| |
|
2,727,319 |
|
Boingo Wireless (a)(c) |
|
21,054,903 |
| |
|
|
|
Wi-Fi & Cellular Communications Networks |
|
|
| |
|
626,192 |
|
Zayo Group Holdings (a) |
|
15,178,894 |
| |
|
|
|
Fiber Optic Data Communications |
|
|
| |
|
|
|
|
|
60,313,407 |
| |
|
|
|
> Telecommunications Equipment 0.9% |
|
|
| |
|
411,935 |
|
F5 Networks (a) |
|
43,603,320 |
| |
|
|
|
Internet Traffic Management Equipment |
|
|
| |
|
829,420 |
|
CalAmp (a) |
|
14,871,500 |
| |
|
|
|
Machine-to-machine Communications |
|
|
| |
|
|
|
|
|
58,474,820 |
| |
|
|
|
> Electronics Distribution 0.8% |
|
|
| |
|
1,233,000 |
|
CDW |
|
51,169,500 |
| |
|
|
|
Value Added Reseller of IT Products & Services |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Advertising 0.4% |
|
|
| |
|
427,214 |
|
Lamar Advertising |
|
26,273,661 |
| |
|
|
|
Outdoor Advertising |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Cable TV 0.4% |
|
|
| |
|
951,000 |
|
Starz (a) |
|
25,039,830 |
| |
|
|
|
Premium CATV channel network |
|
|
| |
|
Information: Total |
|
1,795,022,980 |
| |||
|
|
|
|
| |||
|
Industrial Goods & Services 20.3% |
|
|
| |||
|
|
|
> Machinery 7.5% |
|
|
| |
|
2,619,091 |
|
Donaldson |
|
83,575,194 |
| |
|
|
|
Industrial Air Filtration |
|
|
| |
|
891,230 |
|
Toro |
|
76,752,728 |
| |
|
|
|
Turf Maintenance Equipment |
|
|
| |
|
537,743 |
|
Middleby (a) |
|
57,414,820 |
| |
|
|
|
Manufacturer of Cooking Equipment |
|
|
| |
|
1,077,776 |
|
Ametek |
|
53,867,244 |
| |
|
|
|
Aerospace/Industrial Instruments |
|
|
| |
|
1,085,754 |
|
HEICO |
|
51,681,890 |
| |
|
|
|
FAA-approved Aircraft Replacement Parts |
|
|
| |
|
1,178,508 |
|
Generac (a) |
|
43,887,638 |
| |
|
|
|
Standby Power Generators |
|
|
| |
|
1,023,931 |
|
Oshkosh Corporation |
|
41,848,060 |
| |
|
|
|
Specialty Truck Manufacturer |
|
|
| |
|
326,681 |
|
WABCO Holdings (a) |
|
34,928,733 |
| |
|
|
|
Truck & Bus Component Supplier |
|
|
| |
|
409,747 |
|
Nordson |
|
31,157,162 |
| |
|
|
|
Dispensing Systems for Adhesives & Coatings |
|
|
| |
|
|
|
|
|
475,113,469 |
| |
|
|
|
> Other Industrial Services 6.3% |
|
|
| |
|
2,874,000 |
|
Expeditors International of Washington |
|
140,279,940 |
| |
|
|
|
International Freight Forwarder |
|
|
| |
|
2,172,804 |
|
Robert Half International |
|
101,209,210 |
| |
|
|
|
Temporary & Permanent Staffing in Finance, Accounting & other Professions |
|
|
| |
|
2,039,347 |
|
LKQ (a) |
|
65,116,350 |
| |
|
|
|
Alternative Auto Parts Distribution |
|
|
| |
|
636,000 |
|
Manpower |
|
51,783,120 |
| |
|
|
|
Global Temporary Staffing Provider |
|
|
| |
|
953,378 |
|
Forward Air |
|
43,207,091 |
| |
|
|
|
Freight Transportation Between Airports |
|
|
| |
|
|
|
|
|
401,595,711 |
| |
|
|
|
> Industrial Materials & Specialty Chemicals 2.7% |
|
|
| |
|
872,634 |
|
Drew Industries |
|
56,249,987 |
| |
|
|
|
RV & Manufactured Home Components |
|
|
| |
|
734,000 |
|
Celanese |
|
48,077,000 |
| |
|
|
|
Commodity & Specialty Chemicals Provider |
|
|
| |
|
1,172,000 |
|
Axalta Coating Systems (a) |
|
34,222,400 |
| |
|
|
|
Leading Global Manufacturer of High Performance Coatings |
|
|
| |
|
260,000 |
|
International Flavors & Fragrances |
|
29,580,200 |
| |
|
|
|
Flavors & Fragrances |
|
|
| |
|
|
|
|
|
168,129,587 |
| |
|
|
|
> Construction 1.6% |
|
|
| |
|
46,070 |
|
NVR (a) |
|
79,811,668 |
| |
|
|
|
Homebuilder |
|
|
| |
|
2,269,946 |
|
PGT (a) |
|
22,336,269 |
| |
|
|
|
Wind Resistant Windows & Doors |
|
|
| |
|
|
|
|
|
102,147,937 |
| |
|
|
|
> Electrical Components 1.1% |
|
|
| |
|
329,000 |
|
Acuity Brands |
|
71,768,060 |
| |
|
|
|
Commercial Lighting Fixtures |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Waste Management 1.1% |
|
|
| |
|
548,000 |
|
Stericycle (a) |
|
69,152,120 |
| |
|
|
|
Medical Waste Disposal |
|
|
| |
|
Industrial Goods & Services: Total |
|
1,287,906,884 |
| |||
|
|
|
|
| |||
|
Health Care 16.1% |
|
|
| |||
|
|
|
> Medical Supplies 4.4% |
|
|
| |
|
3,255,114 |
|
VWR (a) |
|
88,083,385 |
| |
|
|
|
Distributor of Lab Supplies |
|
|
| |
|
1,953,970 |
|
Cepheid (a) |
|
65,184,439 |
| |
|
|
|
Molecular Diagnostics |
|
|
| |
|
606,405 |
|
Bio-Techne |
|
57,317,401 |
| |
|
|
|
Maker of Consumables & Systems for the Life Science Market |
|
|
| |
|
791,444 |
|
Dentsply Sirona |
|
48,776,694 |
| |
|
|
|
Leading Dental Supplies Manufacturer |
|
|
| |
|
1,806,125 |
|
Fluidigm (a)(b)(c) |
|
14,575,429 |
| |
|
|
|
Life Sciences Equipment & Consumables |
|
|
| |
|
70,767 |
|
West Pharmaceutical Services |
|
4,905,568 |
| |
|
|
|
Components & Systems for Injectable Drug Delivery |
|
|
| |
|
|
|
|
|
278,842,916 |
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Medical Equipment & Devices 3.9% |
|
|
| |
|
2,461,778 |
|
Align Technology (a) |
|
$ |
178,946,643 |
|
|
|
|
Invisalign System to Correct Malocclusion (Crooked Teeth) |
|
|
| |
|
927,000 |
|
IDEXX Laboratories (a) |
|
72,602,640 |
| |
|
|
|
Diagnostic Equipment & Services for Veterinarians |
|
|
| |
|
|
|
|
|
251,549,283 |
| |
|
|
|
> Health Care Services 3.9% |
|
|
| |
|
1,216,000 |
|
Quintiles Transnational Holdings (a) |
|
79,161,600 |
| |
|
|
|
Contract Research Organization |
|
|
| |
|
2,059,989 |
|
HealthSouth |
|
77,517,386 |
| |
|
|
|
Inpatient Rehabilitation Facilities & Home Health Care |
|
|
| |
|
1,197,495 |
|
Medidata Solutions (a) |
|
46,355,031 |
| |
|
|
|
Cloud-based Software for Drug Studies |
|
|
| |
|
661,000 |
|
Mednax (a) |
|
42,713,820 |
| |
|
|
|
Physician Management for Pediatric & Anesthesia Practices |
|
|
| |
|
|
|
|
|
245,747,837 |
| |
|
|
|
> Biotechnology & Drug Delivery 3.3% |
|
|
| |
|
1,569,000 |
|
Medivation (a) |
|
72,142,620 |
| |
|
|
|
Development & Marketing of Cancer Drugs |
|
|
| |
|
700,940 |
|
Ultragenyx Pharmaceutical (a) |
|
44,376,511 |
| |
|
|
|
Biotech Focused on “Ultra-Orphan” Drugs |
|
|
| |
|
1,140,477 |
|
Seattle Genetics (a) |
|
40,019,338 |
| |
|
|
|
Antibody-based Therapies for Cancer |
|
|
| |
|
139,937 |
|
Intercept Pharmaceuticals (a)(b) |
|
17,977,706 |
| |
|
|
|
Biotech Developing Drugs for Several Diseases |
|
|
| |
|
754,526 |
|
Sarepta Therapeutics (a) |
|
14,728,348 |
| |
|
|
|
Biotech Focused on Rare Diseases |
|
|
| |
|
284,060 |
|
Agios Pharmaceuticals (a)(b) |
|
11,532,836 |
| |
|
|
|
Biotech Focused on Cancer & Orphan Diseases |
|
|
| |
|
2,640,414 |
|
Celldex Therapeutics (a)(b) |
|
9,980,765 |
| |
|
|
|
Biotech Developing Drugs for Cancer |
|
|
| |
|
359,944 |
|
MicroDose Therapeutx (a)(d)(e)(f) |
|
— |
| |
|
|
|
Drug Inhaler Development |
|
|
| |
|
|
|
|
|
210,758,124 |
| |
|
|
|
> Pharmaceuticals 0.6% |
|
|
| |
|
1,518,879 |
|
Akorn (a) |
|
35,739,223 |
| |
|
|
|
Developer, Manufacturer & Distributor of Specialty Generic Drugs |
|
|
| |
|
Health Care: Total |
|
1,022,637,383 |
| |||
|
|
|
|
| |||
|
Consumer Goods & Services 15.8% |
|
|
| |||
|
|
|
> Restaurants 3.1% |
|
|
| |
|
919,506 |
|
Papa John’s International |
|
49,828,030 |
| |
|
|
|
Franchisor of Pizza Restaurants |
|
|
| |
|
370,216 |
|
Domino’s Pizza |
|
48,816,682 |
| |
|
|
|
Franchisor of Pizza Restaurants |
|
|
| |
|
1,453,484 |
|
Fiesta Restaurant Group (a)(c) |
|
47,645,205 |
| |
|
|
|
Owner/Operator of Two Restaurant Chains: Pollo Tropical & Taco Cabana |
|
|
| |
|
534,835 |
|
Popeyes Louisiana Kitchen (a) |
|
27,843,510 |
| |
|
|
|
Popeyes Restaurants |
|
|
| |
|
467,892 |
|
Dunkin Brands |
|
22,070,466 |
| |
|
|
|
Franchisor of Quick Service Restaurants |
|
|
| |
|
|
|
|
|
196,203,893 |
| |
|
|
|
> Retail 3.0% |
|
|
| |
|
359,000 |
|
Ulta Salon Cosmetics & Fragrance (a) |
|
69,552,660 |
| |
|
|
|
Specialty Beauty Product Retailer |
|
|
| |
|
1,242,873 |
|
Williams-Sonoma |
|
68,034,868 |
| |
|
|
|
Home Goods & Furnishing Retailer |
|
|
| |
|
784,000 |
|
Cato |
|
30,223,200 |
| |
|
|
|
Women’s Apparel Retailing, Focusing on Private Labels & Low Prices |
|
|
| |
|
620,000 |
|
Five Below (a) |
|
25,630,800 |
| |
|
|
|
Low-price Specialty Retailer Targeting Pre-teens, Teens & Parents |
|
|
| |
|
|
|
|
|
193,441,528 |
| |
|
|
|
> Travel 3.0% |
|
|
| |
|
746,138 |
|
Vail Resorts |
|
99,758,651 |
| |
|
|
|
Ski Resort Operator & Developer |
|
|
| |
|
1,007,751 |
|
Choice Hotels |
|
54,468,942 |
| |
|
|
|
Franchisor of Budget Hotel Brands |
|
|
| |
|
1,617,678 |
|
Liberty TripAdvisor Holdings Class A (a) |
|
35,847,744 |
| |
|
|
|
Holding Company for Trip Advisor |
|
|
| |
|
|
|
|
|
190,075,337 |
| |
|
|
|
> Other Durable Goods 2.5% |
|
|
| |
|
3,647,910 |
|
Gentex |
|
57,235,708 |
| |
|
|
|
Manufacturer of Auto Parts |
|
|
| |
|
939,825 |
|
Tenneco (a) |
|
48,410,386 |
| |
|
|
|
Auto Parts for Emission Control, Suspension |
|
|
| |
|
287,798 |
|
Cavco Industries (a) |
|
26,897,601 |
| |
|
|
|
Manufactured Homes |
|
|
| |
|
1,255,859 |
|
Select Comfort (a) |
|
24,351,106 |
| |
|
|
|
Specialty Mattresses |
|
|
| |
|
|
|
|
|
156,894,801 |
| |
|
|
|
> Leisure Products 1.5% |
|
|
| |
|
973,600 |
|
Polaris Industries |
|
95,880,128 |
| |
|
|
|
Leisure Vehicles & Related Products |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Other Consumer Services 1.1% |
|
|
| |
|
3,599,977 |
|
Quotient Technology (a)(b) |
|
38,159,756 |
| |
|
|
|
Allows CPGs to Digitally Distribute Coupons, Advertising & Trade Promotion |
|
|
| |
|
1,175,000 |
|
Rollins |
|
31,866,040 |
| |
|
|
|
Pest Control & Wildlife Removal Services |
|
|
| |
|
|
|
|
|
70,025,756 |
| |
|
|
|
> Nondurables 0.6% |
|
|
| |
|
2,964,000 |
|
HRG Group (a) |
|
41,288,520 |
| |
|
|
|
Holding Company |
|
|
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Consumer Electronics 0.6% |
|
|
| |
|
1,003,000 |
|
iRobot (a) |
|
$ |
35,405,900 |
|
|
|
|
Home Robots (Vacuums, Pool Cleaners) & Battlefield Reconnaissance Robots |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Apparel 0.4% |
|
|
| |
|
319,000 |
|
Under Armour (a) |
|
27,060,770 |
| |
|
|
|
Athletic Apparel, Footwear & Accessories |
|
|
| |
|
Consumer Goods & Services: Total |
|
1,006,276,633 |
| |||
|
|
|
|
| |||
|
Finance 8.1% |
|
|
| |||
|
|
|
> Brokerage & Money Management 3.2% |
|
|
| |
|
1,851,021 |
|
Eaton Vance |
|
62,046,224 |
| |
|
|
|
Specialty Mutual Funds |
|
|
| |
|
332,000 |
|
Affiliated Managers Group (a) |
|
53,916,800 |
| |
|
|
|
Asset Manager Holding Company |
|
|
| |
|
1,075,849 |
|
SEI Investments |
|
46,315,299 |
| |
|
|
|
Mutual Fund Administration & Investment Management |
|
|
| |
|
1,036,000 |
|
Lazard |
|
40,196,800 |
| |
|
|
|
Corporate Advisory & Asset Management |
|
|
| |
|
|
|
|
|
202,475,123 |
| |
|
|
|
> Banks 2.2% |
|
|
| |
|
936,224 |
|
BOK Financial |
|
51,136,555 |
| |
|
|
|
Tulsa-based Southwest Bank |
|
|
| |
|
923,074 |
|
MB Financial |
|
29,953,751 |
| |
|
|
|
Chicago Bank |
|
|
| |
|
1,651,174 |
|
Associated Banc-Corp |
|
29,622,062 |
| |
|
|
|
Midwest Bank |
|
|
| |
|
264,495 |
|
SVB Financial Group (a) |
|
26,991,715 |
| |
|
|
|
Bank to Venture Capitalists |
|
|
| |
|
|
|
|
|
137,704,083 |
| |
|
|
|
> Insurance 1.0% |
|
|
| |
|
2,245,695 |
|
CNO Financial Group |
|
40,242,854 |
| |
|
|
|
Life, Long-term Care & Medical Supplement Insurance |
|
|
| |
|
737,341 |
|
Allied World Assurance Company Holdings |
|
25,762,695 |
| |
|
|
|
Commercial Lines Insurance/ Reinsurance |
|
|
| |
|
|
|
|
|
66,005,549 |
| |
|
|
|
> Specialized Finance 1.0% |
|
|
| |
|
963,000 |
|
CBOE Holdings |
|
62,912,790 |
| |
|
|
|
Marketplace for Trading Options & Futures |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Savings & Loans 0.7% |
|
|
| |
|
346,000 |
|
Signature Bank (a) |
|
47,097,520 |
| |
|
|
|
New York City Metro Area Bank |
|
|
| |
|
Finance: Total |
|
516,195,065 |
| |||
|
|
|
|
| |||
|
Other Industries 7.9% |
|
|
| |||
|
|
|
> Real Estate 6.1% |
|
|
| |
|
2,349,545 |
|
EdR |
|
97,741,072 |
| |
|
|
|
Student Housing |
|
|
| |
|
820,057 |
|
Jones Lang LaSalle |
|
96,209,087 |
| |
|
|
|
Real Estate Services |
|
|
| |
|
602,013 |
|
Extra Space Storage |
|
56,264,135 |
| |
|
|
|
Self Storage Facilities |
|
|
| |
|
145,898 |
|
Amerco |
|
52,130,814 |
| |
|
|
|
North American Moving & Storage King |
|
|
| |
|
328,308 |
|
Federal Realty |
|
51,232,464 |
| |
|
|
|
Shopping Centers & Mixed Use Projects |
|
|
| |
|
1,548,707 |
|
Terreno Realty |
|
36,317,179 |
| |
|
|
|
Industrial Properties |
|
|
| |
|
|
|
|
|
389,894,751 |
| |
|
|
|
> Transportation 1.8% |
|
|
| |
|
636,000 |
|
Old Dominion Freight Lines (a) |
|
44,278,320 |
| |
|
|
|
LTL Trucker |
|
|
| |
|
2,152,113 |
|
Heartland Express |
|
39,921,696 |
| |
|
|
|
Regional Trucker |
|
|
| |
|
362,731 |
|
JB Hunt Transport Services |
|
30,556,460 |
| |
|
|
|
Truck & Intermodal Carrier |
|
|
| |
|
|
|
|
|
114,756,476 |
| |
|
Other Industries: Total |
|
504,651,227 |
| |||
|
|
|
|
| |||
|
Energy & Minerals 2.3% |
|
|
| |||
|
|
|
> Oil & Gas Producers 1.7% |
|
|
| |
|
462,000 |
|
Diamondback Energy (a) |
|
35,657,160 |
| |
|
|
|
Oil & Gas Producer in Texas |
|
|
| |
|
318,103 |
|
Cimarex Energy |
|
30,941,879 |
| |
|
|
|
Oil & Gas Producer in Texas, New Mexico & Oklahoma |
|
|
| |
|
376,730 |
|
PDC Energy (a) |
|
22,396,598 |
| |
|
|
|
Oil & Gas Producer in the United States |
|
|
| |
|
668,313 |
|
Carrizo Oil & Gas (a) |
|
20,664,238 |
| |
|
|
|
Oil & Gas Producer |
|
|
| |
|
|
|
|
|
109,659,875 |
| |
|
|
|
> Oil Services 0.5% |
|
|
| |
|
1,362,854 |
|
ShawCor (Canada) |
|
29,623,383 |
| |
|
|
|
Oil & Gas Pipeline Products |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Agricultural Commodities 0.1% |
|
|
| |
|
1,306,818 |
|
Union Agriculture Group (Uruguay) (a)(d)(e) |
|
4,665,340 |
| |
|
|
|
Farmland Operator in Uruguay |
|
|
| |
|
Energy & Minerals: Total |
|
143,948,598 |
| |||
|
|
|
|
| |||
|
Total Equities: 98.7% |
|
6,276,638,770 |
(g) | |||
|
|
|
|
| |||
|
Short-Term Investments 0.5% |
|
|
| |||
|
27,577,253 |
|
JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.25%) |
|
27,577,253 |
| |
|
Total Short-Term Investments: 0.5% |
|
27,577,253 |
| |||
|
Number of Shares |
|
|
|
Value |
| |
|
Securities Lending Collateral 0.5% |
|
|
| |||
|
33,807,275 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.20%) (h) |
|
$ |
33,807,275 |
|
|
Total Securities Lending Collateral: 0.5% |
|
33,807,275 |
| |||
|
|
|
|
| |||
|
Total Investments: 99.7% |
|
6,338,023,298 |
(j) | |||
|
|
|
|
| |||
|
Obligation to Return Collateral for Securities Loaned: (0.5)% |
|
(33,807,275 |
) | |||
|
|
|
|
| |||
|
Cash and Other Assets Less Liabilities: 0.8% |
|
54,539,039 |
| |||
|
|
|
|
| |||
|
Net Assets: 100.0% |
|
$ |
6,358,755,062 |
| ||
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, 2016. The total market value of securities on loan at March 31, 2016 was $33,934,861.
(c) 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, 2016, are as follows:
|
Security |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
|
Fiesta Restaurant Group |
|
1,453,484 |
|
— |
|
— |
|
1,453,484 |
|
$ |
47,645,205 |
|
$ |
— |
|
|
Quotient Technology Inc. (1) |
|
4,634,954 |
|
— |
|
1,034,977 |
|
3,599,977 |
|
38,159,756 |
|
— |
| ||
|
Navigant Consulting |
|
2,370,162 |
|
— |
|
— |
|
2,370,162 |
|
37,472,261 |
|
— |
| ||
|
Vonage (1) |
|
13,576,409 |
|
— |
|
6,082,904 |
|
7,493,505 |
|
34,245,318 |
|
— |
| ||
|
Bankrate (1) |
|
7,126,562 |
|
— |
|
3,397,201 |
|
3,729,361 |
|
34,198,240 |
|
— |
| ||
|
Boingo Wireless |
|
2,727,319 |
|
— |
|
— |
|
2,727,319 |
|
21,054,903 |
|
— |
| ||
|
Fluidigm |
|
879,013 |
|
927,112 |
|
— |
|
1,806,125 |
|
14,575,429 |
|
— |
| ||
|
Gaiam (1) |
|
1,893,824 |
|
— |
|
1,893,824 |
|
— |
|
— |
|
— |
| ||
|
Hackett Group (1) |
|
1,899,313 |
|
— |
|
1,899,313 |
|
— |
|
— |
|
— |
| ||
|
Kirkland Lake Gold (1) |
|
5,119,843 |
|
— |
|
5,119,843 |
|
— |
|
— |
|
— |
| ||
|
ShaMaran Petroleum (1) |
|
90,046,000 |
|
— |
|
90,046,000 |
|
— |
|
— |
|
— |
| ||
|
Total of Affiliated Transactions |
|
131,726,883 |
|
927,112 |
|
109,474,062 |
|
23,179,933 |
|
$ |
227,351,112 |
|
$ |
— |
|
(1) At March 31, 2016, the Fund owned less than five percent of the company’s outstanding voting shares.
The aggregate cost and value of these companies at March 31, 2016, was $113,103,333 and $120,747,798, respectively. Investments in affiliated companies represented 1.90% of the Fund’s total net assets at March 31, 2016.
(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 Fund’s Board of Trustees. At March 31, 2016, the market value of these securities amounted to $4,665,340, which represented 0.07% of total net assets. Additional information on these securities is as follows:
|
Security |
|
Acquisition |
|
Shares |
|
Cost |
|
Value |
| ||
|
Union Agriculture Group |
|
12/8/10-6/27/12 |
|
1,306,818 |
|
$ |
15,000,000 |
|
$ |
4,665,340 |
|
|
MicroDose Therapeutx Contingent Value Rights |
|
8/14/13 |
|
359,944 |
|
— |
|
— |
| ||
|
|
|
|
|
|
|
$ |
15,000,000 |
|
$ |
4,665,340 |
|
> Notes to Statement of Investments
(f) Security has no value.
(g) On March 31, 2016, the market value of foreign securities represented 0.54% of total net assets. The Fund’s foreign portfolio was diversified as follows:
|
Country |
|
Value |
|
Percentage |
| |
|
Canada |
|
$ |
29,623,383 |
|
0.47 |
|
|
Uruguay |
|
4,665,340 |
|
0.07 |
| |
|
Total Foreign Portfolio |
|
$ |
34,288,723 |
|
0.54 |
|
(h) Investment made with cash collateral received from securities lending activity.
(i) At March 31, 2016, for federal income tax purposes, the cost of investments was approximately $4,419,195,866 and net unrealized appreciation was $1,918,827,432 consisting of gross unrealized appreciation of $2,114,989,738 and gross unrealized depreciation of $196,162,306.
(j) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2015.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
· Level 1 - quoted prices in active markets for identical securities
· Level 2 - prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 - prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by CWAM’s Valuation Committee (the Committee) 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.
The Committee is responsible for applying the Trust’s Portfolio Pricing Policy and the CWAM pricing procedures (the Policies), which are approved by and subject to the oversight of 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 CWAM believes that available market quotations are unreliable. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s 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, 2016, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Equities |
|
|
|
|
|
|
|
|
| ||||
|
Information |
|
$ |
1,795,022,980 |
|
$ |
— |
|
$ |
— |
|
$ |
1,795,022,980 |
|
|
Industrial Goods & Services |
|
1,287,906,884 |
|
— |
|
— |
|
1,287,906,884 |
| ||||
|
Health Care |
|
1,022,637,383 |
|
— |
|
0 |
(a) |
1,022,637,383 |
| ||||
|
Consumer Goods & Services |
|
1,006,276,633 |
|
— |
|
— |
|
1,006,276,633 |
| ||||
|
Finance |
|
516,195,065 |
|
— |
|
— |
|
516,195,065 |
| ||||
|
Other Industries |
|
504,651,227 |
|
— |
|
— |
|
504,651,227 |
| ||||
|
Energy & Minerals |
|
139,283,258 |
|
— |
|
4,665,340 |
|
143,948,598 |
| ||||
|
Total Equities |
|
6,271,973,430 |
|
— |
|
4,665,340 |
|
6,276,638,770 |
| ||||
|
Total Short-Term Investments |
|
27,577,253 |
|
— |
|
— |
|
27,577,253 |
| ||||
|
Total Securities Lending Collateral |
|
33,807,275 |
|
— |
|
— |
|
33,807,275 |
| ||||
|
Total Investments |
|
$ |
6,333,357,958 |
|
$ |
— |
|
$ |
4,665,340 |
|
$ |
6,338,023,298 |
|
(a) Rounds to zero.
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 by the Committee at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include, but are not limited to estimated earnings of the company and the position of the security within the company’s capital structure. The Committee also may use some observable inputs, which may include, but are not limited to, trades of similar securities. 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, 2016
|
Number of Shares |
|
|
|
Value |
| |
|
Equities: 95.3% |
|
|
| |||
|
Europe 44.8% |
|
|
| |||
|
|
|
> United Kingdom 13.3% |
|
|
| |
|
1,746,181 |
|
Rightmove |
|
$ |
105,609,820 |
|
|
|
|
Internet Real Estate Listings |
|
|
| |
|
1,253,571 |
|
Spirax Sarco |
|
65,536,029 |
| |
|
|
|
Steam Systems for Manufacturing & Process Industries |
|
|
| |
|
13,812,000 |
|
Regus |
|
62,825,280 |
| |
|
|
|
Rental of Office Space in Full Service Business Center |
|
|
| |
|
4,723,313 |
|
Shaftesbury |
|
61,800,915 |
| |
|
|
|
London Prime Retail REIT |
|
|
| |
|
4,399,000 |
|
Halma |
|
57,589,119 |
| |
|
|
|
Health & Safety Sensor Technology |
|
|
| |
|
2,097,000 |
|
WH Smith |
|
54,754,789 |
| |
|
|
|
Newsprint, Books & General Stationery Retailer |
|
|
| |
|
3,560,000 |
|
Domino’s Pizza UK & Ireland |
|
51,539,516 |
| |
|
|
|
Pizza Delivery in the UK, Ireland & Switzerland |
|
|
| |
|
657,000 |
|
Next |
|
50,955,249 |
| |
|
|
|
Clothes & Home Retailer in the UK |
|
|
| |
|
3,000,000 |
|
Smith & Nephew |
|
49,464,423 |
| |
|
|
|
Medical Equipment & Supplies |
|
|
| |
|
1,125,000 |
|
Croda International |
|
49,103,565 |
| |
|
|
|
Oleochemicals & Industrial Chemicals |
|
|
| |
|
16,251,000 |
|
Rentokil Initial |
|
41,265,979 |
| |
|
|
|
Pest Control, Washroom & Workwear Service Provider |
|
|
| |
|
6,314,852 |
|
Halfords |
|
35,925,086 |
| |
|
|
|
UK Retailer of Leisure Goods & Auto Parts |
|
|
| |
|
5,965,000 |
|
DS Smith |
|
34,954,284 |
| |
|
|
|
Packaging |
|
|
| |
|
8,388,000 |
|
Ocado (a)(b) |
|
34,949,097 |
| |
|
|
|
Online Grocery Retailer |
|
|
| |
|
4,033,732 |
|
Abcam |
|
34,181,322 |
| |
|
|
|
Online Sales of Antibodies |
|
|
| |
|
1,377,000 |
|
easyJet |
|
30,041,493 |
| |
|
|
|
European Low Cost Airline |
|
|
| |
|
1,416,057 |
|
Polypipe |
|
6,491,924 |
| |
|
|
|
Manufacturer of Plastic Piping & Fittings |
|
|
| |
|
1,078,904 |
|
PureCircle (a)(b) |
|
5,876,763 |
| |
|
|
|
Natural Sweeteners |
|
|
| |
|
|
|
|
|
832,864,653 |
| |
|
|
|
> Germany 6.4% |
|
|
| |
|
2,380,000 |
|
Wirecard (b) |
|
90,183,111 |
| |
|
|
|
Online Payment Processing & Risk Management |
|
|
| |
|
691,000 |
|
MTU Aero Engines |
|
66,276,280 |
| |
|
|
|
Airplane Engine Components & Services |
|
|
| |
|
1,067,000 |
|
NORMA Group |
|
59,772,067 |
| |
|
|
|
Clamps for Automotive & Industrial Applications |
|
|
| |
|
1,660,000 |
|
Zalando (a) |
|
54,495,160 |
| |
|
|
|
Online Platform for Apparel Sales |
|
|
| |
|
8,700,000 |
|
Telefonica Deutschland |
|
47,132,606 |
| |
|
|
|
Mobile & Fixed-line Communications in Germany |
|
|
| |
|
610,000 |
|
Fielmann |
|
46,297,729 |
| |
|
|
|
Retail Optician Chain |
|
|
| |
|
60,300 |
|
Rational |
|
32,228,634 |
| |
|
|
|
Commercial Ovens |
|
|
| |
|
|
|
|
|
396,385,587 |
| |
|
|
|
> Sweden 6.1% |
|
|
| |
|
4,744,000 |
|
Trelleborg |
|
93,848,600 |
| |
|
|
|
Manufacturer of Sealing, Dampening & Protective Solutions for Industry |
|
|
| |
|
7,587,376 |
|
Unibet |
|
86,124,066 |
| |
|
|
|
European Online Gaming Operator |
|
|
| |
|
2,055,208 |
|
Hexagon |
|
79,998,242 |
| |
|
|
|
Design, Measurement & Visualization Software & Equipment |
|
|
| |
|
850,000 |
|
Millicom International Cellular |
|
46,456,441 |
| |
|
|
|
Telecoms Operator in Latin America & Africa |
|
|
| |
|
2,117,652 |
|
Sweco |
|
34,797,496 |
| |
|
|
|
Engineering Consultants |
|
|
| |
|
916,000 |
|
Mekonomen |
|
22,679,272 |
| |
|
|
|
Nordic Integrated Wholesaler/ Retailer of Automotive Parts & Service |
|
|
| |
|
849,000 |
|
Recipharm (b) |
|
15,896,037 |
| |
|
|
|
Contract Development Manufacturing Organization |
|
|
| |
|
|
|
|
|
379,800,154 |
| |
|
|
|
> Switzerland 4.6% |
|
|
| |
|
249,500 |
|
Partners Group |
|
100,287,817 |
| |
|
|
|
Private Markets Asset Management |
|
|
| |
|
228,300 |
|
Geberit |
|
85,308,294 |
| |
|
|
|
Plumbing Systems |
|
|
| |
|
29,100 |
|
Givaudan |
|
57,077,219 |
| |
|
|
|
Fragrances & Flavors |
|
|
| |
|
310,000 |
|
Actelion |
|
46,328,324 |
| |
|
|
|
Swiss Orphan Drug Company |
|
|
| |
|
|
|
|
|
289,001,654 |
| |
|
|
|
> Denmark 4.2% |
|
|
| |
|
2,908,544 |
|
Novozymes |
|
130,759,006 |
| |
|
|
|
Industrial Enzymes |
|
|
| |
|
700,000 |
|
William Demant Holding (a) |
|
70,390,166 |
| |
|
|
|
Manufacture & Distribution of Hearing Aids & Diagnostic Equipment |
|
|
| |
|
1,300,063 |
|
SimCorp |
|
59,995,272 |
| |
|
|
|
Software for Investment Managers |
|
|
| |
|
|
|
|
|
261,144,444 |
| |
|
|
|
> Spain 3.1% |
|
|
| |
|
11,975,000 |
|
Distribuidora Internacional de Alimentación |
|
62,217,915 |
| |
|
|
|
Discount Retailer in Spain & Latin America |
|
|
| |
|
10,692,000 |
|
Prosegur |
|
60,223,802 |
| |
|
|
|
Security Guards |
|
|
| |
|
627,000 |
|
Viscofan |
|
37,563,836 |
| |
|
|
|
Sausage Casings Maker |
|
|
| |
|
975,553 |
|
Bolsas y Mercados Españoles |
|
31,470,812 |
| |
|
|
|
Spanish Stock Markets |
|
|
| |
|
|
|
|
|
191,476,365 |
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> France 2.9% |
|
|
| |
|
906,000 |
|
Legrand |
|
$ |
50,768,504 |
|
|
|
|
Electrical Components |
|
|
| |
|
1,496,610 |
|
Eutelsat |
|
48,347,949 |
| |
|
|
|
Fixed Satellite Services |
|
|
| |
|
2,023,000 |
|
Elior Group |
|
44,358,987 |
| |
|
|
|
Contract Caterer & Travel Concessionary |
|
|
| |
|
99,000 |
|
Eurofins Scientific |
|
36,313,398 |
| |
|
|
|
Food, Pharmaceuticals & Materials Screening & Testing |
|
|
| |
|
|
|
|
|
179,788,838 |
| |
|
|
|
> Netherlands 2.8% |
|
|
| |
|
2,103,770 |
|
Aalberts Industries |
|
72,989,385 |
| |
|
|
|
Flow Control & Heat Treatment |
|
|
| |
|
756,000 |
|
Gemalto (b) |
|
55,890,589 |
| |
|
|
|
Digital Security Solutions |
|
|
| |
|
606,900 |
|
ASM International |
|
27,185,130 |
| |
|
|
|
Semiconductor Manufacturing Equipment Provider |
|
|
| |
|
870,217 |
|
Brunel (b) |
|
18,324,016 |
| |
|
|
|
Temporary Specialist & Energy Staffing |
|
|
| |
|
|
|
|
|
174,389,120 |
| |
|
|
|
> Finland 0.8% |
|
|
| |
|
1,387,000 |
|
Konecranes (b) |
|
33,112,042 |
| |
|
|
|
Manufacture & Service of Industrial Cranes & Port Handling Equipment |
|
|
| |
|
842,036 |
|
Tikkurila |
|
15,292,116 |
| |
|
|
|
Decorative & Industrial Paint in Scandinavia, Central & Eastern Europe |
|
|
| |
|
|
|
|
|
48,404,158 |
| |
|
|
|
> Italy 0.5% |
|
|
| |
|
8,693,952 |
|
Hera |
|
25,978,614 |
| |
|
|
|
Northern Italian Utility |
|
|
| |
|
48,500 |
|
Brembo |
|
2,508,301 |
| |
|
|
|
Original Equipment, Racing & Aftermarket Brakes for the Automotive Industry |
|
|
| |
|
|
|
|
|
28,486,915 |
| |
|
|
|
> Norway 0.1% |
|
|
| |
|
979,106 |
|
Atea |
|
9,347,695 |
| |
|
|
|
Nordic IT Hardware/Software Reseller & Integrator |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Kazakhstan —% |
|
|
| |
|
233,780 |
|
Halyk Savings Bank of Kazakhstan - GDR |
|
981,876 |
| |
|
|
|
Retail Bank & Insurer in Kazakhstan |
|
|
| |
|
Europe: Total |
|
2,792,071,459 |
| |||
|
|
|
|
| |||
|
Asia 37.6% |
|
|
| |||
|
|
|
> Japan 21.4% |
|
|
| |
|
2,132,400 |
|
Recruit Holdings |
|
65,018,313 |
| |
|
|
|
Recruitment & Media Services |
|
|
| |
|
1,247,800 |
|
FamilyMart |
|
64,805,070 |
| |
|
|
|
Convenience Store Operator |
|
|
| |
|
4,080,000 |
|
Aeon Mall |
|
60,364,362 |
| |
|
|
|
Suburban Shopping Mall Developer, Owner & Operator |
|
|
| |
|
1,640,000 |
|
Glory |
|
55,701,927 |
| |
|
|
|
Currency Handling Systems & Related Equipment |
|
|
| |
|
2,355,700 |
|
Bandai Namco |
|
51,350,525 |
| |
|
|
|
Branded Toys & Related Content |
|
|
| |
|
2,900,000 |
|
Suruga Bank |
|
50,890,672 |
| |
|
|
|
Regional Bank |
|
|
| |
|
964,900 |
|
Ezaki Glico |
|
49,424,834 |
| |
|
|
|
Confectionary, Ice Cream & Dairy Products |
|
|
| |
|
3,600,000 |
|
Ushio |
|
47,791,119 |
| |
|
|
|
Industrial Light Sources |
|
|
| |
|
10,700,000 |
|
Seven Bank |
|
45,668,393 |
| |
|
|
|
ATM Processing Services |
|
|
| |
|
18,600 |
|
Japan Retail Fund |
|
44,657,732 |
| |
|
|
|
Retail REIT in Japan |
|
|
| |
|
551,700 |
|
Hikari Tsushin |
|
41,984,156 |
| |
|
|
|
Office IT/Mobiles/Insurance Distribution |
|
|
| |
|
1,776,000 |
|
Aeon Financial Service |
|
41,811,122 |
| |
|
|
|
Diversified Consumer-related Finance Company in Japan |
|
|
| |
|
742,000 |
|
Otsuka |
|
39,141,399 |
| |
|
|
|
One-stop IT Services & Office Supplies Provider |
|
|
| |
|
450,000 |
|
Hoshizaki Electric |
|
37,534,830 |
| |
|
|
|
Commercial Kitchen Equipment |
|
|
| |
|
6,149 |
|
Kenedix Office Investment |
|
35,249,167 |
| |
|
|
|
Tokyo Mid-size Office REIT |
|
|
| |
|
2,283,000 |
|
Santen Pharmaceutical |
|
34,314,585 |
| |
|
|
|
Specialty Pharma (Ophthalmic Medicine) |
|
|
| |
|
550,000 |
|
Makita |
|
34,091,678 |
| |
|
|
|
Power Tools |
|
|
| |
|
724,000 |
|
Asahi Intecc |
|
33,876,442 |
| |
|
|
|
Medical Guidewires for Surgery |
|
|
| |
|
1,800,000 |
|
OSG (b) |
|
33,570,983 |
| |
|
|
|
Consumable Cutting Tools |
|
|
| |
|
298,620 |
|
Hirose Electric |
|
32,910,659 |
| |
|
|
|
Electrical Connectors |
|
|
| |
|
557,000 |
|
Ariake Japan |
|
32,635,657 |
| |
|
|
|
Commercial Soup & Sauce Extracts |
|
|
| |
|
385,400 |
|
Disco |
|
32,609,055 |
| |
|
|
|
Semiconductor Dicing & Grinding Equipment |
|
|
| |
|
2,523,800 |
|
Sony Financial Holdings |
|
32,270,849 |
| |
|
|
|
Life Insurance, Assurance & Internet Banking |
|
|
| |
|
4,554,000 |
|
NOF |
|
32,256,106 |
| |
|
|
|
Specialty Chemicals, Life Science & Rocket Fuels |
|
|
| |
|
2,900,000 |
|
Sega Sammy Holdings |
|
31,596,035 |
| |
|
|
|
Gaming Software/Hardware & Leisure Facilities |
|
|
| |
|
803,100 |
|
JIN (b) |
|
31,360,607 |
| |
|
|
|
Eyeglasses Retailer |
|
|
| |
|
1,437,000 |
|
Aica Kogyo |
|
30,147,349 |
| |
|
|
|
Laminated Sheets, Building Materials & Chemical Adhesives |
|
|
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Japan—continued |
|
|
| |
|
567,000 |
|
OBIC |
|
$ |
29,973,737 |
|
|
|
|
Computer Software |
|
|
| |
|
1,550,000 |
|
NGK Spark Plug |
|
29,681,332 |
| |
|
|
|
Automobile Parts |
|
|
| |
|
5,000,000 |
|
Dowa Holdings |
|
27,817,092 |
| |
|
|
|
Environmental/Recycling, Nonferrous Metals, Electric Material & Metal Processing |
|
|
| |
|
750,000 |
|
Japan Airport Terminal (b) |
|
26,618,518 |
| |
|
|
|
Airport Terminal Operator at Haneda |
|
|
| |
|
869,000 |
|
MonotaRO (b) |
|
25,831,523 |
| |
|
|
|
Online Maintenance, Repair & Operations Goods Distributor in Japan |
|
|
| |
|
972,050 |
|
Capcom |
|
23,681,864 |
| |
|
|
|
Packaged, Online & Mobile Games |
|
|
| |
|
1,829,800 |
|
Relia |
|
16,924,384 |
| |
|
|
|
Call Center Operator |
|
|
| |
|
777,500 |
|
Doshisha |
|
14,306,039 |
| |
|
|
|
Consumer Goods Wholesaler |
|
|
| |
|
1,055,000 |
|
Kintetsu World Express |
|
14,012,536 |
| |
|
|
|
Airfreight Logistics |
|
|
| |
|
59,000 |
|
Seria |
|
3,563,594 |
| |
|
|
|
100 Yen Discount Stores |
|
|
| |
|
119,200 |
|
Icom |
|
2,178,142 |
| |
|
|
|
Two Way Radio Communication Equipment |
|
|
| |
|
|
|
|
|
1,337,622,387 |
| |
|
|
|
> Taiwan 3.1% |
|
|
| |
|
22,000,000 |
|
Far EasTone Telecom |
|
49,272,821 |
| |
|
|
|
Mobile Operator in Taiwan |
|
|
| |
|
25,313,000 |
|
Vanguard International Semiconductor |
|
39,546,226 |
| |
|
|
|
Semiconductor Foundry |
|
|
| |
|
1,780,000 |
|
St. Shine Optical |
|
36,294,139 |
| |
|
|
|
Disposable Contact Lens Original Equipment Manufacturer |
|
|
| |
|
437,000 |
|
Largan Precision |
|
33,871,487 |
| |
|
|
|
Mobile Device Camera Lenses & Modules |
|
|
| |
|
4,243,686 |
|
Advantech |
|
31,184,841 |
| |
|
|
|
Industrial PC & Components |
|
|
| |
|
1,060,000 |
|
Novatek Microelectronics |
|
4,266,966 |
| |
|
|
|
Display-related Integrated Circuit Designer |
|
|
| |
|
|
|
|
|
194,436,480 |
| |
|
|
|
> Korea 3.1% |
|
|
| |
|
622,317 |
|
KT&G |
|
59,922,925 |
| |
|
|
|
Tobacco & Ginseng Products |
|
|
| |
|
135,947 |
|
KCC |
|
49,428,218 |
| |
|
|
|
Paint & Housing Material Manufacturer |
|
|
| |
|
256,310 |
|
CJ Corp |
|
43,823,713 |
| |
|
|
|
Holding Company of Korean Consumer Conglomerate |
|
|
| |
|
989,002 |
|
Korea Investment Holdings |
|
38,042,723 |
| |
|
|
|
Brokerage & Asset Management |
|
|
| |
|
37,477 |
|
LF Corp |
|
848,737 |
| |
|
|
|
Apparel Design & Retail |
|
|
| |
|
|
|
|
|
192,066,316 |
| |
|
|
|
> China 2.8% |
|
|
| |
|
64,000,000 |
|
China Everbright International |
|
|
71,470,733 |
|
|
|
|
Municipal Waste Operator |
|
|
| |
|
173,400,001 |
|
Sihuan Pharmaceutical Holdings Group |
|
49,623,647 |
| |
|
|
|
Chinese Generic Drug Manufacturer |
|
|
| |
|
20,348,000 |
|
TravelSky Technology |
|
33,359,236 |
| |
|
|
|
Chinese Air Travel Transaction Processor |
|
|
| |
|
32,500,000 |
|
NewOcean Energy |
|
11,696,716 |
| |
|
|
|
Southern China Liquefied Petroleum Gas Distributor |
|
|
| |
|
258,000 |
|
51job - ADR (a) |
|
8,003,160 |
| |
|
|
|
Integrated Human Resource Services |
|
|
| |
|
|
|
|
|
174,153,492 |
| |
|
|
|
> Hong Kong 2.1% |
|
|
| |
|
67,979,000 |
|
Value Partners (b) |
|
71,381,504 |
| |
|
|
|
Mutual Fund Management |
|
|
| |
|
18,000,000 |
|
Samsonite International |
|
60,292,065 |
| |
|
|
|
Mass Market Luggage & Travel Accessories |
|
|
| |
|
|
|
|
|
131,673,569 |
| |
|
|
|
> India 2.0% |
|
|
| |
|
10,092,584 |
|
Zee Entertainment Enterprises |
|
58,955,484 |
| |
|
|
|
Indian Programmer of Pay Television Content |
|
|
| |
|
9,413,000 |
|
Adani Ports & Special Economic Zone |
|
35,194,404 |
| |
|
|
|
Indian Ports |
|
|
| |
|
1,506,698 |
|
United Breweries |
|
18,818,829 |
| |
|
|
|
Indian Brewer |
|
|
| |
|
3,050,431 |
|
TVS Motor |
|
14,870,579 |
| |
|
|
|
Indian Maker of Scooters, Mopeds, Motorcycles & Three-wheelers |
|
|
| |
|
|
|
|
|
127,839,296 |
| |
|
|
|
> Singapore 1.1% |
|
|
| |
|
8,124,700 |
|
Singapore Exchange |
|
47,876,488 |
| |
|
|
|
Singapore Equity & Derivatives Market Operator |
|
|
| |
|
35,000,000 |
|
SIIC Environment (a) |
|
17,771,228 |
| |
|
|
|
Waste Water Treatment Operator |
|
|
| |
|
|
|
|
|
65,647,716 |
| |
|
|
|
> Thailand 0.9% |
|
|
| |
|
5,000,000 |
|
Airports of Thailand |
|
57,082,234 |
| |
|
|
|
Airport Operator of Thailand |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Indonesia 0.9% |
|
|
| |
|
22,193,600 |
|
Matahari Department Store |
|
30,710,740 |
| |
|
|
|
Department Store Chain in Indonesia |
|
|
| |
|
43,966,800 |
|
Tower Bersama Infrastructure (a) |
|
19,276,749 |
| |
|
|
|
Communications Towers |
|
|
| |
|
54,624,000 |
|
MNC Sky Vision (a) |
|
4,572,597 |
| |
|
|
|
Satellite Pay TV Operator in Indonesia |
|
|
| |
|
3,708,300 |
|
Link Net (a) |
|
1,147,678 |
| |
|
|
|
Fixed Broadband & CATV Service Provider |
|
|
| |
|
|
|
|
|
55,707,764 |
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Philippines 0.2% |
|
|
| |
|
12,000,000 |
|
Puregold Price Club |
|
$ |
9,486,372 |
|
|
|
|
Supermarket Operator in the Philippines |
|
|
| |
|
Asia: Total |
|
2,345,715,626 |
| |||
|
|
|
|
| |||
|
Other Countries 11.4% |
|
|
| |||
|
|
|
> Canada 4.3% |
|
|
| |
|
712,923 |
|
CCL Industries |
|
135,311,276 |
| |
|
|
|
Global Label Converter |
|
|
| |
|
1,651,000 |
|
Vermilion Energy (b) |
|
48,319,161 |
| |
|
|
|
Canadian Exploration & Production Company |
|
|
| |
|
2,208,000 |
|
PrairieSky Royalty (b) |
|
41,890,371 |
| |
|
|
|
Canadian Owner of Oil & Gas Mineral Interests |
|
|
| |
|
3,188,000 |
|
CAE |
|
36,869,113 |
| |
|
|
|
Flight Simulator Equipment & Training Centers |
|
|
| |
|
199,274 |
|
Boardwalk Real Estate Investment Trust |
|
7,946,410 |
| |
|
|
|
Canadian Residential REIT |
|
|
| |
|
|
|
|
|
270,336,331 |
| |
|
|
|
> Australia 4.3% |
|
|
| |
|
1,648,566 |
|
Domino’s Pizza Enterprises |
|
72,562,485 |
| |
|
|
|
Domino’s Pizza Operator in Australia & New Zealand |
|
|
| |
|
16,600,000 |
|
IAG |
|
70,896,946 |
| |
|
|
|
General Insurance Provider |
|
|
| |
|
5,950,000 |
|
Amcor |
|
65,337,353 |
| |
|
|
|
Global Leader in Flexible & Rigid Packaging |
|
|
| |
|
63,000,000 |
|
Spotless (c) |
|
61,003,292 |
| |
|
|
|
Facility Management & Catering Company |
|
|
| |
|
|
|
|
|
269,800,076 |
| |
|
|
|
> South Africa 1.2% |
|
|
| |
|
8,520,458 |
|
Coronation Fund Managers (b) |
|
42,360,621 |
| |
|
|
|
South African Fund Manager |
|
|
| |
|
11,177,427 |
|
Rand Merchant Insurance |
|
31,509,915 |
| |
|
|
|
Directly Sold Property & Casualty Insurance; Holdings in other Insurers |
|
|
| |
|
|
|
|
|
73,870,536 |
| |
|
|
|
> United States 0.6% |
|
|
| |
|
1,064,000 |
|
Cepheid (a) |
|
35,495,040 |
| |
|
|
|
Molecular Diagnostics |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Egypt 0.5% |
|
|
| |
|
7,454,462 |
|
Commercial International Bank of Egypt |
|
32,218,904 |
| |
|
|
|
Leading Private Universal Bank in Egypt |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> New Zealand 0.5% |
|
|
| |
|
7,219,755 |
|
Auckland International Airport |
|
32,080,130 |
| |
|
|
|
Auckland Airport Operator |
|
|
| |
|
Other Countries: Total |
|
713,801,017 |
| |||
|
|
|
|
| |||
|
Latin America 1.5% |
|
|
| |||
|
|
|
> Mexico 0.9% |
|
|
| |
|
396,000 |
|
Grupo Aeroportuario del Sureste - ADR |
|
59,467,320 |
| |
|
|
|
Mexican Airport Operator |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Guatemala 0.5% |
|
|
| |
|
3,242,476 |
|
Tahoe Resources |
|
32,505,900 |
| |
|
|
|
Silver & Gold Projects in Guatemala, Canada & Peru |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Uruguay 0.1% |
|
|
| |
|
1,306,818 |
|
Union Agriculture Group (a)(d)(e) |
|
4,665,340 |
| |
|
|
|
Farmland Operator in Uruguay |
|
|
| |
|
Latin America: Total |
|
96,638,560 |
| |||
|
|
|
|
| |||
|
Total Equities: 95.3% |
|
5,948,226,662 |
(f) | |||
|
|
|
|
| |||
|
Short-Term Investments 4.1% |
|
|
| |||
|
220,000,000 |
|
JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.25%) |
|
220,000,000 |
| |
|
36,946,692 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.15%) |
|
36,946,692 |
| |
|
Total Short-Term Investments: 4.1% |
|
256,946,692 |
| |||
|
|
|
|
| |||
|
Securities Lending Collateral 3.8% |
|
|
| |||
|
235,842,666 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.20%) (g) |
|
235,842,666 |
| |
|
Total Securities Lending Collateral: 3.8% |
|
235,842,666 |
| |||
|
|
|
|
| |||
|
Total Investments: 103.2% |
|
6,441,016,020 |
(i) | |||
|
|
|
|
| |||
|
Obligation to Return Collateral for Securities Loaned: (3.8)% |
|
(235,842,666 |
) | |||
|
|
|
|
| |||
|
Cash and Other Assets Less Liabilities: 0.6% |
|
33,741,636 |
| |||
|
|
|
|
| |||
|
Net Assets: 100.0% |
|
$ |
6,238,914,990 |
| ||
ADR - American Depositary Receipts
GDR - Global Depositary Receipts
REIT - Real Estate Investment Trust
> Notes to Statement of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at March 31, 2016. The total market value of securities on loan at March 31, 2016 was $225,508,166.
(c) 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, 2016, are as follows:
|
Security |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
|
Spotless |
|
63,000,000 |
|
— |
|
— |
|
63,000,000 |
|
$ |
61,003,292 |
|
$ |
1,686,164 |
|
The aggregate cost and value of these companies at March 31, 2016, was $97,959,201 and $61,003,292, respectively. Investments in affiliated companies represented 0.98% of the Fund’s total net assets at March 31, 2016.
(d) Illiquid security.
(e) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. This security is valued at fair value determined in good faith under consistently applied procedures established by the Fund’s Board of Trustees. At March 31, 2016, the market value of this security amounted to $4,665,340, which represented 0.07% of total net assets. Additional information on this security is as follows:
|
Security |
|
Acquisition |
|
Shares |
|
Cost |
|
Value |
| ||
|
Union Agriculture Group |
|
12/8/10-6/27/12 |
|
1,306,818 |
|
$ |
15,000,000 |
|
$ |
4,665,340 |
|
(f) On March 31, 2016, the Fund’s total equity investments were denominated in currencies as follows:
|
Currency |
|
Value |
|
Percentage |
| |
|
Japanese Yen |
|
$ |
1,337,622,387 |
|
21.4 |
|
|
Euro |
|
1,018,930,982 |
|
16.3 |
| |
|
British Pound |
|
832,864,653 |
|
13.4 |
| |
|
Swedish Krona |
|
379,800,154 |
|
6.1 |
| |
|
Other currencies less than 5% of total net assets |
|
2,379,008,486 |
|
38.1 |
| |
|
Total Equities |
|
$ |
5,948,226,662 |
|
95.3 |
|
(g) Investment made with cash collateral received from securities lending activity.
(h) At March 31, 2016, for federal income tax purposes, the cost of investments was approximately $5,378,239,738 and net unrealized appreciation was $1,062,776,282 consisting of gross unrealized appreciation of $1,364,195,438 and gross unrealized depreciation of $301,419,156.
(i) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2015.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
· Level 1 - quoted prices in active markets for identical securities
· Level 2 - prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 - prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by CWAM’s Valuation Committee (the Committee) 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.
The Committee is responsible for applying the Trust’s Portfolio Pricing Policy and the CWAM pricing procedures (the Policies), which are approved by and subject to the oversight of 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 CWAM believes that available market quotations are unreliable. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. 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
> Notes to Statement of Investments
require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s 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, 2016, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Equities |
|
|
|
|
|
|
|
|
| ||||
|
Europe |
|
$ |
— |
|
$ |
2,792,071,459 |
|
$ |
— |
|
$ |
2,792,071,459 |
|
|
Asia |
|
8,003,160 |
|
2,337,712,466 |
|
— |
|
2,345,715,626 |
| ||||
|
Other Countries |
|
305,831,371 |
|
407,969,646 |
|
— |
|
713,801,017 |
| ||||
|
Latin America |
|
91,973,220 |
|
— |
|
4,665,340 |
|
96,638,560 |
| ||||
|
Total Equities |
|
405,807,751 |
|
5,537,753,571 |
|
4,665,340 |
|
5,948,226,662 |
| ||||
|
Total Short-Term Investments |
|
256,946,692 |
|
— |
|
— |
|
256,946,692 |
| ||||
|
Total Securities Lending Collateral |
|
235,842,666 |
|
— |
|
— |
|
235,842,666 |
| ||||
|
Total Investments |
|
$ |
898,597,109 |
|
$ |
5,537,753,571 |
|
$ |
4,665,340 |
|
$ |
6,441,016,020 |
|
The Fund’s assets assigned to the Level 2 input category are generally valued using a market approach, in which a security’s value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements.
There were no transfers of financial assets between Levels 1 and 2 during the period.
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
Financial assets were transferred from Level 3 to Level 2 as trading resumed during the period. As a result, as of period end, the Committee determined to value the security(s) under consistently applied procedures established by and under the general supervision of the Board.
The following table shows transfers between Level 3 and Level 2 of the fair value hierarchy:
|
Transfers In |
|
Transfers Out |
| ||||||||
|
Level 2 |
|
Level 3 |
|
Level 2 |
|
Level 3 |
| ||||
|
$ |
34,937,684 |
|
$ |
— |
|
$ |
— |
|
$ |
34,937,684 |
|
Transfers into 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.
Certain securities classified as Level 3 are valued by the Committee at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include, but are not limited to estimated earnings of the company and the position of the security within the company’s capital structure. The Committee also may use some observable inputs, which may include, but are not limited to, trades of similar securities. 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, 2016, the Fund’s portfolio investments as a percentage of net assets were diversified as follows:
|
|
|
Value |
|
Percentage |
| |
|
> Industrial Goods & Services |
|
|
|
|
| |
|
Industrial Materials & Specialty Chemicals |
|
$ |
523,249,533 |
|
8.4 |
|
|
Machinery |
|
351,548,189 |
|
5.6 |
| |
|
Outsourcing Services |
|
243,642,369 |
|
3.9 |
| |
|
Other Industrial Services |
|
223,463,227 |
|
3.6 |
| |
|
Electrical Components |
|
131,470,281 |
|
2.1 |
| |
|
Conglomerates |
|
116,813,098 |
|
1.9 |
| |
|
Construction |
|
91,800,218 |
|
1.5 |
| |
|
Waste Management |
|
71,470,733 |
|
1.1 |
| |
|
Industrial Distribution |
|
25,831,523 |
|
0.4 |
| |
|
Water |
|
17,771,228 |
|
0.3 |
| |
|
|
|
1,797,060,399 |
|
28.8 |
| |
|
> Consumer Goods & Services |
|
|
|
|
| |
|
Retail |
|
401,407,791 |
|
6.4 |
| |
|
Nondurables |
|
195,234,200 |
|
3.1 |
| |
|
Restaurants |
|
168,460,988 |
|
2.7 |
| |
|
Food & Beverage |
|
144,319,919 |
|
2.3 |
| |
|
Casinos & Gaming |
|
117,720,101 |
|
1.9 |
| |
|
Leisure Products |
|
111,642,591 |
|
1.8 |
| |
|
Consumer Goods Distribution |
|
102,587,925 |
|
1.7 |
| |
|
Other Durable Goods |
|
47,060,213 |
|
0.8 |
| |
|
Apparel |
|
848,737 |
|
0.0 |
* | |
|
|
|
1,289,282,465 |
|
20.7 |
| |
|
> Information |
|
|
|
|
| |
|
Business Software |
|
203,326,489 |
|
3.3 |
| |
|
Internet Related |
|
168,108,139 |
|
2.7 |
| |
|
Financial Processors |
|
138,059,599 |
|
2.2 |
| |
|
Semiconductors & Related Equipment |
|
103,607,377 |
|
1.7 |
| |
|
Telephone & Data Services |
|
93,589,047 |
|
1.5 |
| |
|
Computer Hardware & Related Equipment |
|
87,075,429 |
|
1.4 |
| |
|
Mobile Communications |
|
70,727,712 |
|
1.1 |
| |
|
Advertising |
|
65,018,313 |
|
1.0 |
| |
|
Entertainment Programming |
|
58,955,484 |
|
0.9 |
| |
|
Instrumentation |
|
57,589,119 |
|
0.9 |
| |
|
Satellite Broadcasting & Services |
|
52,920,546 |
|
0.9 |
| |
|
Computer Services |
|
48,489,094 |
|
0.8 |
| |
|
Telecommunications Equipment |
|
33,871,487 |
|
0.5 |
| |
|
Consumer Software |
|
23,681,864 |
|
0.4 |
| |
|
Business Information & Marketing Services |
|
16,924,384 |
|
0.3 |
| |
|
Cable TV |
|
1,147,678 |
|
0.0 |
* | |
|
|
|
1,223,091,761 |
|
19.6 |
| |
|
> Finance |
|
|
|
|
| |
|
Brokerage & Money Management |
|
214,029,941 |
|
3.4 |
| |
|
Banks |
|
171,570,967 |
|
2.7 |
| |
|
Insurance |
|
134,677,711 |
|
2.2 |
| |
|
Diversified Financial Companies |
|
99,843,638 |
|
1.6 |
| |
|
Financial Processors |
|
31,470,812 |
|
0.5 |
| |
|
|
|
651,593,069 |
|
10.4 |
| |
|
> Other Industries |
|
|
|
|
| |
|
Transportation |
|
240,243,980 |
|
3.8 |
| |
|
Real Estate |
|
148,217,671 |
|
2.4 |
| |
|
Regulated Utilities |
|
25,978,614 |
|
0.4 |
| |
|
|
|
414,440,265 |
|
6.6 |
| |
|
> Health Care |
|
|
|
|
| |
|
Medical Equipment & Devices |
|
153,731,030 |
|
2.5 |
| |
|
Pharmaceuticals |
|
146,162,592 |
|
2.3 |
| |
|
Medical Supplies |
|
105,970,501 |
|
1.7 |
| |
|
|
|
405,864,123 |
|
6.5 |
| |
|
> Energy & Minerals |
|
|
|
|
| |
|
Oil & Gas Producers |
|
90,209,532 |
|
1.5 |
| |
|
Mining |
|
32,505,900 |
|
0.5 |
| |
|
Non-Ferrous Metals |
|
27,817,092 |
|
0.4 |
| |
|
Oil Refining, Marketing & Distribution |
|
11,696,716 |
|
0.2 |
| |
|
Agricultural Commodities |
|
4,665,340 |
|
0.1 |
| |
|
|
|
166,894,580 |
|
2.7 |
| |
|
Total Equities: |
|
5,948,226,662 |
|
95.3 |
| |
|
Short-Term Investments: |
|
256,946,692 |
|
4.1 |
| |
|
Securities Lending Collateral: |
|
235,842,666 |
|
3.8 |
| |
|
Total Investments: |
|
6,441,016,020 |
|
103.2 |
| |
|
|
|
|
|
|
| |
|
Obligation to Return Collateral for Securities Loaned: |
|
(235,842,666 |
) |
(3.8 |
) | |
|
Cash and Other Assets Less Liabilities: |
|
33,741,636 |
|
0.6 |
| |
|
Net Assets: |
|
$ |
6,238,914,990 |
|
100.0 |
|
* Rounds to zero.
COLUMBIA ACORN USA®
STATEMENT OF INVESTMENTS (UNAUDITED), MARCH 31, 2016
|
Number of Shares |
|
|
|
Value |
| |
|
Equities: 96.6% |
|
|
| |||
|
Information 25.4% |
|
|
| |||
|
|
|
> Business Software 9.0% |
|
|
| |
|
115,623 |
|
Ansys (a) |
|
$ |
10,343,633 |
|
|
|
|
Simulation Software for Engineers & Designers |
|
|
| |
|
138,645 |
|
Guidewire (a) |
|
7,553,379 |
| |
|
|
|
Software for Global Property & Casualty Insurance Carriers |
|
|
| |
|
125,555 |
|
Manhattan Associates (a) |
|
7,140,313 |
| |
|
|
|
Supply Chain Management Software & Services |
|
|
| |
|
181,241 |
|
DemandWare (a) |
|
7,086,523 |
| |
|
|
|
E-Commerce Website Platform for Retailers & Apparel Manufacturers |
|
|
| |
|
330,297 |
|
NIC |
|
5,955,255 |
| |
|
|
|
Government Web Portal Development & Management Outsourcing |
|
|
| |
|
127,531 |
|
SPS Commerce (a) |
|
5,476,181 |
| |
|
|
|
Supply Chain Management Software Delivered via the Web |
|
|
| |
|
41,000 |
|
Tyler Technologies |
|
5,273,010 |
| |
|
|
|
Financial, Tax, Court & Document Management Systems for Local Governments |
|
|
| |
|
240,554 |
|
Cvent (a) |
|
5,147,856 |
| |
|
|
|
Software for Corporate Event Planners & Marketing Platform for Hotels |
|
|
| |
|
73,420 |
|
NetSuite (a) |
|
5,028,536 |
| |
|
|
|
Enterprise Software Delivered via the Web |
|
|
| |
|
134,390 |
|
Q2 Holdings |
|
3,230,736 |
| |
|
|
|
Online & Mobile Banking Software |
|
|
| |
|
|
|
|
|
62,235,422 |
| |
|
|
|
> Computer Services 4.6% |
|
|
| |
|
202,933 |
|
ExlService Holdings (a) |
|
10,511,929 |
| |
|
|
|
Business Process Outsourcing |
|
|
| |
|
308,890 |
|
WNS - ADR (a) |
|
9,464,389 |
| |
|
|
|
Offshore Business Process Outsourcing Services |
|
|
| |
|
114,691 |
|
J2 Global Communications |
|
7,062,672 |
| |
|
|
|
Communication Technology & Digital Media |
|
|
| |
|
133,947 |
|
Virtusa (a) |
|
5,017,655 |
| |
|
|
|
Offshore IT Outsourcing |
|
|
| |
|
|
|
|
|
32,056,645 |
| |
|
|
|
> Instrumentation 3.2% |
|
|
| |
|
39,769 |
|
Mettler-Toledo International (a) |
|
13,710,760 |
| |
|
|
|
Laboratory Equipment |
|
|
| |
|
90,760 |
|
IPG Photonics (a) |
|
8,720,221 |
| |
|
|
|
Fiber Lasers |
|
|
| |
|
|
|
|
|
22,430,981 |
| |
|
|
|
> Semiconductors & Related Equipment 2.2% |
|
|
| |
|
115,412 |
|
Monolithic Power Systems |
|
7,344,820 |
| |
|
|
|
High Performance Analog & Mixed Signal Integrated Circuits |
|
|
| |
|
57,838 |
|
Littelfuse |
|
7,120,436 |
| |
|
|
|
Little Fuses |
|
|
| |
|
588,690 |
|
Rubicon Technology (a)(b) |
|
429,744 |
| |
|
|
|
Producer of Sapphire for the Lighting, Electronics & Automotive Industries |
|
|
| |
|
|
|
|
|
14,895,000 |
| |
|
|
|
> Financial Processors 1.7% |
|
|
| |
|
97,431 |
|
Global Payments |
|
6,362,244 |
| |
|
|
|
Credit Card Processor |
|
|
| |
|
156,327 |
|
CoreLogic (a) |
|
5,424,547 |
| |
|
|
|
Data Processing Services for Real Estate, Insurance & Mortgages |
|
|
| |
|
|
|
|
|
11,786,791 |
| |
|
|
|
> Business Information & Marketing Services 1.5% |
|
|
| |
|
105,287 |
|
Corporate Executive Board |
|
6,815,228 |
| |
|
|
|
Best Practices Advisory & HR Solutions/Analytics |
|
|
| |
|
230,578 |
|
Navigant Consulting (a) |
|
3,645,438 |
| |
|
|
|
Financial Consulting Firm |
|
|
| |
|
|
|
|
|
10,460,666 |
| |
|
|
|
> Telephone & Data Services 1.5% |
|
|
| |
|
788,516 |
|
Lumos Networks (a) |
|
10,124,546 |
| |
|
|
|
Telephone & Fiber Optic Data Services |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Computer Hardware & Related Equipment 1.0% |
|
|
| |
|
110,385 |
|
Rogers (a) |
|
6,608,750 |
| |
|
|
|
Printed Circuit Materials & High Performance Foams |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Telecommunications Equipment 0.7% |
|
|
| |
|
251,287 |
|
CalAmp (a) |
|
4,505,576 |
| |
|
|
|
Machine-to-machine Communications |
|
|
| |
|
Information: Total |
|
175,104,377 |
| |||
|
|
|
|
| |||
|
Health Care 19.4% |
|
|
| |||
|
|
|
> Health Care Services 6.9% |
|
|
| |
|
294,451 |
|
HealthSouth |
|
11,080,191 |
| |
|
|
|
Inpatient Rehabilitation Facilities & Home Health Care |
|
|
| |
|
304,182 |
|
AMN Healthcare Services (a) |
|
10,223,557 |
| |
|
|
|
Temporary Healthcare Staffing |
|
|
| |
|
244,664 |
|
Medidata Solutions (a) |
|
9,470,943 |
| |
|
|
|
Cloud-based Software for Drug Studies |
|
|
| |
|
130,320 |
|
Mednax (a) |
|
8,421,278 |
| |
|
|
|
Physician Management for Pediatric & Anesthesia Practices |
|
|
| |
|
141,000 |
|
Healthcare Services Group |
|
5,190,210 |
| |
|
|
|
Outsourced Services to Long-Term Care Industry |
|
|
| |
|
69,429 |
|
TeamHealth |
|
2,902,827 |
| |
|
|
|
Healthcare Professionals Outsourcing |
|
|
| |
|
|
|
|
|
47,289,006 |
| |
|
|
|
> Biotechnology & Drug Delivery 4.9% |
|
|
| |
|
224,270 |
|
Seattle Genetics (a) |
|
7,869,634 |
| |
|
|
|
Antibody-based Therapies for Cancer |
|
|
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Biotechnology & Drug Delivery—continued |
|
|
| |
|
73,260 |
|
Ligand Pharmaceuticals (a) |
|
$ |
7,845,413 |
|
|
|
|
Royalties from Licensing Drug Delivery Technology |
|
|
| |
|
278,000 |
|
Repligen |
|
7,455,960 |
| |
|
|
|
Supplier to Biopharma Industry |
|
|
| |
|
61,654 |
|
Ultragenyx Pharmaceutical (a) |
|
3,903,315 |
| |
|
|
|
Biotech Focused on “Ultra-Orphan” Drugs |
|
|
| |
|
140,418 |
|
Sarepta Therapeutics (a) |
|
2,740,959 |
| |
|
|
|
Biotech Focused on Rare Diseases |
|
|
| |
|
50,971 |
|
Agios Pharmaceuticals (a)(b) |
|
2,069,423 |
| |
|
|
|
Biotech Focused on Cancer & Orphan Diseases |
|
|
| |
|
14,121 |
|
Intercept Pharmaceuticals (a)(b) |
|
1,814,125 |
| |
|
|
|
Biotech Developing Drugs for Several Diseases |
|
|
| |
|
|
|
|
|
33,698,829 |
| |
|
|
|
> Medical Supplies 3.9% |
|
|
| |
|
426,782 |
|
VWR (a) |
|
11,548,721 |
| |
|
|
|
Distributor of Lab Supplies |
|
|
| |
|
84,652 |
|
Bio-Techne |
|
8,001,307 |
| |
|
|
|
Maker of Consumables & Systems for the Life Science Market |
|
|
| |
|
109,000 |
|
West Pharmaceutical Services |
|
7,555,880 |
| |
|
|
|
Components & Systems for Injectable Drug Delivery |
|
|
| |
|
|
|
|
|
27,105,908 |
| |
|
|
|
> Medical Equipment & Devices 2.2% |
|
|
| |
|
330,724 |
|
ZELTIQ Aesthetics |
|
8,982,464 |
| |
|
|
|
Systems & Consumables for Aesthetics |
|
|
| |
|
63,000 |
|
Abiomed (a) |
|
5,973,030 |
| |
|
|
|
Medical Devices for Cardiac Conditions |
|
|
| |
|
24,288 |
|
LeMaitre Vascular |
|
376,950 |
| |
|
|
|
Medical Devices for Peripheral Vascular Disease |
|
|
| |
|
|
|
|
|
15,332,444 |
| |
|
|
|
> Pharmaceuticals 1.5% |
|
|
| |
|
133,313 |
|
Cambrex (a) |
|
5,865,772 |
| |
|
|
|
Application Program Interface for Small Molecule Drugs |
|
|
| |
|
186,441 |
|
Akorn (a) |
|
4,386,957 |
| |
|
|
|
Developer, Manufacturer & Distributor of Specialty Generic Drugs |
|
|
| |
|
|
|
|
|
10,252,729 |
| |
|
Health Care: Total |
|
133,678,916 |
| |||
|
|
|
|
| |||
|
Industrial Goods & Services 18.5% |
|
|
| |||
|
|
|
> Machinery 11.7% |
|
|
| |
|
204,785 |
|
Toro |
|
17,636,084 |
| |
|
|
|
Turf Maintenance Equipment |
|
|
| |
|
254,107 |
|
ESCO Technologies |
|
9,905,091 |
| |
|
|
|
Industrial Filtration & Advanced Measurement Equipment |
|
|
| |
|
177,840 |
|
HEICO |
|
8,465,184 |
| |
|
|
|
FAA-approved Aircraft Replacement Parts |
|
|
| |
|
72,355 |
|
Middleby (a) |
|
7,725,343 |
| |
|
|
|
Manufacturer of Cooking Equipment |
|
|
| |
|
134,361 |
|
Dorman Products (a) |
|
7,311,926 |
| |
|
|
|
Aftermarket Auto Parts Distributor |
|
|
| |
|
212,114 |
|
Donaldson |
|
6,768,558 |
| |
|
|
|
Industrial Air Filtration |
|
|
| |
|
144,268 |
|
Oshkosh Corporation |
|
5,896,233 |
| |
|
|
|
Specialty Truck Manufacturer |
|
|
| |
|
99,071 |
|
Ametek |
|
4,951,569 |
| |
|
|
|
Aerospace/Industrial Instruments |
|
|
| |
|
60,710 |
|
Nordson |
|
4,616,388 |
| |
|
|
|
Dispensing Systems for Adhesives & Coatings |
|
|
| |
|
79,939 |
|
Moog (a) |
|
3,651,614 |
| |
|
|
|
Motion Control Products for Aerospace, Defense & Industrial Markets |
|
|
| |
|
89,922 |
|
Generac (a) |
|
3,348,695 |
| |
|
|
|
Standby Power Generators |
|
|
| |
|
|
|
|
|
80,276,685 |
| |
|
|
|
> Outsourcing Services 3.8% |
|
|
| |
|
46,858 |
|
CoStar Group (a) |
|
8,817,270 |
| |
|
|
|
Commercial Real Estate Data Aggregator & Web Marketing for Retail Landlords |
|
|
| |
|
123,714 |
|
Maximus |
|
6,512,305 |
| |
|
|
|
Outsourcer for Government Program Administration |
|
|
| |
|
168,202 |
|
ServiceMaster |
|
6,337,851 |
| |
|
|
|
Pest & Termite Control, Home Warranty & other Home Services |
|
|
| |
|
154,643 |
|
Korn/Ferry International |
|
4,374,851 |
| |
|
|
|
Executive Search & Corporate Leadership/Talent Consulting |
|
|
| |
|
|
|
|
|
26,042,277 |
| |
|
|
|
> Industrial Materials & Specialty Chemicals 2.3% |
|
|
| |
|
248,550 |
|
Drew Industries |
|
16,021,533 |
| |
|
|
|
RV & Manufactured Home Components |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Construction 0.7% |
|
|
| |
|
509,561 |
|
PGT (a) |
|
5,014,080 |
| |
|
|
|
Wind Resistant Windows & Doors |
|
|
| |
|
Industrial Goods & Services: Total |
|
127,354,575 |
| |||
|
|
|
|
| |||
|
Consumer Goods & Services 17.9% |
|
|
| |||
|
|
|
> Other Durable Goods 4.1% |
|
|
| |
|
146,863 |
|
Cavco Industries (a) |
|
13,725,816 |
| |
|
|
|
Manufactured Homes |
|
|
| |
|
184,443 |
|
Gentherm (a) |
|
7,670,984 |
| |
|
|
|
Climate Control Systems for Car Seats, Mattresses & Other |
|
|
| |
|
445,792 |
|
Gentex |
|
6,994,477 |
| |
|
|
|
Manufacturer of Auto Parts |
|
|
| |
|
|
|
|
|
28,391,277 |
| |
|
|
|
> Restaurants 3.9% |
|
|
| |
|
178,044 |
|
Papa John’s International |
|
9,648,205 |
| |
|
|
|
Franchisor of Pizza Restaurants |
|
|
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Restaurants—continued |
|
|
| |
|
162,108 |
|
Texas Roadhouse |
|
$ |
7,064,667 |
|
|
|
|
Rural-focused Full Service Steakhouse |
|
|
| |
|
135,576 |
|
Zoës Kitchen |
|
5,286,108 |
| |
|
|
|
Fast, Casual Mediterranean Food |
|
|
| |
|
142,912 |
|
Fiesta Restaurant Group (a) |
|
4,684,655 |
| |
|
|
|
Owner/Operator of Two Restaurant Chains: Pollo Tropical & Taco Cabana |
|
|
| |
|
|
|
|
|
26,683,635 |
| |
|
|
|
> Travel 3.2% |
|
|
| |
|
68,547 |
|
Vail Resorts |
|
9,164,734 |
| |
|
|
|
Ski Resort Operator & Developer |
|
|
| |
|
162,663 |
|
Choice Hotels |
|
8,791,935 |
| |
|
|
|
Franchisor of Budget Hotel Brands |
|
|
| |
|
175,984 |
|
Liberty TripAdvisor Holdings Class A (a) |
|
3,899,805 |
| |
|
|
|
Holding Company for Trip Advisor |
|
|
| |
|
|
|
|
|
21,856,474 |
| |
|
|
|
> Retail 1.7% |
|
|
| |
|
193,351 |
|
Cato |
|
7,453,681 |
| |
|
|
|
Women’s Apparel Retailing, Focusing on Private Labels & Low Prices |
|
|
| |
|
103,839 |
|
Five Below (a) |
|
4,292,704 |
| |
|
|
|
Low-price Specialty Retailer Targeting Pre-teens, Teens & Parents |
|
|
| |
|
|
|
|
|
11,746,385 |
| |
|
|
|
> Other Consumer Services 1.4% |
|
|
| |
|
91,054 |
|
Unifirst |
|
9,935,812 |
| |
|
|
|
Uniform Rental |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Leisure Products 1.4% |
|
|
| |
|
194,023 |
|
Brunswick Corp |
|
9,309,224 |
| |
|
|
|
Boats, Engines, Exercise & Bowling Equipment |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Furniture & Textiles 0.9% |
|
|
| |
|
292,470 |
|
Knoll |
|
6,331,976 |
| |
|
|
|
Office & Residential Furniture |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Consumer Goods Distribution 0.8% |
|
|
| |
|
60,506 |
|
Pool |
|
5,308,796 |
| |
|
|
|
Swimming Pool Supplies & Equipment Distributor |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Consumer Electronics 0.5% |
|
|
| |
|
104,190 |
|
iRobot (a) |
|
3,677,907 |
| |
|
|
|
Home Robots (Vacuums, Pool Cleaners) & Battlefield Reconnaissance Robots |
|
|
| |
|
Consumer Goods & Services: Total |
|
123,241,486 |
| |||
|
|
|
|
| |||
|
Finance 9.9% |
|
|
| |||
|
|
|
> Banks 5.5% |
|
|
| |
|
92,114 |
|
SVB Financial Group (a) |
|
9,400,234 |
| |
|
|
|
Bank to Venture Capitalists |
|
|
| |
|
154,427 |
|
Lakeland Financial |
|
7,069,668 |
| |
|
|
|
Indiana Bank |
|
|
| |
|
388,882 |
|
Associated Banc-Corp |
|
6,976,543 |
| |
|
|
|
Midwest Bank |
|
|
| |
|
213,244 |
|
MB Financial |
|
6,919,768 |
| |
|
|
|
Chicago Bank |
|
|
| |
|
149,411 |
|
Sandy Spring Bancorp |
|
4,158,108 |
| |
|
|
|
Baltimore & Washington, D.C. Bank |
|
|
| |
|
163,102 |
|
First Busey |
|
3,340,329 |
| |
|
|
|
Illinois Bank |
|
|
| |
|
|
|
|
|
37,864,650 |
| |
|
|
|
> Brokerage & Money Management 3.3% |
|
|
| |
|
81,054 |
|
MarketAxess |
|
10,117,971 |
| |
|
|
|
Bond Exchange |
|
|
| |
|
294,354 |
|
Virtu Financial |
|
6,508,167 |
| |
|
|
|
High Speed Trader |
|
|
| |
|
139,704 |
|
SEI Investments |
|
6,014,257 |
| |
|
|
|
Mutual Fund Administration & Investment Management |
|
|
| |
|
|
|
|
|
22,640,395 |
| |
|
|
|
> Insurance 0.6% |
|
|
| |
|
129,214 |
|
Allied World Assurance Company Holdings |
|
4,514,737 |
| |
|
|
|
Commercial Lines Insurance/ Reinsurance |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Savings & Loans 0.5% |
|
|
| |
|
164,945 |
|
LegacyTexas |
|
3,241,169 |
| |
|
|
|
Texas Thrift |
|
|
| |
|
Finance: Total |
|
68,260,951 |
| |||
|
|
|
|
| |||
|
Other Industries 2.8% |
|
|
| |||
|
|
|
> Real Estate 2.3% |
|
|
| |
|
271,911 |
|
Colliers International Group |
|
10,294,551 |
| |
|
|
|
Real Estate Services |
|
|
| |
|
61,844 |
|
Extra Space Storage |
|
5,779,940 |
| |
|
|
|
Self Storage Facilities |
|
|
| |
|
|
|
|
|
16,074,491 |
| |
|
|
|
> Transportation 0.5% |
|
|
| |
|
171,672 |
|
Heartland Express |
|
3,184,515 |
| |
|
|
|
Regional Trucker |
|
|
| |
|
Other Industries: Total |
|
19,259,006 |
| |||
|
|
|
|
| |||
|
Energy & Minerals 2.7% |
|
|
| |||
|
|
|
> Oil & Gas Producers 1.8% |
|
|
| |
|
112,314 |
|
PDC Energy (a) |
|
6,677,067 |
| |
|
|
|
Oil & Gas Producer in the United States |
|
|
| |
|
195,854 |
|
Carrizo Oil & Gas (a) |
|
6,055,806 |
| |
|
|
|
Oil & Gas Producer |
|
|
| |
|
|
|
|
|
12,732,873 |
| |
|
|
|
> Mining 0.9% |
|
|
| |
|
55,757 |
|
Core Labs (Netherlands) |
|
6,267,644 |
| |
|
|
|
Oil & Gas Reservoir Consulting |
|
|
| |
|
Energy & Minerals: Total |
|
19,000,517 |
| |||
|
|
|
|
| |||
|
Total Equities: 96.6% |
|
665,899,828 |
(c) | |||
|
Number of Shares |
|
|
|
Value |
| |
|
Short-Term Investments 3.3% |
|
|
| |||
|
22,866,790 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.15%) |
|
$ |
22,866,790 |
|
|
Total Short-Term Investments: 3.3% |
|
22,866,790 |
| |||
|
|
|
|
| |||
|
Securities Lending Collateral 0.4% |
|
|
| |||
|
2,955,725 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.20%) (d) |
|
2,955,725 |
| |
|
Total Securities Lending Collateral: 0.4% |
|
2,955,725 |
| |||
|
|
|
|
| |||
|
Total Investments: 100.3% |
|
691,722,343 |
(f)(g) | |||
|
|
|
|
| |||
|
Obligation to Return Collateral for Securities Loaned: (0.4)% |
|
(2,955,725 |
) | |||
|
|
|
|
| |||
|
Cash and Other Assets Less Liabilities: 0.1% |
|
953,819 |
| |||
|
|
|
|
| |||
|
Net Assets: 100.0% |
|
$ |
689,720,437 |
| ||
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, 2016. The total market value of securities on loan at March 31, 2016 was $2,997,748.
(c) On March 31, 2016, the market value of foreign securities represented 0.91% of total net assets. The Fund’s foreign portfolio was diversified as follows:
|
Country |
|
Value |
|
Percentage |
| |
|
Netherlands |
|
$ |
6,267,644 |
|
0.91 |
|
(d) Investment made with cash collateral received from securities lending activity.
(e) At March 31, 2016, for federal income tax purposes, the cost of investments was approximately $510,614,401 and net unrealized appreciation was $181,107,942 consisting of gross unrealized appreciation of $201,492,801 and gross unrealized depreciation of $20,384,859.
(f) 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, 2016, are as follows:
|
Security |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
|
Rubicon Technology |
|
1,354,071 |
|
— |
|
765,381 |
|
588,690 |
|
$ |
429,744 |
|
$ |
— |
|
At March 31, 2016, the fund did not hold any investments in affiliated companies
(g) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2015.
> Notes to Statement of Investments
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
· Level 1 - quoted prices in active markets for identical securities
· Level 2 - prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 - prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include 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 CWAM’s Valuation Committee (the Committee) 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.
The Committee is responsible for applying the Trust’s Portfolio Pricing Policy and the CWAM pricing procedures (the Policies), which are approved by and subject to the oversight of 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 CWAM believes that available market quotations are unreliable. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s 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, 2016, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Equities |
|
|
|
|
|
|
|
|
| ||||
|
Information |
|
$ |
175,104,377 |
|
$ |
— |
|
$ |
— |
|
$ |
175,104,377 |
|
|
Health Care |
|
133,678,916 |
|
— |
|
— |
|
133,678,916 |
| ||||
|
Industrial Goods & Services |
|
127,354,575 |
|
— |
|
— |
|
127,354,575 |
| ||||
|
Consumer Goods & Services |
|
123,241,486 |
|
— |
|
— |
|
123,241,486 |
| ||||
|
Finance |
|
68,260,951 |
|
— |
|
— |
|
68,260,951 |
| ||||
|
Other Industries |
|
19,259,006 |
|
— |
|
— |
|
19,259,006 |
| ||||
|
Energy & Minerals |
|
19,000,517 |
|
— |
|
— |
|
19,000,517 |
| ||||
|
Total Equities |
|
665,899,828 |
|
— |
|
— |
|
665,899,828 |
| ||||
|
Total Short-Term Investments |
|
22,866,790 |
|
— |
|
— |
|
22,866,790 |
| ||||
|
Total Securities Lending Collateral |
|
2,955,725 |
|
— |
|
— |
|
2,955,725 |
| ||||
|
Total Investments |
|
$ |
691,722,343 |
|
$ |
— |
|
$ |
— |
|
$ |
691,722,343 |
|
There were no transfers of financial assets between levels during the period.
COLUMBIA ACORN INTERNATIONAL SELECTSM
STATEMENT OF INVESTMENTS (UNAUDITED), MARCH 31, 2016
|
Number of Shares |
|
|
|
Value |
| |
|
Equities: 96.8% |
|
|
| |||
|
Europe 46.6% |
|
|
| |||
|
|
|
> United Kingdom 11.7% |
|
|
| |
|
54,000 |
|
Rightmove |
|
$ |
3,265,945 |
|
|
|
|
Internet Real Estate Listings |
|
|
| |
|
38,000 |
|
Next |
|
2,947,183 |
| |
|
|
|
Clothes & Home Retailer in the UK |
|
|
| |
|
178,000 |
|
Smith & Nephew |
|
2,934,889 |
| |
|
|
|
Medical Equipment & Supplies |
|
|
| |
|
141,000 |
|
Compass Group |
|
2,486,837 |
| |
|
|
|
Catering & Support Services |
|
|
| |
|
92,930 |
|
WH Smith |
|
2,426,496 |
| |
|
|
|
Newsprint, Books & General Stationery Retailer |
|
|
| |
|
|
|
|
|
14,061,350 |
| |
|
|
|
> Germany 9.3% |
|
|
| |
|
115,000 |
|
Wirecard (a) |
|
4,357,587 |
| |
|
|
|
Online Payment Processing & Risk Management |
|
|
| |
|
717,400 |
|
Telefonica Deutschland |
|
3,886,544 |
| |
|
|
|
Mobile & Fixed-line Communications in Germany |
|
|
| |
|
29,500 |
|
MTU Aero Engines |
|
2,829,451 |
| |
|
|
|
Airplane Engine Components & Services |
|
|
| |
|
|
|
|
|
11,073,582 |
| |
|
|
|
> Switzerland 7.0% |
|
|
| |
|
13,056 |
|
Partners Group |
|
5,247,927 |
| |
|
|
|
Private Markets Asset Management |
|
|
| |
|
8,540 |
|
Geberit |
|
3,191,120 |
| |
|
|
|
Plumbing Systems |
|
|
| |
|
|
|
|
|
8,439,047 |
| |
|
|
|
> France 5.0% |
|
|
| |
|
112,250 |
|
Eutelsat |
|
3,626,234 |
| |
|
|
|
Fixed Satellite Services |
|
|
| |
|
19,000 |
|
Essilor International |
|
2,346,861 |
| |
|
|
|
Eyeglass Lenses |
|
|
| |
|
|
|
|
|
5,973,095 |
| |
|
|
|
> Denmark 5.0% |
|
|
| |
|
131,955 |
|
Novozymes |
|
5,932,283 |
| |
|
|
|
Industrial Enzymes |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Sweden 4.4% |
|
|
| |
|
69,000 |
|
Hexagon |
|
2,685,801 |
| |
|
|
|
Design, Measurement & Visualization Software & Equipment |
|
|
| |
|
79,000 |
|
Hennes & Mauritz |
|
2,634,225 |
| |
|
|
|
Discount Fashion Retailer |
|
|
| |
|
|
|
|
|
5,320,026 |
| |
|
|
|
> Ireland 2.1% |
|
|
| |
|
158,000 |
|
Ryanair |
|
2,546,699 |
| |
|
|
|
European Low Cost Airline |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Spain 2.1% |
|
|
| |
|
477,000 |
|
Distribuidora Internacional de Alimentación |
|
2,478,325 |
| |
|
|
|
Discount Retailer in Spain & Latin America |
|
|
| |
|
Europe: Total |
|
55,824,407 |
| |||
|
|
|
|
| |||
|
Asia 33.7% |
|
|
| |||
|
|
|
> Japan 19.3% |
|
|
| |
|
246,000 |
|
Aeon Mall |
|
3,639,616 |
| |
|
|
|
Suburban Shopping Mall Developer, Owner & Operator |
|
|
| |
|
134,000 |
|
KDDI |
|
3,575,225 |
| |
|
|
|
Mobile & Fixed Line Communication Service Provider in Japan |
|
|
| |
|
254,400 |
|
Sony Financial Holdings |
|
3,252,914 |
| |
|
|
|
Life Insurance, Assurance & Internet Banking |
|
|
| |
|
126,800 |
|
Bandai Namco |
|
2,764,039 |
| |
|
|
|
Branded Toys & Related Content |
|
|
| |
|
173,000 |
|
Santen Pharmaceutical |
|
2,600,273 |
| |
|
|
|
Specialty Pharma (Ophthalmic Medicine) |
|
|
| |
|
68,000 |
|
Hoya Corp |
|
2,584,723 |
| |
|
|
|
Opto-electrical Components & Eyeglass Lenses |
|
|
| |
|
45,600 |
|
FamilyMart |
|
2,368,257 |
| |
|
|
|
Convenience Store Operator |
|
|
| |
|
77,300 |
|
Recruit Holdings |
|
2,356,929 |
| |
|
|
|
Recruitment & Media Services |
|
|
| |
|
|
|
|
|
23,141,976 |
| |
|
|
|
> Taiwan 5.3% |
|
|
| |
|
41,000 |
|
Largan Precision |
|
3,177,874 |
| |
|
|
|
Mobile Device Camera Lenses & Modules |
|
|
| |
|
1,400,000 |
|
Far EasTone Telecom |
|
3,135,543 |
| |
|
|
|
Mobile Operator in Taiwan |
|
|
| |
|
|
|
|
|
6,313,417 |
| |
|
|
|
> China 4.1% |
|
|
| |
|
2,191,000 |
|
China Everbright International |
|
2,446,756 |
| |
|
|
|
Municipal Waste Operator |
|
|
| |
|
17,000 |
|
NetEase.com - ADR |
|
2,440,860 |
| |
|
|
|
Chinese Online Gaming Services |
|
|
| |
|
|
|
|
|
4,887,616 |
| |
|
|
|
> India 2.2% |
|
|
| |
|
463,000 |
|
Zee Entertainment Enterprises |
|
2,704,598 |
| |
|
|
|
Indian Programmer of Pay Television Content |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Thailand 2.2% |
|
|
| |
|
228,000 |
|
Airports of Thailand |
|
2,602,950 |
| |
|
|
|
Airport Operator of Thailand |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Korea 0.6% |
|
|
| |
|
4,168 |
|
CJ Corp |
|
712,642 |
| |
|
|
|
Holding Company of Korean Consumer Conglomerate |
|
|
| |
|
Asia: Total |
|
40,363,199 |
| |||
|
Number of Shares |
|
|
|
Value |
| |
|
Other Countries 15.9% |
|
|
| |||
|
|
|
> Canada 6.2% |
|
|
| |
|
34,641 |
|
CCL Industries |
|
$ |
6,574,788 |
|
|
|
|
Global Label Converter |
|
|
| |
|
29,240 |
|
Vermilion Energy (a) |
|
855,756 |
| |
|
|
|
Canadian Exploration & Production Company |
|
|
| |
|
|
|
|
|
7,430,544 |
| |
|
|
|
> Australia 5.6% |
|
|
| |
|
305,000 |
|
Amcor |
|
3,349,226 |
| |
|
|
|
Global Leader in Flexible & Rigid Packaging |
|
|
| |
|
778,268 |
|
IAG |
|
3,323,905 |
| |
|
|
|
General Insurance Provider |
|
|
| |
|
|
|
|
|
6,673,131 |
| |
|
|
|
> South Africa 2.5% |
|
|
| |
|
21,000 |
|
Naspers |
|
2,931,572 |
| |
|
|
|
Media in Africa, China, Russia & other Emerging Markets |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> United States 1.6% |
|
|
| |
|
41,840 |
|
Anadarko Petroleum |
|
1,948,489 |
| |
|
|
|
Worldwide Production of Oil & Gas |
|
|
| |
|
Other Countries: Total |
|
18,983,736 |
| |||
|
|
|
|
| |||
|
Latin America 0.6% |
|
|
| |||
|
|
|
> Uruguay 0.6% |
|
|
| |
|
191,666 |
|
Union Agriculture Group (b)(c)(d) |
|
684,248 |
| |
|
|
|
Farmland Operator in Uruguay |
|
|
| |
|
Latin America: Total |
|
684,248 |
| |||
|
|
|
|
|
|
| |
|
Total Equities: 96.8% |
|
115,855,590 |
(e) | |||
|
|
|
|
|
|
| |
|
Short-Term Investments 3.9% |
|
|
| |||
|
4,646,816 |
|
JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.25%) |
|
4,646,816 |
| |
|
Total Short-Term Investments: 3.9% |
|
4,646,816 |
| |||
|
|
|
|
| |||
|
Securities Lending Collateral 2.2% |
|
|
| |||
|
2,628,500 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.20%) (f) |
|
2,628,500 |
| |
|
Total Securities Lending Collateral: 2.2% |
|
2,628,500 |
| |||
|
|
|
|
| |||
|
Total Investments: 102.9% |
|
123,130,906 |
(h) | |||
|
|
|
|
| |||
|
Obligation to Return Collateral for Securities Loaned: (2.2)% |
|
(2,628,500 |
) | |||
|
|
|
|
| |||
|
Cash and Other Assets Less Liabilities: (0.7)% |
|
(884,672 |
) | |||
|
|
|
|
| |||
|
Net Assets: 100.0% |
|
$ |
119,617,734 |
| ||
ADR - American Depositary Receipts
> Notes to Statement of Investments
(a) All or a portion of this security was on loan at March 31, 2016. The total market value of securities on loan at March 31, 2016 was $2,523,029.
(b) Non-income producing security.
(c) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. This security is valued at fair value determined in good faith under consistently applied procedures established by the Fund’s Board of Trustees. At March 31, 2016, the market value of this security amounted to $684,248, which represented 0.57% of total net assets. Additional information on this security is as follows:
|
Security |
|
Acquisition |
|
Shares |
|
Cost |
|
Value |
| ||
|
Union Agriculture Group |
|
12/8/10-6/27/12 |
|
191,666 |
|
$ |
2,200,000 |
|
$ |
684,248 |
|
(d) Illiquid security.
> Notes to Statement of Investments
(e) On March 31, 2016, the Fund’s total equity investments were denominated in currencies as follows:
|
Currency |
|
Value |
|
Percentage |
| |
|
Japanese Yen |
|
$ |
23,141,976 |
|
19.3 |
|
|
Euro |
|
22,071,701 |
|
18.5 |
| |
|
British Pound |
|
14,061,350 |
|
11.7 |
| |
|
Swiss Franc |
|
8,439,047 |
|
7.0 |
| |
|
Canadian Dollar |
|
7,430,544 |
|
6.2 |
| |
|
Australian Dollar |
|
6,673,131 |
|
5.6 |
| |
|
Taiwan Dollar |
|
6,313,417 |
|
5.3 |
| |
|
Danish Krone |
|
5,932,283 |
|
5.0 |
| |
|
Other currencies less than 5% of total net assets |
|
21,792,141 |
|
18.2 |
| |
|
Total Equities |
|
$ |
115,855,590 |
|
96.8 |
|
(f) Investment made with cash collateral received from securities lending activity.
(g) At March 31, 2016, for federal income tax purposes, the cost of investments was approximately $109,378,079 and net unrealized appreciation was $13,752,827 consisting of gross unrealized appreciation of $21,813,076 and gross unrealized depreciation of $8,060,249.
(h) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2015.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
· Level 1 - quoted prices in active markets for identical securities
· Level 2 - prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 - prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by CWAM’s Valuation Committee (the Committee) 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.
The Committee is responsible for applying the Trust’s Portfolio Pricing Policy and the CWAM pricing procedures (the Policies), which are approved by and subject to the oversight of 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 CWAM believes that available market quotations are unreliable. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s 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, 2016, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Equities |
|
|
|
|
|
|
|
|
| ||||
|
Europe |
|
$ |
— |
|
$ |
55,824,407 |
|
$ |
— |
|
$ |
55,824,407 |
|
|
Asia |
|
2,440,860 |
|
37,922,339 |
|
— |
|
40,363,199 |
| ||||
|
Other Countries |
|
9,379,033 |
|
9,604,703 |
|
— |
|
18,983,736 |
| ||||
|
Latin America |
|
— |
|
— |
|
684,248 |
|
684,248 |
| ||||
|
Total Equities |
|
11,819,893 |
|
103,351,449 |
|
684,248 |
|
115,855,590 |
| ||||
|
Total Short-Term Investments |
|
4,646,816 |
|
— |
|
— |
|
4,646,816 |
| ||||
|
Total Securities Lending Collateral |
|
2,628,500 |
|
— |
|
— |
|
2,628,500 |
| ||||
|
Total Investments |
|
$ |
19,095,209 |
|
$ |
103,351,449 |
|
$ |
684,248 |
|
$ |
123,130,906 |
|
The Fund’s assets assigned to the Level 2 input category are generally valued using a market approach, in which a security’s value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements.
There were no transfers of financial assets between levels during the period.
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
Certain securities classified as Level 3 are valued by the Committee at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include, but are not limited to estimated earnings of the company and the position of the security within the company’s capital structure. The Committee also may use some observable inputs, which may include, but are not limited to, trades of similar securities and market multiples derived from a set of comparable companies. Significant increases or decreases to any of these inputs could result in a significantly lower or higher fair value measurement.
COLUMBIA ACORN INTERNATIONAL SELECTSM
PORTFOLIO DIVERSIFICATION (UNAUDITED)
At March 31, 2016, the Fund’s portfolio investments as a percentage of net assets were diversified as follows:
|
|
|
Value |
|
Percentage |
| |
|
> Information |
|
|
|
|
| |
|
Internet Related |
|
$ |
8,638,377 |
|
7.2 |
|
|
Mobile Communications |
|
6,710,768 |
|
5.6 |
| |
|
Financial Processors |
|
4,357,587 |
|
3.6 |
| |
|
Telephone & Data Services |
|
3,886,544 |
|
3.3 |
| |
|
Satellite Broadcasting & Services |
|
3,626,234 |
|
3.0 |
| |
|
Telecommunications Equipment |
|
3,177,874 |
|
2.7 |
| |
|
Entertainment Programming |
|
2,704,598 |
|
2.3 |
| |
|
Business Software |
|
2,685,801 |
|
2.2 |
| |
|
Semiconductors & Related Equipment |
|
2,584,723 |
|
2.2 |
| |
|
Advertising |
|
2,356,929 |
|
2.0 |
| |
|
|
|
40,729,435 |
|
34.1 |
| |
|
> Consumer Goods & Services |
|
|
|
|
| |
|
Retail |
|
12,854,488 |
|
10.7 |
| |
|
Nondurables |
|
6,574,788 |
|
5.5 |
| |
|
Leisure Products |
|
2,764,039 |
|
2.3 |
| |
|
Restaurants |
|
2,486,837 |
|
2.1 |
| |
|
|
|
24,680,152 |
|
20.6 |
| |
|
> Industrial Goods & Services |
|
|
|
|
| |
|
Industrial Materials & Specialty Chemicals |
|
9,281,508 |
|
7.7 |
| |
|
Construction |
|
3,191,120 |
|
2.7 |
| |
|
Other Industrial Services |
|
2,829,451 |
|
2.4 |
| |
|
Waste Management |
|
2,446,756 |
|
2.0 |
| |
|
Conglomerates |
|
712,642 |
|
0.6 |
| |
|
|
|
18,461,477 |
|
15.4 |
| |
|
> Finance |
|
|
|
|
| |
|
Insurance |
|
6,576,819 |
|
5.5 |
| |
|
Brokerage & Money Management |
|
5,247,927 |
|
4.4 |
| |
|
|
|
11,824,746 |
|
9.9 |
| |
|
> Other Industries |
|
|
|
|
| |
|
Transportation |
|
5,149,649 |
|
4.3 |
| |
|
Real Estate |
|
3,639,616 |
|
3.0 |
| |
|
|
|
8,789,265 |
|
7.3 |
| |
|
> Health Care |
|
|
|
|
| |
|
Medical Equipment & Devices |
|
5,281,750 |
|
4.4 |
| |
|
Pharmaceuticals |
|
2,600,273 |
|
2.2 |
| |
|
|
|
7,882,023 |
|
6.6 |
| |
|
> Energy & Minerals |
|
|
|
|
| |
|
Oil & Gas Producers |
|
2,804,244 |
|
2.3 |
| |
|
Agricultural Commodities |
|
684,248 |
|
0.6 |
| |
|
|
|
3,488,492 |
|
2.9 |
| |
|
|
|
|
|
|
| |
|
Total Equities: |
|
115,855,590 |
|
96.8 |
| |
|
Short-Term Investments: |
|
4,646,816 |
|
3.9 |
| |
|
Securities Lending Collateral: |
|
2,628,500 |
|
2.2 |
| |
|
Total Investments: |
|
123,130,906 |
|
102.9 |
| |
|
|
|
|
|
|
| |
|
Obligation to Return Collateral for Securities Loaned: |
|
(2,628,500 |
) |
(2.2 |
) | |
|
Cash and Other Assets Less Liabilities: |
|
(884,672 |
) |
(0.7 |
) | |
|
Net Assets: |
|
$ |
119,617,734 |
|
100.0 |
|
COLUMBIA ACORN SELECTSM
STATEMENT OF INVESTMENTS (UNAUDITED), MARCH 31, 2016
|
Number of Shares |
|
|
|
Value |
| |
|
Equities: 97.4% |
|
|
| |||
|
Industrial Goods & Services 29.5% |
|
|
| |||
|
|
|
> Machinery 15.7% |
|
|
| |
|
202,256 |
|
Nordson |
|
$ |
15,379,547 |
|
|
|
|
Dispensing Systems for Adhesives & Coatings |
|
|
| |
|
299,000 |
|
Ametek |
|
14,944,020 |
| |
|
|
|
Aerospace/Industrial Instruments |
|
|
| |
|
367,030 |
|
Generac (a)(b) |
|
13,668,197 |
| |
|
|
|
Standby Power Generators |
|
|
| |
|
244,657 |
|
Donaldson |
|
7,807,005 |
| |
|
|
|
Industrial Air Filtration |
|
|
| |
|
60,000 |
|
Middleby (a) |
|
6,406,200 |
| |
|
|
|
Manufacturer of Cooking Equipment |
|
|
| |
|
|
|
|
|
58,204,969 |
| |
|
|
|
> Other Industrial Services 11.3% |
|
|
| |
|
588,620 |
|
LKQ (a) |
|
18,794,637 |
| |
|
|
|
Alternative Auto Parts Distribution |
|
|
| |
|
270,395 |
|
Robert Half International |
|
12,594,999 |
| |
|
|
|
Temporary & Permanent Staffing in Finance, Accounting & other Professions |
|
|
| |
|
210,387 |
|
Expeditors International of Washington |
|
10,268,989 |
| |
|
|
|
International Freight Forwarder |
|
|
| |
|
|
|
|
|
41,658,625 |
| |
|
|
|
> Industrial Materials & Specialty Chemicals 2.5% |
|
|
| |
|
320,681 |
|
Axalta Coating Systems (a) |
|
9,363,885 |
| |
|
|
|
Leading Global Manufacturer of High Performance Coatings |
|
|
| |
|
Industrial Goods & Services: Total |
|
109,227,479 |
| |||
|
|
|
|
| |||
|
Consumer Goods & Services 22.7% |
|
|
| |||
|
|
|
> Travel 5.4% |
|
|
| |
|
99,584 |
|
Vail Resorts |
|
13,314,381 |
| |
|
|
|
Ski Resort Operator & Developer |
|
|
| |
|
300,000 |
|
Liberty TripAdvisor Holdings Class A (a) |
|
6,648,000 |
| |
|
|
|
Holding Company for Trip Advisor |
|
|
| |
|
|
|
|
|
19,962,381 |
| |
|
|
|
> Nondurables 4.1% |
|
|
| |
|
1,085,000 |
|
HRG Group (a) |
|
15,114,050 |
| |
|
|
|
Holding Company |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Consumer Electronics 3.5% |
|
|
| |
|
370,000 |
|
iRobot (a) |
|
13,061,000 |
| |
|
|
|
Home Robots (Vacuums, Pool Cleaners) & Battlefield Reconnaissance Robots |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Other Durable Goods 3.4% |
|
|
| |
|
361,665 |
|
Select Comfort (a) |
|
7,012,684 |
| |
|
|
|
Specialty Mattresses |
|
|
| |
|
357,000 |
|
Gentex |
|
5,601,330 |
| |
|
|
|
Manufacturer of Auto Parts |
|
|
| |
|
|
|
|
|
12,614,014 |
| |
|
|
|
> Restaurants 3.3% |
|
|
| |
|
225,500 |
|
Papa John’s International |
|
12,219,845 |
| |
|
|
|
Franchisor of Pizza Restaurants |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Leisure Products 3.0% |
|
|
| |
|
110,550 |
|
Polaris Industries |
|
10,886,964 |
| |
|
|
|
Leisure Vehicles & Related Products |
|
|
| |
|
Consumer Goods & Services: Total |
|
83,858,254 |
| |||
|
|
|
|
| |||
|
Information 16.6% |
|
|
| |||
|
|
|
> Business Software 4.8% |
|
|
| |
|
113,158 |
|
Ansys (a) |
|
10,123,115 |
| |
|
|
|
Simulation Software for Engineers & Designers |
|
|
| |
|
40,057 |
|
Ultimate Software (a) |
|
7,751,029 |
| |
|
|
|
Human Capital Management Systems |
|
|
| |
|
|
|
|
|
17,874,144 |
| |
|
|
|
> Mobile Communications 4.0% |
|
|
| |
|
171,161 |
|
Crown Castle International |
|
14,805,427 |
| |
|
|
|
Communications Towers |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Cable TV 3.7% |
|
|
| |
|
354,000 |
|
Liberty Global Series A (a) |
|
13,629,000 |
| |
|
|
|
Cable TV Franchises Outside of the United States |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Computer Hardware & Related Equipment 3.3% |
|
|
| |
|
214,095 |
|
Amphenol |
|
12,378,973 |
| |
|
|
|
Electronic Connectors |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Internet Related 0.8% |
|
|
| |
|
618,778 |
|
Vonage (a) |
|
2,827,815 |
| |
|
|
|
Business & Consumer Internet Telephony |
|
|
| |
|
Information: Total |
|
61,515,359 |
| |||
|
|
|
|
| |||
|
Health Care 11.8% |
|
|
| |||
|
|
|
> Medical Supplies 4.5% |
|
|
| |
|
317,603 |
|
VWR (a) |
|
8,594,337 |
| |
|
|
|
Distributor of Lab Supplies |
|
|
| |
|
242,166 |
|
Cepheid (a) |
|
8,078,658 |
| |
|
|
|
Molecular Diagnostics |
|
|
| |
|
|
|
|
|
16,672,995 |
| |
|
|
|
> Medical Equipment & Devices 4.1% |
|
|
| |
|
207,927 |
|
Align Technology (a) |
|
15,114,213 |
| |
|
|
|
Invisalign System to Correct Malocclusion (Crooked Teeth) |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Health Care Services 2.7% |
|
|
| |
|
267,000 |
|
HealthSouth |
|
10,047,210 |
| |
|
|
|
Inpatient Rehabilitation Facilities & Home Health Care |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Biotechnology & Drug Delivery 0.5% |
|
|
| |
|
26,186 |
|
Ultragenyx Pharmaceutical (a) |
|
1,657,836 |
| |
|
|
|
Biotech Focused on “Ultra-Orphan” Drugs |
|
|
| |
|
Health Care: Total |
|
43,492,254 |
| |||
|
|
|
|
|
|
| |
|
Other Industries 9.3% |
|
|
| |||
|
|
|
> Real Estate 7.3% |
|
|
| |
|
375,266 |
|
EdR |
|
15,611,066 |
| |
|
|
|
Student Housing |
|
|
| |
|
62,426 |
|
Extra Space Storage |
|
5,834,334 |
| |
|
|
|
Self Storage Facilities |
|
|
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Real Estate—continued |
|
|
| |
|
46,200 |
|
Jones Lang LaSalle |
|
$ |
5,420,184 |
|
|
|
|
Real Estate Services |
|
|
| |
|
|
|
|
|
26,865,584 |
| |
|
|
|
> Transportation 2.0% |
|
|
| |
|
407,000 |
|
Heartland Express |
|
7,549,850 |
| |
|
|
|
Regional Trucker |
|
|
| |
|
Other Industries: Total |
|
34,415,434 |
| |||
|
|
|
|
| |||
|
Finance 5.8% |
|
|
| |||
|
|
|
> Banks 3.2% |
|
|
| |
|
116,000 |
|
SVB Financial Group (a) |
|
11,837,800 |
| |
|
|
|
Bank to Venture Capitalists |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Brokerage & Money Management 2.6% |
|
|
| |
|
286,237 |
|
Eaton Vance |
|
9,594,664 |
| |
|
|
|
Specialty Mutual Funds |
|
|
| |
|
Finance: Total |
|
21,432,464 |
| |||
|
|
|
|
| |||
|
Energy & Minerals 1.7% |
|
|
| |||
|
|
|
> Agricultural Commodities 1.7% |
|
|
| |
|
1,742,424 |
|
Union Agriculture Group (Uruguay) (a)(c)(d) |
|
6,220,454 |
| |
|
|
|
Farmland Operator in Uruguay |
|
|
| |
|
Energy & Minerals: Total |
|
6,220,454 |
| |||
|
|
|
|
| |||
|
Total Equities: 97.4% |
|
360,161,698 |
(e) | |||
|
|
|
|
| |||
|
Short-Term Investments 2.3% |
|
|
| |||
|
8,493,737 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.15%) |
|
8,493,737 |
| |
|
Total Short-Term Investments: 2.3% |
|
8,493,737 |
| |||
|
|
|
|
| |||
|
Securities Lending Collateral 0.8% |
|
|
| |||
|
2,972,200 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.20%) (f) |
|
2,972,200 |
| |
|
Total Securities Lending Collateral: 0.8% |
|
2,972,200 |
| |||
|
|
|
|
| |||
|
Total Investments: 100.5% |
|
371,627,635 |
(h) | |||
|
|
|
|
| |||
|
Obligation to Return Collateral for Securities Loaned: (0.8)% |
|
(2,972,200 |
) | |||
|
|
|
|
| |||
|
Cash and Other Assets Less Liabilities: 0.3% |
|
994,523 |
| |||
|
|
|
|
| |||
|
Net Assets: 100.0% |
|
$ |
369,649,958 |
| ||
ADR - American Depository 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, 2016. The total market value of securities on loan at March 31, 2016 was $2,874,928.
(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 Fund’s Board of Trustees. At March 31, 2016, the market value of this security amounted to $6,220,454, which represented 1.68% of total net assets. Additional information on this security is as follows:
|
Security |
|
Acquisition |
|
Shares |
|
Cost |
|
Value |
| ||
|
Union Agriculture Group |
|
12/8/10-6/27/12 |
|
1,742,424 |
|
$ |
20,000,000 |
|
$ |
6,220,454 |
|
(e) On March 31, 2016, the market value of foreign securities represented 1.68% of total net assets. The Fund’s foreign portfolio was diversified as follows:
|
Country |
|
Value |
|
Percentage |
| |
|
Uruguay |
|
$ |
6,220,454 |
|
1.68 |
|
(f) Investment made with cash collateral received from securities lending activity.
(g) At March 31, 2016, for federal income tax purposes, the cost of investments was approximately $325,089,065 and net unrealized appreciation was $46,538,570 consisting of gross unrealized appreciation of $66,462,791 and gross unrealized depreciation of $19,924,221.
(h) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2015.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
· Level 1 - quoted prices in active markets for identical securities
· Level 2 - prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
> Notes to Statement of Investments
· Level 3 - prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by CWAM’s Valuation Committee (the Committee) 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.
The Committee is responsible for applying the Trust’s Portfolio Pricing Policy and the CWAM pricing procedures (the Policies), which are approved by and subject to the oversight of 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 CWAM believes that available market quotations are unreliable. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s 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, 2016, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Equities |
|
|
|
|
|
|
|
|
| ||||
|
Industrial Goods & Services |
|
$ |
109,227,479 |
|
$ |
— |
|
$ |
— |
|
$ |
109,227,479 |
|
|
Consumer Goods & Services |
|
83,858,254 |
|
— |
|
— |
|
83,858,254 |
| ||||
|
Information |
|
61,515,359 |
|
— |
|
— |
|
61,515,359 |
| ||||
|
Health Care |
|
43,492,254 |
|
— |
|
— |
|
43,492,254 |
| ||||
|
Other Industries |
|
34,415,434 |
|
— |
|
— |
|
34,415,434 |
| ||||
|
Finance |
|
21,432,464 |
|
— |
|
— |
|
21,432,464 |
| ||||
|
Energy & Minerals |
|
— |
|
— |
|
6,220,454 |
|
6,220,454 |
| ||||
|
Total Equities |
|
353,941,244 |
|
— |
|
6,220,454 |
|
360,161,698 |
| ||||
|
Total Short-Term Investments |
|
8,493,737 |
|
— |
|
— |
|
8,493,737 |
| ||||
|
Total Securities Lending Collateral |
|
2,972,200 |
|
— |
|
— |
|
2,972,200 |
| ||||
|
Total Investments |
|
$ |
365,407,181 |
|
$ |
— |
|
$ |
6,220,454 |
|
$ |
371,627,635 |
|
There were no transfers of financial assets between levels during the period.
The following table reconciles asset balances for the period ending March 31, 2016, 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 |
|
$ |
8,851,514 |
|
$ |
— |
|
$ |
(2,631,060 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
6,220,454 |
|
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.
> Notes to Statement of Investments
The change in unrealized depreciation attributed to securities owned at March 31, 2016, which were valued using significant unobservable inputs (Level 3), amounted to $2,631,060.
Quantitative information pertaining to Level 3 unobservable fair value measurements
|
|
|
Fair Value at |
|
Valuation Technique(s) |
|
Unobservable Input(s) |
|
Range (Weighted |
| |
|
Equities |
|
|
|
|
|
|
|
|
| |
|
Energy & Minerals |
|
$ |
6,220,454 |
|
Market comparable companies |
|
Discount for lack of marketability |
|
40% to 65% |
|
Certain securities classified as Level 3 are valued by the Committee at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include, but are not limited to estimated earnings of the company and the position of the security within the company’s capital structure. The Committee also may use some observable inputs, which may include, but are not limited to, trades of similar securities and market multiples derived from a set of comparable companies. Significant increases or decreases to any of these inputs could result in a significantly lower or higher fair value measurement.
COLUMBIA THERMOSTAT FUNDSM
STATEMENT OF INVESTMENTS (UNAUDITED), MARCH 31, 2016
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Affiliated Bond Funds 74.4% |
|
|
| |
|
33,692,618 |
|
Columbia Short Term Bond Fund, Class I Shares (a) |
|
$ |
335,241,548 |
|
|
18,468,368 |
|
Columbia Total Return Bond Fund, Class I Shares (a) |
|
168,431,517 |
| |
|
30,693,306 |
|
Columbia U.S. Government Mortgage Fund, Class I Shares (a) |
|
167,585,452 |
| |
|
17,709,556 |
|
Columbia Income Opportunities Fund, Class I Shares (a) |
|
167,001,112 |
| |
|
Total Affiliated Bond Funds: |
|
838,259,629 |
| |||
|
|
|
|
| |||
|
|
|
> Affiliated Stock Funds 25.0% |
|
|
| |
|
1,443,462 |
|
Columbia Acorn International, Class I Shares (a) |
|
56,612,578 |
| |
|
2,658,168 |
|
Columbia Contrarian Core Fund, Class I Shares (a) |
|
56,246,845 |
| |
|
3,100,829 |
|
Columbia Dividend Income Fund, Class I Shares (a) |
|
56,093,991 |
| |
|
1,865,478 |
|
Columbia Acorn Select, Class I Shares (a)(b) |
|
28,560,462 |
| |
|
1,497,687 |
|
Columbia Acorn Fund, Class I Shares (a)(b) |
|
28,306,286 |
| |
|
1,870,262 |
|
Columbia Select Large Cap Growth Fund, Class I Shares (a)(b) |
|
28,128,743 |
| |
|
1,341,094 |
|
Columbia Large Cap Enhanced Core Fund, Class I Shares (a) |
|
28,042,275 |
| |
|
Total Affiliated Stock Funds: |
|
281,991,180 |
| |||
|
|
|
|
| |||
|
|
|
> Short-Term Investments 0.5% |
|
|
| |
|
5,569,606 |
|
JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.15%) |
|
5,569,606 |
| |
|
Total Short-Term Investments: |
|
5,569,606 |
| |||
|
|
|
|
| |||
|
Total Investments: 99.9% |
|
1,125,820,415 |
(d) | |||
|
|
|
|
| |||
|
Cash and Other Assets Less Liabilities: 0.1% |
|
605,805 |
| |||
|
|
|
|
| |||
|
Net Assets: 100.0% |
|
$ |
1,126,426,220 |
| ||
> 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, 2016, are as follows:
|
Security |
|
Balance of |
|
Purchases/ |
|
Sales/ |
|
Balance of |
|
Value |
|
Dividend |
| ||
|
Columbia Short Term Bond Fund, Class I Shares |
|
33,379,127 |
|
8,403,132 |
|
8,089,641 |
|
33,692,618 |
|
$ |
335,241,548 |
|
$ |
568,150 |
|
|
Columbia Total Return Bond Fund, Class I Shares |
|
18,493,046 |
|
4,571,959 |
|
4,596,637 |
|
18,468,368 |
|
168,431,517 |
|
950,333 |
| ||
|
Columbia U.S. Government Mortgage Fund, Class I Shares |
|
30,509,848 |
|
7,627,238 |
|
7,443,780 |
|
30,693,306 |
|
167,585,452 |
|
925,926 |
| ||
|
Columbia Income Opportunities Fund, Class I Shares |
|
17,570,413 |
|
3,612,202 |
|
3,473,059 |
|
17,709,556 |
|
167,001,112 |
|
1,938,290 |
| ||
|
Columbia Acorn International, Class I Shares |
|
1,389,031 |
|
1,000,088 |
|
945,657 |
|
1,443,462 |
|
56,612,578 |
|
— |
| ||
|
Columbia Contrarian Core Fund, Class I Shares |
|
2,628,205 |
|
1,799,359 |
|
1,769,396 |
|
2,658,168 |
|
56,246,845 |
|
— |
| ||
|
Columbia Dividend Income Fund, Class I Shares |
|
3,143,436 |
|
1,933,932 |
|
1,976,539 |
|
3,100,829 |
|
56,093,991 |
|
336,651 |
| ||
|
Columbia Acorn Select, Class I Shares |
|
1,752,426 |
|
1,404,730 |
|
1,291,678 |
|
1,865,478 |
|
28,560,462 |
|
— |
| ||
|
Columbia Acorn Fund, Class I Shares |
|
1,397,374 |
|
1,166,019 |
|
1,065,706 |
|
1,497,687 |
|
28,306,286 |
|
— |
| ||
|
Columbia Select Large Cap Growth Fund, Class I Shares |
|
1,625,974 |
|
1,631,931 |
|
1,387,643 |
|
1,870,262 |
|
28,128,743 |
|
— |
| ||
|
Columbia Large Cap Enhanced Core Fund, Class I Shares |
|
1,322,181 |
|
939,721 |
|
920,808 |
|
1,341,094 |
|
28,042,275 |
|
— |
| ||
|
Total of Affiliated Transactions |
|
113,211,061 |
|
34,090,311 |
|
32,960,544 |
|
114,340,828 |
|
$ |
1,120,250,809 |
|
$ |
4,719,350 |
|
The aggregate cost and value of these companies at March 31, 2016, was $1,086,898,969 and $1,120,250,809, respectively. Investments in affiliated companies represented 99.45% of the Fund’s total net assets at March 31, 2016.
(b) Non-income producing security.
(c) At March 31, 2016, for federal income tax purposes, the cost of investments was approximately $1,092,468,575 and net unrealized appreciation was $33,351,840 consisting of gross unrealized appreciation of $36,920,244 and gross unrealized depreciation of $3,568,404.
(d) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2015.
> Notes to Statement of Investments
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
· Level 1 - quoted prices in active markets for identical securities
· Level 2 - prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 - prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include mutual funds whose NAVs are published each day.
CWAM’s Valuation Committee (the Committee) is responsible for applying the Trust’s Portfolio Pricing Policy and the CWAM pricing procedures (the Policies), which are approved by and subject to the oversight of 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 CWAM believes that available market quotations are unreliable. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s 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, 2016, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Total Affiliated Bond Funds |
|
$ |
838,259,629 |
|
$ |
— |
|
$ |
— |
|
$ |
838,259,629 |
|
|
Total Affiliated Stock Funds |
|
281,991,180 |
|
— |
|
— |
|
281,991,180 |
| ||||
|
Total Short-Term Investments |
|
5,569,606 |
|
— |
|
— |
|
5,569,606 |
| ||||
|
Total Investments |
|
$ |
1,125,820,415 |
|
$ |
— |
|
$ |
— |
|
$ |
1,125,820,415 |
|
There were no transfers of financial assets between levels during the period.
COLUMBIA ACORN EMERGING MARKETS FUNDSM
STATEMENT OF INVESTMENTS (UNAUDITED), MARCH 31, 2016
|
Number of Shares |
|
|
|
Value |
| |
|
Equities: 96.0% |
|
|
| |||
|
Asia 73.3% |
|
|
| |||
|
|
|
> China 13.1% |
|
|
| |
|
12,200,000 |
|
NewOcean Energy |
|
$ |
4,390,767 |
|
|
|
|
Southern China Liquefied Petroleum Gas Distributor |
|
|
| |
|
14,400,000 |
|
Sihuan Pharmaceutical Holdings Group |
|
4,120,995 |
| |
|
|
|
Chinese Generic Drug Manufacturer |
|
|
| |
|
4,380,000 |
|
Xinhua Winshare Publishing |
|
3,799,019 |
| |
|
|
|
Sichuan Publisher, Distributor & Retailer |
|
|
| |
|
7,238,000 |
|
AMVIG Holdings |
|
3,022,558 |
| |
|
|
|
Chinese Tobacco Packaging Material Supplier |
|
|
| |
|
96,453 |
|
BitAuto - ADR (a) |
|
2,391,070 |
| |
|
|
|
Automotive Information Website for Buyers & Dealers |
|
|
| |
|
2,063,000 |
|
China Everbright International |
|
2,303,814 |
| |
|
|
|
Municipal Waste Operator |
|
|
| |
|
1,275,000 |
|
TravelSky Technology |
|
2,090,280 |
| |
|
|
|
Chinese Air Travel Transaction Processor |
|
|
| |
|
66,084 |
|
51job - ADR (a)(b) |
|
2,049,926 |
| |
|
|
|
Integrated Human Resource Services |
|
|
| |
|
|
|
|
|
24,168,429 |
| |
|
|
|
> Taiwan 12.6% |
|
|
| |
|
2,233,000 |
|
Far EasTone Telecom |
|
5,001,192 |
| |
|
|
|
Mobile Operator in Taiwan |
|
|
| |
|
233,000 |
|
Silergy |
|
3,181,035 |
| |
|
|
|
Chinese Provider of Analog & Mixed Digital Integrated Circuits |
|
|
| |
|
137,000 |
|
St. Shine Optical |
|
2,793,425 |
| |
|
|
|
Disposable Contact Lens Original Equipment Manufacturer |
|
|
| |
|
248,000 |
|
Ginko International |
|
2,473,693 |
| |
|
|
|
Contact Lens Maker in China |
|
|
| |
|
293,988 |
|
Advantech |
|
2,160,379 |
| |
|
|
|
Industrial PC & Components |
|
|
| |
|
27,000 |
|
Largan Precision |
|
2,092,746 |
| |
|
|
|
Mobile Device Camera Lenses & Modules |
|
|
| |
|
1,310,000 |
|
Vanguard International Semiconductor |
|
2,046,599 |
| |
|
|
|
Semiconductor Foundry |
|
|
| |
|
496,000 |
|
Novatek Microelectronics |
|
1,996,618 |
| |
|
|
|
Display-related Integrated Circuit Designer |
|
|
| |
|
185,000 |
|
Addcn Technology |
|
1,494,308 |
| |
|
|
|
Largest Real Estate, Online Game Items & Auto Portal |
|
|
| |
|
|
|
|
|
23,239,995 |
| |
|
|
|
> Korea 12.4% |
|
|
| |
|
192,387 |
|
ModeTour Network |
|
5,063,647 |
| |
|
|
|
Travel Services |
|
|
| |
|
126,435 |
|
Koh Young Technology |
|
4,515,584 |
| |
|
|
|
Inspection Systems for Printed Circuit Boards |
|
|
| |
|
30,938 |
|
Nongshim Holdings |
|
4,101,381 |
| |
|
|
|
Holding Company of Food Conglomerate |
|
|
| |
|
95,600 |
|
Korea Investment Holdings |
|
3,677,328 |
| |
|
|
|
Brokerage & Asset Management |
|
|
| |
|
7,200 |
|
KCC |
|
2,617,808 |
| |
|
|
|
Paint & Housing Material Manufacturer |
|
|
| |
|
8,935 |
|
CJ Corp |
|
1,527,700 |
| |
|
|
|
Holding Company of Korean Consumer Conglomerate |
|
|
| |
|
64,200 |
|
Sam Yung Trading |
|
1,345,717 |
| |
|
|
|
Opthalmic Lenses |
|
|
| |
|
|
|
|
|
22,849,165 |
| |
|
|
|
> India 11.4% |
|
|
| |
|
1,252,443 |
|
Zee Entertainment Enterprises |
|
7,316,103 |
| |
|
|
|
Indian Programmer of Pay Television Content |
|
|
| |
|
987,198 |
|
Adani Ports & Special Economic Zone |
|
3,691,049 |
| |
|
|
|
Indian Ports |
|
|
| |
|
510,298 |
|
Bharti Infratel |
|
2,943,173 |
| |
|
|
|
Communications Towers |
|
|
| |
|
213,618 |
|
Amara Raja |
|
2,830,974 |
| |
|
|
|
Indian Maker of Auto & Industrial Batteries, mostly for the Replacement Market |
|
|
| |
|
195,277 |
|
United Breweries |
|
2,439,032 |
| |
|
|
|
Indian Brewer |
|
|
| |
|
363,631 |
|
TVS Motor |
|
1,772,669 |
| |
|
|
|
Indian Maker of Scooters, Mopeds, Motorcycles & Three-wheelers |
|
|
| |
|
|
|
|
|
20,993,000 |
| |
|
|
|
> Indonesia 8.1% |
|
|
| |
|
16,359,100 |
|
Link Net (a) |
|
5,062,959 |
| |
|
|
|
Fixed Broadband & CATV Service Provider |
|
|
| |
|
59,073,000 |
|
MNC Sky Vision (a) |
|
4,945,025 |
| |
|
|
|
Satellite Pay TV Operator in Indonesia |
|
|
| |
|
2,187,100 |
|
Matahari Department Store |
|
3,026,434 |
| |
|
|
|
Department Store Chain in Indonesia |
|
|
| |
|
4,367,300 |
|
Tower Bersama Infrastructure (a) |
|
1,914,793 |
| |
|
|
|
Communications Towers |
|
|
| |
|
|
|
|
|
14,949,211 |
| |
|
|
|
> Philippines 4.5% |
|
|
| |
|
3,771,300 |
|
Puregold Price Club |
|
2,981,329 |
| |
|
|
|
Supermarket Operator in the Philippines |
|
|
| |
|
32,000,000 |
|
RFM Corporation |
|
2,884,466 |
| |
|
|
|
Flour, Bread, Pasta & Ice Cream Manufacturer/Distributor in the Philippines |
|
|
| |
|
44,882,000 |
|
Melco Crown (Philippines) Resorts (a) |
|
2,465,591 |
| |
|
|
|
Integrated Resort Operator in Manila |
|
|
| |
|
|
|
|
|
8,331,386 |
| |
|
|
|
> Hong Kong 3.5% |
|
|
| |
|
2,100,000 |
|
Vitasoy International |
|
3,921,657 |
| |
|
|
|
Hong Kong Soy Food Brand |
|
|
| |
|
2,293,000 |
|
Value Partners |
|
2,407,770 |
| |
|
|
|
Mutual Fund Management |
|
|
| |
|
|
|
|
|
6,329,427 |
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Singapore 3.2% |
|
|
| |
|
4,815,800 |
|
SIIC Environment (a) |
|
$ |
2,445,219 |
|
|
|
|
Waste Water Treatment Operator |
|
|
| |
|
6,500,000 |
|
China Everbright Water (a) |
|
2,388,731 |
| |
|
|
|
Waste Water Treatment Operator |
|
|
| |
|
488,000 |
|
Petra Foods |
|
1,013,763 |
| |
|
|
|
Chocolate Manufacturer in Southeast Asia |
|
|
| |
|
|
|
|
|
5,847,713 |
| |
|
|
|
> Thailand 2.5% |
|
|
| |
|
6,819,100 |
|
Samui Airport Property Fund |
|
4,613,263 |
| |
|
|
|
Thai Airport Operator |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Cambodia 2.0% |
|
|
| |
|
5,697,000 |
|
Nagacorp |
|
3,650,719 |
| |
|
|
|
Casino & Entertainment Complex in Cambodia |
|
|
| |
|
Asia: Total |
|
134,972,308 |
| |||
|
|
|
|
| |||
|
Other Countries 8.4% |
|
|
| |||
|
|
|
> South Africa 3.4% |
|
|
| |
|
973,864 |
|
Rand Merchant Insurance |
|
2,745,388 |
| |
|
|
|
Directly Sold Property & Casualty Insurance; Holdings in other Insurers |
|
|
| |
|
497,334 |
|
Coronation Fund Managers |
|
2,472,564 |
| |
|
|
|
South African Fund Manager |
|
|
| |
|
126,219 |
|
Famous Brands |
|
999,407 |
| |
|
|
|
Quick Service Restaurant & Cafe Franchise System in Africa |
|
|
| |
|
|
|
|
|
6,217,359 |
| |
|
|
|
> Egypt 2.1% |
|
|
| |
|
904,583 |
|
Commercial International Bank of Egypt |
|
3,909,695 |
| |
|
|
|
Leading Private Universal Bank in Egypt |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> United States 1.6% |
|
|
| |
|
118,528 |
|
Bladex |
|
2,870,748 |
| |
|
|
|
Latin American Trade Financing House |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Canada 1.3% |
|
|
| |
|
285,904 |
|
Parex Resources (a) |
|
2,410,510 |
| |
|
|
|
Canadian Listed Exploration & Production Company Operating in Colombia |
|
|
| |
|
Other Countries: Total |
|
15,408,312 |
| |||
|
|
|
|
| |||
|
Latin America 7.3% |
|
|
| |||
|
|
|
> Mexico 6.1% |
|
|
| |
|
28,795 |
|
Grupo Aeroportuario del Sureste - ADR |
|
4,324,145 |
| |
|
|
|
Mexican Airport Operator |
|
|
| |
|
3,456,900 |
|
Hoteles City Express (a) |
|
4,251,808 |
| |
|
|
|
Leading Budget Hotel Operator in Mexico |
|
|
| |
|
2,309,000 |
|
Qualitas (a) |
|
2,699,624 |
| |
|
|
|
Auto Insurer in Mexico & Central America |
|
|
| |
|
|
|
|
|
11,275,577 |
| |
|
|
|
> Guatemala 1.2% |
|
|
| |
|
209,464 |
|
Tahoe Resources |
|
2,099,881 |
| |
|
|
|
Silver & Gold Projects in Guatemala, Canada & Peru |
|
|
| |
|
Latin America: Total |
|
13,375,458 |
| |||
|
|
|
|
| |||
|
Europe 7.0% |
|
|
| |||
|
|
|
> Finland 2.2% |
|
|
| |
|
223,246 |
|
Tikkurila |
|
4,054,344 |
| |
|
|
|
Decorative & Industrial Paint in Scandinavia, Central & Eastern Europe |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Spain 1.3% |
|
|
| |
|
414,753 |
|
Prosegur |
|
2,336,139 |
| |
|
|
|
Security Guards |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Kazakhstan 1.2% |
|
|
| |
|
548,483 |
|
Halyk Savings Bank of Kazakhstan - GDR |
|
2,303,629 |
| |
|
|
|
Retail Bank & Insurer in Kazakhstan |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Sweden 1.2% |
|
|
| |
|
41,183 |
|
Millicom International Cellular |
|
2,250,842 |
| |
|
|
|
Telecoms Operator in Latin America & Africa |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> United Kingdom 1.1% |
|
|
| |
|
369,998 |
|
PureCircle (a)(b) |
|
2,015,370 |
| |
|
|
|
Natural Sweeteners |
|
|
| |
|
Europe: Total |
|
12,960,324 |
| |||
|
|
|
|
| |||
|
Total Equities: 96.0% |
|
176,716,402 |
(c) | |||
|
|
|
|
| |||
|
Short-Term Investments 4.4% |
|
|
| |||
|
8,064,798 |
|
JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.25%) |
|
8,064,798 |
| |
|
Total Short-Term Investments: 4.4% |
|
8,064,798 |
| |||
|
|
|
|
|
|
| |
|
Securities Lending Collateral 0.3% |
|
|
| |||
|
495,986 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.20%) (d) |
|
495,986 |
| |
|
Total Securities Lending Collateral: 0.3% |
|
495,986 |
| |||
|
|
|
|
| |||
|
Total Investments: 100.7% |
|
185,277,186 |
(f) | |||
|
|
|
|
| |||
|
Obligation to Return Collateral for Securities Loaned: (0.3)% |
|
(495,986 |
) | |||
|
|
|
|
| |||
|
Cash and Other Assets Less Liabilities: (0.4)% |
|
(820,998 |
) | |||
|
|
|
|
| |||
|
Net Assets: 100.0% |
|
$ |
183,960,202 |
| ||
ADR - American Depositary Receipts
GDR - Global Depositary Receipts
> Notes to Statement of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at March 31, 2016. The total market value of securities on loan at March 31, 2016 was $475,229.
(c) On March 31, 2016, the Fund’s total equity investments were denominated in currencies as follows:
|
Currency |
|
Value |
|
Percentage of |
| |
|
Hong Kong Dollar |
|
$ |
29,707,579 |
|
16.2 |
|
|
Taiwan Dollar |
|
23,239,995 |
|
12.6 |
| |
|
Korean Won |
|
22,849,165 |
|
12.4 |
| |
|
Indian Rupee |
|
20,993,000 |
|
11.4 |
| |
|
Indonesian Rupiah |
|
14,949,211 |
|
8.1 |
| |
|
U.S. Dollar |
|
13,939,518 |
|
7.6 |
| |
|
Other currencies less than 5% of total net assets |
|
51,037,934 |
|
27.7 |
| |
|
Total Equities |
|
$ |
176,716,402 |
|
96.0 |
|
(d) Investment made with cash collateral received from securities lending activity.
(e) At March 31, 2016, for federal income tax purposes, the cost of investments was approximately $210,383,276 and net unrealized depreciation was $25,106,090 consisting of gross unrealized appreciation of $16,293,738 and gross unrealized depreciation of $41,399,828.
(f) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2015.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
· Level 1 - quoted prices in active markets for identical securities
· Level 2 - prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 - prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by CWAM’s Valuation Committee (the Committee) 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.
The Committee is responsible for applying the Trust’s Portfolio Pricing Policy and the CWAM pricing procedures (the Policies), which are approved by and subject to the oversight of 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 CWAM believes that available market quotations are unreliable. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s 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, 2016, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Equities |
|
|
|
|
|
|
|
|
| ||||
|
Asia |
|
$ |
4,440,996 |
|
$ |
130,531,312 |
|
$ |
— |
|
$ |
134,972,308 |
|
|
Other Countries |
|
5,281,258 |
|
10,127,054 |
|
— |
|
15,408,312 |
| ||||
|
Latin America |
|
13,375,458 |
|
— |
|
— |
|
13,375,458 |
| ||||
|
Europe |
|
— |
|
12,960,324 |
|
— |
|
12,960,324 |
| ||||
|
Total Equities |
|
23,097,712 |
|
153,618,690 |
|
— |
|
176,716,402 |
| ||||
|
Total Short-Term Investments |
|
8,064,798 |
|
— |
|
— |
|
8,064,798 |
| ||||
|
Total Securities Lending Collateral |
|
495,986 |
|
— |
|
— |
|
495,986 |
| ||||
|
Total Investments |
|
$ |
31,658,496 |
|
$ |
153,618,690 |
|
$ |
— |
|
$ |
185,277,186 |
|
The Fund’s assets assigned to the Level 2 input category are generally valued using a market approach, in which a security’s value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements.
There were no transfers of financial assets between Levels 1 and 2 during the period.
The following table reconciles asset balances for the period ending March 31, 2016, 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 |
|
$ |
4,620,853 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(4,620,853 |
) |
$ |
— |
|
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.
Financial assets were transferred from Level 3 to Level 2 as trading resumed during the period. As a result, as of period end, the Committee determined to value the security under consistently applied procedures established by and under the general supervision of the Board.
Transfers into 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.
Certain securities classified as Level 3 are valued by the Committee at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include, but are not limited to estimated earnings of the company and the position of the security within the company’s capital structure. The Committee also may use some observable inputs, which may include, but are not limited to, trades of similar securities or indices 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 EMERGING MARKETS FUNDSM
PORTFOLIO DIVERSIFICATION (UNAUDITED)
At March 31, 2016, the Fund’s portfolio investments as a percentage of net assets were diversified as follows:
|
|
|
Value |
|
Percentage |
| |
|
> Information |
|
|
|
|
| |
|
Mobile Communications |
|
$ |
9,859,159 |
|
5.4 |
|
|
Entertainment Programming |
|
7,316,103 |
|
4.0 |
| |
|
Semiconductors & Related Equipment |
|
7,224,251 |
|
3.9 |
| |
|
Internet Related |
|
5,935,304 |
|
3.2 |
| |
|
Cable TV |
|
5,062,959 |
|
2.8 |
| |
|
Satellite Broadcasting & Services |
|
4,945,025 |
|
2.7 |
| |
|
Instrumentation |
|
4,515,584 |
|
2.5 |
| |
|
Telephone & Data Services |
|
2,250,842 |
|
1.2 |
| |
|
Computer Hardware & Related Equipment |
|
2,160,379 |
|
1.2 |
| |
|
Telecommunications Equipment |
|
2,092,746 |
|
1.1 |
| |
|
Business Software |
|
2,090,280 |
|
1.1 |
| |
|
|
|
53,452,632 |
|
29.1 |
| |
|
> Consumer Goods & Services |
|
|
|
|
| |
|
Food & Beverage |
|
12,274,288 |
|
6.7 |
| |
|
Retail |
|
9,806,782 |
|
5.3 |
| |
|
Travel |
|
9,315,455 |
|
5.1 |
| |
|
Casinos & Gaming |
|
6,116,309 |
|
3.3 |
| |
|
Other Durable Goods |
|
4,603,643 |
|
2.5 |
| |
|
Restaurants |
|
999,407 |
|
0.5 |
| |
|
|
|
43,115,884 |
|
23.4 |
| |
|
> Industrial Goods & Services |
|
|
|
|
| |
|
Industrial Materials & Specialty Chemicals |
|
9,694,710 |
|
5.3 |
| |
|
Conglomerates |
|
5,629,082 |
|
3.1 |
| |
|
Water |
|
4,833,951 |
|
2.6 |
| |
|
Other Industrial Services |
|
3,691,049 |
|
2.0 |
| |
|
Outsourcing Services |
|
2,336,139 |
|
1.3 |
| |
|
Waste Management |
|
2,303,814 |
|
1.2 |
| |
|
|
|
28,488,745 |
|
15.5 |
| |
|
> Finance |
|
|
|
|
| |
|
Banks |
|
9,084,072 |
|
4.9 |
| |
|
Insurance |
|
5,445,011 |
|
3.0 |
| |
|
Brokerage & Money Management |
|
4,880,334 |
|
2.6 |
| |
|
Diversified Finance Companies |
|
3,677,328 |
|
2.0 |
| |
|
|
|
23,086,745 |
|
12.5 |
| |
|
> Health Care |
|
|
|
|
| |
|
Medical Supplies |
|
5,267,118 |
|
2.9 |
| |
|
Pharmaceuticals |
|
4,120,995 |
|
2.2 |
| |
|
Medical Equipment & Devices |
|
1,345,717 |
|
0.7 |
| |
|
|
|
10,733,830 |
|
5.8 |
| |
|
> Other Industries |
|
|
|
|
| |
|
Transportation |
|
8,937,408 |
|
4.9 |
| |
|
|
|
8,937,408 |
|
4.9 |
| |
|
> Energy & Minerals |
|
|
|
|
| |
|
Oil Refining, Marketing & Distribution |
|
4,390,767 |
|
2.4 |
| |
|
Oil & Gas Producers |
|
2,410,510 |
|
1.3 |
| |
|
Mining |
|
2,099,881 |
|
1.1 |
| |
|
|
|
8,901,158 |
|
4.8 |
| |
|
|
|
|
|
|
| |
|
Total Equities: |
|
176,716,402 |
|
96.0 |
| |
|
Short-Term Investments: |
|
8,064,798 |
|
4.4 |
| |
|
Securities Lending Collateral: |
|
495,986 |
|
0.3 |
| |
|
Total Investments: |
|
185,277,186 |
|
100.7 |
| |
|
|
|
|
|
|
| |
|
Obligation to Return Collateral for Securities Loaned: |
|
(495,986 |
) |
(0.3 |
) | |
|
Cash and Other Assets Less Liabilities: |
|
(820,998 |
) |
(0.4 |
) | |
|
Net Assets: |
|
$ |
183,960,202 |
|
100.0 |
|
COLUMBIA ACORN EUROPEAN FUNDSM
STATEMENT OF INVESTMENTS (UNAUDITED), MARCH 31, 2016
|
Number of Shares |
|
|
|
Value |
| |
|
Equities: 95.4% |
|
|
| |||
|
Europe 95.4% |
|
|
| |||
|
|
|
> United Kingdom 29.7% |
|
|
| |
|
2,916,395 |
|
Assura |
|
$ |
2,224,184 |
|
|
|
|
UK Primary Health Care Property |
|
|
| |
|
|
|
Developer |
|
|
| |
|
36,126 |
|
Rightmove |
|
2,184,917 |
| |
|
|
|
Internet Real Estate Listings |
|
|
| |
|
310,760 |
|
Regus |
|
1,413,523 |
| |
|
|
|
Rental of Office Space in Full Service Business Center |
|
|
| |
|
91,690 |
|
Domino’s Pizza UK & Ireland |
|
1,327,432 |
| |
|
|
|
Pizza Delivery in the UK, Ireland & Switzerland |
|
|
| |
|
99,283 |
|
Shaftesbury |
|
1,299,042 |
| |
|
|
|
London Prime Retail REIT |
|
|
| |
|
22,547 |
|
Spirax Sarco |
|
1,178,745 |
| |
|
|
|
Steam Systems for Manufacturing & Process Industries |
|
|
| |
|
479,111 |
|
Connect Group |
|
1,094,115 |
| |
|
|
|
Newspaper & Magazine Distributor |
|
|
| |
|
188,450 |
|
Halfords |
|
1,072,089 |
| |
|
|
|
UK Retailer of Leisure Goods & Auto Parts |
|
|
| |
|
81,340 |
|
Halma |
|
1,064,855 |
| |
|
|
|
Health & Safety Sensor Technology |
|
|
| |
|
23,000 |
|
Croda International |
|
1,003,895 |
| |
|
|
|
Oleochemicals & Industrial Chemicals |
|
|
| |
|
36,820 |
|
WH Smith |
|
961,407 |
| |
|
|
|
Newsprint, Books & General Stationery Retailer |
|
|
| |
|
126,890 |
|
DS Smith |
|
743,562 |
| |
|
|
|
Packaging |
|
|
| |
|
177,950 |
|
Ocado (a) |
|
741,439 |
| |
|
|
|
Online Grocery Retailer |
|
|
| |
|
272,070 |
|
Rentokil Initial |
|
690,864 |
| |
|
|
|
Pest Control, Washroom & Workwear Service Provider |
|
|
| |
|
58,000 |
|
Big Yellow |
|
645,178 |
| |
|
|
|
UK Self Storage |
|
|
| |
|
137,840 |
|
Polypipe |
|
631,929 |
| |
|
|
|
Manufacturer of Plastic Piping & Fittings |
|
|
| |
|
70,147 |
|
Abcam |
|
594,417 |
| |
|
|
|
Online Sales of Antibodies |
|
|
| |
|
106,900 |
|
PureCircle (a) |
|
582,282 |
| |
|
|
|
Natural Sweeteners |
|
|
| |
|
|
|
|
|
19,453,875 |
| |
|
|
|
> Germany 13.0% |
|
|
| |
|
45,000 |
|
Wirecard (b) |
|
1,705,143 |
| |
|
|
|
Online Payment Processing & Risk Management |
|
|
| |
|
27,360 |
|
Aurelius |
|
1,665,612 |
| |
|
|
|
European Turnaround Investor |
|
|
| |
|
26,280 |
|
NORMA Group |
|
1,472,174 |
| |
|
|
|
Clamps for Automotive & Industrial Applications |
|
|
| |
|
13,990 |
|
MTU Aero Engines |
|
1,341,831 |
| |
|
|
|
Airplane Engine Components & Services |
|
|
| |
|
30,662 |
|
Elringklinger |
|
840,333 |
| |
|
|
|
Automobile Components |
|
|
| |
|
10,400 |
|
Fielmann |
|
789,338 |
| |
|
|
|
Retail Optician Chain |
|
|
| |
|
1,260 |
|
Rational |
|
673,434 |
| |
|
|
|
Commercial Ovens |
|
|
| |
|
|
|
|
|
8,487,865 |
| |
|
|
|
> Sweden 11.7% |
|
|
| |
|
86,210 |
|
Trelleborg |
|
1,705,457 |
| |
|
|
|
Manufacturer of Sealing, Dampening & Protective Solutions for Industry |
|
|
| |
|
149,698 |
|
Unibet |
|
1,699,217 |
| |
|
|
|
European Online Gaming Operator |
|
|
| |
|
86,220 |
|
Recipharm (b) |
|
1,614,318 |
| |
|
|
|
Contract Development Manufacturing Organization |
|
|
| |
|
57,390 |
|
Mekonomen |
|
1,420,921 |
| |
|
|
|
Nordic Integrated Wholesaler/Retailer of Automotive Parts & Service |
|
|
| |
|
75,336 |
|
Sweco |
|
1,237,930 |
| |
|
|
|
Engineering Consultants |
|
|
| |
|
|
|
|
|
7,677,843 |
| |
|
|
|
> Finland 8.7% |
|
|
| |
|
88,511 |
|
Tikkurila |
|
1,607,438 |
| |
|
|
|
Decorative & Industrial Paint in Scandinavia, Central & Eastern Europe |
|
|
| |
|
139,522 |
|
Munksjo |
|
1,547,930 |
| |
|
68,560 |
|
Munksjo (c) |
|
766,399 |
| |
|
|
|
Specialty Paper Maker |
|
|
| |
|
42,570 |
|
Konecranes |
|
1,016,279 |
| |
|
|
|
Manufacture & Service of Industrial Cranes & Port Handling Equipment |
|
|
| |
|
178,320 |
|
Sponda |
|
750,768 |
| |
|
|
|
Office, Retail & Logistics Properties |
|
|
| |
|
|
|
|
|
5,688,814 |
| |
|
|
|
> France 6.5% |
|
|
| |
|
36,566 |
|
AKKA Technologies |
|
1,148,393 |
| |
|
|
|
Engineering Consultancy |
|
|
| |
|
46,450 |
|
Elior Group (b) |
|
1,018,524 |
| |
|
|
|
Contract Caterer & Travel Concessionary |
|
|
| |
|
24,890 |
|
Bonduelle |
|
732,699 |
| |
|
|
|
Producer of Canned, Deep-frozen & Fresh Vegetables |
|
|
| |
|
1,860 |
|
Eurofins Scientific |
|
682,252 |
| |
|
|
|
Food, Pharmaceuticals & Materials Screening & Testing |
|
|
| |
|
20,641 |
|
Eutelsat |
|
666,807 |
| |
|
|
|
Fixed Satellite Services |
|
|
| |
|
|
|
|
|
4,248,675 |
| |
|
|
|
> Spain 6.3% |
|
|
| |
|
256,710 |
|
Prosegur |
|
1,445,946 |
| |
|
|
|
Security Guards |
|
|
| |
|
238,830 |
|
Distribuidora Internacional de Alimentación |
|
1,240,877 |
| |
|
|
|
Discount Retailer in Spain & Latin America |
|
|
| |
|
Number of Shares |
|
|
|
Value |
| |
|
|
|
> Spain—continued |
|
|
| |
|
12,910 |
|
Viscofan |
|
$ |
773,444 |
|
|
|
|
Sausage Casings Maker |
|
|
| |
|
21,510 |
|
Bolsas y Mercados Españoles |
|
693,901 |
| |
|
|
|
Spanish Stock Markets |
|
|
| |
|
|
|
|
|
4,154,168 |
| |
|
|
|
> Netherlands 5.3% |
|
|
| |
|
39,930 |
|
Aalberts Industries |
|
1,385,354 |
| |
|
|
|
Flow Control & Heat Treatment |
|
|
| |
|
14,660 |
|
Gemalto |
|
1,083,804 |
| |
|
|
|
Digital Security Solutions |
|
|
| |
|
46,101 |
|
Brunel |
|
970,741 |
| |
|
|
|
Temporary Specialist & Energy Staffing |
|
|
| |
|
|
|
|
|
3,439,899 |
| |
|
|
|
> Denmark 4.5% |
|
|
| |
|
33,280 |
|
SimCorp |
|
1,535,805 |
| |
|
|
|
Software for Investment Managers |
|
|
| |
|
14,360 |
|
William Demant Holding (a) |
|
1,444,004 |
| |
|
|
|
Manufacture & Distribution of Hearing Aids & Diagnostic Equipment |
|
|
| |
|
|
|
|
|
2,979,809 |
| |
|
|
|
> Switzerland 4.2% |
|
|
| |
|
3,347 |
|
Partners Group |
|
1,345,344 |
| |
|
|
|
Private Markets Asset Management |
|
|
| |
|
2,200 |
|
Inficon |
|
726,431 |
| |
|
|
|
Gas Detection Instruments |
|
|
| |
|
6,360 |
|
Panalpina Welttransport |
|
710,378 |
| |
|
|
|
Air & Sea Freight Forwarding |
|
|
| |
|
|
|
|
|
2,782,153 |
| |
|
|
|
> Italy 2.3% |
|
|
| |
|
12,930 |
|
Industria Macchine Automatiche |
|
758,458 |
| |
|
|
|
Food & Drugs Packaging & Machinery |
|
|
| |
|
241,730 |
|
Hera |
|
722,319 |
| |
|
|
|
Northern Italian Utility |
|
|
| |
|
1,008 |
|
Brembo |
|
52,131 |
| |
|
|
|
Original Equipment, Racing & Aftermarket Brakes for the Automotive Industry |
|
|
| |
|
|
|
|
|
1,532,908 |
| |
|
|
|
> Norway 2.2% |
|
|
| |
|
148,775 |
|
Atea |
|
1,420,381 |
| |
|
|
|
Nordic IT Hardware/Software Reseller & Integrator |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
> Belgium 1.0% |
|
|
| |
|
12,000 |
|
Melexis |
|
652,699 |
| |
|
|
|
Analog & Custom IC Designer |
|
|
| |
|
Europe: Total |
|
62,519,089 |
| |||
|
|
|
|
| |||
|
Total Equities: 95.4% |
|
62,519,089 |
(d) | |||
|
|
|
|
| |||
|
Short-Term Investments 6.2% |
|
|
| |||
|
|
|
|
| |||
|
4,057,454 |
|
JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.25%) |
|
4,057,454 |
| |
|
|
|
|
|
|
| |
|
Total Short-Term Investments: 6.2% |
|
4,057,454 |
| |||
|
|
|
|
| |||
|
Securities Lending Collateral 2.3% |
|
|
| |||
|
1,481,300 |
|
Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.20%) (e) |
|
1,481,300 |
| |
|
|
|
|
| |||
|
Total Securities Lending Collateral: 2.3% |
|
1,481,300 |
| |||
|
|
|
|
| |||
|
Total Investments: 103.9% |
|
68,057,843 |
(g) | |||
|
|
|
|
| |||
|
Obligation to Return Collateral for Securities Loaned: (2.3)% |
|
(1,481,300 |
) | |||
|
|
|
|
| |||
|
Cash and Other Assets Less Liabilities: (1.6)% |
|
(1,068,159 |
) | |||
|
|
|
|
|
| ||
|
Net Assets: 100.0% |
|
$ |
65,508,384 |
| ||
REIT - Real Estate Investment Trust
> Notes to Statement of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at March 31, 2016. The total market value of securities on loan at March 31, 2016 was $1,415,614.
(c) Security is traded on a Swedish exchange.
> Notes to Statement of Investments
(d) On March 31, 2016, the Fund’s total equity investments were denominated in currencies as follows:
|
Currency |
|
Value |
|
Percentage of |
| |
|
Euro |
|
$ |
27,438,630 |
|
41.9 |
|
|
British Pound |
|
19,453,875 |
|
29.7 |
| |
|
Swedish Krona |
|
8,444,242 |
|
12.8 |
| |
|
Other currencies less than 5% of total net assets |
|
7,182,342 |
|
11.0 |
| |
|
Total Equities |
|
$ |
62,519,089 |
|
95.4 |
|
(e) Investment made with cash collateral received from securities lending activity.
(f) At March 31, 2016, for federal income tax purposes, the cost of investments was approximately $62,105,795 and net unrealized appreciation was $5,952,048 consisting of gross unrealized appreciation of $7,629,889 and gross unrealized depreciation of $1,677,841.
(g) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2015.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
· Level 1 - quoted prices in active markets for identical securities
· Level 2 - prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
· Level 3 - prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by CWAM’s Valuation Committee (the Committee) 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.
The Committee is responsible for applying the Trust’s Portfolio Pricing Policy and the CWAM pricing procedures (the Policies), which are approved by and subject to the oversight of 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 CWAM believes that available market quotations are unreliable. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s 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, 2016, in valuing the Fund’s assets:
|
Investment Type |
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
| ||||
|
Equities |
|
|
|
|
|
|
|
|
| ||||
|
Europe |
|
$ |
— |
|
$ |
62,519,089 |
|
$ |
— |
|
$ |
62,519,089 |
|
|
Total Equities |
|
— |
|
62,519,089 |
|
— |
|
62,519,089 |
| ||||
|
Total Short-Term Investments |
|
4,057,454 |
|
— |
|
— |
|
4,057,454 |
| ||||
|
Total Securities Lending Collateral |
|
1,481,300 |
|
— |
|
— |
|
1,481,300 |
| ||||
|
Total Investments |
|
$ |
5,538,754 |
|
$ |
62,519,089 |
|
$ |
— |
|
$ |
68,057,843 |
|
The Fund’s assets assigned to the Level 2 input category are generally valued using a market approach, in which a security’s value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements.
There were no transfers of financial assets between levels during the period.
COLUMBIA ACORN EUROPEAN FUNDSM
PORTFOLIO DIVERSIFICATION (UNAUDITED)
At March 31, 2016, the Fund’s portfolio investments as a percentage of net assets were diversified as follows:
|
|
|
Value |
|
Percentage of |
| |
|
> Industrial Goods & Services |
|
|
|
|
| |
|
Industrial Materials & Specialty Chemicals |
|
$ |
7,471,451 |
|
11.4 |
|
|
Machinery |
|
5,825,522 |
|
8.9 |
| |
|
Outsourcing Services |
|
5,669,468 |
|
8.6 |
| |
|
Other Industrial Services |
|
3,972,390 |
|
6.1 |
| |
|
Conglomerates |
|
3,050,966 |
|
4.6 |
| |
|
Construction |
|
631,929 |
|
1.0 |
| |
|
|
|
26,621,726 |
|
40.6 |
| |
|
> Consumer Goods & Services |
|
|
|
|
| |
|
Retail |
|
5,436,733 |
|
8.3 |
| |
|
Restaurants |
|
2,345,957 |
|
3.6 |
| |
|
Food & Beverage |
|
2,088,424 |
|
3.2 |
| |
|
Consumer Goods Distribution |
|
1,883,454 |
|
2.9 |
| |
|
Casinos & Gaming |
|
1,699,217 |
|
2.5 |
| |
|
Other Durable Goods |
|
52,131 |
|
0.1 |
| |
|
|
|
13,505,916 |
|
20.6 |
| |
|
> Information |
|
|
|
|
| |
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Internet Related |
|
2,184,917 |
|
3.3 |
| |
|
Financial Processors |
|
1,705,143 |
|
2.6 |
| |
|
Business Software |
|
1,535,805 |
|
2.3 |
| |
|
Computer Services |
|
1,420,381 |
|
2.2 |
| |
|
Computer Hardware & Related Equipment |
|
1,083,804 |
|
1.7 |
| |
|
Instrumentation |
|
1,064,855 |
|
1.6 |
| |
|
Satellite Broadcasting & Services |
|
666,807 |
|
1.0 |
| |
|
Semiconductors & Related Equipment |
|
652,699 |
|
1.0 |
| |
|
|
|
10,314,411 |
|
15.7 |
| |
|
> Other Industries |
|
|
|
|
| |
|
Real Estate |
|
3,620,129 |
|
5.5 |
| |
|
Transportation |
|
743,562 |
|
1.2 |
| |
|
Regulated Utilities |
|
722,319 |
|
1.1 |
| |
|
|
|
5,086,010 |
|
7.8 |
| |
|
> Health Care |
|
|
|
|
| |
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Pharmaceuticals |
|
1,614,318 |
|
2.5 |
| |
|
Medical Equipment & Devices |
|
1,444,004 |
|
2.2 |
| |
|
Medical Supplies |
|
594,417 |
|
0.9 |
| |
|
|
|
3,652,739 |
|
5.6 |
| |
|
> Finance |
|
|
|
|
| |
|
Brokerage & Money Management |
|
|
1,345,344 |
|
2.0 |
|
|
Diversified Financial Companies |
|
1,299,042 |
|
2.0 |
| |
|
Financial Processors |
|
693,901 |
|
1.1 |
| |
|
|
|
3,338,287 |
|
5.1 |
| |
|
|
|
|
|
|
| |
|
Total Equities: |
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62,519,089 |
|
95.4 |
| |
|
Short-Term Investments: |
|
4,057,454 |
|
6.2 |
| |
|
Securities Lending Collateral: |
|
1,481,300 |
|
2.3 |
| |
|
Total Investments: |
|
68,057,843 |
|
103.9 |
| |
|
|
|
|
|
|
| |
|
Obligation to Return Collateral for Securities Loaned: |
|
(1,481,300 |
) |
(2.3 |
) | |
|
Cash and Other Assets Less Liabilities: |
|
(1,068,159 |
) |
(1.6 |
) | |
|
Net Assets: |
|
$ |
65,508,384 |
|
100.0 |
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Item 2. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-Q is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
(b) There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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(registrant) |
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Columbia Acorn Trust |
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By (Signature and Title) |
/s/ P. Zachary Egan |
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P. Zachary Egan, President |
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Date |
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May 19, 2016 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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By (Signature and Title) |
/s/ P. Zachary Egan |
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P. Zachary Egan, President |
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Date |
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May 19, 2016 |
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By (Signature and Title) |
/s/ John M. Kunka |
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John M. Kunka, Treasurer |
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Date |
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May 19, 2016 |
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Exhibit 99.CERT
I, John M. Kunka, certify that:
1. I have reviewed this report on Form N-Q of Columbia Acorn Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date: May 19, 2016 |
/s/ John M. Kunka |
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John M. Kunka, Treasurer |
I, P. Zachary Egan, certify that:
1. I have reviewed this report on Form N-Q of Columbia Acorn Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date: May 19, 2016 |
/s/ P. Zachary Egan |
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P. Zachary Egan, President |