Annual Report March 31, 2014 |
4 | ||
5 | ||
Performance and Fund Facts
|
||
6 | ||
9 | ||
12 | ||
15 | ||
18 | ||
19 | ||
27 | ||
35 | ||
42 | ||
50 | ||
62 | ||
63 | ||
64 | ||
67 |
Total Return for the Twelve Months Ended March 31, 2014 | ||||
Laudus Mondrian International Equity Fund1 | ||||
Investor Shares (Ticker Symbol: LIEQX)
|
20.86% | |||
Select Shares (Ticker Symbol: LIEFX)
|
21.17% | |||
Institutional Shares (Ticker Symbol: LIEIX)
|
21.31% | |||
MSCI EAFE Index® (Net) | 17.56% | |||
MSCI EAFE® Value Index (Net) | 20.25% | |||
Performance Details | pages 6-8 | |||
Laudus Mondrian Emerging Markets Fund1 | ||||
Investor Shares (Ticker Symbol: LEMIX)
|
-10.89% | |||
Select Shares (Ticker Symbol: LEMSX)
|
-10.57% | |||
Institutional Shares (Ticker Symbol: LEMNX)
|
-10.62% | |||
MSCI Emerging Markets Index (Net) | -1.43% | |||
Performance Details | pages 9-11 | |||
Laudus Mondrian International Government Fixed Income Fund (Ticker Symbol: LIFNX) | -0.49% | |||
Citigroup non-U.S. Dollar World Government Bond Index | 2.43% | |||
Performance Details | pages 12-14 | |||
Laudus Mondrian Global Government Fixed Income Fund (Ticker Symbol: LMGDX) | -2.60% | |||
Citigroup World Government Bond Index | 1.37% | |||
Custom Composite Index2 | -0.06% | |||
Performance Details | pages 15-17 | |||
1 | The funds performance relative to the indices may be affected by fair-value pricing, see financial note 2 for more information. | |
2 | The Custom Composite Index is composed of the Citigroup World Government Bond Index from the Funds inception until the close of business on 3/31/13, and a blend of 80% Citigroup World Government Bond Index/20% Citigroup Custom Emerging Markets Government Bond Index from 4/1/2013 forward. |
1 | To find out more information about this development, please read Investments in Russian Securities in the Whats New category on www.laudus.com. | |
2 | The total returns cited are for the MSCI EAFE Index (Net) and MSCI Emerging Markets Index (Net), which are calculated net of foreign withholding taxes. For full definitions of the referenced indices, please see the Glossary. |
Number of
Companies1
|
41 | |||
Weighted Average Market Cap ($ x 1,000,000)
|
$82,124 | |||
Price/Earnings Ratio (P/E)
|
16.95 | |||
Price/Book Ratio (P/B)
|
1.73 | |||
Portfolio Turnover
(One year trailing) |
25% |
Investor Shares | Select Shares | Institutional Shares | ||||
Minimum Initial Investment
|
$100 | $50,000 | $500,000 | |||
Inception Date
|
6/16/2008 | 6/16/2008 | 6/16/2008 | |||
Ticker Symbol
|
LIEQX | LIEFX | LIEIX | |||
Cusip
|
51855Q614 | 51855Q564 | 51855Q580 | |||
NAV
|
$8.76 | $8.79 | $8.81 |
1 | Short-term investments are not included. |
Class and Inception Date | 1 Year | 5 Years | Since Inception | ||||||||||||
Investor Shares (6/16/08)
|
20.86 | % | 13.49 | % | 0.50 | % | |||||||||
Select Shares (6/16/08)
|
21.17 | % | 13.76 | % | 0.76 | % | |||||||||
Institutional Shares (6/16/08)
|
21.31 | % | 13.86 | % | 0.84 | % | |||||||||
MSCI EAFE
Index®
(Net)
|
17.56 | % | 16.02 | % | 1.87 | % | |||||||||
MSCI
EAFE®
Value Index (Net)
|
20.25 | % | 16.11 | % | 1.80 | % |
1 | Fund expenses may have been partially absorbed by CSIM. Without these reductions, the funds returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
2 | As stated in the prospectus. Net Expenses: Reflects expenses expected to be charged to shareholders through at least 7/30/15. The adviser expects to hold expenses at this level by waiving its management fees and/or bearing other expenses. Gross Expenses: Reflects the total annual fund operating expenses without the effect of contractual fee waivers. Please see the prospectus for more information. For actual rates during the period, refer to the Financial Highlights section of the Financial Statements. |
United Kingdom
|
20.4% | |||
Japan
|
15.3% | |||
Switzerland
|
13.3% | |||
France
|
12.9% | |||
Spain
|
8.2% | |||
Germany
|
6.6% | |||
Netherlands
|
5.2% | |||
Israel
|
3.6% | |||
Singapore
|
3.5% | |||
Italy
|
3.1% | |||
Australia
|
2.9% | |||
Other Countries
|
5.0% | |||
Total
|
100.0% |
Consumer Staples
|
18.9% | |||
Health Care
|
16.5% | |||
Telecommunication Services
|
14.9% | |||
Energy
|
12.4% | |||
Financials
|
12.4% | |||
Utilities
|
8.5% | |||
Information Technology
|
6.5% | |||
Industrials
|
6.3% | |||
Consumer Discretionary
|
3.6% | |||
Total
|
100.0% |
Teva Pharmaceutical Industries Ltd. ADR
|
3.6% | |||
Novartis AG Regd
|
3.5% | |||
Iberdrola S.A.
|
3.4% | |||
Sanofi
|
3.3% | |||
Royal Dutch Shell plc, Class A
|
3.3% | |||
ABB Ltd. Regd
|
3.3% | |||
Koninklijke Ahold N.V.
|
3.3% | |||
Unilever plc
|
3.3% | |||
National Grid plc
|
3.2% | |||
Nestle S.A. Regd
|
3.2% | |||
Total
|
33.4% |
1 | This list is not a recommendation of any security by the investment adviser or subadviser. |
Number of
Companies1
|
47 | |||
Weighted Average Market Cap ($ x 1,000,000)
|
$41,355 | |||
Price/Earnings Ratio (P/E)
|
11.51 | |||
Price/Book Ratio (P/B)
|
1.78 | |||
Portfolio Turnover
(One year trailing) |
69% |
Investor Shares | Select Shares | Institutional Shares | ||||
Minimum Initial Investment
|
$100 | $50,000 | $500,000 | |||
Inception Date
|
11/2/2007 | 11/2/2007 | 11/2/2007 | |||
Ticker Symbol
|
LEMIX | LEMSX | LEMNX | |||
Cusip
|
51855Q648 | 51855Q630 | 51855Q622 | |||
NAV
|
$8.69 | $8.70 | $8.69 |
1 | Short-term investments are not included. |
Class and Inception Date | 1 Year | 5 Years | Since Inception | ||||||||||||
Investor Shares (11/2/07)
|
-10.89 | % | 11.91 | % | -0.85 | % | |||||||||
Select Shares (11/2/07)
|
-10.57 | % | 12.22 | % | -0.55 | % | |||||||||
Institutional Shares (11/2/07)
|
-10.62 | % | 12.31 | % | -0.51 | % | |||||||||
MSCI Emerging Markets Index (Net)
|
-1.43 | % | 14.48 | % | -1.95 | % |
1 | Fund expenses may have been partially absorbed by CSIM. Without these reductions, the funds returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
2 | As stated in the prospectus. Net Expenses: Reflects expenses expected to be charged to shareholders through at least 7/30/15. The adviser expects to hold expenses at this level by waiving its management fees and/or bearing other expenses. Gross Expenses: Reflects the total annual fund operating expenses without the effect of contractual fee waivers. Please see the prospectus for more information. For actual rates during the period, refer to the Financial Highlights section of the Financial Statements. |
China
|
16.5% | |||
Brazil
|
12.1% | |||
Republic of Korea
|
8.1% | |||
India
|
7.6% | |||
Mexico
|
7.4% | |||
Taiwan
|
7.3% | |||
South Africa
|
5.3% | |||
Indonesia
|
5.0% | |||
Turkey
|
4.6% | |||
Russia
|
4.3% | |||
Malaysia
|
4.1% | |||
United States
|
3.4% | |||
United Kingdom
|
3.2% | |||
Thailand
|
3.0% | |||
Philippines
|
2.8% | |||
Other Countries
|
5.3% | |||
Total
|
100.0% |
Financials
|
19.4% | |||
Energy
|
14.1% | |||
Telecommunication Services
|
12.4% | |||
Consumer Discretionary
|
11.1% | |||
Information Technology
|
10.3% | |||
Industrials
|
9.5% | |||
Consumer Staples
|
8.8% | |||
Utilities
|
8.6% | |||
Materials
|
3.2% | |||
Health Care
|
2.6% | |||
Total
|
100.0% |
Taiwan Semiconductor Manufacturing Co., Ltd.
|
4.2% | |||
Hyundai Mobis
|
4.1% | |||
Samsung Electronics Co., Ltd.
|
4.0% | |||
China Mobile Ltd.
|
3.6% | |||
Fibra Uno Administracion S.A. de C.V.
|
3.5% | |||
Unilever plc
|
3.2% | |||
PTT PCL
|
3.0% | |||
China Resources Power Holdings Co., Ltd.
|
2.9% | |||
Philippine Long Distance Telephone Co. ADR
|
2.8% | |||
AMMB Holdings Berhad
|
2.7% | |||
Total
|
34.0% |
1 | This list is not a recommendation of any security by the investment adviser or subadviser. |
Number of
Issues1
|
41 | |||
Weighted Average
Maturity2
|
7.3 Yrs | |||
Weighted Average
Duration2
|
5.9 Yrs | |||
Portfolio Turnover
(One year trailing) |
52% |
Fund | ||
Minimum Initial Investment
|
$100 | |
Inception Date
|
11/2/2007 | |
Ticker Symbol
|
LIFNX | |
Cusip
|
51855Q655 | |
NAV
|
$10.89 |
1 | Short-term investments are not included. | |
2 | See Glossary for definitions of maturity and duration. |
Fund and Inception Date | 1 Year | 5 Years | Since Inception | ||||||||||||
Laudus Mondrian International Government Fixed Income Fund
(11/2/07)
|
-0.49 | % | 3.70 | % | 4.01 | % | |||||||||
Citigroup non-U.S. Dollar World Government Bond Index
|
2.43 | % | 4.15 | % | 4.05 | % |
1 | Fund expenses may have been partially absorbed by CSIM. Without these reductions, the funds returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
2 | On July 27, 2009, the Investor Share class, Select Share class and Institutional Share class of the fund were combined into a single class of shares of the fund. The performance and financial history of the fund is that of the funds former Institutional Shares. Accordingly, the past performance shown is that of the funds former Institutional Shares. | |
3 | As stated in the prospectus. Please see the prospectus for more information. For actual rates during the period, refer to the Financial Highlights section of the Financial Statements. |
Japan
|
12.9% | |||
Australia
|
10.3% | |||
Sweden
|
10.0% | |||
Poland
|
8.2% | |||
Germany
|
8.1% | |||
Mexico
|
4.7% | |||
Netherlands
|
4.7% | |||
France
|
4.6% | |||
Austria
|
4.6% | |||
Finland
|
4.4% | |||
New Zealand
|
4.1% | |||
Canada
|
3.9% | |||
Malaysia
|
3.0% | |||
United States
|
1.1% | |||
Denmark
|
0.8% | |||
Supranational*
|
14.6% | |||
Total
|
100.0% |
Euro Currency
|
29.5% | |||
Japanese Yen
|
29.2% | |||
U.S. Dollar
|
12.3% | |||
Swedish Krona
|
9.9% | |||
Polish Zloty
|
8.2% | |||
South African Rand
|
5.9% | |||
Mexican Peso
|
4.7% | |||
Malaysian Ringgit
|
3.0% | |||
New Zealand Dollar
|
0.0% | 3 | ||
Australian Dollar
|
-2.7% | |||
Total
|
100.0% |
Government Bonds
|
78.0% | |||
Supranational
|
14.6% | |||
Government Agency Obligations
|
6.3% | |||
Other Investment Companies
|
1.1% | |||
Total
|
100.0% |
Australia Government Bond 5.75%, 05/15/21
|
5.6% | |||
Poland Government Bond 5.75%, 09/23/22
|
5.2% | |||
Kreditanstalt fuer Wiederaufbau 2.05%, 02/16/26
|
4.9% | |||
Sweden Government Bond 3.50%, 06/01/22
|
4.9% | |||
Austria Government Bond 6.25%, 07/15/27
|
4.5% | |||
Mexico Government Bond 6.50%, 06/10/21
|
4.0% | |||
France Government Bond OAT 5.75%, 10/25/32
|
3.9% | |||
European Investment Bank 1.40%, 06/20/17
|
3.9% | |||
Canada Government International Bond 3.50%, 01/13/20
|
3.9% | |||
Nordic Investment Bank 1.70%, 04/27/17
|
3.8% | |||
Total
|
44.6% |
* | Supranational bonds represent the debt of international organizations or institutions such as the World Bank, the International Monetary Fund, regional multilateral development banks and others. Bonds are issued and held in Japanese yen and euro. | |
1 | Country weights may include issues via Samurai bonds issued in Japanese yen by non-Japanese entities and/or Yankee bonds issued in U.S. dollars by non-U.S. entities. | |
2 | Includes forward foreign currency exchange contracts exposure. | |
3 | Amount is less than 0.05% | |
4 | This list is not a recommendation of any security by the investment adviser or subadviser. |
Number of
Issues2
|
64 | |||
Weighted Average
Maturity3
|
6.2 Yrs | |||
Weighted Average
Duration3
|
5.2 Yrs | |||
Portfolio Turnover
(One year trailing) |
42% |
Fund | ||
Minimum Initial Investment
|
$100 | |
Inception Date
|
7/10/2012 | |
Ticker Symbol
|
LMGDX | |
Cusip
|
51855Q119 | |
NAV
|
$9.30 |
1 | The Custom Composite Index is composed of the Citigroup World Government Bond Index from the Funds inception until the close of business on 3/31/13, and a blend of 80% Citigroup World Government Bond Index/20% Citigroup Custom Emerging Markets Government Bond Index from 4/1/2013 forward. | |
2 | Short-term investments are not included. | |
3 | See Glossary for definitions of maturity and duration. |
Fund and Inception Date | 1 Year | Since Inception | ||||||||
Laudus Mondrian Global Government Fixed Income Fund (7/10/12)
|
-2.60 | % | -3.21 | % | ||||||
Citigroup World Government Bond Index
|
1.37 | % | 0.02 | % | ||||||
Custom Composite
Index2
|
-0.06 | % | -0.81 | % |
1 | Fund expenses may have been partially absorbed by CSIM. Without these reductions, the funds returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
2 | The Custom Composite Index is composed of the Citigroup World Government Bond Index from the Funds inception until the close of business on 3/31/13, and a blend of 80% Citigroup World Government Bond Index/20% Citigroup Custom Emerging Markets Government Bond Index from 4/1/2013 forward. | |
3 | As stated in the prospectus. Net Expenses: Reflects expenses expected to be charged to shareholders through at least 7/30/15. The adviser expects to hold expenses at this level by waiving its management fees and/or bearing other expenses. Gross Expenses: Reflects the total annual fund operating expenses without the effect of contractual fee waivers. Please see the prospectus for more information. For actual rates during the period, refer to the Financial Highlights section of the Financial Statements. |
United States
|
36.1% | |||
Japan
|
9.6% | |||
Australia
|
8.0% | |||
Germany
|
8.0% | |||
Sweden
|
7.7% | |||
Brazil
|
4.7% | |||
United Kingdom
|
3.0% | |||
Mexico
|
2.5% | |||
Poland
|
2.2% | |||
Turkey
|
2.0% | |||
Qatar
|
2.0% | |||
Russia
|
1.7% | |||
South Africa
|
1.6% | |||
Colombia
|
1.2% | |||
Indonesia
|
1.1% | |||
Malaysia
|
1.0% | |||
Peru
|
1.0% | |||
Hungary
|
0.4% | |||
Supranational*
|
6.2% | |||
Total
|
100.0% |
U.S. Dollar
|
45.0% | |||
Japanese Yen
|
12.8% | |||
Euro Currency
|
11.0% | |||
Swedish Krona
|
7.8% | |||
Brazilian Real
|
4.7% | |||
Great British Pound
|
3.0% | |||
Mexican Peso
|
2.5% | |||
Polish Zloty
|
2.2% | |||
Turkish Lira
|
2.0% | |||
Russian Ruble
|
1.7% | |||
South African Rand
|
1.6% | |||
Colombian Peso
|
1.2% | |||
Indonesian Rupiah
|
1.1% | |||
Malaysian Ringgit
|
1.0% | |||
Peruvian Nuevo Sol
|
1.0% | |||
Indian Rupee
|
0.6% | |||
Chinese Yuan Renminbi
|
0.4% | |||
Hungarian Forint
|
0.4% | |||
Total
|
100.0% |
Government Bonds
|
57.6% | |||
U.S. Government Securities
|
34.6% | |||
Supranational
|
6.3% | |||
Other Investment Company
|
1.5% | |||
Total
|
100.0% |
U.S. Treasury Notes, 2.13%, 08/15/21
|
6.9% | |||
Bundesobligation, 0.50%, 02/23/18
|
5.7% | |||
U.S. Treasury Notes, 3.63%, 02/15/21
|
5.4% | |||
U.S. Treasury Notes, 1.25%, 04/30/19
|
4.7% | |||
Sweden Government Bond, 4.25%, 03/12/19
|
4.3% | |||
U.S. Treasury Notes, 1.50%, 08/31/18
|
4.3% | |||
U.S. Treasury Notes, 3.63%, 08/15/19
|
3.9% | |||
U.S. Treasury Notes, 2.13%, 08/31/20
|
3.7% | |||
Australia Government Bond 5.75%, 05/15/21
|
3.7% | |||
U.S. Treasury Notes, 4.00%, 08/15/18
|
3.6% | |||
Total
|
46.2% |
* | Supranational bonds represent the debt of international organizations or institutions such as the World Bank, the International Monetary Fund, regional multilateral development banks and others. Bonds are issued and held in Japanese yen and euro. | |
1 | Country weights may include issues via Samurai bonds issued in Japanese yen by non-Japanese entities and/or Yankee bonds issued in U.S. dollars by non-U.S. entities. | |
2 | Includes forward foreign currency exchange contracts exposure. | |
3 | This list is not a recommendation of any security by the investment adviser or subadviser. |
Ending |
||||||||||||||||
Beginning |
Account Value |
Expenses Paid |
||||||||||||||
Expense
Ratio1 |
Account Value |
(Net of Expenses) |
During
Period2 |
|||||||||||||
(Annualized) | at 10/1/13 | at 3/31/14 | 10/1/133/31/14 | |||||||||||||
Laudus Mondrian International Equity Fund | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return
|
1.18% | $ | 1,000.00 | $ | 1,097.80 | $ | 6.17 | |||||||||
Hypothetical 5% Return
|
1.18% | $ | 1,000.00 | $ | 1,019.05 | $ | 5.94 | |||||||||
Select Shares | ||||||||||||||||
Actual Return
|
1.04% | $ | 1,000.00 | $ | 1,098.20 | $ | 5.44 | |||||||||
Hypothetical 5% Return
|
1.04% | $ | 1,000.00 | $ | 1,019.75 | $ | 5.24 | |||||||||
Institutional Shares | ||||||||||||||||
Actual Return
|
1.05% | $ | 1,000.00 | $ | 1,098.30 | $ | 5.49 | |||||||||
Hypothetical 5% Return
|
1.05% | $ | 1,000.00 | $ | 1,019.70 | $ | 5.29 | |||||||||
Laudus Mondrian Emerging Markets Fund | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return
|
1.80% | $ | 1,000.00 | $ | 1,009.00 | $ | 9.02 | |||||||||
Hypothetical 5% Return
|
1.80% | $ | 1,000.00 | $ | 1,015.96 | $ | 9.05 | |||||||||
Select Shares | ||||||||||||||||
Actual Return
|
1.52% | $ | 1,000.00 | $ | 1,011.30 | $ | 7.62 | |||||||||
Hypothetical 5% Return
|
1.52% | $ | 1,000.00 | $ | 1,017.35 | $ | 7.64 | |||||||||
Institutional Shares | ||||||||||||||||
Actual Return
|
1.45% | $ | 1,000.00 | $ | 1,010.80 | $ | 7.27 | |||||||||
Hypothetical 5% Return
|
1.45% | $ | 1,000.00 | $ | 1,017.70 | $ | 7.29 | |||||||||
Laudus Mondrian International Government Fixed Income Fund | ||||||||||||||||
Actual Return
|
0.69% | $ | 1,000.00 | $ | 1,009.80 | $ | 3.46 | |||||||||
Hypothetical 5% Return
|
0.69% | $ | 1,000.00 | $ | 1,021.49 | $ | 3.48 | |||||||||
Laudus Mondrian Global Government Fixed Income Fund | ||||||||||||||||
Actual Return
|
0.85% | $ | 1,000.00 | $ | 1,000.10 | $ | 4.24 | |||||||||
Hypothetical 5% Return
|
0.85% | $ | 1,000.00 | $ | 1,020.69 | $ | 4.28 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights which covers a 12-month period. | |
2 | Expenses for each fund or share class are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 days of the period, and divided by 365 days of the fiscal year. |
4/1/13 |
4/1/12 |
4/1/11 |
4/1/10 |
4/1/09 |
||||||||||||||||||
Investor Shares | 3/31/14 | 3/31/13 | 3/31/12 | 3/31/11 | 3/31/10 | |||||||||||||||||
Per-Share Data ($)
|
||||||||||||||||||||||
Net asset value at beginning of period
|
7.43 | 7.19 | 7.73 | 7.52 | 5.43 | |||||||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||
Net investment income (loss)
|
0.29 | 1 | 0.21 | 1 | 0.26 | 1 | 0.16 | 1 | 0.18 | 1 | ||||||||||||
Net realized and unrealized gains (losses)
|
1.25 | 0.26 | (0.45 | ) | 0.28 | 2.02 | ||||||||||||||||
Total from investment operations
|
1.54 | 0.47 | (0.19 | ) | 0.44 | 2.20 | ||||||||||||||||
Less distributions:
|
||||||||||||||||||||||
Distributions from net investment income
|
(0.21 | ) | (0.22 | ) | (0.30 | ) | (0.23 | ) | (0.11 | ) | ||||||||||||
Distributions from net realized gains
|
| (0.01 | ) | (0.05 | ) | | | |||||||||||||||
Total distributions
|
(0.21 | ) | (0.23 | ) | (0.35 | ) | (0.23 | ) | (0.11 | ) | ||||||||||||
Net asset value at end of period
|
8.76 | 7.43 | 7.19 | 7.73 | 7.52 | |||||||||||||||||
Total return (%)
|
20.86 | 6.79 | (2.02 | ) | 5.94 | 40.53 | ||||||||||||||||
Ratios/Supplemental Data (%)
|
||||||||||||||||||||||
Ratios to average net assets:
|
||||||||||||||||||||||
Net operating expenses
|
1.27 | 1.40 | 1.40 | 1.40 | 1.40 | |||||||||||||||||
Gross operating expenses
|
1.29 | 1.51 | 1.63 | 1.63 | 1.60 | |||||||||||||||||
Net investment income (loss)
|
3.56 | 3.03 | 3.49 | 2.19 | 2.47 | |||||||||||||||||
Portfolio turnover rate
|
25 | 29 | 35 | 33 | 14 | |||||||||||||||||
Net assets, end of period ($ x 1,000)
|
1,185 | 926 | 1,048 | 1,009 | 403 |
4/1/13 |
4/1/12 |
4/1/11 |
4/1/10 |
4/1/09 |
||||||||||||||||||
Select Shares | 3/31/14 | 3/31/13 | 3/31/12 | 3/31/11 | 3/31/10 | |||||||||||||||||
Per-Share Data ($)
|
||||||||||||||||||||||
Net asset value at beginning of period
|
7.45 | 7.20 | 7.75 | 7.53 | 5.44 | |||||||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||
Net investment income (loss)
|
0.37 | 1 | 0.24 | 1 | 0.26 | 1 | 0.21 | 1 | 0.18 | 1 | ||||||||||||
Net realized and unrealized gains (losses)
|
1.19 | 0.26 | (0.44 | ) | 0.25 | 2.03 | ||||||||||||||||
Total from investment operations
|
1.56 | 0.50 | (0.18 | ) | 0.46 | 2.21 | ||||||||||||||||
Less distributions:
|
||||||||||||||||||||||
Distributions from net investment income
|
(0.22 | ) | (0.24 | ) | (0.32 | ) | (0.24 | ) | (0.12 | ) | ||||||||||||
Distributions from net realized gains
|
| (0.01 | ) | (0.05 | ) | | | |||||||||||||||
Total distributions
|
(0.22 | ) | (0.25 | ) | (0.37 | ) | (0.24 | ) | (0.12 | ) | ||||||||||||
Net asset value at end of period
|
8.79 | 7.45 | 7.20 | 7.75 | 7.53 | |||||||||||||||||
Total return (%)
|
21.17 | 7.18 | (1.82 | ) | 6.20 | 40.68 | ||||||||||||||||
Ratios/Supplemental Data (%)
|
||||||||||||||||||||||
Ratios to average net assets:
|
||||||||||||||||||||||
Net operating expenses
|
1.07 | 1.12 | 1.12 | 1.12 | 1.12 | |||||||||||||||||
Gross operating expenses
|
1.08 | 1.26 | 1.40 | 1.36 | 1.31 | |||||||||||||||||
Net investment income (loss)
|
4.53 | 3.37 | 3.51 | 2.86 | 2.43 | |||||||||||||||||
Portfolio turnover rate
|
25 | 29 | 35 | 33 | 14 | |||||||||||||||||
Net assets, end of period ($ x 1,000)
|
2,238 | 768 | 938 | 542 | 458 |
4/1/13 |
4/1/12 |
4/1/11 |
4/1/10 |
4/1/09 |
||||||||||||||||||
Institutional Shares | 3/31/14 | 3/31/13 | 3/31/12 | 3/31/11 | 3/31/10 | |||||||||||||||||
Per-Share Data ($)
|
||||||||||||||||||||||
Net asset value at beginning of period
|
7.46 | 7.22 | 7.76 | 7.54 | 5.44 | |||||||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||
Net investment income (loss)
|
0.35 | 1 | 0.23 | 1 | 0.29 | 1 | 0.23 | 1 | 0.21 | 1 | ||||||||||||
Net realized and unrealized gains (losses)
|
1.22 | 0.27 | (0.46 | ) | 0.24 | 2.02 | ||||||||||||||||
Total from investment operations
|
1.57 | 0.50 | (0.17 | ) | 0.47 | 2.23 | ||||||||||||||||
Less distributions:
|
||||||||||||||||||||||
Distributions from net investment income
|
(0.22 | ) | (0.25 | ) | (0.32 | ) | (0.25 | ) | (0.13 | ) | ||||||||||||
Distributions from net realized gains
|
| (0.01 | ) | (0.05 | ) | | | |||||||||||||||
Total distributions
|
(0.22 | ) | (0.26 | ) | (0.37 | ) | (0.25 | ) | (0.13 | ) | ||||||||||||
Net asset value at end of period
|
8.81 | 7.46 | 7.22 | 7.76 | 7.54 | |||||||||||||||||
Total return (%)
|
21.31 | 7.10 | (1.63 | ) | 6.28 | 40.90 | ||||||||||||||||
Ratios/Supplemental Data (%)
|
||||||||||||||||||||||
Ratios to average net assets:
|
||||||||||||||||||||||
Net operating expenses
|
1.05 | 1.05 | 1.05 | 1.05 | 1.05 | |||||||||||||||||
Gross operating expenses
|
1.07 | 1.11 | 1.23 | 1.21 | 1.24 | |||||||||||||||||
Net investment income (loss)
|
4.24 | 3.22 | 3.92 | 3.08 | 2.90 | |||||||||||||||||
Portfolio turnover rate
|
25 | 29 | 35 | 33 | 14 | |||||||||||||||||
Net assets, end of period ($ x 1,000)
|
162,366 | 127,709 | 119,049 | 126,758 | 85,424 |
Cost |
Value |
|||||||||||
Holdings by Category | ($) | ($) | ||||||||||
98 | .4% | Common Stock | 130,227,440 | 163,117,254 | ||||||||
1 | .3% | Other Investment Company | 2,220,545 | 2,220,545 | ||||||||
99 | .7% | Total Investments | 132,447,985 | 165,337,799 | ||||||||
0 | .3% | Other Assets and Liabilities, Net | 450,702 | |||||||||
100 | .0% | Net Assets | 165,788,501 |
Number |
Value |
|||||||
Security | of Shares | ($) | ||||||
Common Stock 98.4% of net assets
|
||||||||
Australia 2.9% |
||||||||
Insurance 2.9% | ||||||||
AMP Ltd.
|
488,980 | 2,263,293 | ||||||
QBE Insurance Group Ltd.
|
218,442 | 2,595,950 | ||||||
4,859,243 | ||||||||
China 1.3% |
||||||||
Telecommunication Services 1.3% | ||||||||
China Mobile Ltd.
|
238,000 | 2,185,181 | ||||||
France 12.9% |
||||||||
Capital Goods 3.0% | ||||||||
Compagnie de Saint-Gobain
|
81,042 | 4,892,844 | ||||||
Energy 2.9% | ||||||||
Total S.A.
|
72,397 | 4,765,498 | ||||||
Food & Staples Retailing 0.6% | ||||||||
Carrefour S.A.
|
27,638 | 1,069,157 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences 3.3% | ||||||||
Sanofi
|
52,670 | 5,503,966 | ||||||
Telecommunication Services 3.1% | ||||||||
Orange S.A.
|
344,032 | 5,081,951 | ||||||
21,313,416 | ||||||||
Germany 6.6% |
||||||||
Automobiles & Components 1.6% | ||||||||
Daimler AG - Regd
|
27,645 | 2,615,184 | ||||||
Software & Services 0.4% | ||||||||
SAP AG
|
9,127 | 740,342 | ||||||
Telecommunication Services 2.9% | ||||||||
Deutsche Telekom AG - Regd
|
298,110 | 4,837,004 | ||||||
Utilities 1.7% | ||||||||
RWE AG
|
68,213 | 2,768,058 | ||||||
10,960,588 | ||||||||
Israel 3.6% |
||||||||
Pharmaceuticals, Biotechnology & Life Sciences 3.6% | ||||||||
Teva Pharmaceutical Industries Ltd. ADR
|
113,700 | 6,007,908 | ||||||
Italy 3.1% |
||||||||
Energy 3.1% | ||||||||
Eni S.p.A.
|
202,107 | 5,068,113 | ||||||
Japan 15.2% |
||||||||
Food & Staples Retailing 2.0% | ||||||||
Seven & i Holdings Co., Ltd.
|
85,700 | 3,265,553 | ||||||
Household & Personal Products 3.2% | ||||||||
Kao Corp.
|
150,700 | 5,336,879 | ||||||
Insurance 2.3% | ||||||||
Tokio Marine Holdings, Inc.
|
130,100 | 3,901,748 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences 2.6% | ||||||||
Takeda Pharmaceutical Co., Ltd.
|
91,800 | 4,345,094 | ||||||
Semiconductors & Semiconductor Equipment 1.5% | ||||||||
Tokyo Electron Ltd.
|
40,200 | 2,498,453 | ||||||
Technology Hardware & Equipment 2.8% | ||||||||
Canon, Inc.
|
149,700 | 4,646,062 | ||||||
Telecommunication Services 0.8% | ||||||||
NTT DOCOMO, Inc.
|
80,700 | 1,271,628 | ||||||
25,265,417 | ||||||||
Netherlands 5.2% |
||||||||
Food & Staples Retailing 3.3% | ||||||||
Koninklijke Ahold N.V.
|
268,213 | 5,387,362 | ||||||
Media 1.9% | ||||||||
Reed Elsevier N.V.
|
147,432 | 3,189,919 | ||||||
8,577,281 | ||||||||
Singapore 3.5% |
||||||||
Banks 1.8% | ||||||||
United Overseas Bank Ltd.
|
171,535 | 2,958,881 | ||||||
Telecommunication Services 1.7% | ||||||||
Singapore Telecommunications Ltd.
|
993,000 | 2,884,191 | ||||||
5,843,072 | ||||||||
Spain 8.1% |
||||||||
Banks 1.9% | ||||||||
Banco Santander S.A.
|
338,062 | 3,227,192 | ||||||
Telecommunication Services 2.8% | ||||||||
Telefonica S.A.
|
289,711 | 4,590,973 | ||||||
Utilities 3.4% | ||||||||
Iberdrola S.A.
|
810,429 | 5,670,944 | ||||||
13,489,109 |
Number |
Value |
|||||||
Security | of Shares | ($) | ||||||
Switzerland 13.2% |
||||||||
Capital Goods 3.3% | ||||||||
ABB Ltd. - Regd *
|
212,006 | 5,476,319 | ||||||
Food, Beverage & Tobacco 3.2% | ||||||||
Nestle S.A. - Regd
|
71,084 | 5,350,464 | ||||||
Insurance 3.2% | ||||||||
Zurich Insurance Group AG *
|
17,247 | 5,296,807 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences 3.5% | ||||||||
Novartis AG - Regd
|
68,438 | 5,810,929 | ||||||
21,934,519 | ||||||||
Taiwan 1.7% |
||||||||
Semiconductors & Semiconductor Equipment 1.7% | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd.
|
697,154 | 2,742,982 | ||||||
United Kingdom 20.4% |
||||||||
Energy 6.3% | ||||||||
BP plc
|
615,729 | 4,947,413 | ||||||
Royal Dutch Shell plc, Class A
|
150,165 | 5,486,834 | ||||||
10,434,247 | ||||||||
Food & Staples Retailing 3.1% | ||||||||
Tesco plc
|
1,031,573 | 5,087,840 | ||||||
Food, Beverage & Tobacco 3.3% | ||||||||
Unilever plc
|
125,749 | 5,378,232 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences 3.1% | ||||||||
GlaxoSmithKline plc
|
194,977 | 5,199,126 | ||||||
Telecommunication Services 1.4% | ||||||||
Vodafone Group plc
|
630,014 | 2,316,764 | ||||||
Utilities 3.2% | ||||||||
National Grid plc
|
389,943 | 5,358,437 | ||||||
33,774,646 | ||||||||
United States 0.7% |
||||||||
Telecommunication Services 0.7% | ||||||||
Verizon Communications, Inc.
|
23,040 | 1,095,779 | ||||||
Total Common Stock | ||||||||
(Cost $130,227,440) | 163,117,254 | |||||||
Other Investment Company 1.3% of net assets
|
||||||||
United States 1.3% |
||||||||
State Street Institutional U.S. Government Money Market Fund,
Institutional Class 0.00% (a)
|
2,220,545 | 2,220,545 | ||||||
Total Other Investment Company | ||||||||
(Cost $2,220,545) | 2,220,545 | |||||||
End of Investments.
|
* | Non-income producing security. | |
(a) | The rate shown is the 7-day yield. |
ADR
|
American Depositary Receipt | |
Regd
|
Registered |
AUD
|
Australian dollar | |
USD
|
U.S. dollar |
Amount of |
Amount of |
|||||||||||||||||||||
Currency |
Currency |
Currency |
Currency |
Unrealized |
||||||||||||||||||
to be |
to be |
to be |
to be |
Depreciation |
||||||||||||||||||
Expiration Date | Counterparty | Received | Received | Delivered | Delivered | ($) | ||||||||||||||||
Forward Foreign Currency Exchange Contract
|
||||||||||||||||||||||
04/30/2014
|
State Street Bank London | USD | 3,832,519 | AUD | 4,140,500 | (225,108 | ) |
Quoted
Prices in |
Significant |
|||||||||||||||
Active
Markets for |
Other
Significant |
Unobservable |
||||||||||||||
Identical
Assets |
Observable
Inputs |
Inputs |
||||||||||||||
Description
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Common
Stock1
|
$ | $148,532,065 | $ | $148,532,065 | ||||||||||||
Israel1
|
6,007,908 | | | 6,007,908 | ||||||||||||
Netherlands1
|
| 3,189,919 | | 3,189,919 | ||||||||||||
Food & Staples Retailing
|
5,387,362 | | | 5,387,362 | ||||||||||||
Other Investment
Company1
|
2,220,545 | | | 2,220,545 | ||||||||||||
Total
|
$13,615,815 | $151,721,984 | $ | $165,337,799 | ||||||||||||
Liabilities Valuation Input | ||||||||||||||||
Other Financial Instruments
|
||||||||||||||||
Forward Foreign Currency Exchange
Contract2
|
$ | ($225,108 | ) | $ | ($225,108 | ) |
1
|
As categorized in Portfolio Holdings. | |
2
|
Forward foreign currency exchange contracts are not included in Investments in the schedule of portfolio holdings and are valued at unrealized appreciation or depreciation. |
Assets
|
||||||
Investments, at value (cost $132,447,985)
|
$165,337,799 | |||||
Foreign currency, at value (cost $193,556)
|
193,813 | |||||
Receivables:
|
||||||
Investments sold
|
408,804 | |||||
Dividends
|
697,232 | |||||
Foreign tax reclaims
|
148,348 | |||||
Fund shares sold
|
99,790 | |||||
Prepaid expenses
|
+ | 563 | ||||
Total assets
|
166,886,349 | |||||
Liabilities
|
||||||
Payables:
|
||||||
Investments bought
|
605,928 | |||||
Fund shares redeemed
|
185,299 | |||||
Investment adviser fees
|
11,741 | |||||
Independent trustees fees
|
4,786 | |||||
Distribution and shareholder services fees
|
245 | |||||
Unrealized depreciation on forward foreign currency exchange
contracts
|
225,108 | |||||
Accrued expenses
|
+ | 64,741 | ||||
Total liabilities
|
1,097,848 | |||||
Net Assets
|
||||||
Total assets
|
166,886,349 | |||||
Total liabilities
|
− | 1,097,848 | ||||
Net assets
|
$165,788,501 | |||||
Net Assets by Source
|
||||||
Capital received from investors
|
134,950,459 | |||||
Net investment income not yet distributed
|
3,160,403 | |||||
Net realized capital losses
|
(4,992,700 | ) | ||||
Net unrealized capital appreciation
|
32,670,339 | |||||
Net Asset Value (NAV) by Shares Class
|
Shares |
||||||||||||||
Share Class | Net Assets | ÷ | Outstanding | = | NAV | |||||||||
Investor Shares
|
$1,185,252 | 135,258 | $8.76 | |||||||||||
Select Shares
|
$2,237,742 | 254,538 | $8.79 | |||||||||||
Institutional Shares
|
$162,365,507 | 18,435,688 | $8.81 |
Investment Income
|
||||||
Dividends (net of foreign withholding taxes of $396,039)
|
$8,042,670 | |||||
Interest
|
+ | 55 | ||||
Total investment income
|
8,042,725 | |||||
Expenses
|
||||||
Investment adviser fees
|
1,292,556 | |||||
Transfer agent fees
|
67,872 | |||||
Custodian fees
|
62,996 | |||||
Registration fees
|
53,578 | |||||
Accounting and administration fees
|
52,905 | |||||
Professional fees
|
49,288 | |||||
Shareholder reports
|
22,099 | |||||
Independent trustees fees
|
11,189 | |||||
Distribution and shareholder services fees (Investor Shares)
|
3,239 | |||||
Recouped sub-accounting and sub-transfer agent fees
|
2,235 | |||||
Interest expense
|
888 | |||||
Other expenses
|
+ | 9,131 | ||||
Total expenses
|
1,627,976 | |||||
Expense reduction by adviser
|
− | 27,318 | ||||
Net expenses
|
− | 1,600,658 | ||||
Net investment income
|
6,442,067 | |||||
Realized and Unrealized Gains (Losses)
|
||||||
Net realized gains on investments
|
3,767,228 | |||||
Net realized gains on foreign currency transactions
|
+ | 544,392 | ||||
Net realized gains
|
4,311,620 | |||||
Net change in unrealized appreciation (depreciation) on
investments
|
18,929,351 | |||||
Net change in unrealized appreciation (depreciation) on foreign
currency translations
|
+ | (215,805 | ) | |||
Net change in unrealized appreciation (depreciation)
|
+ | 18,713,546 | ||||
Net realized and unrealized gains
|
23,025,166 | |||||
Increase in net assets resulting from operations
|
$29,467,233 |
Operations
|
||||||||||
4/1/13-3/31/14 | 4/1/12-3/31/13 | |||||||||
Net investment income
|
$6,442,067 | $4,026,887 | ||||||||
Net realized gains (losses)
|
4,311,620 | (4,378,226 | ) | |||||||
Net change in unrealized appreciation (depreciation)
|
+ | 18,713,546 | 10,590,933 | |||||||
Increase in net assets from operations
|
29,467,233 | 10,239,594 | ||||||||
Distributions to Shareholders
|
||||||||||
Distributions from net investment income
|
||||||||||
Investor Shares
|
(43,562 | ) | (33,632 | ) | ||||||
Select Shares
|
(39,623 | ) | (29,735 | ) | ||||||
Institutional Shares
|
+ | (4,101,346 | ) | (4,313,796 | ) | |||||
Total distributions from net investment income
|
(4,184,531 | ) | (4,377,163 | ) | ||||||
Distributions from net realized gains
|
||||||||||
Investor Shares
|
| (1,706 | ) | |||||||
Select Shares
|
| (1,396 | ) | |||||||
Institutional Shares
|
+ | | (198,154 | ) | ||||||
Total distributions from net realized gains
|
| (201,256 | ) | |||||||
Total distributions
|
($4,184,531 | ) | ($4,578,419 | ) |
4/1/13-3/31/14 | 4/1/12-3/31/13 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold
|
||||||||||||||||||
Investor Shares
|
124,025 | $1,020,656 | 44,154 | $311,393 | ||||||||||||||
Select Shares
|
187,963 | 1,551,950 | 22,527 | 155,000 | ||||||||||||||
Institutional Shares
|
+ | 5,128,087 | 41,545,896 | 4,855,296 | 33,971,105 | |||||||||||||
Total shares sold
|
5,440,075 | $44,118,502 | 4,921,977 | $34,437,498 | ||||||||||||||
Shares Reinvested
|
||||||||||||||||||
Investor Shares
|
4,585 | $37,461 | 4,419 | $30,979 | ||||||||||||||
Select Shares
|
3,974 | 32,588 | 3,437 | 24,160 | ||||||||||||||
Institutional Shares
|
+ | 118,669 | 975,458 | 164,511 | 1,158,160 | |||||||||||||
Total shares reinvested
|
127,228 | $1,045,507 | 172,367 | $1,213,299 | ||||||||||||||
Shares Redeemed
|
||||||||||||||||||
Investor Shares
|
(117,964 | ) | ($961,598 | ) | (69,754 | ) | ($494,542 | ) | ||||||||||
Select Shares
|
(40,460 | ) | (338,030 | ) | (53,085 | ) | (386,915 | ) | ||||||||||
Institutional Shares
|
+ | (3,918,997 | ) | (32,761,514 | ) | (4,409,158 | ) | (32,062,468 | ) | |||||||||
Total shares redeemed
|
(4,077,421 | ) | ($34,061,142 | ) | (4,531,997 | ) | ($32,943,925 | ) | ||||||||||
Net transactions in fund shares
|
1,489,882 | $11,102,867 | 562,347 | $2,706,872 | ||||||||||||||
Shares Outstanding and Net Assets
|
||||||||||||||||||
4/1/13-3/31/14 | 4/1/12-3/31/13 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period
|
17,335,602 | $129,402,932 | 16,773,255 | $121,034,885 | ||||||||||||||
Total increase
|
+ | 1,489,882 | 36,385,569 | 562,347 | 8,368,047 | |||||||||||||
End of period
|
18,825,484 | $165,788,501 | 17,335,602 | $129,402,932 | ||||||||||||||
Net investment income not yet distributed
|
$3,160,403 | $358,475 |
4/1/13 |
4/1/12 |
4/1/11 |
4/1/10 |
4/1/09 |
||||||||||||||||||
Investor Shares | 3/31/14 | 3/31/13 | 3/31/12 | 3/31/11 | 3/31/10 | |||||||||||||||||
Per-Share Data ($)
|
||||||||||||||||||||||
Net asset value at beginning of period
|
9.84 | 9.48 | 9.67 | 8.79 | 5.33 | |||||||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||
Net investment income (loss)
|
0.11 | 1 | 0.12 | 1 | 0.16 | 1 | 0.14 | 1 | 0.09 | 1 | ||||||||||||
Net realized and unrealized gains (losses)
|
(1.18 | ) | 0.42 | (0.20 | ) | 0.90 | 3.46 | |||||||||||||||
Total from investment operations
|
(1.07 | ) | 0.54 | (0.04 | ) | 1.04 | 3.55 | |||||||||||||||
Less distributions:
|
||||||||||||||||||||||
Distributions from net investment income
|
(0.08 | ) | (0.18 | ) | (0.08 | ) | (0.16 | ) | (0.09 | ) | ||||||||||||
Distributions from net realized gains
|
(0.00 | )2 | | (0.07 | ) | | | |||||||||||||||
Total distributions
|
(0.08 | ) | (0.18 | ) | (0.15 | ) | (0.16 | ) | (0.09 | ) | ||||||||||||
Net asset value at end of period
|
8.69 | 9.84 | 9.48 | 9.67 | 8.79 | |||||||||||||||||
Total return (%)
|
(10.89 | ) | 5.79 | (0.19 | ) | 11.89 | 66.74 | |||||||||||||||
Ratios/Supplemental Data (%)
|
||||||||||||||||||||||
Ratios to average net assets:
|
||||||||||||||||||||||
Net operating expenses
|
1.80 | 1.80 | 1.80 | 1.80 | 1.81 | 3 | ||||||||||||||||
Gross operating expenses
|
1.86 | 1.89 | 1.90 | 1.91 | 2.08 | |||||||||||||||||
Net investment income (loss)
|
1.25 | 1.33 | 1.74 | 1.56 | 1.17 | |||||||||||||||||
Portfolio turnover rate
|
69 | 59 | 43 | 33 | 44 | |||||||||||||||||
Net assets, end of period ($ x 1,000)
|
7,499 | 11,716 | 9,639 | 10,862 | 9,437 |
4/1/13 |
4/1/12 |
4/1/11 |
4/1/10 |
4/1/09 |
||||||||||||||||||
Select Shares | 3/31/14 | 3/31/13 | 3/31/12 | 3/31/11 | 3/31/10 | |||||||||||||||||
Per-Share Data ($)
|
||||||||||||||||||||||
Net asset value at beginning of period
|
9.85 | 9.49 | 9.68 | 8.80 | 5.34 | |||||||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||
Net investment income (loss)
|
0.13 | 1 | 0.12 | 1 | 0.18 | 1 | 0.17 | 1 | 0.10 | 1 | ||||||||||||
Net realized and unrealized gains (losses)
|
(1.17 | ) | 0.45 | (0.19 | ) | 0.90 | 3.47 | |||||||||||||||
Total from investment operations
|
(1.04 | ) | 0.57 | (0.01 | ) | 1.07 | 3.57 | |||||||||||||||
Less distributions:
|
||||||||||||||||||||||
Distributions from net investment income
|
(0.11 | ) | (0.21 | ) | (0.11 | ) | (0.19 | ) | (0.11 | ) | ||||||||||||
Distributions from net realized gains
|
(0.00 | )2 | | (0.07 | ) | | | |||||||||||||||
Total distributions
|
(0.11 | ) | (0.21 | ) | (0.18 | ) | (0.19 | ) | (0.11 | ) | ||||||||||||
Net asset value at end of period
|
8.70 | 9.85 | 9.49 | 9.68 | 8.80 | |||||||||||||||||
Total return (%)
|
(10.57 | ) | 6.15 | 0.15 | 12.18 | 66.91 | ||||||||||||||||
Ratios/Supplemental Data (%)
|
||||||||||||||||||||||
Ratios to average net assets:
|
||||||||||||||||||||||
Net operating expenses
|
1.52 | 1.52 | 1.52 | 1.52 | 1.53 | 4 | ||||||||||||||||
Gross operating expenses
|
1.59 | 1.66 | 1.66 | 1.66 | 1.78 | |||||||||||||||||
Net investment income (loss)
|
1.47 | 1.24 | 1.94 | 1.83 | 1.17 | |||||||||||||||||
Portfolio turnover rate
|
69 | 59 | 43 | 33 | 44 | |||||||||||||||||
Net assets, end of period ($ x 1,000)
|
15,849 | 18,340 | 5,993 | 5,554 | 4,531 |
4/1/13 |
4/1/12 |
4/1/11 |
4/1/10 |
4/1/09 |
||||||||||||||||||
Institutional Shares | 3/31/14 | 3/31/13 | 3/31/12 | 3/31/11 | 3/31/10 | |||||||||||||||||
Per-Share Data ($)
|
||||||||||||||||||||||
Net asset value at beginning of period
|
9.85 | 9.49 | 9.68 | 8.80 | 5.33 | |||||||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||
Net investment income (loss)
|
0.14 | 1 | 0.16 | 1 | 0.19 | 1 | 0.15 | 1 | 0.14 | 1 | ||||||||||||
Net realized and unrealized gains (losses)
|
(1.19 | ) | 0.42 | (0.19 | ) | 0.92 | 3.44 | |||||||||||||||
Total from investment operations
|
(1.05 | ) | 0.58 | | 1.07 | 3.58 | ||||||||||||||||
Less distributions:
|
||||||||||||||||||||||
Distributions from net investment income
|
(0.11 | ) | (0.22 | ) | (0.12 | ) | (0.19 | ) | (0.11 | ) | ||||||||||||
Distributions from net realized gains
|
(0.00 | )2 | | (0.07 | ) | | | |||||||||||||||
Total distributions
|
(0.11 | ) | (0.22 | ) | (0.19 | ) | (0.19 | ) | (0.11 | ) | ||||||||||||
Net asset value at end of period
|
8.69 | 9.85 | 9.49 | 9.68 | 8.80 | |||||||||||||||||
Total return (%)
|
(10.62 | ) | 6.21 | 0.23 | 12.25 | 67.27 | ||||||||||||||||
Ratios/Supplemental Data (%)
|
||||||||||||||||||||||
Ratios to average net assets:
|
||||||||||||||||||||||
Net operating expenses
|
1.45 | 1.45 | 1.45 | 1.45 | 1.46 | 3 | ||||||||||||||||
Gross operating expenses
|
1.52 | 1.49 | 1.50 | 1.51 | 1.70 | |||||||||||||||||
Net investment income (loss)
|
1.55 | 1.70 | 2.07 | 1.69 | 1.79 | |||||||||||||||||
Portfolio turnover rate
|
69 | 59 | 43 | 33 | 44 | |||||||||||||||||
Net assets, end of period ($ x 1,000)
|
121,795 | 141,536 | 148,187 | 171,432 | 90,486 |
Cost |
Value |
|||||||||||
Holdings by Category | ($) | ($) | ||||||||||
95 | .3% | Common Stock | 128,023,813 | 138,348,612 | ||||||||
4 | .2% | Preferred Stock | 7,592,153 | 5,993,176 | ||||||||
0 | .8% | Other Investment Company | 1,166,708 | 1,166,708 | ||||||||
100 | .3% | Total Investments | 136,782,674 | 145,508,496 | ||||||||
(0 | .3)% | Other Assets and Liabilities, Net | (364,965 | ) | ||||||||
100 | .0% | Net Assets | 145,143,531 |
Number |
Value |
|||||||
Security | of Shares | ($) | ||||||
Common Stock 95.3% of net assets
|
||||||||
Brazil 8.0% |
||||||||
Food, Beverage & Tobacco 1.0% | ||||||||
AMBEV S.A. ADR
|
197,400 | 1,462,734 | ||||||
Materials 0.6% | ||||||||
Vale S.A. ADR
|
66,500 | 919,695 | ||||||
Software & Services 1.2% | ||||||||
Cielo S.A.
|
52,380 | 1,669,281 | ||||||
Transportation 3.5% | ||||||||
CCR S.A.
|
423,900 | 3,254,446 | ||||||
EcoRodovias Infraestrutura e Logistica S.A.
|
307,300 | 1,841,904 | ||||||
5,096,350 | ||||||||
Utilities 1.7% | ||||||||
CPFL Energia S.A. ADR
|
154,000 | 2,514,820 | ||||||
11,662,880 | ||||||||
Chile 2.4% |
||||||||
Utilities 2.4% | ||||||||
Enersis S.A. ADR
|
221,400 | 3,438,342 | ||||||
China 16.5% |
||||||||
Capital Goods 1.8% | ||||||||
Beijing Enterprises Holdings Ltd.
|
296,000 | 2,655,224 | ||||||
Energy 1.5% | ||||||||
China Shenhua Energy Co., Ltd., Class H
|
740,500 | 2,144,129 | ||||||
Health Care Equipment & Services 2.6% | ||||||||
Mindray Medical International Ltd. ADR
|
115,700 | 3,744,052 | ||||||
Household & Personal Products 1.9% | ||||||||
Hengan International Group Co., Ltd.
|
269,000 | 2,792,641 | ||||||
Retailing 2.2% | ||||||||
Belle International Holdings Ltd.
|
3,244,392 | 3,243,476 | ||||||
Telecommunication Services 3.6% | ||||||||
China Mobile Ltd.
|
570,500 | 5,238,006 | ||||||
Utilities 2.9% | ||||||||
China Resources Power Holdings Co., Ltd.
|
1,588,000 | 4,148,174 | ||||||
23,965,702 | ||||||||
India 7.7% |
||||||||
Banks 2.9% | ||||||||
Axis Bank Ltd.
|
100,335 | 2,461,440 | ||||||
Housing Development Finance Corp., Ltd.
|
118,262 | 1,752,577 | ||||||
4,214,017 | ||||||||
Capital Goods 2.1% | ||||||||
Larsen & Toubro Ltd.
|
142,024 | 3,031,083 | ||||||
Diversified Financials 0.7% | ||||||||
Rural Electrification Corp., Ltd.
|
242,839 | 936,101 | ||||||
Energy 2.0% | ||||||||
Cairn India Ltd.
|
529,365 | 2,955,925 | ||||||
11,137,126 | ||||||||
Indonesia 5.0% |
||||||||
Automobiles & Components 0.1% | ||||||||
PT Astra International Tbk
|
170,900 | 111,786 | ||||||
Banks 3.3% | ||||||||
PT Bank Mandiri (Persero) Tbk
|
2,783,700 | 2,344,568 | ||||||
PT Bank Rakyat Indonesia (Persero) Tbk
|
2,949,800 | 2,507,858 | ||||||
4,852,426 | ||||||||
Utilities 1.6% | ||||||||
PT Perusahaan Gas Negara (Persero) Tbk
|
5,002,600 | 2,270,353 | ||||||
7,234,565 | ||||||||
Kazakhstan 1.2% |
||||||||
Energy 1.2% | ||||||||
KazMunaiGas Exploration Production JSC GDR
|
122,997 | 1,721,958 | ||||||
Malaysia 4.1% |
||||||||
Banks 2.7% | ||||||||
AMMB Holdings Berhad
|
1,786,800 | 3,931,361 | ||||||
Consumer Services 1.4% | ||||||||
Genting Malaysia Berhad
|
1,640,700 | 2,111,033 | ||||||
6,042,394 |
Number |
Value |
|||||||
Security | of Shares | ($) | ||||||
Mexico 7.5% |
||||||||
Banks 2.3% | ||||||||
Grupo Financiero Santander Mexico S.A.B. de C.V., Class B
ADR
|
265,100 | 3,258,079 | ||||||
Real Estate 3.5% | ||||||||
Fibra Uno Administracion S.A. de C.V.
|
1,590,100 | 5,143,420 | ||||||
Telecommunication Services 1.7% | ||||||||
America Movil S.A.B. de C.V., Series L ADR
|
123,700 | 2,459,156 | ||||||
10,860,655 | ||||||||
Peru 1.7% |
||||||||
Banks 1.7% | ||||||||
Credicorp Ltd.
|
18,594 | 2,564,484 | ||||||
Philippines 2.8% |
||||||||
Telecommunication Services 2.8% | ||||||||
Philippine Long Distance Telephone Co. ADR
|
66,100 | 4,033,422 | ||||||
Republic of Korea 8.1% |
||||||||
Automobiles & Components 4.1% | ||||||||
Hyundai Mobis
|
19,880 | 5,898,369 | ||||||
Semiconductors & Semiconductor Equipment 4.0% | ||||||||
Samsung Electronics Co., Ltd.
|
4,619 | 5,839,213 | ||||||
11,737,582 | ||||||||
Russia 4.3% |
||||||||
Banks 2.1% | ||||||||
Sberbank of Russia ADR
|
321,418 | 3,140,254 | ||||||
Energy 2.2% | ||||||||
Gazprom OAO ADR
|
404,775 | 3,145,102 | ||||||
6,285,356 | ||||||||
South Africa 5.3% |
||||||||
Capital Goods 2.1% | ||||||||
Bidvest Group Ltd.
|
112,343 | 2,968,291 | ||||||
Food, Beverage & Tobacco 2.6% | ||||||||
SABMiller plc
|
75,807 | 3,785,504 | ||||||
Retailing 0.6% | ||||||||
Woolworths Holdings Ltd.
|
133,202 | 926,969 | ||||||
7,680,764 | ||||||||
Taiwan 7.3% |
||||||||
Semiconductors & Semiconductor Equipment 4.2% | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd.
|
1,532,719 | 6,030,548 | ||||||
Technology Hardware & Equipment 0.9% | ||||||||
Asustek Computer, Inc.
|
134,000 | 1,327,786 | ||||||
Telecommunication Services 2.2% | ||||||||
Taiwan Mobile Co., Ltd.
|
1,027,000 | 3,225,102 | ||||||
10,583,436 | ||||||||
Thailand 3.0% |
||||||||
Energy 3.0% | ||||||||
PTT PCL
|
475,000 | 4,319,513 | ||||||
Turkey 4.6% |
||||||||
Energy 2.5% | ||||||||
Tupras-Turkiye Petrol Rafinerileri A/S
|
173,948 | 3,679,795 | ||||||
Telecommunication Services 2.1% | ||||||||
Turk Telekomunikasyon A/S
|
1,079,108 | 2,995,538 | ||||||
6,675,333 | ||||||||
United Kingdom 3.2% |
||||||||
Food, Beverage & Tobacco 3.2% | ||||||||
Unilever plc
|
108,738 | 4,650,678 | ||||||
United States 2.6% |
||||||||
Consumer Services 2.6% | ||||||||
Yum! Brands, Inc.
|
49,800 | 3,754,422 | ||||||
Total Common Stock | ||||||||
(Cost $128,023,813) | 138,348,612 | |||||||
Preferred Stock 4.2% of net assets
|
||||||||
Brazil 4.2% |
||||||||
Energy 1.6% | ||||||||
Petroleo Brasileiro S.A.
|
332,400 | 2,311,711 | ||||||
Materials 2.6% | ||||||||
Vale S.A. ADR
|
295,700 | 3,681,465 | ||||||
Total Preferred Stock | ||||||||
(Cost $7,592,153) | 5,993,176 | |||||||
Other Investment Company 0.8% of net assets
|
||||||||
United States 0.8% |
||||||||
State Street Institutional U.S. Government Money Market Fund,
Institutional Class 0.00% (a)
|
1,166,708 | 1,166,708 | ||||||
Total Other Investment Company | ||||||||
(Cost $1,166,708) | 1,166,708 | |||||||
End of Investments.
|
(a) | The rate shown is the 7-day yield. |
ADR
|
American Depositary Receipt | |
GDR
|
Global Depositary Receipt |
Quoted
Prices in |
Significant |
|||||||||||||||
Active
Markets for |
Other
Significant |
Unobservable |
||||||||||||||
Identical
Assets |
Observable
Inputs |
Inputs |
||||||||||||||
Description
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Common
Stock1
|
$ | $65,741,878 | $ | $65,741,878 | ||||||||||||
Brazil1
|
11,662,880 | | | 11,662,880 | ||||||||||||
Chile1
|
3,438,342 | | | 3,438,342 | ||||||||||||
China1
|
| 20,221,650 | | 20,221,650 | ||||||||||||
Health Care Equipment & Services
|
3,744,052 | | | 3,744,052 | ||||||||||||
Kazakhstan1
|
1,721,958 | | | 1,721,958 | ||||||||||||
Mexico1
|
10,860,655 | | | 10,860,655 | ||||||||||||
Peru1
|
2,564,484 | | | 2,564,484 | ||||||||||||
Philippines1
|
4,033,422 | | | 4,033,422 | ||||||||||||
Russia1
|
6,285,356 | | | 6,285,356 | ||||||||||||
Thailand1
|
4,319,513 | | | 4,319,513 | ||||||||||||
United
States1
|
3,754,422 | | | 3,754,422 | ||||||||||||
Preferred Stock
|
||||||||||||||||
Brazil1
|
5,993,176 | | | 5,993,176 | ||||||||||||
Other Investment
Company1
|
1,166,708 | | | 1,166,708 | ||||||||||||
Total
|
$59,544,968 | $85,963,528 | $ | $145,508,496 | ||||||||||||
1
|
As categorized in Portfolio Holdings. |
Assets
|
||||||
Investments, at value (cost $136,782,674)
|
$145,508,496 | |||||
Foreign currency, at value (cost $1,103,294)
|
1,105,908 | |||||
Receivables:
|
||||||
Investments sold
|
548,492 | |||||
Dividends
|
418,724 | |||||
Fund shares sold
|
31,127 | |||||
Prepaid expenses
|
+ | 595 | ||||
Total assets
|
147,613,342 | |||||
Liabilities
|
||||||
Payables:
|
||||||
Investments bought
|
499,621 | |||||
Fund shares redeemed
|
1,653,146 | |||||
Foreign capital gains tax
|
216,261 | |||||
Investment adviser fees
|
12,905 | |||||
Independent trustees fees
|
6,239 | |||||
Distribution and shareholder services fees
|
1,594 | |||||
Accrued expenses and other liabilities
|
+ | 80,045 | ||||
Total liabilities
|
2,469,811 | |||||
Net Assets
|
||||||
Total assets
|
147,613,342 | |||||
Total liabilities
|
− | 2,469,811 | ||||
Net assets
|
$145,143,531 | |||||
Net Assets by Source
|
||||||
Capital received from investors
|
147,954,194 | |||||
Net investment income not yet distributed
|
6,056 | |||||
Net realized capital losses
|
(11,327,537 | ) | ||||
Net unrealized capital appreciation
|
8,510,818 | |||||
Net Asset Value (NAV) by Shares Class
|
Shares |
||||||||||||||
Share Class | Net Assets | ÷ | Outstanding | = | NAV | |||||||||
Investor Shares
|
$7,499,255 | 863,213 | $8.69 | |||||||||||
Select Shares
|
$15,849,079 | 1,822,301 | $8.70 | |||||||||||
Institutional Shares
|
$121,795,197 | 14,015,706 | $8.69 |
Investment Income
|
||||||
Dividends (net of foreign withholding taxes of $531,802)
|
$4,844,571 | |||||
Interest
|
+ | 76 | ||||
Total investment income
|
4,844,647 | |||||
Expenses
|
||||||
Investment adviser fees
|
1,937,569 | |||||
Custodian fees
|
214,837 | |||||
Transfer agent fees
|
82,916 | |||||
Registration fees
|
58,680 | |||||
Accounting and administration fees
|
51,847 | |||||
Professional fees
|
49,480 | |||||
Distribution and shareholder services fees (Investor Shares)
|
27,227 | |||||
Shareholder reports
|
14,504 | |||||
Independent trustees fees
|
11,526 | |||||
Recouped sub-accounting and sub-transfer agent fees
|
9,428 | |||||
Interest expense
|
733 | |||||
Sub-accounting and sub-transfer agent fees:
|
||||||
Investor Shares
|
10,150 | |||||
Select Shares
|
3,226 | |||||
Other expenses
|
+ | 28,253 | ||||
Total expenses
|
2,500,376 | |||||
Expense reduction by adviser
|
− | 108,442 | ||||
Net expenses
|
− | 2,391,934 | ||||
Net investment income
|
2,452,713 | |||||
Realized and Unrealized Gains (Losses)
|
||||||
Net realized losses on investments (net of foreign capital gain
tax paid of $23,273)
|
(8,289,489 | ) | ||||
Net realized losses on foreign currency transactions
|
+ | (187,535 | ) | |||
Net realized losses
|
(8,477,024 | ) | ||||
Net change in unrealized appreciation (depreciation) on
investments (net of foreign capital gain tax of ($191,038))
|
(12,524,514 | ) | ||||
Net change in unrealized appreciation (depreciation) on foreign
currency translations
|
+ | 3,458 | ||||
Net change in unrealized appreciation (depreciation)
|
+ | (12,521,056 | ) | |||
Net realized and unrealized losses
|
(20,998,080 | ) | ||||
Decrease in net assets resulting from operations
|
($18,545,367 | ) |
Operations
|
||||||||||
4/1/13-3/31/14 | 4/1/12-3/31/13 | |||||||||
Net investment income
|
$2,452,713 | $2,522,444 | ||||||||
Net realized gains (losses)
|
(8,477,024 | ) | 3,903,721 | |||||||
Net change in unrealized appreciation (depreciation)
|
+ | (12,521,056 | ) | 599,732 | ||||||
Increase (Decrease) in net assets from operations
|
(18,545,367 | ) | 7,025,897 | |||||||
Distributions to Shareholders
|
||||||||||
Distributions from net investment income
|
||||||||||
Investor Shares
|
(86,943 | ) | (150,634 | ) | ||||||
Select Shares
|
(205,448 | ) | (158,060 | ) | ||||||
Institutional Shares
|
+ | (1,531,617 | ) | (2,625,495 | ) | |||||
Total distributions from net investment income
|
(1,824,008 | ) | (2,934,189 | ) | ||||||
Distributions from net realized gains
|
||||||||||
Investor Shares
|
(1,806 | ) | | |||||||
Select Shares
|
(3,081 | ) | | |||||||
Institutional Shares
|
+ | (21,764 | ) | | ||||||
Total distributions from net realized gains
|
(26,651 | ) | | |||||||
Total distributions
|
($1,850,659 | ) | ($2,934,189 | ) |
4/1/13-3/31/14 | 4/1/12-3/31/13 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold
|
||||||||||||||||||
Investor Shares
|
824,632 | $7,571,471 | 723,066 | $6,936,602 | ||||||||||||||
Select Shares
|
1,102,624 | 10,078,700 | 1,431,143 | 13,881,930 | ||||||||||||||
Institutional Shares
|
+ | 10,707,051 | 93,596,387 | 5,121,491 | 48,541,221 | |||||||||||||
Total shares sold
|
12,634,307 | $111,246,558 | 7,275,700 | $69,359,753 | ||||||||||||||
Shares Reinvested
|
||||||||||||||||||
Investor Shares
|
8,970 | $77,952 | 14,034 | $133,044 | ||||||||||||||
Select Shares
|
17,322 | 150,528 | 9,887 | 93,627 | ||||||||||||||
Institutional Shares
|
+ | 114,129 | 990,640 | 196,735 | 1,863,081 | |||||||||||||
Total shares reinvested
|
140,421 | $1,219,120 | 220,656 | $2,089,752 | ||||||||||||||
Shares Redeemed
|
||||||||||||||||||
Investor Shares
|
(1,160,577 | ) | ($10,285,948 | ) | (563,261 | ) | ($5,253,660 | ) | ||||||||||
Select Shares
|
(1,159,490 | ) | (10,245,399 | ) | (210,354 | ) | (1,999,501 | ) | ||||||||||
Institutional Shares
|
+ | (11,181,228 | ) | (97,987,264 | ) | (6,558,415 | ) | (60,513,624 | ) | |||||||||
Total shares redeemed
|
(13,501,295 | ) | ($118,518,611 | ) | (7,332,030 | ) | ($67,766,785 | ) | ||||||||||
Net transactions in fund shares
|
(726,567 | ) | ($6,052,933 | ) | 164,326 | $3,682,720 | ||||||||||||
Shares Outstanding and Net Assets
|
||||||||||||||||||
4/1/13-3/31/14 | 4/1/12-3/31/13 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period
|
17,427,787 | $171,592,490 | 17,263,461 | $163,818,062 | ||||||||||||||
Total increase or decrease
|
+ | (726,567 | ) | (26,448,959 | ) | 164,326 | 7,774,428 | |||||||||||
End of period
|
16,701,220 | $145,143,531 | 17,427,787 | $171,592,490 | ||||||||||||||
Net investment income not yet distributed/Distributions in
excess of net investment income
|
$6,056 | ($431,830 | ) |
4/1/13 |
4/1/12 |
4/1/11 |
4/1/10 |
4/1/09 |
||||||||||||||||||
3/31/14 | 3/31/13 | 3/31/12 | 3/31/11 | 3/31/101 | ||||||||||||||||||
Per-Share Data ($)
|
||||||||||||||||||||||
Net asset value at beginning of period
|
11.01 | 11.61 | 11.86 | 11.20 | 10.32 | |||||||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||
Net investment income (loss)
|
0.16 | 2 | 0.15 | 0.20 | 0.16 | 0.26 | ||||||||||||||||
Net realized and unrealized gains (losses)
|
(0.21 | ) | (0.53 | ) | 0.09 | 0.71 | 1.06 | |||||||||||||||
Total from investment operations
|
(0.05 | ) | (0.38 | ) | 0.29 | 0.87 | 1.32 | |||||||||||||||
Less distributions:
|
||||||||||||||||||||||
Distributions from net investment income
|
| (0.15 | ) | (0.46 | ) | (0.20 | ) | (0.42 | ) | |||||||||||||
Distributions from net realized gains
|
(0.07 | ) | (0.07 | ) | (0.08 | ) | (0.01 | ) | (0.02 | ) | ||||||||||||
Total distributions
|
(0.07 | ) | (0.22 | ) | (0.54 | ) | (0.21 | ) | (0.44 | ) | ||||||||||||
Net asset value at end of period
|
10.89 | 11.01 | 11.61 | 11.86 | 11.20 | |||||||||||||||||
Total return (%)
|
(0.49 | ) | (3.41 | ) | 2.48 | 7.86 | 12.85 | |||||||||||||||
Ratios/Supplemental Data (%)
|
||||||||||||||||||||||
Ratios to average net assets:
|
||||||||||||||||||||||
Net operating expenses
|
0.69 | 0.69 | 0.71 | 0.74 | 0.76 | 3 | ||||||||||||||||
Gross operating expenses
|
0.69 | 0.69 | 0.71 | 0.74 | 0.79 | |||||||||||||||||
Net investment income (loss)
|
1.48 | 1.27 | 1.51 | 1.67 | 2.42 | |||||||||||||||||
Portfolio turnover rate
|
52 | 44 | 68 | 58 | 67 | |||||||||||||||||
Net assets, end of period ($ x 1,000)
|
652,647 | 741,235 | 881,405 | 966,800 | 279,274 |
Cost |
Value |
|||||||||||
Holdings by Category | ($) | ($) | ||||||||||
77 | .3% | Government Bonds | 487,050,933 | 504,314,063 | ||||||||
6 | .2% | Government Agency Obligations | 45,264,418 | 40,708,511 | ||||||||
14 | .4% | Supranational | 103,226,271 | 94,277,798 | ||||||||
1 | .1% | Other Investment Company | 7,075,628 | 7,075,628 | ||||||||
99 | .0% | Total Investments | 642,617,250 | 646,376,000 | ||||||||
1 | .0% | Other Assets and Liabilities, Net | 6,271,328 | |||||||||
100 | .0% | Net Assets | 652,647,328 |
Security |
Face Amount |
Value |
||||||
Rate, Maturity Date | (local currency) | ($) | ||||||
Government Bonds 77.3% of net assets
|
||||||||
Australia 10.2% |
||||||||
Australia Government Bond | ||||||||
5.25%,
03/15/19
(AUD)
|
21,000,000 | 21,074,396 | ||||||
5.75%,
05/15/21
(AUD)
|
35,000,000 | 36,462,928 | ||||||
2.75%,
04/21/24
(AUD)
|
5,000,000 | 4,131,592 | ||||||
4.75%,
04/21/27
(AUD)
|
5,000,000 | 4,832,655 | ||||||
66,501,571 | ||||||||
Austria 4.5% |
||||||||
Austria Government Bond | ||||||||
6.25%,
07/15/27
(EUR)
|
14,750,000 | 29,761,665 | ||||||
Canada 3.9% |
||||||||
Canada Government International Bond | ||||||||
3.50%,
01/13/20
(EUR)
|
15,930,000 | 25,205,020 | ||||||
Denmark 0.8% |
||||||||
Denmark Government International Bond | ||||||||
2.75%,
03/16/16
(EUR)
|
3,500,000 | 5,060,422 | ||||||
Finland 4.4% |
||||||||
Finland Government Bond | ||||||||
4.25%,
07/04/15
(EUR) (a)
|
6,350,000 | 9,195,591 | ||||||
3.50%,
04/15/21
(EUR) (a)
|
12,200,000 | 19,271,346 | ||||||
28,466,937 | ||||||||
France 4.6% |
||||||||
France Government Bond OAT | ||||||||
2.25%,
10/25/22
(EUR)
|
3,000,000 | 4,298,713 | ||||||
5.75%,
10/25/32
(EUR)
|
13,000,000 | 25,672,544 | ||||||
29,971,257 | ||||||||
Germany 3.1% |
||||||||
Bundesobligation | ||||||||
0.50%,
02/23/18
(EUR)
|
7,500,000 | 10,372,462 | ||||||
Bundesrepublik Deutschland | ||||||||
3.50%,
07/04/19
(EUR)
|
4,700,000 | 7,431,750 | ||||||
2.50%,
01/04/21
(EUR)
|
1,500,000 | 2,273,729 | ||||||
20,077,941 | ||||||||
Japan 11.5% |
||||||||
Japan Government Five Year Bond | ||||||||
0.40%,
09/20/15
(JPY)
|
2,550,000,000 | 24,825,806 | ||||||
Japan Government Ten Year Bond | ||||||||
1.90%,
06/20/16
(JPY)
|
1,200,000,000 | 12,091,463 | ||||||
1.00%,
09/20/21
(JPY)
|
200,000,000 | 2,021,228 | ||||||
Japan Government Thirty Year Bond | ||||||||
2.40%,
12/20/34
(JPY)
|
1,350,000,000 | 15,053,399 | ||||||
Japan Government Two Year Bond | ||||||||
0.10%,
09/15/14
(JPY)
|
2,200,000,000 | 21,321,957 | ||||||
75,313,853 | ||||||||
Malaysia 3.0% |
||||||||
Malaysia Government Bond | ||||||||
3.17%,
07/15/16
(MYR)
|
2,800,000 | 854,657 | ||||||
3.26%,
03/01/18
(MYR)
|
25,000,000 | 7,547,481 | ||||||
3.48%,
03/15/23
(MYR)
|
38,000,000 | 11,095,255 | ||||||
19,497,393 | ||||||||
Mexico 4.6% |
||||||||
Mexico Government Bond | ||||||||
6.50%,
06/10/21
(MXN)
|
322,000,000 | 25,845,978 | ||||||
7.50%,
06/03/27
(MXN)
|
52,500,000 | 4,382,937 | ||||||
30,228,915 | ||||||||
Netherlands 4.6% |
||||||||
Netherlands Government Bond | ||||||||
2.75%,
01/15/15
(EUR) (a)
|
13,120,000 | 18,443,957 | ||||||
5.50%,
01/15/28
(EUR) (a)
|
6,100,000 | 11,702,243 | ||||||
30,146,200 | ||||||||
New Zealand 4.1% |
||||||||
New Zealand Government Bond | ||||||||
6.00%,
12/15/17
(NZD)
|
10,000,000 | 9,256,730 | ||||||
5.50%,
04/15/23
(NZD)
|
18,750,000 | 17,363,773 | ||||||
26,620,503 |
Security |
Face Amount |
Value |
||||||
Rate, Maturity Date | (local currency) | ($) | ||||||
Poland 8.1% |
||||||||
Poland Government Bond | ||||||||
5.50%,
10/25/19
(PLN)
|
54,000,000 | 19,406,319 | ||||||
5.75%,
09/23/22
(PLN)
|
91,500,000 | 33,652,894 | ||||||
53,059,213 | ||||||||
Sweden 9.9% |
||||||||
Sweden Government Bond | ||||||||
4.50%,
08/12/15
(SEK)
|
44,000,000 | 7,154,074 | ||||||
5.00%,
12/01/20
(SEK)
|
128,500,000 | 23,926,516 | ||||||
3.50%,
06/01/22
(SEK)
|
185,500,000 | 32,023,835 | ||||||
3.50%,
03/30/39
(SEK)
|
7,500,000 | 1,298,748 | ||||||
64,403,173 | ||||||||
Total Government Bonds | ||||||||
(Cost $487,050,933) | 504,314,063 | |||||||
Government Agency Obligations 6.2% of net
assets
|
||||||||
Germany 4.9% |
||||||||
Kreditanstalt fuer Wiederaufbau | ||||||||
2.05%,
02/16/26
(JPY) (b)
|
2,920,000,000 | 32,387,062 | ||||||
Japan 1.3% |
||||||||
Development Bank of Japan, Inc. | ||||||||
1.75%,
03/17/17
(JPY)
|
820,000,000 | 8,321,449 | ||||||
Total Government Agency Obligations | ||||||||
(Cost $45,264,418) | 40,708,511 | |||||||
Supranational* 14.4% of net assets
|
||||||||
Asian Development Bank | ||||||||
2.35%,
06/21/27
(JPY)
|
1,600,000,000 | 18,263,237 | ||||||
European Investment Bank | ||||||||
1.40%,
06/20/17
(JPY)
|
2,520,000,000 | 25,474,718 | ||||||
1.90%,
01/26/26
(JPY)
|
360,000,000 | 3,880,058 | ||||||
European Union Notes | ||||||||
2.75%,
06/03/16
(EUR)
|
15,000,000 | 21,774,275 | ||||||
Nordic Investment Bank | ||||||||
1.70%,
04/27/17
(JPY)
|
2,450,000,000 | 24,885,510 | ||||||
Total Supranational | ||||||||
(Cost $103,226,271) | 94,277,798 | |||||||
Number |
Value |
|||||||
Security | of Shares | ($) | ||||||
Other Investment Company 1.1% of net assets
|
||||||||
United States 1.1% |
||||||||
State Street Institutional U.S. Government Money Market Fund,
Institutional Class 0.00% (c)
|
7,075,628 | 7,075,628 | ||||||
Total Other Investment Company | ||||||||
(Cost $7,075,628) | 7,075,628 | |||||||
End of Investments.
|
* | Supranational bonds represent the debt of international organizations or institutions such as the World Bank, the International Monetary Fund, regional multilateral development banks and others. | |
(a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $58,613,137 or 9.0% of net assets. | |
(b) | Guaranteed by the Republic of Germany. | |
(c) | The rate shown is the 7-day yield. |
AUD
|
Australian dollar | |
EUR
|
euro currency | |
JPY
|
Japanese yen | |
MXN
|
Mexican peso | |
MYR
|
Malaysian ringgit | |
NZD
|
New Zealand dollar | |
PLN
|
Polish zloty | |
SEK
|
Swedish krona | |
USD
|
U.S. dollar | |
ZAR
|
South African rand |
Amount of |
Amount of |
Unrealized |
||||||||||||||||||||
Currency |
Currency |
Currency |
Currency |
Appreciation |
||||||||||||||||||
to be |
to be |
to be |
to be |
(Depreciation) |
||||||||||||||||||
Expiration Date | Counterparty | Received | Received | Delivered | Delivered | ($) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts
|
||||||||||||||||||||||
04/30/2014
|
State Street Bank London | ZAR | 201,466,133 | AUD | 20,469,000 | 107,831 | ||||||||||||||||
04/30/2014
|
State Street Bank London | USD | 46,012,904 | AUD | 49,710,500 | (2,702,631 | ) | |||||||||||||||
04/30/2014
|
State Street Bank London | USD | 26,429,707 | NZD | 30,524,500 | (1,343,451 | ) | |||||||||||||||
Net Unrealized Depreciation on Forward Foreign Currency
Exchange Contracts
|
(3,938,251 | ) | ||||||||||||||||||||
Quoted
Prices in |
Significant |
|||||||||||||||
Active
Markets for |
Other
Significant |
Unobservable |
||||||||||||||
Identical
Assets |
Observable
Inputs |
Inputs |
||||||||||||||
Description
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Government
Bonds1
|
$ | $504,314,063 | $ | $504,314,063 | ||||||||||||
Government Agency
Obligations1
|
| 40,708,511 | | 40,708,511 | ||||||||||||
Supranational
|
| 94,277,798 | | 94,277,798 | ||||||||||||
Other Investment
Company1
|
7,075,628 | | | 7,075,628 | ||||||||||||
Total
|
$7,075,628 | $639,300,372 | $ | $646,376,000 | ||||||||||||
Other Financial Instruments
|
||||||||||||||||
Forward Foreign Currency Exchange
Contracts2
|
$ | $107,831 | $ | $107,831 | ||||||||||||
Liabilities Valuation Input | ||||||||||||||||
Other Financial Instruments
|
||||||||||||||||
Forward Foreign Currency Exchange
Contracts2
|
$ | ($4,046,082 | ) | $ | ($4,046,082 | ) |
1
|
As categorized in Portfolio Holdings. | |
2
|
Forward foreign currency exchange contracts are not included in Investments in the schedule of portfolio holdings and are valued at unrealized appreciation or depreciation. |
Assets
|
||||||
Investments, at value (cost $642,617,250)
|
$646,376,000 | |||||
Foreign currency, at value (cost $1,312,006)
|
1,321,905 | |||||
Receivables:
|
||||||
Interest
|
8,626,020 | |||||
Fund shares sold
|
1,416,418 | |||||
Unrealized appreciation on forward foreign currency exchange
contracts
|
107,831 | |||||
Prepaid expenses
|
+ | 2,363 | ||||
Total assets
|
657,850,537 | |||||
Liabilities
|
||||||
Payables:
|
||||||
Fund shares redeemed
|
1,037,398 | |||||
Investment adviser fees
|
32,296 | |||||
Independent trustees fees
|
16,043 | |||||
Unrealized depreciation on forward foreign currency exchange
contracts
|
4,046,082 | |||||
Accrued expenses
|
+ | 71,390 | ||||
Total liabilities
|
5,203,209 | |||||
Net Assets
|
||||||
Total assets
|
657,850,537 | |||||
Total liabilities
|
− | 5,203,209 | ||||
Net assets
|
$652,647,328 | |||||
Net Assets by Source
|
||||||
Capital received from investors
|
656,311,216 | |||||
Distributions in excess of net investment income
|
(5,533,417 | ) | ||||
Net realized capital gains
|
1,920,671 | |||||
Net unrealized capital depreciation
|
(51,142 | ) | ||||
Net Asset Value (NAV)
|
Shares |
||||||||||||
Net Assets | ÷ | Outstanding | = | NAV | ||||||||
$652,647,328
|
59,954,037 | $10.89 |
Investment Income
|
||||||
Interest
|
$14,504,129 | |||||
Expenses
|
||||||
Investment adviser fees
|
4,017,474 | |||||
Custodian fees
|
246,512 | |||||
Transfer agent fees
|
125,147 | |||||
Accounting and administration fees
|
66,819 | |||||
Registration fees
|
57,835 | |||||
Professional fees
|
55,421 | |||||
Independent trustees fees
|
20,911 | |||||
Shareholder reports
|
14,595 | |||||
Interest expense
|
4,071 | |||||
Other expenses
|
+ | 18,887 | ||||
Total expenses
|
− | 4,627,672 | ||||
Net investment income
|
9,876,457 | |||||
Realized and Unrealized Gains (Losses)
|
||||||
Net realized losses on investments
|
(30,095,800 | ) | ||||
Net realized gains on foreign currency transactions
|
+ | 3,071,659 | ||||
Net realized losses
|
(27,024,141 | ) | ||||
Net change in unrealized appreciation (depreciation) on
investments
|
15,759,569 | |||||
Net change in unrealized appreciation (depreciation) on foreign
currency translations
|
+ | (3,417,806 | ) | |||
Net change in unrealized appreciation (depreciation)
|
+ | 12,341,763 | ||||
Net realized and unrealized losses
|
(14,682,378 | ) | ||||
Decrease in net assets resulting from operations
|
($4,805,921 | ) |
Operations
|
||||||||||
4/1/13-3/31/14 | 4/1/12-3/31/13 | |||||||||
Net investment income
|
$9,876,457 | $11,019,445 | ||||||||
Net realized losses
|
(27,024,141 | ) | (16,176,063 | ) | ||||||
Net change in unrealized appreciation (depreciation)
|
+ | 12,341,763 | (20,670,859 | ) | ||||||
Decrease in net assets from operations
|
(4,805,921 | ) | (25,827,477 | ) | ||||||
Distributions to Shareholders
|
||||||||||
Distributions from net investment income
|
| (11,505,215 | ) | |||||||
Distributions from net realized gains
|
+ | (3,960,271 | ) | (4,808,939 | ) | |||||
Total distributions
|
($3,960,271 | ) | ($16,314,154 | ) |
4/1/13-3/31/14 | 4/1/12-3/31/13 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares sold
|
27,345,555 | $294,220,955 | 22,270,859 | $260,158,454 | ||||||||||||||
Shares reinvested
|
100,641 | 1,079,879 | 391,599 | 4,606,158 | ||||||||||||||
Shares redeemed
|
+ | (34,800,669 | ) | (375,122,134 | ) | (31,283,162 | ) | (362,792,774 | ) | |||||||||
Net transactions in fund shares
|
(7,354,473 | ) | ($79,821,300 | ) | (8,620,704 | ) | ($98,028,162 | ) | ||||||||||
Shares Outstanding and Net Assets
|
||||||||||||||||||
4/1/13-3/31/14 | 4/1/12-3/31/13 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period
|
67,308,510 | $741,234,820 | 75,929,214 | $881,404,613 | ||||||||||||||
Total decrease
|
+ | (7,354,473 | ) | (88,587,492 | ) | (8,620,704 | ) | (140,169,793 | ) | |||||||||
End of period
|
59,954,037 | $652,647,328 | 67,308,510 | $741,234,820 | ||||||||||||||
Distributions in excess of net investment income
|
($5,533,417 | ) | ($21,045,465 | ) |
4/1/13 |
7/10/121 |
|||||||||
3/31/14 | 3/31/13 | |||||||||
Per-Share Data ($)
|
||||||||||
Net asset value at beginning of period
|
9.61 | 10.00 | ||||||||
Income (loss) from investment operations:
|
||||||||||
Net investment income (loss)
|
0.13 | 2 | 0.11 | |||||||
Net realized and unrealized gains (losses)
|
(0.38 | ) | (0.40 | ) | ||||||
Total from investment operations
|
(0.25 | ) | (0.29 | ) | ||||||
Less distributions:
|
||||||||||
Distributions from net investment income
|
(0.03 | ) | (0.09 | ) | ||||||
Distributions from net realized gains
|
(0.03 | ) | (0.01 | ) | ||||||
Total distributions
|
(0.06 | ) | (0.10 | ) | ||||||
Net asset value at end of period
|
9.30 | 9.61 | ||||||||
Total return (%)
|
(2.60 | ) | (2.95 | )3 | ||||||
Ratios/Supplemental Data (%)
|
||||||||||
Ratios to average net assets:
|
||||||||||
Net operating expenses
|
0.85 | 0.22 | 4,5 | |||||||
Gross operating expenses
|
1.74 | 1.28 | 4 | |||||||
Net investment income (loss)
|
1.40 | 1.56 | 4 | |||||||
Portfolio turnover rate
|
42 | 73 | 3 | |||||||
Net assets, end of period ($ x 1,000)
|
18,575 | 29,074 |
Cost |
Value |
|||||||||||
Holdings by Category | ($) | ($) | ||||||||||
57 | .7% | Government Bonds | 11,683,285 | 10,723,270 | ||||||||
6 | .3% | Supranational | 1,221,471 | 1,164,307 | ||||||||
34 | .6% | U.S. Government Securities | 6,616,231 | 6,429,922 | ||||||||
1 | .6% | Other Investment Company | 288,129 | 288,129 | ||||||||
100 | .2% | Total Investments | 19,809,116 | 18,605,628 | ||||||||
(0 | .2)% | Other Assets and Liabilities, Net | (30,346 | ) | ||||||||
100 | .0% | Net Assets | 18,575,282 |
Security |
Face Amount |
Value |
||||||
Rate, Maturity Date | (local currency) | ($) | ||||||
Government Bonds 57.7% of net assets
|
||||||||
Australia 8.0% |
||||||||
Australia Government Bond | ||||||||
5.25%,
03/15/19
(AUD)
|
350,000 | 351,240 | ||||||
4.50%,
04/15/20
(AUD)
|
465,000 | 452,093 | ||||||
5.75%,
05/15/21
(AUD)
|
657,000 | 684,461 | ||||||
1,487,794 | ||||||||
Brazil 4.7% |
||||||||
Brazil Notas do Tesouro Nacional | ||||||||
10.00%,
01/01/17
(BRL)
|
400,000 | 166,450 | ||||||
10.00%,
01/01/21
(BRL)
|
1,003,000 | 392,492 | ||||||
10.00%,
01/01/23
(BRL)
|
580,000 | 221,896 | ||||||
10.00%,
01/01/25
(BRL)
|
270,000 | 99,276 | ||||||
880,114 | ||||||||
Colombia 1.2% |
||||||||
Colombia Government International Bond | ||||||||
7.75%,
04/14/21
(COP)
|
140,000,000 | 80,041 | ||||||
Colombian TES | ||||||||
7.25%,
06/15/16
(COP)
|
80,000,000 | 42,567 | ||||||
5.00%,
11/21/18
(COP)
|
97,000,000 | 48,396 | ||||||
10.00%,
07/24/24
(COP)
|
81,000,000 | 51,598 | ||||||
222,602 | ||||||||
Germany 8.0% |
||||||||
Bundesobligation | ||||||||
0.50%,
10/13/17
(EUR)
|
80,000 | 110,955 | ||||||
0.50%,
02/23/18
(EUR)
|
765,000 | 1,057,991 | ||||||
Bundesrepublik Deutschland | ||||||||
3.25%,
07/04/42
(EUR)
|
195,000 | 314,649 | ||||||
1,483,595 | ||||||||
Hungary 0.4% |
||||||||
Hungary Government Bond | ||||||||
6.75%,
02/24/17
(HUF)
|
4,400,000 | 21,161 | ||||||
6.50%,
06/24/19
(HUF)
|
4,000,000 | 19,305 | ||||||
6.00%,
11/24/23
(HUF)
|
6,000,000 | 28,122 | ||||||
68,588 | ||||||||
Indonesia 1.1% |
||||||||
Indonesia Treasury Bond | ||||||||
5.25%,
05/15/18
(IDR)
|
1,400,000,000 | 113,462 | ||||||
5.63%,
05/15/23
(IDR)
|
1,130,000,000 | 84,483 | ||||||
197,945 | ||||||||
Japan 9.6% |
||||||||
Japan Government Ten Year Bond | ||||||||
1.50%,
03/20/15
(JPY)
|
56,000,000 | 550,145 | ||||||
1.40%,
03/20/18
(JPY)
|
57,300,000 | 582,586 | ||||||
1.50%,
09/20/18
(JPY)
|
25,000,000 | 256,481 | ||||||
0.80%,
09/20/20
(JPY)
|
39,700,000 | 396,692 | ||||||
1,785,904 | ||||||||
Malaysia 1.0% |
||||||||
Malaysia Government Bond | ||||||||
3.31%,
10/31/17
(MYR)
|
260,000 | 78,919 | ||||||
4.24%,
02/07/18
(MYR)
|
50,000 | 15,669 | ||||||
3.42%,
08/15/22
(MYR)
|
330,000 | 96,677 | ||||||
191,265 | ||||||||
Mexico 2.4% |
||||||||
Mexico Government Bond | ||||||||
8.00%,
12/17/15
(MXN)
|
1,700,000 | 138,903 | ||||||
7.25%,
12/15/16
(MXN)
|
831,000 | 68,624 | ||||||
6.50%,
06/10/21
(MXN)
|
560,000 | 44,949 | ||||||
8.00%,
12/07/23
(MXN)
|
900,000 | 78,154 | ||||||
7.50%,
06/03/27
(MXN)
|
1,500,000 | 125,227 | ||||||
455,857 | ||||||||
Peru 1.0% |
||||||||
Peru Government Bond | ||||||||
8.60%,
08/12/17
(PEN)
|
64,000 | 25,940 | ||||||
7.84%,
08/12/20
(PEN)
|
380,000 | 150,371 | ||||||
5.20%,
09/12/23
(PEN)
|
20,000 | 6,721 | ||||||
183,032 | ||||||||
Poland 2.2% |
||||||||
Poland Government Bond | ||||||||
5.50%,
04/25/15
(PLN)
|
300,000 | 102,067 |
Security |
Face Amount |
Value |
||||||
Rate, Maturity Date | (local currency) | ($) | ||||||
5.25%,
10/25/20
(PLN)
|
600,000 | 213,743 | ||||||
5.75%,
09/23/22
(PLN)
|
270,000 | 99,303 | ||||||
415,113 | ||||||||
Qatar 2.0% |
||||||||
Qatar Government International Bond | ||||||||
5.25%,
01/20/20
(USD) (a)
|
320,000 | 364,000 | ||||||
Russia 1.7% |
||||||||
Russian Federal Bond - OFZ | ||||||||
7.50%,
03/15/18
(RUB)
|
3,400,000 | 94,484 | ||||||
7.60%,
04/14/21
(RUB)
|
7,900,000 | 213,903 | ||||||
308,387 | ||||||||
South Africa 1.6% |
||||||||
South Africa Government Bond | ||||||||
13.50%,
09/15/15
(ZAR)
|
690,000 | 71,505 | ||||||
8.00%,
12/21/18
(ZAR)
|
1,040,000 | 99,539 | ||||||
10.50%,
12/21/26
(ZAR)
|
1,220,000 | 134,513 | ||||||
305,557 | ||||||||
Sweden 7.8% |
||||||||
Sweden Government Bond | ||||||||
3.75%,
08/12/17
(SEK)
|
350,000 | 58,874 | ||||||
4.25%,
03/12/19
(SEK)
|
4,600,000 | 806,432 | ||||||
3.50%,
06/01/22
(SEK)
|
3,070,000 | 529,990 | ||||||
3.50%,
03/30/39
(SEK)
|
285,000 | 49,352 | ||||||
1,444,648 | ||||||||
Turkey 2.0% |
||||||||
Turkey Government Bond | ||||||||
9.00%,
03/08/17
(TRY)
|
410,000 | 186,634 | ||||||
6.30%,
02/14/18
(TRY)
|
93,000 | 38,357 | ||||||
7.10%,
03/08/23
(TRY)
|
370,000 | 143,092 | ||||||
368,083 | ||||||||
United Kingdom 3.0% |
||||||||
United Kingdom Gilt | ||||||||
4.00%,
09/07/16
(GBP)
|
125,000 | 223,904 | ||||||
3.75%,
09/07/20
(GBP)
|
100,000 | 182,365 | ||||||
4.25%,
12/07/27
(GBP)
|
82,000 | 154,517 | ||||||
560,786 | ||||||||
Total Government Bonds | ||||||||
(Cost $11,683,285) | 10,723,270 | |||||||
Supranational* 6.3% of net assets
|
||||||||
European Investment Bank | ||||||||
1.90%,
01/26/26
(JPY)
|
55,500,000 | 598,176 | ||||||
European Union Notes | ||||||||
2.75%,
06/03/16
(EUR)
|
390,000 | 566,131 | ||||||
Total Supranational | ||||||||
(Cost $1,221,471) | 1,164,307 | |||||||
U.S. Government Securities 34.6% of net assets
|
||||||||
United States 34.6% |
||||||||
U.S. Treasury Notes | ||||||||
0.25%,
12/15/14
(USD)
|
190,000 | 190,230 | ||||||
4.00%,
08/15/18
(USD)
|
605,000 | 669,754 | ||||||
1.50%,
08/31/18
(USD)
|
800,000 | 798,625 | ||||||
1.25%,
04/30/19
(USD)
|
900,000 | 877,289 | ||||||
3.63%,
08/15/19
(USD)
|
670,000 | 731,661 | ||||||
2.13%,
08/31/20
(USD)
|
690,000 | 688,140 | ||||||
3.63%,
02/15/21
(USD)
|
915,000 | 995,492 | ||||||
2.13%,
08/15/21
(USD)
|
1,300,000 | 1,277,809 | ||||||
2.75%,
11/15/23
(USD)
|
200,000 | 200,922 | ||||||
Total U.S. Government Securities | ||||||||
(Cost $6,616,231) | 6,429,922 | |||||||
Number |
Value |
|||||||
Security | of Shares | ($) | ||||||
Other Investment Company 1.6% of net assets
|
||||||||
United States 1.6% |
||||||||
State Street Institutional U.S. Government Money Market Fund,
Institutional Class 0.00% (b)
|
288,129 | 288,129 | ||||||
Total Other Investment Company | ||||||||
(Cost $288,129) | 288,129 | |||||||
End of Investments.
|
* | Supranational bonds represent the debt of international organizations or institutions such as the World Bank, the International Monetary Fund, regional multilateral development banks and others. | |
(a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $364,000 or 2.0% of net assets. | |
(b) | The rate shown is the 7-day yield. |
AUD
|
Australian dollar | |
BRL
|
Brazilian real | |
CAD
|
Canadian dollar | |
CLP
|
Chilean peso | |
CNY
|
Chinese yuan renminbi | |
COP
|
Colombian peso | |
EUR
|
euro currency | |
GBP
|
Great British pound | |
HUF
|
Hungarian forint | |
IDR
|
Indonesian rupiah | |
INR
|
Indian rupee | |
JPY
|
Japanese yen | |
MXN
|
Mexican peso | |
MYR
|
Malaysian ringgit | |
PEN
|
Peruvian nuevo sol | |
PLN
|
Polish zloty | |
RUB
|
Russian ruble | |
SEK
|
Swedish krona | |
TRY
|
Turkish lira | |
USD
|
U.S. dollar | |
ZAR
|
South African rand |
Amount of |
Amount of |
Unrealized |
||||||||||||||||||||
Currency |
Currency |
Currency |
Currency |
Appreciation |
||||||||||||||||||
to be |
to be |
to be |
to be |
(Depreciation) |
||||||||||||||||||
Expiration Date | Counterparty | Received | Received | Delivered | Delivered | ($) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts
|
||||||||||||||||||||||
04/30/2014
|
State Street Bank London | AUD | 38,500 | USD | 35,636 | 1,549 | ||||||||||||||||
04/30/2014
|
State Street Bank London | AUD | 55,000 | USD | 50,909 | 1,890 | ||||||||||||||||
04/30/2014
|
State Street Bank London | AUD | 65,500 | USD | 60,628 | 1,027 | ||||||||||||||||
04/30/2014
|
State Street Bank London | CAD | 326,500 | USD | 295,143 | 4,453 | ||||||||||||||||
04/30/2014
|
Barclays Capital, Inc. | CLP | 75,303,500 | USD | 136,909 | 600 | ||||||||||||||||
04/30/2014
|
JPMorgan Chase Bank | CLP | 10,951,000 | USD | 19,910 | 493 | ||||||||||||||||
04/30/2014
|
Barclays Capital, Inc. | CNY | 478,500 | USD | 76,909 | (638 | ) | |||||||||||||||
04/30/2014
|
JPMorgan Chase Bank | INR | 6,503,500 | USD | 108,154 | 6,107 | ||||||||||||||||
04/30/2014
|
State Street Bank London | USD | 1,630,012 | AUD | 1,761,000 | (95,741 | ) | |||||||||||||||
04/30/2014
|
State Street Bank London | USD | 295,143 | CAD | 326,500 | (3,116 | ) | |||||||||||||||
04/30/2014
|
JPMorgan Chase Bank | USD | 156,819 | CLP | 86,254,500 | (1,251 | ) | |||||||||||||||
Net Unrealized Depreciation on Forward Foreign Currency
Exchange Contracts
|
(84,627 | ) | ||||||||||||||||||||
Quoted
Prices in |
Significant |
|||||||||||||||
Active
Markets for |
Other
Significant |
Unobservable |
||||||||||||||
Identical
Assets |
Observable
Inputs |
Inputs |
||||||||||||||
Description
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Government
Bonds1
|
$ | $10,723,270 | $ | $10,723,270 | ||||||||||||
Supranational
|
| 1,164,307 | | 1,164,307 | ||||||||||||
U.S. Government
Securities1
|
| 6,429,922 | | 6,429,922 | ||||||||||||
Other Investment
Company1
|
288,129 | | | 288,129 | ||||||||||||
Total
|
$288,129 | $18,317,499 | $ | $18,605,628 | ||||||||||||
Other Financial Instruments
|
||||||||||||||||
Forward Foreign Currency Exchange
Contracts2
|
$ | $16,119 | $ | $16,119 | ||||||||||||
Liabilities Valuation Input | ||||||||||||||||
Quoted
Prices in |
Significant |
|||||||||||||||
Active
Markets for |
Unobservable |
|||||||||||||||
Identical
Assets |
Inputs |
|||||||||||||||
Description
|
(Level 1)
|
Other
Significant Observable Inputs (Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Other Financial Instruments
|
||||||||||||||||
Forward Foreign Currency Exchange
Contracts2
|
$ | ($100,746 | ) | $ | ($100,746 | ) |
1
|
As categorized in Portfolio Holdings. | |
2
|
Forward foreign currency exchange contracts are not included in Investments in the schedule of portfolio holdings and are valued at unrealized appreciation or depreciation. |
Assets
|
||||||
Investments, at value (cost $19,809,116)
|
$18,605,628 | |||||
Foreign currency, at value (cost $4,042)
|
4,126 | |||||
Receivables:
|
||||||
Investments sold
|
246,718 | |||||
Interest
|
174,771 | |||||
Foreign tax reclaims
|
12,309 | |||||
Fund shares sold
|
9,500 | |||||
Due from investment adviser
|
149 | |||||
Unrealized appreciation on forward foreign currency exchange
contracts
|
16,119 | |||||
Prepaid expenses
|
+ | 114 | ||||
Total assets
|
19,069,434 | |||||
Liabilities
|
||||||
Payables:
|
||||||
Investments bought
|
256,476 | |||||
Fund shares redeemed
|
57,976 | |||||
Independent trustees fees
|
10 | |||||
Unrealized depreciation on forward foreign currency exchange
contracts
|
100,746 | |||||
Accrued expenses
|
+ | 78,944 | ||||
Total liabilities
|
494,152 | |||||
Net Assets
|
||||||
Total assets
|
19,069,434 | |||||
Total liabilities
|
− | 494,152 | ||||
Net assets
|
$18,575,282 | |||||
Net Assets by Source
|
||||||
Capital received from investors
|
19,877,985 | |||||
Net investment income not yet distributed
|
18,696 | |||||
Net realized capital losses
|
(37,873 | ) | ||||
Net unrealized capital depreciation
|
(1,283,526 | ) | ||||
Net Asset Value (NAV)
|
Shares |
||||||||||||
Net Assets | ÷ | Outstanding | = | NAV | ||||||||
$18,575,282
|
1,996,776 | $9.30 |
Investment Income
|
||||||
Interest (net of foreign withholding taxes of $2,243)
|
$510,481 | |||||
Expenses
|
||||||
Investment adviser fees
|
154,104 | |||||
Professional fees
|
59,360 | |||||
Accounting and administration fees
|
43,498 | |||||
Registration fees
|
29,038 | |||||
Shareholder reports
|
24,736 | |||||
Custodian fees
|
24,279 | |||||
Sub-accounting and sub-transfer agent fees
|
23,237 | |||||
Transfer agent fees
|
22,822 | |||||
Independent trustees fees
|
9,205 | |||||
Interest expense
|
38 | |||||
Other expenses
|
+ | 4,369 | ||||
Total expenses
|
394,686 | |||||
Expense reduction by adviser
|
− | 202,019 | ||||
Net expenses
|
− | 192,667 | ||||
Net investment income
|
317,814 | |||||
Realized and Unrealized Gains (Losses)
|
||||||
Net realized losses on investments (net of foreign capital gain
tax paid of $170)
|
(835,442 | ) | ||||
Net realized gains on foreign currency transactions
|
+ | 337,635 | ||||
Net realized losses
|
(497,807 | ) | ||||
Net change in unrealized appreciation (depreciation) on
investments
|
(496,030 | ) | ||||
Net change in unrealized appreciation (depreciation) on foreign
currency translations
|
+ | (75,566 | ) | |||
Net change in unrealized appreciation (depreciation)
|
+ | (571,596 | ) | |||
Net realized and unrealized losses
|
(1,069,403 | ) | ||||
Decrease in net assets resulting from operations
|
($751,589 | ) |
Operations
|
||||||||||
4/1/13-3/31/14 | 7/10/12*-3/31/13 | |||||||||
Net investment income
|
$317,814 | $454,638 | ||||||||
Net realized losses
|
(497,807 | ) | (899,728 | ) | ||||||
Net change in unrealized appreciation (depreciation)
|
+ | (571,596 | ) | (711,930 | ) | |||||
Decrease in net assets from operations
|
(751,589 | ) | (1,157,020 | ) | ||||||
Distributions to Shareholders
|
||||||||||
Distributions from net investment income
|
(73,125 | ) | (394,510 | ) | ||||||
Distributions from net realized gains
|
+ | (59,386 | ) | (33,613 | ) | |||||
Total distributions
|
($132,511 | ) | ($428,123 | ) |
4/1/13-3/31/14 | 7/10/12*-3/31/13 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares sold
|
45,080 | $421,460 | 5,274,332 | $52,781,806 | ||||||||||||||
Shares reinvested
|
11,634 | 106,922 | 30,283 | 305,603 | ||||||||||||||
Shares redeemed
|
+ | (1,085,889 | ) | (10,143,400 | ) | (2,278,664 | ) | (22,427,866 | ) | |||||||||
Net transactions in fund shares
|
(1,029,175 | ) | ($9,615,018 | ) | 3,025,951 | $30,659,543 | ||||||||||||
Shares Outstanding and Net Assets
|
||||||||||||||||||
4/1/13-3/31/14 | 7/10/12*-3/31/13 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period
|
3,025,951 | $29,074,400 | | $ | ||||||||||||||
Total increase or decrease
|
+ | (1,029,175 | ) | (10,499,118 | ) | 3,025,951 | 29,074,400 | |||||||||||
End of period
|
1,996,776 | $18,575,282 | 3,025,951 | $29,074,400 | ||||||||||||||
Net investment income not yet distributed/Distributions in
excess of net investment income
|
$18,696 | ($869,187 | ) |
*
|
Commencement of operations. |
Laudus Mondrian International Equity Fund
|
||||
Laudus Mondrian Emerging Markets Fund
|
||||
Laudus Mondrian International Government Fixed Income Fund
|
||||
(formerly, Laudus Mondrian International Fixed Income
Fund)
|
||||
Laudus Mondrian Global Government Fixed Income Fund
|
||||
(formerly, Laudus Mondrian Global Fixed Income Fund)
|
||||
Laudus U.S. Large Cap Growth Fund
|
||||
(formerly, Laudus Growth Investors U.S. Large Cap Growth
Fund)
|
||||
| Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at halfway between the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below. | |
| Securities for which no quoted value is available: The Board has adopted procedures to fair value each funds securities when market prices are not readily available or are unreliable. For example, a fund may fair value a security when it is de-listed or its trading is halted or suspended; when a securitys primary pricing source is unable or unwilling to provide a price; or when a securitys primary trading market is closed during regular market hours. Each fund makes fair value determinations in good faith in accordance with the funds valuation procedures. The Pricing Committee considers a |
number of factors, including unobservable market inputs when arriving at fair value. The Pricing Committee may employ techniques such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security. The Board convenes on a regular basis to review fair value determinations made by the funds pursuant to the valuation procedures. |
| Bonds and notes: Bonds and notes are valued at halfway between the most recent bid and ask quotes or, if such quotes are unavailable, at prices for securities of comparable maturity, credit quality and type. Valuations for bonds and notes are provided by independent bond-pricing services. | |
| Foreign equity security fair valuation: The Board has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the funds valuing their holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, each fund seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter arbitrage market timers, who seek to exploit delays between the change in the value of a funds portfolio holdings and the NAV of the funds shares, and seeks to help ensure that the prices at which the funds shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of a fund and that of its comparative index or benchmark. The Board regularly reviews fair value determinations made by the funds pursuant to these procedures. | |
| Forward foreign currency exchange contracts: Forwards are valued based on that days forward exchange rates or by using an interpolated forward exchange rate for contracts with interim settlement dates. | |
| Short-term securities (60 days or less to maturity): Short-term securities are valued at amortized cost, which approximates market value. | |
| Underlying funds: Mutual funds are valued at their respective NAVs. |
| Level 1 quoted prices in active markets for identical securities Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities. Investments in mutual funds are valued daily at their NAVs, which are classified as Level 1 prices. | |
| Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. In addition, international securities whose markets close hours before the funds value their holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of the foreign markets. The Board has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets. As investments whose values are classified as Level 2 prices include positions that are not traded in active markets and/or are subject to |
transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. |
| Level 3 significant unobservable inputs (including the funds own assumptions in determining the fair value of investments) Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not available for these securities, the funds use one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the funds in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the funds in the absence of market information. Assumptions used by the funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the funds results of operations. |
First
$1 billion
|
Over
$1 billion
|
|||||||
Laudus Mondrian International Equity Fund
|
0.85% | 0.80% | ||||||
Laudus Mondrian Emerging Markets Fund
|
1.20% | 1.15% | ||||||
Laudus Mondrian International Government Fixed Income Fund
|
0.60% | 0.60% | ||||||
Laudus Mondrian Global Government Fixed Income Fund
|
0.68% | 0.68% |
Laudus
Mondrian |
Laudus
Mondrian |
|||||||
International |
Emerging |
|||||||
Equity
Fund
|
Markets
Fund
|
|||||||
Investor Shares
|
1.40% | 1.80% | ||||||
Select Shares
|
1.12% | 1.52% | ||||||
Institutional Shares
|
1.05% | 1.45% |
Laudus
Mondrian |
Laudus
Mondrian |
|||||||
International |
Emerging |
|||||||
Equity
Fund
|
Markets
Fund
|
|||||||
Investor Shares
|
$966 | $820 | ||||||
Select Shares
|
1,269 | 8,608 | ||||||
Institutional Shares
|
| |
Laudus
Mondrian |
Laudus
Mondrian |
|||||||||||||||
Laudus
Mondrian |
Laudus
Mondrian |
International |
Global |
|||||||||||||
International |
Emerging |
Government
Fixed |
Government
Fixed |
|||||||||||||
Expiration
Date
|
Equity
Fund
|
Markets
Fund
|
Income
Fund
|
Income
Fund
|
||||||||||||
March 31, 2015
|
$78,496 | $67,482 | * | $ | $305,963 | |||||||||||
March 31, 2016
|
27,318 | 108,442 | | 202,019 | ||||||||||||
Total
|
$105,814 | $175,924 | $ | $507,982 | ||||||||||||
Purchases
of Securities
|
Sales/Maturities
of Securities
|
|||||||
Laudus Mondrian International Equity Fund
|
$48,701,651 | $37,411,254 | ||||||
Laudus Mondrian Emerging Markets Fund
|
107,885,989 | 109,074,355 | ||||||
Laudus Mondrian International Government Fixed Income Fund
|
339,295,673 | 404,917,750 | ||||||
Laudus Mondrian Global Government Fixed Income Fund
|
9,466,396 | * | 18,192,558 | * |
*
|
Includes purchases and sales/maturities of long-term U.S. Government securities of $3,528,142 and $4,349,098, respectively. |
Forward
Foreign Currency |
||||||||
Exchange
Contract |
Net
Unrealized |
|||||||
Notional
Amount
|
Appreciation
(Depreciation)
|
|||||||
Laudus Mondrian International Equity Fund
|
$3,952,235 | $79,342 | ||||||
Laudus Mondrian Emerging Markets Fund
|
| | ||||||
Laudus Mondrian International Government Fixed Income Fund
|
69,077,163 | 691,849 | ||||||
Laudus Mondrian Global Government Fixed Income Fund
|
3,280,591 | 47,509 |
Laudus
Mondrian |
Laudus
Mondrian |
|||||||||||||||
Laudus
Mondrian |
Laudus
Mondrian |
International |
Global |
|||||||||||||
International |
Emerging |
Government
Fixed |
Government
Fixed |
|||||||||||||
Equity
Fund
|
Markets
Fund
|
Income
Fund
|
Income
Fund
|
|||||||||||||
Asset
Derivatives
|
Fair Value | |||||||||||||||
Forward Foreign Currency Exchange
Contracts1
|
$ | $ | $107,831 | $16,119 | ||||||||||||
Liability
Derivatives
|
Fair Value | |||||||||||||||
Forward Foreign Currency Exchange
Contracts2
|
$225,108 | $ | $4,046,082 | $100,746 |
1
|
Statement of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts. | |
2
|
Statement of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts. |
Forward Foreign Currency Exchange Contracts | ||||||||||||||||
Laudus
Mondrian |
Laudus
Mondrian |
|||||||||||||||
Laudus
Mondrian |
Laudus
Mondrian |
International |
Global |
|||||||||||||
International |
Emerging |
Government
Fixed |
Government
Fixed |
|||||||||||||
Equity
Fund
|
Markets
Fund
|
Income
Fund
|
Income
Fund
|
|||||||||||||
Realized Gains
(Losses)1
|
$648,339 | ($132 | ) | $4,614,665 | $376,956 | |||||||||||
Change in Unrealized Appreciation
(Depreciation)2
|
($221,984 | ) | $ | ($3,699,897 | ) | ($81,170 | ) |
1
|
Statement of Operations location: Net realized gains (losses) on foreign currency transactions. | |
2
|
Statement of Operations location: Net unrealized appreciation (depreciation) on foreign currency translations. |
Laudus
Mondrian International Equity Fund |
||||||||||||||||
Gross
Amounts Not Offset in the |
||||||||||||||||
Statement of Assets and Liabilities | ||||||||||||||||
Gross
Amounts of Liabilities |
||||||||||||||||
Presented
in the |
Financial |
Cash
Collateral |
Net |
|||||||||||||
Counterparty
|
Statement
of Assets and Liabilities
|
Instruments
|
Pledged
|
Amounts(a)
|
||||||||||||
State Street Bank London
|
($225,108 | ) | $ | $ | ($225,108 | ) | ||||||||||
Total
|
($225,108 | ) | $ | $ | ($225,108 | ) | ||||||||||
Laudus
Mondrian International Government Fixed Income Fund |
||||||||||||||||
Gross
Amounts Not Offset in the |
||||||||||||||||
Statement of Assets and Liabilities | ||||||||||||||||
Gross
Amounts of Assets |
||||||||||||||||
Presented
in the |
Financial |
Cash
Collateral |
Net |
|||||||||||||
Counterparty
|
Statement
of Assets and Liabilities
|
Instruments
|
Received
|
Amounts(b)
|
||||||||||||
State Street Bank London
|
$107,831 | ($107,831 | ) | $ | $ | |||||||||||
Total
|
$107,831 | ($107,831 | ) | $ | $ | |||||||||||
Gross
Amounts of Liabilities |
||||||||||||||||
Presented
in the |
Financial |
Cash
Collateral |
Net |
|||||||||||||
Counterparty
|
Statement
of Assets and Liabilities
|
Instruments
|
Pledged
|
Amounts(a)
|
||||||||||||
State Street Bank London
|
($4,046,082 | ) | $107,831 | $ | ($3,938,251 | ) | ||||||||||
Total
|
($4,046,082 | ) | $107,831 | $ | ($3,938,251 | ) | ||||||||||
Laudus
Mondrian Global Government Fixed Income Fund |
||||||||||||||||
Gross
Amounts Not Offset in the |
||||||||||||||||
Statement of Assets and Liabilities | ||||||||||||||||
Gross
Amounts of Assets |
||||||||||||||||
Presented
in the |
Financial |
Cash
Collateral |
Net |
|||||||||||||
Counterparty
|
Statement
of Assets and Liabilities
|
Instruments
|
Received
|
Amounts(b)
|
||||||||||||
Barclays Capital, Inc.
|
$600 | ($600 | ) | $ | $ | |||||||||||
JPMorgan Chase Bank
|
6,600 | (1,251 | ) | | 5,349 | |||||||||||
State Street Bank London
|
8,919 | (8,919 | ) | | | |||||||||||
Total
|
$16,119 | ($10,770 | ) | $ | $5,349 | |||||||||||
Gross
Amounts of Liabilities |
||||||||||||||||
Presented
in the |
Financial |
Cash
Collateral |
Net |
|||||||||||||
Counterparty
|
Statement
of Assets and Liabilities
|
Instruments
|
Pledged
|
Amounts(a)
|
||||||||||||
Barclays Capital, Inc.
|
($638 | ) | $600 | $ | ($38 | ) | ||||||||||
JPMorgan Chase Bank
|
(1,251 | ) | 1,251 | | | |||||||||||
State Street Bank London
|
(98,857 | ) | 8,919 | | (89,938 | ) | ||||||||||
Total
|
($100,746 | ) | $10,770 | $ | ($89,976 | ) | ||||||||||
a
|
Represents the net amount due to the counterparty in the event of default. | |
b
|
Represents the net amount due from the counterparty in the event of default. |
Current
Period |
Prior
Period |
|||||||
(4/1/13-3/31/14)
|
(4/1/12-3/31/13)
|
|||||||
Laudus Mondrian International Equity Fund
|
$2,137 | $2,074 | ||||||
Laudus Mondrian Emerging Markets Fund
|
4,579 | 1,333 | ||||||
Laudus Mondrian International Government Fixed Income Fund
|
34,469 | 22,626 | ||||||
Laudus Mondrian Global Government Fixed Income Fund
|
64 | 3,355 |
Laudus
Mondrian |
Laudus
Mondrian |
|||||||||||||||
Laudus
Mondrian |
Laudus
Mondrian |
International |
Global |
|||||||||||||
International |
Emerging |
Government
Fixed |
Government
Fixed |
|||||||||||||
Equity
Fund
|
Markets
Fund
|
Income
Fund
|
Income
Fund
|
|||||||||||||
Undistributed ordinary income
|
$2,938,486 | $542,082 | $ | $ | ||||||||||||
Undistributed long-term capital gains
|
| | 2,202,622 | | ||||||||||||
Unrealized appreciation on investments
|
30,880,933 | 8,089,647 | 22,002,461 | 311,045 | ||||||||||||
Unrealized depreciation on investments
|
(2,351,303 | ) | (8,618,470 | ) | (22,583,855 | ) | (1,522,891 | ) | ||||||||
Other unrealized appreciation (depreciation)
|
7,243 | (215,004 | ) | 128,359 | 1,823 | |||||||||||
Net unrealized appreciation (depreciation)
|
$28,536,873 | ($743,827 | ) | ($453,035 | ) | ($1,210,023 | ) | |||||||||
Laudus
Mondrian |
Laudus
Mondrian |
|||||||||||||||
Laudus
Mondrian |
Laudus
Mondrian |
International |
Global |
|||||||||||||
International |
Emerging |
Government
Fixed |
Government
Fixed |
|||||||||||||
Expiration
Date
|
Equity
Fund
|
Markets
Fund
|
Income
Fund
|
Income
Fund
|
||||||||||||
No expiration*
|
$632,516 | $1,513,682 | $ | $ | ||||||||||||
Total
|
$632,516 | $1,513,682 | $ | $ | ||||||||||||
Laudus
Mondrian |
Laudus
Mondrian |
|||||||||||||||
Laudus
Mondrian |
Laudus
Mondrian |
International |
Global |
|||||||||||||
International |
Emerging |
Government
Fixed |
Government
Fixed |
|||||||||||||
Equity
Fund
|
Markets
Fund
|
Income
Fund
|
Income
Fund
|
|||||||||||||
Capital losses deferred
|
$ | $1,088,986 | $ | $29,515 | ||||||||||||
Late-year ordinary losses deferred
|
| | 5,397,383 | 63,153 | ||||||||||||
Capital losses utilized
|
1,046,305 | | | |
Laudus
Mondrian |
Laudus
Mondrian |
|||||||||||||||
Laudus
Mondrian |
Laudus
Mondrian |
International |
Global |
|||||||||||||
International |
Emerging |
Government
Fixed |
Government
Fixed |
|||||||||||||
Equity
Fund
|
Markets
Fund
|
Income
Fund
|
Income
Fund
|
|||||||||||||
Current period distributions
|
||||||||||||||||
Ordinary income
|
$4,184,531 | $1,824,105 | $ | $73,125 | ||||||||||||
Long-term capital gains
|
| 26,554 | 3,960,271 | 59,386 | ||||||||||||
Return of capital
|
| | | | ||||||||||||
Prior period distributions
|
||||||||||||||||
Ordinary income
|
$4,378,585 | $2,934,189 | $11,994,879 | $428,123 | ||||||||||||
Long-term capital gains
|
199,834 | | 4,319,275 | | ||||||||||||
Return of capital
|
| | | |
Laudus
Mondrian |
Laudus
Mondrian |
|||||||||||||||
Laudus
Mondrian |
Laudus
Mondrian |
International |
Global |
|||||||||||||
International |
Emerging |
Government
Fixed |
Government
Fixed |
|||||||||||||
Equity
Fund
|
Markets
Fund
|
Income
Fund
|
Income
Fund
|
|||||||||||||
Capital shares
|
$ | $ | ($36,364,266 | ) | ($1,166,540 | ) | ||||||||||
Undistributed net investment income
|
544,392 | (190,819 | ) | 5,635,591 | 643,194 | |||||||||||
Net realized capital gains (losses)
|
(544,392 | ) | 190,819 | 30,728,675 | 523,346 |
Foreign
Tax Credit
|
Foreign
Source Income
|
|||||||
Laudus Mondrian International Equity Fund
|
$395,933 | $6,995,787 | ||||||
Laudus Mondrian Emerging Markets Fund
|
528,722 | 5,274,791 | ||||||
Laudus Mondrian International Government Fixed Income Fund
|
| | ||||||
Laudus Mondrian Global Government Fixed Income Fund
|
| |
Percentage
|
|||||
Laudus Mondrian International Equity Fund
|
| ||||
Laudus Mondrian Emerging Markets Fund
|
3.28 | ||||
Laudus Mondrian International Government Fixed Income Fund
|
| ||||
Laudus Mondrian Global Government Fixed Income Fund
|
|
Laudus Mondrian International Equity Fund
|
$4,580,464 | |||
Laudus Mondrian Emerging Markets Fund
|
2,319,329 | |||
Laudus Mondrian International Government Fixed Income Fund
|
| |||
Laudus Mondrian Global Government Fixed Income Fund
|
|
Laudus Mondrian International Equity Fund
|
$ | |||
Laudus Mondrian Emerging Markets Fund
|
26,554 | |||
Laudus Mondrian International Government Fixed Income Fund
|
3,960,271 | |||
Laudus Mondrian Global Government Fixed Income Fund
|
59,386 |
Name, Year of Birth, |
Number of |
|||||
and Position(s) with |
Portfolios in |
|||||
the trust; (Terms of |
Fund Complex |
|||||
office, and length of |
Principal Occupations |
Overseen by |
||||
Time Served1) | During the Past Five Years | the Trustee | Other Directorships | |||
Mariann Byerwalter 1960 Trustee (Trustee of Laudus Trust since 2004.) |
Chairman of JDN Corporate Advisory LLC (advisory services firm) (Oct. 2001 present). | 76 |
Director, WageWorks, Inc.
(2010 present) Director, Redwood Trust, Inc. (1998 present) Director, PMI Group Inc. (2001 2009) |
|||
John F. Cogan 1947 Trustee (Trustee of Laudus Trust since 2010.) |
Senior Fellow, The Hoover Institution at Stanford University (Oct. 1979 present); Senior Fellow, Stanford Institute for Economic Policy Research; Professor of Public Policy, Stanford University (Sept. 2000 present). | 76 |
Director, Gilead Sciences, Inc.
(2005 present) Director, Monaco Coach Corporation (2005 2009) |
|||
David L. Mahoney 1954 Trustee (Trustee of Laudus Trust since 2011.) |
Private Investor. | 76 |
Director, Symantec Corporation
(2003 present) Director, Corcept Therapeutics Incorporated (2004 present) |
|||
Kiran M. Patel 1948 Trustee (Trustee of Laudus Trust since 2011.) |
Retired. Formerly, Executive Vice President and General Manager of Small Business Group, Intuit, Inc. (financial software and services for consumers and small businesses) (Dec. 2008 Sept. 2013). | 76 | Director, KLA-Tencor Corporation (2008 present) | |||
Gerald B. Smith 1950 Trustee (Trustee of Laudus Trust since 2010.) |
Chairman, Chief Executive Officer and Founder of Smith Graham & Co. (investment advisors) (1990 present). | 76 |
Director, Eaton (2012-present) Director and Chairman of the Audit Committee, Oneok Partners LP (2003 present) Director, Oneok, Inc. (2009 present) Lead Independent Director, Board of Cooper Industries (2002 2012) |
|||
Joseph H. Wender 1944 Trustee (Trustee of Laudus Trust since 2010.) |
Senior Consultant, Goldman Sachs & Co., Inc. (investment banking and securities firm) (Jan. 2008 present); Partner, Colgin Partners, LLC (vineyards) (February 1998 present). | 76 | Board Member and Chairman of the Audit Committee, Isis Pharmaceuticals (1994 present) | |||
Name, Year of Birth, |
Number of |
|||||
and Position(s) with |
Portfolios in |
|||||
the trust; (Terms of |
Fund Complex |
|||||
office, and length of |
Principal Occupations |
Overseen by |
||||
Time Served ) | During the Past Five Years | the Trustee | Other Directorships | |||
Charles R.
Schwab2 1937 Chairman and Trustee (Chairman and Trustee of Laudus Trust since 2010) |
Chairman and Director, The Charles Schwab Corporation, Charles Schwab & Co., Inc., Charles Schwab Investment Management, Inc., Charles Schwab Bank, N. A.; Chairman and Chief Executive Officer, Schwab (SIS) Holdings Inc. I, Schwab International Holdings, Inc.; Chief Executive Officer, Schwab Holdings, Inc.; Through June 2007, Director, U.S. Trust Company, N. A., U.S. Trust Corporation, United States Trust Company of New York. Until October 2008, Chief Executive Officer, The Charles Schwab Corporation, Charles Schwab & Co., Inc. | 76 | None | |||
Walter W. Bettinger
II2 1960 Trustee (Trustee of Laudus Trust since 2010.) |
As of October 2008, President and Chief Executive Officer, Charles Schwab & Co., Inc. and The Charles Schwab Corporation. Since October 2008, Director, The Charles Schwab Corporation. Since May 2008, Director, Charles Schwab & Co., Inc. and Schwab Holdings, Inc. Since 2006, Director, Charles Schwab Bank. Until October 2008, President and Chief Operating Officer, Charles Schwab & Co., Inc. and The Charles Schwab Corporation. From 2004 through 2007, Executive Vice President and President, Schwab Investor Services. From 2004 through 2005, Executive Vice President and Chief Operating Officer, Individual Investor Enterprise, and from 2002 through 2004, Executive Vice President, Corporate Services. | 97 | None | |||
Name, Year of Birth, and Position(s) |
||
with the trust; (Terms of office, and |
||
length of Time Served3) | Principal Occupations During the Past Five Years | |
Marie Chandoha 1961 President and Chief Executive Officer (Officer of Laudus Trust since 2010.) |
Executive Vice President, Charles Schwab & Co., Inc. (Sept. 2010 present); Director, President and Chief Executive Officer (Dec. 2010 present), Chief Investment Officer (Sept. 2010 Oct. 2011), Charles Schwab Investment Management, Inc.; President, Chief Executive Officer (Dec. 2010 present), and Chief Investment Officer (Sept. 2010 Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Global Head of Fixed Income Business Division, BlackRock, Inc. (formerly Barclays Global Investors) (March 2007 August 2010). | |
George Pereira 1964 Treasurer and Chief Financial Officer (Officer of Laudus Trust since 2006.) |
Senior Vice President and Chief Financial Officer (Nov. 2004 present), Chief Operating Officer (Jan. 2011 present), Charles Schwab Investment Management, Inc.; Treasurer and Chief Financial Officer, Laudus Funds (2006 present); Treasurer and Principal Financial Officer, Schwab Funds (Nov. 2004 present) and Schwab ETFs (Oct. 2009 present); Director, Charles Schwab Worldwide Fund, PLC and Charles Schwab Asset Management (Ireland) Limited (April 2005 present). | |
Omar Aguilar 1970 Senior Vice President and Chief Investment Officer Equities (Officer of Laudus Trust since 2011.) |
Senior Vice President and Chief Investment Officer Equities, Charles Schwab Investment Management, Inc. (April 2011 present); Senior Vice President and Chief Investment Officer Equities, Schwab Funds and Laudus Funds (June 2011 present); Head of the Portfolio Management Group and Vice President of Portfolio Management, Financial Engines, Inc. (May 2009 April 2011); Head of Quantitative Equity, ING Investment Management (July 2004 Jan. 2009). | |
Name, Year of Birth, and Position(s) |
||
with the trust; (Terms of office, and |
||
length of Time Served3) | Principal Occupations During the Past Five Years | |
Brett Wander 1961 Senior Vice President and Chief Investment Officer Fixed Income (Officer of Laudus Trust since 2011.) |
Senior Vice President and Chief Investment Officer Fixed Income, Charles Schwab Investment Management, Inc. (April 2011 present); Senior Vice President and Chief Investment Officer Fixed Income, Schwab Funds and Laudus Funds (June 2011 present); Senior Managing Director, Global Head of Active Fixed-Income Strategies, State Street Global Advisors (Jan. 2008 Oct. 2010); Director of Alpha Strategies, Loomis, Sayles & Company (April 2006 Jan. 2008). | |
David Lekich 1964 Vice President and Assistant Clerk (Officer of Laudus Trust since 2011.) |
Senior Vice President (Sept. 2011 present), Vice President (March 2004 Sept. 2011), Charles Schwab & Co., Inc.; Senior Vice President and Chief Counsel (Sept. 2011 present), Vice President (Jan. 2011 Sept. 2011), Charles Schwab Investment Management, Inc.; Secretary (April 2011 present) and Chief Legal Officer (Dec. 2011 present), Schwab Funds; Vice President and Assistant Clerk, Laudus Funds (April 2011 present); Secretary (May 2011 present) and Chief Legal Officer (Nov. 2011 present), Schwab ETFs. | |
Catherine MacGregor 1964 Chief Legal Officer, Vice President and Clerk (Officer of Laudus Trust since 2005.) |
Vice President, Charles Schwab & Co., Inc., Charles Schwab Investment Management, Inc. (July 2005 present); Vice President (Dec. 2005 present), Chief Legal Officer and Clerk (March 2007 present), Laudus Funds; Vice President (Nov. 2005 present) and Assistant Secretary (June 2007 present), Schwab Funds; Vice President and Assistant Secretary, Schwab ETFs (Oct. 2009 present). | |
1 | Trustees remain in office until they resign, retire or are removed by shareholder vote. The Laudus Funds retirement policy requires that independent trustees retire at age 72 or after twenty years as a trustee, whichever comes first. In addition, the retirement policy requires any independent trustee of Laudus Funds who also serves as an independent trustee of Schwab Funds to retire from the Boards of Laudus Funds upon their required retirement date from either the Boards of Trustees of Laudus Funds or Schwab Funds, whichever comes first. | |
2 | Mr. Schwab and Mr. Bettinger are Interested Trustees because they own stock of The Charles Schwab Corporation, the parent company of the investment adviser. | |
3 | The President, Treasurer and Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board. |
| APPLICATION AND REGISTRATION INFORMATION. |
| TRANSACTION AND EXPERIENCE INFORMATION. |
| WEBSITE USAGE. |
| to help us process transactions for your account; |
| when we use other companies to provide services for us, such as printing and mailing your account statements; |
| when we believe that disclosure is required or permitted under law (for example, to cooperate with regulators or law enforcement, resolve consumer disputes, perform credit/authentication checks, or for risk control). |
Annual Report March 31, 2014 |
4 | ||
5 | ||
6 | ||
8 | ||
9 | ||
16 | ||
25 | ||
26 | ||
27 | ||
30 |
Total Return for the Twelve Months Ended March 31, 2014 | ||||
Laudus U.S. Large Cap Growth Fund (Ticker Symbol: LGILX) | 24.81% | |||
Russell 1000® Growth Index | 23.22% | |||
Performance Details | pages 6-7 | |||
1 | The Lipper Fund Awards recognize funds that have excelled in delivering consistently strong risk adjusted performance, relative to peers. Lipper, a Thomson Reuters company, uses the Lipper Leader for Consistent Return methodology to designate award-winning funds in most individual classifications for the three-, five- and 10-year periods. Lipper Rankings are based on average annual total returns. As of 3/31/2014, the Laudus U.S. Large Cap Growth Fund rankings within the Lipper Large-Cap Growth Funds category for the one-, three-, five-, and 10-year periods were 215/724, 98/613, 54/537, and 2/379, respectively. |
Number of
Securities1
|
56 | |||
Weighted Average Market Cap ($ x 1,000,000)
|
$73,702 | |||
Price/Earnings Ratio (P/E)
|
35.78 | |||
Price/Book Ratio (P/B)
|
4.18 | |||
Portfolio Turnover
(One year trailing) |
124% |
Fund | ||
Minimum Initial Investment
|
$100 | |
Inception Date
|
10/14/1997* | |
Ticker Symbol
|
LGILX | |
Cusip
|
51855Q549 | |
NAV
|
$18.19 |
* | Inception date is that of the funds predecessor fund, the Y Class of the UBS U.S. Large Cap Growth Fund. | |
1 | Short-term investments are not included. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years | ||||||||||||
Laudus U.S. Large Cap Growth Fund
(10/14/97)1
|
24.81 | % | 22.48 | % | 10.29 | % | |||||||||
Russell
1000®
Growth Index
|
23.22 | % | 21.68 | % | 7.86 | % |
Consumer Discretionary
|
29.0% | |||
Information Technology
|
26.1% | |||
Industrials
|
14.8% | |||
Health Care
|
13.7% | |||
Energy
|
3.8% | |||
Financials
|
3.8% | |||
Telecommunication Services
|
3.6% | |||
Materials
|
2.7% | |||
Consumer Staples
|
2.5% | |||
Total
|
100.0% |
Google, Inc., Class A
|
4.8% | |||
Visa, Inc., Class A
|
3.4% | |||
Comcast Corp., Class A
|
3.2% | |||
priceline.com, Inc.
|
3.2% | |||
Gilead Sciences, Inc.
|
2.9% | |||
Union Pacific Corp.
|
2.8% | |||
Amazon.com, Inc.
|
2.7% | |||
Precision Castparts Corp.
|
2.7% | |||
Yahoo! Inc.
|
2.6% | |||
Eaton Corp. plc
|
2.6% | |||
Total
|
30.9% |
1 | Effective July 13, 2009, all outstanding Class A, B and C shares of the UBS U.S. Large Cap Growth Fund (UBS Growth Fund) were converted to Class Y shares, and the UBS Growth Funds assets were acquired by the Laudus Growth Investors U.S. Large Cap Growth Fund. The performance and financial history prior to July 13, 2009 are that of the Class Y shares of the predecessor fund. Effective October 4, 2013, the name of the fund was changed to Laudus U.S. Large Cap Growth Fund. | |
2 | As stated in the prospectus. Net Expenses: Reflects expenses expected to be charged to shareholders through at least 7/30/15. The adviser expects to hold expenses at this level by waiving its management fees and/or bearing other expenses. Gross Expenses: Reflects the total annual fund operating expenses without the effect of contractual fee waivers. For actual rates during the period, refer to the Financial Highlights section of the Financial Statements. | |
3 | This list is not a recommendation of any security by the investment adviser or subadviser. |
Ending |
||||||||||||||||
Beginning |
Account Value |
Expenses Paid |
||||||||||||||
Expense
Ratio1 |
Account Value |
(Net of Expenses) |
During
Period2 |
|||||||||||||
(Annualized) | at 10/1/13 | at 3/31/14 | 10/1/133/31/14 | |||||||||||||
Laudus U.S. Large Cap Growth Fund | ||||||||||||||||
Actual Return
|
0.77% | $ | 1,000.00 | $ | 1,100.50 | $ | 4.03 | |||||||||
Hypothetical 5% Return
|
0.77% | $ | 1,000.00 | $ | 1,021.09 | $ | 3.88 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights which covers a 12-month period. | |
2 | Expenses for the fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 days of the period, and divided by 365 days of the fiscal year. |
4/1/13 |
4/1/12 |
4/1/11 |
4/1/10 |
7/1/09 |
7/1/08 |
|||||||||||||||||||||
3/31/14 | 3/31/13 | 3/31/12 | 3/31/11 | 3/31/101 | 6/30/09 | |||||||||||||||||||||
Per-Share Data ($)
|
||||||||||||||||||||||||||
Net asset value at beginning of period
|
15.58 | 14.83 | 13.36 | 11.23 | 8.68 | 11.45 | ||||||||||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||||
Net investment income (loss)
|
(0.02 | )2 | 0.02 | 2 | (0.02 | )2 | 0.01 | 2 | 0.01 | 2 | 0.03 | 2 | ||||||||||||||
Net realized and unrealized gains (losses)
|
3.85 | 1.01 | 1.77 | 2.13 | 2.58 | (2.80 | ) | |||||||||||||||||||
Total from investment operations
|
3.83 | 1.03 | 1.75 | 2.14 | 2.59 | (2.77 | ) | |||||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||||
Distributions from net investment income
|
| (0.02 | ) | | (0.01 | ) | (0.04 | ) | | |||||||||||||||||
Distributions from net realized gains
|
(1.22 | ) | (0.26 | ) | (0.28 | ) | | | | |||||||||||||||||
Total distributions
|
(1.22 | ) | (0.28 | ) | (0.28 | ) | (0.01 | ) | (0.04 | ) | | |||||||||||||||
Net asset value at end of period
|
18.19 | 15.58 | 14.83 | 13.36 | 11.23 | 8.68 | ||||||||||||||||||||
Total return (%)
|
24.81 | 7.09 | 13.58 | 19.07 | 30.02 | 3 | (24.19 | ) | ||||||||||||||||||
Ratios/Supplemental Data (%)
|
||||||||||||||||||||||||||
Ratios to average net assets:
|
||||||||||||||||||||||||||
Net operating expenses
|
0.78 | 4 | 0.78 | 0.78 | 0.78 | 0.78 | 5 | 0.80 | ||||||||||||||||||
Gross operating expenses
|
0.78 | 0.82 | 0.88 | 0.94 | 0.99 | 5 | 1.23 | |||||||||||||||||||
Net investment income (loss)
|
(0.12 | ) | 0.13 | (0.17 | ) | 0.06 | 0.12 | 5 | 0.41 | |||||||||||||||||
Portfolio turnover rate
|
124 | 76 | 96 | 98 | 72 | 3 | 132 | |||||||||||||||||||
Net assets, end of period ($ x 1,000)
|
2,122,365 | 1,695,291 | 1,029,502 | 468,963 | 214,872 | 54,344 |
Cost |
Value |
|||||||||||
Holdings by Category | ($) | ($) | ||||||||||
96 | .1% | Common Stock | 1,689,155,877 | 2,038,413,073 | ||||||||
4 | .3% | Other Investment Company | 91,750,319 | 91,750,319 | ||||||||
100 | .4% | Total Investments | 1,780,906,196 | 2,130,163,392 | ||||||||
(0 | .4)% | Other Assets and Liabilities, Net | (7,798,869 | ) | ||||||||
100 | .0% | Net Assets | 2,122,364,523 |
Number |
Value |
|||||||
Security | of Shares | ($) | ||||||
Common Stock 96.1% of net assets
|
||||||||
Automobiles & Components 1.5% |
||||||||
Delphi Automotive plc
|
463,987 | 31,486,158 | ||||||
Capital Goods 10.2% |
||||||||
Eaton Corp. plc
|
743,117 | 55,822,949 | ||||||
Emerson Electric Co.
|
430,491 | 28,756,799 | ||||||
Precision Castparts Corp.
|
223,090 | 56,388,228 | ||||||
Roper Industries, Inc.
|
123,377 | 16,472,063 | ||||||
SolarCity Corp. *
|
162,884 | 10,199,796 | ||||||
United Technologies Corp.
|
409,432 | 47,838,035 | ||||||
215,477,870 | ||||||||
Commercial & Professional Supplies 0.5% |
||||||||
Verisk Analytics, Inc., Class A *
|
173,591 | 10,408,516 | ||||||
Consumer Durables & Apparel 2.0% |
||||||||
NIKE, Inc., Class B
|
581,258 | 42,931,716 | ||||||
Consumer Services 4.6% |
||||||||
Starbucks Corp.
|
664,496 | 48,760,716 | ||||||
Wynn Resorts Ltd.
|
215,526 | 47,879,101 | ||||||
96,639,817 | ||||||||
Diversified Financials 3.6% |
||||||||
Discover Financial Services
|
423,243 | 24,628,510 | ||||||
IntercontinentalExchange Group, Inc.
|
126,210 | 24,968,124 | ||||||
Moodys Corp.
|
349,864 | 27,751,213 | ||||||
77,347,847 | ||||||||
Energy 3.7% |
||||||||
Concho Resources, Inc. *
|
194,537 | 23,830,782 | ||||||
FMC Technologies, Inc. *
|
654,441 | 34,220,720 | ||||||
Laredo Petroleum, Inc. *
|
775,689 | 20,059,318 | ||||||
78,110,820 | ||||||||
Food, Beverage & Tobacco 1.2% |
||||||||
Mondelez International, Inc., Class A
|
767,181 | 26,506,104 | ||||||
Health Care Equipment & Services 1.1% |
||||||||
Intuitive Surgical, Inc. *
|
52,338 | 22,923,521 | ||||||
Household & Personal Products 1.2% |
||||||||
The Estee Lauder Cos., Inc., Class A
|
370,628 | 24,787,601 | ||||||
Materials 2.5% |
||||||||
LyondellBasell Industries N.V., Class A
|
275,664 | 24,517,556 | ||||||
Monsanto Co.
|
258,030 | 29,356,073 | ||||||
53,873,629 | ||||||||
Media 11.8% |
||||||||
Comcast Corp., Class A
|
1,357,344 | 67,894,347 | ||||||
Liberty Global plc, Class A *
|
1,220,401 | 50,768,681 | ||||||
The Walt Disney Co.
|
572,686 | 45,854,968 | ||||||
Time Warner, Inc.
|
740,652 | 48,386,795 | ||||||
Twenty-First Century Fox, Inc., Class A
|
1,194,307 | 38,181,995 | ||||||
251,086,786 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences
12.1% |
||||||||
AbbVie, Inc.
|
1,049,700 | 53,954,580 | ||||||
Allergan, Inc.
|
177,761 | 22,060,140 | ||||||
Gilead Sciences, Inc. *
|
857,428 | 60,757,348 | ||||||
Regeneron Pharmaceuticals, Inc. *
|
94,315 | 28,320,908 | ||||||
United Therapeutics Corp. *
|
436,736 | 41,066,286 | ||||||
Valeant Pharmaceuticals International, Inc. *
|
385,265 | 50,789,485 | ||||||
256,948,747 | ||||||||
Retailing 7.9% |
||||||||
Amazon.com, Inc. *
|
172,289 | 57,978,694 | ||||||
Expedia, Inc.
|
231,519 | 16,785,127 | ||||||
Lumber Liquidators Holdings, Inc. *
|
115,937 | 10,874,891 | ||||||
priceline.com, Inc. *
|
56,631 | 67,497,923 | ||||||
TripAdvisor, Inc. *
|
163,514 | 14,812,733 | ||||||
167,949,368 | ||||||||
Software & Services 25.1% |
||||||||
Alliance Data Systems Corp. *
|
133,246 | 36,302,873 | ||||||
AOL, Inc. *
|
399,325 | 17,478,455 | ||||||
Autodesk, Inc. *
|
725,078 | 35,659,336 |
Number |
Value |
|||||||
Security | of Shares | ($) | ||||||
eBay, Inc. *
|
354,069 | 19,558,772 | ||||||
Facebook, Inc., Class A *
|
416,507 | 25,090,382 | ||||||
Google, Inc., Class A *
|
91,458 | 101,930,856 | ||||||
LinkedIn Corp., Class A *
|
195,495 | 36,154,845 | ||||||
MasterCard, Inc., Class A
|
601,206 | 44,910,088 | ||||||
Splunk, Inc. *
|
134,504 | 9,615,691 | ||||||
Twitter, Inc. *
|
270,979 | 12,646,590 | ||||||
Visa, Inc., Class A
|
329,449 | 71,114,861 | ||||||
VMware, Inc., Class A *
|
329,658 | 35,609,657 | ||||||
Yahoo! Inc. *
|
1,566,028 | 56,220,369 | ||||||
Yelp, Inc. *
|
388,317 | 29,873,227 | ||||||
532,166,002 | ||||||||
Telecommunication Services 3.5% |
||||||||
SoftBank Corp.
|
685,600 | 51,809,572 | ||||||
Vivendi S.A.
|
781,551 | 21,752,785 | ||||||
73,562,357 | ||||||||
Transportation 3.6% |
||||||||
American Airlines Group, Inc. *
|
466,087 | 17,058,784 | ||||||
Union Pacific Corp.
|
315,184 | 59,147,430 | ||||||
76,206,214 | ||||||||
Total Common Stock | ||||||||
(Cost $1,689,155,877) | 2,038,413,073 | |||||||
Other Investment Company 4.3% of net assets
|
||||||||
Money Market Fund 4.3% |
||||||||
State Street Institutional U.S. Government Money Market Fund,
Institutional Class 0.00% (a)
|
91,750,319 | 91,750,319 | ||||||
Total Other Investment Company | ||||||||
(Cost $91,750,319) | 91,750,319 | |||||||
End of Investments.
|
* | Non-income producing security. | |
(a) | The rate shown is the 7-day yield. |
JPY
|
Japanese yen | |
USD
|
U.S. dollar |
Amount of |
Amount of |
|||||||||||||||||||||
Currency |
Currency |
Currency |
Currency |
Unrealized |
||||||||||||||||||
to be |
to be |
to be |
to be |
Appreciation |
||||||||||||||||||
Expiration Date | Counterparty | Received | Received | Delivered | Delivered | ($) | ||||||||||||||||
Forward Foreign Currency Exchange Contract
|
||||||||||||||||||||||
05/28/2014
|
Royal Bank of Scotland plc | USD | 36,282,270 | JPY | 3,743,757,366 | 331,566 |
Quoted
Prices in |
Significant |
|||||||||||||||
Active
Markets for |
Other
Significant |
Unobservable |
||||||||||||||
Identical
Assets |
Observable
Inputs |
Inputs |
||||||||||||||
Description
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Common
Stock1
|
$1,964,850,716 | $ | $ | $1,964,850,716 | ||||||||||||
Telecommunication Services
|
| 73,562,357 | | 73,562,357 | ||||||||||||
Other Investment
Company1
|
91,750,319 | | | 91,750,319 | ||||||||||||
Total
|
$2,056,601,035 | $73,562,357 | $ | $2,130,163,392 | ||||||||||||
Forward Foreign Currency Exchange
Contract2
|
| 331,566 | | 331,566 |
1
|
As categorized in Portfolio Holdings. | |
2
|
Forward foreign currency exchange contract is not included in Investments in the schedule of portfolio holdings and is valued at unrealized appreciation or depreciation. |
Assets
|
||||||
Investments, at value (cost $1,780,906,196)
|
$2,130,163,392 | |||||
Foreign currency, at value (cost $334)
|
334 | |||||
Receivables:
|
||||||
Investments sold
|
38,760,713 | |||||
Fund shares sold
|
12,023,153 | |||||
Dividends
|
1,004,719 | |||||
Foreign tax reclaims
|
782 | |||||
Unrealized appreciation on forward foreign currency exchange
contracts
|
331,566 | |||||
Prepaid expenses
|
+ | 9,430 | ||||
Total assets
|
2,182,294,089 | |||||
Liabilities
|
||||||
Payables:
|
||||||
Investments bought
|
56,945,936 | |||||
Fund shares redeemed
|
2,743,679 | |||||
Investment adviser fees
|
100,580 | |||||
Independent trustees fees
|
2,604 | |||||
Accrued expenses
|
+ | 136,767 | ||||
Total liabilities
|
59,929,566 | |||||
Net Assets
|
||||||
Total assets
|
2,182,294,089 | |||||
Total liabilities
|
− | 59,929,566 | ||||
Net assets
|
$2,122,364,523 | |||||
Net Assets by Source
|
||||||
Capital received from investors
|
1,578,465,171 | |||||
Net investment loss
|
(334,382 | ) | ||||
Net realized capital gains
|
194,646,161 | |||||
Net unrealized capital appreciation
|
349,587,573 | |||||
Net Asset Value (NAV)
|
Shares |
||||||||||||
Net Assets | ÷ | Outstanding | = | NAV | ||||||||
$2,122,364,523
|
116,661,489 | $18.19 |
Investment Income
|
||||||
Dividends (net of foreign withholding taxes of $26,650)
|
$12,224,336 | |||||
Expenses
|
||||||
Investment adviser fees
|
11,678,806 | |||||
Sub-accounting and sub-transfer agent fees
|
1,024,639 | |||||
Recouped by adviser
|
518,316 | |||||
Shareholder reports
|
262,899 | |||||
Transfer agent fees
|
241,575 | |||||
Proxy fees
|
181,907 | |||||
Registration fees
|
163,065 | |||||
Professional fees
|
113,884 | |||||
Accounting and administration fees
|
94,224 | |||||
Custodian fees
|
55,850 | |||||
Independent trustees fees
|
37,800 | |||||
Interest expense
|
4,557 | |||||
Other expenses
|
+ | 36,135 | ||||
Total expenses
|
− | 14,413,657 | ||||
Net investment loss
|
(2,189,321 | ) | ||||
Realized and Unrealized Gains (Losses)
|
||||||
Net realized gains on investments
|
325,116,907 | |||||
Net realized losses on foreign currency transactions
|
+ | (906,331 | ) | |||
Net realized gains
|
324,210,576 | |||||
Net change in unrealized appreciation (depreciation) on
investments
|
67,512,944 | |||||
Net change in unrealized appreciation (depreciation) on foreign
currency translations
|
+ | 330,377 | ||||
Net change in unrealized appreciation (depreciation)
|
+ | 67,843,321 | ||||
Net realized and unrealized gains
|
392,053,897 | |||||
Increase in net assets resulting from operations
|
$389,864,576 |
Operations
|
||||||||||
4/1/13-3/31/14 | 4/1/12-3/31/13 | |||||||||
Net investment income (loss)
|
($2,189,321 | ) | $1,671,154 | |||||||
Net realized gains
|
324,210,576 | 35,217,889 | ||||||||
Net change in unrealized appreciation (depreciation)
|
+ | 67,843,321 | 88,550,295 | |||||||
Increase in net assets from operations
|
389,864,576 | 125,439,338 | ||||||||
Distributions to Shareholders
|
||||||||||
Distributions from net investment income
|
| (1,621,135 | ) | |||||||
Distributions from net realized gains
|
+ | (122,741,907 | ) | (25,978,184 | ) | |||||
Total distributions
|
($122,741,907 | ) | ($27,599,319 | ) |
4/1/13-3/31/14 | 4/1/12-3/31/13 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares sold
|
37,369,472 | $659,401,136 | 60,299,234 | $872,988,167 | ||||||||||||||
Shares reinvested
|
5,110,428 | 90,199,053 | 1,351,094 | 19,266,607 | ||||||||||||||
Shares redeemed
|
+ | (34,646,063 | ) | (589,648,901 | ) | (22,254,617 | ) | (324,305,856 | ) | |||||||||
Net transactions in fund shares
|
7,833,837 | $159,951,288 | 39,395,711 | $567,948,918 | ||||||||||||||
Shares Outstanding and Net Assets
|
||||||||||||||||||
4/1/13-3/31/14 | 4/1/12-3/31/13 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period
|
108,827,652 | $1,695,290,566 | 69,431,941 | $1,029,501,629 | ||||||||||||||
Total increase
|
+ | 7,833,837 | 427,073,957 | 39,395,711 | 665,788,937 | |||||||||||||
End of period
|
116,661,489 | $2,122,364,523 | 108,827,652 | $1,695,290,566 | ||||||||||||||
Net investment loss/Distributions in excess of net investment
income
|
($334,382 | ) | ($3,682 | ) |
Laudus U.S. Large Cap Growth Fund
|
||||
(formerly, Laudus Growth Investors U.S. Large Cap Growth
Fund)
|
||||
Laudus Mondrian International Equity Fund
|
||||
Laudus Mondrian Emerging Markets Fund
|
||||
Laudus Mondrian International Government Fixed Income Fund
|
||||
(formerly, Laudus Mondrian International Fixed Income
Fund)
|
||||
Laudus Mondrian Global Government Fixed Income Fund
|
||||
(formerly, Laudus Mondrian Global Fixed Income Fund)
|
||||
| Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at halfway between the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below. | |
| Securities for which no quoted value is available: The Board has adopted procedures to fair value the funds securities when market prices are not readily available or are unreliable. For example, a fund may fair value a security when it is de-listed or its trading is halted or suspended; when a securitys primary pricing source is unable or unwilling to provide a price; or when a securitys primary trading market is closed during regular market hours. The fund makes fair value determinations in good faith in accordance with the funds valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs when arriving at fair value. The Pricing Committee may employ |
techniques such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security. The Board convenes on a regular basis to review fair value determinations made by the fund pursuant to the valuation procedures. |
| Foreign equity security fair valuation: The Board has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the fund valuing its holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the fund seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter arbitrage market timers, who seek to exploit delays between the change in the value of the funds portfolio holdings and the NAV of the funds shares, and seeks to help ensure that the prices at which the funds shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of the fund and that of its comparative index or benchmark. The Board regularly reviews fair value determinations made by the fund pursuant to these procedures. | |
| Forward foreign currency exchange contracts: Forwards are valued based on that days forward exchange rates or by using an interpolated forward exchange rate for contracts with interim settlement dates. | |
| Short-term securities (60 days or less to maturity): Short-term securities are valued at amortized cost, which approximates market value. | |
| Underlying funds: Mutual funds are valued at their respective NAVs. Exchange traded funds (ETFs) traded on a recognized securities exchange are valued at the last reported sale price that day or the official closing price, if applicable. |
| Level 1 quoted prices in active markets for identical securities Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities and ETFs. Investments in mutual funds are valued daily at their NAVs, which are classified as Level 1 prices. | |
| Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. In addition, international securities whose markets close hours before the fund values its holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of the foreign markets. The Board has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets. As investments whose values are classified as Level 2 prices include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. |
| Level 3 significant unobservable inputs (including the funds own assumptions in determining the fair value of investments) Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not available for these securities, the fund uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the fund in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the fund in the absence of market information. Assumptions used by the fund due to the lack of observable inputs may significantly impact the resulting fair value and therefore the funds results of operations. |
Average
daily net assets
|
||||
First $500 million
|
0.700% | |||
$500 million to $1 billion
|
0.650% | |||
$1 billion to $1.5 billion
|
0.600% | |||
$1.5 billion to $2 billion
|
0.575% | |||
Over $2 billion
|
0.550% |
Expiration
Date
|
||||
March 31, 2015
|
$428,059 | |||
March 31, 2016
|
| |||
Total
|
$428,059 | |||
Purchases
of Securities
|
Sales/Maturities
of Securities
|
|||||
$2,238,666,194 | $2,257,091,105 |
Forward
Foreign Currency |
||||||||
Exchange
Contract |
Net
Unrealized |
|||||||
Notional
Amount
|
Appreciation
(Depreciation)
|
|||||||
Laudus U.S. Large Cap Growth Fund
|
$12,158,710 | ($61,316 | ) |
Asset
Derivatives
|
Fair Value | |||
Forward Foreign Currency Exchange
Contracts1
|
$331,566 | |||
Liability
Derivatives
|
Fair Value | |||
Forward Foreign Currency Exchange
Contracts2
|
$ |
1
|
Statement of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts. | |
2
|
Statement of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts. |
Forward
Foreign |
||||
Currency
Exchange Contracts
|
||||
Realized Gains
(Losses)1
|
($829,028 | ) | ||
Change in Unrealized Appreciation
(Depreciation)2
|
$331,566 |
1
|
Statement of Operations location: Net realized gains (losses) on foreign currency transactions. | |
2
|
Statement of Operations location: Net unrealized appreciation (depreciation) on foreign currency translations. |
Gross
Amounts Not Offset in the |
||||||||||||||||
Statement of Assets and Liabilities | ||||||||||||||||
Gross
Amounts of Assets |
||||||||||||||||
Presented
in the |
Financial |
Cash
Collateral |
Net |
|||||||||||||
Counterparty
|
Statement
of Assets and Liabilities
|
Instruments
|
Received
|
Amounts(a)
|
||||||||||||
Royal Bank of Scotland plc
|
$331,566 | $ | $ | $331,566 | ||||||||||||
Total
|
$331,566 | $ | $ | $331,566 | ||||||||||||
a
|
Represents the net amount due from the counterparty in the event of default. |
Current
Period |
Prior
Period |
|||||
(4/1/13-3/31/14)
|
(4/1/12-3/31/13)
|
|||||
$46,185 | $73,918 |
Undistributed ordinary income
|
$48,239,522 | |||
Undistributed long-term capital gains
|
153,659,408 | |||
Unrealized appreciation on investments
|
362,046,140 | |||
Unrealized depreciation on investments
|
(20,041,713 | ) | ||
Other unrealized appreciation (depreciation)
|
(1,189 | ) | ||
Net unrealized appreciation (depreciation)
|
$342,003,238 | |||
Current period distributions
|
||||
Ordinary income
|
$37,028,116 | |||
Long-term capital gains
|
85,713,791 | |||
Return of capital
|
| |||
Prior period distributions
|
||||
Ordinary income
|
$14,089,863 | |||
Long-term capital gains
|
13,509,456 | |||
Return of capital
|
|
Capital shares
|
$16,594,681 | |||
Undistributed net investment income
|
1,858,621 | |||
Net realized capital gains (losses)
|
(18,453,302 | ) |
Name, Year of Birth, |
Number of |
|||||
and Position(s) with |
Portfolios in |
|||||
the trust; (Terms of |
Fund Complex |
|||||
office, and length of |
Principal Occupations |
Overseen by |
||||
Time Served1) | During the Past Five Years | the Trustee | Other Directorships | |||
Mariann Byerwalter 1960 Trustee (Trustee of Laudus Trust since 2004.) |
Chairman of JDN Corporate Advisory LLC (advisory services firm) (Oct. 2001 present). | 76 |
Director, WageWorks, Inc.
(2010 present) Director, Redwood Trust, Inc. (1998 present) Director, PMI Group Inc. (2001 2009) |
|||
John F. Cogan 1947 Trustee (Trustee of Laudus Trust since 2010.) |
Senior Fellow, The Hoover Institution at Stanford University (Oct. 1979 present); Senior Fellow, Stanford Institute for Economic Policy Research; Professor of Public Policy, Stanford University (Sept. 2000 present). | 76 |
Director, Gilead Sciences, Inc.
(2005 present) Director, Monaco Coach Corporation (2005 2009) |
|||
David L. Mahoney 1954 Trustee (Trustee of Laudus Trust since 2011.) |
Private Investor. | 76 |
Director, Symantec Corporation
(2003 present) Director, Corcept Therapeutics Incorporated (2004 present) |
|||
Kiran M. Patel 1948 Trustee (Trustee of Laudus Trust since 2011.) |
Retired. Formerly, Executive Vice President and General Manager of Small Business Group, Intuit, Inc. (financial software and services for consumers and small businesses) (Dec. 2008 Sept. 2013). | 76 | Director, KLA-Tencor Corporation (2008 present) | |||
Gerald B. Smith 1950 Trustee (Trustee of Laudus Trust since 2010.) |
Chairman, Chief Executive Officer and Founder of Smith Graham & Co. (investment advisors) (1990 present). | 76 |
Director, Eaton (2012-present) Director and Chairman of the Audit Committee, Oneok Partners LP (2003 present) Director, Oneok, Inc. (2009 present) Lead Independent Director, Board of Cooper Industries (2002 2012) |
|||
Joseph H. Wender 1944 Trustee (Trustee of Laudus Trust since 2010.) |
Senior Consultant, Goldman Sachs & Co., Inc. (investment banking and securities firm) (Jan. 2008 present); Partner, Colgin Partners, LLC (vineyards) (February 1998 present). | 76 | Board Member and Chairman of the Audit Committee, Isis Pharmaceuticals (1994 present) | |||
Name, Year of Birth, |
Number of |
|||||
and Position(s) with |
Portfolios in |
|||||
the trust; (Terms of |
Fund Complex |
|||||
office, and length of |
Principal Occupations |
Overseen by |
||||
Time Served ) | During the Past Five Years | the Trustee | Other Directorships | |||
Charles R.
Schwab2 1937 Chairman and Trustee (Chairman and Trustee of Laudus Trust since 2010) |
Chairman and Director, The Charles Schwab Corporation, Charles Schwab & Co., Inc., Charles Schwab Investment Management, Inc., Charles Schwab Bank, N. A.; Chairman and Chief Executive Officer, Schwab (SIS) Holdings Inc. I, Schwab International Holdings, Inc.; Chief Executive Officer, Schwab Holdings, Inc.; Through June 2007, Director, U.S. Trust Company, N. A., U.S. Trust Corporation, United States Trust Company of New York. Until October 2008, Chief Executive Officer, The Charles Schwab Corporation, Charles Schwab & Co., Inc. | 76 | None | |||
Walter W. Bettinger
II2 1960 Trustee (Trustee of Laudus Trust since 2010.) |
As of October 2008, President and Chief Executive Officer, Charles Schwab & Co., Inc. and The Charles Schwab Corporation. Since October 2008, Director, The Charles Schwab Corporation. Since May 2008, Director, Charles Schwab & Co., Inc. and Schwab Holdings, Inc. Since 2006, Director, Charles Schwab Bank. Until October 2008, President and Chief Operating Officer, Charles Schwab & Co., Inc. and The Charles Schwab Corporation. From 2004 through 2007, Executive Vice President and President, Schwab Investor Services. From 2004 through 2005, Executive Vice President and Chief Operating Officer, Individual Investor Enterprise, and from 2002 through 2004, Executive Vice President, Corporate Services. | 97 | None | |||
Name, Year of Birth, and Position(s) |
||
with the trust; (Terms of office, and |
||
length of Time Served3) | Principal Occupations During the Past Five Years | |
Marie Chandoha 1961 President and Chief Executive Officer (Officer of Laudus Trust since 2010.) |
Executive Vice President, Charles Schwab & Co., Inc. (Sept. 2010 present); Director, President and Chief Executive Officer (Dec. 2010 present), Chief Investment Officer (Sept. 2010 Oct. 2011), Charles Schwab Investment Management, Inc.; President, Chief Executive Officer (Dec. 2010 present), and Chief Investment Officer (Sept. 2010 Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Global Head of Fixed Income Business Division, BlackRock, Inc. (formerly Barclays Global Investors) (March 2007 August 2010). | |
George Pereira 1964 Treasurer and Chief Financial Officer (Officer of Laudus Trust since 2006.) |
Senior Vice President and Chief Financial Officer (Nov. 2004 present), Chief Operating Officer (Jan. 2011 present), Charles Schwab Investment Management, Inc.; Treasurer and Chief Financial Officer, Laudus Funds (2006 present); Treasurer and Principal Financial Officer, Schwab Funds (Nov. 2004 present) and Schwab ETFs (Oct. 2009 present); Director, Charles Schwab Worldwide Fund, PLC and Charles Schwab Asset Management (Ireland) Limited (April 2005 present). | |
Omar Aguilar 1970 Senior Vice President and Chief Investment Officer Equities (Officer of Laudus Trust since 2011.) |
Senior Vice President and Chief Investment Officer Equities, Charles Schwab Investment Management, Inc. (April 2011 present); Senior Vice President and Chief Investment Officer Equities, Schwab Funds and Laudus Funds (June 2011 present); Head of the Portfolio Management Group and Vice President of Portfolio Management, Financial Engines, Inc. (May 2009 April 2011); Head of Quantitative Equity, ING Investment Management (July 2004 Jan. 2009). | |
Name, Year of Birth, and Position(s) |
||
with the trust; (Terms of office, and |
||
length of Time Served3) | Principal Occupations During the Past Five Years | |
Brett Wander 1961 Senior Vice President and Chief Investment Officer Fixed Income (Officer of Laudus Trust since 2011.) |
Senior Vice President and Chief Investment Officer Fixed Income, Charles Schwab Investment Management, Inc. (April 2011 present); Senior Vice President and Chief Investment Officer Fixed Income, Schwab Funds and Laudus Funds (June 2011 present); Senior Managing Director, Global Head of Active Fixed-Income Strategies, State Street Global Advisors (Jan. 2008 Oct. 2010); Director of Alpha Strategies, Loomis, Sayles & Company (April 2006 Jan. 2008). | |
David Lekich 1964 Vice President and Assistant Clerk (Officer of Laudus Trust since 2011.) |
Senior Vice President (Sept. 2011 present), Vice President (March 2004 Sept. 2011), Charles Schwab & Co., Inc.; Senior Vice President and Chief Counsel (Sept. 2011 present), Vice President (Jan. 2011 Sept. 2011), Charles Schwab Investment Management, Inc.; Secretary (April 2011 present) and Chief Legal Officer (Dec. 2011 present), Schwab Funds; Vice President and Assistant Clerk, Laudus Funds (April 2011 present); Secretary (May 2011 present) and Chief Legal Officer (Nov. 2011 present), Schwab ETFs. | |
Catherine MacGregor 1964 Chief Legal Officer, Vice President and Clerk (Officer of Laudus Trust since 2005.) |
Vice President, Charles Schwab & Co., Inc., Charles Schwab Investment Management, Inc. (July 2005 present); Vice President (Dec. 2005 present), Chief Legal Officer and Clerk (March 2007 present), Laudus Funds; Vice President (Nov. 2005 present) and Assistant Secretary (June 2007 present), Schwab Funds; Vice President and Assistant Secretary, Schwab ETFs (Oct. 2009 present). | |
1 | Trustees remain in office until they resign, retire or are removed by shareholder vote. The Laudus Funds retirement policy requires that independent trustees retire at age 72 or after twenty years as a trustee, whichever comes first. In addition, the retirement policy requires any independent trustee of Laudus Funds who also serves as an independent trustee of Schwab Funds to retire from the Boards of Laudus Funds upon their required retirement date from either the Boards of Trustees of Laudus Funds or Schwab Funds, whichever comes first. | |
2 | Mr. Schwab and Mr. Bettinger are Interested Trustees because they own stock of The Charles Schwab Corporation, the parent company of the investment adviser. | |
3 | The President, Treasurer and Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board. |
| APPLICATION AND REGISTRATION INFORMATION. |
| TRANSACTION AND EXPERIENCE INFORMATION. |
| WEBSITE USAGE. |
| to help us process transactions for your account; |
| when we use other companies to provide services for us, such as printing and mailing your account statements; |
| when we believe that disclosure is required or permitted under law (for example, to cooperate with regulators or law enforcement, resolve consumer disputes, perform credit/authentication checks, or for risk control). |
(a) | Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other persons who perform a similar function, regardless of whether these individuals are employed by Registrant or a third party. | |
(c) | During the period covered by the report, no amendments were made to the provisions of this code of ethics. | |
(d) | During the period covered by the report, Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics. | |
(f)(1) | Registrant has filed this code of ethics as an exhibit pursuant to Item 11(a)(1) of Form N-CSR. |
2014: $173,030
|
2013: $178,624 |
Nature of these services: | non-audit services related to the requirements of Section 15(c) of the Investment Company Act of 1940, such as evaluation of the Profitability Analysis System. |
(b) | During the second fiscal quarter of the period covered by this report, there have been no changes in Registrants internal control over financial reporting that the above officers believe to have materially affected, or to be reasonably likely to materially affect, Registrants internal control over financial reporting. |
(a) | (1) | Registrants code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached. |
(2) | Separate certifications for Registrants principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached. | |
(3) | Not applicable. |
(b) | A certification for Registrants principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSR with the Commission. |
(Registrant) Laudus Trust | ||||
By:
|
/s/ Marie Chandoha
|
|||
President and Chief Executive Officer | ||||
Date: May 16, 2014 |
By:
|
/s/ Marie Chandoha
|
|||
President and Chief Executive Officer | ||||
Date: May 16, 2014 | ||||
By:
|
/s/ George Pereira
|
|||
Chief Financial Officer | ||||
Date: May 16, 2014 |
F.II.1.B. | Schwab Funds, Laudus Funds and Schwab ETFs |
Effective Date
|
October 10, 2012 | |
Functional Applicability
|
Business Conduct of Fund Officers | |
Approver(s)
|
Investment Company Board of Trustees | |
Policy Owner
|
Investment Company Board of Trustees | |
Last Review/Update
|
August 8, 2013 | |
Next Approximate Review Date
|
July 1, 2014 |
The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed
in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic,
mechanical, reprographic, recording, or otherwise) outside of Charles Schwab with prior permission of the
Mutual Funds Chief Compliance Officer or his/her designee.
|
1 |
F.II.1.B. | Schwab Funds, Laudus Funds and Schwab ETFs |
Title | Name | Phone Number | ||
Chief Compliance Officer
|
Michael F. Hogan | 415-667-1987 | ||
Chief Legal Officer of CSIM,
Schwab Funds and Schwab
ETFs
|
David Lekich | 415-667-0660 | ||
Chief Legal Officer of Laudus
Funds
|
Catherine MacGregor | 415-667-0650 | ||
The Charles Schwab Corporation Ombudsperson |
Sam Scott Miller, Esq. Orrick Herrington & Sutcliffe LLP | 212-506-5130 |
The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed
in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic,
mechanical, reprographic, recording, or otherwise) outside of Charles Schwab with prior permission of the
Mutual Funds Chief Compliance Officer or his/her designee.
|
2 |
F.II.1.B. | Schwab Funds, Laudus Funds and Schwab ETFs |
The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed
in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic,
mechanical, reprographic, recording, or otherwise) outside of Charles Schwab with prior permission of the
Mutual Funds Chief Compliance Officer or his/her designee.
|
3 |
F.II.1.B. | Schwab Funds, Laudus Funds and Schwab ETFs |
§ | Offering or paying bribes or other financial incentives, including offering future employment or contracts for non-audit services | ||
§ | Providing an auditor with inaccurate or misleading legal analysis | ||
§ | Threatening to cancel or canceling existing non-audit or audit engagements if the auditor objects to the issuers accounting | ||
§ | Seeking to have a partner removed from the audit engagement because the partner objects to the Funds accounting | ||
§ | Blackmailing | ||
§ | Making physical threats |
The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed
in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic,
mechanical, reprographic, recording, or otherwise) outside of Charles Schwab with prior permission of the
Mutual Funds Chief Compliance Officer or his/her designee.
|
4 |
F.II.1.B. | Schwab Funds, Laudus Funds and Schwab ETFs |
The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed
in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic,
mechanical, reprographic, recording, or otherwise) outside of Charles Schwab with prior permission of the
Mutual Funds Chief Compliance Officer or his/her designee.
|
5 |
F.II.1.B. | Schwab Funds, Laudus Funds and Schwab ETFs |
§ | Read and be familiar with conduct rules outlined in the Code, and periodically review them. | |
§ | Affirm in writing to the Trustees that you have received, read and understand the Code. | |
§ | Annually affirm to the Trustees that you have complied with the requirements of the Code. | |
§ | Comply with the conduct standards outlined in this Code in all dealings and actions, including those with shareholders, the public, and vendors. | |
§ | Report any material transaction or relationship to the Chief Compliance Officer that reasonably could be expected to be or to create a personal conflict of interest with the Funds. | |
§ | Report in a timely manner to the Chief Compliance Officer any conduct that may constitute a violation of the Code, the Funds policies, or laws, rules and regulations. | |
§ | Raise questions or concerns about conduct issues with your supervisor, the Chief Legal Officer or Chief Compliance Officer, and seek advice when in doubt. | |
§ | Cooperate with management during fact-finding investigations and comply with any confidentiality rules imposed. |
§ | The Chief Compliance Officer, upon becoming notified of potential violation of this Code, will conduct, facilitate or delegate a review of the matter and will report to the Chairperson of affected Funds Audit and Compliance Committee any violations of this Code that he or she believes to be material. | |
§ | The Chief Compliance Officer, upon becoming notified of a personal conflict of interest between an Officer and the Funds that the Chief Compliance Officer deems to be material, will report the issue to the Chairperson of the affected Funds Audit and Compliance Committee and will work with legal and other appropriate parties to ensure that any required disclosures are made. |
§ | The Board of Trustees will consider appropriate action to address any violations of the Code that they deem to be material, which may include review of and appropriate modification to applicable policies and procedures, notification to appropriate personnel of CSIM or its board, notification to appropriate personnel of The Charles Schwab Corporation or its board, or a recommendation to dismiss the Officer. |
The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed
in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic,
mechanical, reprographic, recording, or otherwise) outside of Charles Schwab with prior permission of the
Mutual Funds Chief Compliance Officer or his/her designee.
|
6 |
F.II.1.B. | Schwab Funds, Laudus Funds and Schwab ETFs |
§ | Schwab Funds: June 15, 2011 | |
§ | Laudus Funds: June 15, 2011 | |
§ | Schwab ETFs: August 4, 2011 |
The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed
in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic,
mechanical, reprographic, recording, or otherwise) outside of Charles Schwab with prior permission of the
Mutual Funds Chief Compliance Officer or his/her designee.
|
7 |
Date: May 16, 2014
|
/s/ Marie Chandoha
|
|||
President and Chief Executive Officer |
Date: May 16, 2014
|
/s/ George Pereira
|
|||
Chief Financial Officer |
/s/ Marie Chandoha
|
Date: May 16, 2014 | |
President and Chief Executive Officer |
||
/s/ George Pereira
|
Date: May 16, 2014 | |
Chief Financial Officer |
G'T138@>=1>1P")3*>_1JA8V\3NM@`R"A8G)P7$NTC+*KQA^CS$>PNO
M0/`K:/QQ"@!@_%5#PT08J$#.+$A!L[$5I_O3/[:)N7'/6/?+#KL7%ZW"P:]<
M9J]2#+C<*-1Y`9
M,`H14`_QAQSKI1JQW38#G37<+6P'1;9@GP6X_^9\O-+W#+H]P,"Y?(511B:6
M/ZTW#4J)HS;I*UA]M^`C4#VZ;"9X_3/>)LBLNMM1K9-`E:[V"4\2D=>PCFKC
MD:U[YL3C.CNS-5/[]PJ!-^<\+%^K4$D9[1A&G0[9W"L[YYJV)P*-/+
R0(:KWJ45#*<7\#N6\$./"&+'=8'A=PL(2]*K@X)R2V,TB!
M"V"0$$,N4P7Z'0`^+D""&R.:S0V1`)T?$`14GN"5`8BD"I+KAYKZ0=/B'<`*
M/"`!4?H!PRA9`9T!P@)0%Z0#>[5`%UB0CS'XL8\
@P8,($RI \
M#KU`OXG@O\&0KW.0"AEAP"U#.1`F!"W#)J=-A"N]ZD)>;L]>QL,!H#_MK-I"8`K#`
P@!>&1$NID^12J>NFIIW.AE\5J;L9FX.IUGYF*NO*@HH M`I\6P`$H4'RZ>'1E2JR$NJN247[(-5M'UXG0JJ#2BJ?*B8#)UYC9:O^GPMDA M]2>-=K"3^/"5X;J=VTH9RQ8"=TD`L>>(ZXHZA7HN#(!F@EJOXCJJ_+I']_JO MF-FN`CM%`5NP8G2P"-M%"KNP6-2P#FNP!!NQ1+1#<1$\QQ,7!1`,ZM6@,4JQ M8^0W&2$2">`1V].B&S"EL#"D'PNR7I1"#L"QM)`_5\H\Z@,!\-.R+IM%EZ,` M&\!#W?,1PZ->UN.?=\!92)NT2KNT3-NT3ONT4!NU4CNU5%NU5GNU6)NU6KNU M5:L$&:1>_0-"L-!!M5"R(^0+:)NV:KNV;$L)+T5>M!!#MP`!L4`+_=FV>)NW M>KNWN\!#?/NW@!NX@CNXA%NXAGNXANNWQR/_"0*E"XHK"HV;"X\;"I&+"Y,+ M"I5K")<;"6>A/,60/$7KG72[#.($`6U!"!?0"L#S$_(P"W1[NI=P/Z=%#*,+ MGJJ0II60NA"PNALT#'*;";)[NAIQ`\>3LIJ@N[S[N:P@0\!K"L)[`,1;"ZJ; M"<@+GN#$/"HT",,["`>0`YP[M*9%#`D00N)Y`+<@MN")NRO:%I_+G\S#H);0 MN,.`#.=;LL%CGI:PONFK%F5+"Y@@O^(YONY0/9J@O^W#O^/KO['K/MICOQB[ M09E@P$`;/.[0P.[0NY(PM#'EO_8)"T.KP?#+O=_30?WCO)LPN\"0#,,#`2.K M"5-:I0<5M`J,"2B\_\%$NPDO3+8*W,&:4,,[G+.8D,.WDG`F8C$X7@#TQY<4SW,F+4+GDN[$Y<<$RN[F_H\/&$SQ] M;,;)P,NOL+&X:PF_;)X\A#P%7,R#X+>9>PG+',WH,SRM1
Q)0 3P8RQ#*JXEHRXYGS.Z.P+@0``.S\_ ` end
RP\GL8KR##31EN4(-RX6T`KJ&2[Y+9\F6OP697*RU$W M"YBRZ2`5'7GODK42DH#_*CP"G(JJ!#MWL%%A`(R]-*B*JT*X1O54#*I!4PM)98W!2`PV<9$';)+U=@@LV-)`! M"2N'='4&'ZAPP06+%0EVQV+;]$$&,?Q]@=0J:!U2"!1P`%()1U\0`P9PA]3` M!Q684(0%3H>4-.*-7Y"TTAF,G#=(D$O`P0,CC9Y!8H(/OFWA;)<-TP466("! M!16@C,<'($W``00")`]!"!^P#5(%G&-@0@,5*`W2!238D($/&&10P=+-EQ`# M__2`CR1"!\FGKSP$'5#P`-LNE/]7[;8C2O3;*C3P=.8J-0`\_R*9@`0BH+[D M18`"(I``!"`@.=.YH`$N>``("#@"$%!@!_[#F@A0@`(1E,0#'$#!"`I(P@)" MP`D[X)[\ZB*XEW7$2);*!9;"!:X5V8I8*WJ7(5ZA"'@D`!X+P-@."7$H`ZQH M0[OP2<4:,<,;$M$106'2(&@XB`,,S(I3=*)6/A8#XCUO=5DC@ ,``TQ27 "<)(;!(==HS>2-``0 $$9 MO+@2(("!#BR`@1#2L,^1/``%:YC!"HCP@AODH`8?O<$G":$`#9CTI"@U*9;H MU"T:9,,4+ZO2#U]1"J.XPB@*>)4K7A:+@(4*&S`JY2#VQBJI,W48[8#8QM:J"%`C(""J.T:\E72P;& N># M%?Q 4)``B$0B0 _E%%"3JMR(Z?)>CFI21*()+5*8H<'WK^\IMJ+=3 M.=)9_X"' )IQAJ1Y@E1/[,(_R,"P=9B24 MT^H;*4B$60!78$)C+A%B)Y.@O`U7@`A1"9Y,2F"`#_IM`.@LX@@ML$P\A MB*.4*V402`!]*4@!#%J@@A4$(04K&`$%?CL2Q\@@I8C6@`P:! Q[#HQ(!NR2._H.Y&J48Y:5C!PE$KJM5[ MD^IH)-4JTMIZ;ZII7QHX)TXL;FGYA/"8\E(S`XJKPTG6E7ZX` M*[9HTQ(W^;'TBF)8^3HKHP[451.`2V&@UX<;KSDLD9'@=FR\Q[BQ0`F,$`4D M,"' &(?*J\Z0JHP-8<.8-[7IXF]Z^G;$@O`EHM:*[@K7U?]P MFED,%^%S>`H;'L!A*Z7!$ID!E'=` F1U)V@4NF3G:D?B!A`=.S,A20 M/G:4$B(P_V@=.!,?2((4LA(3@`0[4!??DSHV$`)]I#Z?=1*+A$<:.'WP=(,@ M(7[I(W<[N!P^F(6'H!)`$`%_EFY-@0(P4`4LT0!&\`(_\`,2(`0%!`*X)1,< M4'<:V`'O%`%O>(7QIX5ZR"$G07 !(> MH`6.*``PL`$P*!)L4P$J0$(;@`*S^!20,T+MLXJ7&!69J(GX01(>4` (`$B8?\$):`&2\`# M=":.P8@ `\>*`_)7`#,U!N")@\*S`\`$;3`#=&9`V;B.NM&.[I@9I,`,!6!ZX/`* M-R0`;,0!(K`!,&!O'9"1Y1='ZB9!`C!=+S`#.4`%4K,X6)`"+3`"A):2,R`` M06!2=@>&&LF.'7D@P``J.'(,R;`,A9`\1*!G(K4!+ND22`A0Z9,"+T!'NRA` MY)4\(+"+1XF420D@L41I[_4-AI`\+*!<+"`"<=(E0Z!;)$0!0Q`F0^`^6C*7 M?OF7@!F8@CF8?LF19_D8Z]!>[S4/6QC_?F$6%:'E1Q98E@)BF(=9&!6! 1G9>XG=QI&-[YG>%9(^.)A^!9GK]QGCN8GNI9'>S9@>[YGF\1 MG_))GPYBGX4SG_@Y%OHI-OS9GU;QGT03H`*Z$P3Z,09ZH#F1H`>SH`PJ$0YJ M,!`:H1`QH>92H1;:#+`I+AKBF1@J*1JZH;PP(B6")*J"<;<2HI,RHB2J"SBR M*3VB<2HZ"'U)_Y@XFJ,ZNJ,\VJ.$Z:(OB@M0TB+%9"6:)P@LBBM`&J2WH"B, M]BA:E*0MRJ2CX2HYI2[&LD0K*J4SLJ142@NFYGKBT@X@RJ4=XJ5?&@UF*B1H MFJ;/L*9=ZJ;4`: J=]D:<1LJ=\J@M^^J>!:AR#"B&`6JBW M<*@*DJB*6@N,FB".^J@($JF52:FV8:F7BJEAHZG[,:F<"@J>^JFA6IRC2A^@ M6JJ=<*JHJJK*R:KMD:JNJ@FP&JNS^IRUBAZWJAFY:AZRNJN6T*NZ"JR0(:S? M\:O$.@G&ZAW(2JP?N0HC:11.M*S8T:S`NI3_@@RM`)59XJ/>^JW@&O^NXBJ8 MUKJK:;F6U20(`["N[-JN[OJN\!JO\CJO]%JO]GJO^)JO^KJO_-JO_OJO`-NN M$9"L.K$.BXE_!)NPMI.9@,*93Z>P$"LTI`E-17$41QJQ&,LJ'9JQ'*N'7<4O M0O1I/B(J2W4D-64A)VL*K.`*.J0))) Q1B)7FO!#2[(H(LFSDS"T,.NS6,*T@Y"N'1L.>;4*TQ)$ MR_)*>54,_)*N[X(4K*"ML``OF$!_+G<`7>LNM80)8ZNR#9,-QD!AF:"V.5(E MKQ2"+IL`W-`*65NW#TL)V?!4L!2"P8"VEY#_N"^%%"Z'2TV%(U?5@+KZK+OEE).`P:[Y6 MO.4`8?2G3#N'*3A7M5/E*!NA;*X+"3&K#$ KI>`+4\S67N^K">][6+$P:SJV(C,FO^,PM0MV`C:45HR)N8=P+3
RTNAQ@-"?`!<.759EE:QC0`+A&`AJQ<9BE$?U'%$F'$0S&9PBD
M`2U%`3B6$1-@;_`7$A+@5[A6?9*'?_FG?S:%%BEW$A10`9H6`F10`B/P!CT5
M!X!%<1"$_W<:L8#:!6\8QW):UQ*RUP%I-A(CMF!/Q6P7%P`?P'8@`73XAA\H
MF()><30ZDX$G`'`HH#-0