|
September 30, 2011 (Unaudited)
|
|||
|
The Yacktman Fund
|
|||
|
Number of
Shares
|
Value
|
||
|
COMMON STOCKS - 89.06%
|
|||
|
Banks - 2.96%
|
|||
|
The Bancorp, Inc. (a)
|
760,000 | $ | 5,441,600 |
|
U.S. Bancorp
|
6,500,000 | 153,010,000 | |
| 158,451,600 | |||
|
Beverages - 15.31%
|
|||
|
Coca-Cola Co.
|
3,250,000 | 219,570,000 | |
|
PepsiCo, Inc.
|
9,670,000 | 598,573,000 | |
| 818,143,000 | |||
|
Capital Markets - 1.85%
|
|||
|
Bank of New York Mellon Corp.
|
3,900,000 | 72,501,000 | |
|
Janus Capital Group, Inc.
|
4,370,000 | 26,220,000 | |
| 98,721,000 | |||
|
Commercial Services & Supplies - 1.62%
|
|||
|
H&R Block, Inc.
|
6,500,000 | 86,515,000 | |
|
Communications Equipment - 0.67%
|
|||
|
Research In Motion Ltd (a)
|
1,750,000 | 35,525,000 | |
|
Computers & Peripherals - 2.16%
|
|||
|
Hewlett-Packard Co.
|
5,150,000 | 115,617,500 | |
|
Consumer Finance - 0.20%
|
|||
|
American Express Co.
|
235,000 | 10,551,500 | |
|
Diversified Consumer Services - 1.52%
|
|||
|
Apollo Group, Inc. (a)
|
2,050,000 | 81,200,500 | |
|
Diversified Financial Services - 0.06%
|
|||
|
Resource America, Inc., Class A
|
659,226 | 2,973,109 | |
|
Electronic Equipment, Instruments & Components - 1.20%
|
|||
|
Corning, Inc.
|
5,200,000 | 64,272,000 | |
|
Food & Staples Retailing - 3.50%
|
|||
|
Sysco Corp.
|
7,220,000 | 186,998,000 | |
|
Food Products - 0.52%
|
|||
|
Lancaster Colony Corp.
|
460,000 | 28,064,600 | |
|
Health Care Equipment & Supplies - 6.38%
|
|||
|
Becton Dickinson & Co.
|
750,000 | 54,990,000 | |
|
C.R. Bard, Inc.
|
1,500,000 | 131,310,000 | |
|
Covidien Plc
|
850,000 | 37,485,000 | |
|
Medtronic, Inc.
|
400,000 | 13,296,000 | |
|
Stryker Corp.
|
2,200,000 | 103,686,000 | |
| 340,767,000 | |||
|
Health Care Providers & Services - 2.13%
|
|||
|
Patterson Companies, Inc.
|
2,050,000 | 58,691,500 | |
|
UnitedHealth Group, Inc.
|
1,200,000 | 55,344,000 | |
| 114,035,500 | |||
|
Household Products - 7.91%
|
|||
|
Clorox Co.
|
1,400,000 | 92,862,000 | |
|
Colgate-Palmolive Co.
|
670,000 | 59,415,600 | |
|
Procter & Gamble Co.
|
4,280,000 | 270,410,400 | |
| 422,688,000 | |||
|
Internet Retail - 0.69%
|
|||
|
eBay, Inc. (a)
|
1,250,000 | 36,862,500 | |
|
IT Services - 5.15%
|
|||
|
Cisco Systems, Inc.
|
15,800,000 | 244,742,000 | |
|
Total System Services, Inc.
|
1,800,000 | 30,474,000 | |
| 275,216,000 | |||
|
Media - 15.81%
|
|||
|
Comcast Corp.
|
4,700,000 | 97,243,000 | |
|
Liberty Media Holding Corp., Interactive-Series A (a)
|
2,900,000 | 42,833,000 | |
|
News Corp., Class A
|
36,800,000 | 569,296,000 | |
|
Viacom, Inc., Class B
|
3,500,000 | 135,590,000 | |
| 844,962,000 | |||
|
Oil, Gas & Consumable Fuels - 4.11%
|
|||
|
ConocoPhillips
|
2,150,000 | 136,138,000 | |
|
Exxon Mobil Corp.
|
1,150,000 | 83,524,500 | |
| 219,662,500 | |||
|
Personal Products - 1.10%
|
|||
|
Avon Products, Inc.
|
3,000,000 | 58,800,000 | |
|
Pharmaceuticals - 6.75%
|
|||
|
Johnson & Johnson
|
3,500,000 | 222,985,000 | |
|
Pfizer, Inc.
|
7,800,000 | 137,904,000 | |
| 360,889,000 | |||
|
Semiconductor & Semiconductor Equipment - 0.92%
|
|||
|
Intel Corp.
|
2,300,000 | 49,059,000 | |
|
Software - 4.89%
|
|||
|
Microsoft Corp.
|
10,500,000 | 261,345,000 | |
|
Specialty Retail - 1.65%
|
|||
|
Wal-Mart Stores, Inc.
|
1,700,000 | 88,230,000 | |
|
TOTAL COMMON STOCKS (Cost $4,596,479,707)
|
4,759,549,309 | ||
|
Principal
|
|||
|
Amount
|
|||
|
SHORT TERM INVESTMENTS - 10.96%
|
|||
|
Commercial Paper - 1.22%
|
|||
|
American Express Co.
|
|||
|
0.007%, 10/03/2011
|
35,127,000 | 35,126,981 | |
|
Nestle SA
|
|||
|
0.104%, 10/17/2011
|
30,000,000 | 29,998,533 | |
| 65,125,514 | |||
|
Demand Note - 0.01%
|
|||
|
U.S. Bancorp
|
|||
| 0.00 | 441,242 | 441,242 | |
|
U.S. Treasury Bills - 9.73%
|
|||
|
U.S. Treasury Bill
|
|||
|
0.042%, 10/06/2011
|
12,105,000 | 12,104,916 | |
|
0.057%, 10/20/2011
|
12,034,000 | 12,033,619 | |
|
0.039%, 11/10/2011
|
43,696,000 | 43,694,058 | |
|
0.059%, 11/17/2011
|
8,183,000 | 8,182,359 | |
|
0.020%, 11/25/2011
|
48,165,000 | 48,163,505 | |
|
0.012%, 12/15/2011
|
44,980,000 | 44,978,876 | |
|
0.012%, 12/22/2011
|
171,094,000 | 171,089,209 | |
|
0.029%, 02/02/2012
|
82,183,000 | 82,174,782 | |
|
0.032%, 02/09/2012
|
29,248,000 | 29,244,607 | |
|
0.027%, 02/23/2012
|
33,442,000 | 33,438,355 | |
|
0.052%, 03/29/2012
|
35,127,000 | 35,117,867 | |
| 520,222,153 | |||
|
TOTAL SHORT TERM INVESTMENTS (Cost $585,785,039)
|
585,788,909 | ||
|
Total Investments (Cost $5,182,264,746) - 100.02%
|
5,345,338,218 | ||
|
Liabilities in Excess of Other Assets - (0.02)%
|
(1,159,401 | ||
|
TOTAL NET ASSETS - 100.00%
|
$ | 5,344,178,817 | |
|
Percentages are stated as a percent of net assets.
|
|||
|
(a) Non-Income Producing
|
|||
|
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
|
|||
|
The cost basis of investments for federal income tax purposes at September 30, 2011 was as follows*:
|
||
|
Cost of investments
|
$ | 5,182,264,746 |
|
Gross unrealized appreciation
|
376,970,091 | |
|
Gross unrealized depreciation
|
(213,896,619) | |
|
Net unrealized appreciation
|
$ | 163,073,472 |
|
*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the
|
||
|
previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements section
|
||
|
in the Fund's most recent semi-annual or annual report.
|
||
|
Valuation Measurements
|
|
The Trust has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs, if any, during the period. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:
|
|
Level 1 - Quoted prices in active markets for identical securities.
|
|
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
|
Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
|
|
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund's net assets as of September 30, 2011 :
|
|
THE YACKTMAN FUND
|
|||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
|
Common Stock*
|
$ | 4,759,549,309 | $ | - | $ | - | $ | 4,759,549,309 | |||
|
Short Term Investments*
|
- | 585,788,909 | - | 585,788,909 | |||||||
|
Total Investments in Securities
|
$ | 4,759,549,309 | $ | 585,788,909 | $ | - | $ | 5,345,338,218 | |||
|
*Please refer to the portfolio of investments to view securities by industry type.
|
|||||||||||
|
The Funds did not invest in any Level 3 investments during the year. There were no significant transfers into or out of Level 1 or Level 2 during the year.
|
|||||||||||
|
It is the Funds' policy to consider transfers into or out of Level 1 or Level 2 as of the end of the reporting period.
|
|||||||||||
|
September 30, 2011 (Unaudited)
|
|||
|
The Yacktman Focused Fund
|
|||
|
Number of
Shares
|
Value
|
||
|
COMMON STOCKS - 88.70%
|
|||
|
Auto Manufacturers - 0.69%
|
|||
|
Toyota Industries Corporation - ADR (a)
|
800,000 | 23,256,000 | |
|
Banks - 2.88%
|
|||
|
The Bancorp, Inc. (a)
|
336,000 | 2,405,760 | |
|
U.S. Bancorp
|
4,000,000 | 94,160,000 | |
| 96,565,760 | |||
|
Beverages - 15.59%
|
|||
|
Coca-Cola Co.
|
1,960,000 | 132,417,600 | |
|
PepsiCo, Inc.
|
6,300,000 | 389,970,000 | |
| 522,387,600 | |||
|
Capital Markets - 1.00%
|
|||
|
Bank of New York Mellon Corp.
|
1,800,000 | 33,462,000 | |
|
Commercial Services & Supplies - 1.51%
|
|||
|
H&R Block, Inc.
|
3,800,000 | 50,578,000 | |
|
Communications Equipment - 0.64%
|
|||
|
Research In Motion Ltd (a)
|
1,050,000 | 21,315,000 | |
|
Computers & Peripherals - 2.14%
|
|||
|
Hewlett-Packard Co.
|
3,200,000 | 71,840,000 | |
|
Diversified Consumer Services - 1.42%
|
|||
|
Apollo Group, Inc. (a)
|
1,200,000 | 47,532,000 | |
|
Diversified Financial Services - 0.03%
|
|||
|
Resource America, Inc., Class A
|
215,000 | 969,650 | |
|
Electronic Equipment, Instruments & Components - 1.22%
|
|||
|
Corning, Inc.
|
3,300,000 | 40,788,000 | |
|
Food & Staples Retailing - 3.56%
|
|||
|
Sysco Corp.
|
4,600,000 | 119,140,000 | |
|
Food Products - 0.39%
|
|||
|
Lancaster Colony Corp.
|
216,500 | 13,208,665 | |
|
Health Care Equipment & Supplies - 5.95%
|
|||
|
Becton Dickinson & Co.
|
460,000 | 33,727,200 | |
|
C.R. Bard, Inc.
|
915,000 | 80,099,100 | |
|
Covidien Plc
|
500,000 | 22,050,000 | |
|
Stryker Corp.
|
1,350,000 | 63,625,500 | |
| 199,501,800 | |||
|
Health Care Providers & Services - 0.90%
|
|||
|
Patterson Companies, Inc.
|
200,000 | 5,726,000 | |
|
UnitedHealth Group, Inc.
|
530,000 | 24,443,600 | |
| 30,169,600 | |||
|
Household Products - 12.01%
|
|||
|
Clorox Co.
|
800,000 | 53,064,000 | |
|
Colgate-Palmolive Co.
|
200,000 | 17,736,000 | |
|
Procter & Gamble Co.
|
5,250,000 | 331,695,000 | |
| 402,495,000 | |||
|
IT Services - 4.94%
|
|||
|
Cisco Systems, Inc.
|
9,600,000 | 148,704,000 | |
|
Total System Services, Inc.
|
1,000,000 | 16,930,000 | |
| 165,634,000 | |||
|
Media - 15.34%
|
|||
|
Comcast Corp.
|
2,300,000 | 47,587,000 | |
|
Liberty Media Corp., Interactive-Series A (a)
|
840,000 | 12,406,800 | |
|
News Corp., Class A
|
24,610,757 | 380,728,411 | |
|
Viacom, Inc., Class B
|
1,900,000 | 73,606,000 | |
| 514,328,211 | |||
|
Oil, Gas & Consumable Fuels - 3.19%
|
|||
|
ConocoPhillips
|
1,060,000 | 67,119,200 | |
|
Exxon Mobil Corp.
|
550,000 | 39,946,500 | |
| 107,065,700 | |||
|
Personal Products - 1.14%
|
|||
|
Avon Products, Inc.
|
1,950,000 | 38,220,000 | |
|
Pharmaceuticals - 5.81%
|
|||
|
Johnson & Johnson
|
1,500,000 | 95,565,000 | |
|
Pfizer, Inc.
|
5,600,000 | 99,008,000 | |
| 194,573,000 | |||
|
Software - 6.80%
|
|||
|
Microsoft Corp.
|
9,150,000 | 227,743,500 | |
|
Specialty Retail - 1.55%
|
|||
|
Wal-Mart Stores, Inc.
|
1,000,000 | 51,900,000 | |
|
TOTAL COMMON STOCKS (Cost $2,902,978,041)
|
2,972,673,486 | ||
|
Principal
Amount
|
|||
|
CORPORATE BONDS - 0.23%
|
|||
|
Media - 0.23%
|
|||
|
Liberty Media Corp.
|
|||
|
8.250%, 02/01/2030
|
8,000,000 | 7,620,000 | |
|
TOTAL CORPORATE BONDS (Cost $7,374,207)
|
7,620,000 | ||
|
SHORT TERM INVESTMENTS - 10.97%
|
|||
|
Commercial Paper - 0.96%
|
|||
|
American Express Co.
|
|||
|
0.007%, 10/03/2011
|
12,075,000 | 12,074,994 | |
|
Nestle SA
|
|||
|
0.104%, 10/17/2011
|
20,000,000 | 19,999,022 | |
| 32,074,016 | |||
|
Demand Note - 0.01%
|
|||
|
U.S. Bancorp
|
|||
| 0.00 | 309,030 | 309,030 | |
|
U.S. Treasury Bills - 10.00%
|
|||
|
U.S. Treasury Bill
|
|||
|
0.065%, 10/13/2011
|
10,837,000 | 10,836,747 | |
|
0.076%, 10/20/2011
|
15,293,000 | 15,292,354 | |
|
0.036%, 11/10/2011
|
26,062,000 | 26,060,925 | |
|
0.010%, 11/25/2011
|
22,914,000 | 22,913,650 | |
|
0.009%, 12/01/2011
|
25,875,000 | 25,874,586 | |
|
0.012%, 12/15/2011
|
6,696,000 | 6,695,833 | |
|
0.014%, 12/29/2011
|
24,050,000 | 24,049,158 | |
|
0.012%, 01/05/2012
|
44,508,000 | 44,506,531 | |
|
0.017%, 01/19/2012
|
22,941,000 | 22,939,807 | |
|
0.029%, 02/02/2012
|
41,396,000 | 41,391,860 | |
|
0.032%, 02/09/2012
|
21,832,000 | 21,829,468 | |
|
0.027%, 02/23/2012
|
22,024,000 | 22,021,599 | |
|
0.047%, 03/22/2012
|
50,736,000 | 50,724,534 | |
| 335,137,052 | |||
|
TOTAL SHORT TERM INVESTMENTS (Cost $367,536,403)
|
367,520,098 | ||
|
Total Investments (Cost $3,277,888,651) - 99.90%
|
3,347,813,584 | ||
|
Other Assets in Excess of Liabilities - 0.10%
|
3,309,007 | ||
|
TOTAL NET ASSETS - 100.00%
|
$ | 3,351,122,591 | |
|
The cost basis of investments for federal income tax purposes at September 30, 2011 was as follows*:
|
||
|
Cost of investments
|
$ | 3,277,888,651 |
|
Gross unrealized appreciation
|
184,727,695 | |
|
Gross unrealized depreciation
|
(114,802,762) | |
|
Net unrealized appreciation
|
$ | 69,924,933 |
|
*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the
|
||
|
previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section
|
||
|
in the Fund’s most recent semi-annual or annual report.
|
||
|
Valuation Measurements
|
|
The Trust has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs, if any, during the period. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:
|
|
Level 1 - Quoted prices in active markets for identical securities.
|
|
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
|
Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
|
|
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund's net assets as of September 30, 2011 :
|
|
THE YACKTMAN FUND
|
|||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
|
Common Stock*
|
$ | 2,949,417,486 | $ | 23,256,000 | $ | - | $ | 2,972,673,486 | |||
|
Corporate Bonds*
|
- | 7,620,000 | - | 7,620,000 | |||||||
|
Short Term Investments*
|
- | 367,520,098 | - | 367,520,098 | |||||||
|
Total Investments in Securities
|
$ | 2,949,417,486 | $ | 398,396,098 | $ | - | $ | 3,347,813,584 | |||
|
*Please refer to the portfolio of investments to view securities by industry type.
|
|||||||||||
|
The Funds did not invest in any Level 3 investments during the year. There were no significant transfers into or out of Level 1 or Level 2 during the year.
|
|||||||||||
|
It is the Funds' policy to consider transfers into or out of Level 1 or Level 2 as of the end of the reporting period.
|
|||||||||||
|
(a)
|
The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).
|
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
|
1.
|
I have reviewed this report on Form N-Q of The Yacktman Funds, Inc.;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
|
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;
|
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|
Date: 11/11/11
|
/s/Donald A. Yacktman
|
|
Donald A. Yacktman
President & Treasurer
|