N-Q 1 a15-6875_2nq.htm N-Q

 

 

 

OMB APPROVAL

 

 

OMB Number:

3235-0578

 

 

Expires:

January 16, 2016

 

UNITED STATES

Estimated average burden hours per response. . . . . . . . . . . . . 10.5

 

SECURITIES AND EXCHANGE COMMISSION

 

 

Washington, D.C. 20549

 

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-01829

 

Columbia Acorn Trust

(Exact name of registrant as specified in charter)

 

227 W. Monroe Street, Suite 3000, Chicago, IL

 

60606

(Address of principal executive offices)

 

(Zip code)

 

Scott R. Plummer

Columbia Management Investment Advisers, LLC

5228 Ameriprise Financial Center

Minneapolis, MN 55474

 

P. Zachary Egan

Columbia Acorn Trust

227 West Monroe Street, Suite 3000

Chicago, Illinois 60606

 

Mary C. Moynihan

Perkins Coie LLP

700 13th Street, NW

Suite 600

Washington, DC 20005

(Name and address of agents for service)

 

Registrant’s telephone number, including area code:

312-634-9200

 

 

Date of fiscal year end:

December 31

 

 

Date of reporting period:

March 31, 2015

 

 



 

Item 1. Schedule of Investments.

 



 

COLUMBIA ACORN® FUND

STATEMENT OF INVESTMENTS (UNAUDITED), MARCH 31, 2015

 

Number of Shares

 

 

 

Value

 

 

 

Equities: 97.0%

 

 

 

Information 28.9%

 

 

 

 

 

> Business Software 6.4%

 

 

 

1,806,000

 

Ansys (a)

 

$

159,271,140

 

 

 

Simulation Software for Engineers & Designers

 

 

 

554,000

 

Ultimate Software (a)

 

94,155,070

 

 

 

Human Capital Management Systems

 

 

 

2,080,000

 

Informatica (a)

 

91,218,400

 

 

 

Enterprise Data Integration Software

 

 

 

1,668,000

 

Solera Holdings

 

86,168,880

 

 

 

Software for Automotive Insurance Claims Processing

 

 

 

1,306,000

 

Verint Systems (a)

 

80,880,580

 

 

 

Contact Center & Security Software

 

 

 

4,155,000

 

Cadence Design Systems (a)

 

76,618,200

 

 

 

Electronic Design Automation Software

 

 

 

1,076,000

 

SPS Commerce (a)(b)

 

72,199,600

 

 

 

Supply Chain Management Software Delivered via the Web

 

 

 

570,149

 

NetSuite (a)

 

52,887,021

 

 

 

End-to-end IT Systems Solution Delivered via the Web

 

 

 

3,741,000

 

inContact (a)(b)

 

40,776,900

 

 

 

Call Center Systems Delivered via the Web & Telco Services

 

 

 

610,000

 

Envestnet (a)

 

34,208,800

 

 

 

Technology Platform for Investment Advisors

 

 

 

561,300

 

DemandWare (a)

 

34,183,170

 

 

 

E-Commerce Website Platform for Retailers & Apparel Manufacturers

 

 

 

699,000

 

Fleetmatics (a)

 

31,350,150

 

 

 

Fleet Management Software

 

 

 

1,134,283

 

Textura (a)

 

30,829,812

 

 

 

Construction Vendor Management Software

 

 

 

220,000

 

Tyler Technologies (a)

 

26,516,600

 

 

 

Financial, Tax, Court & Document Management Systems for Local Governments

 

 

 

 

 

 

 

911,264,323

 

 

 

> Instrumentation 4.1%

 

 

 

911,000

 

Mettler-Toledo International (a)

 

299,400,150

 

 

 

Laboratory Equipment

 

 

 

1,399,000

 

IPG Photonics (a)

 

129,687,300

 

 

 

Fiber Lasers

 

 

 

3,458,000

 

Trimble Navigation (a)

 

87,141,600

 

 

 

GPS-based Instruments

 

 

 

1,895,000

 

FLIR Systems

 

59,275,600

 

 

 

Infrared Cameras

 

 

 

 

 

 

 

575,504,650

 

 

 

> Computer Hardware & Related Equipment 3.1%

 

 

 

4,010,000

 

Amphenol

 

236,309,300

 

 

 

Electronic Connectors

 

 

 

539,000

 

Rogers (a)

 

44,311,190

 

 

 

Printed Circuit Materials & High Performance Foams

 

 

 

1,250,000

 

VeriFone Holdings (a)

 

43,612,500

 

 

 

Point of Sale Systems

 

 

 

474,000

 

Zebra Technologies (a)

 

42,998,910

 

 

 

Bar Code Printers

 

 

 

450,000

 

Belden

 

42,102,000

 

 

 

Specialty Cable

 

 

 

504,000

 

Stratasys (a)(c)

 

26,601,120

 

 

 

Rapid Prototyping & Direct Digital Manufacturing Systems

 

 

 

 

 

 

 

435,935,020

 

 

 

> Mobile Communications 3.1%

 

 

 

1,300,000

 

SBA Communications (a)

 

152,230,000

 

 

 

Communications Towers

 

 

 

34,500,000

 

Globalstar (a)

 

114,885,000

 

 

 

Satellite Mobile Voice & Data Carrier

 

 

 

800,000

 

Crown Castle International

 

66,032,000

 

 

 

Communications Towers

 

 

 

3,458,800

 

Gogo (a)(c)

 

65,924,728

 

 

 

Provider of Wi-Fi on Airplanes

 

 

 

2,001,000

 

Global Eagle Entertainment (a)(c)

 

26,633,310

 

 

 

Provider of Entertainment & Wi-Fi on Airplanes

 

 

 

1,644,000

 

Audience (a)(b)(c)

 

7,463,760

 

 

 

Improving Voice Quality for Mobile Devices

 

 

 

 

 

 

 

433,168,798

 

 

 

> Computer Services 2.7%

 

 

 

3,650,000

 

IGATE (a)

 

155,709,000

 

 

 

IT & Business Process Outsourcing Services

 

 

 

1,570,000

 

Virtusa (a)(b)

 

64,966,600

 

 

 

Offshore IT Outsourcing

 

 

 

1,333,000

 

ExlService Holdings (a)

 

49,587,600

 

 

 

Business Process Outsourcing

 

 

 

2,025,000

 

WNS - ADR (a)

 

49,248,000

 

 

 

Offshore Business Process Outsourcing Services

 

 

 

1,531,000

 

Genpact (a)

 

35,595,750

 

 

 

Business Process Outsourcing

 

 

 

2,700,000

 

Hackett Group (b)

 

24,138,000

 

 

 

IT Integration & Best Practice Research

 

 

 

 

 

 

 

379,244,950

 

 

 

> Business Information & Marketing Services 1.8%

 

 

 

1,429,000

 

Verisk Analytics (a)

 

102,030,600

 

 

 

Risk & Decision Analytics

 

 

 

7,250,000

 

Bankrate (a)(b)

 

82,215,000

 

 

 

Internet Advertising for the Insurance, Credit Card & Banking Markets

 

 

 

3,100,000

 

Navigant Consulting (a)(b)

 

40,176,000

 

 

 

Financial Consulting Firm

 

 

 

2,570,000

 

RPX (a)

 

36,982,300

 

 

 

Patent Aggregation & Defensive Patent Consulting

 

 

 

 

 

 

 

261,403,900

 

 



 

Number of Shares

 

 

 

Value

 

 

 

> Internet Related 1.3%

 

 

 

1,210,000

 

Verisign (a)

 

$

 

81,033,700

 

 

 

Internet Domain Registry for .com/.net (Approximately 50% of World Domains)

 

 

 

14,500,000

 

Vonage (a)(b)

 

71,195,000

 

 

 

Business & Consumer Internet Telephony

 

 

 

1,830,000

 

RetailMeNot (a)(c)

 

32,958,300

 

 

 

Digital Coupon Marketplace

 

 

 

 

 

 

 

185,187,000

 

 

 

> Telephone & Data Services 1.2%

 

 

 

1,572,000

 

Cogent Communications

 

55,538,760

 

 

 

Internet Data Pipelines

 

 

 

2,601,000

 

GTT Communications (a)(b)

 

49,106,880

 

 

 

Provider of High Capacity Data Transit

 

 

 

1,150,000

 

Zayo Group Holdings (a)(c)

 

32,154,000

 

 

 

Fiber Optic Data Communications

 

 

 

2,900,000

 

Boingo Wireless (a)(b)

 

21,866,000

 

 

 

Wi-Fi & Cellular Communications Networks

 

 

 

4,000,000

 

Towerstream (a)(b)(c)

 

8,640,000

 

 

 

High Speed Wireless, Rooftop Antenna Space & Wi-Fi Offload

 

 

 

 

 

 

 

167,305,640

 

 

 

> Telecommunications Equipment 1.1%

 

 

 

629,000

 

F5 Networks (a)

 

72,297,260

 

 

 

Internet Traffic Management Equipment

 

 

 

2,568,000

 

Infinera (a)

 

50,512,560

 

 

 

Optical Networking Equipment

 

 

 

1,619,000

 

CalAmp (a)

 

26,211,610

 

 

 

Machine-to-machine Communications

 

 

 

 

 

 

 

149,021,430

 

 

 

> Financial Processors 0.9%

 

 

 

1,261,000

 

Global Payments

 

115,608,480

 

 

 

Credit Card Processor

 

 

 

1,600,000

 

Liquidity Services (a)(b)

 

15,808,000

 

 

 

E-Auctions for Surplus & Salvage Goods

 

 

 

 

 

 

 

131,416,480

 

 

 

> Semiconductors & Related Equipment 0.7%

 

 

 

4,467,000

 

Atmel

 

36,763,410

 

 

 

Microcontrollers, Radio Frequency & Memory Semiconductors

 

 

 

367,000

 

Littelfuse

 

36,476,130

 

 

 

Little Fuses

 

 

 

427,000

 

Monolithic Power Systems

 

22,481,550

 

 

 

High Performance Analog & Mixed Signal Integrated Circuits

 

 

 

2,500,000

 

Rubicon Technology (a)(b)(c)

 

9,850,000

 

 

 

Producer of Sapphire for the Lighting, Electronics & Automotive Industries

 

 

 

 

 

 

 

105,571,090

 

 

 

> Cable TV 0.7%

 

 

 

800,000

 

Liberty Global Series A (a)

 

41,176,000

 

366,000

 

Liberty Global Series C (a)

 

18,230,460

 

 

 

Cable TV Franchises Outside of the United States

 

 

 

1,154,000

 

Discovery Communications Series C (a)

 

34,014,150

 

 

 

Cable TV Programming

 

 

 

 

 

 

 

93,420,610

 

 

 

> Contract Manufacturing 0.5%

 

 

 

3,100,000

 

Sanmina (a)

 

74,989,000

 

 

 

Electronic Manufacturing Services

 

 

 

 

 

 

 

 

 

 

 

> Entertainment Programming 0.5%

 

 

 

1,250,000

 

IMAX (Canada) (a)

 

42,137,500

 

 

 

IMAX Movies, Theater Equipment & Theater Joint Ventures

 

 

 

5,500,000

 

Zee Entertainment Enterprises (India)

 

30,033,135

 

 

 

Indian Programmer of Pay Television Content

 

 

 

 

 

 

 

72,170,635

 

 

 

> Electronics Distribution 0.5%

 

 

 

1,621,000

 

Avnet

 

72,134,500

 

 

 

Electronic Components Distribution

 

 

 

 

 

 

 

 

 

 

 

> Advertising 0.3%

 

 

 

725,000

 

Lamar Advertising

 

42,970,750

 

 

 

Outdoor Advertising

 

 

 

Information: Total

 

4,090,708,776

 

 

 

 

 

Industrial Goods & Services 23.4%

 

 

 

 

 

> Machinery 15.3%

 

 

 

6,910,000

 

Ametek

 

363,051,400

 

 

 

Aerospace/Industrial Instruments

 

 

 

7,952,000

 

Donaldson (b)

 

299,869,920

 

 

 

Industrial Air Filtration

 

 

 

3,034,000

 

Nordson

 

237,683,560

 

 

 

Dispensing Systems for Adhesives & Coatings

 

 

 

3,514,750

 

HEICO (b)

 

174,120,715

 

 

 

FAA-approved Aircraft Replacement Parts

 

 

 

2,027,000

 

Moog (a)(b)

 

152,126,350

 

 

 

Motion Control Products for Aerospace, Defense & Industrial Markets

 

 

 

2,982,000

 

Generac (a)

 

145,193,580

 

 

 

Standby Power Generators

 

 

 

946,000

 

WABCO Holdings (a)

 

116,244,480

 

 

 

Truck & Bus Component Supplier

 

 

 

1,486,000

 

Toro

 

104,198,320

 

 

 

Turf Maintenance Equipment

 

 

 

2,100,000

 

Oshkosh Corporation

 

102,459,000

 

 

 

Specialty Truck Manufacturer

 

 

 

968,200

 

Middleby (a)

 

99,385,730

 

 

 

Manufacturer of Cooking Equipment

 

 

 

1,021,000

 

Wabtec

 

97,005,210

 

 

 

Freight & Transit Component Supplier

 

 

 

2,592,000

 

Kennametal

 

87,324,480

 

 

 

Consumable Cutting Tools

 

 

 

 



 

Number of Shares

 

 

 

Value

 

 

 

> Machinery—continued

 

 

 

846,000

 

Pall

 

$

84,929,940

 

 

 

Life Science, Water & Industrial Filtration

 

 

 

1,489,000

 

ESCO Technologies (b)

 

58,041,220

 

 

 

Industrial Filtration & Advanced Measurement Equipment

 

 

 

957,721

 

Dorman Products (a)(c)

 

47,646,620

 

 

 

Aftermarket Auto Parts Distributor

 

 

 

 

 

 

 

2,169,280,525

 

 

 

> Other Industrial Services 2.5%

 

 

 

7,481,000

 

LKQ (a)

 

191,214,360

 

 

 

Alternative Auto Parts Distribution

 

 

 

1,800,000

 

Expeditors International of Washington

 

86,724,000

 

 

 

International Freight Forwarder

 

 

 

1,500,000

 

Forward Air

 

81,450,000

 

 

 

Freight Transportation Between Airports

 

 

 

 

 

 

 

359,388,360

 

 

 

> Construction 1.6%

 

 

 

96,000

 

NVR (a)

 

127,551,360

 

 

 

Homebuilder

 

 

 

626,000

 

Allegion

 

38,292,420

 

 

 

Mechanical & Electronic Security Systems

 

 

 

2,865,200

 

PGT (a)(b)

 

32,018,610

 

 

 

Wind Resistant Windows & Doors

 

 

 

660,000

 

Fortune Brands Home & Security

 

31,336,800

 

 

 

Home Building Supplies & Small Locks

 

 

 

 

 

 

 

229,199,190

 

 

 

> Industrial Distribution 1.4%

 

 

 

1,553,000

 

WESCO International (a)

 

108,539,170

 

 

 

Industrial Distributor

 

 

 

853,000

 

Airgas

 

90,511,830

 

 

 

Industrial Gas Distributor

 

 

 

 

 

 

 

199,051,000

 

 

 

> Electrical Components 1.2%

 

 

 

726,000

 

Acuity Brands

 

122,084,160

 

 

 

Commercial Lighting Fixtures

 

 

 

1,983,829

 

Thermon (a)(b)

 

47,750,764

 

 

 

Global Engineered Thermal Solutions

 

 

 

 

 

 

 

169,834,924

 

 

 

> Industrial Materials & Specialty Chemicals 0.7%

 

 

 

1,610,000

 

Drew Industries (b)

 

99,079,400

 

 

 

RV & Manufactured Home Components

 

 

 

 

 

 

 

 

 

 

 

> Outsourcing Services 0.7%

 

 

 

3,400,000

 

Quanta Services (a)

 

97,002,000

 

 

 

Electrical Transmission & Pipeline Contracting Services

 

 

 

Industrial Goods & Services: Total

 

3,322,835,399

 

 

 

 

 

 

 

Finance 12.1%

 

 

 

 

 

> Banks 4.3%

 

 

 

9,414,000

 

Associated Banc-Corp (b)

 

 

175,100,400

 

 

 

Midwest Bank

 

 

 

2,027,000

 

BOK Financial (c)

 

124,092,940

 

 

 

Tulsa-based Southwest Bank

 

 

 

840,000

 

SVB Financial Group (a)

 

106,713,600

 

 

 

Bank to Venture Capitalists

 

 

 

2,420,000

 

MB Financial

 

75,770,200

 

 

 

Chicago Bank

 

 

 

1,730,000

 

Hancock Holding

 

51,657,800

 

 

 

Gulf Coast Bank

 

 

 

1,163,480

 

Sandy Spring Bancorp

 

30,518,081

 

 

 

Baltimore & Washington, D.C. Bank

 

 

 

4,296,286

 

First Busey

 

28,742,153

 

 

 

Illinois Bank

 

 

 

3,136,500

 

TrustCo Bank

 

21,579,120

 

 

 

New York State Bank

 

 

 

 

 

 

 

614,174,294

 

 

 

> Brokerage & Money Management 3.5%

 

 

 

7,368,774

 

SEI Investments

 

324,889,246

 

 

 

Mutual Fund Administration & Investment Management

 

 

 

3,463,508

 

Eaton Vance

 

144,220,473

 

 

 

Specialty Mutual Funds

 

 

 

11,000,000

 

Sprott (Canada) (c)

 

23,449,528

 

 

 

Asset Manager Focused on Resources, Particularly Gold & Silver

 

 

 

 

 

 

 

492,559,247

 

 

 

> Insurance 2.1%

 

 

 

7,300,000

 

CNO Financial Group

 

125,706,000

 

 

 

Life, Long-term Care & Medical Supplement Insurance

 

 

 

2,000,000

 

Allied World Assurance Company Holdings

 

80,800,000

 

 

 

Commercial Lines Insurance/Reinsurance

 

 

 

910,000

 

HCC Insurance Holdings

 

51,569,700

 

 

 

Specialty Insurance

 

 

 

800,000

 

RLI

 

41,928,000

 

 

 

Specialty Insurance

 

 

 

 

 

 

 

300,003,700

 

 

 

> Finance Companies 0.9%

 

 

 

787,422

 

World Acceptance (a)(b)(c)

 

57,418,812

 

 

 

Personal Loans

 

 

 

1,345,000

 

McGrath Rentcorp (b)

 

44,263,950

 

 

 

Mini-rental Conglomerate

 

 

 

839,000

 

CAI International (a)

 

20,614,230

 

 

 

International Container Leasing

 

 

 

 

 

 

 

122,296,992

 

 

 

> Credit Cards 0.6%

 

 

 

863,000

 

WEX (a)

 

92,651,680

 

 

 

Card Processor

 

 

 

 

 

 

 

 

 

 

 

> Diversified Financial Companies 0.6%

 

 

 

3,875,000

 

Leucadia National

 

86,373,750

 

 

 

Holding Company

 

 

 

 



 

Number of Shares

 

 

 

Value

 

 

 

> Specialized Finance 0.1%

 

 

 

195,201

 

MSCI

 

$

11,967,773

 

 

 

Investment Decision Support Tools

 

 

 

Finance: Total

 

 

1,720,027,436

 

 

 

 

 

 

 

Health Care 11.4%

 

 

 

 

 

> Biotechnology & Drug Delivery 4.3%

 

 

 

1,950,318

 

Synageva BioPharma (a)(b)(c)

 

190,214,515

 

 

 

Biotech Focused on Orphan Diseases

 

 

 

1,704,000

 

Ultragenyx Pharmaceutical (a)

 

105,801,360

 

 

 

Biotech Focused on “Ultra-Orphan” Drugs

 

 

 

2,548,000

 

Seattle Genetics (a)

 

90,071,800

 

 

 

Antibody-based Therapies for Cancer

 

 

 

269,200

 

Intercept Pharmaceuticals (a)(c)

 

75,919,784

 

 

 

Biotech Developing Drugs for Several Diseases

 

 

 

2,140,400

 

Celldex Therapeutics (a)(c)

 

59,652,948

 

 

 

Biotech Developing Drugs for Cancer

 

 

 

2,523,900

 

Sarepta Therapeutics (a)(b)(c)

 

33,517,392

 

 

 

Biotech Focused on Rare Diseases

 

 

 

302,300

 

Alnylam Pharmaceuticals (a)

 

31,566,166

 

 

 

Biotech Developing Drugs Primarily for Rare Diseases

 

 

 

275,000

 

Agios Pharmaceuticals (a)(c)

 

25,932,500

 

 

 

Biotech Focused on Cancer & Orphan Diseases

 

 

 

359,944

 

MicroDose Therapeutx Contingent Value Rights (a)(d)(e)

 

395,938

 

 

 

Drug Inhaler Development

 

 

 

 

 

 

 

613,072,403

 

 

 

> Medical Supplies 3.3%

 

 

 

4,909,800

 

Cepheid (a)(b)

 

279,367,620

 

 

 

Molecular Diagnostics

 

 

 

1,169,200

 

Bio-Techne

 

117,259,068

 

 

 

Maker of Consumables & Systems for the Life Science Market

 

 

 

291,100

 

Henry Schein (a)

 

40,643,382

 

 

 

Distributor of Dental, Vet & Medical Products

 

 

 

1,375,400

 

VWR (a)

 

35,746,646

 

 

 

Distributor of Lab Supplies

 

 

 

 

 

 

 

473,016,716

 

 

 

> Health Care Services 1.7%

 

 

 

1,549,500

 

Medidata Solutions (a)

 

75,987,480

 

 

 

Cloud-based Software for Drug Studies

 

 

 

1,647,700

 

HealthSouth

 

73,091,972

 

 

 

Inpatient Rehabilitation Facilities & Home Health Care

 

 

 

1,239,000

 

Envision Healthcare Holdings (a)

 

47,515,650

 

 

 

Provider of Health Care Outsourcing Services

 

 

 

2,746,200

 

Allscripts Healthcare Solutions (a)

 

32,844,552

 

 

 

Health Care IT

 

 

 

487,818

 

Castlight Health (a)

 

3,785,467

 

 

 

Provider of Cloud-based Software for Managing Health Care Costs

 

 

 

 

 

 

 

233,225,121

 

 

 

> Medical Equipment & Devices 1.1%

 

 

 

1,729,500

 

Wright Medical Group (a)

 

 

44,621,100

 

 

 

Foot & Ankle Replacement

 

 

 

460,900

 

Sirona Dental Systems (a)

 

41,476,391

 

 

 

Manufacturer of Dental Equipment

 

 

 

595,000

 

Abaxis

 

38,145,450

 

 

 

Instruments & Tests for Vet & Medical Markets

 

 

 

513,000

 

Align Technology (a)

 

27,591,705

 

 

 

Invisalign System to Correct Malocclusion (Crooked Teeth)

 

 

 

 

 

 

 

151,834,646

 

 

 

> Pharmaceuticals 1.0%

 

 

 

3,048,000

 

Akorn (a)

 

144,810,480

 

 

 

Developer, Manufacturer & Distributor of Specialty Generic Drugs

 

 

 

Health Care: Total

 

1,615,959,366

 

 

 

 

 

 

 

Consumer Goods & Services 11.1%

 

 

 

 

 

> Retail 2.9%

 

 

 

880,145

 

Fossil (a)

 

72,567,955

 

 

 

Watch Designer & Retailer

 

 

 

791,839

 

Casey’s General Stores

 

71,344,694

 

 

 

Owner/Operator of Convenience Stores

 

 

 

1,492,000

 

The Fresh Market (a)

 

60,634,880

 

 

 

Specialty Food Retailer

 

 

 

595,200

 

Williams-Sonoma

 

47,443,392

 

 

 

Home Goods & Furnishing Retailer

 

 

 

786,900

 

Burlington Stores (a)

 

46,757,598

 

 

 

Off-price Apparel Retailer

 

 

 

771,056

 

Shutterfly (a)

 

34,882,573

 

 

 

Internet Photo-centric Retailer

 

 

 

508,000

 

Urban Outfitters (a)

 

23,190,200

 

 

 

Multi-channel Apparel & Accessory Retailer

 

 

 

533,500

 

DSW

 

19,675,480

 

 

 

Branded Footwear Retailer

 

 

 

642,492

 

Michaels Stores (a)

 

17,385,834

 

 

 

Craft & Hobby Specialty Retailer

 

 

 

2,100,000

 

Gaiam (a)(b)

 

15,309,000

 

 

 

Promoter of Healthy Living through Catalogs, E-Commerce & Gaiam TV

 

 

 

425,245

 

Zulily (a)(c)

 

5,523,933

 

 

 

E-Commerce Retailer Offering Flash Sale Events

 

 

 

 

 

 

 

414,715,539

 

 

 

> Travel 2.8%

 

 

 

2,450,000

 

Avis Budget Group (a)

 

144,586,750

 

 

 

Car Rental Company

 

 

 

895,600

 

Vail Resorts

 

92,622,952

 

 

 

Ski Resort Operator & Developer

 

 

 

2,142,000

 

HomeAway (a)

 

64,624,140

 

 

 

Vacation Rental Online Marketplace

 

 

 

2,531,000

 

Hertz (a)

 

54,872,080

 

 

 

U.S. Rental Car Operator

 

 

 

729,483

 

Choice Hotels

 

46,737,976

 

 

 

Franchisor of Budget Hotel Brands

 

 

 

 

 

 

 

403,443,898

 

 



 

Number of Shares

 

 

 

Value

 

 

 

> Consumer Goods Distribution 1.6%

 

 

 

1,444,000

 

Pool

 

$

100,733,440

 

 

 

Swimming Pool Supplies & Equipment Distributor

 

 

 

1,286,000

 

United Natural Foods (a)

 

99,073,440

 

 

 

Distributor of Natural/Organic Foods to Grocery Stores

 

 

 

863,000

 

The Chefs’ Warehouse (a)

 

19,357,090

 

 

 

Distributor of Specialty Foods to Fine Dining Restaurants

 

 

 

 

 

 

 

219,163,970

 

 

 

> Restaurants 1.3%

 

 

 

950,000

 

Papa John’s International

 

58,719,500

 

 

 

Franchisor of Pizza Restaurants

 

 

 

858,000

 

Fiesta Restaurant Group (a)

 

52,338,000

 

 

 

Owner/Operator of Two Restaurant Chains: Pollo Tropical & Taco Cabana

 

 

 

403,000

 

Domino’s Pizza

 

40,521,650

 

 

 

Franchisor of Pizza Restaurants

 

 

 

650,000

 

Popeyes Louisiana Kitchen (a)

 

38,883,000

 

 

 

Popeyes Restaurants

 

 

 

 

 

 

 

190,462,150

 

 

 

> Other Durable Goods 1.2%

 

 

 

2,224,284

 

Select Comfort (a)

 

76,671,069

 

 

 

Specialty Mattresses

 

 

 

2,732,952

 

Gentex

 

50,013,022

 

 

 

Manufacturer of Auto Parts

 

 

 

500,000

 

Cavco Industries (a)(b)

 

37,530,000

 

 

 

Manufactured Homes

 

 

 

 

 

 

 

164,214,091

 

 

 

> Furniture & Textiles 0.7%

 

 

 

2,836,000

 

Knoll (b)

 

66,447,480

 

 

 

Office Furniture

 

 

 

540,000

 

Caesarstone (Israel)

 

32,783,400

 

 

 

Quartz Countertops

 

 

 

 

 

 

 

99,230,880

 

 

 

> Apparel 0.3%

 

 

 

456,000

 

PVH

 

48,591,360

 

 

 

Apparel Wholesaler & Retailer

 

 

 

 

 

 

 

 

 

 

 

> Other Consumer Services 0.3%

 

 

 

994,000

 

Blackhawk Network (a)

 

35,336,700

 

 

 

Third-party Distributor of Prepaid Content, Mostly Gift Cards

 

 

 

 

 

 

 

 

 

 

 

> Food & Beverage —%

 

 

 

1,493,770

 

GLG Life Tech (Canada) (a)

 

371,511

 

 

 

Producer of an All-natural Sweetener Extracted from the Stevia Plant

 

 

 

Consumer Goods & Services: Total

 

1,575,530,099

 

 

 

 

 

 

 

Other Industries 6.5%

 

 

 

 

 

> Real Estate 3.8%

 

 

 

717,000

 

Federal Realty

 

105,549,570

 

 

 

Shopping Centers & Mixed Use Projects

 

 

 

1,467,000

 

Extra Space Storage

 

99,125,190

 

 

 

Self Storage Facilities

 

 

 

2,450,000

 

EdR (b)

 

86,681,000

 

 

 

Student Housing

 

 

 

1,320,000

 

Post Properties

 

75,147,600

 

 

 

Multifamily Properties

 

 

 

190,000

 

Amerco

 

62,776,000

 

 

 

North American Moving & Storage King

 

 

 

325,000

 

Jones Lang LaSalle

 

55,380,000

 

 

 

Real Estate Services

 

 

 

2,150,000

 

Terreno Realty (b)

 

49,020,000

 

 

 

Industrial Properties

 

 

 

 

 

 

 

533,679,360

 

 

 

> Transportation 1.9%

 

 

 

2,650,000

 

Rush Enterprises, Class A (a)(b)

 

72,504,000

 

550,000

 

Rush Enterprises, Class B (a)(b)

 

13,596,000

 

 

 

Truck Sales & Service

 

 

 

669,000

 

JB Hunt Transport Services

 

57,129,255

 

 

 

Truck & Intermodal Carrier

 

 

 

720,000

 

Kirby (a)

 

54,036,000

 

 

 

Operator of U.S. (Jones Act) Liquid Tank Barges

 

 

 

1,800,000

 

Heartland Express

 

42,768,000

 

 

 

Regional Trucker

 

 

 

380,000

 

Genesee & Wyoming (a)

 

36,647,200

 

 

 

Short-line Operator

 

 

 

 

 

 

 

276,680,455

 

 

 

> Regulated Utilities 0.8%

 

 

 

1,600,000

 

Eversource Energy

 

80,832,000

 

 

 

Regulated Electric Utility

 

 

 

577,000

 

Wisconsin Energy

 

28,561,500

 

 

 

Wisconsin Utility

 

 

 

 

 

 

 

109,393,500

 

Other Industries: Total

 

919,753,315

 

 

 

 

 

 

 

Energy & Minerals 3.6%

 

 

 

 

 

> Oil & Gas Producers 1.9%

 

 

 

1,037,000

 

Carrizo Oil & Gas (a)

 

51,487,050

 

 

 

Oil & Gas Producer

 

 

 

420,000

 

Cimarex Energy

 

48,337,800

 

 

 

Oil & Gas Producer in Texas, New Mexico & Oklahoma

 

 

 

732,000

 

Energen Corporation

 

48,312,000

 

 

 

Oil & Gas Producer with Natural Gas Utility

 

 

 

778,000

 

SM Energy

 

40,207,040

 

 

 

Oil & Gas Producer

 

 

 

501,000

 

PDC Energy (a)

 

27,074,040

 

 

 

Oil & Gas Producer in the United States

 

 

 

1,550,000

 

Rosetta Resources (a)

 

26,381,000

 

 

 

Oil & Gas Producer Exploring in Texas

 

 

 

281,000

 

Clayton Williams (a)

 

14,227,030

 

 

 

Oil & Gas Producer

 

 

 

107,561,000

 

ShaMaran Petroleum (Iraq) (a)(b)

 

7,643,196

 

 

 

Oil Exploration & Production in Kurdistan

 

 

 

 



 

Number of Shares

 

 

 

Value

 

 

 

> Oil & Gas Producers—continued

 

 

 

67,500,000

 

Petromanas (Canada) (a)(b)(c)

 

$

2,664,719

 

 

 

Exploring for Oil in Albania

 

 

 

24,115,500

 

Canadian Overseas Petroleum (Canada) (a)(b)

 

1,570,825

 

8,400,000

 

Canadian Overseas Petroleum (Canada) (a)(b)(d)

 

519,798

 

 

 

Oil & Gas Exploration Offshore West Africa

 

 

 

2,600,000

 

Petrodorado Energy (Colombia) (a)(b)

 

205,282

 

 

 

Oil & Gas Exploration & Production in Colombia, Peru & Paraguay

 

 

 

 

 

 

 

268,629,780

 

 

 

> Oil Services 0.8%

 

 

 

1,797,579

 

ShawCor (Canada)

 

49,958,376

 

 

 

Oil & Gas Pipeline Products

 

 

 

780,000

 

Gulfport Energy (a)

 

35,809,800

 

 

 

Oil & Gas Producer Focused on Utica Shale in Ohio

 

 

 

1,470,000

 

Hornbeck Offshore (a)

 

27,650,700

 

 

 

Supply Vessel Operator in Gulf of Mexico

 

 

 

 

 

 

 

113,418,876

 

 

 

> Mining 0.8%

 

 

 

423,000

 

Core Labs (Netherlands) (c)

 

44,199,270

 

 

 

Oil & Gas Reservoir Consulting

 

 

 

6,697,200

 

Kirkland Lake Gold (Canada) (a)(b)(c)

 

28,765,361

 

 

 

Gold Mining

 

 

 

3,500,000

 

Alamos Gold (Canada)

 

20,504,520

 

 

 

Gold Mining

 

 

 

9,014,700

 

Argonaut Gold (Canada) (a)(b)

 

12,526,842

 

 

 

Gold & Silver Mining

 

 

 

3,412,300

 

Silvercrest Mines (a)

 

3,744,895

 

 

 

Gold & Silver Mining

 

 

 

3,000,000

 

Kaminak Gold (a)(c)

 

2,131,776

 

 

 

Exploration Stage Canadian Gold Miner

 

 

 

 

 

 

 

111,872,664

 

 

 

> Agricultural Commodities 0.1%

 

 

 

1,306,818

 

Union Agriculture Group (Uruguay) (a)(d)(e)

 

14,231,248

 

 

 

Farmland Operator in Uruguay

 

 

 

Energy & Minerals: Total

 

508,152,568

 

 

 

 

 

 

 

Total Equities: 97.0%

(Cost: $7,228,403,959)

 

13,752,966,959

(f)

 

 

 

 

 

 

Short-Term Investments 3.2%

 

 

 

280,000,000

 

JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%)

 

280,000,000

 

177,215,101

 

JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%)

 

177,215,101

 

Total Short-Term Investments: 3.2%

(Cost: $457,215,101)

 

457,215,101

 

 

 

 

 

 

 

Securities Lending Collateral 1.7%

 

 

 

236,439,798

 

Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g)

 

236,439,798

 

Total Securities Lending Collateral: 1.7%

(Cost: $236,439,798)

 

236,439,798

 

 

 

 

 

Total Investments: 101.9%

(Cost: $7,922,058,858)(h)

 

14,446,621,858

(i)

 

 

 

 

Obligation to Return Collateral for Securities Loaned: (1.7)%

 

(236,439,798

)

 

 

 

 

Cash and Other Assets Less Liabilities: (0.2)%

 

(27,973,810

)

 

 

 

 

Net Assets: 100.0%

 

$

14,182,208,250

 

 


ADR - American Depositary Receipts

 

> Notes to Statement of Investments

 

(a)         Non-income producing security.

(b)         An affiliated person of the Fund, as defined in the Investment Company Act of 1940, may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies during the period ended March 31, 2015, are as follows:

 

Security

 

Balance of
Shares Held
12/31/14

 

Purchases/
Additions

 

Sales/
Reductions

 

Balance of
Shares Held
3/31/15

 

Value

 

Dividend

 

Donaldson

 

7,952,000

 

 

 

7,952,000

 

$

299,869,920

 

$

1,312,080

 

Cepheid

 

5,350,800

 

 

441,000

 

4,909,800

 

279,367,620

 

 

Nordson (1)

 

3,130,000

 

 

96,000

 

3,034,000

 

237,683,560

 

667,480

 

Synageva BioPharma

 

2,419,209

 

 

468,891

 

1,950,318

 

190,214,515

 

 

Associated Banc-Corp

 

9,000,000

 

414,000

 

 

9,414,000

 

175,100,400

 

941,400

 

HEICO

 

3,626,750

 

 

112,000

 

3,514,750

 

174,120,715

 

 

Moog

 

2,456,000

 

 

429,000

 

2,027,000

 

152,126,350

 

 

 



 

> Notes to Statement of Investments

 

Security

 

Balance of
Shares Held
12/31/14

 

Purchases/
Additions

 

Sales/
Reductions

 

Balance of
Shares Held
3/31/15

 

Value

 

Dividend

 

Generac (1)

 

3,632,000

 

 

650,000

 

2,982,000

 

$

145,193,580

 

$

 

Drew Industries

 

1,610,000

 

 

 

1,610,000

 

99,079,400

 

3,220,000

 

EdR

 

2,450,000

 

 

 

2,450,000

 

86,681,000

 

882,000

 

Rush Enterprises

 

3,200,000

 

 

 

3,200,000

 

86,100,000

 

 

Bankrate

 

6,300,300

 

949,700

 

 

7,250,000

 

82,215,000

 

 

SPS Commerce

 

1,330,000

 

 

254,000

 

1,076,000

 

72,199,600

 

 

Vonage

 

14,044,775

 

455,225

 

 

14,500,000

 

71,195,000

 

 

Knoll

 

3,366,000

 

 

530,000

 

2,836,000

 

66,447,480

 

361,264

 

Virtusa

 

1,658,000

 

 

88,000

 

1,570,000

 

64,966,600

 

 

ESCO Technologies

 

1,948,000

 

 

459,000

 

1,489,000

 

58,041,220

 

119,120

 

World Acceptance

 

808,343

 

 

20,921

 

787,422

 

57,418,812

 

 

GTT Communications

 

1,950,000

 

651,000

 

 

2,601,000

 

49,106,880

 

 

Terreno Realty

 

2,150,000

 

 

 

2,150,000

 

49,020,000

 

 

Thermon

 

1,940,094

 

43,735

 

 

1,983,829

 

47,750,764

 

 

McGrath Rentcorp

 

1,580,000

 

 

235,000

 

1,345,000

 

44,263,950

 

387,100

 

inContact

 

3,741,000

 

 

 

3,741,000

 

40,776,900

 

 

Navigant Consulting

 

4,128,523

 

 

1,028,523

 

3,100,000

 

40,176,000

 

 

Cavco Industries

 

500,000

 

 

 

500,000

 

37,530,000

 

 

Sarepta Therapeutics

 

2,523,900

 

 

 

2,523,900

 

33,517,392

 

 

PGT

 

3,592,200

 

 

727,000

 

2,865,200

 

32,018,610

 

 

Kirkland Lake Gold

 

6,347,100

 

350,100

 

 

6,697,200

 

28,765,361

 

 

Hackett Group

 

2,903,719

 

 

203,719

 

2,700,000

 

24,138,000

 

 

Boingo Wireless

 

2,800,000

 

100,000

 

 

2,900,000

 

21,866,000

 

 

CAI International (1)

 

1,500,000

 

 

661,000

 

839,000

 

20,614,230

 

 

Liquidity Services

 

1,600,000

 

 

 

1,600,000

 

15,808,000

 

 

Gaiam

 

2,100,000

 

 

 

2,100,000

 

15,309,000

 

 

Argonaut Gold

 

9,014,700

 

 

 

9,014,700

 

12,526,842

 

 

Rubicon Technology

 

2,500,000

 

 

 

2,500,000

 

9,850,000

 

 

Towerstream

 

4,000,000

 

 

 

4,000,000

 

8,640,000

 

 

ShaMaran Petroleum

 

28,962,000

 

78,599,000

 

 

 

107,561,000

 

7,643,196

 

 

Audience

 

2,150,000

 

 

506,000

 

1,644,000

 

7,463,760

 

 

Petromanas

 

67,500,000

 

 

 

67,500,000

 

2,664,719

 

 

Canadian Overseas Petroleum

 

32,515,500

 

 

 

32,515,500

 

2,090,623

 

 

Petrodorado Energy

 

2,600,000

 

 

 

2,600,000

 

205,282

 

 

Allied Nevada Gold (1)

 

7,103,513

 

 

7,103,513

 

 

 

 

Amber Road (1)

 

2,000,000

 

 

2,000,000

 

 

 

 

Boulder Brands (1)

 

3,484,000

 

 

3,484,000

 

 

 

 

E2Open (1)

 

2,575,000

 

 

2,575,000

 

 

 

 

Marlin Business Services (1)

 

902,210

 

 

902,210

 

 

 

 

RGS Energy (1)

 

5,000,000

 

 

5,000,000

 

 

 

 

Total of Affiliated Transactions

 

283,945,636

 

81,562,760

 

27,974,777

 

337,533,619

 

$

2,949,766,281

 

$

7,890,444

 

 


(1)         At March 31, 2015, the Fund owned less than five percent of the company’s outstanding voting shares.

 

The aggregate cost and value of these companies at March 31, 2015, was $1,518,703,816 and $2,546,274,911, respectively. Investments in affiliated companies represented 17.95% of the Fund’s total net assets at March 31, 2015.

 

(c)          All or a portion of this security was on loan at March 31, 2015. The total market value of securities on loan at March 31, 2015 was $226,593,324.

(d)         Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Fund’s Board of Trustees. At March 31, 2015, the market value of these securities amounted to $15,146,984, which represented 0.11% of total net assets. Additional information on these securities is as follows:

 

Security

 

Acquisition
Dates

 

Shares/Units

 

Cost

 

Value

 

Union Agriculture Group

 

12/8/10-6/27/12

 

1,306,818

 

$

15,000,000

 

$

14,231,248

 

Canadian Overseas Petroleum

 

11/24/10

 

8,400,000

 

3,591,152

 

519,798

 

MicroDose Therapeutx Contingent Value Rights

 

8/14/13

 

359,944

 

 

395,938

 

 

 

 

 

 

 

$

18,591,152

 

$

15,146,984

 

 

(e)          Illiquid security.

 



 

> Notes to Statement of Investments

 

(f)           On March 31, 2015, the market value of foreign securities represented 2.20% of total net assets. The Fund’s foreign portfolio was diversified as follows:

 

Country

 

Value

 

Percentage
of Net Assets

 

Canada

 

$

182,468,980

 

1.30

 

Netherlands

 

44,199,270

 

0.31

 

Israel

 

32,783,400

 

0.23

 

India

 

30,033,135

 

0.21

 

Uruguay

 

14,231,248

 

0.10

 

Iraq

 

7,643,196

 

0.05

 

Colombia

 

205,282

 

0.00

*

Total Foreign Portfolio

 

$

311,564,511

 

2.20

 

 


* Rounds to zero.

 

(g)          Investment made with cash collateral received from securities lending activity.

(h)         At March 31, 2015, for federal income tax purposes, the cost of investments was approximately $7,922,058,858 and net unrealized appreciation was $6,524,563,000 consisting of gross unrealized appreciation of $6,888,584,428 and gross unrealized depreciation of $364,021,428.

(i)             Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2014.

 

Fair Value Measurements

 

Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:

 

·                  Level 1 — quoted prices in active markets for identical securities

·                  Level 2 — prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)

·                  Level 3 — prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are publ