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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Laudus Mondrian Emerging Markets FD Investor Shs (MM) | NASDAQ:LEMIX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
Semiannual Report
September 30, 2012 |
3 | ||
4 | ||
Performance and Fund Facts
|
||
6 | ||
8 | ||
10 | ||
12 | ||
14 | ||
16 | ||
17 | ||
25 | ||
33 | ||
41 | ||
48 | ||
56 | ||
66 | ||
70 | ||
73 |
* | Total return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual and semiannual reports. | |
1 | The report period covers the six months beginning April 1, 2012 through September 30, 2012, except where noted. | |
2 | The funds performance relative to the indices may be affected by fair-value pricing, see financial note 2 for more information. | |
3 | Total returns are since the funds inception date of July 10, 2012. |
Class and Inception Date | 6 Months | 1 Year | 3 Years | Since Inception | ||||||||||||||||
Investor Shares (6/16/08)
|
-1.39 | % | 8.87 | % | 0.87 | % | -5.44 | % | ||||||||||||
Select Shares (6/16/08)
|
-1.11 | % | 9.20 | % | 1.17 | % | -5.19 | % | ||||||||||||
Institutional Shares (6/16/08)
|
-1.25 | % | 9.25 | % | 1.23 | % | -5.12 | % | ||||||||||||
MSCI EAFE
Index
®
(Net)
2
|
-0.70 | % | 13.75 | % | 2.12 | % | -3.85 | % |
Number of
Companies
4
|
38 | |||
Weighted Average Market Cap ($ x 1,000,000)
|
$59,041 | |||
Price/Earnings Ratio (P/E)
|
15.48 | |||
Price/Book Ratio (P/B)
|
1.34 | |||
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
|
$7.09 | $7.12 | $7.13 |
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 MSCI Europe, Australasia, Far East (MSCI EAFE ® ) Index (Net) is a free float-adjusted market capitalization index that is designed to measure market equity performance in 22 developed market countries, excluding the U.S. and Canada. This series approximates the minimum possible dividend reinvestment. Investors cannot invest directly in any index and index figures do not include trading and management costs. | |
3 | As stated in the prospectus. Net Expenses: Reflects expenses expected to be charged to shareholders through at least 7/30/14. 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. | |
4 | Short-term investments are not included. |
Consumer Staples
|
18.0% | |||
Financials
|
16.9% | |||
Health Care
|
15.4% | |||
Telecommunication Services
|
12.4% | |||
Energy
|
12.0% | |||
Information Technology
|
7.9% | |||
Utilities
|
7.5% | |||
Consumer Discretionary
|
5.2% | |||
Industrials
|
4.7% | |||
Total
|
100.0% |
RWE AG
|
3.7% | |||
Tesco plc
|
3.4% | |||
Sanofi
|
3.3% | |||
Taiwan Semiconductor Manufacturing Co., Ltd.
|
3.3% | |||
Unilever plc
|
3.3% | |||
Novartis AG Regd
|
3.2% | |||
Royal Dutch Shell plc, Class A
|
3.2% | |||
GlaxoSmithKline plc
|
3.2% | |||
Takeda Pharmaceutical Co., Ltd.
|
3.2% | |||
Canon, Inc.
|
3.1% | |||
Total
|
32.9% |
United Kingdom
|
20.1% | |||
Japan
|
19.3% | |||
France
|
15.7% | |||
Switzerland
|
8.1% | |||
Spain
|
6.7% | |||
Germany
|
6.4% | |||
Netherlands
|
5.0% | |||
Australia
|
4.4% | |||
Singapore
|
4.1% | |||
Italy
|
3.6% | |||
Taiwan
|
3.3% | |||
Other Countries
|
3.3% | |||
Total
|
100.0% |
1 | This list is not a recommendation of any security by the investment adviser. |
Class and Inception Date | 6 Months | 1 Year | 3 Years | Since Inception | ||||||||||||||||
Investor Shares (6/16/08)
|
-0.34 | % | 16.88 | % | 5.97 | % | -0.66 | % | ||||||||||||
Select Shares (6/16/08)
|
-0.23 | % | 17.15 | % | 6.26 | % | -0.38 | % | ||||||||||||
Institutional Shares (6/16/08)
|
-0.11 | % | 17.37 | % | 6.36 | % | -0.30 | % | ||||||||||||
MSCI
World
®
Index
(Net)
2
|
1.30 | % | 21.59 | % | 7.48 | % | -0.39 | % |
Number of
Companies
4
|
61 | |||
Weighted Average Market Cap ($ x 1,000,000)
|
$77,533 | |||
Price/Earnings Ratio (P/E)
|
14.72 | |||
Price/Book Ratio (P/B)
|
1.81 | |||
Portfolio Turnover
(One year trailing) |
29% |
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
|
LGEQX | LGESX | LGEVX | |||
Cusip
|
51855Q598 | 51855Q556 | 51855Q572 | |||
NAV
|
$8.76 | $8.79 | $8.80 |
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 | The MSCI World Index (Net) is a free float-adjusted market capitalization index that is designed to measure global developed markets equity performance. This series approximates the minimum possible dividend reinvestment. Investors cannot invest directly in any index and index figures do not include trading and management costs. | |
3 | As stated in the prospectus. Net Expenses: Reflects expenses expected to be charged to shareholders through at least 7/30/14. 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. | |
4 | Short-term investments are not included. |
Health Care
|
21.7% | |||
Consumer Staples
|
20.4% | |||
Financials
|
15.0% | |||
Industrials
|
8.7% | |||
Energy
|
7.6% | |||
Telecommunication Services
|
7.1% | |||
Consumer Discretionary
|
7.1% | |||
Information Technology
|
6.1% | |||
Utilities
|
5.3% | |||
Materials
|
1.0% | |||
Total
|
100.0% |
Pfizer, Inc.
|
2.7% | |||
Total S.A.
|
2.4% | |||
ConAgra Foods, Inc.
|
2.3% | |||
Wal-Mart Stores, Inc.
|
2.3% | |||
Johnson & Johnson
|
2.2% | |||
Eni S.p.A.
|
2.2% | |||
RWE AG
|
2.2% | |||
Baxter International, Inc.
|
2.2% | |||
Merck & Co., Inc.
|
2.2% | |||
Northern Trust Corp.
|
2.2% | |||
Total
|
22.9% |
United States
|
48.4% | |||
United Kingdom
|
10.2% | |||
France
|
8.4% | |||
Japan
|
6.4% | |||
Germany
|
6.0% | |||
Switzerland
|
5.4% | |||
Australia
|
3.0% | |||
Singapore
|
2.8% | |||
Netherlands
|
2.6% | |||
Spain
|
2.5% | |||
Other Countries
|
4.3% | |||
Total
|
100.0% |
1 | This list is not a recommendation of any security by the investment adviser. |
Class and Inception Date | 6 Months | 1 Year | 3 Years | Since Inception | ||||||||||||||||
Investor Shares (11/2/07)
|
-2.11 | % | 20.05 | % | 5.35 | % | -0.34 | % | ||||||||||||
Select Shares (11/2/07)
|
-2.11 | % | * | 20.41 | % | 5.65 | % | -0.06 | % | |||||||||||
Institutional Shares (11/2/07)
|
-2.00 | % | 20.51 | % | 5.72 | % | -0.02 | % | ||||||||||||
MSCI Emerging Markets Index
(Net)
2
|
-1.84 | % | 16.93 | % | 5.64 | % | -2.99 | % |
Number of
Companies
4
|
46 | |||
Weighted Average Market Cap ($ x 1,000,000)
|
$38,138 | |||
Price/Earnings Ratio (P/E)
|
10.10 | |||
Price/Book Ratio (P/B)
|
1.69 | |||
Portfolio Turnover
(One year trailing) |
39% |
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
|
$9.28 | $9.30 | $9.30 |
* | Total return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual and semiannual reports. | |
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 MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. This series approximates the minimum possible dividend reinvestment. Investors cannot invest directly in any index and index figures do not include trading and management costs. | |
3 | As stated in the prospectus. Net Expenses: Reflects expenses expected to be charged to shareholders through at least 7/30/14. 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. | |
4 | Short-term investments are not included. |
Financials
|
24.2% | |||
Energy
|
17.2% | |||
Consumer Discretionary
|
13.3% | |||
Information Technology
|
9.1% | |||
Industrials
|
9.1% | |||
Utilities
|
8.0% | |||
Telecommunication Services
|
7.4% | |||
Consumer Staples
|
6.3% | |||
Materials
|
5.4% | |||
Total
|
100.0% |
Samsung Electronics Co., Ltd.
|
3.4% | |||
Hyundai Mobis
|
3.4% | |||
Credicorp Ltd.
|
3.2% | |||
Belle International Holdings Ltd.
|
3.1% | |||
Larsen & Toubro Ltd.
|
2.9% | |||
Taiwan Semiconductor Manufacturing Co., Ltd.
|
2.9% | |||
Grupo Mexico S.A.B. de C.V., Series B
|
2.8% | |||
Redecard S.A.
|
2.7% | |||
Grupo Financiero Santander Mexico SAB de CV, Class B
|
2.6% | |||
PTT PCL
|
2.6% | |||
Total
|
29.6% |
China
|
18.1% | |||
Brazil
|
15.5% | |||
India
|
10.4% | |||
Republic of Korea
|
8.6% | |||
Mexico
|
7.0% | |||
Indonesia
|
6.6% | |||
Turkey
|
4.9% | |||
Thailand
|
4.4% | |||
Russia
|
4.3% | |||
Peru
|
3.2% | |||
Taiwan
|
2.9% | |||
South Africa
|
2.8% | |||
United States*
|
2.6% | |||
Philippines
|
2.6% | |||
Hong Kong
|
2.4% | |||
Other Countries
|
3.7% | |||
Total
|
100.0% |
* | This represents an investment in a money market fund which invests primarily in U.S. government securities. | |
1 | This list is not a recommendation of any security by the investment adviser. |
Fund and Inception Date | 6 Months | 1 Year | 3 Years | Since Inception | ||||||||||||||||
Fund: Laudus Mondrian International Fixed Income Fund (11/2/07)
|
5.28 | % | 3.93 | % | 4.54 | % | 7.23 | % | ||||||||||||
Citigroup non-U.S. Dollar World Government Bond
Index
3
|
4.18 | % | 3.46 | % | 4.02 | % | 6.15 | % |
Number of
Issues
5
|
42 | |||
Weighted Average
Maturity
6
|
7.1 Yrs | |||
Weighted Average
Duration
6
|
5.8 Yrs | |||
Portfolio Turnover
(One year trailing) |
33% |
Fund | ||
Minimum Initial Investment
|
$100 | |
Inception Date
|
11/2/2007 | |
Ticker Symbol
|
LIFNX | |
Cusip
|
51855Q655 | |
NAV
|
$12.13 |
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 | The Citigroup non-US Dollar World Government Bond Index measures the total rate of return performance for the government bonds of 22 countries, excluding the U.S., with a remaining maturity of at least one year. Investors cannot invest directly in any index and index figures do not include trading and management costs. | |
4 | As stated in the prospectus. Reflects expenses expected to be charged to shareholders through at least 7/30/14. Adviser expects to hold expenses at this level by waiving its management fees and/or bearing other expenses. Please see the prospectus for more information. For actual rates during the period, refer to the Financial Highlights section of the Financial Statements. | |
5 | Short-term investments are not included. | |
6 | See Glossary for definitions of maturity and duration. |
Government Bonds
|
63.5% | |||
Government Agency Obligations
|
16.8% | |||
Supranational
|
13.1% | |||
Corporate Bonds
|
4.4% | |||
Other Investment Companies
|
2.2% | |||
Total
|
100.0% |
Japan Government Ten Year Bond, 1.50%, 09/20/18
|
5.8% | |||
Bayerische Landesbank, 1.40%, 04/22/13
|
5.2% | |||
Japan Government Five Year Bond, 0.40%, 09/20/15
|
5.2% | |||
Nordic Investment Bank, 1.70%, 04/27/17
|
4.8% | |||
Kreditanstalt fuer Wiederaufbau, 2.05%, 02/16/26
|
4.7% | |||
Austria Government Bond, 6.25%, 07/15/27
|
4.6% | |||
Japan Government Ten Year Bond, 1.90%, 06/20/16
|
4.5% | |||
Denmark Government International Bond, 3.13%, 03/17/14
|
4.4% | |||
Poland Government Bond, 5.75%, 09/23/22
|
4.3% | |||
Japan Government Thirty Year Bond, 2.40%, 12/20/34
|
4.2% | |||
Total
|
47.7% |
Japan
|
22.3% | |||
Germany
|
16.6% | |||
Poland
|
7.8% | |||
United Kingdom
|
5.4% | |||
Austria
|
4.6% | |||
Finland
|
4.6% | |||
Denmark
|
4.4% | |||
Mexico
|
4.4% | |||
France
|
3.8% | |||
Sweden
|
3.0% | |||
South Africa
|
2.9% | |||
Netherlands
|
2.7% | |||
Norway
|
2.2% | |||
United States*
|
2.2% | |||
Supranational**
|
13.1% | |||
Total
|
100.0% |
Japanese Yen
|
51.1% | |||
Euro
|
18.5% | |||
British Pound
|
7.7% | |||
Polish Zloty
|
7.6% | |||
Mexican Peso
|
4.3% | |||
Swedish Krona
|
2.9% | |||
South African Rand
|
5.8% | |||
United States Dollar
|
2.1% | |||
Total
|
100.0% |
* | This represents an investment in a money market fund which invests primarily in U.S. government securities. | |
** | 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. | |
1 | This list is not a recommendation of any security by the investment adviser. | |
2 | 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. | |
3 | Includes forward foreign currency exposure. |
Fund and Inception Date | Since Inception | ||||
Fund: Laudus Mondrian Global Fixed Income Fund (7/10/12)
|
2.86 | % | |||
Citigroup World Government Bond
Index
2
|
3.25 | % |
Number of
Issues
4
|
77 | |||
Weighted Average
Maturity
5
|
6.1 Yrs | |||
Weighted Average
Duration
5
|
5.2 Yrs | |||
Portfolio Turnover
(One year trailing) |
-- |
Fund | ||
Minimum Initial Investment
|
$100 | |
Inception Date
|
7/10/2012 | |
Ticker Symbol
|
LMGDX | |
Cusip
|
51855Q119 | |
NAV
|
$10.28 |
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 Citigroup World Government Bond Index measures the total rate of return performance for the government bonds of 23 countries with a remaining maturity of at least one year. Investors cannot invest directly in any index and index figures do not include trading and management costs. | |
3 | As stated in the prospectus. Net Expenses: Reflects expenses expected to be charged to shareholders for at least two years from commencement of operations. Adviser expects to hold expenses at this level by waiving its management fees and/or bearing other expenses. For the period 7/11/12 through 1/10/13, the investment adviser has agreed to waive the funds net operating expenses to 0.00% (excluding interest, taxes, and certain non-routine 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. | |
4 | Short-term investments are not included. | |
5 | See Glossary for definitions of maturity and duration. |
Government Bonds
|
62.6% | |||
U.S. Government Securities
|
18.0% | |||
Government Agency Obligations
|
7.5% | |||
Supranational
|
5.2% | |||
Corporate Bonds
|
4.7% | |||
Other Investment Companies
|
2.0% | |||
Total
|
100.0% |
Japan Government Ten Year Bond, 1.40%, 03/20/18
|
3.8% | |||
Japan Government Ten Year Bond, 1.40%, 06/20/19
|
3.6% | |||
European Investment Bank, 1.90%, 01/26/26
|
3.5% | |||
Japan Government Ten Year Bond, 0.80%, 09/20/20
|
3.3% | |||
U.S. Treasury Notes, 3.63%, 08/15/19
|
3.1% | |||
Japan Government Ten Year Bond, 1.50%, 09/20/18
|
3.0% | |||
Bank Nederlandse Gemeenten, 1.85%, 11/07/16
|
3.0% | |||
Landwirtschaftliche Rentenbank, 1.38%, 04/25/13
|
2.8% | |||
Bayerische Landesbank, 1.40%, 04/22/13
|
2.7% | |||
Japan Government Twenty Year Bond, 1.90%, 03/22/21
|
2.6% | |||
Total
|
31.4% |
Japan
|
21.8% | |||
United States
|
20.0% | |||
Germany
|
9.7% | |||
Australia
|
7.9% | |||
Sweden
|
6.3% | |||
United Kingdom
|
5.6% | |||
Brazil
|
4.0% | |||
Netherlands
|
4.0% | |||
Poland
|
3.1% | |||
Mexico
|
2.4% | |||
Denmark
|
2.2% | |||
Hungary
|
2.1% | |||
South Africa
|
2.0% | |||
Israel
|
1.2% | |||
Malaysia
|
1.0% | |||
Qatar
|
0.9% | |||
Turkey
|
0.3% | |||
Colombia
|
0.3% | |||
Supranational*
|
5.2% | |||
Total
|
100.0% |
Japanese Yen
|
37.5% | |||
United States Dollar
|
22.3% | |||
Euro
|
8.1% | |||
Swedish Krona
|
6.6% | |||
British Pound
|
5.0% | |||
Brazilian Real
|
4.2% | |||
Polish Zloty
|
3.3% | |||
Mexican Peso
|
2.5% | |||
Chinese Yuan Renminbi
|
2.3% | |||
Hungarian Forint
|
2.2% | |||
South African Rand
|
2.1% | |||
Israeli Shekel
|
1.2% | |||
Malaysian Ringgit
|
1.0% | |||
Chilean Peso
|
0.8% | |||
Turkish Lira
|
0.4% | |||
Colombian Peso
|
0.4% | |||
Australian Dollar
|
0.1% | |||
Total
|
100.0% |
* | 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 | This list is not a recommendation of any security by the investment adviser. | |
2 | 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. | |
3 | Includes forward foreign currency exposure. |
Ending
|
||||||||||||||||
Account Value
|
||||||||||||||||
Expense
Ratio
1
|
Beginning
|
(Net of Expenses)
|
Expenses Paid
|
|||||||||||||
(Annualized) | Account Value | at 9/30/12 | During Period | |||||||||||||
Laudus Mondrian International Equity Fund 2 | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return
|
1.40% | $ | 1,000 | $ | 986.10 | $ | 6.97 | |||||||||
Hypothetical 5% Return
|
1.40% | $ | 1,000 | $ | 1,018.05 | $ | 7.08 | |||||||||
Select Shares | ||||||||||||||||
Actual Return
|
1.12% | $ | 1,000 | $ | 988.90 | $ | 5.58 | |||||||||
Hypothetical 5% Return
|
1.12% | $ | 1,000 | $ | 1,019.45 | $ | 5.67 | |||||||||
Institutional Shares | ||||||||||||||||
Actual Return
|
1.05% | $ | 1,000 | $ | 987.50 | $ | 5.23 | |||||||||
Hypothetical 5% Return
|
1.05% | $ | 1,000 | $ | 1,019.80 | $ | 5.32 | |||||||||
|
||||||||||||||||
Laudus Mondrian Global Equity Fund 2 | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return
|
1.37% | $ | 1,000 | $ | 996.60 | $ | 6.86 | |||||||||
Hypothetical 5% Return
|
1.37% | $ | 1,000 | $ | 1,018.20 | $ | 6.93 | |||||||||
Select Shares | ||||||||||||||||
Actual Return
|
1.10% | $ | 1,000 | $ | 997.70 | $ | 5.51 | |||||||||
Hypothetical 5% Return
|
1.10% | $ | 1,000 | $ | 1,019.55 | $ | 5.57 | |||||||||
Institutional Shares | ||||||||||||||||
Actual Return
|
1.03% | $ | 1,000 | $ | 998.90 | $ | 5.16 | |||||||||
Hypothetical 5% Return
|
1.03% | $ | 1,000 | $ | 1,019.90 | $ | 5.22 | |||||||||
|
||||||||||||||||
Laudus Mondrian Emerging Markets Fund 2 | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return
|
1.80% | $ | 1,000 | $ | 978.90 | $ | 8.93 | |||||||||
Hypothetical 5% Return
|
1.80% | $ | 1,000 | $ | 1,016.04 | $ | 9.10 | |||||||||
Select Shares | ||||||||||||||||
Actual Return
|
1.52% | $ | 1,000 | $ | 980.00 | $ | 7.54 | |||||||||
Hypothetical 5% Return
|
1.52% | $ | 1,000 | $ | 1,017.45 | $ | 7.69 | |||||||||
Institutional Shares | ||||||||||||||||
Actual Return
|
1.45% | $ | 1,000 | $ | 980.00 | $ | 7.20 | |||||||||
Hypothetical 5% Return
|
1.45% | $ | 1,000 | $ | 1,017.80 | $ | 7.33 | |||||||||
|
||||||||||||||||
Laudus Mondrian International Fixed Income Fund 2 | ||||||||||||||||
Actual Return
|
0.69% | $ | 1,000 | $ | 1,052.80 | $ | 3.55 | |||||||||
Hypothetical 5% Return
|
0.69% | $ | 1,000 | $ | 1,021.61 | $ | 3.50 | |||||||||
|
||||||||||||||||
Laudus Mondrian Global Fixed Income Fund 3 | ||||||||||||||||
Actual Return
|
0.00% | $ | 1,000 | $ | 1,028.60 | $ | 0.00 | |||||||||
Hypothetical 5% Return
|
0.00% | $ | 1,000 | $ | 1,025.07 | $ | 0.00 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights. | |
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 183 days of the period, and divided by 365 days of the fiscal year. | |
3 | Expenses for the fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by the 82 days of the period (from 7/11/12 through 9/30/12) and divided by 365 days of the fiscal year. |
4/1/12
|
4/1/11
|
4/1/10
|
4/1/09
|
6/16/08
1
|
||||||||||||||||||
Investor Shares | 9/30/12* | 3/31/12 | 3/31/11 | 3/31/10 | 3/31/09 | |||||||||||||||||
Per-Share Data
($)
|
||||||||||||||||||||||
|
||||||||||||||||||||||
Net asset value at beginning of period
|
7.19 | 7.73 | 7.52 | 5.43 | 10.00 | |||||||||||||||||
|
||||||||||||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||
Net investment income (loss)
|
0.18 | 2 | 0.26 | 2 | 0.16 | 2 | 0.18 | 2 | 0.07 | |||||||||||||
Net realized and unrealized gains (losses)
|
(0.28 | ) | (0.45 | ) | 0.28 | 2.02 | (4.59 | ) | ||||||||||||||
|
||||||||||||||||||||||
Total from investment operations
|
(0.10 | ) | (0.19 | ) | 0.44 | 2.20 | (4.52 | ) | ||||||||||||||
Less distributions:
|
||||||||||||||||||||||
Distributions from net investment income
|
| (0.30 | ) | (0.23 | ) | (0.11 | ) | (0.05 | ) | |||||||||||||
Distributions from net realized gains
|
| (0.05 | ) | | | (0.00 | ) 3 | |||||||||||||||
|
||||||||||||||||||||||
Total distributions
|
| (0.35 | ) | (0.23 | ) | (0.11 | ) | (0.05 | ) | |||||||||||||
|
||||||||||||||||||||||
Net asset value at end of period
|
7.09 | 7.19 | 7.73 | 7.52 | 5.43 | |||||||||||||||||
|
||||||||||||||||||||||
Total return (%)
|
(1.39 | ) 4 | (2.02 | ) | 5.94 | 40.53 | (45.31 | ) 4 | ||||||||||||||
Ratios/Supplemental Data
(%)
|
||||||||||||||||||||||
|
||||||||||||||||||||||
Ratios to average net assets:
|
||||||||||||||||||||||
Net operating expenses
|
1.40 | 5 | 1.40 | 1.40 | 1.40 | 1.39 | 5,6 | |||||||||||||||
Gross operating expenses
|
1.53 | 5 | 1.63 | 1.63 | 1.60 | 2.78 | 5 | |||||||||||||||
Net investment income (loss)
|
5.16 | 5 | 3.49 | 2.19 | 2.47 | 2.46 | 5 | |||||||||||||||
Portfolio turnover rate
|
7 | 4 | 35 | 33 | 14 | 8 | 4 | |||||||||||||||
Net assets, end of period ($ x 1,000)
|
1,048 | 1,048 | 1,009 | 403 | 168 |
4/1/12
|
4/1/11
|
4/1/10
|
4/1/09
|
6/16/08
1
|
||||||||||||||||||
Select Shares | 9/30/12* | 3/31/12 | 3/31/11 | 3/31/10 | 3/31/09 | |||||||||||||||||
Per-Share Data
($)
|
||||||||||||||||||||||
|
||||||||||||||||||||||
Net asset value at beginning of period
|
7.20 | 7.75 | 7.53 | 5.44 | 10.00 | |||||||||||||||||
|
||||||||||||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||
Net investment income (loss)
|
0.18 | 2 | 0.26 | 2 | 0.21 | 2 | 0.18 | 2 | 0.12 | |||||||||||||
Net realized and unrealized gains (losses)
|
(0.26 | ) | (0.44 | ) | 0.25 | 2.03 | (4.63 | ) | ||||||||||||||
|
||||||||||||||||||||||
Total from investment operations
|
(0.08 | ) | (0.18 | ) | 0.46 | 2.21 | (4.51 | ) | ||||||||||||||
Less distributions:
|
||||||||||||||||||||||
Distributions from net investment income
|
| (0.32 | ) | (0.24 | ) | (0.12 | ) | (0.05 | ) | |||||||||||||
Distributions from net realized gains
|
| (0.05 | ) | | | (0.00 | ) 3 | |||||||||||||||
|
||||||||||||||||||||||
Total distributions
|
| (0.37 | ) | (0.24 | ) | (0.12 | ) | (0.05 | ) | |||||||||||||
|
||||||||||||||||||||||
Net asset value at end of period
|
7.12 | 7.20 | 7.75 | 7.53 | 5.44 | |||||||||||||||||
|
||||||||||||||||||||||
Total return (%)
|
(1.11 | ) 4 | (1.82 | ) | 6.20 | 40.68 | (45.16 | ) 4 | ||||||||||||||
Ratios/Supplemental Data
(%)
|
||||||||||||||||||||||
|
||||||||||||||||||||||
Ratios to average net assets:
|
||||||||||||||||||||||
Net operating expenses
|
1.12 | 5 | 1.12 | 1.12 | 1.12 | 1.12 | 5 | |||||||||||||||
Gross operating expenses
|
1.27 | 5 | 1.40 | 1.36 | 1.31 | 3.10 | 5 | |||||||||||||||
Net investment income (loss)
|
5.34 | 5 | 3.51 | 2.86 | 2.43 | 2.22 | 5 | |||||||||||||||
Portfolio turnover rate
|
7 | 4 | 35 | 33 | 14 | 8 | 4 | |||||||||||||||
Net assets, end of period ($ x 1,000)
|
936 | 938 | 542 | 458 | 90 |
4/1/12
|
4/1/11
|
4/1/10
|
4/1/09
|
6/16/08
1
|
||||||||||||||||||
Institutional Shares | 9/30/12* | 3/31/12 | 3/31/11 | 3/31/10 | 3/31/09 | |||||||||||||||||
Per-Share Data
($)
|
||||||||||||||||||||||
|
||||||||||||||||||||||
Net asset value at beginning of period
|
7.22 | 7.76 | 7.54 | 5.44 | 10.00 | |||||||||||||||||
|
||||||||||||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||
Net investment income (loss)
|
0.18 | 2 | 0.29 | 2 | 0.23 | 2 | 0.21 | 2 | 0.08 | |||||||||||||
Net realized and unrealized gains (losses)
|
(0.27 | ) | (0.46 | ) | 0.24 | 2.02 | (4.59 | ) | ||||||||||||||
|
||||||||||||||||||||||
Total from investment operations
|
(0.09 | ) | (0.17 | ) | 0.47 | 2.23 | (4.51 | ) | ||||||||||||||
Less distributions:
|
||||||||||||||||||||||
Distributions from net investment income
|
| (0.32 | ) | (0.25 | ) | (0.13 | ) | (0.05 | ) | |||||||||||||
Distributions from net realized gains
|
| (0.05 | ) | | | (0.00 | ) 3 | |||||||||||||||
|
||||||||||||||||||||||
Total distributions
|
| (0.37 | ) | (0.25 | ) | (0.13 | ) | (0.05 | ) | |||||||||||||
|
||||||||||||||||||||||
Net asset value at end of period
|
7.13 | 7.22 | 7.76 | 7.54 | 5.44 | |||||||||||||||||
|
||||||||||||||||||||||
Total return (%)
|
(1.25 | ) 4 | (1.63 | ) | 6.28 | 40.90 | (45.15 | ) 4 | ||||||||||||||
Ratios/Supplemental Data
(%)
|
||||||||||||||||||||||
|
||||||||||||||||||||||
Ratios to average net assets:
|
||||||||||||||||||||||
Net operating expenses
|
1.05 | 5 | 1.05 | 1.05 | 1.05 | 1.05 | 5 | |||||||||||||||
Gross operating expenses
|
1.12 | 5 | 1.23 | 1.21 | 1.24 | 2.11 | 5 | |||||||||||||||
Net investment income (loss)
|
5.38 | 5 | 3.92 | 3.08 | 2.90 | 2.52 | 5 | |||||||||||||||
Portfolio turnover rate
|
7 | 4 | 35 | 33 | 14 | 8 | 4 | |||||||||||||||
Net assets, end of period ($ x 1,000)
|
128,295 | 119,049 | 126,758 | 85,424 | 18,694 |
Cost
|
Value
|
|||||||||||
Holdings by Category | ($) | ($) | ||||||||||
98 | .4% | Common Stock | 129,061,462 | 128,265,750 | ||||||||
1 | .1% | Other Investment Company | 1,409,114 | 1,409,114 | ||||||||
99 | .5% | Total Investments | 130,470,576 | 129,674,864 | ||||||||
0 | .5% | Other Assets and Liabilities, Net | 603,981 | |||||||||
100 | .0% | Net Assets | 130,278,845 |
* | Non-income producing security. |
ADR
|
American Depositary Receipt | |
Regd
|
Registered |
AUD
|
Australian dollar | |
USD
|
U.S. dollar |
Quoted
Prices in
|
Significant
|
|||||||||||||||
Active
Markets for
|
Significant
Other
|
Unobservable
|
||||||||||||||
Identical
Assets
|
Observable
Inputs
|
Inputs
|
||||||||||||||
Description
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Common
Stock
1
|
$ | $125,433,306 | $ | $125,433,306 | ||||||||||||
Israel
1
|
2,832,444 | | | 2,832,444 | ||||||||||||
Other Investment
Company
1
|
1,409,114 | | | 1,409,114 | ||||||||||||
Total
|
$4,241,558 | $125,433,306 | $ | $129,674,864 | ||||||||||||
Liabilities Valuation Input | ||||||||||||||||
Other Financial Instruments
|
||||||||||||||||
Forward Foreign Currency Exchange
Contract
2
|
($1,723 | ) | $ | $ | ($1,723 | ) |
1
|
As categorized in Portfolio Holdings. | |
2
|
Forward foreign currency exchange contracts are not included in Investments and are valued at unrealized appreciation or depreciation. |
Shares
|
||||||||||||||
Share Class | Net Assets | ÷ | Outstanding | = | NAV | |||||||||
Investor Shares
|
$1,047,556 | 147,781 | $7.09 | |||||||||||
Select Shares
|
$936,112 | 131,537 | $7.12 | |||||||||||
Institutional Shares
|
$128,295,177 | 17,991,609 | $7.13 |
Investment Income
|
||||||
|
||||||
Dividends (net of foreign withholding taxes of $365,051)
|
$3,863,854 | |||||
Interest
|
+ | 286 | ||||
|
||||||
Total investment income
|
3,864,140 | |||||
Expenses
|
||||||
|
||||||
Investment adviser fees
|
510,908 | |||||
Transfer agent fees
|
47,620 | |||||
Custodian fees
|
28,169 | |||||
Accounting and administration fees
|
27,334 | |||||
Professional fees
|
27,044 | |||||
Registration fees
|
21,777 | |||||
Shareholder reports
|
4,907 | |||||
Trustees fees
|
4,880 | |||||
Distribution and shareholder services fees (Investor Shares)
|
1,241 | |||||
Interest expense
|
68 | |||||
Sub-Accounting fees:
|
||||||
Investor Shares
|
744 | |||||
Select Shares
|
727 | |||||
Other expenses
|
+ | 2,817 | ||||
|
||||||
Total expenses
|
678,236 | |||||
Expense reduction by adviser
|
− | 44,996 | ||||
|
||||||
Net expenses
|
− | 633,240 | ||||
|
||||||
Net investment income
|
3,230,900 | |||||
Realized and Unrealized Gains (Losses)
|
||||||
|
||||||
Net realized gains on investments
|
364,151 | |||||
Net realized losses on foreign currency transactions
|
+ | (16,569 | ) | |||
|
||||||
Net realized gains
|
347,582 | |||||
Net unrealized losses on investments
|
(4,061,553 | ) | ||||
Net unrealized losses on foreign currency translations
|
+ | (103,869 | ) | |||
|
||||||
Net unrealized losses
|
+ | (4,165,422 | ) | |||
|
||||||
Net realized and unrealized losses
|
(3,817,840 | ) | ||||
Decrease in net assets resulting from operations
|
($586,940 | ) |
Operations
|
||||||||||
|
4/1/12-9/30/12 | 4/1/11-3/31/12 | |||||||||
Net investment income
|
$3,230,900 | $4,530,426 | ||||||||
Net realized gains (losses)
|
347,582 | (1,473,407 | ) | |||||||
Net unrealized losses
|
+ | (4,165,422 | ) | (5,078,186 | ) | |||||
|
||||||||||
Decrease in net assets from operations
|
(586,940 | ) | (2,021,167 | ) | ||||||
Distributions to Shareholders
|
||||||||||
|
||||||||||
Distributions from net investment income
|
||||||||||
Investor Shares
|
| (37,920 | ) | |||||||
Select Shares
|
| (33,152 | ) | |||||||
Institutional Shares
|
+ | | (4,492,574 | ) | ||||||
|
||||||||||
Total distributions from net investment income
|
| (4,563,646 | ) | |||||||
Distributions from net realized gains
|
||||||||||
Investor Shares
|
| (6,945 | ) | |||||||
Select Shares
|
| (5,635 | ) | |||||||
Institutional Shares
|
+ | | (754,808 | ) | ||||||
|
||||||||||
Total distributions from net realized gains
|
| (767,388 | ) | |||||||
Total distributions
|
$ | ($5,331,034 | ) |
4/1/12-9/30/12 | 4/1/11-3/31/12 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold
|
||||||||||||||||||
Investor Shares
|
19,355 | $132,474 | 39,428 | $286,492 | ||||||||||||||
Select Shares
|
22,527 | 155,000 | 79,974 | 566,993 | ||||||||||||||
Institutional Shares
|
+ | 2,529,509 | 16,935,605 | 5,640,658 | 39,744,766 | |||||||||||||
|
||||||||||||||||||
Total shares sold
|
2,571,391 | $17,223,079 | 5,760,060 | $40,598,251 | ||||||||||||||
Shares Reinvested
|
||||||||||||||||||
Investor Shares
|
| $ | 5,842 | $38,263 | ||||||||||||||
Select Shares
|
| | 4,753 | 31,185 | ||||||||||||||
Institutional Shares
|
+ | | | 175,236 | 1,151,298 | |||||||||||||
|
||||||||||||||||||
Total shares reinvested
|
| $ | 185,831 | $1,220,746 | ||||||||||||||
Shares Redeemed
|
||||||||||||||||||
Investor Shares
|
(17,367 | ) | ($116,365 | ) | (29,976 | ) | ($222,879 | ) | ||||||||||
Select Shares
|
(21,172 | ) | (153,904 | ) | (24,514 | ) | (174,619 | ) | ||||||||||
Institutional Shares
|
+ | (1,035,180 | ) | (7,121,910 | ) | (5,649,094 | ) | (41,343,557 | ) | |||||||||
|
||||||||||||||||||
Total shares redeemed
|
(1,073,719 | ) | ($7,392,179 | ) | (5,703,584 | ) | ($41,741,055 | ) | ||||||||||
Net transactions in fund shares
|
1,497,672 | $9,830,900 | 242,307 | $77,942 | ||||||||||||||
Shares Outstanding and Net Assets
|
||||||||||||||||||
|
||||||||||||||||||
4/1/12-9/30/12 | 4/1/11-3/31/12 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period
|
16,773,255 | $121,034,885 | 16,530,948 | $128,309,144 | ||||||||||||||
Total increase or decrease
|
+ | 1,497,672 | 9,243,960 | 242,307 | (7,274,259 | ) | ||||||||||||
|
||||||||||||||||||
End of period
|
18,270,927 | $130,278,845 | 16,773,255 | $121,034,885 | ||||||||||||||
|
||||||||||||||||||
Net investment income not yet distributed
|
$4,074,161 | $843,261 |
4/1/12
|
4/1/11
|
4/1/10
|
4/1/09
|
6/16/08
1
|
||||||||||||||||||
Investor Shares | 9/30/12* | 3/31/12 | 3/31/11 | 3/31/10 | 3/31/09 | |||||||||||||||||
Per-Share Data
($)
|
||||||||||||||||||||||
|
||||||||||||||||||||||
Net asset value at beginning of period
|
8.79 | 8.61 | 8.05 | 5.68 | 10.00 | |||||||||||||||||
|
||||||||||||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||
Net investment income (loss)
|
0.14 | 2 | 0.23 | 2 | 0.17 | 2 | 0.17 | 2 | 0.17 | |||||||||||||
Net realized and unrealized gains (losses)
|
(0.17 | ) | 0.16 | 0.58 | 2.38 | (4.27 | ) | |||||||||||||||
|
||||||||||||||||||||||
Total from investment operations
|
(0.03 | ) | 0.39 | 0.75 | 2.55 | (4.10 | ) | |||||||||||||||
Less distributions:
|
||||||||||||||||||||||
Distributions from net investment income
|
| (0.21 | ) | (0.19 | ) | (0.18 | ) | (0.22 | ) | |||||||||||||
|
||||||||||||||||||||||
Net asset value at end of period
|
8.76 | 8.79 | 8.61 | 8.05 | 5.68 | |||||||||||||||||
|
||||||||||||||||||||||
Total return (%)
|
(0.34 | ) 3 | 4.89 | 9.40 | 44.94 | (41.35 | ) 3 | |||||||||||||||
Ratios/Supplemental Data
(%)
|
||||||||||||||||||||||
|
||||||||||||||||||||||
Ratios to average net assets:
|
||||||||||||||||||||||
Net operating expenses
|
1.37 | 4 | 1.40 | 1.40 | 1.39 | 1.40 | 4 | |||||||||||||||
Gross operating expenses
|
4.99 | 4 | 5.14 | 4.97 | 5.30 | 4.43 | 4 | |||||||||||||||
Net investment income (loss)
|
3.28 | 4 | 2.72 | 2.16 | 2.30 | 2.63 | 4 | |||||||||||||||
Portfolio turnover rate
|
15 | 3 | 31 | 26 | 22 | 14 | 3 | |||||||||||||||
Net assets, end of period ($ x 1,000)
|
117 | 109 | 91 | 80 | 34 |
4/1/12
|
4/1/11
|
4/1/10
|
4/1/09
|
6/16/08
1
|
||||||||||||||||||
Select Shares | 9/30/12* | 3/31/12 | 3/31/11 | 3/31/10 | 3/31/09 | |||||||||||||||||
Per-Share Data
($)
|
||||||||||||||||||||||
|
||||||||||||||||||||||
Net asset value at beginning of period
|
8.81 | 8.63 | 8.06 | 5.68 | 10.00 | |||||||||||||||||
|
||||||||||||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||
Net investment income (loss)
|
0.15 | 2 | 0.25 | 2 | 0.19 | 2 | 0.19 | 2 | 0.16 | |||||||||||||
Net realized and unrealized gains (losses)
|
(0.17 | ) | 0.17 | 0.58 | 2.39 | (4.25 | ) | |||||||||||||||
|
||||||||||||||||||||||
Total from investment operations
|
(0.02 | ) | 0.42 | 0.77 | 2.58 | (4.09 | ) | |||||||||||||||
Less distributions:
|
||||||||||||||||||||||
Distributions from net investment income
|
| (0.24 | ) | (0.20 | ) | (0.20 | ) | (0.23 | ) | |||||||||||||
|
||||||||||||||||||||||
Net asset value at end of period
|
8.79 | 8.81 | 8.63 | 8.06 | 5.68 | |||||||||||||||||
|
||||||||||||||||||||||
Total return (%)
|
(0.23 | ) 3 | 5.17 | 9.77 | 45.43 | (41.27 | ) 3 | |||||||||||||||
Ratios/Supplemental Data
(%)
|
||||||||||||||||||||||
|
||||||||||||||||||||||
Ratios to average net assets:
|
||||||||||||||||||||||
Net operating expenses
|
1.10 | 4 | 1.12 | 1.12 | 1.11 | 1.12 | 4 | |||||||||||||||
Gross operating expenses
|
4.74 | 4 | 4.90 | 4.76 | 5.13 | 4.27 | 4 | |||||||||||||||
Net investment income (loss)
|
3.57 | 4 | 2.98 | 2.40 | 2.59 | 2.89 | 4 | |||||||||||||||
Portfolio turnover rate
|
15 | 3 | 31 | 26 | 22 | 14 | 3 | |||||||||||||||
Net assets, end of period ($ x 1,000)
|
283 | 284 | 270 | 182 | 33 |
4/1/12
|
4/1/11
|
4/1/10
|
4/1/09
|
6/16/08
1
|
||||||||||||||||||
Institutional Shares | 9/30/12* | 3/31/12 | 3/31/11 | 3/31/10 | 3/31/09 | |||||||||||||||||
Per-Share Data
($)
|
||||||||||||||||||||||
|
||||||||||||||||||||||
Net asset value at beginning of period
|
8.81 | 8.63 | 8.06 | 5.68 | 10.00 | |||||||||||||||||
|
||||||||||||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||
Net investment income (loss)
|
0.15 | 2 | 0.26 | 2 | 0.20 | 2 | 0.20 | 2 | 0.16 | |||||||||||||
Net realized and unrealized gains (losses)
|
(0.16 | ) | 0.16 | 0.58 | 2.38 | (4.25 | ) | |||||||||||||||
|
||||||||||||||||||||||
Total from investment operations
|
(0.01 | ) | 0.42 | 0.78 | 2.58 | (4.09 | ) | |||||||||||||||
Less distributions:
|
||||||||||||||||||||||
Distributions from net investment income
|
| (0.24 | ) | (0.21 | ) | (0.20 | ) | (0.23 | ) | |||||||||||||
|
||||||||||||||||||||||
Net asset value at end of period
|
8.80 | 8.81 | 8.63 | 8.06 | 5.68 | |||||||||||||||||
|
||||||||||||||||||||||
Total return (%)
|
(0.11 | ) 3 | 5.25 | 9.84 | 45.49 | (41.25 | ) 3 | |||||||||||||||
Ratios/Supplemental Data
(%)
|
||||||||||||||||||||||
|
||||||||||||||||||||||
Ratios to average net assets:
|
||||||||||||||||||||||
Net operating expenses
|
1.03 | 4 | 1.05 | 1.05 | 1.03 | 1.05 | 4 | |||||||||||||||
Gross operating expenses
|
4.59 | 4 | 4.75 | 4.57 | 4.96 | 4.08 | 4 | |||||||||||||||
Net investment income (loss)
|
3.64 | 4 | 3.05 | 2.55 | 2.68 | 2.74 | 4 | |||||||||||||||
Portfolio turnover rate
|
15 | 3 | 31 | 26 | 22 | 14 | 3 | |||||||||||||||
Net assets, end of period ($ x 1,000)
|
4,770 | 4,777 | 4,539 | 4,132 | 2,840 |
Cost
|
Value
|
|||||||||||
Holdings by Category | ($) | ($) | ||||||||||
98 | .6% | Common Stock | 5,099,539 | 5,100,006 | ||||||||
1 | .7% | Other Investment Company | 84,764 | 84,764 | ||||||||
100 | .3% | Total Investments | 5,184,303 | 5,184,770 | ||||||||
(0 | .3)% | Other Assets and Liabilities, Net | (14,190 | ) | ||||||||
100 | .0% | Net Assets | 5,170,580 |
* | Non-income producing security. |
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
|
Losses
|
||||||||||||||||||
Expiration Date | Counterparty | Received | Received | Delivered | Delivered | ($) | ||||||||||||||||
Forward Foreign Currency Exchange Contract
|
||||||||||||||||||||||
10/31/2012
|
State Street Bank London | USD | 127,273 | AUD | 123,000 | (46 | ) |
Quoted
Prices in
|
Significant
|
|||||||||||||||
Active
Markets for
|
Significant
Other
|
Unobservable
|
||||||||||||||
Identical
Assets
|
Observable
Inputs
|
Inputs
|
||||||||||||||
Description
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Common
Stock
1
|
$2,531,132 | $ | $ | $2,531,132 | ||||||||||||
Australia
1
|
| 153,516 | | 153,516 | ||||||||||||
France
1
|
| 434,386 | | 434,386 | ||||||||||||
Germany
1
|
| 312,767 | | 312,767 | ||||||||||||
Italy
1
|
| 116,304 | | 116,304 | ||||||||||||
Japan
1
|
| 332,118 | | 332,118 | ||||||||||||
Netherlands
1
|
| 135,806 | | 135,806 | ||||||||||||
Singapore
1
|
| 143,553 | | 143,553 | ||||||||||||
Spain
1
|
| 127,355 | | 127,355 | ||||||||||||
Switzerland
1
|
| 281,443 | | 281,443 | ||||||||||||
United
Kingdom
1
|
| 531,626 | | 531,626 | ||||||||||||
Other Investment
Company
1
|
84,764 | | | 84,764 | ||||||||||||
Total
|
$2,615,896 | $2,568,874 | $ | $5,184,770 | ||||||||||||
Liabilities Valuation Input | ||||||||||||||||
Other Financial Instruments
|
||||||||||||||||
Forward Foreign Currency Exchange
Contract
2
|
($46 | ) | $ | $ | ($46 | ) |
1
|
As categorized in Portfolio Holdings. | |
2
|
Forward foreign currency exchange contracts are not included in Investments and are valued at unrealized appreciation or depreciation. |
Shares
|
||||||||||||||
Share Class | Net Assets | ÷ | Outstanding | = | NAV | |||||||||
Investor Shares
|
$117,401 | 13,396 | $8.76 | |||||||||||
Select Shares
|
$283,063 | 32,189 | $8.79 | |||||||||||
Institutional Shares
|
$4,770,116 | 542,189 | $8.80 |
Investment Income
|
||||||
|
||||||
Dividends (net of foreign withholding taxes of $11,884)
|
$116,006 | |||||
Interest
|
+ | 7 | ||||
|
||||||
Total investment income
|
116,013 | |||||
Expenses
|
||||||
|
||||||
Investment adviser fees
|
21,117 | |||||
Professional fees
|
26,127 | |||||
Accounting and administration fees
|
25,250 | |||||
Registration fees
|
17,335 | |||||
Transfer agent fees
|
13,731 | |||||
Trustees fees
|
3,852 | |||||
Shareholder reports
|
2,612 | |||||
Custodian fees
|
1,824 | |||||
Distribution and shareholder services fees (Investor Shares)
|
133 | |||||
Sub-Accounting fees:
|
||||||
Investor Shares
|
80 | |||||
Select Shares
|
204 | |||||
Other expenses
|
+ | 2,095 | ||||
|
||||||
Total expenses
|
114,360 | |||||
Expense reduction by adviser
|
− | 88,449 | ||||
|
||||||
Net expenses
|
− | 25,911 | ||||
|
||||||
Net investment income
|
90,102 | |||||
Realized and Unrealized Gains (Losses)
|
||||||
|
||||||
Net realized losses on investments
|
(135,664 | ) | ||||
Net realized losses on foreign currency transactions
|
+ | (798 | ) | |||
|
||||||
Net realized losses
|
(136,462 | ) | ||||
Net unrealized gains on investments
|
41,558 | |||||
Net unrealized losses on foreign currency translations
|
+ | (2,559 | ) | |||
|
||||||
Net unrealized gains
|
+ | 38,999 | ||||
|
||||||
Net realized and unrealized losses
|
(97,463 | ) | ||||
Decrease in net assets resulting from operations
|
($7,361 | ) |
Operations
|
||||||||||
|
4/1/12-9/30/12 | 4/1/11-3/31/12 | |||||||||
Net investment income
|
$90,102 | $146,816 | ||||||||
Net realized losses
|
(136,462 | ) | (8,157 | ) | ||||||
Net unrealized gains
|
+ | 38,999 | 116,580 | |||||||
|
||||||||||
Increase (Decrease) in net assets from operations
|
(7,361 | ) | 255,239 | |||||||
Distributions to Shareholders
|
||||||||||
|
||||||||||
Distributions from net investment income
|
||||||||||
Investor Shares
|
| (2,685 | ) | |||||||
Select Shares
|
| (7,427 | ) | |||||||
Institutional Shares
|
+ | | (128,107 | ) | ||||||
|
||||||||||
Total distributions from net investment income
|
$ | ($138,219 | ) |
4/1/12-9/30/12 | 4/1/11-3/31/12 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold
|
||||||||||||||||||
Investor Shares
|
1,867 | $16,041 | 3,595 | $31,650 | ||||||||||||||
Select Shares
|
| | | | ||||||||||||||
Institutional Shares
|
+ | | | | | |||||||||||||
|
||||||||||||||||||
Total shares sold
|
1,867 | $16,041 | 3,595 | $31,650 | ||||||||||||||
Shares Reinvested
|
||||||||||||||||||
Investor Shares
|
| $ | 264 | $2,068 | ||||||||||||||
Select Shares
|
| | 945 | 7,427 | ||||||||||||||
Institutional Shares
|
+ | | | 16,299 | 128,107 | |||||||||||||
|
||||||||||||||||||
Total shares reinvested
|
| $ | 17,508 | $137,602 | ||||||||||||||
Shares Redeemed
|
||||||||||||||||||
Investor Shares
|
(849 | ) | ($7,147 | ) | (2,104 | ) | ($17,449 | ) | ||||||||||
Select Shares
|
| | (2 | ) | (12 | ) | ||||||||||||
Institutional Shares
|
+ | | | | | |||||||||||||
|
||||||||||||||||||
Total shares redeemed
|
(849 | ) | ($7,147 | ) | (2,106 | ) | ($17,461 | ) | ||||||||||
Net transactions in fund shares
|
1,018 | $8,894 | 18,997 | $151,791 | ||||||||||||||
Shares Outstanding and Net Assets
|
||||||||||||||||||
|
||||||||||||||||||
4/1/12-9/30/12 | 4/1/11-3/31/12 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period
|
586,756 | $5,169,047 | 567,759 | $4,900,236 | ||||||||||||||
Total increase
|
+ | 1,018 | 1,533 | 18,997 | 268,811 | |||||||||||||
|
||||||||||||||||||
End of period
|
587,774 | $5,170,580 | 586,756 | $5,169,047 | ||||||||||||||
|
||||||||||||||||||
Net investment income not yet distributed
|
$119,646 | $29,544 |
4/1/12
|
4/1/11
|
4/1/10
|
4/1/09
|
4/1/08
|
11/2/07
1
|
|||||||||||||||||||||
Investor Shares | 9/30/12* | 3/31/12 | 3/31/11 | 3/31/10 | 3/31/09 | 3/31/08 | ||||||||||||||||||||
Per-Share Data
($)
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
Net asset value at beginning of period
|
9.48 | 9.67 | 8.79 | 5.33 | 9.29 | 10.00 | ||||||||||||||||||||
|
||||||||||||||||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||||
Net investment income (loss)
|
0.12 | 2 | 0.16 | 2 | 0.14 | 2 | 0.09 | 2 | 0.11 | 0.02 | ||||||||||||||||
Net realized and unrealized gains (losses)
|
(0.32 | ) | (0.20 | ) | 0.90 | 3.46 | (4.01 | ) | (0.72 | ) | ||||||||||||||||
|
||||||||||||||||||||||||||
Total from investment operations
|
(0.20 | ) | (0.04 | ) | 1.04 | 3.55 | (3.90 | ) | (0.70 | ) | ||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||||
Distributions from net investment income
|
| (0.08 | ) | (0.16 | ) | (0.09 | ) | (0.06 | ) | (0.01 | ) | |||||||||||||||
Distributions from net realized gains
|
| (0.07 | ) | | | | | |||||||||||||||||||
|
||||||||||||||||||||||||||
Total distributions
|
| (0.15 | ) | (0.16 | ) | (0.09 | ) | (0.06 | ) | (0.01 | ) | |||||||||||||||
|
||||||||||||||||||||||||||
Net asset value at end of period
|
9.28 | 9.48 | 9.67 | 8.79 | 5.33 | 9.29 | ||||||||||||||||||||
|
||||||||||||||||||||||||||
Total return (%)
|
(2.11 | ) 3 | (0.19 | ) | 11.89 | 66.74 | (42.02 | ) | (6.98 | ) 3 | ||||||||||||||||
Ratios/Supplemental Data
(%)
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
Ratios to average net assets:
|
||||||||||||||||||||||||||
Net operating expenses
|
1.80 | 4 | 1.80 | 1.80 | 1.81 | 5 | 1.80 | 1.82 | 4,6 | |||||||||||||||||
Gross operating expenses
|
1.89 | 4 | 1.90 | 1.91 | 2.08 | 2.46 | 2.79 | 4 | ||||||||||||||||||
Net investment income (loss)
|
2.73 | 4 | 1.74 | 1.56 | 1.17 | 1.54 | 0.89 | 4 | ||||||||||||||||||
Portfolio turnover rate
|
13 | 3 | 43 | 33 | 44 | 52 | 49 | 3 | ||||||||||||||||||
Net assets, end of period ($ x 1,000)
|
10,052 | 9,639 | 10,862 | 9,437 | 1,927 | 1,937 |
4/1/12
|
4/1/11
|
4/1/10
|
4/1/09
|
4/1/08
|
11/2/07
1
|
|||||||||||||||||||||
Select Shares | 9/30/12* | 3/31/12 | 3/31/11 | 3/31/10 | 3/31/09 | 3/31/08 | ||||||||||||||||||||
Per-Share Data
($)
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
Net asset value at beginning of period
|
9.49 | 9.68 | 8.80 | 5.34 | 9.31 | 10.00 | ||||||||||||||||||||
|
||||||||||||||||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||||
Net investment income (loss)
|
0.13 | 2 | 0.18 | 2 | 0.17 | 2 | 0.10 | 2 | 0.08 | 0.02 | ||||||||||||||||
Net realized and unrealized gains (losses)
|
(0.32 | ) | (0.19 | ) | 0.90 | 3.47 | (3.97 | ) | (0.70 | ) | ||||||||||||||||
|
||||||||||||||||||||||||||
Total from investment operations
|
(0.19 | ) | (0.01 | ) | 1.07 | 3.57 | (3.89 | ) | (0.68 | ) | ||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||||
Distributions from net investment income
|
| (0.11 | ) | (0.19 | ) | (0.11 | ) | (0.08 | ) | (0.01 | ) | |||||||||||||||
Distributions from net realized gains
|
| (0.07 | ) | | | | | |||||||||||||||||||
|
||||||||||||||||||||||||||
Total distributions
|
| (0.18 | ) | (0.19 | ) | (0.11 | ) | (0.08 | ) | (0.01 | ) | |||||||||||||||
|
||||||||||||||||||||||||||
Net asset value at end of period
|
9.30 | 9.49 | 9.68 | 8.80 | 5.34 | 9.31 | ||||||||||||||||||||
|
||||||||||||||||||||||||||
Total return (%)
|
(2.00 | ) 3 | 0.15 | 12.18 | 66.91 | (41.82 | ) | (6.75 | ) 3 | |||||||||||||||||
Ratios/Supplemental Data
(%)
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
Ratios to average net assets:
|
||||||||||||||||||||||||||
Net operating expenses
|
1.52 | 4 | 1.52 | 1.52 | 1.53 | 7 | 1.52 | 1.54 | 4,8 | |||||||||||||||||
Gross operating expenses
|
1.64 | 4 | 1.66 | 1.66 | 1.78 | 2.23 | 2.74 | 4 | ||||||||||||||||||
Net investment income (loss)
|
3.02 | 4 | 1.94 | 1.83 | 1.17 | 1.70 | 0.69 | 4 | ||||||||||||||||||
Portfolio turnover rate
|
13 | 3 | 43 | 33 | 44 | 52 | 49 | 3 | ||||||||||||||||||
Net assets, end of period ($ x 1,000)
|
6,423 | 5,993 | 5,554 | 4,531 | 559 | 760 |
4/1/12
|
4/1/11
|
4/1/10
|
4/1/09
|
4/1/08
|
11/2/07
1
|
|||||||||||||||||||||
Institutional Shares | 9/30/12* | 3/31/12 | 3/31/11 | 3/31/10 | 3/31/09 | 3/31/08 | ||||||||||||||||||||
Per-Share Data
($)
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
Net asset value at beginning of period
|
9.49 | 9.68 | 8.80 | 5.33 | 9.29 | 10.00 | ||||||||||||||||||||
|
||||||||||||||||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||||
Net investment income (loss)
|
0.14 | 2 | 0.19 | 2 | 0.15 | 2 | 0.14 | 2 | 0.10 | 0.02 | ||||||||||||||||
Net realized and unrealized gains (losses)
|
(0.33 | ) | (0.19 | ) | 0.92 | 3.44 | (3.98 | ) | (0.71 | ) | ||||||||||||||||
|
||||||||||||||||||||||||||
Total from investment operations
|
(0.19 | ) | | 1.07 | 3.58 | (3.88 | ) | (0.69 | ) | |||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||||
Distributions from net investment income
|
| (0.12 | ) | (0.19 | ) | (0.11 | ) | (0.08 | ) | (0.02 | ) | |||||||||||||||
Distributions from net realized gains
|
| (0.07 | ) | | | | | |||||||||||||||||||
|
||||||||||||||||||||||||||
Total distributions
|
| (0.19 | ) | (0.19 | ) | (0.11 | ) | (0.08 | ) | (0.02 | ) | |||||||||||||||
|
||||||||||||||||||||||||||
Net asset value at end of period
|
9.30 | 9.49 | 9.68 | 8.80 | 5.33 | 9.29 | ||||||||||||||||||||
|
||||||||||||||||||||||||||
Total return (%)
|
(2.00 | ) 3 | 0.23 | 12.25 | 67.27 | (41.78 | ) | (6.94 | ) 3 | |||||||||||||||||
Ratios/Supplemental Data
(%)
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
Ratios to average net assets:
|
||||||||||||||||||||||||||
Net operating expenses
|
1.45 | 4 | 1.45 | 1.45 | 1.46 | 5 | 1.45 | 1.47 | 4,6 | |||||||||||||||||
Gross operating expenses
|
1.49 | 4 | 1.50 | 1.51 | 1.70 | 2.13 | 2.62 | 4 | ||||||||||||||||||
Net investment income (loss)
|
3.13 | 4 | 2.07 | 1.69 | 1.79 | 1.94 | 0.59 | 4 | ||||||||||||||||||
Portfolio turnover rate
|
13 | 3 | 43 | 33 | 44 | 52 | 49 | 3 | ||||||||||||||||||
Net assets, end of period ($ x 1,000)
|
143,839 | 148,187 | 171,432 | 90,486 | 25,234 | 19,414 |
Cost
|
Value
|
|||||||||||
Holdings by Category | ($) | ($) | ||||||||||
90 | .4% | Common Stock | 125,115,653 | 144,976,233 | ||||||||
8 | .5% | Preferred Stock | 14,067,021 | 13,587,678 | ||||||||
2 | .7% | Other Investment Company | 4,253,545 | 4,253,545 | ||||||||
101 | .6% | Total Investments | 143,436,219 | 162,817,456 | ||||||||
(1 | .6)% | Other Assets and Liabilities, Net | (2,503,830 | ) | ||||||||
100 | .0% | Net Assets | 160,313,626 |
Number
|
Value
|
|||||||
Security | of Shares | ($) | ||||||
Common Stock
90.4% of net assets
|
||||||||
Brazil 7.3%
|
||||||||
Materials 0.5% | ||||||||
Vale S.A. ADR
|
43,300 | 775,070 | ||||||
Software & Services 2.7% | ||||||||
Redecard S.A.
|
249,500 | 4,301,406 | ||||||
Transportation 2.4% | ||||||||
CCR S.A.
|
337,200 | 3,052,223 | ||||||
EcoRodovias Infraestrutura e Logistica S.A.
|
97,700 | 850,613 | ||||||
3,902,836 | ||||||||
Utilities 1.7% | ||||||||
CPFL Energia S.A. ADR
|
123,400 | 2,703,694 | ||||||
11,683,006 | ||||||||
Chile 2.2%
|
||||||||
Utilities 2.2% | ||||||||
Enersis S.A. ADR
|
213,900 | 3,505,821 | ||||||
China 18.4%
|
||||||||
Banks 2.1% | ||||||||
China Construction Bank Corp., Class H
|
4,823,950 | 3,327,031 | ||||||
Capital Goods 1.7% | ||||||||
Beijing Enterprises Holdings Ltd.
|
413,000 | 2,747,891 | ||||||
Energy 2.2% | ||||||||
China Shenhua Energy Co., Ltd., Class H
|
926,500 | 3,580,087 | ||||||
Food, Beverage & Tobacco 1.7% | ||||||||
Want Want China Holdings Ltd.
|
2,129,000 | 2,710,129 | ||||||
Household & Personal Products 1.4% | ||||||||
Hengan International Group Co., Ltd.
|
233,000 | 2,195,089 | ||||||
Retailing 3.1% | ||||||||
Belle International Holdings Ltd.
|
2,777,392 | 5,019,150 | ||||||
Telecommunication Services 2.5% | ||||||||
China Mobile Ltd.
|
361,500 | 4,007,554 | ||||||
Transportation 1.9% | ||||||||
China Merchants Holdings International Co., Ltd.
|
978,000 | 2,997,295 | ||||||
Utilities 1.8% | ||||||||
China Resources Power Holdings Co., Ltd.
|
1,324,000 | 2,895,708 | ||||||
29,479,934 | ||||||||
Hong Kong 2.5%
|
||||||||
Consumer Services 2.5% | ||||||||
Sands China Ltd.
|
1,070,000 | 3,961,539 | ||||||
India 10.5%
|
||||||||
Automobiles & Components 2.0% | ||||||||
Tata Motors Ltd.
|
641,355 | 3,267,343 | ||||||
Banks 3.8% | ||||||||
Axis Bank Ltd.
|
131,889 | 2,832,222 | ||||||
Housing Development Finance Corp., Ltd.
|
223,283 | 3,270,866 | ||||||
6,103,088 | ||||||||
Capital Goods 3.0% | ||||||||
Larsen & Toubro Ltd.
|
156,501 | 4,727,837 | ||||||
Diversified Financials 1.7% | ||||||||
Rural Electrification Corp., Ltd.
|
671,330 | 2,771,568 | ||||||
16,869,836 | ||||||||
Indonesia 6.7%
|
||||||||
Automobiles & Components 2.1% | ||||||||
PT Astra International Tbk
|
4,458,000 | 3,436,061 | ||||||
Banks 2.4% | ||||||||
PT Bank Rakyat Indonesia (Persero) Tbk
|
4,931,500 | 3,822,251 | ||||||
Utilities 2.2% | ||||||||
PT Perusahaan Gas Negara (Persero) Tbk
|
8,212,500 | 3,529,771 | ||||||
10,788,083 | ||||||||
Kazakhstan 1.5%
|
||||||||
Energy 1.5% | ||||||||
KazMunaiGas Exploration Production GDR
|
132,397 | 2,442,725 | ||||||
Mexico 7.2%
|
||||||||
Banks 2.6% | ||||||||
Grupo Financiero Santander Mexico SAB de CV,
Class B
*
|
307,900 | 4,218,230 |
* | Non-income producing security. |
ADR
|
American Depositary Receipt | |
GDR
|
Global Depositary Receipt | |
NVDR
|
Non-Voting Depositary Receipt |
Quoted
Prices in
|
Significant
|
|||||||||||||||
Active
Markets for
|
Significant
Other
|
Unobservable
|
||||||||||||||
Identical
Assets
|
Observable
Inputs
|
Inputs
|
||||||||||||||
Description
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
2
|
||||||||||||
Common
Stock
1
|
$ | $92,395,464 | $ | $92,395,464 | ||||||||||||
Brazil
1
|
11,683,006 | | | 11,683,006 | ||||||||||||
Chile
1
|
3,505,821 | | | 3,505,821 | ||||||||||||
Kazakhstan
1
|
2,442,725 | | | 2,442,725 | ||||||||||||
Mexico
1
|
11,454,792 | | | 11,454,792 | ||||||||||||
Peru
1
|
5,160,784 | | | 5,160,784 | ||||||||||||
Philippines
1
|
4,152,029 | | | 4,152,029 | ||||||||||||
Russia
1
|
7,082,137 | | | 7,082,137 | ||||||||||||
Thailand
1
|
| 2,925,514 | | 2,925,514 | ||||||||||||
Energy
|
4,173,961 | | | 4,173,961 | ||||||||||||
Preferred Stock
|
||||||||||||||||
Brazil
1
|
13,587,678 | | | 13,587,678 | ||||||||||||
Other Investment
Company
1
|
4,253,545 | | | 4,253,545 | ||||||||||||
Total
|
$67,496,478 | $95,320,978 | $ | $162,817,456 | ||||||||||||
1
|
As categorized in Portfolio Holdings. | |
2
|
The fund had no Other Financial Instruments. |
Shares
|
||||||||||||||
Share Class | Net Assets | ÷ | Outstanding | = | NAV | |||||||||
Investor Shares
|
$10,051,799 | 1,083,546 | $9.28 | |||||||||||
Select Shares
|
$6,422,618 | 690,551 | $9.30 | |||||||||||
Institutional Shares
|
$143,839,209 | 15,468,745 | $9.30 |
Investment Income
|
||||||
|
||||||
Dividends (net of foreign withholding taxes of $398,659)
|
$3,508,187 | |||||
Interest
|
+ | 333 | ||||
|
||||||
Total investment income
|
3,508,520 | |||||
Expenses
|
||||||
|
||||||
Investment adviser fees
|
920,026 | |||||
Custodian fees
|
90,041 | |||||
Registration fees
|
28,363 | |||||
Accounting and administration fees
|
27,608 | |||||
Transfer agent fees
|
25,573 | |||||
Professional fees
|
24,072 | |||||
Distribution and shareholder services fees (Investor Shares)
|
11,516 | |||||
Shareholder reports
|
8,519 | |||||
Trustees fees
|
5,301 | |||||
Interest expense
|
35 | |||||
Sub-Accounting fees:
|
||||||
Investor Shares
|
6,910 | |||||
Select Shares
|
4,539 | |||||
Other expenses
|
+ | 12,434 | ||||
|
||||||
Total expenses
|
1,164,937 | |||||
Expense reduction by adviser
|
− | 34,963 | ||||
Custody credits
|
− | 3 | ||||
|
||||||
Net expenses
|
− | 1,129,971 | ||||
|
||||||
Net investment income
|
2,378,549 | |||||
Realized and Unrealized Gains (Losses)
|
||||||
|
||||||
Net realized losses on investments (net of foreign capital gain
tax of $59,790)
|
(4,627,269 | ) | ||||
Net realized losses on foreign currency transactions
|
+ | (15,137 | ) | |||
|
||||||
Net realized losses
|
(4,642,406 | ) | ||||
Net unrealized losses on investments (net of foreign capital
gain tax of ($84,570))
|
(1,234,004 | ) | ||||
Net unrealized gains on foreign currency translations
|
+ | 11,390 | ||||
|
||||||
Net unrealized losses
|
+ | (1,222,614 | ) | |||
|
||||||
Net realized and unrealized losses
|
(5,865,020 | ) | ||||
Decrease in net assets resulting from operations
|
($3,486,471 | ) |
Operations
|
||||||||||
|
4/1/12-9/30/12 | 4/1/11-3/31/12 | |||||||||
Net investment income
|
$2,378,549 | $3,500,032 | ||||||||
Net realized losses
|
(4,642,406 | ) | (3,564,236 | ) | ||||||
Net unrealized losses
|
+ | (1,222,614 | ) | (3,373,353 | ) | |||||
|
||||||||||
Decrease in net assets from operations
|
(3,486,471 | ) | (3,437,557 | ) | ||||||
Distributions to Shareholders
|
||||||||||
|
||||||||||
Distributions from net investment income
|
||||||||||
Investor Shares
|
| (82,516 | ) | |||||||
Select Shares
|
| (59,709 | ) | |||||||
Institutional Shares
|
+ | | (2,048,494 | ) | ||||||
|
||||||||||
Total distributions from net investment income
|
| (2,190,719 | ) | |||||||
Distributions from net realized gains
|
||||||||||
Investor Shares
|
| (65,430 | ) | |||||||
Select Shares
|
| (35,369 | ) | |||||||
Institutional Shares
|
+ | | (1,142,733 | ) | ||||||
|
||||||||||
Total distributions from net realized gains
|
| (1,243,532 | ) | |||||||
Total distributions
|
$ | ($3,434,251 | ) |
4/1/12-9/30/12 | 4/1/11-3/31/12 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold
|
||||||||||||||||||
Investor Shares
|
140,530 | $1,241,987 | 256,309 | $2,331,282 | ||||||||||||||
Select Shares
|
153,378 | 1,369,414 | 187,962 | 1,759,882 | ||||||||||||||
Institutional Shares
|
+ | 1,260,643 | 11,177,604 | 6,203,079 | 55,733,439 | |||||||||||||
|
||||||||||||||||||
Total shares sold
|
1,554,551 | $13,789,005 | 6,647,350 | $59,824,603 | ||||||||||||||
Shares Reinvested
|
||||||||||||||||||
Investor Shares
|
| $ | 16,520 | $134,146 | ||||||||||||||
Select Shares
|
| | 6,727 | 54,686 | ||||||||||||||
Institutional Shares
|
+ | | | 268,366 | 2,179,133 | |||||||||||||
|
||||||||||||||||||
Total shares reinvested
|
| $ | 291,613 | $2,367,965 | ||||||||||||||
Shares Redeemed
|
||||||||||||||||||
Investor Shares
|
(73,333 | ) | ($639,946 | ) | (380,186 | ) | ($3,415,881 | ) | ||||||||||
Select Shares
|
(93,996 | ) | (857,382 | ) | (137,130 | ) | (1,250,573 | ) | ||||||||||
Institutional Shares
|
+ | (1,407,841 | ) | (12,309,642 | ) | (8,566,475 | ) | (74,683,725 | ) | |||||||||
|
||||||||||||||||||
Total shares redeemed
|
(1,575,170 | ) | ($13,806,970 | ) | (9,083,791 | ) | ($79,350,179 | ) | ||||||||||
Net transactions in fund shares
|
(20,619 | ) | ($17,965 | ) | (2,144,828 | ) | ($17,157,611 | ) | ||||||||||
Shares Outstanding and Net Assets
|
||||||||||||||||||
|
||||||||||||||||||
4/1/12-9/30/12 | 4/1/11-3/31/12 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period
|
17,263,461 | $163,818,062 | 19,408,289 | $187,847,481 | ||||||||||||||
Total decrease
|
+ | (20,619 | ) | (3,504,436 | ) | (2,144,828 | ) | (24,029,419 | ) | |||||||||
|
||||||||||||||||||
End of period
|
17,242,842 | $160,313,626 | 17,263,461 | $163,818,062 | ||||||||||||||
|
||||||||||||||||||
Net investment income not yet distributed
|
$2,445,993 | $67,444 |
4/1/12
|
4/1/11
|
4/1/10
|
4/1/09
|
4/1/08
|
11/2/07
2
|
|||||||||||||||||||||
9/30/12* | 3/31/12 | 3/31/11 | 3/31/10 1 | 3/31/09 | 3/31/08 | |||||||||||||||||||||
Per-Share Data
($)
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
Net asset value at beginning of period
|
11.61 | 11.86 | 11.20 | 10.32 | 11.29 | 10.00 | ||||||||||||||||||||
|
||||||||||||||||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||||
Net investment income (loss)
|
0.07 | 0.20 | 0.16 | 0.26 | 0.27 | 0.07 | ||||||||||||||||||||
Net realized and unrealized gains (losses)
|
0.54 | 0.09 | 0.71 | 1.06 | (0.86 | ) | 1.27 | |||||||||||||||||||
|
||||||||||||||||||||||||||
Total from investment operations
|
0.61 | 0.29 | 0.87 | 1.32 | (0.59 | ) | 1.34 | |||||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||||
Distributions from net investment income
|
(0.09 | ) | (0.46 | ) | (0.20 | ) | (0.42 | ) | (0.38 | ) | (0.05 | ) | ||||||||||||||
Distributions from net realized gains
|
| (0.08 | ) | (0.01 | ) | (0.02 | ) | | | |||||||||||||||||
|
||||||||||||||||||||||||||
Total distributions
|
(0.09 | ) | (0.54 | ) | (0.21 | ) | (0.44 | ) | (0.38 | ) | (0.05 | ) | ||||||||||||||
|
||||||||||||||||||||||||||
Net asset value at end of period
|
12.13 | 11.61 | 11.86 | 11.20 | 10.32 | 11.29 | ||||||||||||||||||||
|
||||||||||||||||||||||||||
Total return (%)
|
5.28 | 3 | 2.48 | 7.86 | 12.85 | (5.40 | ) | 13.42 | 3 | |||||||||||||||||
Ratios/Supplemental Data
(%)
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
Ratios to average net assets:
|
||||||||||||||||||||||||||
Net operating expenses
|
0.69 | 4 | 0.71 | 0.74 | 0.76 | 5 | 0.75 | 0.75 | 4 | |||||||||||||||||
Gross operating expenses
|
0.69 | 4 | 0.71 | 0.74 | 0.79 | 0.87 | 1.23 | 4 | ||||||||||||||||||
Net investment income (loss)
|
1.27 | 4 | 1.51 | 1.67 | 2.42 | 2.24 | 1.98 | 4 | ||||||||||||||||||
Portfolio turnover rate
|
20 | 3 | 68 | 58 | 67 | 92 | 1 | 3 | ||||||||||||||||||
Net assets, end of period ($ x 1,000)
|
877,041 | 881,405 | 966,800 | 279,274 | 64,562 | 52,214 |
Cost
|
Value
|
|||||||||||
Holdings by Category | ($) | ($) | ||||||||||
63 | .7% | Government Bonds | 539,283,136 | 558,640,918 | ||||||||
16 | .8% | Government Agency Obligations | 139,911,002 | 147,691,169 | ||||||||
4 | .4% | Corporate Bonds | 36,434,879 | 38,521,948 | ||||||||
13 | .1% | Supranational | 100,746,249 | 114,851,085 | ||||||||
2 | .2% | Other Investment Company | 19,434,584 | 19,434,584 | ||||||||
100 | .2% | Total Investments | 835,809,850 | 879,139,704 | ||||||||
(0 | .2)% | Other Assets and Liabilities, Net | (2,098,765 | ) | ||||||||
100 | .0% | Net Assets | 877,040,939 |
Security
|
Face Amount
|
Value
|
||||||
Rate, Maturity Date | (local currency) | ($) | ||||||
Government Bonds
63.7% of net assets
|
||||||||
Austria 4.6%
|
||||||||
Austria Government Bond | ||||||||
6.25%,
07/15/27
(EUR)
|
21,500,000 | 40,493,730 | ||||||
Denmark 4.4%
|
||||||||
Denmark Government International Bond | ||||||||
3.13%,
03/17/14
(EUR)
|
29,000,000 | 38,854,216 | ||||||
Finland 4.7%
|
||||||||
Finland Government Bond | ||||||||
5.38%,
07/04/13
(EUR)
|
25,334,000 | 33,876,843 | ||||||
3.50%,
04/15/21
(EUR)
|
4,600,000 | 6,839,587 | ||||||
40,716,430 | ||||||||
France 3.8%
|
||||||||
France Government Bond OAT | ||||||||
5.75%,
10/25/32
(EUR)
|
18,400,000 | 33,480,112 | ||||||
Germany 3.4%
|
||||||||
Bundesobligation | ||||||||
2.75%,
04/08/16
(EUR)
|
12,000,000 | 16,806,523 | ||||||
Bundesrepublik Deutschland | ||||||||
3.75%,
01/04/17
(EUR)
|
5,700,000 | 8,384,094 | ||||||
3.50%,
07/04/19
(EUR)
|
3,300,000 | 4,975,363 | ||||||
30,165,980 | ||||||||
Japan 20.6%
|
||||||||
Japan Government Five Year Bond | ||||||||
0.40%,
09/20/15
(JPY)
|
3,500,000,000 | 45,244,093 | ||||||
Japan Government Ten Year Bond | ||||||||
1.90%,
06/20/16
(JPY)
|
2,900,000,000 | 39,600,830 | ||||||
1.50%,
09/20/18
(JPY)
|
3,700,000,000 | 50,786,719 | ||||||
1.30%,
06/20/20
(JPY)
|
600,000,000 | 8,156,233 | ||||||
Japan Government Thirty Year Bond | ||||||||
2.40%,
12/20/34
(JPY)
|
2,560,000,000 | 36,866,854 | ||||||
180,654,729 | ||||||||
Mexico 4.4%
|
||||||||
Mexico Government Bond | ||||||||
9.50%,
12/18/14
(MXN)
|
30,800,000 | 2,636,445 | ||||||
8.50%,
12/13/18
(MXN)
|
40,000,000 | 3,670,516 | ||||||
6.50%,
06/10/21
(MXN)
|
350,000,000 | 29,750,360 | ||||||
7.50%,
06/03/27
(MXN)
|
30,500,000 | 2,743,873 | ||||||
38,801,194 | ||||||||
Poland 7.9%
|
||||||||
Poland Government Bond | ||||||||
6.25%,
10/24/15
(PLN)
|
22,000,000 | 7,285,659 | ||||||
5.50%,
10/25/19
(PLN)
|
71,000,000 | 23,583,241 | ||||||
5.75%,
09/23/22
(PLN)
|
112,000,000 | 37,908,101 | ||||||
68,777,001 | ||||||||
South Africa 2.9%
|
||||||||
South Africa Government Bond | ||||||||
8.25%,
09/15/17
(ZAR)
|
105,000,000 | 13,898,654 | ||||||
10.50%,
12/21/26
(ZAR)
|
78,000,000 | 11,864,838 | ||||||
25,763,492 | ||||||||
Sweden 3.0%
|
||||||||
Sweden Government Bond | ||||||||
4.50%,
08/12/15
(SEK)
|
67,000,000 | 11,263,585 | ||||||
3.50%,
06/01/22
(SEK)
|
82,000,000 | 14,763,183 | ||||||
26,026,768 | ||||||||
United Kingdom 4.0%
|
||||||||
United Kingdom Gilt | ||||||||
4.75%,
09/07/15
(GBP)
|
7,000,000 | 12,792,923 | ||||||
5.00%,
03/07/18
(GBP)
|
4,600,000 | 9,105,032 | ||||||
5.00%,
03/07/25
(GBP)
|
6,000,000 | 13,009,311 | ||||||
34,907,266 | ||||||||
Total Government Bonds | ||||||||
(Cost $539,283,136) | 558,640,918 | |||||||
(a) | Variable-rate security. | |
(b) | The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls). | |
(c) | Guaranteed by the Republic of Germany. |
EUR
|
euro currency | |
GBP
|
Great British pound | |
JPY
|
Japanese yen | |
MXN
|
Mexican peso | |
PLN
|
Polish zloty | |
SEK
|
Swedish krona | |
USD
|
U.S. dollar | |
ZAR
|
South African rand |
Quoted
Prices in
|
Significant
|
|||||||||||||||
Active
Markets for
|
Significant
Other
|
Unobservable
|
||||||||||||||
Identical
Assets
|
Observable
Inputs
|
Inputs
|
||||||||||||||
Description
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Government
Bonds
1
|
$ | $558,640,918 | $ | $558,640,918 | ||||||||||||
Government Agency
Obligations
1
|
| 147,691,169 | | 147,691,169 | ||||||||||||
Corporate
Bonds
1
|
| 38,521,948 | | 38,521,948 | ||||||||||||
Supranational
|
| 114,851,085 | | 114,851,085 | ||||||||||||
Other Investment
Company
1
|
19,434,584 | | | 19,434,584 | ||||||||||||
Total
|
$19,434,584 | $859,705,120 | $ | $879,139,704 | ||||||||||||
Other Financial Instruments
|
||||||||||||||||
Forward Foreign Currency Exchange
Contracts
2
|
$166,441 | $ | $ | $166,441 | ||||||||||||
Liabilities Valuation Input | ||||||||||||||||
Other Financial Instruments
|
||||||||||||||||
Forward Foreign Currency Exchange
Contracts
2
|
($1,583,708 | ) | $ | $ | ($1,583,708 | ) |
1
|
As categorized in Portfolio Holdings. | |
2
|
Forward foreign currency exchange contracts are not included in Investments and are valued at unrealized appreciation or depreciation. |
Shares
|
||||||||||||
Net Assets | ÷ | Outstanding | = | NAV | ||||||||
$877,040,939
|
72,328,151 | $12.13 |
Investment Income
|
||||||
|
||||||
Interest
|
$8,833,071 | |||||
Expenses
|
||||||
|
||||||
Investment adviser fees
|
2,716,220 | |||||
Custodian fees
|
148,774 | |||||
Transfer agent fees
|
79,583 | |||||
Registration fees
|
43,467 | |||||
Accounting and administration fees
|
34,157 | |||||
Professional fees
|
30,558 | |||||
Shareholder reports
|
29,170 | |||||
Trustees fees
|
12,434 | |||||
Other expenses
|
+ | 8,222 | ||||
|
||||||
Total expenses
|
− | 3,102,585 | ||||
|
||||||
Net investment income
|
5,730,486 | |||||
Realized and Unrealized Gains (Losses)
|
||||||
|
||||||
Net realized gains on investments
|
2,231,630 | |||||
Net realized gains on foreign currency transactions
|
+ | 3,999,085 | ||||
|
||||||
Net realized gains
|
6,230,715 | |||||
Net unrealized gains on investments
|
35,335,787 | |||||
Net unrealized losses on foreign currency translations
|
+ | (1,585,564 | ) | |||
|
||||||
Net unrealized gains
|
+ | 33,750,223 | ||||
|
||||||
Net realized and unrealized gains
|
39,980,938 | |||||
Increase in net assets resulting from operations
|
$45,711,424 |
Operations
|
||||||||||
|
4/1/12-9/30/12 | 4/1/11-3/31/12 | |||||||||
Net investment income
|
$5,730,486 | $14,073,069 | ||||||||
Net realized gains
|
6,230,715 | 33,121,436 | ||||||||
Net unrealized gains (losses)
|
+ | 33,750,223 | (14,298,273 | ) | ||||||
|
||||||||||
Increase in net assets from operations
|
45,711,424 | 32,896,232 | ||||||||
Distributions to Shareholders
|
||||||||||
|
||||||||||
Distributions from net investment income
|
(6,973,996 | ) | (33,490,040 | ) | ||||||
Distributions from net realized gains
|
+ | | (6,005,136 | ) | ||||||
|
||||||||||
Total distributions
|
($6,973,996 | ) | ($39,495,176 | ) |
4/1/12-9/30/12 | 4/1/11-3/31/12 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares sold
|
12,801,785 | $150,972,535 | 32,819,253 | $397,601,899 | ||||||||||||||
Shares reinvested
|
155,352 | 1,823,172 | 859,444 | 10,035,066 | ||||||||||||||
Shares redeemed
|
+ | (16,558,200 | ) | (195,896,809 | ) | (39,254,809 | ) | (486,433,210 | ) | |||||||||
|
||||||||||||||||||
Net transactions in fund shares
|
(3,601,063 | ) | ($43,101,102 | ) | (5,576,112 | ) | ($78,796,245 | ) | ||||||||||
Shares Outstanding and Net Assets
|
||||||||||||||||||
|
||||||||||||||||||
4/1/12-9/30/12 | 4/1/11-3/31/12 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period
|
75,929,214 | $881,404,613 | 81,505,326 | $966,799,802 | ||||||||||||||
Total decrease
|
+ | (3,601,063 | ) | (4,363,674 | ) | (5,576,112 | ) | (85,395,189 | ) | |||||||||
|
||||||||||||||||||
End of period
|
72,328,151 | $877,040,939 | 75,929,214 | $881,404,613 | ||||||||||||||
|
||||||||||||||||||
Net investment income not yet distributed
|
$1,829,918 | $3,073,428 |
7/10/12
1
|
||||||
9/30/12* | ||||||
Per-Share Data
($)
|
||||||
|
||||||
Net asset value at beginning of period
|
10.00 | |||||
|
||||||
Income (loss) from investment operations:
|
||||||
Net investment income (loss)
|
0.03 | |||||
Net realized and unrealized gains (losses)
|
0.26 | |||||
|
||||||
Total from investment operations
|
0.29 | |||||
Less distributions:
|
||||||
Distributions from net investment income
|
(0.01 | ) | ||||
|
||||||
Net asset value at end of period
|
10.28 | |||||
|
||||||
Total return (%)
|
2.86 | 2 | ||||
Ratios/Supplemental Data
(%)
|
||||||
|
||||||
Ratios to average net assets:
|
||||||
Net operating expenses
|
(0.00 | ) 3,4 | ||||
Gross operating expenses
|
1.05 | 3 | ||||
Net investment income (loss)
|
1.25 | 3 | ||||
Portfolio turnover rate
|
16 | 2 | ||||
Net assets, end of period ($ x 1,000)
|
43,186 |
Cost
|
Value
|
|||||||||||
Holdings by Category | ($) | ($) | ||||||||||
62 | .7% | Government Bonds | 26,383,950 | 27,065,275 | ||||||||
7 | .5% | Government Agency Obligations | 3,203,672 | 3,256,444 | ||||||||
4 | .7% | Corporate Bonds | 1,929,693 | 2,015,462 | ||||||||
5 | .2% | Supranational | 2,164,917 | 2,253,696 | ||||||||
18 | .0% | U.S. Government and Government Agencies | 7,766,834 | 7,763,466 | ||||||||
2 | .0% | Other Investment Company | 863,547 | 863,547 | ||||||||
100 | .1% | Total Investments | 42,312,613 | 43,217,890 | ||||||||
(0 | .1)% | Other Assets and Liabilities, Net | (31,965 | ) | ||||||||
100 | .0% | Net Assets | 43,185,925 |
Number
|
Value
|
|||||||
Security | of Shares | ($) | ||||||
Other Investment Company
2.0% of net assets
|
||||||||
United States 2.0%
|
||||||||
State Street Institutional U.S. Government Money Market Fund
|
863,547 | 863,547 | ||||||
Total Other Investment Company | ||||||||
(Cost $863,547) | 863,547 | |||||||
|
||||||||
End of Investments.
|
(a) | Variable-rate security. | |
(b) | The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls). | |
(c) | 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 $380,000 or 0.9% of net assets. | |
(d) | Guaranteed by the Republic of Germany. |
AUD
|
Australian dollar | |
BRL
|
Brazilian real | |
CLP
|
Chilean peso | |
CNY
|
Chinese yuan renminbi | |
COP
|
Colombian peso | |
EUR
|
euro currency | |
GBP
|
Great British pound | |
HUF
|
Hungarian forint | |
ILS
|
Israeli shekel | |
INR
|
Indian rupee | |
JPY
|
Japanese yen | |
MXN
|
Mexican peso | |
MYR
|
Malaysian ringgit | |
PLN
|
Polish zloty | |
SEK
|
Swedish krona | |
TRY
|
Turkish lira | |
USD
|
U.S. dollar | |
ZAR
|
South African rand |
Quoted
Prices in
|
Significant
|
|||||||||||||||
Active
Markets for
|
Significant
Other
|
Unobservable
|
||||||||||||||
Identical
Assets
|
Observable
Inputs
|
Inputs
|
||||||||||||||
Description
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Government
Bonds
1
|
$ | $27,065,275 | $ | $27,065,275 | ||||||||||||
Government Agency
Obligations
1
|
| 3,256,444 | | 3,256,444 | ||||||||||||
Corporate
Bonds
1
|
| 2,015,462 | | 2,015,462 | ||||||||||||
Supranational
|
| 2,253,696 | | 2,253,696 | ||||||||||||
U.S. Government and Government
Agencies
1
|
| 7,763,466 | | 7,763,466 | ||||||||||||
Other Investment
Company
1
|
863,547 | | | 863,547 | ||||||||||||
Total
|
$863,547 | $42,354,343 | $ | $43,217,890 | ||||||||||||
Other Financial Instruments
|
||||||||||||||||
Forward Foreign Currency Exchange
Contracts
2
|
$76,319 | $ | $ | $76,319 | ||||||||||||
Liabilities Valuation Input | ||||||||||||||||
Other Financial Instruments
|
||||||||||||||||
Forward Foreign Currency Exchange
Contracts
2
|
($40,858 | ) | $ | $ | ($40,858 | ) |
1
|
As categorized in Portfolio Holdings. | |
2
|
Forward foreign currency exchange contracts are not included in Investments and are valued at unrealized appreciation or depreciation. |
Shares
|
||||||||||||
Net Assets | ÷ | Outstanding | = | NAV | ||||||||
$43,185,925
|
4,200,719 | $10.28 |
Investment Income
|
||||||
|
||||||
Interest
|
$120,147 | |||||
Expenses
|
||||||
|
||||||
Investment adviser fees
|
64,397 | |||||
Accounting and administration fees
|
11,919 | |||||
Sub-Accounting fees
|
9,474 | |||||
Professional fees
|
8,764 | |||||
Custodian fees
|
2,040 | |||||
Shareholder reports
|
1,584 | |||||
Trustees fees
|
1,082 | |||||
Transfer agent fees
|
705 | |||||
Other expenses
|
+ | 233 | ||||
|
||||||
Total expenses
|
100,198 | |||||
Expense reduction by adviser
|
− | 100,198 | ||||
Custody credits
|
− | 1 | ||||
|
||||||
Net expenses
|
− | (1 | ) | |||
|
||||||
Net investment income
|
120,148 | |||||
Realized and Unrealized Gains (Losses)
|
||||||
|
||||||
Net realized gains on investments
|
237,914 | |||||
Net realized losses on foreign currency transactions
|
+ | (91,317 | ) | |||
|
||||||
Net realized gains
|
146,597 | |||||
Net unrealized gains on investments
|
905,277 | |||||
Net unrealized gains on foreign currency translations
|
+ | 7,276 | ||||
|
||||||
Net unrealized gains
|
+ | 912,553 | ||||
|
||||||
Net realized and unrealized gains
|
1,059,150 | |||||
Increase in net assets resulting from operations
|
$1,179,298 |
*
|
Commencement of operations. |
Operations
|
||||||
|
7/10/12*-9/30/12 | ||||||
Net investment income
|
$120,148 | |||||
Net realized gains
|
146,597 | |||||
Net unrealized gains
|
+ | 912,553 | ||||
|
||||||
Increase in net assets from operations
|
1,179,298 | |||||
Distributions to Shareholders
|
||||||
|
||||||
Distributions from net investment income
|
($23,907 | ) |
7/10/12*-9/30/12 | ||||||||||
SHARES | VALUE | |||||||||
Shares sold
|
4,389,182 | $43,934,642 | ||||||||
Shares reinvested
|
1,777 | 18,263 | ||||||||
Shares redeemed
|
+ | (190,240 | ) | (1,922,371 | ) | |||||
|
||||||||||
Net transactions in fund shares
|
4,200,719 | $42,030,534 | ||||||||
Shares Outstanding and Net Assets
|
||||||||||
|
||||||||||
7/10/12*-9/30/12 | ||||||||||
SHARES | NET ASSETS | |||||||||
Beginning of period
|
| $ | ||||||||
Total increase
|
+ | 4,200,719 | 43,185,925 | |||||||
|
||||||||||
End of period
|
4,200,719 | $43,185,925 | ||||||||
|
||||||||||
Net investment income not yet distributed
|
$96,241 |
*
|
Commencement of operations. |
Laudus Mondrian International Equity Fund
|
||||
Laudus Mondrian Global Equity Fund (closed to new
investors)
|
||||
Laudus Mondrian Emerging Markets Fund
|
||||
Laudus Mondrian International Fixed Income Fund
|
||||
Laudus Mondrian Global Fixed Income Fund
|
||||
Laudus Growth Investors U.S. Large Cap Growth Fund
|
||||
| Securities traded on an exchange or over-the-counter: 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. The Board convenes on a regular basis to review fair value determinations made by the funds pursuant to the procedures. |
| Bonds and notes: valued at halfway between the most recent bid and asked 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 an independent bond-pricing service. | |
| International fair valuation: The Board of Trustees 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 net asset value 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. Each fund makes fair value determinations in good faith in accordance with the funds valuation procedures. 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 of Trustees regularly reviews fair value determinations made by the funds pursuant to the procedures. | |
| Forward foreign currency exchange contracts: valued at a value based on that days exchange rates. | |
| Short-term securities (60 days or less to maturity): valued at amortized cost, which approximates market value. | |
| Underlying funds: valued at their respective net asset values. |
| 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. The funds do not adjust the quoted price for such investments, even in situations where the funds hold a large position and a sale could reasonably impact the quoted price. Investments in underlying funds are valued at their NAV daily and 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 of Trustees 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 Global Equity Fund
|
0.85% | 0.80% | ||||||
Laudus Mondrian Emerging Markets Fund
|
1.20% | 1.15% | ||||||
Laudus Mondrian International Fixed Income Fund
|
0.60% | 0.60% | ||||||
Laudus Mondrian Global Fixed Income Fund
|
0.68% | 0.68% |
Laudus
|
Laudus
|
Laudus
|
||||||||||
Mondrian
|
Mondrian
|
Mondrian
|
||||||||||
International
|
Global
|
Emerging
|
||||||||||
Equity
Fund
|
Equity
Fund
|
Markets
Fund
|
||||||||||
Investor Shares
|
1.40% | 1.40% | 1.80% | |||||||||
Select Shares
|
1.12% | 1.12% | 1.52% | |||||||||
Institutional Shares
|
1.05% | 1.05% | 1.45% |
Laudus
|
Laudus
|
Laudus
|
Laudus
|
Laudus
|
||||||||||||||||
Mondrian
|
Mondrian
|
Mondrian
|
Mondrian
|
Mondrian
|
||||||||||||||||
International
|
Global
|
Emerging
|
International
Fixed
|
Global
Fixed
|
||||||||||||||||
Expiration
Date
|
Equity
Fund
|
Equity
Fund
|
Markets
Fund
|
Income
Fund
|
Income
Fund
|
|||||||||||||||
March 31, 2013
|
$135,683 | $155,976 | $95,858 | $ | $ | |||||||||||||||
March 31, 2014
|
209,921 | 178,953 | 95,552 | | | |||||||||||||||
March 31, 2015
|
44,996 | 88,449 | 34,963 | | 100,198 | |||||||||||||||
Total
|
$390,600 | $423,378 | $226,373 | $ | $100,198 | |||||||||||||||
Purchases
of Securities
|
Sales/Maturities
of Securities
|
|||||||
Laudus Mondrian International Equity Fund
|
$21,734,302 | $8,717,098 | ||||||
Laudus Mondrian Global Equity Fund
|
781,068 | 721,418 | ||||||
Laudus Mondrian Emerging Markets Fund
|
24,568,240 | 19,866,811 | ||||||
Laudus Mondrian International Fixed Income Fund
|
173,569,775 | 207,391,915 | ||||||
Laudus Mondrian Global Fixed Income Fund
|
48,204,349 | 6,879,082 |
Forward
Foreign Currency
|
Net
Unrealized
|
|||||||
Exchange
Contracts
|
Gains
(Losses)
|
|||||||
Laudus Mondrian International Equity Fund
|
$4,882,112 | $34,681 | ||||||
Laudus Mondrian Global Equity Fund
|
149,853 | 946 | ||||||
Laudus Mondrian Emerging Markets Fund
|
168 | 2 | ||||||
Laudus Mondrian International Fixed Income Fund
|
85,239,365 | 148,393 | ||||||
Laudus Mondrian Global Fixed Income Fund
|
5,309,493 | 10,123 |
Laudus
|
Laudus
|
Laudus
|
Laudus
|
Laudus
|
||||||||||||||||
Mondrian
|
Mondrian
|
Mondrian
|
Mondrian
|
Mondrian
|
||||||||||||||||
International
|
Global
|
Emerging
|
International
Fixed
|
Global
Fixed
|
||||||||||||||||
Equity
Fund
|
Equity
Fund
|
Markets
Fund
|
Income
Fund
|
Income
Fund
|
||||||||||||||||
Asset
Derivatives
|
Fair Value | |||||||||||||||||||
Forward Foreign Currency Exchange
Contracts
1
|
$ | $ | $ | $166,441 | $76,319 | |||||||||||||||
Liability
Derivatives
|
Fair Value | |||||||||||||||||||
Forward Foreign Currency Exchange
Contracts
2
|
$1,723 | $46 | $ | $1,583,708 | $40,858 |
1
|
Statement of Assets and Liabilities location: Unrealized gains on forward foreign currency exchange contracts. | |
2
|
Statement of Assets and Liabilities location: Unrealized losses on forward foreign currency exchange contracts. |
Forward Foreign Currency Exchange Contracts | ||||||||||||||||||||
Laudus
|
Laudus
|
Laudus
|
Laudus
|
Laudus
|
||||||||||||||||
Mondrian
|
Mondrian
|
Mondrian
|
Mondrian
|
Mondrian
|
||||||||||||||||
International
|
Global
|
Emerging
|
International
Fixed
|
Global
Fixed
|
||||||||||||||||
Equity
Fund
|
Equity
Fund
|
Markets
Fund
|
Income
Fund
|
Income
Fund
|
||||||||||||||||
Realized Gain
(Losses)
1
|
($91,741 | ) | ($3,011 | ) | ($1,398 | ) | $4,872,144 | $20,090 | ||||||||||||
Change in Unrealized Gains
(Losses)
2
|
(102,709 | ) | (2,530 | ) | | (1,771,280 | ) | 35,461 |
1
|
Statement of Operations location: Net realized gains/losses on foreign currency transactions. | |
2
|
Statement of Operations location: Net unrealized gains/losses on foreign currency translations. |
Current
Period
|
Prior
Period
|
|||||||
(4/1/12-9/30/12)
|
(4/1/11-3/31/12)
|
|||||||
Laudus Mondrian International Equity Fund
|
$234 | $1,562 | ||||||
Laudus Mondrian Global Equity Fund
|
10 | | ||||||
Laudus Mondrian Emerging Markets Fund
|
24 | 2,920 | ||||||
Laudus Mondrian International Fixed Income Fund
|
17,500 | 50,054 | ||||||
Laudus Mondrian Global Fixed Income Fund
|
3,067 | |
Laudus
|
Laudus
|
Laudus
|
Laudus
|
|||||||||||||
Mondrian
|
Mondrian
|
Mondrian
|
Mondrian
|
|||||||||||||
International
|
Global
|
Emerging
|
International
Fixed
|
|||||||||||||
Expiration
Date
|
Equity
Fund
|
Equity
Fund
|
Markets
Fund
|
Income
Fund
|
||||||||||||
March 31, 2017
|
$ | $4,137 | $ | $ | ||||||||||||
March 31, 2018
|
| 331,513 | | | ||||||||||||
March 31, 2019
|
| 92,150 | | | ||||||||||||
No expiration
|
| 54,747 | | | ||||||||||||
Total
|
$ | $482,547 | $ | $ | ||||||||||||
Laudus
|
Laudus
|
Laudus
|
Laudus
|
|||||||||||||
Mondrian
|
Mondrian
|
Mondrian
|
Mondrian
|
|||||||||||||
International
|
Global
|
Emerging
|
International
Fixed
|
|||||||||||||
Equity
Fund
|
Equity
Fund
|
Markets
Fund
|
Income
Fund
|
|||||||||||||
Capital losses deferred
|
$1,454,633 | $11,200 | $2,206,251 | $5,201 | ||||||||||||
Capital losses utilized
|
430,440 | | | |
1. | the nature, extent and quality of the services to be provided to the Fund under the Agreements, including the resources of CSIM and its affiliates, and Mondrian, that will be dedicated to the Fund; |
2. | CSIMs and Mondrians investment performance in managing other funds having relevant investment objectives and strategies; |
3. | the Funds estimated expenses and how those expenses compare to those of certain other comparable mutual funds; |
4. | the profitability of CSIM and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to management of other funds, including both direct and indirect benefits that may accrue to CSIM and its affiliates, as well as the profitability of Mondrian; and |
5. | the extent to which economies of scale would be realized as the Fund grows, and whether fee levels in the Agreements relating to the Fund reflect those economies of scale for the benefit of Fund investors. |
1. | the nature, extent and quality of the services provided to the Funds under the Agreements, including the resources of CSIM and its affiliates, and Mondrian, dedicated to the Funds; |
2. | each Funds investment performance and how it compared to that of certain other comparable mutual funds; |
3. | each Funds expenses and how those expenses compared to those of certain other comparable mutual funds; |
4. | the profitability of CSIM and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to each Fund, including both direct and indirect benefits accruing to CSIM and its affiliates, as well as the profitability of Mondrian; and |
5. | the extent to which economies of scale would be realized as the Funds grow, and whether fee levels in the Agreements reflect those economies of scale for the benefit of Fund investors. |
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 1 ) | 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. | 74 |
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. 1994 present). | 74 |
Director, Gilead Sciences, Inc.
(2005 present)
Director, Monaco Coach Corporation (2005 2009) |
|||
|
||||||
William A. Hasler
1941 Trustee (Trustee of Laudus Trust since 2004.) |
Dean Emeritus, Haas School of Business, University of California, Berkeley (July 1998 present). | 74 |
Director, TOUSA
(1998 present)
Director, Mission West Properties (1998 present) Director, Globalstar, Inc. (2009 present) Director, Aviat Networks (2001 present) Director, Ditech Networks Corporation (1997 2012) Director, Aphton Corp. (1991 2007) Director, Solectron Corporation (1998 2007) Director, Genitope Corporation (2000 2009) |
|||
|
||||||
David L. Mahoney
1954 Trustee (Trustee of Laudus Trust since 2011.) |
Private Investor. | 74 |
Director, Symantec Corporation
(2003 present)
Director, Corcept Therapeutics Incorporated (2004 present) Director, Tercica Inc. (2004 2008) |
|||
|
||||||
Kiran M. Patel
1948 Trustee (Trustee of Laudus Trust since 2011.) |
Executive Vice President and General Manager of Small Business Group, Intuit, Inc. (financial software and services for consumers and small businesses) (Dec. 2008 present); Senior Vice President and General Manager of Consumer Group, Intuit, Inc. (June 2007 Dec. 2008); Senior Vice President and Chief Financial Officer, Intuit, Inc. (Sept. 2005 Jan. 2008). | 74 |
Director, KLA-Tencor Corporation
(2008 present)
Director, BEA Systems, Inc. (2007 2008) Director, Eaton Corp. (2003 2006) |
|||
|
||||||
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). | 74 |
Lead Independent Director, Board of Cooper Industries
(2002 present)
Director and Chairman of the Audit Committee, Oneok Partners LP (2003 present) Director, Oneok, Inc. (2009 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
1
)
During the Past Five Years
the Trustee
Other Directorships
Joseph H. Wender
1944
Trustee
(Trustee of Laudus Trust since 2010.)
Senior Consultant, Goldman Sachs & Co., Inc. (Jan.
2008 present);
Partner, Colgin Partners, LLC (vineyards) (February
1998 present);
Senior Director, Chairman of the Finance Committee, GSC Group
(July
2005 Dec.
2007); General Partner, Goldman Sachs & Co., Inc.
(Oct.
1982 June
2005).
74
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.
Schwab
2
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.
74
None
Walter W. Bettinger
II
2
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. 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. Until October 2008, President and Chief Operating
Officer, Charles Schwab & Co., Inc. and The Charles
Schwab Corporation.
91
None
Name, Year of Birth, and Position(s)
with the trust; (Terms of office, and
length of Time
Served
3
)
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 and
Chief Executive Officer (Dec.
2010 present)
and Chief Investment Officer (Dec.
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); Co-Head and Senior Portfolio Manager, Wells Capital
Management (June
1999 March
2007).
George Pereira
1964
Treasurer and Chief Financial Officer
(Officer of Laudus Trust since 2004.)
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 (June
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);
Treasurer, Chief Financial Officer and Chief Accounting Officer,
Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc., and
Excelsior Funds Trust (June
2006 June
2007).
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).
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); Managing Director, Head of Market-Based Strategies, State
Street Research (August
2003 Jan.
2005).
Catherine MacGregor
1964
Vice President, Chief Legal Officer 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).
David Lekich
1964
Vice President and Assistant Clerk
(Officer of Laudus Trust since 2011.)
Senior Vice President, Charles Schwab & Co., Inc.,
(Sept.
2011 present);
Senior Vice President, Chief Counsel, Charles Schwab Investment
Management Inc. (Sept.
2011 present);
Vice President, Charles Schwab & Co., Inc., (March
2004 Sept.
2011) and Charles Schwab Investment Management, Inc. (Jan
2011 Sept.
2011); Secretary, Schwab Funds (April
2011 present);
Vice President and Assistant Clerk, Laudus Funds (April
2011 present);
Secretary (May
2011 present)
and Chief Legal Officer (Nov.
2011 present),
Schwab ETFs.
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 20 years of service
as a trustee, whichever comes first. In addition, the Laudus
Funds retirement policy also requires any independent trustee of
the Laudus Funds who also serves as an independent trustee of
the Schwab Funds to retire from the Boards of Trustees of the
Laudus Funds upon their required retirement date from either the
Boards of Trustees of the Laudus Funds or the 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
Schwab and 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.
Semiannual Report
September 30, 2012
(the Trust)
(the Fund)
Summary Prospectus and Statutory Prospectus,
each dated July 29, 2012
3
4
5
6
7
13
19
21
24
Distributor: ALPS Distributors, Inc.
Total Return for the Report
Period
Laudus Growth Investors U.S. Large Cap Growth Fund
(Ticker Symbol: LGILX)
-0.07%
Russell
1000
®
Growth Index
1.84%
Performance Details
page 5
Fund and Inception Date
6 Months
1 Year
5 Years
10 Years
-0.07
%
29.50
%
5.14
%
11.02
%
1.84
%
29.19
%
3.24
%
8.41
%
48
$102,430
22.85
4.67
(One year trailing)
97%
Fund
$100
10/14/1997
1
LGILX
51855Q549
$14.82
38.1%
21.0%
13.0%
10.0%
8.3%
6.8%
1.5%
1.3%
100.0%
8.8%
4.5%
3.9%
3.6%
3.5%
3.5%
2.9%
2.6%
2.6%
2.6%
38.5%
1
Inception date is that of the
funds predecessor fund, the Y Class of the UBS
U.S. Large Cap Growth Fund. 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.
2
Russell
1000
®
Growth Index measures the performance of those Russell
1000 companies with higher price-to-book ratios and higher
forecasted growth values. Investors cannot invest directly
in any index and index figures do not include trading and
management costs.
3
As stated in the prospectus. Net
Expenses: Reflects expenses expected to be charged to
shareholders through at least
7/30/14.
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.
4
Short-term investments are not
included.
5
This list is not a recommendation
of any security by the investment adviser.
Ending
Beginning
Account Value
Expenses Paid
Expense
Ratio
1
Account Value
(Net of Expenses)
During
Period
2
(Annualized)
at 4/1/12
at 9/30/12
4/1/129/30/12
Laudus Growth Investors U.S. Large Cap Growth Fund
0.78%
$
1,000
$
999.30
$
3.91
0.78%
$
1,000
$
1,021.16
$
3.95
1
Based on the most recent six-month
expense ratio; may differ from the expense ratio provided in the
Financial Highlights.
2
Expenses for the fund are equal to
its annualized expense ratio, multiplied by the average account
value over the period, multiplied by 183 days of the
period, and divided by 365 days of the fiscal year.
4/1/12
4/1/11
4/1/10
7/1/09
7/1/08
7/1/07
7/1/06
9/30/12*
3/31/12
3/31/11
3/31/10
1
6/30/09
6/30/08
6/30/07
14.83
13.36
11.23
8.68
11.45
10.94
9.02
(0.01
)
2
(0.02
)
2
0.01
2
0.01
2
0.03
2
0.01
2
0.04
2
0.00
3
1.77
2.13
2.58
(2.80
)
0.59
1.90
(0.01
)
1.75
2.14
2.59
(2.77
)
0.60
1.94
(0.01
)
(0.04
)
(0.01
)
(0.02
)
(0.28
)
(0.08
)
(0.28
)
(0.01
)
(0.04
)
(0.09
)
(0.02
)
14.82
14.83
13.36
11.23
8.68
11.45
10.94
(0.07
)
4
13.58
19.07
30.02
4
(24.19
)
5.52
21.51
0.78
5
0.78
0.78
0.78
5
0.80
0.80
0.80
0.81
5
0.88
0.94
0.99
5
1.23
1.21
1.25
(0.09
)
5
(0.17
)
0.06
0.12
5
0.41
0.05
0.35
48
4
96
98
72
4
132
102
112
1,367,883
1,029,502
468,963
214,872
54,344
76,175
62,529
Cost
Value
Holdings by Category
($)
($)
96
.8%
Common Stock
1,136,223,579
1,323,891,763
1
.9%
Other Investment Companies
26,438,032
26,855,743
98
.7%
Total Investments
1,162,661,611
1,350,747,506
1
.3%
Other Assets and Liabilities, Net
17,135,072
100
.0%
Net Assets
1,367,882,578
Number
Value
Security
of Shares
($)
Capital Goods 7.1%
198,200
18,276,022
579,000
31,931,850
119,100
13,087,899
437,300
34,236,217
97,531,988
Commercial & Professional Supplies 0.6%
79,900
7,778,265
Consumer Durables & Apparel 6.7%
307,200
22,714,368
200,800
10,678,544
281,400
26,707,674
211,100
31,924,653
92,025,239
Consumer Services 2.6%
757,700
35,134,549
Energy 8.0%
315,800
14,179,420
326,900
30,973,775
99,400
11,137,770
738,700
34,201,810
263,400
19,051,722
109,544,497
Food & Staples Retailing 2.4%
682,500
33,046,650
Food, Beverage & Tobacco 1.2%
306,000
16,572,960
Health Care Equipment & Services 3.4%
21,700
10,755,171
647,200
35,861,352
46,616,523
Household & Personal Products 2.9%
652,000
40,143,640
Materials 1.5%
136,800
20,370,888
Media 2.2%
519,700
27,263,462
40,000
2,385,200
29,648,662
Pharmaceuticals, Biotechnology & Life Sciences
9.2%
756,000
29,068,200
516,500
47,301,070
113,500
16,937,605
493,600
32,740,488
126,047,363
Retailing 8.9%
207,600
52,796,832
645,100
33,248,454
56,700
35,081,991
121,127,277
Software & Services 22.2%
222,900
26,039,178
369,400
17,882,654
943,300
20,422,445
65,000
49,042,500
59,900
27,043,652
143,700
11,862,435
183,600
28,033,884
269,600
20,330,536
229,800
11,188,962
454,300
61,003,404
319,700
30,927,778
303,777,428
Technology Hardware & Equipment 14.7%
179,700
119,906,622
901,300
29,634,744
771,700
48,223,533
141,500
3,292,705
201,057,604
*
Non-income producing security.
American Depositary Receipt
Quoted
Prices in
Significant
Active
Markets for
Significant
Other
Unobservable
Identical
Assets
Observable
Inputs
Inputs
$1,323,891,763
$
$
$1,323,891,763
26,855,743
26,855,743
$1,350,747,506
$
$
$1,350,747,506
As categorized in Portfolio Holdings.
The fund had no Other Financial Instruments.
Shares
Net Assets
÷
Outstanding
=
NAV
92,314,514
$14.82
$3,969,682
+
3,382
3,973,064
3,851,207
579,198
79,081
44,975
39,231
34,785
31,825
18,478
12,936
55
+
8,870
4,700,641
−
182,845
−
30
−
4,517,766
(544,702
)
19,761,065
+
(5,108,062
)
14,653,003
$14,108,301
Figures for the current period are unaudited
4/1/12-9/30/12
4/1/11-3/31/12
($544,702
)
($1,063,653
)
19,761,065
21,300,714
+
(5,108,062
)
101,657,302
14,108,301
121,894,363
$
($14,438,073
)
Securities
traded on an exchange or
over-the-counter:
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. The
Board convenes on a regular basis to review fair value
determinations made by the fund pursuant to the procedures.
Short-term
securities (60 days or less to
maturity):
valued at amortized cost, which approximates market value.
Underlying
funds:
valued at their respective net asset values.
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. The fund does not adjust the quoted price for
such investments, even in situations where the fund holds a
large position and a sale could reasonably impact the quoted
price. Investments in underlying funds are valued at their NAV
daily and 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 of Trustees 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.
0.70%
0.65%
0.60%
0.575%
0.55%
$537,214
650,228
182,845
$1,370,287
$843,848,938
$545,391,662
Current
Period
Prior
Period
$38,390
$40,006
$503,466
2,212,999
1.
the nature,
extent and quality of the services provided to the Fund under
the Agreements, including the resources of CSIM and its
affiliates, and UBS, dedicated to the Fund;
2.
the
Funds investment performance and how it compared to that
of certain other comparable mutual funds;
3.
the
Funds expenses and how those expenses compared to those of
certain other comparable mutual funds;
4.
the
profitability of CSIM and its affiliates, including Charles
Schwab & Co., Inc. (Schwab), with respect
to the Fund, including both direct and indirect benefits
accruing to CSIM and its affiliates, as well as the
profitability of UBS; and
5.
the extent
to which economies of scale would be realized as the Fund grows,
and whether fee levels in the Agreements reflect those economies
of scale for the benefit of Fund investors.
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
1
)
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.
74
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.
1994 present).
74
Director, Gilead Sciences, Inc.
(2005 present)
Director, Monaco Coach Corporation
(2005 2009)
William A. Hasler
1941
Trustee
(Trustee of Laudus Trust since 2004.)
Dean Emeritus, Haas School of Business, University of
California, Berkeley (July
1998 present).
74
Director, TOUSA
(1998 present)
Director, Mission West Properties
(1998 present)
Director, Globalstar, Inc.
(2009 present)
Director, Aviat Networks
(2001 present)
Director, Ditech Networks Corporation
(1997 2012)
Director, Aphton Corp.
(1991 2007)
Director, Solectron Corporation
(1998 2007)
Director, Genitope Corporation
(2000 2009)
David L. Mahoney
1954
Trustee
(Trustee of Laudus Trust since 2011.)
Private Investor.
74
Director, Symantec Corporation
(2003 present)
Director, Corcept Therapeutics Incorporated
(2004 present)
Director, Tercica Inc.
(2004 2008)
Kiran M. Patel
1948
Trustee
(Trustee of Laudus Trust since 2011.)
Executive Vice President and General Manager of Small Business
Group, Intuit, Inc. (financial software and services for
consumers and small businesses) (Dec.
2008 present);
Senior Vice President and General Manager of Consumer Group,
Intuit, Inc. (June
2007 Dec.
2008); Senior Vice President and Chief Financial Officer,
Intuit, Inc. (Sept.
2005 Jan.
2008).
74
Director, KLA-Tencor Corporation
(2008 present)
Director, BEA Systems, Inc.
(2007 2008)
Director, Eaton Corp.
(2003 2006)
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).
74
Lead Independent Director, Board of Cooper Industries
(2002 present)
Director and Chairman of the Audit Committee, Oneok Partners LP
(2003 present)
Director, Oneok, Inc.
(2009 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
1
)
During the Past Five Years
the Trustee
Other Directorships
Joseph H. Wender
1944
Trustee
(Trustee of Laudus Trust since 2010.)
Senior Consultant, Goldman Sachs & Co., Inc. (Jan.
2008 present);
Partner, Colgin Partners, LLC (vineyards) (February
1998 present);
Senior Director, Chairman of the Finance Committee, GSC Group
(July
2005 Dec.
2007); General Partner, Goldman Sachs & Co., Inc.
(Oct.
1982 June
2005).
74
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.
Schwab
2
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.
74
None
Walter W. Bettinger
II
2
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. 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. Until October 2008, President and Chief Operating
Officer, Charles Schwab & Co., Inc. and The Charles
Schwab Corporation.
91
None
Name, Year of Birth, and Position(s)
with the trust; (Terms of office, and
length of Time
Served
3
)
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 and
Chief Executive Officer (Dec.
2010 present)
and Chief Investment Officer (Dec.
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); Co-Head and Senior Portfolio Manager, Wells Capital
Management (June
1999 March
2007).
George Pereira
1964
Treasurer and Chief Financial Officer
(Officer of Laudus Trust since 2004.)
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 (June
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);
Treasurer, Chief Financial Officer and Chief Accounting Officer,
Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc., and
Excelsior Funds Trust (June
2006 June
2007).
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).
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); Managing Director, Head of Market-Based Strategies, State
Street Research (August
2003 Jan.
2005).
Catherine MacGregor
1964
Vice President, Chief Legal Officer 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).
David Lekich
1964
Vice President and Assistant Clerk
(Officer of Laudus Trust since 2011.)
Senior Vice President, Charles Schwab & Co., Inc.,
(Sept.
2011 present);
Senior Vice President, Chief Counsel, Charles Schwab Investment
Management Inc. (Sept.
2011 present);
Vice President, Charles Schwab & Co., Inc., (March
2004 Sept.
2011) and Charles Schwab Investment Management, Inc. (Jan
2011 Sept.
2011); Secretary, Schwab Funds (April
2011 present);
Vice President and Assistant Clerk, Laudus Funds (April
2011 present);
Secretary (May
2011 present)
and Chief Legal Officer (Nov.
2011 present),
Schwab ETFs.
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 20 years of service
as a trustee, whichever comes first. In addition, the Laudus
Funds retirement policy also requires any independent trustee of
the Laudus Funds who also serves as an independent trustee of
the Schwab Funds to retire from the Boards of Trustees of the
Laudus Funds upon their required retirement date from either the
Boards of Trustees of the Laudus Funds or the 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
Schwab and 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.
(a)
Based on their evaluation of Registrants disclosure controls and procedures, as of a date
within 90 days of the filing date, Registrants Chief Executive Officer, Marie Chandoha and
Registrants Principal Financial Officer, George Pereira, have concluded that Registrants
disclosure controls and procedures are: (i) reasonably designed to ensure that information
required to be disclosed in this report is
appropriately communicated to Registrants officers to allow timely decisions regarding
disclosures required in this report; (ii) reasonably designed to ensure that information
required to be disclosed in this report is recorded, processed, summarized and reported in a
timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above.
(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) Code of ethics not applicable to this semi-annual report.
(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.
/s/ Marie Chandoha
President and Chief Executive Officer
11/16/12
/s/ Marie Chandoha
President and Chief Executive Officer
11/16/12
/s/ George Pereira
Principal Financial Officer
11/14/12
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