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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Surrey Bancorp Inc (PK) | USOTC:SRYB | OTCMarkets | 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% | 16.70 | 16.50 | 17.37 | 0.00 | 01:00:00 |
The management of Weitz Funds has chosen paper for the 52 page body of this financial report from a paper manufacturer certified under the Sustainable Forestry Initiative standard. |
|
Total Returns
|
Average Annual Total Returns
|
|||||||||||||||||||||||||||||||||
Inception
|
Since
|
|||||||||||||||||||||||||||||||||
Fund Name
|
Date
|
3 Mos.
|
1 Year
|
3 Year
|
5 Year
|
10 Year
|
15 Year
|
20 Year
|
25 Year
|
30 Year
|
Inception
|
|||||||||||||||||||||||
Value
|
5/
09
/86
|
8.78
|
%
|
31.75
|
%
|
16.53
|
%
|
19.35
|
%
|
5.84
|
%
|
6.93
|
%
|
10.41
|
%
|
11.32
|
%
|
—
|
%
|
10.89
|
%
|
|||||||||||||
Russell 1000
|
10.23
|
33.11
|
16.30
|
18.59
|
7.78
|
5.08
|
9.38
|
10.44
|
—
|
10.25
|
||||||||||||||||||||||||
Russell 1000 Value
|
10.01
|
32.53
|
16.06
|
16.67
|
7.58
|
6.23
|
9.71
|
10.55
|
—
|
10.64
|
||||||||||||||||||||||||
Partners Value
(a)
|
6/01/83
|
7.77
|
30.87
|
16.40
|
21.43
|
7.47
|
7.92
|
11.33
|
12.13
|
12.84
|
12.92
|
|||||||||||||||||||||||
Partners III Opportunity
(a)
|
6/01/83
|
|||||||||||||||||||||||||||||||||
Institutional Class
|
6.15
|
32.81
|
16.54
|
24.50
|
9.57
|
10.80
|
12.88
|
13.47
|
13.64
|
13.66
|
||||||||||||||||||||||||
Investor Class
(b)
|
6.06
|
32.38
|
16.28
|
24
.33
|
9.50
|
10.75
|
12.84
|
13.44
|
13.61
|
13.63
|
||||||||||||||||||||||||
Research
(a)(c)
|
4/01/05
|
10.75
|
39.03
|
15.26
|
22.59
|
—
|
—
|
—
|
—
|
—
|
8.87
|
|||||||||||||||||||||||
Russell 3000
|
10.10
|
33.55
|
16.24
|
18.71
|
7.88
|
5.32
|
9.32
|
10.39
|
10.97
|
—
|
||||||||||||||||||||||||
Russell 3000 Value
|
9.95
|
32.69
|
15.93
|
16.75
|
7.66
|
6.48
|
9.74
|
10.60
|
11.50
|
—
|
||||||||||||||||||||||||
Hickory
|
4/01/93
|
6.71
|
27.83
|
15.59
|
23.93
|
8.35
|
6.34
|
10.46
|
—
|
—
|
11.04
|
|||||||||||||||||||||||
Russell 2500
|
8.66
|
36.80
|
16.28
|
21.77
|
9.81
|
9.67
|
10.77
|
—
|
—
|
10.92
|
||||||||||||||||||||||||
Russell 2500 Value
|
8.83
|
33.32
|
15.38
|
19.61
|
9.29
|
10.16
|
11.44
|
—
|
—
|
11.49
|
||||||||||||||||||||||||
S&P 500
|
10.51
|
32.39
|
16.18
|
17.94
|
7.40
|
4.68
|
9.22
|
10.25
|
11.08
|
—
|
||||||||||||||||||||||||
Balanced
|
10/01/03
|
4.00
|
15.46
|
9.41
|
14.30
|
5.81
|
—
|
—
|
—
|
—
|
6.04
|
|||||||||||||||||||||||
Blended Index
|
6.21
|
18.09
|
10.88
|
12.48
|
6.35
|
—
|
—
|
—
|
—
|
6.91
|
||||||||||||||||||||||||
Short-Intermediate
|
||||||||||||||||||||||||||||||||||
Income
|
12/23/88
|
|||||||||||||||||||||||||||||||||
Institutional Class
|
0.23
|
1.11
|
2.41
|
4.52
|
3.92
|
4.56
|
5.04
|
5.73
|
—
|
5.73
|
||||||||||||||||||||||||
Investor Class
(b)
|
0.18
|
0.93
|
2.24
|
4.41
|
3.87
|
4.52
|
5.01
|
5.71
|
—
|
5.71
|
||||||||||||||||||||||||
Barclays Intermediate Credit
|
-0.02
|
-0.86
|
2.91
|
3.96
|
4.09
|
4.94
|
5.35
|
6.35
|
—
|
6.35
|
||||||||||||||||||||||||
NebraskaTax-Free
|
||||||||||||||||||||||||||||||||||
Income
(a)
|
10/01/85
|
0.37
|
-0.25
|
2.55
|
3.42
|
3.07
|
3.67
|
4.13
|
4.77
|
—
|
5.10
|
|||||||||||||||||||||||
Barclays 5-Year Muni. Bond
|
0.84
|
0.81
|
3.54
|
4.27
|
3.92
|
4.47
|
4.67
|
5.50
|
—
|
—
|
(a)
|
Performance of the Partners Value and Partners III Opportunity Funds is measured from June 1, 1983, the inception of Weitz Partners II Limited Partnership (“Partners II”) and Weitz Partners III Limited Partnership (“Partners III”), respectively. Performance of the Research Fund is measured from April 1, 2005, the inception of Weitz Research Fund, L.P. (“Research L.P.”). Performance of the Nebraska Tax-Free Income Fund is measured from October 1, 1985, the inception of Weitz Income Partners Limited Partnership (“Income Partners”). On the last business day of December 1993, 2005, 2006 and 2010, the Partners Value, Partners III Opportunity, Nebraska Tax-Free Income and Research Funds (the “Funds”) succeeded to substantially all of the assets of Partners II, Partners III, Income Partners and Research L.P. (the “Partnerships”), respectively. The investment objectives, policies and restrictions of the Funds are materially equivalent to those of the respective Partnerships and the Partnerships were managed at all times with full investment authority by Weitz Investment Management, Inc. The performance information includes performance for the period before the Funds became investment companies registered with the Securities and Exchange Commission. During these periods, none of the Partnerships were registered under the Investment Company Act of 1940 and therefore were not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code. If any of the Partnerships had been registered under the 1940 Act during these periods, the respective Partnerships’ performance might have been adversely affected.
|
(b)
|
Investor Class shares first became available for sale on August 1, 2011. For performance prior to that date, this table includes the actual performance of the Fund’s Institutional Class (and uses the actual expenses of the Fund’s Institutional Class, for such period of time), without any adjustments. For any such period of time, the performance of the Fund’s Investor Class would have been substantially similar to, yet lower than, the performance of the Fund’s Institutional Class, because the shares of both classes are invested in the same portfolio of securities, but the classes bear different expenses.
|
(c)
|
Starting January 1, 2011, these performance numbers reflect the deduction of the Research Fund’s actual operating expenses. For periods of time prior to January 1, 2011, the performance numbers reflect the deduction of annual pro forma operating expenses of 1.50%. Annual operating expenses for the Research Fund, as stated in the Research Fund’s Prospectus, are 1.74% (gross) and 0.94% (net) of the Fund’s net assets. The investment adviser has agreed, in writing, to limit the total annual fund operating expenses (excluding taxes, interest, brokerage commissions, and acquired fund fees and expenses) to 0.90% of the Fund’s average daily net assets through July 31, 2014.
|
Average Annual Returns
|
||||||||||
1 Year
|
3 Year
|
5 Year
|
||||||||
Value
|
31.75
|
%
|
16.53
|
%
|
19.35
|
%
|
||||
Partners Value
|
30.87
|
16.40
|
21.43
|
|||||||
Partners III –
|
||||||||||
Institutional Class
|
32.81
|
16.54
|
24.50
|
|||||||
Hickory
|
27.83
|
15.59
|
23.93
|
|||||||
Research
|
39.03
|
15.26
|
22.59
|
|||||||
S&P 500
|
32.39
|
16.18
|
17.94
|
|
|
Wallace R. Weitz
|
Bradley P. Hinton
|
wally@weitzinvestments.com
|
brad@weitzinvestments.com
|
Andrew S. Weitz, joined Weitz in 2008. He graduated from Carleton College and previously spent four years as a research analyst with Ariel Investments. |
New and Eliminated Securities for Quarter Ended December 31, 2013
|
||||||
New ($mil) | Eliminations ($mil) | |||||
Oracle
|
$
|
21.2
|
None
|
|||
Endo Health Solutions
|
11.5
|
|||||
Laboratory Corp. of America
|
11.0
|
Total Returns
|
Average Annual Total Returns
|
||||||||||||||||||||||||
3 Mos.
|
1 Year
|
3 Year
|
5 Year
|
10 Year
|
15 Year
|
20 Year
|
25 Year
|
||||||||||||||||||
Value
|
8.78
|
%
|
31.75
|
%
|
16.53
|
%
|
19.35
|
%
|
5.84
|
%
|
6.93
|
%
|
10.41
|
%
|
11.32
|
%
|
|||||||||
S&P 500
|
10.51
|
32.39
|
16.18
|
17.94
|
7.40
|
4.68
|
9.22
|
10.25
|
|||||||||||||||||
Russell 1000
|
10.23
|
33.11
|
16.30
|
18.59
|
7.78
|
5.08
|
9.38
|
10.44
|
|||||||||||||||||
Russell 1000 Value
|
10.01
|
32.53
|
16.06
|
16.67
|
7.58
|
6.23
|
9.71
|
10.55
|
Value
|
S&P 500
|
Relative
|
||||||||
Year
|
(1)
|
(2)
|
Results (1)-(2)
|
|||||||
1986 (5/9/86)
|
3.45
|
%
|
4.14
|
%
|
-0.69
|
%
|
||||
1987
|
-0.54
|
5.10
|
-5.64
|
|||||||
1988
|
16.45
|
16.61
|
-0.16
|
|||||||
1989
|
22.07
|
31.69
|
-9.62
|
|||||||
1990
|
-5.22
|
-3.10
|
-2.12
|
|||||||
1991
|
27.63
|
30.47
|
-2.84
|
|||||||
1992
|
13.63
|
7.62
|
6.01
|
|||||||
1993
|
20.04
|
10.08
|
9.96
|
|||||||
1994
|
-9.83
|
1.32
|
-11.15
|
|||||||
1995
|
38.37
|
37.58
|
0.79
|
|||||||
1996
|
18.69
|
22.96
|
-4.27
|
|||||||
1997
|
38.93
|
33.36
|
5.57
|
|||||||
1998
|
28.94
|
28.58
|
0.36
|
|||||||
1999
|
20.97
|
21.04
|
-0.07
|
|||||||
2000
|
19.62
|
-9.10
|
28.72
|
|||||||
2001
|
0.24
|
-11.89
|
12.13
|
|||||||
2002
|
-17.10
|
-22.10
|
5.00
|
|||||||
2003
|
28.73
|
28.68
|
0.05
|
|||||||
2004
|
15.74
|
10.88
|
4.86
|
|||||||
2005
|
-2.77
|
4.91
|
-7.68
|
|||||||
2006
|
21.85
|
15.79
|
6.06
|
|||||||
2007
|
-10.35
|
5.49
|
-15.84
|
|||||||
2008
|
-40.74
|
-37.00
|
-3.74
|
|||||||
2009
|
27.62
|
26.46
|
1.16
|
|||||||
2010
|
19.94
|
15.06
|
4.88
|
|||||||
2011
|
6.12
|
2.11
|
4.01
|
|||||||
2012
|
13.17
|
16.00
|
-2.83
|
|||||||
2013
|
31.75
|
32.39
|
-0.64
|
|||||||
Since Inception:
|
||||||||||
Cumulative
|
1,647.86
|
1,365.54
|
282.32
|
|||||||
Avg. Annual
|
||||||||||
Return
|
10.89
|
10.19
|
0.70
|
Top Ten Stocks
|
||||
Valeant Pharmaceuticals International, Inc.
|
7.0
|
%
|
||
Liberty Interactive Corp. - Series A
|
4.5
|
|||
Berkshire Hathaway, Inc. - CL B
|
4.3
|
|||
DIRECTV
|
4.0
|
|||
Liberty Global plc - Series C
|
3.9
|
|||
Express Scripts Holding Co.
|
3.3
|
|||
Texas Instruments, Inc.
|
3.1
|
|||
Wells Fargo & Co.
|
3.0
|
|||
Range Resources Corp.
|
3.0
|
|||
Google, Inc. - CL A
|
3.0
|
|||
% of Net Assets
|
39.1
|
%
|
||
Industry Sectors
|
||||
Consumer Discretionary
|
18.6
|
%
|
||
Information Technology
|
16.0
|
|||
Health Care
|
12.3
|
|||
Financials
|
9.8
|
|||
Energy
|
7.0
|
|||
Industrials
|
4.2
|
|||
Materials
|
3.2
|
|||
Consumer Staples
|
1.4
|
|||
Cash Equivalents/Other
|
27.5
|
|||
Net Assets
|
100.0
|
%
|
Top Performers for Quarter Ended December 31, 2013
|
||||||||||
QTD Return
|
Average Weight
|
Contribution to
|
||||||||
Security Name
|
of Security
|
in Portfolio
|
Fund Performance
|
|||||||
Liberty Interactive Corp. - Series A
|
25.1
|
%
|
4.3
|
%
|
0.97
|
%
|
||||
Valeant Pharmaceuticals International, Inc.
|
12.5
|
7.1
|
0.94
|
|||||||
Google, Inc. - CL A
|
27.9
|
3.0
|
0.79
|
|||||||
Hewlett-Packard Co.
|
34.1
|
2.5
|
0.75
|
|||||||
DIRECTV
|
15.6
|
3.9
|
0.58
|
COMMON STOCKS — 72.5%
|
Shares
|
Value
|
|||||
Consumer Discretionary — 18.6%
|
|||||||
Cable & Satellite — 7.9%
|
|||||||
DIRECTV*
|
650,000
|
$
|
44,908,500
|
||||
Liberty Global plc - Series C*
|
520,000
|
43,846,400
|
|||||
88,754,900
|
|||||||
Internet & Catalog Retail — 4.5%
|
|||||||
Liberty Interactive Corp. - Series A*
|
1,725,000
|
50,628,750
|
|||||
Multiline Retail — 2.5%
|
|||||||
Target Corp.
|
430,000
|
27,206,100
|
|||||
Movies & Entertainment — 2.2%
|
|||||||
The Walt Disney Co.
|
325,000
|
24,830,000
|
|||||
Advertising — 1.5%
|
|||||||
Omnicom Group, Inc.
|
225,500
|
16,770,435
|
|||||
208,190,185
|
|||||||
Information Technology — 16.0%
|
|||||||
Software — 4.6%
|
|||||||
Microsoft Corp.
|
715,000
|
26,762,450
|
|||||
Oracle Corp.
|
635,000
|
24,295,100
|
|||||
51,057,550
|
|||||||
Semiconductors — 3.1%
|
|||||||
Texas Instruments, Inc.
|
780,000
|
34,249,800
|
|||||
Internet Software & Services — 3.0%
|
|||||||
Google, Inc. - CL A*
(c)
|
30,000
|
33,621,300
|
|||||
IT Services — 2.7%
|
|||||||
Accenture plc - CL A
|
200,000
|
16,444,000
|
|||||
Fidelity National Information Services, Inc.
|
250,000
|
13,420,000
|
|||||
29,864,000
|
|||||||
Computers & Peripherals — 2.6%
|
|||||||
Hewlett-Packard Co.
|
1,060,000
|
29,658,800
|
|||||
178,451,450
|
|||||||
Health Care — 12.3%
|
|||||||
Pharmaceuticals — 8.1%
|
|||||||
Valeant Pharmaceuticals International, Inc.*
|
670,000
|
78,658,000
|
|||||
Endo Health Solutions Inc.*
|
175,000
|
11,805,500
|
|||||
90,463,500
|
|||||||
Health Care Services — 4.2%
|
|||||||
Express Scripts Holding Co.*
|
530,000
|
37,227,200
|
|||||
Laboratory Corp. of America Holdings*
|
110,000
|
10,050,700
|
|||||
47,277,900
|
|||||||
137,741,400
|
|||||||
Financials — 9.8%
|
|||||||
Property & Casualty Insurance — 4.3%
|
|||||||
Berkshire Hathaway, Inc. - CL B*
|
410,000
|
48,609,600
|
|||||
Commercial Banks — 3.0%
|
|||||||
Wells Fargo & Co.
|
745,000
|
33,823,000
|
|||||
Insurance Brokers — 2.5%
|
|||||||
Aon plc - CL A
|
335,000
|
28,103,150
|
|||||
110,535,750
|
|||||||
Energy — 7.0%
|
|||||||
Oil & Gas Exploration & Production — 7.0%
|
|||||||
Range Resources Corp.
|
400,000
|
33,724,000
|
|||||
Apache Corp.
|
391,000
|
33,602,540
|
|||||
Southwestern Energy Co.*
|
290,000
|
11,405,700
|
|||||
78,732,240
|
Principal
|
|||||||
amount
|
|||||||
or shares
|
Value
|
||||||
Industrials — 4.2%
|
|||||||
Aerospace & Defense — 2.2%
|
|||||||
TransDigm Group, Inc.
|
150,000
|
$
|
24,153,000
|
||||
Air Freight & Logistics — 2.0%
|
|||||||
United Parcel Service, Inc. - CL B
|
215,000
|
22,592,200
|
|||||
46,745,200
|
|||||||
Materials — 3.2%
|
|||||||
Construction Materials — 1.7%
|
|||||||
Martin Marietta Materials, Inc.
|
195,000
|
19,488,300
|
|||||
Industrial Gases — 1.5%
|
|||||||
Praxair, Inc.
|
125,000
|
16,253,750
|
|||||
35,742,050
|
|||||||
Consumer Staples — 1.4%
|
|||||||
Beverages — 1.4%
|
|||||||
Diageo plc - Sponsored ADR
|
115,000
|
15,228,300
|
|||||
Total Common Stocks
|
|||||||
(Cost $461,944,962)
|
811,366,575
|
||||||
CASH EQUIVALENTS — 27.3%
|
|||||||
U.S. Treasury Bills — 22.8%
|
|||||||
U.S. Treasury Bills, 0.03% to 0.09%,
|
|||||||
1/09/14 to 5/22/14
(a)
|
$
|
255,000,000
|
254,978,170
|
||||
Money Market Funds — 4.5%
|
|||||||
Wells Fargo Advantage Government Money Market Fund -
|
|||||||
Institutional Class 0.01%
(b)
|
50,833,417
|
50,833,417
|
|||||
Total Cash Equivalents
|
|||||||
(Cost $305,802,150)
|
305,811,587
|
||||||
Total Investments in Securities
|
|||||||
(Cost $767,747,112)
|
1,117,178,162
|
||||||
Options Written — 0.0%
|
(280,000
|
)
|
|||||
Other Assets Less Other Liabilities — 0.2%
|
2,022,761
|
||||||
Net Assets — 100.0%
|
$
|
1,118,920,923
|
|||||
Net Asset Value Per Share
|
$ |
44.86
|
|
Expiration
|
Shares
|
||||||||
|
date/
|
subject
|
||||||||
OPTIONS WRITTEN*
|
Strike price
|
to option
|
Value
|
|||||||
Covered Call Options
|
||||||||||
Google, Inc. - CL A
|
March 2014/$1,100
|
5,000
|
$
|
(280,000
|
)
|
|||||
Total Options Written
|
||||||||||
(premiums received $241,871)
|
$
|
(280,000
|
)
|
*
|
Non-income producing
|
(a)
|
Interest rates presented represent the yield to maturity at the date of purchase.
|
(b)
|
Rate presented represents the annualized 7-day yield at December 31, 2013.
|
(c)
|
Fully or partially pledged as collateral on outstanding written options.
|
New and Eliminated Securities for Quarter Ended December 31, 2013
|
|||||||||
New ($mil)
|
Eliminations ($mil
)
|
||||||||
Oracle
|
$
|
14.3
|
Outerwall
|
$
|
16.4
|
||||
CVS Caremark
|
9.2
|
Total Returns
|
Average Annual Total Returns
|
|||||||||||||||||||||||||||
|
3 Mos.
|
1 Year
|
3 Year
|
5 Year
|
10 Year
|
15 Year
|
20 Year
|
25 Year
|
30 Year
|
|||||||||||||||||||
Partners Value
|
7.77
|
%
|
30.87
|
%
|
16.40
|
%
|
21.43
|
%
|
7.47
|
%
|
7.92
|
%
|
11.33
|
%
|
12.13
|
%
|
12.84
|
%
|
||||||||||
S&P 500
|
10.51
|
32.39
|
16.18
|
17.94
|
7.40
|
4.68
|
9.22
|
10.25
|
11.08
|
|||||||||||||||||||
Russell 3000
|
10.10
|
33.55
|
16.24
|
18.71
|
7.88
|
5.32
|
9.32
|
10.39
|
10.97
|
|||||||||||||||||||
Russell 3000 Value
|
9.95
|
32.69
|
15.93
|
16.75
|
7.66
|
6.48
|
9.74
|
10.60
|
11.50
|
Partners
|
Relative
|
|||||||||
Value
|
S&P 500
|
Results
|
||||||||
Year
|
(1)
|
(2)
|
(1)-(2)
|
|||||||
1983 (6/1/83)
|
9.90
|
%
|
4.15
|
%
|
5.75
|
%
|
||||
1984
|
14.50
|
6.10
|
8.40
|
|||||||
1985
|
40.70
|
31.60
|
9.10
|
|||||||
1986
|
11.10
|
18.60
|
-7.50
|
|||||||
1987
|
4.30
|
5.10
|
-0.80
|
|||||||
1988
|
14.90
|
16.61
|
-1.71
|
|||||||
1989
|
20.30
|
31.69
|
-11.39
|
|||||||
1990
|
-6.30
|
-3.10
|
-3.20
|
|||||||
1991
|
28.10
|
30.47
|
-2.37
|
|||||||
1992
|
15.10
|
7.62
|
7.48
|
|||||||
1993
|
23.00
|
10.08
|
12.92
|
|||||||
1994
|
-9.03
|
1.32
|
-10.35
|
|||||||
1995
|
38.67
|
37.58
|
1.09
|
|||||||
1996
|
19.14
|
22.96
|
-3.82
|
|||||||
1997
|
40.62
|
33.36
|
7.26
|
|||||||
1998
|
29.07
|
28.58
|
0.49
|
|||||||
1999
|
22.05
|
21.04
|
1.01
|
|||||||
2000
|
21.07
|
-9.10
|
30.17
|
|||||||
2001
|
-0.86
|
-11.89
|
11.03
|
|||||||
2002
|
-16.99
|
-22.10
|
5.11
|
|||||||
2003
|
25.38
|
28.68
|
-3.30
|
|||||||
2004
|
14.99
|
10.88
|
4.11
|
|||||||
2005
|
-2.42
|
4.91
|
-7.33
|
|||||||
2006
|
22.53
|
15.79
|
6.74
|
|||||||
2007
|
-8.54
|
5.49
|
-14.03
|
|||||||
2008
|
-38.06
|
-37.00
|
-1.06
|
|||||||
2009
|
31.30
|
26.46
|
4.84
|
|||||||
2010
|
27.49
|
15.06
|
12.43
|
|||||||
2011
|
2.19
|
2.11
|
0.08
|
|||||||
2012
|
17.92
|
16.00
|
1.92
|
|||||||
2013
|
30.87
|
32.39
|
-1.52
|
|||||||
Since Inception:
|
||||||||||
Cumulative
|
||||||||||
Return
|
4,021.52
|
2,333.97
|
1,687.55
|
|||||||
Avg. Annual
|
||||||||||
Return
|
12.92
|
10.99
|
1.93
|
Top Ten Stocks
|
||||
Valeant Pharmaceuticals International, Inc.
|
4.9
|
%
|
||
Liberty Global plc - Series C
|
4.1
|
|||
Berkshire Hathaway, Inc. - CL B
|
3.9
|
|||
DIRECTV
|
3.8
|
|||
Iconix Brand Group, Inc.
|
3.7
|
|||
Liberty Interactive Corp. - Series A
|
3.4
|
|||
FLIR Systems, Inc.
|
3.3
|
|||
Redwood Trust, Inc.
|
3.2
|
|||
Wells Fargo & Co.
|
3.1
|
|||
Google, Inc. - CL A
|
3.0
|
|||
% of Net Assets
|
36.4
|
%
|
Industry Sectors
|
||||
Consumer Discretionary
|
24.8
|
%
|
||
Information Technology
|
15.6
|
|||
Financials
|
12.7
|
|||
Health Care
|
9.7
|
|||
Energy
|
5.4
|
|||
Materials
|
1.9
|
|||
Industrials
|
1.1
|
|||
Cash Equivalents/Other
|
28.8
|
|||
Net Assets
|
100.0
|
%
|
COMMON STOCKS — 71.2%
|
Shares
|
Value
|
|||||
Consumer Discretionary — 24.8%
|
|||||||
Cable & Satellite — 7.9%
|
|||||||
Liberty Global plc - Series C*
|
500,000
|
$
|
42,160,000
|
||||
DIRECTV*
|
575,000
|
39,726,750
|
|||||
81,886,750
|
|||||||
Internet & Catalog Retail — 4.3%
|
|||||||
Liberty Interactive Corp. - Series A*
|
1,200,000
|
35,220,000
|
|||||
Liberty Ventures - Series A*
|
80,000
|
9,807,200
|
|||||
45,027,200
|
|||||||
Textiles, Apparel & Luxury Goods — 3.7%
|
|||||||
Iconix Brand Group, Inc.*
|
970,000
|
38,509,000
|
|||||
Hotels, Restaurants & Leisure — 3.0%
|
|||||||
Interval Leisure Group, Inc.
|
1,000,000
|
30,900,000
|
|||||
Broadcasting — 2.8%
|
|||||||
Liberty Media Corp. - Series A*
|
200,000
|
29,290,000
|
|||||
Multiline Retail — 2.0%
|
|||||||
Target Corp.
|
325,000
|
20,562,750
|
|||||
Movies & Entertainment — 1.1%
|
|||||||
Live Nation Entertainment, Inc.*
|
600,000
|
11,856,000
|
|||||
258,031,700
|
|||||||
Information Technology — 15.6%
|
|||||||
Internet Software & Services — 4.4%
|
|||||||
Google, Inc. - CL A*
|
28,000
|
31,379,880
|
|||||
XO Group, Inc.*
|
975,000
|
14,488,500
|
|||||
45,868,380
|
|||||||
Software — 3.6%
|
|||||||
Microsoft Corp.
|
575,000
|
21,522,250
|
|||||
Oracle Corp.
|
425,000
|
16,260,500
|
|||||
37,782,750
|
|||||||
Electronic Equipment & Instruments — 3.3%
|
|||||||
FLIR Systems, Inc.
|
1,150,000
|
34,615,000
|
|||||
Semiconductors — 3.0%
|
|||||||
Texas Instruments, Inc.
|
700,000
|
30,737,000
|
|||||
IT Services — 1.3%
|
|||||||
Fidelity National Information Services, Inc.
|
250,000
|
13,420,000
|
|||||
162,423,130
|
|||||||
Financials — 12.7%
|
|||||||
Property & Casualty Insurance — 3.9%
|
|||||||
Berkshire Hathaway, Inc. - CL B*
|
340,000
|
40,310,400
|
|||||
Mortgage REITs — 3.2%
|
|||||||
Redwood Trust, Inc.
|
1,700,000
|
32,929,000
|
|||||
Commercial Banks — 3.1%
|
|||||||
Wells Fargo & Co.
|
700,000
|
31,780,000
|
|||||
Insurance Brokers — 2.5%
|
|||||||
Aon plc - CL A
|
310,000
|
26,005,900
|
|||||
131,025,300
|
|||||||
Health Care — 9.7%
|
|||||||
Pharmaceuticals — 4.9%
|
|||||||
Valeant Pharmaceuticals International, Inc.*
|
430,000
|
50,482,000
|
|||||
Health Care Services — 4.8%
|
|||||||
Express Scripts Holding Co.*
|
425,000
|
29,852,000
|
|||||
Laboratory Corp. of America Holdings*
|
225,000
|
20,558,250
|
|||||
50,410,250
|
|||||||
100,892,250
|
Principal
|
|||||||
amount
|
|||||||
or shares
|
Value
|
||||||
Energy — 5.4%
|
|||||||
Oil & Gas Exploration & Production — 5.4%
|
|||||||
Apache Corp.
|
300,000
|
$
|
25,782,000
|
||||
Southwestern Energy Co.*
|
400,000
|
15,732,000
|
|||||
Range Resources Corp.
|
175,000
|
14,754,250
|
|||||
56,268,250
|
|||||||
Materials — 1.9%
|
|||||||
Construction Materials — 1.9%
|
|||||||
Martin Marietta Materials, Inc.
|
203,041
|
20,291,918
|
|||||
Industrials — 1.1%
|
|||||||
Aerospace & Defense — 1.1%
|
|||||||
TransDigm Group, Inc.
|
70,000
|
11,271,400
|
|||||
Total Common Stocks
|
|||||||
(Cost $434,921,946)
|
740,203,948
|
||||||
CASH EQUIVALENTS — 28.7%
|
|||||||
U.S. Treasury Bills — 25.0%
|
|||||||
U.S. Treasury Bills, 0.03% to 0.09%,
|
|||||||
1/09/14 to 5/22/14
(a)
|
$
|
260,000,000
|
259,977,985
|
||||
Money Market Funds — 3.7%
|
|||||||
Wells Fargo Advantage Government Money Market Fund -
|
|||||||
Institutional Class 0.01%
(b)
|
38,405,422
|
38,405,422
|
|||||
Total Cash Equivalents
|
|||||||
(Cost $298,373,308)
|
298,383,407
|
||||||
Total Investments in Securities
|
|||||||
(Cost $733,295,254)
|
1,038,587,355
|
||||||
Other Assets Less Other Liabilities — 0.1%
|
1,184,332
|
||||||
Net Assets — 100.0%
|
$
|
1,039,771,687
|
|||||
Net Asset Value Per Share
|
$ |
32.47
|
*
|
Non-income producing
|
(a)
|
Interest rates presented represent the yield to maturity at the date of purchase.
|
(b)
|
Rate presented represents the annualized 7-day yield at December 31, 2013.
|
New and Eliminated Securities for Quarter Ended December 31, 2013
|
New ($mil ) |
|
Eliminations ($mil)
|
|||||||
Oracle
|
$ |
18.6
|
Ishares Russell 2000 Value Fund (short)
|
$
|
12.5
|
||||
Endo Health Solutions
|
11.1
|
FTI Consulting
|
1.0
|
||||||
Express Scripts
|
8.8
|
||||||||
Avon Products
|
5.2
|
||||||||
ADT
|
4.0
|
Total Returns
|
Average Annual Total Returns
|
|||||||||||||||||||||||||||
3 Mos.
|
1 Year
|
3 Year
|
5 Year
|
10 Year
|
15 Year
|
20 Year
|
25 Year
|
30 Year
|
||||||||||||||||||||
Partners III –
|
||||||||||||||||||||||||||||
Institutional Class
|
6.15
|
%
|
32.81
|
%
|
16.54
|
%
|
24.50
|
%
|
9.57
|
%
|
10.80
|
%
|
12.88
|
%
|
13.47
|
%
|
13.64
|
%
|
||||||||||
S&P 500
|
10.51
|
32.39
|
16.18
|
17.94
|
7.40
|
4.68
|
9.22
|
10.25
|
11.08
|
|||||||||||||||||||
Russell 3000
|
10.10
|
33.55
|
16.24
|
18.71
|
7.88
|
5.32
|
9.32
|
10.39
|
10.97
|
|||||||||||||||||||
Russell 3000 Value
|
9.95
|
32.69
|
15.93
|
16.75
|
7.66
|
6.48
|
9.74
|
10.60
|
11.50
|
Partners III
|
S&P 500
|
Relative
|
||||||||
Year
|
(1)
|
(2)
|
Results (1)-(2)
|
|||||||
1983 (6/1/83)
|
8.60
|
%
|
4.15
|
%
|
4.45
|
%
|
||||
1984
|
11.20
|
6.10
|
5.10
|
|||||||
1985
|
38.55
|
31.60
|
6.95
|
|||||||
1986
|
8.45
|
18.60
|
-10.15
|
|||||||
1987
|
-1.38
|
5.10
|
-6.48
|
|||||||
1988
|
19.48
|
16.61
|
2.87
|
|||||||
1989
|
19.36
|
31.69
|
-12.33
|
|||||||
1990
|
-5.47
|
-3.10
|
-2.37
|
|||||||
1991
|
23.19
|
30.47
|
-7.28
|
|||||||
1992
|
13.53
|
7.62
|
5.91
|
|||||||
1993
|
32.29
|
10.08
|
22.21
|
|||||||
1994
|
-11.13
|
1.32
|
-12.45
|
|||||||
1995
|
43.33
|
37.58
|
5.75
|
|||||||
1996
|
25.02
|
22.96
|
2.06
|
|||||||
1997
|
37.07
|
33.36
|
3.71
|
|||||||
1998
|
10.88
|
28.58
|
-17.70
|
|||||||
1999
|
10.56
|
21.04
|
-10.48
|
|||||||
2000
|
32.40
|
-9.10
|
41.50
|
|||||||
2001
|
6.63
|
-11.89
|
18.52
|
|||||||
2002
|
-16.12
|
-22.10
|
5.98
|
|||||||
2003
|
42.64
|
28.68
|
13.96
|
|||||||
2004
|
22.11
|
10.88
|
11.23
|
|||||||
2005
|
-0.69
|
4.91
|
-5.60
|
|||||||
2006
|
20.39
|
15.79
|
4.60
|
|||||||
2007
|
-12.86
|
5.49
|
-18.35
|
|||||||
2008
|
-34.45
|
-37.00
|
2.55
|
|||||||
2009
|
42.05
|
26.46
|
15.59
|
|||||||
2010
|
33.03
|
15.06
|
17.97
|
|||||||
2011
|
5.56
|
2.11
|
3.45
|
|||||||
2012
|
12.91
|
16.00
|
-3.09
|
|||||||
2013
|
32.81
|
32.39
|
0.42
|
|||||||
Since Inception:
|
||||||||||
Cumulative
|
||||||||||
Return
|
4,933.23
|
2,333.97
|
2,599.26
|
|||||||
Avg. Annual
|
||||||||||
Return
|
13.66
|
10.99
|
2.67
|
Top Ten
Stocks
|
||||
Valeant Pharmaceuticals International, Inc.
|
6.9
|
%
|
||
DIRECTV
|
4.4
|
|||
Wells Fargo & Co.
|
3.7
|
|||
Redwood Trust, Inc.
|
3.5
|
|||
Liberty Global plc - Series C
|
3.4
|
|||
Liberty Media Corp. - Series A
|
3.3
|
|||
Iconix Brand Group, Inc.
|
3.2
|
|||
Berkshire Hathaway, Inc. - CL B
|
3.2
|
|||
TransDigm Group, Inc.
|
3.2
|
|||
Texas Instruments, Inc.
|
3.0
|
|||
% of Net Assets
|
37.8
|
%
|
||
Industry Sectors
|
||||
Consumer Discretionary
|
27.1
|
%
|
||
Financials
|
11.9
|
|||
Health Care
|
11.4
|
|||
Information Technology
|
10.6
|
|||
Energy
|
5.4
|
|||
Industrials
|
3.9
|
|||
Materials
|
2.3
|
|||
Consumer Staples
|
0.5
|
|||
Exchange Traded Funds
|
1.5
|
|||
Securities Sold Short
|
(9.0
|
)
|
||
Short Proceeds/Other
|
34.4
|
|||
Net Assets
|
100.0
|
%
|
COMMON STOCKS — 73.1%
|
Shares
|
Value
|
|||||
Consumer Discretionary — 27.1%
|
|||||||
Cable & Satellite — 7.8%
|
|||||||
DIRECTV*
|
700,000
|
$
|
48,363,000
|
||||
Liberty Global plc - Series C*
(b)
|
450,000
|
37,944,000
|
|||||
86,307,000
|
|||||||
Internet & Catalog Retail — 4.9%
|
|||||||
Liberty Interactive Corp. - Series A*
(b)
|
1,100,000
|
32,285,000
|
|||||
Liberty Ventures - Series A*
(b)
|
180,000
|
22,066,200
|
|||||
54,351,200
|
|||||||
Broadcasting — 4.8%
|
|||||||
Liberty Media Corp. - Series A*
(b)
|
250,000
|
36,612,500
|
|||||
Cumulus Media, Inc. - CL A*
|
2,100,000
|
16,233,000
|
|||||
52,845,500
|
|||||||
Textiles, Apparel & Luxury Goods — 3.2%
|
|||||||
Iconix Brand Group, Inc.*
|
900,000
|
35,730,000
|
|||||
Movies & Entertainment — 2.5%
|
|||||||
Live Nation Entertainment, Inc.*
|
1,400,000
|
27,664,000
|
|||||
Hotels, Restaurants & Leisure — 2.2%
|
|||||||
Interval Leisure Group, Inc.
|
775,000
|
23,947,500
|
|||||
Advertising — 1.7%
|
|||||||
National CineMedia, Inc.
|
940,000
|
18,762,400
|
|||||
299,607,600
|
|||||||
Financials — 11.9%
|
|||||||
Commercial Banks — 3.7%
|
|||||||
Wells Fargo & Co.
(b)
|
900,000
|
40,860,000
|
|||||
Mortgage REITs — 3.5%
|
|||||||
Redwood Trust, Inc.
(b)
|
2,001,200
|
38,763,244
|
|||||
Property & Casualty Insurance — 3.2%
|
|||||||
Berkshire Hathaway, Inc. - CL B*
(b)
|
300,000
|
35,568,000
|
|||||
Insurance Brokers — 1.5%
|
|||||||
Aon plc - CL A
(b)
|
200,000
|
16,778,000
|
|||||
131,969,244
|
|||||||
Health Care — 11.4%
|
|||||||
Pharmaceuticals — 7.9%
|
|||||||
Valeant Pharmaceuticals International, Inc.*
(b)
|
650,000
|
76,310,000
|
|||||
Endo Health Solutions Inc.*
|
170,000
|
11,468,200
|
|||||
87,778,200
|
|||||||
Health Care Services — 3.5%
|
|||||||
Laboratory Corp. of America Holdings*
(b)
|
320,000
|
29,238,400
|
|||||
Express Scripts Holding Co.*
|
140,000
|
9,833,600
|
|||||
39,072,000
|
|||||||
126,850,200
|
|||||||
Information Technology — 10.6%
|
|||||||
Software — 3.2%
|
|||||||
Oracle Corp.
|
550,000
|
21,043,000
|
|||||
Microsoft Corp.
|
380,000
|
14,223,400
|
|||||
|
35,266,400 | ||||||
Semiconductors — 3.0%
|
|||||||
Texas Instruments, Inc.
|
750,000
|
32,932,500
|
|||||
Internet Software & Services — 2.0%
|
|||||||
Google, Inc. - CL A*
(b)
|
10,000
|
11,207,100
|
|||||
XO Group, Inc.*
|
730,000
|
10,847,800
|
|||||
22,054,900
|
Shares
|
Value
|
||||||
Electronic Equipment & Instruments — 1.5%
|
|||||||
FLIR Systems, Inc.
|
570,000
|
$
|
17,157,000
|
||||
IT Services — 0.9%
|
|||||||
CACI International, Inc. - CL A*
|
130,000
|
9,518,600
|
|||||
116,929,400
|
|||||||
Energy — 5.4%
|
|||||||
Oil & Gas Exploration & Production — 4.9%
|
|||||||
Apache Corp.
(b)
|
300,000
|
25,782,000
|
|||||
Range Resources Corp.
(b)
|
240,000
|
20,234,400
|
|||||
Southwestern Energy Co.*
|
200,000
|
7,866,000
|
|||||
53,882,400
|
|||||||
Oil & Gas Refining & Marketing — 0.5%
|
|||||||
World Fuel Services Corp.
|
130,000
|
5,610,800
|
|||||
59,493,200
|
|||||||
Industrials — 3.9%
|
|||||||
Aerospace & Defense — 3.2%
|
|||||||
TransDigm Group, Inc.
(b)
|
220,000
|
35,424,400
|
|||||
Commercial Services & Supplies — 0.4%
|
|||||||
The ADT Corp.
|
100,000
|
4,047,000
|
|||||
Machinery — 0.3%
|
|||||||
Intelligent Systems Corp.* # †
|
2,270,000
|
3,677,400
|
|||||
43,148,800
|
|||||||
Materials — 2.3%
|
|||||||
Construction Materials — 2.3%
|
|||||||
Martin Marietta Materials, Inc.
(b)
|
260,000
|
25,984,400
|
|||||
Consumer Staples — 0.5%
|
|||||||
Personal Products — 0.5%
|
|||||||
Avon Products, Inc.
|
300,000
|
5,166,000
|
|||||
Total Common Stocks
|
|||||||
(Cost $479,891,081)
|
809,148,844
|
||||||
EXCHANGE TRADED FUNDS — 1.5%
|
|||||||
ProShares Short 20+ Year Treasury Fund*
|
|||||||
(Cost $15,848,839)
|
500,000
|
16,455,000
|
Expiration
|
Shares
|
|||||||||
PUT
|
date/
|
subject
|
||||||||
OPTIONS* — 0.0%
|
Strike price
|
to option
|
||||||||
Put Options
|
||||||||||
Ishares Russell
|
||||||||||
Midcap Fund
|
Feb. 2014 / $140
|
100,000
|
62,500
|
|||||||
Ishares Russell
|
||||||||||
Midcap Fund
|
Feb. 2014 / $146
|
50,000
|
75,000
|
|||||||
S&P 500 Index
|
Jan. 2014 / $1,650
|
10,000
|
9,500
|
|||||||
S&P 500 Index
|
March 2014 / $1,800
|
10,000
|
269,000
|
|||||||
Total Put Options
|
||||||||||
(premiums paid $1,878,714)
|
416,000
|
CASH EQUIVALENTS — 26.6%
|
Shares
|
Value
|
|||||
Wells Fargo Advantage Government Money Market Fund -
|
|||||||
Institutional Class 0.01%
(a)
|
|||||||
(Cost $294,183,302)
|
294,183,302
|
$
|
294,183,302
|
||||
Total Investments in Securities
|
|||||||
(Cost $791,801,936)
|
1,120,203,146
|
||||||
Due From Broker
(b)
— 8.4%
|
93,189,252
|
||||||
Securities Sold Short — (8.3%)
|
(91,596,100
|
)
|
|||||
Options Written — (0.7%)
|
(7,963,500
|
)
|
|||||
Other Liabilities in Excess of Other Assets — (0.6%)
|
(7,072,522
|
)
|
|||||
Net Assets — 100.0%
|
$
|
1,106,760,276
|
|||||
Net Asset Value Per Share - Institutional Class
|
|
|
$ | 16.35 | |||
Net Asset Value Per Share - Investor Class
|
|
|
$ | 16.23 | |||
SECURITIES SOLD SHORT — (8.3%)
|
|||||||
Ishares Russell 2000 Fund
|
320,000
|
(36,899,200
|
)
|
||||
Ishares Russell Midcap Fund
|
180,000
|
(26,996,400
|
)
|
||||
SPDR S&P 500 ETF Trust
|
150,000
|
(27,700,500
|
)
|
||||
Total Securities Sold Short
|
|||||||
(proceeds $62,157,774)
|
(91,596,100
|
)
|
Expiration
|
Shares
|
|||||||||
date/
|
subject
|
|||||||||
OPTIONS WRITTEN*
|
Strike price
|
to option
|
Value
|
|||||||
Covered Call Options
|
||||||||||
Google, Inc. - CL A
|
March 2014 / $1,115
|
10,000
|
$
|
(476,000
|
)
|
|||||
Valeant Pharmaceuticals
|
||||||||||
International, Inc.
|
April 2014 / $105
|
200,000
|
(3,400,000
|
)
|
||||||
(3,876,000
|
)
|
|||||||||
Uncovered Call Options
|
||||||||||
Ishares Russell
|
||||||||||
Midcap Fund
|
Feb. 2014 / $140
|
100,000
|
(1,060,000
|
)
|
||||||
Ishares Russell
|
||||||||||
Midcap Fund
|
Feb. 2014 / $146
|
50,000
|
(275,000
|
)
|
||||||
S&P 500 Index
|
Jan. 2014 / $1,650
|
10,000
|
(2,021,500
|
)
|
||||||
S&P 500 Index
|
March 2014 / $1,800
|
10,000
|
(731,000
|
)
|
||||||
(4,087,500
|
)
|
|||||||||
Total Options Written
|
||||||||||
(premiums received $4,974,430)
|
$
|
(7,963,500
|
)
|
*
|
Non-income producing
|
†
|
Controlled affiliate
|
#
|
Illiquid and/or restricted security that has been fair valued.
|
(a)
|
Rate presented represents the annualized 7-day yield at December 31, 2013.
|
(b)
|
Fully or partially pledged as collateral on securities sold short and outstanding written options.
|
New and Eliminated Securities for Quarter Ended December 31, 2013
|
|||||||||
New ($000’s)
|
Eliminations ($000’s)
|
||||||||
Liberty Interactive
|
$
|
1,029
|
Sapient
|
$
|
333
|
||||
Liquidity Services
|
391
|
Total Returns
|
Average Annual Total Returns
|
|||||||||||||||
3 Mos.
|
1 Year
|
3 Year
|
5 Year
|
Since
Inception
|
||||||||||||
Research
|
10.75
|
%
|
39.03
|
%
|
15.26
|
%
|
22.59
|
%
|
8.87
|
%
|
||||||
S&P 500
|
10.51
|
32.39
|
16.18
|
17.94
|
7.48
|
|||||||||||
Russell 3000
|
10.10
|
33.55
|
16.24
|
18.71
|
7.94
|
|||||||||||
Russell 3000 Value
|
9.95
|
32.69
|
15.93
|
16.75
|
6.91
|
Research
|
S&P 500
|
Relative
|
||||||||
Year
|
(1)
|
(2)
|
Results (1)-(2)
|
|||||||
2005 (4/1/05)
|
4.01
|
%
|
7.22
|
%
|
-3.21
|
%
|
||||
2006
|
21.83
|
15.79
|
6.04
|
|||||||
2007
|
-13.41
|
5.49
|
-18.90
|
|||||||
2008
|
-30.72
|
-37.00
|
6.28
|
|||||||
2009
|
38.84
|
26.46
|
12.38
|
|||||||
2010
|
30.32
|
15.06
|
15.26
|
|||||||
2011
|
4.16
|
2.11
|
2.05
|
|||||||
2012
|
5.74
|
16.00
|
-10.26
|
|||||||
2013
|
39.03
|
32.39
|
6.64
|
|||||||
Since Inception:
|
||||||||||
Cumulative
|
||||||||||
Return
|
110.57
|
88.17
|
22.40
|
|||||||
Avg. Annual
|
||||||||||
Return
|
8.87
|
7.48
|
1.39
|
Top Ten Stocks
|
||||
Outerwall, Inc.
|
6.1
|
%
|
||
Liberty Interactive Corp. - Series A
|
5.3
|
|||
Valeant Pharmaceuticals International, Inc.
|
4.7
|
|||
Microsoft Corp.
|
4.1
|
|||
FLIR Systems, Inc.
|
4.1
|
|||
DIRECTV
|
3.6
|
|||
Berkshire Hathaway, Inc. - CL B
|
3.5
|
|||
FTI Consulting, Inc.
|
3.5
|
|||
Hewlett-Packard Co.
|
3.4
|
|||
Apache Corp.
|
3.3
|
|||
% of Net Assets
|
41.6
|
%
|
||
Industry Sectors
|
||||
Information Technology
|
28.4
|
%
|
||
Consumer Discretionary
|
24.9
|
|||
Financials
|
7.7
|
|||
Health Care
|
6.0
|
|||
Industrials
|
5.2
|
|||
Energy
|
5.1
|
|||
Consumer Staples
|
2.1
|
|||
Cash Equivalents/Other
|
20.6
|
|||
Net Assets
|
100.0
|
%
|
COMMON STOCKS — 79.4%
|
Shares
|
Value
|
|||||
Information Technology — 28.4%
|
|||||||
Software — 7.8%
|
|||||||
Microsoft Corp.
|
26,415
|
$
|
988,714
|
||||
ACI Worldwide, Inc.*
|
7,000
|
455,000
|
|||||
Oracle Corp.
|
11,000
|
420,860
|
|||||
1,864,574
|
|||||||
Internet Software & Services — 5.6%
|
|||||||
XO Group, Inc.*
|
45,803
|
680,633
|
|||||
Liquidity Services, Inc.*
|
15,000
|
339,900
|
|||||
Google, Inc. - CL A*
|
300
|
336,213
|
|||||
1,356,746
|
|||||||
Computers & Peripherals — 5.3%
|
|||||||
Hewlett-Packard Co.
|
29,530
|
826,249
|
|||||
Apple Inc.
|
800
|
448,888
|
|||||
1,275,137
|
|||||||
Electronic Equipment & Instruments — 4.1%
|
|||||||
FLIR Systems, Inc.
|
32,650
|
982,765
|
|||||
IT Services — 4.1%
|
|||||||
Fidelity National Information Services, Inc.
|
7,200
|
386,496
|
|||||
CACI International, Inc. - CL A*
|
4,400
|
322,168
|
|||||
Accenture plc - CL A
|
3,300
|
271,326
|
|||||
979,990
|
|||||||
Semiconductors — 1.5%
|
|||||||
Texas Instruments, Inc.
|
8,000
|
351,280
|
|||||
6,810,492
|
|||||||
Consumer Discretionary — 24.9%
|
|||||||
Specialized Consumer Services — 6.1%
|
|||||||
Outerwall, Inc.*
|
21,804
|
1,466,755
|
|||||
Internet & Catalog Retail — 5.3%
|
|||||||
Liberty Interactive Corp. - Series A*
|
43,050
|
1,263,518
|
|||||
Cable & Satellite — 3.6%
|
|||||||
DIRECTV*
|
12,570
|
868,461
|
|||||
Education Services — 2.4%
|
|||||||
ITT Educational Services, Inc.*
|
17,360
|
582,949
|
|||||
Textiles, Apparel & Luxury Goods — 1.7%
|
|||||||
Iconix Brand Group, Inc.*
|
10,000
|
397,000
|
|||||
Hotels, Restaurants & Leisure — 1.6%
|
|||||||
Interval Leisure Group, Inc.
|
11,966
|
369,749
|
|||||
Movies & Entertainment — 1.5%
|
|||||||
The Walt Disney Co.
|
4,800
|
366,720
|
|||||
Advertising — 1.4%
|
|||||||
National CineMedia, Inc.
|
17,000
|
339,320
|
|||||
Multiline Retail — 1.3%
|
|||||||
Target Corp.
|
5,000
|
316,350
|
|||||
5,970,822
|
|||||||
Financials — 7.7%
|
|||||||
Insurance Brokers — 4.2%
|
|||||||
Brown & Brown, Inc.
|
21,718
|
681,728
|
|||||
Aon plc - CL A
|
3,930
|
329,688
|
|||||
1,011,416
|
|||||||
Property & Casualty Insurance — 3.5%
|
|||||||
Berkshire Hathaway, Inc. - CL B*
|
7,111
|
843,080
|
|||||
1,854,496
|
Shares
|
Value
|
||||||
Health Care — 6.0%
|
|||||||
Pharmaceuticals — 4.7%
|
|||||||
Valeant Pharmaceuticals International, Inc.*
|
9,585
|
$
|
1,125,279
|
||||
Health Care Services — 1.3%
|
|||||||
Express Scripts Holding Co.*
|
4,500
|
316,080
|
|||||
1,441,359
|
|||||||
Industrials — 5.2%
|
|||||||
Research & Consulting Services — 3.5%
|
|||||||
FTI Consulting, Inc.*
|
20,266
|
833,743
|
|||||
Aerospace & Defense — 1.7%
|
|||||||
TransDigm Group, Inc.
|
2,500
|
402,550
|
|||||
1,236,293
|
|||||||
Energy — 5.1%
|
|||||||
Oil & Gas Exploration & Production — 3.3%
|
|||||||
Apache Corp.
|
9,176
|
788,585
|
|||||
Oil & Gas Refining & Marketing — 1.8%
|
|||||||
World Fuel Services Corp.
|
10,000
|
431,600
|
|||||
1,220,185
|
|||||||
Consumer Staples — 2.1%
|
|||||||
Personal Products — 2.1%
|
|||||||
Avon Products, Inc.
|
30,000
|
516,600
|
|||||
Total Common Stocks
|
|||||||
(Cost $13,281,856)
|
19,050,247
|
||||||
CASH EQUIVALENTS — 21.2%
|
|||||||
Wells Fargo Advantage Government Money Market Fund -
|
|||||||
Institutional Class 0.01%
(a)
|
|||||||
(Cost $5,075,820)
|
5,075,820 |
5,075,820
|
|||||
Total Investments in Securities
|
|||||||
(Cost $18,357,676)
|
24,126,067
|
||||||
Other Liabilities in Excess of Other Assets — (0.6%)
|
(137,058
|
)
|
|||||
Net Assets — 100.0%
|
$
|
23,989,009
|
|||||
Net Asset Value Per Share
|
$ |
12.90
|
*
|
Non-income producing
|
(a)
|
Rate presented represents the annualized 7-day yield at December 31, 2013.
|
Total Returns
|
Average Annual Total Returns
|
|||||||||||||||||||||
3 Mos.
|
1 Year
|
3 Year
|
5 Year
|
10 Year
|
15 Year
|
20 Year
|
||||||||||||||||
Hickory
|
6.71
|
%
|
27.83
|
%
|
15.59
|
%
|
23.93
|
%
|
8.35
|
%
|
6.34
|
%
|
10.46
|
%
|
||||||||
Russell 2500
|
8.66
|
36.80
|
16.28
|
21.77
|
9.81
|
9.67
|
10.77
|
|||||||||||||||
Russell 2500 Value
|
8.83
|
33.32
|
15.38
|
19.61
|
9.29
|
10.16
|
11.44
|
|||||||||||||||
S&P 500
|
10.51
|
32.39
|
16.18
|
17.94
|
7.40
|
4.68
|
9.22
|
Hickory
|
Russell
|
Relative
|
||||||||
Year
|
(1)
|
2500 (2)
|
Results (1)-(2)
|
|||||||
2008 (7/1/08)
|
-28.92
|
%
|
-31.21
|
%
|
2.29
|
%
|
||||
2009
|
36.54
|
34.39
|
2.15
|
|||||||
2010
|
38.66
|
26.71
|
11.95
|
|||||||
2011
|
1.53
|
-2.51
|
4.04
|
|||||||
2012
|
18.98
|
17.88
|
1.10
|
|||||||
2013
|
27.83
|
36.80
|
-8.97
|
|||||||
Since 7/1/08:
|
||||||||||
Cumulative
|
||||||||||
Return
|
107.83
|
84.15
|
23.68
|
|||||||
Avg. Annual
|
||||||||||
Return
|
14.21
|
11.73
|
2.48
|
Hickory
|
S&P 500
|
Relative
|
||||||||
Year
|
(1)
|
(2)
|
Results (1)-(2)
|
|||||||
1993 (4/1/93)
|
20.27
|
%
|
5.45
|
%
|
14.82
|
%
|
||||
1994
|
-17.29
|
1.32
|
-18.61
|
|||||||
1995
|
40.48
|
37.58
|
2.90
|
|||||||
1996
|
35.33
|
22.96
|
12.37
|
|||||||
1997
|
39.17
|
33.36
|
5.81
|
|||||||
1998
|
33.01
|
28.58
|
4.43
|
|||||||
1999
|
36.67
|
21.04
|
15.63
|
|||||||
2000
|
-17.24
|
-9.10
|
-8.14
|
|||||||
2001
|
-4.65
|
-11.89
|
7.24
|
|||||||
2002
|
-29.31
|
-22.10
|
-7.21
|
|||||||
2003
|
47.95
|
28.68
|
19.27
|
|||||||
2004
|
22.61
|
10.88
|
11.73
|
|||||||
2005
|
-0.22
|
4.91
|
-5.13
|
|||||||
2006
|
22.80
|
15.79
|
7.01
|
|||||||
2007
|
-13.12
|
5.49
|
-18.61
|
|||||||
2008
|
-41.59
|
-37.00
|
-4.59
|
|||||||
2009
|
36.54
|
26.46
|
10.08
|
|||||||
2010
|
38.66
|
15.06
|
23.60
|
|||||||
2011
|
1.53
|
2.11
|
-0.58
|
|||||||
2012
|
18.98
|
16.00
|
2.98
|
|||||||
2013
|
27.83
|
32.39
|
-4.56
|
|||||||
Since Inception:
|
||||||||||
Cumulative
|
||||||||||
Return
|
780.13
|
515.09
|
265.04
|
|||||||
Avg. Annual
|
||||||||||
Return
|
11.04
|
9.14
|
1.90
|
Top Ten Stocks
|
||||
Iconix Brand Group, Inc.
|
4.0
|
%
|
||
TransDigm Group, Inc.
|
4.0
|
|||
Interval Leisure Group, Inc.
|
3.5
|
|||
Liberty Interactive Corp. - Series A
|
3.3
|
|||
Laboratory Corp. of America Holdings
|
3.3
|
|||
Redwood Trust, Inc.
|
3.2
|
|||
FLIR Systems, Inc.
|
3.1
|
|||
Martin Marietta Materials, Inc.
|
3.0
|
|||
Liberty Media Corp. - Series A
|
2.9
|
|||
Live Nation Entertainment, Inc.
|
2.9
|
|
||
% of Net Assets
|
33.2
|
% | ||
Industry Sectors
|
||||
Consumer Discretionary
|
25.1
|
%
|
||
Information Technology
|
12.5
|
|||
Industrials
|
9.0
|
|||
Financials
|
8.3
|
|||
Health Care
|
4.6
|
|||
Materials
|
4.2
|
|||
Energy
|
2.8
|
|||
Consumer Staples
|
2.2
|
|||
Telecommunication Services
|
0.5
|
|||
Cash Equivalents/Other
|
30.8
|
|||
Net Assets
|
100.0
|
%
|
COMMON STOCKS — 69.2%
|
Shares
|
Value
|
|||||
Consumer Discretionary — 25.1%
|
|||||||
Broadcasting — 4.6%
|
|||||||
Liberty Media Corp. - Series A*
|
110,000
|
$
|
16,109,500
|
||||
Cumulus Media, Inc. - CL A*
|
1,200,000
|
9,276,000
|
|||||
25,385,500
|
|||||||
Internet & Catalog Retail — 4.6%
|
|||||||
Liberty Interactive Corp. - Series A*
|
625,000
|
18,343,750
|
|||||
Liberty Ventures - Series A*
|
55,000
|
6,742,450
|
|||||
25,086,200
|
|||||||
Textiles, Apparel & Luxury Goods — 4.0%
|
|||||||
Iconix Brand Group, Inc.*
|
550,000
|
21,835,000
|
|||||
Hotels, Restaurants & Leisure — 3.5%
|
|||||||
Interval Leisure Group, Inc.
|
625,000
|
19,312,500
|
|||||
Movies & Entertainment — 2.9%
|
|||||||
Live Nation Entertainment, Inc.*
|
800,000
|
15,808,000
|
|||||
Cable & Satellite — 2.8%
|
|||||||
Liberty Global plc - Series C*
|
180,000
|
15,177,600
|
|||||
Advertising — 2.7%
|
|||||||
National CineMedia, Inc.
|
750,000
|
14,970,000
|
|||||
137,574,800
|
|||||||
Information Technology — 12.5%
|
|||||||
IT Services — 4.2%
|
|||||||
CACI International, Inc. - CL A*
|
180,000
|
13,179,600
|
|||||
Sapient Corp.*
|
550,000
|
9,548,000
|
|||||
22,727,600
|
|||||||
Internet Software & Services — 3.5%
|
|||||||
XO Group, Inc.*
|
800,000
|
11,888,000
|
|||||
Liquidity Services, Inc.*
|
325,000
|
7,364,500
|
|||||
19,252,500
|
|||||||
Electronic Equipment & Instruments — 3.1%
|
|||||||
FLIR Systems, Inc.
|
570,000
|
17,157,000
|
|||||
Software — 1.7%
|
|||||||
ACI Worldwide, Inc.*
|
143,944
|
9,356,360
|
|||||
68,493,460
|
|||||||
Industrials — 9.0%
|
|||||||
Aerospace & Defense — 4.0%
|
|||||||
TransDigm Group, Inc.
|
135,000
|
21,737,700
|
|||||
Commercial Services & Supplies — 2.9%
|
|||||||
The ADT Corp.
|
275,000
|
11,129,250
|
|||||
Ascent Capital Group, Inc. - CL A*
|
60,000
|
5,133,600
|
|||||
16,262,850
|
|||||||
Research & Consulting Services — 2.1%
|
|||||||
FTI Consulting, Inc.*
|
280,000
|
11,519,200
|
|||||
49,519,750
|
|||||||
Financials — 8.3%
|
|||||||
Insurance Brokers — 3.3%
|
|||||||
Brown & Brown, Inc.
|
440,000
|
13,811,600
|
|||||
Willis Group Holdings Ltd.
|
100,000
|
4,481,000
|
|||||
18,292,600
|
|||||||
Mortgage REITs — 3.2%
|
|||||||
Redwood Trust, Inc.
|
900,000
|
17,433,000
|
|||||
Property & Casualty Insurance — 1.8%
|
|||||||
CNA Financial Corp.
|
230,000
|
9,864,700
|
|||||
45,590,300
|
Principal
|
|||||||
amount
|
|||||||
or shares
|
Value
|
||||||
Health Care — 4.6%
|
|||||||
Health Care Services — 3.3%
|
|||||||
Laboratory Corp. of America Holdings*
|
200,000
|
$
|
18,274,000
|
||||
Pharmaceuticals — 1.3%
|
|||||||
Endo Health Solutions Inc.*
|
100,000
|
6,746,000
|
|||||
25,020,000
|
|||||||
Materials — 4.2%
|
|||||||
Construction Materials — 3.0%
|
|||||||
Martin Marietta Materials, Inc.
|
165,000
|
16,490,100
|
|||||
Metals & Mining — 1.2%
|
|||||||
Compass Minerals International, Inc.
|
80,000
|
6,404,000
|
|||||
22,894,100
|
|||||||
Energy — 2.8%
|
|||||||
Oil & Gas Refining & Marketing — 2.8%
|
|||||||
World Fuel Services Corp.
|
360,000
|
15,537,600
|
|||||
Consumer Staples — 2.2%
|
|||||||
Personal Products — 2.2%
|
|||||||
Avon Products, Inc.
|
400,000
|
6,888,000
|
|||||
Prestige Brands Holdings, Inc.*
|
150,000
|
5,370,000
|
|||||
12,258,000
|
|||||||
Telecommunication Services — 0.5%
|
|||||||
Diversified Telecommunication Services — 0.5%
|
|||||||
LICT Corp.* #
|
1,005
|
2,449,562
|
|||||
Total Common Stocks
|
|||||||
(Cost $237,666,646)
|
379,337,572
|
||||||
CASH EQUIVALENTS — 30.9%
|
|||||||
U.S. Treasury Bills — 23.7%
|
|||||||
U.S. Treasury Bills, 0.03% to 0.09%,
|
|||||||
1/09/14 to 5/22/14
(a)
|
$
|
130,000,000
|
129,989,060
|
||||
Money Market Funds — 7.2%
|
|||||||
Wells Fargo Advantage Government Money Market Fund -
|
|||||||
Institutional Class 0.01%
(b)
|
39,482,255
|
39,482,255
|
|||||
Total Cash Equivalents
|
|||||||
(Cost $169,466,079)
|
169,471,315
|
||||||
Total Investments in Securities
|
|||||||
(Cost $407,132,725)
|
548,808,887
|
||||||
Other Liabilities in Excess of Other Assets — (0.1%)
|
(773,062
|
)
|
|||||
Net Assets — 100.0%
|
$
|
548,035,825
|
|||||
Net Asset Value Per Share
|
$ |
58.65
|
*
|
Non-income producing
|
#
|
Illiquid and/or restricted security that has been fair valued.
|
(a)
|
Interest rates presented represent the yield to maturity at the date of purchase.
|
(b)
|
Rate presented represents the annualized 7-day yield at December 31, 2013.
|
New and Eliminated Stocks for Quarter Ended December 31, 2013
|
|||||||||
New ($mil)
|
Eliminations ($mil)
|
||||||||
Liberty Interactive
|
$
|
2.4
|
Outerwall
|
$
|
2.9
|
||||
Brown & Brown
|
2.1
|
FTI Consulting
|
1.3
|
||||||
Oracle
|
2.0
|
CVS Caremark
|
1.1
|
Total Returns
|
Average Annual Total Returns
|
3 Mos.
|
1 Year
|
3 Year
|
5 Year
|
10 Year
|
|||||||||||||
Balanced Fund
|
4.00
|
%
|
15.46
|
%
|
9.41
|
%
|
14.30
|
%
|
5.81
|
%
|
|||||||
Blended Index
|
6.21
|
18.09
|
10.88
|
12.48
|
6.35
|
||||||||||||
S&P 500
|
10.51
|
32.39
|
16.18
|
17.94
|
7.40
|
||||||||||||
Barclays Intermediate Credit
|
-0.02
|
-0.86
|
2.91
|
3.96
|
4.09
|
Balanced
|
Blended
|
Relative
|
||||||||
Year
|
(1)
|
(2)
|
Results (1)-(2)
|
|||||||
2003 (10/1/03)
|
3.78
|
%
|
7.23
|
%
|
-3.45
|
%
|
||||
2004
|
11.84
|
7.75
|
4.09
|
|||||||
2005
|
1.73
|
3.66
|
-1.93
|
|||||||
2006
|
14.33
|
11.00
|
3.33
|
|||||||
2007
|
-5.26
|
6.39
|
-11.65
|
|||||||
2008
|
-26.82
|
-22.07
|
-4.75
|
|||||||
2009
|
28.77
|
18.11
|
10.66
|
|||||||
2010
|
15.66
|
11.85
|
3.81
|
|||||||
2011
|
2.27
|
3.85
|
-1.58
|
|||||||
2012
|
10.91
|
11.15
|
-0.24
|
|||||||
2013
|
15.46
|
18.09
|
-2.63
|
|||||||
Since Inception:
|
||||||||||
Cumulative
|
||||||||||
Return
|
82.57
|
98.47
|
-15.90
|
|||||||
Avg. Annual
|
||||||||||
Return
|
6.04
|
6.91
|
-0.87
|
Top Ten Stocks
|
||||
FLIR Systems, Inc.
|
2.6
|
%
|
||
Berkshire Hathaway, Inc. - CL B
|
2.2
|
|||
Liberty Interactive Corp. - Series A
|
2.2
|
|||
Redwood Trust, Inc.
|
2.2
|
|||
Express Scripts Holding Co.
|
2.1
|
|||
Valeant Pharmaceuticals International, Inc.
|
2.0
|
|||
Martin Marietta Materials, Inc.
|
1.9
|
|||
Apache Corp.
|
1.8
|
|||
Oracle Corp.
|
1.7
|
|||
The Walt Disney Co.
|
1.7
|
|||
% of Net Assets
|
20.4
|
%
|
Industry Sectors
|
||||
Information Technology
|
11.0
|
%
|
||
Financials
|
8.2
|
|||
Consumer Discretionary
|
7.1
|
|||
Health Care
|
5.8
|
|||
Energy
|
4.0
|
|||
Materials
|
2.2
|
|||
Consumer Staples
|
2.2
|
|||
Industrials
|
1.4
|
|||
Total Common Stocks
|
41.9
|
|||
Cash Equivalents/Other
|
38.0
|
|||
U.S. Treasury Notes
|
8.7
|
|||
Corporate Bonds
|
6.8
|
|||
Mortgage-Backed Securities
|
3.9
|
|||
Asset-Backed & Commercial Mortgage-Backed Securities
|
0.7
|
|||
Total Bonds & Cash Equivalents
|
58.1
|
|||
Net Assets
|
100.0
|
%
|
COMMON STOCKS — 41.9%
|
Shares
|
Value
|
|||||
Information Technology — 11.0%
|
|||||||
Software — 2.9%
|
|||||||
Oracle Corp.
|
60,000
|
$
|
2,295,600
|
||||
Microsoft Corp.
|
40,000
|
1,497,200
|
|||||
3,792,800
|
|||||||
Electronic Equipment & Instruments — 2.6%
|
|||||||
FLIR Systems, Inc.
|
115,000
|
3,461,500
|
|||||
IT Services — 2.4%
|
|||||||
Fidelity National Information Services, Inc.
|
35,000
|
1,878,800
|
|||||
Accenture plc - CL A
|
16,000
|
1,315,520
|
|||||
3,194,320
|
|||||||
Semiconductors — 1.7%
|
|||||||
Texas Instruments, Inc.
|
50,000
|
2,195,500
|
|||||
Internet Software & Services — 1.4%
|
|||||||
Google, Inc. - CL A*
|
1,700
|
1,905,207
|
|||||
14,549,327
|
|||||||
Financials — 8.2%
|
|||||||
Insurance Brokers — 2.9%
|
|||||||
Brown & Brown, Inc.
|
65,000
|
2,040,350
|
|||||
Aon plc - CL A
|
22,500
|
1,887,525
|
|||||
3,927,875
|
|||||||
Property & Casualty Insurance — 2.2%
|
|||||||
Berkshire Hathaway, Inc. - CL B*
|
25,000
|
2,964,000
|
|||||
Mortgage REITs — 2.2%
|
|||||||
Redwood Trust, Inc.
|
150,000
|
2,905,500
|
|||||
Commercial Banks — 0.9%
|
|||||||
Wells Fargo & Co.
|
25,000
|
1,135,000
|
|||||
10,932,375
|
|||||||
Consumer Discretionary — 7.1%
|
|||||||
Internet & Catalog Retail — 2.2%
|
|||||||
Liberty Interactive Corp. - Series A*
|
100,000
|
2,935,000
|
|||||
Advertising — 2.1%
|
|||||||
National CineMedia, Inc.
|
75,000
|
1,497,000
|
|||||
Omnicom Group, Inc.
|
17,500
|
1,301,475
|
|||||
2,798,475
|
|||||||
Movies & Entertainment — 1.7%
|
|||||||
The Walt Disney Co.
|
30,000
|
2,292,000
|
|||||
Multiline Retail — 1.1%
|
|||||||
Target Corp.
|
21,500
|
1,360,305
|
|||||
9,385,780
|
|||||||
Health Care — 5.8%
|
|||||||
Health Care Services — 3.8%
|
|||||||
Express Scripts Holding Co.*
|
40,000
|
2,809,600
|
|||||
Laboratory Corp. of America Holdings*
|
25,000
|
2,284,250
|
|||||
5,093,850
|
|||||||
Pharmaceuticals — 2.0%
|
|||||||
ValeantPharmaceuticalsInternational,Inc.*
|
22,500
|
2,641,500
|
|||||
7,735,350
|
|||||||
Energy — 4.0%
|
|||||||
Oil & Gas Exploration & Production — 4.0%
|
|||||||
Apache Corp.
|
27,500
|
2,363,350
|
|||||
Range Resources Corp.
|
22,500
|
1,896,975
|
|||||
Southwestern Energy Co.*
|
25,000
|
983,250
|
|||||
5,243,575
|
Principal
|
|||||||
amount
|
|||||||
or shares
|
Value
|
||||||
Materials — 2.2%
|
|||||||
Construction Materials — 1.9%
|
|||||||
Martin Marietta Materials, Inc.
|
25,000
|
$
|
2,498,500
|
||||
Metals & Mining — 0.3%
|
|||||||
Compass Minerals International, Inc.
|
5,000
|
400,250
|
|||||
2,898,750
|
|||||||
Consumer Staples — 2.2%
|
|||||||
Beverages — 2.2%
|
|||||||
Diageo plc - Sponsored ADR
|
11,200
|
1,483,104
|
|||||
Anheuser-BuschInBevSA/NV-SponsoredADR
|
13,000
|
1,383,980
|
|||||
2,867,084
|
|||||||
Industrials — 1.4%
|
|||||||
Air Freight & Logistics — 1.4%
|
|||||||
United Parcel Service, Inc. - CL B
|
18,000
|
1,891,440
|
|||||
Total Common Stocks
|
|||||||
(Cost $37,444,440)
|
55,503,681
|
||||||
CORPORATE BONDS — 6.8%
|
|||||||
American Express Credit Corp.
|
|||||||
1.75% 6/12/15
|
$
|
500,000
|
508,249
|
||||
Berkshire Hathaway Finance Corp.
|
|||||||
0.95% 8/15/16
|
1,000,000
|
1,005,184
|
|||||
2.0% 8/15/18
|
500,000
|
500,849
|
|||||
Comcast Corp.
|
|||||||
6.5% 1/15/15
|
300,000
|
318,177
|
|||||
4.95% 6/15/16
|
193,000
|
210,865
|
|||||
Hewlett-Packard Co.
|
|||||||
4.75% 6/02/14
|
750,000
|
762,089
|
|||||
Markel Corp.
|
|||||||
7.125% 9/30/19
|
500,000
|
596,050
|
|||||
Time Warner Cable, Inc.
|
|||||||
7.5% 4/01/14
|
120,000
|
122,000
|
|||||
U.S. Bancorp
|
|||||||
2.2% 11/15/16
|
750,000
|
775,048
|
|||||
U.S. Bank, N.A.
|
|||||||
4.95% 10/30/14
|
500,000
|
519,128
|
|||||
3.778% 4/29/20
|
870,000
|
900,621
|
|||||
Verizon Communications, Inc.
|
|||||||
2.5% 9/15/16
|
1,250,000
|
1,293,390
|
|||||
Wells Fargo & Co.
|
|||||||
1.25% 2/13/15
|
750,000
|
756,400
|
|||||
Wells Fargo Bank, N.A.
|
|||||||
0.622% 11/03/14 (Wachovia Bank)
|
|||||||
Floating Rate Security
|
550,000
|
551,044
|
|||||
0.44845% 5/16/16 Floating Rate Security
|
250,000
|
247,810
|
|||||
Total Corporate Bonds
|
|||||||
(Cost $8,911,870)
|
9,066,904
|
MORTGAGE-BACKED
|
Principal
|
||||||
SECURITIES — 3.9%
(c)
|
amount
|
Value
|
|||||
Federal Home Loan Mortgage Corporation — 1.1%
|
|||||||
Collateralized Mortgage Obligations — 0.2%
|
|||||||
3649 CL BW — 4.0% 2025 (3.4 years)
|
$
|
256,713
|
$
|
270,757
|
|||
Pass-Through Securities — 0.9%
|
|||||||
J14649 — 3.5% 2026 (3.9 years)
|
314,865
|
329,017
|
|||||
E02948 — 3.5% 2026 (3.9 years)
|
499,678
|
521,998
|
|||||
J16663 — 3.5% 2026 (3.9 years)
|
303,050
|
316,718
|
|||||
1,167,733
|
|||||||
1,438,490
|
|||||||
Federal National Mortgage Association — 2.1%
|
|||||||
Collateralized Mortgage Obligations — 0.3%
|
|||||||
2002-91 CL QG — 5.0% 2018 (1.5 years)
|
171,519
|
182,015
|
|||||
2003-9 CL DB — 5.0% 2018 (1.5 years)
|
176,223
|
187,399
|
|||||
369,414
|
|||||||
Pass-Through Securities — 1.8%
|
|||||||
MA0464 — 3.5% 2020 (2.3 years)
|
402,636
|
423,280
|
|||||
995755 — 4.5% 2024 (3.2 years)
|
65,303
|
69,650
|
|||||
AR8198 — 2.5% 2023 (3.6 years)
|
456,324
|
466,047
|
|||||
MA1502 — 2.5% 2023 (3.8 years)
|
375,163
|
383,127
|
|||||
AB1769 — 3.0% 2025 (4.0 years)
|
258,100
|
263,764
|
|||||
AB3902 — 3.0% 2026 (4.4 years)
|
440,892
|
451,113
|
|||||
AK3264 — 3.0% 2027 (4.5 years)
|
340,684
|
348,686
|
|||||
2,405,667
|
|||||||
2,775,081
|
|||||||
Government National Mortgage Association — 0.4%
|
|||||||
Pass-Through Securities — 0.4%
|
|||||||
5255 — 3.0% 2026 (4.5 years)
|
487,751
|
501,555
|
|||||
Non-Government Agency — 0.3%
|
|||||||
Collateralized Mortgage Obligations — 0.3%
|
|||||||
Sequoia Mortgage Trust (SEMT) 2011-1
|
|||||||
CL A1 — 4.125% 2041 (0.1 years)
|
44,248
|
44,340
|
|||||
Sequoia Mortgage Trust (SEMT) 2010-H1
|
|||||||
CL A1 — 3.75% 2040 (1.1 years)
|
108,115
|
106,531
|
|||||
Chase Mortgage Finance Corp. (Chase)
|
|||||||
2004-S1 CL A6 — 4.5% 2019
|
|||||||
(2.1 years)
|
50,612
|
50,181
|
|||||
Sequoia Mortgage Trust (SEMT) 2012-1
|
|||||||
CL 1A1 — 2.865% 2042 (2.3 years)
|
213,117
|
212,437
|
|||||
413,489
|
|||||||
Total Mortgage-Backed Securities
|
|||||||
(Cost $5,057,457)
|
5,128,615
|
||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%
(c)
|
|||||||
Redwood Commercial Mortgage Corp.
|
|||||||
(RCMC) 2012-CRE1 CL A — 5.62346%
|
|||||||
2044 (1.9 years)
(d)
|
|||||||
(Cost $357,953)
|
357,953
|
359,372
|
|||||
ASSET-BACKED SECURITIES — 0.4%
(c)
|
|||||||
Cabela’s Master Credit Card Trust (CABMT)
|
|||||||
2011-2A CL A2 — 0.7666% 2019 Floating
|
|||||||
Rate Security (2.4 years)
(d)
|
|||||||
(Cost $500,000)
|
500,000
|
503,426
|
Principal
|
|||||||
amount
|
|||||||
U.S. TREASURY NOTES — 8.7%
|
or shares
|
Value
|
|||||
U.S. Treasury Note
|
|||||||
0.25% 10/31/14
|
$
|
2,000,000
|
$
|
2,001,876
|
|||
0.375% 11/15/14
|
2,000,000
|
2,003,946
|
|||||
0.25% 12/15/14
|
2,000,000
|
2,001,796
|
|||||
0.375% 3/15/15
|
3,000,000
|
3,006,444
|
|||||
0.375% 2/15/16
|
2,500,000
|
2,498,047
|
|||||
Total U.S. Treasury Notes
|
|||||||
(Cost $11,492,823)
|
11,512,109
|
||||||
CASH EQUIVALENTS — 38.1%
|
|||||||
U.S. Treasury Bills — 32.0%
|
|||||||
U.S. Treasury Bills, 0.03% to 0.09%,
|
|||||||
1/09/14 to 5/22/14
(a)
|
42,500,000
|
42,496,275
|
|||||
Money Market Funds — 6.1%
|
|||||||
Wells Fargo Advantage Government Money Market Fund -
|
|||||||
Institutional Class 0.01%
(b)
|
8,044,376
|
8,044,376
|
|||||
Total Cash Equivalents
|
|||||||
(Cost $50,538,924)
|
50,540,651
|
||||||
Total Investments in Securities
|
|||||||
(Cost $114,303,467)
|
132,614,758
|
||||||
Other Liabilities in Excess of Other Assets — (0.1%)
|
(34,343
|
)
|
|||||
Net Assets — 100.0%
|
$
|
132,580,415
|
|||||
Net Asset Value Per Share
|
$ |
14.02
|
*
|
Non-income producing
|
(a)
|
Interest rates presented represent the yield to maturity at the date of purchase.
|
(b)
|
Rate presented represents the annualized 7-day yield at December 31, 2013.
|
(c)
|
Number of years indicated represents estimated average life.
|
(d)
|
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers.
|
Total Returns
|
Average Annual Total Returns
|
||||||||||||||||||||||||
3 Mos.
|
1 Year
|
3 Year
|
5 Year
|
10 Year
|
15 Year
|
20 Year
|
25 Year
|
||||||||||||||||||
Short-Intermediate Income
|
|||||||||||||||||||||||||
Fund – Institutional Class
|
0.23
|
%
|
1.11
|
%
|
2.41
|
%
|
4.52
|
%
|
3.92
|
%
|
4.56
|
%
|
5.04
|
%
|
5.73
|
%
|
|||||||||
Barclays Indexes:
|
|||||||||||||||||||||||||
Intermediate U.S.
|
|||||||||||||||||||||||||
Government/Credit
|
-0.02
|
-0.86
|
2.91
|
3.96
|
4.09
|
4.94
|
5.35
|
6.35
|
|||||||||||||||||
1-5 Year U.S. Government/Credit
|
0.14
|
0.29
|
1.88
|
2.86
|
3.41
|
4.35
|
4.82
|
5.77
|
|||||||||||||||||
1-3 Year U.S. Government/Credit
|
0.18
|
0.65
|
1.17
|
2.02
|
2.91
|
3.86
|
4.39
|
5.27
|
Short-
|
Barclays
|
Relative
|
||||||||
Int.
|
Interm.
|
Results
|
||||||||
Year
|
(1)
|
(2)
|
(1)-(2)
|
|||||||
1988 (12/23/88)
|
0.08
|
%
|
N/A
|
%
|
N/A
|
% | ||||
1989
|
9.09
|
12.76
|
-3.67
|
|||||||
1990
|
9.06
|
9.17
|
-0.11
|
|||||||
1991
|
11.18
|
14.63
|
-3.45
|
|||||||
1992
|
5.53
|
7.17
|
-1.64
|
|||||||
1993
|
8.06
|
8.78
|
-0.72
|
|||||||
1994
|
-2.38
|
-1.93
|
-0.45
|
|||||||
1995
|
15.75
|
15.33
|
0.42
|
|||||||
1996
|
4.43
|
4.05
|
0.38
|
|||||||
1997
|
8.64
|
7.87
|
0.77
|
|||||||
1998
|
6.76
|
8.44
|
-1.68
|
|||||||
1999
|
0.92
|
0.39
|
0.53
|
|||||||
2000
|
9.66
|
10.12
|
-0.46
|
|||||||
2001
|
8.45
|
8.97
|
-0.52
|
|||||||
2002
|
4.18
|
9.83
|
-5.65
|
|||||||
2003
|
6.30
|
4.31
|
1.99
|
|||||||
2004
|
2.64
|
3.04
|
-0.40
|
|||||||
2005
|
1.60
|
1.58
|
0.02
|
|||||||
2006
|
4.04
|
4.08
|
-0.04
|
|||||||
2007
|
6.10
|
7.39
|
-1.29
|
|||||||
2008
|
2.29
|
5.08
|
-2.79
|
|||||||
2009
|
10.85
|
5.24
|
5.61
|
|||||||
2010
|
4.74
|
5.89
|
-1.15
|
|||||||
2011
|
2.11
|
5.80
|
-3.69
|
|||||||
2012
|
4.04
|
3.89
|
0.15
|
|||||||
2013
|
1.11
|
-0.86
|
1.97
|
|||||||
Since Inception:
|
||||||||||
Cumulative
|
||||||||||
Return
|
303.27
|
366.53
|
-63.26
|
|||||||
Avg. Annual
|
||||||||||
Return
|
5.73
|
6.35
|
-0.62
|
Credit Quality
(a)
|
||||
U.S. Treasury Notes
|
14.4
|
%
|
||
U.S. Government Agency Mortgage Related Securities
(b)
|
22.7
|
|||
Aaa/AAA
|
3.8
|
|||
Aa/AA
|
5.5
|
|||
A/A
|
13.7
|
|||
Baa/BBB
|
19.8
|
|||
Ba/BB
|
3.5
|
|||
B/B
|
0.4
|
|||
Caa/CCC
|
0.6
|
|||
Non-Rated
|
5.3
|
|||
Common Stocks
|
1.4
|
|||
Cash/Other
|
8.9
|
|||
Net Assets
|
100.0
|
%
|
Sector Breakdown
|
||||
Corporate Bonds
|
37.6
|
%
|
||
Mortgage-Backed Securities
|
25.5
|
|||
U.S. Treasury Notes
|
14.4
|
|||
Cash Equivalents/Other
|
8.9
|
|||
Asset-Backed Securities
|
6.0
|
|||
Commercial Mortgage-Backed Securities
|
3.7
|
|||
Common Stocks
|
1.4
|
|||
Taxable Municipal Bonds
|
1.3
|
|||
Convertible Bonds
|
1.2
|
|||
Net Assets
|
100.0
|
%
|
||
Financial Attributes
|
||||
Average Maturity
|
2.8 years
|
|||
Average Effective Maturity
|
2.4 years
|
|||
Average Duration
|
2.0 years
|
|||
Average Coupon
|
3.3
|
%
|
||
30-Day SEC Yield at 12-31-13 - Institutional Class
|
1.33
|
%
|
||
30-Day SEC Yield at 12-31-13 - Investor Class
|
1.14
|
%
|
||
Five Largest Corporate Issuers
(c)
|
||||
Wells Fargo & Co.
|
4.7
|
%
|
||
JP Morgan Chase & Co.
|
2.9
|
|||
General Electric Capital Corp.
|
1.9
|
|||
Mohawk Industries, Inc.
|
1.9
|
|||
Hewlett-Packard Co.
|
1.6
|
|||
Maturity Distribution
|
||||
Cash Equivalents/Other
|
8.9
|
%
|
||
Less than 1 Year
|
18.2
|
|||
1 to 3 Years
|
36.0
|
|||
3 to 5 Years
|
26.5
|
|||
5 to 7 Years
|
6.4
|
|||
7 to 10 Years
|
2.0
|
|||
10 Years or more
|
0.6
|
|||
Common Stocks
|
1.4
|
|||
Net Assets
|
100.0
|
%
|
Principal
|
|||||||
CORPORATE BONDS — 37.6%
|
amount
|
Value
|
|||||
ACI Worldwide, Inc.
|
|||||||
6.375% 8/15/20
(c)
|
$
|
250,000
|
$
|
261,875
|
|||
ADT Corp.
|
|||||||
2.25% 7/15/17
|
5,000,000
|
4,924,460
|
|||||
American Express Co.
|
|||||||
FSB Bank 6.0% 9/13/17
|
2,500,000
|
2,878,328
|
|||||
8.125% 5/20/19
|
1,000,000
|
1,277,374
|
|||||
Anheuser-Busch InBev SA/NV
|
|||||||
4.125% 1/15/15
|
6,000,000
|
6,227,130
|
|||||
Aon plc
|
|||||||
3.5% 9/30/15
|
5,000,000
|
5,220,660
|
|||||
AutoZone, Inc.
|
|||||||
5.75% 1/15/15
|
1,250,000
|
1,313,425
|
|||||
Bank of America Corp.
|
|||||||
4.5% 4/01/15
|
10,000,000
|
10,464,950
|
|||||
Berkshire Hathaway Finance Corp.
|
|||||||
1.5% 1/10/14
|
500,000
|
500,119
|
|||||
4.85% 1/15/15
|
1,500,000
|
1,570,478
|
|||||
0.95% 8/15/16
|
4,000,000
|
4,020,736
|
|||||
1.6% 5/15/17
|
1,000,000
|
1,010,470
|
|||||
5.4% 5/15/18
|
5,000,000
|
5,756,825
|
|||||
2.0% 8/15/18
|
2,500,000
|
2,504,247
|
|||||
2.9% 10/15/20
|
3,000,000
|
2,979,615
|
|||||
4.25% 1/15/21
|
1,000,000
|
1,064,306
|
|||||
Boston Properties LP
|
|||||||
5.625% 4/15/15
|
10,635,000
|
11,287,468
|
|||||
5.875% 10/15/19
|
8,250,000
|
9,485,619
|
|||||
Comcast Corp.
|
|||||||
6.5% 1/15/15
|
2,081,000
|
2,207,086
|
|||||
4.95% 6/15/16
|
8,590,000
|
9,385,142
|
|||||
5.15% 3/01/20
|
3,000,000
|
3,351,168
|
|||||
DCP Midstream Operating, LP
|
|||||||
2.5% 12/01/17
|
2,000,000
|
1,993,240
|
|||||
Diageo Capital plc
|
|||||||
4.85% 5/15/18
|
3,941,000
|
4,345,599
|
|||||
DIRECTV Holdings
|
|||||||
4.75% 10/01/14
|
2,000,000
|
2,059,884
|
|||||
Expedia, Inc.
|
|||||||
7.456% 8/15/18
|
13,000,000
|
15,149,342
|
|||||
FiServ, Inc.
|
|||||||
3.125% 10/01/15
|
1,000,000
|
1,035,785
|
|||||
Flir Systems, Inc.
|
|||||||
3.75% 9/01/16
|
10,000,000
|
10,435,370
|
|||||
Ford Motor Credit Co. LLC
|
|||||||
4.207% 4/15/16
|
10,000,000
|
10,661,220
|
|||||
General Electric Capital Corp.
|
|||||||
2.375% 6/30/15
|
10,000,000
|
10,266,390
|
|||||
1.0% 9/23/15 Floating Rate Security
|
11,992,000
|
12,057,440
|
|||||
2.25% 11/09/15
|
6,181,000
|
6,373,099
|
|||||
Goldman Sachs Group, Inc.
|
|||||||
5.95% 1/18/18
|
4,000,000
|
4,551,892
|
|||||
Hewlett-Packard Co.
|
|||||||
1.55% 5/30/14
|
8,009,000
|
8,039,018
|
|||||
4.75% 6/02/14
|
15,540,000
|
15,790,474
|
|||||
JP Morgan Chase & Co.
|
|||||||
0.99285% 5/02/14 Floating Rate Security
|
5,000,000
|
5,012,005
|
|||||
2.6% 1/15/16
|
15,000,000
|
15,457,455
|
|||||
0.6291% 11/21/16 (Bear Stearns)
|
|||||||
Floating Rate Security
|
15,000,000
|
14,920,860
|
|||||
6.3% 4/23/19
|
2,500,000
|
2,954,030
|
Principal
|
|||||||
amount
|
Value
|
||||||
JP Morgan Chase Bank, N.A.
|
|||||||
6.0% 7/05/17
|
$
|
5,000,000
|
$
|
5,641,050
|
|||
Laboratory Corp. of America Holdings
|
|||||||
3.125% 5/15/16
|
1,250,000
|
1,301,810
|
|||||
Marathon Petroleum Corp.
|
|||||||
3.5% 3/01/16
|
1,000,000
|
1,044,766
|
|||||
Markel Corp.
|
|||||||
7.125% 9/30/19
|
5,776,000
|
6,885,575
|
|||||
5.35% 6/01/21
|
10,000,000
|
10,870,950
|
|||||
4.9% 7/01/22
|
2,000,000
|
2,087,418
|
|||||
Mead Johnson Nutrition Co.
|
|||||||
3.5% 11/01/14
|
2,000,000
|
2,044,284
|
|||||
MetLife, Inc.
|
|||||||
2.375% 2/06/14
|
1,000,000
|
1,001,833
|
|||||
5.125% 8/15/14
|
|||||||
(Travelers Life & Annuity)
(c)
|
8,000,000
|
8,226,536
|
|||||
2.0% 1/09/15
(c)
|
10,000,000
|
10,164,340
|
|||||
3.125% 1/11/16
(c)
|
2,000,000
|
2,085,710
|
|||||
1.875% 6/22/18
(c)
|
1,000,000
|
982,834
|
|||||
Mohawk Industries, Inc.
|
|||||||
6.125% 1/15/16
|
25,905,000
|
28,463,119
|
|||||
Omnicom Group, Inc.
|
|||||||
5.9% 4/15/16
|
7,000,000
|
7,742,119
|
|||||
6.25% 7/15/19
|
6,181,000
|
7,143,172
|
|||||
Outerwall, Inc.
|
|||||||
6.0% 3/15/19
|
200,000
|
205,000
|
|||||
Penske Truck Leasing
|
|||||||
2.5% 3/15/16
(c)
|
9,945,000
|
10,194,281
|
|||||
3.75% 5/11/17
(c)
|
5,000,000
|
5,264,010
|
|||||
Petrohawk Energy Corp.
|
|||||||
7.875% 6/01/15
|
16,750,000
|
17,193,875
|
|||||
7.25% 8/15/18
|
5,675,000
|
6,131,838
|
|||||
QVC, Inc.
|
|||||||
7.5% 10/01/19
(c)
|
4,000,000
|
4,312,180
|
|||||
Range Resources Corp.
|
|||||||
8.0% 5/15/19
|
12,300,000
|
13,176,375
|
|||||
Republic Services, Inc. (Allied Waste)
|
|||||||
3.8% 5/15/18
|
5,000,000
|
5,301,005
|
|||||
Safeway, Inc.
|
|||||||
3.4% 12/01/16
|
5,000,000
|
5,205,665
|
|||||
SemGroup Holdings, LP
|
|||||||
7.5% 6/15/21
(c)
|
1,000,000
|
1,062,500
|
|||||
Shale-Inland Holdings, LLC
|
|||||||
8.75% 11/15/19
(c)
|
2,000,000
|
2,080,000
|
|||||
Solvay SA (Rhodia)
|
|||||||
6.875% 9/15/20
(c)
|
5,680,000
|
6,290,077
|
|||||
Texas Industries, Inc.
|
|||||||
9.25% 8/15/20
|
300,000
|
335,625
|
|||||
Time Warner Cable, Inc.
|
|||||||
7.5% 4/01/14
|
1,700,000
|
1,728,331
|
|||||
Time Warner, Inc.
|
|||||||
3.15% 7/15/15
|
500,000
|
518,191
|
|||||
TransDigm, Inc.
|
|||||||
7.75% 12/15/18
|
8,000,000
|
8,620,000
|
|||||
UnitedHealth Group, Inc.
|
|||||||
4.75% 2/10/14
|
178,000
|
178,796
|
|||||
U.S. Bancorp
|
|||||||
2.2% 11/15/16
|
4,250,000
|
4,391,937
|
|||||
U.S. Bank, N.A.
|
|||||||
4.95% 10/30/14
|
4,500,000
|
4,672,152
|
|||||
3.778% 4/29/20
|
8,184,000
|
8,472,044
|
Principal
|
|||||||
amount
|
Value
|
||||||
Valeant Pharmaceuticals International, Inc.
|
|||||||
6.5% 7/15/16
(c)
|
$
|
2,537,000
|
$
|
2,619,452
|
|||
Verizon Communications, Inc.
|
|||||||
2.5% 9/15/16
|
750,000
|
776,034
|
|||||
3.65% 9/14/18
|
2,000,000
|
2,119,416
|
|||||
Vornado Realty Trust
|
|||||||
4.25% 4/01/15
|
14,315,000
|
14,765,708
|
|||||
Vulcan Materials Co.
|
|||||||
6.5% 12/01/16
|
5,500,000
|
6,187,500
|
|||||
6.4% 11/30/17
|
8,000,000
|
9,040,000
|
|||||
Washington Post Co.
|
|||||||
7.25% 2/01/19
|
8,500,000
|
10,109,585
|
|||||
Wells Fargo & Co.
|
|||||||
4.8% 11/01/14 (Wachovia Bank)
|
10,000,000
|
10,373,460
|
|||||
1.25% 2/13/15
|
27,339,000
|
27,572,311
|
|||||
0.51285% 6/15/17 (Wachovia Bank)
|
|||||||
Floating Rate Security
|
5,000,000
|
4,965,445
|
|||||
Wells Fargo Bank, N.A.
|
|||||||
0.622% 11/03/14 (Wachovia Bank)
|
|||||||
Floating Rate Security
|
21,585,000
|
21,625,968
|
|||||
4.875% 2/01/15 (Wachovia Bank)
|
6,070,000
|
6,349,080
|
|||||
Willis North America, Inc.
|
|||||||
6.2% 3/28/17
|
14,477,000
|
15,726,365
|
|||||
WM Wrigley Jr. Co.
|
|||||||
3.7% 6/30/14
(c)
|
9,626,000
|
9,775,213
|
|||||
1.4% 10/21/16
(c)
|
500,000
|
501,100
|
|||||
Yum! Brands, Inc.
|
|||||||
4.25% 9/15/15
|
1,000,000
|
1,056,225
|
|||||
Total Corporate Bonds
|
|||||||
(Cost $551,594,922)
|
573,376,844
|
||||||
CONVERTIBLE BONDS — 1.2%
|
|||||||
Redwood Trust, Inc.
|
|||||||
4.625% 4/15/18
|
|||||||
(Cost $17,000,000)
|
17,000,000
|
17,733,125
|
|||||
MORTGAGE-BACKED SECURITIES — 25.5%
(b)
|
|||||||
Federal Home Loan Mortgage Corporation — 11.4%
|
|||||||
Collateralized Mortgage Obligations — 3.8%
|
|||||||
3229 CL HB — 5.0% 2025 (0.4 years)
|
212,012
|
216,027
|
|||||
2778 CL JD — 5.0% 2032 (0.5 years)
|
609,081
|
620,828
|
|||||
2937 CL JG — 5.0% 2033 (0.6 years)
|
1,607,020
|
1,630,403
|
|||||
2934 CL KE — 5.0% 2033 (0.6 years)
|
1,211,482
|
1,229,774
|
|||||
3556 CL MA — 5.0% 2037 (0.6 years)
|
432,509
|
440,054
|
|||||
2864 CL PE — 5.0% 2033 (0.6 years)
|
4,840,346
|
4,929,488
|
|||||
2937 CL HJ — 5.0% 2019 (0.7 years)
|
489,056
|
502,553
|
|||||
2760 CL PD — 5.0% 2032 (0.7 years)
|
1,673,686
|
1,715,460
|
|||||
3840 CL KA — 5.0% 2029 (0.8 years)
|
2,089,748
|
2,136,210
|
|||||
2780 CL TE — 5.0% 2033 (0.8 years)
|
2,482,586
|
2,549,948
|
|||||
3562 CL KA — 4.0% 2022 (0.8 years)
|
1,292,493
|
1,322,672
|
|||||
2574 CL JM — 5.0% 2022 (0.9 years)
|
195,534
|
202,146
|
|||||
3170 CL EA — 4.5% 2020 (1.0 years)
|
642,531
|
665,353
|
|||||
3544 CL KA — 4.5% 2023 (1.0 years)
|
852,120
|
880,030
|
|||||
3815 CL AD — 4.0% 2025 (2.0 years)
|
1,362,938
|
1,422,640
|
|||||
3844 CL AG — 4.0% 2025 (2.2 years)
|
4,264,077
|
4,494,197
|
|||||
3003 CL LD — 5.0% 2034 (3.1 years)
|
5,372,988
|
5,827,543
|
|||||
2952 CL PA — 5.0% 2035 (3.2 years)
|
1,917,089
|
2,075,197
|
|||||
3649 CL BW — 4.0% 2025 (3.4 years)
|
6,597,538
|
6,958,449
|
|||||
3620 CL PA — 4.5% 2039 (3.5 years)
|
4,654,803
|
4,959,578
|
|||||
3842 CL PH — 4.0% 2041 (3.8 years)
|
3,952,472
|
4,153,228
|
Principal
|
|||||||
amount
|
Value
|
||||||
4107 CL LA — 2.5% 2031 (11.2 years)
|
$
|
6,957,751
|
$
|
6,343,336
|
|||
4107 CL LW — 1.75% 2027 (12.1 years)
|
3,920,628
|
3,221,300
|
|||||
58,496,414
|
|||||||
Pass-Through Securities — 7.1%
|
|||||||
EO1386 — 5.0% 2018 (1.6 years)
|
64,651
|
68,573
|
|||||
G18190 — 5.5% 2022 (2.7 years)
|
83,325
|
90,585
|
|||||
G13300 — 4.5% 2023 (2.9 years)
|
518,104
|
556,369
|
|||||
G18296 — 4.5% 2024 (3.1 years)
|
1,231,608
|
1,323,556
|
|||||
G18306 — 4.5% 2024 (3.1 years)
|
2,573,975
|
2,765,270
|
|||||
G13517 — 4.0% 2024 (3.2 years)
|
1,809,407
|
1,913,975
|
|||||
G18308 — 4.0% 2024 (3.2 years)
|
2,531,417
|
2,677,744
|
|||||
J13949 — 3.5% 2025 (3.8 years)
|
9,675,816
|
10,140,185
|
|||||
E02804 — 3.0% 2025 (3.9 years)
|
6,442,276
|
6,579,348
|
|||||
J14649 — 3.5% 2026 (3.9 years)
|
8,681,284
|
9,071,471
|
|||||
E02948 — 3.5% 2026 (3.9 years)
|
19,487,471
|
20,357,990
|
|||||
J16663 — 3.5% 2026 (3.9 years)
|
18,197,439
|
19,018,147
|
|||||
G01818 — 5.0% 2035 (3.9 years)
|
5,320,307
|
5,762,519
|
|||||
E03033 — 3.0% 2027 (4.3 years)
|
9,195,826
|
9,391,485
|
|||||
E03048 — 3.0% 2027 (4.4 years)
|
17,456,442
|
17,827,861
|
|||||
107,545,078
|
|||||||
Structured Agency Credit Risk Debt Notes — 0.4%
|
|||||||
2013-DN1 CL M1 — 3.5646% 2023
|
|||||||
Floating Rate Security (2.0 years)
|
5,357,068
|
5,517,904
|
|||||
Interest Only Securities — 0.1%
|
|||||||
3974 CL AI — 3.0% 2021 (2.4 years)
|
14,777,673
|
977,233
|
|||||
172,536,629
|
|||||||
Federal National Mortgage Association — 10.0%
|
|||||||
Collateralized Mortgage Obligations — 0.9%
|
|||||||
2004-40 CL BA — 4.5% 2018 (0.0 years)
|
4,886
|
4,885
|
|||||
2010-9 CL CA — 5.0% 2037 (0.2 years)
|
306,468
|
307,318
|
|||||
2003-39 CL LC — 5.0% 2022 (0.2 years)
|
23,779
|
23,875
|
|||||
2003-43 CL EX — 4.5% 2017 (0.3 years)
|
29,701
|
29,854
|
|||||
2009-52 CL DC — 4.5% 2023 (0.3 years)
|
63,898
|
64,104
|
|||||
2007-42 CL YA — 5.5% 2036 (0.5 years)
|
198,205
|
201,100
|
|||||
2004-78 CL AB — 5.0% 2032 (0.6 years)
|
1,602,850
|
1,634,269
|
|||||
2003-86 CL KT — 4.5% 2018 (1.1 years)
|
365,191
|
380,909
|
|||||
2009-44 CL A — 4.5% 2023 (1.1 years)
|
407,538
|
421,896
|
|||||
2003-9 CL DB — 5.0% 2018 (1.5 years)
|
352,446
|
374,798
|
|||||
2011-19 CL KA — 4.0% 2025 (2.0 years)
|
4,205,716
|
4,416,134
|
|||||
2010-145 CL PA — 4.0% 2024 (2.8 years)
|
2,526,241
|
2,676,665
|
|||||
2010-54 CL WA — 3.75% 2025 (2.8 years)
|
3,516,959
|
3,740,817
|
|||||
14,276,624
|
|||||||
Pass-Through Securities — 9.1%
|
|||||||
255291 — 4.5% 2014 (0.2 years)
|
13,068
|
13,897
|
|||||
256982 — 6.0% 2017 (1.5 years)
|
191,879
|
204,928
|
|||||
251787 — 6.5% 2018 (1.7 years)
|
8,006
|
8,900
|
|||||
254907 — 5.0% 2018 (1.7 years)
|
238,500
|
254,510
|
|||||
357414 — 4.0% 2018 (1.8 years)
|
745,584
|
791,183
|
|||||
357985 — 4.5% 2020 (2.2 years)
|
232,850
|
248,556
|
|||||
MA0464 — 3.5% 2020 (2.3 years)
|
6,349,268
|
6,674,805
|
|||||
888595 — 5.0% 2022 (2.3 years)
|
488,254
|
526,851
|
|||||
AD0629 — 5.0% 2024 (2.5 years)
|
1,703,153
|
1,840,306
|
|||||
995960 — 5.0% 2023 (2.5 years)
|
1,472,079
|
1,590,430
|
|||||
888439 — 5.5% 2022 (2.6 years)
|
446,602
|
488,609
|
|||||
AL0471 — 5.5% 2025 (2.6 years)
|
9,200,666
|
10,061,375
|
|||||
AE0031 — 5.0% 2025 (2.7 years)
|
2,403,006
|
2,597,462
|
|||||
995693 — 4.5% 2024 (2.8 years)
|
2,496,525
|
2,664,660
|
|||||
995692 — 4.5% 2024 (2.9 years)
|
2,146,561
|
2,290,743
|
|||||
930667 — 4.5% 2024 (3.2 years)
|
1,961,918
|
2,092,058
|
Principal
|
|||||||
amount
|
Value
|
||||||
Pass-Through Securities (continued)
|
|||||||
995755 — 4.5% 2024 (3.2 years)
|
$
|
3,199,860
|
$
|
3,412,834
|
|||
MA0043 — 4.0% 2024 (3.2 years)
|
1,455,821
|
1,546,075
|
|||||
890112 — 4.0% 2024 (3.2 years)
|
1,703,113
|
1,809,845
|
|||||
AA5510 — 4.0% 2024 (3.3 years)
|
771,642
|
819,959
|
|||||
AA4315 — 4.0% 2024 (3.3 years)
|
3,341,764
|
3,549,626
|
|||||
931739 — 4.0% 2024 (3.4 years)
|
825,026
|
876,162
|
|||||
555531 — 5.5% 2033 (3.4 years)
|
8,977,267
|
9,963,456
|
|||||
AD7073 — 4.0% 2025 (3.5 years)
|
2,631,575
|
2,794,288
|
|||||
995112 — 5.5% 2036 (3.5 years)
|
3,960,263
|
4,363,726
|
|||||
AR8198 — 2.5% 2023 (3.6 years)
|
13,368,096
|
13,652,909
|
|||||
725232 — 5.0% 2034 (3.8 years)
|
755,266
|
822,923
|
|||||
MA1502 — 2.5% 2023 (3.8 years)
|
10,879,735
|
11,110,691
|
|||||
AB1769 — 3.0% 2025 (4.0 years)
|
5,936,305
|
6,066,578
|
|||||
AB2251 — 3.0% 2026 (4.0 years)
|
6,531,792
|
6,676,053
|
|||||
AB3902 — 3.0% 2026 (4.4 years)
|
4,503,816
|
4,608,233
|
|||||
MA0587 — 4.0% 2030 (4.5 years)
|
11,707,108
|
12,230,818
|
|||||
AK3264 — 3.0% 2027 (4.5 years)
|
11,106,294
|
11,367,168
|
|||||
AB4482 — 3.0% 2027 (4.5 years)
|
10,077,797
|
10,314,522
|
|||||
138,335,139
|
|||||||
152,611,763
|
|||||||
Government National Mortgage Association — 1.7%
|
|||||||
Interest Only Securities — 0.2%
|
|||||||
2012-61 CL BI — 4.5% 2038 (1.3 years)
|
3,716,510
|
230,527
|
|||||
2009-31 CL PI — 4.5% 2037 (1.9 years)
|
5,260,162
|
395,658
|
|||||
2010-66 CL IO — 1.2141% 2052
|
|||||||
Floating Rate Security (5.3 years)
|
54,965,143
|
2,902,654
|
|||||
3,528,839
|
|||||||
Pass-Through Securities — 1.5%
|
|||||||
G2 5255 — 3.0% 2026 (4.5 years)
|
22,088,133
|
22,713,253
|
|||||
26,242,092
|
|||||||
Non-Government Agency — 2.4%
|
|||||||
Collateralized Mortgage Obligations — 2.4%
|
|||||||
Washington Mutual, Inc. (WAMU) 2003-S7
|
|||||||
CL A1 — 4.5% 2018 (0.1 years)
|
104,532
|
106,092
|
|||||
Sequoia Mortgage Trust (SEMT) 2011-1
|
|||||||
CL A1 — 4.125% 2041 (0.1 years)
|
1,219,993
|
1,222,519
|
|||||
Sequoia Mortgage Trust (SEMT) 2010-H1
|
|||||||
CL A1 — 3.75% 2040 (1.1 years)
|
1,461,667
|
1,440,264
|
|||||
Sequoia Mortgage Trust (SEMT) 2012-2
|
|||||||
CL A2 — 3.5% 2042 (1.8 years)
|
4,741,680
|
4,775,498
|
|||||
Chase Mortgage Finance Corp. (CHASE)
|
|||||||
2004-S1 CL A6 — 4.5% 2019 (2.1 years)
|
62,425
|
61,893
|
|||||
Sequoia Mortgage Trust (SEMT) 2012-1
|
|||||||
CL 1A1 — 2.865% 2042 (2.3 years)
|
6,606,643
|
6,585,555
|
|||||
Sequoia Mortgage Trust (SEMT) 2012-4
|
|||||||
CL A1 — 3.5% 2042 (4.4 years)
|
9,151,741
|
9,056,997
|
|||||
Sequoia Mortgage Trust (SEMT) 2013-4
|
|||||||
CL A3 — 1.55% 2043 (8.1 years)
|
14,319,465
|
13,842,748
|
|||||
37,091,566
|
|||||||
Total Mortgage-Backed Securities
|
|||||||
(Cost $384,057,543)
|
388,482,050
|
COMMERCIAL MORTGAGE-
|
Principal
|
||||||
BACKED SECURITIES — 3.7%
(b)
|
amount
|
Value
|
|||||
Rialto Capital Management, LLC (RIAL)
|
|||||||
2013-LT2 CL A 2.8331% 2028
|
|||||||
(0.0 years)
(c)
|
$
|
3,916,451
|
$
|
3,926,042
|
|||
Oaktree Real Estate Investments/Sabal
|
|||||||
(ORES) 2013-LV2 CL A
|
|||||||
3.081% 2025 (0.4 years)
(c)
|
6,552,379
|
6,555,046
|
|||||
SMA Portfolio (SMAP) 2012-LV1 CL A
|
|||||||
3.5% 2025 (0.4 years)
(c)
|
662,177
|
663,845
|
|||||
VFC LLC (VFCP) 2013-1 CL A
|
|||||||
3.13% 2026 (0.5 years)
(c)
|
2,984,938
|
3,005,610
|
|||||
Banc of America Commercial Mortgage Trust
|
|||||||
(BACM) 2003-2 CL D 5.34536%
|
|||||||
2041 Floating Rate Security (0.6 years)
|
10,144,153
|
10,360,746
|
|||||
TPG Opportunities Partners, L.P.
|
|||||||
(TOPRE) 2013-LTR1 CL A 3.47%
|
|||||||
2028 (1.5 years)
(c)
|
8,917,719
|
8,924,488
|
|||||
TPG Opportunities Partners, L.P.
|
|||||||
(TOPRE) 2013-LTR1 CL B 4.25%
|
|||||||
2028 (1.6 years)
(c)
|
9,749,326
|
9,766,060
|
|||||
Redwood Commercial Mortgage Corp.
|
|||||||
(RCMC) 2012-CRE1 CL A 5.62346%
|
|||||||
2044 (1.9 years)
(c)
|
12,837,986
|
12,888,869
|
|||||
Total Commercial Mortgage-Backed Securities
|
|||||||
(Cost $55,985,611)
|
56,090,706
|
||||||
ASSET-BACKED SECURITIES — 6.0%
(b)
|
|||||||
United Auto Credit Securitization Trust
|
|||||||
(UACST) 2012-1 CL A2 1.1% 2015
|
|||||||
(0.2 years)
(c)
|
767,276
|
767,240
|
|||||
Westlake Automobile Receivables Trust
|
|||||||
(WLAKE) 2012-1A CL A2 1.03% 2016
|
|||||||
(0.3 years)
(c)
|
2,092,914
|
2,094,335
|
|||||
Stanwich Mortgage Loan Co. (STWH)
|
|||||||
2012-NPL5 CL A 2.9814% 2042
|
|||||||
(0.3 years)
(c)
|
6,213,583
|
6,210,476
|
|||||
Bayview Opportunity Master Fund IIa Trust
|
|||||||
(BOMFT) 2013-2RPL CL A 3.721% 2018
|
|||||||
(0.3 years)
(c)
|
1,828,210
|
1,826,601
|
|||||
Santander Drive Auto Receivables Trust
|
|||||||
(SDART) 2010-3 CL C 3.06% 2017
|
|||||||
(0.7 years)
|
7,482,870
|
7,623,436
|
|||||
Stanwich Mortgage Loan Co. (STWH)
|
|||||||
2012-NPL4 CL A 2.9814% 2042
|
|||||||
(0.7 years)
(c)
|
1,782,793
|
1,776,589
|
|||||
Credit Acceptance Auto Loan Trust
|
|||||||
(CAALT) 2011-1 CL B 3.96% 2019
|
|||||||
(0.7 years)
(c)
|
7,500,000
|
7,667,216
|
|||||
Americredit Automobile Receivables
|
|||||||
Trust (AMCAR) 2013-5 CL A2A
|
|||||||
0.65% 2017 (0.8 years)
|
4,000,000
|
4,002,322
|
|||||
Prestige Auto Receivables Trust (PART)
|
|||||||
2013-1A CL A2 1.09% 2018
|
|||||||
(0.9 years)
(c)
|
3,834,192
|
3,845,027
|
|||||
Vericrest Opportunity Loan Trust (VOLT)
|
|||||||
2013-3 CL A 3.22162% 2053
|
|||||||
(1.1 years)
(c)
|
4,399,672
|
4,383,174
|
|||||
Vericrest Opportunity Loan Trust (VOLT)
|
|||||||
2013-NPL1 CL A 4.25% 2058
|
|||||||
(1.1 years)
(c)
|
9,706,602
|
9,837,039
|
Principal
|
|||||||
amount
|
Value
|
||||||
Flagship Credit Auto Trust (FCAT)
|
|||||||
2013-2 CL A 1.94% 2019
|
|||||||
(1.3 years)
(c)
|
$
|
4,742,704
|
$
|
4,743,985
|
|||
Stanwich Mortgage Loan Co. (STWH)
|
|||||||
2013-NPL1 CL A 2.9814% 2043
|
|||||||
(1.3 years)
(c)
|
7,067,855
|
7,034,282
|
|||||
Santander Drive Auto Receivables Trust
|
|||||||
(SDART) 2012-4 CL C 2.94% 2017
|
|||||||
(1.6 years)
|
8,000,000
|
8,236,852
|
|||||
CPS Auto Receivables Trust (CPS)
|
|||||||
2013-A CL A 1.31% 2020
|
|||||||
(2.0 years)
(c)
|
3,604,518
|
3,548,839
|
|||||
Cabela’s Master Credit Card Trust (CABMT)
|
|||||||
2011-2A CL A2 0.7666% 2019 Floating
|
|||||||
Rate Security (2.4 years)
(c)
|
4,500,000
|
4,530,834
|
|||||
Stanwich Mortgage Loan Co. (STWH)
|
|||||||
2013-NPL2 CL A 3.2282% 2059
|
|||||||
(2.6 years)
(c)
|
7,323,059
|
7,212,554
|
|||||
Cabela’s Master Credit Card Trust (CABMT)
|
|||||||
2012-2A CL A2 0.6466% 2020 Floating
|
|||||||
Rate Security (3.4 years)
(c)
|
6,000,000
|
6,012,363
|
|||||
Total Asset-Backed Securities
|
|||||||
(Cost $91,196,781)
|
91,353,164
|
||||||
TAXABLE MUNICIPAL BONDS — 1.3%
|
|||||||
Nebraska Public Power District
|
|||||||
5.14% 1/01/14
|
10,000,000
|
10,000,000
|
|||||
Los Angeles, California Cmty Dev
|
|||||||
6.0% 9/01/14
|
2,275,000
|
2,341,589
|
|||||
6.0% 9/01/15
|
1,220,000
|
1,304,485
|
|||||
Menomonee Falls, Wisconsin
|
|||||||
4.25% 11/01/14
|
2,000,000
|
2,006,040
|
|||||
Omaha, Nebraska Public Facilities Corp.,
|
|||||||
Lease Revenue, Series B, Refunding
|
|||||||
4.588% 6/01/17
|
815,000
|
890,404
|
|||||
4.788% 6/01/18
|
1,000,000
|
1,096,290
|
|||||
Iowa State University Revenue
|
|||||||
5.8% 7/01/22
|
1,335,000
|
1,402,698
|
|||||
Total Taxable Municipal Bonds
|
|||||||
(Cost $18,664,396)
|
19,041,506
|
||||||
U.S. TREASURY NOTES — 14.4%
|
|||||||
U.S. Treasury Note
|
|||||||
1.25% 2/15/14
|
30,000,000
|
30,042,780
|
|||||
1.25% 3/15/14
|
30,000,000
|
30,072,060
|
|||||
1.75% 3/31/14
|
30,000,000
|
30,122,460
|
|||||
0.375% 1/15/16
|
40,000,000
|
39,987,520
|
|||||
0.375% 2/15/16
|
55,000,000
|
54,957,045
|
|||||
0.875% 11/30/16
|
20,000,000
|
20,066,400
|
|||||
2.125% 8/31/20
|
15,000,000
|
14,810,160
|
|||||
Total U.S. Treasury Notes
|
|||||||
(Cost $220,137,062)
|
220,058,425
|
COMMON STOCKS — 1.4%
|
Shares
|
Value
|
|||||
Redwood Trust, Inc.
|
|||||||
(Cost $12,708,270)
|
1,127,409
|
$
|
21,837,912
|
||||
CASH EQUIVALENTS — 8.3%
|
|||||||
Wells Fargo Advantage Government Money Market Fund -
|
|||||||
Institutional Class 0.01%
(a)
|
|||||||
(Cost $126,645,343)
|
126,645,343
|
126,645,343
|
|||||
Total Investments in Securities
|
|||||||
(Cost $1,477,989,928)
|
1,514,619,075
|
||||||
Other Assets Less Other Liabilities — 0.6%
|
8,804,747
|
||||||
Net Assets — 100.0%
|
$
|
1,523,423,822
|
|||||
Net Asset Value Per Share — Institutional Class
|
$
|
12.50
|
|||||
Net Asset Value Per Share — Investor Class
|
$ |
12.48
|
(a)
|
Rate presented represents the annualized 7-day yield at December 31, 2013.
|
(b)
|
Number of years indicated represents estimated average life.
|
(c)
|
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers.
|
Total Returns
|
Average Annual Total Returns
|
|||||||||||||||||||||||||
3 Mos.
|
1 Year
|
3 Year
|
5 Year
|
10 Year
|
15 Year
|
20 Year
|
25 Year
|
|||||||||||||||||||
Nebraska Tax-Free Income Fund
|
0.37
|
%
|
-0.25
|
%
|
2.55
|
%
|
3.42
|
%
|
3.07
|
%
|
3.67
|
%
|
4.13
|
%
|
4.77
|
%
|
||||||||||
Barclays 5-Year Municipal
|
||||||||||||||||||||||||||
Bond Index
|
0.84
|
0.81
|
3.54
|
4.27
|
3.92
|
4.47
|
4.67
|
5.50
|
NE
|
Barclays
|
Relative
|
||||||||
Tax-Free
|
5-Yr*
|
Results
|
||||||||
Year
|
(1)
|
(2)
|
(1)-(2)
|
|||||||
1985 (10/1/85)
|
3.55
|
%
|
N/A
|
%
|
N/A
|
%
|
||||
1986
|
11.21
|
N/A
|
N/A
|
|||||||
1987
|
4.00
|
N/A
|
N/A
|
|||||||
1988
|
6.31
|
N/A
|
N/A
|
|||||||
1989
|
6.89
|
9.07
|
-2.18
|
|||||||
1990
|
6.31
|
7.70
|
-1.39
|
|||||||
1991
|
8.41
|
11.41
|
-3.00
|
|||||||
1992
|
7.37
|
7.62
|
-0.25
|
|||||||
1993
|
7.87
|
8.73
|
-0.86
|
|||||||
1994
|
-1.41
|
-1.28
|
-0.13
|
|||||||
1995
|
10.49
|
11.65
|
-1.16
|
|||||||
1996
|
5.46
|
4.22
|
1.24
|
|||||||
1997
|
7.32
|
6.38
|
0.94
|
|||||||
1998
|
6.10
|
5.84
|
0.26
|
|||||||
1999
|
-1.21
|
0.73
|
-1.94
|
|||||||
2000
|
9.87
|
7.71
|
2.16
|
|||||||
2001
|
3.86
|
6.21
|
-2.35
|
|||||||
2002
|
7.99
|
9.28
|
-1.29
|
|||||||
2003
|
4.29
|
4.13
|
0.16
|
|||||||
2004
|
3.38
|
2.72
|
0.66
|
|||||||
2005
|
2.16
|
0.95
|
1.21
|
|||||||
2006
|
3.26
|
3.34
|
-0.08
|
|||||||
2007
|
3.56
|
5.15
|
-1.59
|
|||||||
2008
|
1.23
|
5.78
|
-4.55
|
|||||||
2009
|
7.24
|
7.40
|
-0.16
|
|||||||
2010
|
2.27
|
3.40
|
-1.13
|
|||||||
2011
|
5.94
|
6.93
|
-0.99
|
|||||||
2012
|
2.07
|
2.97
|
-0.90
|
|||||||
2013
|
-0.25
|
0.81
|
-1.06
|
|||||||
Since Inception:
|
||||||||||
Cumulative
|
||||||||||
Return
|
308.09
|
N/A
|
N/A
|
|||||||
Avg. Annual
|
||||||||||
Return
|
5.10
|
N/A
|
N/A
|
State Breakdown
|
||||
Nebraska
|
80.9
|
%
|
||
Florida
|
5.2
|
|||
Texas
|
1.9
|
|||
Arizona
|
1.5
|
|||
Virginia
|
1.5
|
|||
Puerto Rico
|
1.4
|
|||
North Dakota
|
1.2
|
|||
Tennessee
|
1.1
|
|||
Iowa
|
0.9
|
|||
Illinois
|
0.4
|
|||
Cash Equivalents/Other
|
4.0
|
|||
Net Assets
|
100.0
|
%
|
||
Sector Breakdown
|
||||
Power
|
32.5
|
%
|
||
Higher Education
|
19.7
|
|||
Hospital
|
10.2
|
|||
Lease
|
3.7
|
|||
General
|
3.5
|
|||
Airport/Transportation
|
3.2
|
|||
Water/Sewer
|
2.1
|
|||
Housing
|
0.7
|
|||
Total Revenue
|
75.6
|
|||
City/Subdivision
|
7.0
|
|||
School District
|
5.5
|
|||
County
|
3.2
|
|||
Natural Resource District
|
2.6
|
|||
Total General Obligation
|
18.3
|
|||
Escrow/Pre-Refunded
|
2.1
|
|||
Cash Equivalents/Other
|
4.0
|
|||
Net Assets
|
100.0
|
%
|
||
Financial Attributes
|
||||
Average Maturity
|
6.1 years
|
|||
Average Effective Maturity
|
3.3 years
|
|||
Average Duration
|
2.9 years
|
|||
Average Coupon
|
4.2
|
%
|
||
30-Day SEC Yield at 12-31-13
|
1.44
|
%
|
||
Municipals exempt from federal and
|
||||
Nebraska income taxes
|
Approx. 82
|
%
|
||
Municipals subject to alternative
|
||||
minimum tax
|
Approx. 2
|
%
|
||
Five Largest Issuers
(b)
|
||||
Nebraska Public Power District
|
10.6
|
%
|
||
University of Nebraska
|
9.3
|
|||
Omaha Public Power District
|
6.3
|
|||
Public Power Generation Agency
|
4.3
|
|||
Children’s Hospital Obligated Group
|
4.1
|
|||
Credit Quality
(a)
|
||||
Aaa/AAA
|
6.5
|
%
|
||
Aa/AA
|
44.5
|
|||
A/A
|
37.6
|
|||
Baa/BBB
|
4.4
|
|||
Non-Rated
|
3.0
|
|||
Cash Equivalents/Other
|
4.0
|
|||
Net Assets
|
100.0
|
%
|
(a)
The Fund receives credit quality ratings on underlying securities of the Fund when available from Moody’s and S&P. The Fund will use one rating for an underlying security if that is all that is provided. Ratings and portfolio credit quality may change over time. The Fund itself has not been rated by an independent rating agency.
|
(b) Percent of net assets |
Principal
|
|||||||
MUNICIPAL BONDS — 96.0%
|
amount
|
Value
|
|||||
Arizona — 1.5%
|
|||||||
Maricopa County, General Obligation,
|
|||||||
Peoria Unified School District No. 11, Series 2006
|
|||||||
5.0% 7/01/24
|
$
|
950,000
|
$
|
1,044,183
|
|||
Florida — 5.2%
|
|||||||
Greater Orlando, Aviation Authority, Revenue, Series 2009A, AMT
|
|||||||
6.0%, 10/01/16
|
1,000,000
|
1,140,550
|
|||||
JEA, Electric System Revenue, Series Three 2009B
|
|||||||
5.0%, 10/01/28
|
300,000
|
306,867
|
|||||
Miami, Dade County, Aviation Revenue, Series 2010A
|
|||||||
4.25%, 10/01/18
|
1,000,000
|
1,110,540
|
|||||
Orlando Utilities Commission, Utility System Revenue, Refunding,
|
|||||||
Series 2006, 5.0%, 10/01/17
|
1,000,000
|
1,112,110
|
|||||
3,670,067
|
|||||||
Illinois — 0.4%
|
|||||||
Illinois Finance Authority, Revenue, Series 2009A,
|
|||||||
Northwestern Memorial Hospital
|
|||||||
5.0%, 8/15/17
|
245,000
|
278,420
|
|||||
Iowa — 0.9%
|
|||||||
Cedar Rapids Community School District, Infrastructure Sales,
|
|||||||
Services and Use Tax Revenue, Series 2011
|
|||||||
4.0%, 7/01/20
|
600,000
|
634,224
|
|||||
Nebraska — 80.9%
|
|||||||
Adams County, Hospital Authority #1, Revenue, Mary Lanning
|
|||||||
Memorial Hospital Project, Radian Insured
|
|||||||
4.25%, 12/15/16
|
250,000
|
269,490
|
|||||
4.4%, 12/15/17
|
250,000
|
273,657
|
|||||
Bellevue, Development Revenue, Bellevue University Project,
|
|||||||
Series 2010A, 2.75%, 12/01/15
|
1,000,000
|
1,020,580
|
|||||
Cornhusker Public Power District, Electric Revenue, Refunding,
|
|||||||
Series 2010, 2.4%, 7/01/17
|
400,000
|
408,496
|
|||||
Dawson Public Power District, Electric Revenue, Series 2010B
|
|||||||
2.25%, 12/15/17
|
125,000
|
128,240
|
|||||
2.75%, 12/15/19
|
100,000
|
101,937
|
|||||
Douglas County, Educational Facility Revenue,
|
|||||||
Creighton University Project, Refunding, Series 2010A
|
|||||||
5.0%, 7/01/16
|
430,000
|
466,021
|
|||||
5.6%, 7/01/25
|
400,000
|
441,252
|
|||||
Douglas County, Elkhorn Public School District #10, Series 2010B
|
|||||||
3.0%, 6/15/16
|
525,000
|
538,398
|
|||||
Douglas County, General Obligation, Refunding, Series 2011B
|
|||||||
3.0%, 12/15/19
|
1,155,000
|
1,194,189
|
|||||
Douglas County, Hospital Authority #1, Revenue, Refunding,
|
|||||||
Alegent Health - Immanuel, AMBAC Insured
|
|||||||
5.125%, 9/01/17
|
205,000
|
205,100
|
|||||
Quality Living Inc. Project
|
|||||||
4.7%, 10/01/17
|
255,000
|
249,398
|
|||||
Douglas County, Hospital Authority #2, Revenue,
|
|||||||
Boys Town Project, Series 2008
|
|||||||
4.75%, 9/01/28
|
500,000
|
512,580
|
|||||
Nebraska Medical Center Project, Series 2003
|
|||||||
5.0%, 11/15/14
|
380,000
|
394,615
|
|||||
5.0%, 11/15/15
|
295,000
|
318,438
|
|||||
Refunding, Children’s Hospital Obligated Group, Series 2008B
|
|||||||
4.5%, 8/15/15
|
230,000
|
241,985
|
|||||
5.25%, 8/15/20
|
1,000,000
|
1,071,600
|
|||||
5.5%, 8/15/21
|
1,430,000
|
1,526,024
|
Principal
|
|||||||
amount
|
Value
|
||||||
Douglas County, Hospital Authority #3, Revenue, Refunding,
|
|||||||
Nebraska Methodist Health System
|
|||||||
5.5%, 11/01/18
|
$
|
385,000
|
$
|
412,289
|
|||
Douglas County, Millard Public School District #17,
|
|||||||
Refunding, Series 2009, 4.0%, 6/15/17
|
750,000
|
757,103
|
|||||
Douglas County, Zoo Facility Revenue, Refunding,
|
|||||||
Omaha’s Henry Doorly Zoo Project
|
|||||||
4.2%, 9/01/16
|
600,000
|
622,032
|
|||||
4.75%, 9/01/17
|
200,000
|
207,514
|
|||||
Hastings, Combined Utility Revenue, Refunding, Series 2012
|
|||||||
2.0%, 10/15/16
|
320,000
|
330,752
|
|||||
2.0%, 10/15/17
|
430,000
|
443,545
|
|||||
La Vista, General Obligation, Refunding, Series 2009
|
|||||||
2.5%, 11/15/15
|
415,000
|
420,910
|
|||||
3.0%, 11/15/17
|
640,000
|
648,102
|
|||||
Lancaster County, Hospital Authority #1, Revenue, Refunding,
|
|||||||
Bryan LGH Medical Center
|
|||||||
Series 2006, 4.0%, 6/01/19
|
300,000
|
311,832
|
|||||
Series 2008A, 5.0%, 6/01/16
|
500,000
|
542,140
|
|||||
Series 2008A, 5.0%, 6/01/17
|
500,000
|
552,080
|
|||||
Lincoln, Certificates of Participation,
|
|||||||
Series 2010A, 2.4%, 3/15/17
|
395,000
|
405,124
|
|||||
Lincoln, Educational Facilities, Revenue, Refunding,
|
|||||||
Nebraska Wesleyan University Project, Series 2012
|
|||||||
2.25%, 4/01/19
|
645,000
|
651,392
|
|||||
2.5%, 4/01/21
|
925,000
|
897,731
|
|||||
Lincoln, Electric System Revenue, Refunding,
|
|||||||
Series 2007B, 5.0%, 9/01/18
|
1,000,000
|
1,112,220
|
|||||
Series 2012, 5.0%, 9/01/21
|
1,000,000
|
1,171,860
|
|||||
Lincoln, General Obligation, Highway Allocation Fund
|
|||||||
4.0%, 5/15/23
|
1,000,000
|
1,033,870
|
|||||
Lincoln, Parking Revenue, Refunding, Series 2011
|
|||||||
3.25%, 8/15/18
|
440,000
|
474,527
|
|||||
Lincoln, Sanitary Sewer Revenue, Refunding, Series 2012
|
|||||||
1.5%, 6/15/17
|
440,000
|
449,275
|
|||||
Municipal Energy Agency of Nebraska, Power Supply
|
|||||||
System Revenue, Refunding,
|
|||||||
2009 Series A, BHAC Insured
|
|||||||
5.0%, 4/01/20
|
500,000
|
569,175
|
|||||
2012 Series A, 5.0%, 4/01/18
|
100,000
|
114,737
|
|||||
2013 Series A, 4.0%, 4/01/17
|
250,000
|
274,558
|
|||||
Nebraska Educational Financial Authority, Revenue, Refunding,
|
|||||||
Hastings College Project
|
|||||||
5.05%, 12/01/23
|
500,000
|
485,555
|
|||||
Nebraska Investment Financial Authority, Revenue, Drinking Water
|
|||||||
State Revolving Fund, Series 2010A
|
|||||||
4.0%, 7/01/25
|
750,000
|
764,490
|
|||||
Nebraska Investment Financial Authority, Homeownership Revenue,
|
|||||||
2011 Series A, 2.4%, 9/01/17
|
445,000
|
460,468
|
|||||
Nebraska Public Power District, Revenue,
|
|||||||
2005 Series A, 5.0%, 1/01/18
|
200,000
|
213,870
|
|||||
2005 Series B-2, 5.0%, 1/01/16
|
1,000,000
|
1,045,450
|
|||||
2007 Series B, 5.0%, 1/01/20
|
395,000
|
445,596
|
|||||
2007 Series B, 5.0%, 1/01/21
|
1,750,000
|
1,975,032
|
|||||
2008 Series B, 5.0%, 1/01/19
|
250,000
|
282,600
|
|||||
2010 Series C, 4.25%, 1/01/17
|
500,000
|
551,505
|
|||||
2011 Series A, 4.0%, 1/01/15
|
250,000
|
259,435
|
|||||
2012 Series A, 4.0%, 1/01/21
|
500,000
|
544,200
|
|||||
2012 Series A, 5.0%, 1/01/21
|
500,000
|
576,000
|
|||||
2012 Series B, 3.0%, 1/01/24
|
1,000,000
|
959,750
|
|||||
2012 Series C, 5.0%, 1/01/19
|
500,000
|
565,200
|
Principal
|
|||||||
amount
|
Value
|
||||||
Nebraska State Colleges Facility Corp., Deferred Maintenance Revenue,
|
|||||||
MBIA Insured
|
|||||||
4.25%, 7/15/15
|
$
|
405,000
|
$
|
427,939
|
|||
5.0%, 7/15/16
|
200,000
|
220,922
|
|||||
4.0%, 7/15/17
|
200,000
|
214,130
|
|||||
Omaha Convention Hotel Corp., Revenue, Convention Center Hotel,
|
|||||||
First Tier, Refunding, Series 2007, AMBAC Insured
|
|||||||
5.0%, 2/01/20
|
600,000
|
656,028
|
|||||
Omaha, General Obligation, Refunding,
|
|||||||
Series 2008
|
|||||||
5.0%, 6/01/20
|
350,000
|
401,562
|
|||||
5.25%, 10/15/19
|
250,000
|
292,577
|
|||||
Omaha, Public Facilities Corp., Lease Revenue,
|
|||||||
Omaha Baseball Stadium Project,
|
|||||||
Series 2009, 5.0%, 6/01/23
|
770,000
|
858,612
|
|||||
Series 2010, 4.125%, 6/01/29
|
650,000
|
654,537
|
|||||
Rosenblatt Stadium Project, Series C
|
|||||||
3.9%, 10/15/17
|
235,000
|
256,683
|
|||||
3.95%, 10/15/18
|
240,000
|
262,478
|
|||||
Omaha Public Power District,
|
|||||||
Electric System Revenue,
|
|||||||
1993 Series C, 5.5%, 2/01/14
|
40,000
|
40,179
|
|||||
2007 Series A, 4.1%, 2/01/19
|
1,000,000
|
1,078,180
|
|||||
2012 Series A, 5.0%, 2/01/24
|
2,000,000
|
2,271,580
|
|||||
Electric System Subordinated Revenue,
|
|||||||
2006 Series B, FGIC Insured
|
|||||||
4.75%, 2/01/36
|
1,000,000
|
1,000,350
|
|||||
Omaha, Sanitary Sewer Revenue, MBIA Insured
|
|||||||
4.0%, 11/15/14
|
250,000
|
258,073
|
|||||
Papillion-La Vista, Sarpy County School District #27,
|
|||||||
General Obligation,
|
|||||||
Refunding, Series 2009A
|
|||||||
3.15%, 12/01/17
|
930,000
|
976,472
|
|||||
Series 2009, 5.0%, 12/01/28
|
500,000
|
529,165
|
|||||
Papio-Missouri River Natural Resources District, General Obligation,
|
|||||||
Flood Protection and Water Quality Enhancement,
|
|||||||
Series 2013
|
|||||||
3.0%, 12/15/16
|
400,000
|
426,696
|
|||||
3.0%, 12/15/17
|
385,000
|
414,318
|
|||||
3.0%, 12/15/18
|
500,000
|
532,035
|
|||||
Series 2013B, 5.0%, 12/15/19
|
400,000
|
454,472
|
|||||
Public Power Generation Agency, Revenue, Whelan Energy
|
|||||||
Center Unit 2, Series A,
|
|||||||
AGC-ICC AMBAC Insured,
|
|||||||
5.0%, 1/01/19
|
1,260,000
|
1,368,763
|
|||||
AMBAC Insured, 5.0%, 1/01/18
|
750,000
|
818,865
|
|||||
AMBAC Insured, 5.0%, 1/01/26
|
800,000
|
844,384
|
|||||
Sarpy County, Recovery Zone Facility Certificates of Participation,
|
|||||||
Series 2010
|
|||||||
2.35%, 12/15/18
|
155,000
|
161,211
|
|||||
2.6%, 12/15/19
|
135,000
|
139,633
|
|||||
Southern Nebraska Public Power District, Electric System Revenue,
|
|||||||
AMBAC Insured
|
|||||||
4.625%, 9/15/21
|
1,000,000
|
1,076,790
|
|||||
University of Nebraska, Facilities Corp.,
|
|||||||
Deferred Maintenance Revenue,
|
|||||||
Series 2006, 5.0%, 7/15/18
|
830,000
|
917,839
|
|||||
Financing Agreement Revenue, UNMC Eye Institute, Series 2011
|
|||||||
2.0%, 3/01/15
|
525,000
|
535,616
|
Principal
|
|||||||
amount
|
Value
|
||||||
Lease Rental Revenue,
|
|||||||
NCTA Education Center/Student Housing Project,
|
|||||||
Series 2011, 3.75%, 6/15/19
|
$
|
285,000
|
$
|
312,728
|
|||
University of Nebraska, University Revenue,
|
|||||||
Kearney Student Fees and Facilities, Series 2006
|
|||||||
4.75%, 7/01/25
|
330,000
|
355,126
|
|||||
Lincoln Memorial Stadium Project, Refunding, Series 2004A
|
|||||||
5.0%, 11/01/19
|
2,160,000
|
2,192,940
|
|||||
Lincoln Parking Project, Refunding,
|
|||||||
Series 2005
|
|||||||
4.0%, 6/01/17
|
1,070,000
|
1,117,979
|
|||||
4.5%, 6/01/20
|
500,000
|
523,375
|
|||||
Series 2013, 2.0%, 6/01/16
|
310,000
|
318,860
|
|||||
Omaha Health & Recreation Project
|
|||||||
4.05%, 5/15/19
|
390,000
|
428,957
|
|||||
5.0%, 5/15/33
|
700,000
|
718,382
|
|||||
Omaha Student Facilities Project
|
|||||||
5.0%, 5/15/27
|
800,000
|
865,704
|
|||||
Wheat Belt Public Power District, Electric System Revenue,
|
|||||||
Series 2009B
|
|||||||
3.2%, 9/01/16
|
330,000
|
334,901
|
|||||
3.4%, 9/01/17
|
415,000
|
420,727
|
|||||
56,573,687
|
|||||||
North Dakota — 1.2%
|
|||||||
Grand Forks, Sales Tax Revenue, Refunding, Series 2005A
|
|||||||
5.0%, 12/15/21
|
795,000
|
852,995
|
|||||
Puerto Rico — 1.4%
|
|||||||
Electric Power Authority Revenue, Series RR, FSA Insured
|
|||||||
5.0%, 7/01/20
|
1,000,000
|
975,650
|
|||||
Tennessee — 1.1%
|
|||||||
Memphis, General Obligation, General Improvement, Series 2006A
|
|||||||
5.0%, 11/01/19
|
720,000
|
777,600
|
|||||
Texas — 1.9%
|
|||||||
San Antonio, General Obligation, Refunding, Series 2010
|
|||||||
5.0%, 2/01/19
|
1,195,000
|
1,303,088
|
|||||
Virginia — 1.5%
|
|||||||
Chesterfield County, General Obligation, Refunding, Series 2005B
|
|||||||
5.0%, 1/01/17
|
975,000
|
1,021,732
|
|||||
Total Municipal Bonds
|
|||||||
(Cost $65,358,304)
|
67,131,646
|
||||||
CASH EQUIVALENTS — 3.1%
|
Shares
|
Value
|
|||||
Wells Fargo National Advantage Tax-Free Money Market Fund -
|
|||||||
Institutional Class 0.01%
(a)
|
|||||||
(Cost $2,146,941)
|
2,146,941
|
2,146,941
|
|||||
Total Investments in Securities
|
|||||||
(Cost $67,505,245)
|
69,278,587
|
||||||
Other Assets Less Other Liabilities — 0.9%
|
657,844
|
||||||
Net Assets — 100.0%
|
$
|
69,936,431
|
|||||
Net Asset Value Per Share
|
$ |
10.14
|
(a)
|
Rate presented represents the annualized 7-day yield at December 31, 2013.
|
Principal
|
|||||||
U.S. TREASURY — 92.0%
†
|
amount
|
Value
|
|||||
U.S. Treasury Bill
|
|||||||
0.03% 1/16/14
|
$
|
30,000,000
|
$
|
29,999,625
|
|||
0.06% 2/06/14
|
25,000,000
|
24,998,625
|
|||||
0.04% 3/06/14
|
30,000,000
|
29,997,867
|
|||||
0.05% 4/24/14
|
22,000,000
|
21,996,547
|
|||||
Total U.S. Treasury
|
|
106,992,664 |
MONEY MARKET FUNDS — 8.0%
|
Shares
|
Value
|
|||||
Wells Fargo Advantage Government Money Market Fund -
|
|||||||
Institutional Class 0.01%
(a)
|
9,320,698
|
$
|
9,320,698
|
||||
Wells Fargo Advantage 100% Treasury Money Market Fund -
|
|||||||
Service Class 0.00%
(a)
|
52,556
|
52,556
|
|||||
Total Money Market Funds
|
|
9,373,254
|
|||||
Total Investments in Securities
|
|||||||
(Cost $116,365,918)
|
|
116,365,918
|
|||||
Other Liabilities in Excess of Other Assets — 0.0%
|
|
(45,891
|
)
|
||||
Net Assets — 100.0%
|
|
$
|
116,320,027
|
||||
Net Asset Value Per Share
|
$ |
1.00
|
†
|
Interest rates presented represent the yield to maturity at the date of purchase.
|
(a)
|
Rate presented represents the annualized 7-day yield at December 31, 2013.
|
Russell 1000
|
The Russell 1000 is an unmanaged index of large capitalization common stocks. It consists of the 1,000 largest companies in the Russell 3000 Index.
|
|
Russell 1000 Value
|
The Russell 1000 Value is an unmanaged index of large capitalization common stocks. It consists of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
|
|
Russell 3000
|
The Russell 3000 is an unmanaged index of the 3,000 largest U.S. companies based on market capitalization.
|
|
Russell 3000 Value
|
The Russell 3000 Value is an unmanaged index of the largest capitalization common stocks. It consists of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.
|
|
Russell 2500
|
The Russell 2500 is an unmanaged index of small to mid-capitalization common stocks. It consists of the 2,500 smallest companies in the Russell 3000 Index.
|
|
Russell 2500 Value
|
The Russell 2500 Value is an unmanaged index of small to mid-capitalization common stocks. It consists of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.
|
|
S&P 500
|
The S&P 500 is an unmanaged index consisting of 500 companies generally representative of the market for the stocks of large-size U.S. companies.
|
|
Blended
|
The Blended Index blends the S&P 500 with the Barclays Intermediate U.S. Government/Credit Index by weighting their total returns at 60% and 40%, respectively. The portfolio is rebalanced monthly.
|
|
Barclays Intermediate U.S. Government/Credit
|
The Barclays Intermediate U.S. Government/Credit Index (BIGC) is a total return performance benchmark consisting of government securities and publicly issued corporate debt with maturities from one to ten years and rated at least BBB by Standard & Poor’s or Baa by Moody’s Investor Service.
|
|
Barclays 5-Year
Municipal Bond
|
The Barclays 5-Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market.
|
Board of Trustees
Lorraine Chang
John W. Hancock
Thomas R. Pansing, Jr.
Roland J. Santoni
Barbara W. Schaefer
Delmer L. Toebben
Wallace R. Weitz
Justin B. Wender
Investment Adviser
Weitz Investment Management, Inc.
1125 South 103rd Street, Suite 200
Omaha, NE 68124-1071
(800) 304-9745
Custodian
Wells Fargo Bank, N.A.
|
Officers
Wallace R. Weitz, President
John R. Detisch, Vice President, Secretary &
Chief Compliance Officer
Kenneth R. Stoll, Vice President & Chief
Financial Officer
Bradley P. Hinton, Vice President
Distributor
Weitz Securities, Inc.
Transfer Agent and Dividend Paying Agent
Weitz Investment Management, Inc.
Sub-Transfer Agent
Boston Financial Data Services, Inc.
NASDAQ symbols:
Value Fund - WVALX
Partners Value Fund - WPVLX
Partners III Opportunity Fund
Institutional Class - WPOPX
Investor Class - WPOIX
Research Fund - WRESX
Hickory Fund - WEHIX
Balanced Fund - WBALX
Short-Intermediate Income Fund
Institutional Class - WEFIX
Investor Class - WSHNX
Nebraska Tax-Free Income Fund - WNTFX
Government Money Market Fund - WGMXX
|
Help us conserve resources by receiving your report electronically. Visit us online at weitzinvestments.com.
Simply log in to your account and select “Electronic Delivery.”
|
|
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