UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-21364 |
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Schroder Global Series Trust | |
(Exact name of registrant as specified in charter) |
875 Third Avenue, 22nd Floor New York, NY |
| 10022 | |||||
(Address of principal executive offices) |
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Carin F. Muhlbaum 875 Third Avenue, 22nd Floor New York, NY 10022 | |||||||
(Name and address of agent for service) | |||||||
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Registrant’s telephone number, including area code: | 1-800-464-3108 |
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Date of fiscal year end: | October 31, 2015 |
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Date of reporting period: | April 30, 2015 |
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Item 1. Reports to Stockholders.
Schroder Mutual Funds | |
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April 30, 2015 | Semi-Annual Report |
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| Domestic Equity |
| Schroder North American Equity Fund |
| Schroder U.S. Opportunities Fund |
| Schroder U.S. Small and Mid Cap Opportunities Fund |
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| Global & International Equity |
| Schroder Emerging Market Equity Fund |
| Schroder Emerging Markets Multi-Cap Equity Fund |
| Schroder International Alpha Fund |
| Schroder International Multi-Cap Value Fund |
| Schroder Global Multi-Cap Equity Fund |
Table of Contents
Letter to Shareholders |
| 1 |
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Management Discussion and Analysis |
| 3 |
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Schedules of Investments |
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North American Equity Fund |
| 24 |
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U.S. Opportunities Fund |
| 30 |
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U.S. Small and Mid Cap Opportunities Fund |
| 33 |
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Emerging Market Equity Fund |
| 36 |
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Emerging Markets Multi-Cap Equity Fund |
| 39 |
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International Alpha Fund |
| 47 |
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International Multi-Cap Value Fund |
| 50 |
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Global Multi-Cap Equity Fund |
| 64 |
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Statements of Assets and Liabilities |
| 76 |
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Statements of Operations |
| 80 |
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Statements of Changes in Net Assets |
| 82 |
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Financial Highlights |
| 86 |
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Notes to Financial Statements |
| 92 |
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Disclosure of Fund Expenses |
| 109 |
Proxy Voting (Unaudited)
A description of the Funds’ proxy voting policies and procedures is available upon request, without charge, by visiting the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov, or by calling 1-800-464-3108 and requesting a copy of the applicable Fund’s Statement of Additional Information or on the Schroder Funds website at http://www.schroderfunds.com, by downloading the Funds’ Statement of Additional Information. Information regarding how the Funds voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request by calling 1-800-464-3108 and on the SEC’s website at http://www.sec.gov.
Form N-Q (Unaudited)
The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
June 15, 2015
Dear Shareholder:
The reporting period was dominated by central bank and currency divergence headlines, resulting in significant dislocations across the major asset classes. Overall, equities were the clear winner as investors’ appetite for risk assets propelled most markets higher amid an extraordinarily low bond yield environment.
While the Federal Reserve ended its Quantitative Easing (QE) program, central bankers in other countries saw the need to provide further monetary accommodation in their markets. The European Central Bank (ECB), along with 21 other central bank authorities, followed their counterparts in the U.S., Japan and U.K. and initiated QE earlier this year. This, in turn, pushed many major currencies lower versus the dollar, namely the euro, which nearly reached parity for the first time since 2003. In addition, commodities were hit hard earlier in the reporting period when oversupply along with lower global growth forecasts caused prices to sell off significantly.
Among the major asset classes, U.S. equities, led by smaller-cap stocks, continued to achieve strong returns as favorable economic and employment data proved to be enough to offset a weak earnings season and the threat of rising interest rates.
International stocks were also led higher as valuations and the prospects of extraordinary QE policies led many investors to rotate among overseas equity assets. The emerging markets (EM), while posting respectable returns in aggregate, experienced the widest dislocation as commodity-producing economies were hard hit relative to the more balanced EM economies.
Bond investors were left reeling as record low, and even negative, foreign bond yields forced income-seeking investors to go further out on the yield curve and down the credit spectrum. As a result, high yield bonds moderately outperformed investment grade bonds, and long-duration bonds generally did well during the reporting period as the threat of interest rate hikes kept shorter-duration bond returns relatively muted.
After several years of complacency, volatility has returned to the global markets with a vengeance, and we believe is likely to persist over the foreseeable future. Typically, this has led to robust opportunities for select asset classes, and challenges for others.
Those investors who continue to stay the course, in our view, have a good chance to weather bumps in the road as well as find those pockets of growth that may become unearthed. During times like these, we encourage you to consult with your financial advisor to help evaluate your long-term objectives and review your current asset allocation to ensure it is appropriate given the prevailing market environment.
Again, we thank you for including Schroders in your financial plan, and we look forward to our continued relationship.
Sincerely, |
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| Mark A. Hemenetz, CFA |
| President |
IMPORTANT INFORMATION CONCERNING MANAGEMENT DISCUSSION AND ANALYSIS AND PERFORMANCE
Except as otherwise specifically stated, all information and investment team commentary, including portfolio security positions, is as of April 30, 2015. The views expressed in the Management Discussion and Analysis sections (the “MD&As”) are those of the respective Fund’s portfolio manager(s) and are subject to change without notice. They do not necessarily represent the views of Schroder Investment Management North America Inc (“SIMNA”). The MD&As contain some forward-looking statements providing current expectations or forecasts of future events; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. A Fund may buy, sell, or hold any security discussed herein, on the basis of factors described herein or the basis of other factors or other considerations. Fund holdings will change.
Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. Please keep in mind that any double digit returns are highly unusual and cannot be sustained. Fees and expenses are factored into the net asset value of your shares and any performance numbers we release. Total return figures reflect expense limitations in effect during the periods shown; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Current and month-end performance and other information, which may be lower or higher than that cited, is available by contacting Schroder Investment Management North America Inc. at (212) 641-3800 and is periodically updated on our website: www.schroderfunds.com.
Performance information has not been included in the MD&As for any share class of a Fund that commenced operations during the 6-month period ended April 30, 2015.
Schroder North American Equity Fund
MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)
Performance
For the six-month period ended April 30, 2015, the Schroder North American Equity Fund (the “Fund”) rose 3.63% (Investor Shares) and 3.44% (Advisor Shares). For the same six-month period, the S&P 500 Index (the “Index”), a market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ, rose by 4.40%.
Market Background
U.S. equities gained over the six-month period. With the Federal Reserve completing the tapering of its quantitative easing drive, attention switched to the likely timing of the first interest rate rise. Economic data was somewhat mixed over the period, largely due to poor winter weather, although labor market data continued to hold up relatively well. The U.S. dollar strengthened amid expectations of tighter monetary policy in the U.S. while other major central banks — notably in Japan and the eurozone — continued to ease monetary policy. Oil prices fell over the period amid oversupply concerns.
There was a divergence between styles, with growth outpacing value. Reflecting the broader preference for growth, two of the best performing sectors were health care and technology. Both sectors were at the epicenter of a vibrant period for mergers and acquisitions and initial public offerings. Health care’s performance came despite a sell-off in U.S. biotechnology at the end of 2014, triggered by valuation concerns within the sector.
Beneficiaries of the fall in oil prices also did well. With people spending less at the pumps, more was available for restaurants, gifts and home improvements. Consumer stocks, including retailers, benefited accordingly and consumer discretionary was the top performing sector for the period. At the other end of the performance spectrum, energy was the worst performing sector, followed by utilities. The U.S. dollar’s gains weighed on commodity prices, which were already under pressure from over-supply concerns.
Portfolio Review
The Fund ended the period behind its benchmark. We continue to hold lower allocations to areas of the market where we believe valuations are not justified by business quality. This proved detrimental in an environment dominated by a singular focus on growth. This theme was particularly prominent in the consumer discretionary sector where our lower allocation to retail, including stocks such as Amazon.com and Netflix, detracted from relative returns.
Health care was another area that detracted from relative performance, notably the pharmaceutical sector. Merger & acquisition activity continued over the period with excitable investors rewarding both the acquirees (an unsurprising response) and the acquirers (more unusual). Resources were also negative in aggregate despite our preference for integrated oil & gas stocks over the more volatile explorers.
On the positive side, the information technology (IT) sector made a positive contribution to relative returns, which we attribute to the Fund’s positioning within IT services and semiconductors. Ongoing uncertainty over the direction of U.S. interest rates meant that stocks that trade as ‘bond surrogates’ remained volatile over the period. The Fund’s negligible weight in U.S. utilities was therefore a positive contributor to relative returns as these unattractive yield replacements sold off in aggregate.
Market Outlook
It is still hard to argue that the U.S. market is cheap. At the beginning of the year, investors had priced in fewer threats to the U.S. economy than elsewhere, but recently some of these favorable dynamics have become less clear.
Within defensive industries, we retain the Fund’s preference for health care in aggregate despite reducing our exposure to pharmaceutical and health care equipment stocks. The Fund’s underweight to the food & drink industry remains as many stocks still currently trade at full valuations, although a select few high quality names have underperformed and are now more interesting. The Fund’s position in utilities is our largest underweight as the sector still looks unattractive and very crowded.
In financials, we believe complex banks continue to offer better opportunities than relatively more expensive simple banks. Real estate remains unattractive overall, and is our second largest underweight, while we remain overweight life & health insurance.
The Fund’s position in technology continues to be elevated. Our focus remains on attractively valued companies that have ‘mature’ business models that are shareholder friendly, such as Microsoft and Cisco, over more ‘exciting’ software stocks like salesforce.com. Within consumer discretionary, the Fund remains underweight leisure and auto stocks. Within industrials, we favor machinery and defense.
The Fund is underweight in materials, particularly expensive chemicals stocks, preferring high quality names trading on depressed valuations. In energy we are seeking to avoid the higher cost producers that we believe are likely to be hit harder by oil price volatility, preferring integrated oils and refiners instead.
PERFORMANCE INFORMATION
|
| One Year Ended |
| Five Years Ended |
| Ten Years Ended |
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| April 30, 2015 |
| April 30, 2015 (a) |
| April 30, 2015 (a) |
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Schroder North American Equity Fund — |
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Investor Shares |
| 11.28 | % | 13.42 | % | 8.22 | % |
Advisor Shares |
| 10.88 | % | 13.01 | % | 7.84 | %(b) |
S&P 500 Index |
| 12.98 | % | 14.33 | % | 8.32 | % |
(a) | Average annual total returns. |
(b) | The Advisor Shares commenced operations on March 31, 2006. The performance information provided in the above table for periods prior to March 31, 2006 reflects the performance of the Investor Shares of the Fund, adjusted to reflect the distribution fees paid by Advisor Shares. |
“Total Return” shown above is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.
Top 5 Holdings
Security |
| % of Net Assets |
|
Apple |
| 4.2 | % |
Microsoft |
| 2.4 |
|
ExxonMobil |
| 2.3 |
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Johnson & Johnson |
| 1.7 |
|
Wells Fargo |
| 1.6 |
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Sector Allocation
Sector |
| % of Net Assets |
|
Information Technology |
| 21.3 | % |
Financials |
| 16.0 |
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Healthcare |
| 15.6 |
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Consumer Discretionary |
| 11.7 |
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Industrials |
| 11.1 |
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Consumer Staples |
| 9.1 |
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Energy |
| 8.5 |
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Materials |
| 2.6 |
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Telecommunication Services |
| 2.4 |
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Utilities |
| 1.1 |
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Other Assets less Liabilities |
| 0.6 |
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Schroder U.S. Opportunities Fund
MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)
Performance
For the six-month period ended April 30, 2015, the Schroder U.S. Opportunities Fund (the “Fund”) gained 5.03% (Investor Shares) and 4.93% (Advisor Shares) compared to the Russell 2000 Index (the “Index”), a broad-based basket of stocks with characteristics similar to the Fund’s portfolio, which rose 4.65%.
Market Background
Perhaps the biggest story in recent months was the fall in the price of oil, which began mid-year 2014. For the six-month period under review, the spot price of West Texas Intermediate oil fell by 27% from $80.54 to $58.58. This accounted for approximately half of the 58% decline in the price of oil that occurred between July 2014 and March 2015. As a result, the energy sector was the worst performing sector in the Index, declining -12.8% for the six months. The next weakest sector was producer durables, which returned +1.1% and felt the effects of another large macro story during recent months — the strengthening U.S. dollar. During the six- month period, the U.S. dollar gained 15% versus the euro, and this had a negative impact on companies with meaningful overseas sales.
At the other end of the spectrum, health care was the leading sector in the Index (+13.3%), driven by strong returns in the biotechnology (+18.5%) and pharmaceutical sectors (+12.9%), where a frenzy of offerings and deals drove the returns.
The current environment is one of nominally higher-than-average valuations, which we believe are made possible by the artificially low interest rate environment. Said differently, 21.5x earnings in a 2% rate world are not the same as 21.5x earnings in a 6% rate world. The common wisdom is that the Federal Reserve Board (the “Fed”) will begin to raise the Fed Funds rate this year; the question is when, and while there are many answers to that question, the truth seems to be that no one really knows. When the rate does increase, we expect it to have an impact on valuations.
Portfolio Review
Stock selection was the main driver of the Fund’s outperformance during the period. Our strongest selection occurred in technology and consumer discretionary. We also benefited from underweighting the energy and real estate investment trust (REIT) sectors. In the technology area, we particularly benefitted from holdings in both Sapient, which was acquired by the French firm Publicis Groupe, and Fortinet, which provides sought-after threat management and network security solutions and released a strong earnings report. In the consumer discretionary sector, we had noteworthy contributions in the restaurant industry (Red Robin Gourmet Burgers and Domino’s Pizza) and in the entertainment industry (AMC Entertainment Holdings). We also did well in specialty retail (American Eagle Outfitters).
In the producer durables sector, notable holdings included ServiceMaster Global Holdings, which provides residential and commercial services, including pest and termite control services, and Hexcel, which is in the aerospace industry and makes composite materials used in aircraft production.
In contrast, we detracted value in our health care holdings due to underweights in the biotechnology and pharmaceutical industries. This is partly due to our bias towards companies with positive trailing 12-month earnings, a trait not present for many companies in the biotechnology industry. The Fund had an average cash exposure of 7.3%, which detracted from relative returns.
Market Outlook
Although we are finally beginning to see modest signs of wage recovery, the overall economic recovery has been slower than anyone anticipated. In the end, this should enable moderate income families to participate in the recovery, which we view as a positive outcome, given that U.S. Gross Domestic Product (GDP) is over 70% driven by the consumer.
We believe there are also some positive signs in the housing market. While we are not seeing a roaring recovery in new home starts, the modest increases we have seen that we believe point to a more long-lived recovery in the housing market, which is important due to its multiplier effect on the broader economy.
One area of concern has been the biotechnology group. We feel that we have reached a level of “frothiness” that has the feel of a bubble. Additionally, we are noticing an increasing number of low quality biotech companies entering the IPO market. Historically, this is rarely a good sign.
While the market has been anticipating a rise in short-term rates since 2014, only recently have we seen longer-term yields increases with the recent move on the 10-year U.S. Treasury. After hitting a low of 1.64% in late January, rates moved up to 2.02% by the end of April and up to 2.44% as of this writing. Notably, this is still quite low relative to the past 20 years. We will continue to monitor the rate situation closely as we believe a rise in short-term rates is likely to impact certain sectors, such as utilities, differently than others, such as financials, which have historically done well during rising rate periods. More importantly, since the stock market generally does not like uncertainty, we believe domestic stocks are likely to continue exhibiting volatility until there is clear guidance by the Fed.
PERFORMANCE INFORMATION
|
| One Year Ended |
| Five Years Ended |
| Ten Years Ended |
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Schroder U.S. Opportunities Fund (b) — |
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Investor Shares |
| 11.17 | % | 12.10 | % | 10.40 | % |
Advisor Shares |
| 10.84 | % | 11.79 | % | 10.12 | %(c) |
Russell 2000 Index |
| 9.71 | % | 12.73 | % | 9.18 | % |
(a) | Average annual total returns. |
(b) | Effective May 1, 2006, the management fees of the Fund increased to 1.00% per annum. If the Fund had paid such higher fees during prior periods, the returns of the Fund would have been lower. |
(c) | The Advisor Shares commenced operations on May 15, 2006. The performance information provided in the above table for periods prior to May 15, 2006 reflects the performance of the Investor Shares of the Fund, adjusted to reflect the distribution fees paid by Advisor Shares. |
“Total Return” shown above is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.
Top 5 Holdings
Security |
| % of Net Assets |
|
SPDR Barclays 1-3 Month T-Bill ETF |
| 4.5 | % |
CoreLogic |
| 1.8 |
|
Brown & Brown |
| 1.6 |
|
VWR |
| 1.5 |
|
NorthWestern |
| 1.5 |
|
Sector Allocation
Sector |
| % of Net Assets |
|
Financial Services |
| 21.8 | % |
Healthcare |
| 15.0 |
|
Technology |
| 12.8 |
|
Producer Durables |
| 12.7 |
|
Consumer Discretionary |
| 11.9 |
|
Materials & Processing |
| 10.6 |
|
Investment Company |
| 4.5 |
|
Utilities |
| 3.7 |
|
Other Energy |
| 2.4 |
|
Consumer Staples |
| 0.6 |
|
Other Assets less Liabilities |
| 4.0 |
|
Schroder U.S. Small and Mid Cap Opportunities Fund
MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)
Performance
For the six-month period ended April 30, 2015, the Schroder U.S. Small and Mid Cap Opportunities Fund (the “Fund”) gained 7.90% (Investor Shares) and 7.78% (Advisor Shares) compared to the Russell 2500 Index (the “Index”), a broad-based basket of stocks with characteristics similar to the Fund’s portfolio, which rose 5.64%.
Market Background
Perhaps the biggest story over the six months was the fall in the price of oil, which began mid-year 2014 and continued into early 2015. For the six-month period under review, the spot price of West Texas Intermediate oil fell by 27% from $80.54 to $58.58. This was approximately half of the 58% decline in the price of oil which occurred between July 2014 and March 2015. As a result, the energy sector was the worst performing sector in the Index, declining -12.8% for the six months. The next weakest sector was producer durables with a return of +1.1%. This sector felt the effects another large macro story — the strengthening U.S. dollar. During the six-month period, the U.S. dollar gained 15% versus the euro, which had a negative impact on companies with meaningful overseas sales.
Health care was the leading sector (+14.9%) driven by strong returns in the biotechnology (+18.1%) and pharmaceutical sectors (+21.6%) as a frenzy of offerings and deals drove returns. In general we have difficulty investing in biotech given our bias towards companies with positive trailing 12-month earnings.
The current environment is one of nominally higher-than-average valuations, which we believe are made possible by the artificially low interest rate environment. Said differently, 21.5x earnings in a 2% rate world are not the same as 21.5x earnings in a 6% rate world. The common wisdom is that the Federal Reserve Board (the “Fed”) will begin to raise the Fed Funds rate this year; the question is when, and while there are many answers to that question, the truth seems to be that no one really knows. When the rate does increase, we expect it to have an impact on valuations.
Portfolio Review
Stock selection was the main driver of the Fund’s outperformance during the period. Our strongest selection occurred in financial services (especially in the life insurance and financial data & systems industries) and producer durables. Two holdings in the financial data industry are worthy of note. CoreLogic is a database company with extensive information on property, financial and consumer information. Data items provided on real estate properties range from historical pricing to esoteric items, such as earthquake activity in that locale. Their data services are used by mortgage originators, financial institutions and government organizations. A second stock, Vantiv, is an electronic payment processor. Effectively they occupy the space between the merchant swiping a credit card and the issuing bank or financial institution. We believe that this is an interesting and profitable niche in the payments industry.
In the producer durables sector, notable holdings include Rollins, Inc. (pest and termite control services) and several air transport companies (Alaska Air and Spirit Airlines — the latter of which the Fund subsequently sold). We became interested in “low-cost” airlines because we believe they are following a rational business model of charging appropriately for each of their services, which we do not believe has been true of the airline industry for a long time.
In contrast, we detracted value in our health care holdings due to underweights in the biotechnology and pharmaceutical industries. This is partly due to our bias towards companies with positive trailing 12-month earnings, a trait not present for many companies in the biotechnology industry. The Fund had an average cash exposure of 6.8%, which detracted from relative returns.
Market Outlook
Although we are finally beginning to see modest signs of wage recovery, the overall economic recovery has been slower than anyone anticipated. In the end, this should enable moderate income families to participate in the recovery, which we view as a positive outcome, given that U.S. Gross Domestic Product (GDP) is over 70% driven by the consumer.
We believe there are also some positive signs in the housing market. While we are not seeing a roaring recovery in new home starts, the modest increases we have seen which we believe point to a more long-lived recovery in the housing market, which is important due to its multiplier effect on the broader economy.
One area of concern has been the biotechnology group. We feel that we have reached a level of “frothiness” that has the feel of a bubble. Additionally, we are noticing an increasing number of low quality biotech companies entering the IPO market. Historically, this is rarely a good sign.
While the market has been anticipating a rise in short-term rates since 2014, only recently have we seen longer-term yields increases with the recent move on the 10-year U.S. Treasury. After hitting a low of 1.64% in late January, rates moved up to 2.02% by the end of April and up to 2.44% as of this writing. Notably, this is still quite low relative to the past 20 years of history. We will continue to monitor the rate situation closely as we believe a rise in short-term rates is likely to impact certain sectors, such as utilities, differently than others, such as financials, which have historically done well during rising rate periods. More importantly, since the stock market generally does not like uncertainty, we believe domestic stocks are likely to continue exhibiting volatility until there is clear guidance by the Fed.
PERFORMANCE INFORMATION
|
| One Year Ended |
| Five Years Ended |
| Annualized |
|
Schroder U.S. Small and Mid Cap Opportunities Fund (d) — |
|
|
|
|
|
|
|
Investor Shares |
| 15.56 | % | 13.62 | % | 9.15 | % |
Advisor Shares |
| 15.17 | % | 13.31 | % | 8.88 | % |
R6 Shares |
| 15.65 | %(c) | 13.64 | %(c) | 9.16 | %(c) |
Russell 2500 Index |
| 10.70 | % | 14.01 | % | 7.83 | % |
(a) | Average annual total returns. |
(b) | From commencement of fund operations on March 31, 2006. |
(c) | The R6 Shares commenced operations on December 30, 2014. The performance information provided in the above table for periods prior to December 30, 2014 reflects the performance of the Investor Shares of the Fund. |
(d) | Effective December 19, 2014, SIMNA has contractually agreed through February 29, 2016 to limit the management fee paid by the Fund to 0.80% per annum. If the Fund had paid such lower fees during the period prior to December 19, 2014, the returns of the Fund would have been higher. |
“Total Return” shown above is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.
Top 5 Holdings
Security |
| % of Net Assets |
|
SPDR Barclays 1-3 Month T-Bill ETF |
| 2.9 | % |
Aramark |
| 2.2 |
|
CoreLogic |
| 1.8 |
|
Snap-on |
| 1.7 |
|
Hexcel |
| 1.5 |
|
Sector Allocation
Sector |
| % of Net Assets |
|
Financial Services |
| 21.9 | % |
Consumer Discretionary |
| 16.4 |
|
Healthcare |
| 13.6 |
|
Technology |
| 11.9 |
|
Materials & Processing |
| 11.3 |
|
Producer Durables |
| 11.2 |
|
Utilities |
| 3.1 |
|
Investment Company |
| 2.9 |
|
Other Energy |
| 2.6 |
|
Auto & Transportation |
| 1.4 |
|
Consumer Staples |
| 0.8 |
|
Other Assets less Liabilities |
| 2.9 |
|
Schroder Emerging Market Equity Fund
MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)
Performance
For the six-month period ended April 30, 2015, the Schroder Emerging Market Equity Fund (the “Fund”) rose 3.10% (Investor Shares) and 3.02% (Advisor Shares). For the same six-month period, the Morgan Stanley Capital International (MSCI) Emerging Markets Index (the “Index”), a broad-based basket of emerging market stocks covering over 800 securities across 21 markets, rose by 3.92%.
Market Background
Global equities registered solid gains over the six-month period. U.S. equities were positive but marginally lagged the wider market amid some disappointing economic data in the second half of the period. The Federal Reserve, in its March Federal Open Market Committee statement, removed the term “patient” from its policy stance and thereby opened the door for a rate increase. However, the Federal Reserve also lowered its key rate expectations and expressed concern over the strong U.S. dollar. European equities registered a stronger return, as a period of protracted weakness in macro data prompted the European Central Bank to launch sovereign quantitative easing in March - pledging to purchase $60 billion of assets per month. Meanwhile, following sharp energy price falls towards the end of 2014, there was some recovery with the price of oil rebounding 16.5% over the four months ending April 2015. Emerging markets posted gains, a large portion of which were attributable to a liquidity driven rally in China from the end of March. The Index outperformed the MSCI World.
Emerging Asia was the best performing region over the period. China was the stand-out market as a series of weak macro releases prompted the authorities to cut interest rates and reduce reserve requirements. Local equities were driven higher by expectations for further stimulus measures to support the slowing economy, and the local securities regulator’s move at the end of March to permit investors to invest in Hong Kong stocks. A liquidity driven rally has ensued. First quarter Gross Domestic Product (GDP) growth was in line with expectations at 7.0% Year over Year (YoY) but trade and industrial production data disappointed and the Purchasing Managers Index remains weak. The Philippines outperformed as GDP growth continued to be firm and lower oil prices supported a decrease in inflation. Taiwan finished ahead of the Index, with technology stocks underpinning outperformance. Korea recorded a positive return and outperformed. First quarter growth of 2.4% was slightly ahead of consensus expectations; however macro data remains generally weak and that prompted its central bank to cut rates in March. Thai equities fell as growth remained lackluster. During the period the military-led government voted to impeach former Prime Minster Yingluck Shinawatra and brought criminal charges against her. In India, reform continued to progress whilst easing inflation provided headroom for its central bank to cut rates. Although macro data remained relatively firm, rains in the north and west have weighed on market sentiment amid concerns could spur food price gains, increase inflation and prevent the central bank from implementing further interest rate cuts. Indonesian equities declined in value as corporate earnings disappointed and the outlook for growth appeared to deteriorate. Malaysia was the regional laggard, negatively impacted by the sharp decline in the oil price.
Emerging EMEA (Europe, Middle East, and Africa) equities experienced some divergent returns through the period. Hungary was the strongest regional market with large index stock OTP Bank leading the local market higher. South Africa generated a positive return with media company and large index stock Naspers supporting gains. The company has a stake in Chinese peer Tencent, which rallied strongly over the period. Poland and the Czech Republic both lagged the Index, although macro data remained firm. Egypt also lagged amid uncertainty over capital gains tax whilst the UAE and Qatar declined on the back of negative sentiment linked to lower energy prices. After experiencing some heavy declines at the end of 2014, Russian equities and the ruble have rebounded in 2015, largely due to some recovery in the price of crude oil and the reversal of emergency rate hikes implemented last year. However, this was not enough to recoup all of the losses and the market was down over the six-month period. After performing well through the first half of the period, as inflation fell, Turkish equities came under pressure as perceived political interference undermined the credibility and independence of its central bank, increasing volatility in the lira. Parliamentary elections scheduled for June have also weighed on the market. Greece was the worst performing Index market as radical left party Syriza won an early election with a mandate to end austerity. Negotiations to reach an improved debt agreement with European partners are ongoing, and the market has experienced significant volatility on the back of short term news flow.
All of the Latin America markets underperformed the benchmark over the period. Peru was the only market to finish in positive territory, and only slightly lagged the Index. Performance was primarily supported by gains in miners Southern Copper and Minas Buenaventura. The Chilean market was broadly flat. After a slowdown in growth through 2014, expectations for 2015 have improved whilst the central bank has supported the economy by lowering rates. In Mexico, the declining oil price was a headwind to the local market as energy reform was seen as a major contributor to the longer term growth outlook for the country. Following the re-election of President Rousseff in October, Brazilian equities remained weak as the economy has deteriorated. This has forced the government to adopt more orthodox economic policy. The real sold off sharply, partly due to its central bank’s abandonment of its currency intervention program in March. The appointment of Joaquim Levy as finance minister has been positive, whilst the central bank has also moved to raise rates to combat high inflation. A further drag on the market has been a corruption scandal at Petrobras which has resulted in the delay in publication of its third quarter earnings results. Although the publication of results in April removes some short-
term financing pressures, the company’s difficulties are far from over. Colombia was the worst regional market due to its high reliance on oil revenues, which has resulted in heavy falls in the peso.
Portfolio Review
The Fund’s performance was behind the Index over the six-month period ending April 30, 2015 as country allocation was positive while stock selection was negative, on a relative basis.
The overweight to China, which outperformed, added value, as did underweights to Mexico and Malaysia, which underperformed. This was somewhat offset by overweights to Turkey and India, which underperformed and therefore detracted from relative performance.
The main drag on performance was due to stock selection in China, where the liquidity driven rally supported gains in lower quality companies with generally weaker balance sheets; companies the portfolio will typically be underweight or have no exposure to. The rally has also been focused on companies perceived to benefit from potential mainland retail investor inflows following the loosening of Shanghai-Hong Kong Stock Connect regulations. Key stock detractors to performance were the Fund’s overweight positions in AIA Group, Brilliance China, AAC Technologies, Baidu and Sinopec, all of which lagged the liquidity-driven rally. Other negative stock effects included Korea (overweight Naver, Samsung C&T and Hana Financial) and Brazil (underweight Petrobras and overweight Kroton). This was somewhat offset by positive selection in Taiwan (overweight Catcher Technology, Advanced Semiconductor and Mediatek) and India (overweight Axis Bank, Lupin and HDFC Bank).
Market Outlook
Our outlook for global emerging markets (GEMs) remains little changed. The global macro backdrop is generally unsupportive with a “low growth for longer” scenario so far continuing to play out. This, in turn, has served to dampen risk appetite and to weigh on emerging export sectors in particular. Recent soft growth in the U.S. has led to increased U.S. dollar volatility. However, the prospect of ongoing divergent monetary policy between the U.S. and the eurozone and Japan, together with expectations of a rebound in U.S. growth, we believe will likely keep the U.S. dollar supported. Historically, a strong U.S. dollar has weighed on GEMs relative performance, meaning that the positive outlook for the U.S. dollar could continue to be a headwind for GEMs. Meanwhile, country specific challenges in emerging markets are serving to heighten market volatility; for example, concerns over the sustainability of the recent Chinese market rally and political uncertainty in Greece, Russia and more recently Turkey. The increasing importance of China in the Index also bears close monitoring, with MSCI’s decision on whether to include local A-shares in the Index due shortly. Overall GEMs appears to face a difficult environment. We are wary of the challenges facing GEMs and for the short-term, we have allowed cash to slightly increase in the portfolio. However, there is a case to be made that many of the challenges facing GEMs have been priced in, at least to some extent, and the degree of investor negativity towards GEMs looks overdone. Notably, the Index is trading on around 12X Price to Earnings versus the MSCI U.S. index, which is trading on over 17X Price to Earnings. In addition, IBES consensus earnings growth expectations are for around 9% for GEMs compared to 7% for the U.S., where U.S. dollar strength could weigh on the earnings of companies’ overseas operations.
PERFORMANCE INFORMATION
|
| One Year Ended |
| Five Years Ended |
| Annualized |
|
Schroder Emerging Market Equity Fund — |
|
|
|
|
|
|
|
Investor Shares |
| 6.60 | % | 2.95 | % | 5.81 | % |
Advisor Shares |
| 6.37 | % | 2.70 | % | 5.59 | % |
R6 Shares |
| 6.60 | %(c) | 2.95 | %(c) | 5.81 | %(c) |
MSCI Emerging Markets Index |
| 7.80 | % | 3.02 | % | 5.65 | % |
(a) | Average annual total returns. |
(b) | From commencement of fund operations on March 31, 2006. |
(c) | The R6 Shares commenced operations on December 30, 2014. The performance information provided in the above table for periods prior to December 30, 2014 reflects the performance of the Investor Shares of the Fund. |
“Total Return” shown above is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.
Top 5 Holdings
Security |
| % of Net Assets |
|
Samsung Electronics |
| 5.4 | % |
Tencent Holdings |
| 5.0 |
|
China Construction Bank Class H |
| 3.8 |
|
Taiwan Semiconductor Manufacturing |
| 3.7 |
|
China Petroleum & Chemical Class H |
| 3.0 |
|
Geographic Allocation
|
| % of Net Assets |
|
Asia/Far East |
| 73.8 | % |
Europe |
| 9.4 |
|
Latin America |
| 9.0 |
|
Africa |
| 3.4 |
|
Middle East |
| 3.0 |
|
Other Assets less Liabilities |
| 1.4 |
|
Schroder Emerging Markets Multi-Cap Equity Fund
MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)
Performance
For the six-month period ended April 30, 2015, the Schroder Emerging Markets Multi-Cap Equity Fund (the “Fund”) rose 1.47% (Investor Shares) and 1.35% (Advisor Shares). For the same six-month period, the Morgan Stanley Capital International (MSCI) Emerging Markets Index (the “Index”), a broad-based basket of emerging market stocks covering over 800 securities across 21 markets, rose by 3.92%.
Market Background
Emerging market equities lagged their developed market peers over the period. The sell-off in emerging markets that commenced in autumn 2014 intensified towards the end of the year as investors grew increasingly nervous in the face of a number of headwinds, principally the potential fragility of Russia, sluggish growth in China and the prospect of rising U.S. interest rates. However, after a poor end to 2014, emerging markets broadly tracked developed equities during the early part of 2015 and outperformed in April.
The export-heavy but resource-light Asian markets were the best performers over the six months, benefiting from continued weakness in commodity prices and the expectation of firmer overseas demand. China was one of the strongest equity markets during the period as the index rose to a seven-year high in the wake of monetary policy easing from the People’s Bank of China. Further policy easing appears to be in the cards given the recent weakness in Chinese economic data and the downward drift in inflation. Moves by the authorities to enable more widespread access to the market also drove returns.
Europe, Middle East and Africa (EMEA) markets registered a slightly negative return for the period. The Greek market was particularly weak. The left-wing anti-bailout party Syriza formed a new government following national elections in January but has struggled to gain concessions from its eurozone partners since then. The country now runs the risk of soon having insufficient funds to repay its creditors unless it can unlock more bailout funds.
The resource-laden Latin American markets were the weakest performers, dragged down by falls in commodity prices. The Brazilian market was particularly weak; Brazil’s economy stagnated last year, and we expect more of the same for 2015 on the back of weaker commodity exports even as inflation remains stubbornly high.
As in developed markets, investors exhibited a marked preference for “growth” over “value” during the period. From a sector perspective, technology and health care were two of the better performing sectors whilst materials and utilities were among the worst. Energy was the weakest sector overall due to the oil price drop.
Portfolio Review
The Fund lagged the Index over the period. The Fund’s positioning within China detracted from relative returns. This was in part due to our underweight allocation to Chinese financials, which performed strongly and now constitute over 10% of the entire Index, an all-time high. Our underweight allocation to software stock Tencent was another negative as the stock was a key beneficiary of investors searching for growth. Elsewhere in Asian markets, new government regulations on cement prices in Indonesia aimed at supporting the local construction industry hurt our exposure to two cement producers. However, stock selection was positive in Taiwan, notably within the technology hardware subsector. Our positioning within Malaysia also supported Fund performance.
Within EMEA, our overweight allocation to the region was negative but was offset by good stock selection. Stock picking successes were notable in Turkey and Greece where we avoided lower quality banks. However, stock selection was negative in South Africa, largely due to our avoidance of media stock Naspers which, like Tencent, benefited from the market’s hunt for growth stocks.
Our underweight allocation to Latin America made a positive contribution to returns for the period, particularly our low weighting in the Mexican market, which we continue to view as expensive. However, stock selection in Brazil had a negative impact.
Market Outlook
In terms of portfolio positioning, the low allocations to Chinese financials and to Samsung continue to drive an underweight in the Asian region. The strength of the Chinese equity market has encouraged us to trim areas that are no longer offering what we view to be attractive valuations, further reducing the allocation to Asia. This has occurred across most sectors but particularly within consumer discretionary, technology and telecoms. Whilst we continue to struggle to find any significant opportunities in Korea, in recent weeks, we have increased the Fund’s allocation to Korean consumer discretionary stocks. Elsewhere in Asia, we remain overweight Thailand (particularly the energy, technology and telecoms sectors) and Indonesian construction materials and machinery stocks. Our exposure to Taiwan is driven by being overweight its technology sector.
In the EMEA region, we have a long-running preference for South Africa across most sectors outside of media (Naspers). We have been increasing the Fund’s allocation to investments in Turkey (except financials) this year but are still only modestly overweight, and we remain underweight the former Frontier Markets (Qatar and UAE). We are broadly neutral Russia relative to the Index despite its cheapness, as we believe that there are few high quality opportunities. The exposure is also hampered by sanctions, higher transaction costs and American depository receipt (ADR) premiums.
We are underweight Latin America in aggregate, although overweight Brazil — we have continued to increase our exposure here. We are underweight Mexico and, although some limited opportunities have emerged (staples and telecoms) due to recent underperformance, it remains one of our least favored markets as valuations appear to be rich outside of its energy sector.
We continue to believe that performance within emerging markets will remain both diverse and volatile, particularly against the backdrop of a less supportive market environment in the form of a strong dollar and probable policy tightening of U.S. monetary policy. One encouraging factor, we believe, is that the combination of more competitive emerging market currencies and an inflation dividend for the commodity importing countries is boosting the prospect of a positive growth surprise later this year, albeit from a low base.
PERFORMANCE INFORMATION
|
| One Year Ended |
| Annualized |
|
Schroder Emerging Markets Multi-Cap Equity Fund (c) — |
|
|
|
|
|
Investor Shares |
| 4.55 | % | 9.21 | % |
Advisor Shares |
| 4.29 | % | 8.96 | % |
R6 Shares |
| 4.59 | %(b) | 9.23 | %(b) |
MSCI Emerging Markets Index |
| 7.80 | % | 11.96 | % |
(a) | From commencement of fund operations on June 25, 2013. |
(b) | The R6 Shares commenced operations on December 30, 2014. The performance information provided in the above table for periods prior to December 30, 2014 reflects the performance of the Investor Shares of the Fund, adjusted to reflect the lower fees paid by R6 Shares. |
(c) | Effective December 19, 2014, SIMNA has contractually agreed through February 29, 2016 to limit the management fee paid by the Fund to 0.80% per annum. If the Fund had paid such lower fees during the period prior to December 19, 2014, the returns of the Fund would have been higher. |
“Total Return” shown above is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.
Top 5 Holdings
Security |
| % of Net Assets |
|
Sasol |
| 1.0 | % |
Taiwan Semiconductor Manufacturing ADR |
| 1.0 |
|
Samsung Electronics GDR |
| 1.0 |
|
Zhejiang Expressway Class H |
| 1.0 |
|
Taiwan Semiconductor Manufacturing |
| 1.0 |
|
Geographic Allocation
|
| % of Net Assets |
|
Asia/Far East |
| 52.0 | % |
Latin America |
| 13.2 |
|
Africa |
| 11.2 |
|
Europe |
| 10.8 |
|
Short-Term Investments |
| 7.2 |
|
Middle East |
| 1.8 |
|
United Kingdom |
| 0.7 |
|
Other Assets less Liabilities |
| 3.1 |
|
Schroder International Alpha Fund
MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)
Performance
For the six-month period ended April 30, 2015, the Schroder International Alpha Fund (the “Fund”) gained 5.50% (Investor Shares) and 5.37% (Advisor Shares) compared to the Morgan Stanley Capital International (MSCI) EAFE Index (the “Index”), a broad-based basket of international stocks, which gained 6.81% during this same period.
Market Background
International equities gained over the six-month period, with monetary policy once again in the spotlight. Japan was the best regional performer as the stock market was boosted by further monetary policy easing from the central bank. Elsewhere, European equities were supported by the launch of the central bank’s quantitative easing program in March. Both the yen and euro weakened in response to the easing drive in these countries, while the U.S. dollar strengthened amid expectations that the Federal Reserve may increase interest rates in 2015.
The period was also characterized by a divergence between investment styles, with growth outpacing value. As a result, two of the best performing sectors were health care and technology. The consumer sector also gained strongly over the period as the continued fall in oil prices had a positive impact on disposable income. However, weaker energy prices had a negative impact on energy- and utilities-related stocks, which were the two worst performing sectors over the period.
Portfolio Review
The Fund underperformed the Index over the period as stock selection, particularly in the industrials and technology sectors, weighed on returns. Offsetting this, to some extent, was a positive contribution from our holdings in the consumer discretionary sector. By region, stock selection in Europe and Japan detracted from performance, although this was counteracted by the positive impact of our holdings in Asia Pacific.
At the stock level, the largest detractor was Nokia. Shares sold off sharply at the end of April as the company announced weak quarterly results and its intention to acquire telecommunications and network equipment manufacturer, Alcatel Lucent. We believe this announcement, while not necessarily negative, changes the strategic direction of the company, impacts our initial investment thesis, and therefore changes the fundamental risk of owning the name. The stock is currently under review as we fully assess the fundamental case for this major acquisition.
The Fund benefited from our underweight exposure to the energy sector but several of our energy holdings, including BG Group and Shell, were among the weaker performers. Ongoing weakness in oil prices contributed to a poor performance from Shell. Earnings disappointment, in combination with concerns about potential losses in its U.S. upstream business at current oil prices, weighed on the stock. We believe it remains among the best positioned of the oil majors. Its recent bid to acquire BG Group is further evidence of how the strength of Shell’s balance sheet is enabling the company to be opportunistic in the current environment.
On the positive side, improving sentiment in the auto-related sector meant that a few of our auto-exposed holdings performed well. Favorable currency exposures, lower raw material prices and falling oil prices benefited both Bridgestone and Continental. Furthermore, we were encouraged by Bridgestone’s announcement of a 30% increase in dividend payments, which was announced this year, and reflects the strong financial position of the company and improving cashflow. At Continental, evidence of positive pricing and mix in their earnings results was beneficial for the share price. Elsewhere, life sciences company Lonza continued to perform strongly. We believe Lonza’s management team is executing well and should continue to improve the returns over the coming years. We are also encouraged by the company’s expectation that it can grow sales and profits this year, despite a considerable currency headwind.
Market Outlook
The rally across Asian markets seen in recent months serves to demonstrate the power of central bank liquidity. Despite slowing economic growth overall, the Chinese A share market has doubled in 12 months, and we believe that mainland China shares now exhibit many of the classic signs of a frenzied market. Stocks are being bought on margin by amateur investors, with little consideration for valuation, and the fear of being left behind appears to be a major factor driving investors to participate. In our view, with the A share market on an ex-financials price/earnings ratio of over 30x earnings, valuations are very high and stocks are vulnerable to a major correction. Hong Kong-listed stocks (both Hong Kong and China focused companies) appear to be more reasonably valued, and we would thus expect to continue to see money flow from China into Hong Kong through the stock connect mechanism.
European and Japanese stocks markets have seen some of the best earnings revisions of recent months, and have generally survived Q1 results season in good shape. 10-year bond yields across both regions are being kept exceptionally low by the respective quantitative easing programs, and this appears to be supporting a continued demand for income generating equities.
By contrast, the U.S. market has continued to underperform in early 2015, a reversal of its multi-year leadership. Currency benefits have translated into a significant number of companies surprising on top-line revenue growth in Europe and Asia, whereas in the U.S. it has been the opposite. The softer performance has in part been driven by negative earnings revisions resulting from the strength of the U.S. dollar. However, a weakening of the U.S. dollar over recent weeks brings into question the persistence of the dollar strength that consensus anticipates will keep forward earnings expectations under pressure. This could begin to rebalance U.S. market leadership away from domestic earnings towards foreign-exposed multinationals.
Commodity prices too have been adversely affected by a stronger dollar. The sharp movement in currency in Q4 2014 was instrumental in the collapse of oil price, along with concerns about the deterioration in the supply/demand balance. Easing concerns regarding the latter, along with recent weakness in the U.S. dollar, has supported global energy prices lately and relieved some of the huge pressure on commodity-related shares. We believe there is little evidence to suggest that this is much more than a relief rally at this stage, with most commodities remaining well supplied for the next 1-2 years.
However, after another weak start for the U.S. and global economy in Q1, consensus expectations for global economic growth for the next 12 months have in fact been inching upward recently. If sustained, that environment would support improving demand and could fundamentally improve the outlook for more industrial cyclicals, including the commodity areas, so we are keeping a close eye on signs of a confirmation of a positive inflection.
The outlook for global equities remains finely balanced, with a stable mid-cycle growth outlook and generally supportive central bank liquidity offset by relatively full valuations and ever-present geopolitical risk. However, we believe that equities remain attractive relative to other asset classes although we expect that volatility will remain elevated. It is important to stress that we see a more positive outlook for individual stocks relative to broader market returns over coming years. This reflects an environment in which we expect stock returns to be more disparate and less correlated than observed at any time since 2011, driving the potential for good stock pickers to add significant value relative to the broader market (Index) returns.
PERFORMANCE INFORMATION
|
| One Year Ended |
| Five Years Ended |
| Ten Years Ended |
|
Schroder International Alpha Fund (b) — |
|
|
|
|
|
|
|
Investor Shares |
| 2.47 | % | 7.60 | % | 6.77 | % |
Advisor Shares |
| 2.29 | % | 7.33 | % | 6.50 | %(c) |
R6 Shares |
| 2.47 | %(d) | 7.60 | %(d) | 6.77 | %(d) |
MSCI EAFE Index |
| 1.65 | % | 7.40 | % | 5.62 | % |
(a) Average annual total returns.
(b) Effective April 1, 2006, the management fees of the Fund increased to 0.975% per annum. If the Fund had paid such higher fees during the period prior to April 1, 2006, the returns would have been lower. Effective March 21, 2012, the management fees of the Fund decreased to 0.80% per annum. If the Fund had paid such lower fees during periods prior to March 21, 2012, the returns of the Fund would have been higher. Effective December 19, 2014, SIMNA has contractually agreed through February 29, 2016 to limit the management fee paid by the Fund to 0.70% per annum. If the Fund had paid such lower fees during the period prior to December 19, 2014, the returns of the Fund would have been higher.
(c) The Advisor Shares commenced operations on May 15, 2006. The performance information provided in the above table for periods prior to May 15, 2006 reflects the performance of the Investor Shares of the Fund, adjusted to reflect the distribution fees paid by Advisor Shares.
(d) The R6 Shares commenced operations on December 30, 2014. The performance information provided in the above table for periods prior to December 30, 2014 reflects the performance of the Investor Shares of the Fund.
“Total Return” shown above is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.
Top 5 Holdings
Security |
| % of Net Assets |
|
Sumitomo Mitsui Financial Group |
| 3.0 | % |
Nestle |
| 2.8 |
|
AIA Group |
| 2.7 |
|
HSBC Holdings |
| 2.5 |
|
Vodafone Group |
| 2.2 |
|
Geographic Allocation
|
| % of Net Assets |
|
Continental Europe |
| 41.3 | % |
United Kingdom |
| 22.7 |
|
Japan |
| 17.5 |
|
Pacific ex-Japan |
| 7.8 |
|
Emerging Markets |
| 6.5 |
|
North America |
| 1.9 |
|
Middle East |
| 1.7 |
|
Other Assets less Liabilities |
| 0.6 |
|
Schroder International Multi-Cap Value Fund
MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)
Performance
For the six-month period ended April 30, 2015, the Schroder International Multi-Cap Value Fund (the “Fund”) gained 4.43% (Investor Shares) and 4.29% (Advisor Shares) compared to the Morgan Stanley Capital International (MSCI) EAFE Index, a broad-based basket of international stocks, which returned 6.81% during this same period, and the MSCI All Country World ex-U.S. Index, a broad measure of stock performance throughout the world, with the exception of U.S.-based companies, including both developed and emerging markets (collectively, the “Indices”), which rose 5.56%.
Market Background
International equities gained over the six-month period. By region, Japan was the best performer. Japanese stocks were boosted by further monetary policy easing from the central bank. This contributed to a weaker yen over the period, benefiting the country’s exporters. Japan also delayed a planned increase to the consumption tax. Within emerging markets, emerging Asia was the strongest performing region. Chinese equities were supported by accommodative monetary policy, while some lackluster economic data led to speculation over further easing measures.
Elsewhere, continental European equities were supported by a long-awaited announcement from the European Central Bank that it would begin a quantitative easing drive. The worst performing region for the six-month period was emerging Latin America, with oil-exporting nations hit hard as oil prices fell due to oversupply concerns.
There was a divergence between styles, with growth outpacing value. Reflecting the broader preference for growth over value, two of the best performing sectors were health care and technology. Both sectors were at the epicenter of a vibrant period for mergers and acquisitions and initial public offerings. Health care’s performance came despite a sell-off in U.S. biotechnology at the end of 2014, triggered by valuation concerns within the sector.
Beneficiaries of the fall in oil prices also did well. With people spending less at the pumps, more was available for restaurants, gifts and home improvements. Consumer stocks, including retailers, benefited accordingly and consumer discretionary was the top performing sector for the period. However, at the other end of the performance spectrum, energy was the worst performing sector, followed by utilities. The U.S. dollar’s gains weighed on commodity prices, which were already under pressure from over-supply concerns.
Portfolio Review
The Fund delivered a positive absolute return for the period but lagged the Indices. While we continue to focus on valuations and business quality, we believe the market has been ignoring the fundamental strength of many stocks and has been rewarding lower volatility areas and growth. In our view, these two areas of the market have become more expensive as the market repeatedly bids up previous stock price winners. This current market preference for growth stocks has made it difficult for more contrarian strategies to outperform.
Emerging markets struggled to keep pace with developed markets as investor skittishness resulted in a challenging period. Concerns included the direction of U.S. interest rates, U.S. dollar strength, geopolitical tensions in and around Russia, falling commodity prices, and once again the economic slowdown in China. Against this backdrop, the Fund’s exposure to emerging markets was a further drag on performance, as even high quality, cheap stocks in the Fund’s portfolio suffered.
On a sector basis, materials was the main drag on relative performance due to the Fund’s allocation to value opportunities, such as larger, lower cost, diversified miners. Stock selection remained positive within financials, adding to the considerable gains made in the sector since we implemented our quality-based approach. The Fund benefited in particular from our positioning in European banks, and we also avoided the falls in Canadian banks. Our exposure to Japanese regional banks, which we have been slowly building up, was rewarded over the period. Indeed, Japan and Canada were the leading regional contributors to relative returns. Pacific ex Japan was the largest detractor from Fund performance on a regional basis, owing in part to our positioning within industrials.
Market Outlook
The cumulative underperformance of the emerging markets compared to the developed markets since they peaked at the end of 2010 is more than 50%. Emerging market equities currently trade at more than a 30% discount to those in the developed markets on a price-to-book basis, a level not seen for over 10 years. Using price-to-earnings multiples the discount is similar, with the valuation case most convincing for Asia and EMEA (Europe, Middle East, and Africa).
We remain underweight defensives as the market continues to place high valuations on these sectors, particularly in the food & drink industry. We have been adding to positions in telecoms, where dividends are well covered by cash flows in both developed and emerging markets. Within utilities, we have added to a number of positions that currently offer attractive yields, with strong cash flows coupled with what we view to be reasonable balance sheets.
We have reduced our exposure to technology, after strong performance reduced the attractiveness of some valuations in the sector. Within consumer discretionary, we rotated out of several positions where we view valuations to no longer be compelling, although we continue to maintain exposure across a broad range of industries, in particular auto component makers and media. Our allocation to industrials continues to focus on companies with a track record of producing strong cash flows and that have lagged the overall market.
We have maintained our overweight position in materials, preferring high quality companies trading on depressed valuations. Mining stocks form the highest exposure within materials; we like the larger, lower cost diversified miners best. Similarly, within energy we are avoiding the higher cost producers (e.g. Canadian oil sands) that are more likely to be impacted by falling oil prices.
The Fund’s exposure to financials is driven by valuation and the relative quality (risk) of any opportunity. This leads us to have a low weight to simple banks, driven by our lack of exposure to Australian and Canadian banks, which make up nearly 4% of the MSCI All Country World ex-U.S. Index as of the date of this report. These companies are trading at steep premiums to book value while investors generally focus solely on the dividend yields. We prefer complex banks in the U.K., Asia and Japan over those in the continental European region which we believe still face asset quality risks, although in many instances valuations have now been adjusted accordingly. Our real estate exposure is focused on Asia, which continues to represent a value opportunity.
PERFORMANCE INFORMATION
|
| One Year Ended |
| Five Years Ended |
| Annualized |
|
Schroder International Multi-Cap Value Fund (c) — |
|
|
|
|
|
|
|
Investor Shares |
| 0.79 | % | 7.94 | % | 5.57 | % |
Advisor Shares |
| 0.42 | % | 7.66 | % | 5.31 | % |
R6 Shares |
| 0.71 | %(d) | 7.92 | %(d) | 5.56 | %(d) |
MSCI EAFE Index |
| 1.65 | % | 7.40 | % | 3.05 | % |
MSCI All Country World ex-U.S. Index |
| 2.63 | % | 6.04 | % | 3.51 | % |
(a) Average annual total returns.
(b) From commencement of fund operations on August 30, 2006.
(c) Effective March 21, 2012, the management fee of the Fund decreased to 0.80% per annum. If the Fund had paid such lower fees during prior periods, the returns of the Fund would have been higher. Effective December 19, 2014, SIMNA has contractually agreed through February 29, 2016 to limit the management fee paid by the Fund to 0.65% per annum. If the Fund had paid such lower fees during the period prior to December 19, 2014, the returns of the Fund would have been higher.
(d) R6 Shares commenced operations on December 30, 2014. The performance information provided in the above table for periods prior to December 30, 2014, reflects the performance of the Investor Shares of the Fund.
“Total Return” shown above is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.
Top 5 Holdings
Security |
| % of Net Assets |
|
Statoil |
| 0.9 | % |
Roche Holding |
| 0.8 |
|
Telstra |
| 0.8 |
|
Sanofi |
| 0.8 |
|
KDDI |
| 0.8 |
|
Geographic Allocation
|
| % of Net Assets |
|
Continental Europe |
| 32.4 | % |
Emerging Markets |
| 16.2 |
|
United Kingdom |
| 15.1 |
|
Japan |
| 14.6 |
|
Pacific ex-Japan |
| 12.4 |
|
North America |
| 4.4 |
|
Middle East |
| 1.5 |
|
Other Assets less Liabilities |
| 3.4 |
|
Schroder Global Multi-Cap Equity Fund
MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)
Performance
For the six-month period ended April 30, 2015, the Schroder Global Multi-Cap Equity Fund (the “Fund”) gained 2.80% (R6 Shares, formerly referred to as Institutional Shares) and 2.78% (Investor Shares, formerly referred to as Institutional Service Shares) compared to both the Morgan Stanley Capital International World Index, a market-capitalization-weighted index that provides a broad measure of stock performance throughout the world, which rose 5.09%, and the MSCI All Country World Index, a broad measure of stock performance throughout the world (collectively, the “Indices”), which rose 4.97%.
Market Background
Global equities gained over the six-month period. By region, Japan was the best performer. Japanese stocks were boosted by further monetary policy easing from the central bank. This contributed to a weaker yen over the period, benefiting the country’s exporters. Japan also delayed a planned increase to the consumption tax. Within emerging markets, emerging Asia was the strongest performing region. Chinese equities were supported by accommodative monetary policy, while some lackluster economic data led to speculation over further easing measures.
Elsewhere, continental European equities were supported by a long-awaited announcement from the European Central Bank that it would begin a quantitative easing drive. North American equities delivered a positive return; poor winter weather was a drag on economic activity in the U.S. although labor market data held up well. The U.S. dollar strengthened amid expectations that the Federal Reserve would increase interest rates in 2015 while other central banks are continuing to loosen monetary policy. The worst performing region for the six-month period was emerging Latin America, with oil-exporting nations hit hard as oil prices fell due to oversupply concerns.
There was a divergence between styles, with growth outpacing value. Reflecting the broader preference for growth over value, two of the best performing sectors over the year were healthcare and technology. Both sectors were at the epicenter of a vibrant year for mergers and acquisitions and initial public offerings. Healthcare’s performance came despite an end-of-year sell-off in U.S. biotechnology, triggered by valuation concerns within the sector.
Beneficiaries of the fall in oil prices also did well. With people spending less at the pumps, more was available for restaurants, gifts and home improvements. Consumer stocks, including retailers, benefited accordingly and consumer discretionary was the top performing sector for the period. However, at the other end of the performance spectrum, energy was the worst performing sector, followed by utilities. The U.S. dollar’s gains weighed on commodity prices, already under pressure from over-supply concerns.
Portfolio Review
The Fund delivered a positive absolute return for the period but lagged the Indices. Stock selection was the main detractor from relative returns, particularly within North America. The more expensive growth and momentum areas of the U.S. market, such as software and retail, performed strongly over the period. This is entirely consistent with growth-led markets, where investors tend to favor recent winners and shun more attractively valued opportunities. This herd mentality and the associated dominance of momentum investing has been a recurring theme. The Fund’s low allocation to these areas of the U.S. market led to underperformance. We continue to focus on valuations and business quality.
The portfolio’s exposure to Emerging Markets (EM) was another drag on relative returns. EM struggled to keep pace with developed markets as investor skittishness resulted in a challenging period. Concerns included the direction of U.S. interest rates, U.S. dollar strength, geopolitical tensions in and around Russia, falling commodity prices, and once again the economic slowdown in China. Against this backdrop, the Fund’s EM exposure was a further drag on performance, as even high quality, cheap stocks in the Fund’s portfolio suffered.
Stock selection remained positive within financials, adding to the considerable gains made in the sector since we implemented our quality-based approach. The Fund benefited in particular from our positioning in European banks and within North America as we avoided the falls in Canadian banks.
Uncertainty over the direction of U.S. interest rates meant that stocks that trade as ‘bond surrogates’ remained volatile over the period. The Fund’s negligible weight to these companies, such as U.S. utilities, was a positive contributor to relative returns as these unattractive yield replacements sold off in aggregate.
Market Outlook
It is still hard to argue that the U.S. market is cheap. At the beginning of 2015, investors had priced in fewer threats to the U.S. economy than elsewhere, but recently some of these favorable dynamics have become less clear. The cumulative underperformance of the EM compared to the developed markets since they peaked at the end of 2010 is more than 50%. EM equities currently trade at more than a 30% discount to those in the developed markets on a price-to-book basis, a level not seen for over 10 years. Using price-
to-earnings multiples the discount is similar, with the valuation case most convincing for Asia and EMEA (Europe, Middle East, and Africa).
In defensive sectors, we retain our preference for health care stocks, with a focus on the pharmaceutical and health care equipment industry. In utilities and telecoms we retain our preference for European and emerging market stocks. U.S. utilities remain unattractive in our view, and we have negligible exposure here. Within consumer staples we have been adding to a number of stocks over the past few months that no longer trade at demanding valuations. However, we are still underweight the expensive food & drink industry overall.
The Fund’s exposure to financials is driven by valuation and the relative quality (risk) of any opportunity. We believe complex banks continue to offer better opportunities than higher priced simple banks. Continental European banks, in our view, still face asset quality risks, although further weakness would offer some more compelling deep value opportunities. We believe that there are some attractively-priced, high quality companies in the area of insurance, particularly within the U.S. market, and we maintain our focus on long-term business strength and diversity.
In resources, our preference remains for high quality companies trading on depressed valuations. Mining stocks form the highest exposure within materials: we prefer the larger, lower cost, diversified miners. Within energy, we believe large integrated oil & gas stocks tend to offer attractive dividend yields and strong balance sheets.
Our exposure to a broad range of technology stocks remains at the higher end of the historic range, dominated by traditional companies such as Intel and Microsoft rather than the ‘exciting’ stocks such as software. Within the consumer discretionary sector, we have maintained exposure across a broad range of industries.
PERFORMANCE INFORMATION
|
| One Year Ended |
| Annualized |
|
Schroder Global Multi-Cap Equity Fund — |
|
|
|
|
|
Investor Shares (formerly Institutional Service Shares) |
| 4.82 | %(b) | 9.78 | %(b) |
Advisor Shares |
| 4.60 | %(c) | 9.52 | %(c) |
R6 Shares (formerly Institutional Shares) |
| 4.91 | %(a) | 9.84 | %(a) |
MSCI World Index |
| 7.41 | % | 10.32 | % |
MSCI All Country World Index |
| 7.45 | % | 9.03 | % |
(a) R6 shares (formerly Institutional Shares) commenced operations on November 9, 2010. Rate shown is annualized since inception.
(b) Investor Shares (formerly Institutional Service Shares) commenced operations on September 28, 2012. The performance information provided in the above table for periods prior to September 28, 2012, reflects the performance of the R6 Shares of the Fund.
(c) Advisor Shares commenced operations on December 30, 2014. The performance information provided in the above table for periods prior to December 30, 2014, reflects the performance of the R6 Shares of the Fund, adjusted to reflect the distribution fees paid by Advisor Shares.
“Total Return” shown above is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the period reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.
Top 5 Holdings
Security |
| % of Net Assets |
|
Microsoft |
| 0.9 | % |
Statoil |
| 0.8 |
|
Roche Holding |
| 0.8 |
|
Apple |
| 0.8 |
|
ExxonMobil |
| 0.8 |
|
Geographic Allocation
|
| % of Net Assets |
|
North America |
| 44.4 | % |
Continental Europe |
| 13.7 |
|
United Kingdom |
| 12.3 |
|
Emerging Markets |
| 9.5 |
|
Japan |
| 8.6 |
|
Pacific ex-Japan |
| 5.9 |
|
Middle East |
| 0.8 |
|
Central America |
| 0.2 |
|
South America |
| 0.1 |
|
Other Assets less Liabilities |
| 4.5 |
|
Schroder North American Equity Fund
Schedule of Investments
April 30, 2015 (unaudited)
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
|
| COMMON STOCK — 99.4% |
|
|
|
|
| Bermuda — 0.7% |
|
|
|
8,800 |
| Arch Capital Group (1) |
| 533,984 |
|
22,200 |
| Assured Guaranty |
| 576,978 |
|
13,800 |
| Axis Capital Holdings |
| 718,428 |
|
4,600 |
| Everest Re Group |
| 822,986 |
|
39,300 |
| Invesco |
| 1,627,806 |
|
25,100 |
| Marvell Technology Group |
| 351,651 |
|
6,800 |
| RenaissanceRe Holdings |
| 696,932 |
|
|
|
|
| 5,328,765 |
|
|
| Canada — 1.2% |
|
|
|
21,900 |
| Alimentation Couche Tard Class B |
| 838,244 |
|
12,800 |
| Barrick Gold |
| 166,352 |
|
12,200 |
| BCE |
| 537,852 |
|
15,200 |
| Cardinal Energy |
| 201,827 |
|
4,500 |
| CCL Industries Class B |
| 517,360 |
|
14,900 |
| Centerra Gold |
| 77,063 |
|
12,800 |
| CGI Group Class A (1) |
| 538,735 |
|
16,700 |
| Cominar REIT |
| 264,653 |
|
26,400 |
| Emera |
| 889,701 |
|
13,300 |
| Enbridge Income Fund Holdings |
| 428,488 |
|
16,600 |
| Genworth MI Canada |
| 483,622 |
|
15,200 |
| Magna International Class A |
| 765,984 |
|
28,400 |
| Medical Facilities |
| 385,101 |
|
9,100 |
| Morguard REIT |
| 130,636 |
|
24,700 |
| Nevsun Resources |
| 97,449 |
|
9,800 |
| North West |
| 201,117 |
|
37,700 |
| Rogers Communications Class B |
| 1,346,763 |
|
25,400 |
| Shaw Communications Class B |
| 580,632 |
|
31,800 |
| Teck Resources Class B |
| 482,074 |
|
33,200 |
| Transcontinental Class A |
| 511,277 |
|
|
|
|
| 9,444,930 |
|
|
| Ireland — 0.9% |
|
|
|
38,752 |
| Accenture Class A |
| 3,590,373 |
|
10,100 |
| Actavis (1) |
| 2,856,886 |
|
9,600 |
| Seagate Technology |
| 563,712 |
|
|
|
|
| 7,010,971 |
|
|
| Netherlands — 0.1% |
|
|
|
6,400 |
| LyondellBasell Industries Class A |
| 662,528 |
|
|
|
|
|
|
|
|
| Panama — 0.1% |
|
|
|
5,600 |
| Copa Holdings Class A |
| 620,984 |
|
|
|
|
|
|
|
|
| Puerto Rico (1) — 0.1% |
|
|
|
14,100 |
| Popular |
| 457,263 |
|
|
|
|
|
|
|
|
| Singapore — 0.1% |
|
|
|
3,400 |
| Avago Technologies Class A |
| 397,392 |
|
|
|
|
|
|
|
|
| Switzerland — 0.6% |
|
|
|
22,000 |
| ACE |
| 2,353,780 |
|
16,400 |
| Allied World Assurance Holdings |
| 674,696 |
|
27,500 |
| TE Connectivity |
| 1,830,125 |
|
|
|
|
| 4,858,601 |
|
|
| United Kingdom — 0.2% |
|
|
|
23,000 |
| Delphi Automotive |
| 1,909,000 |
|
|
|
|
|
|
|
|
| United States — 95.4% |
|
|
|
|
| Consumer Discretionary — 11.3% |
|
|
|
12,506 |
| Amazon.com (1) |
| 5,274,781 |
|
2,300 |
| AutoZone (1) |
| 1,547,118 |
|
17,000 |
| Bed Bath & Beyond (1) |
| 1,197,820 |
|
25,400 |
| Best Buy |
| 880,110 |
|
7,400 |
| Brinker International |
| 409,738 |
|
4,200 |
| Buckle |
| 188,160 |
|
5,200 |
| Cato Class A |
| 204,568 |
|
7,200 |
| CBS Class B |
| 447,336 |
|
19,700 |
| Chico’s FAS |
| 332,142 |
|
27,113 |
| Coach |
| 1,035,988 |
|
119,000 |
| Comcast Class A |
| 6,873,440 |
|
4,400 |
| Cooper Tire & Rubber |
| 186,956 |
|
3,500 |
| Core-Mark Holding |
| 184,485 |
|
3,000 |
| Cracker Barrel Old Country Store |
| 397,440 |
|
2,500 |
| Dillard’s Class A |
| 328,975 |
|
29,456 |
| DIRECTV (1) |
| 2,671,806 |
|
5,100 |
| Dollar General |
| 370,821 |
|
17,200 |
| Dollar Tree (1) |
| 1,314,252 |
|
8,500 |
| Foot Locker |
| 505,325 |
|
108,600 |
| Ford Motor |
| 1,715,880 |
|
12,800 |
| GameStop Class A |
| 493,312 |
|
23,200 |
| Gannett |
| 796,224 |
|
28,600 |
| Gap |
| 1,133,704 |
|
14,700 |
| Garmin |
| 664,293 |
|
17,100 |
| General Motors |
| 599,526 |
|
20,400 |
| Gentex |
| 353,940 |
|
16,300 |
| Genuine Parts |
| 1,464,555 |
|
28,900 |
| Hillenbrand |
| 849,371 |
|
64,293 |
| Home Depot |
| 6,878,065 |
|
9,600 |
| John Wiley & Sons Class A |
| 546,048 |
|
8,400 |
| Johnson Controls |
| 423,192 |
|
12,800 |
| Kohl’s |
| 917,120 |
|
18,200 |
| L Brands |
| 1,626,352 |
|
4,800 |
| Lear |
| 532,944 |
|
51,900 |
| Lowe’s |
| 3,573,834 |
|
5,500 |
| Macy’s |
| 355,465 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
48,681 |
| McDonald’s |
| 4,700,151 |
|
1,400 |
| McGraw-Hill |
| 146,020 |
|
6,200 |
| Meredith |
| 322,648 |
|
500 |
| Netflix (1) |
| 278,250 |
|
20,800 |
| Newell Rubbermaid |
| 793,104 |
|
17,300 |
| Nike Class B |
| 1,709,932 |
|
14,900 |
| Nordstrom |
| 1,125,844 |
|
20,300 |
| Omnicom Group |
| 1,537,928 |
|
5,500 |
| O’Reilly Automotive (1) |
| 1,198,065 |
|
2,200 |
| Outerwall |
| 146,146 |
|
8,700 |
| PetMed Express |
| 137,721 |
|
2,232 |
| Priceline Group (1) |
| 2,762,792 |
|
5,200 |
| Ralph Lauren Class A |
| 693,732 |
|
15,300 |
| Ross Stores |
| 1,512,864 |
|
12,200 |
| Scripps Networks Interactive Class A |
| 852,292 |
|
1,300 |
| Sherwin-Williams |
| 361,400 |
|
45,400 |
| Starbucks |
| 2,250,932 |
|
20,000 |
| Target |
| 1,576,600 |
|
5,400 |
| Thor Industries |
| 324,918 |
|
25,845 |
| Time Warner |
| 2,181,576 |
|
20,900 |
| TJX |
| 1,348,886 |
|
8,600 |
| Tupperware Brands |
| 574,996 |
|
72,800 |
| Twenty-First Century Fox Class A |
| 2,481,024 |
|
6,400 |
| VF |
| 463,552 |
|
27,300 |
| Viacom Class B |
| 1,895,985 |
|
61,872 |
| Walt Disney |
| 6,726,724 |
|
4,700 |
| Whirlpool |
| 825,320 |
|
10,600 |
| Yum! Brands |
| 911,176 |
|
|
|
|
| 87,115,664 |
|
|
| Consumer Staples — 9.0% |
|
|
|
94,200 |
| Altria Group |
| 4,714,710 |
|
42,500 |
| Campbell Soup |
| 1,900,175 |
|
21,900 |
| Clorox |
| 2,323,590 |
|
145,416 |
| Coca-Cola |
| 5,898,073 |
|
16,982 |
| Colgate-Palmolive |
| 1,142,549 |
|
13,473 |
| Costco Wholesale |
| 1,927,313 |
|
41,717 |
| CVS Health |
| 4,142,081 |
|
33,300 |
| Dr. Pepper Snapple Group |
| 2,483,514 |
|
8,900 |
| Energizer Holdings |
| 1,215,918 |
|
55,500 |
| General Mills |
| 3,071,370 |
|
29,900 |
| Kellogg |
| 1,893,567 |
|
25,900 |
| Kimberly-Clark |
| 2,840,971 |
|
12,900 |
| Kroger |
| 888,939 |
|
19,100 |
| Mondelez International Class A |
| 732,867 |
|
83,524 |
| PepsiCo |
| 7,944,803 |
|
62,591 |
| Philip Morris International |
| 5,224,471 |
|
130,211 |
| Procter & Gamble |
| 10,353,077 |
|
18,800 |
| Reynolds American |
| 1,378,040 |
|
16,700 |
| Sysco |
| 618,401 |
|
27,841 |
| Walgreens Boots Alliance |
| 2,308,854 |
|
83,723 |
| Wal-Mart Stores |
| 6,534,580 |
|
|
|
|
| 69,537,863 |
|
|
| Energy — 8.4% |
|
|
|
52,193 |
| California Resources |
| 485,395 |
|
92,263 |
| Chevron |
| 10,246,729 |
|
5,300 |
| Cimarex Energy |
| 659,320 |
|
73,759 |
| ConocoPhillips |
| 5,009,711 |
|
12,200 |
| Delek U.S. Holdings |
| 450,424 |
|
31,500 |
| Devon Energy |
| 2,148,615 |
|
6,500 |
| Enterprise Products Partners LP |
| 222,625 |
|
3,800 |
| EOG Resources |
| 376,010 |
|
205,390 |
| ExxonMobil |
| 17,944,925 |
|
8,337 |
| Halliburton |
| 408,096 |
|
19,600 |
| Helmerich & Payne |
| 1,528,212 |
|
34,200 |
| Kinder Morgan |
| 1,468,890 |
|
2,000 |
| Magellan Midstream Partners |
| 167,000 |
|
76,400 |
| Marathon Oil |
| 2,376,040 |
|
13,700 |
| Marathon Petroleum |
| 1,350,409 |
|
16,300 |
| Murphy Oil |
| 776,043 |
|
39,700 |
| National Oilwell Varco |
| 2,160,077 |
|
26,000 |
| Noble Energy |
| 1,318,720 |
|
51,033 |
| Occidental Petroleum |
| 4,087,743 |
|
12,000 |
| Oceaneering International |
| 661,320 |
|
10,479 |
| Phillips 66 |
| 831,089 |
|
3,300 |
| Pioneer Natural Resources |
| 570,174 |
|
63,272 |
| Schlumberger |
| 5,986,164 |
|
11,600 |
| Spectra Energy |
| 432,100 |
|
15,900 |
| Tesoro |
| 1,364,697 |
|
2,457 |
| Transocean Partners LLC |
| 38,919 |
|
38,600 |
| Valero Energy |
| 2,196,340 |
|
|
|
|
| 65,265,787 |
|
|
| Financials — 14.8% |
|
|
|
42,500 |
| Aflac |
| 2,679,200 |
|
4,700 |
| Agree Realty REIT |
| 144,666 |
|
18,400 |
| AllianceBernstein Holding LP |
| 576,840 |
|
17,800 |
| Ally Financial (1) |
| 389,642 |
|
14,200 |
| American Equity Investment Life Holding |
| 382,690 |
|
23,927 |
| American Express |
| 1,853,146 |
|
12,800 |
| American Financial Group |
| 808,960 |
|
78,200 |
| American International Group |
| 4,401,878 |
|
1,800 |
| American Tower Class A REIT |
| 170,154 |
|
2,300 |
| AvalonBay Communities REIT |
| 377,982 |
|
519,750 |
| Bank of America |
| 8,279,618 |
|
64,100 |
| Berkshire Hathaway Class B (1) |
| 9,051,561 |
|
2,600 |
| BlackRock Class A |
| 946,244 |
|
9,000 |
| Broadridge Financial Solutions |
| 485,280 |
|
12,100 |
| Capital One Financial |
| 978,285 |
|
8,400 |
| Cash America International |
| 217,728 |
|
164,742 |
| Citigroup |
| 8,784,043 |
|
3,700 |
| CME Group Class A |
| 336,367 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
22,300 |
| CNA Financial |
| 898,690 |
|
31,000 |
| Comerica |
| 1,469,710 |
|
12,600 |
| Corrections Corp. of America REIT |
| 463,554 |
|
46,718 |
| Discover Financial Services |
| 2,708,243 |
|
7,800 |
| Eaton Vance |
| 320,424 |
|
7,686 |
| Enova International (1) |
| 142,268 |
|
7,500 |
| EPR Properties REIT |
| 432,525 |
|
3,200 |
| FactSet Research Systems |
| 503,648 |
|
3,244 |
| FBL Financial Group Class A |
| 189,028 |
|
147,900 |
| Fifth Third Bancorp |
| 2,958,000 |
|
37,400 |
| Franklin Resources |
| 1,928,344 |
|
4,500 |
| GEO Group REIT |
| 175,500 |
|
10,300 |
| Getty Realty REIT |
| 178,911 |
|
29,104 |
| Goldman Sachs Group |
| 5,716,608 |
|
4,300 |
| HCI Group |
| 187,394 |
|
42,700 |
| HCP REIT |
| 1,720,383 |
|
12,900 |
| Horace Mann Educators |
| 438,213 |
|
31,300 |
| International Bancshares |
| 813,174 |
|
7,000 |
| Jack Henry & Associates |
| 465,570 |
|
196,363 |
| JPMorgan Chase |
| 12,421,923 |
|
55,100 |
| KeyCorp |
| 796,195 |
|
29,600 |
| Lincoln National |
| 1,672,104 |
|
6,800 |
| M&T Bank |
| 813,756 |
|
10,500 |
| Medallion Financial |
| 110,775 |
|
27,700 |
| MetLife |
| 1,420,733 |
|
93,000 |
| Morgan Stanley |
| 3,469,830 |
|
18,900 |
| OFG Bancorp |
| 266,301 |
|
7,000 |
| Omega Healthcare Investors REIT |
| 252,630 |
|
31,200 |
| Paychex |
| 1,509,768 |
|
46,400 |
| PNC Financial Services Group |
| 4,256,272 |
|
38,600 |
| Principal Financial Group |
| 1,973,232 |
|
3,500 |
| Prudential Financial |
| 285,600 |
|
900 |
| Public Storage REIT |
| 169,119 |
|
15,100 |
| Raymond James Financial |
| 853,603 |
|
16,200 |
| Select Income REIT |
| 375,678 |
|
7,563 |
| Simon Property Group REIT |
| 1,372,609 |
|
20,200 |
| Summit Hotel Properties REIT |
| 266,034 |
|
14,100 |
| Symetra Financial |
| 334,875 |
|
21,800 |
| T. Rowe Price Group |
| 1,769,724 |
|
40,751 |
| U.S. Bancorp |
| 1,746,995 |
|
8,300 |
| Universal Insurance Holdings |
| 199,366 |
|
12,500 |
| Unum Group |
| 427,000 |
|
17,800 |
| Validus Holdings |
| 744,574 |
|
11,900 |
| Waddell & Reed Financial Class A |
| 586,908 |
|
227,172 |
| Wells Fargo |
| 12,517,177 |
|
2,500 |
| World Acceptance (1) |
| 211,550 |
|
34,600 |
| Zions Bancorporation |
| 980,391 |
|
|
|
|
| 114,379,193 |
|
|
| Healthcare — 15.2% |
|
|
|
28,833 |
| Abbott Laboratories |
| 1,338,428 |
|
89,381 |
| AbbVie |
| 5,779,375 |
|
36,224 |
| Aetna |
| 3,871,259 |
|
2,300 |
| Alexion Pharmaceuticals (1) |
| 389,229 |
|
24,000 |
| AmerisourceBergen Class A |
| 2,743,200 |
|
44,317 |
| Amgen |
| 6,998,098 |
|
7,600 |
| Amsurg Class A (1) |
| 476,672 |
|
4,500 |
| Anthem |
| 679,185 |
|
38,772 |
| Baxter International |
| 2,665,187 |
|
15,000 |
| Becton Dickinson |
| 2,113,050 |
|
11,362 |
| Biogen (1) |
| 4,248,593 |
|
50,871 |
| Bristol-Myers Squibb |
| 3,242,009 |
|
39,300 |
| Cardinal Health |
| 3,314,562 |
|
36,600 |
| Celgene (1) |
| 3,954,996 |
|
600 |
| CIGNA |
| 74,784 |
|
6,100 |
| CR Bard |
| 1,016,138 |
|
8,500 |
| Edwards Lifesciences (1) |
| 1,076,525 |
|
64,861 |
| Eli Lilly |
| 4,661,560 |
|
15,224 |
| Express Scripts Holding (1) |
| 1,315,354 |
|
86,104 |
| Gilead Sciences |
| 8,654,313 |
|
5,000 |
| HCA Holdings (1) |
| 370,050 |
|
6,300 |
| Health Net (1) |
| 331,695 |
|
5,300 |
| Humana |
| 877,680 |
|
800 |
| Illumina (1) |
| 147,400 |
|
133,784 |
| Johnson & Johnson |
| 13,271,373 |
|
11,000 |
| Laboratory Corp. of America Holdings (1) |
| 1,315,160 |
|
13,800 |
| McKesson |
| 3,082,920 |
|
67,769 |
| Medtronic |
| 5,045,402 |
|
148,307 |
| Merck |
| 8,833,165 |
|
26,700 |
| Meridian Bioscience |
| 473,124 |
|
320,647 |
| Pfizer |
| 10,879,552 |
|
24,000 |
| Quality Systems |
| 374,280 |
|
8,000 |
| Quest Diagnostics |
| 571,360 |
|
10,800 |
| ResMed |
| 690,552 |
|
18,200 |
| St. Jude Medical |
| 1,274,910 |
|
25,899 |
| Stryker |
| 2,388,924 |
|
9,500 |
| Thermo Fisher Scientific |
| 1,193,960 |
|
4,200 |
| United Therapeutics (1) |
| 670,698 |
|
57,400 |
| UnitedHealth Group |
| 6,394,360 |
|
6,108 |
| Waters (1) |
| 764,661 |
|
|
|
|
| 117,563,743 |
|
|
| Industrials — 11.0% |
|
|
|
34,235 |
| 3M |
| 5,354,011 |
|
27,900 |
| ADT |
| 1,049,040 |
|
23,300 |
| Boeing |
| 3,339,822 |
|
22,008 |
| Caterpillar |
| 1,912,055 |
|
22,900 |
| CH Robinson Worldwide |
| 1,474,531 |
|
19,400 |
| Cintas |
| 1,551,030 |
|
4,700 |
| Crane |
| 287,217 |
|
18,800 |
| Cummins |
| 2,599,288 |
|
6,600 |
| Danaher |
| 540,408 |
|
12,200 |
| Deluxe |
| 789,950 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
25,500 |
| Dover |
| 1,930,860 |
|
8,000 |
| Dun & Bradstreet |
| 1,021,360 |
|
4,000 |
| Expeditors International of Washington |
| 183,320 |
|
2,100 |
| Fastenal |
| 89,502 |
|
5,300 |
| FedEx |
| 898,721 |
|
23,000 |
| Flowserve |
| 1,346,190 |
|
12,147 |
| General Dynamics |
| 1,668,026 |
|
364,989 |
| General Electric |
| 9,883,902 |
|
9,200 |
| HNI |
| 429,088 |
|
43,491 |
| Honeywell International |
| 4,389,112 |
|
9,600 |
| Hubbell Class B |
| 1,044,768 |
|
5,100 |
| Huntington Ingalls Industries |
| 671,109 |
|
30,300 |
| Illinois Tool Works |
| 2,835,474 |
|
14,800 |
| Kla-Tencor |
| 870,240 |
|
12,600 |
| Lincoln Electric Holdings |
| 842,436 |
|
16,100 |
| Lockheed Martin |
| 3,004,260 |
|
8,300 |
| Matson |
| 336,150 |
|
10,600 |
| MSC Industrial Direct Class A |
| 753,236 |
|
4,800 |
| Multi-Color |
| 301,344 |
|
28,193 |
| Norfolk Southern |
| 2,843,264 |
|
12,600 |
| Northrop Grumman |
| 1,940,904 |
|
18,100 |
| Parker Hannifin |
| 2,160,416 |
|
15,552 |
| Performant Financial (1) |
| 46,189 |
|
33,100 |
| Pitney Bowes |
| 740,447 |
|
1,600 |
| Precision Castparts |
| 330,704 |
|
20,100 |
| Raven Industries |
| 400,794 |
|
21,600 |
| Raytheon |
| 2,246,400 |
|
18,400 |
| Rockwell Automation |
| 2,182,240 |
|
5,700 |
| Snap-on |
| 852,435 |
|
18,800 |
| Southwest Airlines |
| 762,528 |
|
20,300 |
| Stanley Black & Decker |
| 2,003,610 |
|
46,800 |
| Union Pacific |
| 4,971,564 |
|
18,864 |
| United Parcel Service Class B |
| 1,896,398 |
|
47,095 |
| United Technologies |
| 5,357,056 |
|
55,900 |
| Waste Management |
| 2,768,727 |
|
6,200 |
| Watsco |
| 745,798 |
|
6,300 |
| WW Grainger |
| 1,565,109 |
|
|
|
|
| 85,211,033 |
|
|
| Information Technology — 20.3% |
|
|
|
10,900 |
| Adobe Systems (1) |
| 829,054 |
|
12,000 |
| Akamai Technologies (1) |
| 885,360 |
|
19,400 |
| Altera |
| 808,592 |
|
11,100 |
| Amdocs |
| 611,277 |
|
6,600 |
| Amphenol Class A |
| 365,442 |
|
6,200 |
| Analog Devices |
| 383,408 |
|
6,100 |
| ANSYS (1) |
| 523,624 |
|
257,473 |
| Apple |
| 32,222,746 |
|
24,700 |
| Automatic Data Processing |
| 2,088,138 |
|
36,000 |
| Broadcom Class A |
| 1,591,380 |
|
38,300 |
| Brocade Communications Systems |
| 432,790 |
|
36,700 |
| CA |
| 1,165,959 |
|
252,185 |
| Cisco Systems |
| 7,270,494 |
|
11,500 |
| Citrix Systems (1) |
| 772,340 |
|
45,000 |
| Cognizant Technology Solutions Class A (1) |
| 2,634,300 |
|
94,700 |
| Corning |
| 1,982,071 |
|
14,800 |
| eBay (1) |
| 862,248 |
|
4,100 |
| Ebix |
| 111,889 |
|
124,600 |
| EMC |
| 3,352,986 |
|
3,800 |
| F5 Networks (1) |
| 463,676 |
|
78,600 |
| Facebook Class A (1) |
| 6,191,322 |
|
4,200 |
| FLIR Systems |
| 129,738 |
|
11,849 |
| Google Class A (1) |
| 6,502,376 |
|
11,595 |
| Google Class C (1) |
| 6,230,321 |
|
11,200 |
| Harris |
| 898,688 |
|
112,133 |
| Hewlett-Packard |
| 3,697,025 |
|
239,874 |
| Intel |
| 7,807,899 |
|
45,994 |
| International Business Machines |
| 7,878,312 |
|
20,700 |
| Intuit |
| 2,076,831 |
|
5,500 |
| j2 Global |
| 381,535 |
|
9,500 |
| Lexmark International Class A |
| 421,705 |
|
24,200 |
| Linear Technology |
| 1,116,346 |
|
32,700 |
| MasterCard Class A |
| 2,949,867 |
|
17,100 |
| Maxim Integrated Products |
| 561,393 |
|
5,600 |
| MAXIMUS |
| 358,456 |
|
21,200 |
| Microchip Technology |
| 1,010,286 |
|
384,050 |
| Microsoft |
| 18,680,192 |
|
29,300 |
| NetApp |
| 1,062,125 |
|
4,900 |
| NetScout Systems (1) |
| 201,390 |
|
177,681 |
| Oracle |
| 7,750,445 |
|
12,400 |
| Progress Software (1) |
| 327,360 |
|
90,077 |
| QUALCOMM |
| 6,125,236 |
|
4,071 |
| Science Applications International |
| 203,957 |
|
3,300 |
| Skyworks Solutions |
| 304,425 |
|
52,700 |
| Symantec |
| 1,313,547 |
|
9,600 |
| Synopsys (1) |
| 450,048 |
|
64,122 |
| Texas Instruments |
| 3,476,053 |
|
21,100 |
| Total System Services |
| 834,716 |
|
70,800 |
| Visa Class A |
| 4,676,340 |
|
19,300 |
| Western Digital |
| 1,886,382 |
|
61,300 |
| Western Union |
| 1,243,164 |
|
32,600 |
| Xilinx |
| 1,413,536 |
|
|
|
|
| 157,518,790 |
|
|
| Materials — 2.3% |
|
|
|
2,600 |
| Air Products & Chemicals |
| 372,918 |
|
4,982 |
| CF Industries Holdings |
| 1,432,176 |
|
6,400 |
| Compass Minerals International |
| 565,312 |
|
22,100 |
| Dow Chemical |
| 1,127,100 |
|
50,600 |
| E.I. du Pont de Nemours |
| 3,703,920 |
|
18,300 |
| Eastman Chemical |
| 1,394,826 |
|
29,700 |
| Freeport-McMoRan |
| 691,119 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
| |
|
|
|
|
|
| |
4,800 |
| Innospec |
| 209,760 |
| |
4,300 |
| International Flavors & Fragrances |
| 493,425 |
| |
38,400 |
| International Paper |
| 2,062,848 |
| |
11,540 |
| Monsanto |
| 1,315,098 |
| |
600 |
| NewMarket |
| 268,140 |
| |
44,800 |
| Newmont Mining |
| 1,186,752 |
| |
14,000 |
| Packaging Corp. of America |
| 968,660 |
| |
3,700 |
| Praxair |
| 451,141 |
| |
3,400 |
| Schweitzer-Mauduit International |
| 150,314 |
| |
6,500 |
| Scotts Miracle-Gro Class A |
| 419,315 |
| |
7,900 |
| Silgan Holdings |
| 425,573 |
| |
1,500 |
| Terra Nitrogen LP |
| 200,640 |
| |
8,500 |
| Westlake Chemical |
| 662,830 |
| |
|
|
|
| 18,101,867 |
| |
|
| Telecommunication Services — 2.1% |
|
|
| |
173,039 |
| AT&T |
| 5,994,071 |
| |
209,230 |
| Verizon Communications |
| 10,553,561 |
| |
|
|
|
| 16,547,632 |
| |
|
| Utilities — 1.0% |
|
|
| |
54,771 |
| Emerson Electric |
| 3,222,178 |
| |
5,000 |
| Energen |
| 355,850 |
| |
8,800 |
| NeuStar Class A (1) |
| 264,000 |
| |
8,500 |
| NextEra Energy |
| 857,905 |
| |
54,900 |
| Public Service Enterprise Group |
| 2,280,546 |
| |
9,908 |
| Southern |
| 438,924 |
| |
|
|
|
| 7,419,403 |
| |
|
| Total United States |
| 738,660,975 |
| |
|
|
|
|
|
| |
|
| TOTAL COMMON STOCK |
| 769,351,409 |
| |
|
|
|
|
|
| |
|
| TOTAL INVESTMENTS — 99.4% |
| 769,351,409 |
| |
|
|
|
|
|
| |
|
| OTHER ASSETS LESS LIABILITIES — 0.6% |
| 4,390,710 |
| |
|
|
|
|
|
| |
|
| NET ASSETS — 100% |
| $ | 773,742,119 |
|
(1) Denotes non-income producing security.
A summary of the outstanding forward foreign currency contracts held by the Fund at April 30, 2015, is as follows:
|
|
|
|
|
|
|
| Unrealized |
| |||
|
|
|
|
|
|
|
| Appreciation |
| |||
Counterparty |
| Settlement Date |
| Currency to Deliver |
| Currency to Receive |
| (Depreciation) |
| |||
Royal Bank of Canada |
| 5/27/15 |
| CAD | 14,390,335 |
| USD | 11,481,040 |
| $ | (441,764 | ) |
The accompanying notes are an integral part of the financial statements.
CAD — Canadian Dollar |
LLC — Limited Liability Corporation |
LP — Limited Partnership |
REIT — Real Estate Investment Trust |
USD — United States Dollar |
The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund’s investments carried at value:
Investments in Securities (1) |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Common Stock (2) |
| $ | 769,351,409 |
| $ | — |
| $ | — |
| $ | 769,351,409 |
|
Total Investments in Securities |
| $ | 769,351,409 |
| $ | — |
| $ | — |
| $ | 769,351,409 |
|
Other Financial Instruments |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Forwards — Unrealized Depreciation |
| $ | — |
| $ | (441,764 | ) | $ | — |
| $ | (441,764 | ) |
Total Other Financial Instruments |
| $ | — |
| $ | (441,764 | ) | $ | — |
| $ | (441,764 | ) |
(1) There were no transfers between levels during the reporting period, based on the input levels assigned under the hierarchy at the beginning and end of the reporting period.
(2) All securities in this category are Level 1 securities. For a detailed break-out by classification, please refer to the Schedule of Investments.
The accompanying notes are an integral part of the financial statements.
Schroder U.S. Opportunities Fund
Schedule of Investments
April 30, 2015 (unaudited)
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
|
| COMMON STOCK — 91.5% |
|
|
|
|
| Consumer Discretionary — 11.9% |
|
|
|
27,700 |
| AMC Entertainment Holdings Class A |
| 832,662 |
|
90,700 |
| American Eagle Outfitters |
| 1,443,037 |
|
33,800 |
| Brunswick |
| 1,691,352 |
|
67,003 |
| Chegg (1) |
| 497,832 |
|
35,300 |
| ClubCorp Holdings |
| 772,717 |
|
8,900 |
| Domino’s Pizza |
| 959,865 |
|
16,300 |
| Fortune Brands Home & Security |
| 726,980 |
|
25,403 |
| Fox Factory Holding (1) |
| 386,634 |
|
17,700 |
| Homeinns Hotel Group ADR (1) |
| 495,069 |
|
46,200 |
| Interval Leisure Group |
| 1,145,298 |
|
31,000 |
| Matthews International Class A |
| 1,504,430 |
|
13,546 |
| Motorcar Parts (1) |
| 395,950 |
|
14,000 |
| Red Robin Gourmet Burgers (1) |
| 1,051,260 |
|
36,852 |
| ServiceMaster Global Holdings (1) |
| 1,273,605 |
|
44,400 |
| Steven Madden (1) |
| 1,732,488 |
|
24,508 |
| Waste Connections |
| 1,161,924 |
|
|
|
|
| 16,071,103 |
|
|
| Consumer Staples — 0.6% |
|
|
|
52,650 |
| Dean Foods |
| 855,562 |
|
|
|
|
|
|
|
|
| Financial Services — 21.8% |
|
|
|
21,200 |
| Amerisafe |
| 958,028 |
|
68,600 |
| Brown & Brown |
| 2,191,770 |
|
61,300 |
| CoreLogic (1) |
| 2,397,443 |
|
26,100 |
| Douglas Emmett REIT |
| 743,850 |
|
24,359 |
| Equity LifeStyle Properties REIT |
| 1,286,642 |
|
4,133 |
| First Citizens BancShares Class A |
| 993,325 |
|
45,900 |
| First Horizon National |
| 654,075 |
|
57,600 |
| FirstMerit |
| 1,115,712 |
|
79,586 |
| Golub Capital BDC |
| 1,397,530 |
|
42,500 |
| Heritage Financial |
| 718,250 |
|
23,100 |
| HFF Class A (1) |
| 905,289 |
|
78,005 |
| Kennedy-Wilson Holdings |
| 1,932,964 |
|
15,400 |
| Lakeland Financial |
| 601,370 |
|
20,069 |
| Mid-America Apartment Communities REIT |
| 1,497,348 |
|
74,600 |
| Old National Bancorp |
| 1,019,036 |
|
16,400 |
| PacWest Bancorp |
| 739,640 |
|
25,795 |
| Parkway Properties REIT |
| 419,685 |
|
25,066 |
| ProAssurance |
| 1,126,717 |
|
56,500 |
| Radian Group |
| 1,009,090 |
|
53,036 |
| Redwood Trust REIT |
| 911,689 |
|
11,900 |
| Reinsurance Group of America Class A |
| 1,090,278 |
|
19,000 |
| Simmons First National Class A |
| 831,250 |
|
18,300 |
| South State |
| 1,239,276 |
|
27,629 |
| Stifel Financial (1) |
| 1,459,916 |
|
60,440 |
| Terreno Realty REIT |
| 1,286,163 |
|
15,200 |
| Wintrust Financial |
| 740,848 |
|
|
|
|
| 29,267,184 |
|
|
| Healthcare — 15.0% |
|
|
|
28,300 |
| Aerie Pharmaceuticals (1) |
| 272,812 |
|
54,995 |
| Catalent (1) |
| 1,582,206 |
|
23,800 |
| Centene (1) |
| 1,475,362 |
|
25,900 |
| Cepheid (1) |
| 1,452,990 |
|
5,900 |
| Cooper |
| 1,050,613 |
|
1,700 |
| Esperion Therapeutics (1) |
| 161,721 |
|
15,888 |
| Flexion Therapeutics (1) |
| 254,526 |
|
18,000 |
| Fluidigm (1) |
| 674,280 |
|
28,800 |
| HealthSouth |
| 1,302,336 |
|
15,472 |
| INC Research Holdings Class A (1) |
| 518,931 |
|
35,788 |
| K2M Group Holdings (1) |
| 751,906 |
|
31,800 |
| KemPharm (1) |
| 349,800 |
|
20,200 |
| LifePoint Hospitals (1) |
| 1,512,576 |
|
21,200 |
| Masimo (1) |
| 715,712 |
|
20,300 |
| Parexel International (1) |
| 1,290,573 |
|
22,804 |
| Sientra (1) |
| 398,614 |
|
13,200 |
| Sirona Dental Systems (1) |
| 1,224,300 |
|
12,700 |
| Spectranetics (1) |
| 325,755 |
|
22,700 |
| Surgical Care Affiliates (1) |
| 855,790 |
|
28,000 |
| Trinity Biotech ADR |
| 469,560 |
|
174,173 |
| Unilife (1) |
| 583,480 |
|
77,351 |
| VWR (1) |
| 2,052,895 |
|
17,700 |
| West Pharmaceutical Services |
| 943,056 |
|
|
|
|
| 20,219,794 |
|
|
| Materials & Processing — 10.6% |
|
|
|
4,900 |
| Balchem |
| 256,858 |
|
29,200 |
| Beacon Roofing Supply (1) |
| 867,824 |
|
49,700 |
| Berry Plastics Group (1) |
| 1,700,734 |
|
6,200 |
| CLARCOR |
| 403,000 |
|
11,700 |
| Compass Minerals International |
| 1,033,461 |
|
35,500 |
| Hexcel |
| 1,780,325 |
|
7,000 |
| Innophos Holdings |
| 369,880 |
|
43,500 |
| Louisiana-Pacific (1) |
| 662,940 |
|
19,600 |
| Minerals Technologies |
| 1,327,508 |
|
17,800 |
| Packaging Corp. of America |
| 1,231,582 |
|
45,502 |
| Pretium Resources (1) |
| 262,092 |
|
57,094 |
| Ryerson Holding (1) |
| 316,301 |
|
38,400 |
| Simpson Manufacturing |
| 1,258,752 |
|
60,100 |
| Steel Dynamics |
| 1,330,013 |
|
13,000 |
| Universal Forest Products |
| 719,160 |
|
6,300 |
| Valmont Industries |
| 793,926 |
|
|
|
|
| 14,314,356 |
|
|
| Other Energy — 2.4% |
|
|
|
15,000 |
| Carrizo Oil & Gas (1) |
| 835,950 |
|
13,900 |
| Matrix Service (1) |
| 305,383 |
|
17,400 |
| RigNet (1) |
| 651,804 |
|
117,000 |
| Synergy Resources (1) |
| 1,401,660 |
|
|
|
|
| 3,194,797 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
| |
|
|
|
|
|
| |
|
| Producer Durables — 12.7% |
|
|
| |
5,500 |
| Allegiant Travel Class A |
| 845,680 |
| |
22,200 |
| Applied Industrial Technologies |
| 927,294 |
| |
20,400 |
| Belden |
| 1,712,580 |
| |
4,600 |
| Bristow Group |
| 285,798 |
| |
43,700 |
| Compass Diversified Holdings LP |
| 752,514 |
| |
58,500 |
| Darling Ingredients (1) |
| 799,110 |
| |
18,700 |
| Dycom Industries (1) |
| 859,826 |
| |
18,900 |
| ESCO Technologies |
| 693,630 |
| |
11,000 |
| Genesee & Wyoming Class A (1) |
| 1,022,450 |
| |
36,000 |
| Herman Miller |
| 986,760 |
| |
22,016 |
| IDEX |
| 1,651,420 |
| |
38,100 |
| Kornit Digital (1) |
| 567,690 |
| |
15,800 |
| On Assignment (1) |
| 531,670 |
| |
11,700 |
| OSI Systems (1) |
| 786,357 |
| |
21,400 |
| Powell Industries |
| 710,266 |
| |
45,700 |
| Primoris Services |
| 878,811 |
| |
7,800 |
| Regal Beloit |
| 609,960 |
| |
6,886 |
| Teekay |
| 342,303 |
| |
27,700 |
| Tetra Tech |
| 750,947 |
| |
6,300 |
| Towers Watson Class A |
| 799,501 |
| |
10,900 |
| U.S. Ecology |
| 511,319 |
| |
|
|
|
| 17,025,886 |
| |
|
| Technology — 12.8% |
|
|
| |
32,600 |
| AOL (1) |
| 1,300,740 |
| |
39,100 |
| Atmel |
| 296,378 |
| |
87,700 |
| Cadence Design Systems (1) |
| 1,635,605 |
| |
57,000 |
| Ciena (1) |
| 1,214,100 |
| |
31,900 |
| Cinedigm Class A (1) |
| 26,477 |
| |
26,600 |
| DigitalGlobe (1) |
| 855,722 |
| |
91,800 |
| Entegris (1) |
| 1,221,858 |
| |
10,300 |
| EPAM Systems (1) |
| 666,513 |
| |
36,100 |
| Fabrinet (1) |
| 653,771 |
| |
59,900 |
| Fairchild Semiconductor International Class A (1) |
| 1,088,084 |
| |
41,600 |
| Finisar (1) |
| 845,728 |
| |
38,600 |
| Fortinet (1) |
| 1,456,764 |
| |
60,700 |
| Global Eagle Entertainment (1) |
| 775,139 |
| |
39,400 |
| Integrated Device Technology (1) |
| 716,686 |
| |
32,000 |
| JDS Uniphase (1) |
| 405,120 |
| |
32,220 |
| M/A-COM Technology Solutions Holdings (1) |
| 981,743 |
| |
38,660 |
| PTC (1) |
| 1,482,224 |
| |
24,883 |
| Verint Systems (1) |
| 1,528,563 |
| |
|
|
|
| 17,151,215 |
| |
|
| Utilities — 3.7% |
|
|
| |
23,000 |
| Cleco |
| 1,250,050 |
| |
17,100 |
| IDACORP |
| 1,031,643 |
| |
37,822 |
| NorthWestern |
| 1,970,148 |
| |
13,400 |
| Portland General Electric |
| 471,144 |
| |
10,500 |
| SJW |
| 307,125 |
| |
|
|
|
| 5,030,110 |
| |
|
| TOTAL COMMON STOCK |
| 123,130,007 |
| |
|
|
|
|
|
| |
|
| INVESTMENT COMPANY (1) — 4.5% |
|
|
| |
131,200 |
| SPDR Barclays 1-3 Month |
|
|
| |
|
| (Cost $6,007,233) |
| 5,998,464 |
| |
|
|
|
|
|
| |
|
| TOTAL INVESTMENTS — 96.0% |
| 129,128,471 |
| |
|
|
|
|
|
| |
|
| OTHER ASSETS LESS LIABILITIES — 4.0% |
| 5,355,448 |
| |
|
|
|
|
|
| |
|
| NET ASSETS — 100% |
| $ | 134,483,919 |
|
(1) Denotes non-income producing security.
The accompanying notes are an integral part of the financial statements.
The open futures contracts held by the Fund at April 30, 2015, are as follows:
|
| Number of |
|
|
| Unrealized |
| |
Type of |
| Contracts |
| Expiration |
| Appreciation |
| |
Contract |
| Long (Short) |
| Date |
| (Depreciation) |
| |
Russell 2000 Index E-MINI |
| 17 |
| Jun-2015 |
| $ | 10,415 |
|
ADR — American Depositary Receipt |
ETF — Exchange Traded Fund |
LP — Limited Partnership |
REIT — Real Estate Investment Trust |
SPDR — Standard & Poor’s Depositary Receipts |
The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund’s investments carried at value:
Investments in Securities (1) |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Common Stock (2) |
| $ | 123,130,007 |
| $ | — |
| $ | — |
| $ | 123,130,007 |
|
Investment Company |
| 5,998,464 |
| — |
| — |
| 5,998,464 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total Investments in Securities |
| $ | 129,128,471 |
| $ | — |
| $ | — |
| $ | 129,128,471 |
|
Other Financial Instruments |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Futures — Unrealized Appreciation |
| $ | 10,415 |
| $ | — |
| $ | — |
| $ | 10,415 |
|
Total Other Financial Instruments |
| $ | 10,415 |
| $ | — |
| $ | — |
| $ | 10,415 |
|
(1) There were no transfers between levels during the reporting period, based on the input levels assigned under the hierarchy at the beginning and end of the reporting period.
(2) All securities in this category are Level 1 securities. For a detailed break-out by classification, please refer to the Schedule of Investments.
The accompanying notes are an integral part of the financial statements.
Schroder U.S. Small and Mid Cap Opportunities Fund
Schedule of Investments
April 30, 2015 (unaudited)
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
|
| COMMON STOCK — 94.2% |
|
|
|
|
| Auto & Transportation — 1.4% |
|
|
|
8,600 |
| Ryder System |
| 820,096 |
|
|
|
|
|
|
|
|
| Consumer Discretionary — 16.4% |
|
|
|
5,700 |
| Advance Auto Parts |
| 815,100 |
|
41,575 |
| Aramark |
| 1,277,600 |
|
17,800 |
| BRP (1) |
| 394,949 |
|
9,600 |
| Brunswick |
| 480,384 |
|
3,000 |
| Domino’s Pizza |
| 323,550 |
|
10,200 |
| Fortune Brands Home & Security |
| 454,920 |
|
15,200 |
| Gannett |
| 521,664 |
|
500 |
| Graham Holdings Class B |
| 511,465 |
|
2,000 |
| Harman International Industries |
| 260,760 |
|
5,648 |
| Jack in the Box |
| 490,077 |
|
17,700 |
| KAR Auction Services |
| 658,617 |
|
7,000 |
| PVH |
| 723,450 |
|
6,900 |
| Snap-on |
| 1,031,895 |
|
10,600 |
| Sotheby’s |
| 452,726 |
|
13,900 |
| Urban Outfitters (1) |
| 556,556 |
|
2,400 |
| VeriSign (1) |
| 152,424 |
|
12,976 |
| Waste Connections |
| 615,192 |
|
|
|
|
| 9,721,329 |
|
|
| Consumer Staples (1) — 0.8% |
|
|
|
11,676 |
| WhiteWave Foods Class A |
| 513,394 |
|
|
|
|
|
|
|
|
| Financial Services — 21.9% |
|
|
|
1,889 |
| Affiliated Managers Group (1) |
| 427,160 |
|
3,943 |
| Alexandria REIT |
| 364,254 |
|
3,989 |
| Apartment Investment & Management Class A REIT |
| 150,505 |
|
25,596 |
| Ares Capital |
| 435,642 |
|
13,414 |
| Arthur J Gallagher |
| 641,592 |
|
11,500 |
| Brown & Brown |
| 367,425 |
|
11,190 |
| Commerce Bancshares |
| 477,925 |
|
27,000 |
| CoreLogic (1) |
| 1,055,970 |
|
9,100 |
| Cullen/Frost Bankers |
| 663,754 |
|
17,500 |
| Douglas Emmett REIT |
| 498,750 |
|
12,600 |
| East West Bancorp |
| 511,434 |
|
5,553 |
| Equity LifeStyle Properties REIT |
| 293,310 |
|
5,800 |
| First Republic Bank |
| 338,082 |
|
14,295 |
| HCC Insurance Holdings |
| 814,243 |
|
21,293 |
| Parkway Properties REIT |
| 346,437 |
|
6,628 |
| PartnerRe |
| 848,384 |
|
5,400 |
| ProAssurance |
| 242,730 |
|
29,100 |
| Radian Group |
| 519,726 |
|
8,400 |
| Raymond James Financial |
| 474,852 |
|
16,900 |
| Redwood Trust REIT |
| 290,511 |
|
5,000 |
| Reinsurance Group of America Class A |
| 458,100 |
|
4,035 |
| SVB Financial Group (1) |
| 535,687 |
|
8,150 |
| Torchmark |
| 457,296 |
|
19,854 |
| Vantiv Class A (1) |
| 776,291 |
|
7,000 |
| Wintrust Financial |
| 341,180 |
|
23,300 |
| Zions Bancorporation |
| 660,205 |
|
|
|
|
| 12,991,445 |
|
|
| Healthcare — 13.6% |
|
|
|
4,800 |
| Akorn (1) |
| 199,872 |
|
23,932 |
| Catalent (1) |
| 688,523 |
|
2,600 |
| Cooper |
| 462,982 |
|
12,784 |
| Envision Healthcare Holdings (1) |
| 485,281 |
|
1,200 |
| Esperion Therapeutics (1) |
| 114,156 |
|
7,900 |
| Fluidigm (1) |
| 295,934 |
|
3,769 |
| Henry Schein (1) |
| 516,730 |
|
6,500 |
| IMS Health Holdings (1) |
| 179,335 |
|
8,000 |
| LifePoint Hospitals (1) |
| 599,040 |
|
11,100 |
| Masimo (1) |
| 374,736 |
|
9,200 |
| Parexel International (1) |
| 584,890 |
|
12,700 |
| PerkinElmer |
| 651,002 |
|
10,018 |
| Quintiles Transnational Holdings (1) |
| 659,986 |
|
4,500 |
| Sirona Dental Systems (1) |
| 417,375 |
|
5,217 |
| Universal Health Services Class B |
| 610,128 |
|
33,187 |
| VWR (1) |
| 880,783 |
|
6,200 |
| West Pharmaceutical Services |
| 330,336 |
|
|
|
|
| 8,051,089 |
|
|
| Materials & Processing — 11.3% |
|
|
|
4,753 |
| Airgas |
| 481,384 |
|
22,800 |
| Berry Plastics Group (1) |
| 780,216 |
|
5,700 |
| CLARCOR |
| 370,500 |
|
18,000 |
| Hexcel |
| 902,700 |
|
7,800 |
| Horsehead Holding (1) |
| 116,610 |
|
30,400 |
| Interface Class A |
| 660,592 |
|
5,100 |
| Lennox International |
| 540,396 |
|
26,200 |
| Louisiana-Pacific (1) |
| 399,288 |
|
7,000 |
| Minerals Technologies |
| 474,110 |
|
8,000 |
| Owens Corning |
| 309,280 |
|
4,300 |
| Packaging Corp. of America |
| 297,517 |
|
5,300 |
| Reliance Steel & Aluminum |
| 343,016 |
|
17,600 |
| Sealed Air |
| 802,560 |
|
1,700 |
| Valmont Industries |
| 214,234 |
|
|
|
|
| 6,692,403 |
|
|
| Other Energy — 2.6% |
|
|
|
26,300 |
| EP Energy Class A (1) |
| 388,451 |
|
7,300 |
| Helmerich & Payne |
| 569,181 |
|
6,800 |
| Matador Resources (1) |
| 188,496 |
|
25,100 |
| RPC |
| 399,341 |
|
|
|
|
| 1,545,469 |
|
|
| Producer Durables — 11.2% |
|
|
|
6,700 |
| Alaska Air Group |
| 429,202 |
|
21,900 |
| Allison Transmission Holdings Class A |
| 671,892 |
|
6,400 |
| Carlisle |
| 617,600 |
|
10,100 |
| Copart (1) |
| 359,257 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
| |
|
|
|
|
|
| |
6,900 |
| Dover |
| 522,468 |
| |
5,300 |
| Genesee & Wyoming Class A (1) |
| 492,635 |
| |
6,100 |
| Graco |
| 436,882 |
| |
5,491 |
| IDEX |
| 411,880 |
| |
2,100 |
| Kirby (1) |
| 164,913 |
| |
6,300 |
| MSC Industrial Direct Class A |
| 447,678 |
| |
9,000 |
| Quanta Services (1) |
| 260,190 |
| |
32,850 |
| Rollins |
| 814,680 |
| |
5,099 |
| Towers Watson Class A |
| 647,088 |
| |
4,968 |
| Verisk Analytics Class A (1) |
| 372,799 |
| |
|
|
|
| 6,649,164 |
| |
|
| Technology — 11.9% |
|
|
| |
13,300 |
| AOL (1) |
| 530,670 |
| |
10,857 |
| Arrow Electronics (1) |
| 648,271 |
| |
18,344 |
| Atmel |
| 139,048 |
| |
27,800 |
| Cadence Design Systems (1) |
| 518,470 |
| |
24,800 |
| Ciena (1) |
| 528,240 |
| |
12,500 |
| DigitalGlobe (1) |
| 402,125 |
| |
18,500 |
| Finisar (1) |
| 376,105 |
| |
3,700 |
| Gartner (1) |
| 307,026 |
| |
14,600 |
| JDS Uniphase (1) |
| 184,836 |
| |
7,200 |
| Linear Technology |
| 332,136 |
| |
11,300 |
| Microchip Technology |
| 538,501 |
| |
26,300 |
| ON Semiconductor (1) |
| 302,976 |
| |
17,500 |
| PTC (1) |
| 670,950 |
| |
23,800 |
| Sabre |
| 592,382 |
| |
1,800 |
| SBA Communications Class A (1) |
| 208,476 |
| |
16,994 |
| Synopsys (1) |
| 796,679 |
| |
|
|
|
| 7,076,891 |
| |
|
| Utilities — 3.1% |
|
|
| |
5,400 |
| Alliant Energy |
| 326,538 |
| |
14,800 |
| NorthWestern |
| 770,932 |
| |
8,900 |
| Portland General Electric |
| 312,924 |
| |
6,500 |
| Questar |
| 152,360 |
| |
8,200 |
| Westar Energy Class A |
| 308,730 |
| |
|
|
|
| 1,871,484 |
| |
|
| TOTAL COMMON STOCK |
| 55,932,764 |
| |
|
|
|
|
|
| |
|
| INVESTMENT COMPANY (1) — 2.9% |
|
|
| |
37,100 |
| SPDR Barclays 1-3 Month |
|
|
| |
|
| (Cost $1,696,766) |
| 1,696,212 |
| |
|
|
|
|
|
| |
|
| TOTAL INVESTMENTS — 97.1% |
| 57,628,976 |
| |
|
|
|
|
|
| |
|
| OTHER ASSETS LESS LIABILITIES — 2.9% |
| 1,713,877 |
| |
|
|
|
|
|
| |
|
| NET ASSETS — 100% |
| $ | 59,342,853 |
|
(1) Denotes non-income producing security.
ETF — Exchange Traded Fund |
REIT — Real Estate Investment Trust |
SPDR — Standard & Poor’s Depositary Receipts |
The accompanying notes are an integral part of the financial statements.
The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund’s investments carried at value:
Investments in Securities (1) |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Common Stock (2) |
| $ | 55,932,764 |
| $ | — |
| $ | — |
| $ | 55,932,764 |
|
Investment Company |
| 1,696,212 |
| — |
| — |
| 1,696,212 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total Investments in Securities |
| $ | 57,628,976 |
| $ | — |
| $ | — |
| $ | 57,628,976 |
|
(1) There were no transfers between levels during the reporting period, based on the input levels assigned under the hierarchy at the beginning and end of the reporting period.
(2) All securities in this category are Level 1 securities. For a detailed break-out by classification, please refer to the Schedule of Investments.
The accompanying notes are an integral part of the financial statements.
Schroder Emerging Market Equity Fund
Schedule of Investments
April 30, 2015 (unaudited)
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
|
| COMMON STOCK — 95.9% |
|
|
|
|
| Brazil — 5.0% |
|
|
|
1,583,720 |
| Ambev ADR |
| 10,024,947 |
|
845,700 |
| BB Seguridade Participacoes |
| 9,751,114 |
|
758,800 |
| BR Malls Participacoes |
| 4,135,314 |
|
1,419,256 |
| Cia de Concessoes Rodoviarias |
| 7,795,910 |
|
717,440 |
| Cielo |
| 9,870,024 |
|
189,500 |
| Embraer ADR |
| 5,908,610 |
|
69,138 |
| Iochpe-Maxion |
| 254,023 |
|
358,000 |
| Ultrapar Participacoes |
| 8,195,045 |
|
760,900 |
| Vale Class B ADR |
| 5,843,712 |
|
887,800 |
| Weg |
| 4,749,941 |
|
|
|
|
| 66,528,640 |
|
|
| Chile — 0.4% |
|
|
|
335,491 |
| Enersis ADR |
| 5,961,675 |
|
|
|
|
|
|
|
|
| China — 26.5% |
|
|
|
959,000 |
| AAC Technologies Holdings (1) |
| 5,062,278 |
|
42,561 |
| Baidu ADR (2) |
| 8,524,117 |
|
6,566,000 |
| Belle International Holdings (1) |
| 8,427,278 |
|
8,544,000 |
| Brilliance China Automotive Holdings (1) |
| 16,034,793 |
|
51,568,320 |
| China Construction Bank Class H (1) |
| 50,059,159 |
|
4,276,000 |
| China Life Insurance Class H (1) |
| 20,752,643 |
|
8,143,000 |
| China Longyuan Power Group Class H (1) |
| 10,091,569 |
|
2,763,000 |
| China Mobile (1) |
| 39,464,719 |
|
4,625,400 |
| China Pacific Insurance Group Class H (1) |
| 25,070,880 |
|
42,415,600 |
| China Petroleum & Chemical Class H (1) |
| 40,030,420 |
|
1,620,000 |
| China Unicom Hong Kong (1) |
| 3,042,570 |
|
1,888,100 |
| Chongqing Changan Automobile Class B (1) |
| 6,195,132 |
|
14,996,565 |
| Industrial & Commercial Bank of China Class H (1) |
| 13,008,933 |
|
253,377 |
| Mindray Medical International ADR |
| 7,824,282 |
|
3,225,500 |
| Tencent Holdings (1) |
| 66,570,710 |
|
1,598,000 |
| Tingyi Cayman Islands Holding (1) |
| 3,374,609 |
|
1,248,200 |
| Weichai Power Class H (1) |
| 4,945,550 |
|
178,462 |
| Yum! Brands |
| 15,340,594 |
|
832,000 |
| Zhuzhou CSR Times Electric Class H (1) |
| 7,074,574 |
|
|
|
|
| 350,894,810 |
|
|
| Czech Republic (1) — 0.2% |
|
|
|
12,596 |
| Komercni Banka |
| 2,806,958 |
|
|
|
|
|
|
|
|
| Egypt (1) — 0.5% |
|
|
|
663,501 |
| Commercial International Bank |
| 4,802,084 |
|
249,193 |
| Commercial International Bank GDR |
| 1,719,988 |
|
|
|
|
| 6,522,072 |
|
|
| Greece (1) — 0.3% |
|
|
|
199,400 |
| Hellenic Telecommunications Organization |
| 1,812,535 |
|
1,589,397 |
| National Bank of Greece (2) |
| 2,228,550 |
|
|
|
|
| 4,041,085 |
|
|
| Hong Kong (1) — 2.2% |
|
|
|
4,367,800 |
| AIA Group |
| 29,047,968 |
|
|
|
|
|
|
|
|
| Hungary (1) — 0.8% |
|
|
|
471,907 |
| OTP Bank |
| 10,434,911 |
|
|
|
|
|
|
|
|
| India — 8.9% |
|
|
|
2,591,505 |
| Axis Bank (1) |
| 23,133,787 |
|
1,358,575 |
| HDFC Bank (1) |
| 21,161,904 |
|
351,135 |
| Infosys (1) |
| 10,718,305 |
|
148,957 |
| Infosys Limited ADR |
| 4,614,688 |
|
359,601 |
| Lupin (1) |
| 10,021,281 |
|
287,597 |
| Maruti Suzuki India (1) |
| 16,854,285 |
|
490,737 |
| Tata Consultancy Services |
| 19,035,326 |
|
1,469,233 |
| Tata Motors (1) |
| 11,778,351 |
|
|
|
|
| 117,317,927 |
|
|
| Indonesia (1) — 0.9% |
|
|
|
7,492,000 |
| Astra International |
| 3,942,531 |
|
10,134,000 |
| Bank Mandiri |
| 8,335,633 |
|
|
|
|
| 12,278,164 |
|
|
| Mexico — 0.8% |
|
|
|
44,759 |
| Fomento Economico Mexicano ADR |
| 4,050,242 |
|
1,016,800 |
| Grupo Financiero Banorte Class O |
| 5,767,964 |
|
141,224 |
| Wal-Mart de Mexico |
| 332,303 |
|
|
|
|
| 10,150,509 |
|
|
| Philippines (1) — 1.2% |
|
|
|
9,190,700 |
| Ayala Land |
| 7,951,237 |
|
412,400 |
| SM Investments |
| 8,331,572 |
|
|
|
|
| 16,282,809 |
|
|
| Poland (1) — 1.5% |
|
|
|
121,610 |
| Bank Pekao |
| 6,321,137 |
|
533,048 |
| Powszechna Kasa Oszczednosci Bank Polski (2) |
| 5,330,716 |
|
60,089 |
| Powszechny Zaklad Ubezpieczen |
| 7,837,096 |
|
|
|
|
| 19,488,949 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
| |
|
|
|
|
|
| |
|
| Qatar (1) — 0.7% |
|
|
| |
184,079 |
| Qatar National Bank |
| 9,986,076 |
| |
|
|
|
|
|
| |
|
| Russia — 2.6% |
|
|
| |
606,181 |
| Gazprom ADR |
| 3,564,344 |
| |
221,266 |
| LUKOIL ADR |
| 11,339,882 |
| |
81,551 |
| Magnit GDR (1) |
| 4,474,101 |
| |
473,451 |
| MMC Norilsk Nickel ADR (1) |
| 8,918,653 |
| |
1,134,449 |
| Sberbank of Russia ADR |
| 6,852,072 |
| |
|
|
|
| 35,149,052 |
| |
|
| South Africa (1) — 3.4% |
|
|
| |
243,175 |
| Aspen Pharmacare Holdings |
| 7,394,844 |
| |
2,538,452 |
| FirstRand |
| 12,126,431 |
| |
109,386 |
| Naspers Class N |
| 17,161,113 |
| |
1,040,681 |
| Woolworths Holdings |
| 7,828,785 |
| |
|
|
|
| 44,511,173 |
| |
|
| South Korea (1) — 18.5% |
|
|
| |
4,051 |
| Amorepacific (3) |
| 14,677,317 |
| |
133,247 |
| Coway |
| 11,190,445 |
| |
646,897 |
| DGB Financial Group |
| 7,302,320 |
| |
405,040 |
| Hana Financial Group |
| 11,922,709 |
| |
52,660 |
| Hyundai Department Store |
| 7,148,254 |
| |
26,168 |
| Hyundai Mobis |
| 5,753,768 |
| |
168,731 |
| Hyundai Motor |
| 26,480,828 |
| |
125,280 |
| Korea Electric Power |
| 5,447,668 |
| |
99,777 |
| LG |
| 6,191,089 |
| |
51,855 |
| LG Chem |
| 13,099,006 |
| |
22,190 |
| NAVER |
| 13,417,812 |
| |
3,424 |
| Orion |
| 3,999,103 |
| |
25,424 |
| POSCO |
| 5,988,969 |
| |
17,227 |
| S-1 Class 1 |
| 1,284,186 |
| |
152,779 |
| Samsung C&T |
| 8,113,612 |
| |
54,118 |
| Samsung Electronics |
| 70,994,908 |
| |
121,870 |
| Shinhan Financial Group |
| 5,043,976 |
| |
306,511 |
| SK Hynix |
| 13,114,100 |
| |
50,288 |
| SK Telecom |
| 13,475,825 |
| |
|
|
|
| 244,645,895 |
| |
|
| Taiwan (1) — 12.4% |
|
|
| |
11,243,000 |
| Advanced Semiconductor Engineering |
| 15,943,977 |
| |
1,445,000 |
| Catcher Technology |
| 16,909,167 |
| |
8,200,489 |
| Cathay Financial Holding |
| 14,326,463 |
| |
25,064,292 |
| CTBC Financial Holding |
| 19,509,381 |
| |
380,040 |
| Eclat Textile |
| 5,088,098 |
| |
10,291,090 |
| Hon Hai Precision Industry |
| 30,836,714 |
| |
3,470,000 |
| Taiwan Mobile |
| 12,224,980 |
| |
10,143,139 |
| Taiwan Semiconductor Manufacturing |
| 48,831,836 |
| |
|
|
|
| 163,670,616 |
| |
|
| Thailand (1) — 3.3% |
|
|
| |
1,983,600 |
| Advanced Info Service |
| 14,397,351 |
| |
1,746,875 |
| Kasikornbank |
| 11,090,262 |
| |
915,425 |
| Kasikornbank NVDR |
| 5,808,632 |
| |
3,762,330 |
| Minor International |
| 3,748,020 |
| |
797,300 |
| PTT |
| 8,596,539 |
| |
|
|
|
| 43,640,804 |
| |
|
| Turkey (1) — 4.0% |
|
|
| |
3,938,107 |
| Akbank |
| 11,473,843 |
| |
2,356,859 |
| KOC Holding |
| 11,147,075 |
| |
290,439 |
| Tupras Turkiye Petrol Rafinerileri (2) |
| 7,054,657 |
| |
1,910,972 |
| Turkcell Iletisim Hizmetleri |
| 8,508,726 |
| |
2,629,555 |
| Turkiye Garanti Bankasi |
| 8,366,596 |
| |
2,639,200 |
| Turkiye Is Bankasi Class C |
| 5,934,442 |
| |
|
|
|
| 52,485,339 |
| |
|
| United Arab Emirates (1) — 1.8% |
|
|
| |
10,792,493 |
| Emaar Properties PJSC |
| 23,932,175 |
| |
|
|
|
|
|
| |
|
| TOTAL COMMON STOCK |
| 1,269,777,607 |
| |
|
|
|
|
|
| |
|
| PREFERRED STOCK — 2.7% |
|
|
| |
|
| Brazil — 2.7% |
|
|
| |
795,337 |
| Banco Bradesco ADR |
| 8,502,152 |
| |
221,300 |
| Cia Brasileira de Distribuicao |
| 7,418,411 |
| |
1,587,777 |
| Itau Unibanco Holding ADR |
| 20,355,301 |
| |
|
|
|
|
|
| |
|
| TOTAL PREFERRED STOCK |
| 36,275,864 |
| |
|
|
|
|
|
| |
|
| TOTAL INVESTMENTS — 98.6% |
| 1,306,053,471 |
| |
|
|
|
|
|
| |
|
| OTHER ASSETS LESS LIABILITIES — 1.4% |
| 17,968,344 |
| |
|
|
|
|
|
| |
|
| NET ASSETS — 100% |
| $ | 1,324,021,815 |
|
(1) | Security is fair valued. (See Note 2 in Notes to Financial Statements.) |
(2) | Denotes non-income producing security. |
(3) | Security considered illiquid. On April 30, 2015 the value of the securities amounted to $14,677,317, representing 1.1% of the total net assets of the Fund. |
The accompanying notes are an integral part of the financial statements.
ADR — American Depositary Receipt |
GDR — Global Depositary Receipt |
NVDR — Non Voting Depository Receipt |
The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund’s investments carried at value:
Investments in Securities |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Common Stock (1) |
|
|
|
|
|
|
|
|
| ||||
Brazil |
| $ | 66,528,640 |
| $ | — |
| $ | — |
| $ | 66,528,640 |
|
Chile |
| 5,961,675 |
| — |
| — |
| 5,961,675 |
| ||||
China |
| 31,688,993 |
| 319,205,817 |
| — |
| 350,894,810 |
| ||||
Czech Republic |
| — |
| 2,806,958 |
| — |
| 2,806,958 |
| ||||
Egypt |
| — |
| 6,522,072 |
| — |
| 6,522,072 |
| ||||
Greece |
| — |
| 4,041,085 |
| — |
| 4,041,085 |
| ||||
Hong Kong |
| — |
| 29,047,968 |
| — |
| 29,047,968 |
| ||||
Hungary |
| — |
| 10,434,911 |
| — |
| 10,434,911 |
| ||||
India |
| 23,650,014 |
| 93,667,913 |
| — |
| 117,317,927 |
| ||||
Indonesia |
| — |
| 12,278,164 |
| — |
| 12,278,164 |
| ||||
Mexico |
| 10,150,509 |
| — |
| — |
| 10,150,509 |
| ||||
Philippines |
| — |
| 16,282,809 |
| — |
| 16,282,809 |
| ||||
Poland |
| — |
| 19,488,949 |
| — |
| 19,488,949 |
| ||||
Qatar |
| — |
| 9,986,076 |
| — |
| 9,986,076 |
| ||||
Russia |
| 21,756,298 |
| 13,392,754 |
| — |
| 35,149,052 |
| ||||
South Africa |
| — |
| 44,511,173 |
| — |
| 44,511,173 |
| ||||
South Korea |
| — |
| 244,645,895 |
| — |
| 244,645,895 |
| ||||
Taiwan |
| — |
| 163,670,616 |
| — |
| 163,670,616 |
| ||||
Thailand |
| — |
| 43,640,804 |
| — |
| 43,640,804 |
| ||||
Turkey |
| — |
| 52,485,339 |
| — |
| 52,485,339 |
| ||||
United Arab Emirates |
| — |
| 23,932,175 |
| — |
| 23,932,175 |
| ||||
Total Common Stock |
| 159,736,129 |
| 1,110,041,478 |
| — |
| 1,269,777,607 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Preferred Stock |
|
|
|
|
|
|
|
|
| ||||
Brazil |
| 36,275,864 |
| — |
| — |
| 36,275,864 |
| ||||
Total Preferred Stock |
| 36,275,864 |
| — |
| — |
| 36,275,864 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total Investments in Securities |
| $ | 196,011,993 |
| $ | 1,110,041,478 |
| $ | — |
| $ | 1,306,053,471 |
|
(1) Transfers between investment levels may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Fund generally recognizes transfers between the levels as of the beginning of the period. As of April 30, 2015, the Fund had securities with a total value of $1,095,364,161 transfer from Level 1 to Level 2. The change in level occurred due to developments that occurred between the time of closing of the foreign markets on which those securities trade and the close of business on the New York Stock Exchange. The Fund had securities with a total value of $14,677,317 transfer from Level 1 to Level 2. The changes occurred due to a halt in trading of these securities.
The accompanying notes are an integral part of the financial statements.
Schroder Emerging Markets Multi-Cap Equity Fund
Schedule of Investments
April 30, 2015 (unaudited)
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
|
| COMMON STOCK — 85.9% |
|
|
|
|
| Brazil — 5.9% |
|
|
|
33,100 |
| Ambev |
| 208,293 |
|
11,400 |
| Arteris |
| 30,269 |
|
5,200 |
| BB Seguridade Participacoes |
| 59,957 |
|
700 |
| Bematech |
| 2,265 |
|
42,000 |
| Cia de Concessoes Rodoviarias |
| 230,704 |
|
10,400 |
| Cia de Saneamento Basico do Estado de Sao Paulo (1) |
| 61,441 |
|
23,761 |
| Cia Energetica de Minas Gerais ADR |
| 116,904 |
|
10,900 |
| Cia Hering |
| 64,395 |
|
2,600 |
| Cia Paranaense de Energia ADR |
| 28,444 |
|
4,920 |
| Cielo |
| 67,686 |
|
9,800 |
| EcoRodovias Infraestrutura e Logistica |
| 28,851 |
|
5,600 |
| Eternit |
| 5,948 |
|
1,800 |
| Ez Tec Empreendimentos e Participacoes |
| 11,327 |
|
23,400 |
| Grupo BTG Pactual |
| 231,053 |
|
9,900 |
| Mahle-Metal Leve |
| 67,096 |
|
10,400 |
| Natura Cosmeticos |
| 97,720 |
|
6,800 |
| Petroleo Brasileiro ADR (1) |
| 64,600 |
|
2,900 |
| Telefonica Brasil ADR |
| 47,618 |
|
8,300 |
| TOTVS |
| 97,271 |
|
7,923 |
| Tractebel Energia |
| 92,958 |
|
13,300 |
| Transmissora Alianca de Energia Eletrica |
| 87,447 |
|
14,600 |
| Vale |
| 110,241 |
|
9,600 |
| Via Varejo |
| 59,647 |
|
|
|
|
| 1,872,135 |
|
|
| Chile — 1.4% |
|
|
|
81,261 |
| AFP Habitat |
| 125,026 |
|
27,482 |
| Empresa Nacional de Electricidad |
| 42,338 |
|
10,900 |
| Enersis ADR |
| 193,693 |
|
6,201 |
| Forus |
| 27,217 |
|
310 |
| Inversiones La Construccion |
| 3,969 |
|
2,500 |
| Sociedad Quimica y Minera de Chile ADR |
| 54,600 |
|
|
|
|
| 446,843 |
|
|
| China — 12.6% |
|
|
|
18,000 |
| AAC Technologies Holdings (2) |
| 95,017 |
|
64,500 |
| Anhui Conch Cement Class H (2) |
| 260,790 |
|
700 |
| Baidu ADR (1) |
| 140,196 |
|
436,000 |
| Bank of China Class H (2) |
| 298,749 |
|
26,500 |
| Bank of Chongqing Class H (2) |
| 28,430 |
|
135,000 |
| Bank of Communications Class H (2) |
| 138,383 |
|
16,000 |
| Baoye Group Class H (2) |
| 13,304 |
|
23,000 |
| Changshouhua Food (2) |
| 18,121 |
|
135,000 |
| China Child Care (2) |
| 27,505 |
|
191,000 |
| China Construction Bank Class H (2) |
| 185,410 |
|
108,000 |
| China Creative Home Group (2) |
| 19,743 |
|
14,000 |
| China Life Insurance Class H (2) |
| 67,946 |
|
322,000 |
| China Lumena New Materials (1)(2)(3) |
| — |
|
18,200 |
| China Pacific Insurance Group Class H (2) |
| 98,649 |
|
23,000 |
| China Shenhua Energy Class H (2) |
| 59,732 |
|
91,000 |
| China Shineway Pharmaceutical Group (2) |
| 154,722 |
|
69,000 |
| Chongqing Rural Commercial Bank Class H (2) |
| 61,549 |
|
90,000 |
| Consun Pharmaceutical Group (2) |
| 71,935 |
|
158,000 |
| Dongfeng Motor Group Class H (2) |
| 262,494 |
|
9,500 |
| Great Wall Motor Class H (2) |
| 72,082 |
|
18,000 |
| Harbin Electric Class H (2) |
| 14,765 |
|
104,000 |
| HOSA International (2) |
| 53,446 |
|
258,000 |
| Industrial & Commercial Bank of China Class H (2) |
| 223,805 |
|
96,000 |
| Jiangsu Expressway Class H (2) |
| 131,811 |
|
32,000 |
| Jingwei Textile Machinery Class H (2) |
| 49,615 |
|
222,000 |
| Jintian Pharmaceutical Group (2) |
| 118,142 |
|
2,500 |
| Mindray Medical International ADR |
| 77,200 |
|
530 |
| NetEase ADR |
| 67,941 |
|
7,000 |
| On-Bright Electronics (2) |
| 37,979 |
|
121,000 |
| Pacific Online (2) |
| 64,813 |
|
89,000 |
| Peak Sport Products (2) |
| 30,174 |
|
13,000 |
| Shenzhou International Group Holdings (2) |
| 61,142 |
|
39,500 |
| Sinopec Engineering Group Class H (2) |
| 42,636 |
|
26,500 |
| SOHO China (2) |
| 20,103 |
|
24,200 |
| SouFun Holdings ADR |
| 200,134 |
|
36,000 |
| Springland International Holdings (2) |
| 13,829 |
|
7,600 |
| Tencent Holdings (2) |
| 156,856 |
|
54,000 |
| TravelSky Technology Class H (2) |
| 104,707 |
|
37,000 |
| Want Want China Holdings (2) |
| 40,586 |
|
20,000 |
| Weichai Power Class H (2) |
| 79,243 |
|
17,500 |
| Weiqiao Textile Class H (2) |
| 12,903 |
|
55,000 |
| Xingda International Holdings (2) |
| 17,864 |
|
194,000 |
| Zhejiang Expressway Class H (2) |
| 308,110 |
|
|
|
|
| 4,002,561 |
|
|
| Colombia — 0.5% |
|
|
|
11,690 |
| Cemex Latam Holdings (1) |
| 65,272 |
|
5,500 |
| Ecopetrol ADR |
| 94,160 |
|
|
|
|
| 159,432 |
|
|
| Czech Republic — 0.9% |
|
|
|
2,767 |
| CEZ (2) |
| 71,887 |
|
5,807 |
| Fortuna Entertainment Group |
| 23,519 |
|
823 |
| Komercni Banka (2) |
| 183,402 |
|
|
|
|
| 278,808 |
|
|
| Egypt — 0.9% |
|
|
|
4,304 |
| Alexandria Mineral Oils (2) |
| 26,449 |
|
9,047 |
| Commercial International Bank (2) |
| 65,478 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
1,944 |
| Eastern Tobacco |
| 49,680 |
|
3,380 |
| Egyptian International Pharmaceutical Industrial (2) |
| 35,829 |
|
452,811 |
| Orascom Telecom Media And Technology Holding SAE (1)(2) |
| 56,929 |
|
37,807 |
| Telecom Egypt (2) |
| 48,882 |
|
|
|
|
| 283,247 |
|
|
| Greece — 0.3% |
|
|
|
1,656 |
| Athens Water Supply & Sewage (2) |
| 9,288 |
|
1,630 |
| JUMBO |
| 16,820 |
|
1,189 |
| Metka (2) |
| 11,090 |
|
6,257 |
| OPAP (2) |
| 55,978 |
|
|
|
|
| 93,176 |
|
|
| Hong Kong (2) — 6.1% |
|
|
|
8,000 |
| Agile Property Holdings |
| 6,681 |
|
164,000 |
| Belle International Holdings |
| 210,489 |
|
5,000 |
| China Animal Healthcare(1)(3) |
| 3,355 |
|
202,000 |
| China BlueChemical |
| 89,966 |
|
46,000 |
| China Lilang |
| 47,725 |
|
72,000 |
| China Medical System Holdings |
| 127,062 |
|
18,000 |
| China Merchants China Direct Investments |
| 48,025 |
|
18,000 |
| China Mobile |
| 257,099 |
|
76,000 |
| China Resources Cement Holdings |
| 48,301 |
|
10,000 |
| CIMC Enric Holdings |
| 11,055 |
|
127,000 |
| CNOOC |
| 216,562 |
|
12,000 |
| Dawnrays Pharmaceutical Holdings |
| 10,130 |
|
65,000 |
| Geely Automobile Holdings |
| 36,566 |
|
25,000 |
| Goldlion Holdings |
| 11,695 |
|
162,000 |
| Guangdong Investment |
| 241,569 |
|
115,000 |
| Huabao International Holdings |
| 129,173 |
|
100,000 |
| Real Nutriceutical Group |
| 31,530 |
|
26,000 |
| Shandong Luoxin Pharmaceutical Group Stock Class H |
| 52,063 |
|
198,000 |
| Shenguan Holdings Group |
| 62,144 |
|
208,000 |
| Shougang Fushan Resources Group |
| 53,391 |
|
144,000 |
| Sino Biopharmaceutical |
| 164,402 |
|
14,000 |
| Skyworth Digital Holdings |
| 12,472 |
|
100,000 |
| Yuexiu Transport Infrastructure |
| 73,514 |
|
|
|
|
| 1,944,969 |
|
|
| Hungary (2) — 0.5% |
|
|
|
7,691 |
| OTP Bank |
| 170,065 |
|
|
|
|
|
|
|
|
| India — 0.9% |
|
|
|
8,900 |
| Infosys ADR |
| 275,722 |
|
|
|
|
|
|
|
|
| Indonesia (2) — 3.8% |
|
|
|
270,000 |
| Astra International |
| 142,083 |
|
915,500 |
| Bank Bukopin |
| 48,996 |
|
941,500 |
| Bank Pembangunan Daerah Jawa Timur |
| 34,939 |
|
24,000 |
| Bank Rakyat Indonesia Persero |
| 21,427 |
|
99,800 |
| Indocement Tunggal Prakarsa |
| 161,169 |
|
282,000 |
| Kalbe Farma |
| 38,986 |
|
1,110,000 |
| Panin Financial (1) |
| 27,936 |
|
264,000 |
| Perusahaan Gas Negara |
| 83,212 |
|
183,000 |
| Perusahaan Perkebunan London Sumatra Indonesia |
| 20,008 |
|
207,000 |
| Semen Indonesia Persero |
| 199,057 |
|
1,022,500 |
| Telekomunikasi Indonesia Persero |
| 205,647 |
|
124,000 |
| United Tractors |
| 203,891 |
|
56,000 |
| Vale Indonesia |
| 12,031 |
|
|
|
|
| 1,199,382 |
|
|
| Kazakhstan (2) — 0.1% |
|
|
|
2,597 |
| KCell JSC GDR |
| 21,875 |
|
|
|
|
|
|
|
|
| Malaysia — 2.1% |
|
|
|
13,100 |
| A & M Realty |
| 3,899 |
|
36,200 |
| Affin Holdings (2) |
| 29,566 |
|
74,200 |
| AMMB Holdings (2) |
| 134,761 |
|
11,600 |
| Astro Malaysia Holdings (2) |
| 10,213 |
|
29,300 |
| Berjaya Auto (2) |
| 33,205 |
|
7,151 |
| Berjaya Sports Toto (2) |
| 6,541 |
|
3,700 |
| British American Tobacco Malaysia (2) |
| 69,456 |
|
15,600 |
| Carlsberg Brewery Malaysia (2) |
| 58,630 |
|
76,700 |
| DiGi.com (2) |
| 129,305 |
|
18,800 |
| Guinness Anchor (2) |
| 77,080 |
|
7,000 |
| IOI Properties Group (2) |
| 4,195 |
|
14,600 |
| KLCCP Stapled Group |
| 28,942 |
|
48,100 |
| Media Prima |
| 22,689 |
|
7,200 |
| MNRB Holdings (2) |
| 7,544 |
|
42,300 |
| My EG Services (2) |
| 29,957 |
|
19,800 |
| OSK Holdings (2) |
| 11,651 |
|
13,400 |
| Petronas Chemicals Group (2) |
| 22,034 |
|
|
|
|
| 679,668 |
|
|
| Mexico — 1.8% |
|
|
|
10,400 |
| America Movil Class L ADR |
| 217,256 |
|
1,900 |
| Coca-Cola Femsa ADR |
| 151,810 |
|
17,000 |
| Grupo Industrial Maseca Class B |
| 23,048 |
|
79,300 |
| Kimberly-Clark de Mexico Class A |
| 174,603 |
|
|
|
|
| 566,717 |
|
|
| Morocco — 0.8% |
|
|
|
195 |
| Ciments du Maroc |
| 22,410 |
|
16,650 |
| Maroc Telecom (2) |
| 221,847 |
|
|
|
|
| 244,257 |
|
|
| Philippines — 0.9% |
|
|
|
24,300 |
| Aboitiz Power (2) |
| 23,395 |
|
605 |
| Globe Telecom (2) |
| 29,579 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
75,000 |
| Manila Water |
| 41,685 |
|
146,800 |
| Nickel Asia (2) |
| 74,695 |
|
2,000 |
| Philippine Long Distance Telephone ADR |
| 128,880 |
|
|
|
|
| 298,234 |
|
|
| Poland — 1.8% |
|
|
|
3,797 |
| Bank Pekao (2) |
| 197,363 |
|
3,496 |
| Enea |
| 15,830 |
|
5,373 |
| KGHM Polska Miedz (2) |
| 188,391 |
|
7,693 |
| MCI Management (1)(2) |
| 27,791 |
|
81,999 |
| Polskie Gornictwo Naftowe i Gazownictwo (2) |
| 147,902 |
|
|
|
|
| 577,277 |
|
|
| Qatar (2) — 0.2% |
|
|
|
510 |
| Industries Qatar |
| 20,237 |
|
630 |
| Qatar Electricity & Water QSC |
| 36,535 |
|
|
|
|
| 56,772 |
|
|
| Russia — 3.4% |
|
|
|
8,200 |
| CTC Media (NASDAQ) (1) |
| 28,618 |
|
10,615 |
| Gazprom ADR |
| 62,416 |
|
1,690 |
| Gazprom Neft OAO AD(2) |
| 23,200 |
|
13,669 |
| Globaltrans Investment GD(1)(2) |
| 67,662 |
|
2,424 |
| LSR Group PJSC GDR |
| 6,739 |
|
1,593 |
| LUKOIL ADR |
| 81,641 |
|
3,486 |
| MegaFon OAO GDR (2) |
| 59,129 |
|
13,283 |
| MMC Norilsk Nickel ADR (2) |
| 250,219 |
|
8,000 |
| Mobile TeleSystems ADR |
| 96,640 |
|
391 |
| NovaTek GDR (2) |
| 37,859 |
|
674 |
| OTCPHARM (1)(2) |
| 2,713 |
|
3,474 |
| Pharmstandard GDR (1) |
| 17,057 |
|
9,664 |
| RusHydro JSC ADR |
| 11,693 |
|
6,261 |
| Sistema JSFC GDR |
| 47,270 |
|
19,879 |
| Surgutneftegas OAO ADR (2) |
| 143,980 |
|
2,500 |
| Tatneft OAO ADR (2) |
| 85,755 |
|
2,044 |
| Yandex Class A (1) |
| 39,327 |
|
|
|
|
| 1,061,918 |
|
|
| South Africa — 10.5% |
|
|
|
16,036 |
| AVI (2) |
| 109,889 |
|
10,845 |
| Bidvest Group (2) |
| 293,944 |
|
8,275 |
| Coronation Fund Managers (2) |
| 63,225 |
|
10,645 |
| FirstRand (2) |
| 50,852 |
|
10,899 |
| Kumba Iron Ore (2) |
| 147,004 |
|
8,146 |
| Lewis Group (2) |
| 59,196 |
|
12,845 |
| Liberty Holdings |
| 179,023 |
|
59,810 |
| Life Healthcare Group Holdings (2) |
| 205,415 |
|
22,510 |
| MMI Holdings |
| 64,051 |
|
961 |
| Mondi (2) |
| 19,378 |
|
2,279 |
| Mr Price Group (2) |
| 48,657 |
|
14,459 |
| MTN Group (2) |
| 290,321 |
|
78,190 |
| Netcare (2) |
| 273,526 |
|
19,148 |
| Rand Merchant Insurance Holdings (2) |
| 75,302 |
|
24,125 |
| RMB Holdings (2) |
| 145,178 |
|
26,321 |
| Sanlam (2) |
| 170,234 |
|
7,818 |
| Sasol (2) |
| 314,780 |
|
4,260 |
| Shoprite Holdings (2) |
| 60,952 |
|
29,605 |
| Sibanye Gold (2) |
| 70,262 |
|
5,340 |
| Standard Bank Group (2) |
| 78,273 |
|
2,121 |
| Sun International (2) |
| 23,581 |
|
3,348 |
| Tiger Brands (2) |
| 87,139 |
|
19,346 |
| Truworths International (2) |
| 141,001 |
|
15,297 |
| Tsogo Sun Holdings (2) |
| 35,509 |
|
20,387 |
| Vodacom Group (2) |
| 254,174 |
|
7,079 |
| Woolworths Holdings (2) |
| 53,254 |
|
|
|
|
| 3,314,120 |
|
|
| South Korea — 9.0% |
|
|
|
147 |
| Asia Paper Manufacturing (2) |
| 4,310 |
|
464 |
| AtlasBX |
| 17,443 |
|
650 |
| BNK Financial Group (2) |
| 9,717 |
|
1,730 |
| Coway (2) |
| 145,290 |
|
240 |
| Daechang Forging (2) |
| 11,908 |
|
5,360 |
| DGB Financial Group (2) |
| 60,505 |
|
748 |
| Dongsuh (2) |
| 23,193 |
|
646 |
| Dongyang E&P (2) |
| 7,699 |
|
827 |
| e-LITECOM (2) |
| 17,864 |
|
3,235 |
| Grand Korea Leisure (2) |
| 115,773 |
|
438 |
| GS Home Shopping (2) |
| 97,550 |
|
3,440 |
| Halla Visteon Climate Control (2) |
| 129,060 |
|
1,410 |
| Hana Financial Group (2) |
| 41,505 |
|
3,193 |
| Hancom (2) |
| 59,854 |
|
6,440 |
| Hankook Tire (2) |
| 270,642 |
|
926 |
| Hyundai Home Shopping Network (2) |
| 116,426 |
|
4,000 |
| Hyundai Hy Communications & Networks (2) |
| 19,798 |
|
114 |
| Ilshin Spinning |
| 20,843 |
|
1,110 |
| Industrial Bank of Korea (2) |
| 15,251 |
|
535 |
| INTOPS (2) |
| 10,351 |
|
3,970 |
| KB Financial Group (2) |
| 151,393 |
|
3,200 |
| KC Tech (2) |
| 27,939 |
|
5,190 |
| Kia Motors (2) |
| 239,165 |
|
259 |
| Koh Young Technology (2) |
| 10,690 |
|
994 |
| KT&G (2) |
| 88,028 |
|
1,050 |
| Kunsul Chemical Industrial (2) |
| 50,151 |
|
252 |
| Kwangju Bank (1)(2) |
| 1,878 |
|
386 |
| Kyongnam Bank (1)(2) |
| 3,645 |
|
339 |
| KyungDong City Gas (2) |
| 37,598 |
|
259 |
| Medy-Tox (2) |
| 89,537 |
|
1,510 |
| Samsung Climate Control (2) |
| 16,951 |
|
220 |
| Samsung Electronics (2) |
| 288,608 |
|
471 |
| Samsung Electronics GDR (2) |
| 308,876 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
4,450 |
| Shinhan Financial Group (2) |
| 184,177 |
|
1,010 |
| Silicon Works (2) |
| 38,258 |
|
14 |
| Taekwang Industrial (2) |
| 15,666 |
|
6,058 |
| Woori Bank (2) |
| 60,517 |
|
375 |
| Youngone Holdings |
| 36,031 |
|
|
|
|
| 2,844,090 |
|
|
| Taiwan — 12.5% |
|
|
|
3,000 |
| Boardtek Electronics (2) |
| 4,958 |
|
17,000 |
| Catcher Technology (2) |
| 198,931 |
|
12,000 |
| Chicony Electronics (2) |
| 34,506 |
|
70,000 |
| China Life Insurance (2) |
| 74,099 |
|
13,000 |
| China Steel Chemical (2) |
| 63,128 |
|
9,000 |
| Chin-Poon Industrial (2) |
| 17,301 |
|
35,000 |
| ChipMOS TECHNOLOGIES (2) |
| 51,452 |
|
5,000 |
| Cleanaway (2) |
| 30,981 |
|
26,000 |
| Coretronic (2) |
| 35,303 |
|
15,000 |
| Cyberlink (2) |
| 44,262 |
|
9,000 |
| Delta Electronics (2) |
| 54,157 |
|
17,000 |
| Draytek (2) |
| 17,689 |
|
21,000 |
| Dynacolor (2) |
| 41,126 |
|
5,000 |
| Elite Advanced Laser (2) |
| 21,690 |
|
40,000 |
| Elite Material (2) |
| 66,683 |
|
37,000 |
| Everlight Electronics (2) |
| 85,538 |
|
59,000 |
| Far EasTone Telecommunications (2) |
| 140,671 |
|
9,680 |
| Feng TAY Enterprise (2) |
| 59,732 |
|
22,000 |
| FLEXium Interconnect (2) |
| 77,973 |
|
10,532 |
| Flytech Technology (2) |
| 43,702 |
|
24,000 |
| Formosan Rubber Group (2) |
| 25,747 |
|
1,000 |
| GeoVision (2) |
| 3,486 |
|
10,000 |
| Grape King Bio (2) |
| 54,479 |
|
34,000 |
| Greatek Electronics (2) |
| 45,605 |
|
4,000 |
| KD Holding (2) |
| 22,960 |
|
2,000 |
| King Slide Works (2) |
| 31,456 |
|
27,000 |
| King’s Town Bank (2) |
| 27,673 |
|
1,000 |
| Largan Precision (2) |
| 100,206 |
|
14,000 |
| Lumax International (2) |
| 28,506 |
|
20,000 |
| MediaTek (2) |
| 257,084 |
|
12,000 |
| Microlife (2) |
| 28,089 |
|
9,000 |
| New Era Electronics (2) |
| 8,925 |
|
15,000 |
| Novatek Microelectronics (2) |
| 78,399 |
|
45,000 |
| Pegatron (2) |
| 133,310 |
|
9,000 |
| Phison Electronics (2) |
| 83,003 |
|
19,000 |
| Polytronics Technology (2) |
| 43,847 |
|
8,000 |
| President Chain Store (2) |
| 59,201 |
|
19,540 |
| Radiant Opto-Electronics (2) |
| 64,255 |
|
2,608 |
| Raydium Semiconductor |
| 5,315 |
|
28,000 |
| Realtek Semiconductor (2) |
| 87,203 |
|
21,000 |
| Sigurd Microelectronics (2) |
| 19,833 |
|
16,000 |
| Simplo Technology (2) |
| 79,189 |
|
7,632 |
| Sinmag Equipment (2) |
| 45,787 |
|
7,000 |
| Sirtec International(2) |
| 15,055 |
|
7,000 |
| Sitronix Technology (2) |
| 25,252 |
|
2,000 |
| Sporton International (2) |
| 11,340 |
|
2,000 |
| St. Shine Optical (2) |
| 35,257 |
|
40,000 |
| Taiwan Cement (2) |
| 56,807 |
|
30,000 |
| Taiwan Mobile (2) |
| 105,691 |
|
31,465 |
| Taiwan Secom (2) |
| 94,680 |
|
63,000 |
| Taiwan Semiconductor Manufacturing (2) |
| 303,299 |
|
12,800 |
| Taiwan Semiconductor Manufacturing ADR |
| 312,832 |
|
7,280 |
| Taiwan Surface Mounting Technology (2) |
| 9,633 |
|
7,720 |
| Test Research (2) |
| 15,698 |
|
32,000 |
| Thinking Electronic Industrial (2) |
| 45,631 |
|
20,000 |
| Transcend Information (2) |
| 76,844 |
|
15,000 |
| Tripod Technology (1)(2) |
| 29,302 |
|
11,000 |
| United Integrated Services (2) |
| 12,750 |
|
5,172 |
| Vivotek (2) |
| 15,455 |
|
36,000 |
| Win Semiconductors (2) |
| 46,669 |
|
17,000 |
| Yageo (2) |
| 34,954 |
|
175,000 |
| Yuanta Financial Holding (2) |
| 101,715 |
|
6,000 |
| Yung Chi Paint & Varnish Manufacturing (2) |
| 17,591 |
|
19,000 |
| Yungtay Engineering (2) |
| 43,645 |
|
15,000 |
| Zhen Ding Technology Holding (2) |
| 52,221 |
|
|
|
|
| 3,959,761 |
|
|
| Thailand (2) — 3.9% |
|
|
|
35,400 |
| Advanced Info Service NVDR |
| 256,940 |
|
33,300 |
| BEC World |
| 40,632 |
|
61,000 |
| BEC World NVDR |
| 74,431 |
|
11,100 |
| Bumrungrad Hospital |
| 53,923 |
|
41,800 |
| Delta Electronics Thai |
| 105,557 |
|
16,300 |
| Delta Electronics Thai NVDR |
| 41,162 |
|
58,000 |
| Hana Microelectronics NVDR |
| 78,096 |
|
87,300 |
| MK Real Estate Development |
| 15,096 |
|
6,900 |
| PTT |
| 74,396 |
|
13,600 |
| PTT NVDR |
| 146,636 |
|
11,100 |
| PTT Exploration & Production |
| 39,319 |
|
36,900 |
| PTT Exploration & Production NVDR |
| 130,710 |
|
5,700 |
| Ratchaburi Electricity Generating Holding |
| 10,363 |
|
600 |
| Siam City Cement |
| 6,665 |
|
21,000 |
| Thai Beverage |
| 11,321 |
|
33,800 |
| Total Access Communication |
| 88,789 |
|
76,300 |
| TTW |
| 26,111 |
|
78,900 |
| TTW NVDR |
| 27,001 |
|
|
|
|
| 1,227,148 |
|
|
| Turkey (2) — 3.7% |
|
|
|
14,147 |
| Akcansa Cimento |
| 87,010 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
3,560 |
| Cimsa Cimento Sanayi Ve |
| 21,843 |
|
111,256 |
| Enka Insaat ve Sanayi |
| 239,123 |
|
105,542 |
| Eregli Demir ve Celik Fabrikalari (1) |
| 178,104 |
|
28,955 |
| Gubre Fabrikalari |
| 77,312 |
|
10,504 |
| Koza Altin Isletmeleri |
| 109,730 |
|
24,806 |
| Koza Anadolu Metal Madencilik Isletmeleri (1) |
| 26,767 |
|
19,129 |
| Soda Sanayii |
| 46,621 |
|
14,356 |
| TAV Havalimanlari Holding |
| 126,216 |
|
60,100 |
| Turk Telekomunikasyon |
| 166,115 |
|
19,756 |
| Turkcell Iletisim Hizmetleri |
| 87,965 |
|
|
|
|
| 1,166,806 |
|
|
| United Arab Emirates (2) — 0.7% |
|
|
|
20,834 |
| Abu Dhabi Commercial Bank PJSC |
| 42,018 |
|
94,084 |
| Air Arabia (1) |
| 41,759 |
|
69,348 |
| Dubai Investments PJSC |
| 57,649 |
|
23,014 |
| Dubai Islamic Bank PJSC |
| 43,189 |
|
3,345 |
| First Gulf Bank PJSC |
| 13,834 |
|
9,672 |
| Union National Bank PJSC |
| 17,965 |
|
|
|
|
| 216,414 |
|
|
| United Kingdom (2) — 0.7% |
|
|
|
13,631 |
| Anglo American |
| 228,969 |
|
|
|
|
|
|
|
|
| TOTAL COMMON STOCK |
| 27,190,366 |
|
|
|
|
|
|
|
|
| PREFERRED STOCK — 3.8% |
|
|
|
|
| Brazil — 3.8% |
|
|
|
9,900 |
| AES Tiete |
| 56,155 |
|
31,300 |
| Banco do Estado do Rio Grande do Sul |
| 117,909 |
|
21,000 |
| Bradespar |
| 83,988 |
|
7,200 |
| Cia Brasileira de Distribuicao |
| 241,358 |
|
11,500 |
| Cia Energetica de Sao Paulo |
| 71,299 |
|
4,100 |
| Eucatex Industria e Comercio |
| 4,504 |
|
66,430 |
| Itausa - Investimentos Itau |
| 234,813 |
|
8,700 |
| Metalurgica Gerdau Class A |
| 28,269 |
|
14,800 |
| Petroleo Brasileiro (1) |
| 64,103 |
|
7,000 |
| Petroleo Brasileiro Class A ADR (1) |
| 60,760 |
|
13,825 |
| Randon Participacoes |
| 18,446 |
|
16,900 |
| Vale Class A |
| 100,852 |
|
18,000 |
| Vale Class A ADR |
| 108,900 |
|
|
|
|
|
|
|
|
| TOTAL PREFERRED STOCK |
| 1,191,356 |
|
Shares/ |
|
|
|
|
| |
|
|
|
|
|
| |
|
| WARRANT (1) — 0.0% |
|
|
| |
|
| Malaysia — 0.0% |
|
|
| |
10,566 |
| CB Industrial Product Holding Expires 11/06/19 |
| 1,379 |
| |
|
|
|
|
|
| |
|
| U.S. TREASURY OBLIGATIONS — 7.2% |
|
|
| |
|
| United States Treasury Bills (4) |
|
|
| |
181,000 |
| 0.022%, 07/23/2015 |
| 180,995 |
| |
293,000 |
| 0.015%, 05/28/2015 |
| 293,001 |
| |
148,000 |
| 0.015%, 06/18/2015 |
| 148,002 |
| |
125,000 |
| 0.012%, 05/07/2015 |
| 125,000 |
| |
293,000 |
| 0.012%, 05/14/2015 |
| 292,999 |
| |
293,000 |
| 0.012%, 05/21/2015 |
| 293,000 |
| |
176,000 |
| 0.010%, 06/04/2015 |
| 175,999 |
| |
293,000 |
| 0.009%, 06/25/2015 |
| 292,998 |
| |
293,000 |
| 0.009%, 07/02/2015 |
| 292,999 |
| |
176,000 |
| 0.006%, 06/11/2015 |
| 175,999 |
| |
|
|
|
|
|
| |
|
| TOTAL U.S. TREASURY OBLIGATIONS |
| 2,270,992 |
| |
|
|
|
|
|
| |
|
| TOTAL INVESTMENTS — 96.9% |
| 30,654,093 |
| |
|
|
|
|
|
| |
|
| OTHER ASSETS LESS LIABILITIES — 3.1% |
| 977,897 |
| |
|
|
|
|
|
| |
|
| NET ASSETS — 100% |
| $ | 31,631,990 |
|
(1) Denotes non-income producing security.
(2) Security is fair valued. (See Note 2 in Notes to Financial Statements.)
(3) Security considered illiquid. On April 30, 2015 the value of the securities amounted to $3,355, representing 0.01% of the total net assets of the Fund.
(4) Zero coupon security — rate reported is effective yield at time of purchase.
The accompanying notes are an integral part of the financial statements.
A summary of the outstanding forward foreign currency contracts held by the Fund at April 30, 2015, is as follows:
|
|
|
|
|
|
|
| Unrealized |
| |||
|
|
|
|
|
|
|
| Appreciation |
| |||
Counterparty |
| Settlement Date |
| Currency to Deliver |
| Currency to Receive |
| (Depreciation) |
| |||
Credit Suisse First Boston |
| 5/27/15 |
| USD | 1,829,942 |
| INR | 114,993,538 |
| $ | (30,879 | ) |
Deutsche Bank Securities |
| 5/13/15 |
| TRY | 245,900 |
| USD | 94,174 |
| 2,527 |
| |
Goldman Sachs |
| 5/13/15 |
| ZAR | 4,959,301 |
| USD | 418,482 |
| 2,519 |
| |
HSBC |
| 5/13/15 |
| TRY | 854,627 |
| USD | 325,743 |
| 7,224 |
| |
|
|
|
|
|
|
|
|
|
| $ | (18,609 | ) |
The open futures contracts held by the Fund at April 30, 2015, are as follows:
|
| Number of |
|
|
| Unrealized |
| |
Type of |
| Contracts |
| Expiration |
| Appreciation |
| |
Contract |
| Long (Short) |
| Date |
| (Depreciation) |
| |
MINI MSCI EAFE |
| 22 |
| Jun-2015 |
| $ | 59,959 |
|
SGX S&P CNX Nifty Index |
| 112 |
| May-2015 |
| (8,090 | ) | |
|
|
|
|
|
| $ | 51,869 |
|
ADR — American Depositary Receipt
EAFE — Europe, Australasia and Far East
GDR — Global Depositary Receipt
INR — Indian Rupee
MSCI — Morgan Stanley Capital International
NASDAQ — National Association of Securities Dealers Automated Quotations
NVDR — Non Voting Depository Receipt
S&P — Standard & Poor’s
USD — United States Dollar
TRY — Turkish New Lira
ZAR — South African Rand
The accompanying notes are an integral part of the financial statements.
The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund’s investments carried at value:
Investments in Securities |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Common Stock (1) |
|
|
|
|
|
|
|
|
| ||||
Brazil |
| $ | 1,872,135 |
| $ | — |
| $ | — |
| $ | 1,872,135 |
|
Chile |
| 446,843 |
| — |
| — |
| 446,843 |
| ||||
China |
| 485,471 |
| 3,517,090 |
| — |
| 4,002,561 |
| ||||
Colombia |
| 159,432 |
| — |
| — |
| 159,432 |
| ||||
Czech Republic |
| 23,519 |
| 255,289 |
| — |
| 278,808 |
| ||||
Egypt |
| 49,680 |
| 233,567 |
| — |
| 283,247 |
| ||||
Greece |
| 16,820 |
| 76,356 |
| — |
| 93,176 |
| ||||
Hong Kong |
| — |
| 1,941,614 |
| 3,355 |
| 1,944,969 |
| ||||
Hungary |
| — |
| 170,065 |
| — |
| 170,065 |
| ||||
India |
| 275,722 |
| — |
| — |
| 275,722 |
| ||||
Indonesia |
| — |
| 1,199,382 |
| — |
| 1,199,382 |
| ||||
Kazakhstan |
| — |
| 21,875 |
| — |
| 21,875 |
| ||||
Malaysia |
| 55,530 |
| 624,138 |
| — |
| 679,668 |
| ||||
Mexico |
| 566,717 |
| — |
| — |
| 566,717 |
| ||||
Morocco |
| 22,410 |
| 221,847 |
| — |
| 244,257 |
| ||||
Philippines |
| 170,565 |
| 127,669 |
| — |
| 298,234 |
| ||||
Poland |
| 15,830 |
| 561,447 |
| — |
| 577,277 |
| ||||
Qatar |
| — |
| 56,772 |
| — |
| 56,772 |
| ||||
Russia |
| 391,401 |
| 670,517 |
| — |
| 1,061,918 |
| ||||
South Africa |
| 243,074 |
| 3,071,046 |
| — |
| 3,314,120 |
| ||||
South Korea |
| 74,317 |
| 2,769,773 |
| — |
| 2,844,090 |
| ||||
Taiwan |
| 318,147 |
| 3,641,614 |
| — |
| 3,959,761 |
| ||||
Thailand |
| — |
| 1,227,148 |
| — |
| 1,227,148 |
| ||||
Turkey |
| — |
| 1,166,806 |
| — |
| 1,166,806 |
| ||||
United Arab Emirates |
| — |
| 216,414 |
| — |
| 216,414 |
| ||||
United Kingdom |
| — |
| 228,969 |
| — |
| 228,969 |
| ||||
Total Common Stock |
| 5,187,613 |
| 21,999,398 |
| 3,355 |
| 27,190,366 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Preferred Stock |
|
|
|
|
|
|
|
|
| ||||
Brazil |
| 1,191,356 |
| — |
| — |
| 1,191,356 |
| ||||
Total Preferred Stock |
| 1,191,356 |
| — |
| — |
| 1,191,356 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Warrant |
|
|
|
|
|
|
|
|
| ||||
Malaysia |
| 1,379 |
| — |
| — |
| 1,379 |
| ||||
Total Warrant |
| 1,379 |
| — |
| — |
| 1,379 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
U.S. Treasury Obligations |
| — |
| 2,270,992 |
| — |
| 2,270,992 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total Investments in Securities |
| $ | 6,380,348 |
| $ | 24,270,390 |
| $ | 3,355 |
| $ | 30,654,093 |
|
Other Financial Instruments |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Forwards — Unrealized Appreciation |
| $ | — |
| $ | 12,270 |
| $ | — |
| $ | 12,270 |
|
Forwards — Unrealized Depreciation |
| — |
| (30,879 | ) | — |
| (30,879 | ) | ||||
Futures — Unrealized Appreciation |
| 59,959 |
| — |
| — |
| 59,959 |
| ||||
Futures — Unrealized Depreciation |
| (8,090 | ) | — |
| — |
| (8,090 | ) | ||||
Total Other Financial Instruments |
| $ | 51,869 |
| $ | (18,609 | ) | $ | — |
| $ | 33,260 |
|
The accompanying notes are an integral part of the financial statements.
(1) Transfers between investment levels may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Fund generally recognizes transfers between the levels as of the beginning of the period. As of April 30, 2015, the Fund had securities with a total value of $21,999,398 transfer from Level 1 to Level 2. The change in level occurred due to developments that occurred between the time of closing of the foreign markets on which those securities trade and the close of business on the New York Stock Exchange. Additionally, the Fund had securities with a total value of $3,355 transfer from Level 1 to Level 3. The changes occurred due to a halt in trading of these securities.
The accompanying notes are an integral part of the financial statements.
Schroder International Alpha Fund
Schedule of Investments
April 30, 2015 (unaudited)
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
|
| COMMON STOCK — 99.4% |
|
|
|
|
| Australia (1) — 1.5% |
|
|
|
320,102 |
| Brambles |
| 2,728,444 |
|
|
|
|
|
|
|
|
| Belgium (1) — 1.1% |
|
|
|
27,218 |
| UCB |
| 1,960,592 |
|
|
|
|
|
|
|
|
| Canada — 1.9% |
|
|
|
72,315 |
| Toronto-Dominion Bank |
| 3,338,537 |
|
|
|
|
|
|
|
|
| China — 2.0% |
|
|
|
23,236 |
| Alibaba Group Holding ADR (2) |
| 1,888,854 |
|
928,000 |
| Brilliance China Automotive Holdings (1) |
| 1,741,607 |
|
|
|
|
| 3,630,461 |
|
|
| Finland (1) — 1.8% |
|
|
|
477,544 |
| Nokia |
| 3,222,200 |
|
|
|
|
|
|
|
|
| France (1) — 9.9% |
|
|
|
33,369 |
| Accor |
| 1,829,786 |
|
29,037 |
| Essilor International |
| 3,537,584 |
|
10,720 |
| Kering |
| 1,982,524 |
|
53,431 |
| Safran |
| 3,904,066 |
|
30,370 |
| Sanofi |
| 3,091,381 |
|
46,413 |
| Schneider Electric |
| 3,469,302 |
|
|
|
|
| 17,814,643 |
|
|
| Germany (1) — 11.3% |
|
|
|
24,697 |
| Bayer |
| 3,554,707 |
|
18,065 |
| Bayerische Motoren Werke |
| 2,131,033 |
|
12,430 |
| Continental |
| 2,913,034 |
|
28,437 |
| Fresenius Medical Care & KGaA |
| 2,389,896 |
|
71,999 |
| GEA Group |
| 3,457,823 |
|
29,665 |
| HeidelbergCement |
| 2,277,102 |
|
49,149 |
| SAP |
| 3,713,949 |
|
|
|
|
| 20,437,544 |
|
|
| Hong Kong (1) — 4.3% |
|
|
|
740,600 |
| AIA Group |
| 4,925,346 |
|
84,072 |
| Jardine Strategic Holdings |
| 2,885,142 |
|
|
|
|
| 7,810,488 |
|
|
| India (1) — 1.8% |
|
|
|
1,166,108 |
| Idea Cellular |
| 3,205,974 |
|
|
|
|
|
|
|
|
| Ireland (1) — 1.3% |
|
|
|
31,968 |
| Kerry Group Class A |
| 2,351,325 |
|
|
|
|
|
|
|
|
| Israel — 1.7% |
|
|
|
36,509 |
| Check Point Software Technologies (2) |
| 3,047,771 |
|
|
|
|
|
|
|
|
| Italy (1) — 2.0% |
|
|
|
1,079,103 |
| Intesa Sanpaolo |
| 3,625,254 |
|
|
|
|
|
|
|
|
| Japan (1) — 17.5% |
|
|
|
60,300 |
| Aisin Seiki |
| 2,757,395 |
|
187,500 |
| Astellas Pharma |
| 2,919,506 |
|
73,800 |
| Bridgestone |
| 3,091,016 |
|
38,800 |
| Daikin Industries |
| 2,613,919 |
|
240,000 |
| Hitachi |
| 1,637,497 |
|
243,000 |
| Kubota |
| 3,803,197 |
|
84,100 |
| Nabtesco |
| 2,313,089 |
|
280,000 |
| Sekisui Chemical |
| 3,733,502 |
|
11,200 |
| SMC |
| 3,369,206 |
|
122,700 |
| Sumitomo Mitsui Financial Group |
| 5,357,646 |
|
|
|
|
| 31,595,973 |
|
|
| Mexico — 0.7% |
|
|
|
237,301 |
| Grupo Financiero Banorte Class O |
| 1,346,129 |
|
|
|
|
|
|
|
|
| Norway (1) — 3.1% |
|
|
|
154,302 |
| DnB NOR |
| 2,741,207 |
|
137,373 |
| Statoil |
| 2,912,358 |
|
|
|
|
| 5,653,565 |
|
|
| Singapore (1) — 2.0% |
|
|
|
226,027 |
| DBS Group Holdings |
| 3,591,655 |
|
|
|
|
|
|
|
|
| Spain (1) — 2.9% |
|
|
|
271,385 |
| Banco Bilbao Vizcaya Argentaria |
| 2,726,903 |
|
169,106 |
| Telefonica |
| 2,573,871 |
|
|
|
|
| 5,300,774 |
|
|
| Switzerland (1) — 7.9% |
|
|
|
80,333 |
| Credit Suisse Group |
| 2,126,179 |
|
26,296 |
| Lonza Group |
| 3,717,993 |
|
65,028 |
| Nestle |
| 5,045,147 |
|
11,615 |
| Roche Holding |
| 3,323,691 |
|
|
|
|
| 14,213,010 |
|
|
| Taiwan (1) — 2.0% |
|
|
|
755,000 |
| Taiwan Semiconductor Manufacturing |
| 3,634,776 |
|
|
|
|
|
|
|
|
| United Kingdom (1) — 22.7% |
|
|
|
178,069 |
| ARM Holdings |
| 3,025,620 |
|
339,963 |
| Barclays |
| 1,330,081 |
|
125,849 |
| BHP Billiton |
| 3,024,948 |
|
274,514 |
| BT Group Class A |
| 1,914,610 |
|
218,361 |
| Capita |
| 3,821,993 |
|
96,834 |
| Diageo |
| 2,688,325 |
|
452,132 |
| HSBC Holdings |
| 4,516,546 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
| |
|
|
|
|
|
| |
45,098 |
| Imperial Tobacco Group |
| 2,202,144 |
| |
2,259,507 |
| Lloyds Banking Group |
| 2,675,868 |
| |
117,510 |
| Prudential |
| 2,925,692 |
| |
35,689 |
| Reckitt Benckiser Group |
| 3,176,459 |
| |
109,012 |
| Royal Dutch Shell Class A |
| 3,456,468 |
| |
1,108,723 |
| Vodafone Group |
| 3,906,237 |
| |
104,721 |
| WPP |
| 2,442,235 |
| |
|
|
|
| 41,107,226 |
| |
|
| TOTAL COMMON STOCK |
| 179,616,341 |
| |
|
|
|
|
|
| |
|
| TOTAL INVESTMENTS — 99.4% |
| 179,616,341 |
| |
|
|
|
|
|
| |
|
| OTHER ASSETS LESS LIABILITIES — 0.6% |
| 1,116,983 |
| |
|
|
|
|
|
| |
|
| NET ASSETS — 100% |
| $ | 180,733,324 |
|
(1) Security is fair valued. (See Note 2 in Notes to Financial Statements.)
(2) Denotes non-income producing security.
ADR — American Depositary Receipt
The accompanying notes are an integral part of the financial statements.
The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund’s investments carried at value:
Investments in Securities |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Common Stock (1) |
|
|
|
|
|
|
|
|
| ||||
Australia |
| $ | — |
| $ | 2,728,444 |
| $ | — |
| $ | 2,728,444 |
|
Belgium |
| — |
| 1,960,592 |
| — |
| 1,960,592 |
| ||||
Canada |
| 3,338,537 |
| — |
| — |
| 3,338,537 |
| ||||
China |
| 1,888,854 |
| 1,741,607 |
| — |
| 3,630,461 |
| ||||
Finland |
| — |
| 3,222,200 |
| — |
| 3,222,200 |
| ||||
France |
| — |
| 17,814,643 |
| — |
| 17,814,643 |
| ||||
Germany |
| — |
| 20,437,544 |
| — |
| 20,437,544 |
| ||||
Hong Kong |
| — |
| 7,810,488 |
| — |
| 7,810,488 |
| ||||
India |
| — |
| 3,205,974 |
| — |
| 3,205,974 |
| ||||
Ireland |
| — |
| 2,351,325 |
| — |
| 2,351,325 |
| ||||
Israel |
| 3,047,771 |
| — |
| — |
| 3,047,771 |
| ||||
Italy |
| — |
| 3,625,254 |
| — |
| 3,625,254 |
| ||||
Japan |
| — |
| 31,595,973 |
| — |
| 31,595,973 |
| ||||
Mexico |
| 1,346,129 |
| — |
| — |
| 1,346,129 |
| ||||
Norway |
| — |
| 5,653,565 |
| — |
| 5,653,565 |
| ||||
Singapore |
| — |
| 3,591,655 |
| — |
| 3,591,655 |
| ||||
Spain |
| — |
| 5,300,774 |
| — |
| 5,300,774 |
| ||||
Switzerland |
| — |
| 14,213,010 |
| — |
| 14,213,010 |
| ||||
Taiwan |
| — |
| 3,634,776 |
| — |
| 3,634,776 |
| ||||
United Kingdom |
| — |
| 41,107,226 |
| — |
| 41,107,226 |
| ||||
Total Common Stock |
| 9,621,291 |
| 169,995,050 |
| — |
| 179,616,341 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total Investments in Securities |
| $ | 9,621,291 |
| $ | 169,995,050 |
| $ | — |
| $ | 179,616,341 |
|
(1) Transfers between investment levels may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Fund generally recognizes transfers between the levels as of the beginning of the period. As of April 30, 2015, the Fund had securities with a total value of $169,995,050 transfer from Level 1 to Level 2. The change in level occurred due to developments that occurred between the time of closing of the foreign markets on which those securities trade and the close of business on the New York Stock Exchange.
The accompanying notes are an integral part of the financial statements.
Schroder International Multi-Cap Value Fund
Schedule of Investments
April 30, 2015 (unaudited)
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
|
| COMMON STOCK — 95.3% |
|
|
|
|
| Australia — 5.0% |
|
|
|
65,829 |
| Acrux (1) |
| 46,251 |
|
32,246 |
| Adelaide Brighton (1) |
| 114,875 |
|
37,791 |
| Ausdrill (1) |
| 13,262 |
|
408,231 |
| Beach Energy (1) |
| 356,085 |
|
71,451 |
| BHP Billiton (1) |
| 1,824,604 |
|
143,894 |
| BWP Trust REIT |
| 346,167 |
|
22,537 |
| Cabcharge Australia (1) |
| 80,295 |
|
18,535 |
| Cardno (1) |
| 50,349 |
|
26,953 |
| Coca-Cola Amatil (1) |
| 218,205 |
|
61,175 |
| Collection House (1) |
| 107,557 |
|
13,299 |
| Decmil Group (1) |
| 12,092 |
|
15,211 |
| Dexus Property Group REIT (1) |
| 88,385 |
|
43,177 |
| Downer EDI (1) |
| 150,141 |
|
33,917 |
| DuluxGroup (1) |
| 169,167 |
|
7,355 |
| DWS |
| 4,220 |
|
13,276 |
| Fleetwood (1) |
| 13,708 |
|
15,567 |
| Flight Centre Travel Group (1) |
| 532,370 |
|
57,221 |
| Independence Group NL (1) |
| 267,009 |
|
25,927 |
| JB Hi-Fi (1) |
| 400,496 |
|
77,687 |
| M2 Group (1) |
| 672,290 |
|
98,377 |
| MACA (1) |
| 69,548 |
|
222,513 |
| Medusa Mining (1)(2) |
| 164,347 |
|
508,444 |
| Metcash (1) |
| 530,748 |
|
262,486 |
| Mirvac Group REIT (1) |
| 415,841 |
|
19,575 |
| Monadelphous Group (1) |
| 152,555 |
|
113,309 |
| Myer Holdings (1) |
| 123,788 |
|
38,073 |
| NRW Holdings (1) |
| 5,686 |
|
18,448 |
| Orica (1) |
| 292,358 |
|
256,219 |
| Orora (1) |
| 445,788 |
|
126,009 |
| OZ Minerals (1) |
| 463,889 |
|
20,453 |
| Programmed Maintenance Services (1) |
| 45,178 |
|
26,653 |
| RCR Tomlinson (1) |
| 39,431 |
|
90,354 |
| Resolute Mining (1)(2) |
| 24,374 |
|
27,499 |
| Rio Tinto (1) |
| 1,239,584 |
|
45,472 |
| Sandfire Resources NL (1) |
| 175,936 |
|
206,664 |
| Spark Infrastructure Group (1) |
| 317,808 |
|
515,183 |
| Telstra (1) |
| 2,532,494 |
|
60,488 |
| Thorn Group (1) |
| 126,171 |
|
17,644 |
| Watpac (1) |
| 10,755 |
|
64,485 |
| Woodside Petroleum (1) |
| 1,778,321 |
|
62,575 |
| Woolworths (1) |
| 1,452,847 |
|
30,515 |
| WorleyParsons (1)(3) |
| 274,169 |
|
|
|
|
| 16,149,144 |
|
|
| Austria — 0.3% |
|
|
|
8,310 |
| Atrium European Real Estate |
| 40,869 |
|
12,706 |
| Oesterreichische Post |
| 618,401 |
|
8,641 |
| Raiffeisen Bank International (1)(2) |
| 143,444 |
|
2,112 |
| Semperit Holding |
| 96,862 |
|
|
|
|
| 899,576 |
|
|
| Belgium — 1.7% |
|
|
|
17,415 |
| Ageas (1) |
| 654,321 |
|
94,787 |
| AGFA-Gevaert (2) |
| 238,194 |
|
15,564 |
| Anheuser-Busch InBev (1) |
| 1,894,893 |
|
2,642 |
| Barco (1) |
| 178,595 |
|
32,839 |
| Belgacom (1) |
| 1,223,085 |
|
19,275 |
| Colruyt (1) |
| 910,987 |
|
1,836 |
| Sofina (1) |
| 208,433 |
|
359 |
| Van de Velde |
| 21,457 |
|
|
|
|
| 5,329,965 |
|
|
| Bermuda (1) — 0.1% |
|
|
|
29,582 |
| Lancashire Holdings |
| 289,185 |
|
|
|
|
|
|
|
|
| Brazil — 0.8% |
|
|
|
65,100 |
| Ambev |
| 409,664 |
|
20,500 |
| Bematech |
| 66,339 |
|
28,300 |
| Cia de Saneamento Basico do Estado de Sao Paulo ADR (2) |
| 166,687 |
|
59,517 |
| Cia Energetica de Minas Gerais ADR |
| 292,824 |
|
41,000 |
| EcoRodovias Infraestrutura e Logistica |
| 120,702 |
|
13,600 |
| Eternit |
| 14,444 |
|
52,000 |
| Grupo BTG Pactual |
| 513,450 |
|
15,900 |
| Helbor Empreendimentos |
| 16,940 |
|
18,000 |
| Mahle-Metal Leve |
| 121,993 |
|
37,300 |
| Transmissora Alianca de Energia Eletrica |
| 245,246 |
|
53,300 |
| Vale |
| 402,454 |
|
11,000 |
| Via Varejo |
| 68,345 |
|
|
|
|
| 2,439,088 |
|
|
| British Virgin Islands (1) — 0.1% |
|
|
|
29,983 |
| Playtech |
| 376,667 |
|
|
|
|
|
|
|
|
| Cambodia (1) — 0.0% |
|
|
|
170,000 |
| NagaCorp |
| 122,495 |
|
|
|
|
|
|
|
|
| Canada — 4.4% |
|
|
|
42,500 |
| BCE |
| 1,873,663 |
|
4,500 |
| Canfor Pulp Products |
| 57,476 |
|
27,700 |
| Celestica (2) |
| 338,186 |
|
45,300 |
| Centerra Gold |
| 234,291 |
|
900 |
| Cogeco Cable |
| 51,553 |
|
2,100 |
| Cogeco Cable ADR |
| 120,291 |
|
44,300 |
| Corus Entertainment Class B |
| 681,115 |
|
5,000 |
| Emera |
| 168,504 |
|
39,300 |
| Finning International |
| 805,218 |
|
36,400 |
| Genworth MI Canada |
| 1,060,472 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
47,700 |
| IAMGOLD (2) |
| 106,747 |
|
22,200 |
| Magna International Class A |
| 1,118,740 |
|
42,200 |
| Medical Facilities |
| 572,227 |
|
1,300 |
| Morguard REIT |
| 18,662 |
|
60,200 |
| Nevsun Resources |
| 237,507 |
|
12,600 |
| Noranda Income Fund |
| 29,764 |
|
1,200 |
| North West |
| 24,627 |
|
30,400 |
| Potash Corp. of Saskatchewan |
| 992,756 |
|
7,100 |
| Power Financial |
| 219,620 |
|
58,400 |
| Rogers Communications Class B |
| 2,086,233 |
|
43,000 |
| Shaw Communications Class B |
| 982,959 |
|
21,200 |
| Stantec |
| 572,655 |
|
45,500 |
| Teck Resources Class B |
| 689,760 |
|
3,300 |
| Torstar Class B |
| 19,693 |
|
28,500 |
| Transcontinental Class A |
| 438,898 |
|
15,400 |
| TransForce |
| 347,824 |
|
5,300 |
| Westshore Terminals Investment |
| 140,177 |
|
10,410 |
| Yellow Pages (2) |
| 135,895 |
|
|
|
|
| 14,125,513 |
|
|
| Chile — 0.3% |
|
|
|
19,304 |
| AFP Habitat |
| 29,701 |
|
36,700 |
| Enersis ADR |
| 652,159 |
|
105,078 |
| Inversiones Aguas Metropolitanas |
| 171,277 |
|
|
|
|
| 853,137 |
|
|
| China — 2.5% |
|
|
|
110,000 |
| 361 Degrees International (1) |
| 42,481 |
|
135,500 |
| Anhui Conch Cement Class H (1) |
| 547,862 |
|
1,403,000 |
| Bank of China Class H (1) |
| 961,341 |
|
30,000 |
| Baoye Group Class H (1) |
| 24,945 |
|
60,000 |
| Chaoda Modern Agriculture Holdings (2) |
| 4,490 |
|
207,000 |
| China Child Care (1) |
| 42,174 |
|
701,000 |
| China Construction Bank Class H (1) |
| 680,485 |
|
510,000 |
| China Lumena New Materials (1)(2)(3) |
| — |
|
108,500 |
| China Shenhua Energy Class H (1) |
| 281,780 |
|
306,000 |
| China Shineway Pharmaceutical Group (1) |
| 520,275 |
|
80,000 |
| China Taifeng Beddings Holdings (1)(2)(3) |
| 11,148 |
|
268,000 |
| Dongfeng Motor Group Class H (1) |
| 445,244 |
|
824,000 |
| Industrial & Commercial Bank of China Class H (1) |
| 714,788 |
|
304,000 |
| Jiangsu Expressway Class H (1) |
| 417,400 |
|
88,000 |
| Jingwei Textile Machinery Class H (1) |
| 136,440 |
|
17,000 |
| Mindray Medical International ADR |
| 524,960 |
|
3,201 |
| NetEase ADR |
| 410,336 |
|
213,000 |
| Pacific Online (1) |
| 114,092 |
|
283,000 |
| Pacific Textile Holdings (1) |
| 392,251 |
|
68,000 |
| Qingling Motors Class H (1) |
| 27,427 |
|
44,000 |
| SouFun Holdings ADR |
| 363,880 |
|
122,000 |
| Xingda International Holdings (1) |
| 39,626 |
|
599,000 |
| Yangzijiang Shipbuilding Holdings (1) |
| 661,480 |
|
396,000 |
| Zhejiang Expressway Class H (1) |
| 628,925 |
|
|
|
|
| 7,993,830 |
|
|
| Colombia — 0.1% |
|
|
|
22,200 |
| Ecopetrol ADR |
| 380,064 |
|
|
|
|
|
|
|
|
| Czech Republic (1) — 0.4% |
|
|
|
28,502 |
| CEZ |
| 740,487 |
|
2,246 |
| Komercni Banka |
| 500,510 |
|
|
|
|
| 1,240,997 |
|
|
| Denmark (1) — 0.2% |
|
|
|
378 |
| AP Moeller - Maersk Class B |
| 750,173 |
|
|
|
|
|
|
|
|
| Finland — 2.7% |
|
|
|
83,801 |
| Fortum (1) |
| 1,654,855 |
|
102,954 |
| F-Secure |
| 327,154 |
|
32,682 |
| Kone Class B (1) |
| 1,406,034 |
|
21,360 |
| Nokian Renkaat (1) |
| 694,116 |
|
31,705 |
| Orion Class B (1) |
| 1,036,724 |
|
26,671 |
| Ramirent (1) |
| 204,974 |
|
24,557 |
| Sampo Class A (1) |
| 1,189,893 |
|
7,670 |
| Sanoma (1) |
| 40,401 |
|
22,519 |
| Tieto (1) |
| 540,014 |
|
30,019 |
| Tikkurila (1) |
| 618,278 |
|
24,044 |
| UPM-Kymmene (1) |
| 435,066 |
|
9,026 |
| Wartsila (1) |
| 414,114 |
|
|
|
|
| 8,561,623 |
|
|
| France — 5.7% |
|
|
|
4,294 |
| Altamir |
| 54,676 |
|
40,769 |
| AXA (1) |
| 1,030,880 |
|
5,672 |
| BNP Paribas (1) |
| 358,195 |
|
4,174 |
| Boiron (1) |
| 464,872 |
|
454 |
| Cegid Group (1) |
| 19,895 |
|
5,101 |
| Christian Dior (1) |
| 997,252 |
|
11,164 |
| Cie Generale des Etablissements Michelin (1) |
| 1,244,964 |
|
20,336 |
| CNP Assurances (1) |
| 365,509 |
|
13,182 |
| Credit Agricole (1) |
| 205,091 |
|
33,206 |
| Edenred (1) |
| 890,233 |
|
5,120 |
| Euler Hermes Group |
| 560,527 |
|
3,199 |
| Ipsen (1) |
| 183,713 |
|
19,855 |
| Legrand (1) |
| 1,148,072 |
|
38,705 |
| Metropole Television (1) |
| 807,806 |
|
8,911 |
| Neopost |
| 429,796 |
|
25,646 |
| Plastic Omnium (1) |
| 714,150 |
|
7,426 |
| Publicis Groupe (1) |
| 622,823 |
|
9,436 |
| Safran (1) |
| 689,464 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
24,659 |
| Sanofi (1) |
| 2,510,055 |
|
19,621 |
| Societe Generale (1) |
| 980,947 |
|
10,040 |
| Tarkett (1) |
| 269,776 |
|
31,977 |
| Total (1) |
| 1,731,555 |
|
8,440 |
| Valeo (1) |
| 1,353,100 |
|
12,529 |
| Vinci (1) |
| 768,464 |
|
|
|
|
| 18,401,815 |
|
|
| Gabon (1) — 0.0% |
|
|
|
272 |
| Total Gabon |
| 90,625 |
|
|
|
|
|
|
|
|
| Germany — 3.5% |
|
|
|
2,545 |
| Allianz (1) |
| 433,197 |
|
5,126 |
| Aurubis (1) |
| 323,908 |
|
14,258 |
| BASF (1) |
| 1,416,506 |
|
1,505 |
| Bijou Brigitte |
| 93,755 |
|
896 |
| Cewe Stiftung & KGAA (1) |
| 58,313 |
|
13,766 |
| Commerzbank (1)(2) |
| 185,716 |
|
6,885 |
| Continental (1) |
| 1,613,535 |
|
2,918 |
| Deutsche Bank (1) |
| 93,323 |
|
6,766 |
| Duerr (1) |
| 692,553 |
|
2,733 |
| Hamburger Hafen und Logistik (1) |
| 60,279 |
|
5,861 |
| HOCHTIEF (1) |
| 452,862 |
|
4,592 |
| HUGO BOSS (1) |
| 565,049 |
|
1,913 |
| Muenchener Rueckversicherungs (1) |
| 373,413 |
|
12,733 |
| Siemens (1) |
| 1,385,122 |
|
3,617 |
| Software (1) |
| 104,418 |
|
45,365 |
| Stada Arzneimittel (1) |
| 1,659,401 |
|
4,517 |
| STO & KGaA |
| 787,922 |
|
25,492 |
| Takkt (1) |
| 464,434 |
|
6,098 |
| Talanx (1) |
| 193,981 |
|
10,440 |
| Wincor Nixdorf (1) |
| 395,161 |
|
|
|
|
| 11,352,848 |
|
|
| Greece — 0.1% |
|
|
|
2,191 |
| Aegean Airlines (1)(2) |
| 18,473 |
|
14,539 |
| JUMBO |
| 150,028 |
|
6,500 |
| Metka (1) |
| 60,625 |
|
4,494 |
| Public Power (1) |
| 30,228 |
|
|
|
|
| 259,354 |
|
|
| Guernsey — 0.1% |
|
|
|
24,762 |
| Tetragon Financial Group |
| 242,915 |
|
|
|
|
|
|
|
|
| Hong Kong — 5.2% |
|
|
|
116,000 |
| Allied Properties HK (1) |
| 28,414 |
|
32,000 |
| AMVIG Holdings |
| 17,506 |
|
221,016 |
| Asian Citrus Holdings (2) |
| 24,596 |
|
323,000 |
| Belle International Holdings (1) |
| 414,562 |
|
176,000 |
| BOC Hong Kong Holdings (1) |
| 682,655 |
|
300,000 |
| Bolina Holding |
| 109,541 |
|
622,000 |
| Bonjour Holdings (1) |
| 56,023 |
|
240,000 |
| Champion REIT |
| 130,055 |
|
922,000 |
| Champion Technology Holdings (2) |
| 21,770 |
|
15,000 |
| Cheung Kong Infrastructure Holdings (1) |
| 127,071 |
|
336,000 |
| China BlueChemical (1) |
| 149,646 |
|
36,000 |
| China Lilang (1) |
| 37,350 |
|
28,500 |
| China Mobile (1) |
| 407,074 |
|
148,000 |
| CIMC Enric Holdings (1) |
| 163,618 |
|
36,000 |
| CK Hutchison Holdings (1) |
| 780,919 |
|
28,500 |
| CLP Holdings (1) |
| 249,481 |
|
266,000 |
| CNOOC (1) |
| 453,586 |
|
810,000 |
| CSI Properties (1) |
| 32,815 |
|
211,600 |
| Dah Sing Banking Group (1) |
| 460,125 |
|
78,400 |
| Dah Sing Financial Holdings (1) |
| 550,415 |
|
79,000 |
| Dan Form Holdings |
| 21,303 |
|
13,000 |
| Dickson Concepts International (1) |
| 5,612 |
|
285,000 |
| Emperor Entertainment Hotel |
| 66,557 |
|
288,000 |
| Emperor International Holdings (1) |
| 71,206 |
|
9,500 |
| Fairwood Holdings (1) |
| 25,746 |
|
40,000 |
| First Pacific |
| 38,810 |
|
606,000 |
| Giordano International |
| 303,369 |
|
23,000 |
| Goldlion Holdings (1) |
| 10,759 |
|
47,279 |
| Great Eagle Holdings (1) |
| 174,451 |
|
704,000 |
| Guangdong Investment (1) |
| 1,049,780 |
|
18,150 |
| Henderson Land Development (1) |
| 145,511 |
|
28,000 |
| HKR International (1) |
| 15,880 |
|
11,000 |
| Hongkong & Shanghai Hotels (1) |
| 16,123 |
|
50,000 |
| Hongkong Land Holdings |
| 405,000 |
|
22,000 |
| Hopewell Holdings (1) |
| 84,609 |
|
314,000 |
| Huabao International Holdings (1) |
| 352,698 |
|
83,000 |
| Hysan Development (1) |
| 383,514 |
|
92,000 |
| Johnson Electric Holdings (1) |
| 341,785 |
|
69,500 |
| Kerry Properties (1) |
| 283,649 |
|
17,000 |
| Kowloon Development (1) |
| 21,735 |
|
501,000 |
| Lai Sun Development |
| 13,445 |
|
160,000 |
| Lifestyle International Holdings |
| 299,334 |
|
234,000 |
| Man Wah Holdings (1) |
| 303,609 |
|
149,602 |
| New World Development (1) |
| 198,426 |
|
361,000 |
| PCCW (1) |
| 240,339 |
|
125,000 |
| Peak Sport Products (1) |
| 42,380 |
|
107,000 |
| Power Assets Holdings (1) |
| 1,079,991 |
|
63,000 |
| Prosperity REIT (1) |
| 23,453 |
|
167,000 |
| Real Nutriceutical Group (1) |
| 52,654 |
|
51,000 |
| Regal REIT (1) |
| 15,178 |
|
402,000 |
| Sa Sa International Holdings (1) |
| 204,520 |
|
160,400 |
| Sands China (1) |
| 653,853 |
|
18,000 |
| Shandong Luoxin Pharmacy Stock Class H (1) |
| 36,044 |
|
370,000 |
| Shenguan Holdings Group (1) |
| 116,127 |
|
592,000 |
| Shougang Fushan Resources Group (1) |
| 151,959 |
|
236,000 |
| Sino Land (1) |
| 415,209 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
91,000 |
| Sitoy Group Holdings |
| 56,475 |
|
219,000 |
| SJM Holdings (1) |
| 277,660 |
|
237,500 |
| SmarTone Telecommunications Holdings (1) |
| 432,757 |
|
8,000 |
| SOCAM Development (1)(2) |
| 7,155 |
|
20,000 |
| Soundwill Holdings (1) |
| 36,043 |
|
9,000 |
| Sun Hung Kai Properties (1) |
| 149,477 |
|
46,000 |
| Sunlight REIT (1) |
| 23,232 |
|
56,000 |
| Swire Pacific Class A (1) |
| 755,285 |
|
145,400 |
| Swire Properties (1) |
| 499,529 |
|
41,000 |
| TAI Cheung Holdings (1) |
| 35,943 |
|
23,000 |
| Television Broadcasts (1) |
| 149,840 |
|
22,200 |
| VTech Holdings (1) |
| 308,716 |
|
118,000 |
| Wharf Holdings (1) |
| 850,203 |
|
83,000 |
| Wheelock (1) |
| 467,367 |
|
56,000 |
| Yue Yuen Industrial Holdings (1) |
| 212,783 |
|
108,000 |
| Yuexiu Transport Infrastructure (1) |
| 79,395 |
|
|
|
|
| 16,903,700 |
|
|
| Indonesia (1) — 0.7% |
|
|
|
4,385,000 |
| Bank Bukopin |
| 234,679 |
|
1,837,000 |
| Panin Financial (2) |
| 46,233 |
|
1,175,500 |
| Perusahaan Gas Negara |
| 370,515 |
|
1,538,500 |
| Perusahaan Perkebunan London Sumatra Indonesia |
| 168,212 |
|
4,506,500 |
| Telekomunikasi Indonesia Persero |
| 906,353 |
|
224,500 |
| United Tractors |
| 369,141 |
|
684,000 |
| Vale Indonesia |
| 146,953 |
|
|
|
|
| 2,242,086 |
|
|
| Ireland — 0.5% |
|
|
|
13,826 |
| Dragon Oil (1) |
| 130,095 |
|
3,548 |
| Irish Bank Resolution (1)(2)(3) |
| — |
|
56,423 |
| Ryanair Holdings (1)(2) |
| 661,791 |
|
28,150 |
| Smurfit Kappa Group (1) |
| 861,855 |
|
17,066 |
| Total Produce |
| 21,002 |
|
|
|
|
| 1,674,743 |
|
|
| Israel — 1.5% |
|
|
|
4,471 |
| Babylon (1) |
| 2,464 |
|
127,966 |
| Bank Hapoalim (1) |
| 640,080 |
|
161,664 |
| Bank Leumi Le-Israel (1)(2) |
| 628,330 |
|
481,253 |
| Bezeq Israeli Telecommunication (1) |
| 911,514 |
|
44,908 |
| Delek Automotive Systems (1) |
| 544,628 |
|
11,564 |
| First International Bank of Israel (1) |
| 162,364 |
|
152,563 |
| Israel Discount Bank Class A (1)(2) |
| 268,010 |
|
13,529 |
| Ituran Location and Control (1) |
| 310,606 |
|
216,896 |
| Migdal Insurance & Financial Holding (1) |
| 262,793 |
|
2,736 |
| Osem Investments (1) |
| 58,405 |
|
7,982 |
| Rami Levy Chain Stores Hashikma Marketing 2006 (1) |
| 324,335 |
|
10,100 |
| Teva Pharmaceutical Industries ADR |
| 610,242 |
|
3,827 |
| Union Bank of Israel (1)(2) |
| 12,954 |
|
|
|
|
| 4,736,725 |
|
|
| Italy (1) — 2.0% |
|
|
|
29,351 |
| Atlantia |
| 825,497 |
|
21,688 |
| Autostrada Torino-Milano |
| 308,348 |
|
13,864 |
| Banca Popolare dell’Etruria e del Lazio SC (2)(3) |
| 7,079 |
|
174,447 |
| Banca Popolare di Milano |
| 179,755 |
|
4,098 |
| Danieli & C Officine Meccaniche |
| 99,713 |
|
89,774 |
| ENI |
| 1,722,394 |
|
12,008 |
| Immobiliare Grande Distribuzione REIT |
| 11,815 |
|
6,661 |
| Industria Macchine Automatiche |
| 339,153 |
|
88,008 |
| Mediobanca |
| 854,345 |
|
68,236 |
| Recordati |
| 1,359,662 |
|
5,212 |
| Reply |
| 557,825 |
|
4,630 |
| Societa Cattolica di Assicurazioni |
| 39,555 |
|
19,094 |
| Societa Iniziative Autostradali e Servizi |
| 220,524 |
|
|
|
|
| 6,525,665 |
|
|
| Japan — 14.6% |
|
|
|
2,000 |
| 77 Bank (1) |
| 11,542 |
|
33,000 |
| Achilles (1) |
| 43,115 |
|
11,400 |
| ADEKA (1) |
| 160,794 |
|
800 |
| Aichi Bank (1) |
| 41,844 |
|
13,000 |
| Aichi Steel (1) |
| 62,496 |
|
6,700 |
| Aisan Industry (1) |
| 63,069 |
|
16,100 |
| Aisin Seiki (1) |
| 736,220 |
|
5,000 |
| Akita Bank (1) |
| 15,440 |
|
2,600 |
| Alconix (1) |
| 40,641 |
|
2,300 |
| Alpine Electronics (1) |
| 46,739 |
|
16,100 |
| Amano (1) |
| 207,097 |
|
4,600 |
| Amiyaki Tei (1) |
| 182,767 |
|
7,000 |
| Amuse (1) |
| 181,896 |
|
1,300 |
| Arakawa Chemical Industries (1) |
| 14,378 |
|
1,100 |
| Arc Land Sakamoto (1) |
| 26,533 |
|
3,300 |
| Asahi Broadcasting (1) |
| 32,135 |
|
17,000 |
| Asahi Holdings (1) |
| 319,896 |
|
80,000 |
| Asahi Kasei (1) |
| 753,331 |
|
19,800 |
| Asante (1) |
| 234,336 |
|
7,300 |
| Asax (1) |
| 102,224 |
|
19,000 |
| Atsugi (1) |
| 19,652 |
|
42,000 |
| Awa Bank (1) |
| 249,321 |
|
3,000 |
| Bando Chemical Industries (1) |
| 11,963 |
|
17,000 |
| Bank of Kochi (1) |
| 24,902 |
|
14,000 |
| Bank of Kyoto (1) |
| 152,621 |
|
14,000 |
| Bank of Nagoya (1) |
| 51,464 |
|
11,500 |
| BML (1) |
| 350,095 |
|
19,500 |
| Bridgestone (1) |
| 816,732 |
|
19,400 |
| Brother Industries (1) |
| 308,663 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
12,000 |
| Bunka Shutter (1) |
| 109,010 |
|
300 |
| C Uyemura (1) |
| 14,868 |
|
47,100 |
| Canon (1)(2) |
| 1,679,337 |
|
1,000 |
| Central Automotive Products (1) |
| 7,010 |
|
4,800 |
| Central Japan Railway (1) |
| 857,311 |
|
8,100 |
| Chiba Kogyo Bank (1) |
| 55,951 |
|
1,300 |
| Chiyoda (1) |
| 27,787 |
|
2,100 |
| Chori (1) |
| 33,271 |
|
6,900 |
| Chudenko (1) |
| 131,370 |
|
11,000 |
| Chugoku Marine Paints (1) |
| 95,311 |
|
2,200 |
| Cleanup (1) |
| 17,504 |
|
6,200 |
| Comture (1) |
| 99,288 |
|
3,100 |
| Corona Class A (1) |
| 30,037 |
|
3,900 |
| CTS (1) |
| 29,545 |
|
7,000 |
| Daihatsu Diesel Manufacturing (1) |
| 42,800 |
|
30,000 |
| Daihatsu Motor (1) |
| 434,563 |
|
13,000 |
| Daiichi Jitsugyo (1) |
| 68,550 |
|
15,600 |
| Daiichikosho (1) |
| 503,127 |
|
2,700 |
| Daikoku Denki (1) |
| 40,932 |
|
1,800 |
| Dainichi (1) |
| 11,804 |
|
31,000 |
| Daishi Bank (1) |
| 116,910 |
|
4,000 |
| Daishinku (1) |
| 10,807 |
|
11,000 |
| Daiwa Industries (1) |
| 75,585 |
|
82,000 |
| Daiwa Securities Group (1) |
| 680,257 |
|
7,100 |
| Dena (1) |
| 141,830 |
|
3,800 |
| Doshisha (1) |
| 57,006 |
|
219,200 |
| Dynam Japan Holdings (1) |
| 464,701 |
|
6,000 |
| Eidai (1) |
| 22,769 |
|
9,400 |
| Elecom (1) |
| 211,673 |
|
18,800 |
| en-japan (1) |
| 279,303 |
|
3,900 |
| EPS Holdings (1) |
| 45,419 |
|
16,500 |
| FamilyMart (1) |
| 710,540 |
|
28,000 |
| Fuji Kiko (1) |
| 144,525 |
|
2,400 |
| Fuji Kosan (1) |
| 11,957 |
|
10,200 |
| FUJIFILM Holdings (1) |
| 384,204 |
|
8,400 |
| Fujikura Kasei (1) |
| 39,137 |
|
7,200 |
| Fujimori Kogyo (1) |
| 226,491 |
|
1,600 |
| Fujishoji (1) |
| 20,590 |
|
2,800 |
| Fujitsu Frontech (1) |
| 34,697 |
|
48,000 |
| Fujitsu General (1) |
| 691,340 |
|
1,100 |
| FuKoKu (1) |
| 10,631 |
|
11,000 |
| Fukushima Industries (1) |
| 184,778 |
|
1,700 |
| Funai Electric (1)(2) |
| 20,083 |
|
900 |
| Futaba (1) |
| 14,991 |
|
14,400 |
| Future Architect (1) |
| 86,975 |
|
1,200 |
| Fuyo General Lease (1) |
| 49,085 |
|
2,400 |
| Gendai Agency (1) |
| 13,827 |
|
7,800 |
| Geo (1) |
| 84,721 |
|
2,500 |
| Graphite Design (1) |
| 14,051 |
|
17,800 |
| Gree (1)(2) |
| 114,925 |
|
3,800 |
| G-Tekt (1) |
| 36,552 |
|
6,000 |
| Gunma Bank (1) |
| 42,488 |
|
18,000 |
| Gunze (1) |
| 48,397 |
|
69,000 |
| Hachijuni Bank (1) |
| 537,905 |
|
2,000 |
| Hagihara Industries (1) |
| 34,110 |
|
5,600 |
| Happinet (1) |
| 64,565 |
|
25,500 |
| Haseko (1) |
| 251,794 |
|
10,900 |
| Hazama Ando (1) |
| 61,847 |
|
9,200 |
| Heiwa (1) |
| 191,815 |
|
23,000 |
| Higo Bank (1) |
| 147,828 |
|
100 |
| Hikari Tsushin (1) |
| 6,674 |
|
2,800 |
| HI-LEX (1) |
| 89,615 |
|
1,600 |
| Hirano Tecseed (1) |
| 11,994 |
|
2,000 |
| Hisaka Works (1) |
| 18,350 |
|
9,500 |
| Hisamitsu Pharmaceutical (1) |
| 409,393 |
|
26,000 |
| Hyakugo Bank (1) |
| 127,814 |
|
13,000 |
| Hyakujushi Bank (1) |
| 44,626 |
|
5,800 |
| Imasen Electric Industrial (1) |
| 71,889 |
|
6,000 |
| Inaba Denki Sangyo (1) |
| 216,942 |
|
1,800 |
| Infocom (1) |
| 15,269 |
|
64,100 |
| Inpex (1) |
| 804,476 |
|
2,400 |
| Intage Holdings (1) |
| 42,575 |
|
59,500 |
| Isuzu Motors (1) |
| 788,602 |
|
13,000 |
| ITOCHU (1) |
| 160,070 |
|
24,200 |
| Itochu Enex (1) |
| 218,532 |
|
300 |
| Itochu-Shokuhin (1) |
| 10,565 |
|
14,000 |
| Iwatsu Electric (1)(2) |
| 11,168 |
|
51,000 |
| Iyo Bank (1) |
| 635,306 |
|
22,800 |
| J Trust (1) |
| 234,776 |
|
14,500 |
| Japan Digital Laboratory (1) |
| 220,827 |
|
3,900 |
| Japan Foundation Engineering (1) |
| 14,223 |
|
5,200 |
| Japan Petroleum Exploration (1) |
| 200,176 |
|
12,200 |
| Japan Tobacco (1) |
| 426,035 |
|
22,000 |
| Juroku Bank (1) |
| 87,585 |
|
5,300 |
| JVC Kenwood (1) |
| 16,099 |
|
26,900 |
| JX Holdings (1) |
| 117,141 |
|
17,000 |
| Kagoshima Bank (1) |
| 122,366 |
|
2,000 |
| Kamei (1) |
| 14,661 |
|
12,000 |
| Kandenko (1) |
| 76,132 |
|
86,000 |
| Kanematsu (1) |
| 135,130 |
|
2,500 |
| Kanematsu Electronics (1) |
| 38,126 |
|
5,400 |
| Kato Sangyo (1) |
| 114,298 |
|
103,000 |
| KDDI (1) |
| 2,437,221 |
|
3,100 |
| Keihin (1) |
| 50,777 |
|
27,000 |
| Keiyo Bank (1) |
| 159,823 |
|
22,800 |
| Kimoto (1) |
| 56,213 |
|
2,000 |
| Koatsu Gas Kogyo (1) |
| 10,411 |
|
2,300 |
| Konaka (1) |
| 13,815 |
|
7,600 |
| Konishi (1) |
| 133,245 |
|
57,500 |
| Kuraray (1) |
| 777,557 |
|
7,400 |
| Kuroda Electric (1) |
| 133,029 |
|
19,000 |
| Kyodo Printing (1) |
| 58,989 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
16,000 |
| Kyowa Exeo (1) |
| 186,664 |
|
21,600 |
| Lawson (1) |
| 1,553,255 |
|
7,800 |
| Lintec (1) |
| 191,331 |
|
23,000 |
| Maeda Road Construction (1) |
| 379,054 |
|
900 |
| Maezawa Kyuso Industries (1) |
| 11,410 |
|
2,200 |
| Megachips (1)(2) |
| 25,935 |
|
2,900 |
| Meiko Network Japan (1) |
| 35,851 |
|
1,900 |
| Melco Holdings (1) |
| 39,198 |
|
10 |
| MID Class A REIT (1) |
| 29,565 |
|
7,000 |
| Mie Bank (1) |
| 16,159 |
|
25,900 |
| Miraca Holdings (1) |
| 1,303,015 |
|
9,900 |
| Mirait Holdings (1) |
| 111,877 |
|
2,300 |
| Miroku Jyoho Service (1) |
| 13,032 |
|
3,100 |
| Mitani |
| 66,829 |
|
1,300 |
| Mitani Sekisan (1) |
| 19,877 |
|
32,000 |
| Mitsubishi Motors (1) |
| 294,438 |
|
91,900 |
| Mitsubishi UFJ Financial Group (1) |
| 652,890 |
|
3,000 |
| Mitsuboshi Belting (1) |
| 24,056 |
|
45,000 |
| Mitsui (1) |
| 629,376 |
|
2,800 |
| Mitsui High-Tec (1) |
| 21,068 |
|
21,000 |
| Mitsui Sugar (1) |
| 75,677 |
|
11,000 |
| Miyazaki Bank (1) |
| 43,732 |
|
197,700 |
| Mizuho Financial Group (1) |
| 376,872 |
|
55,000 |
| MTI (1) |
| 392,908 |
|
700 |
| Nafco (1) |
| 10,123 |
|
5,400 |
| Namura Shipbuilding (1) |
| 49,403 |
|
2,600 |
| Natoco (1) |
| 24,227 |
|
11,600 |
| Neturen (1) |
| 86,360 |
|
31,900 |
| Nexon (1) |
| 406,887 |
|
42,900 |
| NHK Spring (1) |
| 491,143 |
|
8,360 |
| Nichirin (1) |
| 112,316 |
|
2,800 |
| NIFTY (1) |
| 35,663 |
|
1,300 |
| Nihon Eslead (1) |
| 13,020 |
|
38,800 |
| Nihon Parkerizing (1) |
| 441,110 |
|
64,000 |
| Nippon Electric Glass (1) |
| 363,947 |
|
6,000 |
| Nippon Hume (1) |
| 41,276 |
|
7,000 |
| Nippon Pillar Packing (1) |
| 62,011 |
|
13,000 |
| Nippon Road (1) |
| 70,142 |
|
14,000 |
| Nippon Seiki (1) |
| 281,480 |
|
14,300 |
| Nippon Telegraph & Telephone (1) |
| 965,608 |
|
36,300 |
| Nishimatsuya Chain (1) |
| 337,339 |
|
23,000 |
| Nishi-Nippon City Bank (1) |
| 73,288 |
|
30,500 |
| Nissin Kogyo (1) |
| 502,711 |
|
200 |
| Nissin Sugar (1) |
| 4,410 |
|
8,000 |
| Nittetsu Mining (1) |
| 31,763 |
|
11,900 |
| Nitto Kogyo (1) |
| 215,419 |
|
9,500 |
| Nittoc Construction (1) |
| 42,218 |
|
16,700 |
| North Pacific Bank (1) |
| 65,950 |
|
15,500 |
| NTT DoCoMo (1) |
| 274,544 |
|
17,000 |
| Ogaki Kyoritsu Bank (1) |
| 57,299 |
|
13,000 |
| Oita Bank (1) |
| 50,845 |
|
1,500 |
| Onoken (1) |
| 13,427 |
|
4,200 |
| Oracle Japan (1) |
| 191,736 |
|
43,900 |
| ORIX (1) |
| 675,112 |
|
2,000 |
| Pack (1) |
| 43,628 |
|
2,500 |
| Pal (1) |
| 80,354 |
|
1,800 |
| Plant (1) |
| 20,630 |
|
10,000 |
| Rhythm Watch (1) |
| 13,906 |
|
2,800 |
| Ricoh Leasing (1) |
| 81,168 |
|
11,000 |
| Riken (1) |
| 42,774 |
|
9,000 |
| Sakai Chemical Industry (1) |
| 29,702 |
|
700 |
| Sakai Moving Service (1) |
| 22,471 |
|
8,000 |
| San-Ai Oil (1) |
| 53,136 |
|
3,300 |
| Sanei Architecture Planning (1) |
| 26,254 |
|
45,000 |
| San-In Godo Bank (1) |
| 430,642 |
|
16,000 |
| Sanki Engineering (1) |
| 127,783 |
|
2,000 |
| Sansha Electric Manufacturing (1) |
| 12,914 |
|
5,800 |
| Sanyo Housing Nagoya (1) |
| 59,044 |
|
37,000 |
| Sekisui Chemical (1) |
| 493,356 |
|
11,000 |
| Sekisui Jushi (1) |
| 146,227 |
|
13,000 |
| Shiga Bank (1) |
| 68,391 |
|
6,000 |
| Shikoku Bank (1) |
| 12,815 |
|
17,000 |
| Shikoku Chemicals (1) |
| 149,213 |
|
14,000 |
| Shinagawa Refractories (1) |
| 37,429 |
|
19,000 |
| Shin-Etsu Polymer (1) |
| 92,799 |
|
2,000 |
| Shizuoka Bank (1) |
| 22,018 |
|
14,000 |
| Showa (1) |
| 147,907 |
|
4,600 |
| Sinko Industries (1) |
| 47,384 |
|
9,400 |
| Sintokogio (1) |
| 78,737 |
|
1,000 |
| SK Kaken |
| 87,688 |
|
3,600 |
| SNT (1) |
| 16,793 |
|
62,000 |
| Sony Financial Holdings (1) |
| 1,113,057 |
|
5,800 |
| St. Marc Holdings (1) |
| 195,084 |
|
5,200 |
| Sumitomo Densetsu (1) |
| 62,759 |
|
7,600 |
| Sumitomo Forestry (1) |
| 88,093 |
|
6,100 |
| Sumitomo Mitsui Financial Group (1) |
| 266,354 |
|
22,500 |
| Sumitomo Rubber Industries (1) |
| 417,180 |
|
3,000 |
| Suncall (1) |
| 16,241 |
|
6,000 |
| T RAD (1) |
| 12,927 |
|
14,600 |
| T&D Holdings (1) |
| 210,675 |
|
600 |
| T&K Toka (1) |
| 12,246 |
|
3,800 |
| Tachi-S Class S (1) |
| 58,463 |
|
7,000 |
| Taihei Dengyo Kaisha (1) |
| 59,052 |
|
800 |
| Takamatsu Construction Group (1) |
| 18,556 |
|
21,000 |
| Takara Standard (1) |
| 170,848 |
|
24,000 |
| Takiron (1) |
| 111,536 |
|
8,000 |
| Tayca (1) |
| 30,523 |
|
3,000 |
| TBK (1) |
| 16,228 |
|
2,300 |
| Techno Medica (1) |
| 47,074 |
|
15,000 |
| Teikoku Sen-I Class I (1) |
| 214,211 |
|
3,500 |
| Tenma (1) |
| 56,632 |
|
1,100 |
| TKC (1) |
| 26,272 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
21,000 |
| Toagosei (1) |
| 93,195 |
|
7,000 |
| Tochigi Bank (1) |
| 37,603 |
|
5,000 |
| Toho Bank (1) |
| 21,100 |
|
1,800 |
| Tokai (1) |
| 60,203 |
|
26,000 |
| Tokai Rika (1) |
| 635,249 |
|
3,430 |
| Token (1) |
| 173,638 |
|
2,000 |
| Tokyo Energy & Systems (1) |
| 19,002 |
|
1,000 |
| Tokyo TY Financial Group (1) |
| 28,589 |
|
2,200 |
| TOMONY Holdings (1) |
| 10,444 |
|
4,900 |
| Toppan Forms (1) |
| 58,732 |
|
6,000 |
| Toppan Printing (1) |
| 50,306 |
|
35,000 |
| Towa Bank (1) |
| 30,396 |
|
15,000 |
| Toyo Kohan (1) |
| 71,256 |
|
9,300 |
| Toyo Machinery & Metal (1) |
| 39,795 |
|
3,700 |
| Transcosmos (1) |
| 89,587 |
|
8,500 |
| Trend Micro (1)(2) |
| 287,568 |
|
18,200 |
| TS Tech (1) |
| 541,984 |
|
13,600 |
| Tsukada Global Holdings (1) |
| 92,548 |
|
4,300 |
| Tsukuba Bank (1) |
| 14,712 |
|
8,700 |
| Tsuruha Holdings (1) |
| 631,000 |
|
6,000 |
| TYK (1) |
| 10,896 |
|
6,700 |
| Unipres (1) |
| 138,324 |
|
3,100 |
| Utoc (1) |
| 14,946 |
|
7,000 |
| Wakita (1) |
| 69,799 |
|
5,000 |
| Watanabe Sato (1) |
| 13,090 |
|
700 |
| YAMADA Consulting Group (1) |
| 20,883 |
|
4,000 |
| Yamagata Bank (1) |
| 17,785 |
|
5,000 |
| Yamaguchi Financial Group (1) |
| 62,674 |
|
2,000 |
| Yamanashi Chuo Bank (1) |
| 9,289 |
|
22,900 |
| Yamazen (1) |
| 203,729 |
|
1,000 |
| Yellow Hat (1) |
| 22,095 |
|
15,000 |
| Yodogawa Steel Works (1) |
| 60,739 |
|
|
|
|
| 47,030,082 |
|
|
| Jersey (1) — 0.2% |
|
|
|
76,446 |
| UBM |
| 659,922 |
|
|
|
|
|
|
|
|
| Kazakhstan (1) — 0.0% |
|
|
|
20,279 |
| KCell JSC GDR |
| 170,813 |
|
|
|
|
|
|
|
|
| Liechtenstein — 0.0% |
|
|
|
183 |
| VP Bank |
| 15,398 |
|
|
|
|
|
|
|
|
| Luxembourg (1) — 0.4% |
|
|
|
9,479 |
| RTL Group |
| 888,666 |
|
16,617 |
| Tenaris |
| 255,141 |
|
|
|
|
| 1,143,807 |
|
|
| Malaysia — 0.5% |
|
|
|
48,400 |
| Affin Holdings (1) |
| 39,530 |
|
242,600 |
| AMMB Holdings (1) |
| 440,606 |
|
10,100 |
| British American Tobacco Malaysia (1) |
| 189,597 |
|
281,800 |
| DiGi.com (1) |
| 475,073 |
|
284,000 |
| IOI Properties Group (1) |
| 170,201 |
|
66,600 |
| KLCCP Stapled Group |
| 132,022 |
|
91,700 |
| Padini Holdings (1) |
| 35,973 |
|
|
|
|
| 1,483,002 |
|
|
| Malta — 0.0% |
|
|
|
22,416 |
| BGP Holdings (1)(2)(3) |
| 1,237 |
|
|
|
|
|
|
|
|
| Mexico — 0.2% |
|
|
|
19,400 |
| America Movil Class L ADR |
| 405,266 |
|
2,600 |
| Coca-Cola Femsa ADR |
| 207,740 |
|
50,800 |
| Urbi Desarrollos Urbanos (1)(2)(3) |
| — |
|
|
|
|
| 613,006 |
|
|
| Netherlands — 2.3% |
|
|
|
14,108 |
| Arcadis (1) |
| 446,576 |
|
15,298 |
| ArcelorMittal (1) |
| 162,793 |
|
13,631 |
| Boskalis Westminster (1) |
| 708,276 |
|
15,444 |
| Brunel International (1) |
| 316,708 |
|
781 |
| HAL Trust (1) |
| 129,687 |
|
46,381 |
| Koninklijke Ahold (1) |
| 898,593 |
|
38,911 |
| NN Group (1) |
| 1,134,363 |
|
65,537 |
| Reed Elsevier (1) |
| 1,580,585 |
|
1,715 |
| Sligro Food Group |
| 66,234 |
|
2,906 |
| SNS Reaal (1)(2)(3) |
| — |
|
44,440 |
| Unilever (1) |
| 1,938,502 |
|
|
|
|
| 7,382,317 |
|
|
| New Zealand (1) — 0.5% |
|
|
|
123,320 |
| Goodman Property Trust REIT |
| 110,897 |
|
7,308 |
| Skellerup Holdings |
| 7,852 |
|
109,062 |
| Sky Network Television |
| 522,440 |
|
306,187 |
| Spark New Zealand |
| 692,822 |
|
84,354 |
| Trade Me Group |
| 245,693 |
|
|
|
|
| 1,579,704 |
|
|
| Norway — 2.5% |
|
|
|
47,606 |
| Aker Solutions (1) |
| 289,817 |
|
21,521 |
| Kongsberg Gruppen (1) |
| 462,446 |
|
38,370 |
| Kvaerner (1) |
| 30,084 |
|
20,099 |
| Salmar (1) |
| 326,316 |
|
133,897 |
| Statoil (1) |
| 2,838,666 |
|
74,377 |
| Storebrand (1)(2) |
| 262,975 |
|
87,355 |
| Telenor (1) |
| 1,972,929 |
|
13,501 |
| TGS Nopec Geophysical (1) |
| 343,587 |
|
72,586 |
| Tomra Systems |
| 706,127 |
|
19,258 |
| Yara International (1) |
| 986,731 |
|
|
|
|
| 8,219,678 |
|
|
| Philippines — 0.2% |
|
|
|
356,500 |
| Manila Water |
| 198,144 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
603,600 |
| Nickel Asia (1) |
| 307,124 |
|
2,500 |
| Philippine Long Distance Telephone ADR |
| 161,100 |
|
|
|
|
| 666,368 |
|
|
| Poland (1) — 0.7% |
|
|
|
10,749 |
| Bank Pekao |
| 558,720 |
|
10,831 |
| KGHM Polska Miedz |
| 379,762 |
|
92,850 |
| PGE Polska Grupa Energetyczna (2) |
| 534,273 |
|
301,858 |
| Polskie Gornictwo Naftowe i Gazownictwo |
| 544,464 |
|
88,521 |
| Tauron Polska Energia |
| 118,395 |
|
|
|
|
| 2,135,614 |
|
|
| Portugal (1) — 0.2% |
|
|
|
84,990 |
| Portucel |
| 415,807 |
|
36,886 |
| Redes Energeticas Nacionais |
| 115,472 |
|
13,454 |
| Semapa-Sociedade de Investimento e Gestao |
| 192,694 |
|
|
|
|
| 723,973 |
|
|
| Russia — 0.9% |
|
|
|
26,100 |
| CTC Media (NASDAQ) (2) |
| 91,089 |
|
38,984 |
| Gazprom ADR |
| 229,226 |
|
38,369 |
| Globaltrans Investment GDR (1)(2) |
| 189,927 |
|
5,276 |
| LUKOIL ADR |
| 270,395 |
|
4,996 |
| MegaFon OAO GDR (1) |
| 84,741 |
|
23,482 |
| MMC Norilsk Nickel ADR (1) |
| 442,343 |
|
44,500 |
| Mobile TeleSystems ADR |
| 537,560 |
|
110,930 |
| Surgutneftegas OAO ADR (1) |
| 803,444 |
|
7,500 |
| Tatneft OAO ADR (1) |
| 257,266 |
|
|
|
|
| 2,905,991 |
|
|
| Singapore — 1.6% |
|
|
|
14,100 |
| Boustead Projects Pte (2) |
| 11,136 |
|
47,000 |
| Boustead Singapore (1) |
| 50,163 |
|
379,000 |
| Cache Logistics Trust REIT (1) |
| 337,596 |
|
134,000 |
| CapitaMall Trust REIT (1) |
| 221,253 |
|
115,000 |
| CapitaRetail China Trust REIT (1) |
| 150,673 |
|
178,000 |
| China Merchants Holdings Pacific |
| 158,736 |
|
16,000 |
| Far East Orchard |
| 20,798 |
|
40,000 |
| First REIT |
| 43,833 |
|
163,000 |
| First Resources (1) |
| 218,606 |
|
241,000 |
| Frasers Centrepoint Trust REIT (1) |
| 376,319 |
|
40,000 |
| Frasers Commercial Trust REIT (1) |
| 45,571 |
|
2,200 |
| Haw Par |
| 14,864 |
|
30,000 |
| Ho Bee Land (1) |
| 52,540 |
|
64,000 |
| Hong Fok (1) |
| 45,826 |
|
11,000 |
| Jardine Cycle & Carriage (1) |
| 335,183 |
|
103,000 |
| Lippo Malls Indonesia Retail Trust REIT |
| 28,023 |
|
360,000 |
| Mapletree Industrial Trust REIT (1) |
| 437,601 |
|
136,000 |
| Mapletree Logistics Trust REIT |
| 126,421 |
|
19,000 |
| Metro Holdings |
| 14,216 |
|
81,000 |
| Sabana Shari’ah Compliant Industrial REIT |
| 52,951 |
|
238,000 |
| SATS |
| 573,776 |
|
375,000 |
| Singapore Telecommunications (1) |
| 1,253,099 |
|
167,000 |
| Starhill Global REIT (1) |
| 110,281 |
|
30,000 |
| StarHub (1) |
| 95,797 |
|
48,750 |
| UMS Holdings (1) |
| 20,787 |
|
49,000 |
| UOL Group (1) |
| 294,637 |
|
|
|
|
| 5,090,686 |
|
|
| South Africa — 2.1% |
|
|
|
27,258 |
| AVI (1) |
| 186,790 |
|
17,224 |
| Kumba Iron Ore (1) |
| 232,315 |
|
15,860 |
| Lewis Group (1) |
| 115,253 |
|
63,953 |
| Liberty Holdings |
| 891,324 |
|
186,319 |
| Life Healthcare Group Holdings (1) |
| 639,904 |
|
135,050 |
| MMI Holdings |
| 384,276 |
|
5,393 |
| Mondi (1) |
| 108,748 |
|
55,111 |
| MTN Group (1) |
| 1,106,570 |
|
99,506 |
| Peregrine Holdings (1) |
| 233,025 |
|
39,743 |
| PPC (1) |
| 56,926 |
|
38,857 |
| Reunert |
| 198,103 |
|
225,917 |
| SA Corporate Real Estate Fund REIT |
| 94,573 |
|
28,065 |
| Sasol (1) |
| 1,129,994 |
|
99,669 |
| Sibanye Gold (1) |
| 236,545 |
|
34,713 |
| Truworths International (1) |
| 253,002 |
|
7,574 |
| Tsogo Sun Holdings (1) |
| 17,582 |
|
61,634 |
| Vodacom Group (1) |
| 768,420 |
|
3,806 |
| Wilson Bayly Holmes-Ovcon |
| 35,624 |
|
|
|
|
| 6,688,974 |
|
|
| South Korea — 1.6% |
|
|
|
490 |
| Daechang Forging (1) |
| 24,312 |
|
240 |
| Dongil Industries (1) |
| 17,580 |
|
2,098 |
| Dongyang E&P (1) |
| 25,002 |
|
5,220 |
| e-LITECOM (1) |
| 112,755 |
|
1,110 |
| Global & Yuasa Battery |
| 56,950 |
|
1,653 |
| Grand Korea Leisure (1) |
| 59,157 |
|
482 |
| GS Home Shopping (1) |
| 107,349 |
|
10,840 |
| Hana Financial Group (1) |
| 319,085 |
|
4,420 |
| Hankook Tire (1) |
| 185,751 |
|
10,710 |
| Hanshin Machinery (1) |
| 18,409 |
|
1,427 |
| Hyundai Home Shopping Network (1) |
| 179,416 |
|
7,810 |
| Hyundai Hy Communications & Networks (1) |
| 38,656 |
|
17,650 |
| Industrial Bank of Korea (1) |
| 242,510 |
|
1,183 |
| INTOPS (1) |
| 22,889 |
|
15,150 |
| KB Financial Group (1) |
| 577,735 |
|
10,645 |
| Kia Motors (1) |
| 490,541 |
|
2,920 |
| KT&G (1) |
| 258,594 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
1,950 |
| Kunsul Chemical Industrial (1) |
| 93,137 |
|
100 |
| Mi Chang Oil Industrial |
| 7,528 |
|
358 |
| Samchully (1) |
| 42,888 |
|
764 |
| Samsung Electronics (1) |
| 1,002,256 |
|
319 |
| Samyang Genex (1) |
| 52,026 |
|
520 |
| Sebang |
| 10,526 |
|
630 |
| Sewon Precision Industry (1) |
| 17,955 |
|
12,060 |
| Shinhan Financial Group (1) |
| 499,141 |
|
1,776 |
| Silicon Works (1) |
| 67,274 |
|
33,793 |
| Woori Bank (1) |
| 337,581 |
|
4,700 |
| Yoosung Enterprise (1) |
| 24,237 |
|
1,493 |
| Youngone Holdings |
| 143,451 |
|
|
|
|
| 5,034,691 |
|
|
| Spain — 1.1% |
|
|
|
39,840 |
| Abertis Infraestructuras (1) |
| 734,133 |
|
1,684 |
| Baron de Ley (2) |
| 175,852 |
|
825 |
| Caja de Ahorros del Mediterraneo (1)(2)(3) |
| — |
|
16,224 |
| Cia de Distribucion Integral Logista Holdings (1)(2) |
| 346,309 |
|
29,423 |
| Duro Felguera (1) |
| 118,565 |
|
24,212 |
| Faes Farma (1) |
| 62,569 |
|
11,534 |
| Gas Natural SDG (1) |
| 283,599 |
|
270,719 |
| Mapfre (1) |
| 1,006,020 |
|
11,304 |
| Red Electrica (1) |
| 948,688 |
|
|
|
|
| 3,675,735 |
|
|
| Sweden — 4.0% |
|
|
|
24,372 |
| AddTech Class B (1) |
| 320,498 |
|
63,433 |
| Alfa Laval (1) |
| 1,184,034 |
|
47,396 |
| Axfood (1) |
| 748,745 |
|
24,185 |
| Clas Ohlson Class B |
| 415,014 |
|
19,559 |
| Electrolux (1) |
| 585,648 |
|
56,928 |
| Industrivarden Class C (1) |
| 1,186,140 |
|
32,669 |
| Intrum Justitia (1) |
| 1,028,819 |
|
1,008 |
| Investment Oresund (1) |
| 21,138 |
|
32,322 |
| Investor Class B (1) |
| 1,317,048 |
|
11,057 |
| JM (1) |
| 328,968 |
|
26,588 |
| Kinnevik Investment Class B (1) |
| 916,300 |
|
6,145 |
| Medivir Class B (2) |
| 67,103 |
|
16,514 |
| Millicom International Cellular (1)(2) |
| 1,288,370 |
|
7,378 |
| Nolato Class B (1) |
| 177,103 |
|
29,086 |
| SKF Class B (1) |
| 710,427 |
|
12,240 |
| Swedish Match (1) |
| 376,797 |
|
87,074 |
| Telefonaktiebolaget LM Ericsson Class B (1) |
| 952,309 |
|
91,285 |
| TeliaSonera (1) |
| 567,531 |
|
43,450 |
| Trelleborg Class B (1) |
| 851,499 |
|
|
|
|
| 13,043,491 |
|
|
| Switzerland — 5.0% |
|
|
|
315 |
| Alpiq Holding |
| 27,518 |
|
675 |
| APG SGA |
| 278,552 |
|
1,564 |
| Autoneum Holding (1) |
| 345,369 |
|
5,948 |
| Baloise Holding (1) |
| 774,050 |
|
80 |
| Belimo Holding |
| 194,223 |
|
1,885 |
| Bucher Industries (1) |
| 473,791 |
|
9,043 |
| Cie Financiere Richemont (1) |
| 806,029 |
|
6,682 |
| Coltene Holding |
| 589,093 |
|
5,426 |
| Credit Suisse Group (1) |
| 143,610 |
|
1,814 |
| Galenica (1) |
| 1,693,721 |
|
590 |
| Helvetia Holding (1) |
| 335,205 |
|
4,103 |
| Implenia (1) |
| 280,937 |
|
397 |
| Inficon Holding (2) |
| 150,745 |
|
43 |
| Metall Zug (1) |
| 121,954 |
|
22,874 |
| Nestle (1) |
| 1,774,662 |
|
4,324 |
| Pargesa Holding (1) |
| 314,949 |
|
8,853 |
| Roche Holding (1) |
| 2,533,331 |
|
581 |
| SGS (1) |
| 1,125,744 |
|
268 |
| Sika (1) |
| 919,869 |
|
11,031 |
| Swiss Re (1) |
| 978,531 |
|
2,024 |
| Swisscom (1) |
| 1,203,280 |
|
1,348 |
| Syngenta (1) |
| 451,081 |
|
132 |
| Vaudoise Assurances Holding (1) |
| 73,965 |
|
1,918 |
| Zurich Insurance Group (1) |
| 591,997 |
|
|
|
|
| 16,182,206 |
|
|
| Taiwan — 2.1% |
|
|
|
16,000 |
| 104 (1) |
| 87,415 |
|
52,000 |
| Audix (1) |
| 68,339 |
|
135,220 |
| Chicony Electronics (1) |
| 388,822 |
|
75,600 |
| Chimei Materials Technology (1) |
| 81,268 |
|
103,000 |
| China Life Insurance (1) |
| 109,031 |
|
76,420 |
| Cyberlink (1) |
| 225,501 |
|
40,000 |
| Draytek (1) |
| 41,622 |
|
34,000 |
| Dynacolor (1) |
| 66,585 |
|
133,000 |
| Everlight Electronics (1) |
| 307,473 |
|
208,000 |
| Far EasTone Telecommunications (1) |
| 495,925 |
|
148,000 |
| Formosan Rubber Group (1) |
| 158,773 |
|
25,000 |
| Grape King Bio (1) |
| 136,197 |
|
141,000 |
| Greatek Electronics (1) |
| 189,127 |
|
31,000 |
| Holtek Semiconductor (1) |
| 56,709 |
|
75,000 |
| ITEQ (1) |
| 62,273 |
|
2,000 |
| KD Holding (1) |
| 11,480 |
|
49,245 |
| Lite-On Technology (1) |
| 62,220 |
|
65,000 |
| Lumax International (1) |
| 132,351 |
|
26,000 |
| MediaTek (1) |
| 334,209 |
|
26,000 |
| Mercuries & Associates Holding (1) |
| 18,121 |
|
46,000 |
| Mirle Automation (1) |
| 44,881 |
|
85,000 |
| New Era Electronics (1) |
| 84,296 |
|
16,000 |
| Pegatron (1) |
| 47,399 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
39,000 |
| Phison Electronics (1) |
| 359,681 |
|
40,000 |
| Polytronics Technology (1) |
| 92,309 |
|
118,017 |
| Radiant Opto-Electronics (1) |
| 388,084 |
|
3,841 |
| Raydium Semiconductor |
| 7,827 |
|
145,470 |
| Realtek Semiconductor (1) |
| 453,049 |
|
56,000 |
| Sigurd Microelectronics (1) |
| 52,887 |
|
78,000 |
| Simplo Technology (1) |
| 386,045 |
|
5,565 |
| Sinmag Equipment (1) |
| 33,386 |
|
71,000 |
| Sitronix Technology (1) |
| 256,124 |
|
59,000 |
| Sonix Technology (1) |
| 88,904 |
|
162,000 |
| Taiwan Cement (1) |
| 230,067 |
|
63,440 |
| Taiwan Surface Mounting Technology (1) |
| 83,943 |
|
93,302 |
| Test Research (1) |
| 189,722 |
|
32,000 |
| Thinking Electronic Industrial (1) |
| 45,631 |
|
106,000 |
| Transcend Information (1) |
| 407,274 |
|
42,000 |
| United Integrated Services (1) |
| 48,683 |
|
40,000 |
| Yageo (1) |
| 82,245 |
|
701,000 |
| Yuanta Financial Holding (1) |
| 407,443 |
|
27,000 |
| YungShin Global Holding (1) |
| 49,066 |
|
|
|
|
| 6,872,387 |
|
|
| Thailand (1) — 1.0% |
|
|
|
97,500 |
| Bangkok Bank |
| 545,738 |
|
147,200 |
| BEC World |
| 179,611 |
|
13,300 |
| Delta Electronics Thai |
| 33,586 |
|
83,100 |
| Delta Electronics Thai NVDR |
| 209,851 |
|
298,700 |
| Hana Microelectronics NVDR |
| 402,193 |
|
6,100 |
| PTT |
| 65,770 |
|
53,700 |
| PTT NVDR |
| 578,997 |
|
5,500 |
| PTT Exploration & Production |
| 19,482 |
|
227,500 |
| PTT Exploration & Production NVDR |
| 805,869 |
|
89,100 |
| Total Access Communication |
| 234,056 |
|
74,800 |
| TTW (2) |
| 25,598 |
|
668,100 |
| TTW NVDR (1) |
| 228,634 |
|
|
|
|
| 3,329,385 |
|
|
| Turkey (1) — 0.7% |
|
|
|
126,900 |
| Adana Cimento Sanayii Class C (2) |
| 33,202 |
|
7,670 |
| Akcansa Cimento |
| 47,174 |
|
47,219 |
| Cimsa Cimento Sanayi VE Ticaret |
| 289,727 |
|
140,821 |
| Enka Insaat ve Sanayi |
| 302,667 |
|
171,552 |
| Eregli Demir ve Celik Fabrikalari (2) |
| 289,497 |
|
70,091 |
| Gubre Fabrikalari |
| 187,148 |
|
22,963 |
| Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim (2) |
| 28,719 |
|
20,787 |
| Koza Altin Isletmeleri |
| 217,151 |
|
35,776 |
| Soda Sanayii |
| 87,193 |
|
25,826 |
| TAV Havalimanlari Holding |
| 227,059 |
|
152,760 |
| Turk Telekomunikasyon |
| 422,225 |
|
|
|
|
| 2,131,762 |
|
|
| United Kingdom — 15.0% |
|
|
|
15,674 |
| Aberdeen Asset Management (1) |
| 113,816 |
|
23,166 |
| Admiral Group (1) |
| 552,405 |
|
33,305 |
| Aggreko (1) |
| 840,119 |
|
117,437 |
| Alent (1) |
| 652,174 |
|
5,083 |
| Amec Foster Wheeler (1) |
| 71,168 |
|
80,964 |
| Amlin (1) |
| 567,393 |
|
32,498 |
| Anglo American (1) |
| 550,595 |
|
17,884 |
| Anglo American (South African Shares) (1) |
| 300,410 |
|
142,962 |
| Ashmore Group (1) |
| 675,820 |
|
32,497 |
| AstraZeneca (1) |
| 2,230,145 |
|
81,789 |
| BAE Systems (1) |
| 633,632 |
|
153,325 |
| Barclays (1) |
| 599,873 |
|
112,706 |
| Beazley (1) |
| 484,699 |
|
11,419 |
| Bellway (1) |
| 347,161 |
|
6,588 |
| Berendsen (1) |
| 104,732 |
|
13,681 |
| Berkeley Group Holdings (1) |
| 526,752 |
|
76,203 |
| BHP Billiton (1) |
| 1,831,640 |
|
265,629 |
| BP (1) |
| 1,915,810 |
|
10,762 |
| British American Tobacco (1) |
| 591,300 |
|
106,804 |
| BT Group Class A (1) |
| 744,909 |
|
176,799 |
| Cairn Energy (1)(2) |
| 481,678 |
|
79 |
| Camellia |
| 11,278 |
|
23,835 |
| Carillion (1) |
| 118,921 |
|
156,612 |
| Centrica (1) |
| 611,486 |
|
66,213 |
| Chesnara (1) |
| 325,219 |
|
1,381 |
| Clarkson |
| 48,078 |
|
150,292 |
| Cobham (1) |
| 681,780 |
|
38,989 |
| Daily Mail & General Trust Class A (1) |
| 535,962 |
|
48,531 |
| Dart Group |
| 288,294 |
|
69,621 |
| Debenhams (1) |
| 95,638 |
|
24,371 |
| Diploma |
| 297,403 |
|
5,596 |
| Dunelm Group (1) |
| 77,040 |
|
15,987 |
| Fenner (1) |
| 51,376 |
|
5,341 |
| Galliford Try (1) |
| 122,896 |
|
29,212 |
| Gem Diamonds |
| 62,328 |
|
90,925 |
| GlaxoSmithKline (1) |
| 2,100,053 |
|
152,076 |
| Highland Gold Mining |
| 109,715 |
|
40,851 |
| Home Retail Group (1) |
| 104,388 |
|
164,131 |
| HSBC Holdings (1) |
| 1,639,577 |
|
141,600 |
| HSBC Holdings (Hong Kong Shares) (1) |
| 1,409,466 |
|
1,349 |
| Immunodiagnostic Systems Holdings (1) |
| 6,285 |
|
11,265 |
| Imperial Tobacco Group (1) |
| 550,072 |
|
4,209 |
| Indivior (2) |
| 12,889 |
|
20,810 |
| Intertek Group (1) |
| 831,677 |
|
90,699 |
| ITE Group |
| 261,737 |
|
23,671 |
| James Halstead |
| 120,995 |
|
3,290 |
| John Menzies (1) |
| 19,697 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
| |
|
|
|
|
|
| |
501,270 |
| Kcom Group (1) |
| 704,713 |
| |
23,858 |
| Keller Group (1) |
| 364,929 |
| |
416,765 |
| Legal & General Group (1) |
| 1,656,663 |
| |
52,664 |
| Marks & Spencer Group (1)(2) |
| 445,983 |
| |
35,498 |
| Millennium & Copthorne Hotels |
| 315,219 |
| |
15,081 |
| Mondi (1) |
| 305,361 |
| |
51,996 |
| Moneysupermarket.com Group (1) |
| 222,804 |
| |
50,611 |
| N Brown Group (1) |
| 265,697 |
| |
5,448 |
| Next (1) |
| 612,517 |
| |
69,186 |
| Pace (1) |
| 438,649 |
| |
15,262 |
| PayPoint |
| 199,598 |
| |
19,392 |
| Phoenix Group Holdings (1) |
| 250,259 |
| |
110,374 |
| QinetiQ Group (1) |
| 341,604 |
| |
16,499 |
| Reckitt Benckiser Group (1) |
| 1,468,475 |
| |
63,724 |
| Reed Elsevier (1) |
| 1,054,648 |
| |
28,198 |
| Rio Tinto (1) |
| 1,261,884 |
| |
50,102 |
| Rolls-Royce Holdings (1) |
| 798,766 |
| |
14,291 |
| Rotork (1) |
| 515,693 |
| |
179,861 |
| Royal Bank of Scotland Group (1)(2) |
| 931,859 |
| |
19,130 |
| Royal Dutch Shell Class A (1) |
| 603,170 |
| |
28,156 |
| Royal Dutch Shell (Amsterdam Shares) Class A (1) |
| 892,749 |
| |
36,591 |
| Royal Mail (1) |
| 261,424 |
| |
135,193 |
| Sage Group (1) |
| 1,005,181 |
| |
70,567 |
| Sky (1) |
| 1,163,497 |
| |
20,306 |
| Smiths Group (1) |
| 355,483 |
| |
150,420 |
| Soco International (1) |
| 415,937 |
| |
26,448 |
| Spectris (1) |
| 869,225 |
| |
104,290 |
| Stagecoach Group (1) |
| 579,622 |
| |
8,080 |
| Standard Chartered (1) |
| 132,287 |
| |
18,019 |
| Subsea 7 (1)(2) |
| 200,152 |
| |
18,138 |
| Ultra Electronics Holdings (1) |
| 482,341 |
| |
35,266 |
| Unilever (1) |
| 1,545,858 |
| |
35,369 |
| Weir Group (1) |
| 1,016,869 |
| |
16,858 |
| WH Smith (1) |
| 369,864 |
| |
92,398 |
| William Hill (1) |
| 510,507 |
| |
25,356 |
| WS Atkins (1) |
| 520,255 |
| |
3,706 |
| Zytronic |
| 15,075 |
| |
|
|
|
| 48,405,298 |
| |
|
| TOTAL COMMON STOCK |
| 307,127,460 |
| |
|
|
|
|
|
| |
|
| PREFERRED STOCK — 0.8% |
|
|
| |
|
| Brazil — 0.5% |
|
|
| |
36,700 |
| AES Tiete |
| 208,169 |
| |
53,700 |
| Banco do Estado do Rio Grande do Sul |
| 202,292 |
| |
149,620 |
| Itausa - Investimentos Itau |
| 528,868 |
| |
60,800 |
| Vale Class A |
| 362,828 |
| |
58,200 |
| Vale Class B ADR |
| 352,110 |
| |
|
|
|
| 1,654,267 |
| |
|
| Germany — 0.3% |
|
|
| |
19,707 |
| ProSiebenSat.1 Media (1) |
| 1,007,565 |
| |
|
|
|
|
|
| |
|
| TOTAL PREFERRED STOCK |
| 2,661,832 |
| |
|
|
|
|
|
| |
|
| INVESTMENT COMPANIES — 0.5% |
|
|
| |
|
| Australia — 0.1% |
|
|
| |
61,020 |
| WAM Capital (1) |
| 93,472 |
| |
|
|
|
|
|
| |
|
| Guernsey — 0.1% |
|
|
| |
153,893 |
| HSBC Infrastructure |
| 361,896 |
| |
|
|
|
|
|
| |
|
| Switzerland — 0.3% |
|
|
| |
3,480 |
| BB Biotech (1) |
| 1,018,415 |
| |
|
|
|
|
|
| |
|
| TOTAL INVESTMENT COMPANIES |
| 1,473,783 |
| |
|
|
|
|
|
| |
|
| WARRANT (2) — 0.0% |
|
|
| |
|
| Hong Kong — 0.0% |
|
|
| |
3,166 |
| Sun Hung Kai Properties Expires 04/22/16 |
| 12,459 |
| |
|
|
|
|
|
| |
|
| TOTAL INVESTMENTS — 96.6% |
| 311,275,534 |
| |
|
|
|
|
|
| |
|
| OTHER ASSETS LESS LIABILITIES — 3.4% |
| 11,077,232 |
| |
|
|
|
|
|
| |
|
| NET ASSETS — 100% |
| $ | 322,352,766 |
|
(1) Security is fair valued. (See Note 2 in Notes to Financial Statements.)
(2) Denotes non-income producing security.
(3) Security considered illiquid. On April 30, 2015 the value of the securities amounted to $293,633, representing 0.09% of the total net assets of the Fund.
The accompanying notes are an integral part of the financial statements.
The open futures contracts held by the Fund at April 30, 2015, are as follows:
|
| Number of |
|
|
| Unrealized |
| |
Type of |
| Contracts |
| Expiration |
| Appreciation |
| |
Contract |
| Long (Short) |
| Date |
| (Depreciation) |
| |
MINI MSCI EAFE |
| 83 |
| Jun-2015 |
| $ | 273,599 |
|
A summary of the outstanding forward foreign currency contracts held by the Fund at April 30, 2015, is as follows:
|
|
|
|
|
|
|
| Unrealized |
| |||
|
|
|
|
|
|
|
| Appreciation |
| |||
Counterparty |
| Settlement Date |
| Currency to Deliver |
| Currency to Receive |
| (Depreciation) |
| |||
Barclays Capital |
| 5/13/15 |
| USD | 1,733,427 |
| GBP | 1,160,967 |
| $ | 48,531 |
|
BNP Paribas |
| 5/13/15 |
| EUR | 1,881,731 |
| USD | 2,023,821 |
| (89,340 | ) | |
HSBC |
| 5/13/15 |
| EUR | 2,589,300 |
| USD | 2,811,281 |
| (96,470 | ) | |
Royal Bank of Canada |
| 5/13/15 |
| GBP | 4,498,200 |
| USD | 6,714,540 |
| (189,708 | ) | |
|
|
|
|
|
|
|
|
|
| $ | (326,987 | ) |
ADR — American Depositary Receipt
EAFE — Europe, Australasia and Far East
EUR — Euro
GBP — British Pound
GDR — Global Depositary Receipt
MSCI — Morgan Stanley Capital International
NASDAQ — National Association of Securities Dealers Automated Quotations
NVDR — Non Voting Depository Receipt
REIT — Real Estate Investment Trust
USD — United States Dollar
The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund’s investments carried at value:
Investments in Securities (1) |
| Level 1 |
| Level 2 |
| Level 3 (2) |
| Total |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Common Stock |
|
|
|
|
|
|
|
|
| ||||
Australia |
| $ | 350,387 |
| $ | 15,798,757 |
| $ | — |
| $ | 16,149,144 |
|
Austria |
| 756,132 |
| 143,444 |
| — |
| 899,576 |
| ||||
Belgium |
| 259,651 |
| 5,070,314 |
| — |
| 5,329,965 |
| ||||
Bermuda |
| — |
| 289,185 |
| — |
| 289,185 |
| ||||
Brazil |
| 2,439,088 |
| — |
| — |
| 2,439,088 |
| ||||
British Virgin Islands |
| — |
| 376,667 |
| — |
| 376,667 |
| ||||
Cambodia |
| — |
| 122,495 |
| — |
| 122,495 |
| ||||
Canada |
| 14,125,513 |
| — |
| — |
| 14,125,513 |
| ||||
Chile |
| 853,137 |
| — |
| — |
| 853,137 |
| ||||
China |
| 1,303,666 |
| 6,679,016 |
| 11,148 |
| 7,993,830 |
| ||||
Colombia |
| 380,064 |
| — |
| — |
| 380,064 |
| ||||
Czech Republic |
| — |
| 1,240,997 |
| — |
| 1,240,997 |
| ||||
Denmark |
| — |
| 750,173 |
| — |
| 750,173 |
| ||||
Finland |
| 327,154 |
| 8,234,469 |
| — |
| 8,561,623 |
| ||||
France |
| 1,044,999 |
| 17,356,816 |
| — |
| 18,401,815 |
| ||||
Gabon |
| — |
| 90,625 |
| — |
| 90,625 |
| ||||
Germany |
| 881,677 |
| 10,471,171 |
| — |
| 11,352,848 |
| ||||
Greece |
| 150,028 |
| 109,326 |
| — |
| 259,354 |
| ||||
Guernsey |
| 242,915 |
| — |
| — |
| 242,915 |
| ||||
Hong Kong |
| 1,507,761 |
| 15,395,939 |
| — |
| 16,903,700 |
| ||||
Indonesia |
| — |
| 2,242,086 |
| — |
| 2,242,086 |
| ||||
Ireland |
| 21,002 |
| 1,653,741 |
| — |
| 1,674,743 |
| ||||
Israel |
| 610,242 |
| 4,126,483 |
| — |
| 4,736,725 |
| ||||
Italy |
| — |
| 6,518,586 |
| 7,079 |
| 6,525,665 |
| ||||
Japan |
| 154,517 |
| 46,875,565 |
| — |
| 47,030,082 |
| ||||
Jersey |
| — |
| 659,922 |
| — |
| 659,922 |
| ||||
Kazakhstan |
| — |
| 170,813 |
| — |
| 170,813 |
| ||||
Liechtenstein |
| 15,398 |
| — |
| — |
| 15,398 |
| ||||
Luxembourg |
| — |
| 1,143,807 |
| — |
| 1,143,807 |
| ||||
Malaysia |
| 132,022 |
| 1,350,980 |
| — |
| 1,483,002 |
| ||||
Malta |
| — |
| — |
| 1,237 |
| 1,237 |
| ||||
Mexico |
| 613,006 |
| — |
| — |
| 613,006 |
| ||||
Netherlands |
| 66,234 |
| 7,316,083 |
| — |
| 7,382,317 |
| ||||
New Zealand |
| — |
| 1,579,704 |
| — |
| 1,579,704 |
| ||||
Norway |
| 706,127 |
| 7,513,551 |
| — |
| 8,219,678 |
| ||||
Philippines |
| 359,244 |
| 307,124 |
| — |
| 666,368 |
| ||||
Poland |
| — |
| 2,135,614 |
| — |
| 2,135,614 |
| ||||
Portugal |
| — |
| 723,973 |
| — |
| 723,973 |
| ||||
Russia |
| 1,128,270 |
| 1,777,721 |
| — |
| 2,905,991 |
| ||||
Singapore |
| 1,044,754 |
| 4,045,932 |
| — |
| 5,090,686 |
| ||||
South Africa |
| 1,603,900 |
| 5,085,074 |
| — |
| 6,688,974 |
| ||||
South Korea |
| 218,455 |
| 4,816,236 |
| — |
| 5,034,691 |
| ||||
Spain |
| 175,852 |
| 3,499,883 |
| — |
| 3,675,735 |
| ||||
Sweden |
| 482,117 |
| 12,561,374 |
| — |
| 13,043,491 |
| ||||
Switzerland |
| 1,240,131 |
| 14,942,075 |
| — |
| 16,182,206 |
| ||||
Taiwan |
| 7,827 |
| 6,864,560 |
| — |
| 6,872,387 |
| ||||
Thailand |
| — |
| 3,329,385 |
| — |
| 3,329,385 |
| ||||
Turkey |
| — |
| 2,131,762 |
| — |
| 2,131,762 |
| ||||
United Kingdom |
| 1,742,609 |
| 46,662,689 |
| — |
| 48,405,298 |
| ||||
Total Common Stock |
| 34,943,879 |
| 272,164,117 |
| 19,464 |
| 307,127,460 |
| ||||
The accompanying notes are an integral part of the financial statements.
Investments in Securities |
| Level 1 |
| Level 2 |
| Level 3 (2) |
| Total |
| ||||
Preferred Stock |
|
|
|
|
|
|
|
|
| ||||
Brazil |
| $ | 1,654,267 |
| $ | — |
| $ | — |
| $ | 1,654,267 |
|
Germany |
| — |
| 1,007,565 |
| — |
| 1,007,565 |
| ||||
Total Preferred Stock |
| 1,654,267 |
| 1,007,565 |
| — |
| 2,661,832 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Investment Companies |
|
|
|
|
|
|
|
|
| ||||
Australia |
| — |
| 93,472 |
| — |
| 93,472 |
| ||||
Guernsey |
| 361,896 |
| — |
| — |
| 361,896 |
| ||||
Switzerland |
| — |
| 1,018,415 |
| — |
| 1,018,415 |
| ||||
Total Investment Companies |
| 361,896 |
| 1,111,887 |
| — |
| 1,473,783 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Warrant |
|
|
|
|
|
|
|
|
| ||||
Hong Kong |
| 12,459 |
| — |
| — |
| 12,459 |
| ||||
Total Warrant |
| 12,459 |
| — |
| — |
| 12,459 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total Investments in Securities |
| $ | 36,972,501 |
| $ | 274,283,569 |
| $ | 19,464 |
| $ | 311,275,534 |
|
Other Financial Instruments |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Futures — Unrealized Appreciation |
| $ | 273,599 |
| $ | — |
| $ | — |
| $ | 273,599 |
|
Forwards — Unrealized Appreciation |
| — |
| 48,531 |
| — |
| 48,531 |
| ||||
Forwards — Unrealized Depreciation |
| — |
| (375,518 | ) | — |
| (375,518 | ) | ||||
Total Other Financial Instruments |
| $ | 273,599 |
| $ | (326,987 | ) | $ | — |
| $ | (53,388 | ) |
(1) Transfers between investment levels may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Fund generally recognizes transfers between the levels as of the beginning of the period. As of April 30, 2015, the Fund had securities with a total value of $274,099,400 transfer from Level 1 to Level 2. The change in level occurred due to developments that occurred between the time of closing of the foreign markets on which those securities trade and the close of business on the New York Stock Exchange. Additionally, the Fund had securities with a total value of $293,633 transfer from Level 1 to Level 2 and a security with total value of $19,464 transfer from Level 1 to Level 3. The changes occurred due to a halt in trading of these securities.
(2) A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets.
The accompanying notes are an integral part of the financial statements.
Schroder Global Multi-Cap Equity Fund
Schedule of Investments
April 30, 2015 (unaudited)
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
|
| COMMON STOCK — 94.8% |
|
|
|
|
| Australia — 2.7% |
|
|
|
58,133 |
| Ausdrill (1) |
| 20,401 |
|
20,589 |
| BHP Billiton (1) |
| 525,770 |
|
8,333 |
| carsales.com |
| 62,251 |
|
16,670 |
| Decmil Group (1) |
| 15,158 |
|
3,365 |
| Flight Centre Travel Group (1) |
| 115,078 |
|
33,242 |
| Independence Group NL (1) |
| 155,116 |
|
11,331 |
| JB Hi-Fi (1) |
| 175,031 |
|
32,059 |
| M2 Group (1) |
| 277,433 |
|
66,543 |
| MACA (1) |
| 47,043 |
|
123,992 |
| Medusa Mining (1)(2) |
| 91,580 |
|
161,316 |
| Metcash (1) |
| 168,392 |
|
13,889 |
| Monadelphous Group (1) |
| 108,242 |
|
73,751 |
| Myer Holdings (1) |
| 80,572 |
|
49,561 |
| NRW Holdings (1) |
| 7,401 |
|
84,719 |
| OZ Minerals (1) |
| 311,884 |
|
141,873 |
| Resolute Mining (1)(2) |
| 38,271 |
|
11,404 |
| Rio Tinto (1) |
| 514,063 |
|
26,398 |
| Sandfire Resources NL (1) |
| 102,136 |
|
284,880 |
| Telstra (1) |
| 1,400,389 |
|
44,329 |
| Woodside Petroleum (1) |
| 1,222,473 |
|
23,735 |
| Woolworths (1) |
| 551,072 |
|
|
|
|
| 5,989,756 |
|
|
| Austria — 0.1% |
|
|
|
2,881 |
| Oesterreichische Post |
| 140,218 |
|
|
|
|
|
|
|
|
| Belgium (1) — 0.3% |
|
|
|
2,515 |
| Anheuser-Busch InBev |
| 306,198 |
|
4,143 |
| Colruyt |
| 195,809 |
|
1,774 |
| Melexis |
| 109,518 |
|
|
|
|
| 611,525 |
|
|
| Bermuda — 0.8% |
|
|
|
21,300 |
| Assured Guaranty |
| 553,587 |
|
9,700 |
| Axis Capital Holdings |
| 504,982 |
|
31,846 |
| Lancashire Holdings (1) |
| 311,317 |
|
4,500 |
| RenaissanceRe Holdings |
| 461,205 |
|
|
|
|
| 1,831,091 |
|
|
| Brazil — 0.5% |
|
|
|
56,000 |
| Ambev |
| 352,399 |
|
11,900 |
| Cia de Saneamento Basico do Estado de Sao Paulo ADR (2) |
| 70,091 |
|
43,029 |
| Cia Energetica de Minas Gerais ADR |
| 211,703 |
|
20,900 |
| Grupo BTG Pactual |
| 206,367 |
|
31,100 |
| Vale |
| 234,828 |
|
|
|
|
| 1,075,388 |
|
|
| British Virgin Islands (1) — 0.2% |
|
|
|
29,279 |
| Playtech |
| 367,823 |
|
|
|
|
|
|
|
|
| Canada — 1.8% |
|
|
|
4,000 |
| Alimentation Couche Tard Class B |
| 153,104 |
|
2,000 |
| CCL Industries Class B |
| 229,938 |
|
36,200 |
| Centerra Gold |
| 187,226 |
|
5,200 |
| Corus Entertainment Class B |
| 79,950 |
|
5,600 |
| Dominion Diamond |
| 110,375 |
|
18,225 |
| Genworth MI Canada |
| 530,965 |
|
46,900 |
| Nevsun Resources |
| 185,034 |
|
30,000 |
| Rogers Communications Class B |
| 1,071,695 |
|
21,100 |
| Shaw Communications Class B |
| 482,336 |
|
3,100 |
| Stantec |
| 83,737 |
|
33,000 |
| Teck Resources Class B |
| 500,265 |
|
17,900 |
| Transcontinental Class A |
| 275,659 |
|
|
|
|
| 3,890,284 |
|
|
| Chile — 0.0% |
|
|
|
52,203 |
| AFP Habitat |
| 80,318 |
|
|
|
|
|
|
|
|
| China — 1.2% |
|
|
|
88,000 |
| 361 Degrees International (1) |
| 33,985 |
|
80,500 |
| Anhui Conch Cement Class H (1) |
| 325,482 |
|
474,000 |
| Bank of China Class H (1) |
| 324,786 |
|
175,000 |
| China Child Care (1) |
| 35,655 |
|
385,000 |
| China Construction Bank Class H (1) |
| 373,733 |
|
72,000 |
| China Creative Home Group (1) |
| 13,162 |
|
668,000 |
| China Lumena New Materials (1)(2)(3) |
| — |
|
44,000 |
| China Taifeng Beddings Holdings (1)(2)(3) |
| 6,131 |
|
174,000 |
| Dongfeng Motor Group Class H (1) |
| 289,076 |
|
218,000 |
| Industrial & Commercial Bank of China Class H (1) |
| 189,107 |
|
142,000 |
| Jintian Pharmaceutical Group (1) |
| 75,568 |
|
849 |
| NetEase ADR |
| 108,833 |
|
222,000 |
| Pacific Online (1) |
| 118,913 |
|
44,000 |
| Pacific Textile Holdings (1) |
| 60,986 |
|
100,000 |
| Peak Sport Products (1) |
| 33,904 |
|
50,000 |
| TravelSky Technology Class H (1) |
| 96,951 |
|
285,000 |
| Yangzijiang Shipbuilding Holdings (1) |
| 314,728 |
|
190,000 |
| Zhejiang Expressway Class H (1) |
| 301,757 |
|
|
|
|
| 2,702,757 |
|
|
| Colombia — 0.1% |
|
|
|
16,200 |
| Ecopetrol ADR |
| 277,344 |
|
|
|
|
|
|
|
|
| Czech Republic (1) — 0.2% |
|
|
|
16,246 |
| CEZ |
| 422,074 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
271 |
| Komercni Banka |
| 60,391 |
|
|
|
|
| 482,465 |
|
|
| Denmark (1) — 0.3% |
|
|
|
2,571 |
| Coloplast Class B |
| 209,856 |
|
4,270 |
| Novozymes Class B |
| 197,003 |
|
2,199 |
| Pandora |
| 227,292 |
|
|
|
|
| 634,151 |
|
|
| Finland (1) — 1.2% |
|
|
|
16,364 |
| Kone Class B |
| 704,007 |
|
28,902 |
| Orion Class B |
| 945,069 |
|
13,120 |
| Sampo Class A |
| 635,721 |
|
2,186 |
| Tieto |
| 52,421 |
|
3,416 |
| Tikkurila |
| 70,357 |
|
16,560 |
| UPM-Kymmene |
| 299,646 |
|
|
|
|
| 2,707,221 |
|
|
| France — 2.1% |
|
|
|
19,565 |
| AXA (1) |
| 494,718 |
|
3,661 |
| BNP Paribas (1) |
| 231,197 |
|
5,426 |
| Boiron (1) |
| 604,311 |
|
1,619 |
| Christian Dior (1) |
| 316,517 |
|
5,284 |
| Cie Generale des Etablissements Michelin (1) |
| 589,250 |
|
7,813 |
| Legrand (1) |
| 451,770 |
|
22,376 |
| Metropole Television (1) |
| 467,006 |
|
3,274 |
| Neopost |
| 157,912 |
|
3,377 |
| Plastic Omnium (1) |
| 94,037 |
|
9,974 |
| Societe Generale (1) |
| 498,648 |
|
388 |
| Stallergenes (1) |
| 23,679 |
|
3,754 |
| Valeo (1) |
| 601,841 |
|
|
|
|
| 4,530,886 |
|
|
| Gabon (1) — 0.0% |
|
|
|
286 |
| Total Gabon |
| 95,289 |
|
|
|
|
|
|
|
|
| Germany — 1.3% |
|
|
|
1,123 |
| Amadeus Fire (1) |
| 91,020 |
|
351 |
| Bijou Brigitte |
| 21,866 |
|
3,624 |
| Continental (1) |
| 849,303 |
|
4,052 |
| Duerr (1) |
| 414,754 |
|
2,609 |
| HUGO BOSS (1) |
| 321,039 |
|
4,694 |
| Merck KGaA (1) |
| 506,038 |
|
10,159 |
| ProSiebenSat.1 Media (1) |
| 519,402 |
|
1,183 |
| STO & KGaA |
| 206,356 |
|
|
|
|
| 2,929,778 |
|
|
| Greece — 0.0% |
|
|
|
2,794 |
| Aegean Airlines (1)(2) |
| 23,557 |
|
2,742 |
| JUMBO |
| 28,295 |
|
3,382 |
| Metka (1) |
| 31,543 |
|
|
|
|
| 83,395 |
|
|
| Hong Kong — 3.0% |
|
|
|
144,000 |
| Belle International Holdings (1) |
| 184,820 |
|
1,176,000 |
| Champion Technology Holdings (2) |
| 27,767 |
|
178,000 |
| China BlueChemical (1) |
| 79,277 |
|
36,000 |
| China Lilang (1) |
| 37,350 |
|
23,500 |
| China Mobile (1) |
| 335,657 |
|
56,000 |
| CIMC Enric Holdings (1) |
| 61,909 |
|
14,000 |
| CK Hutchison Holdings (1) |
| 303,691 |
|
301,000 |
| CNOOC (1) |
| 513,269 |
|
29,600 |
| Dah Sing Financial Holdings (1) |
| 207,810 |
|
315,000 |
| Emperor Entertainment Hotel |
| 73,562 |
|
27,000 |
| Great Eagle Holdings (1) |
| 99,625 |
|
318,000 |
| Guangdong Investment (1) |
| 474,190 |
|
4,100 |
| Hang Seng Bank (1) |
| 79,876 |
|
14,300 |
| Henderson Land Development (1) |
| 114,645 |
|
35,000 |
| Hongkong Land Holdings |
| 283,500 |
|
53,500 |
| Hopewell Holdings (1) |
| 205,754 |
|
60,000 |
| Hysan Development (1) |
| 277,239 |
|
45,500 |
| Kerry Properties (1) |
| 185,698 |
|
990,000 |
| Lai Sun Development |
| 26,568 |
|
19,500 |
| Power Assets Holdings (1) |
| 196,821 |
|
284,000 |
| Sa Sa International Holdings (1) |
| 144,487 |
|
60,400 |
| Sands China (1) |
| 246,214 |
|
350,000 |
| Shenguan Holdings Group (1) |
| 109,850 |
|
172,000 |
| Sino Land (1) |
| 302,610 |
|
133,000 |
| Sitoy Group Holdings |
| 82,540 |
|
6,000 |
| Soundwill Holdings (1) |
| 10,813 |
|
22,000 |
| Sun Hung Kai Properties (1) |
| 365,387 |
|
32,000 |
| Sunlight REIT (1) |
| 16,162 |
|
26,500 |
| Swire Pacific Class A (1) |
| 357,412 |
|
108,400 |
| Swire Properties (1) |
| 372,414 |
|
13,000 |
| Television Broadcasts (1) |
| 84,692 |
|
3,400 |
| VTech Holdings (1) |
| 47,281 |
|
52,000 |
| Wharf Holdings (1) |
| 374,666 |
|
56,000 |
| Wheelock (1) |
| 315,332 |
|
|
|
|
| 6,598,888 |
|
|
| India — 0.1% |
|
|
|
8,900 |
| Infosys Limited ADR |
| 275,722 |
|
|
|
|
|
|
|
|
| Indonesia (1) — 0.8% |
|
|
|
95,500 |
| Indocement Tunggal Prakarsa |
| 154,225 |
|
868,500 |
| Perusahaan Gas Negara |
| 273,749 |
|
883,000 |
| Perusahaan Perkebunan London Sumatra Indonesia |
| 96,543 |
|
260,500 |
| Semen Indonesia Persero |
| 250,503 |
|
2,965,000 |
| Telekomunikasi Indonesia Persero |
| 596,325 |
|
161,000 |
| United Tractors |
| 264,729 |
|
407,500 |
| Vale Indonesia |
| 87,549 |
|
|
|
|
| 1,723,623 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
|
| Ireland — 0.8% |
|
|
|
9,400 |
| Accenture Class A |
| 870,910 |
|
37,644 |
| Experian (1) |
| 672,328 |
|
2,705 |
| Paddy Power (1) |
| 241,831 |
|
|
|
|
| 1,785,069 |
|
|
| Israel — 0.8% |
|
|
|
6,015 |
| Babylon (1) |
| 3,316 |
|
20,796 |
| Bank Hapoalim (1) |
| 104,021 |
|
29,092 |
| Bank Leumi Le-Israel (1)(2) |
| 113,070 |
|
284,004 |
| Bezeq Israeli Telecommunication (1) |
| 537,916 |
|
12,291 |
| Delek Automotive Systems (1) |
| 149,061 |
|
127,125 |
| Israel Discount Bank Class A (1)(2) |
| 223,322 |
|
2,723 |
| Ituran Location and Control (1) |
| 62,516 |
|
910 |
| Rami Levy Chain Stores Hashikma Marketing 2006 (1) |
| 36,976 |
|
7,000 |
| Teva Pharmaceutical Industries ADR |
| 422,940 |
|
|
|
|
| 1,653,138 |
|
|
| Italy (1) — 1.1% |
|
|
|
13,483 |
| Autostrada Torino-Milano |
| 191,694 |
|
22,933 |
| Banca Popolare dell’Etruria e del Lazio SC (2)(3) |
| 11,710 |
|
13,207 |
| DiaSorin (1) |
| 602,936 |
|
64,436 |
| ENI (1) |
| 1,236,262 |
|
19,323 |
| Recordati (1) |
| 385,028 |
|
302 |
| Reply (1) |
| 32,322 |
|
|
|
|
| 2,459,952 |
|
|
| Japan — 8.6% |
|
|
|
4,800 |
| ABC-Mart (1) |
| 273,115 |
|
1,900 |
| Amiyaki Tei (1) |
| 75,491 |
|
3,700 |
| ARCLAND SERVICE (1) |
| 157,560 |
|
2,300 |
| Arcs (1) |
| 48,122 |
|
4,200 |
| Asahi Holdings (1) |
| 79,033 |
|
25,000 |
| Asahi Kasei (1) |
| 235,416 |
|
5,000 |
| Asax (1) |
| 70,016 |
|
20,000 |
| Awa Bank (1) |
| 118,724 |
|
5,000 |
| Bank of Nagoya (1) |
| 18,380 |
|
24,900 |
| Canon (1)(2) |
| 887,803 |
|
3,400 |
| Central Japan Railway (1) |
| 607,262 |
|
3,600 |
| Chiba Kogyo Bank (1) |
| 24,867 |
|
1,800 |
| Cleanup (1) |
| 14,322 |
|
1,200 |
| Corona Class A (1) |
| 11,627 |
|
9,000 |
| Daiichi Jitsugyo (1) |
| 47,458 |
|
5,800 |
| Daiichikosho (1) |
| 187,060 |
|
20,000 |
| Daishi Bank (1) |
| 75,426 |
|
8,000 |
| Daiwa Industries (1) |
| 54,971 |
|
42,000 |
| Daiwa Securities Group (1) |
| 348,424 |
|
4,300 |
| Dr Ci:Labo (1) |
| 161,777 |
|
92,800 |
| Dynam Japan Holdings (1) |
| 196,735 |
|
4,000 |
| Eidai (1) |
| 15,180 |
|
11,200 |
| FamilyMart (1) |
| 482,306 |
|
11,300 |
| FUJIFILM Holdings (1) |
| 425,637 |
|
8,100 |
| Fujikura Kasei (1) |
| 37,739 |
|
2,800 |
| Fujimori Kogyo (1) |
| 88,080 |
|
33,000 |
| Fujitsu General (1) |
| 475,296 |
|
7,000 |
| Fukushima Industries (1) |
| 117,586 |
|
2,000 |
| Fuyo General Lease (1) |
| 81,809 |
|
2,400 |
| Gendai Agency (1) |
| 13,827 |
|
50,000 |
| Hachijuni Bank (1) |
| 389,786 |
|
1,600 |
| Hagihara Industries (1) |
| 27,288 |
|
22,500 |
| Haseko (1) |
| 222,172 |
|
19,000 |
| Higo Bank (1) |
| 122,118 |
|
1,800 |
| HI-LEX (1) |
| 57,610 |
|
6,000 |
| Hokkoku Bank (1) |
| 21,734 |
|
11,000 |
| Hyakugo Bank (1) |
| 54,075 |
|
23,000 |
| Hyakujushi Bank (1) |
| 78,954 |
|
3,800 |
| Inaba Denki Sangyo (1) |
| 137,396 |
|
32,200 |
| Inpex (1) |
| 404,121 |
|
34,000 |
| Isuzu Motors (1) |
| 450,630 |
|
3,100 |
| Itochu Enex (1) |
| 27,994 |
|
3,000 |
| Japan Petroleum Exploration (1) |
| 115,486 |
|
6,300 |
| Japan Tobacco (1) |
| 220,001 |
|
10,000 |
| Juroku Bank (1) |
| 39,811 |
|
14,000 |
| Kagoshima Bank (1) |
| 100,772 |
|
91,000 |
| Kanematsu (1) |
| 142,986 |
|
2,000 |
| Kato Sangyo (1) |
| 42,333 |
|
56,400 |
| KDDI (1) |
| 1,334,556 |
|
7,000 |
| Keiyo Bank (1) |
| 41,436 |
|
2,000 |
| Konishi (1) |
| 35,065 |
|
1,700 |
| Lasertec (1) |
| 23,734 |
|
8,600 |
| Lawson (1) |
| 618,426 |
|
2,000 |
| Meiko Network Japan (1) |
| 24,725 |
|
18,300 |
| Miraca Holdings (1) |
| 920,663 |
|
1,600 |
| Miroku Jyoho Service (1) |
| 9,066 |
|
43,000 |
| Mitsubishi Motors (1) |
| 395,651 |
|
27,000 |
| Mitsubishi Steel Manufacturing (1) |
| 61,171 |
|
35,700 |
| Mitsubishi UFJ Financial Group (1) |
| 253,625 |
|
4,000 |
| Mitsuboshi Belting (1) |
| 32,075 |
|
4,900 |
| Mixi (1) |
| 192,282 |
|
106,100 |
| Mizuho Financial Group (1) |
| 202,256 |
|
20,400 |
| MTI (1) |
| 145,733 |
|
1,000 |
| Murakami |
| 17,504 |
|
600 |
| Nakano Refrigerators (1) |
| 17,871 |
|
11,500 |
| Namura Shipbuilding (1) |
| 105,211 |
|
7,900 |
| Neturen (1) |
| 58,814 |
|
16,300 |
| Nexon (1) |
| 207,908 |
|
24,000 |
| NHK Spring (1) |
| 274,765 |
|
20,600 |
| Nihon Parkerizing (1) |
| 234,198 |
|
16,000 |
| Nippon Road (1) |
| 86,328 |
|
23,800 |
| Nishimatsuya Chain (1) |
| 221,175 |
|
22,700 |
| Nissin Kogyo (1) |
| 374,149 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
7,000 |
| Nittetsu Mining (1) |
| 27,793 |
|
11,800 |
| North Pacific Bank (1) |
| 46,599 |
|
8,000 |
| Oita Bank (1) |
| 31,289 |
|
9,800 |
| Oracle Japan (1) |
| 447,384 |
|
26,500 |
| ORIX (1) |
| 407,528 |
|
5,000 |
| Sakai Chemical Industry (1) |
| 16,501 |
|
1,500 |
| San-A Class A (1) |
| 62,725 |
|
29,000 |
| San-In Godo Bank (1) |
| 277,525 |
|
7,000 |
| Seika (1) |
| 19,449 |
|
5,000 |
| Sekisui Jushi (1) |
| 66,467 |
|
13,000 |
| Shiga Bank (1) |
| 68,391 |
|
9,000 |
| Shinagawa Refractories (1) |
| 24,061 |
|
5,800 |
| Shin-Etsu Polymer (1) |
| 28,328 |
|
2,500 |
| Sinko Industries (1) |
| 25,752 |
|
9,600 |
| Sintokogio (1) |
| 80,412 |
|
27,400 |
| Sony Financial Holdings (1) |
| 491,900 |
|
5,300 |
| Sumitomo Densetsu (1) |
| 63,965 |
|
54,000 |
| Sumitomo Heavy Industries (1) |
| 335,502 |
|
19,900 |
| Sumitomo Rubber Industries (1) |
| 368,973 |
|
900 |
| Techno Medica (1) |
| 18,420 |
|
3,800 |
| Teikoku Sen-I Class I (1) |
| 54,267 |
|
12,000 |
| Toagosei (1) |
| 53,254 |
|
10,900 |
| Tokai Rika (1) |
| 266,316 |
|
1,840 |
| Token (1) |
| 93,147 |
|
4,500 |
| TOMONY Holdings (1) |
| 21,363 |
|
57,000 |
| Towa Bank (1) |
| 49,502 |
|
9,300 |
| Trend Micro (1)(2) |
| 314,633 |
|
12,600 |
| TS Tech (1) |
| 375,220 |
|
1,200 |
| Tsuruha Holdings (1) |
| 87,034 |
|
7,000 |
| Uchida Yoko (1) |
| 23,790 |
|
4,000 |
| Watanabe Sato (1) |
| 10,472 |
|
181,800 |
| Yahoo Japan (1) |
| 742,695 |
|
900 |
| YAMADA Consulting Group (1) |
| 26,850 |
|
4,000 |
| Yamanashi Chuo Bank (1) |
| 18,577 |
|
|
|
|
| 19,020,787 |
|
|
| Kazakhstan (1) — 0.1% |
|
|
|
13,810 |
| KCell JSC GDR |
| 116,323 |
|
|
|
|
|
|
|
|
| Liechtenstein — 0.0% |
|
|
|
122 |
| VP Bank |
| 10,265 |
|
|
|
|
|
|
|
|
| Malaysia (1) — 0.2% |
|
|
|
21,900 |
| Berjaya Auto |
| 24,819 |
|
3,800 |
| British American Tobacco Malaysia |
| 71,333 |
|
197,100 |
| DiGi.com |
| 332,282 |
|
|
|
|
| 428,434 |
|
|
| Mexico — 0.3% |
|
|
|
14,600 |
| America Movil Class L ADR |
| 304,994 |
|
1,200 |
| Coca-Cola Femsa ADR |
| 95,880 |
|
129,900 |
| Kimberly-Clark de Mexico Class A |
| 286,014 |
|
|
|
|
| 686,888 |
|
|
| Netherlands (1) — 0.7% |
|
|
|
7,790 |
| Arcadis |
| 246,585 |
|
11,367 |
| ArcelorMittal |
| 120,962 |
|
6,163 |
| Boskalis Westminster |
| 320,234 |
|
32,673 |
| Reed Elsevier |
| 787,989 |
|
|
|
|
| 1,475,770 |
|
|
| New Zealand (1) — 0.1% |
|
|
|
14,738 |
| Sky Network Television |
| 70,600 |
|
59,625 |
| Trade Me Group |
| 173,666 |
|
|
|
|
| 244,266 |
|
|
| Norway (1) — 1.1% |
|
|
|
87,674 |
| Statoil |
| 1,858,721 |
|
9,248 |
| Yara International |
| 473,844 |
|
|
|
|
| 2,332,565 |
|
|
| Panama — 0.2% |
|
|
|
4,800 |
| Copa Holdings Class A |
| 532,272 |
|
|
|
|
|
|
|
|
| Philippines (1) — 0.0% |
|
|
|
128,300 |
| Nickel Asia |
| 65,282 |
|
|
|
|
|
|
|
|
| Poland (1) — 0.2% |
|
|
|
7,288 |
| KGHM Polska Miedz |
| 255,536 |
|
135,510 |
| Polskie Gornictwo Naftowe i Gazownictwo |
| 244,420 |
|
|
|
|
| 499,956 |
|
|
| Russia — 0.7% |
|
|
|
10,000 |
| CTC Media (NASDAQ) (2) |
| 34,900 |
|
5,789 |
| Globaltrans Investment GDR (1) (2) |
| 28,655 |
|
4,236 |
| LUKOIL ADR |
| 217,095 |
|
7,051 |
| MegaFon OAO GDR (1) |
| 119,598 |
|
21,528 |
| MMC Norilsk Nickel ADR (1) |
| 405,535 |
|
17,200 |
| Mobile TeleSystems ADR |
| 207,776 |
|
65,389 |
| Surgutneftegas OAO ADR (1) |
| 473,600 |
|
4,600 |
| Tatneft OAO ADR (1) |
| 157,790 |
|
|
|
|
| 1,644,949 |
|
|
| Singapore — 0.1% |
|
|
|
5,000 |
| Hong Leong Finance |
| 10,014 |
|
58,900 |
| M1 (1) |
| 158,245 |
|
9,600 |
| Mapletree Industrial Trust REIT (1) |
| 11,669 |
|
854 |
| XP Power (1) |
| 19,744 |
|
|
|
|
| 199,672 |
|
|
| South Africa — 1.8% |
|
|
|
52,376 |
| AVI (1) |
| 358,915 |
|
23,521 |
| Kumba Iron Ore (1) |
| 317,248 |
|
12,435 |
| Lewis Group (1) |
| 90,364 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
143,245 |
| Life Healthcare Group Holdings (1) |
| 491,968 |
|
86,814 |
| MMI Holdings |
| 247,024 |
|
37,237 |
| MTN Group (1) |
| 747,679 |
|
20,818 |
| Sasol (1) |
| 838,205 |
|
67,794 |
| Sibanye Gold (1) |
| 160,896 |
|
22,158 |
| Truworths International (1) |
| 161,496 |
|
35,793 |
| Vodacom Group (1) |
| 446,248 |
|
|
|
|
| 3,860,043 |
|
|
| South Korea (1) — 1.0% |
|
|
|
2,070 |
| Coway |
| 173,844 |
|
741 |
| GS Home Shopping |
| 165,033 |
|
1,121 |
| Hyundai Home Shopping Network |
| 140,943 |
|
9,230 |
| Industrial Bank of Korea |
| 126,819 |
|
8,020 |
| KB Financial Group |
| 305,837 |
|
7,210 |
| KC Tech |
| 62,951 |
|
7,264 |
| Kia Motors |
| 334,738 |
|
1,800 |
| KT&G |
| 159,407 |
|
1,340 |
| Kunsul Chemical Industrial |
| 64,002 |
|
455 |
| Samsung Electronics |
| 596,894 |
|
|
|
|
| 2,130,468 |
|
|
| Spain (1) — 0.2% |
|
|
|
26,784 |
| Zardoya Otis |
| 345,306 |
|
|
|
|
|
|
|
|
| Sweden — 2.2% |
|
|
|
23,968 |
| Alfa Laval (1) |
| 447,384 |
|
33,128 |
| Axfood (1) |
| 523,344 |
|
9,312 |
| Clas Ohlson Class B |
| 159,794 |
|
23,735 |
| Industrivarden Class C (1) |
| 494,537 |
|
13,883 |
| Intrum Justitia (1) |
| 437,206 |
|
18,389 |
| Investor Class B (1) |
| 749,310 |
|
12,514 |
| Kinnevik Investment Class B (1) |
| 431,269 |
|
9,127 |
| Millicom International Cellular (1)(2) |
| 712,060 |
|
1,233 |
| Net Entertainment Class B (1)(2) |
| 46,618 |
|
10,370 |
| Swedish Match (1) |
| 319,231 |
|
16,387 |
| Trelleborg Class B (1) |
| 321,140 |
|
4,326 |
| Unibet Group |
| 253,590 |
|
|
|
|
| 4,895,483 |
|
|
| Switzerland — 2.4% |
|
|
|
5,600 |
| ACE |
| 599,144 |
|
3,774 |
| Actelion (1) |
| 496,586 |
|
11,400 |
| Allied World Assurance Holdings |
| 468,996 |
|
57 |
| Belimo Holding |
| 138,384 |
|
442 |
| Galenica (1) |
| 412,693 |
|
723 |
| Geberit (1) |
| 256,068 |
|
5,177 |
| Nestle (1) |
| 401,653 |
|
6,158 |
| Roche Holding (1) |
| 1,762,143 |
|
279 |
| SGS (1) |
| 540,589 |
|
29 |
| Sika (1) |
| 99,538 |
|
|
|
|
| 5,175,794 |
|
|
| Taiwan — 0.9% |
|
|
|
16,498 |
| Flytech Technology (1) |
| 68,458 |
|
131,000 |
| Formosan Rubber Group (1) |
| 140,535 |
|
6,000 |
| Grape King Bio (1) |
| 32,687 |
|
89,000 |
| Greatek Electronics (1) |
| 119,378 |
|
46,000 |
| Holtek Semiconductor (1) |
| 84,149 |
|
31,000 |
| Lumax International (1) |
| 63,121 |
|
58,000 |
| Novatek Microelectronics (1) |
| 303,145 |
|
36,000 |
| Polytronics Technology (1) |
| 83,078 |
|
11,000 |
| President Chain Store (1) |
| 81,402 |
|
58,000 |
| Realtek Semiconductor (1) |
| 180,634 |
|
28,600 |
| Simplo Technology (1) |
| 141,550 |
|
12,080 |
| Sinmag Equipment (1) |
| 72,472 |
|
12,000 |
| St. Shine Optical (1) |
| 211,541 |
|
26,390 |
| Taiwan Secom (1) |
| 79,409 |
|
4,100 |
| Taiwan Semiconductor Manufacturing ADR |
| 100,204 |
|
15,000 |
| Transcend Information (1) |
| 57,633 |
|
58,000 |
| United Integrated Services (1) |
| 67,229 |
|
|
|
|
| 1,886,625 |
|
|
| Thailand (1) — 0.7% |
|
|
|
50,200 |
| Advanced Info Service |
| 364,361 |
|
242,100 |
| BEC World |
| 295,407 |
|
70,600 |
| Hana Microelectronics NVDR |
| 95,062 |
|
25,800 |
| PTT NVDR |
| 278,177 |
|
31,600 |
| PTT Exploration & Production |
| 111,936 |
|
128,500 |
| PTT Exploration & Production NVDR |
| 455,183 |
|
|
|
|
| 1,600,126 |
|
|
| Turkey (1) — 0.4% |
|
|
|
90,722 |
| Eregli Demir ve Celik Fabrikalari (2) |
| 153,095 |
|
18,905 |
| Gubre Fabrikalari |
| 50,478 |
|
18,492 |
| Koza Altin Isletmeleri |
| 193,176 |
|
42,285 |
| Soda Sanayii |
| 103,056 |
|
14,500 |
| TAV Havalimanlari Holding |
| 127,482 |
|
63,898 |
| Turk Telekomunikasyon |
| 176,613 |
|
|
|
|
| 803,900 |
|
|
| United Kingdom — 12.0% |
|
|
|
5,936 |
| Abcam (1) |
| 47,766 |
|
53,511 |
| Aberdeen Asset Management (1) |
| 388,566 |
|
21,840 |
| Admiral Group (1) |
| 520,786 |
|
14,640 |
| Aggreko (1) |
| 369,294 |
|
26,702 |
| Amlin (1) |
| 187,127 |
|
23,292 |
| Anglo American (1) |
| 394,623 |
|
11,101 |
| Anglo American (South African Shares) (1) |
| 186,471 |
|
81,381 |
| Ashmore Group (1) |
| 384,710 |
|
24,303 |
| AstraZeneca (1) |
| 1,667,822 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
8,071 |
| AVEVA Group (1) |
| 208,844 |
|
115,585 |
| Barclays (1) |
| 452,218 |
|
2,717 |
| Berkeley Group Holdings (1) |
| 104,611 |
|
2,868 |
| Betfair Group (1) |
| 102,198 |
|
28,720 |
| BHP Billiton (1) |
| 690,323 |
|
183,346 |
| BP (1) |
| 1,322,356 |
|
6,729 |
| British American Tobacco (1) |
| 369,713 |
|
52,104 |
| BT Group Class A (1) |
| 363,402 |
|
11,705 |
| Burberry Group (1) |
| 312,042 |
|
32,963 |
| Cairn Energy (1)(2) |
| 89,806 |
|
110 |
| Camellia |
| 15,704 |
|
49,573 |
| Chesnara (1) |
| 243,488 |
|
33,008 |
| Dart Group |
| 196,081 |
|
6,700 |
| Delphi Automotive |
| 556,100 |
|
7,478 |
| Diploma |
| 91,255 |
|
19,339 |
| Dunelm Group (1) |
| 266,240 |
|
58,653 |
| GlaxoSmithKline (1) |
| 1,354,682 |
|
18,168 |
| Highland Gold Mining |
| 13,107 |
|
3,918 |
| Hikma Pharmaceuticals (1) |
| 122,524 |
|
105,583 |
| HSBC Holdings (1) |
| 1,054,715 |
|
80,800 |
| HSBC Holdings (Hong Kong Shares) (1) |
| 804,272 |
|
10,052 |
| IG Group Holdings (1) |
| 113,337 |
|
18,839 |
| IMI (1) |
| 361,002 |
|
9,931 |
| Imperial Tobacco Group (1) |
| 484,933 |
|
17,953 |
| Indivior (2) |
| 54,978 |
|
10,166 |
| Intertek Group (1) |
| 406,287 |
|
22,117 |
| ITE Group |
| 63,825 |
|
55,903 |
| ITV (1) |
| 217,043 |
|
8,615 |
| James Halstead |
| 44,036 |
|
13,847 |
| Keller Group (1) |
| 211,802 |
|
320,008 |
| Legal & General Group (1) |
| 1,272,049 |
|
8,959 |
| Micro Focus International |
| 172,862 |
|
2,450 |
| Millennium & Copthorne Hotels |
| 21,756 |
|
3,345 |
| Next (1) |
| 376,078 |
|
26,611 |
| Pace (1) |
| 168,717 |
|
20,049 |
| PayPoint |
| 262,203 |
|
13,041 |
| Reckitt Benckiser Group (1) |
| 1,160,699 |
|
44,055 |
| Reed Elsevier (1) |
| 729,121 |
|
14,522 |
| Rio Tinto (1) |
| 649,871 |
|
10,809 |
| Rotork (1) |
| 390,045 |
|
122,535 |
| Royal Bank of Scotland Group (1)(2) |
| 634,853 |
|
19,887 |
| Royal Dutch Shell Class A (1) |
| 630,562 |
|
70,664 |
| Sage Group (1) |
| 525,398 |
|
58,312 |
| Senior (1) |
| 280,003 |
|
33,694 |
| Sky (1) |
| 555,541 |
|
98,550 |
| Soco International (1) |
| 272,507 |
|
12,890 |
| Spectris (1) |
| 423,635 |
|
5,616 |
| Spirax-Sarco Engineering (1) |
| 290,699 |
|
5,222 |
| Ultra Electronics Holdings (1) |
| 138,868 |
|
25,464 |
| Unilever (1) |
| 1,116,195 |
|
11,442 |
| Verizon Communications (1) |
| 576,218 |
|
2,705 |
| Vitec Group (1) |
| 27,067 |
|
12,960 |
| Weir Group (1) |
| 372,604 |
|
10,310 |
| WH Smith (1) |
| 226,201 |
|
32,462 |
| William Hill (1) |
| 179,355 |
|
4,537 |
| WS Atkins (1) |
| 93,090 |
|
|
|
|
| 26,384,286 |
|
|
| United States — 41.5% |
|
|
|
|
| Consumer Discretionary — 3.2% |
|
|
|
4,700 |
| Best Buy |
| 162,855 |
|
4,700 |
| Buckle |
| 210,560 |
|
11,852 |
| Coach |
| 452,865 |
|
6,200 |
| Comcast Class A |
| 358,112 |
|
7,000 |
| Cooper Tire & Rubber |
| 297,430 |
|
2,700 |
| Cracker Barrel Old Country Store |
| 357,696 |
|
4,600 |
| GameStop Class A |
| 177,284 |
|
11,200 |
| Gannett |
| 384,384 |
|
8,000 |
| Gap |
| 317,120 |
|
8,700 |
| Garmin |
| 393,153 |
|
11,600 |
| Gentex |
| 201,260 |
|
3,400 |
| Genuine Parts |
| 305,490 |
|
2,600 |
| John Wiley & Sons Class A |
| 147,888 |
|
2,600 |
| Lear |
| 288,678 |
|
5,900 |
| McDonald’s |
| 569,645 |
|
9,000 |
| PetMed Express |
| 142,470 |
|
1,400 |
| Polaris Industries |
| 191,744 |
|
245 |
| Priceline Group (2) |
| 303,263 |
|
1,700 |
| Ralph Lauren Class A |
| 226,797 |
|
1,000 |
| Ross Stores |
| 98,880 |
|
6,200 |
| Scripps Networks Interactive Class A |
| 433,132 |
|
2,900 |
| Thor Industries |
| 174,493 |
|
3,600 |
| Tupperware Brands |
| 240,696 |
|
3,600 |
| Viacom Class B |
| 250,020 |
|
4,300 |
| Yum! Brands |
| 369,628 |
|
|
|
|
| 7,055,543 |
|
|
| Consumer Staples — 2.4% |
|
|
|
8,000 |
| Altria Group |
| 400,400 |
|
11,700 |
| Campbell Soup |
| 523,107 |
|
4,300 |
| Clorox |
| 456,230 |
|
10,800 |
| Dr. Pepper Snapple Group |
| 805,464 |
|
10,800 |
| General Mills |
| 597,672 |
|
9,700 |
| Kimberly-Clark |
| 1,063,993 |
|
5,600 |
| Philip Morris International |
| 467,432 |
|
5,100 |
| Reynolds American |
| 373,830 |
|
2,089 |
| USANA Health Sciences (2) |
| 237,603 |
|
3,700 |
| Wal-Mart Stores |
| 288,785 |
|
|
|
|
| 5,214,516 |
|
|
| Energy — 2.3% |
|
|
|
8,069 |
| Chevron |
| 896,143 |
|
12,000 |
| ConocoPhillips |
| 815,040 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
|
|
|
|
|
|
|
2,038 |
| Contango Oil & Gas (2) |
| 51,093 |
|
19,300 |
| ExxonMobil |
| 1,686,241 |
|
13,900 |
| Occidental Petroleum |
| 1,113,390 |
|
2,300 |
| Oceaneering International |
| 126,753 |
|
5,100 |
| Renewable Energy Group (2) |
| 46,971 |
|
6,500 |
| Valero Energy |
| 369,850 |
|
|
|
|
| 5,105,481 |
|
|
| Financials — 7.3% |
|
|
|
20,900 |
| Aflac |
| 1,317,536 |
|
22,100 |
| Ally Financial (2) |
| 483,769 |
|
9,100 |
| American Financial Group |
| 575,120 |
|
9,900 |
| American International Group |
| 557,271 |
|
62,300 |
| Bank of America |
| 992,439 |
|
12,530 |
| Citigroup |
| 668,100 |
|
11,600 |
| Discover Financial Services |
| 672,452 |
|
2,800 |
| Everest Re Group |
| 500,948 |
|
1,326 |
| FBL Financial Group Class A |
| 77,266 |
|
34,200 |
| Fifth Third Bancorp |
| 684,000 |
|
47,900 |
| Genworth Financial Class A (2) |
| 421,041 |
|
7,436 |
| Goldman Sachs Group |
| 1,460,579 |
|
6,200 |
| HCI Group |
| 270,196 |
|
10,700 |
| Horace Mann Educators |
| 363,479 |
|
26,600 |
| JPMorgan Chase |
| 1,682,716 |
|
11,100 |
| Lincoln National |
| 627,039 |
|
19,800 |
| MBIA (2) |
| 173,250 |
|
795 |
| National Western Life Insurance Class A |
| 190,490 |
|
13,600 |
| PNC Financial Services Group |
| 1,247,528 |
|
6,000 |
| Principal Financial Group |
| 306,720 |
|
19,100 |
| Symetra Financial |
| 453,625 |
|
12,000 |
| Universal Insurance Holdings |
| 288,240 |
|
13,000 |
| Validus Holdings |
| 543,790 |
|
10,400 |
| Waddell & Reed Financial Class A |
| 512,928 |
|
31,000 |
| Western Union |
| 628,680 |
|
4,000 |
| World Acceptance (2) |
| 338,480 |
|
|
|
|
| 16,037,682 |
|
|
| Healthcare — 8.9% |
|
|
|
18,439 |
| AbbVie |
| 1,192,266 |
|
10,430 |
| Aetna |
| 1,114,654 |
|
9,903 |
| Amgen |
| 1,563,782 |
|
4,600 |
| Amsurg Class A (2) |
| 288,512 |
|
22,000 |
| Baxter International |
| 1,512,280 |
|
6,600 |
| Becton Dickinson |
| 929,742 |
|
556 |
| Biogen (2) |
| 207,905 |
|
1,900 |
| Bio-Techne |
| 182,324 |
|
15,700 |
| Cardinal Health |
| 1,324,138 |
|
6,300 |
| Centene (2) |
| 390,537 |
|
11,099 |
| Computer Programs & Systems |
| 580,811 |
|
5,700 |
| CR Bard |
| 949,506 |
|
443 |
| Enanta Pharmaceuticals (2) |
| 15,168 |
|
15,800 |
| Gilead Sciences |
| 1,588,058 |
|
6,000 |
| Globus Medical Class A (2) |
| 143,340 |
|
8,800 |
| Health Net (2) |
| 463,320 |
|
14,300 |
| Johnson & Johnson |
| 1,418,560 |
|
12,300 |
| Medtronic |
| 915,735 |
|
7,100 |
| Merck |
| 422,876 |
|
21,100 |
| Meridian Bioscience |
| 373,892 |
|
33,200 |
| Pfizer |
| 1,126,476 |
|
4,500 |
| Quality Systems |
| 70,177 |
|
7,300 |
| ResMed |
| 466,762 |
|
8,300 |
| Stryker |
| 765,592 |
|
2,100 |
| U.S. Physical Therapy |
| 99,036 |
|
9,200 |
| UnitedHealth Group |
| 1,024,880 |
|
3,900 |
| Varian Medical Systems (2) |
| 346,515 |
|
1,600 |
| Waters (2) |
| 200,304 |
|
|
|
|
| 19,677,148 |
|
|
| Industrials — 6.9% |
|
|
|
5,100 |
| 3M |
| 797,589 |
|
16,000 |
| ADT |
| 601,600 |
|
6,000 |
| Crane |
| 366,660 |
|
4,700 |
| Cummins |
| 649,822 |
|
7,600 |
| Deluxe |
| 492,100 |
|
1,800 |
| Douglas Dynamics |
| 39,150 |
|
7,100 |
| Dover |
| 537,612 |
|
13,000 |
| Emerson Electric |
| 764,790 |
|
6,700 |
| Fastenal |
| 285,554 |
|
5,400 |
| Flowserve |
| 316,062 |
|
8,000 |
| General Dynamics |
| 1,098,560 |
|
10,541 |
| Hillenbrand |
| 309,800 |
|
9,200 |
| Honeywell International |
| 928,464 |
|
5,700 |
| Hubbell Class B |
| 620,331 |
|
3,300 |
| Huntington Ingalls Industries |
| 434,247 |
|
7,200 |
| Lincoln Electric Holdings |
| 481,392 |
|
3,900 |
| Lockheed Martin |
| 727,740 |
|
3,000 |
| MSC Industrial Direct Class A |
| 213,180 |
|
4,400 |
| Norfolk Southern |
| 443,740 |
|
3,900 |
| Northrop Grumman |
| 600,756 |
|
4,700 |
| Parker Hannifin |
| 560,992 |
|
4,051 |
| Performant Financial (2) |
| 12,032 |
|
1,700 |
| Precision Castparts |
| 351,373 |
|
4,100 |
| Raven Industries |
| 81,754 |
|
6,200 |
| Raytheon |
| 644,800 |
|
2,400 |
| Regal Beloit |
| 187,680 |
|
2,500 |
| RPX (2) |
| 38,900 |
|
14,600 |
| RR Donnelley & Sons |
| 271,852 |
|
2,100 |
| Stanley Black & Decker |
| 207,270 |
|
6,600 |
| Toro |
| 442,464 |
|
5,500 |
| Union Pacific |
| 584,265 |
|
6,100 |
| United Technologies |
| 693,875 |
|
2,000 |
| WW Grainger |
| 496,860 |
|
|
|
|
| 15,283,266 |
|
The accompanying notes are an integral part of the financial statements.
Shares |
|
|
| Value $ |
| |
|
|
|
|
|
| |
|
| Information Technology — 9.4% |
|
|
| |
8,700 |
| Altera |
| 362,616 |
| |
13,800 |
| Apple |
| 1,727,070 |
| |
3,400 |
| Broadcom Class A |
| 150,297 |
| |
6,700 |
| Broadridge Financial Solutions |
| 361,264 |
| |
41,900 |
| Brocade Communications Systems |
| 473,470 |
| |
16,800 |
| CA |
| 533,736 |
| |
33,600 |
| Cisco Systems |
| 968,688 |
| |
1,400 |
| Comtech Telecommunications |
| 40,460 |
| |
26,600 |
| EMC |
| 715,806 |
| |
2,200 |
| F5 Networks (2) |
| 268,444 |
| |
6,000 |
| Harris |
| 481,440 |
| |
19,100 |
| Hewlett-Packard |
| 629,727 |
| |
34,800 |
| Intel |
| 1,132,740 |
| |
4,700 |
| International Business Machines |
| 805,063 |
| |
6,700 |
| Intuit |
| 672,211 |
| |
4,300 |
| j2 Global |
| 298,291 |
| |
5,700 |
| Jack Henry & Associates |
| 379,107 |
| |
10,100 |
| Lexmark International Class A |
| 448,339 |
| |
9,800 |
| Linear Technology |
| 452,074 |
| |
16,600 |
| Maxim Integrated Products |
| 544,978 |
| |
9,200 |
| Microchip Technology |
| 438,426 |
| |
39,100 |
| Microsoft |
| 1,901,824 |
| |
12,200 |
| NetApp |
| 442,250 |
| |
14,100 |
| NeuStar Class A (2) |
| 423,000 |
| |
27,400 |
| Oracle |
| 1,195,188 |
| |
12,900 |
| Paychex |
| 624,231 |
| |
13,200 |
| QUALCOMM |
| 897,600 |
| |
5,200 |
| Rockwell Automation |
| 616,720 |
| |
1,100 |
| Skyworks Solutions |
| 101,475 |
| |
4,200 |
| Syntel (2) |
| 189,084 |
| |
10,800 |
| Teradata (2) |
| 475,092 |
| |
13,900 |
| Texas Instruments |
| 753,519 |
| |
10,300 |
| Vishay Intertechnology |
| 130,604 |
| |
7,200 |
| Western Digital |
| 703,728 |
| |
10,700 |
| Xilinx |
| 463,952 |
| |
|
|
|
| 20,802,514 |
| |
|
| Materials — 0.9% |
|
|
| |
2,900 |
| Compass Minerals International |
| 256,157 |
| |
5,900 |
| Energizer Holdings |
| 806,058 |
| |
1,900 |
| International Paper |
| 102,068 |
| |
1,500 |
| Terra Nitrogen LP |
| 200,640 |
| |
6,500 |
| Westlake Chemical |
| 506,870 |
| |
|
|
|
| 1,871,793 |
| |
|
| Telecommunication Services — 0.2% |
|
|
| |
7,800 |
| Verizon Communications |
| 393,432 |
| |
|
| Total United States |
| 91,441,375 |
| |
|
|
|
|
|
| |
|
| TOTAL COMMON STOCK |
| 208,706,916 |
| |
|
|
|
|
|
| |
|
| PREFERRED STOCK — 0.4% |
|
|
| |
|
| Brazil — 0.4% |
|
|
| |
35,500 |
| AES Tiete |
| 201,362 |
| |
72,900 |
| Itausa - Investimentos Itau |
| 257,683 |
| |
32,100 |
| Vale Class A |
| 191,559 |
| |
37,300 |
| Vale Class B ADR |
| 225,665 |
| |
|
|
|
|
|
| |
|
| TOTAL PREFERRED STOCK |
| 876,269 |
| |
|
|
|
|
|
| |
|
| INVESTMENT COMPANIES — 0.3% |
|
|
| |
|
| Guernsey — 0.0% |
|
|
| |
26,635 |
| HSBC Infrastructure |
| 62,635 |
| |
|
|
|
|
|
| |
|
| Switzerland — 0.3% |
|
|
| |
1,893 |
| BB Biotech (1) |
| 553,983 |
| |
|
|
|
|
|
| |
|
| TOTAL INVESTMENT COMPANIES |
| 616,618 |
| |
|
|
|
|
|
| |
|
| WARRANT (2) — 0.0% |
|
|
| |
|
| Hong Kong — 0.0% |
|
|
| |
4,500 |
| Sun Hung Kai Properties Expires 04/22/16 |
| 17,708 |
| |
|
|
|
|
|
| |
|
| TOTAL INVESTMENTS — 95.5% |
| 210,217,511 |
| |
|
|
|
|
|
| |
|
| OTHER ASSETS LESS LIABILITIES — 4.5% |
| 9,993,199 |
| |
|
|
|
|
|
| |
|
| NET ASSETS — 100% |
| $ | 220,210,710 |
|
(1) Security is fair valued. (See Note 2 in Notes to Financial Statements.)
(2) Denotes non-income producing security.
(3) Security considered illiquid. On April 30, 2015 the value of the securities amounted to $17,841, representing 0.01% of the total net assets of the Fund.
The accompanying notes are an integral part of the financial statements.
The open futures contracts held by the Fund at April 30, 2015, are as follows:
|
| Number of |
|
|
| Unrealized |
| |
Type of |
| Contracts |
| Expiration |
| Appreciation |
| |
Contract |
| Long (Short) |
| Date |
| (Depreciation) |
| |
FTSE 100 Index |
| 16 |
| Jun-2015 |
| $ | 40,803 |
|
S&P 500 Index E-MINI |
| 42 |
| Jun-2015 |
| 30,742 |
| |
|
|
|
|
|
| $ | 71,545 |
|
A summary of the outstanding forward foreign currency contracts held by the Fund at April 30, 2015, is as follows:
|
|
|
|
|
|
|
| Unrealized |
| |||
|
|
|
|
|
|
|
| Appreciation |
| |||
Counterparty |
| Settlement Date |
| Currency to Deliver |
| Currency to Receive |
| (Depreciation) |
| |||
Deutsche Bank Securities |
| 5/13/15 |
| JPY | 193,245,000 |
| USD | 1,612,856 |
| $ | (5,748 | ) |
HSBC |
| 5/13/15 |
| GBP | 818,049 |
| USD | 1,215,243 |
| (40,373 | ) | |
Royal Bank of Canada |
| 5/13/15 |
| GBP | 5,650,900 |
| USD | 8,435,195 |
| (238,322 | ) | |
|
|
|
|
|
|
|
|
|
| $ | (284,443 | ) |
ADR — American Depositary Receipt
FTSE — Financial Times Stock Exchange
GBP — British Pound Sterling
GDR — Global Depositary Receipt
JPY — Japanese Yen
LP — Limited Partnership
NASDAQ — National Association of Securities Dealers
Automated Quotations
NVDR — Non Voting Depository Receipt
REIT — Real Estate Investment Trust
S&P — Standard & Poor’s
USD — United States Dollar
The accompanying notes are an integral part of the financial statements.
The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund’s investments carried at value:
Investments in Securities (1) |
| Level 1 |
| Level 2 |
| Level 3 (2) |
| Total |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Common Stock |
|
|
|
|
|
|
|
|
| ||||
Australia |
| $ | 62,251 |
| $ | 5,927,505 |
| $ | — |
| $ | 5,989,756 |
|
Austria |
| 140,218 |
| — |
| — |
| 140,218 |
| ||||
Belgium |
| — |
| 611,525 |
| — |
| 611,525 |
| ||||
Bermuda |
| 1,519,774 |
| 311,317 |
| — |
| 1,831,091 |
| ||||
Brazil |
| 1,075,388 |
| — |
| — |
| 1,075,388 |
| ||||
British Virgin Islands |
| — |
| 367,823 |
| — |
| 367,823 |
| ||||
Canada |
| 3,890,284 |
| — |
| — |
| 3,890,284 |
| ||||
Chile |
| 80,318 |
| — |
| — |
| 80,318 |
| ||||
China |
| 108,833 |
| 2,587,793 |
| 6,131 |
| 2,702,757 |
| ||||
Colombia |
| 277,344 |
| — |
| — |
| 277,344 |
| ||||
Czech Republic |
| — |
| 482,465 |
| — |
| 482,465 |
| ||||
Denmark |
| — |
| 634,151 |
| — |
| 634,151 |
| ||||
Finland |
| — |
| 2,707,221 |
| — |
| 2,707,221 |
| ||||
France |
| 157,912 |
| 4,372,974 |
| — |
| 4,530,886 |
| ||||
Gabon |
| — |
| 95,289 |
| — |
| 95,289 |
| ||||
Germany |
| 228,222 |
| 2,701,556 |
| — |
| 2,929,778 |
| ||||
Greece |
| 28,295 |
| 55,100 |
| — |
| 83,395 |
| ||||
Hong Kong |
| 493,937 |
| 6,104,951 |
| — |
| 6,598,888 |
| ||||
India |
| 275,722 |
| — |
| — |
| 275,722 |
| ||||
Indonesia |
| — |
| 1,723,623 |
| — |
| 1,723,623 |
| ||||
Ireland |
| 870,910 |
| 914,159 |
| — |
| 1,785,069 |
| ||||
Israel |
| 422,940 |
| 1,230,198 |
| — |
| 1,653,138 |
| ||||
Italy |
| — |
| 2,448,242 |
| 11,710 |
| 2,459,952 |
| ||||
Japan |
| 17,504 |
| 19,003,283 |
| — |
| 19,020,787 |
| ||||
Kazakhstan |
| — |
| 116,323 |
| — |
| 116,323 |
| ||||
Liechtenstein |
| 10,265 |
| — |
| — |
| 10,265 |
| ||||
Malaysia |
| — |
| 428,434 |
| — |
| 428,434 |
| ||||
Mexico |
| 686,888 |
| — |
| — |
| 686,888 |
| ||||
Netherlands |
| — |
| 1,475,770 |
| — |
| 1,475,770 |
| ||||
New Zealand |
| — |
| 244,266 |
| — |
| 244,266 |
| ||||
Norway |
| — |
| 2,332,565 |
| — |
| 2,332,565 |
| ||||
Panama |
| 532,272 |
| — |
| — |
| 532,272 |
| ||||
Philippines |
| — |
| 65,282 |
| — |
| 65,282 |
| ||||
Poland |
| — |
| 499,956 |
| — |
| 499,956 |
| ||||
Russia |
| 459,771 |
| 1,185,178 |
| — |
| 1,644,949 |
| ||||
Singapore |
| 10,014 |
| 189,658 |
| — |
| 199,672 |
| ||||
South Africa |
| 247,024 |
| 3,613,019 |
| — |
| 3,860,043 |
| ||||
South Korea |
| — |
| 2,130,468 |
| — |
| 2,130,468 |
| ||||
Spain |
| — |
| 345,306 |
| — |
| 345,306 |
| ||||
Sweden |
| 413,384 |
| 4,482,099 |
| — |
| 4,895,483 |
| ||||
Switzerland |
| 1,206,524 |
| 3,969,270 |
| — |
| 5,175,794 |
| ||||
Taiwan |
| 100,204 |
| 1,786,421 |
| — |
| 1,886,625 |
| ||||
Thailand |
| — |
| 1,600,126 |
| — |
| 1,600,126 |
| ||||
Turkey |
| — |
| 803,900 |
| — |
| 803,900 |
| ||||
United Kingdom |
| 1,491,907 |
| 24,892,379 |
| — |
| 26,384,286 |
| ||||
United States |
|
|
|
|
|
|
|
|
| ||||
Consumer Discretionary |
| 7,055,543 |
| — |
| — |
| 7,055,543 |
| ||||
Consumer Staples |
| 5,214,516 |
| — |
| — |
| 5,214,516 |
| ||||
Energy |
| 5,105,481 |
| — |
| — |
| 5,105,481 |
| ||||
Financials |
| 16,037,682 |
| — |
| — |
| 16,037,682 |
| ||||
Healthcare |
| 19,677,148 |
| — |
| — |
| 19,677,148 |
| ||||
Industrials |
| 15,283,266 |
| — |
| — |
| 15,283,266 |
| ||||
Information Technology |
| 20,802,514 |
| — |
| — |
| 20,802,514 |
| ||||
Materials |
| 1,871,793 |
| — |
| — |
| 1,871,793 |
| ||||
The accompanying notes are an integral part of the financial statements.
Investments in Securities |
| Level 1 |
| Level 2 |
| Level 3 (2) |
| Total |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Telecommunication Services |
| $ | 393,432 |
| $ | — |
| $ | — |
| $ | 393,432 |
|
|
| 91,441,375 |
| — |
| — |
| 91,441,375 |
| ||||
Total Common Stock |
| 106,249,480 |
| 102,439,595 |
| 17,841 |
| 208,706,916 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Preferred Stock |
|
|
|
|
|
|
|
|
| ||||
Brazil |
| 876,269 |
| — |
| — |
| 876,269 |
| ||||
Total Preferred Stock |
| 876,269 |
| — |
| — |
| 876,269 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Investment Companies |
|
|
|
|
|
|
|
|
| ||||
Guernsey |
| 62,635 |
| — |
| — |
| 62,635 |
| ||||
Switzerland |
| — |
| 553,983 |
| — |
| 553,983 |
| ||||
Total Investment Companies |
| 62,635 |
| 553,983 |
| — |
| 616,618 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Warrant |
|
|
|
|
|
|
|
|
| ||||
Hong Kong |
| 17,708 |
| — |
| — |
| 17,708 |
| ||||
Total Warrant |
| 17,708 |
| — |
| — |
| 17,708 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total Investments in Securities |
| $ | 107,206,092 |
| $ | 102,993,578 |
| $ | 17,841 |
| $ | 210,217,511 |
|
Other Financial Instruments |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Futures — Unrealized Appreciation |
| $ | 71,545 |
| $ | — |
| $ | — |
| $ | 71,545 |
|
Forwards — Unrealized Depreciation |
| — |
| (284,443 | ) | — |
| (284,443 | ) | ||||
Total Other Financial Instruments |
| $ | 71,545 |
| $ | (284,443 | ) | $ | — |
| $ | (212,898 | ) |
(1) Transfers between investment levels may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Fund generally recognizes transfers between the levels as of the beginning of the period. As of April 30, 2015, the Fund had securities with a total value of $102,993,578 transfer from Level 1 to Level 2. The change in level occurred due to developments that occurred between the time of closing of the foreign markets on which those securities trade and the close of business on the New York Stock Exchange. Additionally, the Fund had securities with a total value of $17,841 transfer from Level 1 to Level 3. The changes occurred due to a halt in trading of these securities.
(2) A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets.
The accompanying notes are an integral part of the financial statements.
This page intentionally left blank.
The accompanying notes are an integral part of the financial statements.
Schroder Mutual Funds
Statements of Assets and Liabilities
April 30, 2015 (unaudited)
|
| North American |
| U.S. |
| U.S. Small and |
| |||
ASSETS |
|
|
|
|
|
|
| |||
Investments in securities, at value — Note 2 |
| $ | 769,351,409 |
| $ | 129,128,471 |
| $ | 57,628,976 |
|
Cash |
| 2,127,341 |
| 5,879,715 |
| 1,797,796 |
| |||
Foreign currency |
| 288 |
| 3 |
| — |
| |||
Receivable for securities sold |
| 4,107,940 |
| 466,448 |
| 84,617 |
| |||
Dividends receivable |
| 701,917 |
| 24,032 |
| 16,938 |
| |||
Receivable for Fund shares sold |
| 65,487 |
| 34,327 |
| 5,359 |
| |||
Prepaid expenses |
| 48,060 |
| 29,705 |
| 36,005 |
| |||
Tax reclaims receivable |
| 1,037 |
| — |
| — |
| |||
Due from Investment Advisor — Note 3 |
| — |
| — |
| 28,372 |
| |||
Unrealized appreciation on spot foreign currency contracts |
| 1,436 |
| — |
| — |
| |||
Unrealized appreciation on forward foreign currency contracts |
| — |
| — |
| — |
| |||
Initial margin for futures contracts |
| — |
| 86,700 |
| — |
| |||
Variation margin receivable |
| — |
| — |
| — |
| |||
TOTAL ASSETS |
| 776,404,915 |
| 135,649,401 |
| 59,598,063 |
| |||
LIABILITIES |
|
|
|
|
|
|
| |||
Payable for securities purchased |
| 1,942,476 |
| 938,667 |
| 127,095 |
| |||
Unrealized depreciation on spot foreign currency contracts |
| — |
| — |
| — |
| |||
Variation margin payable |
| — |
| 41,140 |
| — |
| |||
Accrued foreign capital gains tax on appreciated securities |
| — |
| — |
| — |
| |||
Unrealized depreciation on forward foreign currency contracts |
| 441,764 |
| — |
| — |
| |||
Payable for Fund shares redeemed |
| 38,318 |
| 2,696 |
| 16,446 |
| |||
Investment Advisory fees payable — Note 3 |
| 162,532 |
| 114,364 |
| 50,921 |
| |||
Audit fees payable |
| 20,673 |
| 19,571 |
| 19,906 |
| |||
Legal fees payable |
| 17,641 |
| 6,105 |
| 5,095 |
| |||
Sub-administration fees payable — Note 3 |
| 8,480 |
| 8,870 |
| 3,949 |
| |||
Distribution fees payable, Advisor Shares — Note 3 |
| 101 |
| 1,194 |
| 5,472 |
| |||
Shareholder service fees payable, Investor Shares — Note 3 |
| — |
| 11,356 |
| 6,657 |
| |||
Shareholder service fees payable, Advisor Shares — Note 3 |
| — |
| 80 |
| 698 |
| |||
Accrued expenses and other liabilities |
| 30,811 |
| 21,439 |
| 18,971 |
| |||
TOTAL LIABILITIES |
| 2,662,796 |
| 1,165,482 |
| 255,210 |
| |||
NET ASSETS |
| $ | 773,742,119 |
| $ | 134,483,919 |
| $ | 59,342,853 |
|
Cost of securities |
| $ | 553,089,858 |
| $ | 97,551,934 |
| $ | 42,925,364 |
|
Cost of foreign currency |
| $ | 288 |
| $ | 4 |
| $ | — |
|
NET ASSETS |
|
|
|
|
|
|
| |||
Capital paid-in |
| $ | 534,489,228 |
| $ | 96,512,944 |
| $ | 39,969,612 |
|
Undistributed (accumulated net investment loss) net investment income |
| 4,416,257 |
| (240,538 | ) | 24,731 |
| |||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions |
| 19,016,849 |
| 6,624,561 |
| 4,644,898 |
| |||
Accumulated foreign capital gains tax on appreciated securities |
| — |
| — |
| — |
| |||
Net unrealized appreciation on investments |
| 216,261,551 |
| 31,576,537 |
| 14,703,612 |
| |||
Net unrealized appreciation (depreciation) on futures, forward foreign currency contracts and foreign currency translations |
| (441,766 | ) | 10,415 |
| — |
| |||
NET ASSETS |
| $ | 773,742,119 |
| $ | 134,483,919 |
| $ | 59,342,853 |
|
The accompanying notes are an integral part of the financial statements.
|
| Emerging Market |
| Emerging Markets |
| International |
| International Multi- |
| Global Multi-Cap |
| |||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
| |||||
Investments in securities, at value — Note 2 |
| $ | 1,306,053,471 |
| $ | 30,654,093 |
| $ | 179,616,341 |
| $ | 311,275,534 |
| $ | 210,217,511 |
|
Cash |
| 26,436,981 |
| 792,696 |
| 476,216 |
| 9,914,691 |
| 10,113,796 |
| |||||
Foreign currency |
| 249,489 |
| 19,359 |
| 3,424 |
| 174,549 |
| 192,298 |
| |||||
Receivable for securities sold |
| 2,938,405 |
| 221,934 |
| — |
| 1,254,266 |
| 1,133,327 |
| |||||
Dividends receivable |
| 877,232 |
| 87,877 |
| 622,340 |
| 1,050,063 |
| 507,007 |
| |||||
Receivable for Fund shares sold |
| 488,986 |
| 2,158 |
| 31,221 |
| 201,972 |
| 135,311 |
| |||||
Prepaid expenses |
| 74,058 |
| 33,166 |
| 39,389 |
| 37,629 |
| 50,732 |
| |||||
Tax reclaims receivable |
| 5,666 |
| 1,948 |
| 195,906 |
| 205,904 |
| 72,160 |
| |||||
Due from Investment Advisor — Note 3 |
| 123,750 |
| 34,350 |
| 38,202 |
| 82,360 |
| 35,101 |
| |||||
Unrealized appreciation on spot foreign currency contracts |
| 10,540 |
| 649 |
| — |
| 2,168 |
| 2,278 |
| |||||
Unrealized appreciation on forward foreign currency contracts |
| — |
| 12,270 |
| — |
| 48,531 |
| — |
| |||||
Initial margin for futures contracts |
| — |
| 114,620 |
| — |
| 273,900 |
| 268,108 |
| |||||
Variation margin receivable |
| — |
| — |
| — |
| — |
| 2,333 |
| |||||
TOTAL ASSETS |
| 1,337,258,578 |
| 31,975,120 |
| 181,023,039 |
| 324,521,567 |
| 222,729,962 |
| |||||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
| |||||
Payable for securities purchased |
| 9,212,328 |
| 150,938 |
| — |
| 445,147 |
| 1,898,966 |
| |||||
Unrealized depreciation on spot foreign currency contracts |
| 4,335 |
| 903 |
| — |
| 8,050 |
| 7,142 |
| |||||
Variation margin payable |
| — |
| 24,196 |
| — |
| 95,450 |
| 42,210 |
| |||||
Accrued foreign capital gains tax on appreciated securities |
| 1,234,761 |
| 21,631 |
| 11,420 |
| 43,740 |
| 7,019 |
| |||||
Unrealized depreciation on forward foreign currency contracts |
| — |
| 30,879 |
| — |
| 375,518 |
| 284,443 |
| |||||
Payable for Fund shares redeemed |
| 1,051,268 |
| — |
| 74,742 |
| 710,237 |
| 43,092 |
| |||||
Investment Advisory fees payable — Note 3 |
| 1,044,361 |
| 24,867 |
| 118,356 |
| 207,978 |
| 98,122 |
| |||||
Audit fees payable |
| 9,968 |
| 26,148 |
| 17,755 |
| 27,214 |
| 25,610 |
| |||||
Legal fees payable |
| 25,229 |
| 4,441 |
| 3,597 |
| 8,406 |
| 8,101 |
| |||||
Sub-administration fees payable — Note 3 |
| 80,993 |
| 1,928 |
| 11,473 |
| 20,159 |
| 13,833 |
| |||||
Distribution fees payable, Advisor Shares — Note 3 |
| 150,152 |
| 195 |
| 2,775 |
| 85,557 |
| 20 |
| |||||
Shareholder service fees payable, Investor Shares — Note 3 |
| 101,778 |
| 1,111 |
| 14,643 |
| 26,531 |
| 8,308 |
| |||||
Shareholder service fees payable, Advisor Shares — Note 3 |
| 6,444 |
| 137 |
| 517 |
| 3,121 |
| 13 |
| |||||
Accrued expenses and other liabilities |
| 315,146 |
| 55,756 |
| 34,437 |
| 111,693 |
| 82,373 |
| |||||
TOTAL LIABILITIES |
| 13,236,763 |
| 343,130 |
| 289,715 |
| 2,168,801 |
| 2,519,252 |
| |||||
NET ASSETS |
| $ | 1,324,021,815 |
| $ | 31,631,990 |
| $ | 180,733,324 |
| $ | 322,352,766 |
| $ | 220,210,710 |
|
Cost of securities |
| $ | 1,118,390,332 |
| $ | 29,915,199 |
| $ | 159,202,675 |
| $ | 299,280,459 |
| $ | 194,426,773 |
|
Cost of foreign currency |
| $ | 249,488 |
| $ | 19,296 |
| $ | 3,384 |
| $ | 174,035 |
| $ | 191,817 |
|
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
| |||||
Capital paid-in |
| $ | 1,242,982,437 |
| $ | 30,733,183 |
| $ | 165,188,296 |
| $ | 313,180,216 |
| $ | 200,199,494 |
|
Undistributed (accumulated net investment loss) net investment income |
| 1,369,977 |
| 27,260 |
| 719,604 |
| 243,617 |
| 754,421 |
| |||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions |
| (106,800,034 | ) | 120,907 |
| (5,569,840 | ) | (2,963,388 | ) | 3,685,644 |
| |||||
Accumulated foreign capital gains tax on appreciated securities |
| (1,234,761 | ) | (21,631 | ) | (11,420 | ) | (43,740 | ) | (7,019 | ) | |||||
Net unrealized appreciation on investments |
| 187,663,139 |
| 738,894 |
| 20,413,666 |
| 11,995,075 |
| 15,790,738 |
| |||||
Net unrealized appreciation (depreciation) on futures, forward foreign currency contracts and foreign currency translations |
| 41,057 |
| 33,377 |
| (6,982 | ) | (59,014 | ) | (212,568 | ) | |||||
NET ASSETS |
| $ | 1,324,021,815 |
| $ | 31,631,990 |
| $ | 180,733,324 |
| $ | 322,352,766 |
| $ | 220,210,710 |
|
The accompanying notes are an integral part of the financial statements.
Schroder Mutual Funds
Statements of Assets and Liabilities
April 30, 2015 (unaudited)
|
| North American |
| U.S. |
| U.S. Small and |
| |||
Net Assets: |
|
|
|
|
|
|
| |||
Investor Shares |
| $ | 773,362,623 |
| $ | 133,536,961 |
| $ | 50,013,901 |
|
Advisor Shares |
| 379,496 |
| 946,958 |
| 5,534,316 |
| |||
R6 Shares |
| N/A |
| N/A |
| 3,794,636 |
| |||
Total shares outstanding end of period: |
|
|
|
|
|
|
| |||
Investor Shares |
| 51,162,417 |
| 5,223,430 |
| 3,900,756 |
| |||
Advisor Shares |
| 25,184 |
| 38,186 |
| 444,358 |
| |||
R6 Shares |
| N/A |
| N/A |
| 295,735 |
| |||
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding) |
|
|
|
|
|
|
| |||
Investor Shares |
| $ | 15.12 |
| $ | 25.56 |
| $ | 12.82 |
|
Advisor Shares |
| 15.07 |
| 24.80 |
| 12.45 |
| |||
R6 Shares |
| N/A |
| N/A |
| 12.83 |
|
N/A — R6 shares currently not offered.
The accompanying notes are an integral part of the financial statements.
|
| Emerging Market |
| Emerging Markets |
| International Alpha |
| International Multi- |
| Global Multi-Cap |
| |||||
Net Assets: |
|
|
|
|
|
|
|
|
|
|
| |||||
Investor Shares |
| $ | 871,414,169 |
| $ | 9,816,713 |
| $ | 119,260,315 |
| $ | 215,719,732 |
| $ | 69,212,435 | * |
Advisor Shares |
| 52,416,276 |
| 1,131,106 |
| 4,180,812 |
| 25,601,811 |
| 105,807 |
| |||||
R6 Shares |
| 400,191,370 |
| 20,684,171 |
| 57,292,197 |
| 81,031,223 |
| 150,892,468 | ** | |||||
Total shares outstanding end of period: |
|
|
|
|
|
|
|
|
|
|
| |||||
Investor Shares |
| 63,719,568 |
| 940,138 |
| 10,175,751 |
| 22,740,540 |
| 5,579,158 | * | |||||
Advisor Shares |
| 3,829,139 |
| 108,381 |
| 345,801 |
| 2,697,206 |
| 8,534 |
| |||||
R6 Shares |
| 29,253,654 |
| 1,982,024 |
| 4,887,782 |
| 8,546,738 |
| 12,146,116 | ** | |||||
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding) |
|
|
|
|
|
|
|
|
|
|
| |||||
Investor Shares |
| $ | 13.68 |
| $ | 10.44 |
| $ | 11.72 |
| $ | 9.49 |
| $ | 12.41 | * |
Advisor Shares |
| 13.69 |
| 10.44 |
| 12.09 |
| 9.49 |
| 12.40 |
| |||||
R6 Shares |
| 13.68 |
| 10.44 |
| 11.72 |
| 9.48 |
| 12.42 | ** |
* Formerly Institutional Service Shares.
** Formerly Institutional Shares.
The accompanying notes are an integral part of the financial statements.
Schroder Mutual Funds
Statements of Operations
For the Six Months Ended April 30, 2015 (unaudited)
|
| North |
| U.S. |
| U.S. Small |
| |||
INVESTMENT INCOME |
|
|
|
|
|
|
| |||
Dividend income |
| $ | 8,915,952 |
| $ | 855,724 |
| $ | 368,582 |
|
Foreign taxes withheld |
| (27,475 | ) | — |
| (58 | ) | |||
TOTAL INCOME |
| 8,888,477 |
| 855,724 |
| 368,524 |
| |||
EXPENSES |
|
|
|
|
|
|
| |||
Investment Advisory fees — Note 3 |
| 996,661 |
| 688,725 |
| 314,070 |
| |||
Sub-administration fees — Note 3 |
| 51,860 |
| 53,516 |
| 24,403 |
| |||
Trustees fees and expenses — Note 6 |
| 14,996 |
| 5,433 |
| 4,364 |
| |||
Distribution fees, Advisor Shares — Note 3 |
| 523 |
| 1,128 |
| 6,905 |
| |||
Shareholder Service fees, Investor Shares — Note 3 |
| — |
| 75,355 |
| 30,931 |
| |||
Shareholder Service fees, Advisor Shares — Note 3 |
| — |
| 621 |
| 3,028 |
| |||
Transfer agent fees |
| 40,450 |
| 31,573 |
| 39,155 |
| |||
Legal fees |
| 27,977 |
| 10,115 |
| 8,123 |
| |||
Custodian fees |
| 25,867 |
| 9,388 |
| 7,015 |
| |||
Registration fees |
| 17,741 |
| 16,085 |
| 19,556 |
| |||
Audit fees |
| 16,699 |
| 15,459 |
| 15,459 |
| |||
Insurance |
| 16,149 |
| 6,041 |
| 4,867 |
| |||
Printing |
| 13,310 |
| 11,252 |
| 5,330 |
| |||
Pricing fees |
| 3,484 |
| 1,134 |
| 930 |
| |||
Other |
| 12,736 |
| 4,631 |
| 3,919 |
| |||
TOTAL EXPENSES |
| 1,238,453 |
| 930,456 |
| 488,055 |
| |||
Expenses waived by Investment Advisor — Note 3 |
| — |
| — |
| (150,868 | ) | |||
Waiver of Shareholder Service fees |
| — |
| (25,288 | ) | — |
| |||
Custody Offset — Note 2 |
| (1,013 | ) | (1,908 | ) | (827 | ) | |||
NET EXPENSES |
| 1,237,440 |
| 903,260 |
| 336,360 |
| |||
NET INVESTMENT INCOME (LOSS) |
| 7,651,037 |
| (47,536 | ) | 32,164 |
| |||
|
|
|
|
|
|
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES AND FOREIGN CURRENCY TRANSACTIONS AND TRANSLATIONS |
|
|
|
|
|
|
| |||
Net realized gain (loss) on investments sold |
| 20,038,749 |
| 6,792,595 |
| 4,773,037 |
| |||
Net realized gain (loss) on futures |
| — |
| 32,648 |
| (863 | ) | |||
Net realized gain (loss) on foreign currency transactions |
| 1,360,766 |
| — |
| 2 |
| |||
Net realized gain (loss) on investments, futures and foreign currency transactions |
| 21,399,515 |
| 6,825,243 |
| 4,772,176 |
| |||
|
|
|
|
|
|
|
| |||
Change in unrealized appreciation (depreciation) on investments |
| 19,585 |
| 109,439 |
| 86,964 |
| |||
Change in unrealized appreciation (depreciation) on futures |
| — |
| 10,415 |
| — |
| |||
Change in accumulated foreign capital gains tax on appreciated securities |
| — |
| — |
| — |
| |||
Change in unrealized appreciation (depreciation) on forward foreign currency contracts and foreign currency translations |
| (567,199 | ) | — |
| — |
| |||
Net change in unrealized appreciation (depreciation) on investments, futures, accumulated foreign capital gains tax on appreciated securities, forward foreign currency contracts and foreign currency translations |
| (547,614 | ) | 119,854 |
| 86,964 |
| |||
NET REALIZED AND UNREALIZED GAIN |
| 20,851,901 |
| 6,945,097 |
| 4,859,140 |
| |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
| $ | 28,502,938 |
| $ | 6,897,561 |
| $ | 4,891,304 |
|
The accompanying notes are an integral part of the financial statements.
|
| Emerging Market |
| Emerging |
| International |
| International |
| Global Multi-Cap |
| |||||
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
| |||||
Dividend income |
| $ | 12,412,396 |
| $ | 365,776 |
| $ | 1,779,149 |
| $ | 4,749,506 |
| $ | 2,971,687 |
|
Foreign taxes withheld |
| (1,281,532 | ) | (36,173 | ) | (243,285 | ) | (433,051 | ) | (148,143 | ) | |||||
TOTAL INCOME |
| 11,130,864 |
| 329,603 |
| 1,535,864 |
| 4,316,455 |
| 2,823,544 |
| |||||
EXPENSES |
|
|
|
|
|
|
|
|
|
|
| |||||
Investment Advisory fees — Note 3 |
| 5,982,393 |
| 126,628 |
| 702,023 |
| 1,042,151 |
| 572,122 |
| |||||
Sub-administration fees — Note 3 |
| 464,790 |
| 9,837 |
| 68,197 |
| 101,214 |
| 80,823 |
| |||||
Trustees fees and expenses — Note 6 |
| 20,918 |
| 3,809 |
| 6,011 |
| 7,025 |
| 6,595 |
| |||||
Distribution fees, Advisor Shares — Note 3 |
| 68,380 |
| 1,338 |
| 8,161 |
| 29,831 |
| 83 |
| |||||
Shareholder Service fees, Investor Shares — Note 3 |
| 492,127 |
| 3,736 |
| 71,816 |
| 126,532 |
| 44,545 |
| |||||
Shareholder Service fees, Advisor Shares — Note 3 |
| 28,510 |
| 580 |
| 2,840 |
| 16,315 |
| 50 |
| |||||
Transfer agent fees |
| 125,639 |
| 38,633 |
| 40,666 |
| 41,637 |
| 41,079 |
| |||||
Legal fees |
| 37,872 |
| 7,072 |
| 11,041 |
| 13,106 |
| 11,533 |
| |||||
Custodian fees |
| 393,324 |
| 48,670 |
| 16,968 |
| 92,448 |
| 66,862 |
| |||||
Registration fees |
| 46,602 |
| 20,792 |
| 20,997 |
| 32,296 |
| 36,009 |
| |||||
Audit fees |
| 33,526 |
| 18,633 |
| 22,983 |
| 19,267 |
| 18,831 |
| |||||
Insurance |
| 22,304 |
| 4,180 |
| 6,763 |
| 7,065 |
| 7,275 |
| |||||
Printing |
| 107,503 |
| 4,011 |
| 19,911 |
| 15,326 |
| 6,973 |
| |||||
Pricing fees |
| 7,015 |
| 15,187 |
| 2,999 |
| 40,792 |
| 24,051 |
| |||||
Other |
| 20,538 |
| 8,434 |
| 5,312 |
| 22,602 |
| 12,494 |
| |||||
TOTAL EXPENSES |
| 7,851,441 |
| 311,540 |
| 1,006,688 |
| 1,607,607 |
| 929,325 |
| |||||
Expenses waived by Investment Advisor — Note 3 |
| (512,526 | ) | (179,409 | ) | (185,645 | ) | (393,686 | ) | (191,428 | ) | |||||
Waiver of Shareholder Service fees |
| — |
| — |
| — |
| — |
| — |
| |||||
Custody Offset — Note 2 |
| (4,196 | ) | (350 | ) | (381 | ) | (2,441 | ) | (1,830 | ) | |||||
NET EXPENSES |
| 7,334,719 |
| 131,781 |
| 820,662 |
| 1,211,480 |
| 736,067 |
| |||||
NET INVESTMENT INCOME (LOSS) |
| 3,796,145 |
| 197,822 |
| 715,202 |
| 3,104,975 |
| 2,087,477 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES AND FOREIGN CURRENCY TRANSACTIONS AND TRANSLATIONS |
|
|
|
|
|
|
|
|
|
|
| |||||
Net realized gain (loss) on investments sold |
| (38,874,966 | ) | 102,575 |
| (1,095,107 | ) | (3,015,657 | ) | 3,618,804 |
| |||||
Net realized gain (loss) on futures |
| — |
| 67,121 |
| — |
| (281,871 | ) | 252,068 |
| |||||
Net realized gain (loss) on foreign currency transactions |
| (137,569 | ) | 33,863 |
| (125,856 | ) | 1,467,690 |
| 779,926 |
| |||||
Net realized gain (loss) on investments, futures and foreign currency transactions |
| (39,012,535 | ) | 203,559 |
| (1,220,963 | ) | (1,829,838 | ) | 4,650,798 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Change in unrealized appreciation (depreciation) on investments |
| 69,401,579 |
| 229,631 |
| 9,783,449 |
| 13,969,626 |
| (1,669,287 | ) | |||||
Change in unrealized appreciation (depreciation) on futures |
| — |
| (11,940 | ) | — |
| 175,059 |
| 71,545 |
| |||||
Change in accumulated foreign capital gains tax on appreciated securities |
| 1,365,527 |
| (2,641 | ) | (125 | ) | 764 |
| 25,279 |
| |||||
Change in unrealized appreciation (depreciation) on forward foreign currency contracts and foreign currency translations |
| 49,593 |
| (17,558 | ) | 13,231 |
| (710,190 | ) | (340,740 | ) | |||||
Net change in unrealized appreciation (depreciation) on investments, futures, accumulated foreign capital gains tax on appreciated securities, forward foreign currency contracts and foreign currency translations |
| 70,816,699 |
| 197,492 |
| 9,796,555 |
| 13,435,259 |
| (1,913,203 | ) | |||||
NET REALIZED AND UNREALIZED GAIN |
| 31,804,164 |
| 401,051 |
| 8,575,592 |
| 11,605,421 |
| 2,737,595 |
| |||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
| $ | 35,600,309 |
| $ | 598,873 |
| $ | 9,290,794 |
| $ | 14,710,396 |
| $ | 4,825,072 |
|
The accompanying notes are an integral part of the financial statements.
Schroder Mutual Funds
Statements of Changes in Net Assets
For the Six Months Ended April 30, 2015 (unaudited) and the Year Ended October 31, 2014
|
| North American Equity Fund |
| ||||
|
| Six Months Ended |
| Year Ended October |
| ||
INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
| ||
From Operations: |
|
|
|
|
| ||
Net investment income (loss) |
| $ | 7,651,037 |
| $ | 13,483,622 |
|
Net realized gain (loss) on investments, futures and foreign currency transactions |
| 21,399,515 |
| 40,826,608 |
| ||
Net change in unrealized appreciation (depreciation) on investments, futures, accumulated foreign capital gains tax on appreciated securities, forward foreign currency contracts and foreign currency translations |
| (547,614 | ) | 54,823,861 |
| ||
Net increase (decrease) in net assets resulting from operations |
| 28,502,938 |
| 109,134,091 |
| ||
|
|
|
|
|
| ||
Dividends and Distributions to Shareholders: |
|
|
|
|
| ||
Net investment income: |
|
|
|
|
| ||
Investor Shares |
| (14,805,198 | ) | (12,930,124 | ) | ||
Advisor Shares |
| (4,535 | ) | (3,180 | ) | ||
Net realized gains: |
|
|
|
|
| ||
Investor Shares |
| (27,872,528 | ) | — |
| ||
Advisor Shares |
| (10,273 | ) | — |
| ||
Total dividends and distributions |
| (42,692,534 | ) | (12,933,304 | ) | ||
|
|
|
|
|
| ||
Share Transactions: |
|
|
|
|
| ||
Investor Shares: |
|
|
|
|
| ||
Sales of shares |
| 5,113,147 |
| 15,607,439 |
| ||
Reinvestment of distributions |
| 38,885,308 |
| 11,581,542 |
| ||
Redemption of shares |
| (62,357,166 | ) | (10,658,690 | ) | ||
Redemption fees - Note 5 |
| — |
| — |
| ||
Total increase (decrease) from Investor Share transactions |
| (18,358,711 | ) | 16,530,291 |
| ||
Advisor Shares: |
|
|
|
|
| ||
Sales of shares |
| 92,832 |
| 225,753 |
| ||
Reinvestment of distributions |
| 14,471 |
| 3,132 |
| ||
Redemption of shares |
| (27,510 | ) | (161,071 | ) | ||
Redemption fees - Note 5 |
| — |
| — |
| ||
Total increase (decrease) from Advisor Share transactions |
| 79,793 |
| 67,814 |
| ||
R6 Shares*: |
|
|
|
|
| ||
Sales of shares |
| N/A |
| N/A |
| ||
Redemption of shares |
| N/A |
| N/A |
| ||
Redemption fees - Note 5 |
| N/A |
| N/A |
| ||
Total increase from R6 Share transactions |
| N/A |
| N/A |
| ||
Net increase (decrease) in net assets from share transactions |
| (18,278,918 | ) | 16,598,105 |
| ||
Total increase (decrease) in net assets |
| (32,468,514 | ) | 112,798,892 |
| ||
Net Assets |
|
|
|
|
| ||
Beginning of period |
| 806,210,633 |
| 693,411,741 |
| ||
End of period |
| $ | 773,742,119 |
| $ | 806,210,633 |
|
Undistributed (accumulated net investment loss/distributions in excess of) net investment income |
| $ | 4,416,257 |
| $ | 11,574,953 |
|
*R6 Shares commenced operations on December 30, 2014.
N/A — R6 shares currently not offered.
The accompanying notes are an integral part of the financial statements.
|
| U.S. Opportunities Fund |
| U.S. Small and Mid Cap Opportunities |
| Emerging Market Equity Fund |
| ||||||||||||
|
| Six Months Ended |
| Year Ended October |
| Six Months Ended |
| Year Ended October |
| Six Months Ended |
| Year Ended October |
| ||||||
INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
From Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net investment income (loss) |
| $ | (47,536 | ) | $ | (191,214 | ) | $ | 32,164 |
| $ | (16,383 | ) | $ | 3,796,145 |
| $ | 9,420,847 |
|
Net realized gain (loss) on investments, futures and foreign currency transactions |
| 6,825,243 |
| 16,640,798 |
| 4,772,176 |
| 11,356,174 |
| (39,012,535 | ) | (27,826,132 | ) | ||||||
Net change in unrealized appreciation (depreciation) on investments, futures, accumulated foreign capital gains tax on appreciated securities, forward foreign currency contracts and foreign currency translations |
| 119,854 |
| (3,610,874 | ) | 86,964 |
| (3,309,196 | ) | 70,816,699 |
| 3,106,584 |
| ||||||
Net increase (decrease) in net assets resulting from operations |
| 6,897,561 |
| 12,838,710 |
| 4,891,304 |
| 8,030,595 |
| 35,600,309 |
| (15,298,701 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Dividends and Distributions to Shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Investor Shares |
| — |
| (51,896 | ) | — |
| (52,604 | ) | (11,154,565 | ) | (6,873,950 | ) | ||||||
Advisor Shares |
| — |
| — |
| — |
| — |
| (168,629 | ) | (1,174,738 | ) | ||||||
Net realized gains: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Investor Shares |
| (15,143,925 | ) | (22,302,517 | ) | (8,569,605 | ) | (13,253,562 | ) | — |
| — |
| ||||||
Advisor Shares |
| (96,224 | ) | (173,626 | ) | (829,193 | ) | (1,362,150 | ) | — |
| — |
| ||||||
Total dividends and distributions |
| (15,240,149 | ) | (22,528,039 | ) | (9,398,798 | ) | (14,668,316 | ) | (11,323,194 | ) | (8,048,688 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Investor Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Sales of shares |
| 2,248,662 |
| 6,897,741 |
| 507,812 |
| 8,575,467 |
| 244,504,897 |
| 536,082,752 |
| ||||||
Reinvestment of distributions |
| 14,683,672 |
| 21,645,271 |
| 8,406,897 |
| 9,230,370 |
| 9,213,987 |
| 4,975,960 |
| ||||||
Redemption of shares |
| (13,960,379 | ) | (23,592,725 | ) | (14,659,044 | ) | (19,836,764 | ) | (514,750,550 | ) | (226,215,757 | ) | ||||||
Redemption fees - Note 5 |
| 454 |
| 831 |
| 196 |
| — |
| 26,665 |
| 14,835 |
| ||||||
Total increase (decrease) from Investor Share transactions |
| 2,972,409 |
| 4,951,118 |
| (5,744,139 | ) | (2,030,927 | ) | (261,005,001 | ) | 314,857,790 |
| ||||||
Advisor Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Sales of shares |
| 81,498 |
| 3,701 |
| 204,550 |
| 482,616 |
| 3,939,595 |
| 72,431,449 |
| ||||||
Reinvestment of distributions |
| 94,605 |
| 168,041 |
| 818,326 |
| 1,348,526 |
| 155,956 |
| 1,148,522 |
| ||||||
Redemption of shares |
| (33,129 | ) | (366,055 | ) | (830,719 | ) | (2,222,736 | ) | (74,882,482 | ) | (156,442,115 | ) | ||||||
Redemption fees - Note 5 |
| — |
| — |
| 23 |
| 94 |
| 1,095 |
| 13,429 |
| ||||||
Total increase (decrease) from Advisor Share transactions |
| 142,974 |
| (194,313 | ) | 192,180 |
| (391,500 | ) | (70,785,836 | ) | (82,848,715 | ) | ||||||
R6 Shares*: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Sales of shares |
| N/A |
| N/A |
| 6,860,247 |
| — |
| 373,642,587 |
| — |
| ||||||
Redemption of shares |
| N/A |
| N/A |
| (3,054,010 | ) | — |
| (725,400 | ) | — |
| ||||||
Redemption fees - Note 5 |
| N/A |
| N/A |
| — |
| — |
| — |
| — |
| ||||||
Total increase from R6 Share transactions |
| N/A |
| N/A |
| 3,806,237 |
| — |
| 372,917,187 |
| — |
| ||||||
Net increase (decrease) in net assets from share transactions |
| 3,115,383 |
| 4,756,805 |
| (1,745,722 | ) | (2,422,427 | ) | 41,126,350 |
| 232,009,075 |
| ||||||
Total increase (decrease) in net assets |
| (5,227,205 | ) | (4,932,524 | ) | (6,253,216 | ) | (9,060,148 | ) | 65,403,465 |
| 208,661,686 |
| ||||||
Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Beginning of period |
| 139,711,124 |
| 144,643,648 |
| 65,596,069 |
| 74,656,217 |
| 1,258,618,350 |
| 1,049,956,664 |
| ||||||
End of period |
| $ | 134,483,919 |
| $ | 139,711,124 |
| $ | 59,342,853 |
| $ | 65,596,069 |
| $ | 1,324,021,815 |
| $ | 1,258,618,350 |
|
Undistributed (accumulated net investment loss/distributions in excess of) net investment income |
| $ | (240,538 | ) | $ | (193,002 | ) | $ | 24,731 |
| $ | (7,433 | ) | $ | 1,369,977 |
| $ | 8,897,026 |
|
The accompanying notes are an integral part of the financial statements.
Schroder Mutual Funds
Statements of Changes in Net Assets
For the Six Months Ended April 30, 2015 (unaudited) and the Year Ended October 31, 2014
|
| Emerging Markets Multi-Cap Equity Fund |
| ||||
|
| Six Months Ended |
| Year Ended October |
| ||
INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
| ||
From Operations: |
|
|
|
|
| ||
Net investment income |
| $ | 197,822 |
| $ | 517,242 |
|
Net realized gain (loss) on investments, futures and foreign currency transactions |
| 203,559 |
| 1,228,284 |
| ||
Net change in unrealized appreciation (depreciation) on investments, futures, accumulated foreign capital gains tax on appreciated securities, forward foreign currency contracts and foreign currency translations |
| 197,492 |
| (1,508,581 | ) | ||
Net increase (decrease) in net assets resulting from operations |
| 598,873 |
| 236,945 |
| ||
|
|
|
|
|
| ||
Dividends and Distributions to Shareholders: |
|
|
|
|
| ||
Net investment income: |
|
|
|
|
| ||
Investor Shares |
| (149,538 | ) | (578,055 | ) | ||
Advisor Shares |
| (6,483 | ) | (25,747 | ) | ||
R6 Shares |
| (25,451 | ) | — |
| ||
Net realized gains: |
|
|
|
|
| ||
Investor Shares |
| (1,154,537 | ) | (623,200 | ) | ||
Advisor Shares |
| (54,960 | ) | (32,800 | ) | ||
R6 Shares |
| — |
| — |
| ||
Total dividends and distributions |
| (1,390,969 | ) | (1,259,802 | ) | ||
|
|
|
|
|
| ||
Share Transactions: |
|
|
|
|
| ||
Investor Shares: |
|
|
|
|
| ||
Sales of shares |
| 8,175,738 |
| 6,201,529 |
| ||
Reinvestment of distributions |
| 194,279 |
| 64,105 |
| ||
Redemption of shares |
| (23,299,772 | ) | — |
| ||
Redemption fees - Note 5 |
| — |
| — |
| ||
Total increase (decrease) from Investor Share transactions |
| (14,929,755 | ) | 6,265,634 |
| ||
Advisor Shares: |
|
|
|
|
| ||
Sales of shares |
| 20,000 |
| 71,139 |
| ||
Reinvestment of distributions |
| 3,734 |
| 1,367 |
| ||
Redemption of shares |
| (7,614 | ) | (97 | ) | ||
Redemption fees - Note 5 |
| — |
| — |
| ||
Total increase (decrease) from Advisor Share transactions |
| 16,120 |
| 72,409 |
| ||
R6 Shares*: |
|
|
|
|
| ||
Sales of shares |
| 19,308,404 |
| — |
| ||
Reinvestment of distributions |
| 371 |
| — |
| ||
Redemption of shares |
| — |
| — |
| ||
Redemption fees - Note 5 |
| — |
| — |
| ||
Total increase (decrease) from R6 Share transactions |
| 19,308,775 |
| — |
| ||
Net increase (decrease) in net assets from share transactions |
| 4,395,140 |
| 6,338,043 |
| ||
Total increase (decrease) in net assets |
| 3,603,044 |
| 5,315,186 |
| ||
Net Assets |
|
|
|
|
| ||
Beginning of period |
| 28,028,946 |
| 22,713,760 |
| ||
End of period |
| $ | 31,631,990 |
| $ | 28,028,946 |
|
Undistributed (accumulated net investment loss/distributions in excess of) net investment income |
| $ | 27,260 |
| $ | 10,910 |
|
*R6 Shares commenced operations on December 30, 2014.
The accompanying notes are an integral part of the financial statements.
|
| International Alpha Fund |
| International Multi-Cap Value Fund |
| Global Multi-Cap Equity Fund** |
| ||||||||||||
|
| Six Months Ended |
| Year Ended October |
| Six Months Ended |
| Year Ended October |
| Six Months Ended |
| Year Ended October |
| ||||||
INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
From Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net investment income |
| $ | 715,202 |
| $ | 4,433,406 |
| $ | 3,104,975 |
| $ | 5,658,544 |
| $ | 2,087,477 |
| $ | 6,307,744 |
|
Net realized gain (loss) on investments, futures and foreign currency transactions |
| (1,220,963 | ) | 9,257,443 |
| (1,829,838 | ) | 8,076,277 |
| 4,650,798 |
| 15,077,174 |
| ||||||
Net change in unrealized appreciation (depreciation) on investments, futures, accumulated foreign capital gains tax on appreciated securities, forward foreign currency contracts and foreign currency translations |
| 9,796,555 |
| (12,685,240 | ) | 13,435,259 |
| (14,228,800 | ) | (1,913,203 | ) | (1,374,406 | ) | ||||||
Net increase (decrease) in net assets resulting from operations |
| 9,290,794 |
| 1,005,609 |
| 14,710,396 |
| (493,979 | ) | 4,825,072 |
| 20,010,512 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Dividends and Distributions to Shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Investor Shares |
| (4,313,426 | ) | (1,122,653 | ) | (2,647,899 | ) | (5,633,375 | ) | (2,873,329 | ) | (390,200 | ) | ||||||
Advisor Shares |
| — |
| (958,840 | ) | (245,710 | ) | (1,598,816 | ) | — |
| — |
| ||||||
R6 Shares |
| — |
| — |
| (348 | ) | — |
| (4,478,965 | ) | (1,961,339 | ) | ||||||
Net realized gains: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Investor Shares |
| (6,691,398 | ) | (749,210 | ) | (5,825,349 | ) | (5,442,930 | ) | (5,854,862 | ) | (1,576,250 | ) | ||||||
Advisor Shares |
| (174,583 | ) | (795,195 | ) | (659,272 | ) | (2,192,925 | ) | — |
| — |
| ||||||
R6 Shares |
| — |
| — |
| — |
| — |
| (8,868,055 | ) | (7,642,413 | ) | ||||||
Total dividends and distributions |
| (11,179,407 | ) | (3,625,898 | ) | (9,378,578 | ) | (14,868,046 | ) | (22,075,211 | ) | (11,570,202 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Investor Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Sales of shares |
| 88,242,517 |
| 24,410,388 |
| 114,884,298 |
| 154,380,267 |
| 35,296,119 |
| 89,979,772 |
| ||||||
Reinvestment of distributions |
| 8,204,155 |
| 859,110 |
| 5,169,371 |
| 4,431,522 |
| 8,708,594 |
| 1,512,837 |
| ||||||
Redemption of shares |
| (70,595,877 | ) | (22,107,934 | ) | (119,389,776 | ) | (36,586,667 | ) | (65,511,297 | ) | (26,351,297 | ) | ||||||
Redemption fees - Note 5 |
| 535 |
| 940 |
| 2,413 |
| 15,592 |
| 409 |
| — |
| ||||||
Total increase (decrease) from Investor Share transactions |
| 25,851,330 |
| 3,162,504 |
| 666,306 |
| 122,240,714 |
| (21,506,175 | ) | 65,141,312 |
| ||||||
Advisor Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Sales of shares |
| 574,791 |
| 2,535,860 |
| 3,943,860 |
| 29,131,269 |
| 101,532 |
| — |
| ||||||
Reinvestment of distributions |
| 157,151 |
| 1,740,815 |
| 893,656 |
| 3,610,521 |
| — |
| — |
| ||||||
Redemption of shares |
| (80,548,865 | ) | (19,830,493 | ) | (3,885,360 | ) | (45,140,231 | ) | — |
| — |
| ||||||
Redemption fees - Note 5 |
| — |
| 35 |
| 1,018 |
| 6,711 |
| — |
| — |
| ||||||
Total increase (decrease) from Advisor Share transactions |
| (79,816,923 | ) | (15,553,783 | ) | 953,174 |
| (12,391,730 | ) | 101,532 |
| — |
| ||||||
R6 Shares*: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Sales of shares |
| 53,258,655 |
| — |
| 152,277,922 |
| — |
| 12,689,557 |
| 51,740,655 |
| ||||||
Reinvestment of distributions |
| — |
| — |
| — |
| — |
| 13,275,590 |
| 6,351,798 |
| ||||||
Redemption of shares |
| — |
| — |
| (75,365,464 | ) | — |
| (6,436,647 | ) | (74,289,362 | ) | ||||||
Redemption fees - Note 5 |
| — |
| — |
| — |
| — |
| 2,764 |
| 2,885 |
| ||||||
Total increase (decrease) from R6 Share transactions |
| 53,258,655 |
| — |
| 76,912,458 |
| — |
| 19,531,264 |
| (16,194,024 | ) | ||||||
Net increase (decrease) in net assets from share transactions |
| (706,938 | ) | (12,391,279 | ) | 78,531,938 |
| 109,848,984 |
| (1,873,379 | ) | 48,947,288 |
| ||||||
Total increase (decrease) in net assets |
| (2,595,551 | ) | (15,011,568 | ) | 83,863,756 |
| 94,486,959 |
| (19,123,518 | ) | 57,387,598 |
| ||||||
Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Beginning of period |
| 183,328,875 |
| 198,340,443 |
| 238,489,010 |
| 144,002,051 |
| 239,334,228 |
| 181,946,630 |
| ||||||
End of period |
| $ | 180,733,324 |
| $ | 183,328,875 |
| $ | 322,352,766 |
| $ | 238,489,010 |
| $ | 220,210,710 |
| $ | 239,334,228 |
|
Undistributed (accumulated net investment loss/distributions in excess of) net investment income |
| $ | 719,604 |
| $ | 4,317,828 |
| $ | 243,617 |
| $ | 32,599 |
| $ | 754,421 |
| $ | 6,019,238 |
|
** For the Global Multi—Cap Equity Fund, R6 shares were formerly Instituional Shares and Investor Shares were formerly Institutional Service Shares.
The accompanying notes are an integral part of the financial statements.
Schroder Mutual Funds
Financial Highlights
For the Period Ended April 30, 2015 (unaudited) and the Years or Period Ended October 31,
Selected Per Share Data and Ratios for a Share Outstanding Throughout each Year or Period
|
| Net Asset |
| Net |
| Net Realized |
| Total from |
| Dividends |
| Distributions |
| Total |
| |||||||
North American Equity Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015* |
| $ | 15.42 |
| $ | 0.15 |
| $ | 0.38 |
| $ | 0.53 |
| $ | (0.29 | ) | $ | (0.54 | ) | $ | (0.83 | ) |
2014 |
| 13.57 |
| 0.27 |
| 1.83 |
| 2.10 |
| (0.25 | ) | — |
| (0.25 | ) | |||||||
2013 |
| 10.92 |
| 0.24 |
| 2.63 |
| 2.87 |
| (0.22 | ) | — |
| (0.22 | ) | |||||||
2012 |
| 9.76 |
| 0.18 |
| 1.13 |
| 1.31 |
| (0.15 | ) | — |
| (0.15 | ) | |||||||
2011 |
| 9.20 |
| 0.18 |
| 0.53 |
| 0.71 |
| (0.15 | ) | — |
| (0.15 | ) | |||||||
2010 |
| 8.09 |
| 0.13 |
| 1.13 |
| 1.26 |
| (0.15 | ) | — |
| (0.15 | ) | |||||||
Advisor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015* |
| $ | 15.35 |
| $ | 0.09 |
| $ | 0.41 |
| $ | 0.50 |
| $ | (0.24 | ) | $ | (0.54 | ) | $ | (0.78 | ) |
2014 |
| 13.51 |
| 0.23 |
| 1.82 |
| 2.05 |
| (0.21 | ) | — |
| (0.21 | ) | |||||||
2013 |
| 10.87 |
| 0.20 |
| 2.62 |
| 2.82 |
| (0.18 | ) | — |
| (0.18 | ) | |||||||
2012 |
| 9.73 |
| 0.15 |
| 1.10 |
| 1.25 |
| (0.11 | ) | — |
| (0.11 | ) | |||||||
2011 |
| 9.17 |
| 0.17 |
| 0.51 |
| 0.68 |
| (0.12 | ) | — |
| (0.12 | ) | |||||||
2010 |
| 8.07 |
| 0.11 |
| 1.11 |
| 1.22 |
| (0.12 | ) | — |
| (0.12 | ) | |||||||
U.S. Opportunities Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015* |
| $ | 27.36 |
| $ | (0.01 | )(1) | $ | 1.23 | † | $ | 1.22 |
| $ | — |
| $ | (3.02 | ) | $ | (3.02 | ) |
2014 |
| 29.65 |
| (0.04 | )(1) | 2.40 | † | 2.36 |
| (0.01 | ) | (4.64 | ) | (4.65 | ) | |||||||
2013 |
| 24.20 |
| 0.01 | (1) | 7.36 | † | 7.37 |
| (0.01 | ) | (1.91 | ) | (1.92 | ) | |||||||
2012 |
| 22.77 |
| (0.03 | )(1) | 2.24 | † | 2.21 |
| — |
| (0.78 | ) | (0.78 | ) | |||||||
2011 |
| 21.94 |
| (0.09 | )(1) | 0.92 | † | 0.83 |
| — |
| — |
| — |
| |||||||
2010 |
| 18.15 |
| (0.11 | )(1) | 3.90 | † | 3.79 |
| — |
| — |
| — |
| |||||||
Advisor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015* |
| $ | 26.66 |
| $ | (0.04 | )(1) | $ | 1.20 |
| $ | 1.16 |
| $ | — |
| $ | (3.02 | ) | $ | (3.02 | ) |
2014 |
| 29.09 |
| (0.13 | )(1) | 2.34 |
| 2.21 |
| — |
| (4.64 | ) | (4.64 | ) | |||||||
2013 |
| 23.84 |
| (0.04 | )(1) | 7.20 |
| 7.16 |
| — |
| (1.91 | ) | (1.91 | ) | |||||||
2012 |
| 22.49 |
| (0.08 | )(1) | 2.21 |
| 2.13 |
| — |
| (0.78 | ) | (0.78 | ) | |||||||
2011 |
| 21.73 |
| (0.15 | )(1) | 0.91 |
| 0.76 |
| — |
| — |
| — |
| |||||||
2010 |
| 18.01 |
| (0.15 | )(1) | 3.87 |
| 3.72 |
| — |
| — |
| — |
| |||||||
U.S. Small and Mid Cap Opportunities Fund |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015* |
| $ | 13.89 |
| $ | 0.01 | (1) | $ | 0.94 | † | $ | 0.95 |
| $ | — |
| $ | (2.02 | ) | $ | (2.02 | ) |
2014 |
| 15.39 |
| — | (1)(c) | 1.61 |
| 1.61 |
| (0.01 | ) | (3.10 | ) | (3.11 | ) | |||||||
2013 |
| 12.33 |
| — | (1)(c) | 3.81 | † | 3.81 |
| — |
| (0.75 | ) | (0.75 | ) | |||||||
2012 |
| 11.56 |
| — | (1)(c) | 0.96 | † | 0.96 |
| (0.03 | ) | (0.16 | ) | (0.19 | ) | |||||||
2011 |
| 11.23 |
| 0.03 | (1) | 0.56 | † | 0.59 |
| — |
| (0.26 | ) | (0.26 | ) | |||||||
2010 |
| 9.37 |
| (0.01 | )(1) | 1.87 | † | 1.86 |
| — |
| — |
| — |
| |||||||
Advisor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015* |
| $ | 13.56 |
| $ | (0.01 | )(1) | $ | 0.92 | † | $ | 0.91 |
| $ | — |
| $ | (2.02 | ) | $ | (2.02 | ) |
2014 |
| 15.12 |
| (0.03 | )(1) | 1.57 |
| 1.54 |
| — |
| (3.10 | ) | (3.10 | ) | |||||||
2013 |
| 12.15 |
| (0.04 | )(1) | 3.76 |
| 3.72 |
| — |
| (0.75 | ) | (0.75 | ) | |||||||
2012 |
| 11.40 |
| (0.03 | )(1) | 0.94 |
| 0.91 |
| — |
| (0.16 | ) | (0.16 | ) | |||||||
2011 |
| 11.11 |
| — | (1)(c) | 0.55 |
| 0.55 |
| — |
| (0.26 | ) | (0.26 | ) | |||||||
2010 |
| 9.29 |
| (0.04 | )(1) | 1.86 |
| 1.82 |
| — |
| — |
| — |
| |||||||
R6 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015(b) |
| $ | 12.36 |
| $ | (0.04 | )(1) | $ | 0.51 |
| $ | 0.47 |
| $ | — |
| $ | — |
| $ | — |
|
* |
| For the six months ended April 30, 2015 (unaudited). All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate. |
† |
| Includes redemption fees. Amount was less than $0.01 per share. |
(1) |
| Per share net investments income (loss) calculated using average shares. |
(a) |
| Total returns would have been lower had certain Fund expenses not been waived or reimbursed, as applicable, during the periods shown (See Note 3). Total return calculations for a period of less than one year are not annualized. |
(b) |
| Commenced operations on December 30, 2014. All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate. |
(c) |
| Amount was less than $0.01 per share. |
The accompanying notes are an integral part of the financial statements.
|
| Net Asset |
| Total |
| Net Assets, |
| Ratio of Expenses to |
| Ratio of Expenses to |
| Ratio of Net Investment |
| Portfolio |
| ||
North American Equity Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015* |
| $ | 15.12 |
| 3.63 | % | $ | 773,363 |
| 0.31 | % | 0.31 | % | 1.92 | % | 35 | % |
2014 |
| 15.42 |
| 15.75 |
| 805,906 |
| 0.31 |
| 0.31 |
| 1.80 |
| 48 |
| ||
2013 |
| 13.57 |
| 26.76 |
| 693,207 |
| 0.33 |
| 0.33 |
| 1.96 |
| 31 |
| ||
2012 |
| 10.92 |
| 13.59 |
| 541,720 |
| 0.36 |
| 0.36 |
| 1.81 |
| 37 |
| ||
2011 |
| 9.76 |
| 7.70 |
| 513,589 |
| 0.37 |
| 0.37 |
| 1.63 |
| 72 |
| ||
2010 |
| 9.20 |
| 15.68 |
| 489,133 |
| 0.39 |
| 0.39 |
| 1.76 |
| 88 |
| ||
Advisor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015* |
| $ | 15.07 |
| 3.44 | % | $ | 379 |
| 0.66 | % | 0.66 | % | 1.55 | % | 35 | % |
2014 |
| 15.35 |
| 15.38 |
| 305 |
| 0.66 |
| 0.66 |
| 1.45 |
| 48 |
| ||
2013 |
| 13.51 |
| 26.35 |
| 205 |
| 0.68 |
| 0.68 |
| 1.64 |
| 31 |
| ||
2012 |
| 10.87 |
| 13.04 |
| 191 |
| 0.71 |
| 0.71 |
| 1.46 |
| 37 |
| ||
2011 |
| 9.73 |
| 7.43 |
| 169 |
| 0.72 |
| 0.72 |
| 1.27 |
| 72 |
| ||
2010 |
| 9.17 |
| 15.27 |
| 170 |
| 0.74 |
| 0.74 |
| 1.41 |
| 88 |
| ||
U.S. Opportunities Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015* |
| $ | 25.56 |
| 5.03 | % | $ | 133,537 |
| 1.31 | % | 1.35 | % | (0.07 | )% | 21 | % |
2014 |
| 27.36 |
| 9.57 |
| 138,855 |
| 1.24 |
| 1.24 |
| (0.13 | ) | 66 |
| ||
2013 |
| 29.65 |
| 33.03 |
| 143,507 |
| 1.26 |
| 1.26 |
| 0.04 |
| 74 |
| ||
2012 |
| 24.20 |
| 10.00 |
| 132,715 |
| 1.32 |
| 1.32 |
| (0.11 | ) | 69 |
| ||
2011 |
| 22.77 |
| 3.78 |
| 149,941 |
| 1.29 |
| 1.29 |
| (0.39 | ) | 91 |
| ||
2010 |
| 21.94 |
| 20.88 |
| 173,625 |
| 1.33 |
| 1.33 |
| (0.52 | ) | 57 |
| ||
Advisor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015* |
| $ | 24.80 |
| 4.93 | % | $ | 947 |
| 1.59 | % | 1.62 | % | (0.35 | )% | 21 | % |
2014 |
| 26.66 |
| 9.17 |
| 856 |
| 1.59 |
| 1.59 |
| (0.48 | ) | 66 |
| ||
2013 |
| 29.09 |
| 32.58 |
| 1,137 |
| 1.57 |
| 1.57 |
| (0.16 | ) | 74 |
| ||
2012 |
| 23.84 |
| 9.76 |
| 1,530 |
| 1.57 |
| 1.57 |
| (0.35 | ) | 69 |
| ||
2011 |
| 22.49 |
| 3.50 |
| 2.732 |
| 1.54 |
| 1.54 |
| (0.65 | ) | 91 |
| ||
2010 |
| 21.73 |
| 20.66 |
| 2,957 |
| 1.58 |
| 1.58 |
| (0.77 | ) | 57 |
| ||
U.S. Small and Mid Cap Opportunities Fund |
|
|
|
|
|
|
|
|
|
|
| ||||||
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015* |
| $ | 12.82 |
| 7.90 | % | $ | 50,014 |
| 1.05 | % | 1.53 | % | 0.13 | % | 25 | % |
2014 |
| 13.89 |
| 12.97 |
| 59,840 |
| 1.05 |
| 1.38 |
| 0.00 |
| 62 |
| ||
2013 |
| 15.39 |
| 32.80 |
| 67,890 |
| 1.05 |
| 1.35 |
| 0.02 |
| 72 |
| ||
2012 |
| 12.33 |
| 8.41 |
| 111,332 |
| 1.05 |
| 1.27 |
| 0.02 |
| 76 |
| ||
2011 |
| 11.56 |
| 5.21 |
| 209,199 |
| 1.05 |
| 1.25 |
| 0.21 |
| 100 |
| ||
2010 |
| 11.23 |
| 19.85 |
| 111,939 |
| 1.05 |
| 1.52 |
| (0.13 | ) | 122 |
| ||
Advisor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015* |
| $ | 12.45 |
| 7.78 | % | $ | 5,534 |
| 1.30 | % | 1.78 | % | (0.13 | )% | 25 | % |
2014 |
| 13.56 |
| 12.65 |
| 5,756 |
| 1.30 |
| 1.63 |
| (0.25 | ) | 62 |
| ||
2013 |
| 15.12 |
| 32.52 |
| 6,766 |
| 1.30 |
| 1.59 |
| (0.27 | ) | 72 |
| ||
2012 |
| 12.15 |
| 8.07 |
| 6,012 |
| 1.30 |
| 1.53 |
| (0.24 | ) | 76 |
| ||
2011 |
| 11.40 |
| 4.90 |
| 6,974 |
| 1.30 |
| 1.52 |
| 0.00 |
| 100 |
| ||
2010 |
| 11.11 |
| 19.59 |
| 9,793 |
| 1.30 |
| 1.77 |
| (0.38 | ) | 122 |
| ||
R6 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015(b) |
| $ | 12.83 |
| 3.80 | % | $ | 3,795 |
| 0.90 | % | 1.46 | % | (0.95 | )% | 25 | % |
The accompanying notes are an integral part of the financial statements.
|
| Net Asset |
| Net |
| Net Realized |
| Total from |
| Dividends |
| Distributions |
| Total |
| |||||||
Emerging Market Equity Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015* |
| $ | 13.40 |
| $ | 0 .04 | (1) | $ | 0 .36 | † | $ | 0 .40 |
| $ | (0.12 | ) | $ | — |
| $ | (0.12 | ) |
2014 |
| 13.76 |
| 0 .12 | (1) | (0 .36 | )† | (0 .24 | ) | (0.12 | ) | — |
| (0.12 | ) | |||||||
2013 |
| 12.91 |
| 0 .15 | (1) | 0 .81 | † | 0 .96 |
| (0.11 | ) | — |
| (0.11 | ) | |||||||
2012 |
| 12.29 |
| 0 .15 | (1) | 0 .66 | † | 0 .81 |
| (0.12 | ) | (0.07 | ) | (0.19 | ) | |||||||
2011 |
| 13.42 |
| 0 .18 | (1) | (1 .21 | )† | (1 .03 | ) | (0.06 | ) | (0.04 | ) | (0.10 | ) | |||||||
2010 |
| 11.34 |
| 0 .10 | (1) | 2 .04 | † | 2 .14 |
| (0.06 | ) | — |
| (0.06 | ) | |||||||
Advisor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015* |
| $ | 13.33 |
| $ | 0 .02 | (1) | $ | 0 .38 | † | $ | 0 .40 |
| $ | (0.04 | ) | $ | — |
| $ | (0.04 | ) |
2014 |
| 13.70 |
| 0 .08 | (1) | (0 .37 | )† | (0 .29 | ) | (0.08 | ) | — |
| (0.08 | ) | |||||||
2013 |
| 12.85 |
| 0 .11 | (1) | 0 .83 | † | 0 .94 |
| (0.09 | ) | — |
| (0.09 | ) | |||||||
2012 |
| 12.23 |
| 0 .10 | (1) | 0 .69 | † | 0 .79 |
| (0.10 | ) | (0.07 | ) | (0.17 | ) | |||||||
2011 |
| 13.36 |
| 0 .14 | (1) | (1 .19 | )† | (1 .05 | ) | (0.04 | ) | (0.04 | ) | (0.08 | ) | |||||||
2010 |
| 11.32 |
| 0 .08 | (1) | 2 .02 | † | 2 .10 |
| (0.06 | ) | — |
| (0.06 | ) | |||||||
R6 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015(b) |
| $ | 12.60 |
| $ | 0 .03 | (1) | $ | 1 .05 |
| $ | 1 .08 |
| $ | — |
| $ | — |
| $ | — |
|
Emerging Markets Multi-Cap Equity Fund |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015* |
| $ | 10.91 |
| $ | 0 .08 | (1) | $ | 0 .04 | † | $ | 0 .12 |
| $ | (0.07 | ) | $ | (0.52 | ) | $ | (0.59 | ) |
2014 |
| 11.36 |
| 0 .24 | (1) | (0 .09 | ) | 0 .15 |
| (0.27 | ) | (0.33 | ) | (0.60 | ) | |||||||
2013(c) |
| 10.00 |
| 0 .09 | (1) | 1 .34 |
| 1 .43 |
| (0.07 | ) | — |
| (0.07 | ) | |||||||
Advisor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015* |
| $ | 10.91 |
| $ | 0 .06 | (1) | $ | 0 .05 | † | $ | 0 .11 |
| $ | (0.06 | ) | $ | (0.52 | ) | $ | (0.58 | ) |
2014 |
| 11.35 |
| 0 .21 | (1) | (0 .08 | ) | 0 .13 |
| (0.24 | ) | (0.33 | ) | (0.57 | ) | |||||||
2013(c) |
| 10.00 |
| 0 .08 | (1) | 1 .33 |
| 1 .41 |
| (0.06 | ) | — |
| (0.06 | ) | |||||||
R6 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015(b) |
| $ | 9.72 |
| $ | 0 .06 | (1) | $ | 0 .67 | † | $ | 0 .73 |
| $ | (0.01 | ) | $ | — |
| $ | (0.01 | ) |
International Alpha Fund |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015* |
| $ | 11.86 |
| $ | 0 .03 | (1) | $ | 0 .57 | † | $ | 0 .60 |
| $ | (0.29 | ) | $ | (0.45 | ) | $ | (0.74 | ) |
2014 |
| 12.04 |
| 0 .29 | (1) | (0 .23 | )† | 0 .06 |
| (0.14 | ) | (0.10 | ) | (0.24 | ) | |||||||
2013 |
| 9.87 |
| 0 .14 | (1) | 2 .14 | † | 2 .28 |
| (0.11 | ) | — |
| (0.11 | ) | |||||||
2012 |
| 9.36 |
| 0 .13 | (1) | 0 .48 | † | 0 .61 |
| (0.10 | ) | — |
| (0.10 | ) | |||||||
2011 |
| 10.51 |
| 0 .10 | (1) | (1 .01 | )† | (0 .91 | ) | (0.24 | ) | — |
| (0.24 | ) | |||||||
2010 |
| 9.00 |
| 0 .08 | (1) | 1 .60 | † | 1 .68 |
| (0.17 | ) | — |
| (0.17 | ) | |||||||
Advisor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015* |
| $ | 11.93 |
| $ | — | (1)(d) | $ | 0 .61 |
| $ | 0 .61 |
| $ | — |
| $ | (0.45 | ) | $ | (0.45 | ) |
2014 |
| 12.11 |
| 0 .26 | (1) | (0 .22 | )† | 0 .04 |
| (0.12 | ) | (0.10 | ) | (0.22 | ) | |||||||
2013 |
| 9.93 |
| 0 .17 | (1) | 2 .09 | † | 2 .26 |
| (0.08 | ) | — |
| (0.08 | ) | |||||||
2012 |
| 9.34 |
| 0 .09 | (1) | 0 .50 | † | 0 .59 |
| — |
| — |
| — |
| |||||||
2011 |
| 10.47 |
| 0 .10 | (1) | (1 .02 | )† | (0 .92 | ) | (0.21 | ) | — |
| (0.21 | ) | |||||||
2010 |
| 8.97 |
| 0 .06 | (1) | 1 .59 | † | 1 .65 |
| (0.15 | ) | — |
| (0.15 | ) | |||||||
R6 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015(b) |
| $ | 10.88 |
| $ | 0 .08 | (1) | $ | 0 .76 |
| $ | 0 .84 |
| $ | — |
| $ | — |
| $ | — |
|
* |
| For the six months ended April 30, 2015 (unaudited). All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate. |
(1) |
| Per share net investment income (loss) calculated using average shares. |
(a) |
| Total returns would have been lower had certain Fund expenses not been waived or reimbursed, as applicable, during the periods shown (See Note 3). Total return calculations for a period of less than one year are not annualized. |
(b) |
| Commenced operations on December 30, 2014. All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate. |
(c) |
| Commenced operations on June 25, 2013. All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate. |
(d) |
| Amount was less than $0.01 per share. |
The accompanying notes are an integral part of the financial statements.
|
| Net Asset |
| Total |
| Net Assets, |
| Ratio of Expenses to |
| Ratio of Expenses to |
| Ratio of Net Investment |
| Portfolio |
| ||
Emerging Market Equity Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015* |
| $ | 13.68 |
| 3 .10 | % | $ | 871,414 |
| 1 .23 | % | 1 .31 | % | 0 .63 | % | 33 | % |
2014 |
| 13.40 |
| (1 .77 | ) | 1,135,896 |
| 1 .24 |
| 1 .26 |
| 0 .87 |
| 58 |
| ||
2013 |
| 13.76 |
| 7 .49 |
| 841,841 |
| 1 .23 |
| 1 .25 |
| 1 .16 |
| 47 |
| ||
2012 |
| 12.91 |
| 6 .77 |
| 437,270 |
| 1 .25 |
| 1 .26 |
| 1 .18 |
| 47 |
| ||
2011 |
| 12.29 |
| (7 .73 | ) | 234,258 |
| 1 .25 |
| 1 .34 |
| 1 .34 |
| 69 |
| ||
2010 |
| 13.42 |
| 18 .97 |
| 152,681 |
| 1 .25 |
| 1 .53 |
| 0 .82 |
| 75 |
| ||
Advisor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015* |
| $ | 13.69 |
| 3 .02 | % | $ | 52,416 |
| 1 .48 | % | 1 .56 | % | 0 .32 | % | 33 | % |
2014 |
| 13.33 |
| (2 .08 | ) | 122,722 |
| 1 .49 |
| 1 .50 |
| 0 .61 |
| 58 |
| ||
2013 |
| 13.70 |
| 7 .33 |
| 208,116 |
| 1 .48 |
| 1 .50 |
| 0 .84 |
| 47 |
| ||
2012 |
| 12.85 |
| 6 .57 |
| 153,283 |
| 1 .50 |
| 1 .51 |
| 0 .81 |
| 47 |
| ||
2011 |
| 12.23 |
| (7 .95 | ) | 95,602 |
| 1 .50 |
| 1 .59 |
| 1 .05 |
| 69 |
| ||
2010 |
| 13.36 |
| 18 .60 |
| 87,577 |
| 1 .50 |
| 1 .81 |
| 0 .64 |
| 75 |
| ||
R6 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015(b) |
| $ | 13.68 |
| 8 .57 | % | $ | 400,191 |
| 1 .10 | % | 1 .22 | % | 0 .73 | % | 33 | % |
Emerging Markets Multi-Cap Equity Fund |
|
|
|
|
|
|
|
|
|
| |||||||
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015* |
| $ | 10.44 |
| 1 .47 | % | $ | 9,817 |
| 1 .16 | % | 2 .43 | % | 1 .50 | % | 54 | % |
2014 |
| 10.91 |
| 1 .47 |
| 26,865 |
| 1 .25 |
| 2 .39 |
| 2 .17 |
| 96 |
| ||
2013(c) |
| 11.36 |
| 14 .28 |
| 21,578 |
| 1 .25 |
| 3 .42 |
| 2 .41 |
| 40 |
| ||
Advisor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015* |
| $ | 10.44 |
| 1 .35 | % | $ | 1,131 |
| 1 .35 | % | 2 .78 | % | 1 .16 | % | 54 | % |
2014 |
| 10.91 |
| 1 .31 |
| 1,164 |
| 1 .50 |
| 2 .65 |
| 1 .93 |
| 96 |
| ||
2013(c) |
| 11.35 |
| 14 .11 |
| 1,136 |
| 1 .50 |
| 3 .67 |
| 2 .16 |
| 40 |
| ||
R6 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015(b) |
| $ | 10.44 |
| 7 .55 | % | $ | 20,684 |
| 0 .90 | % | 2 .44 | % | 1 .64 | % | 54 | % |
International Alpha Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015* |
| $ | 11.72 |
| 5 .50 | % | $ | 119,260 |
| 0 .95 | % | 1 .15 | % | 0 .61 | % | 21 | % |
2014 |
| 11.86 |
| 0 .54 |
| 98,855 |
| 0 .95 |
| 1 .03 |
| 2 .39 |
| 54 |
| ||
2013 |
| 12.04 |
| 23 .27 |
| 97,227 |
| 0 .95 |
| 1 .10 |
| 1 .28 |
| 47 |
| ||
2012 |
| 9.87 |
| 6 .67 |
| 65,921 |
| 1 .01 |
| 1 .46 |
| 1 .42 |
| 63 |
| ||
2011 |
| 9.36 |
| (8 .87 | ) | 44,038 |
| 1 .15 |
| 1 .49 |
| 0 .97 |
| 96 |
| ||
2010 |
| 10.51 |
| 18 .90 |
| 46,392 |
| 1 .15 |
| 1 .63 |
| 0 .82 |
| 101 |
| ||
Advisor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015* |
| $ | 12.09 |
| 5 .37 | % | $ | 4,181 |
| 1 .15 | % | 1 .31 | % | (0 .03 | )% | 21 | % |
2014 |
| 11.93 |
| 0 .30 |
| 84,474 |
| 1 .23 |
| 1 .31 |
| 2 .17 |
| 54 |
| ||
2013 |
| 12.11 |
| 22 .91 |
| 101,113 |
| 1 .23 |
| 1 .33 |
| 1 .50 |
| 47 |
| ||
2012 |
| 9.93 |
| 6 .32 |
| 3,927 |
| 1 .32 |
| 1 .78 |
| 1 .00 |
| 63 |
| ||
2011 |
| 9.34 |
| (8 .97 | ) | 4,411 |
| 1 .40 |
| 1 .72 |
| 0 .91 |
| 96 |
| ||
2010 |
| 10.47 |
| 18 .61 |
| 27,908 |
| 1 .40 |
| 1 .89 |
| 0 .69 |
| 101 |
| ||
R6 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015(b) |
| $ | 11.72 |
| 7 .72 | % | $ | 57,292 |
| 0 .80 | % | 1 .07 | % | 1 .99 | % | 21 | % |
The accompanying notes are an integral part of the financial statements.
|
| Net Asset |
| Net |
| Net Realized |
| Total from |
| Dividends |
| Distributions |
| Total |
| |||||||
International Multi-Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015* |
| $ | 9.46 |
| $ | 0 .10 | (1) | $ | 0 .29 | † | $ | 0 .39 |
| $ | (0.10 | ) | $ | (0.26 | ) | $ | (0.36 | ) |
2014 |
| 10.21 |
| 0 .28 | (1) | (0 .17 | )† | 0 .11 |
| (0.36 | ) | (0.50 | ) | (0.86 | ) | |||||||
2013 |
| 8.59 |
| 0 .24 | (1) | 1 .75 | † | 1 .99 |
| (0.37 | ) | — |
| (0.37 | ) | |||||||
2012 |
| 8.34 |
| 0 .24 | (1) | 0 .30 | † | 0 .54 |
| (0.29 | ) | — |
| (0.29 | ) | |||||||
2011 |
| 8.95 |
| 0 .28 | (1) | (0 .60 | ) | (0 .32 | ) | (0.29 | ) | — |
| (0.29 | ) | |||||||
2010 |
| 7.91 |
| 0 .26 | (1) | 1 .05 |
| 1 .31 |
| (0.27 | ) | — |
| (0.27 | ) | |||||||
Advisor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015* |
| $ | 9.46 |
| $ | 0 .09 | (1) | $ | 0 .29 | † | $ | 0 .38 |
| $ | (0.09 | ) | $ | (0.26 | ) | $ | (0.35 | ) |
2014 |
| 10.22 |
| 0 .26 | (1) | (0 .20 | )† | 0 .06 |
| (0.32 | ) | (0.50 | ) | (0.82 | ) | |||||||
2013 |
| 8.58 |
| 0 .22 | (1) | 1 .75 | †† | 1 .97 |
| (0.33 | ) | — |
| (0.33 | ) | |||||||
2012 |
| 8.33 |
| 0 .22 | (1) | 0 .30 | † | 0 .52 |
| (0.27 | ) | — |
| (0.27 | ) | |||||||
2011 |
| 8.94 |
| 0 .24 | (1) | (0 .58 | )† | (0 .34 | ) | (0.27 | ) | — |
| (0.27 | ) | |||||||
2010 |
| 7.91 |
| 0 .24 | (1) | 1 .04 |
| 1 .28 |
| (0.25 | ) | — |
| (0.25 | ) | |||||||
R6 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015(f) |
| $ | 8.79 |
| $ | 0 .16 | (1) | $ | 0 .56 |
| $ | 0 .72 |
| $ | (0.03 | ) | $ | — |
| $ | (0.03 | ) |
Global Multi-Cap Equity Fund |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Investor Shares** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015* |
| $ | 13.36 |
| $ | 0 .12 | (1) | $ | 0 .18 | † | $ | 0 .30 |
| $ | (0.41 | ) | $ | (0.84 | ) | $ | (1.25 | ) |
2014 |
| 13.15 |
| 0 .32 | (1) | 0 .59 |
| 0 .91 |
| (0.14 | ) | (0.56 | ) | (0.70 | ) | |||||||
2013 |
| 10.70 |
| 0 .24 | (1) | 2 .30 |
| 2 .54 |
| (0.09 | ) | — |
| (0.09 | ) | |||||||
2012(c) |
| 10.74 |
| 0 .01 | (1) | (0 .05 | ) | (0 .04 | ) | — |
| — |
| — |
| |||||||
Advisor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015(f) |
| $ | 11.89 |
| $ | 0 .07 | (1) | $ | 0 .44 |
| $ | 0 .51 |
| $ | — |
| $ | — |
| $ | — |
|
R6 Shares*** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
2015* |
| $ | 13.38 |
| $ | 0 .12 | (1) | $ | 0 .18 | † | $ | 0 .30 |
| $ | (0.42 | ) | $ | (0.84 | ) | $ | (1.26 | ) |
2014 |
| 13.17 |
| 0 .33 | (1) | 0 .58 | † | 0 .91 |
| (0.14 | ) | (0.56 | ) | (0.70 | ) | |||||||
2013 |
| 10.70 |
| 0 .27 | (1) | 2 .29 | † | 2 .56 |
| (0.09 | ) | — |
| (0.09 | ) | |||||||
2012(d) |
| 10.07 |
| 0 .24 | (1) | 0 .75 | † | 0 .99 |
| (0.36 | ) | — |
| (0.36 | ) | |||||||
2011(b)(e) |
| 10.00 |
| 0 .24 | (1) | (0 .15 | )† | 0 .09 |
| (0.02 | ) | — |
| (0.02 | ) |
* |
| For the six months ended April 30, 2015 (unaudited). All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate. |
** |
| Investor Shares were formerly Institutional Service Shares. |
*** |
| R6 Shares were formerly Institutional Shares. |
† |
| Includes redemption fees of $0.01 per share. |
†† |
| Includes redemption fees of $0.01 per share. |
(1) |
| Per share net investment income (loss) calculated using average shares. |
(a) |
| Total returns would have been lower had certain Fund expenses not been waived or reimbursed, as applicable, during the periods shown (See Note 3). Total return calculations for a period of less than one year are not annualized. |
(b) |
| Commenced operations on November 9, 2010. All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate. |
(c) |
| Commenced operations on September 28, 2012. All ratios for the period have been annualized, except for the Total Return. |
(d) |
| Per share amounts have been adjusted for a 10 for 1 share split on September 17, 2012. (See Note 14). |
(e) |
| Per share amounts have been restated for a 10 for 1 share split on September 17, 2012. (See Note 14). |
(f) |
| Commenced operations on December 30, 2014. All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate. |
The accompanying notes are an integral part of the financial statements.
|
| Net Asset |
| Total |
| Net Assets, |
| Ratio of Expenses to |
| Ratio of Expenses to |
| Ratio of Net Investment |
| Portfolio |
| ||
International Multi-Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
| |||||
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015* |
| $ | 9.49 |
| 4 .43 | % | $ | 215,720 |
| 0 .91 | % | 1 .21 | % | 2 .28 | % | 42 | % |
2014 |
| 9.46 |
| 1 .15 |
| 213,991 |
| 0 .95 |
| 1 .14 |
| 2 .86 |
| 66 |
| ||
2013 |
| 10.21 |
| 23 .84 |
| 105,501 |
| 0 .95 |
| 1 .43 |
| 2 .58 |
| 79 |
| ||
2012 |
| 8.59 |
| 6 .84 |
| 56.727 |
| 0 .98 |
| 2 .31 |
| 2 .87 |
| 66 |
| ||
2011 |
| 8.34 |
| (3 .72 | ) | 12,245 |
| 1 .15 |
| 3 .60 |
| 3 .14 |
| 91 |
| ||
2010 |
| 8.95 |
| 16 .96 |
| 11,049 |
| 1 .15 |
| 4 .56 |
| 3 .20 |
| 90 |
| ||
Advisor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015* |
| $ | 9.49 |
| 4 .29 | % | $ | 25,602 |
| 1 .19 | % | 1 .49 | % | 1 .94 | % | 42 | % |
2014 |
| 9.46 |
| 0 .67 |
| 24,498 |
| 1 .30 |
| 1 .51 |
| 2 .66 |
| 66 |
| ||
2013 |
| 10.22 |
| 23 .58 |
| 38,501 |
| 1 .30 |
| 1 .78 |
| 2 .32 |
| 79 |
| ||
2012 |
| 8.58 |
| 6 .63 |
| 9,358 |
| 1 .32 |
| 2 .95 |
| 2 .75 |
| 66 |
| ||
2011 |
| 8.33 |
| (3 .90 | ) | 6,767 |
| 1 .40 |
| 3 .89 |
| 2 .73 |
| 91 |
| ||
2010 |
| 8.94 |
| 16 .64 |
| 2,168 |
| 1 .40 |
| 4 .83 |
| 2 .94 |
| 90 |
| ||
R6 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015(f) |
| $ | 9.48 |
| 8 .21 | % | $ | 81,031 |
| 0 .75 | % | 1 .06 | % | 4 .94 | % | 42 | % |
Global Multi-Cap Equity Fund |
|
|
|
|
|
|
|
|
|
|
| ||||||
Investor Shares** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015* |
| $ | 12.41 |
| 2 .78 | % | $ | 69,212 |
| 0 .80 | % | 0 .98 | % | 1 .94 | % | 50 | % |
2014 |
| 13.36 |
| 7 .37 |
| 98,731 |
| 0 .80 |
| 0 .91 |
| 2 .47 |
| 93 |
| ||
2013 |
| 13.15 |
| 23 .95 |
| 29,950 |
| 0 .80 |
| 1 .03 |
| 1 .97 |
| 76 |
| ||
2012(c) |
| 10.70 |
| (0 .37 | ) | 50 |
| 0 .80 |
| 1 .78 |
| 0 .77 |
| 94 |
| ||
Advisor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015(f) |
| $ | 12.40 |
| 4 .29 | % | $ | 106 |
| 1 .05 | % | 1 .26 | % | 1 .74 | % | 50 | % |
R6 Shares*** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2015* |
| $ | 12.42 |
| 2 .80 | % | $ | 150,892 |
| 0 .66 | % | 0 .85 | % | 2 .04 | % | 50 | % |
2014 |
| 13.38 |
| 7 .40 |
| 140,603 |
| 0 .70 |
| 0 .81 |
| 2 .48 |
| 93 |
| ||
2013 |
| 13.17 |
| 24 .14 |
| 151,997 |
| 0 .70 |
| 0 .97 |
| 2 .30 |
| 76 |
| ||
2012(d) |
| 10.70 |
| 10 .00 |
| 78,328 |
| 0 .70 |
| 1 .16 |
| 2 .37 |
| 94 |
| ||
2011(b)(e) |
| 10.07 |
| 0 .93 |
| 66,635 |
| 0 .70 |
| 1 .40 |
| 2 .35 |
| 90 |
|
The accompanying notes are an integral part of the financial statements.
Schroder Mutual Funds
Notes to Financial Statements
April 30, 2015 (unaudited)
NOTE 1 — ORGANIZATION
Schroder Global Series Trust (“SGST”) is an open-end series management investment company registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”). SGST was organized as a business trust under the laws of The Commonwealth of Massachusetts on May 27, 2003. SGST has an unlimited number of authorized shares, which are divided into two separate diversified series: Schroder North American Equity Fund and Schroder Global Multi-Cap Equity Fund (each a “Fund” and collectively, the “SGST Funds”).
Schroder Capital Funds (Delaware) (“SCFD”) is an open-end series management investment company registered under the Investment Company Act. SCFD was organized as a Maryland corporation on July 30, 1969; reorganized as Schroder Capital Funds, Inc., a series company, on February 29, 1988; and reorganized on January 9, 1996, as a Delaware business trust. SCFD has an unlimited number of authorized shares, which are divided into two separate diversified series: Schroder U.S. Opportunities Fund and Schroder International Alpha Fund (each a “Fund” and collectively, the “SCFD Funds”).
Schroder Series Trust (“SST”) is an open-end series management investment company registered under the Investment Company Act. SST was organized as a business trust under the laws of The Commonwealth of Massachusetts on May 6, 1993. SST has an unlimited number of authorized shares, which are divided into thirteen separate series. Included in this report are Schroder U.S. Small and Mid-Cap Opportunities Fund, Schroder Emerging Market Equity Fund, Schroder Emerging Markets Multi-Cap Equity Fund, Schroder International Multi-Cap Value Fund (each a “Fund”, collectively, the “SST Funds,” and together with the SCFD Funds and the SGST Funds, the “Funds”).
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates, and those differences could be material.
The following is a summary of significant accounting policies followed by the Funds, which are in conformity with U.S. GAAP:
VALUATION OF INVESTMENTS: Each Fund calculates the net asset value of its classes of shares by dividing the total value of its assets attributable to that class, less its liabilities attributable to that class, by the number of shares of that class that are outstanding. Each Fund values its shares as of the close of trading on the New York Stock Exchange (the “Exchange”) each day the Exchange is open. Portfolio securities listed on recognized stock exchanges are valued at the last reported sale price on the exchange on which the securities are principally traded, except that NASDAQ official closing prices for all NASDAQ National Market and NASDAQ Small Cap Market Securities are used, where applicable. Securities for which market quotations are readily available are valued at current market value in accordance with the valuation procedures of SST, SGST and SCFD (the “Trusts”). Securities for which market values are not readily available, or for which Schroders believes the market value is unreliable (including, for example, certain foreign securities, thinly-traded securities, IPOs, or securities whose values may have been affected by a particular event), are valued by Schroders at their fair values pursuant to procedures adopted by the Boards of Trustees of the Trusts. It is possible that fair value prices will be used by a Fund to a significant extent. The value determined for an investment using the Funds’ fair value guidelines may differ from recent market prices for the investment. Certain securities are valued at fair value on the basis of valuations furnished by broker-dealers or other market intermediaries. Market quotations are not readily available for many bonds (excluding most U.S. Treasury securities), certain preferred stocks, tax-exempt securities and certain foreign securities. Such securities are generally fair valued.
Debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market values for such securities. Such methodologies generally consider factors such as comparable security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from a Trust’s primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trusts’ fair value procedures until an independent source can be secured.
Schroder Mutual Funds
Notes to Financial Statements (continued)
April 30, 2015 (unaudited)
All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. In the event such market quotations are not readily available, the security will be valued according to the Trusts’ fair value procedures. Exchange traded options, including options on indices, are generally valued at the composite mean price or, in the absence of such a mean price, long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price. Options not traded on a securities exchange or board of trade for which market quotations are readily available are valued at the most recently reported mid-market price. Rights and warrants are valued at the last reported sale price on the exchange on which they are principally traded. Futures are valued at the settlement price established each day by the board of exchange on which they are principally traded. On days when there is excessive volume or market volatility, the settlement price may not be available at the time at which the Funds calculate their net asset values. On such days, the best available price (which is typically the last sales price) may be used to value the Funds’ futures positions. If rights and warrants are not traded on a particular day, intrinsic value may be used to value the security. Otherwise, the security will be valued according to the Trusts’ fair value procedures. Swaps held by the Funds are valued primarily using valuations from independent pricing services, if the swap is not centrally cleared. In the case of a swap that is centrally cleared, it may be valued at the valuation used by the clearing organization in its determination of applicable margin amounts for the swap. If no valuation is available using these methods, then valuations can be sought from brokers, or if no broker quotations are available, from the swap counterparty or by reference to daily quoted values for the indices or securities upon which the swap is valued. In the absence of the above, the Schroders’ Pricing Committee (the “Committee”) will determine an appropriate method of valuation, subject to the Trusts’ fair value procedures. The Committee is comprised of officers of the Funds and Schroders and other responsible personnel of Schroders. Other securities and assets for which market quotations are not readily available are valued in accordance with the Trusts’ fair value procedures. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.
For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market values at the time a Fund calculates its net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last trade and the time that a Fund calculates its net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its net asset value, a Committee meeting may be called.
Schroder Emerging Market Equity Fund, Schroder Emerging Markets Multi-Cap Equity Fund, Schroder International Alpha Fund, Schroder International Multi-Cap Value Fund and Schroder Global Multi-Cap Equity Fund use a third-party fair valuation vendor, which provides a fair value for securities of companies located in countries outside the Western Hemisphere held by the Funds based on certain factors and methodologies applied by the vendor in the event that there is movement in the U.S. market that exceeds a specific threshold established by the Committee in consultation with the Trustees. Such methodologies generally involve tracking valuation correlations between the U.S. market and each non-U.S. security. The Committee also determines a “confidence interval” that will be used, when the threshold is exceeded, to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security will be fair valued. In the event that the threshold established by the Committee is exceeded on a specific day, the Funds will typically value such securities in their portfolios that exceed the applicable confidence interval based upon the fair values provided by the vendor. A security whose value is adjusted in this manner will be classified as a Level 2 security in the fair value hierarchy.
Schroder Mutual Funds
Notes to Financial Statements (continued)
April 30, 2015 (unaudited)
In accordance with the authoritative guidance under U.S. GAAP, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements and requires disclosure surrounding the various inputs that are used in determining the fair value of the Funds’ investments. These inputs are summarized into the three broad levels listed below.
· Level 1 — quoted prices in active markets for identical securities
· Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
· Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)
For the purpose of this Fair Value Measurement summary, instruments that have been fair valued by a third-party vendor as discussed above for Schroder Emerging Market Equity Fund, Schroder Emerging Markets Multi-Cap Equity Fund, Schroder International Alpha Fund, Schroder International Multi-Cap Value Fund and Schroder Global Multi-Cap Equity Fund, are generally considered Level 2 instruments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For the period ended April 30, 2015, there have been no significant changes to the Funds’ fair valuation methodologies. Fair value measurement classifications are summarized in each Fund’s Schedule of Investments.
FEDERAL INCOME TAXES: It is the intention of each Fund to qualify, or continue to qualify, as a “regulated investment company” by complying with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended. If a Fund qualifies as a regulated investment company that is accorded special tax treatment, the Fund will not be subject to Federal income taxes to the extent that, among other things, it distributes substantially all of its taxable income, including realized capital gains, for the fiscal year in a timely manner, to its shareholders in the form of dividends. In addition, as a result of distributing substantially all of their net investment income during each calendar year, capital gains and certain other amounts, if any, the Funds will not be subject to a Federal excise tax. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely than-not” (i.e., greater than 50%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.
As of, and during the period ended April 30, 2015, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year, the Funds did not incur any tax-related interest or penalties.
INVESTMENT TRANSACTIONS: Investment security transactions are recorded as of trade date. Realized gains and losses on sales of investments are determined on the basis of identified cost. Capital gain taxes on securities in certain foreign countries are accrued on unrealized appreciation and are due when realized.
INVESTMENT INCOME: Dividend income is recorded on the ex-dividend date. Dividend income is recorded net of unrecoverable withholding tax. Interest income and expense is recorded on an accrual basis. Foreign dividend and interest income amounts and realized capital gains or losses are converted to U.S. dollar equivalents using foreign exchange rates in effect at the date of the transactions. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of costs of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered non-taxable distributions or capital gain distributions.
EXPENSES: Expenses are recorded on an accrual basis. Many of the expenses of the Funds can be directly attributable to a specific Fund. Expenses not directly attributable to a specific Fund are allocated among the Funds based on relative average net assets or another appropriate methodology. Class specific expenses are borne by that class. Fund expenses are pro-rated to the respective classes based on relative net assets.
CLASSES OF SHARES: Income, realized and unrealized gains and losses of a Fund are prorated to the respective classes of shares based on relative net assets.
Schroder Mutual Funds
Notes to Financial Statements (continued)
April 30, 2015 (unaudited)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends and distributions to shareholders from net investment income and from net realized capital gains, if any, are declared and distributed at least annually for each of the Funds, except Schroder Emerging Markets Multi-Cap Equity Fund and Schroder International Multi-Cap Value Fund, which declares and distribute dividends to shareholders from net investment income and distributes these dividends quarterly.
FOREIGN CURRENCY: Foreign currency amounts are translated into U.S. dollars at the mean of the bid and asked prices of such currencies against U.S. dollars as follows: (i) assets and liabilities at the rate of exchange at the end of the respective period; and (ii) purchases and sales of securities and income and expenses at the rate of exchange prevailing on the dates of such transactions. The portion of the results of operations arising from changes in the exchange rates and the portion due to fluctuations arising from changes in the market prices of securities are not isolated. Such fluctuations are included with the net realized and unrealized gain or loss on investments. Certain Funds may enter into forward foreign currency contracts to protect the U.S. dollar value of the underlying portfolio of securities against the effect of possible adverse movements in foreign exchange rates. Certain Funds may also seek to gain currency exposure or otherwise attempt to increase a Fund’s total return by holding such forward foreign currency contracts. Principal risks associated with such transactions include the movement in value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform. Fluctuations in the value of such forward foreign currency transactions are recorded daily as unrealized gain or loss; realized gain or loss includes net gain or loss on transactions that have terminated by settlement or by the Funds entering into offsetting commitments.
WHEN-ISSUED SECURITIES: Certain Funds may purchase securities on a when-issued, delayed delivery, or forward commitment basis during the period covered by this report. These transactions involve a commitment by the Fund to purchase a security for a predetermined price or yield, with payments and delivery taking place more than seven days in the future, or after a period longer than the customary settlement period for that type of security. These transactions may increase the overall investment exposure for a Fund (and so may create investment leverage) and involve a risk of loss if the value of the securities declines prior to the settlement date.
CONVERTIBLE SECURITIES: Certain Funds may invest in securities that are convertible into preferred and common stocks, and so subject to the risks of investments in both debt and equity securities. The market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying preferred and common stocks and, therefore, also will react to variations in the general market for equity securities.
FUTURES: Financial futures contracts are valued based upon their quoted daily settlement prices; changes in initial settlement value (represented by cash paid to or received from brokers as “variation margin”) are accounted for as unrealized appreciation (depreciation). When futures contracts are closed, the difference between the opening value at the date of purchase and the value at closing is recorded as realized gain or loss in the Statements of Operations.
Futures contracts are generally utilized in order to hedge against unfavorable changes in the value of securities or otherwise to attempt to increase a Fund’s total return. Futures contracts involve leverage and are subject to market risk that may exceed the amounts recognized in the Statements of Assets and Liabilities. Risks arise from the possible significant movements in prices. The change in value of futures contracts primarily corresponds to the value of the securities or other index or amount underlying the contracts, but may not precisely correlate with the change in value of such securities or other index or amount. In addition, there is the risk that a Fund may not be able to enter into a closing transaction because of an illiquid secondary market.
CUSTODY OFFSET: The Funds have an arrangement with the custodian whereby interest earned on uninvested cash balances is used to offset a portion of the custodian fees. The amounts are included in custodian fees and custody offset on the Statements of Operations.
Schroder Mutual Funds
Notes to Financial Statements (continued)
April 30, 2015 (unaudited)
NOTE 3 — INVESTMENT ADVISORY FEES, ADMINISTRATION AGREEMENTS AND DISTRIBUTION PLANS
The Funds have entered into investment advisory agreements with Schroder Investment Management North America (“SIMNA”). Under these agreements, SIMNA provides investment management services and is entitled to receive compensation for its services, payable monthly for the SGST Funds and the SCFD Funds, and quarterly for the SST Funds, at the following annual rates based on average daily net assets of each Fund taken separately. In order to limit the expenses of the Investor Shares, Advisor Shares and R6 Shares of certain Funds, as applicable, SIMNA has contractually agreed to waive management fees for the U.S. Small and Mid Cap Opportunities Fund, Emerging Markets Multi-Cap Equity Fund, International Alpha Fund and International Multi-Cap Value Fund and pay or reimburse the applicable Fund for expenses through February 29, 2016, to the extent that the total annual fund operating expenses of a Fund (other than acquired fund fees and expenses, other indirect acquired fund expenses, interest, taxes, and extraordinary expenses) allocable to each share class exceed the following annual rates (based on the average daily net assets attributable to each share class):
Effective December 19, 2014
|
|
|
| Expense Limitation |
| ||||
|
| Management |
| Investor |
| Advisor |
| R6 |
|
Schroder North American Equity Fund |
| 0.25 | % | N/A |
| N/A |
| N/A |
|
Schroder U.S. Opportunities Fund |
| 1.00 | % | 1.70 | % | 1.95 | % | N/A |
|
Schroder U.S. Small and Mid Cap Opportunities Fund |
| 0.80 | %* | 1.05 | % | 1.30 | % | 0.90 | % |
Schroder Emerging Market Equity Fund |
| 1.00 | %* | 1.25 | % | 1.50 | % | 1.10 | % |
Schroder Emerging Markets Multi-Cap Equity Fund |
| 0.80 | %* | 1.05 | % | 1.30 | % | 0.90 | % |
Schroder International Alpha Fund |
| 0.70 | %* | 0.95 | % | 1.20 | % | 0.80 | % |
Schroder International Multi-Cap Value Fund |
| 0.65 | %* | 0.90 | % | 1.15 | % | 0.75 | % |
Schroder Global Multi-Cap Equity Fund** |
| 0.55 | % | 0.80 | % | 1.05 | % | 0.65 | % |
*Management fee after contractual fee waiver.
**Institutional Shares converted to R6 Shares and Institutional Service Shares converted to Investor Shares.
Prior to December 19, 2014
|
|
|
| Expense Limitation |
| ||||||
|
| Management |
| Investor |
| Advisor |
| Institutional |
| Institutional |
|
Schroder North American Equity Fund |
| 0.25 | % | N/A |
| N/A |
| N/A |
| N/A |
|
Schroder U.S. Opportunities Fund |
| 1.00 | % | 1.70 | % | 1.95 | % | N/A |
| N/A |
|
Schroder U.S. Small and Mid Cap Opportunities Fund |
| 1.00 | % | 1.05 | % | 1.30 | % | N/A |
| N/A |
|
Schroder Emerging Market Equity Fund |
| 1.00 | % | 1.25 | % | 1.50 | % | N/A |
| N/A |
|
Schroder Emerging Markets Multi-Cap Equity Fund |
| 1.00 | % | 1.25 | % | 1.50 | % | N/A |
| N/A |
|
Schroder International Alpha Fund |
| 0.80 | % | 0.95 | % | 1.30 | % | N/A |
| N/A |
|
Schroder International Multi-Cap Value Fund |
| 0.80 | % | 0.95 | % | 1.30 | % | N/A |
| N/A |
|
Schroder Global Multi-Cap Equity Fund |
| 0.55 | % | N/A |
| N/A |
| 0.70 | % | 0.80 | % |
SIMNA has retained its affiliate Schroder Investment Management North America Limited (“SIMNA Ltd.”) to serve as sub-advisor responsible for the portfolio management of Schroder North American Equity Fund, Schroder Emerging Market Equity Fund, Schroder Emerging Markets Multi-Cap Equity Fund, Schroder International Alpha Fund, Schroder International Multi-Cap Value Fund and Schroder Global Multi-Cap Equity Fund. During the reporting period, SIMNA paid SIMNA Ltd. the following percentage of the investment advisory fees it received from Schroder North American Equity Fund, Schroder Emerging Market Equity Fund, Schroder Emerging Markets Multi-Cap Equity Fund, Schroder International Alpha Fund, Schroder International Multi-Cap Value Fund and Schroder Global Multi-Cap Equity Fund, after waivers, as set forth below.
Schroder Mutual Funds
Notes to Financial Statements (continued)
April 30, 2015 (unaudited)
Fund |
| Percentage of Fees |
|
Schroder North American Equity Fund |
| 53 | % |
Schroder Emerging Market Equity Fund |
| 41 | % |
Schroder Emerging Markets Multi-Cap Equity Fund |
| 41 | % |
Schroder International Alpha Fund |
| 51 | % |
Schroder International Multi-Cap Value Fund |
| 51 | % |
Schroder Global Multi-Cap Equity Fund |
| 53 | % |
The administrator of the SGST Funds is Schroder Fund Advisors LLC (“SFA”), a wholly-owned subsidiary of SIMNA. SFA receives no compensation for its services for the SGST Funds. SIMNA provides certain administration services to the SCFD Funds. SIMNA’s compensation for these services is included in the SCFD Funds’ advisory fees.
Effective January 1, 2013, under (i) amended sub-administration and accounting agreements with SEI Investments Global Funds Services (“SEI”), the SCFD Funds and the SGST Funds, other than Schroder North American Equity Fund, and (ii) an amended administration and accounting agreement with SEI, the SST Funds, pay fees to SEI based on the aggregate average daily net assets of all the SCFD Funds, the SST Funds and the SGST Funds, other than Schroder North American Equity Fund, according to the following annual rates: 0.0875% on the first $1 billion of such assets; 0.0700% on the next $2 billion of such assets; 0.0600% on the next $1.5 billion of such assets; and 0.0575% on assets in excess of $4.5 billion. Each Fund pays its pro rata portion of such fees.
Prior to January 1, 2013, under (i) amended sub-administration and accounting agreements with SEI, the SCFD Funds and the SGST Funds, other than Schroder North American Equity Fund, and (ii) an amended administration and accounting agreement with SEI, the SST Funds, paid fees to SEI based on the aggregate average daily net assets of all the SCFD Funds, the SST Funds and the SGST Funds, other than Schroder North American Equity Fund, according to the following annual rates: 0.0875% on the first $2 billion of such assets; 0.0700% on the next $1 billion of such assets; 0.0600% on the next $2 billion of such assets; and 0.0500% on assets in excess of $5 billion. Each Fund paid its pro rata portion of such fees.
Effective January 29, 2005, as amended January 1, 2013, Schroder North American Equity Fund pays SEI a fee, computed and paid monthly, at an annual rate of 0.013% of the Schroder North American Equity Fund’s average daily net assets up to $1 billion and 0.005% of Schroder North American Equity Fund’s average daily net assets over $1 billion.
The Funds have adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Investment Company Act that allows each Fund to pay distribution and other fees with respect to its Advisor Shares. Under the Plan, a Fund may make payments at an annual rates of up to 0.25% of the average daily net assets attributable to their Advisor Shares to compensate SFA for distribution services and certain shareholder services with respect to the Funds’ Advisor Shares, except for Schroder North American Equity Fund, which may make payments at an annual rate of up to 0.35% of the average daily net assets attributable to its Advisor Shares.
Effective December 19, 2014, each Fund has adopted a shareholder service plan (the “Plan”) with respect to its Advisor Shares and Investor Shares. Under the Plan, each Fund, except Schroder North American Equity Fund, may make payments out of the assets attributable to its Advisor Shares or its Investor Shares to SIMNA, SFA, the Funds’ distributor, and such other entities as may from time to time act as the shareholder servicer of such class for providing services and/or incurring expenses directly or indirectly supporting or relating to the shareholder servicing function for Advisor Shares and Investor Shares as compensation for such services and expenses. Payments under the Plan are made at an annual rate of up to 0.15% of a Fund’s average daily net assets attributable to the applicable share class; payments under the Plan are not made for distribution services or expenses. This payment is in addition to payments made under the Funds’ 12b-1 plans, if applicable. SIMNA, SFA, or any of their affiliates, may, from time to time, also make payments to financial intermediaries for sub-administration, sub-transfer agency, or other shareholder services or distribution, out of their own resources. Previously, each Fund, with respect to its Advisor Shares, was authorized to reimburse SIMNA, SFA, or their affiliates for a portion of payments related to sub-administration, sub-transfer agency, or other shareholder services; the amount of that reimbursement was limited to 0.10% of a Fund’s Advisor Shares’ average daily net assets.
Prior to December 19, 2014, Schroder Global Multi-Cap Equity Fund was subject to a shareholder service plan with respect to its Investor Shares (previously, Institutional Service Shares), pursuant to which Schroder Global Multi-Cap Equity Fund paid SIMNA, SFA, or such other entity that from time to time acted as the shareholder servicer of Investor Shares, a service fee at an annual rate of up to 0.10% of the average daily net assets attributable to its Investor Shares.
Schroder Mutual Funds
Notes to Financial Statements (continued)
April 30, 2015 (unaudited)
NOTE 4 — DERIVATIVE CONTRACTS
Derivative instruments and hedging activities require enhanced disclosures about the Funds’ derivative and hedging activities, including how such activities are accounted for and their effect on the Funds’ financial position, performance, and cash flows.
The fair value of derivative instruments as of April 30, 2015, was as follows:
|
| Statement of Assets and Liabilities |
| Asset |
| Liability |
| ||
Fund |
| Location |
| Derivatives |
| Derivatives |
| ||
Schroder North American Equity Fund |
|
|
|
|
|
|
| ||
Foreign exchange contracts |
| Unrealized appreciation/(depreciation) |
|
|
|
|
| ||
Forward Contracts |
| on forward foreign currency contracts |
| $ | — |
| $ | (441,764 | ) |
Schroder U.S. Opportunities Fund |
|
|
|
|
|
|
| ||
Equity contracts |
|
|
|
|
|
|
| ||
Futures Contracts |
| Variation margin payable on futures |
| $ | — |
| $ | (41,140 | ) |
Schroder Emerging Markets Multi-Cap Equity Fund |
|
|
|
|
|
|
| ||
Equity contracts |
|
|
|
|
|
|
| ||
Futures Contracts |
| Variation margin payable on futures |
| $ | — |
| $ | (24,196 | ) |
Foreign exchange contracts |
| Unrealized appreciation/(depreciation) |
|
|
|
|
| ||
Forward Contracts |
| on forward foreign currency contracts |
| 12,270 |
| (30,879 | ) | ||
|
|
|
| $ | 12,270 |
| $ | (55,075 | ) |
Schroder International Multi-Cap Value Fund |
|
|
|
|
|
|
| ||
Equity contracts |
|
|
|
|
|
|
| ||
Futures Contracts |
| Variation margin payable on futures |
| $ | — |
| $ | (95,450 | ) |
Foreign exchange contracts |
| Unrealized appreciation/(depreciation) |
|
|
|
|
| ||
Forward Contracts |
| on forward foreign currency contracts |
| 48,531 |
| (375,518 | ) | ||
|
|
|
| $ | 48,531 |
| $ | (470,968 | ) |
Schroder Global Multi-Cap Equity Fund |
|
|
|
|
|
|
| ||
Equity contracts |
| Variation margin receivable/(payable) |
|
|
|
|
| ||
Futures Contracts |
| on futures |
| $ | 2,333 |
| $ | (42,210 | ) |
Foreign exchange contracts |
| Unrealized appreciation/(depreciation) |
|
|
|
|
| ||
Forward Contracts |
| on forward foreign currency contracts |
| — |
| (284,443 | ) | ||
|
|
|
| $ | 2,333 |
| $ | (326,653 | ) |
Schroder Mutual Funds
Notes to Financial Statements (continued)
April 30, 2015 (unaudited)
The effect of derivative instruments on the Statement of Operations for the period ended April 30, 2015, was as follows:
The amount of net realized gain (loss) and change in unrealized appreciation (depreciation) on derivatives:
|
|
|
| Change in Unrealized |
|
|
| |||
|
| Net Realized |
| Appreciation |
|
|
| |||
Fund |
| Gain/(Loss)* |
| (Depreciation)** |
| Total |
| |||
Schroder North American Equity Fund |
|
|
|
|
|
|
| |||
Foreign exchange contracts |
|
|
|
|
|
|
| |||
Forward Contracts |
| $ | 1,339,924 |
| $ | (567,404 | ) | $ | 772,520 |
|
Schroder U.S. Opportunities Fund |
|
|
|
|
|
|
| |||
Equity contracts |
|
|
|
|
|
|
| |||
Futures Contracts |
| $ | 32,648 |
| $ | 10,415 |
| $ | 43,063 |
|
Schroder U.S. Small and Mid Cap Opportunities Fund |
|
|
|
|
|
|
| |||
Equity contracts |
|
|
|
|
|
|
| |||
Futures Contracts |
| $ | (863 | ) | $ | — |
| $ | (863 | ) |
Schroder Emerging Markets Multi-Cap Equity Fund |
|
|
|
|
|
|
| |||
Equity contracts |
|
|
|
|
|
|
| |||
Futures Contracts |
| $ | 67,121 |
| $ | (11,940 | ) | $ | 55,181 |
|
Foreign exchange contracts |
|
|
|
|
|
|
| |||
Forward Contracts |
| 57,492 |
| (18,609 | ) | 38,883 |
| |||
|
| $ | 124,613 |
| $ | (30,549 | ) | $ | 94,064 |
|
Schroder International Multi-Cap Value Fund |
|
|
|
|
|
|
| |||
Equity contracts |
|
|
|
|
|
|
| |||
Futures Contracts |
| $ | (281,871 | ) | $ | 175,059 |
| $ | (106,812 | ) |
Foreign exchange contracts |
|
|
|
|
|
|
| |||
Forward Contracts |
| 1,269,792 |
| (728,428 | ) | 541,364 |
| |||
|
| $ | 987,921 |
| $ | (553,369 | ) | $ | 434,552 |
|
Schroder Global Multi-Cap Equity Fund |
|
|
|
|
|
|
| |||
Equity contracts |
|
|
|
|
|
|
| |||
Futures Contracts |
| $ | 252,068 |
| $ | 71,545 |
| $ | 323,613 |
|
Foreign exchange contracts |
|
|
|
|
|
|
| |||
Forward Contracts |
| 253,401 |
| (352,701 | ) | (99,300 | ) | |||
|
| $ | 505,469 |
| $ | (281,156 | ) | $ | 224,313 |
|
* Futures contracts are included in net realized gain (loss) on futures and forward contracts are included in net realized gain (loss) on foreign currency transactions.
** Futures contracts are included in change in unrealized appreciation on futures and forward contracts are included in change in unrealized appreciation (depreciation) on forward foreign currency contracts and foreign currency transactions.
Schroder Mutual Funds
Notes to Financial Statements (continued)
April 30, 2015 (unaudited)
The volume of forward contracts and futures contracts, as a percentage of net assets, based on gross month-end notional amounts during the period, including long and short positions, at absolute value, was as follows for the period ended April 30, 2015:
|
| Forward Contracts |
|
|
|
Schroder North American Equity Fund |
|
|
|
|
|
Average Notional Amount Outstanding |
| 2.51 | % |
|
|
Notional Amount Outstanding as of April 30, 2015 |
| 1.54 | % |
|
|
|
| Futures Contracts |
|
|
|
Schroder U.S. Opportunities Fund |
|
|
|
|
|
Average Notional Amount Outstanding |
| 1.00 | % |
|
|
Notional Amount Outstanding as of April 30, 2015 |
| 1.54 | % |
|
|
|
| Futures Contracts |
|
|
|
Schroder U.S. Small and Mid Cap Opportunities Fund |
|
|
|
|
|
Average Notional Amount Outstanding |
| 0.15 | % |
|
|
Notional Amount Outstanding as of April 30, 2015 |
| 0.00 | % |
|
|
|
| Forward Contracts |
| Futures Contracts |
|
Schroder Emerging Markets Multi-Cap Equity Fund |
|
|
|
|
|
Average Notional Amount Outstanding |
| 9.43 | % | 7.07 | % |
Notional Amount Outstanding as of April 30, 2015 |
| 8.30 | % | 9.46 | % |
|
| Forward Contracts |
| Futures Contracts |
|
Schroder International Multi-Cap Value Fund |
|
|
|
|
|
Average Notional Amount Outstanding |
| 8.99 | % | 2.59 | % |
Notional Amount Outstanding as of April 30, 2015 |
| 4.43 | % | 2.44 | % |
|
| Forward Contracts |
| Futures Contracts |
|
Schroder Global Multi-Cap Equity Fund |
|
|
|
|
|
Average Notional Amount Outstanding |
| 8.58 | % | 1.93 | % |
Notional Amount Outstanding as of April 30, 2015 |
| 5.24 | % | 2.76 | % |
Schroder Mutual Funds
Notes to Financial Statements (continued)
April 30, 2015 (unaudited)
In accordance with the authoritative guidance under U.S. GAAP, “Disclosures about Offsetting Assets and Liabilities” requires entities to disclose information about financial instruments and derivative instruments that have been offset or that are subject to enforceable master netting agreements. The Funds do not offset such instruments on the Statement of Assets and Liabilities, rather such instruments are presented on a gross basis.
The following is a summary by derivative type of the market value of over the counter (“OTC”) financial derivative instruments and collateral (received)/pledged by counterparty as of April 30, 2015:
|
| Gross Assets- |
| Gross Liabilities- |
| Net |
| Cash |
|
|
| |||||
|
| Recognized in the |
| Recognized in the |
| Amount |
| Collateral |
|
|
| |||||
|
| Statement of Assets |
| Statement of Assets |
| Available to |
| Pledged or |
| Net |
| |||||
|
| and Liabilities |
| and Liabilities |
| be Offset |
| (Received)† |
| Amount‡ |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Schroder North American Equity Fund |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| Forward Contracts |
| Forward Contracts |
|
|
|
|
|
|
| |||||
Royal Bank of Canada |
| $ | — |
| $ | (441,764 | ) | $ | (441,764 | ) | $ | — |
| $ | (441,764 | ) |
|
|
|
|
|
|
|
|
|
|
|
| |||||
Schroder Emerging Markets Multi-Cap Equity Fund |
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| Forward Contracts |
| Forward Contracts |
|
|
|
|
|
|
| |||||
Credit Suisse First Boston |
| $ | — |
| $ | (30,879 | ) | $ | (30,879 | ) | $ | — |
| $ | (30,879 | ) |
Deutsche Bank Securities |
| 2,527 |
| — |
| 2,527 |
| — |
| 2,527 |
| |||||
Goldman Sachs |
| 2,519 |
| — |
| 2,519 |
| — |
| 2,519 |
| |||||
HSBC |
| 7,224 |
| — |
| 7,224 |
| — |
| 7,224 |
| |||||
Total |
| $ | 12,270 |
| $ | (30,879 | ) | $ | (18,609 | ) | $ | — |
| $ | (18,609 | ) |
|
|
|
|
|
|
|
|
|
|
|
| |||||
Schroder International Multi-Cap Value Fund |
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
| |||||||
|
| Forward Contracts |
| Forward Contracts |
|
|
|
|
|
|
| |||||
Barclays Capital |
| $ | 48,531 |
| — |
| $ | 48,531 |
| $ | — |
| $ | 48,531 |
| |
BNP Paribas |
| — |
| (89,340 | ) | (89,340 | ) | — |
| (89,340 | ) | |||||
HSBC |
| — |
| (96,470 | ) | (96,470 | ) | — |
| (96,470 | ) | |||||
Royal Bank of Canada |
| — |
| (189,708 | ) | (189,708 | ) | — |
| (189,708 | ) | |||||
Total |
| $ | 48,531 |
| $ | (375,518 | ) | $ | (326,987 | ) | $ | — |
| $ | (326,987 | ) |
|
|
|
|
|
|
|
|
|
|
|
| |||||
Schroder Global Multi-Cap Equity Fund |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| Forward Contracts |
| Forward Contracts |
|
|
|
|
|
|
| |||||
Deutsche Bank Securities |
| $ | — |
| $ | (5,748 | ) | $ | (5,748 | ) | $ | — |
| $ | (5,748 | ) |
HSBC |
| — |
| (40,373 | ) | (40,373 | ) | — |
| (40,373 | ) | |||||
Royal Bank of Canada |
| — |
| (238,322 | ) | (238,322 | ) | — |
| (238,322 | ) | |||||
Total |
| $ | — |
| $ | (284,443 | ) | $ | (284,443 | ) | $ | — |
| $ | (284,443 | ) |
† Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.
‡ Net amount represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity.
Schroder Mutual Funds
Notes to Financial Statements (continued)
April 30, 2015 (unaudited)
NOTE 5 — REDEMPTION FEES
Schroder U.S. Opportunities Fund, Schroder U.S. Small and Mid Cap Opportunities Fund, Schroder Emerging Market Equity Fund, Schroder Emerging Markets Multi-Cap Equity Fund, Schroder International Alpha Fund, Schroder International Multi-Cap Value Fund, and Schroder Global Multi-Cap Equity Fund generally impose a 2.00% redemption fee on shares redeemed (including in connection with an exchange) two months or less from their date of purchase. These fees, which are not sales charges, are retained by the Funds and not paid to SFA or any other entity. The redemption fees are included in the Statements of Changes in Net Assets under “Redemption fees,” and are included as part of “Capital paid-in” on the Statements of Assets and Liabilities. The redemption fees retained for the period ended April 30, 2015 were as follows:
Schroder U.S. Opportunities Fund |
| $ | 454 |
|
Schroder U.S. Small and Mid Cap Opportunities Fund |
| 219 |
| |
Schroder Emerging Market Equity Fund |
| 27,760 |
| |
Schroder International Alpha Fund |
| 535 |
| |
Schroder International Multi-Cap Value Fund |
| 3,431 |
| |
Schroder Global Multi-Cap Equity Fund |
| 3,173 |
|
NOTE 6 — TRANSACTIONS WITH AFFILIATES
The Funds pay no compensation to Trustees who are interested persons of the Trusts, SIMNA or SFA. Certain officers of the Funds are also officers of SIMNA and SFA. Such officers are paid no fees by the Funds for serving as officers of the Funds.
NOTE 7 — INVESTMENT TRANSACTIONS
Purchases and proceeds from sales and maturities of investments, excluding short-term and U.S. Government securities for each Fund, for the period ended April 30, 2015 were as follows:
|
| Purchases |
| Sales and Maturities |
| ||
Schroder North American Equity Fund |
| $ | 281,206,911 |
| $ | 334,102,031 |
|
Schroder U.S. Opportunities Fund |
| 27,939,560 |
| 39,907,418 |
| ||
Schroder U.S. Small and Mid Cap Opportunities Fund |
| 15,015,833 |
| 24,992,018 |
| ||
Schroder Emerging Market Equity Fund |
| 432,875,995 |
| 404,069,631 |
| ||
Schroder Emerging Markets Multi-Cap Equity Fund |
| 14,788,691 |
| 13,029,810 |
| ||
Schroder International Alpha Fund |
| 37,544,919 |
| 48,269,667 |
| ||
Schroder International Multi-Cap Value Fund |
| 176,330,068 |
| 109,888,248 |
| ||
Schroder Global Multi-Cap Equity Fund |
| 102,412,912 |
| 131,744,238 |
| ||
NOTE 8 — FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either temporary or permanent in nature. Any permanent differences, which may result in distribution reclassifications, are primarily due to differing treatments for gains resulting from investments in passive foreign investment companies, reclassifications of long-term capital gain distributions on real estate investment trust securities, partnership investments, foreign currency transactions and utilization of equalization distribution on redemption. Distributions from short-term gains and from gains on foreign currency transactions are treated as distributions from ordinary income for tax purposes.
Schroder Mutual Funds
Notes to Financial Statements (continued)
April 30, 2015 (unaudited)
At October 31, 2014, the Funds reclassified the following permanent amounts between capital paid-in, undistributed net investment income and accumulated realized gain (loss):
|
| Increase |
| Increase |
| Increase |
| |||
Schroder North American Equity Fund |
| $ | 939,173 |
| $ | (938,351 | ) | $ | (822 | ) |
Schroder U.S. Opportunities Fund |
| 19,690 |
| (1,557,628 | ) | 1,537,938 |
| |||
Schroder U.S. Small and Mid Cap Opportunities Fund |
| 17,806 |
| (1,780,847 | ) | 1,763,041 |
| |||
Schroder Emerging Market Equity Fund |
| (522,557 | ) | 522,557 |
| — |
| |||
Schroder Emerging Markets Multi-Cap Equity Fund |
| 90,022 |
| (90,022 | ) | — |
| |||
Schroder International Alpha Fund |
| (115,465 | ) | 115,465 |
| — |
| |||
Schroder International Multi-Cap Value Fund |
| 1,117,147 |
| (1,117,147 | ) | — |
| |||
Schroder Global Multi-Cap Equity Fund |
| 535,735 |
| (535,482 | ) | (253 | ) | |||
The tax character of dividends and distributions declared during the years or periods ended October 31, 2014 and October 31, 2013, was as follows:
|
| Ordinary |
| Long-Term |
| Total |
| |||
Schroder North American Equity Fund |
|
|
|
|
|
|
| |||
2014 |
| $ | 12,933,304 |
| $ | — |
| $ | 12,933,304 |
|
2013 |
| 10,705,026 |
| — |
| 10,705,026 |
| |||
Schroder U.S. Opportunities Fund |
|
|
|
|
|
|
| |||
2014 |
| 4,585,313 |
| 17,942,726 |
| 22,528,039 |
| |||
2013 |
| 217,460 |
| 10,224,237 |
| 10,441,697 |
| |||
Schroder U.S. Small and Mid Cap Opportunities Fund |
|
|
|
|
|
|
| |||
2014 |
| 3,256,364 |
| 11,411,952 |
| 14,668,316 |
| |||
2013 |
| 1,630,780 |
| 4,761,970 |
| 6,392,750 |
| |||
Schroder Emerging Market Equity Fund |
|
|
|
|
|
|
| |||
2014 |
| 8,048,688 |
| — |
| 8,048,688 |
| |||
2013 |
| 5,128,289 |
| — |
| 5,128,289 |
| |||
Schroder Emerging Markets Multi-Cap Equity Fund |
|
|
|
|
|
|
| |||
2014 |
| 1,259,802 |
| — |
| 1,259,802 |
| |||
2013 |
| 132,510 |
| — |
| 132,510 |
| |||
Schroder International Alpha Fund |
|
|
|
|
|
|
| |||
2014 |
| 2,081,493 |
| 1,544,405 |
| 3,625,898 |
| |||
2013 |
| 749,256 |
| — |
| 749,256 |
| |||
Schroder International Multi-Cap Value Fund |
|
|
|
|
|
|
| |||
2014 |
| 12,208,725 |
| 2,659,321 |
| 14,868,046 |
| |||
2013 |
| 3,651,084 |
| — |
| 3,651,084 |
| |||
Schroder Global Multi-Cap Equity Fund |
|
|
|
|
|
|
| |||
2014 |
| 6,920,618 |
| 4,649,584 |
| 11,570,202 |
| |||
2013 |
| 715,184 |
| — |
| 715,184 |
| |||
Schroder Mutual Funds
Notes to Financial Statements (continued)
April 30, 2015 (unaudited)
As of October 31, 2014, the components of distributable earnings (accumulated losses) on a tax basis were as follows:
|
| Undistributed |
| Undistributed |
| Capital Loss |
| Current Late- |
| Unrealized |
| Other |
| Total |
| |||||||
Schroder North American Equity Fund |
| $ | 11,702,326 |
| $ | 27,881,860 |
| $ | — |
| $ | — |
| $ | 213,985,642 |
| $ | (127,341 | ) | $ | 253,442,487 |
|
Schroder U.S. Opportunities Fund |
| — |
| 15,239,726 |
| — |
| (193,000 | ) | 31,266,826 |
| 11 |
| 46,313,563 |
| |||||||
Schroder U.S. Small and Mid Cap Opportunities Fund |
| 1,927,957 |
| 7,462,800 |
| — |
| — |
| 14,497,415 |
| (7,437 | ) | 23,880,735 |
| |||||||
Schroder Emerging Market Equity Fund |
| 8,928,960 |
| — |
| (53,568,859 | ) | — |
| 101,412,554 |
| (10,392 | ) | 56,762,263 |
| |||||||
Schroder Emerging Markets Multi-Cap Equity Fund |
| 1,138,225 |
| 167,585 |
| — |
| — |
| 385,093 |
| — |
| 1,690,903 |
| |||||||
Schroder International Alpha Fund |
| 5,739,142 |
| 5,436,951 |
| (4,221,708 | ) | — |
| 10,473,435 |
| 5,821 |
| 17,433,641 |
| |||||||
Schroder International Multi-Cap Value Fund |
| 4,150,734 |
| 3,805,699 |
| — |
| — |
| (3,696,557 | ) | (419,144 | ) | 3,840,732 |
| |||||||
Schroder Global Multi-Cap Equity Fund |
| 11,032,143 |
| 10,344,516 |
|
|
| — |
| 15,961,638 |
| (76,942 | ) | 37,261,355 |
| |||||||
Each Fund may use its tax basis capital loss carryforwards listed above to offset taxable capital gains realized in subsequent years for federal income tax purposes, subject in some cases to certain limitations. If a Fund incurred net capital losses in a taxable year beginning on or before December 22, 2010, the date of enactment of the Regulated Investment Company Modernization Act of 2010 (“pre-RlC Mod losses”), the Fund is permitted to carry such losses forward for eight taxable years; in the year to which they are carried forward, such losses are treated as short-term capital losses that first offset any short-term capital gains, and then offset any long-term capital gains. If a Fund incurs or has incurred net capital losses in taxable years beginning after December 22, 2010 (“post-RIC Mod losses”), those losses will be carried forward to one or more subsequent taxable years without expiration; any such carryforward losses will retain their character as short-term or long-term. The Fund must use any post-RlC Mod losses, which will not expire, before it uses any pre-RIC Mod losses. This increases the likelihood that pre-RlC Mod losses will expire unused at the conclusion of the eight-year carryforward period. The Fund listed below has the following pre-RIC Mod losses, which expire on the following date, except that the carryforward of Schroder International Alpha Fund may be subject to annual limitations:
|
| October 31, |
|
|
|
|
|
Schroder International Alpha Fund |
| 4,221,708 |
|
The Fund listed below has the following post-RIC Mod losses, which do not expire:
|
| Short-Term Loss |
| Long-Term Loss |
| Total |
| |||
Schroder Emerging Market Equity Fund |
| $ | 53,382,266 |
| $ | 186,593 |
| $ | 53,568,859 |
|
During the year ended October 31, 2014, the Funds listed below utilized capital loss carryforwards to offset capital gains:
Schroder North American Equity Fund |
| $ | 11,229,134 |
|
Schroder International Alpha Fund |
| 2,317,358 |
| |
Schroder International Multi-Cap Value Fund |
| 960,903 |
|
Schroder Mutual Funds
Notes to Financial Statements (continued)
April 30, 2015 (unaudited)
At April 30, 2015, the identified cost for Federal income tax purposes of investments owned by each Fund and their respective gross unrealized appreciation and depreciation were as follows:
|
| Identified Tax |
| Gross |
| Gross |
| Net Unrealized |
| ||||
Schroder North American Equity Fund |
| $ | 553,089,858 |
| $ | 220,714,463 |
| $ | (4,452,912 | ) | $ | 216,261,551 |
|
Schroder U.S. Opportunities Fund |
| 97,551,934 |
| 33,035,717 |
| (1,459,180 | ) | 31,576,537 |
| ||||
Schroder U.S. Small and Mid Cap Opportunities Fund |
| 42,925,364 |
| 15,086,861 |
| (383,249 | ) | 14,703,612 |
| ||||
Schroder Emerging Market Equity Fund |
| 1,118,390,332 |
| 232,910,675 |
| (45,247,536 | ) | 187,663,139 |
| ||||
Schroder Emerging Markets Multi-Cap Equity Fund |
| 29,915,199 |
| 2,894,559 |
| (2,155,665 | ) | 738,894 |
| ||||
Schroder International Alpha Fund |
| 159,202,675 |
| 24,016,229 |
| (3,602,563 | ) | 20,413,666 |
| ||||
Schroder International Multi-Cap Value Fund |
| 299,280,459 |
| 26,275,063 |
| (14,279,988 | ) | 11,995,075 |
| ||||
Schroder Global Multi-Cap Equity Fund |
| 194,426,773 |
| 23,446,656 |
| (7,655,918 | ) | 15,790,738 |
| ||||
NOTE 9 — PORTFOLIO INVESTMENT RISKS
Schroder Emerging Market Equity Fund, Schroder Emerging Market Multi-Cap Equity Fund, Schroder International Alpha Fund, Schroder International Multi-Cap Value Fund and Schroder Global Multi-Cap Equity Fund have a relatively large portion of their assets invested in companies or issuers domiciled in particular foreign countries, including emerging markets. The Funds may be more susceptible to political, social and economic events adversely affecting those countries and such issuers.
Each of Schroder International Alpha Fund, Schroder International Multi-Cap Value Fund and Schroder Global Multi-Cap Equity Fund may invest more than 25% of its total assets in issuers located in any one country or group of countries. When a Fund invests in a foreign country, it is susceptible to a range of factors that could adversely affect its holdings in issuers of that country, including political and economic developments and foreign exchange-rate fluctuations. As a result of investing substantially in a single country, the value of the Fund’s assets may fluctuate more widely than the value of shares of a comparable fund with a lesser degree of geographic concentration. The Funds may invest in countries with limited or developing capital markets. Investments in these markets may involve greater risk than investments in more developed markets.
Schroder North American Equity Fund, Schroder U.S. Opportunities Fund, Schroder U.S. Small and Mid Cap Opportunities Fund, Schroder Emerging Market Equity Fund, Schroder Emerging Markets Multi-Cap Equity Fund, Schroder International Alpha Fund, Schroder International Multi-Cap Value Fund and Schroder Global Multi-Cap Equity Fund may enter into derivative transactions including futures contracts, options, and swap contracts. Derivatives are financial contracts whose values depend on, or derive from, the value of an underlying asset, reference rate, or index. A Fund’s use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to liquidity risk, interest rate risk, and credit risk, and the risk that a derivative transaction may not have the effect the Funds’ adviser anticipated. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate, or index. Derivative transactions typically involve leverage and may be highly volatile. Use of derivatives other than for hedging purposes may be considered speculative and may have the effect of creating investment leverage, and when a Fund invests in a derivative instrument it could lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that a Fund will engage in these transactions when that would be beneficial.
Schroder Mutual Funds
Notes to Financial Statements (continued)
April 30, 2015 (unaudited)
NOTE 10 — BENEFICIAL INTEREST
The following table shows the number of shareholders each owning of record, or to the knowledge of the Funds beneficially, 5% or more of shares of a Fund outstanding as of April 30, 2015 and the total percentage of shares of the Fund held by such shareholders. The table includes omnibus accounts that hold shares on behalf of many shareholders.
|
| 5% or Greater Shareholders |
| ||
|
| Number |
| % of Fund |
|
Schroder North American Equity Fund |
| 3 |
| 96.97 | % |
Schroder U.S. Opportunities Fund |
| 3 |
| 77.62 |
|
Schroder U.S. Small and Mid Cap Opportunities Fund |
| 4 |
| 79.04 |
|
Schroder Emerging Market Equity Fund |
| 5 |
| 53.75 |
|
Schroder Emerging Markets Multi-Cap Equity Fund |
| 2 |
| 78.13 |
|
Schroder International Alpha Fund |
| 4 |
| 88.56 |
|
Schroder International Multi-Cap Value Fund |
| 6 |
| 88.24 |
|
Schroder Global Multi-Cap Equity Fund |
| 4 |
| 95.02 |
|
One account shown above holding 62.70% of the Schroder Emerging Markets Multi-Cap Equity Fund is owned by an affiliate of SIMNA.
NOTE 11 — LINE OF CREDIT
The Funds entered into a credit agreement on October 6, 2008, as amended from time to time, that enables them to participate in a $50 million committed revolving line of credit with JPMorgan Chase Bank, N.A. Any advance under the line of credit is contemplated primarily for temporary or emergency purposes, or to finance the redemption of the shares of a shareholder of the borrower. Interest is charged to the Funds based on their borrowings at the current reference rate. The Funds pay their pro rata portion of an annual commitment fee of 0.15% on the total amount of the credit facility. For the period ended April 30, 2015, the Schroder North American Equity Fund utilized the line of credit for $1,487,749 for a period of 4 days paying interest of $233, the Schroder Emerging Market Equity Fund utilized the line of credit for $8,393,258 for a period of 1 day paying interest of $432 and $3,070,000 for a period of 2 days paying interest of $122, the Schroder Emerging Markets Multi-Cap Equity Fund utilized the line of credit for $241,778 for a period of 4 days paying interest of $38, the Schroder International Alpha Fund utilized the line of credit for $563,041 for a period of 4 days paying interest of $88 and the Schroder Global Multi-Cap Equity Fund utilized the line of credit for $25,679,258 for a period of 19 days paying interest of $6,051, which is included in the Statement of Operations as custody expense.
NOTE 12 — CAPITAL SHARE TRANSACTIONS
Capital share transactions for the period ended April 30, 2015 (unaudited) and the year or period ended October 31, 2014, were as follows:
|
| North American Equity |
| U.S. Opportunities Fund |
| U.S. Small and Mid Cap |
| ||||||
|
| 2015 |
| 2014 |
| 2015 |
| 2014 |
| 2015 |
| 2014 |
|
Investor Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of shares |
| 347,056 |
| 1,062,847 |
| 87,285 |
| 260,744 |
| 40,163 |
| 645,891 |
|
Reinvestment of distributions |
| 2,656,100 |
| 854,096 |
| 605,263 |
| 872,089 |
| 705,277 |
| 746,794 |
|
Redemption of shares |
| (4,101,220 | ) | (737,383 | ) | (544,723 | ) | (897,260 | ) | (1,154,302 | ) | (1,494,088 | ) |
Net increase (decrease) in Investor Shares |
| (1,098,064 | ) | 1,179,560 |
| 147,825 |
| 235,573 |
| (408,862 | ) | (101,403 | ) |
Advisor Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of shares |
| 6,122 |
| 15,501 |
| 3,403 |
| 146 |
| 16,807 |
| 36,953 |
|
Reinvestment of distributions |
| 990 |
| 231 |
| 4,017 |
| 6,924 |
| 70,606 |
| 111,448 |
|
Redemption of shares |
| (1,807 | ) | (10,995 | ) | (1,333 | ) | (14,035 | ) | (67,500 | ) | (171,357 | ) |
Net increase (decrease) in Advisor Shares |
| 5,305 |
| 4,737 |
| 6,087 |
| (6,965 | ) | 19,913 |
| (22,956 | ) |
R6 Shares*: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of shares |
| — |
| — |
| — |
| — |
| 530,118 |
| — |
|
Redemption of shares |
| — |
| — |
| — |
| — |
| (234,383 | ) | — |
|
Net increase in R6 Shares |
| — |
| — |
| — |
| — |
| 295,735 |
| — |
|
Schroder Mutual Funds
Notes to Financial Statements (continued)
April 30, 2015 (unaudited)
|
| Emerging Market Equity |
| Emerging Markets Multi- |
| International Alpha Fund |
| ||||||
|
| 2015 |
| 2014 |
| 2015 |
| 2014 |
| 2015 |
| 2014 |
|
Investor Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of shares |
| 18,512,107 |
| 40,218,336 |
| 819,303 |
| 556,063 |
| 7,532,932 |
| 2,009,913 |
|
Reinvestment of distributions |
| 731,850 |
| 374,978 |
| 19,778 |
| 5,850 |
| 750,609 |
| 73,554 |
|
Redemption of shares |
| (40,297,330 | ) | (16,998,829 | ) | (2,360,857 | ) | — |
| (6,441,704 | ) | (1,823,168 | ) |
Net increase (decrease) in Investor Shares |
| (21,053,373 | ) | 23,594,485 |
| (1,521,776 | ) | 561,913 |
| 1,841,837 |
| 260,299 |
|
Advisor Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of shares |
| 303,577 |
| 5,445,485 |
| 2,056 |
| 6,615 |
| 49,308 |
| 211,676 |
|
Reinvestment of distributions |
| 12,368 |
| 86,746 |
| 380 |
| 124 |
| 13,920 |
| 147,777 |
|
Redemption of shares |
| (5,690,074 | ) | (11,525,111 | ) | (786 | ) | (9 | ) | (6,800,054 | ) | (1,624,412 | ) |
Net increase (decrease) in Advisor Shares |
| (5,374,129 | ) | (5,992,880 | ) | 1,650 |
| 6,730 |
| (6,736,826 | ) | (1,264,959 | ) |
R6 Shares*: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of shares |
| 29,307,604 |
| — |
| 1,981,986 |
| — |
| 4,887,782 |
| — |
|
Reinvestment of distributions |
| — |
| — |
| 38 |
| — |
| — |
| — |
|
Redemption of shares |
| (53,950 | ) | — |
| — |
| — |
| — |
| — |
|
Net increase in R6 Shares |
| 29,253,654 |
| — |
| 1,982,024 |
| — |
| 4,887,782 |
| — |
|
|
| International Multi-Cap |
| Global Multi-Cap Equity |
|
|
|
|
| ||||
|
| 2015 |
| 2014 |
| 2015 |
| 2014 |
|
|
|
|
|
Investor Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of shares |
| 16,926,792 |
| 15,594,884 |
| 2,946,691 |
| 6,966,361 |
|
|
|
|
|
Reinvestment of distributions |
| — |
| 456,698 |
| 741,788 |
| 122,795 |
|
|
|
|
|
Redemption of shares |
| (8,380,054 | ) | (3,759,266 | ) | (5,499,478 | ) | (1,976,222 | ) |
|
|
|
|
Net increase (decrease) in Investor Shares |
| 8,546,738 |
| 12,292,316 |
| (1,810,999 | ) | 5,112,934 |
|
|
|
|
|
Advisor Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of shares |
| 12,773,928 |
| 2,936,155 |
| 8,534 |
| — |
|
|
|
|
|
Reinvestment of distributions |
| 583,021 |
| 373,722 |
| — |
| — |
|
|
|
|
|
Redemption of shares |
| (13,240,105 | ) | (4,490,113 | ) | — |
| — |
|
|
|
|
|
Net increase (decrease) in Advisor Shares |
| 116,844 |
| (1,180,236 | ) | 8,534 |
| — |
|
|
|
|
|
R6 Shares*: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of shares |
| 435,722 |
| — |
| 1,046,405 |
| 3,942,966 |
|
|
|
|
|
Reinvestment of distributions |
| 100,761 |
| — |
| 1,129,837 |
| 515,150 |
|
|
|
|
|
Redemption of shares |
| (427,923 | ) | — |
| (537,462 | ) | (5,495,747 | ) |
|
|
|
|
Net increase (decrease) in R6 Shares |
| 108,560 |
| — |
| 1,638,780 |
| (1,037,631 | ) |
|
|
|
|
*R6 Shares commenced operations on December 30, 2014.
** For the Global Multi-Cap Equity Fund, Investor Shares were formerly Institutional Service Shares and R6 Shares were formerly the Institutional Shares.
NOTE 13 — LITIGATION
In May 2011, “Schroders U.S. Mutual Funds” was served with a summons and complaint in an action brought by Edward S. Weisfelner, as Litigation Trustee of the LB Litigation Trust in the case captioned Weisfelner v. A. Holmes & H. Holmes TTEE, et al. (Adv. Pro. No. 10-5525) (Bankr. S.D.N.Y.) (the “Litigation Trust Action”). In January 2012, “Schroders U.S. Mutual Funds” was served with a summons and complaint in an action brought by Edward S. Weisfelner, as trustee of the LB Creditors Trust, in the case captioned Weisfelner v. Fund 1 et al. (Adv. Pro. No. 10-04609) (the “Creditors Trust Action”). Both litigations sought to recover all payments made to shareholders in the December 2007 leveraged buyout of Lyondell Chemical Company as alleged fraudulent transfers. On January 8, 2015, following a widely-circulated settlement offer by the plaintiffs and a consideration by the Board of Trustees, Schroder North American Equity Fund signed a settlement agreement with the plaintiffs in the litigations. As a result, all claims against Schroder North American Equity Fund were dismissed pursuant to notices of dismissals dated January 23, 2015 pursuant to which the Fund paid $204,542.40.
Schroder Mutual Funds
Notes to Financial Statements (concluded)
April 30, 2015 (unaudited)
NOTE 14 — SHARE SPLIT AND SPECIAL DIVIDEND
Effective on September 27, 2012, the Trustees declared a ten for one share split for Schroder Global Multi-Cap Equity Fund — Institutional Class with respect to its shareholders of record on September 26, 2012. The Trustees also declared a special dividend on September 21, 2012 to shareholders of record of Schroder Global Multi-Cap Equity Fund — Institutional Class on September 20, 2012.
NOTE 15 — RECENT ACCOUNTING PRONOUNCEMENT
In May 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-07 regarding “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share”. The amendments in this update are effective for the Fund for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. ASU No. 2015-07 will eliminate the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value per share (or its equivalent) using the practical expedient in the FASB’s fair value measurement guidance. At this time, SIMNA is evaluating the implications of ASU No. 2015-07 and its impact on the financial statement disclosures has not yet been determined.
NOTE 16 — SUBSEQUENT EVENTS
The Funds have evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were available to be issued. Based on this evaluation, no adjustments were required to the financial statements as of April 30, 2015.
Schroder Mutual Funds
Disclosure of Fund Expenses (unaudited)
We believe it is important for you to understand the impact of fees regarding your investment. All mutual funds have operating expenses. As a shareholder of a Schroder Mutual Fund, you incur ongoing costs, which include, among others, costs for portfolio management, administrative services, and shareholder reports (like this one), and in the case of Advisor Shares, distribution (12b-1) fees. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (November 1, 2014 to April 30, 2015).
The table below illustrates your Fund’s costs in two ways.
· Actual expenses. This section helps you to estimate the actual expenses after fee waivers, if applicable, that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fourth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period.”
· Hypothetical example for comparison purposes. This section is intended to help you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had a return of 5% before expenses during the year, and that it incurred expenses at the rate of which it in the past did incur expenses. In this case, because the return used is not the Fund’s actual return, the results may not be used to estimate the actual ending balance of an account in the Fund over the period or expenses you actually paid. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses in this table based on a 5% return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs such as redemption fees, which are described in the Prospectus. If this fee were applied to your account, your costs would be higher.
|
| Beginning |
| Ending |
| Net |
| Expenses |
| |||
Schroder North American Equity Fund |
|
|
|
|
|
|
|
|
| |||
Actual Expenses |
|
|
|
|
|
|
|
|
| |||
Investor Shares |
| $ | 1,000.00 |
| $ | 1,036.30 |
| 0.31 | % | $ | 1.57 |
|
Advisor Shares |
| 1,000.00 |
| 1,034.40 |
| 0.66 |
| 3.33 |
| |||
Hypothetical Example for Comparison Purposes |
|
|
|
|
|
|
|
|
| |||
Investor Shares |
| $ | 1,000.00 |
| $ | 1,023.26 |
| 0.31 | % | $ | 1.56 |
|
Advisor Shares |
| 1,000.00 |
| 1,021.52 |
| 0.66 |
| 3.31 |
| |||
|
|
|
|
|
|
|
|
|
| |||
Schroder U.S. Opportunities Fund |
|
|
|
|
|
|
|
|
| |||
Actual Expenses |
|
|
|
|
|
|
|
|
| |||
Investor Shares |
| $ | 1,000.00 |
| $ | 1,050.30 |
| 1.31 | % | $ | 6.66 |
|
Advisor Shares |
| 1,000.00 |
| 1,049.30 |
| 1.59 |
| 8.08 |
| |||
Hypothetical Example for Comparison Purposes |
|
|
|
|
|
|
|
|
| |||
Investor Shares |
| $ | 1,000.00 |
| $ | 1,018.30 |
| 1.31 | % | $ | 6.56 |
|
Advisor Shares |
| 1,000.00 |
| 1,016.91 |
| 1.59 |
| 7.95 |
|
* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the account period, multiplied by 181/365 (to reflect the one-half year period).
Schroder Mutual Funds
Disclosure of Fund Expenses (unaudited) — (continued)
|
| Beginning |
| Ending |
| Net |
| Expenses |
| |||
Schroder U.S. Small and Mid Cap Opportunities Fund |
|
|
|
|
|
|
|
|
| |||
Actual Expenses |
|
|
|
|
|
|
|
|
| |||
Investor Shares |
| $ | 1,000.00 |
| $ | 1,079.00 |
| 1.05 | % | $ | 5.41 |
|
Advisor Shares |
| 1,000.00 |
| 1,077.80 |
| 1.30 |
| 6.70 |
| |||
R6 Shares |
| 1,000.00 | † | 1,038.00 |
| 0.90 |
| 3.04 | ** | |||
Hypothetical Example for Comparison Purposes |
|
|
|
|
|
|
|
|
| |||
Investor Shares |
| $ | 1,000.00 |
| $ | 1,019.59 |
| 1.05 | % | $ | 5.26 |
|
Advisor Shares |
| 1,000.00 |
| 1,018.35 |
| 1.30 |
| 6.51 |
| |||
R6 Shares |
| 1,000.00 |
| 1,020.33 |
| 0.90 |
| 4.51 |
| |||
|
|
|
|
|
|
|
|
|
| |||
Schroder Emerging Market Equity Fund |
|
|
|
|
|
|
|
|
| |||
Actual Expenses |
|
|
|
|
|
|
|
|
| |||
Investor Shares |
| $ | 1,000.00 |
| $ | 1,031.00 |
| 1.23 | % | $ | 6.19 |
|
Advisor Shares |
| 1,000.00 |
| 1,030.20 |
| 1.48 |
| 7.45 |
| |||
R6 Shares |
| 1,000.00 | † | 1,085.70 |
| 1.10 |
| 3.80 | ** | |||
Hypothetical Example for Comparison Purposes |
|
|
|
|
|
|
|
|
| |||
Investor Shares |
| $ | 1,000.00 |
| $ | 1,018.70 |
| 1.23 | % | $ | 6.16 |
|
Advisor Shares |
| 1,000.00 |
| 1,017.46 |
| 1.48 |
| 7.40 |
| |||
R6 Shares |
| 1,000.00 |
| 1,019.34 |
| 1.10 |
| 5.51 |
| |||
|
|
|
|
|
|
|
|
|
| |||
Schroder Emerging Markets Multi-Cap Equity Fund |
|
|
|
|
|
|
|
|
| |||
Actual Expenses |
|
|
|
|
|
|
|
|
| |||
Investor Shares |
| $ | 1,000.00 |
| $ | 1,014.70 |
| 1.16 | % | $ | 5.79 |
|
Advisor Shares |
| 1,000.00 |
| 1,013.50 |
| 1.35 |
| 6.74 |
| |||
R6 Shares |
| 1,000.00 | † | 1,075.50 |
| 0.90 |
| 3.10 | ** | |||
Hypothetical Example for Comparison Purposes |
|
|
|
|
|
|
|
|
| |||
Investor Shares |
| $ | 1,000.00 |
| $ | 1,019.04 |
| 1.16 | % | $ | 5.81 |
|
Advisor Shares |
| 1,000.00 |
| 1,018.10 |
| 1.35 |
| 6.76 |
| |||
R6 Shares |
| 1,000.00 |
| 1,020.33 |
| 0.90 |
| 4.51 |
| |||
|
|
|
|
|
|
|
|
|
| |||
Schroder International Alpha Fund |
|
|
|
|
|
|
|
|
| |||
Actual Expenses |
|
|
|
|
|
|
|
|
| |||
Investor Shares |
| $ | 1,000.00 |
| $ | 1,055.00 |
| 0.95 | % | $ | 4.84 |
|
Advisor Shares |
| 1,000.00 |
| 1,053.70 |
| 1.15 |
| 5.86 |
| |||
R6 Shares |
| 1,000.00 | † | 1,077.20 |
| 0.80 |
| 2.75 | ** | |||
Hypothetical Example for Comparison Purposes |
|
|
|
|
|
|
|
|
| |||
Investor Shares |
| $ | 1,000.00 |
| $ | 1,020.08 |
| 0.95 | % | $ | 4.76 |
|
Advisor Shares |
| 1,000.00 |
| 1,019.09 |
| 1.15 |
| 5.76 |
| |||
R6 Shares |
| 1,000.00 |
| 1,020.83 |
| 0.80 |
| 4.01 |
|
* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the account period, multiplied by 181/365 (to reflect the one-half year period).
** Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the account period, multiplied by 121/365 (to reflect the period).
† Beginning Account Value is from inception date.
Schroder Mutual Funds
Disclosure of Fund Expenses (unaudited) – (concluded)
|
| Beginning |
| Ending |
| Net |
| Expenses |
| |||
Schroder International Multi-Cap Value Fund |
|
|
|
|
|
|
|
|
| |||
Actual Expenses |
|
|
|
|
|
|
|
|
| |||
Investor Shares |
| $ | 1,000.00 |
| $ | 1,044.30 |
| 0.91 | % | $ | 4.61 |
|
Advisor Shares |
| 1,000.00 |
| 1,042.90 |
| 1.19 |
| 6.03 |
| |||
R6 Shares |
| 1,000.00 | † | 1,082.10 |
| 0.75 |
| 2.59 | ** | |||
Hypothetical Example for Comparison Purposes |
|
|
|
|
|
|
|
|
| |||
Investor Shares |
| $ | 1,000.00 |
| $ | 1,020.28 |
| 0.91 | % | $ | 4.56 |
|
Advisor Shares |
| 1,000.00 |
| 1,018.89 |
| 1.19 |
| 5.96 |
| |||
R6 Shares |
| 1,000.00 |
| 1,020.88 |
| 0.75 |
| 3.76 |
| |||
|
|
|
|
|
|
|
|
|
| |||
Schroder Global Multi-Cap Equity Fund |
|
|
|
|
|
|
|
|
| |||
Actual Expenses |
|
|
|
|
|
|
|
|
| |||
Investor Shares |
| $ | 1,000.00 |
| $ | 1,027.80 |
| 0.80 | % | $ | 4.02 |
|
Advisor Shares |
| 1,000.00 | † | 1,042.90 |
| 1.05 |
| 3.56 | ** | |||
R6 Shares |
| 1,000.00 |
| 1,028.00 |
| 0.66 |
| 3.32 |
| |||
Hypothetical Example for Comparison Purposes |
|
|
|
|
|
|
|
|
| |||
Investor Shares |
| $ | 1,000.00 |
| $ | 1,020.83 |
| 0.80 | % | $ | 4.01 |
|
Advisor Shares |
| 1,000.00 |
| 1,019.44 |
| 1.05 |
| 5.26 |
| |||
R6 Shares |
| 1,000.00 |
| 1,021.52 |
| 0.66 |
| 3.31 |
|
* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the account period, multiplied by 181/365 (to reflect the one-half year period).
** Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the account period, multiplied by 121/365 (to reflect the period).
† Beginning Account Value is from inception date.
Privacy Statement
FACTS |
| WHAT DOES SCHRODERS DO WITH YOUR PERSONAL INFORMATION? |
|
|
|
Why? |
| Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
|
|
|
What? |
| The types of personal information we collect and share depend on the product or service you have with us. This information can include:
· Social Security number and income · account balances and account transactions · assets and investment experience
When you are no longer our customer, we continue to share your information as described in this notice. |
|
|
|
How? |
| All financial companies need to share clients’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their clients’ personal information; the reasons Schroders chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information |
| Does Schroders |
| Can you limit this |
For our everyday business purposes — such as to process your transactions, maintain your account(s), or respond to court orders and legal investigations |
| Yes |
| No |
For our marketing purposes — to offer our products and services to you |
| Yes |
| No |
For joint marketing with other financial companies |
| No |
| We Don’t Share |
For our affiliates’ everyday business purposes — information about your transactions and experiences |
| Yes |
| No |
For our affiliates’ everyday business purposes — information about your creditworthiness |
| No |
| We Don’t Share |
For nonaffiliates to market to you |
| No |
| We Don’t Share |
Questions? |
| For Schroder Mutual Funds, call BFDS at (800) 464-3108. For other inquiries, call Institutional Client Service at (212) 641-3800 or email clientserviceny@us.schroders.com |
Who we are |
|
|
|
|
|
Who is providing this notice? |
| · Schroder Investment Management North America Inc. · Schroder Mutual Funds · Schroder Fund Advisors LLC |
What we do |
|
|
How does Schroders protect my personal information? |
| To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
Access to personal information is limited to employees who need it to perform their jobs. Our policies restrict employee use of customer information; requiring it be held in strict confidence. |
How does Schroders collect my personal information? |
| We collect your personal information, for example, when you
· open an account and provide account information · give us your contact information · show your driver’s license or government issued ID · enter into an investment advisory contract · make a wire transfer |
|
|
|
Why can’t I limit all sharing? |
| Federal law gives you the right to limit only
· sharing for affiliates’ everyday business purposes—information about your creditworthiness · affiliates from using your information to market to you · sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. |
Definitions |
|
|
|
|
|
Affiliates |
| Companies related by common ownership or control. They can be financial and nonfinancial companies.
· Our affiliates include companies with the Schroder name; financial companies such as Schroder Investment Management North America Limited and Schroder Investment Management Limited; and others, such as the parent, holding company, Schroders plc. |
|
|
|
Nonaffiliates |
| Companies not related by common ownership or control. They can be financial and nonfinancial companies.
· Nonaffiliates we share with can include companies that help us maintain, process or service your transactions or account(s) or financial products, including companies that perform administrative, accounting, transfer agency, custodial, brokerage or proxy solicitation services, or that assist us in marketing. |
|
|
|
Joint marketing |
| A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
· Schroders doesn’t jointly market. |
Investment Advisor |
| Schroder Investment Management North America, Inc. |
|
|
|
Trustees |
| Catherine A. Mazza (Chairman) |
|
|
|
Distributor |
| Schroder Fund Advisors LLC |
|
|
|
Transfer & Shareholder Servicing Agent |
| Boston Financial Data Services, Inc. |
|
|
|
Custodian |
| JPMorgan Chase Bank |
|
|
|
Counsel |
| Ropes & Gray LLP |
|
|
|
Independent Registered Public Accounting Firm |
| PricewaterhouseCoopers LLP |
|
|
|
|
| This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of a Fund unless accompanied or preceded by that Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change. |
|
|
|
|
| Schroder Capital Funds (Delaware) |
|
| Schroder Series Trust |
|
| Schroder Global Series Trust |
|
| P.O. Box 55260 |
|
| Boston, MA 02205-5260 |
|
| (800) 464-3108 |
|
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|
| 00149120 |
Item 2. Code of Ethics.
Not applicable for semi-annual report.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual report.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual report.
Item 5. Audit Committee of Listed Registrants.
Not applicable to open-end management investment companies.
Item 6. Schedule of Investments.
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
None.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the investment company on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.
(b) There have been no changes in the registrant’s internal control over financial reporting during the period from February 1, 2015 through April 30, 2015 that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Not applicable for semi-annual report.
(a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.
(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Schroder Global Series Trust |
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|
|
|
By (Signature and Title)* | /s/ Mark A. Hemenetz |
| Mark A. Hemenetz, |
| Principal Executive Officer |
Date: July 1, 2015
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Mark A. Hemenetz |
| Mark A. Hemenetz, |
| Principal Executive Officer |
Date: July 1, 2015
By (Signature and Title)* | /s/ Alan M. Mandel |
| Alan M. Mandel, |
| Treasurer and Chief Financial Officer |
Date: July 1, 2015
* Print the name and title of each signing officer under his or her signature.