UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-07527

 

Turner Funds

(Exact name of registrant as specified in charter)

 

1205 Westlakes Drive, Suite 100 Berwyn, PA

 

19312

(Address of principal executive offices)

 

(Zip code)

 

Michael P. Malloy

Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, PA 19103

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

1-800-224-6312

 

 

Date of fiscal year end:

September 30

 

 

Date of reporting period:

December 31, 2013

 

 



 

Item 1.    Schedules of Investments.

 



 

(Unaudited)

 

Schedule of investments

Turner Market Neutral Fund

December 31, 2013

 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

Common stock-88.8%

 

 

 

 

 

Consumer discretionary-16.7%

 

 

 

 

 

Dunkin’ Brands Group^

 

1,400

 

$

67

 

Fox Factory Holding*^

 

4,170

 

73

 

Home Depot

 

1,010

 

83

 

Lithia Motors, Cl A^

 

970

 

67

 

Ralph Lauren^

 

770

 

137

 

Vitamin Shoppe*^

 

2,380

 

124

 

Total Consumer discretionary

 

 

 

551

 

 

 

 

 

 

 

Consumer staples-1.1%

 

 

 

 

 

Monster Beverage*^

 

550

 

37

 

Total Consumer staples

 

 

 

37

 

 

 

 

 

 

 

Energy-7.5%

 

 

 

 

 

Gulfport Energy*^

 

2,180

 

137

 

PetroChina ADR^

 

990

 

109

 

Total Energy

 

 

 

246

 

 

 

 

 

 

 

Financials-12.2%

 

 

 

 

 

Affiliated Managers Group*^

 

510

 

110

 

Allstate^

 

1,280

 

70

 

Concentradora Fibra Hotelera Mexicana

 

42,330

 

68

 

Hersha Hospitality Trust^

 

11,800

 

66

 

Safeguard Scientifics*^

 

4,310

 

87

 

Total Financials

 

 

 

401

 

 

 

 

 

 

 

Health care-14.9%

 

 

 

 

 

AstraZeneca ADR^

 

1,320

 

78

 

Cardinal Health^

 

1,170

 

78

 

McKesson^

 

830

 

135

 

PAREXEL International*^

 

1,550

 

70

 

Proto Labs*

 

920

 

65

 

Stryker^

 

860

 

65

 

Total Health care

 

 

 

491

 

 

 

 

 

 

 

Industrials-8.5%

 

 

 

 

 

CAI International*^

 

5,720

 

134

 

Canadian Pacific Railway^

 

480

 

73

 

Union Pacific^

 

440

 

74

 

Total Industrials

 

 

 

281

 

 

 

 

 

 

 

Information technology-20.3%

 

 

 

 

 

Alliance Data Systems*^

 

260

 

68

 

Apple^

 

150

 

84

 

Cavium*^

 

1,970

 

68

 

Facebook, Cl A*^

 

860

 

47

 

NetSuite*

 

1,230

 

128

 

NXP Semiconductors*^

 

2,230

 

103

 

Skyworks Solutions*^

 

1,460

 

42

 

Take-Two Interactive Software*^

 

3,540

 

61

 

Visa, Cl A^

 

320

 

71

 

Total Information technology

 

 

 

672

 

 

 

 

 

 

 

Materials-7.6%

 

 

 

 

 

International Flavors & Fragrances^

 

1,150

 

99

 

Louisiana-Pacific*^

 

8,160

 

151

 

Total Materials

 

 

 

250

 

Total Common stock
(Cost $2,697)**

 

 

 

2,929

 

 

 

 

 

 

 

Cash equivalent - 4.1%

 

 

 

 

 

BlackRock Liquidity Funds TempCash Portfolio, Dollar Shares, 0.122%‡

 

135,276

 

135

 

Total Cash equivalent
(Cost $135)**

 

 

 

135

 

Total Investments-92.9%
(Cost $2,832)**

 

 

 

3,064

 

 

 

 

 

 

 

Segregated cash with brokers-94.6%

 

 

 

3,120

 

Securities sold short-(87.2)%
(Proceeds $(2,726))**

 

 

 

(2,876

)

Net Other assets (liabilities)-(0.3)%

 

 

 

(10

)

Net Assets-100.0%

 

 

 

$

3,298

 

 


*

Non-income producing security.

**

This number is listed in thousands.

^

All or a portion of the shares have been committed as collateral for open short positions.

Rate shown is the 7-day effective yield as of December 31, 2013.

 

 

ADR

- American Depositary Receipt

Cl

- Class

 

See accompanying notes to schedules of investments.

 



 

(Unaudited)

 

Schedule of securities sold short

Turner Market Neutral Fund

December 31, 2013

 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

Common stock-87.2%

 

 

 

 

 

Consumer discretionary-14.6%

 

 

 

 

 

AutoZone

 

150

 

$

72

 

Bed Bath & Beyond

 

840

 

67

 

Darden Restaurants

 

1,250

 

68

 

Mattel

 

1,390

 

66

 

Target

 

950

 

60

 

Twenty-First Century Fox

 

1,940

 

68

 

Under Armour, Cl A

 

910

 

80

 

Total Consumer discretionary

 

 

 

481

 

 

 

 

 

 

 

Consumer staples-6.1%

 

 

 

 

 

Clorox

 

720

 

67

 

Procter & Gamble

 

820

 

67

 

Wal-Mart Stores

 

840

 

66

 

Total Consumer staples

 

 

 

200

 

 

 

 

 

 

 

Energy-7.4%

 

 

 

 

 

China Petroleum & Chemical ADR

 

1,390

 

114

 

Southwestern Energy

 

3,290

 

130

 

Total Energy

 

 

 

244

 

 

 

 

 

 

 

Financials-10.5%

 

 

 

 

 

Arch Capital Group

 

1,170

 

70

 

DiamondRock Hospitality

 

5,680

 

66

 

Legg Mason

 

3,260

 

142

 

Macquarie Mexico Real Estate Management

 

34,080

 

67

 

Total Financials

 

 

 

345

 

 

 

 

 

 

 

Health care-16.3%

 

 

 

 

 

athenahealth

 

1,000

 

134

 

GlaxoSmithKline ADR

 

1,230

 

66

 

LifePoint Hospitals

 

1,260

 

67

 

Pfizer

 

2,430

 

74

 

Sirona Dental Systems

 

1,880

 

131

 

WellPoint

 

710

 

66

 

Total Health care

 

 

 

538

 

 

 

 

 

 

 

Industrials-14.5%

 

 

 

 

 

CSX

 

2,590

 

75

 

Deere

 

1,500

 

137

 

Kansas City Southern

 

550

 

68

 

Nordson

 

880

 

65

 

TAL International Group

 

2,330

 

134

 

Total Industrials

 

 

 

479

 

 

 

 

 

 

 

Information technology-17.8%

 

 

 

 

 

Accenture PLC

 

800

 

66

 

Citrix Systems

 

1,060

 

67

 

Infosys SP ADR

 

1,280

 

72

 

Oracle

 

2,080

 

79

 

Power Integrations

 

660

 

37

 

SanDisk

 

970

 

68

 

Symantec

 

2,620

 

62

 

Texas Instruments

 

1,570

 

69

 

Western Union

 

4,010

 

69

 

Total Information technology

 

 

 

589

 

Total Common stock
(Proceeds $2,726)*

 

 

 

2,876

 

Total Securities sold short-87.2%
(Proceeds $2,726)*

 

 

 

$

2,876

 

 

Percentages disclosed are based on total net assets of the Fund at December 31, 2013.

 


*

This number is listed in thousands.

 

 

ADR

- American Depositary Receipt

Cl

- Class

 

See accompanying notes to schedules of investments.

 



 

(Unaudited)

 

Schedule of investments

Turner Medical Sciences Long/Short Fund

December 31, 2013

 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

Common stock-69.9%

 

 

 

 

 

Biotechnology-19.1%

 

 

 

 

 

Aegerion Pharmaceuticals*

 

5,860

 

$

416

 

Agios Pharmaceuticals*

 

3,240

 

78

 

Alexion Pharmaceuticals*

 

4,810

 

641

 

Alkermes*

 

8,030

 

326

 

Biogen Idec*

 

640

 

179

 

BioMarin Pharmaceuticals*

 

1,670

 

117

 

Cepheid*

 

3,070

 

143

 

Cubist Pharmaceuticals*

 

9,600

 

662

 

Discovery Laboratories*

 

33,730

 

76

 

Dynavax Technologies*

 

39,820

 

78

 

Enanta Pharmaceuticals*

 

1,360

 

37

 

Gilead Sciences*

 

1,370

 

103

 

Horizon Pharma*

 

25,380

 

193

 

Idera Pharmaceuticals*

 

25,140

 

116

 

Ironwood Pharmaceuticals*

 

10,720

 

124

 

Keryx Biopharmaceuticals*

 

12,090

 

157

 

MacroGenics*

 

910

 

25

 

Neurocrine Biosciences*

 

29,221

 

273

 

NPS Pharmaceuticals*

 

8,760

 

266

 

Puma Biotechnology*

 

1,540

 

159

 

Receptos*

 

9,460

 

274

 

Rigel Pharmaceuticals*

 

21,030

 

60

 

Swedish Orphan Biovitrum*

 

20,240

 

210

 

Targacept*

 

8,450

 

35

 

Theravance*

 

4,030

 

144

 

Total Biotechnology

 

 

 

4,892

 

 

 

 

 

 

 

Drug stores-0.5%

 

 

 

 

 

Rite AID*

 

27,220

 

138

 

Total Drug stores

 

 

 

138

 

 

 

 

 

 

 

Health care equipment & supplies-22.1%

 

 

 

 

 

Align Technology*

 

4,450

 

254

 

Bristol-Myers Squibb

 

14,310

 

761

 

Cooper

 

4,100

 

508

 

Covidien

 

13,690

 

932

 

Cyberonics*

 

2,390

 

157

 

Express Scripts Holding*

 

11,120

 

781

 

McKesson

 

2,350

 

379

 

Natus Medical*

 

5,480

 

123

 

NxStage Medical*

 

7,700

 

77

 

Prestige Brands Holdings*

 

3,360

 

120

 

Teleflex

 

3,800

 

357

 

Universal Health Services, Cl B

 

4,400

 

358

 

Vitamin Shoppe*

 

16,810

 

874

 

Total Health care equipment & supplies

 

 

 

5,681

 

 

 

 

 

 

 

Health care providers & services-3.4%

 

 

 

 

 

Catamaran*

 

10,750

 

511

 

Team Health Holdings*

 

7,780

 

354

 

Total Health care providers & services

 

 

 

865

 

 

 

 

 

 

 

Health care technology-1.7%

 

 

 

 

 

Cerner*

 

7,650

 

426

 

Total Health care technology

 

 

 

426

 

 

 

 

 

 

 

Life sciences tools & services-2.3%

 

 

 

 

 

Furiex Pharmaceuticals*

 

6,110

 

257

 

PAREXEL International*

 

7,530

 

340

 

Total Life sciences tools & services

 

 

 

597

 

 

 

 

 

 

 

Pharmaceuticals-18.7%

 

 

 

 

 

Akorn*

 

9,640

 

237

 

Allergan

 

3,020

 

335

 

AstraZeneca ADR

 

4,290

 

255

 

Basilea Pharmaceutica-Registered Shares

 

2,030

 

240

 

Bayer AG

 

1,847

 

259

 

DepoMed*

 

41,930

 

444

 

Impax Laboratories*

 

19,430

 

488

 

Lannett*

 

15,090

 

499

 

Perrigo

 

2,370

 

364

 

Roche Holding AG ADR

 

12,820

 

900

 

Salix Pharmaceuticals*

 

1,410

 

127

 

Zoetis

 

19,970

 

653

 

Total Pharmaceuticals

 

 

 

4,801

 

 

 

 

 

 

 

Professional services-2.1%

 

 

 

 

 

Towers Watson, Cl A

 

4,170

 

532

 

Total Professional services

 

 

 

532

 

Total Common stock
(Cost $15,622)**

 

 

 

17,932

 

 

 

 

 

 

 

Cash equivalent - 13.8%

 

 

 

 

 

BlackRock Liquidity Funds TempCash Portfolio, Dollar Shares, 0.122%‡

 

3,545,552

 

3,546

 

Total Cash equivalent
(Cost $3,546)**

 

 

 

3,546

 

Total Investments-83.7%
(Cost $19,168)**

 

 

 

21,478

 

 

 

 

 

 

 

Segregated cash with brokers-51.7%

 

 

 

13,261

 

Securities sold short-(35.8)%
(Proceeds $(8,392))**

 

 

 

(9,175

)

Net Other assets (liabilities)-0.4%

 

 

 

91

 

Net Assets-100.0%

 

 

 

$

25,655

 

 


*

Non-income producing security.

**

This number is listed in thousands.

Rate shown is the 7-day effective yield as of December 31, 2013.

 

 

ADR

- American Depositary Receipt

Cl

- Class

 

See accompanying notes to schedules of investments.

 



 

(Unaudited)

 

Schedule of securities sold short

Turner Medical Sciences Long/Short Fund

December 31, 2013

 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

Common stock-20.3%

 

 

 

 

 

Biotechnology-2.8%

 

 

 

 

 

Amgen

 

2,800

 

$

320

 

Arena Pharmaceuticals

 

17,420

 

102

 

Celgene

 

730

 

123

 

Halozyme Therapeutics

 

6,740

 

101

 

Organovo Holdings

 

6,130

 

68

 

Total Biotechnology

 

 

 

714

 

 

 

 

 

 

 

Health care equipment & supplies-9.3%

 

 

 

 

 

Boston Scientific

 

10,540

 

127

 

Cynosure, Cl A

 

7,790

 

208

 

HMS Holdings

 

4,480

 

102

 

Hologic

 

8,000

 

179

 

IDEXX Laboratories

 

2,390

 

254

 

LifePoint Hospitals

 

4,000

 

211

 

Mazor Robotics ADR

 

4,870

 

95

 

Medtronic

 

6,530

 

375

 

Neogen

 

1,550

 

71

 

Quest Diagnostics

 

1,780

 

95

 

Sirona Dental Systems

 

3,460

 

243

 

WellPoint

 

4,720

 

435

 

Total Health care equipment & supplies

 

 

 

2,395

 

 

 

 

 

 

 

Health care providers & services-1.4%

 

 

 

 

 

Endologix

 

4,170

 

73

 

Fresenius Medical Care ADR

 

4,350

 

155

 

UnitedHealth Group, Cl B

 

1,640

 

123

 

Total Health care providers & services

 

 

 

351

 

 

 

 

 

 

 

Health care technology-0.2%

 

 

 

 

 

Vocera Communications

 

3,790

 

59

 

Total Health care technology

 

 

 

59

 

 

 

 

 

 

 

Pharmaceuticals-6.6%

 

 

 

 

 

AbbVie

 

4,620

 

244

 

Eisai

 

6,210

 

240

 

Merck

 

5,130

 

257

 

Merck KGaA

 

1,380

 

247

 

Novartis AG ADR

 

4,000

 

322

 

Pfizer

 

12,250

 

375

 

Total Pharmaceuticals

 

 

 

1,685

 

Total Common stock
(Proceeds $5,035)*

 

 

 

5,204

 

 

 

 

 

 

 

Exchange traded funds - 15.5%

 

 

 

 

 

CurrencyShares Euro Trust

 

2,640

 

359

 

Health Care Select Sector SPDR

 

11,420

 

633

 

iShares NASDAQ Biotechnology Index Fund

 

5,969

 

1,356

 

Market Vectors Biotech ETF

 

9,410

 

833

 

Market Vectors Pharmaceutical ETF

 

14,880

 

790

 

Total Exchange traded funds
(Proceeds $3,357)*

 

 

 

3,971

 

Total Securities sold short-35.8%
(Proceeds $8,392)*

 

 

 

$

9,175

 

 

Percentages disclosed are based on total net assets of the Fund at December 31, 2013.

 


*

This number is listed in thousands.

 

 

ADR

- American Depositary Receipt

Cl

- Class

ETF

- Exchange Traded Fund

SPDR

- Standard & Poor’s Depositary Receipt

 

See accompanying notes to schedules of investments.

 



 

(Unaudited)

 

Schedule of investments

Turner Spectrum Fund

December 31, 2013

 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

Common stock-85.4%

 

 

 

 

 

Consumer discretionary-16.7%

 

 

 

 

 

American Axle & Manufacturing Holdings*

 

42,530

 

$

870

 

Arcos Dorados Holdings, Cl A

 

117,000

 

1,418

 

Ascena Retail Group*

 

46,800

 

990

 

Bloomin’ Brands*

 

39,830

 

956

 

Burlingotn Stores*^

 

57,930

 

1,854

 

Cracker Barrel Old Country Store^

 

18,560

 

2,043

 

Crimson Wine Group*

 

49,598

 

438

 

Dollar General*^

 

28,870

 

1,741

 

Fifth & Pacific*

 

44,710

 

1,434

 

General Motors*^

 

97,310

 

3,977

 

Groupon*^

 

150,430

 

1,771

 

Harman International Industries

 

19,640

 

1,608

 

Hilton Worldwide Holdings*

 

188,880

 

4,203

 

Home Depot^

 

66,190

 

5,449

 

HomeAway*^

 

83,710

 

3,422

 

Jarden*

 

35,550

 

2,181

 

Kohl’s

 

35,890

 

2,037

 

Lennar, Cl A^

 

73,940

 

2,925

 

Lifelock*

 

77,201

 

1,267

 

LIN Media, Cl A*^

 

75,190

 

2,159

 

Lithia Motors, Cl A^

 

32,840

 

2,280

 

Louis XIII Holdings

 

4,067,580

 

4,097

 

Macy’s

 

44,980

 

2,402

 

Michael Kors Holdings*

 

9,700

 

788

 

Qunar Cayman Islands ADR*

 

43,380

 

1,151

 

Red Robin Gourmet Burgers*^

 

25,920

 

1,906

 

Shutterfly*

 

14,780

 

753

 

Starwood Hotels & Resorts Worldwide^

 

27,110

 

2,154

 

Tenneco*

 

22,830

 

1,291

 

Tiffany

 

32,920

 

3,054

 

Urban Outfitters*

 

37,840

 

1,404

 

Vail Resorts

 

21,180

 

1,593

 

Vitamin Shoppe*^

 

83,575

 

4,347

 

Walt Disney^

 

57,770

 

4,413

 

Yum! Brands

 

21,400

 

1,618

 

Total Consumer discretionary

 

 

 

75,994

 

 

 

 

 

 

 

Consumer staples-3.5%

 

 

 

 

 

Anheuser-Busch InBev ADR^

 

32,080

 

3,415

 

Coca-Cola Enterprises

 

44,320

 

1,956

 

Colgate-Palmolive^

 

30,930

 

2,017

 

Constellation Brands*

 

19,810

 

1,394

 

Hershey

 

12,200

 

1,186

 

Monster Beverage*^

 

44,530

 

3,018

 

Prestige Brands Holdings*

 

8,400

 

301

 

Rite AID*

 

97,440

 

493

 

Safeway^

 

60,030

 

1,955

 

Total Consumer staples

 

 

 

15,735

 

 

 

 

 

 

 

Energy-9.2%

 

 

 

 

 

Bill Barrett*

 

74,960

 

2,007

 

Bristow Group

 

18,375

 

1,379

 

Cabot Oil & Gas

 

33,110

 

1,283

 

Caracal Energy*

 

174,418

 

1,276

 

Cimarex Energy

 

20,200

 

2,119

 

Cobalt International Energy*

 

127,570

 

2,099

 

Concho Resources*

 

9,620

 

1,039

 

Dril-Quip*

 

7,790

 

856

 

EOG Resources

 

25,760

 

4,324

 

Gulfport Energy*^

 

43,670

 

2,758

 

Halliburton

 

69,510

 

3,528

 

Kodiak Oil & Gas*

 

215,110

 

2,411

 

Lehigh Gas Partners^

 

124,490

 

3,560

 

Lekoil*

 

4,274,480

 

4,424

 

Ophir Energy*

 

430,012

 

2,334

 

Penn-Virginia*

 

185,010

 

1,745

 

PetroChina, Cl H Shares

 

1,508,890

 

1,654

 

SemGroup, Cl A

 

27,550

 

1,797

 

SunPower*^

 

43,680

 

1,302

 

Total Energy

 

 

 

41,895

 

 

 

 

 

 

 

Financials-13.3%

 

 

 

 

 

Affiliated Managers Group*^

 

12,140

 

2,633

 

AIA Group

 

362,710

 

1,820

 

AON^

 

45,950

 

3,855

 

Atlas Mara Co-Nvest*

 

316,620

 

3,823

 

Bank of the Ozarks^

 

30,489

 

1,725

 

Brixmor Property Group*

 

54,120

 

1,100

 

Bryn Mawr Bank

 

51,430

 

1,552

 

Cardtronics*^

 

25,261

 

1,098

 

Countrywide

 

143,936

 

1,418

 

Credito Real

 

920,631

 

1,420

 

Discover Financial Services^

 

52,732

 

2,950

 

East West BanCorp^

 

113,760

 

3,978

 

Erste Group Bank

 

34,658

 

1,208

 

Essent Group*

 

33,720

 

811

 

Evercore Partners^

 

25,040

 

1,497

 

Financial Engine

 

23,300

 

1,619

 

Fortegra Financial*^

 

107,589

 

890

 

Genworth Financial, Cl A*^

 

147,000

 

2,283

 

Hersha Hospitality Trust

 

245,150

 

1,365

 

Intact Financial

 

25,040

 

1,635

 

IntercontinentalExchange Group^

 

10,855

 

2,442

 

Metropolitan Bank & Trust

 

956,978

 

1,629

 

Nelnet^

 

50,410

 

2,124

 

Ocwen Financial*^

 

73,425

 

4,071

 

OmniAmerican Bancorp*

 

54,049

 

1,156

 

PacWest BanCorp^

 

47,040

 

1,986

 

Portfolio Recovery Associates*^

 

86,229

 

4,557

 

ProAssurance^

 

38,300

 

1,857

 

Signature Bank*^

 

16,550

 

1,778

 

Total Financials

 

 

 

60,280

 

 

 

 

 

 

 

Health care-16.3%

 

 

 

 

 

Aegerion Pharmaceuticals*

 

35,400

 

2,512

 

Agios Pharmaceuticals*

 

17,900

 

429

 

Air Methods*^

 

17,740

 

1,035

 

Akorn*

 

32,550

 

802

 

Alexion Pharmaceuticals*

 

16,240

 

2,161

 

Align Technology*^

 

42,290

 

2,417

 

Alkermes*

 

27,120

 

1,103

 

Allergan

 

10,210

 

1,134

 

ArthroCare*^

 

65,577

 

2,639

 

AstraZeneca ADR

 

14,920

 

886

 

Basilea Pharmaceutica-Registered Shares

 

7,350

 

869

 

Bayer AG

 

6,426

 

901

 

Biogen Idec*^

 

5,220

 

1,460

 

BioMarin Pharmaceuticals*

 

5,990

 

421

 

Bristol-Myers Squibb^

 

78,460

 

4,169

 

Catamaran*

 

36,300

 

1,724

 

Cepheid*

 

10,360

 

484

 

Cerner*^

 

26,606

 

1,483

 

Cooper

 

13,850

 

1,715

 

Covidien^

 

46,260

 

3,149

 

 



 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

Cubist Pharmaceuticals*^

 

32,445

 

$

2,234

 

Cyberonics*

 

8,670

 

568

 

DepoMed*

 

141,640

 

1,499

 

Discovery Laboratories*

 

76,020

 

171

 

Dynavax Technologies*

 

142,340

 

279

 

Enanta Pharmaceuticals*

 

5,330

 

145

 

Express Scripts Holding*^

 

37,550

 

2,638

 

Furiex Pharmaceuticals*

 

20,650

 

868

 

Gilead Sciences*^

 

36,470

 

2,741

 

Horizon Pharma*

 

46,580

 

355

 

Idera Pharmaceuticals*

 

91,270

 

423

 

Impax Laboratories*^

 

65,620

 

1,650

 

Ironwood Pharmaceuticals*

 

38,290

 

445

 

Johnson & Johnson

 

12,750

 

1,168

 

Keryx Biopharmaceuticals*

 

43,910

 

569

 

Lannett*^

 

57,497

 

1,903

 

MacroGenics*

 

3,700

 

101

 

McKesson^

 

16,530

 

2,668

 

Natus Medical*

 

19,110

 

430

 

Neurocrine Biosciences*^

 

98,709

 

922

 

NPS Pharmaceuticals*^

 

29,580

 

898

 

NxStage Medical*

 

27,520

 

275

 

PAREXEL International*

 

49,900

 

2,254

 

Perrigo^

 

8,270

 

1,269

 

Puma Biotechnology*

 

5,599

 

580

 

Receptos*

 

31,970

 

927

 

Rigel Pharmaceuticals*

 

77,860

 

222

 

Roche Holding AG ADR^

 

63,720

 

4,472

 

Salix Pharmaceuticals*

 

5,110

 

460

 

Stryker

 

12,000

 

902

 

Swedish Orphan Biovitrum*

 

79,220

 

822

 

Targacept*

 

33,070

 

137

 

Team Health Holdings*^

 

49,580

 

2,258

 

Teleflex^

 

13,230

 

1,242

 

Theravance*

 

14,620

 

521

 

Universal Health Services, Cl B^

 

15,320

 

1,245

 

Zoetis^

 

67,460

 

2,205

 

Total Health care

 

 

 

73,959

 

 

 

 

 

 

 

Industrials-12.2%

 

 

 

 

 

AMETEK

 

49,910

 

2,629

 

CAI International*^

 

53,570

 

1,263

 

Canadian Pacific Railway^

 

23,504

 

3,557

 

Delta Air Lines

 

61,770

 

1,697

 

Eaton PLC^

 

31,200

 

2,375

 

Fortune Brands Home & Security^

 

44,340

 

2,026

 

Genesee & Wyoming, Cl A*^

 

25,950

 

2,492

 

Hertz Global Holdings*

 

54,020

 

1,546

 

Honeywell International^

 

10,690

 

977

 

Huron Consulting Group*^

 

48,657

 

3,052

 

Kirby*

 

10,420

 

1,034

 

Macquarie Infrastructure^

 

61,180

 

3,330

 

Middleby*^

 

7,230

 

1,735

 

Mrc Global*^

 

56,860

 

1,834

 

On Assignment*

 

34,328

 

1,199

 

Precision Castparts

 

6,970

 

1,877

 

Providence Resources*

 

129,770

 

478

 

Quanta Services*

 

67,660

 

2,135

 

Roadrunner Transportation System*

 

53,620

 

1,445

 

Rockwell Automation

 

12,680

 

1,498

 

Saia*^

 

71,125

 

2,280

 

Towers Watson, Cl A^

 

54,140

 

6,908

 

Union Pacific^

 

22,640

 

3,803

 

United Rentals*^

 

26,820

 

2,091

 

Verisk Analytics, Cl A*^

 

29,620

 

1,947

 

Total Industrials

 

 

 

55,208

 

 

 

 

Contracts/Shares

 

 

 

Information technology-11.4%

 

 

 

 

 

Adobe Systems*

 

13,480

 

807

 

Alliance Data Systems*

 

6,750

 

1,775

 

Apple^

 

7,555

 

4,239

 

Avago Technologies

 

16,820

 

890

 

Cree*

 

38,590

 

2,415

 

DealerTrack Technologies*

 

16,090

 

774

 

Digimarc^

 

112,356

 

2,164

 

Electronics for Imaging*^

 

60,529

 

2,344

 

Ellie Mae*

 

38,330

 

1,030

 

EMC

 

39,290

 

988

 

Facebook, Cl A*^

 

92,590

 

5,061

 

Google, Cl A*^

 

5,125

 

5,743

 

Intel

 

61,200

 

1,589

 

Linx

 

106,990

 

2,173

 

Manhattan Associates*^

 

21,680

 

2,547

 

NXP Semiconductors*

 

22,670

 

1,041

 

Red Hat*

 

10,580

 

593

 

Remark Media*

 

107,870

 

503

 

Riverbed Technology*

 

49,500

 

895

 

Salesforce.com*^

 

39,430

 

2,176

 

ServiceNow*^

 

28,590

 

1,601

 

TE Connectivity

 

15,380

 

848

 

Tyler Technologies*^

 

26,280

 

2,684

 

Visa, Cl A^

 

21,230

 

4,727

 

VMware, Cl A*^

 

22,570

 

2,025

 

Total Information technology

 

 

 

51,632

 

 

 

 

 

 

 

Materials-2.8%

 

 

 

 

 

Augusta Resource*

 

247,250

 

354

 

BHP ADR^

 

49,280

 

3,360

 

Graphic Packaging Holding*^

 

253,020

 

2,429

 

Louisiana-Pacific*^

 

136,040

 

2,518

 

Rockwood Holdings^

 

31,370

 

2,256

 

SilverCrest Mines*

 

200,434

 

342

 

Westlake Chemical^

 

12,810

 

1,564

 

Total Materials

 

 

 

12,823

 

Total Common stock
(Cost $334,039)**

 

 

 

387,526

 

 

 

 

 

 

 

Call option contracts-0.0%

 

 

 

 

 

Cliffs Natural Resources, 1/14 at $26

 

499

 

53

 

Cobalt International Energy, 1/14 at $25#

 

1,714

 

3

 

Cobalt International Energy, 1/14 at $27.5

 

1,799

 

9

 

Total Call option contracts
(Cost $886)**

 

 

 

65

 

 

 

 

 

 

 

Warrant-0.0%

 

 

 

 

 

Financials-0.0%

 

 

 

 

 

Atlas Mara Co-Nvest*

 

316,620

 

203

 

Total Financials

 

 

 

203

 

Total Warrant
(Cost $3)**

 

 

 

203

 

 



 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

Cash equivalent - 12.5%

 

 

 

 

 

BlackRock Liquidity Funds TempCash Portfolio, Dollar Shares, 0.122%‡

 

56,687,584

 

$

56,688

 

Total Cash equivalent
(Cost $56,688)**

 

 

 

56,688

 

Total Investments-97.9%
(Cost $391,616)**

 

 

 

444,482

 

 

 

 

 

 

 

Segregated cash with brokers-50.3%

 

 

 

228,309

 

Securities sold short-(50.9)%
(Proceeds $(221,977))**

 

 

 

(231,267

)

Written option contracts-0.0%
(Proceeds $(171))**

 

 

 

(18

)

Net Other assets (liabilities)-2.7%

 

 

 

12,471

 

Net Assets-100.0%

 

 

 

$

453,977

 

 


*

Non-income producing security.

**

This number is listed in thousands.

^

All or a portion of the shares have been committed as collateral for open short positions and open written option contacts.

#

This security was deemed illiquid according to the policies and procedures adopted by the Board of Trustees and was fair-valued using procedures established by the Fair Value Committee.  As of December 31, 2013, illiquid, fair-valued securities were 0.0% of the Fund’s net assets.

 

 

 

Acquisition
Date

 

Acquisition
Cost**

 

Contracts

 

Fair
Value**

 

Cobalt International Energy

 

October-2013

 

$

376

 

1,714

 

$

3

 

 

Rate shown is the 7-day effective yield as of December 31, 2013.

 

ADR

- American Depositary Receipt

Cl

- Class

 

See accompanying notes to schedules of investments.

 



 

(Unaudited)

 

Schedule of securities sold short

Turner Spectrum Fund

December 31, 2013

 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

Common stock-38.4%

 

 

 

 

 

Consumer discretionary-7.4%

 

 

 

 

 

Autoliv

 

8,585

 

$

788

 

AutoZone

 

2,090

 

999

 

Bally Technologies

 

11,370

 

892

 

Bed Bath & Beyond

 

12,890

 

1,035

 

Buckle

 

32,610

 

1,714

 

CarMax

 

21,240

 

999

 

Carnival

 

11,790

 

474

 

Coach

 

31,670

 

1,778

 

Ctrip.com International SP ADR

 

7,810

 

388

 

Dollar Tree

 

20,300

 

1,145

 

DSW, Cl A

 

20,250

 

865

 

Ford Motor

 

125,030

 

1,929

 

L Brands

 

18,380

 

1,137

 

Lowe’s

 

41,490

 

2,055

 

Lumber Liquidators Holdings

 

11,650

 

1,199

 

Nordstrom

 

13,190

 

815

 

NVR

 

1,960

 

2,011

 

Panera Bread, Cl A

 

6,850

 

1,210

 

PetSmart

 

20,310

 

1,478

 

Sally Beauty Holdings

 

28,540

 

863

 

Sands China

 

116,449

 

951

 

Scientific Games, Cl A

 

97,620

 

1,653

 

SodaStream International

 

14,620

 

726

 

Steven Madden

 

22,180

 

812

 

TJX

 

15,300

 

975

 

Twenty-First Century Fox

 

58,250

 

2,048

 

Under Armour, Cl A

 

12,660

 

1,105

 

Volkswagen, Preferred Shares

 

3,460

 

972

 

YUE Yuen Industrial Holdings

 

222,700

 

744

 

Zulily, Cl A

 

11,590

 

480

 

Total Consumer discretionary

 

 

 

34,240

 

 

 

 

 

 

 

Consumer staples-2.9%

 

 

 

 

 

Clorox

 

31,790

 

2,950

 

ConAgra Foods

 

43,530

 

1,467

 

Costco Wholesale

 

15,730

 

1,872

 

General Mills

 

30,320

 

1,513

 

Herbalife

 

7,040

 

554

 

McCormick

 

11,410

 

786

 

McDonald’s

 

11,780

 

1,143

 

Procter & Gamble

 

16,870

 

1,373

 

Wal-Mart Stores

 

18,310

 

1,441

 

Total Consumer staples

 

 

 

13,099

 

 

 

 

 

 

 

Energy-4.2%

 

 

 

 

 

Chesapeake Energy

 

81,060

 

2,200

 

China Petroleum & Chemical, Cl H Shares

 

2,141,710

 

1,748

 

Continental Resources

 

7,190

 

809

 

Dresser-Rand Group

 

14,610

 

871

 

Enbridge Energy Management LLC

 

36,380

 

1,043

 

Exxon Mobil

 

35,280

 

3,570

 

Frank’s International

 

71,540

 

1,932

 

Southwestern Energy

 

95,700

 

3,765

 

Swift Energy

 

101,590

 

1,371

 

Ultra Petroleum

 

80,770

 

1,749

 

Total Energy

 

 

 

19,058

 

 

 

 

 

 

 

Financials-6.0%

 

 

 

 

 

Amlin

 

86,373

 

656

 

AmTrust Financial Services

 

18,730

 

612

 

Bankunited

 

53,350

 

1,756

 

Banregio Grupo Financiero

 

259,690

 

1,545

 

Capital One Financial

 

33,160

 

2,540

 

CBRE Group

 

94,310

 

2,480

 

Cohen & Steers

 

71,790

 

2,876

 

DiamondRock Hospitality

 

139,700

 

1,614

 

First Republic Bank

 

57,120

 

2,990

 

Health Care REIT

 

28,310

 

1,517

 

Nedbank Group

 

97,340

 

1,956

 

OTP Bank Nyrt

 

91,360

 

1,735

 

People’s United Financial

 

110,630

 

1,673

 

Sovran Self Storage

 

22,320

 

1,455

 

Willis Group Holdings PLC

 

36,150

 

1,620

 

Total Financials

 

 

 

27,025

 

 

 

 

 

 

 

Health care-4.7%

 

 

 

 

 

AbbVie

 

30,290

 

1,600

 

Amgen

 

9,444

 

1,078

 

Arena Pharmaceuticals

 

117,590

 

688

 

Boston Scientific

 

36,670

 

441

 

Celgene

 

2,610

 

441

 

Cynosure, Cl A

 

26,310

 

702

 

Eisai

 

22,190

 

859

 

Endologix

 

14,880

 

260

 

Fresenius Medical Care ADR

 

15,800

 

562

 

Halozyme Therapeutics

 

24,140

 

362

 

HMS Holdings

 

37,370

 

849

 

Hologic

 

28,550

 

638

 

IDEXX Laboratories

 

8,300

 

883

 

LifePoint Hospitals

 

13,520

 

714

 

Mazor Robotics ADR

 

17,420

 

340

 

Medtronic

 

22,050

 

1,265

 

Merck

 

17,340

 

868

 

Merck KGaA

 

4,920

 

882

 

Neogen

 

5,530

 

253

 

Novartis AG ADR

 

13,520

 

1,087

 

Organovo Holdings

 

21,360

 

236

 

Pfizer

 

66,590

 

2,039

 

Quest Diagnostics

 

6,350

 

340

 

Sirona Dental Systems

 

28,450

 

1,997

 

UnitedHealth Group, Cl B

 

5,880

 

443

 

Vocera Communications

 

14,700

 

229

 

WellPoint

 

15,950

 

1,474

 

Total Health care

 

 

 

21,530

 

 

 

 

 

 

 

Industrials-7.1%

 

 

 

 

 

Boeing

 

4,270

 

583

 

C.H. Robinson Worldwide

 

37,970

 

2,215

 

Chicago Bridge & Iron

 

20,260

 

1,684

 

Con-way

 

37,910

 

1,505

 

CSX

 

96,440

 

2,775

 

Deere

 

8,630

 

788

 

Emerson Electric

 

34,730

 

2,437

 

Fastenal

 

66,580

 

3,163

 

Hub Group, Cl A

 

29,860

 

1,191

 

Hunt (JB) Transportation Services

 

31,860

 

2,463

 

Kansas City Southern

 

26,140

 

3,237

 

Manitowoc

 

143,520

 

3,347

 

Stericycle

 

6,820

 

792

 

Textainer Group Holdings

 

16,881

 

679

 

Volvo AB

 

99,750

 

1,310

 

Werner Enterprises

 

156,392

 

3,868

 

Total Industrials

 

 

 

32,037

 

 

 

 

 

 

 

Information technology-4.0%

 

 

 

 

 

Accenture PLC

 

17,510

 

1,440

 

Control4

 

38,532

 

682

 

 



 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

FactSet Research Systems

 

5,460

 

$

593

 

Global Payments

 

23,195

 

1,507

 

Informatica

 

14,240

 

591

 

Ingenico

 

11,080

 

888

 

Linear Technology

 

13,020

 

593

 

OpenTable

 

9,860

 

783

 

SanDisk

 

13,950

 

984

 

Symantec

 

42,840

 

1,010

 

Tech Data

 

11,850

 

611

 

Texas Instruments

 

13,980

 

614

 

Textura

 

16,410

 

491

 

Twitter

 

6,150

 

391

 

VeriFone Systems

 

130,500

 

3,501

 

Western Union

 

188,950

 

3,260

 

Total Information technology

 

 

 

17,939

 

 

 

 

 

 

 

Materials-1.5%

 

 

 

 

 

Albemarle

 

9,310

 

590

 

Alcoa

 

113,690

 

1,209

 

Reliance Steel & Aluminum Co.

 

22,690

 

1,721

 

Rio Tinto PLC ADR

 

44,430

 

2,507

 

Schnitzer Steel Industries, Cl A

 

30,440

 

994

 

Total Materials

 

 

 

7,021

 

 

 

 

 

 

 

Utilities-0.6%

 

 

 

 

 

AmeriGas Partners

 

10,700

 

477

 

Hong Kong & China Gas

 

913,781

 

2,095

 

Total Utilities

 

 

 

2,572

 

Total Common stock
(Proceeds $169,683)*

 

 

 

174,521

 

 

 

 

 

 

 

Exchange traded funds-12.5%

 

 

 

 

 

Consumer Staples Select Sector SPDR Fund

 

72,410

 

3,112

 

CurrencyShares Euro Trust

 

8,930

 

1,214

 

First Trust Dow Jones Internet Index Fund

 

45,490

 

2,723

 

Health Care Select Sector SPDR

 

38,580

 

2,139

 

iShares Core S&P Small-Cap ETF

 

50,250

 

5,488

 

iShares NASDAQ Biotechnology Index Fund

 

20,171

 

4,580

 

iShares Russell 2000 Growth Index Fund

 

57,310

 

7,766

 

iShares Russell 2000 Index Fund

 

67,330

 

7,764

 

Market Vectors Biotech ETF

 

31,792

 

2,814

 

Market Vectors Oil Service ETF

 

39,410

 

1,894

 

Market Vectors Pharmaceutical ETF

 

50,260

 

2,669

 

SPDR S&P 500 ETF Trust

 

60,850

 

11,238

 

SPDR S&P Retail ETF

 

19,070

 

1,680

 

VelocityShares Daily Inverse VIX Short-Term ETN

 

48,430

 

1,665

 

Total Exchange traded funds
(Proceeds $52,294)*

 

 

 

56,746

 

Total Securities sold short-50.9%
(Proceeds $221,977)*

 

 

 

$

231,267

 

 

Percentages disclosed are based on total net assets of the Fund at December 31, 2013.

 


*

This number is listed in thousands.

 

 

ADR

- American Depositary Receipt

Cl

- Class

ETF

- Exchange Traded Fund

SPDR

- Standard & Poor’s Depositary Receipt

 

See accompanying notes to schedules of investments.

 



 

(Unaudited)

 

Schedule of open written option contracts

Turner Spectrum Fund

December 31, 2013

 

 

 

 

 

Value

 

 

 

Contracts

 

(000)

 

Written option contracts-0.0%

 

 

 

 

 

Written call option contracts-0.0%

 

 

 

 

 

Cobalt International Energy,
1/14 at $37.5

 

1,799

 

$

9

 

Cobalt International Energy,
1/14 at $35

 

1,714

 

9

 

Total Written call option contracts
(Premiums received $171)*

 

 

 

18

 

Total Written option contracts
(Premiums received $171)*

 

 

 

$

18

 

 

Percentages disclosed are based on total net assets of the Fund at December 31, 2013.

 


*

This number is listed in thousands.

 

See accompanying notes to schedules of investments.

 



 

(Unaudited)

 

Schedule of investments

Turner Titan Fund

December 31, 2013

 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

Common stock-91.2%†

 

 

 

 

 

Consumer discretionary-17.4%

 

 

 

 

 

General Motors*

 

9,380

 

$

383

 

Hilton Worldwide Holdings*

 

35,490

 

790

 

Home Depot^

 

8,720

 

718

 

HomeAway*

 

10,360

 

424

 

Lennar, Cl A

 

6,560

 

260

 

Louis XIII Holdings

 

119,000

 

120

 

Macy’s

 

6,140

 

328

 

Michael Kors Holdings*

 

3,220

 

261

 

Qunar Cayman Islands ADR*

 

4,850

 

129

 

Tiffany

 

3,560

 

330

 

Walt Disney^

 

10,440

 

797

 

Total Consumer discretionary

 

 

 

4,540

 

 

 

 

 

 

 

Consumer staples-4.5%

 

 

 

 

 

Anheuser-Busch InBev ADR

 

3,050

 

325

 

Colgate-Palmolive

 

4,350

 

284

 

Hershey

 

3,890

 

377

 

Monster Beverage*

 

2,900

 

197

 

Total Consumer staples

 

 

 

1,183

 

 

 

 

 

 

 

Energy-5.9%

 

 

 

 

 

Cabot Oil & Gas

 

11,000

 

426

 

Concho Resources*

 

3,180

 

343

 

EOG Resources

 

3,100

 

521

 

Halliburton^

 

5,160

 

262

 

Total Energy

 

 

 

1,552

 

 

 

 

 

 

 

Financials-8.8%

 

 

 

 

 

Affiliated Managers Group*

 

1,580

 

343

 

AON

 

4,670

 

392

 

Discover Financial Services^

 

9,600

 

537

 

East West BanCorp

 

18,470

 

645

 

IntercontinentalExchange Group^

 

1,720

 

387

 

Total Financials

 

 

 

2,304

 

 

 

 

 

 

 

Health care-13.6%

 

 

 

 

 

Biogen Idec*^

 

965

 

270

 

Bristol-Myers Squibb

 

9,930

 

527

 

Gilead Sciences*^

 

10,440

 

784

 

Johnson & Johnson

 

4,210

 

386

 

McKesson^

 

2,780

 

449

 

PAREXEL International*

 

8,080

 

365

 

Roche Holding AG ADR

 

6,660

 

468

 

Stryker

 

3,960

 

298

 

Total Health care

 

 

 

3,547

 

 

 

 

 

 

 

Industrials-13.6%

 

 

 

 

 

AMETEK

 

5,000

 

263

 

Canadian Pacific Railway

 

2,550

 

386

 

Eaton PLC^

 

10,170

 

775

 

Honeywell International

 

3,330

 

304

 

Kirby*

 

3,420

 

339

 

Precision Castparts

 

2,400

 

647

 

Rockwell Automation

 

4,190

 

495

 

Union Pacific

 

2,030

 

341

 

Total Industrials

 

 

 

3,550

 

 

 

 

 

 

 

Information technology-27.4%

 

 

 

 

 

Adobe Systems*

 

4,450

 

266

 

Apple

 

810

 

454

 

Avago Technologies

 

5,660

 

299

 

EMC

 

12,970

 

326

 

Facebook, Cl A*^

 

16,340

 

894

 

Google, Cl A*

 

635

 

712

 

Intel

 

20,210

 

525

 

NXP Semiconductors*

 

7,500

 

344

 

Red Hat*

 

3,380

 

189

 

Riverbed Technology*

 

16,100

 

291

 

Salesforce.com*

 

13,020

 

719

 

ServiceNow*

 

9,250

 

518

 

TE Connectivity

 

5,000

 

276

 

Visa, Cl A^

 

2,945

 

656

 

VMware, Cl A*

 

7,450

 

667

 

Total Information technology

 

 

 

7,136

 

Total Common stock
(Cost $21,056)**

 

 

 

23,812

 

 

 

 

 

 

 

Cash equivalent - 10.2%

 

 

 

 

 

BlackRock Liquidity Funds TempCash Portfolio, Dollar Shares, 0.122%‡

 

2,661,750

 

2,662

 

Total Cash equivalent
(Cost $2,662)**

 

 

 

2,662

 

Total Investments-101.4%
(Cost $23,718)**

 

 

 

26,474

 

 

 

 

 

 

 

Segregated cash with brokers-46.3%

 

 

 

12,087

 

Securities sold short-(51.1)%
(Proceeds $(12,982))**

 

 

 

(13,344

)

Net Other assets (liabilities)-3.4%

 

 

 

886

 

Net Assets-100.0%

 

 

 

$

26,103

 

 


*

Non-income producing security.

**

This number is listed in thousands.

^

All or a portion of the shares have been committed as collateral for open short positions.

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

Rate shown is the 7-day effective yield as of December 31, 2013.

 

 

ADR

- American Depositary Receipt

 

Cl

- Class

 

 

See accompanying notes to schedules of investments.

 



 

Schedule of investments

Turner Titan Fund

December 31, 2013

 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

Common stock-42.4%

 

 

 

 

 

Consumer discretionary-7.7%

 

 

 

 

 

Autoliv

 

2,830

 

$

260

 

Buckle

 

2,980

 

157

 

Carnival

 

3,890

 

156

 

Coach

 

5,740

 

321

 

Ctrip.com International SP ADR

 

2,580

 

128

 

Ford Motor

 

12,210

 

188

 

Lowe’s

 

3,930

 

195

 

Scientific Games, Cl A

 

11,490

 

195

 

Twenty-First Century Fox

 

7,320

 

258

 

Zulily, Cl A

 

3,830

 

159

 

Total Consumer discretionary

 

 

 

2,017

 

 

 

 

 

 

 

Consumer staples-4.5%

 

 

 

 

 

Clorox

 

4,900

 

454

 

ConAgra Foods

 

5,860

 

197

 

Costco Wholesale

 

2,190

 

261

 

McCormick

 

3,770

 

260

 

Total Consumer staples

 

 

 

1,172

 

 

 

 

 

 

 

Energy-3.1%

 

 

 

 

 

Continental Resources

 

2,230

 

251

 

Exxon Mobil

 

3,730

 

378

 

Southwestern Energy

 

4,910

 

193

 

Total Energy

 

 

 

822

 

 

 

 

 

 

 

Financials-4.6%

 

 

 

 

 

Capital One Financial

 

2,530

 

194

 

CBRE Group

 

7,300

 

192

 

Cohen & Steers

 

9,430

 

378

 

First Republic Bank

 

8,460

 

442

 

Total Financials

 

 

 

1,206

 

 

 

 

 

 

 

Health care-3.4%

 

 

 

 

 

AbbVie

 

4,770

 

252

 

Pfizer

 

8,120

 

249

 

Sirona Dental Systems

 

5,540

 

389

 

Total Health care

 

 

 

890

 

 

 

 

 

 

 

Industrials-8.0%

 

 

 

 

 

Boeing

 

1,410

 

192

 

C.H. Robinson Worldwide

 

3,410

 

199

 

Deere

 

2,850

 

261

 

Emerson Electric

 

3,650

 

256

 

Fastenal

 

4,130

 

196

 

Kansas City Southern

 

2,100

 

260

 

Manitowoc

 

8,380

 

195

 

Stericycle

 

2,250

 

262

 

Werner Enterprises

 

10,490

 

259

 

Total Industrials

 

 

 

2,080

 

 

 

 

 

 

 

Information technology-10.4%

 

 

 

 

 

FactSet Research Systems

 

1,720

 

187

 

Informatica

 

4,620

 

192

 

Linear Technology

 

4,130

 

188

 

OpenTable

 

3,260

 

259

 

SanDisk

 

4,600

 

324

 

Symantec

 

14,140

 

333

 

Tech Data

 

3,740

 

193

 

Texas Instruments

 

4,320

 

190

 

Textura

 

5,420

 

162

 

Twitter

 

2,030

 

129

 

VeriFone Systems

 

13,170

 

353

 

Western Union

 

11,220

 

194

 

Total Information technology

 

 

 

2,704

 

 

 

 

 

 

 

Materials-0.7%

 

 

 

 

 

Albemarle

 

3,070

 

195

 

Total Materials

 

 

 

195

 

Total Common stock
(Proceeds $10,758)*

 

 

 

11,086

 

 

 

 

 

 

 

Exchange traded funds-8.7%

 

 

 

 

 

Consumer Staples Select Sector SPDR Fund

 

6,780

 

291

 

SPDR S&P 500 ETF Trust

 

10,650

 

1,967

 

Total Exchange traded funds

 

 

 

2,258

 

(Proceeds $2,224)*

 

 

 

 

 

Total Securities sold short-51.1%
(Proceeds $12,982)*

 

 

 

$

13,344

 

 

Percentages disclosed are based on total net assets of the Fund at December 31, 2013.

 


*

This number is listed in thousands.

 

 

ADR

- American Depositary Receipt

Cl

- Class

ETF

- Exchange Traded Fund

SPDR

- Standard & Poor’s Depositary Receipt

 

See accompanying notes to schedules of investments.

 



 

(Unaudited)

 

Schedule of investments

Turner All Cap Growth Fund

December 31, 2013

 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

Common stock-99.7%†

 

 

 

 

 

Consumer discretionary-26.4%

 

 

 

 

 

Dunkin’ Brands Group

 

6,930

 

$

334

 

Fifth & Pacific*

 

12,380

 

397

 

HomeAway*

 

14,600

 

597

 

LinkedIn, Cl A*

 

3,770

 

817

 

Louis XIII Holdings

 

515,000

 

519

 

Michael Kors Holdings*

 

3,000

 

244

 

Ralph Lauren

 

3,400

 

600

 

Shutterfly*

 

8,660

 

441

 

Wynn Resorts

 

3,770

 

732

 

Total Consumer discretionary

 

 

 

4,681

 

 

 

 

 

 

 

Consumer staples-3.6%

 

 

 

 

 

Beam

 

9,470

 

645

 

Total Consumer staples

 

 

 

645

 

 

 

 

 

 

 

Energy-1.4%

 

 

 

 

 

Schlumberger

 

2,820

 

254

 

Total Energy

 

 

 

254

 

 

 

 

 

 

 

Financials-15.0%

 

 

 

 

 

Affiliated Managers Group*

 

3,290

 

714

 

AON

 

4,790

 

402

 

Atlas Mara Co-Nvest*

 

45,000

 

543

 

Citigroup

 

3,460

 

180

 

IntercontinentalExchange Group

 

3,700

 

832

 

Total Financials

 

 

 

2,671

 

 

 

 

 

 

 

Health care-13.8%

 

 

 

 

 

Biogen Idec*

 

1,080

 

302

 

Gilead Sciences*

 

6,810

 

512

 

NPS Pharmaceuticals*

 

24,540

 

745

 

Regeneron Pharmaceuticals*

 

1,900

 

523

 

Roche Holding AG ADR

 

5,260

 

369

 

Total Health care

 

 

 

2,451

 

 

 

 

 

 

 

Information technology-38.1%

 

 

 

 

 

Apple

 

1,640

 

920

 

Avago Technologies

 

18,860

 

999

 

Cavium*

 

18,270

 

630

 

Monolithic Power Systems*

 

18,690

 

648

 

NVIDIA

 

23,500

 

376

 

NXP Semiconductors*

 

18,890

 

868

 

Peregrine Semiconductor*^

 

46,860

 

347

 

ServiceNow*

 

6,820

 

382

 

Splunk*

 

3,660

 

251

 

Visa, Cl A

 

2,590

 

577

 

Workday, Cl A*

 

2,820

 

235

 

Yandex*

 

5,130

 

221

 

Yelp*^

 

4,600

 

317

 

Total Information technology

 

 

 

6,771

 

 

 

 

 

 

 

Materials-1.4%

 

 

 

 

 

Eastman Chemical

 

2,980

 

240

 

Total Materials

 

 

 

240

 

Total Common stock
(Cost $13,367)**

 

 

 

17,713

 

 

 

 

 

 

 

Warrant-0.2%

 

 

 

 

 

Financials-0.2%

 

 

 

 

 

Atlas Mara Co-Nvest*

 

45,000

 

29

 

Total Financials

 

 

 

29

 

Total Warrant
(Cost $–)**

 

 

 

29

 

 

 

 

 

 

 

Cash equivalent - 3.4%

 

 

 

 

 

BlackRock Liquidity Funds TempCash Portfolio, Dollar Shares, 0.122%‡ (1)

 

597,232

 

597

 

Total Cash equivalent
(Cost $597)**

 

 

 

597

 

Total Investments-103.3%
(Cost $13,964)**

 

 

 

18,339

 

Net Other assets (liabilities)-(3.3)%

 

 

 

(587

)

Net Assets-100.0%

 

 

 

$

17,752

 

 


*

Non-income producing security.

**

This number is listed in thousands.

(1)

A portion of the Fund’s position in this security was purchased with cash collateral received from securities lending.  The total value of such security at December 31, 2013 was $580**.

^

Security fully or partially on loan at December 31, 2013.  The total value of securities on loan at December 31, 2013 was $581**.  Certain of these securities may have been sold prior to period end.

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

Rate shown is the 7-day effective yield as of December 31, 2013.

 

 

ADR

- American Depositary Receipt

Cl

- Class

 

See accompanying notes to schedules of investments.

 



 

(Unaudited)

 

Schedule of investments

Turner Emerging Growth Fund

December 31, 2013

 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

Common stock-93.9%

 

 

 

 

 

Consumer discretionary-21.1%

 

 

 

 

 

American Axle & Manufacturing Holdings*

 

128,020

 

$

2,618

 

Ann*

 

91,730

 

3,354

 

Asbury Automotive Group*

 

57,299

 

3,079

 

Boyd Gaming*

 

69,380

 

781

 

Buffalo Wild Wings*

 

18,020

 

2,653

 

Cracker Barrel Old Country Store

 

64,670

 

7,118

 

Dorman Products*

 

41,010

 

2,299

 

E.W. Scripps*

 

98,660

 

2,143

 

Fox Factory Holding*^

 

123,540

 

2,177

 

Gray Television*

 

72,860

 

1,084

 

ITT Educational Services*^

 

41,340

 

1,388

 

Krispy Kreme Doughnuts*

 

55,607

 

1,073

 

Lifelock*

 

92,010

 

1,510

 

Lithia Motors, Cl A

 

48,451

 

3,363

 

Meritage Homes*

 

6,440

 

309

 

Modine Manufacturing*

 

17,910

 

230

 

Multimedia Games Holdings*

 

95,821

 

3,005

 

Oxford Industries

 

38,703

 

3,122

 

Red Robin Gourmet Burgers*

 

51,710

 

3,803

 

Shutterfly*

 

47,040

 

2,396

 

Vitamin Shoppe*

 

97,719

 

5,082

 

Total Consumer discretionary

 

 

 

52,587

 

 

 

 

 

 

 

Consumer staples-8.1%

 

 

 

 

 

B&G Foods, Cl A

 

137,430

 

4,660

 

Boston Beer, Cl A*^

 

12,220

 

2,955

 

Natural Grocers By Vitamin Cottage*

 

13,920

 

591

 

Nexstar Broadcasting Group

 

60,260

 

3,358

 

Susser Holdings*^

 

34,584

 

2,265

 

TreeHouse Foods*

 

10,947

 

754

 

United Natural Foods*

 

74,778

 

5,638

 

Total Consumer staples

 

 

 

20,221

 

 

 

 

 

 

 

Energy-4.8%

 

 

 

 

 

Bonanza Creek Energy*

 

41,600

 

1,808

 

Callon Petroleum*

 

104,470

 

682

 

Diamondback Energy*

 

30,645

 

1,620

 

Kodiak Oil & Gas*

 

136,740

 

1,533

 

PDC Energy*

 

15,500

 

825

 

Rex Energy*

 

151,460

 

2,986

 

SunPower*^

 

81,760

 

2,437

 

Total Energy

 

 

 

11,891

 

 

 

 

 

 

 

Financials-4.8%

 

 

 

 

 

Cardtronics*

 

99,389

 

4,319

 

Hanmi Financial

 

78,830

 

1,726

 

Home Loan Servicing Solutions

 

104,320

 

2,396

 

Independent Bank*

 

99,760

 

1,197

 

Umpqua Holdings^

 

116,260

 

2,225

 

Total Financials

 

 

 

11,863

 

 

 

 

 

 

 

Health care-16.0%

 

 

 

 

 

Acadia Healthcare*

 

71,517

 

3,385

 

Aegerion Pharmaceuticals*

 

27,290

 

1,936

 

Air Methods*

 

51,110

 

2,981

 

Akorn*

 

154,610

 

3,808

 

Analogic

 

17,410

 

1,542

 

ArthroCare*

 

88,258

 

3,552

 

Cardiovascular Systems*

 

34,220

 

1,173

 

Cyberonics*

 

69,514

 

4,554

 

Enanta Pharmaceuticals*

 

54,970

 

1,500

 

Furiex Pharmaceuticals*

 

20,360

 

855

 

Ironwood Pharmaceuticals*

 

103,520

 

1,202

 

Lannett*

 

65,616

 

2,172

 

Molina Healthcare*

 

34,040

 

1,183

 

Natus Medical*

 

89,720

 

2,019

 

NPS Pharmaceuticals*

 

74,670

 

2,267

 

PAREXEL International*

 

60,804

 

2,747

 

Proto Labs*^

 

20,677

 

1,472

 

Receptos*

 

57,790

 

1,675

 

Total Health care

 

 

 

40,023

 

 

 

 

 

 

 

Industrials-15.4%

 

 

 

 

 

Chart Industries*

 

29,138

 

2,787

 

Copa Holdings, Cl A

 

9,311

 

1,491

 

Energy Recovery*^

 

80,048

 

445

 

EnPro Industries*

 

28,940

 

1,668

 

Genesee & Wyoming, Cl A*

 

39,260

 

3,771

 

Huron Consulting Group*

 

131,851

 

8,269

 

Hyster-Yale Materials Handling

 

4,975

 

463

 

Middleby*

 

33,673

 

8,081

 

On Assignment*

 

122,930

 

4,293

 

PGT*

 

117,820

 

1,192

 

Primoris Services

 

63,340

 

1,972

 

Roadrunner Transportation System*

 

64,350

 

1,734

 

WageWorks*

 

39,110

 

2,325

 

Total Industrials

 

 

 

38,491

 

 

 

 

 

 

 

Information technology-22.1%

 

 

 

 

 

Ambarella*

 

105,511

 

3,579

 

Autobytel*

 

30,070

 

455

 

Bottomline Technologies*

 

71,972

 

2,603

 

CalAmp*

 

58,100

 

1,625

 

Callidus Software*

 

141,792

 

1,947

 

Canadian Solar*

 

53,300

 

1,589

 

Coherent*

 

35,294

 

2,626

 

Diodes*

 

59,970

 

1,413

 

Electronics for Imaging*

 

141,660

 

5,485

 

Ellie Mae*

 

41,250

 

1,108

 

Heartland Payment Systems^

 

49,380

 

2,461

 

Immersion*

 

33,290

 

346

 

Imperva*

 

49,730

 

2,394

 

Interactive Intelligence Group*

 

28,800

 

1,940

 

Intralinks Holdings*

 

43,490

 

527

 

Manhattan Associates*

 

38,800

 

4,557

 

Methode Electronics

 

72,960

 

2,495

 

Monolithic Power Systems*

 

69,900

 

2,423

 

Monotype Imaging Holdings

 

62,330

 

1,986

 

Proofpoint*

 

70,320

 

2,333

 

QIWI ADR

 

13,787

 

772

 

SPS Commerce*

 

15,940

 

1,041

 

Stamps.com*

 

40,760

 

1,716

 

Synchronoss Technologies*

 

34,500

 

1,072

 

Trulia*^

 

39,710

 

1,401

 

Tyler Technologies*

 

54,410

 

5,556

 

Total Information technology

 

 

 

55,450

 

 

 

 

 

 

 

Materials-1.3%

 

 

 

 

 

KapStone Paper & Packaging*

 

57,100

 

3,190

 

Total Materials

 

 

 

3,190

 

 

 

 

 

 

 

Utilities-0.3%

 

 

 

 

 

Artesian Resources, Cl A

 

36,475

 

837

 

Total Utilities

 

 

 

837

 

 



 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

Total Common stock
(Cost $136,916)**

 

 

 

$

234,553

 

 

 

 

 

 

 

Cash equivalent - 12.3%

 

 

 

 

 

BlackRock Liquidity Funds TempCash Portfolio, Dollar Shares, 0.122%‡(1)

 

30,589,776

 

30,590

 

Total Cash equivalent
(Cost $30,590)**

 

 

 

30,590

 

Total Investments-106.2%
(Cost $167,506)**

 

 

 

265,143

 

Net Other assets (liabilities)-(6.2)%

 

 

 

(15,568

)

Net Assets-100.0%

 

 

 

$

249,575

 

 


*

Non-income producing security.

**

This number is listed in thousands.

(1)

A portion of the Fund’s position in this security was purchased with cash collateral received from securities lending.  The total value of such security at December 31, 2013 was $17,282**.

^

Security fully or partially on loan at December 31, 2013.  The total value of securities on loan at December 31, 2013 was $16,979**.  Certain of these securities may have been sold prior to period end.

Rate shown is the 7-day effective yield as of December 31, 2013.

 

 

ADR

- American Depositary Receipt

Cl

- Class

 

See accompanying notes to schedules of investments.

 



 

(Unaudited)

 

Schedule of investments

Turner Large Growth Fund

December 31, 2013

 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

Common stock-126.9%†

 

 

 

 

 

Consumer discretionary-34.1%

 

 

 

 

 

Amazon.com*

 

4,810

 

$

1,918

 

Chipotle Mexican Grill*

 

1,430

 

762

 

Comcast, Cl A

 

24,050

 

1,250

 

General Motors*

 

23,660

 

967

 

Hilton Worldwide Holdings*

 

28,270

 

629

 

Home Depot

 

16,800

 

1,383

 

Las Vegas Sands

 

13,490

 

1,064

 

Lennar, Cl A

 

30,920

 

1,223

 

Liberty Global, Cl A*

 

13,600

 

1,210

 

LinkedIn, Cl A*

 

3,540

 

768

 

Michael Kors Holdings*

 

9,350

 

759

 

Nike, Cl B

 

10,210

 

803

 

Priceline.com*

 

710

 

825

 

Ralph Lauren

 

3,615

 

638

 

Starbucks

 

14,960

 

1,173

 

Walt Disney

 

16,780

 

1,282

 

Total Consumer discretionary

 

 

 

16,654

 

 

 

 

 

 

 

Consumer staples-7.5%

 

 

 

 

 

Beam

 

14,970

 

1,019

 

Colgate-Palmolive

 

23,900

 

1,559

 

Estee Lauder, Cl A

 

7,440

 

560

 

Whole Foods Market

 

8,858

 

512

 

Total Consumer staples

 

 

 

3,650

 

 

 

 

 

 

 

Energy-3.7%

 

 

 

 

 

Concho Resources*

 

8,138

 

879

 

Schlumberger

 

10,520

 

948

 

Total Energy

 

 

 

1,827

 

 

 

 

 

 

 

Financials-9.3%

 

 

 

 

 

Affiliated Managers Group*

 

4,470

 

969

 

AON

 

11,110

 

932

 

Citigroup

 

20,860

 

1,087

 

Financial Engine

 

5,670

 

394

 

IntercontinentalExchange Group

 

5,190

 

1,168

 

Total Financials

 

 

 

4,550

 

Health care-14.0%

 

 

 

 

 

Biogen Idec*

 

5,240

 

1,466

 

Bristol-Myers Squibb

 

22,710

 

1,207

 

Cerner*

 

13,750

 

766

 

Gilead Sciences*

 

24,330

 

1,829

 

McKesson

 

7,400

 

1,194

 

Pharmacyclics*

 

3,760

 

398

 

Total Health care

 

 

 

6,860

 

 

 

 

 

 

 

Industrials-15.2%

 

 

 

 

 

AMETEK

 

24,550

 

1,293

 

Canadian Pacific Railway

 

7,550

 

1,142

 

Eaton PLC

 

9,550

 

727

 

Honeywell International

 

14,380

 

1,314

 

Kirby*

 

7,160

 

711

 

Pentair

 

14,940

 

1,160

 

Precision Castparts

 

4,050

 

1,091

 

Total Industrials

 

 

 

7,438

 

 

 

 

 

 

 

Information technology-39.4%

 

 

 

 

 

Amphenol

 

7,810

 

696

 

Apple

 

7,040

 

3,950

 

Cavium*

 

15,750

 

544

 

Ciena*

 

16,120

 

386

 

Facebook, Cl A*

 

27,790

 

1,519

 

Google, Cl A*

 

2,545

 

2,852

 

Intel

 

40,450

 

1,050

 

NXP Semiconductors*

 

27,110

 

1,245

 

Salesforce.com*

 

21,190

 

1,169

 

ServiceNow*

 

12,950

 

725

 

Splunk*

 

9,920

 

681

 

Stratasys*^

 

8,690

 

1,171

 

Tableau Software, Cl A*

 

9,330

 

643

 

Visa, Cl A

 

8,620

 

1,920

 

Workday, Cl A*

 

8,790

 

731

 

Total Information technology

 

 

 

19,282

 

 

 

 

 

 

 

Materials-3.7%

 

 

 

 

 

Methanex

 

7,050

 

418

 

Monsanto

 

11,805

 

1,376

 

Total Materials

 

 

 

1,794

 

Total Common stock
(Cost $49,262)**

 

 

 

62,055

 

 

 

 

 

 

 

Cash equivalent - 3.7%

 

 

 

 

 

BlackRock Liquidity Funds TempCash Portfolio, Dollar Shares, 0.122%‡ (1)

 

1,784,943

 

1,785

 

Total Cash equivalent
(Cost $1,785)**

 

 

 

1,785

 

Total Investments-130.6%
(Cost $51,047)**

 

 

 

63,840

 

Net Other assets (liabilities)-(30.6)%

 

 

 

(14,966

)

Net Assets-100.0%

 

 

 

$

48,874

 

 


*

Non-income producing security.

**

This number is listed in thousands.

(1)

A portion of the Fund’s position in this security was purchased with cash collateral received from securities lending.  The total value of such security at December 31, 2013 was $1,145**.

^

Security fully or partially on loan at December 31, 2013.  The total value of securities on loan at December 31, 2013 was $1,158**.  Certain of these securities may have been sold prior to period end.

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

Rate shown is the 7-day effective yield as of December 31, 2013.

 

 

Cl

- Class

 

See accompanying notes to schedules of investments.

 



 

(Unaudited)

 

Schedule of investments

Turner Midcap Growth Fund

December 31, 2013

 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

Common stock-98.7%†

 

 

 

 

 

Consumer discretionary-27.0%

 

 

 

 

 

BorgWarner

 

140,360

 

$

7,848

 

Dunkin’ Brands Group

 

120,850

 

5,825

 

Fifth & Pacific*

 

194,330

 

6,232

 

Fossil*

 

31,650

 

3,796

 

Harley-Davidson

 

76,620

 

5,305

 

HomeAway*

 

172,800

 

7,064

 

Liberty Global, Cl A*

 

75,740

 

6,740

 

LinkedIn, Cl A*

 

38,180

 

8,280

 

Michael Kors Holdings*

 

58,070

 

4,715

 

Polaris Industries

 

35,240

 

5,132

 

PVH

 

38,480

 

5,234

 

Ralph Lauren

 

41,640

 

7,352

 

Shutterfly*

 

119,290

 

6,075

 

Starwood Hotels & Resorts Worldwide

 

80,310

 

6,381

 

Toll Brothers*

 

94,150

 

3,484

 

Tractor Supply

 

88,190

 

6,842

 

TripAdvisor*

 

65,260

 

5,405

 

Wynn Resorts

 

39,335

 

7,639

 

Total Consumer discretionary

 

 

 

109,349

 

 

 

 

 

 

 

Consumer staples-5.4%

 

 

 

 

 

Beam

 

125,010

 

8,508

 

Church & Dwight

 

71,930

 

4,768

 

Kroger

 

137,810

 

5,448

 

WhiteWave Foods, Cl A*

 

132,360

 

3,036

 

Total Consumer staples

 

 

 

21,760

 

 

 

 

 

 

 

Energy-5.1%

 

 

 

 

 

Cabot Oil & Gas

 

139,750

 

5,416

 

Concho Resources*

 

58,588

 

6,327

 

Gulfport Energy*

 

82,780

 

5,228

 

Rosetta Resources*

 

72,410

 

3,479

 

Total Energy

 

 

 

20,450

 

 

 

 

 

 

 

Financials-10.1%

 

 

 

 

 

Affiliated Managers Group*

 

32,220

 

6,988

 

AON

 

90,950

 

7,630

 

Cardtronics*

 

108,210

 

4,702

 

IntercontinentalExchange Group

 

40,010

 

8,999

 

Markel*

 

8,790

 

5,101

 

Ocwen Financial*

 

45,160

 

2,504

 

Signature Bank*

 

43,810

 

4,706

 

Total Financials

 

 

 

40,630

 

 

 

 

 

 

 

Health care-13.9%

 

 

 

 

 

Actavis*

 

41,530

 

6,976

 

Alexion Pharmaceuticals*

 

44,684

 

5,946

 

AmerisourceBergen, Cl A

 

72,760

 

5,116

 

BioMarin Pharmaceuticals*

 

28,150

 

1,978

 

Cerner*

 

88,310

 

4,922

 

Cooper

 

38,290

 

4,742

 

Covance*

 

33,410

 

2,942

 

Cubist Pharmaceuticals*

 

73,190

 

5,041

 

HCA Holdings*

 

83,390

 

3,979

 

NPS Pharmaceuticals*

 

124,980

 

3,794

 

Perrigo

 

22,750

 

3,491

 

Regeneron Pharmaceuticals*

 

17,020

 

4,685

 

Veeva Systems, Cl A*

 

79,650

 

2,557

 

Total Health care

 

 

 

56,169

 

 

 

 

 

 

 

Industrials-9.7%

 

 

 

 

 

Delta Air Lines

 

201,480

 

5,535

 

Genesee & Wyoming, Cl A*

 

45,050

 

4,327

 

MasTec*

 

104,930

 

3,433

 

Pentair

 

47,150

 

3,662

 

Robert Half International

 

72,410

 

3,040

 

Rockwell Automation

 

52,180

 

6,167

 

Roper Industries

 

34,810

 

4,827

 

Verisk Analytics, Cl A*

 

50,840

 

3,341

 

WESCO International*

 

51,370

 

4,678

 

Total Industrials

 

 

 

39,010

 

 

 

 

 

 

 

Information technology-18.9%

 

 

 

 

 

Alliance Data Systems*

 

34,900

 

9,177

 

Avago Technologies

 

130,740

 

6,915

 

Cavium*

 

233,219

 

8,048

 

Ciena*

 

115,520

 

2,764

 

Cornerstone OnDemand*

 

73,620

 

3,927

 

KLA-Tencor

 

73,840

 

4,760

 

Maxim Integrated Products

 

133,100

 

3,715

 

NXP Semiconductors*

 

160,450

 

7,369

 

ServiceNow*

 

130,430

 

7,305

 

Splunk*

 

81,830

 

5,619

 

Tableau Software, Cl A*

 

59,390

 

4,094

 

Ultratech*

 

82,980

 

2,406

 

Workday, Cl A*

 

71,462

 

5,943

 

Yelp*^

 

58,650

 

4,044

 

Total Information technology

 

 

 

76,086

 

 

 

 

 

 

 

Materials-7.6%

 

 

 

 

 

Crown Holdings*

 

131,860

 

5,877

 

Eastman Chemical

 

87,110

 

7,030

 

International Flavors & Fragrances

 

66,420

 

5,711

 

Methanex

 

64,930

 

3,846

 

PPG Industries

 

21,590

 

4,095

 

Rock-Tenn, Cl A

 

39,270

 

4,124

 

Total Materials

 

 

 

30,683

 

 

 

 

 

 

 

Telecommunication services-1.0%

 

 

 

 

 

SBA Communications, Cl A*

 

42,670

 

3,833

 

Total Telecommunication services

 

 

 

3,833

 

Total Common stock
(Cost $291,354)**

 

 

 

397,970

 

 

 

 

 

 

 

Cash equivalent - 1.9%

 

 

 

 

 

BlackRock Liquidity Funds TempCash Portfolio, Dollar Shares, 0.122%‡ (1)

 

7,625,333

 

7,625

 

Total Cash equivalent
(Cost $7,625)**

 

 

 

7,625

 

Total Investments-100.6%
(Cost $298,979)**

 

 

 

405,595

 

Net Other assets (liabilities)-(0.6)%

 

 

 

(2,346

)

Net Assets-100.0%

 

 

 

$

403,249

 

 


*

Non-income producing security.

**

This number is listed in thousands.

(1)

A portion of the Fund’s position in this security was purchased with cash collateral received from securities lending.  The total value of such security at December 31, 2013 was $1,986**.

 



 

^

Security fully or partially on loan at December 31, 2013.  The total value of securities on loan at December 31, 2013 was $2,034**.  Certain of these securities may have been sold prior to period end.

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

Rate shown is the 7-day effective yield as of December 31, 2013.

 

 

Cl

- Class

 

See accompanying notes to schedules of investments.

 



 

(Unaudited)

 

Schedule of investments

Turner Small Cap Growth Fund

December 31, 2013

 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

Common stock-99.8%

 

 

 

 

 

Consumer discretionary-19.0%

 

 

 

 

 

American Public Education*

 

55,790

 

$

2,425

 

Ann*

 

70,148

 

2,565

 

Arctic Cat

 

27,330

 

1,557

 

Brunswick

 

57,740

 

2,660

 

Chuy’s Holdings*

 

55,100

 

1,985

 

Fifth & Pacific*

 

82,340

 

2,641

 

Five Below*^

 

48,710

 

2,104

 

HomeAway*

 

63,860

 

2,611

 

Imax*^

 

74,040

 

2,183

 

Meritage Homes*

 

45,000

 

2,160

 

Pier 1 Imports

 

108,840

 

2,512

 

Shutterfly*

 

53,250

 

2,712

 

Sotheby’s

 

57,664

 

3,068

 

Tenneco*

 

56,850

 

3,215

 

Texas Roadhouse

 

89,310

 

2,483

 

Vail Resorts

 

38,300

 

2,881

 

Vitamin Shoppe*

 

47,170

 

2,453

 

Watsco

 

22,570

 

2,168

 

Zumiez*

 

38,980

 

1,013

 

Total Consumer discretionary

 

 

 

45,396

 

 

 

 

 

 

 

Consumer staples-6.1%

 

 

 

 

 

B&G Foods, Cl A

 

69,760

 

2,366

 

Hain Celestial Group*

 

20,580

 

1,868

 

Prestige Brands Holdings*

 

55,980

 

2,004

 

Rite AID*

 

540,060

 

2,733

 

Susser Holdings*

 

40,840

 

2,675

 

United Natural Foods*

 

39,283

 

2,961

 

Total Consumer staples

 

 

 

14,607

 

 

 

 

 

 

 

Energy-4.9%

 

 

 

 

 

Dril-Quip*

 

17,740

 

1,950

 

Kodiak Oil & Gas*

 

256,410

 

2,874

 

Rex Energy*

 

101,450

 

2,000

 

Rosetta Resources*

 

56,310

 

2,705

 

SemGroup, Cl A

 

31,860

 

2,078

 

Total Energy

 

 

 

11,607

 

 

 

 

 

 

 

Financials-9.1%

 

 

 

 

 

Bank of the Ozarks

 

39,050

 

2,210

 

Brandywine Realty Trust

 

180,120

 

2,538

 

Cardtronics*

 

59,090

 

2,567

 

eHealth*

 

35,260

 

1,639

 

Essent Group*

 

14,490

 

349

 

Evercore Partners

 

11,600

 

693

 

Financial Engine

 

24,170

 

1,679

 

Hersha Hospitality Trust

 

183,988

 

1,025

 

Infinity Property & Casualty

 

18,840

 

1,352

 

Portfolio Recovery Associates*

 

52,330

 

2,766

 

Synovus Financial

 

652,350

 

2,348

 

Wisdomtree Investments*

 

150,600

 

2,667

 

Total Financials

 

 

 

21,833

 

 

 

 

 

 

 

Health care-17.7%

 

 

 

 

 

Acadia Healthcare*

 

43,350

 

2,052

 

ACADIA Pharmaceuticals*^

 

32,154

 

804

 

Aegerion Pharmaceuticals*

 

32,790

 

2,327

 

Air Methods*

 

53,900

 

3,143

 

Akorn*

 

103,486

 

2,549

 

Align Technology*

 

60,230

 

3,441

 

Bruker*

 

86,700

 

1,714

 

Cepheid*^

 

52,250

 

2,441

 

Cubist Pharmaceuticals*

 

38,890

 

2,678

 

Cyberonics*

 

24,440

 

1,601

 

Impax Laboratories*

 

77,680

 

1,953

 

Ironwood Pharmaceuticals*

 

107,410

 

1,247

 

Neurocrine Biosciences*

 

93,220

 

871

 

NPS Pharmaceuticals*

 

71,290

 

2,164

 

PAREXEL International*

 

49,480

 

2,236

 

Proto Labs*^

 

34,540

 

2,459

 

Team Health Holdings*

 

43,180

 

1,967

 

Teleflex

 

27,803

 

2,610

 

ViroPharma*

 

24,220

 

1,207

 

West Pharmaceutical Services

 

58,720

 

2,881

 

Total Health care

 

 

 

42,345

 

 

 

 

 

 

 

Industrials-15.2%

 

 

 

 

 

Acuity Brands

 

22,970

 

2,511

 

Belden

 

26,110

 

1,839

 

CAI International*

 

87,050

 

2,052

 

Generac Holdings

 

59,750

 

3,384

 

HEICO

 

50,762

 

2,942

 

Hexcel*

 

70,440

 

3,148

 

MasTec*

 

83,280

 

2,725

 

Middleby*

 

11,050

 

2,652

 

On Assignment*

 

73,760

 

2,576

 

Saia*

 

78,790

 

2,525

 

Spirit Airlines*

 

43,640

 

1,982

 

Swift Transportation*

 

82,390

 

1,830

 

Thermon Group Holdings*

 

85,515

 

2,337

 

USG*

 

85,420

 

2,424

 

Watts Water Technologies

 

24,696

 

1,528

 

Total Industrials

 

 

 

36,455

 

 

 

 

 

 

 

Information technology-22.4%

 

 

 

 

 

Aspen Technology*

 

85,280

 

3,565

 

Bottomline Technologies*

 

66,460

 

2,403

 

Cavium*

 

70,040

 

2,417

 

Ciena*

 

120,140

 

2,875

 

Cognex*

 

87,680

 

3,348

 

CommVault Systems*

 

35,140

 

2,631

 

Cornerstone OnDemand*

 

56,130

 

2,994

 

Ellie Mae*^

 

25,060

 

673

 

Guidewire Software*

 

55,290

 

2,713

 

Infoblox*

 

54,230

 

1,791

 

Ixia*

 

78,280

 

1,042

 

MAXIMUS

 

43,920

 

1,932

 

Monolithic Power Systems*

 

97,080

 

3,365

 

OSI Systems*

 

8,830

 

469

 

QLIK Technologies*

 

50,341

 

1,341

 

RF Micro Devices*

 

290,850

 

1,501

 

Riverbed Technology*

 

104,340

 

1,886

 

Semtech*

 

77,520

 

1,960

 

Synaptics*

 

44,370

 

2,299

 

Synchronoss Technologies*

 

63,826

 

1,983

 

Take-Two Interactive Software*

 

87,700

 

1,523

 

The Ultimate Software Group*

 

17,420

 

2,669

 

Wex*

 

21,480

 

2,127

 

Yelp*^

 

35,030

 

2,415

 

Zillow, Cl A*

 

17,450

 

1,426

 

Total Information technology

 

 

 

53,348

 

 

 

 

 

 

 

Materials-5.4%

 

 

 

 

 

Chemtura*

 

101,090

 

2,822

 

Commercial Metals

 

107,130

 

2,178

 

Graphic Packaging Holding*

 

223,860

 

2,149

 

 



 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

Louisiana-Pacific*

 

158,390

 

$

2,932

 

PolyOne

 

78,720

 

2,783

 

Total Materials

 

 

 

12,864

 

Total Common stock
(Cost $171,206)**

 

 

 

238,455

 

 

 

 

 

 

 

Cash equivalent - 4.9%

 

 

 

 

 

BlackRock Liquidity Funds TempCash Portfolio, Dollar Shares, 0.122%‡(1)

 

11,822,567

 

11,823

 

Total Cash equivalent
(Cost $11,823)**

 

 

 

11,823

 

Total Investments-104.7%
(Cost $183,029)**

 

 

 

250,278

 

Net Other assets (liabilities)-(4.7)%

 

 

 

(11,203

)

Net Assets-100.0%

 

 

 

$

239,075

 

 


*

Non-income producing security.

**

This number is listed in thousands.

(1)

A portion of the Fund’s position in this security was purchased with cash collateral received from securities lending.  The total value of such security at December 31, 2013 was $10,066**.

^

Security fully or partially on loan at December 31, 2013.  The total value of securities on loan at December 31, 2013 was $9,940**.  Certain of these securities may have been sold prior to period end.

Rate shown is the 7-day effective yield as of December 31, 2013.

 

 

Cl

- Class

 

See accompanying notes to schedules of investments.

 



 

(Unaudited)

 

Schedule of investments

Turner Emerging Markets Fund

December 31, 2013

 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

Common stock-99.2%†

 

 

 

 

 

Consumer discretionary-9.8%

 

 

 

 

 

Grupo Sanborns

 

2,320

 

$

5

 

Hyundai Motor*

 

40

 

9

 

Hyundai Precision Industry*

 

30

 

8

 

Louis XIII Holdings

 

2,411

 

2

 

Naspers

 

70

 

7

 

Qunar Cayman Islands ADR*

 

320

 

8

 

Tata Motors ADR

 

180

 

6

 

Tencent Holdings

 

190

 

13

 

Total Consumer discretionary

 

 

 

58

 

 

 

 

 

 

 

Consumer staples-9.5%

 

 

 

 

 

Ambev ADR

 

850

 

6

 

Arca Continental

 

797

 

5

 

Cosan, Cl A

 

490

 

7

 

Grupo Lala

 

4,525

 

11

 

HengAn International Group

 

461

 

5

 

ITC, Participatory Note

 

1,050

 

5

 

LG Household & Health Care*

 

12

 

6

 

Magnit

 

90

 

6

 

Universal Robina

 

1,950

 

5

 

Total Consumer staples

 

 

 

56

 

 

 

 

 

 

 

Energy-13.4%

 

 

 

 

 

Afren

 

2,190

 

6

 

Caracal Energy*

 

955

 

7

 

China Oilfield Services

 

1,400

 

4

 

CNOOC

 

3,170

 

6

 

Eurasia Drilling, Registered Shares

 

140

 

6

 

Ezion Holdings

 

2,732

 

5

 

Hilong Holdings

 

5,116

 

4

 

Lekoil*

 

2,970

 

3

 

OAO Rosneft Oil

 

1,330

 

10

 

Ophir Energy*

 

920

 

5

 

Petroleo Brasileiro

 

1,180

 

9

 

Sapurakencana Petroleum*

 

4,520

 

7

 

SK Innovation*

 

50

 

7

 

Total Energy

 

 

 

79

 

 

 

 

 

 

 

Financials-25.6%

 

 

 

 

 

AIA Group

 

1,647

 

8

 

Atlas Mara Co-Nvest*

 

500

 

6

 

Banco do Brasil

 

620

 

6

 

Banco Santander-Chile ADR

 

210

 

5

 

BR Malls Participacoes

 

470

 

3

 

CETIP

 

574

 

6

 

CITIC Securities, H Shares

 

2,185

 

6

 

Concentradora Fibra Hotelera Mexicana

 

880

 

1

 

Credicorp

 

65

 

9

 

Credito Real

 

4,781

 

7

 

CTBC Financial Holding

 

10,020

 

7

 

Erste Group Bank

 

109

 

4

 

Growthpoint Properties

 

1,709

 

4

 

HDFC Bank ADR

 

100

 

3

 

Industrial & Commercial Bank of China, H Shares

 

23,110

 

16

 

Kasikornbank

 

1,390

 

7

 

KWG Property Holding

 

7,170

 

4

 

Metro Pacific Investments

 

32,436

 

3

 

Metropolitan Bank & Trust

 

3,099

 

5

 

Ping An Insurance Group, H Shares

 

760

 

7

 

Qatar National Bank

 

110

 

5

 

Sberbank of Russia ADR

 

610

 

8

 

Shinhan Financial Group*

 

190

 

9

 

Turkiye Garanti Bankasi

 

1,200

 

4

 

UEM Sunrise Berhad

 

6,330

 

5

 

Yes Bank, Participatory Note

 

540

 

3

 

Total Financials

 

 

 

151

 

 

 

 

 

 

 

Health care-2.5%

 

 

 

 

 

Aspen Pharmacare Holdings

 

250

 

6

 

Glenmark Pharmaceuticals, Participatory Note

 

660

 

6

 

Kalbe Farma

 

27,110

 

3

 

Total Health care

 

 

 

15

 

 

 

 

 

 

 

Industrials-7.6%

 

 

 

 

 

China Railway Construction, H Shares

 

4,280

 

4

 

CIMC Enric Holdings

 

2,952

 

5

 

Copa Holdings, Cl A

 

55

 

9

 

Gamuda

 

4,036

 

6

 

Hyundai Engineering & Construction*

 

101

 

6

 

Localiza Rent a Car

 

440

 

6

 

Mills Estruturas e Servicos de Engenharia

 

399

 

6

 

PT Jasa Marga Persero

 

8,740

 

3

 

Total Industrials

 

 

 

45

 

 

 

 

 

 

 

Information technology-19.7%

 

 

 

 

 

AAC Technologies Holdings

 

1,610

 

8

 

Autohome ADR

 

150

 

5

 

Epistar

 

3,400

 

7

 

HCL Technologies, Participatory Note

 

430

 

9

 

Hon Hai Precision Industry

 

2,132

 

6

 

Largan Precision

 

150

 

6

 

Linx

 

459

 

9

 

MediaTek

 

489

 

7

 

Samsung Electronics

 

20

 

27

 

SK Hynix*

 

110

 

4

 

Sonda

 

2,250

 

5

 

Taiwan Semiconductor Manufacturing ADR

 

990

 

17

 

Yandex*

 

145

 

6

 

Total Information technology

 

 

 

116

 

 

 

 

 

 

 

Materials-7.1%

 

 

 

 

 

African Rainbow Minerals

 

250

 

5

 

Anhui Conch Cement

 

1,760

 

7

 

Cemex*

 

7,120

 

7

 

Formosa Chemicals & Fibre

 

1,750

 

5

 

Indocement Tunggal Prakarsa

 

3,680

 

6

 

LG Chem*

 

20

 

6

 

Mondi

 

344

 

6

 

Total Materials

 

 

 

42

 

 

 

 

 

 

 

Telecommunication services-3.0%

 

 

 

 

 

Axiata Group

 

2,018

 

4

 

China Unicom (Hong Kong)

 

3,770

 

6

 

MTN Group

 

380

 

8

 

Total Telecommunication services

 

 

 

18

 

 

 

 

 

 

 

Utilities-1.0%

 

 

 

 

 

Power Grid, Participatory Note

 

3,600

 

6

 

Total Utilities

 

 

 

6

 

Total Common stock
(Cost $526)**

 

 

 

586

 

 



 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

Warrant-0.0%

 

 

 

 

 

Financials-0.0%

 

 

 

 

 

Atlas Mara Co-Nvest*

 

500

 

$

 

Total Financials

 

 

 

 

Total Warrant
(Cost $—)**

 

 

 

 

 

 

 

 

 

 

Cash equivalent - 1.0%

 

 

 

 

 

BlackRock Liquidity Funds TempCash Portfolio, Dollar Shares, 0.122%‡

 

6,305

 

6

 

Total Cash equivalent
(Cost $6)**

 

 

 

6

 

Total Investments-100.2%
(Cost $532)**

 

 

 

592

 

Net Other assets (liabilities)-(0.2)%

 

 

 

(1

)

Net Assets-100.0%

 

 

 

$

591

 

 


*

Non-income producing security.

**

This number is listed in thousands.

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

Rate shown is the 7-day effective yield as of December 31, 2013.

 

 

ADR

- American Depositary Receipt

Cl

- Class

 

Amounts designated as “-” have been rounded to $0.

 

See accompanying notes to schedules of investments.

 

Country Allocation as of 12/31/13††

 

 

 

China

 

11.8

%

Taiwan, Province Of China

 

9.3

 

Brazil

 

8.7

 

Korea, Republic Of

 

7.6

 

Mexico

 

6.3

 

Hong Kong

 

6.2

 

South Africa

 

6.1

 

Republic of Korea (South)

 

5.9

 

India

 

5.4

 

Russian Federation

 

4.0

 

Malaysia

 

3.6

 

Bermuda

 

2.6

 

Philippines

 

2.2

 

Indonesia

 

2.1

 

Netherlands

 

2.0

 

Cayman Islands

 

2.0

 

United Kingdom

 

1.9

 

Chile

 

1.7

 

Panama

 

1.5

 

Canada

 

1.2

 

Virgin Islands, British

 

1.1

 

Cyprus

 

1.1

 

Thailand

 

1.1

 

United States

 

1.1

 

Qatar

 

0.9

 

Singapore

 

0.8

 

Turkey

 

0.7

 

Austria

 

0.6

 

Nigeria

 

0.5

 

Total

 

100.0

%

 


††                                   Country allocation based on country of incorporation. Percentages are based on total investments.

 



 

Notes to Schedules of Investments

December 31, 2013 (Unaudited)

 

1. Organization:

 

Turner Funds (the “Trust”), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The funds included herein are the Turner Market Neutral Fund (“Market Neutral Fund”), Turner Medical Sciences Long/Short Fund (“Medical Sciences Long/Short Fund”), Turner Spectrum Fund (“Spectrum Fund”), Turner Titan Fund (“Titan Fund”), Turner All Cap Growth Fund (“All Cap Growth Fund”), Turner Emerging Growth Fund (“Emerging Growth Fund”), Turner Large Growth Fund (“Large Growth Fund”), Turner Midcap Growth Fund (“Midcap Growth Fund”), Turner Small Cap Growth Fund (“Small Cap Growth Fund”), and Turner Emerging Markets Fund (“Emerging Markets Fund”), each a “Fund” and collectively the “Funds.”

 

2. Significant accounting policies:

 

The following is a summary of the significant accounting policies followed by the Funds in the preparation of the Schedules of investments, the Schedules of securities sold short and the Schedule of open written option contracts.

 

Use of estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts. Actual results could differ from those estimates.

 

Security valuation — In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, fair value is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market.

 

The Trust has a three-tier fair value hierarchy that is dependent upon the various “inputs” used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:

 

Level 1 — quoted prices in active markets for identical investments

 

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.)

 

Level 3 — significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)

 



 

Notes to Schedules of Investments

December 31, 2013 (Unaudited)

 

Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including American Depository Receipts (“ADRs”), are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price for long positions and the most recent quoted ask price for short positions. For securities traded on NASDAQ, the NASDAQ Official Closing Price is used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. To the extent these securities are valued at the last sales price or NASDAQ Official Closing Price, they are categorized as Level 1 in the fair value hierarchy.

 

Investments in other open-end investment companies are valued at net asset value. These valuations are typically categorized as Level 1 in the fair value hierarchy.

 

If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain bid and ask prices from two broker-dealers who make a market in the security and determine the average of the two. In this situation, valuations are typically categorized as a Level 2 in the fair value hierarchy.

 

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. 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 delisted from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. 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. Depending on the source or relative significance of the valuation inputs, these securities may be categorized as Level 2 or Level 3 in the fair value hierarchy.

 



 

Notes to Schedules of Investments

December 31, 2013 (Unaudited)

 

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 value at the time a Fund calculates 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 close and the time that a Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. In addition, the Funds’ Sub-administrator, Citi Fund Service Ohio, Inc., monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time a Fund calculates its net asset value. If price movements in a monitored index or security exceed levels recommended by the Committee for approval by the Board (“trigger points”), the Sub-administrator will notify Turner Investments, L.P. (the “Adviser”) that such limits have been exceeded. If such trigger points are exceeded, then the close prices for certain foreign markets are systematically adjusted by fair value factors calculated by an independent pricing service. The circumstances described above use significant observable inputs and therefore these valuations are considered as Level 2 in the fair value hierarchy.

 

In the event that the Adviser believes that the fair values provided by a third party fair valuation vendor are not reliable, or believes that a foreign security held by a Fund should be fair valued for any other reason, the Adviser shall contact the Sub-administrator and request that a meeting of the Committee be held. Depending on the source or relative significance of the valuation inputs, these securities may be categorized as Level 2 or Level 3 in the fair value hierarchy.

 

For the period ended December 31, 2013, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

 

The following table is a summary of inputs used to value the Funds’ investments as of December 31, 2013 (000).  The breakdown, by category, of the “common stock” category is disclosed on the Schedule of investments and Schedule of securities sold short for each fund, as applicable.

 

 

 

Level 1

 

Level 2

 

Total

 

Market Neutral Fund

 

 

 

 

 

 

 

Investments in securities

 

 

 

 

 

 

 

Common stock

 

$

2,929

 

$

 

$

2,929

 

Cash equivalent

 

135

 

 

135

 

Total Investments in securities

 

$

3,064

 

$

 

$

3,064

 

Securities sold short

 

 

 

 

 

 

 

Common stock

 

$

2,876

 

$

 

$

2,876

 

Total Securities sold short

 

$

2,876

 

$

 

$

2,876

 

 

 

 

 

 

 

 

 

Medical Sciences Long/Short Fund

 

 

 

 

 

 

 

Investments in securities

 

 

 

 

 

 

 

Common stock

 

$

17,932

 

$

 

$

17,932

 

Cash equivalent

 

3,546

 

 

3,546

 

Total Investments in securities

 

$

21,478

 

$

 

$

21,478

 

Securities sold short

 

 

 

 

 

 

 

Common stock

 

$

5,204

 

$

 

$

5,204

 

Exchange traded funds

 

3,971

 

 

3,971

 

Total Securities sold short

 

$

9,175

 

$

 

$

9,175

 

 

 

 

 

 

 

 

 

Spectrum Fund

 

 

 

 

 

 

 

Investments in securities

 

 

 

 

 

 

 

Common stock

 

$

387,526

 

$

 

$

387,526

 

Call option contracts

 

62

 

3

 

65

 

Warrant

 

203

 

 

203

 

Cash equivalent

 

56,688

 

 

56,688

 

Total Investments in securities

 

$

444,479

 

$

3

 

$

444,482

 

Securities sold short

 

 

 

 

 

 

 

Common stock

 

$

174,521

 

$

 

$

174,521

 

Exchange traded funds

 

56,746

 

 

56,746

 

Total Securities sold short

 

$

231,267

 

$

 

$

231,267

 

Other financial instruments(a)

 

 

 

 

 

 

 

Written call option contracts

 

$

18

 

$

 

$

18

 

Total Other financial instruments

 

$

18

 

$

 

$

18

 

 

 

 

 

 

 

 

 

Titan Fund

 

 

 

 

 

 

 

Investments in securities

 

 

 

 

 

 

 

Common stock

 

$

23,812

 

$

 

$

23,812

 

Cash equivalent

 

2,662

 

 

2,662

 

Total Investments in securities

 

$

26,474

 

$

 

$

26,474

 

Securities sold short

 

 

 

 

 

 

 

Common stock

 

$

11,086

 

$

 

$

11,086

 

Exchange traded funds

 

2,258

 

 

2,258

 

Total Securities sold short

 

$

13,344

 

$

 

$

13,344

 

 

 

 

 

 

 

 

 

All Cap Growth Fund

 

 

 

 

 

 

 

Investments in securities

 

 

 

 

 

 

 

Common stock

 

$

17,713

 

$

 

$

17,713

 

Warrant

 

29

 

 

29

 

Cash equivalent

 

597

 

 

597

 

Total Investments in securities

 

$

18,339

 

$

 

$

18,339

 

 

 

 

 

 

 

 

 

Emerging Growth Fund

 

 

 

 

 

 

 

Investments in securities

 

 

 

 

 

 

 

Common stock

 

$

234,553

 

$

 

$

234,553

 

Cash equivalent

 

30,590

 

 

30,590

 

Total Investments in securities

 

$

265,143

 

$

 

$

265,143

 

 

 

 

 

 

 

 

 

Large Growth Fund

 

 

 

 

 

 

 

Investments in securities

 

 

 

 

 

 

 

Common stock

 

$

62,055

 

$

 

$

62,055

 

Cash equivalent

 

1,785

 

 

1,785

 

Total Investments in securities

 

$

63,840

 

$

 

$

63,840

 

 

 

 

 

 

 

 

 

Midcap Growth Fund

 

 

 

 

 

 

 

Investments in securities

 

 

 

 

 

 

 

Common stock

 

$

397,970

 

$

 

$

397,970

 

Cash equivalent

 

7,625

 

 

7,625

 

Total Investments in securities

 

$

405,595

 

$

 

$

405,595

 

 

 

 

 

 

 

 

 

Small Cap Growth Fund

 

 

 

 

 

 

 

Investments in securities

 

 

 

 

 

 

 

Common stock

 

$

238,455

 

$

 

$

238,455

 

Cash equivalent

 

11,823

 

 

11,823

 

Total Investments in securities

 

$

250,278

 

$

 

$

250,278

 

 

 

 

 

 

 

 

 

Emerging Markets Fund

 

 

 

 

 

 

 

Investments in securities

 

 

 

 

 

 

 

Common stock

 

 

 

 

 

 

 

Consumer staples

 

$

51

 

$

5

 

$

56

 

Financials

 

148

 

3

 

151

 

Health care

 

9

 

6

 

15

 

Information technology

 

107

 

9

 

116

 

Utilities

 

 

6

 

6

 

Other common stock(b)

 

242

 

 

242

 

Warrant

 

(c)

 

(c)

Cash equivalent

 

6

 

 

6

 

Total Investments in securities

 

$

563

 

$

29

 

$

592

 

 


(a)Other financial instruments are derivative instruments and are reflected in the Schedule of open written option contracts.

(b)For detailed industry descriptions, see the accompanying Schedule of investments.

(c)The market value of this security is equal to $0.

 

For the period ended December 31, 2013, there were no significant changes to the Funds’ fair valuation methodologies. Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy during the reporting period. For each Fund there were no transfers between the Levels as of December 31, 2013 based on the input levels assigned at September 30, 2013.

 



 

Notes to Schedules of Investments

December 31, 2013 (Unaudited)

 

Security transactions — Security transactions are accounted for on the date the security is purchased or sold (trade date).

 

Securities sold short — Consistent with each Fund’s investment objectives, the Funds may engage in short sales. Short sales are transactions under which a Fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends that accrue during the period of the loan. Dividends declared on open short positions are recorded on ex-date and shown as an expense for financial reporting purposes. To borrow the security, the Fund also may be required to pay a fee, which is shown as an expense for financial reporting purposes. The proceeds of the short sale are retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the close of a short sale.

 

Until a Fund closes its short position or replaces the borrowed security, the Fund will: (a) maintain a segregated account containing cash or liquid securities at such a level that (i) the amount deposited in the account plus the amount deposited with the brokers as collateral will equal the current value of the security sold short; and (ii) the amount deposited in the segregated account plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time the security was sold short, or (b) otherwise cover the short positions. The Market Neutral Fund, Medical Sciences Long/Short Fund, Spectrum Fund and Titan Fund engaged in short sales during the period ended December 31, 2013.

 

Participation notes —  The Emerging Markets Fund may invest in participation notes. Some countries, especially emerging markets countries, do not permit foreign entities to participate directly in their securities markets or otherwise have regulations that present difficulties for efficient foreign investment. The Emerging Markets Fund may use participation notes to establish a position in such markets as a substitute for direct investment. Participation notes are issued by banks or broker-dealers and are designed to track the return of a particular underlying equity security or debt security, currency or market. When the participation note matures, the issuer of the participation note will pay to, or receive from, the Emerging Markets Fund the difference between the nominal value of the underlying investment at the time of purchase and that instrument’s value at maturity. Investments in participation notes involve the same risks as are associated with a direct investment in the underlying security, currency or market that they seek to replicate. In addition, participation notes are generally traded over-the-counter and are subject to counterparty risk. Counterparty risk is the risk that the broker-dealer or bank that issues the participation note will not fulfill its contractual obligation to complete the transaction with

 



 

Notes to Schedules of Investments

December 31, 2013 (Unaudited)

 

the Emerging Markets Fund. Participation notes constitute general unsecured contractual obligations of the banks or broker-dealers that issue them, and the Emerging Markets Fund

 

will rely on the creditworthiness of such banks or broker-dealers and will have no rights under a participation note against the issuer of the underlying assets when it invests in participation notes. In addition, participation notes may trade at a discount to the value of the underlying securities or markets that they seek to replicate.

 

Option transactions — Consistent with each Fund’s investment objectives, the Funds may write covered call options and sell put options as a means of increasing the yield on their portfolios and as a means of providing limited protection against decreases in their market value. The Funds may purchase put and call options to protect against a decline in the market value of the securities in their portfolio or to anticipate an increase in the market value of securities that the Funds may seek to purchase in the future. A put option gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security at any time during the option period. A call option gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security at any time during the option period. The premium paid to the writer is the consideration for undertaking the obligations under the options contract. The initial purchase (sale) of an option is an “opening transaction.” In order to close out an option position, the Fund may enter into a “closing transaction,” which is simply the sale (purchase) of an option contract on the same security with the same exercise price and expiration date as the option contract originally opened. If the Fund is unable to effect a closing purchase transaction with respect to an option it has written, it will not be able to sell the underlying security until the option expires or the Fund delivers the security upon exercise. When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is included in the Statement of assets and liabilities as an asset and an equivalent liability.

 

Option contracts are valued at the last quoted sales price.  If there is no such reported sale on the valuation date, long positions are valued ad the most recent bid price, and short positions are valued at the most recent ask price.  The primary risk exposure from written and purchased options contracts is equity exposure.

 

A summary of option contracts written during the period ended December 31, 2013 for the Spectrum Fund is as follows:

 

 

 

Option 
contracts

 

Option 
premiums 
(000)

 

Options outstanding at beginning of period

 

1,448

 

$

89

 

Options written

 

5,224

 

143

 

Options cancelled in a closing purchase transaction

 

(3,159

)

(61

)

Options expired

 

 

 

Options outstanding at end of period

 

3,513

 

$

171

 

 

Foreign currency translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate

 



 

Notes to Schedules of Investments

December 31, 2013 (Unaudited)

 

that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities.

 

Illiquid Securities — Illiquid securities are securities that cannot be disposed of within seven business days at approximately the price at which they are being carried on a Fund’s books. Illiquid securities include demand instruments with demand notice periods exceeding seven days, securities for which there is no active secondary market, and repurchase agreements with maturities of over seven days in length. The Funds may invest in securities that are neither listed on a stock exchange nor traded over the counter, including privately placed securities. Investing in such unlisted emerging country equity securities, including investments in new and early stage companies, may involve a high degree of business and financial risk that can result in substantial losses. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund, or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements which might be applicable if their securities were publicly traded. If such securities are required to be registered under the securities laws of one or more jurisdictions before being resold, a Fund may be required to bear the expenses of registration.

 

3.  Loans of portfolio securities:

 

The Funds may lend securities in their portfolios pursuant to a securities lending agreement (“Lending Agreement”) with Morgan Stanley. Unless otherwise agreed, security loans made pursuant to the Lending Agreement are required at all times to be secured by collateral equal to at least 100% of the market value of the securities loaned based on the previous day’s market value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. Cash collateral received is invested in the Dollar Shares of the BlackRock Liquidity Funds TempCash, a money market fund. All such investments are made at the risk of the Funds and, as such, the Funds are liable for investment losses. The Funds receive an annual fee for their participation in the Lending Agreement based on the projected lending activity.

 

In the event of bankruptcy of the borrower, realization/retention of the collateral may be subject to legal proceedings.

 

The following Funds had securities on loan and had invested cash collateral with the following values as of December 31, 2013 (000):

 

Fund

 

Value of Securities 
on Loan (000)

 

Value of 
Collateral (000)

 

All Cap Growth Fund

 

$

581

 

$

580

 

Emerging Growth Fund

 

16,979

 

17,282

 

Large Growth Fund

 

1,158

 

1,145

 

Midcap Growth Fund

 

2,034

 

1,986

 

Small Cap Growth Fund

 

9,940

 

10,066

 

 



 

Notes to Schedules of Investments

December 31, 2013 (Unaudited)

 

4. Concentration/risks:

 

Certain Funds invest a high percentage of their assets in specific market sectors in order to achieve a potentially greater investment return. As a result, these Funds may be more susceptible to positive or negative economic, political, and regulatory developments in a particular market sector of the market, and may experience the effect of this increased volatility on the Fund’s net asset value and a magnified effect on the Fund’s total return.

 

Governments of some developing countries exercise substantial influence over many aspects of the private sector. In some countries, the government owns or controls many companies, including the largest companies in the country. As such, government actions in the future could have a significant effect on economic conditions in developing countries in these regions, which could affect private sector companies, the Fund and the value of its securities. Furthermore, certain developing countries are among the largest debtors to commercial banks and foreign governments. Trading in debt obligations issued or guaranteed by such governments or their agencies and instrumentalities involves a high degree of risk.

 

5. Federal tax information:

 

At December 31, 2013, the total cost of securities for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for the investments held by each Fund, excluding securities sold short and written options, were as follows (000):

 

 

 

Federal
tax cost

 

Unrealized
appreciation

 

Unrealized
depreciation

 

Net unrealized
appreciation

 

Market Neutral Fund

 

$

2,860

 

$

219

 

$

(15

)

$

204

 

Medical Sciences Long/Short Fund

 

19,257

 

2,321

 

(100

)

2,221

 

Spectrum Fund

 

394,944

 

53,576

 

(4,038

)

49,538

 

Titan Fund

 

23,917

 

2,570

 

(13

)

2,557

 

All Cap Growth Fund

 

13,964

 

4,662

 

(287

)

4,375

 

Emerging Growth Fund

 

168,152

 

98,352

 

(1,361

)

96,991

 

Large Growth Fund

 

51,034

 

13,021

 

(215

)

12,806

 

Midcap Growth Fund

 

299,673

 

106,386

 

(464

)

105,922

 

Small Cap Growth Fund

 

184,023

 

67,002

 

(747

)

66,255

 

Emerging Markets Fund

 

533

 

66

 

(7

)

59

 

 

6. Subsequent Events:

 

The Trust has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the schedules of investments were issued.  Based on this evaluation, no additional disclosures and/or adjustments were required as of December 31, 2013.

 

THE SCHEDULES OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUNDS’ SEMIANNUAL REPORT OR AUDITED ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUNDS.

 



 

Item 2.   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 conducted within 90 days of the filing date of this report, that these disclosures controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

 

(b)            There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

(a) A separate certification for the principal executive officer and principal financial officer of the registrant as required by Rule 30(a)-2(a) under the Act (17 CFR 270.30a-2(a)), are filed herewith.

 



 

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: Turner Funds

By (Signature and Title)

/s/ Thomas R. Trala, Jr.

 

 

Thomas R. Trala, Jr., President (Principal Executive Officer)

 

 

 

Date:

February 21, 2014

 

 

 

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/ Thomas R. Trala, Jr.

 

 

Thomas R. Trala, Jr., President (Principal Executive Officer)

 

 

 

Date:

February 21, 2014

 

 

 

By (Signature and Title)

/s/ Ty Edwards

 

 

Ty Edwards, Controller and Chief Financial Officer (Principal Financial Officer)

 

 

Date:

February 21, 2014

 

 


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