UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-03790
Pear Tree Funds
(Exact name of registrant as specified in charter)
55 Old Bedford Road, Lincoln, MA 01773
(Address of principal executive offices)
Willard L. Umphrey
Pear Tree Advisors, Inc.
55 Old Bedford Road, Lincoln, MA 01773
(Name and address of agent for service)
Registrant’s telephone number, including area code:(781) 676-5900
Date of fiscal year end: | March 31 | |
Date of reporting period: | April 1, 2019 through September 30, 2019 |
ITEM 1. | REPORTS TO SHAREOWNERS. |
Pear Tree Quality Fund
Pear Tree Axiom Emerging Markets World Equity Fund
Pear Tree PNC International Small Cap Fund
Pear Tree Polaris Foreign Value Fund
Pear Tree Polaris Foreign Value Small Cap Fund
September 30, 2019
TABLE OF CONTENTS | | | | | | | |
President’s Letter | | | | | | | |
Fund Expenses | | | | | | | |
Portfolio Manager Commentaries | | | | | 4 | | |
Pear Tree Polaris Small Cap Fund | | | | | 4 | | |
Pear Tree Quality Fund | | | | | 8 | | |
Pear Tree Axiom Emerging Markets World Equity Fund | | | | | 12 | | |
Pear Tree PNC International Small Cap Fund | | | | | 16 | | |
Pear Tree Polaris Foreign Value Fund | | | | | 20 | | |
Pear Tree Polaris Foreign Value Small Cap Fund | | | | | 24 | | |
Schedules of Investments | | | | | 28 | | |
Pear Tree Polaris Small Cap Fund | | | | | 28 | | |
Pear Tree Quality Fund | | | | | 32 | | |
Pear Tree Axiom Emerging Markets World Equity Fund | | | | | 36 | | |
Pear Tree PNC International Small Cap Fund | | | | | 43 | | |
Pear Tree Polaris Foreign Value Fund | | | | | | | |
Pear Tree Polaris Foreign Value Small Cap Fund | | | | | | | |
Statements of Assets and Liabilities | | | | | | | |
Statements of Operations | | | | | 60 | | |
Statements of Changes in Net Assets | | | | | 62 | | |
Financial Highlights | | | | | 74 | | |
Notes to Financial Statements | | | | | 90 | | |
Information for Shareholders | | | | | 106 | | |
Management Contract and Advisory Contract Approval | | | | | 107 | | |
| Service Providers | | | inside back cover | |
President and Chairman
Pear Tree Fund | | | Share Class | | | Total Return Description | | | Beginning Account Value 4/1/2019 | | | Ending Account Value 9/30/2019 | | | Annualized Expense Ratio | | | Expenses Paid * 4/1/2019- 9/30/2019 | | ||||||||||||
Small Cap ** | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $1,004.60 | | | | | | 1.34 % | | | | | | $6.70 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.31 | | | | | | 1.34 % | | | | | | $6.75 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $1,006.30 | | | | | | 0.96 % | | | | | | $4.83 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.18 | | | | | | 0.96 % | | | | | | $4.86 | | |
Quality ** | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $1,054.10 | | | | | | 1.26 % | | | | | | $6.48 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.69 | | | | | | 1.26 % | | | | | | $6.37 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $1,056.00 | | | | | | 0.90 % | | | | | | $4.63 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.50 | | | | | | 0.90 % | | | | | | $4.55 | | |
Emerging Markets | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $1,001.90 | | | | | | 1.45 % | | | | | | $7.27 | | |
World Equity | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.74 | | | | | | 1.45 % | | | | | | $7.32 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $1,003.80 | | | | | | 1.08 % | | | | | | $5.41 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.60 | | | | | | 1.08 % | | | | | | $5.45 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $1,002.90 | | | | | | 0.98 % | | | | | | $4.93 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.08 | | | | | | 0.98 % | | | | | | $4.97 | | |
International Small Cap | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $1,008.50 | | | | | | 1.71 % | | | | | | $8.58 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,016.46 | | | | | | 1.71 % | | | | | | $8.61 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $1,011.30 | | | | | | 1.33 % | | | | | | $6.69 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.35 | | | | | | 1.33 % | | | | | | $6.71 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $1,011.30 | | | | | | 1.30 % | | | | | | $6.52 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.51 | | | | | | 1.30 % | | | | | | $6.55 | | |
Foreign Value | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $988.40 | | | | | | 1.40 % | | | | | | $6.95 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.01 | | | | | | 1.40 % | | | | | | $7.06 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $990.30 | | | | | | 1.03 % | | | | | | $5.12 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.85 | | | | | | 1.03 % | | | | | | $5.20 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $990.00 | | | | | | 0.94 % | | | | | | $4.68 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.30 | | | | | | 0.94 % | | | | | | $4.75 | | |
Foreign Value Small Cap | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $980.10 | | | | | | 1.42 % | | | | | | $7.01 | | |
| | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.92 | | | | | | 1.42 % | | | | | | $7.14 | | | ||
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $981.60 | | | | | | 1.04% | | | | | | $5.16 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.79 | | | | | | 1.04% | | | | | | $5.26 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $981.50 | | | | | | 1.02 % | | | | | | $5.05 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.90 | | | | | | 1.02 % | | | | | | $5.15 | | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $114.8 Million | | | |||||
| Number of Companies | | | 46 | | | |||||
| Price to Book Ratio | | | 1.6 | | | |||||
| Price to Earnings Ratio | | | 13.4 | | | |||||
| | | | Ordinary | | | Institutional | | | ||
| Total Expense Ratio (Gross)* | | | 1.56% | | | 1.30% | | | ||
| Total Expense Ratio (Net)* | | | 1.56% | | | 1.18% | | | ||
| Ticker Symbol | | | USBNX | | | QBNAX | | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 27.7 % | | |
Continental Building Products, Inc. | | | | | 3.4 % | | |
Cabot Corporation | | | | | 2.9 % | | |
Dril-Quip, Inc. | | | | | 2.9 % | | |
Air Lease Corporation | | | | | 2.9 % | | |
Kforce, Inc. | | | | | 2.7 % | | |
Winnebago Industries, Inc. | | | | | 2.6 % | | |
Asbury Automotive Group, Inc. | | | | | 2.6 % | | |
Sanderson Farms, Inc. | | | | | 2.6 % | | |
Regal Beloit Corporation | | | | | 2.6 % | | |
OFG Bancorp | | | | | 2.5 % | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Financials | | | | | 30.9 % | | |
Industrials | | | | | 23.3 % | | |
Consumer Discretionary | | | | | 9.2% | | |
Information Technology | | | | | 7.7 % | | |
Health Care | | | | | 5.8 % | | |
Consumer Staples | | | | | 4.8 % | | |
Energy | | | | | 4.8 % | | |
Materials | | | | | 4.3 % | | |
Real Estate | | | | | 4.2 % | | |
Communication Services | | | | | 2.3 % | | |
Utilities | | | | | 2.2 % | | |
CASH + other assets (net) | | | | | 0.5 % | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Small Cap (PTSC) Ordinary Shares vs. Russell 2000 Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2019 | | | Six Months | | | One Year | | | Five Year (3) | | | Ten Year (3) | | | Since Inception (3) | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (1.07 | )% | | | | 0.46 | % | | | | (8.60 | )% | | | | 6.08 | % | | | | 9.16 | % | | | | 9.18 | % | | 08/03/1992 | | ||||||
Institutional Shares (1) | | | | | (0.96 | )% | | | | 0.63 | % | | | | (8.26 | )% | | | | 6.41 | % | | | | 9.47 | % | | | | 8.74 | % | | 01/06/1993 | | ||||||
Russell 2000 (2) | | | | | (2.40 | )% | | | | (0.35 | )% | | | | (8.89 | )% | | | | 8.19 | % | | | | 11.19 | % | | | | 9.34 | % | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $138.2 Million | | | |||||
| Number of Companies | | | 40 | | | |||||
| Price to Book Ratio | | | 4.9 | | | |||||
| Price to Earnings Ratio | | | 17.5 | | | |||||
| | | | Ordinary | | | Institutional | | | ||
| Total Expense Ratio (Gross)* | | | 1.54% | | | 1.29% | | | ||
| Total Expense Ratio (Net)* | | | 1.25% | | | 0.88% | | | ||
| Ticker Symbol | | | USBOX | | | QGIAX | | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 43.1 % | | |
Microsoft Corporation | | | | | 6.6 % | | |
Apple, Inc. | | | | | 6.2 % | | |
Alphabet Inc. | | | | | 5.7 % | | |
Oracle Corporation | | | | | 4.9 % | | |
Medtronic plc | | | | | 3.7 % | | |
Accenture plc | | | | | 3.5 % | | |
Costco Wholesale Corporation | | | | | 3.3 % | | |
Johnson & Johnson | | | | | 3.2 % | | |
Roche Holding ltd. | | | | | 3.0% | | |
American Express Company | | | | | 3.0% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Information Technology | | | | | 35.1 % | | |
Health Care | | | | | 22.1 % | | |
Consumer Staples | | | | | 13.7 % | | |
Financials | | | | | 9.0 % | | |
Communication Services | | | | | 7.8 % | | |
Industrials | | | | | 5.2 % | | |
Consumer Discretionary | | | | | 4.6 % | | |
Energy | | | | | 0.0% | | |
Materials | | | | | 0.0% | | |
Real Estate | | | | | 0.0 % | | |
Utilities | | | | | 0.0% | | |
CASH + other assets (net) | | | | | 2.5 % | | |
Value of a $10,000 Investment | |
Pear Tree Quality (PTQ) Ordinary Shares vs.S&P 500 Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2019 | | | Six Months | | | One Year | | | Five Year | | | Ten Year (3) | | | Since Inception (3) | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | 2.02 | % | | | | 5.41 | % | | | | 4.86 | % | | | | 11.78 | % | | | | 12.71 | % | | | | 9.52 | % | | 05/06/85 | | ||||||
Institutional Shares (1) | | | | | 2.11 | % | | | | 5.60 | % | | | | 5.24 | % | | | | 12.12 | % | | | | 13.13 | % | | | | 8.56 | % | | 03/25/91 | | ||||||
S&P 500 (2) | | | | | 1.70 | % | | | | 6.08 | % | | | | 4.25 | % | | | | 10.84 | % | | | | 13.24 | % | | | | 10.88 | % | | ———————— | |
| Fund Information | | | | | | | | | | | | | |
| Net Assets | | | $89.8 Million | | | | |||||||
| Number of Companies | | | 131 | | | | |||||||
| Price to Book Ratio | | | 3.1 | | | | |||||||
| Price to Earnings Ratio | | | 18.0 | | | | |||||||
| | | | Ordinary | | | Institutional | | | R6 | | | ||
| Total Expense Ratio (Gross)* | | | 1.73% | | | 1.47% | | | 1.70% | | | ||
| Total Expense Ratio (Net)* | | | 1.51% | | | 1.13% | | | 0.99% | | | ||
| Ticker Symbol | | | QFFOX | | | QEMAX | | | QFFRX | | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 32.7 % | | |
Alibaba Group Holding Ltd. | | | | | 6.0% | | |
Taiwan Semiconductor Manufacturing Co. ltd. | | | | | 5.5 % | | |
Tencent Holdings Limited | | | | | 4.5 % | | |
Samsung Electronics Company ltd. | | | | | 3.8 % | | |
Ping An Insurance Group H Share | | | | | 3.1 % | | |
SK Hynix, Inc. | | | | | 2.3% | | |
iShares Core MSCI Emerging Markets ETF | | | | | 2.3 % | | |
Largan Precision Co. ltd. | | | | | 1.9 % | | |
Wal-Mart de Mexico, S.A.B. de C.V. | | | | | 1.8% | | |
Kweichow Moutai Co. ltd. | | | | | 1.5 % | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Information Technology | | | | | 20.3 % | | |
Financials | | | | | 19.5 % | | |
Consumer Discretionary | | | | | 15.8 % | | |
Consumer Staples | | | | | 13.3 % | | |
Industrials | | | | | 8.1 % | | |
Communication Services | | | | | 7.6 % | | |
Energy | | | | | 5.0 % | | |
Health Care | | | | | 2.9 % | | |
Materials | | | | | 2.5 % | | |
Real Estate | | | | | 2.1 % | | |
Utilities | | | | | 0.2 % | | |
Mutual Funds | | | | | 2.3 % | | |
CASH + other assets (net) | | | | | 0.4 % | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 82.8 % | | |
China | | | | | 19.1 % | | |
Hong Kong | | | | | 11.6 % | | |
Brazil | | | | | 11.4 % | | |
Taiwan | | | | | 10.2 % | | |
South Korea | | | | | 9.3 % | | |
India | | | | | 7.3 % | | |
Russia | | | | | 4.3 % | | |
United States | | | | | 3.9 % | | |
Mexico | | | | | 3.3 % | | |
Thailand | | | | | 2.4 % | | |
Value of a $10,000 Investment | |
Pear Tree Axiom Emerging Markets World Equity (PTEM)Ordinary Shares vs. MSCI EM Index | |
|
| | | 3Q 2019 | | | Six Months (3) | | | One Year (3) | | | Five Year (3) | | | Ten Year (3) | | | Since Inception (3) | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (1.88 | )% | | | | 0.19 | % | | | | 1.02 | % | | | | (0.18 | )% | | | | 2.49 | % | | | | 4.67 | % | | 09/30/1994 | | ||||||
Institutional Shares (1) | | | | | (1.80 | )% | | | | 0.38 | % | | | | 1.42 | % | | | | 0.14 | % | | | | 2.79 | % | | | | 5.96 | % | | 04/02/1996 | | ||||||
R6 Shares (1) | | | | | (1.78 | )% | | | | 0.29 | % | | | | - | % | | | | - | % | | | | - | % | | | | 5.00 | % | | 01/28/2019 | | ||||||
MSCI EM (2) | | | | | (4.11 | )% | | | | (3.40 | )% | | | | (1.63 | )% | | | | 2.71 | % | | | | 3.73 | % | | | | 4.88 | % | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $10.8 Million | | | |||||
| Number of Companies | | | 93 | | | |||||
| Price to Book Ratio | | | 3.4 | | | |||||
| Price to Earnings Ratio | | | 23.9 | | | |||||
| | | | Ordinary | | | Institutional | | | R6 | |
| Total Expense Ratio (Gross)* | | | 1.75% | | | 1.50% | | | 1.35% | |
| Total Expense Ratio (Net)* | | | 1.75% | | | 1.38% | | | 1.35% | |
| Ticker Symbol | | | QISOX | | | QISIX | | | QISRX | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 18.3 % | | |
Lasertec Corporation | | | | | 3.0 % | | |
Infomart Corporation | | | | | 2.1 % | | |
PeptiDream, Inc. | | | | | 1.9 % | | |
Harmonic Drive Systems, Inc. | | | | | 1.7 % | | |
Dermapharm Holding SE | | | | | 1.7 % | | |
goeasy Ltd. | | | | | 1.6 % | | |
Aramex PJSC | | | | | 1.6 % | | |
Nihon M&A Center Inc. | | | | | 1.6 % | | |
Össur hf. | | | | | 1.6 % | | |
Dino Polska S.A. | | | | | 1.5 % | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0 % | | |
Health Care | | | | | 22.1 % | | |
Information Technology | | | | | 22.0 % | | |
Consumer Discretionary | | | | | 13.4 % | | |
Financials | | | | | 10.5 % | | |
Industrials | | | | | 10.3 % | | |
Consumer Staples | | | | | 8.1 % | | |
Materials | | | | | 3.6 % | | |
Real Estate | | | | | 2.9 % | | |
Energy | | | | | 1.5 % | | |
Communications Services | | | | | 1.4 % | | |
Utilities | | | | | 0.7 % | | |
CASH + other assets (net) | | | | | 3.5 % | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 66.2 % | | |
Japan | | | | | 21.8 % | | |
United Kingdom | | | | | 8.9 % | | |
Australia | | | | | 7.4 % | | |
Sweden | | | | | 5.5 % | | |
Canada | | | | | 5.0 % | | |
Germany | | | | | 4.7 % | | |
Egypt | | | | | 3.5 % | | |
China | | | | | 3.4 % | | |
Singapore | | | | | 3.1 % | | |
France | | | | | 2.9 % | | |
Value of a $10,000 Investment | |
Pear Tree PNC International Small Cap (QISOX) Ordinary Shares vs. MSCI ACWI ex USA Small Cap Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2019 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (2.73 | )% | | | | 0.85 | % | | | | — % | | | | | | — % | | | | | | — % | | | | | | 6.90 | % | | 01/30/2019 | | |||
Institutional Shares (1) | | | | | (2.63 | )% | | | | 1.13 | % | | | | — % | | | | | | — % | | | | | | — % | | | | | | 7.20 | % | | 01/30/2019 | | |||
R6 Shares (1) | | | | | (2.63 | )% | | | | 1.13 | % | | | | — % | | | | | | — % | | | | | | — % | | | | | | 7.20 | % | | 01/30/2019 | | |||
MSCI ACWI ex USA Small Cap (2) | | | | | (1.09 | )% | | | | 0.29 | % | | | | — % | | | | | | — % | | | | | | — % | | | | | | 3.97 | % | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $3,604.4 Million | | ||||||
| Number of Companies | | | 56 | | ||||||
| Price to Book Ratio | | | 1.5 | | ||||||
| Price to Earnings Ratio | | | 12.0 | | ||||||
| | | | Ordinary | | | Institutional | | | R6 | |
| Total Expense Ratio (Gross)* | | | 1.51% | | | 1.26% | | | 1.11% | |
| Total Expense Ratio (Net) * | | | 1.41% | | | 1.04% | | | 0.94% | |
| Ticker Symbol | | | QFVOX | | | QFVIX | | | QFVRX | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 23.3 % | | |
Hannover Rueck SE | | | | | 2.7 % | | |
Bellway plc | | | | | 2.5% | | |
Next plc | | | | | 2.5 % | | |
Popular, Inc. | | | | | 2.4% | | |
Vinci S.A. | | | | | 2.3% | | |
Magna International, Inc. | | | | | 2.3% | | |
Asahi Group Holdings Ltd. | | | | | 2.2 % | | |
Taylor Wimpey plc | | | | | 2.2% | | |
Kone OYJ, Class B | | | | | 2.1 % | | |
Lanxess AG | | | | | 2.1 % | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Financials | | | | | 25.2 % | | |
Consumer Discretionary | | | | | 16.4 % | | |
Materials | | | | | 16.2 % | | |
Industrials | | | | | 12.9 % | | |
Communication Services | | | | | 11.4 % | | |
Consumer Staples | | | | | 5.2 % | | |
Information Technology | | | | | 5.0 % | | |
Health Care | | | | | 2.0 % | | |
Utilities | | | | | 1.5 % | | |
Cash and Other Assets (Net) | | | | | 4.2 % | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 77.8 % | | |
United Kingdom | | | | | 16.8 % | | |
Germany | | | | | 10.7 % | | |
South Korea | | | | | 10.5 % | | |
Japan | | | | | 9.5 % | | |
France | | | | | 8.1 % | | |
Canada | | | | | 6.0 % | | |
Norway | | | | | 5.9% | | |
Sweden | | | | | 5.8 % | | |
Puerto Rico | | | | | 2.4% | | |
Finland | | | | | 2.1 % | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Foreign Value (PTFV)Ordinary Shares vs. MSCI EAFE Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2019 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (2.79 | )% | | | | (1.16 | )% | | | | (6.95 | )% | | | | 3.53 | % | | | | 6.63 | % | | | | 6.10 | % | | 05/15/1998 | | ||||||
Institutional Shares (1) | | | | | (2.70 | )% | | | | (0.97 | )% | | | | (6.63 | )% | | | | 3.85 | % | | | | 6.93 | % | | | | 7.41 | % | | 12/18/1998 | | ||||||
R6 Shares (1) | | | | | (2.78 | )% | | | | (1.00 | )% | | | | (6.61 | )% | | | | — | % | | | | — | % | | | | 5.00 | % | | 02/06/2017 | | ||||||
MSCI EAFE (2) | | | | | (1.00 | )% | | | | 2.93 | % | | | | (0.82 | )% | | | | 3.77 | % | | | | 5.39 | % | | | | 4.53 | % | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $879.6 Million | | ||||||
| Number of Companies | | | 74 | | ||||||
| Price to Book Ratio | | | 1.4 | | ||||||
| Price to Earnings Ratio | | | 12.1 | | ||||||
| | | | Ordinary | | | Institutional | | | R6 | |
| Total Expense Ratio (Gross)* | | | 1.54% | | | 1.29% | | | 1.15% | |
| Total Expense Ratio (Net)* | | | 1.44% | | | 1.07% | | | 1.05% | |
| Ticker Symbol | | | QUSOX | | | QUSIX | | | QUSRX | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 22.4 % | | |
Halfords Group plc | | | | | 2.5 % | | |
IBJ Leasing Co. Limited | | | | | 2.4 % | | |
OneSavings Bank plc | | | | | 2.4 % | | |
Tsubakimoto Chain Co. Limited | | | | | 2.3 % | | |
DFDS A/S | | | | | 2.2 % | | |
Iwatani Corporation | | | | | 2.2% | | |
Kanematsu Corporation | | | | | 2.1 % | | |
Galliford Try plc | | | | | 2.1 % | | |
The Resturant Group plc | | | | | 2.1 % | | |
Lancashire Holdings Limited | | | | | 2.1 % | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0 % | | |
Financials | | | | | 19.9 % | | |
Consumer Discretionary | | | | | 19.4 % | | |
Industrials | | | | | 19.0 % | | |
Information Technology | | | | | 14.2 % | | |
Consumer Staples | | | | | 7.6 % | | |
Materials | | | | | 7.4 % | | |
Utilities | | | | | 5.1 % | | |
Energy | | | | | 2.2 % | | |
Communication Services | | | | | 1.9 % | | |
Real Estate | | | | | 1.9 % | | |
Health Care | | | | | 1.0 % | | |
CASH + other assets (net) | | | | | 0.4 % | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 83.7 % | | |
United Kingdom | | | | | 21.2 % | | |
Japan | | | | | 19.4 % | | |
Taiwan | | | | | 11.3 % | | |
Norway | | | | | 6.3 % | | |
Ireland | | | | | 6.2 % | | |
Thailand | | | | | 5.0 % | | |
India | | | | | 4.2% | | |
South Korea | | | | | 4.2 % | | |
Hong Kong | | | | | 3.0 % | | |
China | | | | | 2.9 % | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Foreign Value Small Cap (PTFVSC)Ordinary Shares vs. MSCI ACWI ex USA Small Cap Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2019 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (1.85 | )% | | | | (1.99 | )% | | | | (7.28 | )% | | | | 3.11 | % | | | | 7.02 | % | | | | 5.54 | % | | 5/1/2008 | | ||||||
Institutional Shares (1) | | | | | (1.77 | )% | | | | (1.84 | )% | | | | (6.88 | )% | | | | 3.45 | % | | | | 7.32 | % | | | | 5.82 | % | | 5/1/2008 | | ||||||
R6 Shares (1) | | | | | (1.76 | )% | | | | (1.85 | )% | | | | (6.92 | )% | | | | — | % | | | | — | % | | | | 4.29 | % | | 2/6/2017 | | ||||||
MSCI ACWI ex USA Small Cap (2) | | | | | (1.09 | )% | | | | 0.29 | % | | | | (5.24 | )% | | | | 4.37 | % | | | | 6.51 | % | | | | 4.08 | % | | ———————— | |
| | | Shares | | | Value | | ||||||
AUTOMOBILES — 2.6% | | ||||||||||||
Winnebago Industries, Inc. | | | | | 79,200 | | | | | $ | 3,037,320 | | |
BANKS — 26.1% | | ||||||||||||
Ameris Bancorp | | | | | 69,900 | | | | | | 2,812,776 | | |
BOK Financial Corporation | | | | | 11,964 | | | | | | 946,951 | | |
Brookline Bancorp, Inc. | | | | | 167,300 | | | | | | 2,464,329 | | |
Bryn Mawr Bank Corporation | | | | | 61,746 | | | | | | 2,254,346 | | |
Cambridge Bancorp | | | | | 31,030 | | | | | | 2,327,560 | | |
Central Pacific Financial Corporation | | | | | 79,983 | | | | | | 2,271,517 | | |
Colony Bankcorp, Inc. | | | | | 157,079 | | | | | | 2,411,163 | | |
Dime Community Bancshares, Inc. | | | | | 122,700 | | | | | | 2,627,007 | | |
F.N.B. Corporation | | | | | 197,580 | | | | | | 2,278,097 | | |
International Bancshares Corporation | | | | | 64,900 | | | | | | 2,506,438 | | |
OFG Bancorp | | | | | 131,200 | | | | | | 2,873,280 | | |
RBB Bancorp | | | | | 98,097 | | | | | | 1,931,530 | | |
South Plains Financial, Inc. | | | | | 137,200 | | | | | | 2,236,360 | | |
| | | | | 29,941,354 | | | ||||||
BUILDING PRODUCTS — 3.4% | | ||||||||||||
Continental Building Products, Inc. (a) | | | | | 141,800 | | | | | | 3,869,722 | | |
CAPITAL MARKETS — 2.5% | | ||||||||||||
Hercules Capital, Inc. | | | | | 213,603 | | | | | | 2,855,872 | | |
CHEMICALS — 4.3% | | ||||||||||||
Cabot Corporation | | | | | 74,500 | | | | | | 3,376,340 | | |
Ferro Corporation (a) | | | | | 134,035 | | | | | | 1,589,655 | | |
| | | | | 4,965,995 | | | ||||||
COMMUNICATIONS EQUIPMENT — 1.5% | | ||||||||||||
Bel Fuse, Inc. Class B | | | | | 111,100 | | | | | | 1,669,833 | | |
ELECTRIC UTILITIES — 2.2% | | ||||||||||||
ALLETE, Inc. | | | | | 28,900 | | | | | | 2,526,149 | | |
ELECTRICAL EQUIPMENT — 2.6% | | ||||||||||||
Regal Beloit Corporation | | | | | 40,200 | | | | | | 2,928,570 | | |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.0% | | ||||||||||||
Avnet, Inc. | | | | | 50,500 | | | | | | 2,246,493 | | |
Insight Enterprises, Inc. (a) | | | | | 42,427 | | | | | | 2,362,760 | | |
| | | | | 4,609,253 | | | ||||||
|
| | | Shares | | | Value | | ||||||
ENERGY EQUIPMENT & SERVICES — 2.9% | | ||||||||||||
Dril-Quip, Inc. (a) | | | | | 66,300 | | | | | $ | 3,326,934 | | |
ENTERTAINMENT — 2.3% | | ||||||||||||
Cinemark Holdings, Inc. | | | | | 67,791 | | | | | | 2,619,444 | | |
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 4.2% | | ||||||||||||
EPR Properties | | | | | 31,110 | | | | | | 2,391,115 | | |
Physicians Realty Trust | | | | | 136,022 | | | | | | 2,414,390 | | |
| | | | | 4,805,505 | | | ||||||
FOOD PRODUCTS — 2.6% | | ||||||||||||
Sanderson Farms, Inc. | | | | | 19,800 | | | | | | 2,996,334 | | |
HEALTH CARE EQUIPMENT & SUPPLIES — 2.3 | | ||||||||||||
Natus Medical, Inc. (a) | | | | | 83,120 | | | | | | 2,646,541 | | |
HEALTH CARE TECHNOLOGY — 2.0% | | ||||||||||||
Computer Programs and Systems, Inc. | | | | | 99,250 | | | | | | 2,244,043 | | |
HOUSEHOLD PRODUCTS — 2.2% | | ||||||||||||
Central Garden and Pet Company, Class A (a) | | | | | 91,200 | | | | | | 2,528,520 | | |
INSURANCE — 2.3% | | ||||||||||||
United Insurance Holdings Corporation | | | | | 190,851 | | | | | | 2,670,005 | | |
INTERNET & DIRECT MARKETING RETAIL — 1.9% | | ||||||||||||
PetMed Express, Inc. | | | | | 118,500 | | | | | | 2,135,370 | | |
IT SERVICES — 2.2% | | ||||||||||||
EVERTEC Inc. | | | | | 82,200 | | | | | | 2,566,284 | | |
MACHINERY — 3.8% | | ||||||||||||
Exco Technologies Limited | | | | | 384,900 | | | | | | 2,136,154 | | |
Greenbrier Companies, Inc. (The) | | | | | 75,100 | | | | | | 2,262,012 | | |
| | | | | 4,398,166 | | | ||||||
OIL, GAS & CONSUMABLE FUELS — 1.9% | | ||||||||||||
Diamondback Energy, Inc. | | | | | 24,070 | | | | | | 2,164,134 | | |
PHARMACEUTICALS — 1.6% | | ||||||||||||
Phibro Animal Health Corporation | | | | | 83,900 | | | | | | 1,789,587 | | |
PROFESSIONAL SERVICES — 3.7% | | ||||||||||||
BG Staffing, Inc. | | | | | 59,000 | | | | | | 1,127,490 | | |
Kforce, Inc. | | | | | 83,294 | | | | | | 3,151,428 | | |
| | | | | 4,278,918 | | | ||||||
|
| | | Shares | | | Value | | ||||||
ROAD & RAIL — 2.4% | | ||||||||||||
Knight-Swift Transportation Holdings, Inc. | | | | | 77,594 | | | | | $ | 2,816,662 | | |
SPECIALTY RETAIL — 2.6% | | ||||||||||||
Asbury Automotive Group, Inc. (a) | | | | | 29,646 | | | | | | 3,033,675 | | |
TEXTILES, APPAREL & LUXURY GOODS — 2.0% | | ||||||||||||
Deckers Outdoor Corporation (a) | | | | | 15,900 | | | | | | 2,343,024 | | |
TRADING COMPANIES & DISTRIBUTORS — 7.4% | | ||||||||||||
Air Lease Corporation | | | | | 79,100 | | | | | | 3,307,962 | | |
Univar Inc. (a) | | | | | 115,497 | | | | | | 2,397,718 | | |
WESCO International, Inc. (a) | | | | | 57,600 | | | | | | 2,751,552 | | |
| | | | | 8,457,232 | | | ||||||
TOTAL COMMON STOCK | | ||||||||||||
(Cost $96,684,903) | | | | | | | | | | | 114,224,446 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—0.5% | | | | | | | | | | | | | |
State Street Bank Institutional U.S. Government Money Market Fund, 1.88% (b) (Cost $612,156) | | | | $ | 612,156 | | | | | | 612,156 | | |
TOTAL INVESTMENTS—100.0% (Cost $97,297,059) | | | | | | | | | | | 114,836,602 | | |
OTHER ASSETS & LIABILITIES (NET)—0.0% | | | | | | | | | | | 4,261 | | |
NET ASSETS—100% | | | | | | | | | | $ | 114,840,863 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 22,066,498 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (4,565,139 ) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 17,501,359 | | |
|
| | | Shares | | | Value | | ||||||
AEROSPACE & DEFENSE — 1.1% | | ||||||||||||
United Technologies Corporation | | | | | 10,784 | | | | | $ | 1,472,232 | | |
BANKS — 6.0% | | ||||||||||||
U.S. Bancorp | | | | | 75,504 | | | | | | 4,178,392 | | |
Wells Fargo & Company | | | | | 81,653 | | | | | | 4,118,577 | | |
| | | | | 8,296,969 | | | ||||||
BEVERAGES — 2.6% | | ||||||||||||
Coca-Cola Company (The) | | | | | 50,886 | | | | | | 2,770,234 | | |
PepsiCo, Inc. | | | | | 6,419 | | | | | | 880,045 | | |
| | | | | 3,650,279 | | | ||||||
COMMUNICATIONS EQUIPMENT — 2.1% | | ||||||||||||
Cisco Systems, Inc. | | | | | 58,610 | | | | | | 2,895,920 | | |
DIVERSIFIED FINANCIAL SERVICES — 3.0% | | ||||||||||||
American Express Company | | | | | 35,333 | | | | | | 4,179,187 | | |
ELECTRICAL EQUIPMENT — 1.3% | | ||||||||||||
Honeywell International, Inc. | | | | | 10,768 | | | | | | 1,821,946 | | |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.7% | | ||||||||||||
Amphenol Corporation | | | | | 11,102 | | | | | | 1,071,343 | | |
FOOD & STAPLES RETAILING — 3.3% | | ||||||||||||
Costco Wholesale Corporation | | | | | 15,793 | | | | | | 4,550,121 | | |
FOOD PRODUCTS — 4.6% | | ||||||||||||
Nestle, S.A. (b) | | | | | 29,116 | | | | | | 3,156,174 | | |
Unilever plc (b) | | | | | 52,410 | | | | | | 3,149,841 | | |
| | | | | 6,306,015 | | | ||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 6.4% | | ||||||||||||
Abbott Laboratories | | | | | 23,640 | | | | | | 1,977,959 | | |
Alcon, Inc. (a) | | | | | 6,967 | | | | | | 406,107 | | |
Becton, Dickinson and Company | | | | | 5,674 | | | | | | 1,435,295 | | |
Medtronic plc | | | | | 46,902 | | | | | | 5,094,495 | | |
| | | | | 8,913,856 | | | ||||||
HEALTH CARE PROVIDERS & SERVICES — 5.4% | | ||||||||||||
Anthem, Inc. | | | | | 13,866 | | | | | | 3,329,226 | | |
UnitedHealth Group, Inc. | | | | | 18,837 | | | | | | 4,093,657 | | |
| | | | | 7,422,883 | | | ||||||
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| | | Shares | | | Value | | ||||||
HOTELS RESTAURANT & LEISURE — 1.1% | | ||||||||||||
Compass Group plc (b) | | | | | 56,681 | | | | | $ | 1,459,536 | | |
HOUSEHOLD PRODUCTS — 2.1% | | ||||||||||||
Reckitt Benckiser Group plc | | | | | 36,854 | | | | | | 2,911,466 | | |
INDUSTRIAL CONGLOMERATES — 2.8% | | ||||||||||||
3M Company | | | | | 23,705 | | | | | | 3,897,102 | | |
INTERACTIVE MEDIA & SERVICES — 7.8% | | ||||||||||||
Alphabet, Inc. A (a) | | | | | 2,806 | | | | | | 3,426,519 | | |
Alphabet, Inc. C (a) | | | | | 3,598 | | | | | | 4,385,962 | | |
Facebook, Inc. (a) | | | | | 16,843 | | | | | | 2,999,401 | | |
| | | | | 10,811,882 | | | ||||||
INTERNET & DIRECT MARKETING RETAIL — 1.4% | | ||||||||||||
Booking Holdings, Inc. (a) | | | | | 980 | | | | | | 1,923,358 | | |
IT SERVICES — 21.1% | | ||||||||||||
Accenture plc | | | | | 25,344 | | | | | | 4,874,919 | | |
Cognizant Technology Solutions Corporation | | | | | 47,073 | | | | | | 2,836,854 | | |
MasterCard Incorporated | | | | | 5,491 | | | | | | 1,491,191 | | |
Microsoft Corporation | | | | | 65,205 | | | | | | 9,065,451 | | |
Oracle Corporation | | | | | 123,302 | | | | | | 6,785,309 | | |
SAP AG (b) | | | | | 23,890 | | | | | | 2,815,914 | | |
Visa, Inc. | | | | | 7,247 | | | | | | 1,246,556 | | |
| | | | | 29,116,194 | | | ||||||
MULTILINE RETAIL — 2.1% | | ||||||||||||
TJX Companies, Inc. (The) | | | | | 52,162 | | | | | | 2,907,510 | | |
PHARMACEUTICALS — 10.3% | | ||||||||||||
Johnson & Johnson | | | | | 34,624 | | | | | | 4,479,653 | | |
Merck & Co., Inc. | | | | | 33,977 | | | | | | 2,860,184 | | |
Novartis AG (b) | | | | | 31,605 | | | | | | 2,746,475 | | |
Roche Holding ltd. (b) | | | | | 114,767 | | | | | | 4,183,257 | | |
| | | | | 14,269,569 | | | ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.0% | | ||||||||||||
Taiwan Semiconductor Manufacturing Co. ltd. (b) | | | | | 70,509 | | | | | | 3,277,258 | | |
Texas Instruments, Inc. | | | | | 28,058 | | | | | | 3,626,216 | | |
| | | | | 6,903,474 | | | ||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 6.2% | | ||||||||||||
Apple, Inc. | | | | | 38,171 | | | | | | 8,549,159 | | |
|
| | | Shares | | | Value | | ||||||
TOBACCO — 1.1% | | ||||||||||||
Philip Morris International, Inc. | | | | | 19,593 | | | | | $ | 1,487,696 | | |
TOTAL COMMON STOCK | | ||||||||||||
(Cost $118,389,160) | | | | | | | | | | | 134,817,697 | | |
|
| | | Par Value | | | Value | | ||||||
State Street Bank & Trust Co., Repurchase Agreement 0.25%, 10/01/19, (Dated 09/30/19), Collateralized by 3,340,000 par US TREASURY N/B-1.75% due 05/31/2022, Market Value $3,372,157 Repurchase Proceeds $3,303,516 (Cost $3,303,494) | | | | $ | 3,303,494 | | | | | $ | 3,303,494 | | |
TOTAL INVESTMENTS 99.9% (Cost $121,692,654) | | | | | | | | | | | 138,121,191 | | |
OTHER ASSETS & LIABILITIES (NET)—0.1% | | | | | | | | | | | 95,207 | | |
NET ASSETS—100% | | | | | | | | | | $ | 138,216,398 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 19,216,104 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (3,192,037 ) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 16,024,067 | | |
|
| | | Shares | | | Value | | ||||||
AUSTRALIA — 0.4% | | ||||||||||||
IDP Education Ltd. | | | | | 31,534 | | | | | $ | 331,243 | | |
BRAZIL — 11.4% | | ||||||||||||
Ambev | | | | | 106,000 | | | | | | 490,210 | | |
B3 SA - Brasil Bolsa Balcao | | | | | 103,800 | | | | | | 1,087,999 | | |
Banco Bradesco S.A. (b) | | | | | 72,500 | | | | | | 590,149 | | |
Banco do Brasil S.A. | | | | | 107,200 | | | | | | 1,171,539 | | |
BRF S.A. (a) | | | | | 27,200 | | | | | | 249,619 | | |
Itau Unibanco Banco Multiplo S.A. (b) | | | | | 19,700 | | | | | | 165,677 | | |
Localiza Rent a Car S.A. | | | | | 99,100 | | | | | | 1,082,303 | | |
Lojas Renner S.A.. | | | | | 84,700 | | | | | | 1,026,981 | | |
Magazine Luiza S.A. | | | | | 139,700 | | | | | | 1,243,120 | | |
Notre Dame Intermedica Participacoes S.A. | | | | | 89,300 | | | | | | 1,163,850 | | |
Petroleo Brasileiro S.A. Petrobras (b) | | | | | 78,500 | | | | | | 1,135,895 | | |
Rumo S.A. | | | | | 48,800 | | | | | | 287,232 | | |
Sabesp Cia Saneame | | | | | 17,100 | | | | | | 203,762 | | |
Totvs S.A. | | | | | 21,600 | | | | | | 299,624 | | |
| | | | | 10,197,960 | | | ||||||
CANADA — 0.6% | | ||||||||||||
CAE Inc. | | | | | 6,700 | | | | | | 170,289 | | |
Restaurant Brands International Inc. | | | | | 5,690 | | | | | | 404,786 | | |
| | | | | 575,075 | | | ||||||
CHINA — 19.1% | | ||||||||||||
Aier Eye Hospital Group Co. Ltd. | | | | | 54,730 | | | | | | 271,948 | | |
Alibaba Group Holding Ltd. (a)(b) | | | | | 32,160 | | | | | | 5,378,117 | | |
Anhui Conch Cement Company Limited H | | | | | 134,000 | | | | | | 795,584 | | |
Centre Testing International Group Co. ltd. | | | | | 619,400 | | | | | | 1,095,039 | | |
China Construction Bank Corporation | | | | | 275,000 | | | | | | 209,747 | | |
China International Travel Service Limited | | | | | 13,000 | | | | | | 169,475 | | |
China Merchants Bank Co. ltd. - H Shares | | | | | 265,000 | | | | | | 1,260,714 | | |
China Tower Corp., Ltd. | | | | | 624,000 | | | | | | 141,666 | | |
Hangzhou Tigermed Consulting Co. ltd. | | | | | 58,323 | | | | | | 506,968 | | |
Industrial & Commercial Bank of China Ltd. | | | | | 478,000 | | | | | | 320,073 | | |
JD.com Inc. (a)(b) | | | | | 17,970 | | | | | | 506,934 | | |
Jiangsu Hengrui Medicine Co. ltd. | | | | | 7,900 | | | | | | 89,288 | | |
Kweichow Moutai Co. ltd. | | | | | 8,170 | | | | | | 1,316,191 | | |
NARI Technology Co. ltd. | | | | | 49,600 | | | | | | 142,093 | | |
NetEase.com, Inc. (b) | | | | | 1,130 | | | | | | 300,783 | | |
Ping An Insurance Group H Share | | | | | 240,000 | | | | | | 2,756,492 | | |
Shanghai International Airport Co. ltd. | | | | | 47,600 | | | | | | 531,986 | | |
| | | Shares | | | Value | | ||||||
CHINA (continued) | | ||||||||||||
TAL Education Group (a)(b) | | | | | 5,440 | | | | | $ | 186,266 | | |
Wuliangye Yibin Co. ltd. | | | | | 34,500 | | | | | | 627,325 | | |
Yum China Holdings Inc. | | | | | 6,250 | | | | | | 283,938 | | |
Zoomlion Heavy Industry Science and Technology Co. ltd. | | | | | 351,000 | | | | | | 237,719 | | |
| | | | | 17,128,346 | | | ||||||
EGYPT — 0.2% | | ||||||||||||
Commercial International Bank | | | | | 42,171 | | | | | | 202,048 | | |
FRANCE — 1.8% | | ||||||||||||
Airbus SE | | | | | 5,541 | | | | | | 720,294 | | |
LVMH Moet Hennessy Louis Vuitton SE | | | | | 1,466 | | | | | | 582,982 | | |
Teleperformance SE | | | | | 1,483 | | | | | | 321,678 | | |
| | | | | 1,624,954 | | | ||||||
GREECE — 0.3% | | ||||||||||||
National Bank of Greece | | | | | 74,261 | | | | | | 226,192 | | |
HONG KONG — 11.6% | | ||||||||||||
AIA Group Ltd. | | | | | 118,400 | | | | | | 1,118,249 | | |
ANTA Sports Products ltd. | | | | | 120,000 | | | | | | 992,551 | | |
China Huishan Dairy Holdings Co. ltd. * (a) | | | | | 208,000 | | | | | | — | | |
China Overseas Land and Investment Ltd. | | | | | 264,000 | | | | | | 830,009 | | |
CNOOC Limited | | | | | 644,000 | | | | | | 982,378 | | |
Galaxy Entertainment Group | | | | | 19,000 | | | | | | 118,138 | | |
Hanergy Mobile Energy Holding Group * (a) | | | | | 36,000 | | | | | | — | | |
Li Ning Company Limited | | | | | 177,500 | | | | | | 509,381 | | |
Link Real Estate Investment Trust | | | | | 17,000 | | | | | | 187,446 | | |
Meituan Dianping - b | | | | | 45,100 | | | | | | 460,756 | | |
Sunny Optical Technology (Group) Co. ltd. | | | | | 61,900 | | | | | | 909,505 | | |
Tencent Holdings Limited | | | | | 96,800 | | | | | | 4,076,751 | | |
WuXi Biologics (Cayman) Inc. | | | | | 26,500 | | | | | | 270,394 | | |
| | | | | 10,455,558 | | | ||||||
HUNGARY — 0.8% | | ||||||||||||
OTP Bank Nyrt. | | | | | 16,969 | | | | | | 706,915 | | |
INDIA — 7.3% | | ||||||||||||
Asian Paints Ltd. | | | | | 44,835 | | | | | | 1,115,991 | | |
HDFC Bank Ltd. | | | | | 53,950 | | | | | | 934,454 | | |
Hindustan Unilever Ltd. | | | | | 26,966 | | | | | | 755,285 | | |
Housing Development Finance Corp Ltd. | | | | | 30,467 | | | | | | 849,948 | | |
ICICI Bank Limited | | | | | 90,451 | | | | | | 553,666 | | |
| | | Shares | | | Value | | ||||||
INDIA (continued) | | ||||||||||||
KEI Industries Ltd. | | | | | 25,390 | | | | | $ | 192,049 | | |
Larsen & Toubro Ltd. | | | | | 45,953 | | | | | | 959,019 | | |
PVR Cinemas | | | | | 10,576 | | | | | | 275,366 | | |
Reliance Industries Ltd. | | | | | 43,405 | | | | | | 816,667 | | |
Reliance Industries Ltd. (c) | | | | | 1,550 | | | | | | 57,815 | | |
Tata Consultancy Services Ltd. | | | | | 2,863 | | | | | | 84,716 | | |
| | | | | 6,594,976 | | | ||||||
INDONESIA — 2.1% | | ||||||||||||
PT Ace Hardware Indonesia Tbk | | | | | 1,069,100 | | | | | | 133,308 | | |
PT Bank Rakyat Indonesia Tbk (a) | | | | | 4,193,700 | | | | | | 1,217,192 | | |
PT Bank Tabungan Pensiunan Nasi | | | | | 1,689,200 | | | | | | 392,699 | | |
PT Telekomunikasi Indonesia Persero Tbk | | | | | 431,700 | | | | | | 131,076 | | |
| | | | | 1,874,275 | | | ||||||
ISRAEL — 0.3% | | ||||||||||||
CyberArk Software Ltd. | | | | | 3,131 | | | | | | 312,536 | | |
JAPAN — 0.1% | | ||||||||||||
Keyence Corporation | | | | | 144 | | | | | | 89,105 | | |
MEXICO — 3.3% | | ||||||||||||
Fomento Económico Mexicano S.A.B. (b) | | | | | 9,500 | | | | | | 870,010 | | |
Grupo Aeroportuario del Centro Norte SAB de CV | | | | | 36,900 | | | | | | 219,498 | | |
Grupo Financiero Banorte SAB de C.V. | | | | | 42,400 | | | | | | 228,439 | | |
Wal-Mart de Mexico, S.A.B. de C.V. | | | | | 548,100 | | | | | | 1,623,928 | | |
| | | | | 2,941,875 | | | ||||||
NETHERLANDS — 0.5% | | ||||||||||||
Prosus N.V. | | | | | 6,134 | | | | | | 450,533 | | |
PANAMA — 0.4% | | ||||||||||||
Copa Holdings, S.A. | | | | | 3,296 | | | | | | 325,480 | | |
PERU — 0.2% | | ||||||||||||
Credicorp Ltd. | | | | | 828 | | | | | | 172,588 | | |
PHILIPPINES — 1.6% | | ||||||||||||
Ayala Land, Inc. | | | | | 505,200 | | | | | | 482,001 | | |
BDO Unibank, Inc. | | | | | 123,460 | | | | | | 340,629 | | |
SM Prime Holdings, Inc. | | | | | 498,900 | | | | | | 358,076 | | |
Universal Robina Corporation | | | | | 84,000 | | | | | | 252,827 | | |
| | | | | 1,433,533 | | | ||||||
|
| | | Shares | | | Value | | ||||||
POLAND — 0.2% | | ||||||||||||
Dino Polska S.A. | | | | | 4,306 | | | | | $ | 168,787 | | |
QATAR — 0.1% | | ||||||||||||
Qatar National Bank SAQ | | | | | 17,290 | | | | | | 91,602 | | |
RUSSIA — 4.3% | | ||||||||||||
Gazprom (b) | | | | | 62,643 | | | | | | 432,487 | | |
LUKoil P.J.S.C. (b) | | | | | 10,293 | | | | | | 851,643 | | |
Sberbank | | | | | 331,500 | | | | | | 1,164,142 | | |
X5 Retail Group N.V. (c) | | | | | 29,141 | | | | | | 1,019,352 | | |
Yandex N.V. | | | | | 12,150 | | | | | | 425,372 | | |
| | | | | 3,892,996 | | | ||||||
SOUTH AFRICA — 1.7% | | ||||||||||||
Bidvest Group Limited | | | | | 12,597 | | | | | | 158,512 | | |
Clicks Group Limited | | | | | 16,688 | | | | | | 236,601 | | |
FirstRand Limited | | | | | 39,376 | | | | | | 161,490 | | |
Naspers Limited N Shares | | | | | 6,134 | | | | | | 928,387 | | |
| | | | | 1,484,990 | | | ||||||
SOUTH KOREA — 8.9% | | ||||||||||||
LG Household & Healthcare | | | | | 1,133 | | | | | | 1,237,997 | | |
Naver Corp. | | | | | 4,476 | | | | | | 587,495 | | |
Samsung Electronics Company ltd. | | | | | 83,034 | | | | | | 3,404,939 | | |
Shinhan Financial Group Co. Limited | | | | | 10,618 | | | | | | 371,051 | | |
SK Hynix, Inc. | | | | | 30,685 | | | | | | 2,108,688 | | |
Ssangyong Cement Industrial Co. ltd. | | | | | 63,792 | | | | | | 325,853 | | |
| | | | | 8,036,023 | | | ||||||
SWITZERLAND — 0.6% | | ||||||||||||
Nestle S.A. | | | | | 5,010 | | | | | | 543,679 | | |
TAIWAN — 10.2% | | ||||||||||||
Delta Electronics, Inc. | | | | | 55,000 | | | | | | 234,895 | | |
Giant Manufacturing Co. ltd. | | | | | 95,000 | | | | | | 646,102 | | |
Largan Precision Co. ltd. | | | | | 11,760 | | | | | | 1,686,796 | | |
President Chain Store Corp. | | | | | 18,000 | | | | | | 168,254 | | |
Realtek Semiconductor Corporation | | | | | 109,000 | | | | | | 808,071 | | |
Taiwan Semiconductor Manufacturing Co. ltd. (b) | | | | | 107,160 | | | | | | 4,980,797 | | |
Uni-President Enterprises Corporation | | | | | 47,000 | | | | | | 113,317 | | |
WIN Semiconductors Corp. | | | | | 53,000 | | | | ��� | | 475,769 | | |
| | | | | 9,114,001 | | | ||||||
|
| | | Shares | | | Value | | ||||||
THAILAND — 2.4% | | ||||||||||||
Airports of Thailand Public Company Limited (c) | | | | | 278,200 | | | | | $ | 679,923 | | |
CP ALL PCL (d) | | | | | 387,300 | | | | | | 1,028,875 | | |
Kasikornbank PCL (d) | | | | | 13,800 | | | | | | 70,613 | | |
PTT Exploration & Production PCL (c) | | | | | 47,200 | | | | | | 186,732 | | |
Siam Global House PCL (d) | | | | | 432,150 | | | | | | 219,007 | | |
| | | | | 2,185,150 | | | ||||||
TURKEY — 0.4% | | ||||||||||||
BIM Birlesik Magazalar A.S. | | | | | 29,186 | | | | | | 253,850 | | |
Koç Holding A.S. | | | | | 42,732 | | | | | | 143,083 | | |
| | | | | 396,933 | | | ||||||
UNITED ARAB EMIRATES — 0.3% | | ||||||||||||
First Abu Dhabi Bank | | | | | 62,716 | | | | | | 256,795 | | |
UNITED KINGDOM — 0.7% | | ||||||||||||
AstraZeneca plc | | | | | 2,965 | | | | | | 264,891 | | |
Diageo plc | | | | | 7,695 | | | | | | 315,566 | | |
| | | | | 580,457 | | | ||||||
UNITED STATES — 3.9% | | ||||||||||||
Estee Lauder Companies, Inc. (The) | | | | | 3,188 | | | | | | 634,253 | | |
Globant S.A. | | | | | 1,253 | | | | | | 114,750 | | |
MasterCard Incorporated | | | | | 1,340 | | | | | | 363,904 | | |
Match Group, Inc. | | | | | 4,060 | | | | | | 290,046 | | |
Mercado Libre, Inc. | | | | | 617 | | | | | | 340,109 | | |
Microsoft Corporation | | | | | 6,012 | | | | | | 835,848 | | |
Visa, Inc. | | | | | 5,269 | | | | | | 906,321 | | |
| | | | | 3,485,231 | | | ||||||
TOTAL COMMON STOCK | | ||||||||||||
(Cost $79,386,695) | | | | | | | | | | | 85,879,836 | | |
Exchange Traded Funds — 2.3% | | ||||||||||||
UNITED STATES — 2.3% | | ||||||||||||
iShares Core MSCI Emerging Markets ETF | | | | | 42,500 | | | | | | 2,083,350 | | |
(Cost $2,145,721) | | | | | | | | | | | | | |
Preferred Stock — 0.4% | | ||||||||||||
SOUTH KOREA — 0.4% | | ||||||||||||
Samsung Electronics Co. ltd. | | | | | 10,289 | | | | | | 339,770 | | |
(Cost $386,638) | | | | | | | | | | | | | |
| | ��� | Shares | | | Value | | ||||||
P-Notes — 1.2% | | ||||||||||||
SAUDI ARABIA — 0.4% | | ||||||||||||
AL Rajhi Bank | | | | | 8,078 | | | | | $ | 136,087 | | |
Leejam Sports Co JSC | | | | | 10,882 | | | | | | 236,697 | | |
| | | | | 372,784 | | | ||||||
VIETNAM — 0.8% | | ||||||||||||
JSC Bank for Foreign Trade of Vietnam | | | | | 210,740 | | | | | | 745,702 | | |
TOTAL P-NOTES | | ||||||||||||
(Cost $931,849) | | | | | | | | | | | 1,118,486 | | |
|
| | | Par Value | | | Value | | ||||||
State Street Bank & Trust Co., Repurchase Agreement 0.25%, 10/01/19, (Dated 09/30/19), Collateralized by 130,000 par US TREASURY N/B-1.75% due 05/31/2022, Market Value $131,252 Repurchase Proceeds $125,546 (Cost $125,544) | | | | $ | 125,545 | | | | | | 125,545 | | |
TOTAL INVESTMENTS—99.7% (Cost $82,976,447) | | | | | | | | | | | 89,546,987 | | |
OTHER ASSETS & LIABILITIES (Net)—0.3% | | | | | | | | | | | 247,560 | | |
NET ASSETS—100% | | | | | | | | | | $ | 89,794,547 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 8,167,820 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (1,936,635 ) | | |
| Net unrealized appreciation / (depreciation) | | | | $ | 6,231,185 | | |
|
| | | Shares | | | Value | | ||||||
AUSTRALIA — 7.4% | | ||||||||||||
Afterpay Touch Group Ltd. | | | | | 3,347 | | | | | $ | 80,996 | | |
Altium Limited | | | | | 6,125 | | | | | | 137,810 | | |
Appen Limited | | | | | 6,768 | | | | | | 96,617 | | |
Baby Bunting Group Limited | | | | | 48,112 | | | | | | 115,229 | | |
Northern Star Resources Ltd. | | | | | 19,821 | | | | | | 147,630 | | |
Pro Medicus Limited | | | | | 4,010 | | | | | | 75,263 | | |
Webjet Limited | | | | | 5,779 | | | | | | 42,536 | | |
WiseTech Global Limited | | | | | 4,478 | | | | | | 104,922 | | |
| | | | | 801,003 | | | ||||||
AUSTRIA — 0.5% | | ||||||||||||
Schoeller-Bleckmann Oilfield Equipment AG | | | | | 942 | | | | | | 55,988 | | |
BRAZIL — 2.3% | | ||||||||||||
BK Brasil Operacao E Assessoria A Restaurantes S.A. | | | | | 28,211 | | | | | | 139,750 | | |
CVC Brasil Operadora e Agência de Viagens S.A. | | | | | 7,925 | | | | | | 106,333 | | |
| | | | | 246,083 | | | ||||||
CANADA — 5.0% | | ||||||||||||
Canada Goose Holdings, Inc. | | | | | 2,436 | | | | | | 107,111 | | |
Descartes Systems Group, Inc. (The) | | | | | 2,323 | | | | | | 93,640 | | |
goeasy Ltd. | | | | | 3,875 | | | | | | 174,270 | | |
Kinaxis, Inc. | | | | | 1,257 | | | | | | 81,835 | | |
Ritchie Bros. Auctioneers | | | | | 2,063 | | | | | | 82,265 | | |
| | | | | 539,121 | | | ||||||
CHINA — 3.4% | | ||||||||||||
Anton Oilfield Services Group | | | | | 1,079,001 | | | | | | 107,344 | | |
Beijing Easpring Material Technology Co. ltd. | | | | | 28,500 | | | | | | 99,533 | | |
Hangzhou Tigermed Consulting Co. ltd. | | | | | 18,750 | | | | | | 162,983 | | |
| | | | | 369,860 | | | ||||||
DENMARK — 0.8% | | ||||||||||||
SimCorp A/S | | | | | 927 | | | | | | 81,438 | | |
EGYPT — 3.5% | | ||||||||||||
Cleopatra Hospitals Group | | | | | 222,409 | | | | | | 82,652 | | |
Crédit Agricole Egypt | | | | | 51,027 | | | | | | 130,075 | | |
Integrated Diagnostics Holdings | | | | | 18,965 | | | | | | 87,239 | | |
Juhayna Food Industries S.A.E. | | | | | 143,446 | | | | | | 78,860 | | |
| | | | | 378,826 | | | ||||||
|
| | | Shares | | | Value | | ||||||
FINLAND — 1.2% | | ||||||||||||
Revenio Group OYJ | | | | | 5,843 | | | | | $ | 123,618 | | |
FRANCE — 2.9% | | ||||||||||||
Devoteam S.A. | | | | | 1,082 | | | | | | 90,622 | | |
Lumibird S.A. | | | | | 6,691 | | | | | | 101,281 | | |
Solutions 30 S.E. | | | | | 10,162 | | | | | | 114,146 | | |
| | | | | 306,049 | | | ||||||
GERMANY — 4.7% | | ||||||||||||
Dermapharm Holding SE | | | | | 4,528 | | | | | | 178,213 | | |
Evotec AG | | | | | 3,166 | | | | | | 70,504 | | |
M1 Kliniken AG | | | | | 3,124 | | | | | | 42,245 | | |
New Work SE | | | | | 337 | | | | | | 91,879 | | |
VIB Vermögen AG | | | | | 3,925 | | | | | | 119,423 | | |
| | | | | 502,264 | | | ||||||
HONG KONG — 1.2% | | ||||||||||||
China Aoyuan Group Limited | | | | | 50,749 | | | | | | 57,478 | | |
China Everbright Greentech Limited | | | | | 126,518 | | | | | | 73,583 | | |
| | | | | 131,061 | | | ||||||
HUNGARY — 0.7% | | ||||||||||||
Richter Gedeon Nyrt. | | | | | 4,639 | | | | | | 75,097 | | |
ICELAND — 1.6% | | ||||||||||||
Össur hf. | | | | | 22,363 | | | | | | 169,841 | | |
INDONESIA — 2.3% | | ||||||||||||
PT Bank Tabungan Pensiunan Nasi | | | | | 649,252 | | | | | | 150,936 | | |
PT Mayora Indah Tbk. | | | | | 573,153 | | | | | | 90,041 | | |
| | | | | 240,977 | | | ||||||
ISRAEL — 1.9% | | ||||||||||||
CyberArk Software Ltd. | | | | | 863 | | | | | | 86,145 | | |
Mellanox Technologies ltd. | | | | | 1,104 | | | | | | 120,987 | | |
| | | | | 207,132 | | | ||||||
ITALY — 0.8% | | ||||||||||||
BasicNet S.p.A. | | | | | 18,272 | | | | | | 87,677 | | |
JAPAN — 21.8% | | ||||||||||||
en-Japan, Inc. | | | | | 3,400 | | | | | | 130,037 | | |
Fancl Corporation | | | | | 5,800 | | | | | | 154,127 | | |
GMO Payment Gateway, Inc. | | | | | 2,000 | | | | | | 133,746 | | |
| | | Shares | | | Value | | ||||||
JAPAN (continued) | | ||||||||||||
Harmonic Drive Systems, Inc. | | | | | 4,300 | | | | | $ | 186,931 | | |
Infomart Corporation | | | | | 14,300 | | | | | | 222,737 | | |
Lasertec Corporation | | | | | 5,100 | | | | | | 318,883 | | |
Nihon M&A Center Inc. | | | | | 6,100 | | | | | | 171,521 | | |
Open Door, Inc. | | | | | 3,000 | | | | | | 60,352 | | |
Outsourcing, Inc. | | | | | 8,900 | | | | | | 84,625 | | |
PeptiDream, Inc. | | | | | 4,300 | | | | | | 204,033 | | |
Rakus Co. ltd. | | | | | 8,600 | | | | | | 133,397 | | |
SHIFT Inc. | | | | | 1,500 | | | | | | 74,088 | | |
SHO-BOND Holdings Co. ltd. | | | | | 3,600 | | | | | | 126,199 | | |
Sushiro Global Holdings Ltd. | | | | | 2,200 | | | | | | 147,935 | | |
TechnoPro Holdings, Inc. | | | | | 1,900 | | | | | | 112,473 | | |
THK Co. ltd. | | | | | 3,200 | | | | | | 83,851 | | |
| | | | | 2,344,935 | | | ||||||
KENYA — 0.7% | | ||||||||||||
Equity Group Holdings Limited | | | | | 202,731 | | | | | | 73,206 | | |
MALAYSIA — 0.9% | | ||||||||||||
Silverlake Axis Ltd. | | | | | 290,800 | | | | | | 96,716 | | |
NETHERLANDS — 0.5% | | ||||||||||||
Shop Apotheke Europe N.V. | | | | | 1,236 | | | | | | 48,053 | | |
NEW ZEALAND — 1.0% | | ||||||||||||
Synlait Milk Limited | | | | | 19,625 | | | | | | 113,070 | | |
NORWAY — 2.7% | | ||||||||||||
Hexagon Composites ASA | | | | | 12,911 | | | | | | 42,061 | | |
NEL ASA | | | | | 102,385 | | | | | | 93,810 | | |
Norway Royal Salmon ASA | | | | | 7,369 | | | | | | 158,799 | | |
| | | | | 294,670 | | | ||||||
PHILIPPINES — 1.0% | | ||||||||||||
Puregold Price Club, Inc. | | | | | 144,000 | | | | | | 108,493 | | |
POLAND — 1.5% | | ||||||||||||
Dino Polska S.A. | | | | | 4,209 | | | | | | 164,984 | | |
SINGAPORE — 3.1% | | ||||||||||||
iFAST Corporation Ltd. | | | | | 179,400 | | | | | | 132,303 | | |
Singapore Medical Group Limited (a) | | | | | 325,700 | | | | | | 70,645 | | |
Yanlord Land Group Limited | | | | | 159,600 | | | | | | 135,010 | | |
| | | | | 337,958 | | | ||||||
|
| | | Shares | | | Value | | ||||||
SOUTH KOREA — 1.2% | | ||||||||||||
Dentium Co. ltd. | | | | | 933 | | | | | $ | 51,324 | | |
Minwise Co. ltd. | | | | | 5,372 | | | | | | 77,247 | | |
| | | | | 128,571 | | | ||||||
SWEDEN — 5.5% | | ||||||||||||
CellaVision AB | | | | | 3,086 | | | | | | 119,728 | | |
Medicover AB-B | | | | | 15,524 | | | | | | 128,509 | | |
MIPS AB | | | | | 5,658 | | | | | | 96,092 | | |
Thule Group AB | | | | | 3,534 | | | | | | 66,992 | | |
Vitrolife AB | | | | | 5,619 | | | ��� | | | 92,001 | | |
XVIVO Perfusion AB | | | | | 5,322 | | | | | | 93,633 | | |
| | | | | 596,955 | | | ||||||
SWITZERLAND — 2.4% | | ||||||||||||
Gurit Holding AG-BR | | | | | 109 | | | | | | 145,945 | | |
Siegfried Holding AG | | | | | 285 | | | | | | 112,109 | | |
| | | | | 258,054 | | | ||||||
TAIWAN — 1.4% | | ||||||||||||
Merida Industry Co. ltd. | | | | | 15,268 | | | | | | 86,860 | | |
TaiMed Biologics, Inc. (a) | | | | | 13,581 | | | | | | 65,225 | | |
| | | | | 152,085 | | | ||||||
THAILAND — 0.9% | | ||||||||||||
Muangthai Capital PCL | | | | | 53,900 | | | | | | 100,451 | | |
UNITED ARAB EMIRATES — 1.6% | | ||||||||||||
Aramex PJSC | | | | | 159,457 | | | | | | 174,080 | | |
UNITED KINGDOM — 8.9% | | ||||||||||||
Boohoo Group plc | | | | | 41,025 | | | | | | 133,916 | | |
Burford Capital Ltd. | | | | | 6,679 | | | | | | 67,715 | | |
Clinigen Group plc | | | | | 13,414 | | | | | | 142,599 | | |
Countryside Properties plc | | | | | 37,021 | | | | | | 153,050 | | |
Dechra Pharmaceuticals plc | | | | | 4,051 | | | | | | 137,967 | | |
Electrocomponents plc | | | | | 17,541 | | | | | | 138,948 | | |
Gym Group plc (The) | | | | | 37,232 | | | | | | 115,671 | | |
Keywords Studios plc | | | | | 5,162 | | | | | | 72,850 | | |
| | | | | 962,716 | | | ||||||
UNITED STATES — 1.2% | | ||||||||||||
Globant S.A. | | | | | 1,470 | | | | | | 134,622 | | |
TOTAL COMMON STOCK | | ||||||||||||
(Cost $9,697,992) | | | | | | | | | | | 10,405,654 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—3.4% | | ||||||||||||
State Street Bank Institutional U.S. Government Money Market Fund, 1.86% (b)(Cost $366,253) | | | | $ | 366,253 | | | | | $ | 366,253 | | |
TOTAL INVESTMENTS—99.9% (Cost $10,064,245) | | | | | | | | | | | 10,771,907 | | |
OTHER ASSETS & LIABILITIES (Net)—0.1% | | | | | | | | | | | 14,193 | | |
NET ASSETS—100% | | | | | | | | | | $ | 10,786,100 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 1,374,415 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (666,752 ) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 707,663 | | |
| | | Shares | | | Value | | ||||||
AUSTRALIA — 2.1% | | ||||||||||||
BHP Group plc (a) | | | | | 1,781,400 | | | | | $ | 76,315,176 | | |
AUSTRIA — 1.5% | | ||||||||||||
Andritz AG | | | | | 1,343,300 | | | | | | 54,935,063 | | |
BELGIUM — 1.8% | | ||||||||||||
Solvay S.A. | | | | | 621,418 | | | | | | 64,380,268 | | |
CANADA — 6.0% | | ||||||||||||
Magna International Inc. | | | | | 1,560,595 | | | | | | 83,217,593 | | |
Methanex Corporation | | | | | 1,666,293 | | | | | | 59,147,834 | | |
Toronto-Dominion Bank | | | | | 1,275,100 | | | | | | 74,377,223 | | |
| | | | | 216,742,650 | | | ||||||
COLOMBIA — 1.8% | | ||||||||||||
Bancolombia S.A. (a) | | | | | 769,800 | | | | | | 38,066,610 | | |
Bancolombia S.A.. | | | | | 2,504,600 | | | | | | 28,406,691 | | |
| | | | | 66,473,301 | | | ||||||
FINLAND — 2.1% | | ||||||||||||
Kone OYJ, Class B | | | | | 1,354,200 | | | | | | 77,149,182 | | |
FRANCE — 8.1% | | ||||||||||||
Imerys S.A. | | | | | 1,357,909 | | | | | | 54,614,370 | | |
Ipsos | | | | | 802,680 | | | | | | 22,890,721 | | |
Michelin (CGDE) | | | | | 597,500 | | | | | | 66,724,175 | | |
Publicis Groupe | | | | | 1,306,243 | | | | | | 64,274,457 | | |
Vinci SA | | | | | 775,400 | | | | | | 83,563,379 | | |
| | | | | 292,067,102 | | | ||||||
GERMANY — 10.7% | | ||||||||||||
BASF SE | | | | | 1,012,000 | | | | | | 70,765,140 | | |
Deutsche Telekom AG | | | | | 4,151,777 | | | | | | 69,699,690 | | |
Hannover Rueck SE | | | | | 570,300 | | | | | | 96,462,945 | | |
Lanxess AG | | | | | 1,255,000 | | | | | | 76,643,812 | | |
Muenchener Rueckversicherungs-Gesellschaft | | | | | 281,530 | | | | | | 72,887,112 | | |
| | | | | 386,458,699 | | | ||||||
INDIA — 2.1% | | ||||||||||||
Infosys Limited - SP (a) | | | | | 6,525,384 | | | | | | 74,193,616 | | |
IRELAND — 1.6% | | ||||||||||||
Greencore Group plc | | | | | 21,094,335 | | | | | | 58,657,089 | | |
|
| | | Shares | | | Value | | ||||||
ITALY — 0.1% | | ||||||||||||
Trevi Finanziaria SpA (b) | | | | | 7,602,219 | | | | | $ | 2,259,187 | | |
JAPAN — 9.5% | | ||||||||||||
Asahi Group Holdings Ltd. | | | | | 1,622,700 | | | | | | 80,298,247 | | |
Daicel Corporation | | | | | 81,400 | | | | | | 687,400 | | |
Kansai Electric Power Company Inc. | | | | | 4,978,100 | | | | | | 55,644,766 | | |
KDDI Corporation | | | | | 2,661,800 | | | | | | 69,551,727 | | |
Nexon Co., Limited (b) | | | | | 5,553,200 | | | | | | 67,337,975 | | |
Sumitomo Mitsui Trust Holdings, Inc. | | | | | 1,922,600 | | | | | | 69,282,242 | | |
| | | | | 342,802,357 | | | ||||||
NORWAY — 5.9% | | ||||||||||||
DNB Bank ASA | | | | | 4,194,030 | | | | | | 73,970,208 | | |
SpareBank 1 SR-Bank ASA | | | | | 6,026,487 | | | | | | 65,763,393 | | |
Yara International ASA | | | | | 1,689,000 | | | | | | 72,831,851 | | |
| | | | | 212,565,452 | | | ||||||
PUERTO RICO — 2.4% | | ||||||||||||
Popular, Inc. | | | | | 1,618,550 | | | | | | 87,531,184 | | |
SINGAPORE — 2.1% | | ||||||||||||
United Overseas Bank Limited | | | | | 4,109,786 | | | | | | 76,246,915 | | |
SOUTH AFRICA — 1.0% | | ||||||||||||
Sasol Limited | | | | | 2,073,735 | | | | | | 34,607,493 | | |
SOUTH KOREA — 10.5% | | ||||||||||||
Hyundai Mobis Company Limited | | | | | 270,400 | | | | | | 56,966,768 | | |
Kia Motors Corporation | | | | | 1,816,400 | | | | | | 69,245,362 | | |
KT&G Corporation | | | | | 565,000 | | | | | | 49,832,797 | | |
LG Uplus Corporation | | | | | 4,279,583 | | | | | | 48,836,942 | | |
Samsung Electronics Company Limited | | | | | 1,762,399 | | | | | | 72,269,925 | | |
Shinhan Financial Group Co., Limited | | | | | 1,370,400 | | | | | | 47,889,245 | | |
SK Hynix, Inc. | | | | | 500,200 | | | | | | 34,373,983 | | |
| | | | | 379,415,022 | | | ||||||
SWEDEN — 5.8% | | ||||||||||||
Duni AB | | | | | 1,463,100 | | | | | | 16,694,530 | | |
Loomis AB, Class B | | | | | 1,541,983 | | | | | | 54,257,905 | | |
SKF AB-B | | | | | 4,510,700 | | | | | | 74,634,363 | | |
Svenska Handelsbanken AB, Class A | | | | | 6,598,700 | | | | | | 61,858,933 | | |
| | | | | 207,445,731 | | | ||||||
|
| | | Shares | | | Value | | ||||||
SWITZERLAND — 2.0% | | ||||||||||||
Novartis AG | | | | | 838,550 | | | | | $ | 72,728,119 | | |
THAILAND — 1.9% | | ||||||||||||
Siam Commercial Bank PCL | | | | | 17,421,900 | | | | | | 67,215,439 | | |
UNITED KINGDOM — 16.8% | | ||||||||||||
Babcock International Group plc | | | | | 8,792,825 | | | | | | 60,368,288 | | |
BBA Aviation plc | | | | | 14,944,309 | | | | | | 57,405,693 | | |
Bellway plc | | | | | 2,226,537 | | | | | | 91,664,691 | | |
Cineworld Group plc | | | | | 24,460,200 | | | | | | 68,618,478 | | |
Inchcape plc | | | | | 4,649,024 | | | | | | 36,122,797 | | |
Linde plc | | | | | 375,744 | | | | | | 72,789,128 | | |
Next plc | | | | | 1,181,950 | | | | | | 89,961,202 | | |
Standard Chartered plc | | | | | 5,609,868 | | | | | | 47,226,085 | | |
Taylor Wimpey plc | | | | | 40,205,407 | | | | | | 79,891,986 | | |
| | | | | 604,048,348 | | | ||||||
TOTAL COMMON STOCK | | ||||||||||||
(Cost $3,387,155,607) | | | | | | | | | | | 3,454,237,393 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—5.8% | | ||||||||||||
State Street Bank Institutional U.S. Government Money Market Fund, 2.04% (c) (Cost $210,256,978) | | | | $ | 210,256,978 | | | | | | 210,256,978 | | |
TOTAL INVESTMENTS—101.6% (Cost $3,597,412,585) | | | | | | | | | | | 3,664,494,371 | | |
OTHER ASSETS & LIABILITIES (NET)—(1.6)% | | | | | | | | | | | (60,099,380 ) | | |
NET ASSETS—100% | | | | | | | | | | $ | 3,604,394,991 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 335,933,140 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (293,540,203 ) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 42,392,937 | | |
| | | Shares | | | Value | | ||||||
BRAZIL — 1.9% | | ||||||||||||
Equatorial Energia S.A. | | | | | 693,637 | | | | | $ | 16,712,277 | | |
CHINA — 2.9% | | ||||||||||||
China Hongxing Sports Limited * (a) | | | | | 10,258,400 | | | | | | — | | |
Shanghai Mechanical & Electrical Industry Co., Limited - B | | | | | 9,304,866 | | | | | | 15,576,346 | | |
Xinhua Winshare Publishing and Media Co., Limited | | | | | 13,940,500 | | | | | | 9,885,871 | | |
| | | | | 25,462,217 | | | ||||||
COLUMBIA — 0.4% | | ||||||||||||
Tecnoglass, Inc. | | | | | 431,328 | | | | | | 3,506,697 | | |
CZECH REPUBLIC — 1.5% | | ||||||||||||
Moneta Money Bank A.S. | | | | | 4,286,800 | | | | | | 13,223,675 | | |
DENMARK — 2.2% | | ||||||||||||
DFDS A/S | | | | | 537,210 | | | | | | 19,505,379 | | |
EGYPT — 0.3% | | ||||||||||||
Egypt Kuwait Holding Company S.A.E. | | | | | 2,150,882 | | | | | | 3,032,744 | | |
FINLAND — 0.3% | | ||||||||||||
Valmet Oyj | | | | | 150,000 | | | | | | 2,913,403 | | |
FRANCE — 2.5% | | ||||||||||||
Bonduelle S.A. | | | | | 167,100 | | | | | | 4,264,201 | | |
Elis S.A. | | | | | 984,900 | | | | | | 17,421,612 | | |
| | | | | 21,685,813 | | | ||||||
GERMANY — 0.9% | | ||||||||||||
Sixt SE | | | | | 87,325 | | | | | | 8,375,674 | | |
HONG KONG — 3.0% | | ||||||||||||
AMVIG Holdings Limited | | | | | 19,172,000 | | | | | | 4,584,906 | | |
Samson Holding Limited (a) | | | | | 76,489,800 | | | | | | 3,414,549 | | |
VSTECS Holdings Limited | | | | | 9,537,360 | | | | | | 4,926,574 | | |
VTech Holdings Limited | | | | | 1,516,700 | | | | | | 13,222,086 | | |
| | | | | 26,148,115 | | | ||||||
INDIA — 4.2% | | ||||||||||||
LIC Housing Finance Limited | | | | | 2,330,700 | | | | | | 12,372,290 | | |
NIIT Technologies Limited | | | | | 688,475 | | | | | | 13,552,122 | | |
South Indian Bank Limited | | | | | 72,656,800 | | | | | | 11,123,742 | | |
| | | | | 37,048,154 | | | ||||||
|
| | | Shares | | | Value | | ||||||
IRELAND — 6.2% | | ||||||||||||
Glanbia plc | | | | | 1,403,600 | | | | | $ | 17,449,925 | | |
Greencore Group plc | | | | | 6,398,600 | | | | | | 17,792,609 | | |
Origin Enterprises plc | | | | | 1,752,504 | | | | | | 9,785,304 | | |
UDG Healthcare plc | | | | | 991,785 | | | | | | 9,158,291 | | |
| | | | | 54,186,129 | | | ||||||
ITALY — 2.0% | | ||||||||||||
De'Longhi SpA | | | | | 915,484 | | | | | | 17,271,983 | | |
JAPAN — 19.4% | | ||||||||||||
Daicel Corporation | | | | | 2,178,700 | | | | | | 18,398,493 | | |
Dowa Holdings Co., Limited | | | | | 534,200 | | | | | | 18,232,419 | | |
IBJ Leasing Company Limited | | | | | 780,100 | | | | | | 21,083,589 | | |
Iwatani Corporation | | | | | 559,300 | | | | | | 18,882,162 | | |
Kanematsu Corporation | | | | | 1,680,000 | | | | | | 18,864,357 | | |
Nihon House Holdings Co., Limited | | | | | 2,187,400 | | | | | | 10,540,955 | | |
Prima Meat Packers Limited | | | | | 883,300 | | | | | | 17,557,339 | | |
Tsubakimoto Chain Co., Limited | | | | | 638,900 | | | | | | 20,417,144 | | |
Unipres Corporation | | | | | 1,023,800 | | | | | | 16,031,942 | | |
VT Holdings Co., Limited | | | | | 2,581,800 | | | | | | 10,602,777 | | |
| | | | | 170,611,177 | | | ||||||
NORWAY — 6.3% | | ||||||||||||
ABG Sundal Collier Holding ASA | | | | | 11,121,788 | | | | | | 4,155,676 | | |
Borregaard ASA | | | | | 853,511 | | | | | | 9,111,883 | | |
Fjord1 ASA | | | | | 1,136,810 | | | | | | 4,629,317 | | |
Sbanken ASA | | | | | 641,302 | | | | | | 4,637,194 | | |
SpareBank Nord-Norge | | | | | 696,089 | | | | | | 5,201,898 | | |
Sparebank 1 Oestlandet | | | | | 488,388 | | | | | | 4,488,267 | | |
Sparebank 1 SMN | | | | | 829,528 | | | | | | 8,992,792 | | |
SpareBank 1 SR-Bank ASA | | | | | 836,926 | | | | | | 9,132,865 | | |
Sparebanken Vest | | | | | 763,692 | | | | | | 4,656,454 | | |
| | | | | 55,006,346 | | | ||||||
PORTUGAL — 1.3% | | ||||||||||||
Redes Energéticas Nacionais, SGPS, S.A. | | | | | 4,086,705 | | | | | | 11,409,290 | | |
SOUTH KOREA — 4.2% | | ||||||||||||
Cuckoo Holdings Co., Limited | | | | | 100,444 | | | | | | 9,824,811 | | |
DGB Financial Group, Inc. | | | | | 2,198,642 | | | | | | 13,693,837 | | |
ENF Technology Co., Limited | | | | | 531,817 | | | | | | 8,425,308 | | |
Wisol Co., Limited | | | | | 421,179 | | | | | | 5,035,204 | | |
| | | | | 36,979,160 | | | ||||||
|
| | | Shares | | | Value | | ||||||
SWEDEN — 2.6% | | ||||||||||||
Duni AB | | | | | 396,845 | | | | | $ | 4,528,153 | | |
Loomis AB, Class B | | | | | 514,061 | | | | | | 18,088,314 | | |
| | | | | 22,616,467 | | | ||||||
TAIWAN — 11.3% | | ||||||||||||
Cathay Real Estate Development Co., Limited | | | | | 3,970,300 | | | | | | 2,623,448 | | |
Elite Material Co., Limited | | | | | 3,126,600 | | | | | | 12,647,691 | | |
Hitron Technologies, Inc. | | | | | 14,548,800 | | | | | | 8,956,859 | | |
Holtek Semiconductor, Inc. | | | | | 6,413,500 | | | | | | 13,437,042 | | |
Huaku Development Co., Limited | | | | | 5,281,800 | | | | | | 13,619,688 | | |
Kings Town Bank | | | | | 8,927,500 | | | | | | 8,877,286 | | |
Sercomm Corporation | | | | | 5,444,000 | | | | | | 13,862,464 | | |
Sitronix Technology Corporation | | | | | 2,389,100 | | | | | | 12,821,646 | | |
Taiwan Union Technology Corporation | | | | | 2,796,900 | | | | | | 12,801,489 | | |
| | | | | 99,647,613 | | | ||||||
THAILAND — 5.0% | | ||||||||||||
Hana Microelectronics PCL | | | | | 14,505,580 | | | | | | 13,398,157 | | |
Ratch Group PCL | | | | | 7,190,300 | | | | | | 16,809,104 | | |
Thanachart Capital PCL | | | | | 7,284,400 | | | | | | 13,575,635 | | |
| | | | | 43,782,896 | | | ||||||
UNITED KINGDOM — 21.2% | | ||||||||||||
BBA Aviation plc | | | | | 3,488,107 | | | | | | 13,398,893 | | |
Cineworld Group plc | | | | | 6,077,600 | | | | | | 17,049,560 | | |
Crest Nicholson Holdings plc | | | | | 3,698,100 | | | | | | 17,245,035 | | |
Galliford Try plc | | | | | 2,264,868 | | | | | | 18,656,909 | | |
Halfords Group plc | | | | | 10,322,968 | | | | | | 21,617,744 | | |
Inchcape plc | | | | | 2,255,307 | | | | | | 17,523,677 | | |
Keller Group plc | | | | | 1,345,439 | | | | | | 9,386,276 | | |
Lancashire Holdings Limited | | | | | 2,027,539 | | | | | | 18,448,184 | | |
OneSavings Bank plc | | | | | 4,615,917 | | | | | | 20,979,789 | | |
The Restaurant Group plc | | | | | 10,638,052 | | | | | | 18,612,638 | | |
Vitec Group plc | | | | | 318,726 | | | | | | 4,882,397 | | |
Wetherspoon (J.D.) plc | | | | | 472,890 | | | | | | 9,018,578 | | |
| | | | | 186,819,680 | | | ||||||
TOTAL COMMON STOCK | | ||||||||||||
(Cost $905,644,396) | | | | | | | | | | | 875,944,889 | | |
|
| | | | | Value | | ||||
TOTAL INVESTMENTS—99.6% (Cost $905,644,396) | | | | | | | $ | 875,944,889 | | |
OTHER ASSETS & LIABILITIES (NET)—0.4% | | | | | | | | 3,635,386 | | |
NET ASSETS—100% | | | | | | | $ | 879,580,275 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 74,252,909 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (112,878,221 ) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | (38,625,312 ) | | |
| | | | Small Cap | | | Quality | | | Emerging Markets World Equity | | | International Small Cap | | | Foreign Value | | | Foreign Value Small Cap | | ||||||||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments at value | | | | $ | 114,836,602 | | | | | $ | 134,817,697 | | | | | $ | 89,421,442 | | | | | $ | 10,771,907 | | | | | $ | 3,664,494,371 | | | | | $ | 875,944,889 | | |
| Repurchase agreements | | | | | — | | | | | | 3,303,494 | | | | | | 125,545 | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments | | | | | 114,836,602 | | | | | | 138,121,191 | | | | | | 89,546,987 | | | | | | 10,771,907 | | | | | | 3,664,494,371 | | | | | | 875,944,889 | | |
| Foreign currency at value (Cost $-0- for Small Cap, $34,116 for Quality, $211,652 for Emerging Markets World Equity, $2,490 for International Small Cap, $5 for Foreign Value and $559,816 for Foreign Value Small Cap) | | | | | — | | | | | | 34,091 | | | | | | 211,353 | | | | | | 2,489 | | | | | | 5 | | | | | | 557,708 | | |
| Cash | | | | | — | | | | | | — | | | | | | 1,391 | | | | | | — | | | | | | — | | | | | | — | | |
| Dividends and interest receivable | | | | | 94,791 | | | | | | 140,913 | | | | | | 168,138 | | | | | | 7,279 | | | | | | 6,578,596 | | | | | | 4,228,150 | | |
| Foreign tax reclaims receivable | | | | | — | | | | | | 50,050 | | | | | | 4,617 | | | | | | 2,054 | | | | | | 4,803,897 | | | | | | 471,540 | | |
| Receivable for investments sold | | | | | — | | | | | | — | | | | | | 141,374 | | | | | | — | | | | | | — | | | | | | 1,116,772 | | |
| Receivable for shares of beneficial interest sold | | | | | 425 | | | | | | 6 | | | | | | 869 | | | | | | — | | | | | | 2,602,615 | | | | | | 509,475 | | |
| Unrealized gain on spot foreign currency contracts (Note 2) | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 20 | | |
| Other assets | | | | | 30,687 | | | | | | 17,475 | | | | | | 52,194 | | | | | | 16,373 | | | | | | 59,193 | | | | | | 108,351 | | |
| Total Assets | | | | $ | 114,962,505 | | | | | $ | 138,363,726 | | | | | $ | 90,126,924 | | | | | $ | 10,800,102 | | | | | $ | 3,678,538,677 | | | | | $ | 882,936,905 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Payable for investments purchased | | | | $ | — | | | | | $ | — | | | | | $ | 141,944 | | | | | $ | — | | | | | $ | 68,169,038 | | | | | $ | — | | |
| Payable for shares of beneficial interest repurchased | | | | | 5,390 | | | | | | 11,440 | | | | | | 15,039 | | | | | | — | | | | | | 2,947,434 | | | | | | 288,456 | | |
| Payable for compensation of manager (Note 3) | | | | | 73,849 | | | | | | 82,992 | | | | | | 57,372 | | | | | | 7,962 | | | | | | 2,547,441 | | | | | | 772,935 | | |
| Payable for distribution fees (Note 3) | | | | | 22,267 | | | | | | 27,216 | | | | | | 17,411 | | | | | | 13 | | | | | | 149,574 | | | | | | 41,840 | | |
| Payable to custodian | | | | | 6,449 | | | | | | 6,273 | | | | | | 21,977 | | | | | | 5,505 | | | | | | 122,794 | | | | | | 2,193,817 | | |
| Payable to transfer agent (Note 3) | | | | | 13,324 | | | | | | 16,738 | | | | | | 10,328 | | | | | | 504 | | | | | | 191,754 | | | | | | 56,393 | | |
| Payable for foreign capital gain tax | | | | | — | | | | | | — | | | | | | 60,582 | | | | | | — | | | | | | — | | | | | | — | | |
| Unrealized loss on spot foreign currency contracts (Note 2) | | | | | — | | | | | | — | | | | | | 311 | | | | | | 1 | | | | | | 9,607 | | | | | | 1,334 | | |
| Other accrued expenses and liabilities | | | | | 363 | | | | | | 2,669 | | | | | | 7,413 | | | | | | 17 | | | | | | 6,044 | | | | | | 1,855 | | |
| Total Liabilities | | | | $ | 121,642 | | | | | $ | 147,328 | | | | | $ | 332,377 | | | | | $ | 14,002 | | | | | $ | 74,143,686 | | | | | $ | 3,356,630 | | |
| Net Assets | | | | $ | 114,840,863 | | | | | $ | 138,216,398 | | | | | $ | 89,794,547 | | | | | $ | 10,786,100 | | | | | $ | 3,604,394,991 | | | | | $ | 879,580,275 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments at cost | | | | $ | 97,297,059 | | | | | $ | 121,692,654 | | | | | $ | 82,976,447 | | | | | $ | 10,064,245 | | | | | $ | 3,597,412,585 | | | | | $ | 905,644,396 | | |
| | | | Small Cap | | | Quality | | | Emerging Markets World Equity | | | International Small Cap | | | Foreign Value | | | Foreign Value Small Cap | | ||||||||||||||||||
| Components of Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares of beneficial interest | | | | $ | 88,682,208 | | | | | $ | 104,038,512 | | | | | $ | 124,373,982 | | | | | $ | 10,059,941 | | | | | $ | 3,451,778,407 | | | | | $ | 894,217,425 | | |
| Total distributable earnings (loss) | | | | | 26,158,655 | | | | | | 34,177,886 | | | | | | (34,579,435 ) | | | | | | 726,159 | | | | | | 152,616,584 | | | | | | (14,637,150 ) | | |
| Net Assets Applicable to Outstanding Shares | | | | $ | 114,840,863 | | | | | $ | 138,216,398 | | | | | $ | 89,794,547 | | | | | $ | 10,786,100 | | | | | $ | 3,604,394,991 | | | | | $ | 879,580,275 | | |
| Computation of Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 110,060,900 | | | | | $ | 130,980,921 | | | | | $ | 84,519,583 | | | | | $ | 64,057 | | | | | $ | 724,803,572 | | | | | $ | 203,047,161 | | |
| Shares Outstanding | | | | | 4,571,322 | | | | | | 6,658,675 | | | | | | 4,044,931 | | | | | | 5,990 | | | | | | 35,308,588 | | | | | | 15,277,697 | | |
| Net asset value and redemption proceeds per share | | | | $ | 24.08 | | | | | $ | 19.67 | | | | | $ | 20.90 | | | | | $ | 10.69 | | | | | $ | 20.53 | | | | | $ | 13.29 | | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 4,779,963 | | | | | $ | 7,235,477 | | | | | $ | 4,569,618 | | | | | $ | 9,332,810 | | | | | $ | 2,396,289,926 | | | | | $ | 585,447,878 | | |
| Shares outstanding | | | | | 165,707 | | | | | | 339,500 | | | | | | 215,131 | | | | | | 870,575 | | | | | | 116,857,398 | | | | | | 43,964,356 | | |
| Net asset value and redemption proceeds per share | | | | $ | 28.85 | | | | | $ | 21.31 | | | | | $ | 21.24 | | | | | $ | 10.72 | | | | | $ | 20.51 | | | | | $ | 13.32 | | |
| R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | — | | | | | $ | — | | | | | $ | 705,346 | | | | | $ | 1,389,233 | | | | | $ | 483,301,493 | | | | | $ | 91,085,236 | | |
| Shares Outstanding | | | | | — | | | | | | — | | | | | | 67,146 | | | | | | 129,561 | | | | | | 44,482,825 | | | | | | 9,052,828 | | |
| Net asset value and redemption proceeds per share | | | | $ | — | | | | | $ | — | | | | | $ | 10.50 | | | | | $ | 10.72 | | | | | $ | 10.86 | | | | | $ | 10.06 | | |
| | | | Small Cap | | | Quality | | | Emerging Markets World Equity | | | International Small Cap | | | Foreign Value | | | Foreign Value Small Cap | | ||||||||||||||||||
| Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends* | | | | $ | 1,164,525 | | | | | $ | 1,358,627 | | | | | $ | 1,791,878 | | | | | $ | 88,629 | | | | | $ | 73,961,208 | | | | | $ | 23,163,850 | | |
| Interest | | | | | 10,837 | | | | | | 5,029 | | | | | | 916 | | | | | | 3,873 | | | | | | 1,134,323 | | | | | | 604,427 | | |
| Sec Lending Income | | | | | 9,818 | | | | | | 250 | | | | | | 761 | | | | | | 1,923 | | | | | | — | | | | | | — | | |
| Miscellaneous | | | | | — | | | | | | — | | | | | | 899 | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investment Income | | | | $ | 1,185,180 | | | | | $ | 1,363,906 | | | | | $ | 1,794,454 | | | | | $ | 94,425 | | | | | $ | 75,095,531 | | | | | $ | 23,768,277 | | |
| Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Compensation of manager (Note 3) | | | | | 467,095 | | | | | | 703,660 | | | | | | 456,436 | | | | | | 49,129 | | | | | | 17,909,632 | | | | | | 5,325,017 | | |
| Distribution fees, Ordinary Shares (Note 3) | | | | | 139,963 | | | | | | 167,136 | | | | | | 107,654 | | | | | | 81 | | | | | | 947,368 | | | | | | 262,486 | | |
| Administrative fees (Note 3) | | | | | 17,934 | | | | | | 21,357 | | | | | | 13,791 | | | | | | 1,611 | | | | | | 541,950 | | | | | | 161,357 | | |
| Custodian and fund accounting fees | | | | | 17,200 | | | | | | 26,800 | | | | | | 68,500 | | | | | | 14,300 | | | | | | 425,000 | | | | | | 180,000 | | |
| Regulatory and Compliance (Note 3) | | | | | 2,951 | | | | | | 3,516 | | | | | | 2,270 | | | | | | 265 | | | | | | 89,216 | | | | | | 26,563 | | |
| Transfer agent fees (Note 3): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 91,592 | | | | | | 108,924 | | | | | | 70,818 | | | | | | 57 | | | | | | 614,331 | | | | | | 171,181 | | |
| Institutional Shares | | | | | 3,867 | | | | | | 5,642 | | | | | | 3,557 | | | | | | 7,643 | | | | | | 1,996,878 | | | | | | 627,160 | | |
| R6 Shares | | | | | — | | | | | | — | | | | | | 37 | | | | | | 89 | | | | | | 18,402 | | | | | | 4,088 | | |
| Audit and legal | | | | | 5,272 | | | | | | 6,292 | | | | | | 4,059 | | | | | | 474 | | | | | | 159,399 | | | | | | 47,504 | | |
| Registration fees | | | | | 20,641 | | | | | | 22,575 | | | | | | 22,732 | | | | | | 3,632 | | | | | | 113,639 | | | | | | 57,227 | | |
| Insurance | | | | | 811 | | | | | | 967 | | | | | | 624 | | | | | | 73 | | | | | | 24,517 | | | | | | 7,305 | | |
| Compensation of trustees (Note 3) | | | | | 2,033 | | | | | | 2,425 | | | | | | 1,565 | | | | | | 183 | | | | | | 61,479 | | | | | | 18,316 | | |
| Printing | | | | | 2,807 | | | | | | 3,339 | | | | | | 2,159 | | | | | | 251 | | | | | | 84,735 | | | | | | 25,209 | | |
| Miscellaneous | | | | | 2,471 | | | | | | 2,940 | | | | | | 1,903 | | | | | | 211 | | | | | | 74,190 | | | | | | 22,145 | | |
| Total expenses before waivers/reimbursements/reductions | | | | | 774,637 | | | | | | 1,075,573 | | | | | | 756,105 | | | | | | 77,999 | | | | | | 23,060,736 | | | | | | 6,935,558 | | |
| Waivers and/or reimbursements of expenses (Note 3) | | | | | (2,882 ) | | | | | | (199,794 ) | | | | | | (103,294 ) | | | | | | (5,516 ) | | | | | | (3,381,465 ) | | | | | | (1,000,500 ) | | |
| Expenses, Net | | | | $ | 771,755 | | | | | $ | 875,779 | | | | | $ | 652,811 | | | | | $ | 72,483 | | | | | $ | 19,679,271 | | | | | $ | 5,935,058 | | |
| Net Investment income/(loss) | | | | $ | 413,425 | | | | | $ | 488,127 | | | | | $ | 1,141,643 | | | | | $ | 21,942 | | | | | $ | 55,416,260 | | | | | $ | 17,833,219 | | |
| Realized and unrealized gain/(loss) on investments,foreign currency, and foreign translation: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain/(loss) (Note 2) on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | | | $ | 7,236,584 | | | | | $ | 5,232,200 | | | | | $ | 1,073,786 | | | | | $ | 19,829 | | | | | $ | 3,114,793 | | | | | $ | 7,783,571 | | |
| Foreign denominated assets, liabilities, and currency | | | | | (105 ) | | | | | | (1,324 ) | | | | | | (51,289 ) | | | | | | (1,866 ) | | | | | | (769,476 ) | | | | | | (298,993 ) | | |
| Change in unrealized appreciation/(depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | | | | (6,981,586 ) | | | | | | 1,794,653 | | | | | | (1,869,172 ) | | | | | | 80,140 | | | | | | (89,270,375 ) | | | | | | (42,513,391 ) | | |
| Foreign denominated assets, liabilities, and currency | | | | | 76 | | | | | | (14 ) | | | | | | (55,667 ) | | | | | | (37 ) | | | | | | (29,535 ) | | | | | | 4,167 | | |
| Net realized and unrealized gain/(loss) on investment and foreign currency | | | | | 254,969 | | | | | | 7,025,515 | | | | | | (902,342 ) | | | | | | 98,066 | | | | | | (86,954,593 ) | | | | | | (35,024,646 ) | | |
| Net increase/(decrease) in net assets resulting from operations | | | | $ | 668,394 | | | | | $ | 7,513,642 | | | | | $ | 239,301 | | | | | $ | 120,008 | | | | | $ | (31,538,333 ) | | | | | $ | (17,191,427 ) | | |
| | | | Small Cap | | |||||||||
| | | | Semi-Annual Ended September 30, 2019 (Unaudited) | | | Year Ended March 31, 2019 | | ||||||
| Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | |
| Net investment income/(loss) | | | | $ | 413,425 | | | | | $ | 388,373 | | |
| Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 7,236,479 | | | | | | 7,453,664 | | |
| Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (6,981,510 ) | | | | | | (6,174,893 ) | | |
| Net increase/(decrease) from operations | | | | $ | 668,394 | | | | | $ | 1,667,144 | | |
| Distributions to shareholders | | | | | | | | | | | | | |
| Ordinary Shares | | | | $ | — | | | | | $ | (8,406,855 ) | | |
| Institutional Shares | | | | | — | | | | | | (463,104 ) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Total distributions to shareholders | | | | $ | — | | | | | $ | (8,869,959 ) | | |
| Capital Stock Transactions | | | | | | | | | | | | | |
| Shares sold | | | | | | | | | | | | | |
| Ordinary Shares | | | | $ | 1,056,304 | | | | | $ | 16,583,912 | | |
| Institutional Shares | | | | | 26,174 | | | | | | 115,096 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Distributions reinvested | | | | | | | | | | | | | |
| Ordinary Shares | | | | | — | | | | | | 6,627,515 | | |
| Institutional Shares | | | | | — | | | | | | 462,929 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Shares redeemed | | | | | | | | | | | | | |
| Ordinary Shares | | | | | (9,950,347 ) | | | | | | (7,355,331 ) | | |
| Institutional Shares | | | | | (112,418 ) | | | | | | (2,814,218 ) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Net increase (decrease) from capital stock transactions | | | | $ | (8,980,287 ) | | | | | $ | 13,619,903 | | |
| Net Increase (Decrease) in Net Assets | | | | $ | (8,311,893 ) | | | | | $ | 6,417,088 | | |
| Net Assets Beginning of Year | | | | | 123,152,756 | | | | | | 116,735,668 | | |
| Net Assets at End of Year | | | | $ | 114,840,863 | | | | | $ | 123,152,756 | | |
|
| | | | Small Cap | | |||||||||
| | | | Semi-Annual Ended September 30, 2019 (Unaudited) | | | Year Ended March 31, 2019 | | ||||||
| Share Transactions | | | | | | | | | | | | | |
| Shares sold | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 43,551 | | | | | | 618,397 | | |
| Institutional Shares | | | | | 916 | | | | | | 4,090 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Distributions reinvested | | | | | | | | | | | | | |
| Ordinary Shares | | | | | — | | | | | | 304,573 | | |
| Institutional Shares | | | | | — | | | | | | 17,812 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Shares redeemed | | | | | | | | | | | | | |
| Ordinary Shares | | | | | (407,800 ) | | | | | | (279,146 ) | | |
| Institutional Shares | | | | | (4,004 ) | | | | | | (99,018 ) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Increase (Decrease) In Shares Outstanding | | | | | (367,337 ) | | | | | | 566,708 | | |
|
| | | Quality | | |||||||||
| | | Semi-Annual Ended September 30, 2019 (Unaudited) | | | Year Ended March 31, 2019 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 488,127 | | | | | $ | 1,115,122 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 5,230,876 | | | | | | 19,115,431 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | 1,794,639 | | | | | | (4,587,864 ) | | |
Net increase/(decrease) from operations | | | | $ | 7,513,642 | | | | | $ | 15,642,689 | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | (20,504,884 ) | | |
Institutional Shares | | | | | — | | | | | | (916,016 ) | | |
R6 Shares | | | | | — | | | | | | — | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | (21,420,900 ) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary shares | | | | $ | 3,500,003 | | | | | $ | 51,936,970 | | |
Institutional Shares | | | | | 1,948,209 | | | | | | 9,562,377 | | |
R6 Shares | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 17,024,871 | | |
Institutional Shares | | | | | — | | | | | | 873,750 | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (17,283,499 ) | | | | | | (49,823,054 ) | | |
Institutional Shares | | | | | (1,189,406 ) | | | | | | (9,914,270 ) | | |
R6 Shares | | | | | — | | | | | | — | | |
Net increase (decrease) from capital stock transactions | | | | $ | (13,024,693 ) | | | | | $ | 19,660,644 | | |
Net Increase (Decrease) in Net Assets | | | | $ | (5,511,051 ) | | | | | $ | 13,882,433 | | |
Net Assets Beginning of Year | | | | | 143,727,449 | | | | | | 129,845,016 | | |
Net Assets at End of Year | | | | $ | 138,216,398 | | | | | $ | 143,727,449 | | |
|
| | | Quality | | |||||||||
| | | Semi-Annual Ended September 30, 2019 (Unaudited) | | | Year Ended March 31, 2019 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 182,261 | | | | | | 2,530,436 | | |
Institutional Shares | | | | | 94,613 | | | | | | 433,827 | | |
R6 Shares | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 1,020,064 | | |
Institutional Shares | | | | | — | | | | | | 48,461 | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (899,128 ) | | | | | | (2,749,049 ) | | |
Institutional Shares | | | | | (56,584 ) | | | | | | (481,781 ) | | |
R6 Shares | | | | | — | | | | | | — | | |
Increase (Decrease) In Shares Outstanding | | | | | (678,838 ) | | | | | | 801,958 | | |
| | | Emerging Markets World Equity | | |||||||||
| | | Semi-Annual Ended September 30, 2019 (Unaudited) | | | Year Ended March 31, 2019 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 1,141,643 | | | | | $ | 1,857,595 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 1,022,497 | | | | | | (11,034,006 ) | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (1,924,839 ) | | | | | | (1,349,535 ) | | |
Net increase/(decrease) from operations | | | | $ | 239,301 | | | | | $ | (10,525,946 ) | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | (1,923,113 ) | | |
Institutional Shares | | | | | — | | | | | | (176,757 ) | | |
R6 Shares | | | | | — | | | | | | — | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | (2,099,870 ) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 1,586,729 | | | | | $ | 6,307,005 | | |
Institutional Shares | | | | | 448,080 | | | | | | 728,439 | | |
R6 Shares | | | | | 710,531 | | | | | | 100,000 | | |
Shares Issued in the Reorganization (Note 2 Reorganization) | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 1,552,736 | | |
Institutional Shares | | | | | — | | | | | | 157,222 | | |
R6 Shares | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 1,527,932 | | |
Institutional Shares | | | | | — | | | | | | 175,401 | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (6,638,285 ) | | | | | | (18,806,525 ) | | |
Institutional Shares | | | | | (956,513 ) | | | | | | (2,977,711 ) | | |
R6 Shares | | | | | (108,417 ) | | | | | | — | | |
Net increase (decrease) from capital stock transactions | | | | $ | (4,957,875 ) | | | | | $ | (11,235,501 ) | | |
|
| | | Emerging Markets World Equity | | |||||||||
| | | Semi-Annual Ended September 30, 2019 (Unaudited) | | | Year Ended March 31, 2019 | | ||||||
Net Increase (Decrease) in Net Assets | | | | $ | (4,718,574 ) | | | | | $ | (23,861,317 ) | | |
Net Assets Beginning of Year | | | | | 94,513,121 | | | | | | 118,374,438 | | |
Net Assets at End of Year | | | | $ | 89,794,547 | | | | | $ | 94,513,121 | | |
| | | | | | | | | | | | | |
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 76,538 | | | | | | 300,631 | | |
Institutional Shares | | | | | 20,815 | | | | | | 34,673 | | |
R6 Shares | | | | | 67,292 | | | | | | 10,000 | | |
Shares Issued in the Reorganization (Note 2 Reorganization) | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 69,257 | | |
Institutional Shares | | | | | — | | | | | | 6,908 | | |
R6 Shares | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 81,057 | | |
Institutional Shares | | | | | — | | | | | | 9,183 | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (315,089 ) | | | | | | (912,514 ) | | |
Institutional Shares | | | | | (44,830 ) | | | | | | (144,759 ) | | |
R6 Shares | | | | | (10,146 ) | | | | | | — | | |
Increase (Decrease) In Shares Outstanding | | | | | (205,420 ) | | | | | | (545,564 ) | | |
| | | International Small Cap | | |||||||||
| | | Semi-Annual Ended September 30, 2019 (Unaudited) | | | January 30, 2019* March 31, 2019 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 21,942 | | | | | $ | (53,101 ) | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 17,963 | | | | | | 31,732 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | 80,103 | | | | | | 627,520 | | |
Net increase/(decrease) from operations | | | | $ | 120,008 | | | | | $ | 606,151 | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | — | | |
Institutional Shares | | | | | — | | | | | | — | | |
R6 Shares | | | | | — | | | | | | — | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | — | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | 59,902 | | |
Institutional Shares | | | | | — | | | | | | 8,720,736 | | |
R6 Shares | | | | | 3,710 | | | | | | 1,293,514 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | — | | |
Institutional Shares | | | | | — | | | | | | — | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | — | | |
Institutional Shares | | | | | (16,490 ) | | | | | | — | | |
R6 Shares | | | | | (1,431 ) | | | | | | — | | |
Net increase (decrease) from capital stock transactions | | | | $ | (14,211 ) | | | | | $ | 10,074,152 | | |
Net Increase (Decrease) in Net Assets | | | | $ | 105,797 | | | | | $ | 10,680,303 | | |
Net Assets Beginning of Year | | | | | 10,680,303 | | | | | | — | | |
Net Assets at End of Year | | | | $ | 10,786,100 | | | | | $ | 10,680,303 | | |
|
| | | International Small Cap | | |||||||||
| | | Semi-Annual Ended September 30, 2019 (Unaudited) | | | January 30, 2019* March 31, 2019 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 5,990 | | |
Institutional Shares | | | | | — | | | | | | 872,074 | | |
R6 Shares | | | | | 340 | | | | | | 129,351 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | — | | |
Institutional Shares | | | | | — | | | | | | — | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | — | | |
Institutional Shares | | | | | (1,499 ) | | | | | | — | | |
R6 Shares | | | | | (130 ) | | | | | | — | | |
Increase (Decrease) In Shares Outstanding | | | | | (1,289 ) | | | | | | 1,007,415 | | |
| | | Foreign Value | | |||||||||
| | | Semi-Annual Ended September 30, 2019 (Unaudited) | | | Year Ended March 31, 2019 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 55,416,260 | | | | | $ | 62,144,926 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 2,345,317 | | | | | | (23,085,330 ) | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (89,299,910 ) | | | | | | (167,168,707 ) | | |
Net increase/(decrease) from operations | | | | $ | (31,538,333 ) | | | | | $ | (128,109,111 ) | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | (7,112,102 ) | | |
Institutional Shares | | | | | — | | | | | | (29,863,016 ) | | |
R6 Shares | | | | | — | | | | | | (7,346,497 ) | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | (44,321,615 ) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 33,359,215 | | | | | $ | 82,711,079 | | |
Institutional Shares | | | | | 381,003,463 | | | | | | 1,739,231,784 | | |
R6 Shares | | | | | 182,266,452 | | | | | | 99,357,978 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 6,801,565 | | |
Institutional Shares | | | | | — | | | | | | 27,674,143 | | |
R6 Shares | | | | | — | | | | | | 2,654,418 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (84,805,666 ) | | | | | | (153,415,484 ) | | |
Institutional Shares | | | | | (476,680,130 ) | | | | | | (483,980,033 ) | | |
R6 Shares | | | | | (19,258,341 ) | | | | | | (36,157,779 ) | | |
Net increase (decrease) from capital stock transactions | | | | $ | 15,884,993 | | | | | $ | 1,284,877,671 | | |
Net Increase (Decrease) in Net Assets | | | | $ | (15,653,340 ) | | | | | $ | 1,112,446,945 | | |
Net Assets Beginning of Year | | | | | 3,620,048,331 | | | | | | 2,507,601,386 | | |
Net Assets at End of Year | | | | $ | 3,604,394,991 | | | | | $ | 3,620,048,331 | | |
|
| | | Foreign Value | | |||||||||
| | | Semi-Annual Ended September 30, 2019 (Unaudited) | | | Year Ended March 31, 2019 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 1,622,801 | | | | | | 3,934,450 | | |
Institutional Shares | | | | | 18,493,549 | | | | | | 81,905,520 | | |
R6 Shares | | | | | 16,527,155 | | | | | | 9,127,656 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 357,601 | | |
Institutional Shares | | | | | — | | | | | | 1,460,377 | | |
R6 Shares | | | | | — | | | | | | 264,648 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (4,104,780 ) | | | | | | (7,255,137 ) | | |
Institutional Shares | | | | | (22,822,120 ) | | | | | | (24,187,952 ) | | |
R6 Shares | | | | | (1,751,406 ) | | | | | | (3,305,390 ) | | |
Increase (Decrease) In Shares Outstanding | | | | | 7,965,199 | | | | | | 62,301,773 | | |
| | | Foreign Value Small Cap | | |||||||||
| | | Semi-Annual Ended September 30, 2019 (Unaudited) | | | Year Ended March 31, 2019 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 17,833,219 | | | | | $ | 25,333,950 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 7,484,578 | | | | | | (4,220,160 ) | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (42,509,224 ) | | | | | | (123,244,543 ) | | |
Net increase/(decrease) from operations | | | | $ | (17,191,427 ) | | | | | $ | (102,130,753 ) | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | (8,639,659 ) | | |
Institutional Shares | | | | | — | | | | | | (32,955,256 ) | | |
R6 Shares | | | | | — | | | | | | (4,443,966 ) | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | (46,038,881 ) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 11,576,265 | | | | | $ | 41,804,789 | | |
Institutional Shares | | | | | 112,946,202 | | | | | | 487,514,614 | | |
R6 Shares | | | | | 23,986,104 | | | | | | 71,471,387 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 7,513,347 | | |
Institutional Shares | | | | | — | | | | | | 21,647,508 | | |
R6 Shares | | | | | — | | | | | | 4,296,496 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (26,772,372 ) | | | | | | (113,416,223 ) | | |
Institutional Shares | | | | | (282,573,026 ) | | | | | | (225,239,386 ) | | |
R6 Shares | | | | | (6,120,946 ) | | | | | | (8,003,199 ) | | |
Net increase (decrease) from capital stock transactions | | | | $ | (166,957,773 ) | | | | | $ | 287,589,333 | | |
Net Increase (Decrease) in Net Assets | | | | $ | (184,149,200 ) | | | | | $ | 139,419,699 | | |
Net Assets Beginning of Year | | | | | 1,063,729,475 | | | | | | 924,309,776 | | |
Net Assets at End of Year | | | | $ | 879,580,275 | | | | | $ | 1,063,729,475 | | |
|
| | | Foreign Value Small Cap | | |||||||||
| | | Semi-Annual Ended September 30, 2019 (Unaudited) | | | Year Ended March 31, 2019 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 868,063 | | | | | | 2,963,366 | | |
Institutional Shares | | | | | 8,430,638 | | | | | | 33,193,819 | | |
R6 Shares | | | | | 2,358,764 | | | | | | 6,684,203 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 602,997 | | |
Institutional Shares | | | | | — | | | | | | 1,738,756 | | |
R6 Shares | | | | | — | | | | | | 457,074 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (1,997,615 ) | | | | | | (7,602,100 ) | | |
Institutional Shares | | | | | (20,965,196 ) | | | | | | (16,341,704 ) | | |
R6 Shares | | | | | (604,796 ) | | | | | | (771,234 ) | | |
Increase (Decrease) In Shares Outstanding | | | | | (11,910,142 ) | | | | | | 20,925,177 | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2019* | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 23.97 | | | | | $ | 25.48 | | | | | $ | 26.35 | | | | | $ | 21.61 | | | | | $ | 24.65 | | | | | $ | 27.62 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (c) | | | | | 0.08 (b) | | | | | | 0.07 (b) | | | | | | 0.07 (b) | | | | | | 0.06 | | | | | | 0.16 | | | | | | 0.04 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.03 | | | | | | 0.22 | | | | | | 0.68 | | | | | | 4.99 | | | | | | (1.59) | | | | | | (0.37 ) | | |
Total from Investment Operations | | | | | 0.11 | | | | | | 0.29 | | | | | | 0.75 | | | | | | 5.05 | | | | | | (1.43) | | | | | | (0.33 ) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.01 ) | | | | | | (0.04) | | | | | | (0.15) | | | | | | — | | | | | | (0.20 ) | | |
Distributions from realized capital gains | | | | | — | | | | | | (1.79 ) | | | | | | (1.58) | | | | | | (0.16) | | | | | | (1.61) | | | | | | (2.44 ) | | |
Total Distributions | | | | | — | | | | | | (1.80 ) | | | | | | (1.62) | | | | | | (0.31) | | | | | | (1.61) | | | | | | (2.64 ) | | |
Net Asset Value, End of Period | | | | $ | 24.08 | | | | | $ | 23.97 | | | | | $ | 25.48 | | | | | $ | 26.35 | | | | | $ | 21.61 | | | | | $ | 24.65 | | |
Total Return | | | | | 0.46 % | | | | | | 1.87 % | | | | | | 2.75% | | | | | | 23.36% | | | | | | (5.83)% | | | | | | (0.36 )% | | |
Net Assets, End of Period (000s) | | | | $ | 110,061 | | | | | $ | 118,314 | | | | | $ | 109,341 | | | | | $ | 109,247 | | | | | $ | 91,139 | | | | | $ | 98,084 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.34 % | | | | | | 1.34 % | | | | | | 1.35% | | | | | | 1.35% | | | | | | 1.35% | | | | | | 1.50 % | | |
Net | | | | | 1.34 % | | | | | | 1.34 % | | | | | | 1.35% | | | | | | 1.35% | | | | | | 1.35% | | | | | | 1.50 % | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 0.69 % | | | | | | 0.29 % | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.70% | | | | | | 0.17 % | | |
Portfolio Turnover | | | | | 8 % | | | | | | 24 % | | | | | | 18% | | | | | | 37% | | | | | | 17% | | | | | | 94% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2019* | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 28.67 | | | | | $ | 30.07 | | | | | $ | 30.80 | | | | | $ | 25.19 | | | | | $ | 28.39 | | | | | $ | 31.37 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (c) | | | | | 0.15 (b) | | | | | | 0.21 (b) | | | | | | 0.19 (b) | | | | | | 0.14 | | | | | | 0.23 | | | | | | 0.11 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.03 | | | | | | 0.28 | | | | | | 0.79 | | | | | | 5.83 | | | | | | (1.82) | | | | | | (0.39 ) | | |
Total from Investment Operations | | | | | 0.18 | | | | | | 0.49 | | | | | | 0.98 | | | | | | 5.97 | | | | | | (1.59) | | | | | | (0.28 ) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.10 ) | | | | | | (0.13) | | | | | | (0.20) | | | | | | — | | | | | | (0.26 ) | | |
Distributions from realized capital gains | | | | | — | | | | | | (1.79 ) | | | | | | (1.58) | | | | | | (0.16) | | | | | | (1.61) | | | | | | (2.44 ) | | |
Total Distributions | | | | | — | | | | | | (1.89 ) | | | | | | (1.71) | | | | | | (0.36) | | | | | | (1.61) | | | | | | (2.70 ) | | |
Net Asset Value, End of Period | | | | $ | 28.85 | | | | | $ | 28.67 | | | | | $ | 30.07 | | | | | $ | 30.80 | | | | | $ | 25.19 | | | | | $ | 28.39 | | |
Total Return | | | | | 0.63 % | | | | | | 2.30 % | | | | | | 3.10% | | | | | | 23.71% | | | | | | (5.62)% | | | | | | (0.11 )% | | |
Net Assets, End of Period (000s) | | | | $ | 4,780 | | | | | $ | 4,839 | | | | | $ | 7,395 | | | | | $ | 7,220 | | | | | $ | 5,785 | | | | | $ | 3,761 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.08 % | | | | | | 1.08 % | | | | | | 1.10% | | | | | | 1.10% | | | | | | 1.10 % | | | | | | 1.28% | | |
Net | | | | | 0.96 % | | | | | | 0.96 % | | | | | | 0.98% | | | | | | 1.10% | | | | | | 1.10% | | | | | | 1.28 % | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 1.07 % | | | | | | 0.65 % | | | | | | 0.62% | | | | | | 0.49% | | | | | | 0.89% | | | | | | 0.36 % | | |
Portfolio Turnover | | | | | 8 % | | | | | | 24 % | | | | | | 18% | | | | | | 37% | | | | | | 17% | | | | | | 94% | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2019* | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 18.66 | | | | | $ | 18.83 | | | | | $ | 17.52 | | | | | $ | 16.31 | | | | | $ | 17.47 | | | | | $ | 18.10 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(b)(c) | | | | | 0.07 | | | | | | 0.14 | | | | | | 0.15 | | | | | | 0.16 | | | | | | 0.15 | | | | | | 0.28 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.94 | | | | | | 2.23 | | | | | | 2.49 | | | | | | 2.04 | | | | | | 0.72 | | | | | | 1.30 | | |
Total from Investment Operations | | | | | 1.01 | | | | | | 2.37 | | | | | | 2.64 | | | | | | 2.20 | | | | | | 0.87 | | | | | | 1.58 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.12 ) | | | | | | (0.18) | | | | | | (0.19) | | | | | | (0.16) | | | | | | (0.33 ) | | |
Distributions from realized capital gains | | | | | — | | | | | | (2.42 ) | | | | | | (1.15) | | | | | | (0.80) | | | | | | (1.87) | | | | | | (1.88 ) | | |
Total Distributions | | | | | — | | | | | | (2.54 ) | | | | | | (1.33) | | | | | | (0.99) | | | | | | (2.03) | | | | | | (2.21 ) | | |
Net Asset Value, End of Period | | | | $ | 19.67 | | | | | $ | 18.66 | | | | | $ | 18.83 | | | | | $ | 17.52 | | | | | $ | 16.31 | | | | | $ | 17.47 | | |
Total Return | | | | | 5.41 % | | | | | | 14.16 % | | | | | | 14.91% | | | | | | 14.04% | | | | | | 5.47% | | | | | | 9.12 % | | |
Net Assets, End of Period (000s) | | | | $ | 130,981 | | | | | $ | 137,643 | | | | | $ | 123,781 | | | | | $ | 112,513 | | | | | $ | 113,498 | | | | | $ | 116,104 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.54 % | | | | | | 1.54% | | | | | | 1.54 % | | | | | | 1.55% | | | | | | 1.55% | | | | | | 1.54 % | | |
Net | | | | | 1.26 % | | | | | | 1.25 % | | | | | | 1.28% | | | | | | 1.30% | | | | | | 1.29% | | | | | | 1.29 % | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 0.68 % | | | | | | 0.72 % | | | | | | 0.81% | | | | | | 0.97% | | | | | | 0.91% | | | | | | 1.52 % | | |
Portfolio Turnover | | | | | 9 % | | | | | | 57 % | | | | | | 48% | | | | | | 31% | | | | | | 35% | | | | | | 49% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2019* | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 20.18 | | | | | $ | 20.15 | | | | | $ | 18.65 | | | | | $ | 17.30 | | | | | $ | 18.39 | | | | | $ | 18.95 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) (c) | | | | | 0.11 | | | | | | 0.23 | | | | | | 0.24 | | | | | | 0.22 | | | | | | 0.21 | | | | | | 0.35 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 1.02 | | | | | | 2.40 | | | | | | 2.65 | | | | | | 2.16 | | | | | | 0.76 | | | | | | 1.35 | | |
Total from Investment Operations | | | | | 1.13 | | | | | | 2.63 | | | | | | 2.89 | | | | | | 2.38 | | | | | | 0.97 | | | | | | 1.70 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.18 ) | | | | | | (0.24) | | | | | | (0.23) | | | | | | (0.19) | | | | | | (0.38 ) | | |
Distributions from realized capital gains | | | | | — | | | | | | (2.42 ) | | | | | | (1.15) | | | | | | (0.80) | | | | | | (1.87) | | | | | | (1.88 ) | | |
Total Distributions | | | | | — | | | | | | (2.60 ) | | | | | | (1.39) | | | | | | (1.03) | | | | | | (2.06) | | | | | | (2.26 ) | | |
Net Asset Value, End of Period | | | | $ | 21.31 | | | | | $ | 20.18 | | | | | $ | 20.15 | | | | | $ | 18.65 | | | | | $ | 17.30 | | | | | $ | 18.39 | | |
Total Return | | | | | 5.60 % | | | | | | 14.59 % | | | | | | 15.34% | | | | | | 14.30% | | | | | | 5.74% | | | | | | 9.34 % | | |
Net Assets, End of Period (000s) | | | | $ | 7,235 | | | | | $ | 6,084 | | | | | $ | 6,064 | | | | | $ | 6,569 | | | | | $ | 8,533 | | | | | $ | 11,209 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.29 % | | | | | | 1.29% | | | | | | 1.29 % | | | | | | 1.30% | | | | | | 1.30% | | | | | | 1.29 % | | |
Net | | | | | 0.90 % | | | | | | 0.87 % | | | | | | 0.93% | | | | | | 1.05% | | | | | | 1.04% | | | | | | 1.04 % | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 1.04 % | | | | | | 1.08 % | | | | | | 1.17% | | | | | | 1.22% | | | | | | 1.14% | | | | | | 1.83 % | | |
Portfolio Turnover | | | | | 9 % | | | | | | 57 % | | | | | | 48% | | | | | | 31% | | | | | | 35% | | | | | | 49% | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2019* | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 20.86 | | | | | $ | 23.29 | | | | | $ | 20.40 | | | | | $ | 18.96 | | | | | $ | 21.94 | | | | | $ | 22.15 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(c) | | | | | 0.26 (b) | | | | | | 0.38 (b) | | | | | | 0.32 (b) | | | | | | 0.23 (b) | | | | | | 0.33 (b) | | | | | | 0.29 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.22 ) | | | | | | (2.36 ) | | | | | | 2.85 | | | | | | 1.52 | | | | | | (3.02) | | | | | | (0.18) | | |
Total from Investment Operations | | | | | 0.04 | | | | | | (1.98 ) | | | | | | 3.17 | | | | | | 1.75 | | | | | | (2.69) | | | | | | 0.11 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.45 ) | | | | | | (0.28) | | | | | | (0.31) | | | | | | (0.29) | | | | | | (0.32) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.45 ) | | | | | | (0.28) | | | | | | (0.31) | | | | | | (0.29) | | | | | | (0.32) | | |
Net Asset Value, End of Period | | | | $ | 20.90 | | | | | $ | 20.86 | | | | | $ | 23.29 | | | | | $ | 20.40 | | | | | $ | 18.96 | | | | | $ | 21.94 | | |
Total Return | | | | | 0.19 % | | | | | | (8.31 )% | | | | | | 15.63% | | | | | | 9.39% | | | | | | (12.12)% | | | | | | 0.54% | | |
Net Assets, End of Period (000s) | | | | $ | 84,520 | | | | | $ | 89,347 | | | | | $ | 110,502 | | | | | $ | 102,633 | | | | | $ | 107,893 | | | | | $ | 127,295 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.67 % | | | | | | 1.67 % | | | | | | 1.07% | | | | | | 1.21% | | | | | | 1.32% | | | | | | 1.37 % | | |
Net | | | | | 1.45 % | | | | | | 1.46 % | | | | | | 0.97% | | | | | | 1.09% | | | | | | 1.31% | | | | | | 1.37 % | | |
Ratio of net investment income (loss) to average net assets(b) | | | | | 2.48 % | | | | | | 1.81 % | | | | | | 1.46% | | | | | | 1.21% | | | | | | 1.66% | | | | | | 1.26 % | | |
Portfolio Turnover | | | | | 47 % | | | | | | 172 %(f) | | | | | | 50% | | | | | | 47% | | | | | | 82 %(e) | | | | | | 35% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2019 * | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 21.16 | | | | | $ | 23.63 | | | | | $ | 20.69 | | | | | $ | 19.23 | | | | | $ | 22.26 | | | | | $ | 22.46 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(c) | | | | | 0.30 (b) | | | | | | 0.48 (b) | | | | | | 0.40 (b) | | | | | | 0.34 (b) | | | | | | 0.36 (b) | | | | | | 0.35 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.22 ) | | | | | | (2.42 ) | | | | | | 2.89 | | | | | | 1.49 | | | | | | (3.04) | | | | | | (0.18 ) | | |
Total from Investment Operations | | | | | 0.08 | | | | | | (1.94 ) | | | | | | 3.29 | | | | | | 1.83 | | | | | | (2.68) | | | | | | 0.17 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.53 ) | | | | | | (0.35) | | | | | | (0.37) | | | | | | (0.35) | | | | | | (0.37 ) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.53 ) | | | | | | (0.35) | | | | | | (0.37) | | | | | | (0.35) | | | | | | (0.37 ) | | |
Net Asset Value, End of Period | | | | $ | 21.24 | | | | | $ | 21.16 | | | | | $ | 23.63 | | | | | $ | 20.69 | | | | | $ | 19.23 | | | | | $ | 22.26 | | |
Total Return | | | | | 0.38 % | | | | | | (7.94 )% | | | | | | 16.01% | | | | | | 9.68% | | | | | | (11.88)% | | | | | | 0.81 % | | |
Net Assets, End of Period (000s) | | | | $ | 4,570 | | | | | $ | 5,061 | | | | | $ | 7,872 | | | | | $ | 8,078 | | | | | $ | 13,489 | | | | | $ | 12,424 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.42 % | | | | | | 1.41 % | | | | | | 0.82% | | | | | | 0.95% | | | | | | 1.07% | | | | | | 1.11 % | | |
Net | | | | | 1.08 % | | | | | | 1.08 % | | | | | | 0.61% | | | | | | 0.83% | | | | | | 1.06% | | | | | | 1.11 % | | |
Ratio of net investment income (loss) to average net assets | | | | | 2.87 % | | | | | | 2.21 % | | | | | | 1.80% | | | | | | 1.69% | | | | | | 1.78% | | | | | | 1.52 % | | |
Portfolio Turnover | | | | | 47 % | | | | | | 172 %(f) | | | | | | 50% | | | | | | 47% | | | | | | 82 %(e) | | | | | | 35% | | |
| | | R 6 Shares | | |||||||||
| | | Six Months Ended September 30, | | | January 28, 2019** | | ||||||
| | | 2019* | | | through March 31, 2019 | | ||||||
Net Asset Value, Beginning of Period | | | | $ | 10.47 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | |
Net investment income (loss) (a) (c) | | | | | 0.18 (b) | | | | | | 0.01 (b) | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.15 ) | | | | | | 0.46 | | |
Total from Investment Operations | | | | | 0.03 | | | | | | 0.47 | | |
Less Distributions: | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | |
Total Distributions | | | | | — | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 10.50 | | | | | $ | 10.47 | | |
Total Return | | | | | 0.29 % | | | | | | 4.70 %**** | | |
Net Assets, End of Period (000s) | | | | $ | 705 | | | | | $ | 105 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | |
Gross | | | | | 1.27 % | | | | | | 1.64 %*** | | |
Net | | | | | 0.98 % | | | | | | 0.99 %*** | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 2.96 % | | | | | | 0.44 %*** | | |
Portfolio Turnover | | | | | 47 % | | | | | | 172 % (f) | | |
| | | Ordinary Shares | | |||||||||
| | | Six Months Ended September 30, 2019* | | | January 30, 2019** through March 31, 2019 | | ||||||
Net Asset Value, Beginning of Period | | | | $ | 10.60 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | |
Net investment income (loss)(a)(c) | | | | | — | | | | | | (0.04 ) | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.09 | | | | | | 0.64 | | |
Total from Investment Operations | | | | | 0.09 | | | | | | 0.60 | | |
Less Distributions: | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | |
Total Distributions | | | | | — | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 10.69 | | | | | $ | 10.60 | | |
Total Return | | | | | 0.85 % | | | | | | 6.00 %**** | | |
Net Assets, End of Period (000s) | | | | $ | 64 | | | | | $ | 63 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | |
Gross | | | | | 1.71 % | | | | | | 4.54 %*** | | |
Net | | | | | 1.71 % | | | | | | 4.54 %*** | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 0.02 % | | | | | | (3.52 )%*** | | |
Portfolio Turnover | | | | | 10 % | | | | | | 22 %**** | | |
| | | Institutional Shares | | |||||||||
| | | Six Months Ended September 30, 2019* | | | January 30, 2019 ** through March 31, 2019 | | ||||||
Net Asset Value, Beginning of Period | | | | $ | 10.60 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.02 | | | | | | (0.04 ) | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.10 | | | | | | 0.64 | | |
Total from Investment Operations | | | | | 0.12 | | | | | | 0.60 | | |
Less Distributions: | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | |
Total Distributions | | | | | — | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 10.72 | | | | | $ | 10.60 | | |
Total Return | | | | | 1.13 % | | | | | | 6.00 %**** | | |
Net Assets, End of Period (000s) | | | | $ | 9,333 | | | | | $ | 9,245 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | |
Gross | | | | | 1.45 % | | | | | | 4.29 %*** | | |
Net | | | | | 1.33 % | | | | | | 4.17 %*** | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 0.40 % | | | | | | (3.15 )%*** | | |
Portfolio Turnover | | | | | 10 % | | | | | | 22 %**** | | |
| | | R 6 Shares | | | R 6 Shares** | | ||||||
| | | Six Months Ended September 30, 2019* | | | January 30, 2019 through March 31, 2019 | | ||||||
Net Asset Value, Beginning of Period | | | | $ | 10.60 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | |
Net investment income (loss) (a) (c) | | | | | 0.02 | | | | | | (0.04 ) | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.10 | | | | | | 0.64 | | |
Total from Investment Operations | | | | | 0.12 | | | | | | 0.60 | | |
Less Distributions: | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | |
Total Distributions | | | | | — | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 10.72 | | | | | $ | 10.60 | | |
Total Return | | | | | 1.13 % | | | | | | 6.00 %**** | | |
Net Assets, End of Period (000s) | | | | $ | 1,389 | | | | | $ | 1,371 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | |
Gross | | | | | 1.30 % | | | | | | 4.14 %*** | | |
Net | | | | | 1.30 % | | | | | | 4.14 %*** | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 0.43 % | | | | | | (3.12 )%*** | | |
Portfolio Turnover | | | | | 10 % | | | | | | 22 %**** | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2019* | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 20.77 | | | | | $ | 21.75 | | | | | $ | 19.15 | | | | | $ | 17.03 | | | | | $ | 18.67 | | | | | $ | 19.38 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b) | | | | | 0.29 (c) | | | | | | 0.38 (c) | | | | | | 0.29 (c) | | | | | | 0.23 | | | | | | 0.23 | | | | | | 0.29 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.53 ) | | | | | | (1.17 ) | | | | | | 2.44 | | | | | | 2.07 | | | | | | (1.60) | | | | | | (0.80 ) | | |
Total from Investment Operations | | | | | (0.24 ) | | | | | | (0.79 ) | | | | | | 2.73 | | | | | | 2.30 | | | | | | (1.37) | | | | | | (0.51 ) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.11 ) | | | | | | (0.13) | | | | | | (0.18) | | | | | | (0.27) | | | | | | (0.20 ) | | |
Distributions from realized capital gains | | | | | — | | | | | | (0.08 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.19 ) | | | | | | (0.13) | | | | | | (0.18) | | | | | | (0.27) | | | | | | (0.20 ) | | |
Net Asset Value, End of Period | | | | $ | 20.53 | | | | | $ | 20.77 | | | | | $ | 21.75 | | | | | $ | 19.15 | | | | | $ | 17.03 | | | | | $ | 18.67 | | |
Total Return | | | | | (1.16 )% | | | | | | (3.56 )% | | | | | | 14.27% | | | | | | 13.59% | | | | | | (7.29)% | | | | | | (2.53 )% | | |
Net Assets, End of Period (000s) | | | | $ | 724,804 | | | | | $ | 784,820 | | | | | $ | 886,354 | | | | | $ | 859,328 | | | | | $ | 932,418 | | | | | $ | 1,030,641 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.50 % | | | | | | 1.51% | | | | | | 1.51 % | | | | | | 1.53% | | | | | | 1.52% | | | | | | 1.52 % | | |
Net | | | | | 1.40 % | | | | | | 1.41% | | | | | | 1.41 % | | | | | | 1.53% | | | | | | 1.52% | | | | | | 1.52 % | | |
Ratio of net investment income (loss) to average net assets(b) | | | | | 2.83 % | | | | | | 1.80 % | | | | | | 1.39% | | | | | | 1.31% | | | | | | 1.29% | | | | | | 1.55 % | | |
Portfolio Turnover | | | | | 6 % | | | | | | 12 % | | | | | | 30% | | | | | | 15% | | | | | | 13% | | | | | | 2% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2019* | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 20.71 | | | | | $ | 21.71 | | | | | $ | 19.10 | | | | | $ | 17.00 | | | | | $ | 18.68 | | | | | $ | 19.39 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(b) | | | | | 0.33 (c) | | | | | | 0.42 (c) | | | | | | 0.33 (c) | | | | | | 0.26 | | | | | | 0.27 | | | | | | 0.33 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.53 ) | | | | | | (1.14 ) | | | | | | 2.49 | | | | | | 2.07 | | | | | | (1.60) | | | | | | (0.80 ) | | |
Total from Investment Operations | | | | | (0.20 ) | | | | | | (0.72 ) | | | | | | 2.82 | | | | | | 2.33 | | | | | | (1.33) | | | | | | (0.47 ) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.20 ) | | | | | | (0.21) | | | | | | (0.23) | | | | | | (0.35) | | | | | | (0.24 ) | | |
Distributions from realized capital gains | | | | | — | | | | | | (0.08 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.28 ) | | | | | | (0.21) | | | | | | (0.23) | | | | | | (0.35) | | | | | | (0.24 ) | | |
Net Asset Value, End of Period | | | | $ | 20.51 | | | | | $ | 20.71 | | | | | $ | 21.71 | | | | | $ | 19.10 | | | | | $ | 17.00 | | | | | $ | 18.68 | | |
Total Return | | | | | (0.97 )% | | | | | | (3.20 )% | | | | | | 14.75% | | | | | | 13.82% | | | | | | (7.06)% | | | | | | (2.29 )% | | |
Net Assets, End of Period (000s) | | | | $ | 2,396,290 | | | | | $ | 2,509,455 | | | | | $ | 1,346,164 | | | | | $ | 759,793 | | | | | $ | 697,543 | | | | | $ | 594,691 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.25 % | | | | | | 1.26% | | | | | | 1.26 % | | | | | | 1.27% | | | | | | 1.27% | | | | | | 1.27 % | | |
Net | | | | | 1.03 % | | | | | | 1.04% | | | | | | 1.04 % | | | | | | 1.27% | | | | | | 1.27% | | | | | | 1.27 % | | |
Ratio of net investment income (loss) to average net assets(b) | | | | | 3.15 % | | | | | | 1.98 % | | | | | | 1.57% | | | | | | 1.49% | | | | | | 1.51% | | | | | | 1.76 % | | |
Portfolio Turnover | | | | | 6 % | | | | | | 12 % | | | | | | 30% | | | | | | 15% | | | | | | 13% | | | | | | 2% | | |
| | | R6 Shares | | |||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | | February 6, 2017** through March 31, | | |||||||||||||||
| | | 2019* | | | 2019 | | | 2018 | | | 2017 | | ||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 10.97 | | | | | $ | 11.65 | | | | | $ | 10.34 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) | | | | | 0.17 (c) | | | | | | 0.25 (c) | | | | | | 0.19 (c) | | | | | | 0.05 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.28 ) | | | | | | (0.64 ) | | | | | | 1.34 | | | | | | 0.29 | | |
Total from Investment Operations | | | | | (0.11 ) | | | | | | (0.39 ) | | | | | | 1.53 | | | | | | 0.34 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.21 ) | | | | | | (0.22) | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | (0.08 ) | | | | | | — | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.29 ) | | | | | | (0.22) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 10.86 | | | | | $ | 10.97 | | | | | $ | 11.65 | | | | | $ | 10.34 | | |
Total Return | | | | | (1.00 )% | | | | | | (3.15 )% | | | | | | 14.79% | | | | | | 3.40 %**** | | |
Net Assets, End of Period (000s) | | | | $ | 483,301 | | | | | $ | 325,774 | | | | | $ | 275,084 | | | | | $ | 36,982 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.10 % | | | | | | 1.11 % | | | | | | 1.10% | | | | | | 1.14 %*** | | |
Net | | | | | 0.94 % | | | | | | 0.98 % | | | | | | 1.01% | | | | | | 1.14%*** | | |
Ratio of net investment income (loss) to average net assets: (b) | | | | | 3.25 % | | | | | | 2.22 % | | | | | | 1.58% | | | | | | 3.39%*** | | |
Portfolio Turnover | | | | | 6 % | | | | | | 12 % | | | | | | 30% | | | | | | 15 %**** | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2019* | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 13.56 | | | | | $ | 15.63 | | | | | $ | 13.71 | | | | | $ | 12.06 | | | | | $ | 13.35 | | | | | $ | 13.17 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(b) | | | | | 0.21 (c) | | | | | | 0.33 (c) | | | | | | 0.28 (c) | | | | | | 0.23 | | | | | | 0.21 | | | | | | 0.15 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.48 ) | | | | | | (1.84 ) | | | | | | 2.07 | | | | | | 1.64 | | | | | | (1.26) | | | | | | 0.17 | | |
Total from Investment Operations | | | | | (0.27 ) | | | | | | (1.51 ) | | | | | | 2.35 | | | | | | 1.87 | | | | | | (1.05) | | | | | | 0.32 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.24 ) | | | | | | (0.29) | | | | | | (0.14) | | | | | | (0.19) | | | | | | (0.14 ) | | |
Distributions from realized capital gains | | | | | — | | | | | | (0.32 ) | | | | | | (0.14) | | | | | | (0.08) | | | | | | (0.05) | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.56 ) | | | | | | (0.43) | | | | | | (0.22) | | | | | | (0.24) | | | | | | (0.14 ) | | |
Net Asset Value, End of Period | | | | $ | 13.29 | | | | | $ | 13.56 | | | | | $ | 15.63 | | | | | $ | 13.71 | | | | | $ | 12.06 | | | | | $ | 13.35 | | |
Total Return | | | | | (1.99 )% | | | | | | (9.33 )% | | | | | | 17.15% | | | | | | 15.73% | | | | | | (7.83)% | | | | | | 2.57 % | | |
Net Assets, End of Period (000s) | | | | $ | 203,047 | | | | | $ | 222,526 | | | | | $ | 319,531 | | | | | $ | 270,948 | | | | | $ | 283,509 | | | | | $ | 233,185 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.52 % | | | | | | 1.53 % | | | | | | 1.52% | | | | | | 1.55% | | | | | | 1.56% | | | | | | 1.56 % | | |
Net | | | | | 1.42 % | | | | | | 1.43 % | | | | | | 1.42% | | | | | | 1.55% | | | | | | 1.56% | | | | | | 1.56 % | | |
Ratio of net investment income (loss) to average net assets (b) | | | | | 3.08 % | | | | | | 2.29 % | | | | | | 1.85% | | | | | | 1.82% | | | | | | 1.66% | | | | | | 1.15 % | | |
Portfolio Turnover | | | | | 21 % | | | | | | 52 % | | | | | | 26% | | | | | | 46% | | | | | | 8% | | | | | | 11% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2019* | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 13.57 | | | | | $ | 15.66 | | | | | $ | 13.73 | | | | | $ | 12.07 | | | | | $ | 13.36 | | | | | $ | 13.19 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b) | | | | | 0.23 (c) | | | | | | 0.37 (c) | | | | | | 0.32 (c) | | | | | | 0.25 | | | | | | 0.24 | | | | | | 0.14 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.48 ) | | | | | | (1.83 ) | | | | | | 2.09 | | | | | | 1.66 | | | | | | (1.26) | | | | | | 0.21 | | |
Total from Investment Operations | | | | | (0.25 ) | | | | | | (1.46 ) | | | | | | 2.41 | | | | | | 1.91 | | | | | | (1.02) | | | | | | 0.35 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.31 ) | | | | | | (0.34) | | | | | | (0.17) | | | | | | (0.22) | | | | | | (0.18 ) | | |
Distributions from realized capital gains | | | | | — | | | | | | (0.32 ) | | | | | | (0.14) | | | | | | (0.08) | | | | | | (0.05) | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.63 ) | | | | | | (0.48) | | | | | | (0.25) | | | | | | (0.27) | | | | | | (0.18 ) | | |
Net Asset Value, End of Period | | | | $ | 13.32 | | | | | $ | 13.57 | | | | | $ | 15.66 | | | | | $ | 13.73 | | | | | $ | 12.07 | | | | | $ | 13.36 | | |
Total Return | | | | | (1.84 )% | | | | | | (8.95 )% | | | | | | 17.56% | | | | | | 16.13% | | | | | | (7.62)% | | | | | | 2.79 % | | |
Net Assets, End of Period (000s) | | | | $ | 585,448 | | | | | $ | 766,409 | | | | | $ | 593,619 | | | | | $ | 312,955 | | | | | $ | 270,846 | | | | | $ | 200,160 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.26 % | | | | | | 1.28 % | | | | | | 1.27% | | | | | | 1.30% | | | | | | 1.30% | | | | | | 1.31 % | | |
Net | �� | | | | 1.04 % | | | | | | 1.06 % | | | | | | 1.05% | | | | | | 1.30% | | | | | | 1.30% | | | | | | 1.31 % | | |
Ratio of net investment income (loss) to average net assets (b) | | | | | 3.40 % | | | | | | 2.57 % | | | | | | 2.08% | | | | | | 2.03% | | | | | | 1.91% | | | | | | 1.12 % | | |
Portfolio Turnover | | | | | 21 % | | | | | | 52 % | | | | | | 26% | | | | | | 46% | | | | | | 8% | | | | | | 11% | | |
| | | R6 Shares | | |||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | | February 6, 2017** through March 31, | | |||||||||||||||
| | | 2019* | | | 2019 | | | 2018 | | | 2017 | | ||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 10.25 | | | | | $ | 12.02 | | | | | $ | 10.63 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) | | | | | 0.18 (c) | | | | | | 0.24 (c) | | | | | | 0.26 (c) | | | | | | 0.04 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.37 ) | | | | | | (1.38 ) | | | | | | 1.62 | | | | | | 0.59 | | |
Total from Investment Operations | | | | | (0.19 ) | | | | | | (1.14 ) | | | | | | 1.88 | | | | | | 0.63 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.31 ) | | | | | | (0.35) | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | (0.32 ) | | | | | | (0.14) | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.63 ) | | | | | | (0.49) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 10.06 | | | | | $ | 10.25 | | | | | $ | 12.02 | | | | | $ | 10.63 | | |
Total Return | | | | | (1.85 )% | | | | | | (8.95 )% | | | | | | 17.66% | | | | | | 6.30 %**** | | |
Net Assets, End of Period (000s) | | | | $ | 91,085 | | | | | $ | 74,795 | | | | | $ | 11,160 | | | | | $ | 1,927 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.11 % | | | | | | 1.14 % | | | | | | 1.12% | | | | | | 1.14 %*** | | |
Net | | | | | 1.02 % | | | | | | 1.05 % | | | | | | 1.02% | | | | | | 1.14%*** | | |
Ratio of net investment income (loss) to average net assets (b) | | | | | 3.56 % | | | | | | 2.28 % | | | | | | 2.12% | | | | | | 2.95%*** | | |
Portfolio Turnover | | | | | 21 % | | | | | | 52 % | | | | | | 26% | | | | | | 46 %**** | | |
| | | Quoted Prices In Active Markets | | | Significant Other Observable Inputs | | | Significant Unobservable Inputs | | | Market Value at September 30, 2019 | | ||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Small Cap | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 109,418,941 | | | | | $ | — | | | | | $ | — | | | | | $ | 109,418,941 | | |
Real Estate Investment Trusts | | | | | 4,805,505 | | | | | | — | | | | | | — | | | | | | 4,805,505 | | |
Short-Term Investments | | | | | 612,156 | | | | | | — | | | | | | — | | | | | | 612,156 | | |
Total | | | | $ | 114,836,602 | | | | | $ | — | | | | | $ | — | | | | | $ | 114,836,602 | | |
Quality | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 114,029,242 | | | | | $ | — | | | | | $ | — | | | | | $ | 114,029,242 | | |
Depository Receipts | | | | | 20,788,455 | | | | | | — | | | | | | — | | | | | | 20,788,455 | | |
Short-Term Investments | | | | | — | | | | | | 3,303,494 | | | | | | — | | | | | | 3,303,494 | | |
Total | | | | $ | 134,817,697 | | | | | $ | 3,303,494 | | | | | $ | — | | | | | $ | 138,121,191 | | |
Emerging Markets World Equity | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 62,898,111 | | | | | $ | 4,133,204 | | | | | $ | — | | | | | $ | 67,031,315 | | |
Depository Receipts | | | | | 18,661,075 | | | | | | — | | | | | | — | | | | | | 18,661,075 | | |
Mutual Funds | | | | | 2,083,350 | | | | | | — | | | | | | — | | | | | | 2,083,350 | | |
Preferred Stock | | | | | 339,770 | | | | | | — | | | | | | — | | | | | | 339,770 | | |
Real Estate Investment Trusts | | | | | 187,446 | | | | | | — | | | | | | — | | | | | | 187,446 | | |
P-Note | | | | | 982,399 | | | | | | 136,087 | | | | | | — | | | | | | 1,118,486 | | |
Short-Term Investments | | | | | — | | | | | | 125,545 | | | | | | — | | | | | | 125,545 | | |
Total | | | | $ | 85,152,151 | | | | | $ | 4,394,836 | | | | | $ | — | | | | | $ | 89,546,987 | | |
International Small Cap | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 10,153,118 | | | | | $ | 252,536 | | | | | $ | — | | | | | $ | 10,405,654 | | |
Short-Term Investments | | | | | 366,253 | | | | | | — | | | | | | — | | | | | | 366,253 | | |
Total | | | | $ | 10,519,371 | | | | | $ | 252,536 | | | | | $ | — | | | | | $ | 10,771,907 | | |
Foreign Value | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 3,198,446,552 | | | | | $ | 67,215,439 | | | | | $ | — | | | | | $ | 3,265,661,991 | | |
Depository Receipts | | | | | 188,575,402 | | | | | | — | | | | | | — | | | | | | 188,575,402 | | |
Short-Term Investments | | | | | 210,256,978 | | | | | | — | | | | | | — | | | | | | 210,256,978 | | |
Total | | | | $ | 3,597,278,932 | | | | | $ | 67,215,439 | | | | | $ | — | | | | | $ | 3,664,494,371 | | |
Foreign Value Small Cap | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 732,514,380 | | | | | $ | 143,430,509 | | | | | $ | — | | | | | $ | 875,944,889 | | |
Short-Term Investments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 732,514,380 | | | | | $ | 143,430,509 | | | | | $ | — | | | | | $ | 875,944,889 | | |
|
| | | Emerging Markets World Equity | | | International Small Cap | | | Foreign Value | | | Foreign Value Small Cap | | ||||||||||||
Banks | | | | $ | — | | | | | $ | — | | | | | $ | 67,215,439 | | | | | $ | 22,452,921 | | |
Biotechnology | | | | | — | | | | | | 65,225 | | | | | | — | | | | | | — | | |
Communications Equipment | | | | | — | | | | | | — | | | | | | — | | | | | | 22,819,323 | | |
Diversified Financial Services | | | | | — | | | | | | 100,451 | | | | | | — | | | | | | — | | |
Electronic Equipment, Instruments & Components | | | | | 1,921,691 | | | | | | — | | | | | | — | | | | | | 38,847,337 | | |
Food & Staples Retailing | | | | | 168,254 | | | | | | — | | | | | | — | | | | | | — | | |
Food Products | | | | | 113,317 | | | | | | — | | | | | | — | | | | | | — | | |
Hotel Restaurant & Leisure | | | | | — | | | | | | 86,860 | | | | | | — | | | | | | — | | |
Independent Power & Renewable Electricity Producers | | | | | — | | | | | | — | | | | | | — | | | | | | 16,809,104 | | |
Leisure Products | | | | | 646,102 | | | | | | — | | | | | | — | | | | | | — | | |
Real Estate Management & Development | | | | | — | | | | | | — | | | | | | — | | | | | | 16,243,136 | | |
Semiconductors & Semiconductor Equipment | | | | | 1,283,840 | | | | | | — | | | | | | — | | | | | | 26,258,688 | | |
| | | | $ | 4,133,204 | | | | | $ | 252,536 | | | | | $ | 67,215,439 | | | | | $ | 143,430,509 | | |
Repurchase Agreements | | | Gross Amounts of Recognized Assets | | | Gross Amounts Offset in the Statement of Financial Position | | | Net Amounts Presented in the Statement of Financial Position | | | Gross Amounts not offset in the Statement of Financial Position | | ||||||||||||||||||||||||
| Financial Instruments | | | Collateral Pledged (Received) | | | Net Amount | | |||||||||||||||||||||||||||||
Quality | | | | $ | 3,303,494 | | | | | $ | — | | | | | $ | 3,303,494 | | | | | $ | 3,303,494 | | | | | $ | — | | | | | $ | — | | |
Emerging Markets World Equity | | | | | 125,545 | | | | | | — | | | | | | 125,545 | | | | | | 125,545 | | | | | | — | | | | | | — | | |
| | | | | | Maturity | | | | | | | | |||||||||||||||
Name | | | Fund/Collateral Type | | | Up to 30 Days | | | 30–90 Days | | | Greater than 90 Days | | | Total | | ||||||||||||
Quality | | | U.S. Treasury Obligations | | | | $ | — | | | | | $ | — | | | | | $ | 3,303,494 | | | | | $ | 3,303,494 | | |
Emerging Markets World Equity | | | U.S. Treasury Obligations | | | | | — | | | | | | — | | | | | | 125,545 | | | | | | 125,545 | | |
| | | | | | Emerging Markets World Equity Net Assets | | |||||||||||||||
Risk Parity Net Assets | | | Shares Issued to Shareholders of Risk Parity | | | Pre Merger | | | Combined (Post Merger Net Assets) | | | Tax Status | | |||||||||
$61,008,907 * | | | 69,257 Ordinary Shares | | | | $ | 114,570,815 | | | | | $ | 116,250,121 | | | | | | Non-Taxable | | |
| | | 6,908 Institutional Shares | | | | | | | | | | | | | | | | | | | |
| | | — R6 Shares** | | | | | | | | | | | | | | | | | | | |
Includes Emerging Markets World Equity investment in Risk Parity, 6,238,654 shares with an Investment Market Value of $59,329,601.
| Net investment income | | | | $ | 2,106,977 | | |
| Net realized loss on investments | | | | $ | (9,363,225 ) | | |
| Net change in depreciation on investments | | | | $ | (5,942,585 ) | | |
| Net decrease in net assets resulting from operations | | | | $ | (13,198,833 ) | | |
Currency to deliver | | | Local Value | | | In exchange for | | | Settlement Date | | | Unrealized appreciation (depreciation) | | |||||||||
United States Dollar | | | | | 1,465 | | | | AUD 2,170 | | | | | 10/2/2019 | | | | | $ | 1 | | |
| | | | | | | | | | | | | | | | | | | | 1 | | |
| | | | | | | | | | | | | | | | | | | | | | |
Brazilian Real | | | | | 236,699 | | | | USD 57,036 | | | | | 10/1/2019 | | | | | | (171 ) | | |
Brazilian Real | | | | | 193,231 | | | | USD 46,562 | | | | | 10/1/2019 | | | | | | (140 ) | | |
Currency to deliver | | | Local Value | | | In exchange for | | | Settlement Date | | | Unrealized appreciation (depreciation) | | |||
| | | | | | | | | | | | | | (311 ) | | |
|
Currency to deliver | | | Local Value | | | In exchange for | | | Settlement Date | | | Unrealized appreciation (depreciation) | | |||||||||
United States Dollar | | | | | 2,488 | | | | JPY 269,044 | | | | | 10/1/2019 | | | | | $ | (1 ) | | |
| | | | | | | | | | | | | | | | | | | $ | (1 ) | | |
| Currency to deliver | | | Local Value | | | In exchange for | | | Settlement Date | | | Unrealized appreciation (depreciation) | | |||||||||
| Canadian Dollar | | | | | 9,685,991 | | | | USD 7,314,874 | | | | | 10/1/2019 | | | | | $ | (1,105 ) | | |
| Canadian Dollar | | | | | 80,593,675 | | | | USD 60,863,771 | | | | | 10/2/2019 | | | | | | (8,502 ) | | |
| | | | | | | | | | | | | | | | | | | | $ | (9,607 ) | | |
Currency to deliver | | | Local Value | | | In exchange for | | | Settlement Date | | | Unrealized appreciation (depreciation) | | |||||||||
United States Dollar | | | | | 114,399 | | | | HKD 896,773 | | | | | 10/2/2019 | | | | | $ | 20 | | |
| | | | | | | | | | | | | | | | | | | $ | 20 | | |
| | | | | | | | | | | | | | | | | | | | | | |
United States Dollar | | | | | 272,362 | | | | GBP 221,622 | | | | | 10/1/2019 | | | | | $ | (321 ) | | |
United States Dollar | | | | | 19,972 | | | | JPY 2,159,848 | | | | | 10/1/2019 | | | | | | (5 ) | | |
United States Dollar | | | | | 2,144 | | | | NOK 19,476 | | | | | 10/1/2019 | | | | | | (— ) | | |
United States Dollar | | | | | 602,568 | | | | NOK 5,484,094 | | | | | 10/2/2019 | | | | | | (1,008 ) | | |
| | | | | | | | | | | | | | | | | | | $ | (1,334 ) | | |
| Small Cap | | | 0.25% of the first $100 million and 0.30% of amounts in excess of $100 million but less than $200 million and 0.325% of amounts in excess of $200 million of average daily total net assets | |
| Quality | | | A fee equal to the flat annual rate of $90,000. | |
| Emerging Markets World Equity | | | 0.35% for the first $100 Million and 0.40% of the amounts in excess of $100 million but less than $200 million and 0.45% of amounts in excess of $200 million of average daily total net assets | |
| International Small Cap | | | 0.30% of the first $35 million, 0.35% of amounts in excess of $35 million but less than $200 million and 0.45% of amounts in excess of $200 million of average daily total net assets | |
| Foreign Value | | | 0.35% of the first $35 million and 0.40% of amounts in excess of $35 million but less than $200 million and 0.50% of assets in excess of $200 million of average daily total net assets | |
| Foreign Value Small Cap | | | 0.35% of the first $35 million and 0.40% of amounts in excess of $35 million but less than $200 million and 0.50% of amounts in excess of $200 million of average daily total net assets. | |
| Foreign Value | | | 0.30% of the first $35 million and 0.35% of amounts in excess of $35 million but less than $200 million and 0.45% of assets in excess of $200 million of average daily total net assets | |
| Foreign Value Small Cap | | | 0.30% of the first $35 million and 0.35% of amounts in excess of $35 million but less than $200 million and 0.45% of assets in excess of $200 million of average daily total net assets. | |
| | | March 31, 2019 | | |||||||||||||||||||||
| | | Capital Loss Carry Forward due to Merger Subject to Limitation (Note 2) | | | Capital Loss Short Term No Expiration Short Term | | | Capital Loss Long Term No Expiration Long Term | | | Total Capital Loss | | ||||||||||||
Small Cap | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Quality | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Emerging Markets World Equity | | | | $ | 26,848,456 | | | | | $ | 12,831,115 | | | | | $ | 4,751,017 | | | | | $ | 44,430,588 | | |
International Small Cap | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Foreign Value | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Foreign Value Small Cap | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
CONTRACT APPROVAL (continued)
CONTRACT APPROVAL (continued)
CONTRACT APPROVAL (continued)
CONTRACT APPROVAL (continued)
CONTRACT APPROVAL (continued)
CONTRACT APPROVAL (continued)
CONTRACT APPROVAL (continued)
| Manager | | | Pear Tree Advisors, Inc., 55 Old Bedford Road, Suite 202, Lincoln, MA 01773 | |
| Subadvisers | | | Chartwell Investment Partners LLC, 1205 Westlakes Drive, Suite 100, Berwyn, PA 19312 Axiom International Investors LLC, 33 Benedict Place, Greenwich, CT 06830 Polaris Capital Management, LLC, 121 High Street, Boston, MA 02110 PNC Capital Advisors LLC, One East Pratt Street, Fifth Floor-East, Baltimore, MD 21202 | |
| Distributor | | | U.S. Boston Capital Corporation, 55 Old Bedford Road, Suite 202, Lincoln, MA 01773 | |
| Custodian | | | State Street Bank and Trust Company, One Lincoln Street, Boston, MA 02111 | |
| Fund Accountant | | | State Street Bank and Trust Company, One Lincoln Street, Boston, MA 02111 | |
| Transfer Agent | | | Pear Tree Institutional Services, 55 Old Bedford Road, Suite 202, Lincoln, MA 01773 | |
| Independent Registered Public Accounting Firm | | | Tait, Weller & Baker LLP, Two Liberty Place, 50 South 16th Street, Suite 2900 Philadelphia, PA 19102 | |
| Legal Counsel | | | Sullivan & Worcester LLP, One Post Office Square Boston, MA 02109 | |
| For Account Information | | | For Pear Tree Funds information, contact your financial adviser or, if you receive account statements directly from Pear Tree Funds, you can also call 1-800-326-2151. Telephone representatives are available from 8:30 a.m. to 4:30 p.m. Eastern Time. Or visit our website, www.peartreefunds.com | |
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| To register, go to: www.peartreefunds.com | |
ITEM 2. | Code of Ethics |
Not applicable for report period.
ITEM 3. | Audit Committee Financial Expert |
Not applicable for report period.
ITEM 4. | Principal Accountant Fees and Services |
Not applicable for report period.
ITEM 5. | Audit Committee of Listed Registrants |
Not applicable.
ITEM 6. | Schedule of Investments |
Not applicable.
ITEM 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not applicable.
ITEM 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
ITEM 9 | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not applicable.
ITEM 10 | Submission of Matters to a Vote of Security Holders |
Not applicable.
ITEM 11. | Controls and Procedures |
(a) The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed,
summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b) There has been no change in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. | Exhibits |
(a) Certifications pursuant to Rule 30a-2(a) by the chief executive and financial officers.
(b) Certification pursuant to Rule 30a-2(b) and Section 906 by the chief executive and financial officers.
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.
Pear Tree Funds
By | /s/ Willard L. Umphrey | ||
Willard L. Umphrey, President |
Date: November 26, 2019
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 | /s/ Willard L. Umphrey | ||
Willard L. Umphrey, President | |||
Date: November 26, 2019 | |||
By | /s/ Leon Okurowski | ||
Leon Okurowski, Treasurer | |||
Date: November 26, 2019 |