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 number811-3790
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 March 31, 2020
Pear Tree Quality Fund
Pear Tree Axiom Emerging Markets World Equity Fund
Pear Tree Polaris Foreign Value Fund
Pear Tree Polaris Foreign Value Small Cap Fund
Pear Tree Polaris International Opportunities Fund
March 31, 2020
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President and Chairman
Pear Tree Fund | | | Share Class | | | Total Return Description | | | Beginning Account Value 10/1/19 | | | Ending Account Value 3/31/2020 | | | Annualized Expense Ratio | | | Expenses Paid During the Period* 10/1/2019- 3/31/2020 | | ||||||||||||
Small Cap ** | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $694.10 | | | | | | 1.36 % | | | | | | $5.75 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.21 | | | | | | 1.36 % | | | | | | $6.85 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $695.40 | | | | | | 0.99 % | | | | | | $4.21 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.04 | | | | | | 0.99 % | | | | | | $5.01 | | |
Quality ** | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $920.40 | | | | | | 1.27 % | | | | | | $6.12 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.63 | | | | | | 1.27 % | | | | | | $6.43 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $922.10 | | | | | | 0.91% | | | | | | $4.35 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.47 | | | | | | 0.91% | | | | | | $4.57 | | |
Emerging Markets | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $884.80 | | | | | | 1.52 % | | | | | | $7.17 | | |
World Equity | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.39 | | | | | | 1.52 % | | | | | | $7.68 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $886.40 | | | | | | 1.16 % | | | | | | $5.46 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.21 | | | | | | 1.16 % | | | | | | $5.85 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $887.10 | | | | | | 0.97 % | | | | | | $4.56 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.16 | | | | | | 0.97 % | | | | | | $4.89 | | |
Foreign Value | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $730.90 | | | | | | 1.40% | | | | | | $6.06 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.99 | | | | | | 1.40% | | | | | | $7.07 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $732.10 | | | | | | 1.03% | | | | | | $4.46 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.85 | | | | | | 1.03% | | | | | | $5.20 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $733.00 | | | | | | 0.94 % | | | | | | $4.08 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.29 | | | | | | 0.94 % | | | | | | $4.76 | | |
Foreign Value | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $778.20 | | | | | | 1.44 % | | | | | | $6.41 | | |
Small Cap | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.79 | | | | | | 1.44 % | | | | | | $7.27 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $779.40 | | | | | | 1.07 % | | | | | | $4.76 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.65 | | | | | | 1.07 % | | | | | | $5.41 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $779.90 | | | | | | 1.05 % | | | | | | $4.65 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.77 | | | | | | 1.05 % | | | | | | $5.28 | | |
International | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $748.70 | | | | | | 2.09 % | | | | | | $9.15 | | |
Opportunities | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,014.54 | | | | | | 2.09 % | | | | | | $10.54 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $750.50 | | | | | | 1.69 % | | | | | | $7.40 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,016.54 | | | | | | 1.69 % | | | | | | $8.53 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $750.70 | | | | | | 2.26 % | | | | | | $9.87 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,013.72 | | | | | | 2.26 % | | | | | | $11.35 | | |
| Fund Information | | | | | | | |
| Net Assets Under Management | | | $65.7 Million | | |||
| Number of Portfolio Holdings | | | 56 | | |||
| Average Price to Book Ratio | | | 1.2 | | |||
| Average Price to Earnings Ratio | | | 10.3 | | |||
| | | | 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 | | | | | 30.4 % | | |
Nautus Medical, Inc. | | | | | 3.7 % | | |
South Plains Financial, Inc. | | | | | 3.5 % | | |
ALLETE, Inc. | | | | | 3.5 % | | |
Sanderson Farms, Inc. | | | | | 3.4 % | | |
Colony Bankcorp, Inc. | | | | | 3.0 % | | |
Kforce, Inc. | | | | | 3.0 % | | |
EVERTEC Inc | | | | | 2.8 % | | |
Brookline Bancorp, Inc. | | | | | 2.5% | | |
Winnebago Industries, Inc. | | | | | 2.5 % | | |
Cambridge Bancorp | | | | | 2.5 % | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Financials | | | | | 30.0 % | | |
Industrials | | | | | 20.8 % | | |
Information Technology | | | | | 10.2 % | | |
Consumer Discretionary | | | | | 9.5 % | | |
Health Care | | | | | 6.9 % | | |
Consumer Staples | | | | | 4.4 % | | |
Materials | | | | | 4.2 % | | |
Utilities | | | | | 3.5% | | |
Real Estate | | | | | 2.7 % | | |
Energy | | | | | 2.4 % | | |
Communication Services | | | | | 0.5 % | | |
CASH + other assets (net) | | | | | 4.9 % | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Small Cap. (PTSC) Ordinary Shares vs. Russell 2000 Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2020 | | | Six Months | | | One Year | | | Five (3) Year | | | Ten (3) Year | | | Since (3) Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (36.99 | )% | | | | (30.59 | )% | | | | (30.27 | )% | | | | (3.25 | )% | | | | 3.64 | % | | | | 7.58 | % | | 08/03/1992 | | ||||||
Institutional Shares (1) | | | | | (36.91 | )% | | | | (30.46 | )% | | | | (30.02 | )% | | | | (2.93 | )% | | | | 3.93 | % | | | | 7.14 | % | | 01/06/1993 | | ||||||
Russell 2000 (2) | | | | | (30.61 | )% | | | | (23.72 | )% | | | | (23.99 | )% | | | | (0.25 | )% | | | | 6.90 | % | | | | 8.10 | % | | ———————— | |
| Fund Information | | | | | | | |
| Net Assets Under Management | | | $107.6 Million | | |||
| Number of Portfolio Holdings | | | 41 | | |||
| Average Price to Book Ratio | | | 3.9 | | |||
| Average Price to Earnings Ratio | | | 17.6 | | |||
| | | | 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 | | | | | 42.5 % | | |
Microsoft Corporation | | | | | 6.6 % | | |
Alphabet, Inc. | | | | | 5.5 % | | |
Oracle Corporation | | | | | 4.9 % | | |
UnitedHealth Group, Inc. | | | | | 4.4 % | | |
Apple, Inc. | | | | | 4.4 % | | |
Roche Holding ltd. | | | | | 3.7 % | | |
Johnson & Johnson | | | | | 3.7 % | | |
Merck & Co., Inc. | | | | | 3.3 % | | |
Medtronic plc | | | | | 3.2 % | | |
3M Company | | | | | 2.8% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Information Technology | | | | | 31.6 % | | |
Health Care | | | | | 27.4 % | | |
Consumer Staples | | | | | 10.1 % | | |
Communication Services | | | | | 8.3 % | | |
Financials | | | | | 7.1 % | | |
Industrials | | | | | 4.8 % | | |
Consumer Discretionary | | | | | 3.5 % | | |
Energy | | | | | 0.0 % | | |
Materials | | | | | 0.0 % | | |
Real Estate | | | | | 0.0 % | | |
Utilities | | | | | 0.0 % | | |
Cash + other assets (net) | | | | | 7.2 % | | |
Value of a $10,000 Investment | |
Pear Tree Quality (PTQ) Ordinary Shares vs. S&P 500 Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2020 | | | Six Months | | | One Year | | | Five Year | | | Ten (3) Year | | | Since (3) Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (16.05 | )% | | | | (7.96 | )% | | | | (2.98 | )% | | | | 8.89 | % | | | | 10.72 | % | | | | 9.11 | % | | 05/06/85 | | ||||||
Institutional Shares (1) | | | | | (15.96 | )% | | | | (7.79 | )% | | | | (2.62 | )% | | | | 9.24 | % | | | | 11.09 | % | | | | 8.11 | % | | 03/25/91 | | ||||||
S & P 500 (2) | | | | | (19.60 | )% | | | | (12.31 | )% | | | | (6.98 | )% | | | | 6.73 | % | | | | 10.53 | % | | | | 10.30 | % | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets Under Management | | | $69.3 Million | | | | | |||
| Number of Portfolio Holdings | | | 125 | | | | | |||
| Average Price to Book Ratio | | | 3.0 | | | | | |||
| Average 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 | | | | | 40.9 % | | |
Alibaba Group Holding Ltd. | | | | | 8.8 % | | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | | | 6.4 % | | |
Samsung Electronics Company Limited | | | | | 5.5 % | | |
Tencent Holdings Limited | | | | | 4.6 % | | |
Naspers Limited N Shares | | | | | 3.2 % | | |
SK Hynix, Inc. | | | | | 2.9 % | | |
JD.com Inc. | | | | | 2.7 % | | |
Ping An Insurance Group H Share | | | | | 2.6 % | | |
iShares Core MSCI Emerging Markets ETF | | | | | 2.2 % | | |
Microsoft Corporation | | | | | 2.0 % | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Information Technology | | | | | 28.6 % | | |
Consumer Discretionary | | | | | 20.9 % | | |
Communication Services | | | | | 11.3 % | | |
Financials | | | | | 11.2 % | | |
Consumer Staples | | | | | 7.1 % | | |
Health Care | | | | | 6.1 % | | |
Industrials | | | | | 4.6 % | | |
Materials | | | | | 4.1 % | | |
Energy | | | | | 2.4 % | | |
Real Estate | | | | | 1.2 % | | |
Utilities | | | | | 0.0 % | | |
Mutual Funds | | | | | 2.2 % | | |
CASH + other assets (net) | | | | | 0.3 % | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 90.9 % | | |
China | | | | | 40.5 % | | |
Taiwan | | | | | 13.2 % | | |
South Korea | | | | | 11.3 % | | |
India | | | | | 7.1 % | | |
United States | | | | | 5.6 % | | |
Brazil | | | | | 4.5 % | | |
South Africa | | | | | 3.6 % | | |
Russia | | | | | 2.0 % | | |
Mexico | | | | | 1.6 % | | |
Japan | | | | | 1.5 % | | |
Value of a $10,000 Investment | |
Pear Tree Axiom Emerging Markets World Equity (PTEM) Ordinary Shares vs. MSCI EM Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2020 | | | Six Months (3) | | | One Year (3) | | | Five Year (3) | | | Ten Year (3) | | | Since Inception (3) | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (20.83 | )% | | | | (11.52 | )% | | | | (11.35 | )% | | | | (2.01 | )% | | | | 0.08 | % | | | | 4.08 | % | | 09/30/1994 | | ||||||
Institutional Shares (1) | | | | | (20.76 | )% | | | | (11.36 | )% | | | | (11.02 | )% | | | | (1.69 | )% | | | | 0.37 | % | | | | 5.30 | % | | 04/02/1996 | | ||||||
R6 Shares (1) | | | | | (20.71 | )% | | | | (11.29 | )% | | | | (10.95 | )% | | | | - | % | | | | - | % | | | | (5.81 | )% | | 01/28/2019 | | ||||||
MSCI EM (2) | | | | | (23.57 | )% | | | | (14.45 | )% | | | | (17.36 | )% | | | | 0.01 | % | | | | 1.04 | % | | | | 4.14 | % | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets Under Management | | | $2,559.9 Million | | ||||||
| Number of Portfolio Holdings | | | 65 | | ||||||
| Average Price to Book Ratio | | | 1.0 | | ||||||
| Average Price to Earnings Ratio | | | 9.7 | | ||||||
| | | | 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 | | | | | 25.0 % | | |
Mondi plc | | | | | 2.8 % | | |
Yara International ASA | | | | | 2.7 % | | |
Hannover Rueck SE | | | | | 2.7 % | | |
Svenska Handelsbanken AB, Class A | | | | | 2.6 % | | |
Samsung Electronics Company Limited | | | | | 2.5 % | | |
Michelin (CGDE) | | | | | 2.4% | | |
Taylor Wimpey plc | | | | | 2.4% | | |
Bellway plc | | | | | 2.4 % | | |
Novartis AG | | | | | 2.3 % | | |
SKF AB-B | | | | | 2.2% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Financials | | | | | 23.4 % | | |
Materials | | | | | 19.5 % | | |
Consumer Discretionary | | | | | 14.8 % | | |
Industrials | | | | | 13.3 % | | |
Communication Services | | | | | 8.3 % | | |
Consumer Staples | | | | | 5.6 % | | |
Information Technology | | | | | 5.5 % | | |
Health Care | | | | | 3.3 % | | |
Utilities | | | | | 1.8 % | | |
Cash and Other Assets (Net) | | | | | 4.5 % | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 80.9 % | | |
United Kingdom | | | | | 18.7 % | | |
Germany | | | | | 11.7 % | | |
South Korea | | | | | 10.7 % | | |
France | | | | | 8.3 % | | |
Japan | | | | | 8.2 % | | |
Norway | | | | | 6.7 % | | |
Sweden | | | | | 6.6 % | | |
Canada | | | | | 5.1 % | | |
Ireland | | | | | 2.6 % | | |
Switzerland | | | | | 2.3 % | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Foreign Value (PTFV) Ordinary Shares vs. MSCI EAFE Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2020 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (33.17 | )% | | | | (26.91 | )% | | | | (27.75 | )% | | | | (3.46 | )% | | | | 2.73 | % | | | | 4.45 | % | | 05/15/1998 | | ||||||
Institutional Shares (1) | | | | | (33.09 | )% | | | | (26.79 | )% | | | | (27.50 | )% | | | | (3.15 | )% | | | | 3.03 | % | | | | 5.67 | % | | 12/18/1998 | | ||||||
R6 Shares (1) | | | | | (33.10 | )% | | | | (26.70 | )% | | | | (27.43 | )% | | | | — | % | | | | — | % | | | | (5.60 | )% | | 02/06/2017 | | ||||||
MSCI EAFE (2) | | | | | (22.72 | )% | | | | (16.37 | )% | | | | (13.92 | )% | | | | (0.13 | )% | | | | 3.20 | % | | | | 3.57 | % | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets Under Management | | | $597.9 Million | | ||||||
| Number of Portfolio Holdings | | | 85 | | ||||||
| Average Price to Book Ratio | | | 1.1 | | ||||||
| Average Price to Earnings Ratio | | | 9.3 | | ||||||
| | | | 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 | | | | | 25.3 % | | |
Prima Meat Packers Limited | | | | | 3.2 % | | |
Iwatani Corporation | | | | | 3.0% | | |
Glanbia plc | | | | | 2.7 % | | |
Ratch Group PCL | | | | | 2.7 % | | |
Redes Energéticas Nacionais, SGPS, S.A. | | | | | 2.6 % | | |
Kanematsu Corporation | | | | | 2.5 % | | |
Lancashire Holdings Limited | | | | | 2.3 % | | |
De'Longhi SpA | | | | | 2.3 % | | |
Equatorial Energia S.A. | | | | | 2.0% | | |
NIIT Technologies Limited | | | | | 2.0% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Financials | | | | | 15.4 % | | |
Information Technology | | | | | 14.1 % | | |
Industrials | | | | | 13.9 % | | |
Consumer Discretionary | | | | | 13.0 % | | |
Consumer Staples | | | | | 10.0 % | | |
Utilities | | | | | 7.3 % | | |
Materials | | | | | 6.5 % | | |
Energy | | | | | 3.0 % | | |
Real Estate | | | | | 2.4 % | | |
Health Care | | | | | 1.7 % | | |
Communications Services | | | | | 0.4 % | | |
CASH + other assets (net) | | | | | 12.3 % | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 70.9 % | | |
Japan | | | | | 14.9 % | | |
Taiwan | | | | | 11.9% | | |
United Kingdom | | | | | 11.3 % | | |
Ireland | | | | | 7.6 % | | |
Norway | | | | | 6.5 % | | |
Thailand | | | | | 4.7 % | | |
India | | | | | 4.0 % | | |
China | | | | | 3.8 % | | |
Hong Kong | | | | | 3.3 % | | |
South Korea | | | | | 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 | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2020 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (30.70 | )% | | | | (22.18 | )% | | | | (23.73 | )% | | | | (2.88 | )% | | | | 3.28 | % | | | | 3.11 | % | | 05/01/2008 | | ||||||
Institutional Shares (1) | | | | | (30.65 | )% | | | | (22.06 | )% | | | | (23.50 | )% | | | | (2.56 | )% | | | | 3.58 | % | | | | 3.39 | % | | 05/01/2008 | | ||||||
R6 Shares (1) | | | | | (30.60 | )% | | | | (22.01 | )% | | | | (23.46 | )% | | | | — | % | | | | — | % | | | | (4.27 | )% | | 02/06/2017 | | ||||||
MSCI ACWI ex USA Small Cap (2) | | | | | (28.94 | )% | | | | (21.07 | )% | | | | (20.84 | )% | | | | (0.44 | )% | | | | 3.16 | % | | | | 1.86 | % | | — | |
| Fund Information | | | | | | | | | | |
| Net Assets Under Management | | | $13.3 Million | | ||||||
| Number of Portfolio Holdings | | | 42 | | ||||||
| Average Price to Book Ratio | | | 2.2 | | ||||||
| Average Price to Earnings Ratio | | | 11.6 | | ||||||
| | | | 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 | | | | | 32.5 % | | |
POYA International Co., Ltd. | | | | | 3.9 % | | |
Groupe SEB | | | | | 3.9 % | | |
SINBON Electronics Co., Ltd. | | | | | 3.8 % | | |
Public Bank Bhd | | | | | 3.2 % | | |
Henkel AG & Company, KGaA | | | | | 3.1 % | | |
Bravida Holding AB | | | | | 3.1 % | | |
Ringkjoebing Landbobank A/S | | | | | 3.0 % | | |
Bunzl plc | | | | | 2.9 % | | |
BizLink Holding Inc. | | | | | 2.9 % | | |
Credicorp Ltd. | | | | | 2.7 % | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0 % | | |
Industrials | | | | | 21.8 % | | |
Consumer Discretionary | | | | | 20.6 % | | |
Financials | | | | | 19.8 % | | |
Information Technology | | | | | 8.1 % | | |
Materials | | | | | 5.4 % | | |
Health Care | | | | | 3.2 % | | |
Consumer Staples | | | | | 3.1 % | | |
Utilities | | | | | 2.0 % | | |
Real Estate | | | | | 1.3 % | | |
CASH + other assets (net) | | | | | 14.7 % | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 63.8 % | | |
Taiwan | | | | | 13.6 % | | |
United Kingdom | | | | | 11.2 % | | |
China | | | | | 7.8 % | | |
Germany | | | | | 6.5 % | | |
France | | | | | 6.1 % | | |
Ireland | | | | | 5.7 % | | |
Sweden | | | | | 3.5 % | | |
Italy | | | | | 3.2 % | | |
Malaysia | | | | | 3.2 % | | |
Denmark | | | | | 3.0 % | | |
Value of a $10,000 Investment | |
Pear Tree Polaris International Opportunities Fund (QISOX) Ordinary Shares vs. MSCI ACWI ex USA Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2020 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (32.88 | )% | | | | (25.13 | )% | | | | (24.50 | )% | | | | — % | | | | | | — % | | | | | | (17.45 | )% | | 01/30/2019 | | ||||
Institutional Shares (1) | | | | | (32.77 | )% | | | | (24.95 | )% | | | | (24.10 | )% | | | | — % | | | | | | — % | | | | | | (17.08 | )% | | 01/30/2019 | | ||||
R6 Shares (1) | | | | | (32.77 | )% | | | | (24.93 | )% | | | | (24.08 | )% | | | | — % | | | | | | — % | | | | | | (17.06 | )% | | 01/30/2019 | | ||||
MSCI ACWI ex USA Small Cap (2) | | | | | (28.94 | )% | | | | (21.07 | )% | | | | (20.84 | )% | | | | — % | | | | | | — % | | | | | | (16.52 | )% | | ———————— | | ||||
MSCI ACWI ex USA (3) | | | | | (23.26 | )% | | | | (16.37 | )% | | | | (15.14 | )% | | | | — % | | | | | | — % | | | | | | (11.15 | )% | | ——————— | |
| Common Stock — 95.1% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| AEROSPACE & DEFENSE — 1.1% | | ||||||||||||
| Vectrus, Inc. (a) | | | | | 17,200 | | | | | $ | 712,252 | | |
| AUTO COMPONENTS — 0.7% | | ||||||||||||
| LCI Industries | | | | | 7,200 | | | | | | 481,176 | | |
| AUTOMOBILES — 2.5% | | ||||||||||||
| Winnebago Industries, Inc. | | | | | 59,767 | | | | | | 1,662,120 | | |
| BANKS — 25.6% | | ||||||||||||
| Ameris Bancorp | | | | | 57,600 | | | | | | 1,368,576 | | |
| BOK Financial Corporation | | | | | 23,464 | | | | | | 998,628 | | |
| Brookline Bancorp, Inc. | | | | | 147,900 | | | | | | 1,668,312 | | |
| Bryn Mawr Bank Corporation | | | | | 30,546 | | | | | | 866,895 | | |
| Cambridge Bancorp | | | | | 31,030 | | | | | | 1,613,560 | | |
| Central Pacific Financial Corporation | | | | | 43,583 | | | | | | 692,970 | | |
| Colony Bankcorp, Inc. | | | | | 157,079 | | | | | | 1,963,487 | | |
| Dime Community Bancshares, Inc. | | | | | 46,900 | | | | | | 642,999 | | |
| F.N.B. Corporation | | | | | 157,280 | | | | | | 1,159,154 | | |
| International Bancshares Corporation | | | | | 53,600 | | | | | | 1,440,768 | | |
| OFG Bancorp | | | | | 108,400 | | | | | | 1,211,912 | | |
| RBB Bancorp | | | | | 61,762 | | | | | | 847,375 | | |
| South Plains Financial, Inc. | | | | | 149,900 | | | | | | 2,321,951 | | |
| | | | | | 16,796,587 | | | ||||||
| CAPITAL MARKETS — 2.0% | | ||||||||||||
| Hercules Capital, Inc. | | | | | 175,174 | | | | | | 1,338,326 | | |
| CHEMICALS — 2.1% | | ||||||||||||
| Cabot Corporation | | | | | 25,273 | | | | | | 660,131 | | |
| Ferro Corporation (a) | | | | | 73,035 | | | | | | 683,608 | | |
| | | | | | 1,343,739 | | | ||||||
| COMMERCIAL SERVICES & SUPPLIES — 1.1% | | ||||||||||||
| Insperity, Inc. | | | | | 19,200 | | | | | | 716,160 | | |
| CONSTRUCTION MATERIALS — 2.1% | | ||||||||||||
| Eagle Materials, Inc. | | | | | 24,100 | | | | | | 1,407,922 | | |
| ELECTRIC UTILITIES — 3.5% | | ||||||||||||
| ALLETE, Inc. | | | | | 38,100 | | | | | | 2,311,908 | | |
| ELECTRICAL EQUIPMENT — 1.8% | | ||||||||||||
| Regal Beloit Corporation | | | | | 18,989 | | | | | | 1,195,357 | | |
|
| | | | Shares | | | Value | | ||||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.4% | | ||||||||||||
| Arrow Electronics, Inc. (a) | | | | | 12,800 | | | | | $ | 663,936 | | |
| Insight Enterprises, Inc. (a) | | | | | 37,327 | | | | | | 1,572,586 | | |
| | | | | | 2,236,522 | | | ||||||
| ENERGY EQUIPMENT & SERVICES — 1.6% | | ||||||||||||
| Dril-Quip, Inc. (a) | | | | | 33,700 | | | | | | 1,027,850 | | |
| ENTERTAINMENT — 0.5% | | ||||||||||||
| Cinemark Holdings, Inc. | | | | | 31,458 | | | | | | 320,557 | | |
| EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.7% | | ||||||||||||
| EPR Properties | | | | | 13,210 | | | | | | 319,946 | | |
| Physicians Realty Trust | | | | | 102,922 | | | | | | 1,434,733 | | |
| | | | | | 1,754,679 | | | ||||||
| FOOD PRODUCTS — 3.4% | | ||||||||||||
| Sanderson Farms, Inc. | | | | | 18,050 | | | | | | 2,225,926 | | |
| HEALTH CARE EQUIPMENT & SUPPLIES — 3.7% | | ||||||||||||
| Natus Medical, Inc. (a) | | | | | 104,620 | | | | | | 2,419,861 | | |
| HEALTH CARE TECHNOLOGY — 2.3% | | ||||||||||||
| Computer Programs and Systems, Inc. | | | | | 67,250 | | | | | | 1,496,312 | | |
| HOTELS, RESTAURANTS & LEISURE — 1.0% | | ||||||||||||
| Darden Restaurants, Inc. | | | | | 11,700 | | | | | | 637,182 | | |
| HOUSEHOLD PRODUCTS — 1.0% | | ||||||||||||
| Central Garden and Pet Company, Class A (a) | | | | | 25,700 | | | | | | 657,149 | | |
| INSURANCE — 2.4% | | ||||||||||||
| United Insurance Holdings Corporation | | | | | 171,551 | | | | | | 1,585,131 | | |
| INTERNET & DIRECT MARKETING RETAIL — 1.2% | | ||||||||||||
| PetMed Express, Inc. | | | | | 28,100 | | | | | | 808,718 | | |
| IT SERVICES — 4.8% | | ||||||||||||
| CSG Systems International, Inc. | | | | | 31,300 | | | | | | 1,309,905 | | |
| EVERTEC Inc. | | | | | 81,100 | | | | | | 1,843,403 | | |
| | | | | | 3,153,308 | | | ||||||
| MACHINERY — 3.9% | | ||||||||||||
| Exco Technologies Limited | | | | | 315,800 | | | | | | 1,203,261 | | |
| The Middleby Corporation (a) | | | | | 5,700 | | | | | | 324,216 | | |
| Oshkosh Corporation | | | | | 16,000 | | | | | | 1,029,280 | | |
| | | | | | 2,556,757 | | | ||||||
| OIL, GAS & CONSUMABLE FUELS — 0.8% | | ||||||||||||
| Diamondback Energy, Inc. | | | | | 20,770 | | | | | | 544,174 | | |
|
| | | | Shares | | | Value | | ||||||
| PHARMACEUTICALS — 0.9% | | ||||||||||||
| Phibro Animal Health Corporation | | | | | 25,500 | | | | | $ | 616,335 | | |
| PROFESSIONAL SERVICES — 7.3% | | ||||||||||||
| Barrett Business Services, Inc. | | | | | 33,900 | | | | | | 1,343,796 | | |
| BG Staffing, Inc. | | | | | 150,543 | | | | | | 1,126,062 | | |
| Kforce, Inc. | | | | | 76,694 | | | | | | 1,961,066 | | |
| TriNet Group, Inc. (a) | | | | | 9,600 | | | | | | 361,536 | | |
| | | | | | 4,792,460 | | | ||||||
| ROAD & RAIL — 1.6% | | ||||||||||||
| Knight-Swift Transportation Holdings, Inc. | | | | | 32,294 | | | | | | 1,059,243 | | |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.0% | | ||||||||||||
| MKS Instruments, Inc. | | | | | 15,800 | | | | | | 1,286,910 | | |
| SPECIALTY RETAIL — 1.9% | | ||||||||||||
| Asbury Automotive Group, Inc. (a) | | | | | 22,146 | | | | | | 1,223,124 | | |
| TEXTILES, APPAREL & LUXURY GOODS — 2.2% | | ||||||||||||
| Crocs, Inc. (a) | | | | | 37,710 | | | | | | 640,693 | | |
| Deckers Outdoor Corporation (a) | | | | | 6,000 | | | | | | 804,000 | | |
| | | | | | 1,444,693 | | | ||||||
| TRADING COMPANIES & DISTRIBUTORS — 4.0% | | ||||||||||||
| Air Lease Corporation | | | | | 13,900 | | | | | | 307,746 | | |
| Applied Industrial Technologies, Inc. | | | | | 25,700 | | | | | | 1,175,004 | | |
| HD Supply, Inc. (a) | | | | | 29,700 | | | | | | 844,371 | | |
| Univar, Inc. (a) | | | | | 28,224 | | | | | | 302,561 | | |
| | | | | | 2,629,682 | | | ||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $68,661,017) | | | | | | | | | | | 62,442,120 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—6.4% | | | | | | | | | | | | | |
State Street Bank Institutional U.S. Government Money Market Fund, 0.32 % (b) (Cost $4,211,057) | | | | $ | 4,211,057 | | | | | $ | 4,211,057 | | |
TOTAL INVESTMENTS—101.5% (Cost $72,872,074) | | | | | | | | | | | 66,653,177 | | |
OTHER ASSETS & LIABILITIES (NET)—(1.5)% | | | | | | | | | | | (964,408 ) | | |
NET ASSETS—100% | | | | | | | | | | $ | 65,688,769 | | |
| | | | | | | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 4,516,879 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (11,807,019 ) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | (7,290,140 ) | | |
| Common Stock — 92.8% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| AEROSPACE & DEFENSE — 0.8% | | ||||||||||||
| United Technologies Corporation | | | | | 9,144 | | | | | $ | 862,554 | | |
| BANKS — 4.9% | | ||||||||||||
| U.S. Bancorp | | | | | 76,502 | | | | | | 2,635,494 | | |
| Wells Fargo & Company | | | | | 90,493 | | | | | | 2,597,149 | | |
| | | | | | 5,232,643 | | | ||||||
| BEVERAGES — 1.6% | | ||||||||||||
| Coca-Cola Company (The) | | | | | 40,292 | | | | | | 1,782,921 | | |
| COMMUNICATIONS EQUIPMENT — 1.8% | | ||||||||||||
| Cisco Systems, Inc. | | | | | 48,111 | | | | | | 1,891,243 | | |
| DIVERSIFIED FINANCIAL SERVICES — 2.2% | | ||||||||||||
| American Express Company | | | | | 27,352 | | | | | | 2,341,605 | | |
| ELECTRICAL EQUIPMENT — 1.2% | | ||||||||||||
| Honeywell International, Inc. | | | | | 9,627 | | | | | | 1,287,996 | | |
| FOOD & STAPLES RETAILING — 1.3% | | ||||||||||||
| Costco Wholesale Corporation | | | | | 4,829 | | | | | | 1,376,893 | | |
| FOOD PRODUCTS — 1.9% | | ||||||||||||
| Nestle, S.A. (b) | | | | | 19,432 | | | | | | 2,001,301 | | |
| HEALTH CARE EQUIPMENT & SUPPLIES — 5.9% | | ||||||||||||
| Abbott Laboratories | | | | | 20,780 | | | | | | 1,639,751 | | |
| Alcon, Inc. | | | | | 5,030 | | | | | | 255,625 | | |
| Becton, Dickinson and Company | | | | | 4,613 | | | | | | 1,059,929 | | |
| Medtronic plc | | | | | 37,845 | | | | | | 3,412,862 | | |
| | | | | | 6,368,167 | | | ||||||
| HEALTH CARE PROVIDERS & SERVICES — 8.5% | | ||||||||||||
| Anthem, Inc. | | | | | 13,193 | | | | | | 2,995,339 | | |
| Humana Inc. | | | | | 4,291 | | | | | | 1,347,460 | | |
| UnitedHealth Group, Inc. | | | | | 18,991 | | | | | | 4,735,975 | | |
| | | | | | 9,078,774 | | | ||||||
| HOTELS RESTAURANT & LEISURE — 0.7% | | ||||||||||||
| Compass Group plc (b) | | | | | 50,626 | | | | | | 786,728 | | |
| HOUSEHOLD PRODUCTS — 3.1% | | ||||||||||||
| Reckitt Benckiser Group plc | | | | | 17,543 | | | | | | 1,307,392 | | |
| Unilever plc (b) | | | | | 40,038 | | | | | | 2,024,722 | | |
| | | | | | 3,332,114 | | | ||||||
|
| | | | Shares | | | Value | | ||||||
| INDUSTRIAL CONGLOMERATES — 2.8% | | ||||||||||||
| 3M Company | | | | | 22,346 | | | | | $ | 3,050,452 | | |
| INTERACTIVE MEDIA & SERVICES — 8.3% | | ||||||||||||
| Alphabet, Inc. A (a) | | | | | 2,489 | | | | | | 2,892,093 | | |
| Alphabet, Inc. C (a) | | | | | 2,630 | | | | | | 3,058,190 | | |
| Facebook, Inc. (a) | | | | | 14,502 | | | | | | 2,418,934 | | |
| Lyft, Inc. | | | | | 19,615 | | | | | | 526,663 | | |
| | | | | | 8,895,880 | | | ||||||
| INTERNET & DIRECT MARKETING RETAIL — 0.7% | | ||||||||||||
| Booking Holdings, Inc. | | | | | 547 | | | | | | 735,890 | | |
| IT SERVICES — 20.3% | | ||||||||||||
| Accenture plc | | | | | 18,495 | | | | | | 3,019,493 | | |
| Cognizant Technology Solutions Corporation | | | | | 40,336 | | | | | | 1,874,414 | | |
| MasterCard Incorporated | | | | | 5,634 | | | | | | 1,360,949 | | |
| Microsoft Corporation | | | | | 45,038 | | | | | | 7,102,943 | | |
| Oracle Corporation | | | | | 109,825 | | | | | | 5,307,842 | | |
| SAP AG (b) | | | | | 16,787 | | | | | | 1,854,964 | | |
| Visa, Inc. | | | | | 8,365 | | | | | | 1,347,769 | | |
| | | | | | 21,868,374 | | | ||||||
| MULTILINE RETAIL — 2.1% | | ||||||||||||
| TJX Companies, Inc. (The) | | | | | 46,141 | | | | | | 2,206,001 | | |
| PHARMACEUTICALS — 13.0% | | ||||||||||||
| Eli Lilly and Company | | | | | 18,354 | | | | | | 2,546,067 | | |
| Johnson & Johnson | | | | | 30,066 | | | | | | 3,942,554 | | |
| Merck & Co., Inc. | | | | | 45,838 | | | | | | 3,526,776 | | |
| Roche Holding ltd. (b) | | | | | 98,291 | | | | | | 3,987,666 | | |
| | | | | | 14,003,063 | | | ||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.1% | | ||||||||||||
| Taiwan Semiconductor Manufacturing Co. ltd. (b) | | | | | 61,981 | | | | | | 2,962,072 | | |
| Texas Instruments, Inc. | | | | | 25,911 | | | | | | 2,589,286 | | |
| | | | | | 5,551,358 | | | ||||||
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 4.4% | | ||||||||||||
| Apple, Inc. | | | | | 18,573 | | | | | | 4,722,928 | | |
| TOBACCO — 2.2% | | ||||||||||||
| Philip Morris International, Inc. | | | | | 33,102 | | | | | | 2,415,122 | | |
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $104,001,907) | | | | | | | | | | | 99,792,007 | | |
|
| | | Par Value | | | Value | | ||||||
State Street Bank & Trust Co., Repurchase Agreement 0.00%, 04/01/20, (Dated 03/31/20), Collateralized by 6,795,000 par U.S. Treasury N/B 1.75% due 12/31/2026, Market Value $7,375,666 Repurchase Proceeds $7,226,860 (Cost $7,226,860) | | | | $ | 7,226,860 | | | | | $ | 7,226,860 | | |
TOTAL INVESTMENTS—99.5% (Cost $111,228,767) | | | | | | | | | | | 107,018,867 | | |
OTHER ASSETS & LIABILITIES (NET)—(0.5)% | | | | | | | | | | | 556,375 | | |
NET ASSETS—100% | | | | | | | | | | $ | 107,575,242 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 6,324,420 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (10,908,041 ) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | (4,583,621 ) | | |
| Common Stock — 97.1% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| ARGENTINA — 0.3% | | ||||||||||||
| Globant S.A. | | | | | 2,335 | | | | | $ | 205,200 | | |
| BRAZIL — 4.5% | | ||||||||||||
| B3 SA - Brasil Bolsa Balcao | | | | | 67,900 | | | | | | 469,955 | | |
| Banco do Brasil S.A. | | | | | 29,900 | | | | | | 160,773 | | |
| EZ Tec Empreendimentos e Participacoes S.A. | | | | | 13,400 | | | | | | 76,728 | | |
| Gerdau S.A. (b) | | | | | 25,500 | | | | | | 48,705 | | |
| Hapvida Participacoes e Investimentos S.A. | | | | | 32,800 | | | | | | 268,122 | | |
| Magazine Luiza S.A. | | | | | 111,700 | | | | | | 839,650 | | |
| Notre Dame Intermedica Participacoes S.A. | | | | | 79,100 | | | | | | 685,638 | | |
| Petroleo Brasileiro S.A. Petrobras (b) | | | | | 30,400 | | | | | | 167,200 | | |
| Raia Drogasil S.A. | | | | | 5,700 | | | | | | 111,925 | | |
| Totvs S.A. | | | | | 17,800 | | | | | | 160,193 | | |
| Weg S.A. | | | | | 16,000 | | | | | | 103,553 | | |
| | | | | | 3,092,442 | | | ||||||
| CHINA — 40.5% | | ||||||||||||
| Aier Eye Hospital Group Co., Ltd. | | | | | 71,300 | | | | | | 395,849 | | |
| Alibaba Group Holding Ltd. (a)(b) | | | | | 31,285 | | | | | | 6,084,307 | | |
| Alibaba Health Information Technology Ltd. (a) | | | | | 182,000 | | | | | | 304,294 | | |
| Anhui Conch Cement Company Limited H | | | | | 167,000 | | | | | | 1,160,164 | | |
| ANTA Sports Products Ltd. | | | | | 82,000 | | | | | | 602,455 | | |
| Baidu, Inc. (a)(b) | | | | | 10,651 | | | | | | 1,073,514 | | |
| Centre Testing International Group Co., Ltd. | | | | | 178,000 | | | | | | 385,205 | | |
| China Construction Bank Corporation | | | | | 354,000 | | | | | | 289,541 | | |
| China Feihe Limited | | | | | 35,000 | | | | | | 62,762 | | |
| China Huishan Dairy Holdings Co., Ltd. * (a) | | | | | 208,000 | | | | | | — | | |
| China International Capital Corporation Limited - H | | | | | 149,200 | | | | | | 241,370 | | |
| China International Travel Service Limited | | | | | 6,100 | | | | | | 57,791 | | |
| China Merchants Bank Co., ltd. - H Shares | | | | | 183,500 | | | | | | 828,555 | | |
| China Mobile Limited | | | | | 79,500 | | | | | | 591,267 | | |
| China Overseas Land and Investment Ltd. | | | | | 192,000 | | | | | | 595,708 | | |
| Country Garden Services Holdings Company Ltd. | | | | | 53,000 | | | | | | 215,379 | | |
| Gree Electric Appliances Inc. | | | | | 9,000 | | | | | | 66,233 | | |
| Hanergy Mobile Energy Holding Group * (a) | | | | | 36,000 | | | | | | — | | |
| Hangzhou Tigermed Consulting Co., Ltd. | | | | | 12,600 | | | | | | 113,777 | | |
| Industrial & Commercial Bank of China Ltd. | | | | | 408,000 | | | | | | 279,494 | | |
| JD.com Inc. (a)(b) | | | | | 45,783 | | | | | | 1,854,212 | | |
| Jiangsu Hengli Hydraulic Co., Ltd. | | | | | 101,383 | | | | | | 879,031 | | |
| Jiangsu Hengrui Medicine Co., Ltd. | | | | | 18,800 | | | | | | 243,922 | | |
| Kweichow Moutai Co., Ltd. | | | | | 3,800 | | | | | | 595,198 | | |
| Li Ning Company Limited | | | | | 305,000 | | | | | | 891,220 | | |
| | | | Shares | | | Value | | ||||||
| CHINA (continued) | | | | | | | | | | | | | |
| Meituan Dianping - b | | | | | 28,800 | | | | | $ | 347,950 | | |
| NetEase.com, Inc. (b) | | | | | 3,163 | | | | | | 1,015,197 | | |
| Ping An Healthcare and Technology Company Ltd. | | | | | 83,200 | | | | | | 776,030 | | |
| Ping An Insurance Group H Share | | | | | 180,500 | | | | | | 1,773,226 | | |
| Shanghai International Airport Co., Ltd. | | | | | 11,000 | | | | | | 94,304 | | |
| Sunny Optical Technology (Group) Co., Ltd. | | | | | 48,900 | | | | | | 658,607 | | |
| TAL Education Group (a)(b) | | | | | 7,620 | | | | | | 405,841 | | |
| Tencent Holdings Limited | | | | | 64,800 | | | | | | 3,178,368 | | |
| Will Semiconductor Co., Ltd. | | | | | 8,000 | | | | | | 175,833 | | |
| Wuliangye Yibin Co., Ltd. | | | | | 46,600 | | | | | | 756,837 | | |
| WuXi Biologics (Cayman) Inc. | | | | | 49,200 | | | | | | 637,894 | | |
| Yonyou Network Technology Co., Ltd. | | | | | 14,900 | | | | | | 84,992 | | |
| Zoomlion Heavy Industry Science and Technology Co., Ltd. | | | | | 522,800 | | | | | | 380,392 | | |
| | | | | | 28,096,719 | | | ||||||
| EGYPT — 0.2% | | ||||||||||||
| Commercial International Bank | | | | | 40,973 | | | | | | 152,282 | | |
| FRANCE — 0.4% | | ||||||||||||
| Airbus SE | | | | | 1,273 | | | | | | 83,219 | | |
| LVMH Moet Hennessy Louis Vuitton SE | | | | | 182 | | | | | | 67,859 | | |
| Teleperformance SE | | | | | 486 | | | | | | 101,619 | | |
| | | | | | 252,697 | | | ||||||
| GREECE — 0.1% | | ||||||||||||
| Greek Organisation of Football Prognostics S.A. | | | | | 12,257 | | | | | | 93,575 | | |
| HONG KONG — 0.7% | | ||||||||||||
| AIA Group Ltd. | | | | | 53,800 | | | | | | 486,886 | | |
| HUNGARY — 1.1% | | ||||||||||||
| OTP Bank Nyrt. | | | | | 5,980 | | | | | | 173,502 | | |
| Richter Gedeon Nyrt. | | | | | 29,593 | | | | | | 558,091 | | |
| | | | | | 731,593 | | | ||||||
| INDIA — 7.1% | | ||||||||||||
| Asian Paints Ltd. | | | | | 38,236 | | | | | | 836,983 | | |
| Dr Reddy's Laboratories Ltd. (b) | | | | | 5,710 | | | | | | 230,284 | | |
| Escorts Limited | | | | | 9,201 | | | | | | 80,150 | | |
| HDFC Bank Ltd. | | | | | 35,088 | | | | | | 397,928 | | |
| Hindustan Unilever Ltd. | | | | | 39,346 | | | | | | 1,195,444 | | |
| Housing Development Finance Corp Ltd. | | | | | 20,875 | | | | | �� | 448,398 | | |
| ICICI Bank Limited | | | | | 44,804 | | | | | | 189,755 | | |
| Maruti Suzuki India Ltd. | | | | | 5,174 | | | | | | 293,289 | | |
| Reliance Industries Ltd. | | | | | 69,783 | | | | | | 1,014,673 | | |
| | | | Shares | | | Value | | ||||||
| INDIA (continued) | | | | | | | | | | | | | |
| UltraTech Cement Ltd. | | | | | 5,696 | | | | | $ | 242,142 | | |
| | | | | | 4,929,046 | | | ||||||
| INDONESIA — 0.8% | | ||||||||||||
| PT Bank Rakyat Indonesia Tbk (a) | | | | | 2,254,600 | | | | | | 417,467 | | |
| PT Bank Tabungan Pensiunan Nasi | | | | | 1,335,000 | | | | | | 174,344 | | |
| | | | | | 591,811 | | | ||||||
| JAPAN — 1.5% | | ||||||||||||
| Anritsu Corporation | | | | | 18,100 | | | | | | 337,613 | | |
| Keyence Corporation | | | | | 1,240 | | | | | | 401,592 | | |
| Sony Corporation | | | | | 5,000 | | | | | | 298,526 | | |
| | | | | | 1,037,731 | | | ||||||
| MEXICO — 1.6% | | ||||||||||||
| América Móvil S.A.B. Series L (b) | | | | | 21,900 | | | | | | 257,982 | | |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | | | | | 16,398 | | | | | | 56,124 | | |
| Grupo Financiero Banorte S.A.B de C.V. | | | | | 53,300 | | | | | | 147,702 | | |
| Wal-Mart de Mexico, S.A.B. de C.V. | | | | | 260,300 | | | | | | 620,232 | | |
| | | | | | 1,082,040 | | | ||||||
| NETHERLANDS — 0.5% | | ||||||||||||
| ASML Holding N.V. | | | | | 1,313 | | | | | | 350,696 | | |
| PERU — 0.0% | | ||||||||||||
| Credicorp Ltd. | | | | | 205 | | | | | | 29,329 | | |
| PHILIPPINES — 0.7% | | ||||||||||||
| Ayala Land, Inc. | | | | | 195,000 | | | | | | 115,788 | | |
| BDO Unibank, Inc. | | | | | 67,720 | | | | | | 137,810 | | |
| SM Prime Holdings, Inc. | | | | | 259,600 | | | | | | 144,960 | | |
| Universal Robina Corporation | | | | | 44,420 | | | | | | 90,831 | | |
| | | | | | 489,389 | | | ||||||
| POLAND — 0.2% | | ||||||||||||
| Dino Polska S.A. | | | | | 3,816 | | | | | | 149,720 | | |
| RUSSIA — 2.0% | | ||||||||||||
| LUKoil P.J.S.C. (b) | | | | | 7,330 | | | | | | 439,800 | | |
| MMC Norilsk Nickel P.J.S.C. (b) | | | | | 22,263 | | | | | | 554,794 | | |
| Sberbank | | | | | 177,470 | | | | | | 426,421 | | |
| | | | | | 1,421,015 | | | ||||||
| SOUTH AFRICA — 3.6% | | ||||||||||||
| Clicks Group Limited | | | | | 14,569 | | | | | | 211,202 | | |
| FirstRand Limited | | | | | 33,016 | | | | | | 74,793 | | |
| Naspers Limited N Shares | | | | | 15,235 | | | | | | 2,188,607 | | |
| | | | | | 2,474,602 | | | ||||||
|
| | | | Shares | | | Value | | ||||||
| SOUTH KOREA — 10.9% | | ||||||||||||
| LG Household & Healthcare | | | | | 482 | | | | | $ | 443,455 | | |
| Naver Corp. | | | | | 6,367 | | | | | | 889,136 | | |
| NCSoft Corporation | | | | | 329 | | | | | | 176,209 | | |
| Nice Information Service Co., Ltd. | | | | | 6,696 | | | | | | 73,156 | | |
| Samsung Electronics Company Limited | | | | | 96,406 | | | | | | 3,781,482 | | |
| Shinhan Financial Group Co., Limited | | | | | 5,461 | | | | | | 128,299 | | |
| SK Hynix, Inc. | | | | | 29,602 | | | | | | 2,025,585 | | |
| | | | | | 7,517,322 | | | ||||||
| SWEDEN — 0.2% | | ||||||||||||
| Atlas Copco AB | | | | | 3,405 | | | | | | 114,732 | | |
| SWITZERLAND — 0.7% | | ||||||||||||
| Logitech International S.A. | | | | | 3,677 | | | | | | 159,790 | | |
| Nestle S.A. | | | | | 3,228 | | | | | | 333,428 | | |
| | | | | | 493,218 | | | ||||||
| TAIWAN — 13.2% | | ||||||||||||
| Accton Technology Corporation | | | | | 35,000 | | | | | | 188,648 | | |
| Airtac International Group | | | | | 41,000 | | | | | | 611,445 | | |
| CTBC Financial Holding Co., Ltd. | | | | | 343,000 | | | | | | 203,022 | | |
| Largan Precision Co., Ltd. | | | | | 9,500 | | | | | | 1,203,148 | | |
| President Chain Store Corp. | | | | | 18,000 | | | | | | 168,444 | | |
| Realtek Semiconductor Corporation | | | | | 135,000 | | | | | | 975,398 | | |
| Taiwan Semiconductor Manufacturing Co., Ltd. (b) | | | | | 93,000 | | | | | | 4,444,470 | | |
| WIN Semiconductors Corp. | | | | | 79,000 | | | | | | 688,342 | | |
| Wiwynn Corporation | | | | | 28,000 | | | | | | 649,968 | | |
| | | | | | 9,132,885 | | | ||||||
| TURKEY — 0.7% | | ||||||||||||
| BIM Birlesik Magazalar A.S. | | | | | 9,200 | | | | | | 70,204 | | |
| Koç Holding A.S. | | | | | 35,400 | | | | | | 72,341 | | |
| Turk Telekomunikasyon A.S. (a) | | | | | 315,357 | | | | | | 321,499 | | |
| | | | | | 464,044 | | | ||||||
| UNITED KINGDOM — 0.0% | | ||||||||||||
| Commercial International Bank S.A.E. (c) | | | | | 7,222 | | | | | | 25,999 | | |
| UNITED STATES — 5.6% | | ||||||||||||
| Estee Lauder Companies, Inc. (The) | | | | | 591 | | | | | | 94,170 | | |
| Facebook, Inc. (a) | | | | | 1,460 | | | | | | 243,528 | | |
| MasterCard Incorporated | | | | | 2,137 | | | | | | 516,214 | | |
| Mercado Libre, Inc. | | | | | 520 | | | | | | 254,062 | | |
| Microsoft Corporation | | | | | 8,660 | | | | | | 1,365,768 | | |
| Nike, Inc. B | | | | | 830 | | | | | | 68,674 | | |
| Nvidia Corporation | | | | | 1,423 | | | | | | 375,103 | | |
| | | | Shares | | | Value | | ||||||
| UNITED STATES (continued) | | | | | | | | | | | | | |
| Sea Limited (b) | | | | | 1,790 | | | | | $ | 79,315 | | |
| Visa, Inc. | | | | | 5,018 | | | | | | 808,500 | | |
| XP Inc. Class A | | | | | 2,660 | | | | | | 51,311 | | |
| | | | | | 3,856,645 | | | ||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $69,159,065) | | | | | | | | | | | 67,271,618 | | |
| | | ||||||||||||
| Preferred Stock — 0.4% | | ||||||||||||
| SOUTH KOREA — 0.4% | | ||||||||||||
| Samsung Electronics Co. ltd. (d) | | | | | 8,986 | | | | | | 296,002 | | |
| (Cost $337,674) | | | | ||||||||||
| Exchange Traded Funds — 2.2% | | ||||||||||||
| UNITED STATES — 2.2% | | ||||||||||||
| iShares Core MSCI Emerging Markets ETF | | | | | 37,400 | | | | | | 1,513,578 | | |
| (Cost $1,774,203) | | | |
| | | Par Value | | | Value | | ||||||
State Street Bank & Trust Co., Repurchase Agreement 0.00%, 04/01/20, (Dated 03/31/20), Collateralized by 415,000 par U.S. Treasury N/B-1.75% due 12/31/2026, Market Value $450,464, Repurchase Proceeds $ 441,229 (Cost $441,229) | | | | $ | 441,229 | | | | | $ | 441,229 | | |
TOTAL INVESTMENTS—100.3% (Cost $71,712,171) | | | | | | | | | | | 69,522,427 | | |
OTHER ASSETS & LIABILITIES (Net)—(0.3%) | | | | | | | | | | | (194,090 ) | | |
NET ASSETS—100% | | | | | | | | | | $ | 69,328,337 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 4,598,938 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (7,485,774 ) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | (2,886,836 ) | | |
|
| Common Stock — 95.5% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| AUSTRALIA — 1.1% | | ||||||||||||
| BHP Group plc (a) | | | | | 956,200 | | | | | $ | 29,011,108 | | |
| AUSTRIA — 1.2% | | ||||||||||||
| Andritz AG | | | | | 996,200 | | | | | | 31,365,524 | | |
| BELGIUM — 1.7% | | ||||||||||||
| Solvay S.A. | | | | | 581,118 | | | | | | 42,495,737 | | |
| CANADA — 5.1% | | ||||||||||||
| Magna International Inc. | | | | | 1,767,243 | | | | | | 56,208,841 | | |
| Methanex Corporation | | | | | 2,119,293 | | | | | | 25,710,686 | | |
| Toronto-Dominion Bank | | | | | 1,161,327 | | | | | | 49,208,353 | | |
| | | | | | 131,127,880 | | | ||||||
| CHILE — 0.5% | | ||||||||||||
| Antofagasta plc | | | | | 1,371,177 | | | | | | 13,199,713 | | |
| COLOMBIA — 1.7% | | ||||||||||||
| Bancolombia S.A. (a) | | | | | 1,099,700 | | | | | | 27,448,512 | | |
| Bancolombia S.A.. | | | | | 2,504,600 | | | | | | 14,901,451 | | |
| | | | | | 42,349,963 | | | ||||||
| FINLAND — 1.8% | | ||||||||||||
| Kone OYJ, Class B | | | | | 623,500 | | | | | | 35,456,695 | | |
| Valmet OYJ | | | | | 509,664 | | | | | | 10,033,496 | | |
| | | | | | 45,490,191 | | | ||||||
| FRANCE — 8.3% | | ||||||||||||
| Imerys S.A. | | | | | 1,230,558 | | | | | | 31,071,376 | | |
| Ipsos | | | | | 919,480 | | | | | | 19,245,964 | | |
| Michelin (CGDE) | | | | | 690,900 | | | | | | 61,697,218 | | |
| Publicis Groupe | | | | | 1,681,843 | | | | | | 48,395,214 | | |
| Vinci SA | | | | | 612,100 | | | | | | 50,843,743 | | |
| | | | | | 211,253,515 | | | ||||||
| GERMANY — 11.7% | | ||||||||||||
| BASF SE | | | | | 599,100 | | | | | | 28,475,646 | | |
| Deutsche Telekom AG | | | | | 4,363,377 | | | | | | 56,788,905 | | |
| Fresenius SE & Co KGaA | | | | | 687,600 | | | | | | 25,701,799 | | |
| Hannover Rueck SE | | | | | 472,900 | | | | | | 68,247,131 | | |
| Heidelberg Cement AG | | | | | 595,000 | | | | | | 25,622,790 | | |
| Lanxess AG | | | | | 1,008,200 | | | | | | 40,451,108 | | |
| Muenchener Rueckversicherungs-Gesellschaft | | | | | 273,630 | | | | | | 55,495,950 | | |
| | | | | | 300,783,329 | | | ||||||
|
| | | | Shares | | | Value | | ||||||
| INDIA — 1.1% | | ||||||||||||
| Infosys Limited - SP (a) | | | | | 3,423,084 | | | | | $ | 28,103,520 | | |
| IRELAND — 2.6% | | ||||||||||||
| Greencore Group plc | | | | | 21,094,335 | | | | | | 43,332,091 | | |
| Ryanair Holdings plc (a)(b) | | | | | 442,500 | | | | | | 23,492,325 | | |
| | | | | | 66,824,416 | | | ||||||
| ITALY — 0.0% | | ||||||||||||
| Trevi-Finanziaria Industriale SpA (b) | | | | | 76,022 | | | | | | 1,176,683 | | |
| JAPAN — 8.2% | | ||||||||||||
| Asahi Group Holdings Ltd. | | | | | 1,635,600 | | | | | | 53,381,896 | | |
| Daicel Corporation | | | | | 4,489,700 | | | | | | 32,938,522 | | |
| Kansai Electric Power Company Inc. | | | | | 4,130,800 | | | | | | 46,226,396 | | |
| KDDI Corporation | | | | | 956,500 | | | | | | 28,371,705 | | |
| Sumitomo Mitsui Trust Holdings, Inc. | | | | | 1,681,700 | | | | | | 48,850,535 | | |
| | | | | | 209,769,054 | | | ||||||
| NORWAY — 6.7% | | ||||||||||||
| DNB Bank ASA | | | | | 4,684,430 | | | | | | 52,529,650 | | |
| SpareBank 1 SR-Bank ASA | | | | | 6,612,187 | | | | | | 37,597,390 | | |
| Sparebanken Vest | | | | | 2,183,075 | | | | | | 10,316,316 | | |
| Yara International ASA | | | | | 2,220,900 | | | | | | 70,244,383 | | |
| | | | | | 170,687,739 | | | ||||||
| PUERTO RICO — 2.2% | | ||||||||||||
| Popular, Inc. | | | | | 1,618,550 | | | | | | 56,649,250 | | |
| SINGAPORE — 1.6% | | ||||||||||||
| United Overseas Bank Limited | | | | | 2,985,886 | | | | | | 40,843,577 | | |
| SOUTH AFRICA — 0.2% | | ||||||||||||
| Sasol Limited | | | | | 2,081,935 | | | | | | 4,325,140 | | |
| SOUTH KOREA — 10.7% | | ||||||||||||
| Hyundai Mobis Company Limited | | | | | 202,500 | | | | | | 28,195,466 | | |
| Kia Motors Corporation | | | | | 1,173,000 | | | | | | 25,052,779 | | |
| KT&G Corporation | | | | | 761,600 | | | | | | 46,733,906 | | |
| LG Uplus Corporation | | | | | 5,531,783 | | | | | | 49,076,483 | | |
| Samsung Electronics Company Limited | | | | | 1,617,838 | | | | | | 63,458,960 | | |
| Shinhan Financial Group Co., Limited | | | | | 979,400 | | | | | | 23,009,685 | | |
| SK Hynix, Inc. | | | | | 545,100 | | | | | | 37,299,733 | | |
| | | | | | 272,827,012 | | | ||||||
| SWEDEN — 6.6% | | ||||||||||||
| Duni AB | | | | | 1,566,400 | | | | | | 12,471,828 | | |
| Loomis AB, Class B | | | | | 1,607,483 | | | | | | 32,767,870 | | |
| | | | Shares | | | Value | | ||||||
| SWEDEN (continued) | | | | | | | | | | | | | |
| SKF AB-B | | | | | 4,168,200 | | | | | $ | 57,499,956 | | |
| Svenska Handelsbanken AB, Class A | | | | | 7,842,304 | | | | | | 65,796,705 | | |
| | | | | | 168,536,359 | | | ||||||
| SWITZERLAND — 2.3% | | ||||||||||||
| Novartis AG | | | | | 719,650 | | | | | | 59,684,309 | | |
| TAIWAN — 0.5% | | ||||||||||||
| Catcher Technology Company, Ltd. | | | | | 1,950,000 | | | | | | 12,606,022 | | |
| THAILAND — 1.0% | | ||||||||||||
| Siam Commercial Bank PCL | | | | | 12,677,400 | | | | | | 26,751,274 | | |
| UNITED KINGDOM — 18.7% | | ||||||||||||
| Amcor plc (b) | | | | | 3,284,400 | | | | | | 26,669,328 | | |
| Babcock International Group plc | | | | | 10,646,152 | | | | | | 50,805,373 | | |
| Bellway plc | | | | | 2,283,399 | | | | | | 61,308,692 | | |
| Bunzl plc | | | | | 986,998 | | | | | | 20,029,132 | | |
| Cineworld Group plc | | | | | 18,014,927 | | | | | | 11,134,437 | | |
| Inchcape plc | | | | | 5,019,024 | | | | | | 27,076,917 | | |
| Linde plc | | | | | 328,144 | | | | | | 56,768,912 | | |
| Mondi plc | | | | | 4,224,400 | | | | | | 72,083,214 | | |
| Next plc | | | | | 887,050 | | | | | | 44,982,890 | | |
| Signature Aviation plc | | | | | 12,772,437 | | | | | | 26,245,158 | | |
| Standard Chartered plc | | | | | 3,658,012 | | | | | | 20,308,445 | | |
| Taylor Wimpey plc | | | | | 42,000,000 | | | | | | 61,458,031 | | |
| | | | | | 478,870,529 | | | ||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $3,369,475,015) | | | | | | | | | | | 2,444,731,844 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—5.1% | | ||||||||||||
State Street Bank Institutional U.S. Government Money Market Fund 0.32% (c) (Cost $ 129,881,844) | | | | $ | 129,881,844 | | | | | $ | 129,881,844 | | |
TOTAL INVESTMENTS—100.6% (Cost $ 3,499,356,859) | | | | | | | | | | | 2,574,613,688 | | |
OTHER ASSETS & LIABILITIES (NET)—(0.6)% | | | | | | | | | | | (14,724,705 ) | | |
NET ASSETS—100% | | | | | | | | | | $ | 2,559,888,983 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 55,728,980 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (1,015,256,933 ) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | (959,527,953 ) | | |
| Common Stock — 87.7% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| BRAZIL — 2.0% | | ||||||||||||
| Equatorial Energia S.A. | | | | | 3,597,085 | | | | | $ | 12,205,498 | | |
| CHINA — 3.8% | | ||||||||||||
| China Hongxing Sports Limited * (a) | | | | | 10,258,400 | | | | | | — | | |
| Shanghai Mechanical & Electrical Industry Co., Limited - B | | | | | 8,344,566 | | | | | | 9,179,023 | | |
| Xinhua Winshare Publishing and Media Co., Limited | | | | | 17,426,500 | | | | | | 11,218,319 | | |
| Xtep International Holdings Limited | | | | | 6,143,000 | | | | | | 2,020,867 | | |
| | | | | | 22,418,209 | | | ||||||
| COLUMBIA — 0.3% | | ||||||||||||
| Tecnoglass, Inc. | | | | | 393,764 | | | | | | 1,519,929 | | |
| CZECH REPUBLIC — 0.8% | | ||||||||||||
| Moneta Money Bank A.S. | | | | | 2,293,900 | | | | | | 4,747,153 | | |
| DENMARK — 0.9% | | ||||||||||||
| DFDS A/S | | | | | 153,610 | | | | | | 3,514,999 | | |
| Ringkjoebing Landbobank A/S | | | | | 36,500 | | | | | | 2,058,402 | | |
| | | | | | 5,573,401 | | | ||||||
| EGYPT — 0.3% | | ||||||||||||
| Egypt Kuwait Holding Company S.A.E. | | | | | 1,940,882 | | | | | | 1,814,725 | | |
| FINLAND — 1.1% | | ||||||||||||
| Valmet OYJ | | | | | 330,316 | | | | | | 6,502,763 | | |
| FRANCE — 2.3% | | ||||||||||||
| Alten S.A. | | | | | 29,100 | | | | | | 2,098,198 | | |
| Bonduelle S.A. | | | | | 337,800 | | | | | | 6,996,185 | | |
| Elis S.A. | | | | | 505,000 | | | | | | 4,806,721 | | |
| | | | | | 13,901,104 | | | ||||||
| GERMANY — 0.8% | | ||||||||||||
| NORMA Group SE | | | | | 111,100 | | | | | | 2,080,687 | | |
| Sixt SE | | | | | 43,725 | | | | | | 2,368,984 | | |
| | | | | | 4,449,671 | | | ||||||
| GREECE — 0.3% | | ||||||||||||
| Jumbo S.A. | | | | | 148,100 | | | | | | 2,010,062 | | |
| HONG KONG — 3.3% | | ||||||||||||
| AMVIG Holdings Limited | | | | | 18,284,000 | | | | | | 3,491,001 | | |
| Samson Holding Limited (a) | | | | | 74,790,800 | | | | | | 2,460,398 | | |
| VSTECS Holding Limited | | | | | 8,587,360 | | | | | | 3,999,299 | | |
| | | | Shares | | | Value | | ||||||
| HONG KONG (continued) | | | | | | | | | | | | | |
| VTech Holdings Limited | | | | | 1,366,700 | | | | | $ | 9,882,478 | | |
| | | | | | 19,833,176 | | | ||||||
| INDIA — 4.0% | | ||||||||||||
| LIC Housing Finance Limited | | | | | 2,090,700 | | | | | | 6,529,011 | | |
| NIIT Technologies Limited | | | | | 803,875 | | | | | | 12,189,689 | | |
| South Indian Bank Limited | | | | | 65,356,800 | | | | | | 4,967,553 | | |
| | | | | | 23,686,253 | | | ||||||
| IRELAND — 7.6% | | ||||||||||||
| C&C Group plc | | | | | 862,300 | | | | | | 2,113,367 | | |
| Glanbia plc | | | | | 1,468,700 | | | | | | 15,969,600 | | |
| Greencore Group plc | | | | | 4,229,300 | | | | | | 8,687,850 | | |
| Irish Continental Group plc (b) | | | | | 605,400 | | | | | | 2,160,883 | | |
| Origin Enterprises plc | | | | | 3,090,204 | | | | | | 6,801,840 | | |
| UDG Healthcare plc | | | | | 1,262,085 | | | | | | 9,925,524 | | |
| | | | | | 45,659,064 | | | ||||||
| ITALY — 2.3% | | ||||||||||||
| De'Longhi SpA | | | | | 810,336 | | | | | | 13,604,854 | | |
| JAPAN — 14.9% | | ||||||||||||
| Daicel Corporation | | | | | 897,700 | | | | | | 6,585,944 | | |
| Dowa Holdings Co., Limited | | | | | 234,400 | | | | | | 6,165,955 | | |
| Iwatani Corporation | | | | | 529,300 | | | | | | 17,767,195 | | |
| Kanematsu Corporation | | | | | 1,424,400 | | | | | | 14,688,359 | | |
| Mizuho Leasing Company, Limited | | | | | 440,000 | | | | | | 8,620,391 | | |
| Nihon House Holdings Co., Limited | | | | | 1,596,400 | | | | | | 4,349,298 | | |
| Prima Meat Packers Limited | | | | | 840,300 | | | | | | 19,166,450 | | |
| Sanwa Holdings Corporation | | | | | 252,200 | | | | | | 1,979,235 | | |
| Tsubakimoto Chain Co., Limited | | | | | 283,500 | | | | | | 6,484,820 | | |
| VT Holdings Co., Limited | | | | | 1,152,400 | | | | | | 3,139,646 | | |
| | | | | | 88,947,293 | | | ||||||
| MEXICO — 0.6% | | ||||||||||||
| Gentera SAB de C.V. | | | | | 4,438,667 | | | | | | 1,735,274 | | |
| Grupo Aeroportuario del Centro Norte SAB de C.V. | | | | | 580,600 | | | | | | 1,987,149 | | |
| | | | | | 3,722,423 | | | ||||||
| NORWAY — 6.5% | | ||||||||||||
| ABG Sundal Collier Holding ASA | | | | | 10,021,788 | | | | | | 2,964,741 | | |
| Borregaard ASA | | | | | 895,311 | | | | | | 8,324,155 | | |
| Fjord1 ASA | | | | | 1,100,475 | | | | | | 3,699,466 | | |
| Sbanken ASA | | | | | 577,302 | | | | | | 2,816,811 | | |
| SpareBank Nord-Norge | | | | | 735,389 | | | | | | 3,679,982 | | |
| Sparebank 1 Oestlandet | | | | | 568,688 | | | | | | 4,096,625 | | |
| | | | Shares | | | Value | | ||||||
| NORWAY (continued) | | | | | | | | | | | | | |
| Sparebank 1 SMN | | | | | 746,528 | | | | | $ | 4,847,119 | | |
| SpareBank 1 SR-Bank ASA | | | | | 796,526 | | | | | | 4,529,106 | | |
| Sparebanken Vest | | | | | 788,092 | | | | | | 3,724,199 | | |
| | | | | | 38,682,204 | | | ||||||
| PORTUGAL — 2.6% | | ||||||||||||
| Redes Energéticas Nacionais, SGPS, S.A. | | | | | 6,160,405 | | | | | | 15,744,941 | | |
| SOUTH KOREA — 2.9% | | ||||||||||||
| Cuckoo Holdings Co., Limited | | | | | 90,444 | | | | | | 5,542,467 | | |
| DGB Financial Group, Inc. | | | | | 823,742 | | | | | | 3,105,907 | | |
| ENF Technology Co., Limited | | | | | 478,817 | | | | | | 8,849,864 | | |
| | | | | | 17,498,238 | | | ||||||
| SWEDEN — 2.5% | | ||||||||||||
| Duni AB | | | | | 356,845 | | | | | | 2,841,234 | | |
| Hexpol AB | | | | | 340,000 | | | | | | 2,044,917 | | |
| Loomis AB, Class B | | | | | 495,761 | | | | | | 10,105,881 | | |
| | | | | | 14,992,032 | | | ||||||
| TAIWAN — 11.9% | | ||||||||||||
| BizLink Holding, Inc. | | | | | 397,000 | | | | | | 2,152,936 | | |
| Cathay Real Estate Development Co., Limited | | | | | 6,087,300 | | | | | | 3,472,246 | | |
| Elite Material Co., Limited | | | | | 2,392,600 | | | | | | 8,386,343 | | |
| Hitron Technologies, Inc. | | | | | 12,061,800 | | | | | | 7,019,747 | | |
| Holtek Semiconductor, Inc. | | | | | 4,380,500 | | | | | | 8,633,097 | | |
| Huaku Development Co., Limited | | | | | 3,997,800 | | | | | | 10,919,375 | | |
| Kings Town Bank | | | | | 6,255,500 | | | | | | 5,864,240 | | |
| Sercomm Corporation | | | | | 3,899,000 | | | | | | 8,096,728 | | |
| Sitronix Technology Corporation | | | | | 1,999,100 | | | | | | 7,800,334 | | |
| Taiwan Union Technology Corporation | | | | | 2,161,900 | | | | | | 8,721,518 | | |
| | | | | | 71,066,564 | | | ||||||
| THAILAND — 4.7% | | ||||||||||||
| Hana Microelectronics PCL | | | | | 10,767,480 | | | | | | 7,546,341 | | |
| Ratch Group PCL | | | | | 9,192,600 | | | | | | 15,966,426 | | |
| Thanachart Capital PCL | | | | | 4,556,800 | | | | | | 4,616,854 | | |
| | | | | | 28,129,621 | | | ||||||
| UNITED KINGDOM — 11.3% | | ||||||||||||
| Cineworld Group plc | | | | | 3,796,300 | | | | | | 2,346,369 | | |
| Coats Group plc | | | | | 3,645,200 | | | | | | 1,928,401 | | |
| Countryside Properties plc | | | | | 550,400 | | | | | | 1,953,506 | | |
| Crest Nicholson Holdings plc | | | | | 2,611,400 | | | | | | 5,707,449 | | |
| Halfords Group plc | | | | | 5,897,085 | | | | | | 5,126,067 | | |
| Inchcape plc | | | | | 1,026,407 | | | | | | 5,537,319 | | |
| | | | Shares | | | Value | | ||||||
| UNITED KINGDOM (continued) | | | | | | | | | | | | | |
| Keller Group plc | | | | | 1,205,439 | | | | | $ | 7,896,279 | | |
| Lancashire Holdings Limited | | | | | 1,817,539 | | | | | | 14,044,847 | | |
| OneSavings Bank plc | | | | | 2,935,517 | | | | | | 9,168,613 | | |
| Signature Aviation plc | | | | | 1,780,068 | | | | | | 3,657,733 | | |
| Vistry Group plc | | | | | 925,325 | | | | | | 6,637,557 | | |
| Vitec Group plc | | | | | 289,708 | | | | | | 2,309,043 | | |
| Wetherspoon (J.D.) plc | | | | | 112,290 | | | | | | 1,235,490 | | |
| | | | | | 67,548,673 | | | ||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $696,797,320) | | | | | | | | | | | 524,257,851 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—16.1% | | ||||||||||||
State Street Bank Institutional U.S. Government Money Market Fund, 0.32% (c) (Cost $96,189,572) | | | | $ | 96,189,572 | | | | | $ | 96,189,572 | | |
TOTAL INVESTMENTS—103.8% (Cost $792,986,892) | | | | | | | | | | | 620,447,423 | | |
OTHER ASSETS & LIABILITIES (NET)—(3.8)% | | | | | | | | | | | (22,506,889 ) | | |
NET ASSETS—100% | | | | | | | | | | $ | 597,940,534 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 19,843,310 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (204,996,071 ) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | (185,152,761 ) | | |
|
| Common Stock — 82.1% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| AUSTRALIA — 2.1% | | ||||||||||||
| Macquarie Group Limited | | | | | 5,400 | | | | | $ | 284,243 | | |
| BRAZIL — 2.0% | | ||||||||||||
| Equatorial Energia S.A. | | | | | 78,100 | | | | | | 265,006 | | |
| CANADA — 1.0% | | ||||||||||||
| goeasy Ltd. | | | | | 4,891 | | | | | | 126,051 | | |
| CHINA — 7.8% | | ||||||||||||
| ANTA Sports Products Ltd. | | | | | 34,000 | | | | | | 249,798 | | |
| China MeiDong Auto Holdings Limited | | | | | 176,000 | | | | | | 275,190 | | |
| Gree Electric Appliances, Inc. | | | | | 34,600 | | | | | | 254,631 | | |
| Midea Group Co., Ltd. | | | | | 36,700 | | | | | | 250,527 | | |
| | | | | | 1,030,146 | | | ||||||
| DENMARK — 3.0% | | ||||||||||||
| Ringkjoebing Landbobank A/S | | | | | 7,000 | | | | | | 394,762 | | |
| EGYPT — 1.1% | | ||||||||||||
| Integrated Diagnostics Holdings | | | | | 43,165 | | | | | | 144,602 | | |
| FRANCE — 6.1% | | ||||||||||||
| Alten S.A. | | | | | 4,200 | | | | | | 302,833 | | |
| Groupe SEB | | | | | 4,100 | | | | | | 512,653 | | |
| | | | | | 815,486 | | | ||||||
| GERMANY — 3.4% | | ||||||||||||
| Brenntag AG | | | | | 7,500 | | | | | | 279,516 | | |
| VIB Vermögen AG | | | | | 7,009 | | | | | | 176,050 | | |
| | | | | | 455,566 | | | ||||||
| INDONESIA — 2.2% | | ||||||||||||
| PT Bank Rakyat Indonesia Tbk (a) | | | | | 1,599,400 | | | | | | 296,149 | | |
| IRELAND — 5.7% | | ||||||||||||
| Irish Continental Group plc | | | | | 49,500 | | | | | | 176,682 | | |
| Ryanair Holdings plc (b) | | | | | 5,800 | | | | | | 307,922 | | |
| UDG Healthcare plc | | | | | 35,300 | | | | | | 277,613 | | |
| | | | | | 762,217 | | | ||||||
| ITALY — 3.2% | | ||||||||||||
| Brembo S.p.A. | | | | | 34,000 | | | | | | 254,514 | | |
| Interpump Group S.p.A. | | | | | 7,200 | | | | | | 174,343 | | |
| | | | | | 428,857 | | | ||||||
|
| | | | Shares | | | Value | | ||||||
| JAPAN — 1.8% | | ||||||||||||
| BeNEXT Group, Inc. | | | | | 49,800 | | | | | $ | 236,624 | | |
| KENYA — 2.6% | | ||||||||||||
| Equity Group Holdings Limited | | | | | 1,047,931 | | | | | | 338,670 | | |
| MALAYSIA — 3.2% | | ||||||||||||
| Public Bank Bhd | | | | | 115,100 | | | | | | 423,632 | | |
| MEXICO — 2.0% | | ||||||||||||
| Gentera SAB de C.V. | | | | | 141,510 | | | | | | 55,323 | | |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | | | | | 19,400 | | | | | | 66,398 | | |
| Grupo Aeroportuario del Pacífico, S.A.B. de C. V. | | | | | 11,700 | | | | | | 63,977 | | |
| Grupo Aeroportuario del Sureste, S. A. B. de C.V., Series B | | | | | 7,700 | | | | | | 73,405 | | |
| | | | | | 259,103 | | | ||||||
| PERU — 2.7% | | ||||||||||||
| Credicorp Ltd. | | | | | 2,500 | | | | | | 357,675 | | |
| SOUTH AFRICA — 1.7% | | ||||||||||||
| FirstRand Limited | | | | | 98,100 | | | | | | 222,231 | | |
| SOUTH KOREA — 2.2% | | ||||||||||||
| Soulbrain Co., Ltd. | | | | | 5,700 | | | | | | 297,326 | | |
| SWEDEN — 3.5% | | ||||||||||||
| Bravida Holding AB | | | | | 57,300 | | | | | | 405,633 | | |
| Hexpol AB | | | | | 10,800 | | | | | | 64,956 | | |
| | | | | | 470,589 | | | ||||||
| TAIWAN — 13.6% | | ||||||||||||
| BizLink Holding Inc. | | | | | 70,400 | | | | | | 381,780 | | |
| Chailease Holding Co., Ltd. | | | | | 44,000 | | | | | | 133,128 | | |
| POYA International Co., Ltd. | | | | | 36,300 | | | | | | 514,945 | | |
| SINBON Electronics Co., Ltd. | | | | | 122,300 | | | | | | 507,536 | | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | | | | | 29,000 | | | | | | 262,752 | | |
| | | | | | 1,800,141 | | | ||||||
| UNITED KINGDOM — 11.2% | | ||||||||||||
| Amcor plc | | | | | 43,700 | | | | | | 354,844 | | |
| Bunzl plc | | | | | 19,036 | | | | | | 386,297 | | |
| Countryside Properties plc | | | | | 81,965 | | | | | | 290,914 | | |
| Howden Joinery Group plc | | | | | 52,600 | | | | | | 335,388 | | |
| SSP Group plc | | | | | 32,600 | | | | | | 124,840 | | |
| | | | | | 1,492,283 | | | ||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $14,923,952) | | | | | | | | | | | 10,901,359 | | |
|
| | | | | | | | | | | | | | |
| | | | Shares | | | Value | | ||||||
| Preferred Stock — 3.1% | | ||||||||||||
| GERMANY — 3.1% | | ||||||||||||
| Henkel AG & Company, KGaA (d) | | | | | 5,100 | | | | | $ | 411,268 | | |
| (Cost $524,428) | | | |
| | | Par Value | | | Value | | ||||||
Money Market—11.2% | | | | | | | | ||||||
State Street Bank Institutional U.S. Government Money Market Fund, 0.32 % (c) (Cost $ 1,490,094) | | | | $ | 1,490,094 | | | | | $ | 1,490,094 | | |
TOTAL INVESTMENTS—96.4% (Cost $16,938,474) | | | | | | | | | | | 12,802,721 | | |
OTHER ASSETS & LIABILITIES (NET)—3.6% | | | | | | | | | | | 480,722 | | |
NET ASSETS—100% | | | | | | | | | | $ | 13,283,443 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 24,881 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (4,426,872 ) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | (4,401,991 ) | | |
|
| | | | Small Cap | | | Quality | | | Emerging Markets World Equity | | | Foreign Value | | | Foreign Value Small Cap | | | International Opportunities | | ||||||||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments at value | | | | $ | 66,653,177 | | | | | $ | 99,792,007 | | | | | $ | 69,081,198 | | | | | $ | 2,574,613,688 | | | | | $ | 620,447,423 | | | | | $ | 12,802,721 | | |
| Repurchase agreements | | | | | — | | | | | | 7,226,860 | | | | | | 441,229 | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments | | | | | 66,653,177 | | | | | | 107,018,867 | | | | | | 69,522,427 | | | | | | 2,574,613,688 | | | | | | 620,447,423 | | | | | | 12,802,721 | | |
| Foreign currency at value (Cost $0 for Small Cap, $0 for Quality, $437,341 for Emerging Markets World Equity, $6 for Foreign Value and $1,972,971 for Foreign Value Small Cap, $695,537 for International Opportunities) | | | | | — | | | | | | — | | | | | | 435,036 | | | | | | 6 | | | | | | 1,969,546 | | | | | | 695,773 | | |
| Cash | | | | | 17 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Dividends and interest receivable | | | | | 76,879 | | | | | | 158,865 | | | | | | 178,924 | | | | | | 14,885,421 | | | | | | 4,656,795 | | | | | | 19,413 | | |
| Foreign tax reclaims receivable | | | | | — | | | | | | 71,256 | | | | | | 3,579 | | | | | | 5,027,922 | | | | | | 432,532 | | | | | | 2,674 | | |
| Receivable for investments sold | | | | | 3,616,870 | | | | | | — | | | | | | 361,915 | | | | | | — | | | | | | — | | | | | | 1,780,685 | | |
| Receivable for shares of beneficial interest sold | | | | | 1,508 | | | | | | 706,478 | | | | | | 1,996 | | | | | | 10,804,926 | | | | | | 1,840,562 | | | | | | — | | |
| Other assets | | | | | 20,530 | | | | | | 14,194 | | | | | | 16,667 | | | | | | 101,818 | | | | | | 6,667 | | | | | | 2,083 | | |
| Total Assets | | | | $ | 70,368,981 | | | | | $ | 107,969,660 | | | | | $ | 70,520,544 | | | | | $ | 2,605,433,781 | | | | | $ | 629,353,525 | | | | | $ | 15,303,349 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Payable for investments purchased | | | | $ | 4,590,788 | | | | | $ | — | | | | | $ | 1,065,036 | | | | | $ | 35,676,103 | | | | | $ | 29,063,595 | | | | | $ | 1,996,060 | | |
| Payable for shares of beneficial interest repurchased | | | | | — | | | | | | 272,794 | | | | | | 7,525 | | | | | | 7,050,852 | | | | | | 1,635,908 | | | | | | — | | |
| Payable for compensation of manager (Note 3) | | | | | 49,405 | | | | | | 68,591 | | | | | | 48,304 | | | | | | 2,175,014 | | | | | | 524,996 | | | | | | 10,979 | | |
| Payable for distribution fees (Note 3) | | | | | 14,267 | | | | | | 20,997 | | | | | | 14,339 | | | | | | 102,621 | | | | | | 31,244 | | | | | | 11 | | |
| Payable to custodian | | | | | 8,937 | | | | | | 9,077 | | | | | | 37,881 | | | | | | 220,062 | | | | | | 92,791 | | | | | | 6,752 | | |
| Payable to transfer agent (Note 3) | | | | | 9,641 | | | | | | 14,190 | | | | | | 9,397 | | | | | | 169,178 | | | | | | 42,259 | | | | | | 671 | | |
| Payable for foreign capital gain tax | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Other accrued expenses and liabilities | | | | | 7,174 | | | | | | 8,769 | | | | | | 9,725 | | | | | | 150,968 | | | | | | 22,198 | | | | | | 5,433 | | |
| Total Liabilities | | | | $ | 4,680,212 | | | | | $ | 394,418 | | | | | $ | 1,192,207 | | | | | $ | 45,544,798 | | | | | $ | 31,412,991 | | | | | $ | 2,019,906 | | |
| Net Assets | | | | $ | 65,688,769 | | | | | $ | 107,575,242 | | | | | $ | 69,328,337 | | | | | $ | 2,559,888,983 | | | | | $ | 597,940,534 | | | | | $ | 13,283,443 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments at cost | | | | $ | 72,872,074 | | | | | $ | 111,228,767 | | | | | $ | 71,712,171 | | | | | $ | 3,499,356,859 | | | | | $ | 792,986,892 | | | | | $ | 16,938,474 | | |
|
| | | | Small Cap | | | Quality | | | Emerging Markets World Equity | | | Foreign Value | | | Foreign Value Small Cap | | | International Opportunities | | ||||||||||||||||||
| Components of Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares of beneficial interest | | | | $ | 77,613,269 | | | | | $ | 103,596,773 | | | | | $ | 113,652,398 | | | | | $ | 3,512,641,812 | | | | | $ | 831,527,228 | | | | | $ | 17,567,155 | | |
| Total distributable earnings (loss) | | | | | (11,924,500 ) | | | | | | 3,978,469 | | | | | | (44,324,061 ) | | | | | | (952,752,829 ) | | | | | | (233,586,694 ) | | | | | | (4,283,712 ) | | |
| Net Assets Applicable to Outstanding Shares | | | | $ | 65,688,769 | | | | | $ | 107,575,242 | | | | | $ | 69,328,337 | | | | | $ | 2,559,888,983 | | | | | $ | 597,940,534 | | | | | $ | 13,283,443 | | |
| Computation of Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 60,007,761 | | | | | $ | 97,951,267 | | | | | $ | 64,322,462 | | | | | $ | 435,137,020 | | | | | $ | 133,912,380 | | | | | $ | 48,715 | | |
| Shares Outstanding | | | | | 3,883,194 | | | | | | 6,503,863 | | | | | | 3,532,992 | | | | | | 29,348,052 | | | | | | 13,293,276 | | | | | | 6,103 | | |
| Net asset value and redemption proceeds per share | | | | $ | 15.45 | | | | | $ | 15.06 | | | | | $ | 18.21 | | | | | $ | 14.83 | | | | | $ | 10.07 | | | | | $ | 7.98 | | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 5,681,008 | | | | | $ | 9,623,975 | | | | | $ | 4,440,104 | | | | | $ | 1,740,528,041 | | | | | $ | 367,320,509 | | | | | $ | 6,994,801 | | |
| Shares outstanding | | | | | 303,242 | | | | | | 582,144 | | | | | | 240,350 | | | | | | 117,764,763 | | | | | | 36,461,109 | | | | | | 872,620 | | |
| Net asset value and redemption proceeds per share | | | | $ | 18.73 | | | | | $ | 16.53 | | | | | $ | 18.47 | | | | | $ | 14.78 | | | | | $ | 10.07 | | | | | $ | 8.02 | | |
| R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | — | | | | | $ | — | | | | | $ | 565,771 | | | | | $ | 384,223,922 | | | | | $ | 96,707,645 | | | | | $ | 6,239,927 | | |
| Shares Outstanding | | | | | — | | | | | | — | | | | | | 63,160 | | | | | | 49,785,871 | | | | | | 12,839,317 | | | | | | 778,455 | | |
| Net asset value and redemption proceeds per share | | | | $ | — | | | | | $ | — | | | | | $ | 8.96 | | | | | $ | 7.72 | | | | | $ | 7.53 | | | | | $ | 8.02 | | |
| | | | Small Cap | | | Quality | | | Emerging Markets World Equity | | | Foreign Value | | | Foreign Value Small Cap | | | International Opportunities | | ||||||||||||||||||
| Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends* | | | | | 2,155,459 | | | | | | 2,540,337 | | | | | | 2,221,495 | | | | | | 124,335,317 | | | | | | 59,244,143 | | | | | | 172,316 | | |
| Interest | | | | | 19,476 | | | | | | 6,940 | | | | | | 1,167 | | | | | | 2,433,105 | | | | | | 843,597 | | | | | | 11,028 | | |
| Sec Lending Income | | | | | 9,818 | | | | | | 251 | | | | | | 761 | | | | | | — | | | | | | — | | | | | | 1,923 | | |
| Miscellaneous | | | | | — | | | | | | — | | | | | | 1,762 | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investment Income | | | | $ | 2,184,753 | | | | | $ | 2,547,528 | | | | | $ | 2,225,185 | | | | | $ | 126,768,422 | | | | | $ | 60,087,740 | | | | | $ | 185,267 | | |
| Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Compensation of manager (Note 3) | | | | | 883,275 | | | | | | 1,347,000 | | | | | | 892,964 | | | | | | 36,594,094 | | | | | | 9,723,796 | | | | | | 107,793 | | |
| Distribution fees, Ordinary Shares (Note 3) | | | | | 262,013 | | | | | | 317,775 | | | | | | 209,127 | | | | | | 1,793,180 | | | | | | 502,024 | | | | | | 163 | | |
| Administrative fees (Note 3) | | | | | 34,246 | | | | | | 41,101 | | | | | | 26,965 | | | | | | 1,110,244 | | | | | | 300,000 | | | | | | 3,445 | | |
| Custodian and fund accounting fees | | | | | 24,734 | | | | | | 34,869 | | | | | | 119,047 | | | | | | 812,333 | | | | | | 322,333 | | | | | | 22,417 | | |
| Regulatory and Compliance (Note 3) | | | | | 5,643 | | | | | | 6,774 | | | | | | 4,442 | | | | | | 182,690 | | | | | | 49,448 | | | | | | 566 | | |
| Transfer agent fees (Note 3): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 172,846 | | | | | | 208,142 | | | | | | 138,272 | | | | | | 1,170,517 | | | | | | 325,896 | | | | | | 119 | | |
| Institutional Shares | | | | | 9,009 | | | | | | 12,194 | | | | | | 7,947 | | | | | | 3,966,063 | | | | | | 1,099,139 | | | | | | 15,391 | | |
| R6 Shares | | | | | — | | | | | | — | | | | | | 70 | | | | | | 50,824 | | | | | | 9,378 | | | | | | 338 | | |
| Audit and legal | | | | | 23,263 | | | | | | 20,548 | | | | | | 51,890 | | | | | | 213,477 | | | | | | 158,446 | | | | | | 34,255 | | |
| Registration fees | | | | | 39,331 | | | | | | 43,331 | | | | | | 42,902 | | | | | | 276,036 | | | | | | 125,093 | | | | | | 17,432 | | |
| Insurance | | | | | 1,739 | | | | | | 2,091 | | | | | | 1,373 | | | | | | 56,829 | | | | | | 15,198 | | | | | | 177 | | |
| Compensation of trustees (Note 3) | | | | | 3,911 | | | | | | 4,695 | | | | | | 3,075 | | | | | | 125,903 | | | | | | 34,233 | | | | | | 383 | | |
| Printing | | | | | 7,315 | | | | | | 8,806 | | | | | | 5,809 | | | | | | 243,113 | | | | | | 63,674 | | | | | | 782 | | |
| Miscellaneous | | | | | 5,986 | | | | | | 7,191 | | | | | | 4,741 | | | | | | 196,428 | | | | | | 52,192 | | | | | | 656 | | |
| Total expenses before waivers/reimbursements/reductions | | | | | 1,473,311 | | | | | | 2,054,517 | | | | | | 1,508,624 | | | | | | 46,791,731 | | | | | | 12,780,850 | | | | | | 203,917 | | |
| Management Fee Waiver (Note 3) | | | | | — | | | | | | (365,030 ) | | | | | | (196,452 ) | | | | | | (3,659,410 ) | | | | | | (972,380 ) | | | | | | — | | |
| Transfer Agent Fee Waiver Institutional Shares (Note 3) | | | | | (6,725 ) | | | | | | (9,108 ) | | | | | | (5,931 ) | | | | | | (2,958,205 ) | | | | | | (820,486 ) | | | | | | (11,206 ) | | |
| Manager Reimbursement R6 Shares (Note 3) | | | | | — | | | | | | — | | | | | | (740 ) | | | | | | (265,092 ) | | | | | | — | | | | | | — | | |
| Expenses, Net | | | | $ | 1,466,586 | | | | | $ | 1,680,379 | | | | | $ | 1,305,501 | | | | | $ | 39,909,024 | | | | | $ | 10,987,984 | | | | | $ | 192,711 | | |
| Net investment income/(loss) | | | | $ | 718,167 | | | | | $ | 867,149 | | | | | $ | 919,684 | | | | | $ | 86,859,398 | | | | | $ | 49,099,756 | | | | | $ | (7,444 ) | | |
|
| | | | Small Cap | | | Quality | | | Emerging Markets World Equity | | | Foreign Value | | | Foreign Value Small Cap | | | International Opportunities | | ||||||||||||||||||
| Realized and unrealized gain/(loss) on investments,foreign currency, and foreign translation: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain/(loss) (Note 2) on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | | | $ | 962,876 | | | | | $ | 17,806,383 | | | | | $ | 1,678,732 | | | | | $ | (77,005,530 ) | | | | | $ | (71,150,952 ) | | | | | $ | (82,014 ) | | |
| Foreign denominated assets, liabilities, and currency | | | | | 832 | | | | | | (589 ) | | | | | | (97,951 ) | | | | | | (687,078 ) | | | | | | (732,064 ) | | | | | | (7,003 ) | | |
| Change in unrealized appreciation/(depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | | | | (30,740,026 ) | | | | | | (18,843,785 ) | | | | | | (10,629,455 ) | | | | | | (1,081,095,332 ) | | | | | | (185,353,353 ) | | | | | | (4,763,275 ) | | |
| Foreign denominated assets, liabilities, and currency | | | | | 172 | | | | | | 40 | | | | | | (4,652 ) | | | | | | (329,390 ) | | | | | | (141,223 ) | | | | | | 5,786 | | |
| Net realized and unrealized gain/(loss) on investment and foreign currency | | | | | (29,776,146 ) | | | | | | (1,037,951 ) | | | | | | (9,053,326 ) | | | | | | (1,159,117,330 ) | | | | | | (257,377,592 ) | | | | | | (4,846,506 ) | | |
| Net increase/(decrease) in net assets resulting from operations | | | | $ | (29,057,979 ) | | | | | $ | (170,802 ) | | | | | $ | (8,133,642 ) | | | | | $ | (1,072,257,932 ) | | | | | $ | (208,277,836 ) | | | | | $ | (4,853,950 ) | | |
|
| | | | Small Cap | | |||||||||
| | | | Year Ended March 31, 2020 | | | Year Ended March 31, 2019 | | ||||||
| Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | |
| Net investment income/(loss) | | | | $ | 718,167 | | | | | $ | 388,373 | | |
| Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 963,708 | | | | | | 7,453,664 | | |
| Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (30,739,854 ) | | | | | | (6,174,893 ) | | |
| Net increase/(decrease) from operations | | | | $ | (29,057,979 ) | | | | | $ | 1,667,144 | | |
| Distributions to shareholders | | | | | | | | | | | | | |
| Ordinary Shares | | | | $ | (7,953,135 ) | | | | | $ | (8,406,855 ) | | |
| Institutional Shares | | | | | (403,647 ) | | | | | | (463,104 ) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Total distributions to shareholders | | | | $ | (8,356,782 ) | | | | | $ | (8,869,959 ) | | |
| Capital Stock Transactions | | | | | | | | | | | | | |
| Shares Sold | | | | | | | | | | | | | |
| Ordinary Shares | | | | $ | 2,149,451 | �� | | | | $ | 16,583,912 | | |
| Institutional Shares | | | | | 4,191,361 | | | | | | 115,096 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Distributions reinvested | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 6,222,376 | | | | | | 6,627,515 | | |
| Institutional Shares | | | | | 401,328 | | | | | | 462,929 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Shares redeemed | | | | | | | | | | | | | |
| Ordinary Shares | | | | | (32,352,225 ) | | | | | | (7,355,331 ) | | |
| Institutional Shares | | | | | (661,517 ) | | | | | | (2,814,218 ) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Net increase (decrease) from capital stock transactions | | | | $ | (20,049,226 ) | | | | | $ | 13,619,903 | | |
| Net Increase (Decrease) in Net Assets | | | | $ | (57,463,987 ) | | | | | $ | 6,417,088 | | |
| Net Assets Beginning of Year | | | | | 123,152,756 | | | | | | 116,735,668 | | |
| Net Assets at End of Year | | | | $ | 65,688,769 | | | | | $ | 123,152,756 | | |
|
| | | | Small Cap | | |||||||||
| | | | Year Ended March 31, 2020 | | | Year Ended March 31, 2019 | | ||||||
| Share Transactions | | | | | | | | | | | | | |
| Shares sold | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 93,239 | | | | | | 618,397 | | |
| Institutional Shares | | | | | 148,935 | | | | | | 4,090 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Distributions reinvested | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 262,769 | | | | | | 304,573 | | |
| Institutional Shares | | | | | 13,994 | | | | | | 17,812 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Shares redeemed | | | | | | | | | | | | | |
| Ordinary Shares | | | | | (1,408,385 ) | | | | | | (279,146 ) | | |
| Institutional Shares | | | | | (28,482 ) | | | | | | (99,018 ) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Increase (Decrease) In Shares Outstanding | | | | | (917,930 ) | | | | | | 566,708 | | |
|
| | | Quality | | |||||||||
| | | Year Ended March 31, 2020 | | | Year Ended March 31, 2019 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 867,149 | | | | | $ | 1,115,122 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 17,805,794 | | | | | | 19,115,431 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (18,843,745 ) | | | | | | (4,587,864 ) | | |
Net increase/(decrease) from operations | | | | $ | (170,802 ) | | | | | $ | 15,642,689 | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | (21,298,362 ) | | | | | $ | (20,504,884 ) | | |
Institutional Shares | | | | | (1,216,611 ) | | | | | | (916,016 ) | | |
R6 Shares | | | | | — | | | | | | — | | |
Total distributions to shareholders | | | | $ | (22,514,973 ) | | | | | $ | (21,420,900 ) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares Sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 11,672,040 | | | | | $ | 51,936,970 | | |
Institutional Shares | | | | | 8,720,267 | | | | | | 9,562,377 | | |
R6 Shares | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 16,434,310 | | | | | | 17,024,871 | | |
Institutional Shares | | | | | 1,144,224 | | | | | | 873,750 | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (46,911,998 ) | | | | | | (49,823,054 ) | | |
Institutional Shares | | | | | (4,525,275 ) | | | | | | (9,914,270 ) | | |
R6 Shares | | | | | — | | | | | | — | | |
Net increase (decrease) from capital stock transactions | | | | $ | (13,466,432 ) | | | | | $ | 19,660,644 | | |
Net Increase (Decrease) in Net Assets | | | | $ | (36,152,207 ) | | | | | $ | 13,882,433 | | |
Net Assets Beginning of Year | | | | | 143,727,449 | | | | | | 129,845,016 | | |
Net Assets at End of Year | | | | $ | 107,575,242 | | | | | $ | 143,727,449 | | |
|
| | | Quality | | |||||||||
| | | Year Ended March 31, 2020 | | | Year Ended March 31, 2019 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 704,279 | | | | | | 2,530,436 | | |
Institutional Shares | | | | | 448,510 | | | | | | 433,827 | | |
R6 Shares | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 942,334 | | | | | | 1,020,064 | | |
Institutional Shares | | | | | 59,845 | | | | | | 48,461 | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (2,518,292 ) | | | | | | (2,749,049 ) | | |
Institutional Shares | | | | | (227,682 ) | | | | | | (481,781 ) | | |
R6 Shares | | | | | — | | | | | | — | | |
Increase (Decrease) In Shares Outstanding | | | | | (591,006 ) | | | | | | 801,958 | | |
| | | Emerging Markets World Equity | | |||||||||
| | | Year Ended March 31, 2020 | | | Year Ended March 31, 2019 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 919,684 | | | | | $ | 1,857,595 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 1,580,781 | | | | | | (11,034,006 ) | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (10,634,107 ) | | | | | | (1,349,535 ) | | |
Net increase/(decrease) from operations | | | | $ | (8,133,642 ) | | | | | $ | (10,525,946 ) | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | (1,241,374 ) | | | | | $ | (1,923,113 ) | | |
Institutional Shares | | | | | (104,488 ) | | | | | | (176,757 ) | | |
R6 Shares | | | | | (25,825 ) | | | | | | — | | |
Total distributions to shareholders | | | | $ | (1,371,687 ) | | | | | $ | (2,099,870 ) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares Sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 6,026,009 | | | | | $ | 6,307,005 | | |
Institutional Shares | | | | | 2,720,347 | | | | | | 728,439 | | |
R6 Shares | | | | | 777,112 | | | | | | 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 | | | | | 1,000,942 | | | | | | 1,527,932 | | |
Institutional Shares | | | | | 103,586 | | | | | | 175,401 | | |
R6 Shares | | | | | 25,825 | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (23,372,858 ) | | | | | | (18,806,525 ) | | |
Institutional Shares | | | | | (2,720,676 ) | | | | | | (2,977,711 ) | | |
R6 Shares | | | | | (239,742 ) | | | | | | — | | |
Net increase (decrease) from capital stock transactions | | | | $ | (15,679,455 ) | | | | | $ | (11,235,501 ) | | |
|
| | | Emerging Markets World Equity | | |||||||||
| | | Year Ended March 31, 2020 | | | Year Ended March 31, 2019 | | ||||||
Net Increase (Decrease) in Net Assets | | | | $ | (25,184,784 ) | | | | | $ | (23,861,317 ) | | |
Net Assets Beginning of Year | | | | | 94,513,121 | | | | | | 118,374,438 | | |
Net Assets at End of Year | | | | $ | 69,328,337 | | | | | $ | 94,513,121 | | |
| | | | | | | | | | | | | |
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 292,985 | | | | | | 300,631 | | |
Institutional Shares | | | | | 118,774 | | | | | | 34,673 | | |
R6 Shares | | | | | 73,369 | | | | | | 10,000 | | |
Shares Issued in the Reorganization (Note 2 Reorganization) | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 69,257 | | |
Institutional Shares | | | | | — | | | | | | 6,908 | | |
R6 Shares | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 46,042 | | | | | | 81,057 | | |
Institutional Shares | | | | | 4,700 | | | | | | 9,183 | | |
R6 Shares | | | | | 2,418 | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (1,089,517 ) | | | | | | (912,514 ) | | |
Institutional Shares | | | | | (122,270 ) | | | | | | (144,759 ) | | |
R6 Shares | | | | | (22,627 ) | | | | | | — | | |
Increase (Decrease) In Shares Outstanding | | | | | (696,126 ) | | | | | | (545,564 ) | | |
| | | Foreign Value | | |||||||||
| | | Year Ended March 31, 2020 | | | Year Ended March 31, 2019 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 86,859,398 | | | | | $ | 62,144,926 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | (77,692,608 ) | | | | | | (23,085,330 ) | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (1,081,424,722 ) | | | | | | (167,168,707 ) | | |
Net increase/(decrease) from operations | | | | $ | (1,072,257,932 ) | | | | | $ | (128,109,111 ) | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | (8,402,060 ) | | | | | $ | (7,112,102 ) | | |
Institutional Shares | | | | | (40,290,824 ) | | | | | | (29,863,016 ) | | |
R6 Shares | | | | | (15,956,930 ) | | | | | | (7,346,497 ) | | |
Total distributions to shareholders | | | | $ | (64,649,814 ) | | | | | $ | (44,321,615 ) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares Sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 55,194,149 | | | | | $ | 82,711,079 | | |
Institutional Shares | | | | | 847,645,361 * | | | | | | 1,739,231,784 | | |
R6 Shares | | | | | 645,238,508 | | | | | | 99,357,978 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 8,017,095 | | | | | | 6,801,565 | | |
Institutional Shares | | | | | 36,228,433 | | | | | | 27,674,143 | | |
R6 Shares | | | | | 7,353,409 | | | | | | 2,654,418 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (226,193,798 ) | | | | | | (153,415,484 ) | | |
Institutional Shares | | | | | (939,856,072 ) | | | | | | (483,980,033 ) | | |
R6 Shares | | | | | (356,878,687 ) | | | | | | (36,157,779 ) | | |
Net increase (decrease) from capital stock transactions | | | | $ | 76,748,398 | | | | | $ | 1,284,877,671 | | |
Net Increase (Decrease) in Net Assets | | | | $ | (1,060,159,348 ) | | | | | $ | 1,112,446,945 | | |
Net Assets Beginning of Year | | | | | 3,620,048,331 | | | | | | 2,507,601,386 | | |
Net Assets at End of Year | | | | $ | 2,559,888,983 | | | | | $ | 3,620,048,331 | | |
|
| | | Foreign Value | | |||||||||
| | | Year Ended March 31, 2020 | | | Year Ended March 31, 2019 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 2,717,677 | | | | | | 3,934,450 | | |
Institutional Shares | | | | | 44,337,678 | | | | | | 81,905,520 | | |
R6 Shares | | | | | 59,427,810 | | | | | | 9,127,656 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 376,743 | | | | | | 357,601 | | |
Institutional Shares | | | | | 1,709,695 | | | | | | 1,460,377 | | |
R6 Shares | | | | | 664,865 | | | | | | 264,648 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (11,536,935 ) | | | | | | (7,255,137 ) | | |
Institutional Shares | | | | | (49,468,579 ) | | | | | | (24,187,952 ) | | |
R6 Shares | | | | | (40,013,880 ) | | | | | | (3,305,390 ) | | |
Increase (Decrease) In Shares Outstanding | | | | | 8,215,074 | | | | | | 62,301,773 | | |
| | | Foreign Value Small Cap | | |||||||||
| | | Year Ended March 31, 2020 | | | Year Ended March 31, 2019 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 49,099,756 | | | | | $ | 25,333,950 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | (71,883,016 ) | | | | | | (4,220,160 ) | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (185,494,576 ) | | | | | | (123,244,543 ) | | |
Net increase/(decrease) from operations | | | | $ | (208,277,836 ) | | | | | $ | (102,130,753 ) | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | (5,306,861 ) | | | | | $ | (8,639,659 ) | | |
Institutional Shares | | | | | (18,489,075 ) | | | | | | (32,955,256 ) | | |
R6 Shares | | | | | (4,067,199 ) | | | | | | (4,443,966 ) | | |
Total distributions to shareholders | | | | $ | (27,863,135 ) | | | | | $ | (46,038,881 ) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares Sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 25,566,446 | | | | | $ | 41,804,789 | | |
Institutional Shares | | | | | 227,726,864 | | | | | | 487,514,614 | | |
R6 Shares | | | | | 64,848,733 | | | | | | 71,471,387 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 4,577,597 | | | | | | 7,513,347 | | |
Institutional Shares | | | | | 15,541,927 | | | | | | 21,647,508 | | |
R6 Shares | | | | | 3,638,819 | | | | | | 4,296,496 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (71,126,777 ) | | | | | | (113,416,223 ) | | |
Institutional Shares | | | | | (483,601,230 ) | | | | | | (225,239,386 ) | | |
R6 Shares | | | | | (16,820,349 ) | | | | | | (8,003,199 ) | | |
Net increase (decrease) from capital stock transactions | | | | $ | (229,647,970 ) | | | | | $ | 287,589,333 | | |
Net Increase (Decrease) in Net Assets | | | | $ | (465,788,941 ) | | | | | $ | 139,419,699 | | |
Net Assets Beginning of Year | | | | | 1,063,729,475 | | | | | | 924,309,776 | | |
Net Assets at End of Year | | | | $ | 597,940,534 | | | | | $ | 1,063,729,475 | | |
|
| | | Foreign Value Small Cap | | |||||||||
| | | Year Ended March 31, 2020 | | | Year Ended March 31, 2019 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 1,962,242 | | | | | | 2,963,366 | | |
Institutional Shares | | | | | 17,308,254 | | | | | | 33,193,819 | | |
R6 Shares | | | | | 6,977,958 | | | | | | 6,684,203 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 328,379 | | | | | | 602,997 | | |
Institutional Shares | | | | | 1,116,518 | | | | | | 1,738,756 | | |
R6 Shares | | | | | 349,550 | | | | | | 457,074 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (5,404,594 ) | | | | | | (7,602,100 ) | | |
Institutional Shares | | | | | (38,462,577 ) | | | | | | (16,341,704 ) | | |
R6 Shares | | | | | (1,787,051 ) | | | | | | (771,234 ) | | |
Increase (Decrease) In Shares Outstanding | | | | | (17,611,321 ) | | | | | | 20,925,177 | | |
| | | International Opportunities | | |||||||||
| | | Year Ended March 31, 2020 | | | January 30, 2019* March 31, 2019 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | (7,444 ) | | | | | $ | (53,101 ) | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | (89,017 ) | | | | | | 31,732 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (4,757,489 ) | | | | | | 627,520 | | |
Net increase/(decrease) from operations | | | | $ | (4,853,950 ) | | | | | $ | 606,151 | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | (197 ) | | | | | $ | — | | |
Institutional Shares | | | | | (30,677 ) | | | | | | — | | |
R6 Shares | | | | | (5,039 ) | | | | | | — | | |
Total distributions to shareholders | | | | $ | (35,913 ) | | | | | $ | — | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares Sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 1,000 | | | | | $ | 59,902 | | |
Institutional Shares | | | | | 3,144,495 | | | | | | 8,720,736 | | |
R6 Shares | | | | | 7,525,311 | | | | | | 1,293,514 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 197 | | | | | | — | | |
Institutional Shares | | | | | 30,676 | | | | | | — | | |
R6 Shares | | | | | 5,039 | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | — | | |
Institutional Shares | | | | | (3,175,842 ) | | | | | | — | | |
R6 Shares | | | | | (37,873 ) | | | | | | — | | |
Net increase (decrease) from capital stock transactions | | | | $ | 7,493,003 | | | | | $ | 10,074,152 | | |
Net Increase (Decrease) in Net Assets | | | | $ | 2,603,140 | | | | | $ | 10,680,303 | | |
Net Assets Beginning of Year | | | | | 10,680,303 | | | | | | — | | |
Net Assets at End of Year | | | | $ | 13,283,443 | | | | | $ | 10,680,303 | | |
|
| | | International Opportunities | | |||||||||
| | | Year Ended March 31, 2020 | | | January 30, 2019* March 31, 2019 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 96 | | | | | | 5,990 | | |
Institutional Shares | | | | | 395,346 | | | | | | 872,074 | | |
R6 Shares | | | | | 653,491 | | | | | | 129,351 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 17 | | | | | | — | | |
Institutional Shares | | | | | 2,696 | | | | | | — | | |
R6 Shares | | | | | 443 | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | — | | |
Institutional Shares | | | | | (397,495 ) | | | | | | — | | |
R6 Shares | | | | | (4,830 ) | | | | | | — | | |
Increase (Decrease) In Shares Outstanding | | | | | 649,764 | | | | | | 1,007,415 | | |
|
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 23.97 | | | | | $ | 25.48 | | | | | $ | 26.35 | | | | | $ | 21.61 | | | | | $ | 24.65 | | |
Income from Investment Operations: | | ||||||||||||||||||||||||||||||
Net investment income (loss)(a)(b) | | | | | 0.15 | | | | | | 0.07 | | | | | | 0.07 | | | | | | 0.06 | | | | | | 0.16 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (6.73 ) | | | | | | 0.22 | | | | | | 0.68 | | | | | | 4.99 | | | | | | (1.59 ) | | |
Total from Investment Operations | | | | | (6.58 ) | | | | | | 0.29 | | | | | | 0.75 | | | | | | 5.05 | | | | | | (1.43 ) | | |
Less Distributions: | | ||||||||||||||||||||||||||||||
Dividends from net investment income | | | | | (0.14 ) | | | | | | (0.01 ) | | | | | | (0.04 ) | | | | | | (0.15 ) | | | | | | — | | |
Distributions from realized capital gains | | | | | (1.80 ) | | | | | | (1.79 ) | | | | | | (1.58 ) | | | | | | (0.16 ) | | | | | | (1.61 ) | | |
Total Distributions | | | | | (1.94 ) | | | | | | (1.80 ) | | | | | | (1.62 ) | | | | | | (0.31 ) | | | | | | (1.61 ) | | |
Net Asset Value, End of Period | | | | $ | 15.45 | | | | | $ | 23.97 | | | | | $ | 25.48 | | | | | $ | 26.35 | | | | | $ | 21.61 | | |
Total Return | | | | | (30.27 )% | | | | | | 1.87 % | | | | | | 2.75 % | | | | | | 23.36 % | | | | | | (5.83 )% | | |
Net Assets, End of Period (000s) | | | | $ | 60,008 | | | | | $ | 118,314 | | | | | $ | 109,341 | | | | | $ | 109,247 | | | | | $ | 91,139 | | |
Ratios and Supplemental Data: | | ||||||||||||||||||||||||||||||
Ratios of expenses to average net assets:(c) | | ||||||||||||||||||||||||||||||
Gross | | | | | 1.35% | | | | | | 1.34 % | | | | | | 1.35% | | | | | | 1.35% | | | | | | 1.35 % | | |
Net | | | | | 1.35% | | | | | | 1.34 % | | | | | | 1.35% | | | | | | 1.35% | | | | | | 1.35 % | | |
Ratio of net investment income (loss) to average net assets(b) | | | | | 0.63 % | | | | | | 0.29 % | | | | | | 0.25% | | | | | | 0.25 % | | | | | | 0.70 % | | |
Portfolio Turnover | | | | | 28 % | | | | | | 24 % | | | | | | 18 % | | | | | | 37 % | | | | | | 17 % | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 28.67 | | | | | $ | 30.07 | | | | | $ | 30.80 | | | | | $ | 25.19 | | | | | $ | 28.39 | | |
Income from Investment Operations: | | ||||||||||||||||||||||||||||||
Net investment income (loss) (a) (b) | | | | | 0.27 (d) | | | | | | 0.21 (d) | | | | | | 0.19 (d) | | | | | | 0.14 | | | | | | 0.23 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (8.17 ) | | | | | | 0.28 | | | | | | 0.79 | | | | | | 5.83 | | | | | | (1.82 ) | | |
Total from Investment Operations | | | | | (7.90 ) | | | | | | 0.49 | | | | | | 0.98 | | | | | | 5.97 | | | | | | (1.59 ) | | |
Less Distributions: | | ||||||||||||||||||||||||||||||
Dividends from net investment income | | | | | (0.24 ) | | | | | | (0.10 ) | | | | | | (0.13 ) | | | | | | (0.20 ) | | | | | | — | | |
Distributions from realized capital gains | | | | | (1.80 ) | | | | | | (1.79 ) | | | | | | (1.58 ) | | | | | | (0.16 ) | | | | | | (1.61 ) | | |
Total Distributions | | | | | (2.04 ) | | | | | | (1.89 ) | | | | | | (1.71 ) | | | | | | (0.36 ) | | | | | | (1.61 ) | | |
Net Asset Value, End of Period | | | | $ | 18.73 | | | | | $ | 28.67 | | | | | $ | 30.07 | | | | | $ | 30.80 | | | | | $ | 25.19 | | |
Total Return | | | | | (30.02 )% | | | | | | 2.30 % | | | | | | 3.10 % | | | | | | 23.71 % | | | | | | (5.62 )% | | |
Net Assets, End of Period (000s) | | | | $ | 5,681 | | | | | $ | 4,839 | | | | | $ | 7,395 | | | | | $ | 7,220 | | | | | $ | 5,785 | | |
Ratios and Supplemental Data: | | ||||||||||||||||||||||||||||||
Ratios of expenses to average net assets: (c) | | ||||||||||||||||||||||||||||||
Gross | | | | | 1.10% | | | | | | 1.08 % | | | | | | 1.10% | | | | | | 1.10% | | | | | | 1.10 % | | |
Net | | | | | 0.98% | | | | | | 0.96 % | | | | | | 0.98 % | | | | | | 1.10% | | | | | | 1.10 % | | |
Ratio of net investment income (loss) to average net assets (b) | | | | | 1.02 % | | | | | | 0.65 % | | | | | | 0.62 % | | | | | | 0.49 % | | | | | | 0.89 % | | |
Portfolio Turnover | | | | | 28 % | | | | | | 24 % | | | | | | 18 % | | | | | | 37 % | | | | | | 17 % | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 18.66 | | | | | $ | 18.83 | | | | | $ | 17.52 | | | | | $ | 16.31 | | | | | $ | 17.47 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.12 | | | | | | 0.14 | | | | | | 0.15 | | | | | | 0.16 | | | | | | 0.15 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.19 ) | | | | | | 2.23 | | | | | | 2.49 | | | | | | 2.04 | | | | | | 0.72 | | |
Total from Investment Operations | | | | | (0.07 ) | | | | | | 2.37 | | | | | | 2.64 | | | | | | 2.20 | | | | | | 0.87 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.15 ) | | | | | | (0.12 ) | | | | | | (0.18 ) | | | | | | (0.19 ) | | | | | | (0.16 ) | | |
Distributions from realized capital gains | | | | | (3.38 ) | | | | | | (2.42 ) | | | | | | (1.15 ) | | | | | | (0.80 ) | | | | | | (1.87 ) | | |
Total Distributions | | | | | (3.53 ) | | | | | | (2.54 ) | | | | | | (1.33 ) | | | | | | (0.99 ) | | | | | | (2.03 ) | | |
Net Asset Value, End of Period | | | | $ | 15.06 | | | | | $ | 18.66 | | | | | $ | 18.83 | | | | | $ | 17.52 | | | | | $ | 16.31 | | |
Total Return | | | | | (2.98 )% | | | | | | 14.16 % | | | | | | 14.91 % | | | | | | 14.04 % | | | | | | 5.47 % | | |
Net Assets, End of Period (000s) | | | | $ | 97,951 | | | | | $ | 137,643 | | | | | $ | 123,781 | | | | | $ | 112,513 | | | | | $ | 113,498 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.54% | | | | | | 1.54 % | | | | | | 1.54 % | | | | | | 1.55 % | | | | | | 1.55% | | |
Net | | | | | 1.27 % | | | | | | 1.25 % | | | | | | 1.28 % | | | | | | 1.30 % | | | | | | 1.29 % | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 0.62 % | | | | | | 0.72 % | | | | | | 0.81 % | | | | | | 0.97 % | | | | | | 0.91 % | | |
Portfolio Turnover | | | | | 35 % | | | | | | 57 % | | | | | | 48 % | | | | | | 31 % | | | | | | 35% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 20.18 | | | | | $ | 20.15 | | | | | $ | 18.65 | | | | | $ | 17.30 | | | | | $ | 18.39 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) (c) | | | | | 0.21 | | | | | | 0.23 | | | | | | 0.24 | | | | | | 0.22 | | | | | | 0.21 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.25 ) | | | | | | 2.40 | | | | | | 2.65 | | | | | | 2.16 | | | | | | 0.76 | | |
Total from Investment Operations | | | | | (0.04 ) | | | | | | 2.63 | | | | | | 2.89 | | | | | | 2.38 | | | | | | 0.97 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.23) | | | | | | (0.18 ) | | | | | | (0.24 ) | | | | | | (0.23 ) | | | | | | (0.19 ) | | |
Distributions from realized capital gains | | | | | (3.38 ) | | | | | | (2.42 ) | | | | | | (1.15 ) | | | | | | (0.80 ) | | | | | | (1.87 ) | | |
Total Distributions | | | | | (3.61 ) | | | | | | (2.60 ) | | | | | | (1.39 ) | | | | | | (1.03 ) | | | | | | (2.06 ) | | |
Net Asset Value, End of Period | | | | $ | 16.53 | | | | | $ | 20.18 | | | | | $ | 20.15 | | | | | $ | 18.65 | | | | | $ | 17.30 | | |
Total Return | | | | | (2.62 )% | | | | | | 14.59 % | | | | | | 15.34 % | | | | | | 14.30 % | | | | | | 5.74 % | | |
Net Assets, End of Period (000s) | | | | $ | 9,624 | | | | | $ | 6,084 | | | | | $ | 6,064 | | | | | $ | 6,569 | | | | | $ | 8,533 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.29% | | | | | | 1.29 % | | | | | | 1.29% | | | | | | 1.30 % | | | | | | 1.30 % | | |
Net | | | | | 0.90 % | | | | | | 0.87 % | | | | | | 0.93 % | | | | | | 1.05 % | | | | | | 1.04 % | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 1.04 % | | | | | | 1.08 % | | | | | | 1.17 % | | | | | | 1.22 % | | | | | | 1.14 % | | |
Portfolio Turnover | | | | | 35 % | | | | | | 57 % | | | | | | 48 % | | | | | | 31 % | | | | | | 35% | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 20.86 | | | | | $ | 23.29 | | | | | $ | 20.40 | | | | | $ | 18.96 | | | | | $ | 21.94 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.22 | | | | | | 0.38 | | | | | | 0.32 | | | | | | 0.23 | | | | | | 0.33 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (2.53 ) | | | | | | (2.36 ) | | | | | | 2.85 | | | | | | 1.52 | | | | | | (3.02 ) | | |
Total from Investment Operations | | | | | (2.31 ) | | | | | | (1.98 ) | | | | | | 3.17 | | | | | | 1.75 | | | | | | (2.69 ) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.34 ) | | | | | | (0.45 ) | | | | | | (0.28 ) | | | | | | (0.31 ) | | | | | | (0.29) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | (0.34 ) | | | | | | (0.45 ) | | | | | | (0.28 ) | | | | | | (0.31 ) | | | | | | (0.29) | | |
Net Asset Value, End of Period | | | | $ | 18.21 | | | | | $ | 20.86 | | | | | $ | 23.29 | | | | | $ | 20.40 | | | | | $ | 18.96 | | |
Total Return | | | | | (11.35 )% | | | | | | (8.31 )% | | | | | | 15.63 % | | | | | | 9.39 % | | | | | | (12.12 )% | | |
Net Assets, End of Period (000s) | | | | $ | 64,322 | | | | | $ | 89,347 | | | | | $ | 110,502 | | | | | $ | 102,633 | | | | | $ | 107,893 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.70 % | | | | | | 1.67 % | | | | | | 1.07 % | | | | | | 1.21 % | | | | | | 1.32 % | | |
Net | | | | | 1.48 % | | | | | | 1.46 % | | | | | | 0.97 % | | | | | | 1.09 % | | | | | | 1.31 % | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 1.01 % | | | | | | 1.81 % | | | | | | 1.46 % | | | | | | 1.21 % | | | | | | 1.66 % | | |
Portfolio Turnover | | | | | 104 % | | | | | | 172 %(f) | | | | | | 50% | | | | | | 47% | | | | | | 82 %(e) | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 21.16 | | | | | $ | 23.63 | | | | | $ | 20.69 | | | | | $ | 19.23 | | | | | $ | 22.26 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(b)(c) | | | | | 0.26 | | | | | | 0.48 | | | | | | 0.40 | | | | | | 0.34 | | | | | | 0.36 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (2.52 ) | | | | | | (2.42 ) | | | | | | 2.89 | | | | | | 1.49 | | | | | | (3.04 ) | | |
Total from Investment Operations | | | | | (2.26 ) | | | | | | (1.94 ) | | | | | | 3.29 | | | | | | 1.83 | | | | | | (2.68 ) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.43 ) | | | | | | (0.53 ) | | | | | | (0.35) | | | | | | (0.37) | | | | | | (0.35) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | (0.43 ) | | | | | | (0.53 ) | | | | | | (0.35) | | | | | | (0.37) | | | | | | (0.35) | | |
Net Asset Value, End of Period | | | | $ | 18.47 | | | | | $ | 21.16 | | | | | $ | 23.63 | | | | | $ | 20.69 | | | | | $ | 19.23 | | |
Total Return | | | | | (11.02 )% | | | | | | (7.94 )% | | | | | | 16.01 % | | | | | | 9.68 % | | | | | | (11.88 )% | | |
Net Assets, End of Period (000s) | | | | $ | 4,440 | | | | | $ | 5,061 | | | | | $ | 7,872 | | | | | $ | 8,078 | | | | | $ | 13,489 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.45 % | | | | | | 1.41 % | | | | | | 0.82 % | | | | | | 0.95 % | | | | | | 1.07 % | | |
Net | | | | | 1.11 % | | | | | | 1.08 % | | | | | | 0.61 % | | | | | | 0.83 % | | | | | | 1.06 % | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 1.19 % | | | | | | 2.21 % | | | | | | 1.80 % | | | | | | 1.69 % | | | | | | 1.78 % | | |
Portfolio Turnover | | | | | 104 % | | | | | | 172 %(f) | | | | | | 50% | | | | | | 47% | | | | | | 82 %(e) | | |
| | | R6 Shares | | |||||||||
| | | Year Ended March 31,2020 | | | January 28, 2019* through March 31, 2019 | | ||||||
Net Asset Value, Beginning of Period | | | | $ | 10.47 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) (c) | | | | | 0.18 | | | | | | 0.01 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (1.26 ) | | | | | | 0.46 | | |
Total from Investment Operations | | | | | (1.08 ) | | | | | | 0.47 | | |
Less Distributions: | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.43 ) | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | |
Total Distributions | | | | | (0.43 ) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 8.96 | | | | | $ | 10.47 | | |
Total Return | | | | | (10.95 )% | | | | | | 4.70 %*** | | |
Net Assets, End of Period (000s) | | | | $ | 566 | | | | | $ | 105 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | |
Gross | | | | | 1.30 % | | | | | | 1.64 %** | | |
Net | | | | | 0.99 % | | | | | | 0.99 %** | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 1.58 % | | | | | | 0.44 %** | | |
Portfolio Turnover | | | | | 104 % | | | | | | 172 % (f) | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 20.77 | | | | | $ | 21.75 | | | | | $ | 19.15 | | | | | $ | 17.03 | | | | | $ | 18.67 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(c) | | | | | 0.44 (b) | | | | | | 0.38 (b) | | | | | | 0.29 (b) | | | | | | 0.23 | | | | | | 0.23 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (6.13 ) | | | | | | (1.17 ) | | | | | | 2.44 | | | | | | 2.07 | | | | | | (1.60 ) | | |
Total from Investment Operations | | | | | (5.69 ) | | | | | | (0.79 ) | | | | | | 2.73 | | | | | | 2.30 | | | | | | (1.37 ) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.25 ) | | | | | | (0.11 ) | | | | | | (0.13 ) | | | | | | (0.18 ) | | | | | | (0.27 ) | | |
Distributions from realized capital gains | | | | | — | | | | | | (0.08 ) | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | (0.25 ) | | | | | | (0.19 ) | | | | | | (0.13 ) | | | | | | (0.18 ) | | | | | | (0.27 ) | | |
Net Asset Value, End of Period | | | | $ | 14.83 | | | | | $ | 20.77 | | | | | $ | 21.75 | | | | | $ | 19.15 | | | | | $ | 17.03 | | |
Total Return | | | | | (27.75 )% | | | | | | (3.56 )% | | | | | | 14.27 % | | | | | | 13.59 % | | | | | | (7.29 )% | | |
Net Assets, End of Period (000s) | | | | $ | 435,137 | | | | | $ | 784,820 | | | | | $ | 886,354 | | | | | $ | 859,328 | | | | | $ | 932,418 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.50 % | | | | | | 1.51% | | | | | | 1.51 % | | | | | | 1.53 % | | | | | | 1.52 % | | |
Net | | | | | 1.40 % | | | | | | 1.41% | | | | | | 1.41 % | | | | | | 1.53 % | | | | | | 1.52 % | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 2.13 % | | | | | | 1.80 % | | | | | | 1.39 % | | | | | | 1.31 % | | | | | | 1.29 % | | |
Portfolio Turnover | | | | | 28 % | | | | | | 12 % | | | | | | 30 % | | | | | | 15 % | | | | | | 13 % | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 20.71 | | | | | $ | 21.71 | | | | | $ | 19.10 | | | | | $ | 17.00 | | | | | $ | 18.68 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(c) | | | | | 0.50 (b) | | | | | | 0.42 (b) | | | | | | 0.33 (b) | | | | | | 0.26 | | | | | | 0.27 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (6.09 ) | | | | | | (1.14 ) | | | | | | 2.49 | | | | | | 2.07 | | | | | | (1.60 ) | | |
Total from Investment Operations | | | | | (5.59 ) | | | | | | (0.72 ) | | | | | | 2.82 | | | | | | 2.33 | | | | | | (1.33 ) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.34 ) | | | | | | (0.20 ) | | | | | | (0.21 ) | | | | | | (0.23 ) | | | | | | (0.35 ) | | |
Distributions from realized capital gains | | | | | — | | | | | | (0.08 ) | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | (0.34 ) | | | | | | (0.28 ) | | | | | | (0.21 ) | | | | | | (0.23 ) | | | | | | (0.35 ) | | |
Net Asset Value, End of Period | | | | $ | 14.78 | | | | | $ | 20.71 | | | | | $ | 21.71 | | | | | $ | 19.10 | | | | | $ | 17.00 | | |
Total Return | | | | | (27.50 )% | | | | | | (3.20 )% | | | | | | 14.75 % | | | | | | 13.82 % | | | | | | (7.06 )% | | |
Net Assets, End of Period (000s) | | | | $ | 1,740,548 | | | | | $ | 2,509,455 | | | | | $ | 1,346,164 | | | | | $ | 759,793 | | | | | $ | 697,543 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.25 % | | | | | | 1.26% | | | | | | 1.26 % | | | | | | 1.27% | | | | | | 1.27 % | | |
Net | | | | | 1.03 % | | | | | | 1.04% | | | | | | 1.04 % | | | | | | 1.27% | | | | | | 1.27 % | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 2.45 % | | | | | | 1.98 % | | | | | | 1.57 % | | | | | | 1.49 % | | | | | | 1.51 % | | |
Portfolio Turnover | | | | | 28 % | | | | | | 12 % | | | | | | 30 % | | | | | | 15 % | | | | | | 13 % | | |
| | | R6 Shares | | |||||||||||||||||||||
| | | Year Ended March 31, 2020 | | | Year Ended March 31, 2019 | | | Year Ended March 31, 2018 | | | February 6, 2017* through March 31, 2017 | | ||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 10.97 | | | | | $ | 11.65 | | | | | $ | 10.34 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (c) | | | | | 0.25 (b) | | | | | | 0.25 (b) | | | | | | 0.19 (b) | | | | | | 0.05 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (3.16 ) | | | | | | (0.64 ) | | | | | | 1.34 | | | | | | 0.29 | | |
Total from Investment Operations | | | | | (2.91 ) | | | | | | (0.39 ) | | | | | | 1.53 | | | | | | 0.34 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.34 ) | | | | | | (0.21 ) | | | | | | (0.22) | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | (0.08 ) | | | | | | — | | | | | | — | | |
Total Distributions | | | | | (0.34 ) | | | | | | (0.29 ) | | | | | | (0.22) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 7.72 | | | | | $ | 10.97 | | | | | $ | 11.65 | | | | | $ | 10.34 | | |
Total Return | | | | | (27.43 )% | | | | | | (3.15 )% | | | | | | 14.79% | | | | | | 3.40 %*** | | |
Net Assets, End of Period (000s) | | | | $ | 384,224 | | | | | $ | 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 (c) | | | | | 2.28 % | | | | | | 2.22 % | | | | | | 1.58% | | | | | | 3.39 %** | | |
Portfolio Turnover | | | | | 28 % | | | | | | 12 % | | | | | | 30% | | | | | | 15 %*** | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 13.56 | | | | | $ | 15.63 | | | | | $ | 13.71 | | | | | $ | 12.06 | | | | | $ | 13.35 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(c) | | | | | 0.65 (b) | | | | | | 0.33 (b) | | | | | | 0.28 (b) | | | | | | 0.23 | | | | | | 0.21 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (3.76 ) | | | | | | (1.84 ) | | | | | | 2.07 | | | | | | 1.64 | | | | | | (1.26 ) | | |
Total from Investment Operations | | | | | (3.11 ) | | | | | | (1.51 ) | | | | | | 2.35 | | | | | | 1.87 | | | | | | (1.05 ) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.38 ) | | | | | | (0.24 ) | | | | | | (0.29 ) | | | | | | (0.14) | | | | | | (0.19 ) | | |
Distributions from realized capital gains | | | | | — | | | | | | (0.32 ) | | | | | | (0.14 ) | | | | | | (0.08 ) | | | | | | (0.05 ) | | |
Total Distributions | | | | | (0.38 ) | | | | | | (0.56 ) | | | | | | (0.43 ) | | | | | | (0.22 ) | | | | | | (0.24 ) | | |
Net Asset Value, End of Period | | | | $ | 10.07 | | | | | $ | 13.56 | | | | | $ | 15.63 | | | | | $ | 13.71 | | | | | $ | 12.06 | | |
Total Return | | | | | (23.73 )% | | | | | | (9.33 )% | | | | | | 17.15 % | | | | | | 15.73 % | | | | | | (7.83 )% | | |
Net Assets, End of Period (000s) | | | | $ | 133,912 | | | | | $ | 222,526 | | | | | $ | 319,531 | | | | | $ | 270,948 | | | | | $ | 283,509 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.53 % | | | | | | 1.53 % | | | | | | 1.52 % | | | | | | 1.55 % | | | | | | 1.56 % | | |
Net | | | | | 1.43 % | | | | | | 1.43 % | | | | | | 1.42 % | | | | | | 1.55 % | | | | | | 1.56 % | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 4.85 % | | | | | | 2.29 % | | | | | | 1.85 % | | | | | | 1.82 % | | | | | | 1.66 % | | |
Portfolio Turnover | | | | | 33 % | | | | | | 52 % | | | | | | 26 % | | | | | | 46 % | | | | | | 8 % | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 13.57 | | | | | $ | 15.66 | | | | | $ | 13.73 | | | | | $ | 12.07 | | | | | $ | 13.36 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(c) | | | | | 0.69 (b) | | | | | | 0.37 (b) | | | | | | 0.32 (b) | | | | | | 0.25 | | | | | | 0.24 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (3.76 ) | | | | | | (1.83 ) | | | | | | 2.09 | | | | | | 1.66 | | | | | | (1.26 ) | | |
Total from Investment Operations | | | | | (3.07 ) | | | | | | (1.46 ) | | | | | | 2.41 | | | | | | 1.91 | | | | | | (1.02 ) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.43 ) | | | | | | (0.31 ) | | | | | | (0.34 ) | | | | | | (0.17 ) | | | | | | (0.22 ) | | |
Distributions from realized capital gains | | | | | — | | | | | | (0.32 ) | | | | | | (0.14 ) | | | | | | (0.08 ) | | | | | | (0.05 ) | | |
Total Distributions | | | | | (0.43 ) | | | | | | (0.63 ) | | | | | | (0.48 ) | | | | | | (0.25 ) | | | | | | (0.27 ) | | |
Net Asset Value, End of Period | | | | $ | 10.07 | | | | | $ | 13.57 | | | | | $ | 15.66 | | | | | $ | 13.73 | | | | | $ | 12.07 | | |
Total Return | | | | | (23.50 )% | | | | | | (8.95 )% | | | | | | 17.56 % | | | | | | 16.13 % | | | | | | (7.62 )% | | |
Net Assets, End of Period (000s) | | | | $ | 367,321 | | | | | $ | 766,409 | | | | | $ | 593,619 | | | | | $ | 312,955 | | | | | $ | 270,846 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.28 % | | | | | | 1.28 % | | | | | | 1.27 % | | | | | | 1.30% | | | | | | 1.30 % | | |
Net | | | | | 1.06 % | | | | | | 1.06 % | | | | | | 1.05 % | | | | | | 1.30% | | | | | | 1.30 % | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 5.02 % | | | | | | 2.57 % | | | | | | 2.08 % | | | | | | 2.03 % | | | | | | 1.91 % | | |
Portfolio Turnover | | | | | 33 % | | | | | | 52 % | | | | | | 26 % | | | | | | 46 % | | | | | | 8 % | | |
| | | R6 Shares | | |||||||||||||||||||||
| | | Year Ended March 31, 2020 | | | Year Ended March 31, 2019 | | | Year Ended March 31, 2018 | | | February 6, 2017* through March 31, 2017 | | ||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 10.25 | | | | | $ | 12.02 | | | | | $ | 10.63 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (c) | | | | | 0.55 (b) | | | | | | 0.24 (b) | | | | | | 0.26 (b) | | | | | | 0.04 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (2.83 ) | | | | | | (1.38 ) | | | | | | 1.62 | | | | | | 0.59 | | |
Total from Investment Operations | | | | | (2.28 ) | | | | | | (1.14 ) | | | | | | 1.88 | | | | | | 0.63 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.44 ) | | | | | | (0.31 ) | | | | | | (0.35) | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | (0.32 ) | | | | | | (0.14) | | | | | | — | | |
Total Distributions | | | | | (0.44 ) | | | | | | (0.63 ) | | | | | | (0.49) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 7.53 | | | | | $ | 10.25 | | | | | $ | 12.02 | | | | | $ | 10.63 | | |
Total Return | | | | | (23.46 )% | | | | | | (8.95 )% | | | | | | 17.66% | | | | | | 6.30 %*** | | |
Net Assets, End of Period (000s) | | | | $ | 96,708 | | | | | $ | 74,795 | | | | | $ | 11,160 | | | | | $ | 1,927 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | �� | | | | | | | | | | | | | | | |
Gross | | | | | 1.13 % | | | | | | 1.14 % | | | | | | 1.12% | | | | | | 1.14 %** | | |
Net | | | | | 1.03 % | | | | | | 1.05 % | | | | | | 1.02% | | | | | | 1.14 %** | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 5.62 % | | | | | | 2.28 % | | | | | | 2.12% | | | | | | 2.95 %** | | |
Portfolio Turnover | | | | | 33 % | | | | | | 52 % | | | | | | 26% | | | | | | 46 %*** | | |
| | | Ordinary Shares | | |||||||||
| | | Year Ended March 31, 2020 | | | 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) | | | | | (0.05 ) | | | | | | (0.04 ) | | |
Net realized and unrealized gain/(loss) on securities | | | | | (2.54 ) | | | | | | 0.64 | | |
Total from Investment Operations | | | | | (2.59 ) | | | | | | 0.60 | | |
Less Distributions: | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | |
Distributions from realized capital gains | | | | | (0.03 ) | | | | | | — | | |
Total Distributions | | | | | (0.03 ) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 7.98 | | | | | $ | 10.60 | | |
Total Return | | | | | (24.50 )% | | | | | | 6.00 %*** | | |
Net Assets, End of Period (000s) | | | | $ | 49 | | | | | $ | 63 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | |
Gross | | | | | 1.90 % | | | | | | 4.54 %** | | |
Net | | | | | 1.90 % | | | | | | 4.54 %** | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | (0.44 )% | | | | | | (3.52 )%** | | |
Portfolio Turnover | | | | | 142 %(e) | | | | | | 22 %*** | | |
| | | Institutional Shares | | |||||||||
| | | Year Ended March 31, 2020 | | | 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) | | | | | (0.01 )(b) | | | | | | (0.04 ) (b) | | |
Net realized and unrealized gain/(loss) on securities | | | | | (2.54 ) | | | | | | 0.64 | | |
Total from Investment Operations | | | | | (2.55 ) | | | | | | 0.60 | | |
Less Distributions: | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | |
Distributions from realized capital gains | | | | | (0.03 ) | | | | | | — | | |
Total Distributions | | | | | (0.03 ) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 8.02 | | | | | $ | 10.60 | | |
Total Return | | | | | (24.10 )% | | | | | | 6.00 %*** | | |
Net Assets, End of Period (000s) | | | | $ | 6,995 | | | | | $ | 9,245 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | |
Gross | | | | | 1.65 % | | | | | | 4.29 %** | | |
Net | | | | | 1.53 % | | | | | | 4.17 %** | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | (0.05 )% | | | | | | (3.15 )%** | | |
Portfolio Turnover | | | | | 142 %(e) | | | | | | 22 %*** | | |
| | | R6 Shares | | |||||||||
| | | Year Ended March 31,2020 | | | 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) | | | | | (0.01 ) | | | | | | (0.04 ) | | |
Net realized and unrealized gain/(loss) on securities | | | | | (2.53 ) | | | | | | 0.64 | | |
Total from Investment Operations | | | | | (2.54 ) | | | | | | 0.60 | | |
Less Distributions: | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.01 ) | | | | | | — | | |
Distributions from realized capital gains | | | | | (0.03 ) | | | | | | — | | |
Total Distributions | | | | | (0.04 ) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 8.02 | | | | | $ | 10.60 | | |
Total Return | | | | | (24.08 )% | | | | | | 6.00 %*** | | |
Net Assets, End of Period (000s) | | | | $ | 6,240 | | | | | $ | 1,371 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | |
Gross | | | | | 1.50 % | | | | | | 4.14 %** | | |
Net | | | | | 1.50 % | | | | | | 4.14 %** | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | (0.08 )% | | | | | | (3.12 )%** | | |
Portfolio Turnover | | | | | 142 % (e) | | | | | | 22 %*** | | |
| | | Quoted Prices In Active Markets | | | Significant Other Observable Inputs | | | Significant Unobservable Inputs | | | Market Value at March 31, 2020 | | ||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Small Cap | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 60,687,441 | | | | | $ | — | | | | | $ | — | | | | | $ | 60,687,441 | | |
Real Estate Investment Trusts | | | | | 1,754,679 | | | | | | — | | | | | | — | | | | | | 1,754,679 | | |
Short-Term Investments | | | | | 4,211,057 | | | | | | — | | | | | | — | | | | | | 4,211,057 | | |
Total | | | | $ | 66,653,177 | | | | | $ | — | | | | | $ | — | | | | | $ | 66,653,177 | | |
Quality | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 86,174,554 | | | | | $ | — | | | | | $ | — | | | | | $ | 86,174,554 | | |
Depository Receipts | | | | | 13,617,453 | | | | | | — | | | | | | — | | | | | | 13,617,453 | | |
Short-Term Investments | | | | | — | | | | | | 7,226,860 | | | | | | — | | | | | | 7,226,860 | | |
Total | | | | $ | 99,792,007 | | | | | $ | 7,226,860 | | | | | $ | — | | | | | $ | 107,018,867 | | |
Emerging Markets World Equity | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 50,589,998 | | | | | $ | — | | | | | $ | — | | | | | $ | 50,589,998 | | |
Depository Receipts | | | | | 16,681,620 | | | | | | — | | | | | | — | | | | | | 16,681,620 | | |
Mutual Funds | | | | | 1,513,578 | | | | | | — | | | | | | — | | | | | | 1,513,578 | | |
Preferred Stock | | | | | 296,002 | | | | | | — | | | | | | — | | | | | | 296,002 | | |
Short-Term Investments | | | | | — | | | | | | 441,229 | | | | | | — | | | | | | 441,229 | | |
Total | | | | $ | 69,081,198 | | | | | $ | 441,229 | | | | | $ | — | | | | | $ | 69,522,427 | | |
Foreign Value | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | �� | $ | 2,309,925,105 | | | | | $ | 26,751,274 | | | | | $ | — | | | | | $ | 2,336,676,379 | | |
Depository Receipts | | | | | 108,055,465 | | | | | | — | | | | | | — | | | | | | 108,055,465 | | |
Short-Term Investments | | | | | 129,881,844 | | | | | | — | | | | | | — | | | | | | 129,881,844 | | |
Total | | | | $ | 2,547,862,414 | | | | | $ | 26,751,274 | | | | | $ | — | | | | | $ | 2,574,613,688 | | |
Foreign Value Small Cap | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 493,967,347 | | | | | $ | 28,129,621 | | | | | $ | — | | | | | $ | 522,096,968 | | |
Common Stock Unit | | | | | 2,160,883 | | | | | | — | | | | | | — | | | | | | 2,160,883 | | |
Short-Term Investments | | | | | 96,189,572 | | | | | | — | | | | | | — | | | | | | 96,189,572 | | |
Total | | | | $ | 592,317,802 | | | | | $ | 28,129,621 | | | | | $ | — | | | | | $ | 620,447,423 | | |
International Opportunities | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 10,416,755 | | | | | $ | — | | | | | $ | — | | | | | $ | 10,416,755 | | |
Common Stock Unit | | | | | 176,682 | | | | | | — | | | | | | — | | | | | | 176,682 | | |
Depository Receipts | | | | | 307,922 | | | | | | — | | | | | | — | | | | | | 307,922 | | |
Preferred Stock | | | | | 411,268 | | | | | | — | | | | | | — | | | | | | 411,268 | | |
Short-Term Investments | | | | | 1,490,094 | | | | | | — | | | | | | — | | | | | | 1,490,094 | | |
Total | | | | $ | 12,802,721 | | | | | $ | — | | | | | $ | — | | | | | $ | 12,802,721 | | |
|
| | Foreign Value | | | Foreign Value Small Cap | | |||||||
Banks | | | | $ | 26,751,274 | | | | | $ | 4,616,854 | | |
Electronic Equipment, Instruments & Components | | | | | — | | | | | | 7,546,341 | | |
Independent Power & Renewable Electricity Producers | | | | | — | | | | | | 15,966,426 | | |
| | | | $ | 26,751,274 | | | | | $ | 28,129,621 | | |
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 | | | | $ | 7,226,860 | | | | | $ | — | | | | | $ | 7,226,860 | | | | | $ | 7,226,860 | | | | | $ | — | | | | | $ | — | | |
Emerging Markets World Equity | | | | | 441,229 | | | | | | — | | | | | | 441,229 | | | | | | 441,229 | | | | | | — | | | | | | — | | |
| | | | | | Maturity | | | | | | | | |||||||||||||||
Name | | | Fund/Collateral Type | | | Up to 30 Days | | | 30-90 Days | | | Greater than 90 Days | | | Total | | ||||||||||||
Quality | | | U.S. Treasury Obligations | | | | $ | — | | | | | $ | — | | | | | $ | 7,226,860 | | | | | $ | 7,226,860 | | |
Emerging Markets World Equity | | | U.S. Treasury Obligations | | | | | — | | | | | | — | | | | | | 441,229 | | | | | | 441,229 | | |
| | | | | | 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 | | | | | | | | | | | | | | | | | | | |
| | | | | | 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 | |
| | | — 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 ) | | |
| 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 | |
| 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. | |
| International Opportunities | | | 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 | | | 0.30% 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, 2020 | | |||||||||||||||||||||
| | | 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 | | | | | $ | 11,793,149 | | | | | $ | 3,782,167 | | | | | $ | 42,423,772 | | |
Foreign Value | | | | | — | | | | | | 39,380,114 | | | | | | 36,327,634 | | | | | | 75,707,748 | | |
Foreign Value Small Cap | | | | | — | | | | | | 34,669,208 | | | | | | 38,407,123 | | | | | | 73,076,331 | | |
International Opportunities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | March 31, 2020 | | |||||||||||||||||||||||||||||||||||||||
Portfolio | | | Org Cost | | | Undistributed Ordinary Income | | | Undistributed Capital Gains | | | Late Year Ordinary and Post October Capital Loss Deferrals | | | Capital Loss Carryover | | | Net Tax Appreciation/ (Depreciation) | | | Total | | |||||||||||||||||||||
Small Cap | | | | $ | — | | | | | $ | 432,008 | | | | | $ | — | | | | | $ | (5,066,464 ) | | | | | $ | — | | | | | $ | (7,290,044 ) | | | | | $ | (11,924,500 ) | | |
Quality | | | | | — | | | | | | 499,166 | | | | | | 8,062,924 | | | | | | — | | | | | | — | | | | | | (4,583,621 ) | | | | | | 3,978,469 | | |
Emerging Markets World Equity | | | | | — | | | | | | 996,190 | | | | | | — | | | | | | — | | | | | | (42,423,772 ) | | | | | | (2,896,479 ) | | | | | | (44,324,061 ) | | |
Foreign Value | | | | | — | | | | | | 82,981,872 | | | | | | — | | | | | | — | | | | | | (75,707,748 ) | | | | | | (960,026,953 ) | | | | | | (952,752,829 ) | | |
Foreign Value Small Cap | | | | | — | | | | | | 24,847,054 | | | | | | — | | | | | | — | | | | | | (73,076,331 ) | | | | | | (185,357,417 ) | | | | | | (233,586,694 ) | | |
International Opportunities | | | | | (39,989 ) | | | | | | 152,484 | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,396,207 ) | | | | | | (4,283,712 ) | | |
Portfolio | | | Ordinary Income | | | Long-Term Capital Gains | | | Tax Return Of Capital | | |||||||||
Small Cap | | | | $ | 603,954 | | | | | $ | 7,752,828 | | | | | $ | — | | |
Quality | | | | | 1,500,172 | | | | | | 21,014,801 | | | | | | — | | |
Emerging Markets World Equity | | | | | 1,371,687 | | | | | | — | | | | | | — | | |
Foreign Value | | | | | 64,649,814 | | | | | | — | | | | | | — | | |
Foreign Value Small Cap | | | | | 27,863,135 | | | | | | — | | | | | | — | | |
International Opportunities | | | | | 35,913 | | | | | | — | | | | | | — | | |
Portfolio | | | Ordinary Income | | | Long-Term Capital Gains | | | Tax Return Of Capital | | |||||||||
Small Cap | | | | $ | 80,823 | | | | | $ | 8,789,136 | | | | | $ | — | | |
Quality | | | | | 2,257,593 | | | | | | 19,163,307 | | | | | | — | | |
Emerging Markets World Equity | | | | | 2,099,870 | | | | | | — | | | | | | — | | |
Foreign Value | | | | | 31,041,452 | | | | | | 13,280,163 | | | | | | — | | |
Foreign Value Small Cap | | | | | 26,244,821 | | | | | | 19,794,060 | | | | | | — | | |
International Opportunities | | | | | — | | | | | | — | | | | | | — | | |
Designation Requirements at March 31, 2020 | | | | |
Qualified Dividend Income Percentage | | | | |
Small Cap | | | 100.00% | |
Quality | | | 100.00% | |
Emerging Markets World Equity | | | 96.72% | |
Foreign Value | | | 100.00% | |
Foreign Value Small Cap | | | 100.00% | |
International Opportunities | | | 39.65% | |
| | | Foreign Tax Credit | | | Foreign Source Income | | ||||||
Emerging Market World Equity | | | | | 251,071 | | | | | | 2,377,488 | | |
Foreign Value | | | | | 11,921,106 | | | | | | 136,423,104 | | |
Foreign Value Small Cap | | | | | 3,440,528 | | | | | | 62,684,670 | | |
International Opportunities | | | | | 19,625 | | | | | | 191,696 | | |
Individual Funds constituting Pear Tree Funds | | | Statement of operations | | | Statements of changes in net assets | | | Financial highlights | |
Pear Tree Polaris Small Cap Fund, Pear Tree Quality Fund, Pear Tree Axiom Emerging Markets World Equity Fund, Pear Tree Polaris Foreign Value Fund, Pear Tree Polaris Foreign Value Small Cap Fund | | | For the year ended March 31, 2020 | | | For each of the two years in the period ended March 31, 2020 | | | For each of the five years in the period ended March 31, 2020 | |
Pear Tree Polaris International Opportunities Fund | | | For the year ended March 31, 2020 | | | For the year ended March 31, 2020 and the period January 30, 2019 (commencement of operations) through March 31, 2019 | | | For the year ended March 31, 2020 and the period January 30, 2019 (commencement of operations) through March 31, 2019 | |
ACCOUNTING FIRM (continued)
Philadelphia, Pennsylvania
May 26, 2020
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee in Public Companies | |
Robert M. Armstrong (Born: March 1939) | | | Trustee | | | Indefinite Term (1985 to present) | | | Independent Director and Consultant Services (1998–Present) | | | 6 | | | None | |
John M. Bulbrook (Born: July 1942) | | | Trustee | | | Indefinite Term (1985 to present) | | | CEO and Treasurer, John M. Bulbrook Insurance Agency, Inc. (d/b/a Bulbrook/Drislane Brokerage) (distributor of financial products, including insurance) (1984–Present) | | | 6 | | | None | |
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee in Public Companies | |
William H. Dunlap (Born: March 1951) | | | Trustee | | | Indefinite Term (October 2006 to present) | | | President, New Hampshire Historical Society, (Feb. 2010–Present); Principal, William H. Dunlap & Company (consulting firm) (2005– Present); Director, Merrimack County Savings Bank (2005–Present); Trustee, New Hampshire Mutual Bancorp (2013–Present) | | | 6 | | | None | |
Clinton S. Marshall (Born: May 1957) | | | Trustee | | | Indefinite Term (April 2003 to present) | | | Principal, Coastal CFO Solutions, outsource firm offering CFO solutions to businesses (1998–Present); CFO, Fore River Company (2002–Present) | | | 6 | | | None | |
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee/ Officer in Public Companies | |
Willard L. Umphrey* (Born: July 1941) | | | Trustee, President, Chairman (1985 to present) | | | Indefinite Term (1985 to present) | | | Director, U.S. Boston Capital Corporation; President, Pear Tree Advisors, Inc. | | | 6 | | | U.S. Boston Corporation; U.S. Boston Asset Management Corporation; Pear Tree Advisors, Inc.; Pear Tree Partners Management LLC; Unidine Corporation; USB Corporation; U.S. Boston Insurance Agency, Inc.; U.S. Boston Capital Corporation; Woundchek Laboratories | |
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee/ Officer in Public Companies | |
Leon Okurowski (Born: December 1942) | | | Vice President, Treasurer (1985 to present) | | | (1985 to present) | | | Director and Vice President, U.S. Boston Capital Corporation; Treasurer, Pear Tree Advisors, Inc. | | | N/A | | | Everest USB Canadian Storage, Inc.; Pear Tree Advisors, Inc.; U.S. Boston Corporation; U.S. Boston Asset Management Corporation; USB Corporation; USB Everest Management, LLC; USB Everest Storage LLC; U.S. Boston Insurance Agency, Inc.; U.S. Boston Capital Corporation; Woundchek Laboratories | |
Deborah A. Kessinger (Born: May 1963) | | | Assistant Clerk and Chief Compliance Officer | | | (April 2005 to Present) | | | Senior Counsel (since 9/2004), President (since 8/2007) and Chief Compliance Officer (since 12/2005), U.S. Boston Capital Corporation; Senior Counsel (since 9/2004) and Chief Compliance Officer (since 10/2006), Pear Tree Advisors, Inc.; Compliance Consultant, Broadridge Financial Solutions (formerly Forefield, Inc.) (software provider) (2007 to 2016) | | | N/A | | | None | |
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee/ Officer in Public Companies | |
Diane Hunt (Born: February 1962) | | | Assistant Treasurer | | | (June 2010 to Present) | | | Controller (Since 3/2010) Pear Tree Advisors, Inc.; Accountant (Since 1984) U.S. Boston Capital Corporation | | | N/A | | | None | |
Thomas Buckley (Born: April 1985) | | | Clerk | | | (July 2018 to Present) | | | Legal Product Manager, Pear Tree Advisors, Inc.; Compliance Officer, Cantella & Co., Inc. (2/2018 – 7/2018); Compliance and Operations Associate, Arthur W. Wood Company (6/2016 –2/2018); Logistics Supervisor, Planet Eclipse LLC (1/2005 – 6/2016) | | | N/A | | | None | |
John Hunt (Born: July 1958) | | | Assistant Clerk | | | (February 2016 to Present) | | | Partner, Sullivan & Worcester LLP (4/2016 to present); Partner, Nutter, McClennen & Fish LLP (6/2012 to 4/2016) | | | N/A | | | None | |
CONTRACT APPROVAL (continued)
MANAGEMENT (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 | |
| 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 | |
Suite 202
Lincoln MA 01773
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Distributor of the Pear Tree Funds
Member, FINRA/SIPC
ITEM 2. | Code of Ethics |
(a) | As of the end of the period covered by this Form N-CSR, Pear Tree Funds has adopted a code of ethics (as defined in Item 2(b) of Form N-CSR) that applies to the registrant’s principal executive officer and principal financial officer. |
(c) | A non-material amendment was made to the Pear Tree Fund’s Code of Ethics during the period covered by this report. A copy of the amended Code of Ethics has been filed with this report as an exhibit. |
(d) | There have been no waivers to the Pear Tree Fund’s Code of Ethics during the period covered by this report. |
(e) | Not applicable. |
(f)(1) | One copy of the Code of Ethics is being filed under Item 12(a) hereto. |
(f)(3) | The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-326-2151. |
ITEM 3. | Audit Committee Financial Expert |
Pear Tree Fund’s Trustees have determined that Mr. Clinton S. Marshall is an “audit committee financial expert,” as defined in Item 3(b) of Form N-CSR. Mr. Marshall is “independent” under the standards set forth in Item 3(a)(2) of Form N-CSR.
ITEM 4. | Principal Accountant Fees and Services |
(a) – (d) The following chart shows the aggregate fees billed in each of the last two fiscal years for services rendered by the registrant’s principal accountant, Tait, Weller and Baker, LLP (“Tait Weller”).
FY 2019 | FY 2020 | |||||||||
Audit Fees* | Tait Weller | $ | 121,100 | $ | 142,000 | |||||
Audit-Related Fees** | Tait Weller | $ | 0 | $ | 0 | |||||
Tax Fees*** | Tait Weller | $ | 17,300 | $ | 21,000 | |||||
All Other Fees**** | Tait Weller | $ | 0 | $ | 0 |
* “Audit Fees” are fees associated with professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements.
** “Audit-Related Fees” are fees associated with assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under “Audit Fees.”
*** “Tax Fees” are fees associated with professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Included with general tax compliance, advice and planning provided by Tait Weller to Pear Tree Funds was a review of Pear Tree Funds’ federal tax filings.
**** “All Other Fees” are fees associated with products and services provided by the principal accountant, other than the services reported as “Audit Fees,” “Audit-Related Fees,” or “Tax Fees.”
(e)(1) | To the extent required by applicable law, pre-approval by the Audit Committee of the Trustees is needed for: |
(i) All audit and permissible non-audit services rendered to the Pear Tree Funds; and
(ii) All permissible non-audit services rendered to Pear Tree Advisors, Inc. if the services relate directly to the operations and financial reporting of the Registrant. Pre-approval is currently on an engagement-by-engagement basis.
The Audit Committee may delegate the pre-approval of audit and permissible non-audit services and the related fees to the Chairman of the Audit Committee. Any such member’s decision to pre-approve audit and/or non-audit services and related fees shall be presented to the full Audit Committee, solely for informational purposes, at their next scheduled meeting.
(e)(2) | No services in the past two fiscal years of the registrant were approved by the Audit Committee pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X. |
(f) | Not applicable. |
(g) | The following chart shows the aggregate non-audit fees billed by Tait Weller for services rendered to the registrant and the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, for each of the last two fiscal years of the registrant. |
2019 | 2020 | |||||||||
Fees | Tait Weller | $ | 39,500 | $ | 39,500 |
(h) | Not applicable. |
ITEM 5. | Audit Committee of Listed Registrants |
Not applicable.
ITEM 6. | Investments |
(a) | Included as part of report to shareholders under Item 1. |
(b) | 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 1940 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 1940 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)(1) | Code of Ethics |
(a)(2) | Certifications pursuant to Rule 30a-2(a) by the chief executive and financial officers. |
(a)(3) | Not applicable. |
(c) | Certification pursuant to Rule 30a-2(b) and Section 906 by the chief executive and financial officers. |
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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: June 5, 2020
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: June 5, 2020
By: | /s/ Leon Okurowski | |
Leon Okurowski, Treasurer |
Date: June 5, 2020