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 number 811-03790
Pear Tree Funds
(Exact name of registrant as specified in charter)
55 Old Bedford Road, Lincoln, MA 01773
(Address of principal executive offices)
Willard L. Umphrey
Pear Tree Advisors, Inc.
55 Old Bedford Road, Lincoln, MA 01773
(Name and address of agent for service)
Registrant’s telephone number, including area code: (781) 676-5900
Date of fiscal year end: March 31
Date of reporting period: April 1, 2021 through September 30, 2021
ITEM 1(a): REPORTS TO SHAREOWNERS.
Pear Tree Quality Fund
Pear Tree Essex Environmental Opportunities 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
September 30, 2021
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President and Chairman
Pear Tree Fund | | | Share Class | | | Total Return Description | | | Beginning Account Value 4/1/2021 | | | Ending Account Value 9/30/2021 | | | Annualized Expense Ratio | | | Expenses Paid (1) 4/1/2021- 9/30/2021 | | ||||||||||||
Small Cap (2) | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $997.10 | | | | | | 1.33% | | | | | | $6.64 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.41 | | | | | | 1.33% | | | | | | $6.72 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $998.80 | | | | | | 0.96% | | | | | | $4.80 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.27 | | | | | | 0.96% | | | | | | $4.85 | | |
Quality (2) | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $1,087.50 | | | | | | 1.15% | | | | | | $6.03 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.29 | | | | | | 1.15% | | | | | | $5.83 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $1,089.80 | | | | | | 0.78% | | | | | | $4.07 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,021.17 | | | | | | 0.78% | | | | | | $3.94 | | |
Emerging Markets | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $985.20 | | | | | | 1.39% | | | | | | $6.91 | | |
World Equity | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.11 | | | | | | 1.39% | | | | | | $7.03 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $987.40 | | | | | | 1.02% | | | | | | $5.08 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.96 | | | | | | 1.02% | | | | | | $5.16 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $986.90 | | | | | | 0.99% | | | | | | $4.93 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.11 | | | | | | 0.99% | | | | | | $5.01 | | |
Foreign Value | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $991.00 | | | | | | 1.39% | | | | | | $6.94 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.10 | | | | | | 1.39% | | | | | | $7.03 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $992.60 | | | | | | 1.02% | | | | | | $5.10 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.95 | | | | | | 1.02% | | | | | | $5.17 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $993.60 | | | | | | 0.94% | | | | | | $4.70 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.35 | | | | | | 0.94% | | | | | | $4.76 | | |
Foreign Value | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $1,021.80 | | | | | | 1.41% | | | | | | $7.13 | | |
Small Cap | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.01 | | | | | | 1.41% | | | | | | $7.12 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $1,023.60 | | | | | | 1.04% | | | | | | $5.27 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.86 | | | | | | 1.04% | | | | | | $5.26 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $1,023.80 | | | | | | 1.01% | | | | | | $5.14 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.99 | | | | | | 1.01% | | | | | | $5.13 | | |
International Opportunities | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $1,041.60 | | | | | | 1.62% | | | | | | $8.31 | | |
| | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,016.93 | | | | | | 1.62% | | | | | | $8.21 | | | ||
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $1,044.10 | | | | | | 1.24% | | | | | | $6.34 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.86 | | | | | | 1.24% | | | | | | $6.26 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $1,043.40 | | | | | | 1.21% | | | | | | $6.19 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.01 | | | | | | 1.21% | | | | | | $6.11 | | |
Pear Tree Fund | | | Share Class | | | Total Return Description | | | Beginning Account Value 9/1/2021 | | | Ending Account Value 9/30/2021 | | | Annualized Expense Ratio | | | Expenses Paid 9/1/2021- 9/30/2021 | | ||||||||||||
Environmental Opportunities | | | Ordinary (1) | | | Actual | | | | | $1,000.00 | | | | | | $1,027.70 | | | | | | 1.24% | | | | | | $1.03 | | |
| | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.86 | | | | | | 1.24% | | | | | | $6.26 | | | ||
| | | Institutional (1) | | | Actual | | | | | $1,000.00 | | | | | | $1,029.70 | | | | | | 0.99% | | | | | | $0.82 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.12 | | | | | | 0.99% | | | | | | $5.00 | | |
| | | R6 (2) | | | Actual | | | | | $1,000.00 | | | | | | $934.00 | | | | | | 0.95% | | | | | | $0.73 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.32 | | | | | | 0.95% | | | | | | $4.80 | | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $93.1 Million | | | |||||
| Number of Companies | | | 59 | | | |||||
| Price to Book Ratio | | | 1.9 | | | |||||
| Price to Earnings Ratio | | | 12.0 | | | |||||
| | | | Ordinary | | | Institutional | | | ||
| Total Expense Ratio (Gross)* | | | 1.63% | | | 1.38% | | | ||
| Total Expense Ratio (Net)* | | | 1.63% | | | 1.26% | | | ||
| Ticker Symbol | | | USBNX | | | QBNAX | | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 25.7% | | |
South Plains Financial, Inc. | | | | | 3.1% | | |
Colony Bankcorp, Inc. | | | | | 2.9% | | |
Diamondback Energy, Inc. | | | | | 2.7% | | |
Cinemark Holdings, Inc. | | | | | 2.7% | | |
EVERTEC Inc. | | | | | 2.5% | | |
Barrett Business Services, Inc. | | | | | 2.5% | | |
Graphic Packaging Holding Co. | | | | | 2.4% | | |
OFG Bancorp | | | | | 2.4% | | |
Exco Technologies Limited | | | | | 2.3% | | |
Kforce, Inc. | | | | | 2.2% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Financials | | | | | 24.0% | | |
Industrials | | | | | 21.1% | | |
Information Technology | | | | | 16.0% | | |
Consumer Discretionary | | | | | 10.4% | | |
Materials | | | | | 7.4% | | |
Energy | | | | | 6.4% | | |
Consumer Staples | | | | | 5.1% | | |
Health Care | | | | | 4.6% | | |
Communication Services | | | | | 2.7% | | |
Utilities | | | | | 1.8% | | |
CASH + other assets (net) | | | | | 0.5% | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Small Cap (PTSC) Ordinary Shares vs. Russell 2000 Index* | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2021 | | | Six Months | | | One Year | | | Five Year | | | Ten Year(3) | | | Since Inception(3) | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (2.22 | )% | | | | (0.29 | )% | | | | 52.22 | % | | | | 7.92 | % | | | | 10.14 | % | | | | 9.32 | % | | 08/03/1992 | | ||||||
Institutional Shares(1) | | | | | (2.15 | )% | | | | (0.12 | )% | | | | 52.79 | % | | | | 8.31 | % | | | | 10.48 | % | | | | 8.94 | % | | 01/06/1993 | | ||||||
Russell 2000(2) | | | | | (4.36 | )% | | | | (0.25 | )% | | | | 47.68 | % | | | | 13.45 | % | | | | 14.63 | % | | | | 10.15 | % | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $212.8 Million | | | |||||
| Number of Companies | | | 41 | | | |||||
| Price to Book Ratio | | | 4.6 | | | |||||
| Price to Earnings Ratio | | | 19.8 | | | |||||
| | | | Ordinary | | | Institutional | | | ||
| Total Expense Ratio (Gross)* | | | 1.52% | | | 1.27% | | | ||
| Total Expense Ratio (Net)* | | | 1.22% | | | 0.79% | | | ||
| Ticker Symbol | | | USBOX | | | QGIAX | | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 41.9% | | |
Microsoft Corporation | | | | | 5.9% | | |
Alphabet, Inc. | | | | | 5.0% | | |
U.S. Bancorp | | | | | 4.7% | | |
UnitedHealth Group, Inc. | | | | | 4.5% | | |
Accenture plc | | | | | 3.9% | | |
Oracle Corporation | | | | | 3.8% | | |
Apple, Inc. | | | | | 3.7% | | |
Coca-Cola Company (The) | | | | | 3.7% | | |
Wells Fargo & Company | | | | | 3.4% | | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | | | 3.3% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Information Technology | | | | | 36.3% | | |
Health Care | | | | | 22.8% | | |
Financials | | | | | 11.8% | | |
Communication Services | | | | | 8.7% | | |
Consumer Staples | | | | | 6.8% | | |
Industrials | | | | | 6.0% | | |
Consumer Discretionary | | | | | 5.9% | | |
Energy | | | | | 0.0% | | |
Materials | | | | | 0.0% | | |
Real Estate | | | | | 0.0% | | |
Utilities | | | | | 0.0% | | |
CASH + other assets (net) | | | | | 1.7% | | |
Value of a $10,000 Investment | |
Pear Tree Quality (PTQ) Ordinary Shares vs.S&P 500 Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2021 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception(3) | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (0.22 | )% | | | | 8.75 | % | | | | 33.76 | % | | | | 17.76 | % | | | | 15.70 | % | | | | 10.23 | % | | 05/06/85 | | ||||||
Institutional Shares(1) | | | | | (0.12 | )% | | | | 8.98 | % | | | | 34.33 | % | | | | 18.19 | % | | | | 16.11 | % | | | | 9.50 | % | | 03/25/91 | | ||||||
S&P 500 (2) | | | | | 0.58 | % | | | | 9.19 | % | | | | 30.00 | % | | | | 16.90 | % | | | | 16.63 | % | | | | 11.48 | % | | ———————— | |
| Fund Information | | | | | | | | | | | | | |
| Net Assets | | | $64.4 Million | | | | | | |||||
| Number of Companies | | | 38 | | | | | | |||||
| Price to Book Ratio | | | 3.9 | | | | | | |||||
| Price to Earnings Ratio | | | 45 | | | | | | |||||
| | | | Ordinary | | | Institutional | | | R6 | | | ||
| Total Expense Ratio (Gross)* | | | 1.57% | | | 1.32% | | | 1.17% | | | ||
| Total Expense Ratio (Net)* | | | 1.26% | | | 1.01% | | | 0.97% | | | ||
| Ticker Symbol | | | EEOFX | | | GEOSX | | | GEORX | | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 34.0% | | |
Aspen Aerogels, Inc | | | | | 5.4% | | |
Albemarle Corporation | | | | | 3.6% | | |
Kornit Digital Ltd. | | | | | 3.5% | | |
Generac Holdings Inc. | | | | | 3.4% | | |
Kingspan Group plc | | | | | 3.3% | | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | | | 3.3% | | |
Watts Water Technologies, Inc. | | | | | 3.0% | | |
Sunrun Inc. | | | | | 2.9% | | |
Aptiv PLC | | | | | 2.8% | | |
Energy Recovery, Inc. | | | | | 2.8% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Industrials | | | | | 33.8% | | |
Information Technology | | | | | 31.7% | | |
Materials | | | | | 13.9% | | |
Energy | | | | | 5.4% | | |
Financials | | | | | 3.3% | | |
Consumer Discretionary | | | | | 2.9% | | |
Utilities | | | | | 1.7% | | |
CASH + other assets (net) | | | | | 7.3% | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 92.0% | | |
United States | | | | | 60.5% | | |
Germany | | | | | 8.0% | | |
Ireland | | | | | 6.2% | | |
Japan | | | | | 4.5% | | |
Israel | | | | | 3.5% | | |
Netherlands | | | | | 2.4% | | |
Switzerland | | | | | 2.3% | | |
Belgium | | | | | 2.2% | | |
Denmark | | | | | 1.7% | | |
Canada | | | | | 0.7% | | |
Value of a $10,000 Investment | |
Pear Tree Essex Environmental Opportunities (EEOFX) Ordinary Shares vs.MSCI World Index* | |
|
Average Annual Total Returns* | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2021 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (4.69 | )% | | | | 2.77% | | | | | | 49.33 | % | | | | -% | | | | | | -% | | | | | | 17.35 | % | | 09/01/2017 | | |||
Institutional Shares(1) | | | | | (4.55 | )% | | | | 2.97% | | | | | | 49.73 | % | | | | -% | | | | | | -% | | | | | | 17.65 | % | | 09/01/2017 | | |||
R6 Shares(1) | | | | | - | % | | | | -% | | | | | | - | % | | | | -% | | | | | | -% | | | | | | (6.60 | )% | | 09/01/2021 | | |||
MSCI World(2) | | | | | 0.09 | % | | | | 7.99% | | | | | | 29.39 | % | | | | -% | | | | | | -% | | | | | | 13.51 | % | | ———————— | |
| Fund Information | | | | | | | | | | | | | |
| Net Assets | | | $112.6 Million | | | | |||||||
| Number of Companies | | | 121 | | | | |||||||
| Price to Book Ratio | | | 3.5 | | | | |||||||
| Price to Earnings Ratio | | | 22.0 | | | | |||||||
| | | | Ordinary | | | Institutional | | | R6 | | | ||
| Total Expense Ratio (Gross)* | | | 1.69% | | | 1.44% | | | 1.29% | | | ||
| Total Expense Ratio (Net)* | | | 1.47% | | | 1.10% | | | 1.00% | | | ||
| Ticker Symbol | | | QFFOX | | | QEMAX | | | QFFRX | | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 29.4% | | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | | | 8.2% | | |
Samsung Electronics Company Limited | | | | | 4.1% | | |
Infosys Limited - SP | | | | | 3.0% | | |
Contemporary Amperex Technology Company, Ltd. | | | | | 2.4% | | |
Li Ning Company Limited | | | | | 2.2% | | |
Sberbank of Russia | | | | | 2.1% | | |
HDFC Bank Ltd. | | | | | 2.0% | | |
Bajaj Finserv Limited | | | | | 1.8% | | |
iShares Core MSCI Emerging Markets ETF | | | | | 1.8% | | |
Tencent Holdings Limited | | | | | 1.8% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Information Technology | | | | | 30.3% | | |
Financials | | | | | 15.6% | | |
Consumer Discretionary | | | | | 13.1% | | |
Industrials | | | | | 10.4% | | |
Health Care | | | | | 8.6% | | |
Materials | | | | | 5.3% | | |
Communication Services | | | | | 5.1% | | |
Energy | | | | | 4.1% | | |
Consumer Staples | | | | | 3.9% | | |
Utilities | | | | | 1.2% | | |
Mutual Funds | | | | | 1.8% | | |
CASH + other assets (net) | | | | | 0.6% | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 83.8% | | |
China | | | | | 21.2% | | |
India | | | | | 14.5% | | |
Taiwan | | | | | 14.3% | | |
South Korea | | | | | 12.9% | | |
United States | | | | | 5.4% | | |
Mexico | | | | | 4.3% | | |
Russia | | | | | 4.0% | | |
Hong Kong | | | | | 2.9% | | |
Brazil | | | | | 2.3% | | |
Saudi Arabia | | | | | 2.0% | | |
Value of a $10,000 Investment | |
Pear Tree Axiom Emerging Markets World Equity (PTEM) Ordinary Shares vs. MSCI EM Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2021 | | | Six Months | | | One Year | | | Five Year (3) | | | Ten Year (3) | | | Since Inception(3) | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (6.83 | )% | | | | (1.48 | )% | | | | 16.76 | % | | | | 9.72 | % | | | | 5.76 | % | | | | 5.73 | % | | 09/30/1994 | | ||||||
Institutional Shares(1) | | | | | (6.72 | )% | | | | (1.26 | )% | | | | 17.22 | % | | | | 10.14 | % | | | | 6.09 | % | | | | 7.02 | % | | 04/02/1996 | | ||||||
R6 Shares(1) | | | | | (6.72 | )% | | | | (1.31 | )% | | | | 17.23 | % | | | | - | % | | | | - | % | | | | 17.07 | % | | 01/28/2019 | | ||||||
MSCI EM(2) | | | | | (7.97 | )% | | | | (3.26 | )% | | | | 18.58 | % | | | | 9.62 | % | | | | 6.46 | % | | | | 5.57 | % | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $4,308.7 Million | | ||||||
| Number of Companies | | | 70 | | ||||||
| Price to Book Ratio | | | 1.6 | | ||||||
| Price to Earnings Ratio | | | 13.3 | | ||||||
| | | | Ordinary | | | Institutional | | | R6 | |
| Total Expense Ratio (Gross)* | | | 1.50% | | | 1.25% | | | 1.10% | |
| Total Expense Ratio (Net) * | | | 1.40% | | | 1.03% | | | 0.94% | |
| Ticker Symbol | | | QFVOX | | | QFVIX | | | QFVRX | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 22.1% | | |
Jazz Pharmaceuticals plc | | | | | 2.8% | | |
LG Electronics Inc. | | | | | 2.5% | | |
Publicis Groupe | | | | | 2.4% | | |
Popular, Inc. | | | | | 2.4% | | |
Methanex Corporation | | | | | 2.1% | | |
DNB Bank ASA | | | | | 2.1% | | |
SpareBank 1 SR-Bank ASA | | | | | 2.0% | | |
Kia Motors Corporation | | | | | 2.0% | | |
Bellway plc | | | | | 1.9% | | |
Magna International Inc. | | | | | 1.9% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Financials | | | | | 20.7% | | |
Consumer Discretionary | | | | | 20.6% | | |
Materials | | | | | 16.7% | | |
Industrials | | | | | 11.1% | | |
Communication Services | | | | | 8.9% | | |
Information Technology | | | | | 8.2% | | |
Consumer Staples | | | | | 5.1% | | |
Health Care | | | | | 5.1% | | |
Real Estate | | | | | 1.5% | | |
Cash and Other Assets (Net) | | | | | 2.1% | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 79.3% | | |
United Kingdom | | | | | 16.2% | | |
South Korea | | | | | 12.8% | | |
Japan | | | | | 12.8% | | |
Germany | | | | | 7.9% | | |
Canada | | | | | 6.5% | | |
France | | | | | 6.4% | | |
Norway | | | | | 6.3% | | |
Sweden | | | | | 4.0% | | |
Ireland | | | | | 3.9% | | |
Belgium | | | | | 2.5% | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Foreign Value (PTFV) Ordinary Shares vs. MSCI EAFE Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2021 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (2.19 | )% | | | | (0.90 | )% | | | | 36.76 | % | | | | 7.20% | | | | | | 8.54% | | | | | | 6.41% | | | | 05/15/1998 | | |||
Institutional Shares(1) | | | | | (2.11 | )% | | | | (0.74 | )% | | | | 37.21 | % | | | | 7.58% | | | | | | 8.87% | | | | | | 7.66% | | | | 12/18/1998 | | |||
R6 Shares(1) | | | | | (2.06 | )% | | | | (0.64 | )% | | | | 37.43 | % | | | | —% | | | | | | —% | | | | | | 7.31% | | | | 02/06/2017 | | |||
MSCI EAFE(2) | | | | | (0.35 | )% | | | | 5.01 | % | | | | 26.29 | % | | | | 9.33% | | | | | | 8.60% | | | | | | 5.22% | | | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $1,253.9 Million | | ||||||
| Number of Companies | | | 74 | | ||||||
| Price to Book Ratio | | | 1.4 | | ||||||
| Price to Earnings Ratio | | | 12.9 | | ||||||
| | | | Ordinary | | | Institutional | | | R6 | |
| Total Expense Ratio (Gross)* | | | 1.53% | | | 1.28% | | | 1.13% | |
| Total Expense Ratio (Net)* | | | 1.43% | | | 1.06% | | | 1.03% | |
| Ticker Symbol | | | QUSOX | | | QUSIX | | | QUSRX | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 20.0% | | |
Greencore Group plc | | | | | 2.3% | | |
Glanbia plc | | | | | 2.1% | | |
Prima Meat Packers Limited | | | | | 2.1% | | |
goeasy Ltd. | | | | | 2.1% | | |
C & C Group plc | | | | | 2.1% | | |
Equatorial Energia S.A. | | | | | 2.0% | | |
Jumbo S.A. | | | | | 1.9% | | |
LIC Housing Financing Limited | | | | | 1.8% | | |
Huaku Development Co., Limited | | | | | 1.8% | | |
Elite Material Co., Limited | | | | | 1.8% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Financials | | | | | 23.7% | | |
Industrials | | | | | 19.8% | | |
Consumer Discretionary | | | | | 15.5% | | |
Information Technology | | | | | 12.7% | | |
Consumer Staples | | | | | 11.2% | | |
Materials | | | | | 6.2% | | |
Utilities | | | | | 3.6% | | |
Real Estate | | | | | 3.4% | | |
Communication Services | | | | | 0.3% | | |
CASH + other assets (net) | | | | | 3.6% | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 73.4% | | |
Japan | | | | | 13.9% | | |
Taiwan | | | | | 13.0% | | |
United Kingdom | | | | | 12.5% | | |
Ireland | | | | | 7.2% | | |
Norway | | | | | 5.5% | | |
Canada | | | | | 5.3% | | |
South Korea | | | | | 4.9% | | |
Sweden | | | | | 4.4% | | |
Singapore | | | | | 3.4% | | |
Denmark | | | | | 3.3% | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Foreign Value Small Cap (PTFVSC) Ordinary Shares vs. MSCI ACWI ex USA Small Cap Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2021 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (2.31 | )% | | | | 2.18% | | | | | | 39.36 | % | | | | 8.99 | % | | | | 10.05 | % | | | | 7.09% | | | | 5/1/2008 | | ||||
Institutional Shares(1) | | | | | (2.25 | )% | | | | 2.36% | | | | | | 39.86 | % | | | | 9.38 | % | | | | 10.38 | % | | | | 7.38% | | | | 5/1/2008 | | ||||
R6 Shares(1) | | | | | (2.27 | )% | | | | 2.38% | | | | | | 40.00 | % | | | | — | % | | | | — | % | | | | 9.50% | | | | 2/6/2017 | | ||||
MSCI ACWI ex USA Small Cap(2) | | | | | 0.09 | % | | | | 6.59% | | | | | | 33.55 | % | | | | 10.69 | % | | | | 9.84 | % | | | | 6.28% | | | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $25.1 Million | | | |||||
| Number of Companies | | | 64 | | | |||||
| Price to Book Ratio | | | 3.4 | | | |||||
| Price to Earnings Ratio | | | 18.7 | | | |||||
| | | | Ordinary | | | Institutional | | | R6 | |
| Total Expense Ratio (Gross)* | | | 1.62% | | | 1.37% | | | 1.22% | |
| Total Expense Ratio (Net)* | | | 1.62% | | | 1.25% | | | 1.22% | |
| Ticker Symbol | | | QISOX | | | QISIX | | | QISRX | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 25.4% | | |
SINBON Electronics Co., Ltd | | | | | 4.5% | | |
Chailease Holding Co., Ltd. | | | | | 2.7% | | |
Bravida Holding AB | | | | | 2.7% | | |
POYA International Co., Ltd. | | | | | 2.5% | | |
BizLink Holding, Inc. | | | | | 2.3% | | |
VIB Vermogen AG | | | | | 2.2% | | |
NEXTAGE Co., Ltd. | | | | | 2.2% | | |
Sanwa Holdings Corporation | | | | | 2.1% | | |
Knowit AB | | | | | 2.1% | | |
Scientex Berhad | | | | | 2.1% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Financials | | | | | 22.3% | | |
Consumer Discretionary | | | | | 21.3% | | |
Information Technology | | | | | 20.9% | | |
Industrials | | | | | 17.1% | | |
Materials | | | | | 6.1% | | |
Consumer Staples | | | | | 3.9% | | |
Communications Services | | | | | 3.2% | | |
Real Estate | | | | | 2.2% | | |
Utilities | | | | | 1.9% | | |
CASH + other assets (net) | | | | | 1.1% | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 70.4% | | |
Taiwan | | | | | 17.1% | | |
United Kingdom | | | | | 9.7% | | |
Japan | | | | | 7.5% | | |
Sweden | | | | | 7.4% | | |
China | | | | | 7.0% | | |
Canada | | | | | 6.4% | | |
Germany | | | | | 4.0% | | |
South Korea | | | | | 3.9% | | |
France | | | | | 3.8% | | |
Malaysia | | | | | 3.6% | | |
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 | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2021 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | 0.55 | % | | | | 4.16 | % | | | | 36.64 | % | | | | —% | | | | | | —% | | | | | | 15.50 | % | | 01/30/2019 | | ||||
Institutional Shares(1) | | | | | 0.69 | % | | | | 4.41 | % | | | | 37.15 | % | | | | —% | | | | | | —% | | | | | | 15.95 | % | | 01/30/2019 | | ||||
R6 Shares(1) | | | | | 0.62 | % | | | | 4.34 | % | | | | 37.15 | % | | | | —% | | | | | | —% | | | | | | 15.96 | % | | 01/30/2019 | | ||||
MSCI ACWI ex USA(2) | | | | | (2.88 | )% | | | | 2.60 | % | | | | 24.45 | % | | | | __% | | | | | | __% | | | | | | 11.63 | % | | ———————— | |
| COMMON STOCK — 99.5% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| AEROSPACE & DEFENSE — 2.9% | | ||||||||||||
| Curtiss-Wright Corporation | | | | | 10,400 | | | | | $ | 1,312,272 | | |
| Vectrus, Inc. (a) | | | | | 28,000 | | | | | | 1,407,840 | | |
| | | | | | 2,720,112 | | | ||||||
| AUTO COMPONENTS — 1.0% | | ||||||||||||
| Standard Motor Products, Inc. | | | | | 21,900 | | | | | | 957,249 | | |
| AUTOMOBILES — 2.1% | | ||||||||||||
| Winnebago Industries, Inc. | | | | | 27,467 | | | | | | 1,989,984 | | |
| BANKS — 20.3% | | ||||||||||||
| BOK Financial Corporation | | | | | 20,564 | | | | | | 1,841,506 | | |
| Brookline Bancorp, Inc. | | | | | 130,700 | | | | | | 1,994,482 | | |
| Cambridge Bancorp | | | | | 23,530 | | | | | | 2,070,640 | | |
| Central Pacific Financial Corporation | | | | | 43,583 | | | | | | 1,119,211 | | |
| Colony Bankcorp, Inc. | | | | | 143,279 | | | | | | 2,683,616 | | |
| F.N.B. Corporation | | | | | 148,480 | | | | | | 1,725,338 | | |
| International Bancshares Corporation | | | | | 41,700 | | | | | | 1,736,388 | | |
| OFG Bancorp | | | | | 87,500 | | | | | | 2,206,750 | | |
| RBB Bancorp | | | | | 25,600 | | | | | | 645,376 | | |
| South Plains Financial, Inc. | | | | | 116,700 | | | | | | 2,845,146 | | |
| | | | | | 18,868,453 | | | ||||||
| BUILDING PRODUCTS — 1.8% | | ||||||||||||
| American Woodmark Corporation (a) | | | | | 25,100 | | | | | | 1,640,787 | | |
| CAPITAL MARKETS — 1.9% | | ||||||||||||
| Hercules Capital, Inc. | | | | | 105,998 | | | | | | 1,760,627 | | |
| CHEMICALS — 1.0% | | ||||||||||||
| Cabot Corporation | | | | | 18,273 | | | | | | 915,843 | | |
| CONSTRUCTION MATERIALS — 1.9% | | ||||||||||||
| Eagle Materials Inc. | | | | | 13,400 | | | | | | 1,757,544 | | |
| CONTAINERS & PACKAGING — 4.5% | | ||||||||||||
| Berry Global Group, Inc. (a) | | | | | 32,700 | | | | | | 1,990,776 | | |
| Graphic Packaging Holding Co. | | | | | 116,000 | | | | | | 2,208,640 | | |
| | | | | | 4,199,416 | | | ||||||
| DIVERSIFIED CONSUMER SERVICES — 1.8% | | ||||||||||||
| Perdoceo Education Corporation (a) | | | | | 160,300 | | | | | | 1,692,768 | | |
| ELECTRIC UTILITIES — 1.8% | | ||||||||||||
| ALLETE, Inc. | | | | | 28,000 | | | | | | 1,666,560 | | |
| | | | Shares | | | Value | | ||||||
| ELECTRICAL EQUIPMENT — 1.1% | | ||||||||||||
| Regal Beloit Corporation | | | | | 6,889 | | | | | $ | 1,035,692 | | |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 7.1% | | ||||||||||||
| Arrow Electronics, Inc. (a) | | | | | 14,900 | | | | | | 1,673,121 | | |
| Insight Enterprises, Inc. (a) | | | | | 15,127 | | | | | | 1,362,640 | | |
| Kimball Electronics, Inc. (a) | | | | | 62,745 | | | | | | 1,616,939 | | |
| Methode Electronics, Inc. | | | | | 46,600 | | | | | | 1,959,530 | | |
| | | | | | 6,612,230 | | | ||||||
| ENERGY EQUIPMENT & SERVICES — 2.1% | | ||||||||||||
| Dril-Quip, Inc. (a) | | | | | 78,000 | | | | | | 1,964,040 | | |
| ENTERTAINMENT — 2.7% | | ||||||||||||
| Cinemark Holdings, Inc. | | | | | 130,558 | | | | | | 2,508,019 | | |
| FOOD PRODUCTS — 4.0% | | ||||||||||||
| Ingredion Incorporated | | | | | 20,300 | | | | | | 1,806,903 | | |
| Sanderson Farms, Inc. | | | | | 10,250 | | | | | | 1,929,050 | | |
| | | | | | 3,735,953 | | | ||||||
| HEALTH CARE EQUIPMENT & SUPPLIES — 1.2% | | ||||||||||||
| Natus Medical, Inc. (a) | | | | | 46,220 | | | | | | 1,159,197 | | |
| HEALTH CARE TECHNOLOGY — 1.1% | | ||||||||||||
| Computer Programs and Systems, Inc. | | | | | 29,650 | | | | | | 1,051,389 | | |
| HOUSEHOLD PRODUCTS — 1.1% | | ||||||||||||
| Central Garden and Pet Company, Class A (a) | | | | | 22,800 | | | | | | 980,400 | | |
| INSURANCE — 1.8% | | ||||||||||||
| FedNat Holding Company (a) | | | | | 400,000 | | | | | | 988,000 | | |
| United Insurance Holdings Corporation | | | | | 198,351 | | | | | | 720,014 | | |
| | | | | | 1,708,014 | | | ||||||
| IT SERVICES — 6.4% | | ||||||||||||
| CSG Systems International, Inc. | | | | | 39,700 | | | | | | 1,913,540 | | |
| EVERTEC Inc. | | | | | 50,800 | | | | | | 2,322,576 | | |
| Maximus Inc. | | | | | 21,000 | | | | | | 1,747,200 | | |
| | | | | | 5,983,316 | | | ||||||
| LEISURE PRODUCTS — 0.9% | | ||||||||||||
| Johnson Outdoors, Inc. | | | | | 7,700 | | | | | | 814,660 | | |
|
| | | | Shares | | | Value | | ||||||
| MACHINERY — 3.9% | | ||||||||||||
| Exco Technologies Limited | | | | | 273,400 | | | | | $ | 2,138,601 | | |
| Oshkosh Corporation | | | | | 14,100 | | | | | | 1,443,417 | | |
| | | | | | 3,582,018 | | | ||||||
| OIL, GAS & CONSUMABLE FUELS — 4.3% | | ||||||||||||
| CVR Energy, Inc. | | | | | 79,500 | | | | | | 1,324,470 | | |
| Delek US Holdings, Inc. (a) | | | | | 6,741 | | | | | | 121,136 | | |
| Diamondback Energy, Inc. | | | | | 26,570 | | | | | | 2,515,382 | | |
| | | | | | 3,960,988 | | | ||||||
| PHARMACEUTICALS — 2.2% | | ||||||||||||
| Harmony Biosciences Holdings, Inc. (a) | | | | | 30,900 | | | | | | 1,184,397 | | |
| Supernus Pharmaceuticals, Inc. (a) | | | | | 32,900 | | | | | | 877,443 | | |
| | | | | | 2,061,840 | | | ||||||
| PROFESSIONAL SERVICES — 7.6% | | ||||||||||||
| Barrett Business Services, Inc. | | | | | 30,100 | | | | | | 2,295,426 | | |
| BG Staffing, Inc. | | | | | 95,516 | | | | | | 1,221,650 | | |
| Kforce, Inc. | | | | | 34,794 | | | | | | 2,075,114 | | |
| Science Applications International Corporation | | | | | 17,700 | | | | | | 1,514,412 | | |
| | | | | | 7,106,602 | | | ||||||
| ROAD & RAIL — 1.4% | | ||||||||||||
| Knight-Swift Transportation Holdings, Inc. | | | | | 24,494 | | | | | | 1,252,868 | | |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.4% | | ||||||||||||
| MKS Instruments, Inc. | | | | | 8,500 | | | | | | 1,282,735 | | |
| SOFTWARE — 1.1% | | ||||||||||||
| Enghouse Systems Limited | | | | | 23,500 | | | | | | 1,030,780 | | |
| SPECIALTY RETAIL — 1.8% | | ||||||||||||
| Asbury Automotive Group, Inc. (a) | | | | | 8,646 | | | | | | 1,701,014 | | |
| TEXTILES, APPAREL & LUXURY GOODS — 2.8% | | ||||||||||||
| Crocs, Inc. (a) | | | | | 8,710 | | | | | | 1,249,711 | | |
| Superior Group of Companies, Inc. | | | | | 57,100 | | | | | | 1,329,859 | | |
| | | | | | 2,579,570 | | | ||||||
|
| | | | Shares | | | Value | | ||||||
| TRADING COMPANIES & DISTRIBUTORS — 2.5% | | ||||||||||||
| Air Lease Corporation | | | | | 36,300 | | | | | $ | 1,428,042 | | |
| Applied Industrial Technologies, Inc. | | | | | 10,200 | | | | | | 919,326 | | |
| | | | | | 2,347,368 | | | ||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $69,773,706) | | | | | | | | | | | 92,628,036 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—0.7% | | | | | | | | | | | | | |
Federated Hermes Treasury Obligations Fund, 0.01% (b) (Cost $690,917) | | | | $ | 690,917 | | | | | $ | 690,917 | | |
TOTAL INVESTMENTS—100.2% (Cost $70,464,623) | | | | | | | | | | $ | 93,318,953 | | |
OTHER ASSETS & LIABILITIES (NET)—(0.2)% | | | | | | | | | | | (200,421) | | |
NET ASSETS—100% | | | | | | | | | | $ | 93,118,532 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 26,652,916 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (4,358,164) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 22,294,752 | | |
| COMMON STOCK — 98.3% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| AEROSPACE & DEFENSE — 2.5% | | ||||||||||||
| Safran SA | | | | | 40,971 | | | | | $ | 5,206,721 | | |
| BANKS — 8.1% | | ||||||||||||
| U.S. Bancorp | | | | | 167,322 | | | | | | 9,945,620 | | |
| Wells Fargo & Company | | | | | 156,851 | | | | | | 7,279,455 | | |
| | | | | | 17,225,075 | | | ||||||
| BEVERAGES — 3.7% | | ||||||||||||
| Coca-Cola Company (The) | | | | | 150,805 | | | | | | 7,912,738 | | |
| COMMERCIAL SERVICES AND SUPPLIES — 0.8% | | ||||||||||||
| Global Payments, Inc. | | | | | 11,494 | | | | | | 1,811,225 | | |
| COMMUNICATIONS EQUIPMENT — 2.4% | | ||||||||||||
| Cisco Systems, Inc. | | | | | 92,085 | | | | | | 5,012,186 | | |
| DIVERSIFIED FINANCIAL SERVICES — 3.7% | | ||||||||||||
| American Express Company | | | | | 31,240 | | | | | | 5,233,637 | | |
| The Charles Schwab Corporation | | | | | 35,107 | | | | | | 2,557,194 | | |
| | | | | | 7,790,831 | | | ||||||
| FOOD PRODUCTS — 1.1% | | ||||||||||||
| Nestle, S.A. (b) | | | | | 18,426 | | | | | | 2,214,989 | | |
| HEALTH CARE EQUIPMENT & SUPPLIES — 4.5% | | ||||||||||||
| Abbott Laboratories | | | | | 27,857 | | | | | | 3,290,747 | | |
| Medtronic Plc | | | | | 49,450 | | | | | | 6,198,558 | | |
| | | | | | 9,489,305 | | | ||||||
| HEALTH CARE PROVIDERS & SERVICES — 10.0% | | ||||||||||||
| Anthem, Inc. | | | | | 17,208 | | | | | | 6,415,142 | | |
| CIGNA Corporation | | | | | 9,510 | | | | | | 1,903,522 | | |
| Quest Diagnostics Incorporated | | | | | 23,555 | | | | | | 3,422,777 | | |
| UnitedHealth Group, Inc. | | | | | 24,649 | | | | | | 9,631,350 | | |
| | | | | | 21,372,791 | | | ||||||
| HOTELS, RESTAURANTS & LEISURE — 2.3% | | ||||||||||||
| Compass Group Plc (b) | | | | | 232,253 | | | | | | 4,854,088 | | |
| HOUSEHOLD PRODUCTS — 2.0% | | ||||||||||||
| Unilever Plc (b) | | | | | 78,785 | | | | | | 4,271,723 | | |
| INDUSTRIAL CONGLOMERATES — 1.4% | | ||||||||||||
| 3M Company | | | | | 16,693 | | | | | | 2,928,286 | | |
| | | | Shares | | | Value | | ||||||
| INTERACTIVE MEDIA & SERVICES — 8.7% | | ||||||||||||
| Alphabet, Inc. Class A (a) | | | | | 2,527 | | | | | $ | 6,755,985 | | |
| Alphabet, Inc. Class C (a) | | | | | 1,455 | | | | | | 3,878,026 | | |
| Facebook, Inc. (a) | | | | | 17,063 | | | | | | 5,791,012 | | |
| Lyft, Inc. (a) | | | | | 39,166 | | | | | | 2,098,906 | | |
| | | | | | 18,523,929 | | | ||||||
| IT SERVICES — 20.2% | | ||||||||||||
| Accenture Plc | | | | | 25,861 | | | | | | 8,273,451 | | |
| Adobe Systems Incorporated (a) | | | | | 5,275 | | | | | | 3,036,923 | | |
| Microsoft Corporation | | | | | 44,796 | | | | | | 12,628,888 | | |
| Oracle Corporation | | | | | 92,447 | | | | | | 8,054,907 | | |
| salesforce.com, inc. (a) | | | | | 12,498 | | | | | | 3,389,708 | | |
| SAP AG (b) | | | | | 34,199 | | | | | | 4,618,233 | | |
| Visa, Inc. | | | | | 13,198 | | | | | | 2,939,855 | | |
| | | | | | 42,941,965 | | | ||||||
| MACHINERY — 1.3% | | ||||||||||||
| Otis Worldwide Corp. | | | | | 35,021 | | | | | | 2,881,528 | | |
| MULTILINE RETAIL — 2.6% | | ||||||||||||
| TJX Companies, Inc. (The) | | | | | 82,655 | | | | | | 5,453,577 | | |
| PHARMACEUTICALS — 8.3% | | ||||||||||||
| Eli Lilly and Company | | | | | 14,033 | | | | | | 3,242,325 | | |
| Johnson & Johnson | | | | | 38,731 | | | | | | 6,255,057 | | |
| Merck & Co., Inc. | | | | | 50,449 | | | | | | 3,789,224 | | |
| Roche Holding Ltd. (b) | | | | | 98,128 | | | | | | 4,461,880 | | |
| | | | | | 17,748,486 | | | ||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 10.0% | | ||||||||||||
| KLA-Tencor Corporation | | | | | 4,479 | | | | | | 1,498,270 | | |
| Lam Research Corporation | | | | | 11,406 | | | | | | 6,491,725 | | |
| Taiwan Semiconductor Manufacturing Co., Ltd. (b) | | | | | 63,632 | | | | | | 7,104,513 | | |
| Texas Instruments, Inc. | | | | | 32,554 | | | | | | 6,257,204 | | |
| | | | | | 21,351,712 | | | ||||||
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 3.7% | | ||||||||||||
| Apple, Inc. | | | | | 56,188 | | | | | | 7,950,602 | | |
| TEXTILES, APPAREL & LUXURY GOODS — 1.0% | | ||||||||||||
| LVMH Moët Hennessy-Louis Vuitton S.A. (b) | | | | | 15,661 | | | | | | 2,243,908 | | |
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $160,074,189) | | | | | | | | | | | 209,185,665 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market —1.6% | | | | | | | | | | | | | |
Federated Hermes Treasury Obligations Fund, 0.01% (c) (Cost $3,435,920) | | | | $ | 3,435,920 | | | | | $ | 3,435,920 | | |
TOTAL INVESTMENTS 99.9% (Cost $163,510,109) | | | | | | | | | | | 212,621,585 | | |
OTHER ASSETS & LIABILITIES (NET)—0.1% | | | | | | | | | | | 211,839 | | |
NET ASSETS—100% | | | | | | | | | | $ | 212,833,424 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 51,471,603 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (2,820,131) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 48,651,472 | | |
| Common Stock — 92.7% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| BELGIUM — 2.2% | | ||||||||||||
| MATERIALS — 2.2% | | ||||||||||||
| Umicore N.V. | | | | | 23,360 | | | | | $ | 1,387,144 | | |
| CANADA — 0.7% | | ||||||||||||
| INFORMATION TECHNOLOGY — 0.7% | | ||||||||||||
| Farmers Edge Inc. (a) | | | | | 115,982 | | | | | | 461,401 | | |
| DENMARK — 1.7% | | ||||||||||||
| UTILITIES — 1.7% | | ||||||||||||
| Ørsted A/S | | | | | 8,485 | | | | | | 1,122,499 | | |
| GERMANY — 8.0% | | ||||||||||||
| INDUSTRIALS — 1.7% | | ||||||||||||
| Aumann AG | | | | | 61,785 | | | | | | 1,094,072 | | |
| INFORMATION TECHNOLOGY — 6.3% | | ||||||||||||
| Infineon Technologies AG | | | | | 37,854 | | | | | | 1,558,423 | | |
| PSI Software AG | | | | | 38,972 | | | | | | 1,698,166 | | |
| SMA Solar Technology AG | | | | | 19,305 | | | | | | 831,352 | | |
| | | | | | 4,087,941 | | | ||||||
| | | | | | | | | ||||||
| TOTAL GERMANY | | | | | 5,182,013 | | | ||||||
| IRELAND — 6.2% | | ||||||||||||
| CONSUMER DISCRETIONARY — 2.9% | | ||||||||||||
| Aptiv PLC (a) | | | | | 12,283 | | | | | | 1,829,799 | | |
| INDUSTRIALS — 3.3% | | ||||||||||||
| Kingspan Group PLC | | | | | 21,370 | | | | | | 2,129,818 | | |
| | | | | | | | | ||||||
| TOTAL IRELAND | | | | | 3,959,617 | | | ||||||
| ISRAEL — 3.5% | | ||||||||||||
| INDUSTRIALS — 3.5% | | ||||||||||||
| Kornit Digital Ltd. (a) | | | | | 15,720 | | | | | | 2,275,313 | | |
| JAPAN — 4.5% | | ||||||||||||
| INDUSTRIALS — 1.7% | | ||||||||||||
| Kurita Water Industries Ltd. | | | | | 22,331 | | | | | | 1,080,774 | | |
| | | | Shares | | | Value | | ||||||
| INFORMATION TECHNOLOGY — 2.8% | | ||||||||||||
| Keyence Corporation | | | | | 3,026 | | | | | $ | 1,817,092 | | |
| | | | | | | | | ||||||
| TOTAL JAPAN | | | | | 2,897,866 | | | ||||||
| NETHERLANDS — 2.4% | | ||||||||||||
| INDUSTRIALS — 2.4% | | ||||||||||||
| Sensata Technologies Holding NV (a) | | | | | 27,978 | | | | | | 1,530,956 | | |
| NORWAY — 0.7% | | ||||||||||||
| INDUSTRIALS — 0.7% | | ||||||||||||
| Nel ASA (a) | | | | | 323,512 | | | | | | 484,195 | | |
| SWITZERLAND — 2.3% | | ||||||||||||
| INFORMATION TECHNOLOGY — 2.3% | | ||||||||||||
| Landis Group AG (a) | | | | | 22,619 | | | | | | 1,464,452 | | |
| UNITED STATES — 60.5% | | ||||||||||||
| ENERGY — 5.4% | | ||||||||||||
| Aspen Aerogels, Inc. (a) | | | | | 75,090 | | | | | | 3,454,891 | | |
| FINANCIALS — 3.3% | | ||||||||||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | | | 39,509 | | | | | | 2,112,942 | | |
| INDUSTRIALS — 20.5% | | ||||||||||||
| Array Technologies, Inc. (a) | | | | | 75,556 | | | | | | 1,399,297 | | |
| Bloom Energy Corporation Class A (a) | | | | | 47,834 | | | | | | 895,453 | | |
| Energy Recovery, Inc. (a) | | | | | 96,078 | | | | | | 1,828,364 | | |
| Eneti Inc. | | | | | 60,250 | | | | | | 1,006,175 | | |
| Enovix Corporation (a) | | | | | 47,441 | | | | | | 896,160 | | |
| Generac Holdings Inc. | | | | | 5,367 | | | | | | 2,193,332 | | |
| Lindsay Corporation | | | | | 7,872 | | | | | | 1,194,891 | | |
| Sunrun Inc. (a) | | | | | 42,643 | | | | | | 1,876,292 | | |
| Watts Water Technologies, Inc., Class A | | | | | 11,424 | | | | | | 1,920,260 | | |
| | | | | | 13,210,224 | | | ||||||
| INFORMATION TECHNOLOGY — 19.6% | | ||||||||||||
| Badger Meter, Inc. | | | | | 17,508 | | | | | | 1,770,759 | | |
| Cognex Corporation | | | | | 16,477 | | | | | | 1,321,785 | | |
| Enphase Energy, Inc. (a) | | | | | 11,350 | | | | | | 1,702,160 | | |
| Iteris, Inc. (a) | | | | | 242,082 | | | | | | 1,278,193 | | |
| Itron, Inc. (a) | | | | | 18,911 | | | | | | 1,430,239 | | |
| SolarEdge Technologies, Inc. (a) | | | | | 6,268 | | | | | | 1,662,399 | | |
| Trimble, Inc. (a) | | | | | 21,566 | | | | | | 1,773,803 | | |
| Wolfspeed, Inc. | | | | | 20,992 | | | | | | 1,694,684 | | |
| | | | | | 12,634,022 | | | ||||||
|
| | | | Shares | | | Value | | ||||||
| MATERIALS — 11.7% | | ||||||||||||
| Albemarle Corporation | | | | | 10,503 | | | | | $ | 2,299,842 | | |
| Amyris, Inc. (a) | | | | | 125,739 | | | | | | 1,726,396 | | |
| Livent Corporation (a) | | | | | 77,555 | | | | | | 1,792,296 | | |
| MP Materials Corp. (a) | | | | | 54,098 | | | | | | 1,743,579 | | |
| | | | | | 7,562,113 | | | ||||||
| | | | | | | | | ||||||
| TOTAL UNITED STATES | | | | | 38,974,192 | | | ||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $49,042,120) | | | | | | | | | | | 59,739,648 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—6.3% | | | | | | | | | | | | | |
Federated Hermes Treasury Obligations Fund, 0.01% (b) (Cost $4,044,194) | | | | $ | 4,044,194 | | | | | $ | 4,044,194 | | |
TOTAL INVESTMENTS 99.0% (Cost $53,086,314) | | | | | | | | | | | 63,783,842 | | |
OTHER ASSETS & LIABILITIES (NET)—1.0% | | | | | | | | | | | 646,781 | | |
NET ASSETS—100% | | | | | | | | | | $ | 64,430,623 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 15,104,252 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (4,406,755) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 10,697,497 | | |
| Common Stock — 95.1% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| ARGENTINA — 1.5% | | ||||||||||||
| Globant S.A. | | | | | 5,968 | | | | | $ | 1,677,068 | | |
| AUSTRALIA — 0.1% | | ||||||||||||
| IDP Education Limited | | | | | 5,711 | | | | | | 140,713 | | |
| BRAZIL — 2.3% | | ||||||||||||
| Hapvida Participacoes e Investimentos S.A. | | | | | 76,300 | | | | | | 190,299 | | |
| Localiza Rent a Car S.A. | | | | | 29,000 | | | | | | 289,899 | | |
| Notre Dame Intermedica Participacoes S.A. | | | | | 7,900 | | | | | | 108,172 | | |
| PagSeguro Digital Ltd. | | | | | 14,263 | | | | | | 737,682 | | |
| Weg S.A. | | | | | 167,100 | | | | | | 1,215,323 | | |
| | | | | | 2,541,375 | | | ||||||
| CHINA — 21.2% | | ||||||||||||
| Alibaba Group Holding Ltd. (a)(b) | | | | | 10,288 | | | | | | 1,523,138 | | |
| Baidu, Inc. (a)(b) | | | | | 2,224 | | | | | | 341,940 | | |
| Bosideng International Holdings Limited | | | | | 706,000 | | | | | | 502,427 | | |
| Centre Testing International Group Co., Ltd. | | | | | 212,200 | | | | | | 832,421 | | |
| China Huishan Dairy Holdings Co., Ltd. * (a) | | | | | 208,000 | | | | | | — | | |
| China Longyuan Power Group H | | | | | 557,000 | | | | | | 1,376,634 | | |
| China Merchants Bank Co., Ltd. - H Shares | | | | | 143,500 | | | | | | 1,143,805 | | |
| Chinasoft International | | | | | 605,000 | | | | | | 1,069,380 | | |
| Chongqing Brewery Co., Ltd. | | | | | 19,800 | | | | | | 402,085 | | |
| Contemporary Amperex Technology Company, Ltd. | | | | | 32,700 | | | | | | 2,660,297 | | |
| Ganfeng Lithium Co., Ltd. | | | | | 51,000 | | | | | | 906,702 | | |
| Hanergy Mobile Energy Holding Group * (a) | | | | | 36,000 | | | | | | — | | |
| Li Ning Company Limited | | | | | 218,500 | | | | | | 2,530,319 | | |
| LONGi Green Energy Technology | | | | | 100,560 | | | | | | 1,283,493 | | |
| Shenzhen Inovance Technology Co., Ltd. | | | | | 90,800 | | | | | | 885,209 | | |
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd. | | | | | 19,300 | | | | | | 1,151,095 | | |
| Tencent Holdings Limited | | | | | 33,700 | | | | | | 1,997,403 | | |
| Wuliangye Yibin Co., Ltd. | | | | | 9,500 | | | | | | 322,522 | | |
| WuXi AppTec | | | | | 50,900 | | | | | | 1,190,655 | | |
| WuXi Biologics (Cayman) Inc. (a) | | | | | 106,000 | | | | | | 1,722,481 | | |
| Wuxi Lead Intelligent Equipment Co., Ltd. | | | | | 73,000 | | | | | | 788,719 | | |
| Xtep International Holdings Limited | | | | | 418,000 | | | | | | 585,276 | | |
| Yum China Holdings, Inc. | | | | | 1,940 | | | | | | 112,733 | | |
| Zai Lab Limited (a)(b) | | | | | 5,261 | | | | | | 554,457 | | |
| | | | | | 23,883,191 | | | ||||||
| FRANCE — 1.6% | | ||||||||||||
| Hermès International S.A. | | | | | 112 | | | | | | 155,300 | | |
| LVMH Moet Hennessy Louis Vuitton SE | | | | | 482 | | | | | | 346,376 | | |
| | | | Shares | | | Value | | ||||||
| FRANCE (continued) | | | | | | | | | | | | | |
| Sartorius Stedim Biotech | | | | | 1,063 | | | | | $ | 595,866 | | |
| Teleperformance SE | | | | | 1,901 | | | | | | 749,253 | | |
| | | | | | 1,846,795 | | | ||||||
| GERMANY — 0.2% | | ||||||||||||
| BioNTech SE (b) | | | | | 820 | | | | | | 223,852 | | |
| HONG KONG — 2.9% | | ||||||||||||
| AIA Group Ltd. | | | | | 99,800 | | | | | | 1,153,161 | | |
| Hong Kong Exchanges & Clearing Ltd. | | | | | 8,100 | | | | | | 499,233 | | |
| SITC International Holdings Company Ltd. | | | | | 141,500 | | | | | | 508,038 | | |
| Techtronic Industries Company Limited | | | | | 54,000 | | | | | | 1,075,880 | | |
| | | | | | 3,236,312 | | | ||||||
| HUNGARY — 1.3% | | ||||||||||||
| OTP Bank Nyrt. | | | | | 24,956 | | | | | | 1,465,401 | | |
| INDIA — 14.5% | | ||||||||||||
| Apollo Hospitals Enterprise Limited | | | | | 5,915 | | | | | | 357,127 | | |
| Asian Paints Ltd. | | | | | 38,544 | | | | | | 1,684,844 | | |
| Bajaj Finserv Limited | | | | | 19,828 | | | | | | 2,048,339 | | |
| Escorts Limited | | | | | 55,337 | | | | | | 1,103,423 | | |
| Fortis Healthcare Limited | | | | | 47,175 | | | | | | 167,466 | | |
| HDFC Bank Ltd. | | | | | 103,218 | | | | | | 2,217,878 | | |
| Indian Energy Exchange Limited | | | | | 48,125 | | | | | | 418,798 | | |
| Info Edge Limited | | | | | 1,231 | | | | | | 106,659 | | |
| Infosys Limited | | | | | 5,781 | | | | | | 130,468 | | |
| Infosys Limited - SP (b) | | | | | 143,800 | | | | | | 3,199,550 | | |
| Mindtree Ltd. | | | | | 17,798 | | | | | | 1,007,085 | | |
| Motherson Sumi Systems Ltd. | | | | | 255,033 | | | | | | 776,326 | | |
| Reliance Industries Ltd. | | | | | 50,172 | | | | | | 1,702,817 | | |
| Tata Motors Limited (a)(b) | | | | | 30,800 | | | | | | 690,228 | | |
| UltraTech Cement Ltd. | | | | | 6,899 | | | | | | 687,423 | | |
| | | | | | 16,298,431 | | | ||||||
| INDONESIA — 0.3% | | ||||||||||||
| PT Bank Jago Tbk | | | | | 120,800 | | | | | | 127,446 | | |
| Vale Indonesia Tbk | | | | | 848,500 | | | | | | 272,113 | | |
| | | | | | 399,559 | | | ||||||
| JAPAN — 0.2% | | ||||||||||||
| Tokyo Electron Limited | | | | | 450 | | | | | | 200,327 | | |
|
| | | | Shares | | | Value | | ||||||
| MALAYSIA — 0.1% | | ||||||||||||
| IHH Healthcare Berhad | | | | | 74,500 | | | | | $ | 119,228 | | |
| | | ||||||||||||
| | | ||||||||||||
| MEXICO — 4.3% | | ||||||||||||
| Cemex S.A.B. CPO (a) | | | | | 1,709,100 | | | | | | 1,238,701 | | |
| Grupo Aeroportuario del Sureste, S. A. B. de C.V. | | | | | 25,700 | | | | | | 482,577 | | |
| Grupo Financiero Banorte SAB de CV | | | | | 167,700 | | | | | | 1,082,138 | | |
| Grupo Mexico S.A.B. de C.V. Class B | | | | | 91,600 | | | | | | 367,345 | | |
| Wal-Mart de Mexico, S.A.B. de C.V. | | | | | 475,600 | | | | | | 1,623,492 | | |
| | | | | | 4,794,253 | | | ||||||
| NETHERLANDS — 1.0% | | ||||||||||||
| ASML Holding N.V. | | | | | 1,530 | | | | | | 1,145,239 | | |
| PANAMA — 0.7% | | ||||||||||||
| Copa Holdings, S.A. | | | | | 10,290 | | | | | | 837,400 | | |
| POLAND — 1.0% | | ||||||||||||
| Dino Polska S.A. | | | | | 13,571 | | | | | | 1,135,217 | | |
| RUSSIA — 4.0% | | ||||||||||||
| LUKoil P.J.S.C. (b) | | | | | 20,778 | | | | | | 1,990,948 | | |
| Sberbank of Russia (a)(b) | | | | | 123,295 | | | | | | 2,320,412 | | |
| Yandex N.V. (a) | | | | | 2,890 | | | | | | 230,304 | | |
| | | | | | 4,541,664 | | | ||||||
| SINGAPORE — 1.8% | | ||||||||||||
| DBS Group Holdings Ltd. | | | | | 18,400 | | | | | | 410,937 | | |
| Sea Ltd. (Singapore) (b) | | | | | 5,174 | | | | | | 1,649,109 | | |
| | | | | | 2,060,046 | | | ||||||
| SOUTH AFRICA — 0.7% | | ||||||||||||
| Capitec Bank | | | | | 5,370 | | | | | | 649,290 | | |
| Clicks Group Limited | | | | | 9,541 | | | | | | 176,107 | | |
| | | | | | 825,397 | | | ||||||
| SOUTH KOREA — 12.4% | | ||||||||||||
| Dentium Co. ltd. | | | | | 4,174 | | | | | | 269,688 | | |
| Hana Financial Group, Inc. | | | | | 5,023 | | | | | | 196,847 | | |
| Hyundai Motor Company Ltd. | | | | | 8,530 | | | | | | 1,440,878 | | |
| KakaoBank Corp. | | | | | 13,142 | | | | | | 759,217 | | |
| Kia Motors Corporation | | | | | 23,555 | | | | | | 1,615,427 | | |
| Naver Corp. | | | | | 4,287 | | | | | | 1,404,862 | | |
| | | | Shares | | | Value | | ||||||
| SOUTH KOREA (continued) | | ||||||||||||
| POSCO | | | | | 1,845 | | | | | $ | 514,232 | | |
| Samsung Bioepis Co., Ltd. (a) | | | | | 2,541 | | | | | | 1,875,704 | | |
| Samsung Electronics Company Limited | | | | | 65,165 | | | | | | 4,078,316 | | |
| Shinhan Financial Group Co., Limited | | | | | 32,366 | | | | | | 1,104,381 | | |
| SK Hynix, Inc. | | | | | 5,173 | | | | | | 450,016 | | |
| SK IE Technology Co., Ltd. (a) | | | | | 1,499 | | | | | | 286,127 | | |
| | | | | | 13,995,695 | | | ||||||
| | | ||||||||||||
| SWEDEN — 0.6% | | ||||||||||||
| Atlas Copco AB | | | | | 6,759 | | | | | | 411,167 | | |
| Epiroc AB | | | | | 13,460 | | | | | | 280,013 | | |
| | | | | | 691,180 | | | ||||||
| SWITZERLAND — 0.6% | | ||||||||||||
| Straumann Group | | | | | 363 | | | | | | 655,066 | | |
| TAIWAN — 14.3% | | ||||||||||||
| Airtac International Group | | | | | 10,200 | | | | | | 320,346 | | |
| Delta Electronics, Inc. | | | | | 34,000 | | | | | | 307,532 | | |
| Giant Manufacturing Company, Ltd. | | | | | 14,500 | | | | | | 165,763 | | |
| Hon Hai Precision Industry Co. ltd. | | | | | 174,000 | | | | | | 655,767 | | |
| Makalot Industrial Co., Ltd. | | | | | 129,000 | | | | | | 1,141,347 | | |
| MediaTek, Inc. | | | | | 31,400 | | | | | | 1,019,974 | | |
| Momo.com Inc. | | | | | 5,100 | | | | | | 296,549 | | |
| Nien Made Enterprise Company Ltd. | | | | | 51,000 | | | | | | 724,897 | | |
| Realtek Semiconductor Corporation | | | | | 6,700 | | | | | | 119,160 | | |
| Silergy Corp. | | | | | 9,500 | | | | | | 1,399,742 | | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | | | | | 189,000 | | | | | | 3,934,603 | | |
| Taiwan Semiconductor Manufacturing Co., Ltd. (b) | | | | | 47,520 | | | | | | 5,305,608 | | |
| United Microelectronics Corporation | | | | | 110,000 | | | | | | 252,688 | | |
| United Microelectronics Corporation (b) | | | | | 39,300 | | | | | | 449,199 | | |
| | | | | | 16,093,175 | | | ||||||
| THAILAND — 0.9% | | ||||||||||||
| PTT Exploration & Production PCL (c) | | | | | 279,100 | | | | | | 969,240 | | |
| UNITED KINGDOM — 0.6% | | ||||||||||||
| Endava PLC (a)(b) | | | | | 4,594 | | | | | | 624,095 | | |
| UNITED STATES — 5.4% | | ||||||||||||
| Danaher Corporation | | | | | 1,844 | | | | | | 561,387 | | |
| EPAM Systems, Inc. (a) | | | | | 979 | | | | | | 558,500 | | |
| | | | | | | | | | | | | | |
| | | | Shares | | | Value | | ||||||
| UNITED STATES (continued) | | ||||||||||||
| Estee Lauder Companies, Inc. (The) | | | | | 2,628 | | | | | $ | 788,216 | | |
| Mercado Libre, Inc. | | | | | 692 | | | | | | 1,162,145 | | |
| Microsoft Corporation | | | | | 3,742 | | | | | | 1,054,945 | | |
| NVIDIA Corporation (a) | | | | | 2,119 | | | | | | 438,972 | | |
| Samsonite International S.A. | | | | | 240,400 | | | | | | 518,802 | | |
| TE Connectivity Ltd. | | | | | 4,711 | | | | | | 646,443 | | |
| Visa, Inc. | | | | | 1,370 | | | | | | 305,168 | | |
| | | | | | 6,034,578 | | | ||||||
| URUGUAY — 0.6% | | ||||||||||||
| dLocal Ltd. | | | | | 13,400 | | | | | | 731,104 | | |
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $93,371,966) | | | | | | | | | | | 107,165,601 | | |
| Preferred Stock — 0.5% | | ||||||||||||
| SOUTH KOREA — 0.5% | | ||||||||||||
| Samsung Electronics Co., Ltd. | | | | | 8,823 | | | | | | 518,649 | | |
| (Cost $333,057) | | | | | | | | | | | | | |
| P-Notes — 2.0% | | ||||||||||||
| SAUDI ARABIA — 2.0% | | ||||||||||||
| AL Rajhi Bank | | | | | 59,239 | | | | | | 1,936,511 | | |
| Leejam Sports Co., JSC | | | | | 10,959 | | | | | | 305,651 | | |
| (Cost $1,821,794) | | | | | | | | | | | 2,242,162 | | |
| | | | | | | | | | | | | | |
| Exchange Traded Funds — 1.8% | | ||||||||||||
| UNITED STATES — 1.8% | | ||||||||||||
| iShares Core MSCI Emerging Markets ETF | | | | | 32,500 | | | | | | 2,007,200 | | |
| (Cost $2,063,823) | | | | | | | | | | | | | |
| Rights — 0.0% | | ||||||||||||
| TAIWAN — 0.0% | | ||||||||||||
| Airtac International Group | | | | | 743 | | | | | | 4,188 | | |
| (Cost $0) | | | | | | | | | | | | | |
| | | Par Value | | | Value | | ||||||
Money Market - 0.7% | | | | | | | | | | | | | |
Federated Hermes Treasury Obligations Fund, 0.01% (d) (Cost $777,327) | | | | $ | 777,327 | | | | | $ | 777,327 | | |
TOTAL INVESTMENTS 100.1% (Cost $98,367,967) | | | | | | | | | | | 112,715,127 | | |
OTHER ASSETS & LIABILITIES (Net)—(0.1)% | | | | | | | | | | | (123,992) | | |
NET ASSETS—100% | | | | | | | | | | $ | 112,591,135 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 18,549,092 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (4,358,725) | | |
| Net unrealized appreciation / (depreciation) | | | | $ | 14,190,367 | | |
| Common Stock — 97.9% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| AUSTRIA — 1.2% | | ||||||||||||
| Andritz AG | | | | | 965,800 | | | | | $ | 52,918,095 | | |
| BELGIUM — 2.5% | | ||||||||||||
| D’Ieteren S.A. | | | | | 231,685 | | | | | | 34,098,963 | | |
| Solvay S.A. | | | | | 581,118 | | | | | | 72,496,642 | | |
| | | | | | 106,595,605 | | | ||||||
| CANADA — 6.5% | | ||||||||||||
| Lundin Mining Corporation | | | | | 3,995,300 | | | | | | 28,729,326 | | |
| Magna International Inc. | | | | | 1,108,828 | | | | | | 83,426,857 | | |
| Methanex Corporation | | | | | 1,987,993 | | | | | | 91,592,984 | | |
| Toronto-Dominion Bank | | | | | 1,164,024 | | | | | | 77,041,134 | | |
| | | | | | 280,790,301 | | | ||||||
| CHILE — 1.3% | | ||||||||||||
| Antofagasta plc | | | | | 2,942,400 | | | | | | 54,031,937 | | |
| CHINA — 1.6% | | ||||||||||||
| Weichai Power Company Limited | | | | | 32,983,000 | | | | | | 68,553,052 | | |
| COLOMBIA — 2.1% | | ||||||||||||
| Bancolombia S.A. (a) | | | | | 1,455,566 | | | | | | 50,391,695 | | |
| Bancolombia S.A. | | | | | 4,397,800 | | | | | | 38,025,748 | | |
| | | | | | 88,417,443 | | | ||||||
| FRANCE — 6.4% | | ||||||||||||
| Ipsos | | | | | 919,480 | | | | | | 41,930,163 | | |
| Michelin (CGDE) | | | | | 418,300 | | | | | | 64,376,220 | | |
| Publicis Groupe | | | | | 1,539,147 | | | | | | 103,917,840 | | |
| Vinci SA | | | | | 619,098 | | | | | | 64,679,204 | | |
| | | | | | 274,903,427 | | | ||||||
| GERMANY — 7.9% | | ||||||||||||
| BASF SE | | | | | 762,300 | | | | | | 58,172,969 | | |
| Deutsche Telekom AG | | | | | 3,306,977 | | | | | | 66,668,411 | | |
| Fresenius SE & Company KGaA | | | | | 993,500 | | | | | | 47,821,326 | | |
| Hannover Rueck SE | | | | | 346,100 | | | | | | 60,704,873 | | |
| HeidelbergCement AG | | | | | 595,000 | | | | | | 44,668,096 | | |
| Muenchener Rueckversicherungs-Gesellschaft | | | | | 219,430 | | | | | | 60,242,168 | | |
| | | | | | 338,277,843 | | | ||||||
| GREECE — 0.3% | | ||||||||||||
| Jumbo S.A. | | | | | 765,004 | | | | | | 12,509,221 | | |
| | | | Shares | | | Value | | ||||||
| INDIA — 1.8% | | ||||||||||||
| Infosys Limited - SP (a) | | | | | 3,423,084 | | | | | $ | 76,163,619 | | |
| IRELAND — 3.9% | | ||||||||||||
| Greencore Group plc (b) | | | | | 25,908,369 | | | | | | 49,322,660 | | |
| Jazz Pharmaceuticals plc (b) | | | | | 919,400 | | | | | | 119,715,074 | | |
| | | | | | 169,037,734 | | | ||||||
| ITALY — 0.5% | | ||||||||||||
| Trevi-Finanziaria Industriale SpA (b) | | | | | 16,792,356 | | | | | | 21,523,173 | | |
| JAPAN — 12.8% | | ||||||||||||
| Asahi Group Holdings Ltd. | | | | | 1,349,300 | | | | | | 65,557,296 | | |
| Brother Industries, Ltd. | | | | | 3,272,300 | | | | | | 72,352,804 | | |
| Daicel Corporation | | | | | 4,652,700 | | | | | | 36,404,276 | | |
| Daito Trust Construction Company, Ltd. | | | | | 554,900 | | | | | | 64,852,306 | | |
| Honda Motor Company, Ltd. | | | | | 1,910,200 | | | | | | 59,150,715 | | |
| KDDI Corporation | | | | | 1,705,700 | | | | | | 56,426,069 | | |
| Marubeni Corporation | | | | | 7,967,800 | | | | | | 66,641,729 | | |
| Sony Corporation | | | | | 632,000 | | | | | | 70,549,496 | | |
| Sumitomo Mitsui Trust Holdings, Inc. | | | | | 1,681,700 | | | | | | 58,134,142 | | |
| | | | | | 550,068,833 | | | ||||||
| NORWAY — 6.3% | | ||||||||||||
| DNB Bank ASA | | | | | 3,881,230 | | | | | | 88,901,967 | | |
| SpareBank 1 SR-Bank ASA | | | | | 6,205,787 | | | | | | 86,376,126 | | |
| Sparebanken Vest | | | | | 2,183,075 | | | | | | 23,758,162 | | |
| Yara International ASA | | | | | 1,468,500 | | | | | | 73,060,790 | | |
| | | | | | 272,097,045 | | | ||||||
| PUERTO RICO — 2.4% | | ||||||||||||
| Popular, Inc. | | | | | 1,324,850 | | | | | | 102,901,100 | | |
| RUSSIA — 1.7% | | ||||||||||||
| ALROSA Company PJSC | | | | | 41,136,300 | | | | | | 75,179,647 | | |
| SINGAPORE — 1.3% | | ||||||||||||
| United Overseas Bank Limited | | | | | 3,030,147 | | | | | | 57,696,892 | | |
| SOUTH KOREA — 12.8% | | ||||||||||||
| Hyundai Mobis Company, Limited | | | | | 271,700 | | | | | | 58,057,517 | | |
| Kia Motors Corporation | | | | | 1,241,100 | | | | | | 85,115,980 | | |
| KT&G Corporation | | | | | 637,300 | | | | | | 43,706,723 | | |
| LG Electronics Inc. | | | | | 993,000 | | | | | | 106,932,010 | | |
| LG Uplus Corporation | | | | | 4,728,473 | | | | | | 59,904,641 | | |
| | | | | | | | | | | | | | |
| | | | Shares | | | Value | | ||||||
| SOUTH KOREA (continued) | | | | | | | | | | | | | |
| Samsung Electronics Company Limited | | | | | 1,173,032 | | | | | $ | 73,413,574 | | |
| Shinhan Financial Group Co., Limited | | | | | 1,523,584 | | | | | | 51,987,157 | | |
| SK Hynix, Inc. | | | | | 833,500 | | | | | | 72,508,868 | | |
| | | | | | 551,626,470 | | | ||||||
| SWEDEN — 4.0% | | ||||||||||||
| Duni AB (b) | | | | | 1,566,400 | | | | | | 18,119,434 | | |
| Loomis AB, Class B | | | | | 1,446,683 | | | | | | 39,289,930 | | |
| SKF AB-B | | | | | 2,391,800 | | | | | | 56,756,244 | | |
| Svenska Handelsbanken AB, Class A | | | | | 5,262,104 | | | | | | 59,137,469 | | |
| | | | | | 173,303,077 | | | ||||||
| SWITZERLAND — 1.2% | | ||||||||||||
| Novartis AG | | | | | 640,850 | | | | | | 52,777,903 | | |
| TAIWAN — 1.4% | | ||||||||||||
| Catcher Technology Company, Limited | | | | | 10,049,991 | | | | | | 60,421,510 | | |
| THAILAND — 1.8% | | ||||||||||||
| Siam Commercial Bank PCL | | | | | 15,365,300 | | | | | | 55,403,180 | | |
| TISCO Financial Group | | | | | 7,722,600 | | | | | | 20,941,290 | | |
| | | | | | 76,344,470 | | | ||||||
| UNITED KINGDOM — 16.2% | | ||||||||||||
| Amcor plc | | | | | 4,192,000 | | | | | | 48,585,280 | | |
| Babcock International Group plc (b) | | | | | 11,202,189 | | | | | | 56,154,427 | | |
| Bellway plc | | | | | 1,899,192 | | | | | | 83,961,852 | | |
| Bunzl plc | | | | | 1,533,784 | | | | | | 50,767,692 | | |
| Cineworld Group plc (b) | | | | | 49,820,301 | | | | | | 52,849,687 | | |
| Coca-Cola Europacific Partners plc | | | | | 1,125,818 | | | | | | 62,246,477 | | |
| Inchcape plc | | | | | 5,556,696 | | | | | | 60,758,804 | | |
| Linde plc | | | | | 191,944 | | | | | | 56,312,531 | | |
| Mondi plc | | | | | 3,237,313 | | | | | | 79,655,759 | | |
| Next plc | | | | | 659,850 | | | | | | 73,057,681 | | |
| Taylor Wimpey plc | | | | | 36,032,028 | | | | | | 75,688,148 | | |
| | | | | | 700,038,338 | | | ||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $3,613,580,226) | | | | | | | | | | | 4,216,176,735 | | |
| WARRANTS - 0.0% | | | | | | | | | | | | | |
| ITALY - 0.0% | | | | | | | | | | | | | |
| Trevi-Finanziaria Industriale SpA (b) | | | | | 76,022 | | | | | | 352,358 | | |
| (Cost $7,585,702) | | | | | | | | | | | | | |
| | | Par Value | | | Value | | ||||||
Money Market—1.6% | | | | | | | | | | | | | |
Federated Hermes Treasury Obligations Fund, 0.01% (c) (Cost $71,518,774) | | | | $ | 71,518,774 | | | | | $ | 71,518,774 | | |
TOTAL INVESTMENTS—99.5% (Cost $3,692,684,702) | | | | | | | | | | | 4,288,047,867 | | |
OTHER ASSETS & LIABILITIES (NET)—0.5% | | | | | | | | | | | 20,676,557 | | |
NET ASSETS—100% | | | | | | | | | | $ | 4,308,724,424 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 818,975,806 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (234,815,898) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 584,159,908 | | |
| Common Stock — 96.4% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| BELGIUM — 1.7% | | ||||||||||||
| D’Ieteren SA | | | | | 144,700 | | | | | $ | 21,296,674 | | |
| BRAZIL — 2.1% | | ||||||||||||
| Equatorial Energia S.A. | | | | | 5,541,585 | | | | | | 25,781,200 | | |
| CANADA — 5.3% | | ||||||||||||
| Aecon Group Inc. | | | | | 1,304,900 | | | | | | 19,744,994 | | |
| Equitable Group Inc. | | | | | 179,700 | | | | | | 20,269,264 | | |
| goeasy Ltd. | | | | | 164,300 | | | | | | 26,210,966 | | |
| | | | | | 66,225,224 | | | ||||||
| CHINA — 1.1% | | ||||||||||||
| Shanghai Mechanical & Electrical Industry Co., Limited - B | | | | | 4,810,776 | | | | | | 6,215,523 | | |
| Xinhua Winshare Publishing and Media Co., Limited | | | | | 9,164,500 | | | | | | 6,922,201 | | |
| | | | | | 13,137,724 | | | ||||||
| COLUMBIA — 0.7% | | ||||||||||||
| Tecnoglass, Inc. | | | | | 393,764 | | | | | | 8,556,492 | | |
| CZECH REPUBLIC — 1.7% | | ||||||||||||
| Moneta Money Bank A.S. (a) | | | | | 5,326,600 | | | | | | 21,496,691 | | |
| DENMARK — 3.3% | | ||||||||||||
| DFDS A/S | | | | | 374,399 | | | | | | 19,910,060 | | |
| Ringkjoebing Landbobank A/S | | | | | 187,400 | | | | | | 21,642,961 | | |
| | | | | | 41,553,021 | | | ||||||
| FRANCE — 2.1% | | ||||||||||||
| Bonduelle S.A. | | | | | 494,700 | | | | | | 12,325,936 | | |
| Elis S.A. (a) | | | | | 707,300 | | | | | | 13,582,062 | | |
| | | | | | 25,907,998 | | | ||||||
| GERMANY — 0.6% | | ||||||||||||
| Sixt SE (a) | | | | | 48,425 | | | | | | 7,430,142 | | |
| GREECE — 1.9% | | ||||||||||||
| Jumbo S.A. | | | | | 1,431,529 | | | | | | 23,408,129 | | |
| HONG KONG — 2.2% | | ||||||||||||
| Samson Holding Limited (a) | | | | | 74,790,800 | | | | | | 2,690,075 | | |
| VSTECS Holdings Limited | | | | | 8,587,360 | | | | | | 7,732,783 | | |
| VTech Holdings Limited | | | | | 2,313,000 | | | | | | 16,906,201 | | |
| | | | | | 27,329,059 | | |
| | | | Shares | | | Value | | ||||||
| INDIA — 1.8% | | ||||||||||||
| LIC Housing Finance Limited | | | | | 3,996,800 | | | | | $ | 22,994,624 | | |
| INDONESIA — 1.1% | | ||||||||||||
| PT. Pakuwon Jati Tbk (a) | | | | | 415,457,800 | | | | | | 14,049,368 | | |
| IRELAND — 7.2% | | ||||||||||||
| C & C Group plc (a) | | | | | 8,194,045 | | | | | | 26,006,178 | | |
| Glanbia plc | | | | | 1,608,400 | | | | | | 26,542,607 | | |
| Greencore Group plc (a) | | | | | 15,220,000 | | | | | | 28,974,842 | | |
| Origin Enterprises plc | | | | | 2,334,090 | | | | | | 8,709,897 | | |
| | | | | | 90,233,524 | | | ||||||
| ITALY — 0.4% | | ||||||||||||
| De’Longhi SpA | | | | | 139,036 | | | | | | 5,007,810 | | |
| JAPAN — 13.9% | | ||||||||||||
| Daicel Corporation | | | | | 2,707,700 | | | | | | 21,185,948 | | |
| Dowa Holdings Co., Limited | | | | | 500,800 | | | | | | 19,838,996 | | |
| Kanematsu Corporation | | | | | 1,693,100 | | | | | | 21,107,794 | | |
| Kyudenko Corporation | | | | | 588,700 | | | | | | 19,574,967 | | |
| Mizuho Leasing Company, Limited | | | | | 404,800 | | | | | | 13,206,112 | | |
| Prima Meat Packers Limited | | | | | 1,033,300 | | | | | | 26,282,818 | | |
| Sankyu Inc. | | | | | 464,000 | | | | | | 21,541,743 | | |
| Sanwa Holdings Corporation | | | | | 1,479,900 | | | | | | 19,311,982 | | |
| Tsubakimoto Chain Co., Limited | | | | | 403,300 | | | | | | 12,596,912 | | |
| | | | | | 174,647,272 | | | ||||||
| NETHERLANDS — 0.9% | | ||||||||||||
| Intertrust N.V. (a) | | | | | 763,500 | | | | | | 11,449,403 | | |
| NORWAY — 5.5% | | ||||||||||||
| ABG Sundal Collier Holding ASA | | | | | 10,021,788 | | | | | | 10,562,181 | | |
| Sbanken ASA | | | | | 577,302 | | | | | | 6,666,290 | | |
| SpareBank Nord-Norge | | | | | 735,389 | | | | | | 8,053,703 | | |
| SpareBank 1 Oestlandet | | | | | 568,688 | | | | | | 8,443,056 | | |
| Sparebank 1 SMN | | | | | 961,828 | | | | | | 14,301,865 | | |
| SpareBank 1 SR-Bank ASA | | | | | 931,626 | | | | | | 12,966,969 | | |
| Sparebanken Vest | | | | | 788,092 | | | | | | 8,576,717 | | |
| | | | | | 69,570,781 | | | ||||||
| PORTUGAL — 1.5% | | ||||||||||||
| Redes Energéticas Nacionais, SGPS, S.A. | | | | | 6,530,905 | | | | | | 19,299,812 | | |
|
| | | | Shares | | | Value | | ||||||
| SINGAPORE — 3.4% | | ||||||||||||
| AEM Holdings Limited | | | | | 7,160,200 | | | | | $ | 21,307,607 | | |
| Venture Corporation, Limited | | | | | 1,567,200 | | | | | | 20,744,390 | | |
| | | | | | 42,051,997 | | | ||||||
| | | ||||||||||||
| SOUTH KOREA — 4.9% | | ||||||||||||
| Cuckoo Holdings Co., Limited | | | | | 290,220 | | | | | | 5,368,089 | | |
| ENF Technology Co., Limited | | | | | 692,686 | | | | | | 17,872,937 | | |
| Fila Holdings Cororation | | | | | 561,300 | | | | | | 20,219,126 | | |
| Nature Holding Co., Limited (The) | | | | | 703,800 | | | | | | 17,713,885 | | |
| | | | | | 61,174,037 | | | ||||||
| SWEDEN — 4.4% | | ||||||||||||
| Cloetta AB, Class B | | | | | 3,732,700 | | | | | | 11,571,088 | | |
| Duni AB (a) | | | | | 485,645 | | | | | | 5,617,730 | | |
| Hexpol AB | | | | | 1,695,000 | | | | | | 19,403,590 | | |
| Loomis AB, Class B | | | | | 706,161 | | | | | | 19,178,366 | | |
| | | | | | 55,770,774 | | | ||||||
| TAIWAN — 13.0% | | ||||||||||||
| BizLink Holding, Inc. | | | | | 2,644,000 | | | | | | 21,210,459 | | |
| Cathay Real Estate Development Co., Limited | | | | | 9,141,300 | | | | | | 6,316,111 | | |
| Elite Material Co., Limited | | | | | 2,855,600 | | | | | | 22,292,960 | | |
| Hitron Technologies Inc. | | | | | 9,071,800 | | | | | | 6,349,495 | | |
| Huaku Development Co., Limited | | | | | 6,979,800 | | | | | | 22,346,984 | | |
| Kings Town Bank | | | | | 14,104,500 | | | | | | 21,110,807 | | |
| Primax Electronics Limited | | | | | 11,882,200 | | | | | | 21,878,892 | | |
| Sercomm Corporation | | | | | 9,382,000 | | | | | | 20,945,798 | | |
| Taiwan Union Technology Corporation | | | | | 5,380,900 | | | | | | 20,858,822 | | |
| | | | | | 163,310,328 | | | ||||||
| THAILAND — 3.2% | | ||||||||||||
| Thanachart Capital PCL | | | | | 18,690,500 | | | | | | 18,781,646 | | |
| TISCO Financial Group | | | | | 7,836,500 | | | | | | 21,250,151 | | |
| | | | | | 40,031,797 | | | ||||||
| UNITED KINGDOM — 12.5% | | ||||||||||||
| Cineworld Group plc (a) | | | | | 3,796,300 | | | | | | 4,027,139 | | |
| Countryside Properties plc (a)(b) | | | | | 2,905,000 | | | | | | 19,798,807 | | |
| Crest Nicholson Holdings plc | | | | | 2,611,400 | | | | | | 13,484,781 | | |
| Halfords Group plc | | | | | 3,002,357 | | | | | | 12,305,737 | | |
| Inchcape plc | | | | | 1,725,432 | | | | | | 18,866,460 | | |
| Keller Group plc | | | | | 457,639 | | | | | | 5,873,970 | | |
| | | | | | | | | | | | | | |
| | | | Shares | | | Value | | ||||||
| UNITED KINGDOM (continued) | | ||||||||||||
| Lancashire Holdings Limited | | | | | 2,479,770 | | | | | $ | 18,823,116 | | |
| National Express Group plc (a) | | | | | 6,402,700 | | | | | | 20,821,508 | | |
| OSB Group PLC | | | | | 3,172,817 | | | | | | 21,410,205 | | |
| Vistry Group plc | | | | | 1,308,217 | | | | | | 21,553,744 | | |
| | | | | | 156,965,467 | | | ||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $1,106,511,486) | | | | | | | | | | | 1,208,679,348 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—3.3% | | | | | | | | | | | | | |
Federated Hermes Treasury Obligations Fund, 0.01% (c) | | | | $ | 41,473,657 | | | | | $ | 41,473,657 | | |
(Cost $41,473,657) | | | | | | | | | | | | | |
TOTAL INVESTMENTS—99.7% (Cost $1,147,985,144) | | | | | | | | | | | 1,250,153,005 | | |
OTHER ASSETS & LIABILITIES (NET)—0.3% | | | | | | | | | | | 3,760,743 | | |
NET ASSETS—100% | | | | | | | | | | $ | 1,253,913,748 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 171,958,466 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (80,184,608) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 91,773,858 | | |
| Common Stock — 98.1% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| AUSTRALIA — 2.7% | | ||||||||||||
| Collins Foods Limited | | | | | 31,200 | | | | | $ | 275,625 | | |
| Macquarie Group Limited | | | | | 3,015 | | | | | | 396,367 | | |
| | | | | | 671,992 | | | ||||||
| BELGIUM — 1.6% | | ||||||||||||
| D’Ieteren SA | | | | | 2,700 | | | | | | 397,381 | | |
| BRAZIL — 1.9% | | ||||||||||||
| Equatorial Energia S.A. | | | | | 100,500 | | | | | | 467,558 | | |
| CANADA — 6.4% | | ||||||||||||
| Enghouse Systems Limited | | | | | 8,200 | | | | | | 359,676 | | |
| Equitable Group Inc. | | | | | 3,600 | | | | | | 406,062 | | |
| goeasy Ltd. | | | | | 3,055 | | | | | | 487,368 | | |
| OpenText Corporation | | | | | 7,400 | | | | | | 361,092 | | |
| | | | | | 1,614,198 | | | ||||||
| CHINA — 7.0% | | ||||||||||||
| Alibaba Group Holding Ltd. (a)(b) | | | | | 2,700 | | | | | | 399,735 | | |
| Gree Electric Appliances, Inc. | | | | | 61,700 | | | | | | 369,979 | | |
| Midea Group Co., Ltd. | | | | | 35,200 | | | | | | 379,115 | | |
| Zhejiang Supor Co. | | | | | 34,500 | | | | | | 249,373 | | |
| Zhongsheng Group Holdings | | | | | 43,500 | | | | | | 350,360 | | |
| | | | | | 1,748,562 | | | ||||||
| DENMARK — 1.5% | | ||||||||||||
| Ringkjoebing Landbobank A/S | | | | | 3,300 | | | | | | 381,120 | | |
| FRANCE — 3.8% | | ||||||||||||
| Alten S.A. | | | | | 1,600 | | | | | | 235,670 | | |
| Groupe SEB | | | | | 2,750 | | | | | | 388,487 | | |
| LVMH Moet Hennessy Louis Vuitton SE | | | | | 95 | | | | | | 68,269 | | |
| Neurones S.A. | | | | | 6,500 | | | | | | 263,646 | | |
| | | | | | 956,072 | | | ||||||
| GERMANY — 3.2% | | ||||||||||||
| Brenntag AG | | | | | 2,500 | | | | | | 233,457 | | |
| VIB Vermögen AG | | | | | 13,009 | | | | | | 559,316 | | |
| | | | | | 792,773 | | | ||||||
| GREECE — 1.8% | | ||||||||||||
| Jumbo S.A. | | | | | 27,571 | | | | | | 450,837 | | |
| INDONESIA — 1.9% | | ||||||||||||
| PT Bank Rakyat Indonesia Tbk (a) | | | | | 1,758,345 | | | | | | 472,987 | | |
| | | | Shares | | | Value | | ||||||
| ITALY — 2.4% | | ||||||||||||
| Brembo S.p.A. | | | | | 17,500 | | | | | $ | 221,260 | | |
| Interpump Group S.p.A. | | | | | 3,800 | | | | | | 246,610 | | |
| SeSa S.p.A. | | | | | 700 | | | | | | 126,874 | | |
| | | | | | 594,744 | | | ||||||
| JAPAN — 7.5% | | ||||||||||||
| BeNEXT Group, Inc. | | | | | 31,300 | | | | | | 367,493 | | |
| JAC Recruitment Co., Ltd. | | | | | 21,800 | | | | | | 428,868 | | |
| NEXTAGE Co., Ltd. | | | | | 27,600 | | | | | | 544,950 | | |
| Sanwa Holdings Corporation | | | | | 41,300 | | | | | | 538,945 | | |
| | | | | | 1,880,256 | | | ||||||
| KENYA — 1.9% | | ||||||||||||
| Safaricom PLC | | | | | 1,292,600 | | | | | | 492,475 | | |
| MALAYSIA — 3.6% | | ||||||||||||
| Public Bank Bhd | | | | | 401,500 | | | | | | 390,327 | | |
| Scientex Berhad | | | | | 475,000 | | | | | | 518,512 | | |
| | | | | | 908,839 | | | ||||||
| MEXICO — 3.0% | | ||||||||||||
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - B | | | | | 38,100 | | | | | | 224,507 | | |
| Grupo Aeroportuario del Pacífico, S.A.B. de C. V. | | | | | 23,300 | | | | | | 272,178 | | |
| Grupo Aeroportuario del Sureste, S. A. B. de C.V. | | | | | 13,300 | | | | | | 249,738 | | |
| | | | | | 746,423 | | | ||||||
| PERU — 1.6% | | ||||||||||||
| Credicorp Ltd. | | | | | 3,600 | | | | | | 399,384 | | |
| SOUTH AFRICA — 3.5% | | ||||||||||||
| AVI Limited | | | | | 76,900 | | | | | | 437,275 | | |
| FirstRand Limited | | | | | 104,900 | | | | | | 449,790 | | |
| | | | | | 887,065 | | | ||||||
| SOUTH KOREA — 3.9% | | ||||||||||||
| Hansol Chemical Co., Ltd. | | | | | 1,000 | | | | | | 292,652 | | |
| Samsung Electronics Company Limited | | | | | 7,908 | | | | | | 494,918 | | |
| Soulbrain Holdings Co., Ltd. (a) | | | | | 798 | | | | | | 184,133 | | |
| | | | | | 971,703 | | | ||||||
| SWEDEN — 7.4% | | ||||||||||||
| Bravida Holding AB | | | | | 49,600 | | | | | | 671,266 | | |
| Essity AB | | | | | 10,500 | | | | | | 326,452 | | |
| | | | Shares | | | Value | | ||||||
| SWEDEN (continued) | | ||||||||||||
| Hexpol AB | | | | | 27,400 | | | | | $ | 313,663 | | |
| Knowit AB | | | | | 13,300 | | | | | | 536,646 | | |
| | | | | | 1,848,027 | | | ||||||
| TAIWAN — 17.1% | | ||||||||||||
| BizLink Holding, Inc. | | | | | 70,400 | | | | | | 564,757 | | |
| Chailease Holding Co., Ltd. | | | | | 76,398 | | | | | | 674,572 | | |
| POYA International Co., Ltd. | | | | | 37,389 | | | | | | 634,098 | | |
| Sercomm Corporation | | | | | 152,000 | | | | | | 339,348 | | |
| SINBON Electronics Co., Ltd. | | | | | 134,300 | | | | | | 1,132,804 | | |
| Thinking Electronic Industrial Co., Ltd. | | | | | 78,100 | | | | | | 465,340 | | |
| Yageo Corporation | | | | | 30,000 | | | | | | 476,481 | | |
| | | | | | 4,287,400 | | | ||||||
| THAILAND — 2.9% | | ||||||||||||
| Muangthai Capital Public Company Limited | | | | | 197,100 | | | | | | 339,326 | | |
| TISCO Financial Group | | | | | 141,700 | | | | | | 384,246 | | |
| | | | | | 723,572 | | | ||||||
| UNITED KINGDOM — 9.7% | | ||||||||||||
| Amcor plc | | | | | 19,600 | | | | | | 227,164 | | |
| Bunzl plc | | | | | 6,965 | | | | | | 230,539 | | |
| Countryside Properties plc (a)(c) | | | | | 55,465 | | | | | | 378,017 | | |
| Greggs plc | | | | | 6,100 | | | | | | 242,454 | | |
| Howden Joinery Group plc | | | | | 20,200 | | | | | | 243,969 | | |
| Lancashire Holdings Limited | | | | | 55,205 | | | | | | 419,043 | | |
| Next Fifteen Communications Group plc | | | | | 20,753 | | | | | | 316,178 | | |
| OSB Group PLC | | | | | 57,300 | | | | | | 386,661 | | |
| | | | | | 2,444,025 | | | ||||||
| UNITED STATES — 1.8% | | ||||||||||||
| Euronet Worldwide, Inc. (a) | | | | | 3,500 | | | | | | 445,480 | | |
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $20,501,745) | | | | | | | | | | | 24,582,873 | | |
| | | | | | | | | | | | | | |
| Preferred Stock — 0.8% | | | | | | | | | | | | | |
| GERMANY — 0.8% | | | | | | | | | | | | | |
| Henkel AG & Company | | | | | 2,400 | | | | | | 207,347 | | |
| (Cost $214,196) | | | | | | | | | | | | | |
| | | Par Value | | | Value | | ||||||
Money Market—1.0% | | ||||||||||||
Federated Hermes Treasury Obligations Fund, 0.01% (d) | | | | $ | 242,628 | | | | | $ | 242,628 | | |
(Cost $242,628) | | | | | | | | | | | | | |
TOTAL INVESTMENTS—99.9% | | | | | | | | | | | | | |
(Cost $20,958,569) | | | | | | | | | | | 25,032,848 | | |
OTHER ASSETS & LIABILITIES (Net)—0.1% | | | | | | | | | | | 37,773 | | |
NET ASSETS—100% | | | | | | | | | | $ | 25,070,621 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 4,910,868 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (940,699) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 3,970,169 | | |
| | | | Small Cap | | | Quality | | | Environmental Opportunities | | |||||||||
| Assets: | | | | | | | | | | | | | | | | | | | |
| Investments at value | | | | $ | 93,318,953 | | | | | $ | 212,621,585 | | | | | $ | 63,783,842 | | |
| Foreign currency at value (Cost $0 for Small Cap, $0 for Quality, $0 for Environmental Opportunities) | | | | | — | | | | | | — | | | | | | — | | |
| Cash | | | | | — | | | | | | — | | | | | | — | | |
| Dividends and interest receivable | | | | | 49,802 | | | | | | 246,358 | | | | | | 31,796 | | |
| Foreign tax reclaims receivable | | | | | 4,736 | | | | | | 69,902 | | | | | | 19,334 | | |
| Receivable for investments sold | | | | | — | | | | | | — | | | | | | 1,335,120 | | |
| Receivable for shares of beneficial interest sold | | | | | 967 | | | | | | 119,584 | | | | | | 154,790 | | |
| Other assets | | | | | 19,310 | | | | | | 12,218 | | | | | | 138,398 | | |
| Total Assets | | | | $ | 93,393,768 | | | | | $ | 213,069,647 | | | | | $ | 65,463,280 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | |
| Payable for investments purchased | | | | $ | 95,741 | | | | | $ | — | | | | | $ | 959,784 | | |
| Payable for shares of beneficial interest repurchased | | | | | 88,031 | | | | | | 61,881 | | | | | | — | | |
| Payable for compensation of manager (Note 3) | | | | | 58,665 | | | | | | 116,181 | | | | | | 49,442 | | |
| Payable for distribution fees (Note 3) | | | | | 17,163 | | | | | | 30,365 | | | | | | 67 | | |
| Payable to custodian | | | | | 1,156 | | | | | | 1,454 | | | | | | 3,000 | | |
| Payable to transfer agent (Note 3) | | | | | 14,191 | | | | | | 23,245 | | | | | | 2,237 | | |
| Payable for foreign capital gain tax | | | | | — | | | | | | — | | | | | | — | | |
| Other accrued expenses and liabilities | | | | | 289 | | | | | | 3,097 | | | | | | 18,127 | | |
| Total Liabilities | | | | $ | 275,236 | | | | | $ | 236,223 | | | | | $ | 1,032,657 | | |
| Net Assets | | | | $ | 93,118,532 | | | | | $ | 212,833,424 | | | | | $ | 64,430,623 | | |
| | | | | | | | | | | | | | | | | | | | |
| Investments at cost | | | | $ | 70,464,623 | | | | | $ | 163,510,109 | | | | | $ | 53,086,314 | | |
| | | | Small Cap | | | Quality | | | Environmental Opportunities | | |||||||||
| Components of Net Assets: | | | | | | | | | | | | | | | | | | | |
| Shares of beneficial interest | | | | $ | 62,600,020 | | | | | $ | 142,759,950 | | | | | $ | 49,291,673 | | |
| Total distributable earnings (loss) | | | | | 30,518,512 | | | | | | 70,073,474 | | | | | | 15,138,950 | | |
| Net Assets Applicable to Outstanding Shares | | | | $ | 93,118,532 | | | | | $ | 212,833,424 | | | | | $ | 64,430,623 | | |
| Computation of Net Assets: | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 84,365,082 | | | | | $ | 141,227,655 | | | | | $ | 736,281 | | |
| Shares Outstanding | | | | | 3,085,059 | | | | | | 6,143,379 | | | | | | 38,968 | | |
| Net asset value and redemption proceeds per share | | | | $ | 27.35 | | | | | $ | 22.99 | | | | | $ | 18.89 | | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 8,753,450 | | | | | $ | 71,605,769 | | | | | $ | 62,731,462 | | |
| Shares outstanding | | | | | 263,036 | | | | | | 2,809,450 | | | | | | 3,286,012 | | |
| Net asset value and redemption proceeds per share | | | | $ | 33.28 | | | | | $ | 25.49 | | | | | $ | 19.09 | | |
| R6 Shares | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | — | | | | | $ | — | | | | | $ | 962,880 | | |
| Shares Outstanding | | | | | — | | | | | | — | | | | | | 103,074 | | |
| Net asset value and redemption proceeds per share | | | | $ | — | | | | | $ | — | | | | | $ | 9.34 | | |
| | | | Emerging Markets World Equity | | | Foreign Value | | | Foreign Value Small Cap | | | International Opportunities | | ||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments at value | | | | $ | 112,715,127 | | | | | $ | 4,288,047,867 | | | | | $ | 1,250,153,005 | | | | | $ | 25,032,848 | | |
| Foreign currency at value (Cost $336,400 for Emerging Markets World Equity, $2,270,391 for Foreign Value $33,259 for Foreign Value Small Cap, and $8,954 for International Opportunities) | | | | | 335,933 | | | | | | 2,270,391 | | | | | | 33,218 | | | | | | 8,846 | | |
| Cash | | | | | 51,066 | | | | | | — | | | | | | — | | | | | | — | | |
| Dividends and interest receivable | | | | | 100,558 | | | | | | 11,653,100 | | | | | | 3,529,992 | | | | | | 35,471 | | |
| Foreign tax reclaims receivable | | | | | 5,228 | | | | | | 10,690,124 | | | | | | 1,417,561 | | | | | | 16,145 | | |
| Receivable for investments sold | | | | | 288,347 | | | | | | — | | | | | | — | | | | | | — | | |
| Receivable for shares of beneficial interest sold | | | | | 114 | | | | | | 2,955,665 | | | | | | 603,915 | | | | | | — | | |
| Other assets | | | | | 11,414 | | | | | | 250,521 | | | | | | 35,473 | | | | | | 7,007 | | |
| Total Assets | | | | $ | 113,507,787 | | | | | $ | 4,315,867,668 | | | | | $ | 1,255,773,164 | | | | | $ | 25,100,317 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Payable for investments purchased | | | | $ | 394,146 | | | | | $ | 2,270,392 | | | | | $ | 283,454 | | | | | $ | — | | |
| Payable for shares of beneficial interest repurchased | | | | | 6 | | | | | | 1,085,286 | | | | | | 431,619 | | | | | | — | | |
| Payable for compensation of manager (Note 3) | | | | | 75,294 | | | | | | 3,244,228 | | | | | | 944,997 | | | | | | 19,047 | | |
| Payable for distribution fees (Note 3) | | | | | 22,109 | | | | | | 100,882 | | | | | | 42,644 | | | | | | 36 | | |
| Payable to custodian | | | | | 14,924 | | | | | | 109,604 | | | | | | 56,105 | | | | | | 9,725 | | |
| Payable to transfer agent (Note 3) | | | | | 15,687 | | | | | | 220,032 | | | | | | 79,688 | | | | | | 888 | | |
| Payable for foreign capital gain tax | | | | | 394,418 | | | | | | — | | | | | | — | | | | | | — | | |
| Other accrued expenses and liabilities | | | | | 68 | | | | | | 112,820 | | | | | | 20,909 | | | | | | — | | |
| Total Liabilities | | | | $ | 916,652 | | | | | $ | 7,143,244 | | | | | $ | 1,859,416 | | | | | $ | 29,696 | | |
| Net Assets | | | | $ | 112,591,135 | | | | | $ | 4,308,724,424 | | | | | $ | 1,253,913,748 | | | | | $ | 25,070,621 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments at cost | | | | $ | 98,367,967 | | | | | $ | 3,692,684,702 | | | | | $ | 1,147,985,144 | | | | | $ | 20,958,569 | | |
| | | Emerging Markets World Equity | | | Foreign Value | | | Foreign Value Small Cap | | | International Opportunities | | |||||||||||||
| Components of Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares of beneficial interest | | | | $ | 112,182,147 | | | | | $ | 3,710,667,061 | | | | | $ | 1,121,553,686 | | | | | $ | 18,215,599 | | |
| Total distributable earnings (loss) | | | | | 408,988 | | | | | | 598,057,363 | | | | | | 132,360,062 | | | | | | 6,855,022 | | |
| Net Assets Applicable to Outstanding Shares | | | | $ | 112,591,135 | | | | | $ | 4,308,724,424 | | | | | $ | 1,253,913,748 | | | | | $ | 25,070,621 | | |
| Computation of Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 103,338,331 | | | | | $ | 479,402,030 | | | | | $ | 199,776,620 | | | | | $ | 167,786 | | |
| Shares Outstanding | | | | | 3,524,354 | | | | | | 19,883,975 | | | | | | 11,823,429 | | | | | | 11,545 | | |
| Net asset value and redemption proceeds per share | | | | $ | 29.32 | | | | | $ | 24.11 | | | | | $ | 16.90 | | | | | $ | 14.53 | | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 7,949,822 | | | | | $ | 3,133,170,230 | | | | | $ | 786,533,137 | | | | | $ | 12,852,091 | | |
| Shares outstanding | | | | | 266,449 | | | | | | 130,154,283 | | | | | | 46,453,141 | | | | | | 875,684 | | |
| Net asset value and redemption proceeds per share | | | | $ | 29.84 | | | | | $ | 24.07 | | | | | $ | 16.93 | | | | | $ | 14.68 | | |
| R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 1,302,982 | | | | | $ | 696,152,164 | | | | | $ | 267,603,991 | | | | | $ | 12,050,744 | | |
| Shares Outstanding | | | | | 91,117 | | | | | | 56,388,257 | | | | | | 21,422,915 | | | | | | 820,730 | | |
| Net asset value and redemption proceeds per share | | | | $ | 14.30 | | | | | $ | 12.35 | | | | | $ | 12.49 | | | | | $ | 14.68 | | |
| | | | Small Cap | | | Quality | | | Environmental Opportunities* | | | Environmental Opportunities** | | ||||||||||||
| Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends (a) | | | | $ | 1,040,713 | | | | | $ | 1,423,467 | | | | | $ | 31,933 | | | | | $ | 206,559 | | |
| Interest | | | | | 60 | | | | | | 151 | | | | | | 18 | | | | | | — | | |
| Miscellaneous | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investment Income | | | | $ | 1,040,773 | | | | | $ | 1,423,618 | | | | | $ | 31,951 | | | | | $ | 206,559 | | |
| Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Compensation of manager (Note 3) | | | | | 386,131 | | | | | | 1,023,145 | | | | | | 54,941 | | | | | | 351,850 | | |
| Distribution fees, Ordinary Shares (Note 3) | | | | | 109,531 | | | | | | 183,725 | | | | | | 67 | | | | | | 306*** | | |
| Administrative fees (Note 3) | | | | | 14,502 | | | | | | 29,573 | | | | | | — | | | | | | 48,771 | | |
| Custodian and fund accounting fees | | | | | 9,000 | | | | | | 12,100 | | | | | | 3,000 | | | | | | 65,393 | | |
| Regulatory and Compliance (Note 3) | | | | | 2,203 | | | | | | 4,490 | | | | | | — | | | | | | 12,000 | | |
| Transfer agent fees (Note 3): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 71,870 | | | | | | 119,095 | | | | | | 43 | | | | | | 63*** | | |
| Institutional Shares | | | | | 7,307 | | | | | | 46,708 | | | | | | 8,654 | | | | | | 25,256 | | |
| R6 Shares | | | | | — | | | | | | — | | | | | | 8 | | | | | | — | | |
| Audit and legal | | | | | 4,828 | | | | | | 9,785 | | | | | | 2,800 | | | | | | 38,068 | | |
| Registration fees | | | | | 17,400 | | | | | | 19,201 | | | | | | 4,000 | | | | | | 14,663 | | |
| Insurance | | | | | 978 | | | | | | 1,993 | | | | | | — | | | | | | 1,060 | | |
| Compensation of trustees (Note 3) | | | | | 1,619 | | | | | | 3,287 | | | | | | — | | | | | | 13,983 | | |
| Printing | | | | | 2,160 | | | | | | 4,426 | | | | | | — | | | | | | 8,472 | | |
| Miscellaneous | | | | | 1,916 | | | | | | 3,906 | | | | | | 10 | | | | | | 31,145 | | |
| Total expenses before waivers/reimbursements/reductions | | | | | 629,445 | | | | | | 1,461,434 | | | | | | 73,523 | | | | | | 611,030 | | |
| Management Fee Waiver (Note 3) | | | | | — | | | | | | (354,894) | | | | | | (5,499) | | | | | | (145,592) | | |
| Transfer Agent Fee Waiver Institutional Shares (Note 3) | | | | | (5,345) | | | | | | (34,589) | | | | | | (6,468) | | | | | | — | | |
| Manager Reimbursement (Note 3) | | | | | — | | | | | | (1,122) | | | | | | (7,253) | | | | | | — | | |
| Expenses, Net | | | | $ | 624,100 | | | | | $ | 1,070,829 | | | | | $ | 54,303 | | | | | $ | 465,438 | | |
| Net Investment income/(loss) | | | | $ | 416,673 | | | | | $ | 352,789 | | | | | $ | (22,352) | | | | | $ | (258,879) | | |
| | | | Small Cap | | | Quality | | | Environmental Opportunities* | | | Environmental Opportunities** | | ||||||||||||
| Realized and unrealized gain/(loss) on investments,foreign currency, and foreign translation: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain/(loss) (Note 2) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments (b) | | | | $ | 5,617,995 | | | | | $ | 10,342,567 | | | | | $ | 932,074 | | | | | $ | 4,250,877 | | |
| Foreign denominated assets, liabilities, and currency | | | | | (655) | | | | | | 13 | | | | | | — | | | | | | (2,063) | | |
| Change in unrealized appreciation/(depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | | | | (6,345,517) | | | | | | 5,081,713 | | | | | | (5,045,679) | | | | | | 12,264,812 | | |
| Foreign denominated assets, liabilities, and currency | | | | | 104 | | | | | | (90) | | | | | | (513) | | | | | | — | | |
| Net change in deferred non-U.S. Taxes | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Net realized and unrealized gain/(loss) on investment and foreign currency | | | | | (728,073) | | | | | | 15,424,203 | | | | | | (4,114,118) | | | | | | 16,513,626 | | |
| Net increase/(decrease) in net assets resulting from operations | | | | $ | (311,400) | | | | | $ | 15,776,992 | | | | | $ | (4,136,470) | | | | | $ | 16,254,747 | | |
|
(8/31/2021).
| | | Emerging Markets World Equity | | | Foreign Value | | | Foreign Value Small Cap | | | International Opportunities | | |||||||||||||
| Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends (a) | | | | | 929,239 | | | | | | 61,834,920 | | | | | | 18,096,290 | | | | | | 399,715 | | |
| Interest | | | | | 14 | | | | | | 8,135 | | | | | | 2,990 | | | | | | 8 | | |
| Miscellaneous | | | | | 604 | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investment Income | | | | $ | 929,857 | | | | | $ | 61,843,055 | | | | | $ | 18,099,280 | | | | | $ | 399,723 | | |
| Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Compensation of manager (Note 3) | | | | | 600,355 | | | | | | 21,691,729 | | | | | | 5,607,766 | | | | | | 113,266 | | |
| Distribution fees, Ordinary Shares (Note 3) | | | | | 138,359 | | | | | | 654,888 | | | | | | 262,206 | | | | | | 137 | | |
| Administrative fees (Note 3) | | | | | 17,779 | | | | | | 641,320 | | | | | | 157,125 | | | | | | 3,701 | | |
| Custodian and fund accounting fees | | | | | 58,000 | | | | | | 435,000 | | | | | | 212,000 | | | | | | 27,500 | | |
| Regulatory and Compliance (Note 3) | | | | | 2,700 | | | | | | 97,404 | | | | | | 23,837 | | | | | | 562 | | |
| Transfer agent fees (Note 3): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 90,209 | | | | | | 421,381 | | | | | | 168,724 | | | | | | 88 | | |
| Institutional Shares | | | | | 6,569 | | | | | | 2,502,960 | | | | | | 605,128 | | | | | | 10,454 | | |
| R6 Shares | | | | | 86 | | | | | | 38,147 | | | | | | 8,653 | | | | | | 692 | | |
| Audit and legal | | | | | 12,288 | | | | | | 212,951 | | | | | | 52,434 | | | | | | 1,228 | | |
| Registration fees | | | | | 18,600 | | | | | | 64,200 | | | | | | 35,400 | | | | | | 2,580 | | |
| Insurance | | | | | 1,199 | | | | | | 43,247 | | | | | | 10,573 | | | | | | 250 | | |
| Compensation of trustees (Note 3) | | | | | 1,986 | | | | | | 71,464 | | | | | | 17,432 | | | | | | 413 | | |
| Printing | | | | | 2,648 | | | | | | 95,714 | | | | | | 23,499 | | | | | | 553 | | |
| Miscellaneous | | | | | 2,362 | | | | | | 84,699 | | | | | | 20,653 | | | | | | 486 | | |
| Total expenses before waivers/reimbursements/reductions | | | | | 953,140 | | | | | | 27,055,104 | | | | | | 7,205,430 | | | | | | 161,910 | | |
| Management Fee Waiver (Note 3) | | | | | (132,078) | | | | | | (2,169,173) | | | | | | (560,776) | | | | | | — | | |
| Transfer Agent Fee Waiver Institutional Shares (Note 3) | | | | | (4,836) | | | | | | (1,867,175) | | | | | | (451,399) | | | | | | (7,771) | | |
| Manager Reimbursement (Note 3) | | | | | — | | | | | | (179,431) | | | | | | — | | | | | | — | | |
| Expenses, Net | | | | $ | 816,226 | | | | | $ | 22,839,325 | | | | | $ | 6,193,255 | | | | | $ | 154,139 | | |
| Net Investment income/(loss) | | | | $ | 113,631 | | | | | $ | 39,003,730 | | | | | $ | 11,906,025 | | | | | $ | 245,584 | | |
| | | | 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 (b) | | | | $ | 8,259,567 | | | | | $ | 58,191,658 | | | | | $ | 74,949,149 | | | | | $ | 1,388,347 | | |
| Foreign denominated assets, liabilities, and currency | | | | | (58,053) | | | | | | (675,380) | | | | | | (157,985) | | | | | | (2,888) | | |
| Change in unrealized appreciation/(depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | | | | (9,650,869) | | | | | | (132,848,014) | | | | | | (73,186,408) | | | | | | (587,142) | | |
| Foreign denominated assets, liabilities, and currency | | | | | 9,312 | | | | | | 127,210 | | | | | | (17,336) | | | | | | (398) | | |
| Net change in deferred non-U.S. taxes | | | | | (203,914) | | | | | | — | | | | | | — | | | | | | — | | |
| Net realized and unrealized gain/(loss) on investment and foreign currency | | | | | (1,643,957) | | | | | | (75,204,526) | | | | | | 1,587,420 | | | | | | 797,919 | | |
| Net increase/(decrease) in net assets resulting from operations | | | | $ | (1,530,326) | | | | | $ | (36,200,796) | | | | | $ | 13,493,445 | | | | | $ | 1,043,503 | | |
|
| | | | Small Cap | | |||||||||
| | | | Semi-Annual Ended September 30, 2021 (Unaudited) | | | Year Ended March 31, 2021 | | ||||||
| Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | |
| Net investment income/(loss) | | | | $ | 416,673 | | | | | $ | 511,856 | | |
| Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 5,617,340 | | | | | | 7,355,364 | | |
| Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (6,345,413) | | | | | | 35,418,811 | | |
| Net increase/(decrease) from operations | | | | $ | (311,400) | | | | | $ | 43,286,031 | | |
| Distributions to shareholders | | | | | | | | | | | | | |
| Ordinary Shares | | | | $ | — | | | | | $ | (466,625) | | |
| Institutional Shares | | | | | — | | | | | | (64,560) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Total distributions to shareholders | | | | $ | — | | | | | $ | (531,185) | | |
| Capital Stock Transactions | | | | | | | | | | | | | |
| Shares sold | | | | | | | | | | | | | |
| Ordinary Shares | | | | $ | 2,522,092 | | | | | $ | 9,652,320* | | |
| Institutional Shares | | | | | 34,733 | | | | | | 552,135 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Distributions reinvested | | | | | | | | | | | | | |
| Ordinary Shares | | | | | — | | | | | | 358,296 | | |
| Institutional Shares | | | | | — | | | | | | 64,106 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Shares redeemed | | | | | | | | | | | | | |
| Ordinary Shares | | | | | (4,737,192) | | | | | | (21,770,539) | | |
| Institutional Shares | | | | | (62,259) | | | | | | (1,627,375) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Net increase (decrease) from capital stock transactions | | | | $ | (2,242,626) | | | | | $ | (12,771,057) | | |
| Net Increase (Decrease) in Net Assets | | | | $ | (2,554,026) | | | | | $ | 29,983,789 | | |
| Net Assets Beginning of Year | | | | | 95,672,558 | | | | | | 65,688,769 | | |
| Net Assets at End of Year | | | | $ | 93,118,532 | | | | | $ | 95,672,558 | | |
| | | | Small Cap | | |||||||||
| | | | Semi-Annual Ended September 30, 2021 (Unaudited) | | | Year Ended March 31, 2021 | | ||||||
| Share Transactions | | | | | | | | | | | | | |
| Shares sold | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 90,154 | | | | | | 415,797 | | |
| Institutional Shares | | | | | 1,040 | | | | | | 23,147 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Distributions reinvested | | | | | | | | | | | | | |
| Ordinary Shares | | | | | — | | | | | | 15,625 | | |
| Institutional Shares | | | | | — | | | | | | 2,304 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Shares redeemed | | | | | | | | | | | | | |
| Ordinary Shares | | | | | (171,885) | | | | | | (1,147,826) | | |
| Institutional Shares | | | | | (1,842) | | | | | | (64,855) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Increase (Decrease) In Shares Outstanding | | | | | (82,533) | | | | | | (755,808) | | |
|
| | | Quality | | |||||||||
| | | Semi-Annual Ended September 30, 2021 (Unaudited) | | | Year Ended March 31, 2021 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 352,789 | | | | | $ | 963,814 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 10,342,580 | | | | | | 14,220,057 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | 5,081,623 | | | | | | 48,239,662 | | |
Net increase/(decrease) from operations | | | | $ | 15,776,992 | | | | | $ | 63,423,533 | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | (10,169,321) | | |
Institutional Shares | | | | | — | | | | | | (2,936,199) | | |
R6 Shares | | | | | — | | | | | | — | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | (13,105,520) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary shares | | | | $ | 9,208,772 | | | | | $ | 28,142,362 | | |
Institutional Shares | | | | | 26,938,437 | | | | | | 37,362,976 | | |
R6 Shares | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 7,650,232 | | |
Institutional Shares | | | | | — | | | | | | 2,919,228 | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (17,630,710) | | | | | | (37,292,506) | | |
Institutional Shares | | | | | (5,836,086) | | | | | | (12,299,528) | | |
R6 Shares | | | | | — | | | | | | — | | |
Net increase (decrease) from capital stock transactions | | | | $ | 12,680,413 | | | | | $ | 26,482,764 | | |
Net Increase (Decrease) in Net Assets | | | | $ | 28,457,405 | | | | | $ | 76,800,777 | | |
Net Assets Beginning of Year | | | | | 184,376,019 | | | | | | 107,575,242 | | |
Net Assets at End of Year | | | | $ | 212,833,424 | | | | | $ | 184,376,019 | | |
| | | Quality | | |||||||||
| | | Semi-Annual Ended September 30, 2021 (Unaudited) | | | Year Ended March 31, 2021 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 401,952 | | | | | | 1,606,214 | | |
Institutional Shares | | | | | 1,039,028 | | | | | | 1,865,436 | | |
R6 Shares | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 397,828 | | |
Institutional Shares | | | | | — | | | | | | 137,311 | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (762,499) | | | | | | (2,003,979) | | |
Institutional Shares | | | | | (234,083) | | | | | | (580,386) | | |
R6 Shares | | | | | — | | | | | | — | | |
Increase (Decrease) In Shares Outstanding | | | | | 444,398 | | | | | | 1,422,424 | | |
| | | Environmental Opportunities | | |||||||||||||||
| | | One Month Ended September 30, 2021 (Unaudited) | | | Year Ended August 31, 2021 (1) | | | Year Ended August 31, 2020 (1) | | |||||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | (22,352) | | | | | $ | (258,879) | | | | | $ | (51,248) | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 932,074 | | | | | | 4,248,814 | | | | | | 320,683 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (5,046,192) | | | | | | 12,264,812 | | | | | | 3,271,582 | | |
Net increase/(decrease) from operations | | | | $ | (4,136,470) | | | | | $ | 16,254,747 | | | | | $ | 3,541,017 | | |
Distributions to shareholders | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | (814)* | | | | | $ | —* | | |
Institutional Shares | | | | | — | | | | | | (499,608)** | | | | | | —** | | |
R6 Shares | | | | | — | | | | | | — | | | | | | — | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | (500,422) | | | | | $ | — | | |
Capital Stock Transactions | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 574,612 | | | | | $ | 239,425* | | | | | $ | 39,289* | | |
Institutional Shares | | | | | 1,478,941 | | | | | | 38,602,457** | | | | | | 11,445,125** | | |
R6 Shares | | | | | 1,030,210 | | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 814* | | | | | | —* | | |
Institutional Shares | | | | | — | | | | | | 483,049** | | | | | | —** | | |
R6 Shares | | | | | — | | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | (70,642) | | | | | | (60,064)* | | | | | | (14,529)* | | |
Institutional Shares | | | | | (1,270,411) | | | | | | (10,734,342)** | | | | | | (1,381,489)** | | |
R6 Shares | | | | | — | | | | | | — | | | | | | — | | |
Net increase (decrease) from capital stock transactions | | | | $ | 1,742,710 | | | | | $ | 28,531,339 | | | | | $ | 10,088,396 | | |
Net Increase (Decrease) in Net Assets | | | | $ | (2,393,760) | | | | | $ | 44,285,664 | | | | | $ | 13,629,413 | | |
Net Assets Beginning of Year | | | | | 66,824,383 | | | | | | 22,538,719 | | | | | | 8,909,306 | | |
| | | Environmental Opportunities | | |||||||||||||||
| | | One Month Ended September 30, 2021 (Unaudited) | | | Year Ended August 31, 2021 (1) | | | Year Ended August 31, 2020 (1) | | |||||||||
Net Assets at End of Year | | | | $ | 64,430,623 | | | | | $ | 66,824,383 | | | | | $ | 22,538,719 | | |
Share Transactions | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | 29,364 | | | | | | 12,817* | | | | | | 3,703* | | |
Institutional Shares | | | | | 74,843 | | | | | | 2,139,067** | | | | | | 1,018,044** | | |
R6 Shares | | | | | 103,074 | | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 48* | | | | | | —* | | |
Institutional Shares | | | | | — | | | | | | 28,183** | | | | | | —** | | |
R6 Shares | | | | | — | | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | (3,490) | | | | | | (3,284)* | | | | | | (1,788)* | | |
Institutional Shares | | | | | (64,980) | | | | | | (658,911)** | | | | | | (131,090)** | | |
R6 Shares | | | | | — | | | | | | — | | | | | | — | | |
Increase (Decrease) In Shares Outstanding | | | | | 138,811 | | | | | | 1,517,920 | | | | | | 888,869 | | |
|
| | | Emerging Markets World Equity | | |||||||||
| | | Semi-Annual Ended September 30, 2021 (Unaudited) | | | Year Ended March 31, 2021 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 113,631 | | | | | $ | (143,322) | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 8,201,514 | | | | | | 21,404,618 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (9,845,471) | | | | | | 25,998,311 | | |
Net increase/(decrease) from operations | | | | $ | (1,530,326) | | | | | $ | 47,259,607 | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | (893,824) | | |
Institutional Shares | | | | | — | | | | | | (75,708) | | |
R6 Shares | | | | | — | | | | | | (26,700) | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | (996,232) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 2,115,573 | | | | | $ | 15,376,000* | | |
Institutional Shares | | | | | 1,579,254 | | | | | | 1,224,993 | | |
R6 Shares | | | | | 51,064 | | | | | | 317,202 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 633,372 | | |
Institutional Shares | | | | | — | | | | | | 75,249 | | |
R6 Shares | | | | | — | | | | | | 26,700 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (6,875,561) | | | | | | (13,873,470) | | |
Institutional Shares | | | | | (425,638) | | | | | | (1,671,276) | | |
R6 Shares | | | | | (12,777) | | | | | | (10,936) | | |
Net increase (decrease) from capital stock transactions | | | | $ | (3,568,085) | | | | | $ | 2,097,834 | | |
Net Increase (Decrease) in Net Assets | | | | $ | (5,098,411) | | | | | $ | 48,361,209 | | |
Net Assets Beginning of Year | | | | | 117,689,546 | | | | | | 69,328,337 | | |
Net Assets at End of Year | | | | $ | 112,591,135 | | | | | $ | 117,689,546 | | |
| | | Emerging Markets World Equity | | |||||||||
| | | Semi-Annual Ended September 30, 2021 (Unaudited) | | | Year Ended March 31, 2021 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 69,226 | | | | | | 678,736 | | |
Institutional Shares | | | | | 52,425 | | | | | | 51,440 | | |
R6 Shares | | | | | 3,463 | | | | | | 24,209 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 21,886 | | |
Institutional Shares | | | | | — | | | | | | 2,563 | | |
R6 Shares | | | | | — | | | | | | 1,897 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (225,264) | | | | | | (553,222) | | |
Institutional Shares | | | | | (13,769) | | | | | | (66,560) | | |
R6 Shares | | | | | (848) | | | | | | (764) | | |
Increase (Decrease) In Shares Outstanding | | | | | (114,767) | | | | | | 160,185 | | |
|
| | | Foreign Value | | |||||||||
| | | Semi-Annual Ended September 30, 2021 (Unaudited) | | | Year Ended March 31, 2021 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 39,003,730 | | | | | $ | 50,423,365 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 57,516,278 | | | | | | (33,658,979) | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (132,720,804) | | | | | | 1,653,236,333 | | |
Net increase/(decrease) from operations | | | | $ | (36,200,796) | | | | | $ | 1,670,000,719 | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | (7,906,281) | | |
Institutional Shares | | | | | — | | | | | | (51,609,712) | | |
R6 Shares | | | | | — | | | | | | (23,473,738) | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | (82,989,731) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 12,143,351 | | | | | $ | 19,100,403 | | |
Institutional Shares | | | | | 401,603,447 | | | | | | 822,173,788* | | |
R6 Shares | | | | | 59,303,841 | | | | | | 155,052,686 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 7,318,465 | | |
Institutional Shares | | | | | — | | | | | | 46,255,288 | | |
R6 Shares | | | | | — | | | | | | 16,835,574 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (53,562,902) | | | | | | (165,515,787) | | |
Institutional Shares | | | | | (203,694,762) | | | | | | (755,383,932) | | |
R6 Shares | | | | | (34,705,619) | | | | | | (128,898,592) | | |
Net increase (decrease) from capital stock transactions | | | | $ | 181,087,356 | | | | | $ | 16,937,893 | | |
Net Increase (Decrease) in Net Assets | | | | $ | 144,886,560 | | | | | $ | 1,603,948,881 | | |
Net Assets Beginning of Year | | | | | 4,163,837,864 | | | | | | 2,559,888,983 | | |
Net Assets at End of Year | | | | $ | 4,308,724,424 | | | | | $ | 4,163,837,864 | | |
| | | Foreign Value | | |||||||||
| | | Semi-Annual Ended September 30, 2021 (Unaudited) | | | Year Ended March 31, 2021 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 485,366 | | | | | | 927,061 | | |
Institutional Shares | | | | | 16,203,467 | | | | | | 43,461,925 | | |
R6 Shares | | | | | 4,675,580 | | | | | | 16,062,529 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 339,919 | | |
Institutional Shares | | | | | — | | | | | | 2,158,436 | | |
R6 Shares | | | | | — | | | | | | 1,533,295 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (2,178,078) | | | | | | (9,038,345) | | |
Institutional Shares | | | | | (8,211,106) | | | | | | (41,223,202) | | |
R6 Shares | | | | | (2,725,847) | | | | | | (12,943,171) | | |
Increase (Decrease) In Shares Outstanding | | | | | 8,249,382 | | | | | | 1,278,447 | | |
|
| | | Foreign Value Small Cap | | |||||||||
| | | Semi-Annual Ended September 30, 2021 (Unaudited) | | | Year Ended March 31, 2021 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 11,906,025 | | | | | $ | 8,659,082 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 74,791,164 | | | | | | 27,149,231 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (73,203,744) | | | | | | 348,094,987 | | |
Net increase/(decrease) from operations | | | | $ | 13,493,445 | | | | | $ | 383,903,300 | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | (5,992,691) | | |
Institutional Shares | | | | | — | | | | | | (19,488,861) | | |
R6 Shares | | | | | — | | | | | | (5,968,437) | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | (31,449,989) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 31,627,021 | | | | | $ | 21,501,539 | | |
Institutional Shares | | | | | 207,392,557 | | | | | | 210,975,635 | | |
R6 Shares | | | | | 166,357,874 | | | | | | 30,009,409* | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 5,031,680 | | |
Institutional Shares | | | | | — | | | | | | 17,545,124 | | |
R6 Shares | | | | | — | | | | | | 5,234,277 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (30,597,608) | | | | | | (43,250,129) | | |
Institutional Shares | | | | | (56,960,041) | | | | | | (192,751,012) | | |
R6 Shares | | | | | (27,107,617) | | | | | | (54,982,251) | | |
Net increase (decrease) from capital stock transactions | | | | $ | 290,712,186 | | | | | $ | (685,728) | | |
Net Increase (Decrease) in Net Assets | | | | $ | 304,205,631 | | | | | $ | 351,767,583 | | |
Net Assets Beginning of Year | | | | | 949,708,117 | | | | | | 597,940,534 | | |
Net Assets at End of Year | | | | $ | 1,253,913,748 | | | | | $ | 949,708,117 | | |
| | | Foreign Value Small Cap | | |||||||||
| | | Semi-Annual Ended September 30, 2021 (Unaudited) | | | Year Ended March 31, 2021 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 1,819,999 | | | | | | 1,598,297 | | |
Institutional Shares | | | | | 11,931,207 | | | | | | 15,735,721 | | |
R6 Shares | | | | | 12,926,646 | | | | | | 3,347,067 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 348,213 | | |
Institutional Shares | | | | | — | | | | | | 1,215,036 | | |
R6 Shares | | | | | — | | | | | | 491,481 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (1,765,628) | | | | | | (3,470,728) | | |
Institutional Shares | | | | | (3,269,504) | | | | | | (15,620,428) | | |
R6 Shares | | | | | (2,142,005) | | | | | | (6,039,591) | | |
Increase (Decrease) In Shares Outstanding | | | | | 19,500,715 | | | | | | (2,394,932) | | |
|
| | | International Opportunities | | |||||||||
| | | Semi-Annual Ended September 30, 2021 (Unaudited) | | | Year Ended March 31, 2021 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 245,584 | | | | | $ | 95,004 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 1,385,459 | | | | | | 1,361,164 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (587,540) | | | | | | 8,791,561 | | |
Net increase/(decrease) from operations | | | | $ | 1,043,503 | | | | | $ | 10,247,729 | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | (557) | | |
Institutional Shares | | | | | — | | | | | | (79,670) | | |
R6 Shares | | | | | — | | | | | | (72,287) | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | (152,514) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 80,000 | | | | | $ | — | | |
Institutional Shares | | | | | — | | | | | | 169,372 | | |
R6 Shares | | | | | 57,481 | | | | | | 604,636 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 557 | | |
Institutional Shares | | | | | — | | | | | | 79,670 | | |
R6 Shares | | | | | — | | | | | | 72,287 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | — | | |
Institutional Shares | | | | | — | | | | | | (213,582) | | |
R6 Shares | | | | | (4) | | | | | | (201,957) | | |
Net increase (decrease) from capital stock transactions | | | | $ | 137,477 | | | | | $ | 510,983 | | |
Net Increase (Decrease) in Net Assets | | | | $ | 1,180,980 | | | | | $ | 10,606,198 | | |
Net Assets Beginning of Year | | | | | 23,889,641 | | | | | | 13,283,443 | | |
Net Assets at End of Year | | | | $ | 25,070,621 | | | | | $ | 23,889,641 | | |
| | | International Opportunities | | |||||||||
| | | Semi-Annual Ended September 30, 2021 (Unaudited) | | | Year Ended March 31, 2021 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 5,398 | | | | | | — | | |
Institutional Shares | | | | | — | | | | | | 15,397 | | |
R6 Shares | | | | | 3,862 | | | | | | 51,044 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 44 | | |
Institutional Shares | | | | | — | | | | | | 6,224 | | |
R6 Shares | | | | | — | | | | | | 5,648 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | — | | |
Institutional Shares | | | | | — | | | | | | (18,557) | | |
R6 Shares | | | | | —* | | | | | | (18,279) | | |
Increase (Decrease) In Shares Outstanding | | | | | 9,260 | | | | | | 41,521 | | |
|
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2021(1) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 27.43 | | | | | $ | 15.45 | | | | | $ | 23.97 | | | | | $ | 25.48 | | | | | $ | 26.35 | | | | | $ | 21.61 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)b) | | | | | 0.12 | | | | | | 0.14 | | | | | | 0.15 | | | | | | 0.07 | | | | | | 0.07 | | | | | | 0.06 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.20) | | | | | | 12.00 | | | | | | (6.73) | | | | | | 0.22 | | | | | | 0.68 | | | | | | 4.99 | | |
Total from Investment Operations | | | | | (0.08) | | | | | | 12.14 | | | | | | (6.58) | | | | | | 0.29 | | | | | | 0.75 | | | | | | 5.05 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.16) | | | | | | (0.14) | | | | | | (0.01) | | | | | | (0.04) | | | | | | (0.15) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | (1.80) | | | | | | (1.79) | | | | | | (1.58) | | | | | | (0.16) | | |
Total Distributions | | | | | — | | | | | | (0.16) | | | | | | (1.94) | | | | | | (1.80) | | | | | | (1.62) | | | | | | (0.31) | | |
Net Asset Value, End of Period | | | | $ | 27.35 | | | | | $ | 27.43 | | | | | $ | 15.45 | | | | | $ | 23.97 | | | | | $ | 25.48 | | | | | $ | 26.35 | | |
Total Return | | | | | (0.29%) | | | | | | 78.75% | | | | | | (30.27)% | | | | | | 1.87% | | | | | | 2.75% | | | | | | 23.36% | | |
Net Assets, End of Period (000s) | | | | $ | 84,365 | | | | | $ | 86.880 | | | | | $ | 60,008 | | | | | $ | 118,314 | | | | | $ | 109,341 | | | | | $ | 109,247 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.33% | | | | | | 1.37% | | | | | | 1.35% | | | | | | 1.34% | | | | | | 1.35% | | | | | | 1.35% | | |
Net | | | | | 1.33% | | | | | | 1.37% | | | | | | 1.35% | | | | | | 1.34% | | | | | | 1.35% | | | | | | 1.35% | | |
Ratio of net investment income (loss) to average net assets (b) | | | | | 0.83% | | | | | | 0.66% | | | | | | 0.63% | | | | | | 0.29% | | | | | | 0.25% | | | | | | 0.25% | | |
Portfolio Turnover | | | | | 12% | | | | | | 33% | | | | | | 28% | | | | | | 24% | | | | | | 18% | | | | | | 37% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2021 (1) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 33.32 | | | | | $ | 18.73 | | | | | $ | 28.67 | | | | | $ | 30.07 | | | | | $ | 30.80 | | | | | $ | 25.19 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) | | | | | 0.20 (d) | | | | | | 0.26 (d) | | | | | | 0.27 (d) | | | | | | 0.21 (d) | | | | | | 0.19 (d) | | | | | | 0.14 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.24) | | | | | | 14.57 | | | | | | (8.17) | | | | | | 0.28 | | | | | | 0.79 | | | | | | 5.83 | | |
Total from Investment Operations | | | | | (0.04) | | | | | | 14.83 | | | | | | (7.90) | | | | | | 0.49 | | | | | | 0.98 | | | | | | 5.97 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.24) | | | | | | (0.24) | | | | | | (0.10) | | | | | | (0.13) | | | | | | (0.20) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | (1.80) | | | | | | (1.79) | | | | | | (1.58) | | | | | | (0.16) | | |
Total Distributions | | | | | — | | | | | | (0.24) | | | | | | (2.04) | | | | | | (1.89) | | | | | | (1.71) | | | | | | (0.36) | | |
Net Asset Value, End of Period | | | | $ | 33.28 | | | | | $ | 33.32 | | | | | $ | 18.73 | | | | | $ | 28.67 | | | | | $ | 30.07 | | | | | $ | 30.80 | | |
Total Return | | | | | (0.12)% | | | | | | 79.43% | | | | | | (30.02)% | | | | | | 2.30% | | | | | | 3.10% | | | | | | 23.71% | | |
Net Assets, End of Period (000s) | | | | $ | 8,753 | | | | | $ | 8,792 | | | | | $ | 5,681 | | | | | $ | 4,839 | | | | | $ | 7,395 | | | | | $ | 7,220 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.08% | | | | | | 1.12% | | | | | | 1.10% | | | | | | 1.08% | | | | | | 1.10% | | | | | | 1.10% | | |
Net | | | | | 0.96% | | | | | | 1.00% | | | | | | 0.98% | | | | | | 0.96% | | | | | | 0.98% | | | | | | 1.10% | | |
Ratio of net investment income (loss) to average net assets(b) | | | | | 1.20% | | | | | | 1.04% | | | | | | 1.02% | | | | | | 0.65% | | | | | | 0.62% | | | | | | 0.49% | | |
Portfolio Turnover | | | | | 12% | | | | | | 33% | | | | | | 28% | | | | | | 24% | | | | | | 18% | | | | | | 37% | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2021(1) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 21.14 | | | | | $ | 15.06 | | | | | $ | 18.66 | | | | | $ | 18.83 | | | | | $ | 17.52 | | | | | $ | 16.31 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.03 | | | | | | 0.10 | | | | | | 0.12 | | | | | | 0.14 | | | | | | 0.15 | | | | | | 0.16 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 1.82 | | | | | | 7.55 | | | | | | (0.19) | | | | | | 2.23 | | | | | | 2.49 | | | | | | 2.04 | | |
Total from Investment Operations | | | | | 1.85 | | | | | | 7.65 | | | | | | (0.07) | | | | | | 2.37 | | | | | | 2.64 | | | | | | 2.20 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.10) | | | | | | (0.15) | | | | | | (0.12) | | | | | | (0.18) | | | | | | (0.19) | | |
Distributions from realized capital gains | | | | | — | | | | | | (1.47) | | | | | | (3.38) | | | | | | (2.42) | | | | | | (1.15) | | | | | | (0.80) | | |
Total Distributions | | | | | — | | | | | | (1.57) | | | | | | (3.53) | | | | | | (2.54) | | | | | | (1.33) | | | | | | (0.99) | | |
Net Asset Value, End of Period | | | | $ | 22.99 | | | | | $ | 21.14 | | | | | $ | 15.06 | | | | | $ | 18.66 | | | | | $ | 18.83 | | | | | $ | 17.52 | | |
Total Return | | | | | 8.75% | | | | | | 51.83% | | | | | | (2.98)% | | | | | | 14.16% | | | | | | 14.91% | | | | | | 14.04% | | |
Net Assets, End of Period (000s) | | | | $ | 141,228 | | | | | $ | 137,485 | | | | | $ | 97,951 | | | | | $ | 137,643 | | | | | $ | 123,781 | | | | | $ | 112,513 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.50% | | | | | | 1.52% | | | | | | 1.54% | | | | | | 1.54% | | | | | | 1.54% | | | | | | 1.55% | | |
Net | | | | | 1.15% | | | | | | 1.22% | | | | | | 1.27% | | | | | | 1.25% | | | | | | 1.28% | | | | | | 1.30% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 0.24% | | | | | | 0.53% | | | | | | 0.62% | | | | | | 0.72% | | | | | | 0.81% | | | | | | 0.97% | | |
Portfolio Turnover | | | | | 15% | | | | | | 41% | | | | | | 35% | | | | | | 57% | | | | | | 48% | | | | | | 31% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2021 (1) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 23.39 | | | | | $ | 16.53 | | | | | $ | 20.18 | | | | | $ | 20.15 | | | | | $ | 18.65 | | | | | $ | 17.30 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) (c) | | | | | 0.08 | | | | | | 0.20 | | | | | | 0.21 | | | | | | 0.23 | | | | | | 0.24 | | | | | | 0.22 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 2.02 | | | | | | 8.30 | | | | | | (0.25) | | | | | | 2.40 | | | | | | 2.65 | | | | | | 2.16 | | |
Total from Investment Operations | | | | | 2.10 | | | | | | 8.50 | | | | | | (0.04) | | | | | | 2.63 | | | | | | 2.89 | | | | | | 2.38 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.17) | | | | | | (0.23) | | | | | | (0.18) | | | | | | (0.24) | | | | | | (0.23) | | |
Distributions from realized capital gains | | | | | — | | | | | | (1.47) | | | | | | (3.38) | | | | | | (2.42) | | | | | | (1.15) | | | | | | (0.80) | | |
Total Distributions | | | | | — | | | | | | (1.64) | | | | | | (3.61) | | | | | | (2.60) | | | | | | (1.39) | | | | | | (1.03) | | |
Net Asset Value, End of Period | | | | $ | 25.49 | | | | | $ | 23.39 | | | | | $ | 16.53 | | | | | $ | 20.18 | | | | | $ | 20.15 | | | | | $ | 18.65 | | |
Total Return | | | | | 8.98% | | | | | | 52.42% | | | | | | (2.62)% | | | | | | 14.59% | | | | | | 15.34% | | | | | | 14.30% | | |
Net Assets, End of Period (000s) | | | | $ | 71,606 | | | | | $ | 46,891 | | | | | $ | 9,624 | | | | | $ | 6,084 | | | | | $ | 6,064 | | | | | $ | 6,569 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.25% | | | | | | 1.27% | | | | | | 1.29% | | | | | | 1.29% | | | | | | 1.29% | | | | | | 1.30% | | |
Net | | | | | 0.78% | | | | | | 0.80% | | | | | | 0.90% | | | | | | 0.87% | | | | | | 0.93% | | | | | | 1.05% | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 0.62% | | | | | | 0.92% | | | | | | 1.04% | | | | | | 1.08% | | | | | | 1.17% | | | | | | 1.22% | | |
Portfolio Turnover | | | | | 15% | | | | | | 41% | | | | | | 35% | | | | | | 57% | | | | | | 48% | | | | | | 31% | | |
| | | Ordinary Shares | | | ||||||||||||||||||||||||||
| | | | | | | | | Years Ended August 31,* | | | | | | |||||||||||||||||
| | | One Month Ended September 30, 2021(1) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 20.12 | | | | | $ | 12.63 | | | | | $ | 10.05 | | | | | $ | 10.69 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | (0.00) | | | | | | (0.06) | | | | | | (0.06) | | | | | | (0.02) | | | | | | (0.03) | | |
Net realized and unrealized gain/(loss) on securities | | | | | (1.23) | | | | | | 7.83 | | | | | | 2.64 | | | | | | (0.62) | | | | | | 0.72 | | |
Total from Investment Operations | | | | | (1.23) | | | | | | 7.77 | | | | | | 2.58 | | | | | | (0.64) | | | | | | 0.69 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | (0.28) | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.28) | | | | | | — | | | | | | — | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 18.89 | | | | | $ | 20.12 | | | | | $ | 12.63 | | | | | $ | 10.05 | | | | | $ | 10.69 | | |
Total Return | | | | | (6.11)% | | | | | | 61.95% | | | | | | 25.67% | | | | | | (5.99)% | | | | | | 6.90% | | |
Net Assets, End of Period (000s) | | | | $ | 736 | | | | | $ | 263 | | | | | $ | 44 | | | | | $ | 16 | | | | | $ | 17 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.64% | | | | | | 1.55% | | | | | | 2.66% | | | | | | 4.22% | | | | | | 4.94% | | |
Net | | | | | 1.24% | | | | | | 1.24% | | | | | | 1.24% | | | | | | 1.28% | | | | | | 1.43% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | (0.32)% | | | | | | (0.80)% | | | | | | (0.63)% | | | | | | (0.24)% | | | | | | (0.54)% | | |
Portfolio Turnover | | | | | 3% | | | | | | 41% | | | | | | 37% | | | | | | 30% | | | | | | 23% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | | | | | | | Years Ended August 31,* | | |||||||||||||||||||||
| | | One Month Ended September 30, 2021(1) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 20.32 | | | | | $ | 12.72 | | | | | $ | 10.10 | | | | | $ | 10.71 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | (0.01) | | | | | | (0.07) | | | | | | (0.03) | | | | | | —(2) | | | | | | (0.03) | | |
Net realized and unrealized gain/(loss) on securities | | | | | (1.22) | | | | | | 7.95 | | | | | | 2.65 | | | | | | (0.61) | | | | | | 0.74 | | |
Total from Investment Operations | | | | | (1.23) | | | | | | 7.88 | | | | | | 2.62 | | | | | | (0.61) | | | | | | 0.71 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | (0.28) | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.28) | | | | | | — | | | | | | — | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 19.09 | | | | | $ | 20.32 | | | | | $ | 12.72 | | | | | $ | 10.10 | | | | | $ | 10.71 | | |
Total Return | | | | | (6.05)% | | | | | | 62.39% | | | | | | 25.94% | | | | | | (5.70)% | | | | | | 7.10% | | |
Net Assets, End of Period (000s) | | | | $ | 62,724 | | | | | $ | 66,561 | | | | | $ | 22,494 | | | | | $ | 8,893 | | | | | $ | 6,286 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.34% | | | | | | 1.30% | | | | | | 2.41% | | | | | | 3.97% | | | | | | 4.69% | | |
Net | | | | | 0.99% | | | | | | 0.99% | | | | | | 0.99% | | | | | | 1.03% | | | | | | 1.18% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | (0.41)% | | | | | | (0.55)% | | | | | | (0.37)% | | | | | | (0.02)% | | | | | | (0.36)% | | |
Portfolio Turnover | | | | | 3% | | | | | | 41% | | | | | | 37% | | | | | | 30% | | | | | | 23% | | |
| | | R 6 Shares (3) | | |||
| | | Commencement of Operations to the Month Ended September 30, 2021 (1) | | |||
Net Asset Value, Beginning of Period | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | |
Net investment income (loss) (a) (b) (c) | | | | | — | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.66) | | |
Total from Investment Operations | | | | | (0.66) | | |
Less Distributions: | | | | | | | |
Dividends from net investment income | | | | | — | | |
Distributions from realized capital gains | | | | | — | | |
Total Distributions | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 9.34 | | |
Total Return | | | | | (6.60)% | | |
Net Assets, End of Period (000s) | | | | $ | 963 | | |
Ratios and Supplemental Data: | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | |
Gross | | | | | 1.19% | | |
Net | | | | | 0.95% | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | (0.34)% | | |
Portfolio Turnover | | | | | 3% | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2021(1) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 29.76 | | | | | $ | 18.21 | | | | | $ | 20.86 | | | | | $ | 23.29 | | | | | $ | 20.40 | | | | | $ | 18.96 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.02 | | | | | | (0.04) | | | | | | 0.22 | | | | | | 0.38 | | | | | | 0.32 | | | | | | 0.23 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.46) | | | | | | 11.83 | | | | | | (2.53) | | | | | | (2.36) | | | | | | 2.85 | | | | | | 1.52 | | |
Total from Investment Operations | | | | | (0.44) | | | | | | 11.79 | | | | | | (2.31) | | | | | | (1.98) | | | | | | 3.17 | | | | | | 1.75 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.24) | | | | | | (0.34) | | | | | | (0.45) | | | | | | (0.28) | | | | | | (0.31) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.24) | | | | | | (0.34) | | | | | | (0.45) | | | | | | (0.28) | | | | | | (0.31) | | |
Net Asset Value, End of Period | | | | $ | 29.32 | | | | | $ | 29.76 | | | | | $ | 18.21 | | | | | $ | 20.86 | | | | | $ | 23.29 | | | | | $ | 20.40 | | |
Total Return | | | | | (1.48)% | | | | | | 64.78% | | | | | | (11.35)% | | | | | | (8.31)% | | | | | | 15.63% | | | | | | 9.39% | | |
Net Assets, End of Period (000s) | | | | $ | 103,338 | | | | | $ | 109,522 | | | | | $ | 64,322 | | | | | $ | 89,347 | | | | | $ | 110,502 | | | | | $ | 102,633 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.61% | | | | | | 1.68% | | | | | | 1.70% | | | | | | 1.67% | | | | | | 1.07% | | | | | | 1.21% | | |
Net | | | | | 1.39% | | | | | | 1.46% | | | | | | 1.48% | | | | | | 1.46% | | | | | | 0.97% | | | | | | 1.09% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 0.16% | | | | | | (0.16)% | | | | | | 1.01% | | | | | | 1.81% | | | | | | 1.46% | | | | | | 1.21% | | |
Portfolio Turnover | | | | | 51% | | | | | | 128% | | | | | | 104% | | | | | | 172%(e) | | | | | | 50% | | | | | | 47% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2021(1) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 30.22 | | | | | $ | 18.47 | | | | | $ | 21.16 | | | | | $ | 23.63 | | | | | $ | 20.69 | | | | | $ | 19.23 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(b)(c) | | | | | 0.08 | | | | | | 0.06 | | | | | | 0.26 | | | | | | 0.48 | | | | | | 0.40 | | | | | | 0.34 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.46) | | | | | | 12.02 | | | | | | (2.52) | | | | | | (2.42) | | | | | | 2.89 | | | | | | 1.49 | | |
Total from Investment Operations | | | | | (0.38) | | | | | | 12.08 | | | | | | (2.26) | | | | | | (1.94) | | | | | | 3.29 | | | | | | 1.83 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.33) | | | | | | (0.43) | | | | | | (0.53) | | | | | | (0.35) | | | | | | (0.37) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.33) | | | | | | (0.43) | | | | | | (0.53) | | | | | | (0.35) | | | | | | (0.37) | | |
Net Asset Value, End of Period | | | | $ | 29.84 | | | | | $ | 30.22 | | | | | $ | 18.47 | | | | | $ | 21.16 | | | | | $ | 23.63 | | | | | $ | 20.69 | | |
Total Return | | | | | (1.26)% | | | | | | 65.44% | | | | | | (11.02)% | | | | | | (7.94)% | | | | | | 16.01% | | | | | | 9.68% | | |
Net Assets, End of Period (000s) | | | | $ | 7,950 | | | | | $ | 6,885 | | | | | $ | 4,440 | | | | | $ | 5,061 | | | | | $ | 7,872 | | | | | $ | 8,078 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.36% | | | | | | 1.43% | | | | | | 1.45% | | | | | | 1.41% | | | | | | 0.82% | | | | | | 0.95% | | |
Net | | | | | 1.02% | | | | | | 1.09% | | | | | | 1.11% | | | | | | 1.08% | | | | | | 0.61% | | | | | | 0.83% | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 0.53% | | | | | | 0.21% | | | | | | 1.19% | | | | | | 2.21% | | | | | | 1.80% | | | | | | 1.69% | | |
Portfolio Turnover | | | | | 51% | | | | | | 128% | | | | | | 104% | | | | | | 172%(e) | | | | | | 50% | | | | | | 47% | | |
| | | R 6 Shares | | |||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | | January 28, 2019 (2) | | |||||||||||||||
| | | 2021 (1) | | | 2021 | | | 2020 | | | through March 31, 2019 | | ||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 14.49 | | | | | $ | 8.96 | | | | | $ | 10.47 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) (c) | | | | | 0.04 | | | | | | 0.04 | | | | | | 0.18 | | | | | | 0.01 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.23) | | | | | | 5.83 | | | | | | (1.26) | | | | | | 0.46 | | |
Total from Investment Operations | | | | | (0.19) | | | | | | 5.87 | | | | | | (1.08) | | | | | | 0.47 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.34) | | | | | | (0.43) | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.34) | | | | | | (0.43) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 14.30 | | | | | $ | 14.49 | | | | | $ | 8.96 | | | | | $ | 10.47 | | |
Total Return | | | | | (1.31)% | | | | | | 65.58% | | | | | | (10.95)% | | | | | | 4.70% (4) | | |
Net Assets, End of Period (000s) | | | | $ | 1,303 | | | | | $ | 1,282 | | | | | $ | 566 | | | | | $ | 105 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.21% | | | | | | 1.28% | | | | | | 1.30% | | | | | | 1.64% (3) | | |
Net | | | | | 0.99% | | | | | | 0.99% | | | | | | 0.99% | | | | | | 0.99% (3) | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 0.56% | | | | | | 0.29% | | | | | �� | 1.58% | | | | | | 0.44% (3) | | |
Portfolio Turnover | | | | | 51% | | | | | | 128% | | | | | | 104% | | | | | | 172% (e) | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2021(1) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 24.33 | | | | | $ | 14.83 | | | | | $ | 20.77 | | | | | $ | 21.75 | | | | | $ | 19.15 | | | | | $ | 17.03 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(c) | | | | | 0.18(b) | | | | | | 0.23(b) | | | | | | 0.44(b) | | | | | | 0.38(b) | | | | | | 0.29(b) | | | | | | 0.23 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.40) | | | | | | 9.62 | | | | | | (6.13) | | | | | | (1.17) | | | | | | 2.44 | | | | | | 2.07 | | |
Total from Investment Operations | | | | | (0.22) | | | | | | 9.85 | | | | | | (5.69) | | | | | | (0.79) | | | | | | 2.73 | | | | | | 2.30 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.35) | | | | | | (0.25) | | | | | | (0.11) | | | | | | (0.13) | | | | | | (0.18) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | (0.08) | | | | | | — | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.35) | | | | | | (0.25) | | | | | | (0.19) | | | | | | (0.13) | | | | | | (0.18) | | |
Net Asset Value, End of Period | | | | $ | 24.11 | | | | | $ | 24.33 | | | | | $ | 14.83 | | | | | $ | 20.77 | | | | | $ | 21.75 | | | | | $ | 19.15 | | |
Total Return | | | | | (0.90)% | | | | | | 66.76% | | | | | | (27.75)% | | | | | | (3.56)% | | | | | | 14.27% | | | | | | 13.59% | | |
Net Assets, End of Period (000s) | | | | $ | 479,402 | | | | | $ | 524,972 | | | | | $ | 435,137 | | | | | $ | 784,820 | | | | | $ | 886,354 | | | | | $ | 859,328 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.49% | | | | | | 1.50% | | | | | | 1.50% | | | | | | 1.51% | | | | | | 1.51% | | | | | | 1.53% | | |
Net | | | | | 1.39% | | | | | | 1.40% | | | | | | 1.40% | | | | | | 1.41% | | | | | | 1.41% | | | | | | 1.53% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 1.46% | | | | | | 1.18% | | | | | | 2.13% | | | | | | 1.80% | | | | | | 1.39% | | | | | | 1.31% | | |
Portfolio Turnover | | | | | 8% | | | | | | 23% | | | | | | 28% | | | | | | 12% | | | | | | 30% | | | | | | 15% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2021(1) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 24.25 | | | | | $ | 14.78 | | | | | $ | 20.71 | | | | | $ | 21.71 | | | | | $ | 19.10 | | | | | $ | 17.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(c) | | | | | 0.23(b) | | | | | | 0.31(b) | | | | | | 0.50(b) | | | | | | 0.42(b) | | | | | | 0.33(b) | | | | | | 0.26 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.41) | | | | | | 9.60 | | | | | | (6.09) | | | | | | (1.14) | | | | | | 2.49 | | | | | | 2.07 | | |
Total from Investment Operations | | | | | (0.18) | | | | | | 9.91 | | | | | | (5.59) | | | | | | (0.72) | | | | | | 2.82 | | | | | | 2.33 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.44) | | | | | | (0.34) | | | | | | (0.20) | | | | | | (0.21) | | | | | | (0.23) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | (0.08) | | | | | | — | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.44) | | | | | | (0.34) | | | | | | (0.28) | | | | | | (0.21) | | | | | | (0.23) | | |
Net Asset Value, End of Period | | | | $ | 24.07 | | | | | $ | 24.25 | | | | | $ | 14.78 | | | | | $ | 20.71 | | | | | $ | 21.71 | | | | | $ | 19.10 | | |
Total Return | | | | | (0.74)% | | | | | | 67.42% | | | | | | (27.50)% | | | | | | (3.20)% | | | | | | 14.75% | | | | | | 13.82% | | |
Net Assets, End of Period (000s) | | | | $ | 3,133,170 | | | | | $ | 2,962,171 | | | | | $ | 1,740,528 | | | | | $ | 2,509,455 | | | | | $ | 1,346,164 | | | | | $ | 759,793 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.24% | | | | | | 1.25% | | | | | | 1.25% | | | | | | 1.26% | | | | | | 1.26% | | | | | | 1.27% | | |
Net | | | | | 1.02% | | | | | | 1.03% | | | | | | 1.03% | | | | | | 1.04% | | | | | | 1.04% | | | | | | 1.27% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 1.83% | | | | | | 1.56% | | | | | | 2.45% | | | | | | 1.98% | | | | | | 1.57% | | | | | | 1.49% | | |
Portfolio Turnover | | | | | 8% | | | | | | 23% | | | | | | 28% | | | | | | 12% | | | | | | 30% | | | | | | 15% | | |
| | | R6 Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | | February 6, 2017 (2) through March 31, | | |||||||||||||||||||||||||||
| | | 2021 (1) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 12.43 | | | | | $ | 7.72 | | | | | $ | 10.97 | | | | | $ | 11.65 | | | | | $ | 10.34 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(c) | | | | | 0.12 (b) | | | | | | 0.17 (b) | | | | | | 0.25 (b) | | | | | | 0.25 (b) | | | | | | 0.19 (b) | | | | | | 0.05 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.20) | | | | | | 4.98 | | | | | | (3.16) | | | | | | (0.64) | | | | | | 1.34 | | | | | | 0.29 | | |
Total from Investment Operations | | | | | (0.08) | | | | | | 5.15 | | | | | | (2.91) | | | | | | (0.39) | | | | | | 1.53 | | | | | | 0.34 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.44) | | | | | | (0.34) | | | | | | (0.21) | | | | | | (0.22) | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | (0.08) | | | | | | — | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.44) | | | | | | (0.34) | | | | | | (0.29) | | | | | | (0.22) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 12.35 | | | | | $ | 12.43 | | | | | $ | 7.72 | | | | | $ | 10.97 | | | | | $ | 11.65 | | | | | $ | 10.34 | | |
Total Return | | | | | (0.64)% | | | | | | 67.52% | | | | | | (27.43)% | | | | | | (3.15)% | | | | | | 14.79% | | | | | | 3.40% (4) | | |
Net Assets, End of Period (000s) | | | | $ | 696,152 | | | | | $ | 676,695 | | | | | $ | 384,224 | | | | | $ | 325,774 | | | | | $ | 275,084 | | | | | $ | 36,982 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.09% | | | | | | 1.10% | | | | | | 1.10% | | | | | | 1.11% | | | | | | 1.10% | | | | | | 1.14% (3) | | |
Net | | | | | 0.94% | | | | | | 0.94% | | | | | | 0.94% | | | | | | 0.98% | | | | | | 1.01% | | | | | | 1.14% (3) | | |
Ratio of net investment income (loss) to average net assets:(c) | | | | | 1.91% | | | | | | 1.66% | | | | | | 2.28% | | | | | | 2.22% | | | | | | 1.58% | | | | | | 3.39% (3) | | |
Portfolio Turnover | | | | | 8% | | | | | | 23% | | | | | | 28% | | | | | | 12% | | | | | | 30% | | | | | | 15% (4) | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2021(1) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 16.54 | | | | | $ | 10.07 | | | | | $ | 13.56 | | | | | $ | 15.63 | | | | | $ | 13.71 | | | | | $ | 12.06 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(c) | | | | | 0.16(b) | | | | | | 0.12(b) | | | | | | 0.65(b) | | | | | | 0.33(b) | | | | | | 0.28(b) | | | | | | 0.23 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.20 | | | | | | 6.88 | | | | | | (3.76) | | | | | | (1.84) | | | | | | 2.07 | | | | | | 1.64 | | |
Total from Investment Operations | | | | | 0.36 | | | | | | 7.00 | | | | | | (3.11) | | | | | | (1.51) | | | | | | 2.35 | | | | | | 1.87 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.53) | | | | | | (0.38) | | | | | | (0.24) | | | | | | (0.29) | | | | | | (0.14) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | (0.32) | | | | | | (0.14) | | | | | | (0.08) | | |
Total Distributions | | | | | — | | | | | | (0.53) | | | | | | (0.38) | | | | | | (0.56) | | | | | | (0.43) | | | | | | (0.22) | | |
Net Asset Value, End of Period | | | | $ | 16.90 | | | | | $ | 16.54 | | | | | $ | 10.07 | | | | | $ | 13.56 | | | | | $ | 15.63 | | | | | $ | 13.71 | | |
Total Return | | | | | 2.18% | | | | | | 70.25% | | | | | | (23.73)% | | | | | | (9.33)% | | | | | | 17.15% | | | | | | 15.73% | | |
Net Assets, End of Period (000s) | | | | $ | 199,777 | | | | | $ | 194,665 | | | | | $ | 133,912 | | | | | $ | 222,526 | | | | | $ | 319,531 | | | | | $ | 270,948 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.51% | | | | | | 1.53% | | | | | | 1.53% | | | | | | 1.53% | | | | | | 1.52% | | | | | | 1.55% | | |
Net | | | | | 1.41% | | | | | | 1.43% | | | | | | 1.43% | | | | | | 1.43% | | | | | | 1.42% | | | | | | 1.55% | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 1.83% | | | | | | 0.90% | | | | | | 4.85% | | | | | | 2.29% | | | | | | 1.85% | | | | | | 1.82% | | |
Portfolio Turnover | | | | | 16% | | | | | | 35% | | | | | | 33% | | | | | | 52% | | | | | | 26% | | | | | | 46% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2021(1) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 16.54 | | | | | $ | 10.07 | | | | | $ | 13.57 | | | | | $ | 15.66 | | | | | $ | 13.73 | | | | | $ | 12.07 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(c) | | | | | 0.19(b) | | | | | | 0.17(b) | | | | | | 0.69(b) | | | | | | 0.37(b) | | | | | | 0.32(b) | | | | | | 0.25 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.20 | | | | | | 6.88 | | | | | | (3.76) | | | | | | (1.83) | | | | | | 2.09 | | | | | | 1.66 | | |
Total from Investment Operations | | | | | 0.39 | | | | | | 7.05 | | | | | | (3.07) | | | | | | (1.46) | | | | | | 2.41 | | | | | | 1.91 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.58) | | | | | | (0.43) | | | | | | (0.31) | | | | | | (0.34) | | | | | | (0.17) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | (0.32) | | | | | | (0.14) | | | | | | (0.08) | | |
Total Distributions | | | | | — | | | | | | (0.58) | | | | | | (0.43) | | | | | | (0.63) | | | | | | (0.48) | | | | | | (0.25) | | |
Net Asset Value, End of Period | | | | $ | 16.93 | | | | | $ | 16.54 | | | | | $ | 10.07 | | | | | $ | 13.57 | | | | | $ | 15.66 | | | | | $ | 13.73 | | |
Total Return | | | | | 2.36% | | | | | | 70.84% | | | | | | (23.50)% | | | | | | (8.95)% | | | | | | 17.56% | | | | | | 16.13% | | |
Net Assets, End of Period (000s) | | | | $ | 786,533 | | | | | $ | 625,221 | | | | | $ | 367,321 | | | | | $ | 766,409 | | | | | $ | 593,619 | | | | | $ | 312,955 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.26% | | | | | | 1.28% | | | | | | 1.28% | | | | | | 1.28% | | | | | | 1.27% | | | | | | 1.30% | | |
Net | | | | | 1.04% | | | | | | 1.06% | | | | | | 1.06% | | | | | | 1.06% | | | | | | 1.05% | | | | | | 1.30% | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 2.19% | | | | | | 1.27% | | | | | | 5.02% | | | | | | 2.57% | | | | | | 2.08% | | | | | | 2.03% | | |
Portfolio Turnover | | | | | 16% | | | | | | 35% | | | | | | 33% | | | | | | 52% | | | | | | 26% | | | | | | 46% | | |
| | | R6 Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | | February 6, 2017 (2) through March 31, | | |||||||||||||||||||||||||||
| | | 2021 (1) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 12.20 | | | | | $ | 7.53 | | | | | $ | 10.25 | | | | | $ | 12.02 | | | | | $ | 10.63 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(c) | | | | | 0.13 (b) | | | | | | 0.13 (b) | | | | | | 0.55 (b) | | | | | | 0.24 (b) | | | | | | 0.26 (b) | | | | | | 0.04 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.16 | | | | | | 5.12 | | | | | | (2.83) | | | | | | (1.38) | | | | | | 1.62 | | | | | | 0.59 | | |
Total from Investment Operations | | | | | 0.29 | | | | | | 5.25 | | | | | | (2.28) | | | | | | (1.14) | | | | | | 1.88 | | | | | | 0.63 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.58) | | | | | | (0.44) | | | | | | (0.31) | | | | | | (0.35) | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | (0.32) | | | | | | (0.14) | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.58) | | | | | | (0.44) | | | | | | (0.63) | | | | | | (0.49) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 12.49 | | | | | $ | 12.20 | | | | | $ | 7.53 | | | | | $ | 10.25 | | | | | $ | 12.02 | | | | | $ | 10.63 | | |
Total Return | | | | | 2.38% | | | | | | 70.90% | | | | | | (23.46)% | | | | | | (8.95)% | | | | | | 17.66% | | | | | | 6.30% (4) | | |
Net Assets, End of Period (000s) | | | | $ | 267,604 | | | | | $ | 129,822 | | | | | $ | 96,708 | | | | | $ | 74,795 | | | | | $ | 11,160 | | | | | $ | 1,927 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.11% | | | | | | 1.13% | | | | | | 1.13% | | | | | | 1.14% | | | | | | 1.12% | | | | | | 1.14% (3) | | |
Net | | | | | 1.01% | | | | | | 1.03% | | | | | | 1.03% | | | | | | 1.05% | | | | | | 1.02% | | | | | | 1.14% (3) | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 2.20% | | | | | | 1.32% | | | | | | 5.62% | | | | | | 2.28% | | | | | | 2.12% | | | | | | 2.95% (3) | | |
Portfolio Turnover | | | | | 16% | | | | | | 35% | | | | | | 33% | | | | | | 52% | | | | | | 26% | | | | | | 46% (4) | | |
| | | Ordinary Shares | | |||||||||||||||||||||
| | | Six Months Ended September 30, 2021(1) | | | Years Ended March 31, | | | January 30, 2019(2) through March 31, 2019 | | |||||||||||||||
| | | | | | | | | 2021 | | | 2020 | | | | | | | | ||||||
Net Asset Value, Beginning of Period | | | | $ | 13.95 | | | | | $ | 7.98 | | | | | $ | 10.60 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(c) | | | | | 0.11 | | | | | | 0.01 | | | | | | (0.05) | | | | | | (0.04) | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.47 | | | | | | 6.05 | | | | | | (2.54) | | | | | | 0.64 | | |
Total from Investment Operations | | | | | 0.58 | | | | | | 6.06 | | | | | | (2.59) | | | | | | 0.60 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | (0.09) | | | | | | (0.03) | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.09) | | | | | | (0.03) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 14.53 | | | | | $ | 13.95 | | | | | $ | 7.98 | | | | | $ | 10.60 | | |
Total Return | | | | | 4.16% | | | | | | 76.07% | | | | | | (24.50)% | | | | | | 6.00%4 | | |
Net Assets, End of Period (000s) | | | | $ | 168 | | | | | $ | 86 | | | | | $ | 49 | | | | | $ | 63 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.62% | | | | | | 1.62% | | | | | | 1.90% | | | | | | 4.54%3 | | |
Net | | | | | 1.62% | | | | | | 1.62% | | | | | | 1.90% | | | | | | 4.54%3 | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 1.60% | | | | | | 0.12% | | | | | | (0.44)% | | | | | | (3.52)%3 | | |
Portfolio Turnover | | | | | 23% | | | | | | 55% | | | | | | 142%(e) | | | | | | 22%4 | | |
| | | Institutional Shares | | |||||||||||||||||||||
| | | Six Months Ended September 30, 2021(1) | | | Years Ended March 31, | | | January 30, 2019(2) through March 31, 2019 | | |||||||||||||||
| | | | | | | | | 2021 | | | 2020 | | | | | | | | ||||||
Net Asset Value, Beginning of Period | | | | $ | 14.06 | | | | | $ | 8.02 | | | | | $ | 10.60 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.15 | | | | | | 0.06 | | | | | | (0.01) | | | | | | (0.04) | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.47 | | | | | | 6.07 | | | | | | (2.54) | | | | | | 0.64 | | |
Total from Investment Operations | | | | | 0.62 | | | | | | 6.13 | | | | | | (2.55) | | | | | | 0.60 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | (0.09) | | | | | | (0.03) | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.09) | | | | | | (0.03) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 14.68 | | | | | $ | 14.06 | | | | | $ | 8.02 | | | | | $ | 10.60 | | |
Total Return | | | | | 4.41% | | | | | | 76.56% | | | | | | (24.10)% | | | | | | 6.00%(4) | | |
Net Assets, End of Period (000s) | | | | $ | 12,852 | | | | | $ | 12,314 | | | | | $ | 6,995 | | | | | $ | 9,245 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.36% | | | | | | 1.37% | | | | | | 1.65% | | | | | | 4.29%(3) | | |
Net | | | | | 1.24% | | | | | | 1.25% | | | | | | 1.53% | | | | | | 4.17%(3) | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 1.96% | | | | | | 0.49% | | | | | | (0.05)% | | | | | | (3.15)%(3) | | |
Portfolio Turnover | | | | | 23% | | | | | | 55% | | | | | | 142%(e) | | | | | | 22%(4) | | |
| | | R 6 Shares | | | | | | | | | | | R 6 Shares (2) | | ||||||||||
| | | Six Months Ended September 30, 2021 (1) | | | Years Ended March 31, | | | January 30, 2019 through March 31, 2019 | | |||||||||||||||
| | | | | | | | | 2021 | | | 2020 | | | | | | | | ||||||
Net Asset Value, Beginning of Period | | | | $ | 14.07 | | | | | $ | 8.02 | | | | | $ | 10.60 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(c) | | | | | 0.15 | | | | | | 0.06 | | | | | | (0.01) | | | | | | (0.04) | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.46 | | | | | | 6.08 | | | | | | (2.53) | | | | | | 0.64 | | |
Total from Investment Operations | | | | | 0.61 | | | | | | 6.14 | | | | | | (2.54) | | | | | | 0.60 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | (0.01) | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | (0.09) | | | | | | (0.03) | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.09) | | | | | | (0.04) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 14.68 | | | | | $ | 14.07 | | | | | $ | 8.02 | | | | | $ | 10.60 | | |
Total Return | | | | | 4.34% | | | | | | 76.69% | | | | | | (24.08)% | | | | | | 6.00% (4) | | |
Net Assets, End of Period (000s) | | | | $ | 12,051 | | | | | $ | 11,490 | | | | | $ | 6,240 | | | | | $ | 1,371 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.21% | | | | | | 1.22% | | | | | | 1.50% | | | | | | 4.14% (3) | | |
Net | | | | | 1.21% | | | | | | 1.22% | | | | | | 1.50% | | | | | | 4.14% (3) | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 1.99% | | | | | | 0.51% | | | | | | (0.08)% | | | | | | (3.12)% (3) | | |
Portfolio Turnover | | | | | 23% | | | | | | 55% | | | | | | 142% (e) | | | | | | 22% (4) | | |
Predecessor Fund | | | | | | | | | | | | | | | Successor Fund | | | | | | | | | | | | | |
Class | | | Aggregate No. of Shares | | | Aggregate Net Asset Value | | | Class | | | Aggregate No. of Shares | | | Aggregate Net Asset Value | | ||||||||||||
Investor Class | | | | | 13,094 | | | | | $ | 263,409 | | | | Ordinary Shares | | | | | 13,094 | | | | | $ | 263,409 | | |
Institutional Class | | | | | 3,276,149 | | | | | $ | 66,560,974 | | | | Institutional Shares | | | | | 3,276,149 | | | | | $ | 66,560,974 | | |
| | | | | | | | | | | | | | | R6 Shares | | | | | — | | | | | $ | — | | |
| | | Quoted Prices In Active Markets | | | Significant Other Observable Inputs | | | Significant Unobservable Inputs | | | Market Value at September 30, 2021 | | ||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Small Cap | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 92,628,036 | | | | | $ | — | | | | | $ | — | | | | | $ | 92,628,036 | | |
Short-Term Investments | | | | | 690,917 | | | | | | — | | | | | | — | | | | | | 690,917 | | |
Total | | | | $ | 93,318,953 | | | | | $ | — | | | | | $ | — | | | | | $ | 93,318,953 | | |
Quality | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | | 179,416,331 | | | | | $ | — | | | | | $ | — | | | | | $ | 179,416,331 | | |
Depositary Receipts | | | | | 29,769,334 | | | | | | — | | | | | | — | | | | | | 29,769,334 | | |
Short-Term Investments | | | | | 3,435,920 | | | | | | — | | | | | | — | | | | | | 3,435,920 | | |
Total | | | | $ | 212,621,585 | | | | | $ | — | | | | | $ | — | | | | | $ | 212,621,585 | | |
Environmental Opportunities | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 57,626,706 | | | | | $ | — | | | | | $ | — | | | | | $ | 57,626,706 | | |
Real Estate Investment Trusts | | | | | 2,112,942 | | | | | | — | | | | | | — | | | | | | 2,112,942 | | |
Short-Term Investments | | | | | 4,044,194 | | | | | | — | | | | | | — | | | | | | 4,044,194 | | |
Total | | | | $ | 63,783,842 | | | | | $ | — | | | | | $ | — | | | | | $ | 63,783,842 | | |
Emerging Markets World Equity | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 87,323,825 | | | | | $ | — | | | | | $ | — | | | | | $ | 87,323,825 | | |
Depositary Receipts | | | | | 19,841,776 | | | | | | — | | | | | | — | | | | | | 19,841,776 | | |
Mutual Funds | | | | | 2,007,200 | | | | | | — | | | | | | — | | | | | | 2,007,200 | | |
Preferred Stock | | | | | 518,649 | | | | | | — | | | | | | — | | | | | | 518,649 | | |
P-Notes | | | | | — | | | | | | 2,242,162 | | | | | | — | | | | | | 2,242,162 | | |
Warrants | | | | | — | | | | | | 4,188 | | | | | | — | | | | | | 4,188 | | |
Short Term Investments | | | | | 777,327 | | | | | | — | | | | | | — | | | | | | 777,327 | | |
Total | | | | $ | 110,468,777 | | | | | $ | 2,246,350 | | | | | $ | — | | | | | $ | 112,715,127 | | |
Foreign Value | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 4,013,276,951 | | | | | $ | 76,344,470 | | | | | $ | — | | | | | $ | 4,089,621,421 | | |
Depositary Receipts | | | | | 126,555,314 | | | | | | — | | | | | | — | | | | | | 126,555,314 | | |
Warrants | | | | | 352,358 | | | | | | — | | | | | | — | | | | | | 352,358 | | |
Short-Term Investments | | | | | 71,518,774 | | | | | | — | | | | | | — | | | | | | 71,518,774 | | |
Total | | | | $ | 4,211,703,397 | | | | | $ | 76,344,470 | | | | | $ | — | | | | | $ | 4,288,047,867 | | |
| | | Quoted Prices In Active Markets | | | Significant Other Observable Inputs | | | Significant Unobservable Inputs | | | Market Value at September 30, 2021 | | ||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Foreign Value Small Cap | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 1,168,647,551 | | | | | $ | 40,031,797 | | | | | $ | — | | | | | $ | 1,208,679,348 | | |
Short-Term Investments | | | | | 41,473,657 | | | | | | — | | | | | | — | | | | | | 41,473,657 | | |
Total | | | | $ | 1,210,121,208 | | | | | $ | 40,031,797 | | | | | $ | — | | | | | $ | 1,250,153,005 | | |
International Opportunities | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 23,459,566 | | | | | $ | 723,572 | | | | | $ | — | | | | | $ | 24,183,138 | | |
Depository Receipts | | | | | 399,735 | | | | | | — | | | | | | — | | | | | | 399,735 | | |
Preferred Stock | | | | | 207,347 | | | | | | — | | | | | | — | | | | | | 207,347 | | |
Short-Term Investments | | | | | 242,628 | | | | | | — | | | | | | — | | | | | | 242,628 | | |
Total | | | | $ | 24,309,276 | | | | | $ | 723,572 | | | | | $ | — | | | | | $ | 25,032,848 | | |
| | | Emerging Markets World Equity | | | Foreign Value | | | Foreign Value Small Cap | | | International Opportunities | | ||||||||||||
Banks | | | | $ | 1,936,511 | | | | | $ | 76,344,470 | | | | | $ | 40,031,797 | | | | | $ | 384,246 | | |
Diversified Financial Services | | | | | — | | | | | | — | | | | | | — | | | | | | 339,326 | | |
Leisure Products | | | | | 305,651 | | | | | | — | | | | | | — | | | | | | — | | |
Machinery | | | | | 4,188 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | 2,246,350 | | | | | $ | 76,344,470 | | | | | $ | 40,031,797 | | | | | $ | 723,572 | | |
| Recoverable through | | | | | | | |
| August 31, 2022 | | | | $ | 189,034 | | |
| August 31, 2023 | | | | $ | 195,335 | | |
| August 31, 2024 | | | | $ | 145,592 | | |
| 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. | |
| Environmental Opportunities | | | 0.38% of the average daily total net assets | |
| 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, 0.40% of amounts in excess of $35 million but less than $200 million and 0.50% of amounts in excess of $200 million of average daily total net assets | |
| Foreign Value 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 assets in excess of $200 million of average daily total net assets | |
| International Opportunities | | | 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 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. | |
| Recoverable through | | | | | | | |
| August 31, 2022 | | | | $ | 189,034 | | |
| August 31, 2023 | | | | $ | 195,335 | | |
| August 31, 2024 | | | | $ | 145,592 | | |
| | | March 31, 2021 | | |||||||||||||||||||||
| | | Capital Loss Carry Forward due to Merger Subject to Limitation | | | Capital Loss Short Term No Expiration Short Term | | | Capital Loss Long Term No Expiration Long Term | | | Total Capital Loss | | ||||||||||||
Small Cap | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Quality | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Environmental Opportunities (1) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Emerging Markets World Equity | | | | | (24,627,936) | | | | | | — | | | | | | — | | | | | | (24,627,936) | | |
Foreign Value | | | | | — | | | | | | — | | | | | | (123,154,880) | | | | | | (123,154,880) | | |
Foreign Value Small Cap | | | | | — | | | | | | (24,156,342) | | | | | | (23,501,988) | | | | | | (47,658,330) | | |
International Opportunities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
CONTRACT APPROVAL (continued)
CONTRACT APPROVAL (continued)
CONTRACT APPROVAL (continued)
CONTRACT APPROVAL (continued)
| Manager | | | Pear Tree Advisors, Inc., 55 Old Bedford Road, Suite 202, Lincoln, MA 01773 | |
| Subadvisers | | | Chartwell Investment Partners LLC, 1205 Westlakes Drive, Suite 100, Berwyn, PA 19312 Essex Investment Management Company, LLC, 125 High Street, Boston, MA 02110 Axiom 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 | | | UMB Bank n.a., 928 Grand Boulevard, 5th Floor, Kansas City, Missouri 64106 | |
| Fund Accountant | | | UMB Fund Services, Inc., 235 West Galena Street, Milwaukee, Wisconsin 53212 | |
| Transfer Agent | | | Pear Tree Institutional Services, 55 Old Bedford Road, Suite 202, Lincoln, MA 01773 | |
| Independent Registered Public Accounting Firm | | | Tait, Weller & Baker LLP, Two Liberty Place, 50 South 16th Street, Suite 2900 Philadelphia, PA 19102 | |
| Legal Counsel | | | Sullivan & Worcester LLP, One Post Office Square Boston, MA 02109 | |
| For Account Information | | | For Pear Tree Funds information, contact your financial adviser or, if you receive account statements directly from Pear Tree Funds, you can also call 1-800-326-2151. Telephone representatives are available from 8:30 a.m. to 4:30 p.m. Eastern Time. Or visit our website, www.peartreefunds.com | |
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| To register, go to: www.peartreefunds.com | |
ITEM 1. (b) | Not applicable for report period. |
ITEM 2. | Code of Ethics |
Not applicable for report period.
ITEM 3. | Audit Committee Financial Expert |
Not applicable for report period.
ITEM 4. | Principal Accountant Fees and Services |
Not applicable for report period.
ITEM 5. | Audit Committee of Listed Registrants |
Not applicable.
ITEM 6. | Schedule of Investments |
Not applicable.
ITEM 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not applicable.
ITEM 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
ITEM 9 | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not applicable.
ITEM 10 | Submission of Matters to a Vote of Security Holders |
Not applicable.
ITEM 11. | Controls and Procedures |
(a) The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days
of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b) There has been no change in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. | Exhibits |
(a) | Certifications pursuant to Rule 30a-2(a) by the chief executive and financial officers. |
(b) | Certification pursuant to Rule 30a-2(b) and Section 906 by the chief executive and financial officers. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Pear Tree Funds
By /s/ Willard L. Umphrey
Willard L. Umphrey, President
Date: November 29, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /s/ Willard L. Umphrey
Willard L. Umphrey, President
Date: November 29, 2021
By /s/ Leon Okurowski
Leon Okurowski, Treasurer
Date: November 29, 2021