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 March 31, 2022 |
ITEM 1(a): REPORTS TO SHAREOWNERS.
Pear Tree Quality Fund
Pear Tree Essex Environmental Opportunities FundPear Tree Axiom Emerging Markets World Equity Fund
Pear Tree Polaris Foreign Value Fund
Pear Tree Polaris Foreign Value Small Cap Fund
Pear Tree Polaris International Opportunities Fund
March 31, 2022
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Statements of Assets and Liabilities | | | | | 64 | | |
Statements of Operations | | | | | 72 | | |
Statements of Changes in Net Assets | | | | | 80 | | |
Financial Highlights | | | | | 94 | | |
Notes to Financial Statements | | | | | 113 | | |
Report of Independent Registered Public Accounting Firm | | | | | 133 | | |
Information for Shareholders | | | | | 135 | | |
Trustees and Officers | | | | | 136 | | |
| Service Providers | | | Inside back cover | |
President and Chairman
Pear Tree Fund | | | Share Class | | | Total Return Description | | | Beginning Account Value 10/1/2021 | | | Ending Account Value 3/31/2022 | | | Annualized Expense Ratio | | | Expenses Paid During the Period* 10/1/2021- 3/31/2022 | | ||||||||||||
Small Cap ** | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $1,031.90 | | | | | | 1.34% | | | | | | $6.79 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.25 | | | | | | 1.34% | | | | | | $6.74 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $1,034.00 | | | | | | 0.97% | | | | | | $4.93 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.09 | | | | | | 0.97% | | | | | | $4.89 | | |
Quality ** | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $1,017.50 | | | | | | 1.16% | | | | | | $5.82 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.16 | | | | | | 1.16% | | | | | | $5.83 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $1,019.40 | | | | | | 0.79% | | | | | | $3.96 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,021.01 | | | | | | 0.79% | | | | | | $3.96 | | |
Environmental | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $978.30 | | | | | | 1.25% | | | | | | $7.18 | | |
Opportunities | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.70 | | | | | | 1.25% | | | | | | $6.29 | | |
| | | Institutuional | | | Actual | | | | | $1,000.00 | | | | | | $980.50 | | | | | | 1.02% | | | | | | $5.85 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.86 | | | | | | 1.02% | | | | | | $5.12 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $980.00 | | | | | | 0.96% | | | | | | $5.49 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.15 | | | | | | 0.96% | | | | | | $4.83 | | |
Emerging Markets | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $875.40 | | | | | | 1.46% | | | | | | $6.80 | | |
World Equity | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.68 | | | | | | 1.46% | | | | | | $7.32 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $876.80 | | | | | | 1.08% | | | | | | $5.07 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.53 | | | | | | 1.08% | | | | | | $5.46 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $877.10 | | | | | | 0.99% | | | | | | $4.63 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.00 | | | | | | 0.99% | | | | | | $4.98 | | |
Foreign Value | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $950.20 | | | | | | 1.42% | | | | | | $6.90 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.86 | | | | | | 1.42% | | | | | | $7.14 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $951.90 | | | | | | 1.05% | | | | | | $5.10 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.70 | | | | | | 1.05% | | | | | | $5.28 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $951.50 | | | | | | 0.97% | | | | | | $4.70 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.11 | | | | | | 0.97% | | | | | | $4.87 | | |
Foreign Value | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $952.10 | | | | | | 1.42% | | | | | | $6.90 | | |
Small Cap | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.86 | | | | | | 1.42% | | | | | | $7.14 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $954.60 | | | | | | 1.05% | | | | | | $5.11 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.70 | | | | | | 1.05% | | | | | | $5.28 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $955.00 | | | | | | 1.02% | | | | | | $4.97 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.85 | | | | | | 1.02% | | | | | | $5.14 | | |
International | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $978.30 | | | | | | 1.64% | | | | | | $8.10 | | |
Opportunities | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,016.75 | | | | | | 1.64% | | | | | | $8.25 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $980.50 | | | | | | 1.18% | | | | | | $5.85 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.03 | | | | | | 1.18% | | | | | | $5.96 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $980.00 | | | | | | 1.36% | | | | | | $6.70 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.17 | | | | | | 1.36% | | | | | | $6.83 | | |
| Fund Information | | | | | | | |
| Net Assets Under Management | | | $84.2 Million | | |||
| Number of Portfolio Holdings | | | 61 | | |||
| Average Price to Book Ratio | | | 1.9 | | |||
| Average Price to Earnings Ratio | | | 12.1 | | |||
| | | | 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 | | | | | 25.3% | | |
South Plains Financial, Inc. | | | | | 2.8% | | |
Dril-Quip, Inc. | | | | | 2.7% | | |
Colony Bankcorp, Inc. | | | | | 2.6% | | |
Allison Transmission Holdings, Inc.. | | | | | 2.6% | | |
Barrett Business Services, Inc. | | | | | 2.5% | | |
Exco Technologies Limited | | | | | 2.5% | | |
Graphic Packaging Holding Co. | | | | | 2.4% | | |
CVR Energy, Inc. | | | | | 2.4% | | |
OFG Bancorp | | | | | 2.4% | | |
Cinemark Holdings, Inc. | | | | | 2.4% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Industrials | | | | | 22.5% | | |
Financials | | | | | 22.4% | | |
Information Technology | | | | | 12.9% | | |
Consumer Discretionary | | | | | 9.2% | | |
Energy | | | | | 9.1% | | |
Materials | | | | | 7.2% | | |
Health Care | | | | | 6.9% | | |
Consumer Staples | | | | | 4.2% | | |
Communication Services | | | | | 2.4% | | |
CASH + other assets (net) | | | | | 3.2% | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Small Cap. (PTSC) Ordinary Shares vs. Russell 2000 Index* | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2022 | | | Six Months | | | One Year | | | Five Year | | | Ten (3) Year | | | Since (3) Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (2.03)% | | | | | | 3.19% | | | | | | 2.89% | | | | | | 6.07% | | | | | | 7.74% | | | | | | 9.27% | | | | 08/03/1992 | |
Institutional Shares(1) | | | | | (1.95)% | | | | | | 3.40% | | | | | | 3.27% | | | | | | 6.46% | | | | | | 8.08% | | | | | | 8.91% | | | | 01/06/1993 | |
Russell 2000 (2) | | | | | (7.53)% | | | | | | (5.56)% | | | | | | (5.79)% | | | | | | 9.74% | | | | | | 11.04% | | | | | | 9.76% | | | | ———————— | |
| Fund Information | | | | | | | |
| Net Assets Under Management | | | $194.7 Million | | |||
| Number of Portfolio Holdings | | | 44 | | |||
| Average Price to Book Ratio | | | 4.6 | | |||
| Average Price to Earnings Ratio | | | 19.1 | | |||
| | | | 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 | | | | | 42.7% | | |
Microsoft Corporation | | | | | 7.1% | | |
UnitedHealth Group, Inc. | | | | | 5.4% | | |
Apple, Inc. | | | | | 5.0% | | |
Oracle Corporation | | | | | 4.2% | | |
Alphabet, Inc Class A | | | | | 3.8% | | |
Coca-Cola Company (The) | | | | | 3.7% | | |
Lam Research Corporation | | | | | 3.5% | | |
U.S. Bancorp | | | | | 3.4% | | |
Anthem, Inc. | | | | | 3.3% | | |
Accenture Plc | | | | | 3.3% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Information Technology | | | | | 39.6% | | |
Health Care | | | | | 24.4% | | |
Financials | | | | | 8.2% | | |
Consumer Staples | | | | | 8.0% | | |
Communication Services | | | | | 6.9% | | |
Consumer Discretionary | | | | | 6.9% | | |
Industrials | | | | | 5.6% | | |
Energy | | | | | 0.0% | | |
Materials | | | | | 0.0% | | |
Real Estate | | | | | 0.0% | | |
Utilities | | | | | 0.0% | | |
Cash + other assets (net) | | | | | 0.4% | | |
Value of a $10,000 Investment | |
Pear Tree Quality (PTQ) Ordinary Shares vs. S&P 500 Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2022 | | | Six Months | | | One Year | | | Five Year | | | Ten (3) Year | | | Since (3) Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (7.17)% | | | | | | 1.75% | | | | | | 10.66% | | | | | | 16.42% | | | | | | 13.74% | | | | | | 10.14% | | | | 05/06/85 | |
Institutional Shares(1) | | | | | (7.05)% | | | | | | 1.94% | | | | | | 11.09% | | | | | | 16.86% | | | | | | 14.12% | | | | | | 9.41% | | | | 03/25/91 | |
S & P 500 (2) | | | | | (4.60)% | | | | | | 5.93% | | | | | | 15.65% | | | | | | 15.99% | | | | | | 14.64% | | | | | | 11.49% | | | | ———————— | |
| Fund Information | | | | | | | | | | | | | |
| Net Assets | | | $77.1 Million | | | | | | |||||
| Number of Companies | | | 34 | | | | | | |||||
| Price to Book Ratio | | | 6.6 | | | | | | |||||
| Price to Earnings Ratio | | | 101.1 | | | | | | |||||
| | | | 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 | | | | | 37.6% | | |
SolarEdge Technologies, Inc. | | | | | 4.4% | | |
Kingspan Group plc | | | | | 4.1% | | |
MP Materials Corp. | | | | | 4.0% | | |
Energy Recovery, Inc. | | | | | 3.8% | | |
Generac Holdings Inc. | | | | | 3.8% | | |
Enphase Energy, Inc. | | | | | 3.6% | | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | | | 3.6% | | |
Wolfspeed, Inc. | | | | | 3.5% | | |
Badger Meter, Inc. | | | | | 3.4% | | |
Aspen Aerogels, Inc. | | | | | 3.4% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Information Technology | | | | | 35.3% | | |
Industrials | | | | | 31.9% | | |
Materials | | | | | 16.4% | | |
Financials | | | | | 3.6% | | |
Utilities | | | | | 2.5% | | |
Consumer Discretionary | | | | | 2.1% | | |
Consumer Staples | | | | | 1.7% | | |
CASH + other assets (net) | | | | | 6.5% | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 93.5% | | |
United States | | | | | 62.0% | | |
Israel | | | | | 7.2% | | |
Germany | | | | | 7.1% | | |
Ireland | | | | | 6.2% | | |
Japan | | | | | 4.5% | | |
Switzerland | | | | | 2.7% | | |
Denmark | | | | | 2.5% | | |
Belgium | | | | | 1.3% | | |
Value of a $10,000 Investment | |
Pear Tree Essex Environmental Opportunities (EEOFX) Ordinary Shares vs.MSCI World Index* | |
|
Average Annual Total Returns* | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2022 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (11.28)% | | | | | | (9.11)% | | | | | | (6.59)% | | | | | | -% | | | | | | -% | | | | | | 12.94% | | | | 09/01/2017 | |
Institutional Shares(1) | | | | | (11.21)% | | | | | | (9.06)% | | | | | | (6.37)% | | | | | | -% | | | | | | -% | | | | | | 13.21% | | | | 09/01/2017 | |
R6 Shares (1) | | | | | (11.19)% | | | | | | (8.99)% | | | | | | -% | | | | | | -% | | | | | | -% | | | | | | (15.00)% | | | | 09/01/2021 | |
MSCI World (2) | | | | | (5.04)% | | | | | | 2.42% | | | | | | 10.60% | | | | | | -% | | | | | | -% | | | | | | 12.53% | | | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets Under Management | | | $94.8 Million | | | | | |||
| Number of Portfolio Holdings | | | 125 | | | | | |||
| Average Price to Book Ratio | | | 2.9 | | | | | |||
| Average Price to Earnings Ratio | | | 16.7 | | | | | |||
| | | | 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 | | | | | 30.9% | | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | | | 8.6% | | |
Samsung Electronics Company Limited | | | | | 5.1% | | |
Infosys Limited- SP | | | | | 3.3% | | |
Wal-Mart de Mexico, S.A.B. de C.V. | | | | | 2.2% | | |
SK Hynix, Inc. | | | | | 2.1% | | |
AL Rajhi Bank | | | | | 2.0% | | |
Reliance Industries Ltd. | | | | | 2.0% | | |
China Merchants Bank Co., Ltd. - H Shares | | | | | 1.9% | | |
China Longyuan Power Group H | | | | | 1.9% | | |
iShares Core MSCI Emerging Markets ETF | | | | | 1.8% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Information Technology | | | | | 27.7% | | |
Financials | | | | | 23.8% | | |
Industrials | | | | | 11.1% | | |
Communication Services | | | | | 6.9% | | |
Consumer Staples | | | | | 5.7% | | |
Consumer Discretionary | | | | | 5.4% | | |
Materials | | | | | 5.0% | | |
Health Care | | | | | 4.6% | | |
Energy | | | | | 3.9% | | |
Utilities | | | | | 1.9% | | |
Real Estate | | | | | 0.3% | | |
Mutual Funds | | | | | 1.8% | | |
CASH + other assets (net) | | | | | 1.9% | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 81.4% | | |
China | | | | | 19.2% | | |
India | | | | | 12.5% | | |
South Korea | | | | | 12.3% | | |
Taiwan | | | | | 12.0% | | |
Mexico | | | | | 7.0% | | |
United States | | | | | 5.7% | | |
Brazil | | | | | 3.4% | | |
South Africa | | | | | 3.3% | | |
Indonesia | | | | | 3.0% | | |
Saudi Arabia | | | | | 3.0% | | |
Value of a $10,000 Investment | |
Pear Tree Axiom Emerging Markets World Equity (PTEM) Ordinary Shares vs. MSCI EM Index* | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2022 | | | Six Months | | | One Year | | | Five Year (3) | | | Ten Year (3) | | | Since Inception (3) | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (12.70)% | | | | | | (12.46)% | | | | | | (13.75)% | | | | | | 5.96% | | | | | | 2.63% | | | | | | 5.11% | | | | 09/30/1994 | |
Institutional Shares(1) | | | | | (12.65)% | | | | | | (12.32)% | | | | | | (13.43)% | | | | | | 6.36% | | | | | | 2.96% | | | | | | 6.35% | | | | 04/02/1996 | |
R6 Shares (1) | | | | | (12.59)% | | | | | | (12.29)% | | | | | | (13.44)% | | | | | | -% | | | | | | -% | | | | | | 9.58% | | | | 01/28/2019 | |
MSCI EM (2) | | | | | (6.92)% | | | | | | (8.08)% | | | | | | (11.08)% | | | | | | 6.36% | | | | | | 3.73% | | | | | | 5.15% | | | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets Under Management | | | $4,324.7 Million | | ||||||
| Number of Portfolio Holdings | | | 66 | | ||||||
| Average Price to Book Ratio | | | 1.6 | | ||||||
| Average Price to Earnings Ratio | | | 11.9 | | ||||||
| | | | 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 | | | | | 22.2% | | |
Methanex Corporation | | | | | 2.5% | | |
Popular, Inc. | | | | | 2.5% | | |
Lundin Mining Corporation | | | | | 2.3% | | |
SpareBank 1 SR-Bank ASA | | | | | 2.2% | | |
Publicis Groupe | | | | | 2.2% | | |
Toronto-Dominion Bank | | | | | 2.2% | | |
Marubeni Corporation | | | | | 2.2% | | |
DNB Bank ASA | | | | | 2.1% | | |
Jazz Pharmaceuticals plc | | | | | 2.0% | | |
Infosys Limited - SP | | | | | 2.0% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Financials | | | | | 21.1% | | |
Consumer Discretionary | | | | | 19.4% | | |
Materials | | | | | 18.7% | | |
Industrials | | | | | 10.6% | | |
Communication Services | | | | | 9.1% | | |
Information Technology | | | | | 8.1% | | |
Health Care | | | | | 4.6% | | |
Consumer Staples | | | | | 2.2% | | |
Real Estate | | | | | 1.5% | | |
Cash and Other Assets (Net) | | | | | 4.7% | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 80.0% | | |
United Kingdom | | | | | 13.5% | | |
Japan | | | | | 13.2% | | |
South Korea | | | | | 11.4% | | |
Germany | | | | | 10.0% | | |
Canada | | | | | 8.8% | | |
Norway | | | | | 6.7% | | |
France | | | | | 6.6% | | |
Sweden | | | | | 4.4% | | |
Ireland | | | | | 2.9% | | |
Puerto Rico | | | | | 2.5% | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Foreign Value (PTFV) Ordinary Shares vs. MSCI EAFE Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2022 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (5.66)% | | | | | | (4.98)% | | | | | | (5.84)% | | | | | | 4.56% | | | | | | 6.32% | | | | | | 6.05% | | | | 05/15/1998 | |
Institutional Shares(1) | | | | | (5.60)% | | | | | | (4.81)% | | | | | | (5.51)% | | | | | | 4.96% | | | | | | 6.66% | | | | | | 7.26% | | | | 12/18/1998 | |
R6 Shares (1) | | | | | (5.62)% | | | | | | (4.85)% | | | | | | (5.46)% | | | | | | 5.02% | | | | | | —% | | | | | | 5.56% | | | | 02/06/2017 | |
MSCI EAFE (2) | | | | | (5.79)% | | | | | | (3.21)% | | | | | | 1.65% | | | | | | 7.23% | | | | | | 6.77% | | | | | | 4.97% | | | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets Under Management | | | $1,183.7 Million | | ||||||
| Number of Portfolio Holdings | | | 70 | | ||||||
| Average Price to Book Ratio | | | 1.4 | | ||||||
| Average Price to Earnings Ratio | | | 11.0 | | ||||||
| | | | 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 | | | | | 22.0% | | |
Equatorial Energia S.A. | | | | | 2.7% | | |
BizLink Holding, Inc. | | | | | 2.3% | | |
D’Ieteren S.A. | | | | | 2.3% | | |
Greencore Group plc | | | | | 2.2% | | |
Elite Material Co., Limited | | | | | 2.2% | | |
AEM Holdings Limited | | | | | 2.1% | | |
Vistry Group plc | | | | | 2.1% | | |
QinetiQ | | | | | 2.1% | | |
Thanachart Capital PCL | | | | | 2.0% | | |
Ringkjoebing Landbobank A/S | | | | | 2.0% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Industrials | | | | | 22.3% | | |
Financials | | | | | 21.1% | | |
Consumer Discretionary | | | | | 14.1% | | |
Information Technology | | | | | 13.0% | | |
Consumer Staples | | | | | 8.8% | | |
Materials | | | | | 6.8% | | |
Utilities | | | | | 4.4% | | |
Real Estate | | | | | 3.0% | | |
Communications Services | | | | | 0.1% | | |
CASH + other assets (net) | | | | | 6.4% | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 68.9% | | |
United Kingdom | | | | | 13.3% | | |
Taiwan | | | | | 12.7% | | |
Japan | | | | | 11.3% | | |
Ireland | | | | | 5.6% | | |
Canada | | | | | 5.2% | | |
Sweden | | | | | 4.8% | | |
Norway | | | | | 4.8% | | |
Thailand | | | | | 4.0% | | |
Singapore | | | | | 3.8% | | |
Denmark | | | | | 3.4% | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Foreign Value Small Cap (PTFVSC) Ordinary Shares vs. MSCI ACWI ex USA Small Cap Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2022 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (6.25)% | | | | | | (4.79)% | | | | | | (2.72)% | | | | | | 6.06% | | | | | | 8.22% | | | | | | 6.45% | | | | 05/01/2008 | |
Institutional Shares(1) | | | | | (6.07)% | | | | | | (4.54)% | | | | | | (2.29)% | | | | | | 6.45% | | | | | | 8.56% | | | | | | 6.75% | | | | 05/01/2008 | |
R6 Shares (1) | | | | | (6.11)% | | | | | | (4.50)% | | | | | | (2.23)% | | | | | | 6.50% | | | | | | —% | | | | | | 7.58% | | | | 02/06/2017 | |
MSCI ACWI ex USA Small Cap(2) | | | | | (6.43)% | | | | | | (5.77)% | | | | | | 0.44% | | | | | | 8.30% | | | | | | 7.68% | | | | | | 5.59% | | | | — | |
| Fund Information | | | | | | | | | | |
| Net Assets Under Management | | | $25.9 Million | | ||||||
| Number of Portfolio Holdings | | | 65 | | ||||||
| Average Price to Book Ratio | | | 3.1 | | ||||||
| Average Price to Earnings Ratio | | | 17.4 | | ||||||
| | | | 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 | | | | | 24.5% | | |
SINBON Electronics Co., Ltd. | | | | | 4.7% | | |
Muangthai Capital Public Company Limited | | | | | 2.4% | | |
D’Ieteren S.A. | | | | | 2.4% | | |
De’Longhi SpA | | | | | 2.3% | | |
Alimentation Couche-Tard Inc. | | | | | 2.2% | | |
Bravida Holding AB | | | | | 2.2% | | |
Equatorial Energia S.A. | | | | | 2.2% | | |
FirstRand Limited | | | | | 2.1% | | |
VIB Vermögen AG | | | | | 2.0% | | |
Interpump Group S.p.A. | | | | | 2.0% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Consumer Discretionary | | | | | 23.4% | | |
Financials | | | | | 21.1% | | |
Information Technology | | | | | 20.1% | | |
Industrials | | | | | 16.9% | | |
Materials | | | | | 4.7% | | |
Consumer Staples | | | | | 3.7% | | |
Communication Services | | | | | 2.9% | | |
Utilities | | | | | 2.2% | | |
Real Estate | | | | | 2.0% | | |
CASH + other assets (net) | | | | | 3.0% | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 66.1% | | |
Taiwan | | | | | 14.7% | | |
Japan | | | | | 7.1% | | |
United Kingdom | | | | | 7.1% | | |
Canada | | | | | 6.9% | | |
Australia | | | | | 5.7% | | |
China | | | | | 5.6% | | |
Italy | | | | | 5.2% | | |
France | | | | | 4.9% | | |
Sweden | | | | | 4.9% | | |
Thailand | | | | | 4.0% | | |
Value of a $10,000 Investment | |
Pear Tree Polaris International Opportunities Fund (QISOX) Ordinary Shares vs. MSCI ACWI ex USA Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2022 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (6.00)% | | | | | | (2.17)% | | | | | | 1.90% | | | | | | —% | | | | | | —% | | | | | | 12.12% | | | | 01/30/2019 | |
Institutional Shares(1) | | | | | (5.80)% | | | | | | (1.95)% | | | | | | 2.37% | | | | | | —% | | | | | | —% | | | | | | 12.57% | | | | 01/30/2019 | |
R6 Shares (1) | | | | | (5.94)% | | | | | | (2.00)% | | | | | | 2.25% | | | | | | —% | | | | | | —% | | | | | | 12.56% | | | | 01/30/2019 | |
MSCI ACWI ex USA(2) | | | | | (5.33)% | | | | | | (3.55)% | | | | | | (1.04)% | | | | | | —% | | | | | | —% | | | | | | 8.46% | | | | ——————— | |
| COMMON STOCK — 96.8% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| AEROSPACE & DEFENSE — 3.3% | | ||||||||||||
| Curtiss-Wright Corporation | | | | | 10,400 | | | | | $ | 1,561,664 | | |
| Vectrus, Inc. (a) | | | | | 33,100 | | | | | | 1,186,966 | | |
| | | | | | 2,748,630 | | | ||||||
| AUTO COMPONENTS — 1.1% | | ||||||||||||
| Standard Motor Products, Inc. | | | | | 21,900 | | | | | | 944,766 | | |
| | | | | | | | | ||||||
| AUTOMOBILES — 1.5% | | ||||||||||||
| Winnebago Industries, Inc. | | | | | 24,067 | | | | | | 1,300,340 | | |
| BANKS — 18.1% | | ||||||||||||
| BOK Financial Corporation | | | | | 15,964 | | | | | | 1,499,818 | | |
| Brookline Bancorp, Inc. | | | | | 115,300 | | | | | | 1,824,046 | | |
| Cambridge Bancorp | | | | | 23,530 | | | | | | 2,000,050 | | |
| Central Pacific Financial Corporation | | | | | 28,983 | | | | | | 808,626 | | |
| Colony Bankcorp, Inc. | | | | | 119,479 | | | | | | 2,230,673 | | |
| F.N.B. Corporation | | | | | 61,980 | | | | | | 771,651 | | |
| International Bancshares Corporation | | | | | 41,700 | | | | | | 1,760,157 | | |
| OFG Bancorp | | | | | 76,100 | | | | | | 2,027,304 | | |
| South Plains Financial, Inc. | | | | | 88,600 | | | | | | 2,354,988 | | |
| | | | | | 15,277,313 | | | ||||||
| CAPITAL MARKETS — 1.8% | | ||||||||||||
| Hercules Capital, Inc. | | | | | 84,498 | | | | | | 1,526,879 | | |
| CHEMICALS — 1.5% | | ||||||||||||
| Cabot Corporation | | | | | 18,273 | | | | | | 1,250,056 | | |
| CONSTRUCTION MATERIALS — 1.3% | | ||||||||||||
| Eagle Materials Inc. | | | | | 8,500 | | | | | | 1,091,060 | | |
| CONTAINERS & PACKAGING — 4.5% | | ||||||||||||
| Berry Global Group, Inc. (a) | | | | | 29,400 | | | | | | 1,704,024 | | |
| Graphic Packaging Holding Co. | | | | | 102,100 | | | | | | 2,046,084 | | |
| | | | | 3,750,108 | | | |||||||
| DIVERSIFIED CONSUMER SERVICES — 2.1% | | ||||||||||||
| Perdoceo Education Corporation (a) | | | | | 154,800 | | | | | | 1,777,104 | | |
| DIVERSIFIED FINANCIAL SERVICES — 1.0% | | ||||||||||||
| SLM Corporation | | | | | 47,200 | | | | | | 866,592 | | |
| | | | Shares | | | Value | | ||||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.9% | | ||||||||||||
| Arrow Electronics, Inc. (a) | | | | | 8,300 | | | | | $ | 984,629 | | |
| Insight Enterprises, Inc. (a) | | | | | 8,527 | | | | | | 915,118 | | |
| Kimball Electronics, Inc. (a) | | | | | 34,745 | | | | | | 694,553 | | |
| Methode Electronics, Inc. | | | | | 34,400 | | | | | | 1,487,800 | | |
| | | | | | 4,082,100 | | | ||||||
| ENERGY EQUIPMENT & SERVICES — 4.7% | | ||||||||||||
| Dril-Quip, Inc. (a) | | | | | 60,400 | | | | | | 2,255,940 | | |
| NOV Inc. | | | | | 85,738 | | | | | | 1,681,322 | | |
| | | | | | | | | | | 3,937,262 | | | |
| ENTERTAINMENT — 2.4% | | ||||||||||||
| Cinemark Holdings, Inc. | | | | | 116,258 | | | | | | 2,008,938 | | |
| FOOD PRODUCTS — 3.1% | | ||||||||||||
| Ingredion Incorporated | | | | | 20,300 | | | | | | 1,769,145 | | |
| Sanderson Farms, Inc. | | | | | 4,550 | | | | | | 853,079 | | |
| | | | | | 2,622,224 | | | ||||||
| HEALTH CARE EQUIPMENT & SUPPLIES — 1.4% | | ||||||||||||
| Natus Medical, Inc. (a) | | | | | 46,220 | | | | | | 1,214,662 | | |
| HEALTH CARE TECHNOLOGY — 1.6% | | ||||||||||||
| Computer Programs and Systems, Inc. | | | | | 38,650 | | | | | | 1,331,492 | | |
| HOUSEHOLD PRODUCTS — 1.1% | | ||||||||||||
| Central Garden and Pet Company, Class A (a) | | | | | 22,800 | | | | | | 929,784 | | |
| INSURANCE — 1.5% | | ||||||||||||
| FedNat Holding Company (a) | | | | | 459,500 | | | | | | 620,325 | | |
| United Insurance Holdings Corporation | | | | | 181,251 | | | | | | 599,941 | | |
| | | | | 1,220,266 | | | |||||||
| IT SERVICES — 5.9% | | ||||||||||||
| CSG Systems International, Inc. | | | | | 26,700 | | | | | | 1,697,319 | | |
| EVERTEC Inc. | | | | | 42,300 | | | | | | 1,731,339 | | |
| Maximus Inc. | | | | | 21,000 | | | | | | 1,573,950 | | |
| | | | | 5,002,608 | | | |||||||
| LEISURE PRODUCTS — 1.0% | | ||||||||||||
| Johnson Outdoors, Inc. | | | | | 10,600 | | | | | | 823,938 | | |
|
| | | | Shares | | | Value | | ||||||
| MACHINERY — 7.9% | | ||||||||||||
| Allison Transmission Holdings, Inc. | | | | | 54,800 | | | | | $ | 2,151,448 | | |
| Exco Technologies Limited | | | | | 273,400 | | | | | | 2,099,036 | | |
| Oshkosh Corporation | | | | | 7,400 | | | | | | 744,810 | | |
| Regal Rexnord Corporation | | | | | 5,289 | | | | | | 786,897 | | |
| Wabash National Corporation (a) | | | | | 59,800 | | | | | | 887,432 | | |
| | | | | 6,669,623 | | | |||||||
| OIL, GAS & CONSUMABLE FUELS — 4.5% | | ||||||||||||
| CVR Energy, Inc. | | | | | 79,500 | | | | | | 2,030,430 | | |
| Diamondback Energy, Inc. | | | | | 12,670 | | | | | | 1,736,804 | | |
| | | | | ��� | 3,767,234 | | | ||||||
| PHARMACEUTICALS — 3.8% | | ||||||||||||
| Harmony Biosciences Holdings, Inc. (a) | | | | | 30,900 | | | | | | 1,503,285 | | |
| Pacira BioSciences, Inc. | | | | | 8,600 | | | | | | 656,352 | | |
| Supernus Pharmaceuticals, Inc. (a) | | | | | 32,900 | | | | | | 1,063,328 | | |
| | | | | | 3,222,965 | | | ||||||
| PROFESSIONAL SERVICES — 7.1% | | ||||||||||||
| Barrett Business Services, Inc. | | | | | 27,700 | | | | | | 2,145,919 | | |
| BGSF Inc. | | | | | 55,516 | | | | | | 731,146 | | |
| Kforce, Inc. | | | | | 20,094 | | | | | | 1,486,353 | | |
| Science Applications International Corporation | | | | | 17,700 | | | | | | 1,631,409 | | |
| | | | | | 5,994,827 | | | ||||||
| ROAD & RAIL — 1.1% | | ||||||||||||
| Knight-Swift Transportation Holdings, Inc. | | | | | 18,894 | | | | | | 953,391 | | |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.9% | | ||||||||||||
| MKS Instruments, Inc. | | | | | 5,300 | | | | | | 795,000 | | |
| SOFTWARE — 1.2% | | ||||||||||||
| Enghouse Systems Limited | | | | | 30,600 | | | | | | 968,147 | | |
| SPECIALTY RETAIL — 1.9% | | ||||||||||||
| Asbury Automotive Group, Inc. (a) | | | | | 5,246 | | | | | | 840,409 | | |
| Sally Beauty Holdings, Inc. | | | | | 50,100 | | | | | | 783,063 | | |
| | | | | | 1,623,472 | | | ||||||
| TEXTILES, APPAREL & LUXURY GOODS — 1.6% | | ||||||||||||
| Crocs, Inc. (a) | | | | | 10,310 | | | | | | 787,684 | | |
| Superior Group of Companies, Inc. | | | | | 29,100 | | | | | | 519,435 | | |
| | | | | | 1,307,119 | | | ||||||
|
| | | | Shares | | | Value | | ||||||
| TRADING COMPANIES & DISTRIBUTORS — 3.0% | | ||||||||||||
| Air Lease Corporation | | | | | 36,300 | | | | | $ | 1,620,795 | | |
| Applied Industrial Technologies, Inc. | | | | | 9,000 | | | | | | 923,940 | | |
| | | | | | 2,544,735 | | | ||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $61,436,265) | | | | | | | | | | | 81,552,635 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—3.0% | | | | | | | | | | | | | |
UMB Money Market Special II Fund, 0.25% (b) (Cost $2,542,214) | | | | $ | 2,542,214 | | | | | $ | 2,542,214 | | |
TOTAL INVESTMENTS—99.8% (Cost $63,978,479) | | | | | | | | | | | 84,094,849 | | |
OTHER ASSETS & LIABILITIES (NET)—0.2% | | | | | | | | | | | 119,924 | | |
NET ASSETS—100% | | | | | | | | | | $ | 84,214,773 | | |
| | | | | | | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 23,319,195 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (4,005,964) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 19,313,231 | | |
| COMMON STOCK — 99.6% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| AEROSPACE & DEFENSE — 2.4% | | ||||||||||||
| Safran SA | | | | | 39,114 | | | | | $ | 4,667,743 | | |
| BANKS — 6.5% | | ||||||||||||
| U.S. Bancorp | | | | | 124,152 | | | | | | 6,598,679 | | |
| Wells Fargo & Company | | | | | 126,735 | | | | | | 6,141,578 | | |
| | | | | | 12,740,257 | | | ||||||
| BEVERAGES — 5.0% | | ||||||||||||
| Coca-Cola Company (The) | | | | | 117,114 | | | | | | 7,261,068 | | |
| Constellation Brands, Inc. (a) | | | | | 10,746 | | | | | | 2,475,019 | | |
| | | | | 9,736,087 | | | |||||||
| COMMERCIAL SERVICES AND SUPPLIES — 0.8% | | ||||||||||||
| Global Payments, Inc. | | | | | 11,610 | | | | | | 1,588,712 | | |
| COMMUNICATIONS EQUIPMENT — 2.2% | | ||||||||||||
| Cisco Systems, Inc. | | | | | 77,221 | | | | | | 4,305,843 | | |
| DIVERSIFIED FINANCIAL SERVICES — 1.6% | | ||||||||||||
| American Express Company | | | | | 17,154 | | | | | | 3,207,798 | | |
| FOOD PRODUCTS — 1.4% | | ||||||||||||
| Nestle, S.A. (b) | | | | | 20,691 | | | | | | 2,691,899 | | |
| HEALTH CARE EQUIPMENT & SUPPLIES — 4.0% | | ||||||||||||
| Abbott Laboratories | | | | | 23,158 | | | | | | 2,740,981 | | |
| Medtronic Plc | | | | | 45,883 | | | | | | 5,090,719 | | |
| | | | | 7,831,700 | | | |||||||
| HEALTH CARE PROVIDERS & SERVICES — 11.4% | | ||||||||||||
| Anthem, Inc. | | | | | 13,059 | | | | | | 6,414,842 | | |
| CIGNA Corporation | | | | | 7,764 | | | | | | 1,860,332 | | |
| Quest Diagnostics Incorporated | | | | | 24,781 | | | | | | 3,391,528 | | |
| UnitedHealth Group, Inc. | | | | | 20,638 | | | | | | 10,524,761 | | |
| | | | | | 22,191,463 | | | ||||||
| HOTELS, RESTAURANTS & LEISURE — 2.1% | | ||||||||||||
| Compass Group Plc (b) | | | | | 185,579 | | | | | | 4,045,437 | | |
| HOUSEHOLD PRODUCTS — 1.6% | | ||||||||||||
| Unilever Plc (b) | | | | | 68,647 | | | | | | 3,128,244 | | |
| INDUSTRIAL CONGLOMERATES — 1.1% | | ||||||||||||
| 3M Company | | | | | 14,617 | | | | | | 2,176,179 | | |
| | | | Shares | | | Value | | ||||||
| INTERACTIVE MEDIA & SERVICES — 6.9% | | ||||||||||||
| Alphabet, Inc. Class A (a) | | | | | 2,629 | | | | | $ | 7,312,169 | | |
| Alphabet, Inc. Class C (a) | | | | | 320 | | | | | | 893,757 | | |
| Facebook, Inc. (a) | | | | | 17,602 | | | | | | 3,913,981 | | |
| Lyft, Inc. (a) | | | | | 35,356 | | | | | | 1,357,670 | | |
| | | | | | 13,477,577 | | | ||||||
| IT SERVICES — 21.7% | | ||||||||||||
| Accenture Plc | | | | | 18,866 | | | | | | 6,362,181 | | |
| Adobe Systems Incorporated (a) | | | | | 6,456 | | | | | | 2,941,483 | | |
| Amadeus IT Group, S.A. (b) | | | | | 15,840 | | | | | | 1,024,531 | | |
| Microsoft Corporation | | | | | 44,726 | | | | | | 13,789,473 | | |
| Oracle Corporation | | | | | 98,828 | | | | | | 8,176,041 | | |
| salesforce.com, inc. (a) | | | | | 14,357 | | | | | | 3,048,278 | | |
| SAP AG (b) | | | | | 32,958 | | | | | | 3,657,020 | | |
| Visa, Inc. | | | | | 15,012 | | | | | | 3,329,211 | | |
| | | | | 42,328,218 | | | |||||||
| MACHINERY — 1.3% | | ||||||||||||
| Otis Worldwide Corporation | | | | | 31,566 | | | | | | 2,429,004 | | |
| MULTILINE RETAIL — 2.2% | | ||||||||||||
| TJX Companies, Inc. (The) | | | | | 71,171 | | | | | | 4,311,539 | | |
| PHARMACEUTICALS — 9.0% | | ||||||||||||
| Eli Lilly and Company | | | | | 13,776 | | | | | | 3,945,033 | | |
| Johnson & Johnson | | | | | 31,297 | | | | | | 5,546,767 | | |
| Merck & Co., Inc. | | | | | 40,086 | | | | | | 3,289,056 | | |
| Organon & Co. | | | | | 3,794 | | | | | | 132,525 | | |
| Roche Holding Ltd. (b) | | | | | 93,217 | | | | | | 4,605,852 | | |
| | | | | | 17,519,233 | | | ||||||
| RETAILING — 1.7% | | ||||||||||||
| Alibaba Group Holding Ltd. (a)(b) | | | | | 29,624 | | | | | | 3,223,091 | | |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 10.7% | | ||||||||||||
| KLA-Tencor Corporation | | | | | 5,978 | | | | | | 2,188,307 | | |
| Lam Research Corporation | | | | | 12,721 | | | | | | 6,838,937 | | |
| Taiwan Semiconductor Manufacturing Co., Ltd. (b) | | | | | 57,865 | | | | | | 6,033,005 | | |
| Texas Instruments, Inc. | | | | | 30,943 | | | | | | 5,677,421 | | |
| | | | | | 20,737,670 | | | ||||||
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 5.0% | | ||||||||||||
| Apple, Inc. | | | | | 55,212 | | | | | | 9,640,567 | | |
|
| | | Shares | | | Value | | |||||||
| TEXTILES, APPAREL & LUXURY GOODS — 1.0% | | ||||||||||||
| LVMH Moët Hennessy-Louis Vuitton S.A. (b) | | | | | 13,357 | | | | | $ | 1,904,441 | | |
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $155,251,151) | | | | | | | | | | | 193,882,702 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market — 0.3% | | | | ||||||||||
UMB Money Market Special II Fund, 0.25% (c) (Cost $535,541) | | | | $ | 535,541 | | | | | $ | 535,541 | | |
TOTAL INVESTMENTS—99.9% (Cost $155,786,692) | | | | | | | | | | | 194,418,243 | | |
OTHER ASSETS & LIABILITIES (NET)—0.1% | | | | | | | | | | | 243,974 | | |
NET ASSETS—100% | | | | | | | | | | $ | 194.662.217 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 44,270,228 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (5,899,462) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 38,370,766 | | |
| Common Stock — 93.5% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| BELGIUM — 1.3% | | ||||||||||||
| MATERIALS — 1.3% | | ||||||||||||
| Umicore N.V. | | | | | 23,360 | | | | | $ | 1,022,975 | | |
| DENMARK — 2.5% | | ||||||||||||
| UTILITIES — 2.5% | | ||||||||||||
| Ørsted A/S | | | | | 15,253 | | | | | | 1,937,483 | | |
| GERMANY — 7.1% | | ||||||||||||
| INFORMATION TECHNOLOGY — 7.1% | | ||||||||||||
| Infineon Technologies AG | | | | | 67,009 | | | | | | 2,310,051 | | |
| PSI Software AG | | | | | 38,972 | | | | | | 1,682,369 | | |
| SMA Solar Technology AG | | | | | 34,235 | | | | | | 1,448,170 | | |
| | | | | | 5,440,590 | | | ||||||
| IRELAND — 6.2% | | ||||||||||||
| CONSUMER DISCRETIONARY — 2.1% | | ||||||||||||
| Aptiv PLC (a) | | | | | 13,777 | | | | | | 1,649,245 | | |
| MATERIALS — 4.1% | | ||||||||||||
| Kingspan Group plc | | | | | 31,757 | | | | | | 3,146,020 | | |
| TOTAL IRELAND | | | | | 4,795,265 | | | ||||||
| ISRAEL — 7.2% | | ||||||||||||
| INDUSTRIALS — 2.8% | | ||||||||||||
| Kornit Digital Ltd. (a) | | | | | 25,870 | | | | | | 2,139,190 | | |
| INFORMATION TECHNOLOGY — 4.4% | | ||||||||||||
| SolarEdge Technologies, Inc. (a) | | | | | 10,573 | | | | | | 3,408,418 | | |
| TOTAL ISRAEL | | | | | 5,547,608 | | | ||||||
| JAPAN — 4.5% | | ||||||||||||
| INDUSTRIALS — 1.7% | | ||||||||||||
| Kurita Water Industries Ltd. | | | | | 35,548 | | | | | | 1,331,128 | | |
| INFORMATION TECHNOLOGY — 2.8% | | ||||||||||||
| Keyence Corporation | | | | | 4,590 | | | | | | 2,165,005 | | |
| TOTAL JAPAN | | | | | 3,496,133 | | | ||||||
| SWITZERLAND — 2.7% | | ||||||||||||
| INFORMATION TECHNOLOGY — 2.7% | | ||||||||||||
| Landis+Gyr | | | | | 33,176 | | | | | | 2,116,083 | | |
| UNITED STATES — 62.0% | | ||||||||||||
| CONSUMER STAPLES — 1.7% | | ||||||||||||
| SunOpta Inc. | | | | | 266,250 | | | | | | 1,336,575 | | |
| ENERGY — 3.3% | | ||||||||||||
| Aspen Aerogels, Inc. (a) | | | | | 75,090 | | | | | | 2,589,103 | | |
| | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| FINANCIALS — 3.6% | | ||||||||||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | | | 58,224 | | | | | $ | 2,761,564 | | |
| INDUSTRIALS — 23.4% | | ||||||||||||
| Array Technologies, Inc. (a) | | | | | 114,401 | | | | | | 1,289,299 | | |
| Bloom Energy Corporation (a) | | | | | 58,946 | | | | | | 1,423,546 | | |
| Energy Recovery, Inc. (a) | | | | | 146,860 | | | | | | 2,957,761 | | |
| Enovix Corporation (a) | | | | | 67,979 | | | | | | 970,060 | | |
| Generac Holdings Inc. | | | | | 9,939 | | | | | | 2,954,467 | | |
| Lindsay Corporation | | | | | 13,364 | | | | | | 2,098,282 | | |
| Sensata Technologies Holding plc | | | | | 39,298 | | | | | | 1,998,303 | | |
| Sunrun Inc. (a) | | | | | 70,539 | | | | | | 2,142,270 | | |
| Watts Water Technologies, Inc. | | | | | 15,624 | | | | | | 2,180,954 | | |
| | | | | | | | | | | | 18,014,942 | | |
| INFORMATION TECHNOLOGY — 18.3% | | ||||||||||||
| Badger Meter, Inc. | | | | | 26,527 | | | | | | 2,645,007 | | |
| Cognex Corporation | | | | | 31,951 | | | | | | 2,465,020 | | |
| Enphase Energy, Inc. (a) | | | | | 13,725 | | | | | | 2,769,431 | | |
| Iteris, Inc. (a) | | | | | 470,083 | | | | | | 1,400,847 | | |
| Trimble Navigation Limited (a) | | | | | 29,760 | | | | | | 2,146,886 | | |
| Wolfspeed, Inc. | | | | | 23,360 | | | | | | 2,659,770 | | |
| | | | | | | | | | | | 14,086,961 | | |
| MATERIALS — 11.7% | | ||||||||||||
| Albemarle Corporation | | | | | 10,503 | | | | | | 2,322,739 | | |
| Amyris, Inc. | | | | | 311,401 | | | | | | 1,357,708 | | |
| Livent Corporation (a) | | | | | 84,762 | | | | | | 2,209,745 | | |
| MP Materials Corp. (a) | | | | | 54,098 | | | | | | 3,101,979 | | |
| | | | | | | | | | | | 8,992,171 | | |
| TOTAL UNITED STATES | | | | | 47,781,316 | | | ||||||
| | | ||||||||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $66,179,053) | | | | | | | | | | | 72,137,453 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—6.3% | | | | | | | | | | | | | |
UMB Money Market Special II Fund, 0.25% (b) (Cost $4,852,510) | | | | $ | 4,852,510 | | | | | $ | 4,852,510 | | |
TOTAL INVESTMENTS 99.8% (Cost $71,031,563) | | | | | | | | | | | 76,989,963 | | |
OTHER ASSETS & LIABILITIES (NET)—0.2% | | | | | | | | | | | 119,438 | | |
NET ASSETS—100% | | | | | | | | | | $ | 77,109,401 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 13,109,572 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (7,151,204) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 5,958,368 | | |
| Common Stock — 92.7% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| AUSTRALIA — 0.3% | | ||||||||||||
| IDP Education Limited | | | | | 13,582 | | | | | $ | 322,084 | | |
| AUSTRIA — 0.2% | | ||||||||||||
| Erste Group Bank AG | | | | | 6,328 | | | | | | 232,970 | | |
| BRAZIL — 3.4% | | ||||||||||||
| BB Seguridade Participacoes S.A. | | | | | 34,800 | | | | | | 187,182 | | |
| Hapvida Participacoes e Investimentos S.A. | | | | | 191,948 | | | | | | 478,254 | | |
| Itau Unibanco Holding S.A. | | | | | 59,700 | | | | | | 345,235 | | |
| Localiza Rent a Car S.A. | | | | | 54,300 | | | | | | 698,175 | | |
| Weg S.A. | | | | | 140,300 | | | | | | 1,029,516 | | |
| XP Inc. Class A | | | | | 14,536 | | | | | | 437,534 | | |
| | | | | | 3,175,896 | | | ||||||
| CHILE — 0.3% | | ||||||||||||
| Sociedad Química y Minera de Chile S.A. (b) | | | | | 2,900 | | | | | | 248,240 | | |
| CHINA — 19.2% | | ||||||||||||
| Baidu, Inc. (a) | | | | | 46,950 | | | | | | 848,306 | | |
| Baidu, Inc. (a)(b) | | | | | 6,425 | | | | | | 850,028 | | |
| Bosideng International Holdings Limited | | | | | 710,000 | | | | | | 331,818 | | |
| BYD Company Ltd. | | | | | 35,000 | | | | | | 1,002,886 | | |
| Centre Testing International Group Co., Ltd. | | | | | 212,200 | | | | | | 658,034 | | |
| China Construction Bank Corporation | | | | | 627,000 | | | | | | 471,567 | | |
| China Huishan Dairy Holdings Co., Ltd. * (a) | | | | | 208,000 | | | | | | — | | |
| China Longyuan Power Group H | | | | | 782,000 | | | | | | 1,781,403 | | |
| China Merchants Bank Co., Ltd. - H Shares | | | | | 233,500 | | | | | | 1,835,167 | | |
| Chongqing Brewery Co., Ltd. | | | | | 44,800 | | | | | | 757,343 | | |
| Contemporary Amperex Technology Company, Ltd. | | | | | 13,700 | | | | | | 1,106,479 | | |
| Country Garden Holdings Company Limited | | | | | 416,000 | | | | | | 320,311 | | |
| Country Garden Services Holdings Company, Ltd. | | | | | 157,500 | | | | | | 675,741 | | |
| East Money Information Co., Ltd. | | | | | 101,500 | | | | | | 405,482 | | |
| Ganfeng Lithium Co., Ltd. | | | | | 26,200 | | | | | | 374,697 | | |
| Hanergy Mobile Energy Holding Group * (a) | | | | | 36,000 | | | | | | — | | |
| JD.com, Inc. | | | | | 2,802 | | | | | | 83,723 | | |
| LONGi Green Energy Technology | | | | | 90,700 | | | | | | 1,032,245 | | |
| NetEase Inc. (b) | | | | | 1,150 | | | | | | 103,144 | | |
| Ping An Insurance Group H Share | | | | | 227,500 | | | | | | 1,616,617 | | |
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd. | | | | | 10,700 | | | | | | 518,291 | | |
| Sungrow Power Supply Co., Ltd. | | | | | 30,900 | | | | | | 522,510 | | |
| Tencent Holdings Limited | | | | | 21,900 | | | | | | 1,046,426 | | |
| | | | Shares | | | Value | | ||||||
| CHINA (continued) | | | | | | | | | | | | | |
| Wuxi Lead Intelligent Equipment Co., Ltd. | | | | | 111,500 | | | | | $ | 1,027,267 | | |
| Yadea Group Holdings Ltd. | | | | | 60,000 | | | | | | 92,857 | | |
| Yunnan Botanee Bio-Technology Group Co., Ltd. | | | | | 9,600 | | | | | | 283,046 | | |
| Yunnan Energy Investment Co., Ltd. | | | | | 13,600 | | | | | | 471,694 | | |
| | | | | 18,217,082 | | | |||||||
| COLOMBIA — 0.2% | | ||||||||||||
| Bancolombia S.A. (b) | | | | | 4,520 | | | | | | 192,823 | | |
| DENMARK — 0.2% | | ||||||||||||
| Novo Nordisk A/S | | | | | 1,831 | | | | | | 205,109 | | |
| FRANCE — 2.2% | | ||||||||||||
| Hermès International S.A. | | | | | 136 | | | | | | 195,420 | | |
| LVMH Moet Hennessy Louis Vuitton SE | | | | | 703 | | | | | | 507,931 | | |
| Sartorius Stedim Biotech | | | | | 972 | | | | | | 402,837 | | |
| Teleperformance SE | | | | | 2,555 | | | | | | 984,420 | | |
| | | | | | 2,090,608 | | | ||||||
| GREECE — 0.4% | | ||||||||||||
| Greek Organisation of Football Prognostics S.A. | | | | | 23,090 | | | | | | 339,106 | | |
| HONG KONG — 1.3% | | ||||||||||||
| AIA Group Ltd. | | | | | 53,000 | | | | | | 557,991 | | |
| SITC International Holdings Company Ltd. | | | | | 108,500 | | | | | | 384,462 | | |
| Techtronic Industries Company Limited | | | | | 19,500 | | | | | | 315,978 | | |
| | | | | 1,258,431 | | | |||||||
| HUNGARY — 0.2% | | ||||||||||||
| OTP Bank Nyrt. | | | | | 6,086 | | | | | | 223,943 | | |
| INDIA — 12.5% | | ||||||||||||
| Apollo Hospitals Enterprise Limited | | | | | 16,045 | | | | | | 956,263 | | |
| Asian Paints Ltd. | | | | | 2,135 | | | | | | 86,779 | | |
| Bajaj Finserv Limited | | | | | 11,696 | | | | | | 1,120,586 | | |
| Bharti Airtel Ltd. | | | | | 123,991 | | | | | | 1,235,329 | | |
| HDFC Bank Ltd. | | | | | 83,226 | | | | | | 1,614,930 | | |
| Hindalco Industries Limited | | | | | 63,401 | | | | | | 476,501 | | |
| Indian Energy Exchange Limited | | | | | 34,513 | | | | | | 102,344 | | |
| Infosys Limited | | | | | 8,092 | | | | | | 203,632 | | |
| Infosys Limited - SP (b) | | | | | 125,500 | | | | | | 3,123,695 | | |
| Mindtree Ltd. | | | | | 11,202 | | | | | | 636,108 | | |
| Motherson Sumi Systems Ltd. | | | | | 21,739 | | | | | | 40,007 | | |
| Reliance Industries Ltd. | | | | | 53,519 | | | | | | 1,860,893 | | |
| | |||||||||||||
| | | Shares | | | Value | | |||||||
| INDIA (continued) | | | | | | | | | | | | | |
| Tata Motors Limited (a)(b) | | | | | 4,572 | | | | | $ | 127,787 | | |
| Titan Company Limited | | | | | 6,940 | | | | | | 232,278 | | |
| | | | | | 11,817,132 | | | ||||||
| INDONESIA — 3.0% | | ||||||||||||
| PT Bank Central Asia Tbk | | | | | 2,632,100 | | | | | | 1,461,514 | | |
| PT Bank Mandiri Tbk | | | | | 976,200 | | | | | | 536,952 | | |
| PT Telekomunikasi Indonesia Persero Tbk | | | | | 1,911,500 | | | | | | 609,551 | | |
| Vale Indonesia Tbk | | | | | 566,500 | | | | | | 264,268 | | |
| | | | | | 2,872,285 | | | ||||||
| JAPAN — 0.7% | | ||||||||||||
| INPEX Corporation | | | | | 56,000 | | | | | | 664,388 | | |
| MALAYSIA — 1.3% | | ||||||||||||
| Petronas Chemicals Group Berhad | | | | | 267,000 | | | | | | 609,589 | | |
| Public Bank Bhd | | | | | 582,600 | | | | | | 647,056 | | |
| | | | | 1,256,645 | | | |||||||
| MEXICO — 7.0% | | ||||||||||||
| América Móvil S.A.B. Series L (b) | | | | | 43,910 | | | | | | 928,696 | | |
| Grupo Aeroportuario del Pacífico, S.A.B. de C. V. | | | | | 32,700 | | | | | | 529,001 | | |
| Grupo Aeroportuario del Sureste, S. A. B. de C.V. | | | | | 35,370 | | | | | | 787,374 | | |
| Grupo Financiero Banorte SAB de CV | | | | | 211,800 | | | | | | 1,588,341 | | |
| Grupo Mexico S.A.B. de C.V. Class B | | | | | 112,000 | | | | | | 668,338 | | |
| Wal-Mart de Mexico, S.A.B. de C.V. | | | | | 510,400 | | | | | | 2,096,679 | | |
| | | | | 6,598,429 | | | |||||||
| NETHERLANDS — 0.7% | | ||||||||||||
| ASML Holding N.V. | | | | | 1,053 | | | | | | 714,653 | | |
| NORWAY — 0.2% | | ||||||||||||
| Norsk Hydro ASA | | | | | 23,176 | | | | | | 228,209 | | |
| PANAMA — 0.6% | | ||||||||||||
| Copa Holdings, S.A. | | | | | 6,330 | | | | | | 529,441 | | |
| POLAND — 0.2% | | ||||||||||||
| Dino Polska S.A. | | | | | 2,752 | | | | | | 224,859 | | |
| SINGAPORE — 1.7% | | ||||||||||||
| DBS Group Holdings Ltd. | | | | | 45,000 | | | | | | 1,191,333 | | |
| Wilmar International Limited | | | | | 128,000 | | | | | | 445,456 | | |
| | | | | | 1,636,789 | | | ||||||
|
| | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| SOUTH AFRICA — 3.3% | | ||||||||||||
| Bidvest Group Limited | | | | | 9,135 | | | | | $ | 139,846 | | |
| Capitec Bank | | | | | 6,800 | | | | | | 1,089,652 | | |
| Clicks Group Limited | | | | | 21,876 | | | | | | 462,671 | | |
| FirstRand Limited | | | | | 154,250 | | | | | | 817,776 | | |
| Shoprite Holdings Ltd. | | | | | 37,224 | | | | | | 602,869 | | |
| | | | | 3,112,814 | | | |||||||
| SOUTH KOREA — 11.8% | | ||||||||||||
| Hana Financial Group, Inc. | | | | | 26,187 | | | | | | 1,050,029 | | |
| Kia Motors Corporation | | | | | 11,993 | | | | | | 732,216 | | |
| Naver Corp. | | | | | 3,174 | | | | | | 891,668 | | |
| Samsung Biologics (a) | | | | | 1,383 | | | | | | 943,642 | | |
| Samsung Electronics Company Limited | | | | | 75,708 | | | | | | 4,347,409 | | |
| Samsung SDI Co., Ltd. | | | | | 224 | | | | | | 110,147 | | |
| Shinhan Financial Group Co., Limited | | | | | 31,755 | | | | | | 1,087,276 | | |
| SK Hynix, Inc. | | | | | 20,774 | | | | | | 2,022,468 | | |
| | | | | 11,184,855 | | | |||||||
| SWEDEN — 0.3% | | ||||||||||||
| Atlas Copco AB | | | | | 1,366 | | | | | | 72,072 | | |
| Epiroc AB | | | | | 10,803 | | | | | | 234,389 | | |
| | | | | 306,461 | | | |||||||
| SWITZERLAND — 0.6% | | ||||||||||||
| Sika AG | | | | | 537 | | | | | | 179,369 | | |
| Straumann Group | | | | | 225 | | | | | | 363,428 | | |
| | | | | | 542,797 | | | ||||||
| TAIWAN — 12.0% | | ||||||||||||
| Airtac International Group | | | | | 8,140 | | | | | | 264,501 | | |
| ASPEED Technology, Inc. | | | | | 950 | | | | | | 108,092 | | |
| Chailease Holding Co., Ltd. | | | | | 63,000 | | | | | | 557,405 | | |
| CTBC Financial Holding Co., Ltd. | | | | | 411,000 | | | | | | 421,737 | | |
| Delta Electronics, Inc. | | | | | 30,300 | | | | | | 283,949 | | |
| Hon Hai Precision Industry Co. ltd. | | | | | 66,000 | | | | | | 244,176 | | |
| Makalot Industrial Co., Ltd. | | | | | 26,000 | | | | | | 186,482 | | |
| MediaTek, Inc. | | | | | 16,700 | | | | | | 527,494 | | |
| Silergy Corp. | | | | | 4,600 | | | | | | 550,687 | | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | | | | | 216,200 | | | | | | 4,504,874 | | |
| Taiwan Semiconductor Manufacturing Co., Ltd. (b) | | | | | 35,300 | | | | | | 3,680,378 | | |
| | | | | 11,329,775 | | | |||||||
|
| | | Shares | | | Value | | |||||||
| THAILAND — 1.1% | | ||||||||||||
| Airports of Thailand Public Company Limited (c) | | | | | 47,400 | | | | | $ | 94,444 | | |
| PTT Exploration & Production PCL (c) | | | | | 218,300 | | | | | | 945,419 | | |
| | | | | 1,039,863 | | | |||||||
| UNITED ARAB EMIRATES — 0.6% | | ||||||||||||
| First Abu Dhabi Bank | | | | | 94,763 | | | | | | 608,861 | | |
| UNITED KINGDOM — 1.5% | | ||||||||||||
| Anglo American plc | | | | | 22,250 | | | | | | 1,163,767 | | |
| BAE Systems plc | | | | | 22,540 | | | | | | 212,906 | | |
| | | | | 1,376,673 | | | |||||||
| UNITED STATES — 5.7% | | ||||||||||||
| Danaher Corporation | | | | | 1,606 | | | | | | 471,088 | | |
| Deere & Company | | | | | 580 | | | | | | 240,967 | | |
| Estee Lauder Companies, Inc. (The) | | | | | 1,924 | | | | | | 523,944 | | |
| Globant S.A. | | | | | 5,473 | | | | | | 1,434,309 | | |
| Mercado Libre, Inc. | | | | | 80 | | | | | | 95,158 | | |
| Microsoft Corporation | | | | | 4,356 | | | | | | 1,342,998 | | |
| NVIDIA Corporation (a) | | | | | 1,565 | | | | | | 427,026 | | |
| Samsonite International S.A. | | | | | 172,000 | | | | | | 389,182 | | |
| TE Connectivity Ltd. | | | | | 3,398 | | | | | | 445,070 | | |
| | | | | 5,369,742 | | | |||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $ 84,271,657) | | | | | | | | | | | 87,920,963 | | |
|
| SOUTH KOREA—0.5% | | ||||||||||||
| Samsung Electronics Co., Ltd. | | | | | 9,148 | | | | | | 475,495 | | |
| (Cost $357,644) | | | | | | | | |
| SAUDI ARABIA — 3.0% | | ||||||||||||
| AL Rajhi Bank | | | | | 45,182 | | | | | | 1,929,457 | | |
| Alinma Bank SJSC | | | | | 22,989 | | | | | | 238,166 | | |
| ARAMCO AB | | | | | 19,457 | | | | | | 223,542 | | |
| Leejam Sports Co., JSC | | | | | 13,940 | | | | | | 467,465 | | |
| (Cost $ 2,064,266) | | | | | | | | | | | 2,858,630 | | |
| | | | Shares | | | Value | | ||||||
| UNITED STATES—1.8% | | ||||||||||||
| iShares Core MSCI Emerging Markets ETF | | | | | 31,300 | | | | | $ | 1,738,715 | | |
| (Cost $ 1,852,135) | | | | | | | | | | | | | |
| | | Par Value | | | Value | | ||||||
Money Market — 2.5% | | | | ||||||||||
UMB Money Market Special II Fund, 0.25% (d) (Cost $ 2,336,774) | | | | $ | 2,336,774 | | | | | $ | 2,336,774 | | |
TOTAL INVESTMENTS—100.5% (Cost $ 90,882,476) | | | | | | | | | | | 95,330,577 | | |
OTHER ASSETS & LIABILITIES (Net)—(0.5)% | | | | | | | | | | | (499,223) | | |
NET ASSETS—100% | | | | | | | | | | $ | 94,831,354 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 10,213,379 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (6,247,317) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 3,966,062 | | |
| Common Stock — 95.3% | | ||||||||||||
| | | Shares | | | Value | | |||||||
| BELGIUM — 2.3% | | ||||||||||||
| D’Ieteren S.A. | | | | | 227,554 | | | | | $ | 38,761,145 | | |
| Solvay S.A. | | | | | 628,918 | | | | | | 62,597,913 | | |
| | | | | 101,359,058 | | | |||||||
| CANADA — 8.8% | | ||||||||||||
| Lundin Mining Corporation | | | | | 9,851,300 | | | | | | 99,924,723 | | |
| Magna International Inc. | | | | | 1,180,656 | | | | | | 75,862,181 | | |
| Methanex Corporation | | | | | 1,987,993 | | | | | | 108,495,303 | | |
| Toronto-Dominion Bank | | | | | 1,184,715 | | | | | | 94,077,240 | | |
| | | | | 378,359,447 | | | |||||||
| CHILE — 1.8% | | ||||||||||||
| Antofagasta plc | | | | | 3,504,996 | | | | | | 77,206,824 | | |
| CHINA — 1.5% | | ||||||||||||
| Weichai Power Company Limited | | | | | 40,628,000 | | | | | | 64,225,380 | | |
| COLOMBIA — 2.3% | | ||||||||||||
| Bancolombia S.A. (a) | | | | | 1,099,700 | | | | | | 46,913,202 | | |
| Bancolombia S.A. | | | | | 4,397,800 | | | | | | 50,823,537 | | |
| | | | | | 97,736,739 | | | ||||||
| FRANCE — 6.6% | | ||||||||||||
| Ipsos | | | | | 919,480 | | | | | | 46,239,982 | | |
| Michelin (CGDE) | | | | | 550,700 | | | | | | 75,332,182 | | |
| Publicis Groupe | | | | | 1,539,147 | | | | | | 94,629,799 | | |
| Vinci SA | | | | | 677,398 | | | | | | 70,083,712 | | |
| | | | | | 286,285,675 | | | ||||||
| GERMANY — 10.0% | | ||||||||||||
| BASF SE | | | | | 1,056,500 | | | | | | 60,841,611 | | |
| Deutsche Telekom AG | | | | | 4,018,877 | | | | | | 75,709,418 | | |
| flatexDEGIRO AG | | | | | 2,050,700 | | | | | | 41,935,765 | | |
| Fresenius SE & Company KGaA | | | | | 993,500 | | | | | | 36,858,319 | | |
| Hannover Rueck SE | | | | | 447,800 | | | | | | 76,900,234 | | |
| HeidelbergCement AG | | | | | 1,086,100 | | | | | | 62,425,374 | | |
| Muenchener Rueckversicherungs-Gesellschaft | | | | | 283,730 | | | | | | 76,709,379 | | |
| | | | | 431,380,100 | | | |||||||
| GREECE — 0.4% | | ||||||||||||
| Jumbo S.A. | | | | | 1,167,804 | | | | | | 17,540,447 | | |
| | | | Shares | | | Value | | ||||||
| INDIA — 2.0% | | ||||||||||||
| Infosys Limited - SP (a) | | | | | 3,423,084 | | | | | $ | 85,200,561 | | |
| IRELAND — 2.9% | | ||||||||||||
| Greencore Group plc (b) | | | | | 21,867,835 | | | | | | 36,998,246 | | |
| Jazz Pharmaceuticals plc (b) | | | | | 569,000 | | | | | | 88,576,230 | | |
| | | | | 125,574,476 | | | |||||||
| ITALY — 0.3% | | ||||||||||||
| Trevi-Finanziaria Industriale SpA (b) | | | | | 16,792,356 | | | | | | 12,144,005 | | |
| | | | |||||||||||
| JAPAN — 13.2% | | ||||||||||||
| Asahi Group Holdings Ltd. | | | | | 1,614,000 | | | | | | 59,320,733 | | |
| Brother Industries, Ltd. | | | | | 4,160,500 | | | | | | 76,680,029 | | |
| Daicel Corporation | | | | | 6,314,700 | | | | | | 42,505,540 | | |
| Daito Trust Construction Company, Ltd. | | | | | 608,900 | | | | | | 65,166,723 | | |
| Honda Motor Company, Ltd. | | | | | 2,637,300 | | | | | | 75,767,375 | | |
| KDDI Corporation | | | | | 2,459,300 | | | | | | 81,149,302 | | |
| Marubeni Corporation | | | | | 7,967,800 | | | | | | 93,611,393 | | |
| Sony Group Corporation | | | | | 746,600 | | | | | | 78,304,577 | | |
| | | | | | 572,505,672 | | | ||||||
| NORWAY — 6.7% | | ||||||||||||
| DNB Bank ASA | | | | | 3,881,230 | | | | | | 88,819,090 | | |
| SpareBank 1 SR-Bank ASA | | | | | 6,205,787 | | | | | | 95,315,324 | | |
| Sparebanken Vest | | | | | 2,183,075 | | | | | | 25,715,545 | | |
| Yara International ASA | | | | | 1,540,800 | | | | | | 77,885,819 | | |
| | | | | | 287,735,778 | | | ||||||
| PUERTO RICO — 2.5% | | ||||||||||||
| Popular, Inc. | | | | | 1,324,850 | | | | | | 108,293,239 | | |
| RUSSIA — 0.0% | | ||||||||||||
| ALROSA Company PJSC* | | | | | 41,136,300 | | | | | | 4,995 | | |
| SINGAPORE — 1.7% | | ||||||||||||
| United Overseas Bank Limited | | | | | 3,030,147 | | | | | | 71,690,045 | | |
| SOUTH KOREA — 11.4% | | ||||||||||||
| Hyundai Mobis Company, Limited | | | | | 395,500 | | | | | | 70,155,934 | | |
| Kia Motors Corporation | | | | | 1,241,100 | | | | | | 75,773,607 | | |
| LG Electronics Inc. | | | | | 693,900 | | | | | | 68,986,387 | | |
| LG Uplus Corporation | | | | | 6,664,473 | | | | | | 76,979,186 | | |
| Samsung Electronics Company Limited | | | | | 1,220,384 | | | | | | 70,078,566 | | |
| | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| SOUTH KOREA (continued) | | ||||||||||||
| Shinhan Financial Group Co., Limited | | | | | 1,425,900 | | | | | $ | 48,822,119 | | |
| SK Hynix, Inc. | | | | | 833,500 | | | | | | 81,145,992 | | |
| | | | | | 491,941,791 | | | ||||||
| SWEDEN — 4.4% | | ||||||||||||
| Duni AB (b) | | | | | 1,566,400 | | | | | | 17,244,956 | | |
| Loomis AB, Class B | | | | | 1,446,683 | | | | | | 40,065,764 | | |
| SKF AB-B | | | | | 4,220,890 | | | | | | 69,726,164 | | |
| Svenska Handelsbanken AB, Class A | | | | | 6,880,604 | | | | | | 64,159,118 | | |
| | | | | | 191,196,002 | | | ||||||
| SWITZERLAND — 1.7% | | ||||||||||||
| Novartis AG | | | | | 846,850 | | | | | | 74,765,362 | | |
| TAIWAN — 0.8% | | ||||||||||||
| Catcher Technology Company, Limited | | | | | 7,254,000 | | | | | | 36,584,577 | | |
| THAILAND — 0.5% | | ||||||||||||
| TISCO Financial Group | | | | | 7,722,600 | | | | | | 23,341,994 | | |
| UNITED KINGDOM — 13.5% | | ||||||||||||
| Amcor plc | | | | | 6,071,300 | | | | | | 68,787,829 | | |
| Babcock International Group plc (b) | | | | | 10,646,152 | | | | | | 45,486,193 | | |
| Bellway plc | | | | | 1,949,276 | | | | | | 62,417,896 | | |
| Bunzl plc | | | | | 1,542,381 | | | | | | 60,273,691 | | |
| Cineworld Group plc (b) | | | | | 47,030,327 | | | | | | 20,199,200 | | |
| Inchcape plc | | | | | 5,556,696 | | | | | | 49,018,911 | | |
| Linde plc | | | | | 255,844 | | | | | | 81,724,249 | | |
| Mondi plc | | | | | 3,237,313 | | | | | | 64,580,102 | | |
| Next plc | | | | | 877,750 | | | | | | 69,711,494 | | |
| Taylor Wimpey plc | | | | | 36,954,084 | | | | | | 63,593,137 | | |
| | | | | | 585,792,702 | | | ||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $ 3,712,770,301) | | | | | | | | | | | 4,120,864,869 | | |
|
| ITALY — 0.0% | | ||||||||||||
| Trevi Finanziaria Industriale SpA (b) (Cost $ 7,585,702) | | | | | 76,022 | | | | | | 215,599 | | |
| | | Par Value | | | Value | | ||||||
Money Market—3.8% | | ||||||||||||
UMB Money Market Special II Fund, 0.25% (c) (Cost $ 163,662,033) | | | | $ | 163,662,033 | | | | | $ | 163,662,033 | | |
TOTAL INVESTMENTS—99.1% (Cost $ 3,884,018,036) | | | | | | | | | | | 4,284,742,501 | | |
OTHER ASSETS & LIABILITIES (NET)—0.9% | | | | | | | | | | | 39,924,050 | | |
NET ASSETS—100% | | | | | | | | | | $ | 4,324,666,551 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 784,147,414 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (406,108,422) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 378,038,992 | | |
| Common Stock — 93.6% | | ||||||||||||
| | | Shares | | | Value | | |||||||
| BELGIUM — 2.3% | | ||||||||||||
| D’Ieteren S.A. | | | | | 156,862 | | | | | $ | 26,719,595 | | |
| BRAZIL — 2.7% | | ||||||||||||
| Equatorial Energia S.A. | | | | | 5,541,585 | | | | | | 31,731,172 | | |
| CANADA — 5.2% | | ||||||||||||
| Aecon Group Inc. | | | | | 1,672,800 | | | | | | 22,726,296 | | |
| Equitable Group Inc. | | | | | 359,400 | | | | | | 20,641,547 | | |
| goeasy Ltd. | | | | | 164,300 | | | | | | 18,451,688 | | |
| | | | | | 61,819,531 | | | ||||||
| CHINA — 1.1% | | ||||||||||||
| Shanghai Mechanical & Electrical Industry Co., Limited - B | | | | | 4,810,776 | | | | | | 5,941,308 | | |
| Xinhua Winshare Publishing and Media Co., Limited | | | | | 9,164,500 | | | | | | 6,658,580 | | |
| | | | | | 12,599,888 | | | ||||||
| COLUMBIA — 1.5% | | ||||||||||||
| Tecnoglass, Inc. | | | | | 676,164 | | | | | | 17,066,379 | | |
| DENMARK — 3.4% | | ||||||||||||
| DFDS A/S | | | | | 374,399 | | | | | | 16,151,116 | | |
| Ringkjoebing Landbobank A/S | | | | | 187,400 | | | | | | 24,078,828 | | |
| | | | | 40,229,944 | | | |||||||
| FRANCE — 2.3% | | ||||||||||||
| Bonduelle S.A. | | | | | 489,198 | | | | | | 8,980,604 | | |
| Elis S.A. (a) | | | | | 1,237,800 | | | | | | 18,454,072 | | |
| | | | | | 27,434,676 | | | ||||||
| GERMANY — 0.6% | | ||||||||||||
| Sixt SE (a) | | | | | 48,425 | | | | | | 6,594,593 | | |
| GREECE — 1.8% | | ||||||||||||
| Jumbo S.A. | | | | | 1,431,529 | | | | | | 21,501,604 | | |
| HONG KONG — 1.9% | | ||||||||||||
| Samson Holding Limited (a) | | | | | 74,790,800 | | | | | | 3,629,045 | | |
| VSTECS Holdings Limited | | | | | 8,587,360 | | | | | | 8,092,387 | | |
| VTech Holdings Limited | | | | | 1,533,700 | | | | | | 11,162,870 | | |
| | | | | | 22,884,302 | | |
| | | Shares | | | Value | | |||||||
| INDIA — 1.6% | | ||||||||||||
| LIC Housing Finance Limited | | | | | 3,946,827 | | | | | $ | 18,696,319 | | |
| | | | | | | | | | | | | | |
| INDONESIA — 1.2% | | ||||||||||||
| PT. Pakuwon Jati Tbk (a) | | | | | 415,457,800 | | | | | | 14,000,458 | | |
| IRELAND — 5.6% | | ||||||||||||
| C & C Group plc (a) | | | | | 8,194,045 | | | | | | 21,145,923 | | |
| Glanbia plc | | | | | 1,608,400 | | | | | | 18,771,825 | | |
| Greencore Group plc (a) | | | | | 15,220,000 | | | | | | 25,750,757 | | |
| | | | | | 65,668,505 | | | ||||||
| ITALY — 1.5% | | ||||||||||||
| De’Longhi SpA | | | | | 651,136 | | | | | | 17,922,902 | | |
| JAPAN — 11.3% | | ||||||||||||
| Daicel Corporation | | | | | 2,707,700 | | | | | | 18,226,084 | | |
| Dowa Holdings Co., Limited | | | | | 500,800 | | | | | | 23,147,172 | | |
| Kanematsu Corporation | | | | | 1,693,100 | | | | | | 18,720,002 | | |
| Kyudenko Corporation | | | | | 557,000 | | | | | | 13,152,313 | | |
| Mizuho Leasing Company, Limited | | | | | 404,800 | | | | | | 9,925,312 | | |
| Prima Meat Packers Limited | | | | | 1,033,300 | | | | | | 18,746,254 | | |
| Sanwa Holdings Corporation | | | | | 2,166,200 | | | | | | 22,201,877 | | |
| Tsubakimoto Chain Co., Limited | | | | | 403,300 | | | | | | 10,151,032 | | |
| | | | | | 134,270,046 | | | ||||||
| NETHERLANDS — 1.4% | | ||||||||||||
| Intertrust N.V. (a) | | | | | 763,500 | | | | | | 16,683,511 | | |
| NORWAY — 4.8% | | ||||||||||||
| SpareBank Nord-Norge | | | | | 735,389 | | | | | | 9,032,568 | | |
| SpareBank 1 Oestlandet | | | | | 568,688 | | | | | | 9,105,252 | | |
| Sparebank 1 SMN | | | | | 961,828 | | | | | | 15,531,806 | | |
| SpareBank 1 SR-Bank ASA | | | | | 931,626 | | | | | | 14,308,940 | | |
| Sparebanken Vest | | | | | 788,092 | | | | | | 9,283,334 | | |
| | | | | 57,261,900 | | | |||||||
| PORTUGAL — 1.8% | | ||||||||||||
| Redes Energéticas Nacionais, SGPS, S.A. | | | | | 6,530,905 | | | | | | 20,708,811 | | |
| SINGAPORE — 3.8% | | ||||||||||||
| AEM Holdings Limited | | | | | 7,160,200 | | | | | | 25,077,101 | | |
| Venture Corporation, Limited | | | | | 1,567,200 | | | | | | 20,345,577 | | |
| | | | | | 45,422,678 | | | ||||||
|
| | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| SOUTH KOREA — 3.0% | | ||||||||||||
| Cuckoo Holdings Co., Limited | | | | | 53,192 | | | | | $ | 778,976 | | |
| ENF Technology Co., Limited | | | | | 692,686 | | | | | | 16,859,236 | | |
| Fila Holdings Corporation | | | | | 221,700 | | | | | | 5,752,622 | | |
| Nature Holding Co., Limited (The) | | | | | 436,302 | | | | | | 12,418,975 | | |
| | | | | | 35,809,809 | | | ||||||
| | | | | | | | | ||||||
| SWEDEN — 4.8% | | ||||||||||||
| Cloetta AB, Class B | | | | | 3,732,700 | | | | | | 10,309,644 | | |
| Duni AB (a) | | | | | 485,645 | | | | | | 5,346,608 | | |
| Hexpol AB | | | | | 2,231,100 | | | | | | 22,111,337 | | |
| Loomis AB, Class B | | | | | 706,161 | | | | | | 19,557,070 | | |
| | | | | | 57,324,659 | | | ||||||
| TAIWAN — 12.7% | | ||||||||||||
| BizLink Holding, Inc. | | | | | 2,644,000 | | | | | | 27,361,430 | | |
| Cathay Real Estate Development Co., Limited | | | | | 6,445,300 | | | | | | 4,251,651 | | |
| Elite Material Co., Limited | | | | | 2,855,600 | | | | | | 25,714,005 | | |
| Hitron Technologies Inc. | | | | | 4,408,000 | | | | | | 3,061,592 | | |
| Huaku Development Co., Limited | | | | | 5,638,000 | | | | | | 17,749,423 | | |
| Kings Town Bank | | | | | 8,467,500 | | | | | | 11,910,031 | | |
| Primax Electronics Limited | | | | | 6,499,800 | | | | | | 11,819,262 | | |
| Sercomm Corporation | | | | | 4,373,000 | | | | | | 12,072,816 | | |
| Taiwan Union Technology Corporation | | | | | 4,169,900 | | | | | | 12,152,475 | | |
| Tripod Technology Corporation | | | | | 5,131,300 | | | | | | 23,998,541 | | |
| | | | | | 150,091,226 | | | ||||||
| THAILAND — 4.0% | | ||||||||||||
| Thanachart Capital PCL | | | | | 18,690,500 | | | | | | 24,171,173 | | |
| TISCO Financial Group | | | | | 7,836,500 | | | | | | 23,686,263 | | |
| | | | | 47,857,436 | | | |||||||
| UNITED KINGDOM — 13.3% | | ||||||||||||
| Cineworld Group plc (a) | | | | | 3,000,000 | | | | | | 1,288,479 | | |
| Crest Nicholson Holdings plc | | | | | 2,611,400 | | | | | | 9,194,053 | | |
| Halfords Group plc | | | | | 3,647,415 | | | | | | 11,813,879 | | |
| Inchcape plc | | | | | 2,295,132 | | | | | | 20,246,721 | | |
| Keller Group plc | | | | | 457,639 | | | | | | 5,025,292 | | |
| Lancashire Holdings Limited | | | | | 3,096,170 | | | | | | 17,610,868 | | |
| National Express Group plc (a) | | | | | 6,402,700 | | | | | | 19,642,253 | | |
| | | | Shares | | | Value | | ||||||
| UNITED KINGDOM (continued) | | ||||||||||||
| OSB Group PLC | | | | | 3,172,817 | | | | | $ | 23,665,580 | | |
| QinetiQ | | | | | 6,120,800 | | | | | | 24,531,554 | | |
| Vistry Group plc | | | | | 1,980,200 | | | | | | 24,549,787 | | |
| | | | | | 157,568,466 | | | ||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $1,047,543,306) | | | | | | | | | | | 1,107,868,410 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—7.2% | | ||||||||||||
UMB Money Market Special II Fund, 0.25% (b) (Cost $ 84,732,344) | | | | $ | 84,732,344 | | | | | $ | 84,732,344 | | |
TOTAL INVESTMENTS—100.8% (Cost $ 1,132,275,650) | | | | | | | | | | | 1,192,600,754 | | |
OTHER ASSETS & LIABILITIES (NET)—(0.8)% | | | | | | | | | | | (8,946,736) | | |
NET ASSETS—100% | | | | | | | | | | $ | 1,183,654,018 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 163,373,330 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (111,644,143) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 51,729,187 | | |
| Common Stock — 97.0% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| AUSTRALIA — 5.7% | | ||||||||||||
| Accent Group Limited | | | | | 226,400 | | | | | $ | 289,014 | | |
| Collins Foods Limited | | | | | 64,200 | | | | | | 510,052 | | |
| HANSEN Technologies | | | | | 65,700 | | | | | | 283,186 | | |
| Macquarie Group Limited | | | | | 2,615 | | | | | | 399,152 | | |
| | | | | | 1,481,404 | | | ||||||
| BELGIUM — 2.4% | | ||||||||||||
| D’Ieteren S.A. | | | | | 3,600 | | | | | | 613,218 | | |
| BRAZIL — 2.2% | | ||||||||||||
| Equatorial Energia S.A. | | | | | 100,500 | | | | | | 575,464 | | |
| CANADA — 6.9% | | ||||||||||||
| Alimentation Couche-Tard Inc. | | | | | 12,900 | | | | | | 581,641 | | |
| Enghouse Systems Limited | | | | | 8,200 | | | | | | 259,438 | | |
| Equitable Group Inc. | | | | | 7,200 | | | | | | 413,520 | | |
| goeasy Ltd. | | | | | 3,455 | | | | | | 388,013 | | |
| OpenText Corporation | | | | | 3,700 | | | | | | 157,023 | | |
| | | | | | 1,799,635 | | | ||||||
| CHINA — 5.6% | | ||||||||||||
| Alibaba Group Holding Ltd. (a) | | | | | 27,700 | | | | | | 396,502 | | |
| Midea Group Co., Ltd. | | | | | 46,200 | | | | | | 415,160 | | |
| Zhejiang Supor Co. | | | | | 42,300 | | | | | | 333,633 | | |
| Zhongsheng Group Holdings | | | | | 43,500 | | | | | | 307,723 | | |
| | | | | | 1,453,018 | | | ||||||
| FRANCE — 4.9% | | ||||||||||||
| Alten S.A. | | | | | 2,100 | | | | | | 321,262 | | |
| LVMH Moet Hennessy Louis Vuitton SE | | | | | 395 | | | | | | 285,395 | | |
| Neurones S.A. | | | | | 6,500 | | | | | | 262,517 | | |
| SEB SA | | | | | 2,850 | | | | | | 401,435 | | |
| | | | | | 1,270,609 | | | ||||||
| GERMANY — 3.3% | | ||||||||||||
| Brenntag AG | | | | | 3,900 | | | | | | 318,231 | | |
| VIB Vermögen AG | | | | | 13,009 | | | | | | 528,292 | | |
| | | | | | 846,523 | | | ||||||
| GREECE — 1.4% | | ||||||||||||
| Jumbo S.A. | | | | | 24,771 | | | | | | 372,061 | | |
| | | | Shares | | | Value | | ||||||
| INDIA — 0.9% | | ||||||||||||
| Muthoot Finance Ltd. | | | | | 12,600 | | | | | $ | 221,313 | | |
| INDONESIA — 1.6% | | ||||||||||||
| PT Bank Rakyat Indonesia Tbk (a) | | | | | 1,299,645 | | | | | | 421,678 | | |
| ITALY — 5.2% | | ||||||||||||
| De’Longhi SpA | | | | | 21,400 | | | | | | 589,047 | | |
| Interpump Group S.p.A. | | | | | 10,200 | | | | | | 518,625 | | |
| SeSa S.p.A. | | | | | 1,500 | | | | | | 248,665 | | |
| | | | | | 1,356,337 | | | ||||||
| JAPAN — 7.1% | | ||||||||||||
| BeNEXT Group, Inc. | | | | | 26,600 | | | | | | 365,332 | | |
| JAC Recruitment Co., Ltd. | | | | | 19,100 | | | | | | 291,595 | | |
| NEXTAGE Co., Ltd. | | | | | 27,600 | | | | | | 504,588 | | |
| Open House Group Co., Ltd. | | | | | 5,600 | | | | | | 250,068 | | |
| Sanwa Holdings Corporation | | | | | 41,300 | | | | | | 423,293 | | |
| | | | | | 1,834,876 | | | ||||||
| KENYA — 1.5% | | ||||||||||||
| Safaricom PLC | | | | | 1,292,600 | | | | | | 383,846 | | |
| MALAYSIA — 3.5% | | ||||||||||||
| Public Bank Bhd | | | | | 401,500 | | | | | | 445,920 | | |
| Scientex Berhad | | | | | 475,000 | | | | | | 458,643 | | |
| | | | | | 904,563 | | | ||||||
| MEXICO — 3.7% | | ||||||||||||
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - B | | | | | 38,100 | | | | | | 284,346 | | |
| Grupo Aeroportuario del Pacífico, S.A.B. de C. V. | | | | | 23,300 | | | | | | 376,934 | | |
| Grupo Aeroportuario del Sureste, S. A. B. de C.V. | | | | | 13,300 | | | | | | 296,072 | | |
| | | | | | 957,352 | | | ||||||
| NORWAY — 2.0% | | ||||||||||||
| Sparebanken Vest | | | | | 43,200 | | | | | | 508,875 | | |
| PERU — 0.7% | | ||||||||||||
| Credicorp Ltd. | | | | | 1,100 | | | | | | 189,057 | | |
| SOUTH AFRICA — 3.6% | | ||||||||||||
| AVI Limited | | | | | 76,900 | | | | | | 379,435 | | |
| FirstRand Limited | | | | | 104,900 | | | | | | 556,140 | | |
| | | | | | 935,575 | | | ||||||
|
| | | | Shares | | | Value | | ||||||
| SOUTH KOREA — 2.3% | | ||||||||||||
| Hansol Chemical Co., Ltd. | | | | | 1,300 | | | | | $ | 263,314 | | |
| Samsung Electronics Company Limited | | | | | 3,051 | | | | | | 175,199 | | |
| Soulbrain Holdings Co., Ltd. (a) | | | | | 798 | | | | | | 161,173 | | |
| | | | | | 599,686 | | | ||||||
| | | | | | | | | ||||||
| | | | | | | | | ||||||
| SWEDEN — 4.9% | | ||||||||||||
| Bravida Holding AB | | | | | 49,600 | | | | | | 577,462 | | |
| Hexpol AB | | | | | 34,100 | | | | | | 337,948 | | |
| Knowit AB | | | | | 10,400 | | | | | | 349,293 | | |
| | | | | | 1,264,703 | | | ||||||
| TAIWAN — 14.7% | | ||||||||||||
| BizLink Holding, Inc. | | | | | 34,400 | | | | | | 355,988 | | |
| Chailease Holding Co., Ltd. | | | | | 44,398 | | | | | | 392,820 | | |
| Elite Material Co., Limited | | | | | 28,000 | | | | | | 252,133 | | |
| POYA International Co., Ltd. | | | | | 26,389 | | | | | | 358,282 | | |
| SINBON Electronics Co., Ltd. | | | | | 134,300 | | | | | | 1,218,715 | | |
| Thinking Electronic Industrial Co., Ltd. | | | | | 83,800 | | | | | | 435,796 | | |
| Tripod Technology Corporation | | | | | 87,786 | | | | | | 410,566 | | |
| Yageo Corporation | | | | | 25,000 | | | | | | 378,689 | | |
| | | | | | 3,802,989 | | | ||||||
| THAILAND — 4.0% | | ||||||||||||
| Muangthai Capital Public Company Limited | | | | | 394,200 | | | | | | 622,421 | | |
| TISCO Financial Group | | | | | 141,700 | | | | | | 428,296 | | |
| | | | | | 1,050,717 | | | ||||||
| UNITED KINGDOM — 7.1% | | ||||||||||||
| Bunzl plc | | | | | 7,004 | | | | | | 273,705 | | |
| Games Workshop Group PLC | | | | | 1,900 | | | | | | 181,744 | | |
| Greggs plc | | | | | 8,100 | | | | | | 262,463 | | |
| Howden Joinery Group plc | | | | | 29,600 | | | | | | 299,235 | | |
| Next Fifteen Communications Group plc | | | | | 20,753 | | | | | | 366,149 | | |
| OSB Group PLC | | | | | 62,900 | | | | | | 469,162 | | |
| | | | | | 1,852,458 | | | ||||||
| UNITED STATES — 1.8% | | ||||||||||||
| Euronet Worldwide, Inc. (a) | | | | | 3,500 | | | | | | 455,525 | | |
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $ 21,350,726) | | | | | | | | | | | 25,151,482 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—4.0% | | | | | | | | ||||||
UMB Money Market Special II Fund, 0.25% (b) (Cost $ 1,024,823) | | | | $ | 1,024,823 | | | | | $ | 1,024,823 | | |
TOTAL INVESTMENTS—101.0% (Cost $ 22,375,549) | | | | | | | | | | | 26,176,305 | | |
OTHER ASSETS & LIABILITIES (NET)—(1.0)% | | | | | | | | | | | (242,359) | | |
NET ASSETS—100% | | | | | | | | | | $ | 25,933,946 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 4,204,164 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (542,308) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 3,661,856 | | |
| | | | Small Cap | | | Quality | | | Environmental Opportunities | | |||||||||
| Assets: | | | | | | | | | | | | | | | | | | | |
| Investments at value | | | | $ | 84,094,849 | | | | | $ | 194,418,243 | | | | | $ | 76,989,963 | | |
| Foreign currency at value (Cost $0 for Small Cap, $0 for Quality, $0 for Environmental Opportunities) | | | | | — | | | | | | — | | | | | | — | | |
| Cash | | | | | — | | | | | | — | | | | | | — | | |
| Dividends and interest receivable | | | | | 72,194 | | | | | | 206,689 | | | | | | 24,397 | | |
| Foreign tax reclaims receivable | | | | | 4,804 | | | | | | 92,963 | | | | | | 21,065 | | |
| Receivable for investments sold | | | | | 119,920 | | | | | | — | | | | | | — | | |
| Receivable for shares of beneficial interest sold | | | | | — | | | | | | 180,312 | | | | | | 62,882 | | |
| Other assets | | | | | 13,863 | | | | | | 7,526 | | | | | | 30,736 | | |
| Total Assets | | | | $ | 84,305,630 | | | | | $ | 194,905,733 | | | | | $ | 77,129,043 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | |
| Payable for investments purchased | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Payable for shares of beneficial interest repurchased | | | | | — | | | | | | 74,445 | | | | | | 4,028 | | |
| Payable for compensation of manager (Note 3) | | | | | 55,099 | | | | | | 105,080 | | | | | | — | | |
| Payable for distribution fees (Note 3) | | | | | 15,905 | | | | | | 27,235 | | | | | | 1,952 | | |
| Payable to custodian | | | | | 1,186 | | | | | | 2,395 | | | | | | 1,120 | | |
| Payable to transfer agent (Note 3) | | | | | 13,154 | | | | | | 20,822 | | | | | | 3,901 | | |
| Payable for foreign capital gain tax | | | | | — | | | | | | — | | | | | | — | | |
| Other accrued expenses and liabilities | | | | | 5,513 | | | | | | 13,539 | | | | | | 8,641 | | |
| Total Liabilities | | | | $ | 90,857 | | | | | $ | 243,516 | | | | | $ | 19,642 | | |
| Net Assets | | | | $ | 84,214,773 | | | | | $ | 194,662,217 | | | | | $ | 77,109,401 | | |
| | | | | | | | | | | | | | | | | | | | |
| Investments at cost | | | | $ | 63,978,479 | | | | | $ | 155,786,692 | | | | | $ | 71,031,563 | | |
| | | | Small Cap | | | Quality | | | Environmental Opportunities | | |||||||||
| Components of Net Assets: | | | | | | | | | | | | | | | | | | | |
| Shares of beneficial interest | | | | $ | 57,772,663 | | | | | $ | 141,869,370 | | | | | $ | 73,588,564 | | |
| Total distributable earnings (loss) | | | | | 26,442,110 | | | | | | 52,792,847 | | | | | | 3,520,837 | | |
| Net Assets Applicable to Outstanding Shares | | | | $ | 84,214,773 | | | | | $ | 194,662,217 | | | | | $ | 77,109,401 | | |
| Computation of Net Assets: | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 75,159,275 | | | | | $ | 130,244,269 | | | | | $ | 9,601,342 | | |
| Shares Outstanding | | | | | 2,888,402 | | | | | | 6,170,611 | | | | | | 595,312 | | |
| Net asset value and redemption proceeds per share | | | | $ | 26.02 | | | | | $ | 21.11 | | | | | $ | 16.13 | | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 9,055,498 | | | | | $ | 64,417,948 | | | | | $ | 66,214,651 | | |
| Shares outstanding | | | | | 282,107 | | | | | | 2,731,156 | | | | | | 4,057,306 | | |
| Net asset value and redemption proceeds per share | | | | $ | 32.10 | | | | | $ | 23.59 | | | | | $ | 16.32 | | |
| R6 Shares | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | — | | | | | $ | — | | | | | $ | 1,293,408 | | |
| Shares Outstanding | | | | | — | | | | | | — | | | | | | 173,453 | | |
| Net asset value and redemption proceeds per share | | | | $ | — | | | | | $ | — | | | | | $ | 7.46 | | |
| | | | Emerging Markets World Equity | | | Foreign Value | | | Foreign Value Small Cap | | | International Opportunities | | ||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments at value | | | | $ | 95,330,577 | | | | | $ | 4,284,742,501 | | | | | $ | 1,192,600,754 | | | | | $ | 26,176,305 | | |
| Foreign currency at value (Cost $196,790 for Emerging Markets World Equity, $0 for Foreign Value $6,590,997 for Foreign Value Small Cap, and $0 for International Opportunities) | | | | | 197,276 | | | | | | — | | | | | | 6,590,997 | | | | | | — | | |
| Cash | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Dividends and interest receivable | | | | | 320,483 | | | | | | 28,003,931 | | | | | | 6,580,448 | | | | | | 88,365 | | |
| Foreign tax reclaims receivable | | | | | 6,693 | | | | | | 11,853,707 | | | | | | 1,894,646 | | | | | | 13,914 | | |
| Receivable for investments sold | | | | | 1,171,864 | | | | | | 9,352,767 | | | | | | 3,293,613 | | | | | | — | | |
| Receivable for shares of beneficial interest sold | | | | | 4,172 | | | | | | 2,041,537 | | | | | | 1,534,754 | | | | | | — | | |
| Other assets | | | | | 7,683 | | | | | | 22,469 | | | | | | — | | | ��� | | | — | | |
| Total Assets | | | | $ | 97,038,748 | | | | | $ | 4,336,016,912 | | | | | $ | 1,212,495,212 | | | | | $ | 26,278,584 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Payable for investments purchased | | | | $ | 1,906,795 | | | | | $ | 2,148,670 | | | | | $ | 20,583,421 | | | | | $ | 310,027 | | |
| Payable for shares of beneficial interest repurchased | | | | | 190 | | | | | | 5,349,528 | | | | | | 7,158,500 | | | | | | — | | |
| Payable for compensation of manager (Note 3) | | | | | 60,385 | | | | | | 3,242,125 | | | | | | 881,567 | | | | | | 19,066 | | |
| Payable for distribution fees (Note 3) | | | | | 18,071 | | | | | | 88,997 | | | | | | 35,730 | | | | | | 23 | | |
| Payable to custodian | | | | | 95,664 | | | | | | 63,258 | | | | | | 42,849 | | | | | | 13,837 | | |
| Payable to transfer agent (Note 3) | | | | | 13,141 | | | | | | 194,942 | | | | | | 71,732 | | | | | | 554 | | |
| Payable for foreign capital gain tax | | | | | 108,272 | | | | | | — | | | | | | — | | | | | | — | | |
| Other accrued expenses and liabilities | | | | | 4,876 | | | | | | 262,841 | | | | | | 67,395 | | | | | | 1,131 | | |
| Total Liabilities | | | | $ | 2,207,394 | | | | | $ | 11,350,361 | | | | | $ | 28,841,194 | | | | | $ | 344,638 | | |
| Net Assets | | | | $ | 94,831,354 | | | | | $ | 4,324,666,551 | | | | | $ | 1,183,654,018 | | | | | $ | 25,933,946 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments at cost | | | | $ | 90,882,476 | | | | | $ | 3,884,018,036 | | | | | $ | 1,132,275,650 | | | | | $ | 22,375,549 | | |
| | | Emerging Markets World Equity | | | Foreign Value | | | Foreign Value Small Cap | | | International Opportunities | | |||||||||||||
| Components of Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares of beneficial interest | | | | $ | 116,013,674 | | | | | $ | 4,007,564,106 | | | | | $ | 1,140,838,297 | | | | | $ | 22,359,578 | | |
| Total distributable earnings (loss) | | | | | (21,182,320) | | | | | | 317,102,445 | | | | | | 42,815,721 | | | | | | 3,574,368 | | |
| Net Assets Applicable to Outstanding Shares | | | | $ | 94,831,354 | | | | | $ | 4,324,666,551 | | | | | $ | 1,183,654,018 | | | | | $ | 25,933,946 | | |
| Computation of Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 87,400,914 | | | | | $ | 424,109,767 | | | | | $ | 170,731,347 | | | | | $ | 130,582 | | |
| Shares Outstanding | | | | | 3,695,841 | | | | | | 18,700,929 | | | | | | 10,830,429 | | | | | | 10,294 | | |
| Net asset value and redemption proceeds per share | | | | $ | 23.65 | | | | | $ | 22.68 | | | | | $ | 15.76 | | | | | $ | 12.69 | | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 6,247,420 | | | | | $ | 3,199,600,609 | | | | | $ | 753,426,342 | | | | | $ | 3,682,335 | | |
| Shares outstanding | | | | | 259,849 | | | | | | 141,635,332 | | | | | | 47,786,640 | | | | | | 287,005 | | |
| Net asset value and redemption proceeds per share | | | | $ | 24.04 | | | | | $ | 22.59 | | | | | $ | 15.77 | | | | | $ | 12.83 | | |
| R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 1,183,020 | | | | | $ | 700,956,175 | | | | | $ | 259,496,329 | | | | | $ | 22,121,029 | | |
| Shares Outstanding | | | | | 113,604 | | | | | | 61,353,424 | | | | | | 22,515,474 | | | | | | 1,725,305 | | |
| Net asset value and redemption proceeds per share | | | | $ | 10.41 | | | | | $ | 11.42 | | | | | $ | 11.53 | | | | | $ | 12.82 | | |
| | | | Small Cap | | | Quality | | | Environmental Opportunities* | | | Environmental Opportunities** | | ||||||||||||
| Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends (a) | | | | $ | 1,813,414 | | | | | $ | 2,906,825 | | | | | $ | 93,615 | | | | | $ | 206,559 | | |
| Interest | | | | | 135 | | | | | | 280 | | | | | | 390 | | | | | | — | | |
| Miscellaneous | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investment Income | | | | $ | 1,813,549 | | | | | $ | 2,907,105 | | | | | $ | 94,005 | | | | | $ | 206,559 | | |
| Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Compensation of manager (Note 3) | | | | | 746,488 | | | | | | 2,079,506 | | | | | | 412,218 | | | | | | 351,850 | | |
| Distribution fees, Ordinary Shares (Note 3) | | | | | 210,786 | | | | | | 358,514 | | | | | | 7,245 | | | | | | 306*** | | |
| Administrative fees (Note 3) | | | | | 28,324 | | | | | | 62,194 | | | | | | 10,563 | | | | | | 48,771 | | |
| Custodian and fund accounting fees | | | | | 20,500 | | | | | | 34,100 | | | | | | 22,500 | | | | | | 65,393 | | |
| Regulatory and Compliance (Note 3) | | | | | 4,166 | | | | | | 9,123 | | | | | | 1,501 | | | | | | 12,000 | | |
| Transfer agent fees (Note 3): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 138,626 | | | | | | 232,715 | | | | | | 4,695 | | | | | | 63*** | | |
| Institutional Shares | | | | | 14,796 | | | | | | 104,757 | | | | | | 60,870 | | | | | | 25,256 | | |
| R6 Shares | | | | | — | | | | | | — | | | | | | 74 | | | | | | — | | |
| Audit and legal | | | | | 11,248 | | | | | | 17,861 | | | | | | 363,446 | | | | | | 38,068 | | |
| Registration fees | | | | | 33,097 | | | | | | 38,623 | | | | | | 53,376 | | | | | | 14,663 | | |
| Tax reclaim service fee | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Insurance | | | | | 1,952 | | | | | | 4,292 | | | | | | 745 | | | | | | 1,060 | | |
| Compensation of trustees (Note 3) | | | | | 3,144 | | | | | | 6,890 | | | | | | 1,169 | | | | | | 13,983 | | |
| Printing | | | | | 4,976 | | | | | | 11,077 | | | | | | 2,177 | | | | | | 8,472 | | |
| Miscellaneous | | | | | 3,608 | | | | | | 7,838 | | | | | | 1,266 | | | | | | 31,145 | | |
| Total expenses before waivers/reimbursements/reductions | | | | | 1,221,711 | | | | | | 2,967,490 | | | | | | 941,845 | | | | | | 611,030 | | |
| Management Fee Waiver (Note 3) | | | | | — | | | | | | (727,253) | | | | | | (41,227) | | | | | | (145,592) | | |
| Transfer Agent Fee Waiver Institutional Shares (Note 3) | | | | | (10,796) | | | | | | (77,454) | | | | | | (45,222) | | | | | | — | | |
| Manager Reimbursement (Note 3) | | | | | — | | | | | | (1,260) | | | | | | (438,558) | | | | | | — | | |
| Expenses, Net | | | | $ | 1,210,915 | | | | | $ | 2,161,523 | | | | | $ | 416,838 | | | | | $ | 465,438 | | |
| Net Investment income/(loss) | | | | $ | 602,634 | | | | | $ | 745,582 | | | | | $ | (322,833) | | | | | $ | (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) | | | | $ | 11,243,271 | | | | | $ | 24,981,018 | | | | | $ | (1,179,797) | | | | | $ | 4,250,877 | | |
| Foreign denominated assets, liabilities, and currency | | | | | (516) | | | | | | 13 | | | | | | 8,567 | | | | | | (2,063) | | |
| Change in unrealized appreciation/(depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | | | | (9,083,477) | | | | | | (5,398,211) | | | | | | (9,839,135) | | | | | | 12,264,812 | | |
| Foreign denominated assets, liabilities, and currency | | | | | 639 | | | | | | (160) | | | | | | (1,023) | | | | | | — | | |
| Net change in deferred non-U.S. Taxes | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Net realized and unrealized gain/(loss) on investment and foreign currency | | | | | 2,159,917 | | | | | | 19,582,660 | | | | | | (11,011,388) | | | | | | 16,513,626 | | |
| Net increase/(decrease) in net assets resulting from operations | | | | $ | 2,762,551 | | | | | $ | 20,328,242 | | | | | $ | (11,334,221) | | | | | $ | 16,254,747 | | |
|
(8/31/2021).
| | | Emerging Markets World Equity | | | Foreign Value | | | Foreign Value Small Cap | | | International Opportunities | | |||||||||||||
| Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends (a) | | | | | 1,693,151 | | | | | | 124,198,748 | | | | | | 29,503,020 | | | | | | 611,560 | | |
| Interest | | | | | 84 | | | | | | 18,872 | | | | | | 6,704 | | | | | | 42 | | |
| Miscellaneous | | | | | 603 | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investment Income | | | | $ | 1,693,838 | | | | | $ | 124,217,620 | | | | | $ | 29,509,724 | | | | | $ | 611,602 | | |
| Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Compensation of manager (Note 3) | | | | | 1,124,394 | | | | | | 43,346,116 | | | | | | 11,746,654 | | | | | | 227,921 | | |
| Distribution fees, Ordinary Shares (Note 3) | | | | | 259,044 | | | | | | 1,228,762 | | | | | | 495,538 | | | | | | 308 | | |
| Administrative fees (Note 3) | | | | | 34,256 | | | | | | 1,299,425 | | | | | | 345,670 | | | | | | 7,569 | | |
| Custodian and fund accounting fees | | | | | 123,000 | | | | | | 925,001 | | | | | | 476,999 | | | | | | 52,500 | | |
| Regulatory and Compliance (Note 3) | | | | | 5,040 | | | | | | 190,842 | | | | | | 50,609 | | | | | | 1,111 | | |
| Transfer agent fees (Note 3): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 169,751 | | | | | | 790,275 | | | | | | 319,033 | | | | | | 198 | | |
| Institutional Shares | | | | | 12,347 | | | | | | 5,043,064 | | | | | | 1,226,093 | | | | | | 17,736 | | |
| R6 Shares | | | | | 179 | | | | | | 76,143 | | | | | | 23,586 | | | | | | 1,629 | | |
| Audit and legal | | | | | 35,066 | | | | | | 330,951 | | | | | | 79,465 | | | | | | 12,359 | | |
| Registration fees | | | | | 40,112 | | | | | | 139,289 | | | | | | 97,553 | | | | | | 7,595 | | |
| Tax reclaim service fee | | | | | — | | | | | | 568,411 | | | | | | — | | | | | | — | | |
| Insurance | | | | | 2,360 | | | | | | 89,617 | | | | | | 23,859 | | | | | | 522 | | |
| Compensation of trustees (Note 3) | | | | | 3,804 | | | | | | 144,272 | | | | | | 38,275 | | | | | | 840 | | |
| Printing | | | | | 6,005 | | | | | | 232,080 | | | | | | 62,333 | | | | | | 1,352 | | |
| Miscellaneous | | | | | 4,377 | | | | | | 161,635 | | | | | | 42,718 | | | | | | 943 | | |
| Total expenses before waivers/reimbursements/reductions | | | | | 1,819,735 | | | | | | 54,565,883 | | | | | | 15,028,385 | | | | | | 332,583 | | |
| Management Fee Waiver (Note 3) | | | | | (247,367) | | | | | | (4,334,611) | | | | | | (1,174,666) | | | | | | — | | |
| Transfer Agent Fee Waiver Institutional Shares (Note 3) | | | | | (9,044) | | | | | | (3,764,007) | | | | | | (914,062) | | | | | | (13,174) | | |
| Manager Reimbursement (Note 3) | | | | | (437) | | | | | | (364,803) | | | | | | — | | | | | | — | | |
| Expenses, Net | | | | $ | 1,562,887 | | | | | $ | 46,102,462 | | | | | $ | 12,939,657 | | | | | $ | 319,409 | | |
| Net Investment income/(loss) | | | | $ | 130,951 | | | | | $ | 78,115,158 | | | | | $ | 16,570,067 | | | | | $ | 292,193 | | |
| | | | 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) | | | | $ | 4,527,731 | | | | | $ | 1,952,637 | | | | | $ | 54,126,635 | | | | | $ | 1,111,870 | | |
| Foreign denominated assets, liabilities, and currency | | | | | (78,754) | | | | | | (1,264,307) | | | | | | (297,061) | | | | | | 304 | | |
| Change in unrealized appreciation/(depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | | | | (19,549,555) | | | | | | (327,486,714) | | | | | | (115,029,166) | | | | | | (861,116) | | |
| Foreign denominated assets, liabilities, and currency | | | | | 7,400 | | | | | | (206,848) | | | | | | (70,529) | | | | | | (1,722) | | |
| Net change in deferred non-U.S. taxes | | | | | 83,022 | | | | | | — | | | | | | — | | | | | | — | | |
| Net realized and unrealized gain/(loss) on investment and foreign currency | | | | | (15,010,156) | | | | | | (327,005,232) | | | | | | (61,270,121) | | | | | | 249,336 | | |
| Net increase/(decrease) in net assets resulting from operations | | | | $ | (14,879,205) | | | | | $ | (248,890,074) | | | | | $ | (44,700,054) | | | | | $ | 541,529 | | |
|
| | | | Small Cap | | |||||||||
| | | | Year Ended March 31, 2022 | | | Year Ended March 31, 2021 | | ||||||
| Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | |
| Net investment income/(loss) | | | | $ | 602,634 | | | | | $ | 511,856 | | |
| Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 11,242,755 | | | | | | 7,355,364 | | |
| Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (9,082,838) | | | | | | 35,418,811 | | |
| Net increase/(decrease) from operations | | | | $ | 2,762,551 | | | | | $ | 43,286,031 | | |
| Distributions to shareholders | | | | | | | | | | | | | |
| Ordinary Shares | | | | $ | (6,540,106) | | | | | $ | (466,625) | | |
| Institutional Shares | | | | | (610,963) | | | | | | (64,560) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Total distributions to shareholders | | | | $ | (7,151,069) | | | | | $ | (531,185) | | |
| Capital Stock Transactions | | | | | | | | | | | | | |
| Shares Sold | | | | | | | | | | | | | |
| Ordinary Shares | | | | $ | 2,967,567 | | | | | $ | 9,652,320* | | |
| Institutional Shares | | | | | 83,581 | | | | | | 552,135 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Distributions reinvested | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 5,033,284 | | | | | | 358,296 | | |
| Institutional Shares | | | | | 608,439 | | | | | | 64,106 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Shares redeemed | | | | | | | | | | | | | |
| Ordinary Shares | | | | | (15,658,588) | | | | | | (21,770,539) | | |
| Institutional Shares | | | | | (103,550) | | | | | | (1,627,375) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Net increase (decrease) from capital stock transactions | | | | $ | (7,069,267) | | | | | $ | (12,771,057) | | |
| Net Increase (Decrease) in Net Assets | | | | $ | (11,457,785) | | | | | $ | 29,983,789 | | |
| Net Assets Beginning of Year | | | | | 95,672,558 | | | | | | 65,688,769 | | |
| Net Assets at End of Year | | | | $ | 84,214,773 | | | | | $ | 95,672,558 | | |
| | | | Small Cap | | |||||||||
| | | | Year Ended March 31, 2022 | | | Year Ended March 31, 2021 | | ||||||
| Share Transactions | | | | | | | | | | | | | |
| Shares sold | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 107,174 | | | | | | 415,797 | | |
| Institutional Shares | | | | | 2,490 | | | | | | 23,147 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Distributions reinvested | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 192,698 | | | | | | 15,625 | | |
| Institutional Shares | | | | | 18,902 | | | | | | 2,304 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Shares redeemed | | | | | | | | | | | | | |
| Ordinary Shares | | | | | (578,260) | | | | | | (1,147,826) | | |
| Institutional Shares | | | | | (3,123) | | | | | | (64,855) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Increase (Decrease) In Shares Outstanding | | | | | (260,119) | | | | | | (755,808) | | |
|
| | | Quality | | |||||||||
| | | Year Ended March 31, 2022 | | | Year Ended March 31, 2021 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 745,582 | | | | | $ | 963,814 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 24,981,031 | | | | | | 14,220,057 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (5,398,371) | | | | | | 48,239,662 | | |
Net increase/(decrease) from operations | | | | $ | 20,328,242 | | | | | $ | 63,423,533 | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | (14,706,141) | | | | | $ | (10,169,321) | | |
Institutional Shares | | | | | (7,125,736) | | | | | | (2,936,199) | | |
R6 Shares | | | | | — | | | | | | — | | |
Total distributions to shareholders | | | | $ | (21,831,877) | | | | | $ | (13,105,520) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares Sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 14,781,889 | | | | | $ | 28,142,362 | | |
Institutional Shares | | | | | 44,369,782 | | | | | | 37,362,976 | | |
R6 Shares | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 10,923,799 | | | | | | 7,650,232 | | |
Institutional Shares | | | | | 6,842,604 | | | | | | 2,919,228 | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (33,495,123) | | | | | | (37,292,506) | | |
Institutional Shares | | | | | (31,633,118) | | | | | | (12,299,528) | | |
R6 Shares | | | | | — | | | | | | — | | |
Net increase (decrease) from capital stock transactions | | | | $ | 11,789,833 | | | | | $ | 26,482,764 | | |
Net Increase (Decrease) in Net Assets | | | | $ | 10,286,198 | | | | | $ | 76,800,777 | | |
Net Assets Beginning of Year | | | | | 184,376,019 | | | | | | 107,575,242 | | |
Net Assets at End of Year | | | | $ | 194,662,217 | | | | | $ | 184,376,019 | | |
| | | Quality | | |||||||||
| | | Year Ended March 31, 2022 | | | Year Ended March 31, 2021 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 651,564 | | | | | | 1,606,214 | | |
Institutional Shares | | | | | 1,748,272 | | | | | | 1,865,436 | | |
R6 Shares | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 485,071 | | | | | | 397,828 | | |
Institutional Shares | | | | | 272,180 | | | | | | 137,311 | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (1,469,950) | | | | | | (2,003,979) | | |
Institutional Shares | | | | | (1,293,802) | | | | | | (580,386) | | |
R6 Shares | | | | | — | | | | | | — | | |
Increase (Decrease) In Shares Outstanding | | | | | 393,335 | | | | | | 1,422,424 | | |
| | | Environmental Opportunities | | |||||||||||||||
| | | Seven Months Ended March 31, 2022 | | | Year Ended August 31, 2021 (1) | | | Year Ended August 31, 2020 (1) | | |||||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | (322,833) | | | | | $ | (258,879) | | | | | $ | (51,248) | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | (1,171,230) | | | | | | 4,248,814 | | | | | | 320,683 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (9,840,158) | | | | | | 12,264,812 | | | | | | 3,271,582 | | |
Net increase/(decrease) from operations | | | | $ | (11,334,221) | | | | | $ | 16,254,747 | | | | | $ | 3,541,017 | | |
Distributions to shareholders | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | (291,568) | | | | | $ | (814)* | | | | | $ | —* | | |
Institutional Shares | | | | | (3,993,301) | | | | | | (499,608)** | | | | | | —** | | |
R6 Shares | | | | | (132,178) | | | | | | — | | | | | | — | | |
Total distributions to shareholders | | | | $ | (4,417,047) | | | | | $ | (500,422) | | | | | $ | — | | |
Capital Stock Transactions | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 10,859,834 | | | | | $ | 239,425* | | | | | $ | 39,289* | | |
Institutional Shares | | | | | 18,791,730 (2) | | | | | | 38,602,457** | | | | | | 11,445,125** | | |
R6 Shares | | | | | 1,471,237 | | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | 278,452 | | | | | | 814* | | | | | | —* | | |
Institutional Shares | | | | | 3,813,420 | | | | | | 483,049** | | | | | | —** | | |
R6 Shares | | | | | 132,178 | | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | (260,743) | | | | | | (60,064)* | | | | | | (14,529)* | | |
Institutional Shares | | | | | (9,039,822) | | | | | | (10,734,342)** | | | | | | (1,381,489)** | | |
R6 Shares | | | | | (10,000) | | | | | | — | | | | | | — | | |
Net increase (decrease) from capital stock transactions | | | | $ | 26,036,286 | | | | | $ | 28,531,339 | | | | | $ | 10,088,396 | | |
Net Increase (Decrease) in Net Assets | | | | $ | 10,285,018 | | | | | $ | 44,285,664 | | | | | $ | 13,629,413 | | |
Net Assets Beginning of Year | | | | | 66,824,383 | | | | | | 22,538,719 | | | | | | 8,909,306 | | |
Net Assets at End of Year | | | | $ | 77,109,401 | | | | | $ | 66,824,383 | | | | | $ | 22,538,719 | | |
| | | Environmental Opportunities | | |||||||||||||||
| | | Seven Months Ended March 31, 2022 | | | Year Ended August 31, 2021 (1) | | | Year Ended August 31, 2020 (1) | | |||||||||
Share Transactions | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | 581,830 | | | | | | 12,817* | | | | | | 3,703* | | |
Institutional Shares | | | | | 1,042,806 | | | | | | 2,139,067** | | | | | | 1,018,044** | | |
R6 Shares | | | | | 159,504 | | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | 14,867 | | | | | | 48* | | | | | | —* | | |
Institutional Shares | | | | | 201,449 | | | | | | 28,183** | | | | | | —** | | |
R6 Shares | | | | | 15,281 | | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | (14,478) | | | | | | (3,284)* | | | | | | (1,788)* | | |
Institutional Shares | | | | | (463,098) | | | | | | (658,911)** | | | | | | (131,090)** | | |
R6 Shares | | | | | (1,332) | | | | | | — | | | | | | — | | |
Increase (Decrease) In Shares Outstanding | | | | | 1,536,829 | | | | | | 1,517,920 | | | | | | 888,869 | | |
|
| | | Emerging Markets World Equity | | |||||||||
| | | Year Ended March 31, 2022 | | | Year Ended March 31, 2021 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 130,951 | | | | | $ | (143,322) | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 4,448,977 | | | | | | 21,404,618 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, currency, and deferred non-U.S.taxes | | | | | (19,459,133) | | | | | | 25,998,311 | | |
Net increase/(decrease) from operations | | | | $ | (14,879,205) | | | | | $ | 47,259,607 | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | (8,030,841) | | | | | $ | (893,824) | | |
Institutional Shares | | | | | (600,538) | | | | | | (75,708) | | |
R6 Shares | | | | | (217,862) | | | | | | (26,700) | | |
Total distributions to shareholders | | | | $ | (8,849,241) | | | | | $ | (996,232) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares Sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 4,331,051 | | | | | $ | 15,376,000* | | |
Institutional Shares | | | | | 1,856,822 | | | | | | 1,224,993 | | |
R6 Shares | | | | | 152,405 | | | | | | 317,202 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 5,568,160 | | | | | | 633,372 | | |
Institutional Shares | | | | | 599,372 | | | | | | 75,249 | | |
R6 Shares | | | | | 212,658 | | | | | | 26,700 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (10,244,687) | | | | | | (13,873,470) | | |
Institutional Shares | | | | | (1,534,777) | | | | | | (1,671,276) | | |
R6 Shares | | | | | (70,750) | | | | | | (10,936) | | |
Net increase (decrease) from capital stock transactions | | | | $ | 870,254 | | | | | $ | 2,097,834 | | |
| | | Emerging Markets World Equity | | |||||||||
| | | Year Ended March 31, 2022 | | | Year Ended March 31, 2021 | | ||||||
Net Increase (Decrease) in Net Assets | | | | $ | (22,858,192) | | | | | $ | 48,361,209 | | |
Net Assets Beginning of Year | | | | | 117,689,546 | | | | | | 69,328,337 | | |
Net Assets at End of Year | | | | $ | 94,831,354 | | | | | $ | 117,689,546 | | |
| | | | | | | | | | | | | |
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 159,027 | | | | | | 678,736 | | |
Institutional Shares | | | | | 62,864 | | | | | | 51,440 | | |
R6 Shares | | | | | 12,022 | | | | | | 24,209 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 206,381 | | | | | | 21,886 | | |
Institutional Shares | | | | | 21,883 | | | | | | 2,563 | | |
R6 Shares | | | | | 17,931 | | | | | | 1,897 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (349,958) | | | | | | (553,222) | | |
Institutional Shares | | | | | (52,692) | | | | | | (66,560) | | |
R6 Shares | | | | | (4,851) | | | | | | (764) | | |
Increase (Decrease) In Shares Outstanding | | | | | 72,607 | | | | | | 160,185 | | |
| | | Foreign Value | | |||||||||
| | | Year Ended March 31, 2022 | | | Year Ended March 31, 2021 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 78,115,158 | | | | | $ | 50,423,365 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 688,330 | | | | | | (33,658,979) | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (327,693,562) | | | | | | 1,653,236,333 | | |
Net increase/(decrease) from operations | | | | $ | (248,890,074) | | | | | $ | 1,670,000,719 | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | (4,591,705) | | | | | $ | (7,906,281) | | |
Institutional Shares | | | | | (43,903,649) | | | | | | (51,609,712) | | |
R6 Shares | | | | | (19,770,286) | | | | | | (23,473,738) | | |
Total distributions to shareholders | | | | $ | (68,265,640) | | | | | $ | (82,989,731) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares Sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 17,336,728 | | | | | $ | 19,100,403 | | |
Institutional Shares | | | | | 922,940,398** | | | | | | 822,173,788* | | |
R6 Shares | | | | | 151,572,016 | | | | | | 155,052,686 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 4,221,677 | | | | | | 7,318,465 | | |
Institutional Shares | | | | | 39,241,541 | | | | | | 46,255,288 | | |
R6 Shares | | | | | 13,829,936 | | | | | | 16,835,574 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (91,041,441) | | | | | | (165,515,787) | | |
Institutional Shares | | | | | (500,128,832) | | | | | | (755,383,932) | | |
R6 Shares | | | | | (79,987,622) | | | | | | (128,898,592) | | |
Net increase (decrease) from capital stock transactions | | | | $ | 477,984,401 | | | | | $ | 16,937,893 | | |
Net Increase (Decrease) in Net Assets | | | | $ | 160,828,687 | | | | | $ | 1,603,948,881 | | |
Net Assets Beginning of Year | | | | | 4,163,837,864 | | | | | | 2,559,888,983 | | |
Net Assets at End of Year | | | | $ | 4,324,666,551 | | | | | $ | 4,163,837,864 | | |
| | | Foreign Value | | |||||||||
| | | Year Ended March 31, 2022 | | | Year Ended March 31, 2021 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 703,522 | | | | | | 927,061 | | |
Institutional Shares | | | | | 38,709,068 | | | | | | 43,461,925 | | |
R6 Shares | | | | | 12,237,305 | | | | | | 16,062,529 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 179,340 | | | | | | 339,919 | | |
Institutional Shares | | | | | 1,675,557 | | | | | | 2,158,436 | | |
R6 Shares | | | | | 1,168,069 | | | | | | 1,533,295 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (3,758,620) | | | | | | (9,038,345) | | |
Institutional Shares | | | | | (20,911,215) | | | | | | (41,223,202) | | |
R6 Shares | | | | | (6,490,474) | | | | | | (12,943,171) | | |
Increase (Decrease) In Shares Outstanding | | | | | 23,512,552 | | | | | | 1,278,447 | | |
| | | Foreign Value Small Cap | | |||||||||
| | | Year Ended March 31, 2022 | | | Year Ended March 31, 2021 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 16,570,067 | | | | | $ | 8,659,082 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 53,829,574 | | | | | | 27,149,231 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (115,099,695) | | | | | | 348,094,987 | | |
Net increase/(decrease) from operations | | | | $ | (44,700,054) | | | | | $ | 383,903,300 | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | (4,067,837) | | | | | $ | (5,992,691) | | |
Institutional Shares | | | | | (18,229,791) | | | | | | (19,488,861) | | |
R6 Shares | | | | | (9,053,210) | | | | | | (5,968,437) | | |
Total distributions to shareholders | | | | $ | (31,350,838) | | | | | $ | (31,449,989) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares Sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 43,445,533 | | | | | $ | 21,501,539 | | |
Institutional Shares | | | | | 342,093,034 | | | | | | 210,975,635 | | |
R6 Shares | | | | | 194,602,351 | | | | | | 30,009,409* | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 3,448,629 | | | | | | 5,031,680 | | |
Institutional Shares | | | | | 17,073,940 | | | | | | 17,545,124 | | |
R6 Shares | | | | | 8,838,438 | | | | | | 5,234,277 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (62,075,182) | | | | | | (43,250,129) | | |
Institutional Shares | | | | | (186,754,373) | | | | | | (192,751,012) | | |
R6 Shares | | | | | (50,675,577) | | | | | | (54,982,251) | | |
Net increase (decrease) from capital stock transactions | | | | $ | 309,996,793 | | | | | $ | (685,728) | | |
Net Increase (Decrease) in Net Assets | | | | $ | 233,945,901 | | | | | $ | 351,767,583 | | |
Net Assets Beginning of Year | | | | | 949,708,117 | | | | | | 597,940,534 | | |
Net Assets at End of Year | | | | $ | 1,183,654,018 | | | | | $ | 949,708,117 | | |
| | | Foreign Value Small Cap | | |||||||||
| | | Year Ended March 31, 2022 | | | Year Ended March 31, 2021 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 2,535,613 | | | | | | 1,598,297 | | |
Institutional Shares | | | | | 20,129,524 | | | �� | | | 15,735,721 | | |
R6 Shares | | | | | 15,267,292 | | | | | | 3,347,067 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 209,898 | | | | | | 348,213 | | |
Institutional Shares | | | | | 1,040,459 | | | | | | 1,215,036 | | |
R6 Shares | | | | | 737,151 | | | | | | 491,481 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (3,684,140) | | | | | | (3,470,728) | | |
Institutional Shares | | | | | (11,174,781) | | | | | | (15,620,428) | | |
R6 Shares | | | | | (4,127,243) | | | | | | (6,039,591) | | |
Increase (Decrease) In Shares Outstanding | | | | | 20,933,773 | | | | | | (2,394,932) | | |
| | | International Opportunities | | |||||||||
| | | Year Ended March 31, 2022 | | | Year Ended March 31, 2021 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 292,193 | | | | | $ | 95,004 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 1,112,174 | | | | | | 1,361,164 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (862,838) | | | | | | 8,791,561 | | |
Net increase/(decrease) from operations | | | | $ | 541,529 | | | | | $ | 10,247,729 | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | (18,331) | | | | | $ | (557) | | |
Institutional Shares | | | | | (1,422,112) | | | | | | (79,670) | | |
R6 Shares | | | | | (1,338,237) | | | | | | (72,287) | | |
Total distributions to shareholders | | | | $ | (2,778,680) | | | | | $ | (152,514) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares Sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 130,000 | | | | | $ | — | | |
Institutional Shares | | | | | 10,000 | | | | | | 169,372 | | |
R6 Shares | | | | | 10,855,515 | | | | | | 604,636 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 18,331 | | | | | | 557 | | |
Institutional Shares | | | | | 1,422,112 | | | | | | 79,670 | | |
R6 Shares | | | | | 1,338,237 | | | | | | 72,287 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (90,689) | | | | | | — | | |
Institutional Shares | | | | | (9,399,214) | | | | | | (213,582) | | |
R6 Shares | | | | | (2,836) | | | | | | (201,957) | | |
Net increase (decrease) from capital stock transactions | | | | $ | 4,281,456 | | | | | $ | 510,983 | | |
Net Increase (Decrease) in Net Assets | | | | $ | 2,044,305 | | | | | $ | 10,606,198 | | |
Net Assets Beginning of Year | | | | | 23,889,641 | | | | | | 13,283,443 | | |
Net Assets at End of Year | | | | $ | 25,933,946 | | | | | $ | 23,889,641 | | |
| | | International Opportunities | | |||||||||
| | | Year Ended March 31, 2022 | | | Year Ended March 31, 2021 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 9,537 | | | | | | — | | |
Institutional Shares | | | | | 819 | | | | | | 15,397 | | |
R6 Shares | | | | | 808,247 | | | | | | 51,044 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 1,387 | | | | | | 44 | | |
Institutional Shares | | | | | 106,685 | | | | | | 6,224 | | |
R6 Shares | | | | | 100,393 | | | | | | 5,648 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (6,778) | | | | | | — | | |
Institutional Shares | | | | | (696,183) | | | | | | (18,557) | | |
R6 Shares | | | | | (204) | | | | | | (18,279) | | |
Increase (Decrease) In Shares Outstanding | | | | | 323,903 | | | | | | 41,521 | | |
|
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 27.43 | | | | | $ | 15.45 | | | | | $ | 23.97 | | | | | $ | 25.48 | | | | | $ | 26.35 | | |
Income from Investment Operations: | | | | | | | |||||||||||||||||||||||||
Net investment income (loss)(a)(b) | | | | | 0.17 | | | | | | 0.14 | | | | | | 0.15 | | | | | | 0.07 | | | | | | 0.07 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.63 | | | | | | 12.00 | | | | | | (6.73) | | | | | | 0.22 | | | | | | 0.68 | | |
Total from Investment Operations | | | | | 0.80 | | | | | | 12.14 | | | | | | (6.58) | | | | | | 0.29 | | | | | | 0.75 | | |
Less Distributions: | | | | | | | |||||||||||||||||||||||||
Dividends from net investment income | | | | | (0.15) | | | | | | (0.16) | | | | | | (0.14) | | | | | | (0.01) | | | | | | (0.04) | | |
Distributions from realized capital gains | | | | | (2.06) | | | | | | — | | | | | | (1.80) | | | | | | (1.79) | | | | | | (1.58) | | |
Total Distributions | | | | | (2.21) | | | | | | (0.16) | | | | | | (1.94) | | | | | | (1.80) | | | | | | (1.62) | | |
Net Asset Value, End of Period | | | | $ | 26.02 | | | | | $ | 27.43 | | | | | $ | 15.45 | | | | | $ | 23.97 | | | | | $ | 25.48 | | |
Total Return | | | | | 2.89% | | | | | | 78.75% | | | | | | (30.27)% | | | | | | 1.87% | | | | | | 2.75% | | |
Net Assets, End of Period (000s) | | | | $ | 75,159 | | | | | $ | 86,880 | | | | | $ | 60,008 | | | | | $ | 118,314 | | | | | $ | 109,341 | | |
Ratios and Supplemental Data: | | | | | | | |||||||||||||||||||||||||
Ratios of expenses to average net assets:(c) | | | | | | | |||||||||||||||||||||||||
Gross | | | | | 1.33% | | | | | | 1.37% | | | | | | 1.35% | | | | | | 1.34% | | | | | | 1.35% | | |
Net | | | | | 1.33% | | | | | | 1.37% | | | | | | 1.35% | | | | | | 1.34% | | | | | | 1.35% | | |
Ratio of net investment income (loss) to average net assets(b) | | | | | 0.61% | | | | | | 0.66% | | | | | | 0.63% | | | | | | 0.29% | | | | | | 0.25% | | |
Portfolio Turnover | | | | | 23% | | | | | | 33% | | | | | | 28% | | | | | | 24% | | | | | | 18% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 33.32 | | | | | $ | 18.73 | | | | | $ | 28.67 | | | | | $ | 30.07 | | | | | $ | 30.80 | | |
Income from Investment Operations: | | | | | | | |||||||||||||||||||||||||
Net investment income (loss) (a) (b) (d) | | | | | 0.32 | | | | | | 0.26 | | | | | | 0.27 | | | | | | 0.21 | | | | | | 0.19 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.78 | | | | | | 14.57 | | | | | | (8.17) | | | | | | 0.28 | | | | | | 0.79 | | |
Total from Investment Operations | | | | | 1.10 | | | | | | 14.83 | | | | | | (7.90) | | | | | | 0.49 | | | | | | 0.98 | | |
Less Distributions: | | | | | | | |||||||||||||||||||||||||
Dividends from net investment income | | | | | (0.26) | | | | | | (0.24) | | | | | | (0.24) | | | | | | (0.10) | | | | | | (0.13) | | |
Distributions from realized capital gains | | | | | (2.06) | | | | | | — | | | | | | (1.80) | | | | | | (1.79) | | | | | | (1.58) | | |
Total Distributions | | | | | (2.32) | | | | | | (0.24) | | | | | | (2.04) | | | | | | (1.89) | | | | | | (1.71) | | |
Net Asset Value, End of Period | | | | $ | 32.10 | | | | | $ | 33.32 | | | | | $ | 18.73 | | | | | $ | 28.67 | | | | | $ | 30.07 | | |
Total Return | | | | | 3.27% | | | | | | 79.43% | | | | | | (30.02)% | | | | | | 2.30% | | | | | | 3.10% | | |
Net Assets, End of Period (000s) | | | | $ | 9,055 | | | | | $ | 8,792 | | | | | $ | 5,681 | | | | | $ | 4,839 | | | | | $ | 7,395 | | |
Ratios and Supplemental Data: | | | | | | | |||||||||||||||||||||||||
Ratios of expenses to average net assets:(c) | | | | | | | |||||||||||||||||||||||||
Gross | | | | | 1.08% | | | | | | 1.12% | | | | | | 1.10% | | | | | | 1.08% | | | | | | 1.10% | | |
Net | | | | | 0.96% | | | | | | 1.00% | | | | | | 0.98% | | | | | | 0.96% | | | | | | 0.98% | | |
Ratio of net investment income (loss) to average net assets(b) | | | | | 0.97% | | | | | | 1.04% | | | | | | 1.02% | | | | | | 0.65% | | | | | | 0.62% | | |
Portfolio Turnover | | | | | 23% | | | | | | 33% | | | | | | 28% | | | | | | 24% | | | | | | 18% | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 21.14 | | | | | $ | 15.06 | | | | | $ | 18.66 | | | | | $ | 18.83 | | | | | $ | 17.52 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.06 | | | | | | 0.10 | | | | | | 0.12 | | | | | | 0.14 | | | | | | 0.15 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 2.35 | | | | | | 7.55 | | | | | | (0.19) | | | | | | 2.23 | | | | | | 2.49 | | |
Total from Investment Operations | | | | | 2.41 | | | | | | 7.65 | | | | | | (0.07) | | | | | | 2.37 | | | | | | 2.64 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.05) | | | | | | (0.10) | | | | | | (0.15) | | | | | | (0.12) | | | | | | (0.18) | | |
Distributions from realized capital gains | | | | | (2.39) | | | | | | (1.47) | | | | | | (3.38) | | | | | | (2.42) | | | | | | (1.15) | | |
Total Distributions | | | | | (2.44) | | | | | | (1.57) | | | | | | (3.53) | | | | | | (2.54) | | | | | | (1.33) | | |
Net Asset Value, End of Period | | | | $ | 21.11 | | | | | $ | 21.14 | | | | | $ | 15.06 | | | | | $ | 18.66 | | | | | $ | 18.83 | | |
Total Return | | | | | 10.66% | | | | | | 51.83% | | | | | | (2.98)% | | | | | | 14.16% | | | | | | 14.91% | | |
Net Assets, End of Period (000s) | | | | $ | 130,244 | | | | | $ | 137,485 | | | | | $ | 97,951 | | | | | $ | 137,643 | | | | | $ | 123,781 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.50% | | | | | | 1.52% | | | | | | 1.54% | | | | | | 1.54% | | | | | | 1.54% | | |
Net | | | | | 1.16% | | | | | | 1.22% | | | | | | 1.27% | | | | | | 1.25% | | | | | | 1.28% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 0.24% | | | | | | 0.53% | | | | | | 0.62% | | | | | | 0.72% | | | | | | 0.81% | | |
Portfolio Turnover | | | | | 31% | | | | | | 41% | | | | | | 35% | | | | | | 57% | | | | | | 48% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 23.39 | | | | | $ | 16.53 | | | | | $ | 20.18 | | | | | $ | 20.15 | | | | | $ | 18.65 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) (c) | | | | | 0.16 | | | | | | 0.20 | | | | | | 0.21 | | | | | | 0.23 | | | | | | 0.24 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 2.60 | | | | | | 8.30 | | | | | | (0.25) | | | | | | 2.40 | | | | | | 2.65 | | |
Total from Investment Operations | | | | | 2.76 | | | | | | 8.50 | | | | | | (0.04) | | | | | | 2.63 | | | | | | 2.89 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.17) | | | | | | (0.17) | | | | | | (0.23) | | | | | | (0.18) | | | | | | (0.24) | | |
Distributions from realized capital gains | | | | | (2.39) | | | | | | (1.47) | | | | | | (3.38) | | | | | | (2.42) | | | | | | (1.15) | | |
Total Distributions | | | | | (2.56) | | | | | | (1.64) | | | | | | (3.61) | | | | | | (2.60) | | | | | | (1.39) | | |
Net Asset Value, End of Period | | | | $ | 23.59 | | | | | $ | 23.39 | | | | | $ | 16.53 | | | | | $ | 20.18 | | | | | $ | 20.15 | | |
Total Return | | | | | 11.09% | | | | | | 52.42% | | | | | | (2.62)% | | | | | | 14.59% | | | | | | 15.34% | | |
Net Assets, End of Period (000s) | | | | $ | 64,418 | | | | | $ | 46,891 | | | | | $ | 9,624 | | | | | $ | 6,084 | | | | | $ | 6,064 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.25% | | | | | | 1.27% | | | | | | 1.29% | | | | | | 1.29% | | | | | | 1.29% | | |
Net | | | | | 0.78% | | | | | | 0.80% | | | | | | 0.90% | | | | | | 0.87% | | | | | | 0.93% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 0.62% | | | | | | 0.92% | | | | | | 1.04% | | | | | | 1.08% | | | | | | 1.17% | | |
Portfolio Turnover | | | | | 31% | | | | | | 41% | | | | | | 35% | | | | | | 57% | | | | | | 48% | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | | | | | Years Ended August 31,* | | |||||||||||||||||||||||
| | | Seven Months Ended March 31, 2022(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) | | | | | (0.09) | | | | | | (0.06) | | | | | | (0.06) | | | | | | (0.02) | | | | | | (0.03) | | |
Net realized and unrealized gain/(loss) on securities | | | | | (2.69) | | | | | | 7.83 | | | | | | 2.64 | | | | | | (0.62) | | | | | | 0.72 | | |
Total from Investment Operations | | | | | (2.78) | | | | | | 7.77 | | | | | | 2.58 | | | | | | (0.64) | | | | | | 0.69 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Distributions from realized capital gains | | | | | (1.21) | | | | | | (0.28) | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | (1.21) | | | | | | (0.28) | | | | | | — | | | | | | — | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 16.13 | | | | | $ | 20.12 | | | | | $ | 12.63 | | | | | $ | 10.05 | | | | | $ | 10.69 | | |
Total Return | | | | | (14.67)%(4) | | | | | | 61.95% | | | | | | 25.67% | | | | | | (5.99)% | | | | | | 6.90% | | |
Net Assets, End of Period (000s) | | | | $ | 9,601 | | | | | $ | 263 | | | | | $ | 44 | | | | | $ | 16 | | | | | $ | 17 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 2.11%(3) | | | | | | 1.55% | | | | | | 2.66% | | | | | | 4.22% | | | | | | 4.94% | | |
Net | | | | | 1.24%(3) | | | | | | 1.24% | | | | | | 1.24% | | | | | | 1.28% | | | | | | 1.43% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | (0.99)%(3) | | | | | | (0.80)% | | | | | | (0.63)% | | | | | | (0.24)% | | | | | | (0.54)% | | |
Portfolio Turnover | | | | | 9% | | | | | | 41% | | | | | | 37% | | | | | | 30% | | | | | | 23% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | | | | | Years Ended August 31,* | | |||||||||||||||||||||||
| | | Seven Months Ended March 31, 2022(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) | | | | | (0.08) | | | | ��� | | (0.07) | | | | | | (0.03) | | | | | | —(2) | | | | | | (0.03) | | |
Net realized and unrealized gain/(loss) on securities | | | | | (2.71) | | | | | | 7.95 | | | | | | 2.65 | | | | | | (0.61) | | | | | | 0.74 | | |
Total from Investment Operations | | | | | (2.79) | | | | | | 7.88 | | | | | | 2.62 | | | | | | (0.61) | | | | | | 0.71 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Distributions from realized capital gains | | | | | (1.21) | | | | | | (0.28) | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | (1.21) | | | | | | (0.28) | | | | | | — | | | | | | — | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 16.32 | | | | | $ | 20.32 | | | | | $ | 12.72 | | | | | $ | 10.10 | | | | | $ | 10.71 | | |
Total Return | | | | | (14.57)%(4) | | | | | | 62.39% | | | | | | 25.94% | | | | | | (5.70)% | | | | | | 7.10% | | |
Net Assets, End of Period (000s) | | | | $ | 66,215 | | | | | $ | 66,561 | | | | | $ | 22,494 | | | | | $ | 8,893 | | | | | $ | 6,286 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 2.30%(3) | | | | | | 1.30% | | | | | | 2.41% | | | | | | 3.97% | | | | | | 4.69% | | |
Net | | | | | 0.99%(3) | | | | | | 0.99% | | | | | | 0.99% | | | | | | 1.03% | | | | | | 1.18% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | (0.77)%(3) | | | | | | (0.55)% | | | | | | (0.37)% | | | | | | (0.02)% | | | | | | (0.36)% | | |
Portfolio Turnover | | | | | 9% | | | | | | 41% | | | | | | 37% | | | | | | 30% | | | | | | 23% | | |
| | | R 6 Shares | | |||
| | | Commencement of Operations to the Seven Months Ended March 31, 2022 (1) | | |||
Net Asset Value, Beginning of Period | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | |
Net investment income (loss) (a) (b) (c) | | | | | (0.03) | | |
Net realized and unrealized gain/(loss) on securities | | | | | (1.30) | | |
Total from Investment Operations | | | | | (1.33) | | |
Less Distributions: | | | | | | | |
Dividends from net investment income | | | | | — | | |
Distributions from realized capital gains | | | | | (1.21) | | |
Total Distributions | | | | | (1.21) | | |
Net Asset Value, End of Period | | | | $ | 7.46 | | |
Total Return | | | | | (15.00)% (4) | | |
Net Assets, End of Period (000s) | | | | $ | 1,293 | | |
Ratios and Supplemental Data: | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | |
Gross | | | | | 2.08% (3) | | |
Net | | | | | 0.95% (3) | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | (0.71)% (3) | | |
Portfolio Turnover | | | | | 9% | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 29.76 | | | | | $ | 18.21 | | | | | $ | 20.86 | | | | | $ | 23.29 | | | | | $ | 20.40 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.02 | | | | | | (0.04) | | | | | | 0.22 | | | | | | 0.38 | | | | | | 0.32 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (3.83) | | | | | | 11.83 | | | | | | (2.53) | | | | | | (2.36) | | | | | | 2.85 | | |
Total from Investment Operations | | | | | (3.81) | | | | | | 11.79 | | | | | | (2.31) | | | | | | (1.98) | | | | | | 3.17 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.40) | | | | | | (0.24) | | | | | | (0.34) | | | | | | (0.45) | | | | | | (0.28) | | |
Distributions from realized capital gains | | | | | (1.90) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | (2.30) | | | | | | (0.24) | | | | | | (0.34) | | | | | | (0.45) | | | | | | (0.28) | | |
Net Asset Value, End of Period | | | | $ | 23.65 | | | | | $ | 29.76 | | | | | $ | 18.21 | | | | | $ | 20.86 | | | | | $ | 23.29 | | |
Total Return | | | | | (13.75)% | | | | | | 64.78% | | | | | | (11.35)% | | | | | | (8.31)% | | | | | | 15.63% | | |
Net Assets, End of Period (000s) | | | | $ | 87,401 | | | | | $ | 109,522 | | | | | $ | 64,322 | | | | | $ | 89,347 | | | | | $ | 110,502 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.64% | | | | | | 1.68% | | | | | | 1.70% | | | | | | 1.67% | | | | | | 1.07% | | |
Net | | | | | 1.42% | | | | | | 1.46% | | | | | | 1.48% | | | | | | 1.46% | | | | | | 0.97% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 0.09% | | | | | | (0.16)% | | | | | | 1.01% | | | | | | 1.81% | | | | | | 1.46% | | |
Portfolio Turnover | | | | | 103% | | | | | | 128% | | | | | | 104% | | | | | | 172%(e) | | | | | | 50% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 30.22 | | | | | $ | 18.47 | | | | | $ | 21.16 | | | | | $ | 23.63 | | | | | $ | 20.69 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(b)(c) | | | | | 0.13 | | | | | | 0.06 | | | | | | 0.26 | | | | | | 0.48 | | | | | | 0.40 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (3.90) | | | | | | 12.02 | | | | | | (2.52) | | | | | | (2.42) | | | | | | 2.89 | | |
Total from Investment Operations | | | | | (3.77) | | | | | | 12.08 | | | | | | (2.26) | | | | | | (1.94) | | | | | | 3.29 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.51) | | | | | | (0.33) | | | | | | (0.43) | | | | | | (0.53) | | | | | | (0.35) | | |
Distributions from realized capital gains | | | | | (1.90) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | (2.41) | | | | | | (0.33) | | | | | | (0.43) | | | | | | (0.53) | | | | | | (0.35) | | |
Net Asset Value, End of Period | | | | $ | 24.04 | | | | | $ | 30.22 | | | | | $ | 18.47 | | | | | $ | 21.16 | | | | | $ | 23.63 | | |
Total Return | | | | | (13.43)% | | | | | | 65.44% | | | | | | (11.02)% | | | | | | (7.94)% | | | | | | 16.01% | | |
Net Assets, End of Period (000s) | | | | $ | 6,247 | | | | | $ | 6,885 | | | | | $ | 4,440 | | | | | $ | 5,061 | | | | | $ | 7,872 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.39% | | | | | | 1.43% | | | | | | 1.45% | | | | | | 1.41% | | | | | | 0.82% | | |
Net | | | | | 1.05% | | | | | | 1.09% | | | | | | 1.11% | | | | | | 1.08% | | | | | | 0.61% | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 0.46% | | | | | | 0.21% | | | | | | 1.19% | | | | | | 2.21% | | | | | | 1.80% | | |
Portfolio Turnover | | | | | 103% | | | | | | 128% | | | | | | 104% | | | | | | 172%(e) | | | | | | 50% | | |
| | | R6 Shares | | |||||||||||||||||||||
| | | Years Ended | | | January 28, 2019 (1) | | ||||||||||||||||||
| | | 2022 | | | 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) | | | | | 0.07 | | | | | | 0.04 | | | | | | 0.18 | | | | | | 0.01 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (1.72) | | | | | | 5.83 | | | | | | (1.26) | | | | | | 0.46 | | |
Total from Investment Operations | | | | | (1.65) | | | | | | 5.87 | | | | | | (1.08) | | | | | | 0.47 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.53) | | | | | | (0.34) | | | | | | (0.43) | | | | | | — | | |
Distributions from realized capital gains | | | | | (1.90) | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | (2.43) | | | | | | (0.34) | | | | | | (0.43) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 10.41 | | | | | $ | 14.49 | | | | | $ | 8.96 | | | | | $ | 10.47 | | |
Total Return | | | | | (13.44)% | | | | | | 65.58% | | | | | | (10.95)% | | | | | | 4.70% (3) | | |
Net Assets, End of Period (000s) | | | | $ | 1,183 | | | | | $ | 1,282 | | | | | $ | 566 | | | | | $ | 105 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.24% | | | | | | 1.28% | | | | | | 1.30% | | | | | | 1.64% (2) | | |
Net | | | | | 0.99% | | | | | | 0.99% | | | | | | 0.99% | | | | | | 0.99% (2) | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 0.52% | | | | | | 0.29% | | | | | | 1.58% | | | | | | 0.44% (2) | | |
Portfolio Turnover | | | | | 103% | | | | | | 128% | | | | | | 104% | | | | | | 172% (e) | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 24.33 | | | | | $ | 14.83 | | | | | $ | 20.77 | | | | | $ | 21.75 | | | | | $ | 19.15 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.35 | | | | | | 0.23 | | | | | | 0.44 | | | | | | 0.38 | | | | | | 0.29 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (1.76) | | | | | | 9.62 | | | | | | (6.13) | | | | | | (1.17) | | | | | | 2.44 | | |
Total from Investment Operations | | | | | (1.41) | | | | | | 9.85 | | | | | | (5.69) | | | | | | (0.79) | | | | | | 2.73 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.24) | | | | | | (0.35) | | | | | | (0.25) | | | | | | (0.11) | | | | | | (0.13) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | (0.08) | | | | | | — | | |
Total Distributions | | | | | (0.24) | | | | | | (0.35) | | | | | | (0.25) | | | | | | (0.19) | | | | | | (0.13) | | |
Net Asset Value, End of Period | | | | $ | 22.68 | | | | | $ | 24.33 | | | | | $ | 14.83 | | | | | $ | 20.77 | | | | | $ | 21.75 | | |
Total Return | | | | | (5.84)% | | | | | | 66.76% | | | | | | (27.75)% | | | | | | (3.56)% | | | | | | 14.27% | | |
Net Assets, End of Period (000s) | | | | $ | 424,110 | | | | | $ | 524,972 | | | | | $ | 435,137 | | | | | $ | 784,820 | | | | | $ | 886,354 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.50% | | | | | | 1.50% | | | | | | 1.50% | | | | | | 1.51% | | | | | | 1.51% | | |
Net | | | | | 1.40%(e) | | | | | | 1.40% | | | | | | 1.40% | | | | | | 1.41% | | | | | | 1.41% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 1.45% | | | | | | 1.18% | | | | | | 2.13% | | | | | | 1.80% | | | | | | 1.39% | | |
Portfolio Turnover | | | | | 19% | | | | | | 23% | | | | | | 28% | | | | | | 12% | | | | | | 30% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 24.25 | | | | | $ | 14.78 | | | | | $ | 20.71 | | | | | $ | 21.71 | | | | | $ | 19.10 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.44 | | | | | | 0.31 | | | | | | 0.50 | | | | | | 0.42 | | | | | | 0.33 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (1.76) | | | | | | 9.60 | | | | | | (6.09) | | | | | | (1.14) | | | | | | 2.49 | | |
Total from Investment Operations | | | | | (1.32) | | | | | | 9.91 | | | | | | (5.59) | | | | | | (0.72) | | | | | | 2.82 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.34) | | | | | | (0.44) | | | | | | (0.34) | | | | | | (0.20) | | | | | | (0.21) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | (0.08) | | | | | | — | | |
Total Distributions | | | | | (0.34) | | | | | | (0.44) | | | | | | (0.34) | | | | | | (0.28) | | | | | | (0.21) | | |
Net Asset Value, End of Period | | | | $ | 22.59 | | | | | $ | 24.25 | | | | | $ | 14.78 | | | | | $ | 20.71 | | | | | $ | 21.71 | | |
Total Return | | | | | (5.51)% | | | | | | 67.42% | | | | | | (27.50)% | | | | | | (3.20)% | | | | | | 14.75% | | |
Net Assets, End of Period (000s) | | | | $ | 3,199,601 | | | | | $ | 2,962,171 | | | | | $ | 1,740,528 | | | | | $ | 2,509,455 | | | | | $ | 1,346,164 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.26% | | | | | | 1.25% | | | | | | 1.25% | | | | | | 1.26% | | | | | | 1.26% | | |
Net | | | | | 1.04%(e) | | | | | | 1.03% | | | | | | 1.03% | | | | | | 1.04% | | | | | | 1.04% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 1.84% | | | | | | 1.56% | | | | | | 2.45% | | | | | | 1.98% | | | | | | 1.57% | | |
Portfolio Turnover | | | | | 19% | | | | | | 23% | | | | | | 28% | | | | | | 12% | | | | | | 30% | | |
| | | R6 Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 12.43 | | | | | $ | 7.72 | | | | | $ | 10.97 | | | | | $ | 11.65 | | | | | $ | 10.34 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) (c) | | | | | 0.24 | | | | | | 0.17 | | | | | | 0.25 | | | | | | 0.25 | | | | | | 0.19 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.91) | | | | | | 4.98 | | | | | | (3.16) | | | | | | (0.64) | | | | | | 1.34 | | |
Total from Investment Operations | | | | | (0.67) | | | | | | 5.15 | | | | | | (2.91) | | | | | | (0.39) | | | | | | 1.53 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.34) | | | | | | (0.44) | | | | | | (0.34) | | | | | | (0.21) | | | | | | (0.22) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | (0.08) | | | | | | — | | |
Total Distributions | | | | | (0.34) | | | | | | (0.44) | | | | | | (0.34) | | | | | | (0.29) | | | | | | (0.22) | | |
Net Asset Value, End of Period | | | | $ | 11.42 | | | | | $ | 12.43 | | | | | $ | 7.72 | | | | | $ | 10.97 | | | | | $ | 11.65 | | |
Total Return | | | | | (5.46)% | | | | | | 67.52% | | | | | | (27.43)% | | | | | | (3.15)% | | | | | | 14.79% | | |
Net Assets, End of Period (000s) | | | | $ | 700,956 | | | | | $ | 676,695 | | | | | $ | 384,224 | | | | | $ | 325,774 | | | | | $ | 275,084 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.10% | | | | | | 1.10% | | | | | | 1.10% | | | | | | 1.11% | | | | | | 1.10% | | |
Net | | | | | 0.95% (e) | | | | | | 0.94% | | | | | | 0.94% | | | | | | 0.98% | | | | | | 1.01% | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 1.90% | | | | | | 1.66% | | | | | | 2.28% | | | | | | 2.22% | | | | | | 1.58% | | |
Portfolio Turnover | | | | | 19% | | | | | | 23% | | | | | | 28% | | | | | | 12% | | | | | | 30% | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 16.54 | | | | | $ | 10.07 | | | | | $ | 13.56 | | | | | $ | 15.63 | | | | | $ | 13.71 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.20 | | | | | | 0.12 | | | | | | 0.65 | | | | | | 0.33 | | | | | | 0.28 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.63) | | | | | | 6.88 | | | | | | (3.76) | | | | | | (1.84) | | | | | | 2.07 | | |
Total from Investment Operations | | | | | (0.43) | | | | | | 7.00 | | | | | | (3.11) | | | | | | (1.51) | | | | | | 2.35 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.15) | | | | | | (0.53) | | | | | | (0.38) | | | | | | (0.24) | | | | | | (0.29) | | |
Distributions from realized capital gains | | | | | (0.20) | | | | | | — | | | | | | — | | | | | | (0.32) | | | | | | (0.14) | | |
Total Distributions | | | | | (0.35) | | | | | | (0.53) | | | | | | (0.38) | | | | | | (0.56) | | | | | | (0.43) | | |
Net Asset Value, End of Period | | | | $ | 15.76 | | | | | $ | 16.54 | | | | | $ | 10.07 | | | | | $ | 13.56 | | | | | $ | 15.63 | | |
Total Return | | | | | (2.72)% | | | | | | 70.25% | | | | | | (23.73)% | | | | | | (9.33)% | | | | | | 17.15% | | |
Net Assets, End of Period (000s) | | | | $ | 170,731 | | | | | $ | 194,665 | | | | | $ | 133,912 | | | | | $ | 222,526 | | | | | $ | 319,531 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.51% | | | | | | 1.53% | | | | | | 1.53% | | | | | | 1.53% | | | | | | 1.52% | | |
Net | | | | | 1.41% | | | | | | 1.43% | | | | | | 1.43% | | | | | | 1.43% | | | | | | 1.42% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 1.15% | | | | | | 0.90% | | | | | | 4.85% | | | | | | 2.29% | | | | | | 1.85% | | |
Portfolio Turnover | | | | | 29% | | | | | | 35% | | | | | | 33% | | | | | | 52% | | | | | | 26% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 16.54 | | | | | $ | 10.07 | | | | | $ | 13.57 | | | | | $ | 15.66 | | | | | $ | 13.73 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.25 | | | | | | 0.17 | | | | | | 0.69 | | | | | | 0.37 | | | | | | 0.32 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.61) | | | | | | 6.88 | | | | | | (3.76) | | | | | | (1.83) | | | | | | 2.09 | | |
Total from Investment Operations | | | | | (0.36) | | | | | | 7.05 | | | | | | (3.07) | | | | | | (1.46) | | | | | | 2.41 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.21) | | | | | | (0.58) | | | | | | (0.43) | | | | | | (0.31) | | | | | | (0.34) | | |
Distributions from realized capital gains | | | | | (0.20) | | | | | | — | | | | | | — | | | | | | (0.32) | | | | | | (0.14) | | |
Total Distributions | | | | | (0.41) | | | | | | (0.58) | | | | | | (0.43) | | | | | | (0.63) | | | | | | (0.48) | | |
Net Asset Value, End of Period | | | | $ | 15.77 | | | | | $ | 16.54 | | | | | $ | 10.07 | | | | | $ | 13.57 | | | | | $ | 15.66 | | |
Total Return | | | | | (2.29)% | | | | | | 70.84% | | | | | | (23.50)% | | | | | | (8.95)% | | | | | | 17.56% | | |
Net Assets, End of Period (000s) | | | | $ | 753,426 | | | | | $ | 625,221 | | | | | $ | 367,321 | | | | | $ | 766,409 | | | | | $ | 593,619 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.26% | | | | | | 1.28% | | | | | | 1.28% | | | | | | 1.28% | | | | | | 1.27% | | |
Net | | | | | 1.04% | | | | | | 1.06% | | | | | | 1.06% | | | | | | 1.06% | | | | | | 1.05% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 1.49% | | | | | | 1.27% | | | | | | 5.02% | | | | | | 2.57% | | | | | | 2.08% | | |
Portfolio Turnover | | | | | 29% | | | | | | 35% | | | | | | 33% | | | | | | 52% | | | | | | 26% | | |
| | | R6 Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 12.20 | | | | | $ | 7.53 | | | | | $ | 10.25 | | | | | $ | 12.02 | | | | | $ | 10.63 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) (c) | | | | | 0.17 | | | | | | 0.13 | | | | | | 0.55 | | | | | | 0.24 | | | | | | 0.26 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.43) | | | | | | 5.12 | | | | | | (2.83) | | | | | | (1.38) | | | | | | 1.62 | | |
Total from Investment Operations | | | | | (0.26) | | | | | | 5.25 | | | | | | (2.28) | | | | | | (1.14) | | | | | | 1.88 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.21) | | | | | | (0.58) | | | | | | (0.44) | | | | | | (0.31) | | | | | | (0.35) | | |
Distributions from realized capital gains | | | | | (0.20) | | | | | | — | | | | | | — | | | | | | (0.32) | | | | | | (0.14) | | |
Total Distributions | | | | | (0.41) | | | | | | (0.58) | | | | | | (0.44) | | | | | | (0.63) | | | | | | (0.49) | | |
Net Asset Value, End of Period | | | | $ | 11.53 | | | | | $ | 12.20 | | | | | $ | 7.53 | | | | | $ | 10.25 | | | | | $ | 12.02 | | |
Total Return | | | | | (2.23)% | | | | | | 70.90% | | | | | | (23.46)% | | | | | | (8.95)% | | | | | | 17.66% | | |
Net Assets, End of Period (000s) | | | | $ | 259,496 | | | | | $ | 129,822 | | | | | $ | 96,708 | | | | | $ | 74,795 | | | | | $ | 11,160 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.12% | | | | | | 1.13% | | | | | | 1.13% | | | | | | 1.14% | | | | | | 1.12% | | |
Net | | | | | 1.02% | | | | | | 1.03% | | | | | | 1.03% | | | | | | 1.05% | | | | | | 1.02% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 1.35% | | | | | | 1.32% | | | | | | 5.62% | | | | | | 2.28% | | | | | | 2.12% | | |
Portfolio Turnover | | | | | 29% | | | | | | 35% | | | | | | 33% | | | | | | 52% | | | | | | 26% | | |
| | | Ordinary Shares | | |||||||||||||||||||||
| | | Years Ended March 31, | | | January 30, 2019(1) through March 31, 2019 | | ||||||||||||||||||
| | | 2022 | | | 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) | | | | | 0.10 | | | | | | 0.01 | | | | | | (0.05) | | | | | | (0.04) | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.23 | | | | | | 6.05 | | | | | | (2.54) | | | | | | 0.64 | | |
Total from Investment Operations | | | | | 0.33 | | | | | | 6.06 | | | | | | (2.59) | | | | | | 0.60 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.16) | | | | | | — | | | | | | — | | | | | | — | | |
Distributions from realized capital gains | | | | | (1.43) | | | | | | (0.09) | | | | | | (0.03) | | | | | | — | | |
Total Distributions | | | | | (1.59) | | | | | | (0.09) | | | | | | (0.03) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 12.69 | | | | | $ | 13.95 | | | | | $ | 7.98 | | | | | $ | 10.60 | | |
Total Return | | | | | 1.90% | | | | | | 76.07% | | | | | | (24.50)% | | | | | | 6.00% (3) | | |
Net Assets, End of Period (000s) | | | | $ | 131 | | | | | $ | 86 | | | | | $ | 49 | | | | | $ | 63 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.63% | | | | | | 1.62% | | | | | | 1.90% | | | | | | 4.54% (2) | | |
Net | | | | | 1.63% | | | | | | 1.62% | | | | | | 1.90% | | | | | | 4.54% (2) | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 0.72% | | | | | | 0.12% | | | | | | (0.44)% | | | | | | (3.52)% (2) | | |
Portfolio Turnover | | | | | 51% | | | | | | 55% | | | | | | 142%(e) | | | | | | 22% (3) | | |
| | | Institutional Shares | | |||||||||||||||||||||
| | | Years Ended March 31, | | | January 30, 2019(1) through March 31, 2019 | | ||||||||||||||||||
| | | 2022 | | | 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) | | | | | 0.18 | | | | | | 0.06 | | | | | | (0.01) | | | | | | (0.04) | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.21 | | | | | | 6.07 | | | | | | (2.54) | | | | | | 0.64 | | |
Total from Investment Operations | | | | | 0.39 | | | | | | 6.13 | | | | | | (2.55) | | | | | | 0.60 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.19) | | | | | | — | | | | | | — | | | | | | — | | |
Distributions from realized capital gains | | | | | (1.43) | | | | | | (0.09) | | | | | | (0.03) | | | | | | — | | |
Total Distributions | | | | | (1.62) | | | | | | (0.09) | | | | | | (0.03) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 12.83 | | | | | $ | 14.06 | | | | | $ | 8.02 | | | | | $ | 10.60 | | |
Total Return | | | | | 2.37% | | | | | | 76.56% | | | | | | (24.10)% | | | | | | 6.00% (3) | | |
Net Assets, End of Period (000s) | | | | $ | 3,682 | | | | | $ | 12,314 | | | | | $ | 6,995 | | | | | $ | 9,245 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.34% | | | | | | 1.37% | | | | | | 1.65% | | | | | | 4.29% (2) | | |
Net | | | | | 1.22% | | | | | | 1.25% | | | | | | 1.53% | | | | | | 4.17% (2) | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 1.21% | | | | | | 0.49% | | | | | | (0.05)% | | | | | | (3.15)% (2) | | |
Portfolio Turnover | | | | | 51% | | | | | | 55% | | | | | | 142%(e) | | | | | | 22% (3) | | |
| | | R6 Shares | | |||||||||||||||||||||
| | | Years Ended March 31, | | | January 30, 2019 (1) through March 31, 2019 | | ||||||||||||||||||
| | | 2022 | | | 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 | | | | | 0.23 | | | | | | 6.08 | | | | | | (2.53) | | | | | | 0.64 | | |
Total from Investment Operations | | | | | 0.38 | | | | | | 6.14 | | | | | | (2.54) | | | | | | 0.60 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.20) | | | | | | — | | | | | | (0.01) | | | | | | — | | |
Distributions from realized capital gains | | | | | (1.43) | | | | | | (0.09) | | | | | | (0.03) | | | | | | — | | |
Total Distributions | | | | | (1.63) | | | | | | (0.09) | | | | | | (0.04) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 12.82 | | | | | $ | 14.07 | | | | | $ | 8.02 | | | | | $ | 10.60 | | |
Total Return | | | | | 2.25% | | | | | | 76.69% | | | | | | (24.08)% | | | | | | 6.00% (3) | | |
Net Assets, End of Period (000s) | | | | $ | 22,121 | | | | | $ | 11,490 | | | | | $ | 6,240 | | | | | $ | 1,371 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.29% | | | | | | 1.22% | | | | | | 1.50% | | | | | | 4.14% (2) | | |
Net | | | | | 1.29% | | | | | | 1.22% | | | | | | 1.50% | | | | | | 4.14% (2) | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 1.11% | | | | | | 0.51% | | | | | | (0.08)% | | | | | | (3.12)% (2) | | |
Portfolio Turnover | | | | | 51% | | | | | | 55% | | | | | | 142% (e) | | | | | | 22% (3) | | |
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 March 31, 2022 | | ||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Small Cap | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 81,552,635 | | | | | $ | — | | | | | $ | — | | | | | $ | 81,552,635 | | |
Short-Term Investments | | | | | 2,542,214 | | | | | | — | | | | | | — | | | | | | 2,542,214 | | |
Total | | | | $ | 84,094,849 | | | | | $ | — | | | | | $ | — | | | | | $ | 84,094,849 | | |
Quality | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 163,569,182 | | | | | $ | — | | | | | $ | — | | | | | $ | 163,569,182 | | |
Depositary Receipts | | | | | 30,313,520 | | | | | | — | | | | | | — | | | | | | 30,313,520 | | |
Short-Term Investments | | | | | 535,541 | | | | | | — | | | | | | — | | | | | | 535,541 | | |
Total | | | | $ | 194,418,243 | | | | | $ | — | | | | | $ | — | | | | | $ | 194,418,243 | | |
Environmental Opportunities | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 69,375,889 | | | | | $ | — | | | | | $ | — | | | | | $ | 69,375,889 | | |
Real Estate Investment Trusts | | | | | 2,761,564 | | | | | | — | | | | | | — | | | | | | 2,761,564 | | |
Short-Term Investments | | | | | 4,852,510 | | | | | | — | | | | | | — | | | | | | 4,852,510 | | |
Total | | | | $ | 76,989,963 | | | | | $ | — | | | | | $ | — | | | | | $ | 76,989,963 | | |
Emerging Markets World Equity | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 77,305,998 | | | | | $ | — | | | | | $ | — | | | | | $ | 77,305,998 | | |
Real Estate Investment Trusts | | | | | — | | | | | | 320,311 | | | | | | — | | | | | | 320,311 | | |
Depository Receipts | | | | | 10,294,654 | | | | | | — | | | | | | — | | | | | | 10,294,654 | | |
Mutual Funds | | | | | 1,738,715 | | | | | | — | | | | | | — | | | | | | 1,738,715 | | |
Preferred Stock | | | | | 475,495 | | | | | | — | | | | | | — | | | | | | 475,495 | | |
P-Notes | | | | | — | | | | | | 2,858,630 | | | | | | — | | | | | | 2,858,630 | | |
Short Term Investments | | | | | 2,336,774 | | | | | | — | | | | | | — | | | | | | 2,336,774 | | |
Total | | | | $ | 92,151,636 | | | | | $ | 3,178,941 | | | | | $ | — | | | | | $ | 95,330,577 | | |
Foreign Value | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 3,965,404,117 | | | | | $ | 23,341,994 | | | | | $ | 4,995 | | | | | $ | 3,988,751,106 | | |
Depositary Receipts | | | | | 132,113,763 | | | | | | — | | | | | | — | | | | | | 132,113,763 | | |
Warrants | | | | | 215,599 | | | | | | — | | | | | | — | | | | | | 215,599 | | |
Short-Term Investments | | | | | 163,662,033 | | | | | | — | | | | | | — | | | | | | 163,662,033 | | |
Total | | | | $ | 4,261,395,512 | | | | | $ | 23,341,994 | | | | | $ | 4,995 | | | | | $ | 4,284,742,501 | | |
| | | Quoted Prices In Active Markets | | | Significant Other Observable Inputs | | | Significant Unobservable Inputs | | | Market Value at March 31, 2022 | | ||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Foreign Value Small Cap | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 1,039,369,427 | | | | | $ | 47,857,436 | | | | | $ | — | | | | | $ | 1,087,226,863 | | |
Real Estate Investment Trusts | | | | | 20,641,547 | | | | | | — | | | | | | — | | | | | | 20,641,547 | | |
Short-Term Investments | | | | | 84,732,344 | | | | | | — | | | | | | — | | | | | | 84,732,344 | | |
Total | | | | $ | 1,144,743,318 | | | | | $ | 47,857,436 | | | | | $ | — | | | | | $ | 1,192,600,754 | | |
International Opportunities | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 24,100,765 | | | | | $ | 1,050,717 | | | | | $ | — | | | | | $ | 25,151,482 | | |
Short-Term Investments | | | | | 1,024,823 | | | | | | — | | | | | | — | | | | | | 1,024,823 | | |
Total | | | | $ | 25,125,588 | | | | | $ | 1,050,717 | | | | | $ | — | | | | | $ | 26,176,305 | | |
| | | Foreign Value Common Stock | | |||
Balance as of 3/31/2021 | | | | $ | — | | |
Realized gain (loss) | | | | | — | | |
Changed in unrealized appreciation (depreciation) | | | | | — | | |
Purchases | | | | | — | | |
Sales | | | | | — | | |
Transfer into Level 3 | | | | | 4,995 | | |
Transfer out of Level 3 | | | | | — | | |
Balance as of 3/31/2022 | | | | $ | 4,995 | | |
| | | Emerging Markets World Equity | | | Foreign Value | | | Foreign Value Small Cap | | | International Opportunities | | ||||||||||||
Banks | | | | $ | 2,167,623 | | | | | $ | 23,341,994 | | | | | $ | 47,857,436 | | | | | $ | 428,296 | | |
Diversified Financial Services | | | | | — | | | | | | — | | | | | | — | | | | | | 622,421 | | |
Leisure Products | | | | | 467,465 | | | | | | — | | | | | | — | | | | | | — | | |
Oil, Gas & Consumable Fuels | | | | | 223,542 | | | | | | — | | | | | | — | | | | | | — | | |
Equity Real Estate Investment Trusts (REITS) | | | | | 320,311 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | 3,178,941 | | | | | $ | 23,341,994 | | | | | $ | 47,857,436 | | | | | $ | 1,050,717 | | |
| | | Emerging Markets World Equity | | | Foreign Value | | ||||||
Food & Staples Retailing | | | | $ | 0 | | | | | $ | — | | |
Semiconductors & Semiconductor Equipment | | | | | 0 | | | | | | — | | |
Metals & Mining | | | | | — | | | | | | 4,995 | | |
| | | | $ | 0 | | | | | $ | 4,995 | | |
Common Stock | | | Fair Value March 31, 2022 | | | Valuation Methodologies | | | Unobservable Inputs (1) | | | Range | | | Impact to Valuation From a Decrease in Input (2) | | |||||||||||||||
Foreign Value | | | | $ | 4,995 | | | | | | Market Comparable | | | | | | Comparability Adjustment | | | | | | 100% | | | | | | Decrease | | |
| 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 and 0.40% of amounts in excess of $35 million but less than $200 million and 0.50% of assets in excess of $200 million of average daily total net assets | |
| Foreign Value Small Cap | | | 0.35% of the first $35 million and 0.40% of amounts in excess of $35 million but less than $200 million and 0.50% of amounts in excess of $200 million of average daily total net assets. | |
| International Opportunities | | | 0.30% of the first $35 million, 0.35% of amounts in excess of $35 million but less than $200 million and 0.45% of amounts in excess of $200 million of average daily total net assets | |
| Foreign Value | | | 0.30% of the first $35 million and 0.35% of amounts in excess of $35 million but less than $200 million and 0.45% of assets in excess of $200 million of average daily total net assets | |
| Foreign Value Small Cap | | | 0.30% of the first $35 million and 0.35% of amounts in excess of $35 million but less than $200 million and 0.45% of assets in excess of $200 million of average daily total net assets. | |
| Recoverable through | | | | | | | |
| August 31, 2022 | | | | $ | 189,034 | | |
| August 31, 2023 | | | | $ | 195,335 | | |
| August 31, 2024 | | | | $ | 145,592 | | |
| | | March 31, 2022 | | |||||||||||||||||||||
| | | 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 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Emerging Markets World Equity | | | | | (23,861,154) | | | | | | — | | | | | | — | | | | | | (23,861,154) | | |
Foreign Value | | | | | — | | | | | | (41,996,555) | | | | | | (91,493,860) | | | | | | (133,490,415) | | |
Foreign Value Small Cap | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
International Opportunities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | March 31, 2022 | | |||||||||||||||||||||||||||||||||||||||
Portfolio | | | Org Cost | | | Undistributed Ordinary Income | | | Undistributed Capital Gains | | | Late Year Ordinary and Post October Capital Loss Deferrals | | | Capital Loss Carryover | | | Net Tax Appreciation/ (Depreciation) | | | Total | | |||||||||||||||||||||
Small Cap | | | | $ | — | | | | | $ | 346,005 | | | | | $ | 6,782,072 | | | | | $ | — | | | | | $ | — | | | | | $ | 19,314,033 | | | | | $ | 26,442,110 | | |
Quality | | | | | — | | | | | | 128,277 | | | | | | 14,293,964 | | | | | | — | | | | | | — | | | | | | 38,370,606 | | | | | | 52,792,847 | | |
Environmental Opportunities | | | | | — | | | | | | — | | | | | | — | | | | | | (2,436,659) | | | | | | — | | | | | | 5,957,496 | | | | | | 3,520,837 | | |
Emerging Markets World Equity | | | | | — | | | | | | — | | | | | | — | | | | | | (1,177,231) | | | | | | (23,861,154) | | | | | | 3,856,065 | | | | | | (21,182,320) | | |
Foreign Value | | | | | — | | | | | | 72,977,733 | | | | | | — | | | | | | — | | | | | | (133,490,415) | | | | | | 377,615,127 | | | | | | 317,102,445 | | |
Foreign Value Small Cap | | | | | — | | | | | | 31,372,690 | | | | | | — | | | | | | (40,212,219) | | | | | | — | | | | | | 51,655,250 | | | | | | 42,815,721 | | |
International Opportunities | | | | | (34,205) | | | | | | 42,365 | | | | | | — | | | | | | (93,646) | | | | | | — | | | | | | 3,659,854 | | | | | | 3,574,368 | | |
Portfolio | | | Ordinary Income | | | Long-Term Capital Gains | | | Tax Return Of Capital | | |||||||||
Small Cap | | | | $ | 2,564,170 | | | | | $ | 4,586,899 | | | | | $ | — | | |
Quality | | | | | 4,345,346 | | | | | | 17,486,530 | | | | | | — | | |
Environmental Opportunities | | | | | 842,460 | | | | | | 3,574,481 | | | | | | — | | |
Emerging Markets World Equity | | | | | 1,562,187 | | | | | | 7,287,054 | | | | | | — | | |
Foreign Value | | | | | 68,265,639 | | | | | | — | | | | | | — | | |
Foreign Value Small Cap | | | | | 15,709,203 | | | | | | 15,641,635 | | | | | | — | | |
International Opportunities | | | | | 2,069,943 | | | | | | 708,736 | | | | | | — | | |
Portfolio | | | Ordinary Income | | | Long-Term Capital Gains | | | Tax Return Of Capital | | |||||||||
Small Cap | | | | $ | 531,185 | | | | | $ | — | | | | | $ | — | | |
Quality | | | | | 1,624,454 | | | | | | 11,481,066 | | | | | | — | | |
Environmental Opportunities | | | | | 212,882 | | | | | | 287,540 | | | | | | — | | |
Emerging Markets World Equity | | | | | 996,232 | | | | | | — | | | | | | — | | |
Foreign Value | | | | | 82,989,731 | | | | | | — | | | | | | — | | |
Foreign Value Small Cap | | | | | 31,449,989 | | | | | | — | | | | | | — | | |
International Opportunities | | | | | 152,514 | | | | | | — | | | | | | — | | |
Portfolio | | | Ordinary Income | | | Long-Term Capital Gains | | | Tax Return Of Capital | | |||||||||
Environmental Opportunities | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Portfolio | | | Late-Year Ordinary Losses | | |||
Small Cap | | | | $ | — | | |
Quality | | | | | — | | |
Environmental Opportunities | | | | | — | | |
Emerging Markets World Equity | | | | | — | | |
Foreign Value | | | | | — | | |
Foreign Value Small Cap | | | | | — | | |
International Opportunities | | | | | — | | |
Portfolio | | | Post-October Capital Losses | | |||
Small Cap | | | | $ | — | | |
Quality | | | | | — | | |
Environmental Opportunities | | | | | 2,436,659 | | |
Emerging Markets World Equity | | | | | 1,177,231 | | |
Foreign Value | | | | | — | | |
Foreign Value Small Cap | | | | | 40,212,219 | | |
International Opportunities | | | | | 93,646 | | |
Designation Requirements at March 31, 2022 | | | | |
| | | Qualified Dividend Income Percentage | |
Small Cap | | | 100.00% | |
Quality | | | 100.00% | |
Essex Environmental Opportunities | | | 0.00% | |
Emerging Markets World Equity | | | 0.00% | |
Foreign Value | | | 100.00% | |
Foreign Value Small Cap | | | 48.93% | |
International Opportunities | | | 50.04% | |
| | | Foreign Tax Credit | | | Foreign Source Income | | ||||||
Emerging Market World Equity | | | | $ | 456,241 | | | | | $ | — | | |
Foreign Value | | | | | 11,283,643 | | | | | | 85,537,155 | | |
Foreign Value Small Cap | | | | | 2,824,122 | | | | | | 29,344,855 | | |
International Opportunities | | | | | 63,564 | | | | | | 353,168 | | |
Individual Funds constituting Pear Tree Funds | | | Statement of operations | | | Statements of changes in net assets | | | Financial highlights | |
Pear Tree Polaris Small Cap Fund, Pear Tree Quality Fund, Pear Tree Axiom Emerging Markets World Equity Fund, Pear Tree Polaris Foreign Value Fund, Pear Tree Polaris Foreign Value Small Cap Fund | | | For the year ended March 31, 2022 | | | For each of the two years in the period ended March 31, 2022 | | | For each of the five years in the period ended March 31, 2022 | |
Pear Tree Polaris International Opportunities Fund | | | For the year ended March 31, 2022 | | | For each of the two years in the period ended March 31, 2022 | | | For each of the three years in the period ended March 31, 2022 and the period January 30, 2019 (commencement of operations) through March 31, 2019 | |
Pear Tree Essex Environmental Opportunities Fund | | | For the year ended August 31, 2021 and 7 months period ending March 31, 2022 | | | For the year ended August 31, 2021 and 7 months period ending March 31, 2022 | | | For the year ended August 31, 2021 and 7 months period ending March 31, 2022 | |
ACCOUNTING FIRM (continued)
Philadelphia, Pennsylvania
May 26, 2022
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee in Public Companies | |
Robert M. Armstrong (Born: March 1939) | | | Trustee | | | Indefinite Term (1985 to present) | | | Independent Director and Consultant Services (1998–Present) | | | 7 | | | None | |
John M. Bulbrook (Born: July 1942) | | | Trustee | | | Indefinite Term (1985 to present) | | | CEO and Treasurer, John M. Bulbrook Insurance Agency, Inc. (d/b/a Bulbrook/Drislane Brokerage) (distributor of financial products, including insurance) (1984–Present) | | | 7 | | | None | |
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee in Public Companies | |
William H. Dunlap (Born: March 1951) | | | Trustee | | | Indefinite Term (October 2006 to present) | | | President, New Hampshire Historical Society, (Feb. 2010–Present); Principal, William H. Dunlap & Company (consulting firm) (2005– Present); Director, Merrimack County Savings Bank (2005–Present); Trustee, New Hampshire Mutual Bancorp (2013–Present) | | | 7 | | | None | |
Clinton S. Marshall (Born: May 1957) | | | Trustee | | | Indefinite Term (April 2003 to present) | | | Principal, Coastal CFO Solutions, outsource firm offering CFO solutions to businesses (1998–Present); CFO, Fore River Company (2002–Present) | | | 7 | | | None | |
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee/ Officer in Public Companies | |
Willard L. Umphrey* (Born: July 1941) | | | Trustee, President, Chairman (1985 to present) | | | Indefinite Term (1985 to present) | | | Director, U.S. Boston Capital Corporation; President, Pear Tree Advisors, Inc. | | | 7 | | | U.S. Boston Corporation; U.S. Boston Asset Management Corporation; Pear Tree Advisors, Inc.; Pear Tree Partners Management LLC; Unidine Corporation; USB Corporation; U.S. Boston Insurance Agency, Inc.; U.S. Boston Capital Corporation; Woundchek Laboratories | |
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee/ Officer in Public Companies | |
Leon Okurowski (Born: December 1942) | | | Vice President, Treasurer (1985 to present) | | | (1985 to present) | | | Director and Vice President, U.S. Boston Capital Corporation; Treasurer, Pear Tree Advisors, Inc. | | | N/A | | | Everest USB Canadian Storage, Inc.; Pear Tree Advisors, Inc.; U.S. Boston Corporation; U.S. Boston Asset Management Corporation; USB Corporation; USB Everest Management, LLC; USB Everest Storage LLC; U.S. Boston Insurance Agency, Inc.; U.S. Boston Capital Corporation; Woundchek Laboratories | |
Deborah A. Kessinger (Born: May 1963) | | | Assistant Clerk and Chief Compliance Officer | | | (April 2005 to Present) | | | Senior Counsel (since 9/2004), President (since 8/2007) and Chief Compliance Officer (since 12/2005), U.S. Boston Capital Corporation; Senior Counsel (since 9/2004) and Chief Compliance Officer (since 10/2006), Pear Tree Advisors, Inc.; Compliance Consultant, Broadridge Financial Solutions (formerly Forefield, Inc.) (software provider) (2007 to 2016) | | | N/A | | | None | |
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee/ Officer in Public Companies | |
Diane Hunt (Born: February 1962) | | | Assistant Treasurer | | | (June 2010 to Present) | | | Controller (Since 3/2010) Pear Tree Advisors, Inc.; Accountant (Since 1984) U.S. Boston Capital Corporation | | | N/A | | | None | |
Thomas Buckley (Born: April 1985) | | | Clerk | | | (July 2018 to Present) | | | Legal Product Manager, Pear Tree Advisors, Inc.; Compliance Officer, Cantella & Co., Inc. (2/2018 – 7/2018); Compliance and Operations Associate, Arthur W. Wood Company (6/2016 –2/2018) | | | N/A | | | None | |
John Hunt (Born: July 1958) | | | Assistant Clerk | | | (February 2016 to Present) | | | Partner, Sullivan & Worcester LLP (4/2016 to present); Partner, Nutter, McClennen & Fish LLP (6/2012 to 4/2016) | | | N/A | | | None | |
| 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 | |
Suite 202
Lincoln MA 01773
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Distributor of the Pear Tree Funds
Member, FINRA/SIPC
ITEM 1. (b) Not applicable for report period.
ITEM 2. | Code of Ethics |
(a) | As of the end of the period covered by this Form N-CSR, Pear Tree Funds has adopted a code of ethics (as defined in Item 2(b) of Form N-CSR) that applies to the registrant’s principal executive officer and principal financial officer. |
(c) | There have been no amendments to the Pear Tree Fund’s Code of Ethics during the period covered by this report. |
(d) | There have been no waivers to the Pear Tree Fund’s Code of Ethics during the period covered by this report. |
(e) | Not applicable. |
(f)(1) | One copy of the Code of Ethics is being filed under Item 12(a) hereto. |
(f)(3) | The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-326-2151. |
ITEM 3. | Audit Committee Financial Expert |
Pear Tree Fund’s Trustees have determined that Mr. Clinton S. Marshall is an “audit committee financial expert,” as defined in Item 3(b) of Form N-CSR. Mr. Marshall is “independent” under the standards set forth in Item 3(a)(2) of Form N-CSR.
ITEM 4. | Principal Accountant Fees and Services |
(a) - (d) The following chart shows the aggregate fees billed in each of the last two fiscal years for services rendered by the registrant’s principal accountant, Tait, Weller and Baker, LLP (“Tait Weller”).
FY 2021 | FY 2022 | ||
Audit Fees* | Tait Weller | $146,200 | $158,200 |
Audit-Related Fees** | Tait Weller | $0 | $0 |
Tax Fees*** | Tait Weller | $21,600 | $24,600 |
All Other Fees**** | Tait Weller | $0 | $0 |
* “Audit Fees” are fees associated with professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements.
** “Audit-Related Fees” are fees associated with assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under “Audit Fees.”
*** “Tax Fees” are fees associated with professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Included with general tax compliance, advice and planning provided by Tait Weller to Pear Tree Funds was a review of Pear Tree Funds’ federal tax filings.
**** “All Other Fees” are fees associated with products and services provided by the principal accountant, other than the services reported as “Audit Fees,” “Audit-Related Fees,” or “Tax Fees.”
(e)(1) | To the extent required by applicable law, pre-approval by the Audit Committee of the Trustees is needed for: |
(i) All audit and permissible non-audit services rendered to the Pear Tree Funds; and
(ii) All permissible non-audit services rendered to Pear Tree Advisors, Inc. if the services relate directly to the operations and financial reporting of the Registrant. Pre-approval is currently on an engagement-by-engagement basis.
The Audit Committee may delegate the pre-approval of audit and permissible non-audit services and the related fees to the Chairman of the Audit Committee. Any such member’s decision to pre-approve audit and/or non-audit services and related fees shall be presented to the full Audit Committee, solely for informational purposes, at their next scheduled meeting.
(e)(2) | No services in the past two fiscal years of the registrant were approved by the Audit Committee pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X. |
(f) | Not applicable. |
(g) | The following chart shows the aggregate non-audit fees billed by Tait Weller for services rendered to the registrant and the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, for each of the last two fiscal years of the registrant. |
2021 | 2022 | ||
Fees | Tait Weller | $40,000 | $41,200 |
(h) | Not applicable. |
ITEM 5. | Audit Committee of Listed Registrants |
Not applicable.
ITEM 6. | Investments |
(a) | Included as part of report to shareholders under Item 1. |
(b) | Not applicable. |
ITEM 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not applicable.
ITEM 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
ITEM 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not applicable.
ITEM 10. | Submission of Matters to a Vote of Security Holders |
Not applicable.
ITEM 11. | Controls and Procedures |
(a) The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(c) | There has been no change in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
(a) | Not applicable. |
(b) | Not applicable. |
ITEM 13. | Exhibits |
(a)(1) | Code of Ethics |
(a)(2) | 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. |
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SIGNATURES
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.
Pear Tree Funds
By: | /s/ Willard L. Umphrey | |
Willard L. Umphrey, President |
Date: June 7, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Willard L. Umphrey | |
Willard L. Umphrey, President |
Date: June 7, 2022
By: | /s/ Leon Okurowski | |
Leon Okurowski, Treasurer |
Date: June 7, 2022