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, 2022 through September 30, 2022
ITEM 1(a): REPORTS TO SHAREOWNERS.
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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
September 30, 2022
TABLE OF CONTENTS | | | | | | | |
President’s Letter | | | | | | | |
Fund Expenses | | | | | | | |
Portfolio Manager Commentaries | | | | | 5 | | |
Pear Tree Polaris Small Cap Fund | | | | | 5 | | |
Pear Tree Quality Fund | | | | | 9 | | |
Pear Tree Essex Environmental Opportunities Fund | | | | | 13 | | |
Pear Tree Axiom Emerging Markets World Equity Fund | | | | | 17 | | |
Pear Tree Polaris Foreign Value Fund | | | | | 21 | | |
Pear Tree Polaris Foreign Value Small Cap Fund | | | | | 25 | | |
Pear Tree Polaris International Opportunities Fund | | | | | 29 | | |
Schedules of Investments | | | | | 32 | | |
Pear Tree Polaris Small Cap Fund | | | | | 32 | | |
Pear Tree Quality Fund | | | | | 37 | | |
Pear Tree Essex Environmental Opportunities Fund | | | | | 41 | | |
Pear Tree Axiom Emerging Markets World Equity Fund | | | | | 44 | | |
Pear Tree Polaris Foreign Value Fund | | | | | | | |
Pear Tree Polaris Foreign Value Small Cap Fund | | | | | | | |
Pear Tree Polaris International Opportunities Fund | | | | | 58 | | |
Statements of Assets and Liabilities | | | | | 62 | | |
Statements of Operations | | | | | 70 | | |
Statements of Changes in Net Assets | | | | | 78 | | |
Financial Highlights | | | | | 92 | | |
Notes to Financial Statements | | | | | 112 | | |
Information for Shareholders | | | | | 128 | | |
Management Contract and Advisory Contract Approval | | | | | 129 | | |
| Service Providers | | | inside back cover | |
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President and Chairman
Pear Tree Fund | | | Share Class | | | Total Return Description | | | Beginning Account Value 4/1/2022 | | | Ending Account Value 9/30/2022 | | | Annualized Expense Ratio | | | Expenses Paid During the Period* 4/1/2022- 9/30/2022 | | ||||||||||||
Small Cap ** | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $852.40 | | | | | | 1.34% | | | | | | $6.22 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.35 | | | | | | 1.34% | | | | | | $6.78 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $853.90 | | | | | | 0.97% | | | | | | $4.51 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020,20 | | | | | | 0.97% | | | | | | $4.91 | | |
Quality ** | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $817.10 | | | | | | 1.18% | | | | | | $5.39 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.14 | | | | | | 1.18% | | | | | | $5.99 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $818.60 | | | | | | 0.79% | | | | | | $3.58 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,021.13 | | | | | | 0.79% | | | | | | $3.98 | | |
Environmental | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $805.30 | | | | | | 1.23% | | | | | | $5.59 | | |
Opportunities | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.88 | | | | | | 1.23% | | | | | | $6.25 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $806.40 | | | | | | 0.99% | | | | | | $4.46 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.13 | | | | | | 0.99% | | | | | | $4.99 | | |
| | R6 | | | Actual | | | | | $1,000.00 | | | | | | $807.00 | | | | | | 0.95% | | | | | | $4.28 | | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.33 | | | | | | 0.95% | | | | | | $4.79 | | |
Emerging Markets | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $750.10 | | | | | | 1.53% | | | | | | $6.73 | | |
World Equity | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.37 | | | | | | 1.53% | | | | | | $7.76 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $751.70 | | | | | | 1.17% | | | | | | $5.12 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.23 | | | | | | 1.17% | | | | | | $5.90 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $752.20 | | | | | | 0.99% | | | | | | $4.35 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.10 | | | | | | 0.99% | | | | | | $5.02 | | |
Foreign Value | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $747.40 | | | | | | 1.43% | | | | | | $6.25 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.91 | | | | | | 1.43% | | | | | | $7.22 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $749.00 | | | | | | 1.06% | | | | | | $4.63 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.77 | | | | | | 1.06% | | | | | | $5.35 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $749.60 | | | | | | 0.96% | | | | | | $4.22 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.24 | | | | | | 0.96% | | | | | | $4.87 | | |
Foreign Value | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $763.30 | | | | | | 1.42% | | | | | | $6.27 | | |
Small Cap | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.95 | | | | | | 1.42% | | | | | | $7.18 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $764.10 | | | | | | 1.05% | | | | | | $4.64 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.81 | | | | | | 1.05% | | | | | | $5.31 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $764.10 | | | | | | 1.02% | | | | | | $4.51 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.95 | | | | | | 1.02% | | | | | | $5.17 | | |
International | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $736.80 | | | | | | 1.53% | | | | | | $6.67 | | |
Opportunities | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.38 | | | | | | 1.53% | | | | | | $7.75 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $738.90 | | | | | | 1.16% | | | | | | $5.07 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.24 | | | | | | 1.16% | | | | | | $5.89 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $738.70 | | | | | | 1.13% | | | | | | $4.94 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.39 | | | | | | 1.13% | | | | | | $5.73 | | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $69.3 Million | | | |||||
| Number of Companies | | | 59 | | | |||||
| Price to Book Ratio | | | 1.6 | | | |||||
| Price to Earnings Ratio | | | 11.9 | | | |||||
| | | | Ordinary | | | Institutional | | | ||
| Total Expense Ratio (Gross)* | | | 1.50% | | | 1.25% | | | ||
| Total Expense Ratio (Net)* | | | 1.50% | | | 1.13% | | | ||
| Ticker Symbol | | | USBNX | | | QBNAX | | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 26.7% | | |
South Plains Financial, Inc. | | | | | 3.5% | | |
Barrett Business Services, Inc. | | | | | 3.1% | | |
OFG Bancorp | | | | | 2.8% | | |
Cambridge Bancorp | | | | | 2.7% | | |
Graphic Packaging Holding Co. | | | | | 2.6% | | |
International Bancshares Corporation | | | | | 2.6% | | |
BOK Financial Corporation | | | | | 2.5% | | |
NOV Inc. | | | | | 2.4% | | |
Science Applications International Corporation | | | | | 2.3% | | |
Wabash National Corporation | | | | | 2.2% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Industrials | | | | | 26.3% | | |
Financials | | | | | 23.0% | | |
Information Technology | | | | | 11.6% | | |
Materials | | | | | 10.1% | | |
Energy | | | | | 7.6% | | |
Consumer Discretionary | | | | | 7.6% | | |
Health Care | | | | | 6.5% | | |
Consumer Staples | | | | | 2.8% | | |
Communication Services | | | | | 2.0% | | |
CASH + other assets (net) | | | | | 2.5% | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Small Cap (PTSC) Ordinary Shares vs. Russell 2000 Index* | |
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Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2022 | | | Six Months | | | One Year | | | Five Year | | | Ten Year (3) | | | Since Inception (3) | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (4.81)% | | | | | | (14.76)% | | | | | | (12.04)% | | | | | | 2.35% | | | | | | 6.14% | | | | | | 8.53% | | | | 08/03/1992 | |
Institutional Shares(1) | | | | | (4.73)% | | | | | | (14.61)% | | | | | | (11.71)% | | | | | | 2.73% | | | | | | 6.47% | | | | | | 8.18% | | | | 01/06/1993 | |
Russell 2000 (2) | | | | | (2.19)% | | | | | | (19.01)% | | | | | | (23.50)% | | | | | | 3.56% | | | | | | 8.55% | | | | | | 8.83% | | | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $160.4 Million | | | |||||
| Number of Companies | | | 42 | | | |||||
| Price to Book Ratio | | | 3.6 | | | |||||
| Price to Earnings Ratio | | | 18.3 | | | |||||
| | | | Ordinary | | | Institutional | | | ||
| Total Expense Ratio (Gross)* | | | 1.50% | | | 1.25% | | | ||
| Total Expense Ratio (Net)* | | | 1.16% | | | 0.79% | | | ||
| Ticker Symbol | | | USBOX | | | QGIAX | | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 39.6% | | |
Microsoft Corporation | | | | | 5.6% | | |
UnitedHealth Group, Inc. | | | | | 5.4% | | |
Apple, Inc. | | | | | 4.4% | | |
Johnson & Johnson | | | | | 3.7% | | |
Wells Fargo & Company | | | | | 3.7% | | |
U.S. Bancorp | | | | | 3.7% | | |
Coca-Cola Company (The) | | | | | 3.5% | | |
Elevance Health Inc. | | | | | 3.5% | | |
Texas Instruments | | | | | 3.2% | | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | | | 2.9% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Information Technology | | | | | 33.5% | | |
Health Care | | | | | 27.5% | | |
Consumer Discretionary | | | | | 9.6% | | |
Financials | | | | | 9.2% | | |
Consumer Staples | | | | | 8.8% | | |
Industrials | | | | | 5.0% | | |
Communication Services | | | | | 4.8% | | |
Energy | | | | | 0.0% | | |
Materials | | | | | 0.0% | | |
Real Estate | | | | | 0.0% | | |
Utilities | | | | | 0.0% | | |
CASH + other assets (net) | | | | | 1.6% | | |
Value of a $10,000 Investment | |
Pear Tree Quality (PTQ) Ordinary Shares vs.S&P 500 Index | |
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Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2022 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception (3) | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (6.91)% | | | | | | (18.29)% | | | | | | (16.85)% | | | | | | 9.88% | | | | | | 11.02% | | | | | | 9.40% | | | | 05/06/85 | |
Institutional Shares(1) | | | | | (6.85)% | | | | | | (18.14)% | | | | | | (16.56)% | | | | | | 10.30% | | | | | | 11.39% | | | | | | 8.56% | | | | 03/25/91 | |
S&P 500 (2) | | | | | (4.88)% | | | | | | (20.20)% | | | | | | (15.47)% | | | | | | 9.24% | | | | | | 11.70% | | | | | | 10.66% | | | | ———————— | |
| Fund Information | | | | | | | | | | | | | |
| Net Assets | | | $67.6 Million | | | | | | |||||
| Number of Companies | | | 35 | | | | | | |||||
| Price to Book Ratio | | | 12.4 | | | | | | |||||
| Price to Earnings Ratio | | | 59.2 | | | | | | |||||
| | | | Ordinary | | | Institutional | | | R6 | | | ||
| Total Expense Ratio (Gross)* | | | 2.11% | | | 2.30% | | | 2.08% | | | ||
| Total Expense Ratio (Net)* | | | 1.24% | | | 0.99% | | | 0.95% | | | ||
| Ticker Symbol | | | EEOFX | | | GEOSX | | | GEORX | | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 35.4% | | |
Energy Recovery, Inc. | | | | | 4.7% | | |
Wolfspeed, Inc. | | | | | 4.0% | | |
Enphase Energy, Inc. | | | | | 3.9% | | |
Badger Meter, Inc. | | | | | 3.6% | | |
SunOpta Inc. | | | | | 3.6% | | |
Cognex Corporation | | | | | 3.3% | | |
Hubbell Incorporated | | | | | 3.3% | | |
NBE Industrier Inc. | | | | | 3.1% | | |
Generac Holdings Inc. | | | | | 3.0% | | |
Albemarle Corporation | | | | | 2.9% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Industrials | | | | | 39.0% | | |
Information Technology | | | | | 30.8% | | |
Materials | | | | | 10.5% | | |
Consumer Staples | | | | | 3.6% | | |
Financials | | | | | 2.6% | | |
Utilities | | | | | 2.6% | | |
Consumer Discretionary | | | | | 1.6% | | |
CASH + other assets (net) | | | | | 9.3% | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 90.7% | | |
United States | | | | | 63.5% | | |
Germany | | | | | 6.3% | | |
Israel | | | | | 4.7% | | |
Japan | | | | | 4.1% | | |
Ireland | | | | | 3.7% | | |
Sweden | | | | | 3.1% | | |
Switzerland | | | | | 2.7% | | |
Denmark | | | | | 2.6% | | |
Value of a $10,000 Investment | |
Pear Tree Essex Environmental Opportunities (EEOFX) Ordinary Shares vs.MSCI World Index* | |
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Average Annual Total Returns* | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2022 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | 3.34% | | | | | | (19.47)% | | | | | | (26.80)% | | | | | | 6.05% | | | | | | -% | | | | | | 6.93% | | | | 09/01/2017 | |
Institutional Shares(1) | | | | | 3.46% | | | | | | (19.36)% | | | | | | (26.67)% | | | | | | 6.33% | | | | | | -% | | | | | | 7.19% | | | | 09/01/2017 | |
R6 Shares (1) | | | | | 3.61% | | | | | | (19.30)% | | | | | | (26.56)% | | | | | | -% | | | | | | -% | | | | | | (29.48)% | | | | 09/01/2021 | |
MSCI World (2) | | | | | (6.08)% | | | | | | (21.16)% | | | | | | (19.25)% | | | | | | 5.84% | | | | | | -% | | | | | | 6.15% | | | | ———————— | |
| Fund Information | | | | | | | | | | | | | |
| Net Assets | | | $69.8 Million | | | | |||||||
| Number of Companies | | | 125 | | | | |||||||
| Price to Book Ratio | | | 2.7 | | | | |||||||
| Price to Earnings Ratio | | | 17.1 | | | | |||||||
| | | | Ordinary | | | Institutional | | | R6 | | | ||
| Total Expense Ratio (Gross)* | | | 1.65% | | | 1.40% | | | 1.25% | | | ||
| Total Expense Ratio (Net)* | | | 1.43% | | | 1.06% | | | 1.00% | | | ||
| Ticker Symbol | | | QFFOX | | | QEMAX | | | QFFRX | | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 27.8% | | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | | | 5.5% | | |
Baidu, Inc. | | | | | 3.4% | | |
Samsung Electronics Company Limited | | | | | 2.8% | | |
Reliance Industries Ltd. | | | | | 2.8% | | |
Alibaba Group Holding Ltd. | | | | | 2.6% | | |
iShares Core MSCI Emerging Markets ETF | | | | | 2.6% | | |
Bharti Airtel Ltd. | | | | | 2.2% | | |
JD.com, Inc. | | | | | 2.1% | | |
Samsung SDI Co., Ltd. | | | | | 1.9% | | |
Hindustan Unilever Ltd. | | | | | 1.9% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Financials | | | | | 19.1% | | |
Information Technology | | | | | 16.9% | | |
Consumer Discretionary | | | | | 14.1% | | |
Consumer Staples | | | | | 11.5% | | |
Industrials | | | | | 9.7% | | |
Communication Services | | | | | 9.6% | | |
Health Care | | | | | 5.0% | | |
Energy | | | | | 4.1% | | |
Materials | | | | | 2.4% | | |
Utilities | | | | | 2.2% | | |
Real Estate | | | | | 0.6% | | |
Mutual Funds | | | | | 2.6% | | |
CASH + other assets (net) | | | | | 2.2% | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 80.2% | | |
China | | | | | 26.0% | | |
India | | | | | 10.9% | | |
Taiwan | | | | | 10.4% | | |
Brazil | | | | | 8.8% | | |
South Korea | | | | | 6.6% | | |
Indonesia | | | | | 4.5% | | |
United States | | | | | 3.8% | | |
Mexico | | | | | 3.4% | | |
Thailand | | | | | 3.0% | | |
United Kingdom | | | | | 2.8% | | |
Value of a $10,000 Investment | |
Pear Tree Axiom Emerging Markets World Equity (PTEM) Ordinary Shares vs. MSCI EM Index* | |
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| | | 3Q 2022 | | | Six Months | | | One Year | | | Five Year (3) | | | Ten Year (3) | | | Since Inception (3) | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (12.35)% | | | | | | (24.99)% | | | | | | (34.33)% | | | | | | (1.39)% | | | | | | (0.20)% | | | | | | 3.95% | | | | 09/30/1994 | |
Institutional Shares (1) | | | | | (12.24)% | | | | | | (24.83)% | | | | | | (34.10)% | | | | | | (1.01)% | | | | | | 0.12% | | | | | | 5.08% | | | | 04/02/1996 | |
R6 Shares (1) | | | | | (12.22)% | | | | | | (24.78)% | | | | | | (34.03)% | | | | | | -% | | | | | | -% | | | | | | 0.14% | | | | 01/28/2019 | |
MSCI EM (2) | | | | | (11.42)% | | | | | | (21.46)% | | | | | | (27.80)% | | | | | | (1.44)% | | | | | | 1.42% | | | | | | 4.15% | | | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $3,020.8 Million | | ||||||
| Number of Companies | | | 64 | | ||||||
| Price to Book Ratio | | | 1.1 | | ||||||
| Price to Earnings Ratio | | | 9.9 | | ||||||
| | | | Ordinary | | | Institutional | | | R6 | |
| Total Expense Ratio (Gross)* | | | 1.50% | | | 1.26% | | | 1.10% | |
| Total Expense Ratio (Net) * | | | 1.40% | | | 1.04% | | | 0.94% | |
| Ticker Symbol | | | QFVOX | | | QFVIX | | | QFVRX | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 24.8% | | |
Popular, Inc. | | | | | 3.2% | | |
Publicis Groupe | | | | | 2.5% | | |
Jazz Pharmaceuticals plc | | | | | 2.5% | | |
Toronto-Dominion Bank | | | | | 2.5% | | |
KDDI Corporation | | | | | 2.4% | | |
Marubeni Corporation | | | | | 2.4% | | |
Brother Industries, Ltd. | | | | | 2.4% | | |
Linde plc | | | | | 2.3% | | |
Deutsche Telekom AG | | | | | 2.3% | | |
Muenchener Rueckversicherungs-Gesellschaft | | | | | 2.3% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Financials | | | | | 20.6% | | |
Materials | | | | | 20.4% | | |
Consumer Discretionary | | | | | 19.0% | | |
Industrials | | | | | 10.3% | | |
Communication Services | | | | | 10.3% | | |
Information Technology | | | | | 8.5% | | |
Health Care | | | | | 4.7% | | |
Consumer Staples | | | | | 3.2% | | |
Real Estate | | | | | 1.9% | | |
Cash and Other Assets (Net) | | | | | 1.1% | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 84.5% | | |
Japan | | | | | 15.4% | | |
United Kingdom | | | | | 14.2% | | |
South Korea | | | | | 10.2% | | |
Germany | | | | | 10.2% | | |
Canada | | | | | 9.7% | | |
France | | | | | 7.4% | | |
Norway | | | | | 6.4% | | |
Ireland | | | | | 4.1% | | |
Sweden | | | | | 3.7% | | |
Puerto Rico | | | | | 3.2% | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Foreign Value (PTFV) Ordinary Shares vs. MSCI EAFE Index | |
![]() | |
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2022 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (11.99)% | | | | | | (25.26)% | | | | | | (28.99)% | | | | | | (3.43)% | | | | | | 2.90% | | | | | | 4.66% | | | | 05/15/1998 | |
Institutional Shares(1) | | | | | (11.88)% | | | | | | (25.10)% | | | | | | (28.70)% | | | | | | (3.06)% | | | | | | 3.23% | | | | | | 5.81% | | | | 12/18/1998 | |
R6 Shares (1) | | | | | (11.84)% | | | | | | (25.04)% | | | | | | (28.68)% | | | | | | (2.98)% | | | | | | —% | | | | | | (0.17)% | | | | 02/06/2017 | |
MSCI EAFE (2) | | | | | (9.29)% | | | | | | (22.26)% | | | | | | (24.75)% | | | | | | (0.36)% | | | | | | 4.15% | | | | | | 3.78% | | | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $886.3 Million | | ||||||
| Number of Companies | | | 66 | | ||||||
| Price to Book Ratio | | | 1.0 | | ||||||
| Price to Earnings Ratio | | | 9.1 | | ||||||
| | | | Ordinary | | | Institutional | | | R6 | |
| Total Expense Ratio (Gross)* | | | 1.51% | | | 1.26% | | | 1.12% | |
| Total Expense Ratio (Net)* | | | 1.41% | | | 1.04% | | | 1.02% | |
| Ticker Symbol | | | QUSOX | | | QUSIX | | | QUSRX | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 24.2% | | |
Equatorial Energia S.A. | | | | | 3.1% | | |
BizLink Holding, Inc. | | | | | 2.6% | | |
D’Ieteren S.A. | | | | | 2.6% | | |
QinetiQ | | | | | 2.5% | | |
Sanwa Holdings Corporation | | | | | 2.3% | | |
AEM Holdings Limited | | | | | 2.3% | | |
Ringkjoebing Landbobank A/S | | | | | 2.2% | | |
Future plc | | | | | 2.2% | | |
Open House Group Co., Ltd. | | | | | 2.2% | | |
TISCO Financial Group | | | | | 2.2% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Industrials | | | | | 25.2% | | |
Financials | | | | | 19.1% | | |
Consumer Discretionary | | | | | 16.1% | | |
Information Technology | | | | | 11.7% | | |
Consumer Staples | | | | | 9.4% | | |
Materials | | | | | 7.1% | | |
Utilities | | | | | 4.9% | | |
Communication Services | | | | | 2.2% | | |
Real Estate | | | | | 1.4% | | |
CASH + other assets (net) | | | | | 2.9% | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 73.5% | | |
United Kingdom | | | | | 17.0% | | |
Japan | | | | | 16.6% | | |
Taiwan | | | | | 9.5% | | |
Sweden | | | | | 5.0% | | |
Ireland | | | | | 5.0% | | |
Canada | | | | | 4.4% | | |
Thailand | | | | | 4.3% | | |
Singapore | | | | | 4.3% | | |
Norway | | | | | 4.0% | | |
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 | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2022 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (11.02)% | | | | | | (23.67)% | | | | | | (27.32)% | | | | | | (2.42)% | | | | | | 5.09% | | | | | | 4.25% | | | | 5/1/2008 | |
Institutional Shares(1) | | | | | (11.00)% | | | | | | (23.59)% | | | | | | (27.06)% | | | | | | (2.07)% | | | | | | 5.42% | | | | | | 4.54% | | | | 5/1/2008 | |
R6 Shares (1) | | | | | (11.01)% | | | | | | (23.59)% | | | | | | (27.03)% | | | | | | (2.03)% | | | | | | —% | | | | | | 1.91% | | | | 2/6/2017 | |
MSCI ACWI ex USA Small Cap(2) | | | | | (8.25)% | | | | | | (24.19)% | | | | | | (28.57)% | | | | | | (0.16)% | | | | | | 4.83% | | | | | | 3.39% | | | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $20.1 Million | | | |||||
| Number of Companies | | | 69 | | | |||||
| Price to Book Ratio | | | 2.4 | | | |||||
| Price to Earnings Ratio | | | 14.1 | | | |||||
| | | | Ordinary | | | Institutional | | | R6 | |
| Total Expense Ratio (Gross)* | | | 1.63% | | | 1.34% | | | 1.29% | |
| Total Expense Ratio (Net)* | | | 1.63% | | | 1.22% | | | 1.29% | |
| Ticker Symbol | | | QISOX | | | QISIX | | | QISRX | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 18.7% | | |
D’Ieteren S.A. | | | | | 2.1% | | |
Collins Foods Limited | | | | | 2.0% | | |
Bravida Holding AB | | | | | 2.0% | | |
Alimentation Couche-Tard Inc. | | | | | 2.0% | | |
NEXTAGE Co., Ltd. | | | | | 1.9% | | |
Sparebanken Vest | | | | | 1.9% | | |
Equatorial Energia S.A. | | | | | 1.7% | | |
Zhongsheng Group Holdings | | | | | 1.7% | | |
Zhejiang Supor Co. | | | | | 1.7% | | |
JAC Recruitment Co., Ltd. | | | | | 1.7% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Consumer Discretionary | | | | | 25.7% | | |
Financials | | | | | 18.2% | | |
Information Technology | | | | | 17.4% | | |
Industrials | | | | | 16.0% | | |
Materials | | | | | 6.9% | | |
Communications Services | | | | | 3.9% | | |
Consumer Staples | | | | | 3.5% | | |
Utilities | | | | | 1.7% | | |
Real Estate | | | | | 1.6% | | |
CASH + other assets (net) | | | | | 5.1% | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 66.0% | | |
United Kingdom | | | | | 10.2% | | |
Japan | | | | | 9.3% | | |
Taiwan | | | | | 7.8% | | |
Canada | | | | | 7.5% | | |
China | | | | | 6.4% | | |
Australia | | | | | 6.2% | | |
France | | | | | 5.5% | | |
Italy | | | | | 5.5% | | |
Sweden | | | | | 4.5% | | |
Mexico | | | | | 3.1% | | |
Value of a $10,000 Investment | |
Pear Tree Polaris International Opportunities Fund (QISOX) Ordinary Shares vs. MSCI ACWI ex USA Index | |
![]() | |
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2022 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (9.66)% | | | | | | (26.32)% | | | | | | (27.92)% | | | | | | —% | | | | | | —% | | | | | | 1.55% | | | | 01/30/2019 | |
Institutional Shares(1) | | | | | (9.46)% | | | | | | (26.11)% | | | | | | (27.55)% | | | | | | —% | | | | | | —% | | | | | | 1.98% | | | | 01/30/2019 | |
R6 Shares (1) | | | | | (9.55)% | | | | | | (26.13)% | | | | | | (27.61)% | | | | | | —% | | | | | | —% | | | | | | 1.97% | | | | 01/30/2019 | |
MSCI ACWI ex USA(2) | | | | | (9.80)% | | | | | | (22,02)% | | | | | | (24.79)% | | | | | | __% | | | | | | __% | | | | | | 0.24% | | | | ———————— | |
| COMMON STOCK — 97.5% | | ||||||||||||
| | | Shares | | | Value | | |||||||
| AEROSPACE & DEFENSE — 3.8% | | ||||||||||||
| Curtiss-Wright Corporation | | | | | 10,400 | | | | | $ | 1,447,264 | | |
| V2X, Inc. (a) | | | | | 33,100 | | | | | | 1,171,740 | | |
| | | | | | 2,619,004 | | | ||||||
| AUTO COMPONENTS — 1.5% | | ||||||||||||
| Standard Motor Products, Inc. | | | | | 31,800 | | | | | | 1,033,500 | | |
| AUTOMOBILES — 1.4% | | ||||||||||||
| Winnebago Industries, Inc. | | | | | 18,567 | | | | | | 987,950 | | |
| BANKS — 19.7% | | ||||||||||||
| BOK Financial Corporation | | | | | 19,864 | | | | | | 1,765,115 | | |
| Brookline Bancorp, Inc. | | | | | 83,100 | | | | | | 968,115 | | |
| Cambridge Bancorp | | | | | 23,530 | | | | | | 1,876,282 | | |
| Central Pacific Financial Corporation | | | | | 28,983 | | | | | | 599,658 | | |
| Colony Bankcorp, Inc. | | | | | 119,479 | | | | | | 1,556,811 | | |
| F.N.B. Corporation | | | | | 61,980 | | | | | | 718,968 | | |
| International Bancshares Corporation | | | | | 41,700 | | | | | | 1,772,250 | | |
| OFG Bancorp | | | | | 76,100 | | | | | | 1,912,393 | | |
| South Plains Financial, Inc. | | | | | 88,600 | | | | | | 2,441,816 | | |
| | | | | | 13,611,408 | | | ||||||
| BIOTECHNOLOGY — 1.0% | | ||||||||||||
| Exelixis, Inc. (a) | | | | | 43,000 | | | | | | 674,240 | | |
| CAPITAL MARKETS — 1.8% | | ||||||||||||
| Hercules Capital, Inc. | | | | | 105,798 | | | | | | 1,225,141 | | |
| CHEMICALS — 2.1% | | ||||||||||||
| Cabot Corporation | | | | | 22,673 | | | | | | 1,448,578 | | |
| CONSTRUCTION MATERIALS — 2.0% | | ||||||||||||
| Eagle Materials Inc. | | | | | 12,800 | | | | | | 1,371,904 | | |
| CONSUMER FINANCE — 1.4% | | ||||||||||||
| SLM Corporation | | | | | 69,600 | | | | | | 973,704 | | |
| CONTAINERS & PACKAGING — 4.6% | | ||||||||||||
| Berry Global Group, Inc. (a) | | | | | 29,400 | | | | | | 1,367,982 | | |
| Graphic Packaging Holding Co. | | | | | 91,600 | | | | | | 1,808,184 | | |
| | | | | | 3,176,166 | | | ||||||
| DIVERSIFIED CONSUMER SERVICES — 1.8% | | ||||||||||||
| Perdoceo Education Corporation (a) | | | | | 118,800 | | | | | | 1,223,640 | | |
| | | | Shares | | | Value | | ||||||
| ELECTRICAL EQUIPMENT — 1.1% | | ||||||||||||
| Regal Rexnord Corporation | | | | | 5,289 | | | | | $ | 742,364 | | |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.7% | | ||||||||||||
| Arrow Electronics, Inc. (a) | | | | | 6,200 | | | | | | 571,578 | | |
| Kimball Electronics, Inc. (a) | | | | | 38,145 | | | | | | 654,187 | | |
| Methode Electronics, Inc. | | | | | 36,200 | | | | | | 1,344,830 | | |
| | | | | | 2,570,595 | | | ||||||
| ENERGY EQUIPMENT & SERVICES — 4.1% | | ||||||||||||
| Dril-Quip, Inc. (a) | | | | | 60,400 | | | | | | 1,179,008 | | |
| NOV Inc. | | | | | 102,938 | | | | | | 1,665,537 | | |
| | | | | 2,844,545 | | | |||||||
| ENGINEERING & CONSTRUCTION — 1.7% | | ||||||||||||
| Ennis, Inc. | | | | | 59,100 | | | | | | 1,189,683 | | |
| ENTERTAINMENT — 2.0% | | ||||||||||||
| Cinemark Holdings, Inc. | | | | | 116,258 | | | | | | 1,407,884 | | |
| FOOD PRODUCTS — 1.9% | | ||||||||||||
| Ingredion Incorporated | | | | | 16,400 | | | | | | 1,320,528 | | |
| HEALTH CARE TECHNOLOGY — 1.1% | | ||||||||||||
| Computer Programs and Systems, Inc. | | | | | 28,350 | | | | | | 790,398 | | |
| HOUSEHOLD PRODUCTS — 0.9% | | ||||||||||||
| Central Garden and Pet Company, Class A (a) | | | | | 18,400 | | | | | | 628,544 | | |
| INSURANCE — 0.2% | | ||||||||||||
| FedNat Holding Company (a) | | | | | 434,275 | | | | | | 49,942 | | |
| United Insurance Holdings Corporation | | | | | 181,251 | | | | | | 116,091 | | |
| | | | | 166,033 | | | |||||||
| IT SERVICES — 5.5% | | ||||||||||||
| CSG Systems International, Inc. | | | | | 24,000 | | | | | | 1,269,120 | | |
| EVERTEC Inc. | | | | | 42,300 | | | | | | 1,326,105 | | |
| Maximus Inc. | | | | | 21,000 | | | | | | 1,215,270 | | |
| | | | | | 3,810,495 | | | ||||||
| LEISURE PRODUCTS — 0.9% | | ||||||||||||
| Johnson Outdoors, Inc. | | | | | 12,600 | | | | | | 646,506 | | |
| MACHINERY — 7.1% | | ||||||||||||
| Allison Transmission Holdings, Inc. | | | | | 40,300 | | | | | | 1,360,528 | | |
| Exco Technologies Limited | | | | | 239,100 | | | | | | 1,339,837 | | |
| | | Shares | | | Value | | |||||||
| MACHINERY (continued) | | ||||||||||||
| Oshkosh Corporation | | | | | 9,100 | | | | | $ | 639,639 | | |
| Wabash National Corporation | | | | | 100,300 | | | | | | 1,560,668 | | |
| | | | | | 4,900,672 | | | ||||||
| METALS & MINING — 1.4% | | ||||||||||||
| Lundin Mining Corporation | | | | | 196,600 | | | | | | 998,667 | | |
| OIL, GAS & CONSUMABLE FUELS — 3.5% | | ||||||||||||
| CVR Energy, Inc. | | | | | 38,600 | | | | | | 1,118,628 | | |
| Diamondback Energy, Inc. | | | | | 10,670 | | | | | | 1,285,308 | | |
| | | | | | 2,403,936 | | | ||||||
| PHARMACEUTICALS — 4.3% | | ||||||||||||
| Harmony Biosciences Holdings, Inc. (a) | | | | | 28,500 | | | | | | 1,262,265 | | |
| Pacira BioSciences, Inc. (a) | | | | | 11,900 | | | | | | 632,961 | | |
| Supernus Pharmaceuticals, Inc. (a) | | | | | 32,900 | | | | | | 1,113,665 | | |
| | | | | | 3,008,891 | | | ||||||
| PROFESSIONAL SERVICES — 8.1% | | ||||||||||||
| Barrett Business Services, Inc. | | | | | 27,700 | | | | | | 2,160,600 | | |
| BGSF Inc. | | | | | 60,816 | | | | | | 675,666 | | |
| Kforce, Inc. | | | | | 20,094 | | | | | | 1,178,513 | | |
| Science Applications International Corporation | | | | | 17,700 | | | | | | 1,565,211 | | |
| | | | | | 5,579,990 | | | ||||||
| ROAD & RAIL — 1.3% | | ||||||||||||
| Knight-Swift Transportation Holdings, Inc. | | | | | 18,894 | | | | | | 924,483 | | |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.3% | | ||||||||||||
| MKS Instruments, Inc. | | | | | 10,700 | | | | | | 884,248 | | |
| SOFTWARE — 1.1% | | ||||||||||||
| Enghouse Systems Limited | | | | | 35,600 | | | | | | 751,328 | | |
| SPECIALTY RETAIL — 0.9% | | ||||||||||||
| Sally Beauty Holdings, Inc. | | | | | 50,100 | | | | | | 631,260 | | |
| TEXTILES, APPAREL & LUXURY GOODS — 1.0% | | ||||||||||||
| Crocs, Inc. (a) | | | | | 10,410 | | | | | | 714,751 | | |
|
| | | | Shares | | | Value | | ||||||
| TRADING COMPANIES & DISTRIBUTORS — 3.3% | | ||||||||||||
| Air Lease Corporation | | | | | 43,400 | | | | | $ | 1,345,834 | | |
| Applied Industrial Technologies, Inc. | | | | | 9,000 | | | | | | 925,020 | | |
| | | | | 2,270,854 | | | |||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $63,260,358) | | | | | | | | | | | 67,531,890 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—2.6% | | | | | | | | | | | | | |
UMB Money Market Special II, 3.00% (b) (Cost $1,780,741) | | | | $ | 1,780,741 | | | | | $ | 1,780,741 | | |
TOTAL INVESTMENTS—100.1% (Cost $65,041,099) | | | | | | | | | | $ | 69,312,631 | | |
OTHER ASSETS & LIABILITIES (NET)—(0.1)% | | | | | | | | | | | (20,459) | | |
NET ASSETS—100% | | | | | | | | | | $ | 69,292,172 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 12,610,601 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (9,045,585) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 3,565,016 | | |
![[MISSING IMAGE: q016rcf5h2f1ur15n3vmsm5ck3hs.jpg]](https://capedge.com/proxy/N-CSRS/0001104659-22-124821/q016rcf5h2f1ur15n3vmsm5ck3hs.jpg)
| COMMON STOCK — 98.4% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| AEROSPACE & DEFENSE — 2.6% | | ||||||||||||
| Safran SA | | | | | 45,481 | | | | | $ | 4,188,547 | | |
| BANKS — 7.4% | | ||||||||||||
| U.S. Bancorp | | | | | 146,416 | | | | | | 5,903,493 | | |
| Wells Fargo & Company | | | | | 146,825 | | | | | | 5,905,302 | | |
| | | | | | 11,808,795 | | | ||||||
| BEVERAGES — 5.2% | | ||||||||||||
| Coca-Cola Company (The) | | | | | 101,083 | | | | | | 5,662,669 | | |
| Constellation Brands, Inc. (a) | | | | | 11,635 | | | | | | 2,672,327 | | |
| | | | | | 8,334,996 | | | ||||||
| COMMERCIAL SERVICES AND SUPPLIES — 1.0% | | ||||||||||||
| Global Payments, Inc. | | | | | 14,940 | | | | | | 1,614,267 | | |
| COMMUNICATIONS EQUIPMENT — 1.1% | | ||||||||||||
| Cisco Systems, Inc. | | | | | 44,699 | | | | | | 1,787,960 | | |
| DIVERSIFIED FINANCIAL SERVICES — 1.8% | | ||||||||||||
| American Express Company | | | | | 21,391 | | | | | | 2,885,860 | | |
| FOOD PRODUCTS — 1.4% | | ||||||||||||
| Nestle, S.A. (b) | | | | | 20,927 | | | | | | 2,251,954 | | |
| HEALTH CARE EQUIPMENT & SUPPLIES — 3.9% | | ||||||||||||
| Abbott Laboratories | | | | | 24,800 | | | | | | 2,399,648 | | |
| Medtronic Plc | | | | | 47,170 | | | | | | 3,808,978 | | |
| | | | | | 6,208,626 | | | ||||||
| HEALTH CARE PROVIDERS & SERVICES — 12.2% | | ||||||||||||
| CIGNA Corporation | | | | | 8,483 | | | | | | 2,353,778 | | |
| Elevance Health Inc. | | | | | 12,434 | | | | | | 5,648,020 | | |
| Quest Diagnostics Incorporated | | | | | 23,176 | | | | | | 2,843,463 | | |
| UnitedHealth Group, Inc. | | | | | 17,292 | | | | | | 8,733,152 | | |
| | | | | | 19,578,413 | | | ||||||
| HOTELS, RESTAURANTS & LEISURE — 2.5% | | ||||||||||||
| Compass Group Plc (b) | | | | | 201,403 | | | | | | 3,981,737 | | |
| HOUSEHOLD PRODUCTS — 2.2% | | ||||||||||||
| Unilever Plc (b) | | | | | 80,647 | | | | | | 3,535,564 | | |
| INTERACTIVE MEDIA & SERVICES — 4.8% | | ||||||||||||
| Alphabet, Inc. Class A (a) | | | | | 48,082 | | | | | | 4,599,043 | | |
| Lyft, Inc. (a) | | | | | 33,377 | | | | | | 439,575 | | |
| | | | | | | | | | | | | | |
| | | | Shares | | | Value | | ||||||
| INTERACTIVE MEDIA & SERVICES (continued) | | ||||||||||||
| Meta Platforms, Inc. | | | | | 19,967 | | | | | $ | 2,709,123 | | |
| | | | | | 7,747,741 | | | ||||||
| IT SERVICES — 18.4% | | ||||||||||||
| Accenture Plc | | | | | 17,639 | | | | | | 4,538,515 | | |
| Adobe Systems Incorporated (a) | | | | | 5,597 | | | | | | 1,540,294 | | |
| Amadeus IT Group, S.A. (b) | | | | | 22,637 | | | | | | 1,049,339 | | |
| Microsoft Corporation | | | | | 38,692 | | | | | | 9,011,366 | | |
| Oracle Corporation | | | | | 58,737 | | | | | | 3,587,068 | | |
| salesforce.com, inc. (a) | | | | | 13,829 | | | | | | 1,989,163 | | |
| SAP AG (b) | | | | | 53,563 | | | | | | 4,351,994 | | |
| Visa, Inc. | | | | | 19,435 | | | | | | 3,452,628 | | |
| | | | | | 29,520,367 | | | ||||||
| MACHINERY — 1.4% | | ||||||||||||
| Otis Worldwide Corp. | | | | | 36,378 | | | | | | 2,320,916 | | |
| MULTILINE RETAIL — 2.8% | | ||||||||||||
| TJX Companies, Inc. (The) | | | | | 72,063 | | | | | | 4,476,554 | | |
| PHARMACEUTICALS — 11.4% | | ||||||||||||
| Eli Lilly and Company | | | | | 13,544 | | | | | | 4,379,453 | | |
| Johnson & Johnson | | | | | 36,450 | | | | | | 5,954,472 | | |
| Merck & Co., Inc. | | | | | 47,844 | | | | | | 4,120,325 | | |
| Roche Holding Ltd. (b) | | | | | 93,812 | | | | | | 3,810,643 | | |
| | | | | | 18,264,893 | | | ||||||
| RETAILING — 3.2% | | ||||||||||||
| Alibaba Group Holding Ltd. (a)(b) | | | | | 33,248 | | | | | | 2,659,508 | | |
| Amazon.com, Inc. (a) | | | | | 22,656 | | | | | | 2,560,128 | | |
| | | | | | 5,219,636 | | | ||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 9.7% | | ||||||||||||
| KLA-Tencor Corporation | | | | | 5,735 | | | | | | 1,735,583 | | |
| Lam Research Corporation | | | | | 10,756 | | | | | | 3,936,696 | | |
| Taiwan Semiconductor Manufacturing Co., Ltd. (b) | | | | | 67,461 | | | | | | 4,625,126 | | |
| Texas Instruments, Inc. | | | | | 33,457 | | | | | | 5,178,475 | | |
| | | | | | 15,475,880 | | | ||||||
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 4.3% | | ||||||||||||
| Apple, Inc. | | | | | 50,653 | | | | | | 7,000,245 | | |
|
| | | Shares | | | Value | | |||||||
| TEXTILES, APPAREL & LUXURY GOODS — 1.1% | | ||||||||||||
| LVMH Moët Hennessy-Louis Vuitton S.A. (b) | | | | | 14,636 | | | | | $ | 1,719,730 | | |
| | | ||||||||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $161,961,312) | | | | | | | | | | | 157,922,681 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market —1.6% | | | | | | | | | | | | | |
UMB Money Market Special II, 3.00% (c) (Cost $2,564,876) | | | | $ | 2,564,876 | | | | | $ | 2,564,876 | | |
TOTAL INVESTMENTS 100.0% (Cost $164,526,188) | | | | | | | | | | | 160,487,557 | | |
OTHER ASSETS & LIABILITIES (NET)—(0.0%) | | | | | | | | | | | (53,936) | | |
NET ASSETS—100% | | | | | | | | | | $ | 160,433,621 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 18,326,464 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (22,807,880) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | (4,481,416) | | |
![[MISSING IMAGE: h4e52o22ovh3rojnjr9sdpjhp9l1.jpg]](https://capedge.com/proxy/N-CSRS/0001104659-22-124821/h4e52o22ovh3rojnjr9sdpjhp9l1.jpg)
| Common Stock — 90.7% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| DENMARK — 2.6% | | ||||||||||||
| UTILITIES — 2.6% | | ||||||||||||
| Ørsted A/S | | | | | 21,737 | | | | | $ | 1,739,842 | | |
| GERMANY — 6.3% | | ||||||||||||
| INFORMATION TECHNOLOGY — 6.3% | | ||||||||||||
| Infineon Technologies AG | | | | | 85,243 | | | | | | 1,896,423 | | |
| PSI Software AG | | | | | 38,972 | | | | | | 749,050 | | |
| SMA Solar Technology AG | | | | | 34,235 | | | | | | 1,609,796 | | |
| | | | | | 4,255,269 | | | ||||||
| IRELAND — 3.7% | | ||||||||||||
| CONSUMER DISCRETIONARY — 1.6% | | ||||||||||||
| Aptiv PLC (a) | | | | | 13,777 | | | | | | 1,077,499 | | |
| INDUSTRIALS — 2.1% | | ||||||||||||
| Kingspan Group plc | | | | | 31,757 | | | | | | 1,441,634 | | |
| TOTAL IRELAND | | | | | 2,519,133 | | | ||||||
| ISRAEL — 4.7% | | ||||||||||||
| INDUSTRIALS — 2.3% | | ||||||||||||
| Kornit Digital Ltd. (a) | | | | | 56,706 | | | | | | 1,508,947 | | |
| INFORMATION TECHNOLOGY — 2.4% | | ||||||||||||
| SolarEdge Technologies, Inc. (a) | | | | | 7,078 | | | | | | 1,638,274 | | |
| TOTAL ISRAEL | | | | | 3,147,221 | | | ||||||
| JAPAN — 4.1% | | ||||||||||||
| INDUSTRIALS — 1.9% | | ||||||||||||
| Kurita Water Industries Ltd. | | | | | 35,548 | | | | | | 1,267,247 | | |
| INFORMATION TECHNOLOGY — 2.2% | | ||||||||||||
| Keyence Corporation | | | | | 4,590 | | | | | | 1,518,954 | | |
| TOTAL JAPAN | | | | | 2,786,201 | | | ||||||
| SWEDEN — 3.1% | | ||||||||||||
| INDUSTRIALS — 3.1% | | ||||||||||||
| NIBE Industrier AB | | | | | 232,856 | | | | | | 2,100,372 | | |
| SWITZERLAND — 2.7% | | ||||||||||||
| INFORMATION TECHNOLOGY — 2.7% | | ||||||||||||
| Landis+Gyr | | | | | 33,176 | | | | | | 1,813,338 | | |
| UNITED STATES — 63.5% | | ||||||||||||
| CONSUMER STAPLES — 3.6% | | ||||||||||||
| SunOpta Inc. | | | | | 266,250 | | | | | | 2,422,875 | | |
| FINANCIALS — 2.6% | | ||||||||||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | | | 58,224 | | | | | | 1,742,644 | | |
| | | | Shares | | | Value | | ||||||
| INDUSTRIALS — 29.6% | | ||||||||||||
| Bloom Energy Corporation (a) | | | | | 73,033 | | | | | $ | 1,459,930 | | |
| Energy Recovery, Inc. (a) | | | | | 146,860 | | | | | | 3,192,736 | | |
| Enovix Corporation (a) | | | | | 85,583 | | | | | | 1,569,164 | | |
| Generac Holdings Inc. | | | | | 11,201 | | | | | | 1,995,346 | | |
| Hubbell Incorporated | | | | | 9,908 | | | | | | 2,209,484 | | |
| Lindsay Corporation | | | | | 13,364 | | | | | | 1,914,794 | | |
| Quanta Services, Inc. (a) | | | | | 11,029 | | | | | | 1,404,984 | | |
| Sensata Technologies Holding plc | | | | | 39,298 | | | | | | 1,465,030 | | |
| Shoals Technologies Group, Inc. | | | | | 77,209 | | | | | | 1,663,854 | | |
| Sunrun Inc. (a) | | | | | 44,126 | | | | | | 1,217,436 | | |
| Watts Water Technologies, Inc. | | | | | 15,624 | | | | | | 1,964,406 | | |
| | | | | | | | | | | | 20,057,164 | | |
| INFORMATION TECHNOLOGY — 17.2% | | ||||||||||||
| Badger Meter, Inc. | | | | | 26,527 | | | | | | 2,450,830 | | |
| Cognex Corporation | | | | | 53,881 | | | | | | 2,233,368 | | |
| Enphase Energy, Inc. (a) | | | | | 9,509 | | | | | | 2,638,462 | | |
| Trimble Navigation Limited (a) | | | | | 29,760 | | | | | | 1,615,075 | | |
| Wolfspeed, Inc. | | | | | 25,870 | | | | | | 2,673,923 | | |
| | | | | | | | | | | | 11,611,658 | | |
| MATERIALS — 10.5% | | ||||||||||||
| Albemarle Corporation | | | | | 7,527 | | | | | | 1,990,440 | | |
| Amyris, Inc. | | | | | 311,401 | | | | | | 909,291 | | |
| Aspen Aerogels, Inc. (a) | | | | | 133,718 | | | | | | 1,232,880 | | |
| Livent Corporation (a) | | | | | 49,510 | | | | | | 1,517,482 | | |
| MP Materials Corp. (a) | | | | | 54,098 | | | | | | 1,476,875 | | |
| | | | | | | | | | | | 7,126,968 | | |
| TOTAL UNITED STATES | | | | | 42,961,309 | | | ||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $70,153,828) | | | | | | | | | | | 61,322,685 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—9.3% | | | | | | | | | | | | | |
UMB Money Market Special II, 3.00% (b) (Cost $6,268,333) | | | | $ | 6,268,333 | | | | | $ | 6,268,333 | | |
TOTAL INVESTMENTS 100.0% (Cost $76,422,161) | | | | | | | | | | | 67,591,018 | | |
OTHER ASSETS & LIABILITIES (NET)—0.0% | | | | | | | | | | | 15,775 | | |
NET ASSETS—100% | | | | | | | | | | $ | 67,606,793 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 6,493,255 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (15,324,429) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | (8,831,174) | | |
![[MISSING IMAGE: a73ro7p4bk8g7dm5qkm7fadifu62.jpg]](https://capedge.com/proxy/N-CSRS/0001104659-22-124821/a73ro7p4bk8g7dm5qkm7fadifu62.jpg)
| Common Stock — 92.3% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| AUSTRIA — 0.1% | | ||||||||||||
| Erste Group Bank AG | | | | | 2,826 | | | | | $ | 62,677 | | |
| BRAZIL — 8.8% | | ||||||||||||
| Arezzo Industria e Comercio SA | | | | | 36,000 | | | | | | 654,987 | | |
| B3 SA - Brasil Bolsa Balcao | | | | | 107,700 | | | | | | 259,847 | | |
| BB Seguridade Participacoes S.A. | | | | | 66,200 | | | | | | 325,193 | | |
| Cielo SA | | | | | 329,800 | | | | | | 329,257 | | |
| Hapvida Participacoes e Investimentos S.A. | | | | | 31,300 | | | | | | 43,806 | | |
| Hypera S.A. | | | | | 81,500 | | | | | | 666,748 | | |
| Itau Unibanco Holding S.A. | | | | | 142,600 | | | | | | 739,773 | | |
| Localiza Rent a Car S.A. | | | | | 78,200 | | | | | | 883,218 | | |
| PagSeguro Digital Ltd. (a) | | | | | 54,840 | | | | | | 725,533 | | |
| Totvs S.A. | | | | | 70,000 | | | | | | 379,837 | | |
| Weg S.A. | | | | | 166,300 | | | | | | 988,164 | | |
| XP Inc. Class A (a) | | | | | 7,400 | | | | | | 140,674 | | |
| | | | | 6,137,037 | | | |||||||
| CHILE — 0.3% | | ||||||||||||
| Sociedad Química y Minera de Chile S.A. (b) | | | | | 2,138 | | | | | | 194,024 | | |
| CHINA — 26.0% | | ||||||||||||
| Alibaba Group Holding Ltd. (a) | | | | | 148,100 | | | | | | 1,470,642 | | |
| Alibaba Group Holding Ltd. (a)(b) | | | | | 4,670 | | | | | | 373,553 | | |
| Baidu, Inc. (a) | | | | | 82,550 | | | | | | 1,199,882 | | |
| Baidu, Inc. (a)(b) | | | | | 9,698 | | | | | | 1,139,418 | | |
| Bosideng International Holdings Limited | | | | | 558,000 | | | | | | 276,516 | | |
| BYD Company Ltd. | | | | | 47,400 | | | | | | 1,173,844 | | |
| Centre Testing International Group Co., Ltd. | | | | | 212,200 | | | | | | 608,962 | | |
| China Huishan Dairy Holdings Co., Ltd. * (a) | | | | | 208,000 | | | | | | — | | |
| China Longyuan Power Group H | | | | | 644,000 | | | | | | 808,087 | | |
| China Merchants Bank Co., Ltd. - H Shares | | | | | 53,500 | | | | | | 248,761 | | |
| China Yangtze Power Co., Ltd. | | | | | 218,700 | | | | | | 701,325 | | |
| Chongqing Brewery Co., Ltd. | | | | | 49,500 | | | | | | 783,210 | | |
| Contemporary Amperex Technology Company, Ltd. | | | | | 8,900 | | | | | | 503,148 | | |
| Country Garden Services Holdings Company, Ltd. | | | | | 24,500 | | | | | | 36,079 | | |
| East Money Information Co., Ltd. | | | | | 126,000 | | | | | | 313,081 | | |
| Hanergy Mobile Energy Holding Group * (a) | | | | | 36,000 | | | | | | — | | |
| Inner Mongolia Yili Industrial Group Co., Ltd. | | | | | 12,500 | | | | | | 58,135 | | |
| JD.com Inc. (a)(b) | | | | | 630 | | | | | | 31,689 | | |
| JD.com, Inc. | | | | | 59,500 | | | | | | 1,505,331 | | |
| Jiumaojiu International Holdings Ltd. | | | | | 129,000 | | | | | | 211,661 | | |
| LONGi Green Energy Technology | | | | | 39,600 | | | | | | 267,548 | | |
| Luzhou Laojiao Co. Ltd. | | | | | 16,800 | | | | | | 546,464 | | |
| | | | Shares | | | Value | | ||||||
| CHINA (continued) | | ||||||||||||
| Pinduoduo Inc. (a)(b) | | | | | 14,300 | | | | | $ | 894,894 | | |
| Ping An Insurance Group H Share | | | | | 65,000 | | | | | | 324,590 | | |
| Shenzhen Inovance Technology Co., Ltd. | | | | | 69,100 | | | | | | 560,405 | | |
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd. | | | | | 5,000 | | | | | | 210,825 | | |
| Tencent Holdings Limited | | | | | 36,100 | | | | | | 1,225,116 | | |
| Trip.com Group Limited (a)(b) | | | | | 29,600 | | | | | | 808,376 | | |
| Wuxi Lead Intelligent Equipment Co., Ltd. | | | | | 85,700 | | | | | | 571,761 | | |
| Yadea Group Holdings Ltd. | | | | | 72,000 | | | | | | 115,569 | | |
| Yunnan Botanee Bio-Technology Group Co., Ltd. | | | | | 29,200 | | | | | | 708,382 | | |
| Yunnan Energy Investment Co., Ltd. | | | | | 19,300 | | | | | | 473,900 | | |
| | | | | | 18,151,154 | | | ||||||
| DENMARK — 0.5% | | ||||||||||||
| Novo Nordisk A/S | | | | | 3,334 | | | | | | 334,459 | | |
| FRANCE — 1.8% | | ||||||||||||
| LVMH Moet Hennessy Louis Vuitton SE | | | | | 1,080 | | | | | | 645,800 | | |
| Teleperformance SE | | | | | 2,508 | | | | | | 641,004 | | |
| | | | | | 1,286,804 | | | ||||||
| GREECE — 0.5% | | ||||||||||||
| Greek Organisation of Football Prognostics S.A. | | | | | 28,995 | | | | | | 348,803 | | |
| HONG KONG — 1.6% | | ||||||||||||
| AIA Group Ltd. | | | | | 127,200 | | | | | | 1,060,553 | | |
| SITC International Holdings Company Ltd. | | | | | 18,000 | | | | | | 33,295 | | |
| | | | | | 1,093,848 | | | ||||||
| INDIA — 10.9% | | ||||||||||||
| Apollo Hospitals Enterprise Limited | | | | | 4,269 | | | | | | 230,024 | | |
| Bajaj Finserv Limited | | | | | 9,425 | | | | | | 849,887 | | |
| Bharat Electronics Limited | | | | | 318,863 | | | | | | 395,682 | | |
| Bharti Airtel Ltd. | | | | | 153,766 | | | | | | 1,511,929 | | |
| HDFC Bank Ltd. | | | | | 57,345 | | | | | | 1,001,918 | | |
| Hindustan Unilever Ltd. | | | | | 39,616 | | | | | | 1,313,102 | | |
| Infosys Limited | | | | | 7,583 | | | | | | 131,752 | | |
| Infosys Limited - SP (b) | | | | | 12,700 | | | | | | 215,519 | | |
| Reliance Industries Ltd. | | | | | 67,296 | | | | | | 1,966,939 | | |
| | | | | | 7,616,752 | | | ||||||
| INDONESIA — 4.5% | | ||||||||||||
| PT Bank Central Asia Tbk | | | | | 2,190,600 | | | | | | 1,229,987 | | |
| PT Bank Mandiri Tbk | | | | | 1,268,100 | | | | | | 784,886 | | |
| | | | |||||||||||
| | | Shares | | | Value | | |||||||
| INDONESIA (continued) | | | | ||||||||||
| PT Sumber Alfaria Trijaya Tbk | | | | | 2,144,000 | | | | | $ | 336,507 | | |
| PT Telekomunikasi Indonesia Persero Tbk | | | | | 2,096,500 | | | | | | 614,046 | | |
| Vale Indonesia Tbk | | | | | 460,200 | | | | | | 193,418 | | |
| | | | | | 3,158,844 | | | ||||||
| JAPAN — 0.1% | | ||||||||||||
| INPEX Corporation | | | | | 7,170 | | | | | | 67,319 | | |
| MALAYSIA — 1.2% | | ||||||||||||
| Petronas Chemicals Group Berhad | | | | | 179,500 | | | | | | 324,780 | | |
| Public Bank Bhd | | | | | 575,200 | | | | | | 524,713 | | |
| | | | | | 849,493 | | | ||||||
| MEXICO — 3.4% | | ||||||||||||
| Grupo Aeroportuario del Pacífico, S.A.B. de C. V. | | | | | 8,900 | | | | | | 112,669 | | |
| Grupo Aeroportuario del Sureste, S. A. B. de C.V. | | | | | 7,215 | | | | | | 142,334 | | |
| Grupo Financiero Banorte SAB de CV | | | | | 134,600 | | | | | | 865,671 | | |
| Grupo Mexico S.A.B. de C.V. Class B | | | | | 35,200 | | | | | | 119,250 | | |
| Wal-Mart de Mexico, S.A.B. de C.V. | | | | | 327,300 | | | | | | 1,152,936 | | |
| | | | | | 2,392,860 | | | ||||||
| NETHERLANDS — 0.1% | | ||||||||||||
| ASML Holding N.V. | | | | | 213 | | | | | | 90,475 | | |
| POLAND — 0.3% | | ||||||||||||
| Dino Polska S.A. (a) | | | | | 3,635 | | | | | | 222,265 | | |
| SINGAPORE — 0.9% | | ||||||||||||
| DBS Group Holdings Ltd. | | | | | 25,700 | | | | | | 598,037 | | |
| SOUTH AFRICA — 2.4% | | ||||||||||||
| Bidvest Group Limited | | | | | 30,123 | | | | | | 329,413 | | |
| Capitec Bank | | | | | 4,360 | | | | | | 376,747 | | |
| Clicks Group Limited | | | | | 21,618 | | | | | | 343,362 | | |
| Shoprite Holdings Ltd. | | | | | 53,497 | | | | | | 645,893 | | |
| | | | | 1,695,415 | | | |||||||
| SOUTH KOREA — 6.2% | | ||||||||||||
| Hana Financial Group, Inc. | | | | | 5,076 | | | | | | 125,774 | | |
| Kia Motors Corporation | | | | | 1,985 | | | | | | 99,756 | | |
| Korea Aerospace Industries, Ltd. | | | | | 5,004 | | | | | | 169,458 | | |
| Naver Corp. | | | | | 531 | | | | | | 71,817 | | |
| Samsung Biologics (a) | | | | | 941 | | | | | | 530,780 | | |
| Samsung Electronics Company Limited | | | | | 45,554 | | | | | | 1,690,723 | | |
| | | | | | | | | | | | | | |
| | | | Shares | | | Value | | ||||||
| SOUTH KOREA (continued) | | | | | | | | | | | | | |
| Samsung SDI Co., Ltd. | | | | | 3,480 | | | | | $ | 1,328,077 | | |
| Shinhan Financial Group Co., Limited | | | | | 11,560 | | | | | | 270,679 | | |
| SK Hynix, Inc. | | | | | 746 | | | | | | 43,330 | | |
| | | | | | 4,330,394 | | | ||||||
| SWITZERLAND — 0.9% | | ||||||||||||
| Nestle S.A. | | | | | 5,523 | | | | | | 600,836 | | |
| TAIWAN — 10.4% | | ||||||||||||
| Airtac International Group | | | | | 9,100 | | | | | | 209,808 | | |
| ASPEED Technology, Inc. | | | | | 1,045 | | | | | | 58,588 | | |
| Chailease Holding Co., Ltd. | | | | | 120,000 | | | | | | 689,785 | | |
| CTBC Financial Holding Co., Ltd. | | | | | 472,000 | | | | | | 295,102 | | |
| Delta Electronics, Inc. | | | | | 115,000 | | | | | | 916,407 | | |
| E Ink Holdings Inc. | | | | | 39,000 | | | | | | 260,418 | | |
| Far EasTone Telecom | | | | | 298,000 | | | | | | 679,555 | | |
| Hon Hai Precision Industry Co. ltd. | | | | | 74,000 | | | | | | 237,740 | | |
| MediaTek, Inc. | | | | | 6,000 | | | | | | 104,129 | | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | | | | | 289,600 | | | | | | 3,849,293 | | |
| | | | | 7,300,825 | | | |||||||
| THAILAND — 3.0% | | ||||||||||||
| Airports of Thailand Public Company Limited (a)(c) | | | | | 109,100 | | | | | | 209,696 | | |
| Bangkok Dusit Medical Services (c) | | | | | 580,000 | | | | | | 453,606 | | |
| Bumrungrad International Hospital (c) | | | | | 115,200 | | | | | | 693,277 | | |
| Kasikornbank PCL (c) | | | | | 64,200 | | | | | | 245,090 | | |
| PTT Exploration & Production PCL (c) | | | | | 109,500 | | | | | | 465,926 | | |
| | | | | 2,067,595 | | | |||||||
| UNITED ARAB EMIRATES — 1.7% | | ||||||||||||
| Dubai Islamic Bank | | | | | 83,808 | | | | | | 136,444 | | |
| Emaar Properties PJSC | | | | | 260,996 | | | | | | 411,415 | | |
| First Abu Dhabi Bank | | | | | 130,356 | | | | | | 633,840 | | |
| | | | | | 1,181,699 | | | ||||||
| UNITED KINGDOM — 2.8% | | ||||||||||||
| Anglo American plc | | | | | 12,435 | | | | | | 379,727 | | |
| AstraZeneca plc (b) | | | | | 3,200 | | | | | | 175,488 | | |
| BAE Systems plc | | | | | 43,504 | | | | | | 383,562 | | |
| Diageo plc | | | | | 12,017 | | | | | | 509,428 | | |
| Reckitt Benckiser Group plc | | | | | 6,483 | | | | | | 432,490 | | |
| Shell plc | | | | | 3,026 | | | | | | 75,886 | | |
| | | | | | 1,956,581 | | | ||||||
|
| | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| UNITED STATES — 3.8% | | ||||||||||||
| Danaher Corporation | | | | | 550 | | | | | $ | 142,059 | | |
| Estee Lauder Companies, Inc. (The) | | | | | 1,742 | | | | | | 376,098 | | |
| Globant S.A. (a) | | | | | 1,018 | | | | | | 190,447 | | |
| Mercado Libre, Inc. (a) | | | | | 1,114 | | | | | | 922,147 | | |
| Microsoft Corporation | | | | | 2,912 | | | | | | 678,205 | | |
| Samsonite International S.A. (a) | | | | | 130,900 | | | | | | 317,166 | | |
| | | | | 2,626,122 | | | |||||||
| | |||||||||||||
| URUGUAY — 0.1% | | ||||||||||||
| dLocal Ltd. (a) | | | | | 2,700 | | | | | | 55,404 | | |
| | | | | | | | | | | | | | |
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $ 78,218,915) | | | | | | | | | | | 64,419,722 | | |
| Preferred Stock — 0.4% | | ||||||||||||
| SOUTH KOREA — 0.4% | | ||||||||||||
| Samsung Electronics Co., Ltd. | | | | | 9,006 | | | | | | 295,227 | | |
| (Cost $ 352,919) | | | | | | | | ||||||
| P-Notes — 2.5% | | ||||||||||||
| SAUDI ARABIA — 2.5% | | ||||||||||||
| Alinma Bank SJSC | | | | | 127,685 | | | | | | 1,230,092 | | |
| ARAMCO AB | | | | | 32,475 | | | | | | 309,399 | | |
| Saudi Telecom Co. | | | | | 23,220 | | | | | | 241,927 | | |
| (Cost $ 1,964,282) | | | | | 1,781,418 | | | ||||||
| Rights — 0.0% | | ||||||||||||
| BRAZIL — 0.0% | | ||||||||||||
| Localiza Rent a Car S.A. | | | | | 240 | | | | | | 488 | | |
| (Cost $0) | | | |||||||||||
| Exchange Traded Funds — 2.6% | | ||||||||||||
| UNITED STATES — 2.6% | | ||||||||||||
| iShares Core MSCI Emerging Markets ETF | | | | | 41,800 | | | | | | 1,796,564 | | |
| (Cost $ 2,038,394) | | | | | | | |
| | | Par Value | | | Value | | ||||||
Money Market - 1.4% | | | | | | | | | | | | | |
UMB Money Market Special II, 3.00% (d) (Cost $ 1,094,423) | | | | $ | 1,094,423 | | | | | $ | 1,094,423 | | |
TOTAL INVESTMENTS 99.2% (Cost $ 83,668,933) | | | | | | | | | | | 69,387,842 | | |
OTHER ASSETS & LIABILITIES (Net)—0.8% | | | | | | | | | | | 456,973 | | |
NET ASSETS—100% | | | | | | | | | | $ | 69,844,815 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 1,098,942 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (16,354,954) | | |
| Net unrealized appreciation / (depreciation) | | | | $ | (15,256,012) | | |
![[MISSING IMAGE: v5mdho7ckjgn2qoklue0nfqvjber.jpg]](https://capedge.com/proxy/N-CSRS/0001104659-22-124821/v5mdho7ckjgn2qoklue0nfqvjber.jpg)
| Common Stock — 98.9% | | ||||||||||||
| | | Shares | | | Value | | |||||||
| BELGIUM — 3.1% | | ||||||||||||
| D’Ieteren S.A. | | | | | 294,853 | | | | | $ | 41,969,182 | | |
| Solvay S.A. | | | | | 654,418 | | | | | | 51,055,887 | | |
| | | | | 93,025,069 | | | |||||||
| CANADA — 9.7% | | ||||||||||||
| Lundin Mining Corporation | | | | | 10,180,800 | | | | | | 51,715,293 | | |
| Magna International Inc. | | | | | 1,198,144 | | | | | | 57,138,765 | | |
| Methanex Corporation | | | | | 2,032,493 | | | | | | 65,082,375 | | |
| OpenText Corporation | | | | | 1,721,000 | | | | | | 45,727,174 | | |
| Toronto-Dominion Bank | | | | | 1,209,335 | | | | | | 74,561,430 | | |
| | | | | | 294,225,037 | | | ||||||
| CHILE — 1.5% | | ||||||||||||
| Antofagasta plc | | | | | 3,607,800 | | | | | | 44,926,333 | | |
| CHINA — 1.3% | | ||||||||||||
| Weichai Power Company Limited | | | | | 40,628,000 | | | | | | 38,558,275 | | |
| COLOMBIA — 1.5% | | ||||||||||||
| Bancolombia S.A. (a) | | | | | 582,619 | | | | | | 14,198,425 | | |
| Bancolombia S.A. | | | | | 4,397,800 | | | | | | 29,771,753 | | |
| | | | | | 43,970,178 | | | ||||||
| FRANCE — 7.4% | | ||||||||||||
| Ipsos | | | | | 919,480 | | | | | | 41,344,173 | | |
| Michelin (CGDE) | | | | | 2,202,800 | | | | | | 49,966,530 | | |
| Publicis Groupe | | | | | 1,614,147 | | | | | | 77,323,460 | | |
| Vinci SA | | | | | 677,398 | | | | | | 55,191,214 | | |
| | | | | | 223,825,377 | | | ||||||
| GERMANY — 10.2% | | ||||||||||||
| BASF SE | | | | | 1,056,500 | | | | | | 40,984,914 | | |
| Deutsche Telekom AG | | | | | 4,018,877 | | | | | | 68,865,788 | | |
| flatexDEGIRO AG (b) | | | | | 2,050,700 | | | | | | 18,534,246 | | |
| Hannover Rueck SE | | | | | 447,800 | | | | | | 67,643,770 | | |
| HeidelbergCement AG | | | | | 1,086,100 | | | | | | 43,463,151 | | |
| Muenchener Rueckversicherungs-Gesellschaft | | | | | 283,730 | | | | | | 68,792,295 | | |
| | | | | | 308,284,164 | | | ||||||
| GREECE — 0.5% | | ||||||||||||
| Jumbo S.A. | | | | | 1,167,804 | | | | | | 15,615,718 | | |
| IRELAND — 4.1% | | ||||||||||||
| Greencore Group plc (b) | | | | | 19,767,301 | | | | | | 15,932,118 | | |
| | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| IRELAND (continued) | | ||||||||||||
| Jazz Pharmaceuticals plc (b) | | | | | 569,000 | | | | | $ | 75,842,010 | | |
| Smurfit Kappa | | | | | 1,145,446 | | | | | | 32,911,375 | | |
| | | | | | 124,685,503 | | | ||||||
| ITALY — 0.3% | | ||||||||||||
| Trevi-Finanziaria Industriale SpA (b) | | | | | 16,792,356 | | | | | | 8,225,096 | | |
| JAPAN — 15.4% | | ||||||||||||
| Asahi Group Holdings Ltd. | | | | | 1,614,000 | | | | | | 49,999,489 | | |
| Brother Industries, Ltd. | | | | | 4,160,500 | | | | | | 71,600,439 | | |
| Daicel Corporation | | | | | 6,314,700 | | | | | | 37,126,047 | | |
| Daito Trust Construction Company, Ltd. | | | | | 608,900 | | | | | | 57,085,032 | | |
| Honda Motor Company, Ltd. | | | | | 2,637,300 | | | | | | 57,157,139 | | |
| KDDI Corporation | | | | | 2,459,300 | | | | | | 72,090,987 | | |
| Marubeni Corporation | | | | | 8,227,100 | | | | | | 72,071,317 | | |
| Sony Group Corporation | | | | | 746,600 | | | | | | 47,897,527 | | |
| | | | | | 465,027,977 | | | ||||||
| NORWAY — 6.4% | | ||||||||||||
| DNB Bank ASA | | | | | 4,146,330 | | | | | | 65,767,955 | | |
| SpareBank 1 SR-Bank ASA | | | | | 6,205,787 | | | | | | 58,086,891 | | |
| Sparebanken Vest | | | | | 2,183,075 | | | | | | 16,387,136 | | |
| Yara International ASA | | | | | 1,540,800 | | | | | | 54,195,869 | | |
| | | | | | 194,437,851 | | | ||||||
| PUERTO RICO — 3.2% | | ||||||||||||
| Popular, Inc. | | | | | 1,324,850 | | | | | | 95,468,691 | | |
| RUSSIA — 0.0% | | ||||||||||||
| ALROSA Company PJSC * | | | | | 41,136,300 | | | | | | 6,730 | | |
| SINGAPORE — 1.8% | | ||||||||||||
| United Overseas Bank Limited | | | | | 3,030,147 | | | | | | 55,243,324 | | |
| SOUTH KOREA — 10.2% | | ||||||||||||
| Hyundai Mobis Company, Limited | | | | | 395,500 | | | | | | 52,799,678 | | |
| Kia Motors Corporation | | | | | 1,241,100 | | | | | | 62,371,629 | | |
| LG Electronics Inc. | | | | | 182,600 | | | | | | 10,031,705 | | |
| LG Uplus Corporation | | | | | 6,664,473 | | | | | | 50,075,547 | | |
| Samsung Electronics Company Limited | | | | | 1,220,384 | | | | | | 45,294,185 | | |
| Shinhan Financial Group Co., Limited | | | | | 1,725,400 | | | | | | 40,400,433 | | |
| SK Hynix, Inc. | | | | | 833,500 | | | | | | 48,412,560 | | |
| | | | | | 309,385,737 | | | ||||||
|
| | | | Shares | | | Value | | ||||||
| SWEDEN — 3.7% | | ||||||||||||
| Duni AB (b) | | | | | 1,566,400 | | | | | $ | 8,962,956 | | |
| Loomis AB, Class B | | | | | 1,555,483 | | | | | | 38,433,290 | | |
| SWEDEN (continued) | | ||||||||||||
| SKF AB-B | | | | | 4,696,800 | | | | | | 63,590,376 | | |
| | | | | | 110,986,622 | | | ||||||
| SWITZERLAND — 2.2% | | ||||||||||||
| Novartis AG | | | | | 846,850 | | | | | | 64,982,811 | | |
| TAIWAN — 1.6% | | ||||||||||||
| Catcher Technology Company, Limited | | | | | 8,670,000 | | | | | | 47,106,208 | | |
| THAILAND — 0.6% | | ||||||||||||
| TISCO Financial Group | | | | | 7,722,600 | | | | | | 18,989,161 | | |
| UNITED KINGDOM — 14.2% | | ||||||||||||
| Amcor plc | | | | | 6,071,300 | | | | | | 65,145,049 | | |
| Babcock International Group plc (b) | | | | | 11,248,652 | | | | | | 34,984,086 | | |
| Bellway plc | | | | | 2,187,273 | | | | | | 41,582,116 | | |
| Inchcape plc | | | | | 5,733,768 | | | | | | 43,684,937 | | |
| Linde plc | | | | | 255,844 | | | | | | 68,972,984 | | |
| Mondi plc | | | | | 3,819,587 | | | | | | 59,627,849 | | |
| Next plc | | | | | 877,750 | | | | | | 47,042,618 | | |
| Nomad Foods Limited (b) | | | | | 2,085,600 | | | | | | 29,615,520 | | |
| Taylor Wimpey plc | | | | | 39,324,097 | | | | | | 38,762,199 | | |
| | | | | | 429,417,358 | | | ||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $3,643,550,384) | | | | | | | | | | | 2,986,393,220 | | |
| WARRANTS — 0.0% | | ||||||||||||
| ITALY — 0.0% | | ||||||||||||
| Trevi-Finanziaria Industriale SpA (b) | | | | | 76,022 | | | | | | 94,581 | | |
| (Cost $7,585,702) | | | | | | | | | | | | | |
| | | Par Value | | | Value | | ||||||
Money Market—0.4% | | | | | | | | | | | | | |
UMB Money Market Special II, 3.00% (c) (Cost $11,646,835) | | | | $ | 11,646,835 | | | | | $ | 11,646,835 | | |
TOTAL INVESTMENTS—99.3% (Cost $3,662,782,921) | | | | | | | | | | | 2,998,134,636 | | |
OTHER ASSETS & LIABILITIES (NET)—0.7% | | | | | | | | | | | 22,696,938 | | |
NET ASSETS—100% | | | | | | | | | | $ | 3,020,831,574 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 231,055,787 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (917,043,925) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | (685,988,138) | | |
![[MISSING IMAGE: askrvn660nuh5si81f2aam6obm6c.jpg]](https://capedge.com/proxy/N-CSRS/0001104659-22-124821/askrvn660nuh5si81f2aam6obm6c.jpg)
| Common Stock — 97.1% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| BELGIUM — 2.6% | | ||||||||||||
| D’Ieteren S.A. | | | | | 158,955 | | | | | $ | 22,625,550 | | |
| BRAZIL — 3.1% | | ||||||||||||
| Equatorial Energia S.A. | | | | | 5,541,585 | | | | | | 27,559,880 | | |
| CANADA — 4.4% | | ||||||||||||
| Aecon Group Inc. | | | | | 1,994,000 | | | | | | 13,814,773 | | |
| EQB Inc. | | | | | 359,400 | | | | | | 12,146,522 | | |
| goeasy Ltd. | | | | | 164,300 | | | | | | 12,856,077 | | |
| | | | | | 38,817,372 | | | ||||||
| CHINA — 0.7% | | ||||||||||||
| Xinhua Winshare Publishing and Media Co., Limited | | | | | 9,164,500 | | | | | | 5,825,661 | | |
| COLUMBIA — 1.6% | | ||||||||||||
| Tecnoglass, Inc. | | | | | 676,164 | | | | | | 14,192,682 | | |
| DENMARK — 3.4% | | ||||||||||||
| DFDS A/S | | | | | 374,399 | | | | | | 9,762,126 | | |
| Ringkjoebing Landbobank A/S | | | | | 187,400 | | | | | | 19,925,401 | | |
| | | | | 29,687,527 | | | |||||||
| FRANCE — 2.1% | | ||||||||||||
| Elis S.A. | | | | | 1,844,338 | | | | | | 18,772,210 | | |
| GERMANY — 0.4% | | ||||||||||||
| Sixt SE (a) | | | | | 48,425 | | | | | | 3,892,311 | | |
| GREECE — 2.2% | | ||||||||||||
| Jumbo S.A. | | | | | 1,431,529 | | | | | | 19,142,213 | | |
| HONG KONG — 1.9% | | ||||||||||||
| Samson Holding Limited | | | | | 74,790,800 | | | | | | 3,429,940 | | |
| VSTECS Holdings Limited | | | | | 8,587,360 | | | | | | 4,813,359 | | |
| VTech Holdings Limited | | | | | 1,533,700 | | | | | | 8,801,792 | | |
| | | | | | 17,045,091 | | | ||||||
| INDONESIA — 1.4% | | ||||||||||||
| PT. Pakuwon Jati Tbk | | | | | 415,457,800 | | | | | | 12,332,092 | | |
| IRELAND — 5.0% | | ||||||||||||
| C & C Group plc (a) | | | | | 8,194,045 | | | | | | 13,757,361 | | |
| Glanbia plc | | | | | 1,608,400 | | | | | | 18,560,886 | | |
| Greencore Group plc (a) | | | | | 15,220,000 | | | | | | 12,267,069 | | |
| | | | | 44,585,316 | | |
| | | | | | | | | | | | | | |
| | | | Shares | | | Value | | ||||||
| ITALY — 1.6% | | ||||||||||||
| De’Longhi SpA | | | | | 981,136 | | | | | $ | 14,484,443 | | |
| JAPAN — 16.6% | | ||||||||||||
| Daicel Corporation | | | | | 2,707,700 | | | | | | 15,919,394 | | |
| Dowa Holdings Co., Limited | | | | | 500,800 | | | | | | 17,956,765 | | |
| Kanematsu Corporation | | | | | 1,693,100 | | | | | | 16,691,794 | | |
| Kyudenko Corporation | | | | | 557,000 | | | | | | 10,582,404 | | |
| Mizuho Leasing Company, Limited | | | | | 404,800 | | | | | | 8,711,541 | | |
| Open House Group Co., Limited | | | | | 575,100 | | | | | | 19,448,786 | | |
| Prima Meat Packers Limited | | | | | 1,033,300 | | | | | | 14,920,011 | | |
| Sankyu Inc. | | | | | 464,000 | | | | | | 13,463,677 | | |
| Sanwa Holdings Corporation | | | | | 2,387,200 | | | | | | 20,516,611 | | |
| Tsubakimoto Chain Co., Limited | | | | | 403,300 | | | | | | 8,512,083 | | |
| | | | | 146,723,066 | | | |||||||
| NETHERLANDS — 1.7% | | ||||||||||||
| Intertrust N.V. (a) | | | | | 763,500 | | | | | | 14,614,802 | | |
| NORWAY — 4.0% | | ||||||||||||
| SpareBank Nord-Norge | | | | | 735,389 | | | | | | 5,506,661 | | |
| SpareBank 1 Oestlandet | | | | | 568,688 | | | | | | 5,594,354 | | |
| Sparebank 1 SMN | | | | | 961,828 | | | | | | 9,832,494 | | |
| SpareBank 1 SR-Bank ASA | | | | | 931,626 | | | | | | 8,720,128 | | |
| Sparebanken Vest | | | | | 788,092 | | | | | | 5,915,770 | | |
| | | | | 35,569,407 | | | |||||||
| PORTUGAL — 1.7% | | ||||||||||||
| Redes Energéticas Nacionais, SGPS, S.A. | | | | | 6,530,905 | | | | | | 15,450,760 | | |
| SINGAPORE — 4.3% | | ||||||||||||
| AEM Holdings Limited | | | | | 7,160,200 | | | | | | 19,960,137 | | |
| Venture Corporation, Limited | | | | | 1,567,200 | | | | | | 17,944,871 | | |
| | | | | | 37,905,008 | | | ||||||
| SOUTH KOREA — 2.6% | | ||||||||||||
| ENF Technology Co., Limited | | | | | 692,686 | | | | | | 10,675,701 | | |
| Fila Holdings Corporation | | | | | 221,700 | | | | | | 4,850,220 | | |
| Nature Holding Co., Limited (The) | | | | | 436,302 | | | | | | 7,501,943 | | |
| | | | | | 23,027,864 | | | ||||||
| SWEDEN — 5.0% | | ||||||||||||
| Cloetta AB, Class B | | | | | 3,732,700 | | | | | | 5,923,212 | | |
| Duni AB (a) | | | | | 485,645 | | | | | | 2,778,865 | | |
| | | | Shares | | | Value | | ||||||
| SWEDEN (continued) | | ||||||||||||
| Hexpol AB | | | | | 2,231,100 | | | | | $ | 18,476,061 | | |
| Loomis AB, Class B | | | | | 706,161 | | | | | | 17,448,015 | | |
| | | | | | 44,626,153 | | | ||||||
| TAIWAN — 9.5% | | ||||||||||||
| BizLink Holding, Inc. | | | | | 2,644,000 | | | | | | 23,359,539 | | |
| Elite Material Co., Limited | | | | | 2,855,600 | | | | | | 14,390,878 | | |
| Kings Town Bank | | | | | 8,467,500 | | | | | | 8,987,834 | | |
| Primax Electronics Limited | | | | | 6,499,800 | | | | | | 13,061,427 | | |
| Sercomm Corporation | | | | | 1,542,000 | | | | | | 3,827,195 | | |
| Taiwan Union Technology Corporation | | | | | 4,169,900 | | | | | | 5,884,013 | | |
| Tripod Technology Corporation | | | | | 5,131,300 | | | | | | 15,095,386 | | |
| | | | | 84,606,272 | | | |||||||
| THAILAND — 4.3% | | ||||||||||||
| Thanachart Capital PCL | | | | | 18,690,500 | | | | | | 19,200,872 | | |
| TISCO Financial Group | | | | | 7,836,500 | | | | | | 19,269,231 | | |
| | | | | | 38,470,103 | | | ||||||
| UNITED KINGDOM — 17.0% | | ||||||||||||
| Crest Nicholson Holdings plc | | | | | 2,611,400 | | | | | | 5,340,572 | | |
| Future plc | | | | | 1,333,000 | | | | | | 19,642,331 | | |
| Halfords Group plc | | | | | 3,786,126 | | | | | | 5,570,567 | | |
| Inchcape plc | | | | | 2,368,269 | | | | | | 18,043,577 | | |
| Keller Group plc | | | | | 457,639 | | | | | | 3,218,493 | | |
| Lancashire Holdings Limited | | | | | 3,189,230 | | | | | | 17,694,210 | | |
| National Express Group plc (a) | | | | | 6,402,700 | | | | | | 12,057,775 | | |
| Nomad Foods Limited (a) | | | | | 1,261,800 | | | | | | 17,917,560 | | |
| OSB Group PLC | | | | | 3,172,817 | | | | | | 14,890,068 | | |
| QinetiQ | | | | | 6,120,800 | | | | | | 22,548,158 | | |
| Vistry Group plc | | | | | 2,125,871 | | | | | | 13,977,875 | | |
| | | | | | 150,901,186 | | | ||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $1,089,908,134) | | | | | | | | | | | 860,856,969 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—2.3% | | | | | | | | | | | | | |
UMB Money Market Special II, 3.00% (b) | | | | $ | 20,725,084 | | | | | $ | 20,725,084 | | |
(Cost $20,725,084) | | | | | | | | | | | | | |
TOTAL INVESTMENTS—99.4% (Cost $1,110,633,218) | | | | | | | | | | | 881,582,053 | | |
OTHER ASSETS & LIABILITIES (NET)—0.6% | | | | | | | | | | | 4,732,442 | | |
NET ASSETS—100% | | | | | | | | | | $ | 886,314,495 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 52,785,264 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (289,897,804) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | (237,112,540) | | |
![[MISSING IMAGE: sk6umeh689549331iiojkqe0n73r.jpg]](https://capedge.com/proxy/N-CSRS/0001104659-22-124821/sk6umeh689549331iiojkqe0n73r.jpg)
| Common Stock — 94.9% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| AUSTRALIA — 6.2% | | ||||||||||||
| Accent Group Limited | | | | | 332,200 | | | | | $ | 273,398 | | |
| Collins Foods Limited | | | | | 73,176 | | | | | | 410,742 | | |
| HANSEN Technologies | | | | | 101,506 | | | | | | 290,427 | | |
| Macquarie Group Limited | | | | | 2,666 | | | | | | 261,818 | | |
| | | | | | 1,236,385 | | | ||||||
| BELGIUM — 2.1% | | ||||||||||||
| D’Ieteren S.A. | | | | | 2,900 | | | | | | 412,784 | | |
| BRAZIL — 1.7% | | ||||||||||||
| Equatorial Energia S.A. | | | | | 68,800 | | | | | | 342,162 | | |
| CANADA — 7.5% | | ||||||||||||
| Alimentation Couche-Tard Inc. | | | | | 9,700 | | | | | | 392,560 | | |
| Enghouse Systems Limited | | | | | 14,000 | | | | | | 295,466 | | |
| EQB Inc. | | | | | 7,200 | | | | | | 243,336 | | |
| goeasy Ltd. | | | | | 3,455 | | | | | | 270,346 | | |
| OpenText Corporation | | | | | 11,200 | | | | | | 297,585 | | |
| | | | | | 1,499,293 | | | ||||||
| CHINA — 6.4% | | ||||||||||||
| Alibaba Group Holding Ltd. (a) | | | | | 33,100 | | | | | | 328,685 | | |
| Midea Group Co., Ltd. | | | | | 42,700 | | | | | | 296,923 | | |
| Zhejiang Supor Co. | | | | | 51,200 | | | | | | 333,069 | | |
| Zhongsheng Group Holdings | | | | | 83,500 | | | | | | 333,472 | | |
| | | | | | 1,292,149 | | | ||||||
| DENMARK — 1.4% | | ||||||||||||
| DFDS A/S | | | | | 11,000 | | | | | | 286,815 | | |
| FRANCE — 5.5% | | ||||||||||||
| Alten S.A. | | | | | 2,700 | | | | | | 300,735 | | |
| LVMH Moet Hennessy Louis Vuitton SE | | | | | 395 | | | | | | 236,195 | | |
| Neurones S.A. | | | | | 9,600 | | | | | | 299,059 | | |
| SEB SA | | | | | 4,300 | | | | | | 272,541 | | |
| | | | | | 1,108,530 | | | ||||||
| GERMANY — 1.6% | | ||||||||||||
| VIB Vermögen AG | | | | | 15,209 | | | | | | 318,096 | | |
| GREECE — 1.5% | | ||||||||||||
| Jumbo S.A. | | | | | 21,771 | | | | | | 291,119 | | |
| INDIA — 1.5% | | ||||||||||||
| Muthoot Finance Ltd. | | | | | 24,200 | | | | | | 309,389 | | |
| | | | Shares | | | Value | | ||||||
| INDONESIA — 1.1% | | ||||||||||||
| PT Bank Rakyat Indonesia Tbk (a) | | | | | 756,545 | | | | | $ | 223,076 | | |
| ITALY — 5.5% | | ||||||||||||
| De’Longhi SpA | | | | | 18,300 | | | | | | 270,161 | | |
| Interpump Group S.p.A. | | | | | 9,400 | | | | | | 307,747 | | |
| SeSa S.p.A. | | | | | 1,900 | | | | | | 208,278 | | |
| SOL SpA | | | | | 20,100 | | | | | | 309,140 | | |
| | | | | | 1,095,326 | | | ||||||
| JAPAN — 9.3% | | ||||||||||||
| BeNEXT Group, Inc. | | | | | 18,900 | | | | | | 209,833 | | |
| FULLCAST HOLDINGS Co., Ltd. | | | | | 17,900 | | | | | | 316,584 | | |
| JAC Recruitment Co., Ltd. | | | | | 21,700 | | | | | | 332,220 | | |
| NEXTAGE Co., Ltd. | | | | | 17,900 | | | | | | 388,311 | | |
| Open House Group Co., Ltd. | | | | | 9,100 | | | | | | 307,745 | | |
| Sanwa Holdings Corporation | | | | | 36,600 | | | | | | 314,556 | | |
| | | | | | 1,869,249 | | | ||||||
| KENYA — 1.2% | | ||||||||||||
| Safaricom PLC | | | | | 1,212,700 | | | | | | 250,574 | | |
| MALAYSIA — 2.5% | | ||||||||||||
| Public Bank Bhd | | | | | 221,700 | | | | | | 202,241 | | |
| Scientex Berhad | | | | | 403,500 | | | | | | 301,950 | | |
| | | | | | 504,191 | | | ||||||
| MEXICO — 3.1% | | ||||||||||||
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - B | | | | | 32,300 | | | | | | 203,558 | | |
| Grupo Aeroportuario del Pacífico, S.A.B. de C. V. | | | | | 16,500 | | | | | | 208,881 | | |
| Grupo Aeroportuario del Sureste, S. A. B. de C.V. | | | | | 11,100 | | | | | | 218,975 | | |
| | | | | | 631,414 | | | ||||||
| NORWAY — 1.9% | | ||||||||||||
| Sparebanken Vest | | | | | 50,400 | | | | | | 378,325 | | |
| PERU — 1.1% | | ||||||||||||
| Credicorp Ltd. | | | | | 1,800 | | | | | | 221,040 | | |
| SINGAPORE — 1.6% | | ||||||||||||
| United Overseas Bank Limited | | | | | 17,100 | | | | | | 311,754 | | |
|
| | | | Shares | | | Value | | ||||||
| SOUTH AFRICA — 2.5% | | ||||||||||||
| AVI Limited | | | | | 76,900 | | | | | $ | 311,494 | | |
| FirstRand Limited | | | | | 53,600 | | | | | | 181,147 | | |
| | | | | | 492,641 | | | ||||||
| SOUTH KOREA — 2.8% | | ||||||||||||
| Hansol Chemical Co., Ltd. | | | | | 2,300 | | | | | | 273,293 | | |
| Samsung Electronics Company Limited | | | | | 7,898 | | | | | | 293,132 | | |
| | | | | | 566,425 | | | ||||||
| SWEDEN — 4.5% | | ||||||||||||
| Bravida Holding AB | | | | | 49,600 | | | | | | 409,851 | | |
| Hexpol AB | | | | | 34,100 | | | | | | 282,387 | | |
| Knowit AB | | | | | 10,200 | | | | | | 205,333 | | |
| | | | | | 897,571 | | | ||||||
| TAIWAN — 7.8% | | ||||||||||||
| BizLink Holding, Inc. | | | | | 21,400 | | | | | | 189,067 | | |
| Chailease Holding Co., Ltd. | | | | | 32,617 | | | | | | 187,489 | | |
| Elite Material Co., Limited | | | | | 43,000 | | | | | | 216,700 | | |
| POYA International Co., Ltd. | | | | | 15,752 | | | | | | 195,232 | | |
| SINBON Electronics Co., Ltd. | | | | | 25,300 | | | | | | 211,172 | | |
| Thinking Electronic Industrial Co., Ltd. | | | | | 50,000 | | | | | | 183,470 | | |
| Tripod Technology Corporation | | | | | 69,986 | | | | | | 205,887 | | |
| Yageo Corporation | | | | | 22,000 | | | | | | 186,400 | | |
| | | | | | 1,575,417 | | | ||||||
| THAILAND — 2.9% | | ||||||||||||
| Muangthai Capital Public Company Limited | | | | | 290,900 | | | | | | 279,563 | | |
| TISCO Financial Group | | | | | 127,700 | | | | | | 314,003 | | |
| | | | | | 593,566 | | | ||||||
| UNITED KINGDOM — 10.2% | | ||||||||||||
| Future plc | | | | | 20,800 | | | | | | 306,497 | | |
| Games Workshop Group PLC | | | | | 4,545 | | | | | | 294,019 | | |
| Greggs plc | | | | | 12,800 | | | | | | 244,626 | | |
| Howden Joinery Group plc | | | | | 40,400 | | | | | | 227,842 | | |
| Marshall Machinery Inc. | | | | | 66,100 | | | | | | 215,906 | | |
| Next Fifteen Communications Group plc | | | | | 25,953 | | | | | | 225,981 | | |
| OSB Group PLC | | | | | 57,600 | | | | | | 270,317 | | |
| SSP Group plc | | | | | 129,800 | | | | | | 275,090 | | |
| | | | | | 2,060,278 | | | ||||||
|
| | | | Shares | | | Value | | ||||||
| UNITED STATES — 1.5% | | ||||||||||||
| Euronet Worldwide, Inc. (a) | | | | | 4,100 | | | | | $ | 310,616 | | |
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $22,305,792) | | | | | | | | | | | 19,078,185 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—5.0% | | ||||||||||||
UMB Money Market Special II, 3.00% (b) | | | | $ | 1,003,960 | | | | | $ | 1,003,960 | | |
(Cost $1,003,960) | | | | | | | | | | | | | |
TOTAL INVESTMENTS—99.9% | | | | | | | | | | | | | |
(Cost $23,309,752) | | | | | | | | | | | 20,082,145 | | |
OTHER ASSETS & LIABILITIES (Net)—0.1% | | | | | | | | | | | 29,636 | | |
NET ASSETS—100% | | | | | | | | | | $ | 20,111,781 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 1,067,552 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (4,355,593) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | (3,288,041) | | |
![[MISSING IMAGE: smsj5q7b0o5b2r922hndev2rsaj9.jpg]](https://capedge.com/proxy/N-CSRS/0001104659-22-124821/smsj5q7b0o5b2r922hndev2rsaj9.jpg)
| | | | Small Cap | | | Quality | | | Environmental Opportunities | | |||||||||
| Assets: | | | | | | | | | | | | | | | | | | | |
| Investments at value | | | | $ | 69,312,631 | | | | | $ | 160,487,557 | | | | | $ | 67,591,018 | | |
| Foreign currency at value (Cost $16,235 for Small Cap, $0 for Quality, $0 for Environmental Opportunities) | | | | | 15,530 | | | | | | — | | | | | | — | | |
| Cash | | | | | — | | | | | | — | | | | | | — | | |
| Dividends and interest receivable | | | | | 40,139 | | | | | | 226,885 | | | | | | 39,656 | | |
| Foreign tax reclaims receivable | | | | | 4,367 | | | | | | 66,790 | | | | | | 27,534 | | |
| Receivable for investments sold | | | | | 553 | | | | | | — | | | | | | — | | |
| Receivable for shares of beneficial interest sold | | | | | 48 | | | | | | 103,386 | | | | | | 4,675 | | |
| Other assets | | | | | 17,327 | | | | | | 10,339 | | | | | | 16,378 | | |
| Total Assets | | | | $ | 69,390,595 | | | | | $ | 160,894,957 | | | | | $ | 67,679,261 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | |
| Payable for investments purchased | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Payable for shares of beneficial interest repurchased | | | | | 24,790 | | | | | | 314,672 | | | | | | 99 | | |
| Payable for compensation of manager (Note 3) | | | | | 46,015 | | | | | | 96,647 | | | | | | 54,215 | | |
| Payable for distribution fees (Note 3) | | | | | 13,348 | | | | | | 22,987 | | | | | | 2,061 | | |
| Payable to custodian | | | | | 1,185 | | | | | | 820 | | | | | | 2,260 | | |
| Payable to transfer agent (Note 3) | | | | | 13,085 | | | | | | 19,804 | | | | | | 4,210 | | |
| Other accrued expenses and liabilities | | | | | — | | | | | | 6,406 | | | | | | 9,623 | | |
| Total Liabilities | | | | $ | 98,423 | | | | | $ | 461,336 | | | | | $ | 72,468 | | |
| Net Assets | | | | $ | 69,292,172 | | | | | $ | 160,433,621 | | | | | $ | 67,606,793 | | |
| | | | | | | | | | | | | | | | | | | | |
| Investments at cost | | | | $ | 65,041,099 | | | | | $ | 164,526,188 | | | | | $ | 76,422,161 | | |
| | | | Small Cap | | | Quality | | | Environmental Opportunities | | |||||||||
| Components of Net Assets: | | | | | | | | | | | | | | | | | | | |
| Shares of beneficial interest | | | | $ | 54,999,395 | | | | | $ | 143,189,284 | | | | | $ | 79,584,365 | | |
| Total distributable earnings (loss) | | | | | 14,292,777 | | | | | | 17,244,337 | | | | | | (11,977,572) | | |
| Net Assets Applicable to Outstanding Shares | | | | $ | 69,292,172 | | | | | $ | 160,433,621 | | | | | $ | 67,606,793 | | |
| Computation of Net Assets: | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 61,716,420 | | | | | $ | 103,678,946 | | | | | $ | 9,226,680 | | |
| Shares Outstanding | | | | | 2,782,665 | | | | | | 6,011,985 | | | | | | 710,232 | | |
| Net asset value and redemption proceeds per share | | | | $ | 22.18 | | | | | $ | 17.25 | | | | | $ | 12.99 | | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 7,575,752 | | | | | $ | 56,754,675 | | | | | $ | 57,148,359 | | |
| Shares outstanding | | | | | 276,378 | | | | | | 2,939,239 | | | | | | 4,342,390 | | |
| Net asset value and redemption proceeds per share | | | | $ | 27.41 | | | | | $ | 19.31 | | | | | $ | 13.16 | | |
| R6 Shares | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | — | | | | | $ | — | | | | | $ | 1,231,754 | | |
| Shares Outstanding | | | | | — | | | | | | — | | | | | | 204,763 | | |
| Net asset value and redemption proceeds per share | | | | $ | — | | | | | $ | — | | | | | $ | 6.02 | | |
| | | | Emerging Markets World Equity | | | Foreign Value | | | Foreign Value Small Cap | | | International Opportunities | | ||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments at value | | | | $ | 69,387,842 | | | | | $ | 2,998,134,636 | | | | | $ | 881,582,053 | | | | | $ | 20,082,145 | | |
| Foreign currency at value (Cost $82,339 for Emerging Markets World Equity, $2,196,807 for Foreign Value $366,924 for Foreign Value Small Cap, and $108,705 for International Opportunities) | | | | | 83,267 | | | | | | 2,203,484 | | | | | | 377,068 | | | | | | 107,814 | | |
| Cash | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Dividends and interest receivable | | | | | 109,406 | | | | | | 10,279,559 | | | | | | 3,534,067 | | | | | | 27,797 | | |
| Foreign tax reclaims receivable | | | | | 9,859 | | | | | | 12,804,431 | | | | | | 2,273,148 | | | | | | 21,774 | | |
| Receivable for investments sold | | | | | 599,956 | | | | | | — | | | | | | — | | | | | | — | | |
| Receivable for shares of beneficial interest sold | | | | | 3,351 | | | | | | 5,192,524 | | | | | | 913,096 | | | | | | 147,099 | | |
| Other assets | | | | | 7,886 | | | | | | 64,055 | | | | | | — | | | | | | — | | |
| Total Assets | | | | $ | 70,201,567 | | | | | $ | 3,028,678,689 | | | | | $ | 888,679,432 | | | | | $ | 20,386,629 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Payable for investments purchased | | | | $ | 249,823 | | | | | $ | — | | | | | $ | — | | | | | $ | 250,975 | | |
| Payable for shares of beneficial interest repurchased | | | | | 95 | | | | | | 4,843,757 | | | | | | 1,463,086 | | | | | | — | | |
| Payable for compensation of manager (Note 3) | | | | | 47,912 | | | | | | 2,456,590 | | | | | | 710,376 | | | | | | 15,858 | | |
| Payable for distribution fees (Note 3) | | | | | 14,072 | | | | | | 68,151 | | | | | | 28,079 | | | | | | 21 | | |
| Payable to custodian | | | | | 31,320 | | | | | | 130,964 | | | | | | 68,519 | | | | | | 6,622 | | |
| Payable to transfer agent (Note 3) | | | | | 12,171 | | | | | | 171,870 | | | | | | 66,205 | | | | | | 663 | | |
| Other accrued expenses and liabilities | | | | | 1,359 | | | | | | 175,783 | | | | | | 28,672 | | | | | | 709 | | |
| Total Liabilities | | | | $ | 356,752 | | | | | $ | 7,847,115 | | | | | $ | 2,364,937 | | | | | $ | 274,848 | | |
| Net Assets | | | | $ | 69,844,815 | | | | | $ | 3,020,831,574 | | | | | $ | 886,314,495 | | | | | $ | 20,111,781 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments at cost | | | | $ | 83,668,933 | | | | | $ | 3,662,782,921 | | | | | $ | 1,110,633,218 | | | | | $ | 23,309,752 | | |
| | | Emerging Markets World Equity | | | Foreign Value | | | Foreign Value Small Cap | | | International Opportunities | | |||||||||||||
| Components of Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares of beneficial interest | | | | $ | 114,458,686 | | | | | $ | 3,750,576,963 | | | | | $ | 1,122,324,072 | | | | | $ | 23,436,565 | | |
| Total distributable earnings (loss) | | | | | (44,613,871) | | | | | | (729,745,389) | | | | | | (236,009,577) | | | | | | (3,324,784) | | |
| Net Assets Applicable to Outstanding Shares | | | | $ | 69,844,815 | | | | | $ | 3,020,831,574 | | | | | $ | 886,314,495 | | | | | $ | 20,111,781 | | |
| Computation of Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 64,190,390 | | | | | $ | 304,792,858 | | | | | $ | 125,376,067 | | | | | $ | 96,274 | | |
| Shares Outstanding | | | | | 3,618,314 | | | | | | 17,977,493 | | | | | | 10,425,622 | | | | | | 10,294 | | |
| Net asset value and redemption proceeds per share | | | | $ | 17.74 | | | | | $ | 16.95 | | | | | $ | 12.03 | | | | | $ | 9.35 | | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 4,755,216 | | | | | $ | 2,181,460,820 | | | | | $ | 553,214,573 | | | | | $ | 2,859,263 | | |
| Shares outstanding | | | | | 263,162 | | | | | | 128,930,102 | | | | | | 45,909,382 | | | | | | 301,703 | | |
| Net asset value and redemption proceeds per share | | | | $ | 18.07 | | | | | $ | 16.92 | | | | | $ | 12.05 | | | | | $ | 9.48 | | |
| R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 899,209 | | | | | $ | 534,577,896 | | | | | $ | 207,723,855 | | | | | $ | 17,156,244 | | |
| Shares Outstanding | | | | | 114,792 | | | | | | 62,441,508 | | | | | | 23,578,130 | | | | | | 1,811,252 | | |
| Net asset value and redemption proceeds per share | | | | $ | 7.83 | | | | | $ | 8.56 | | | | | $ | 8.81 | | | | | $ | 9.47 | | |
| | | | Small Cap | | | Quality | | | Environmental Opportunities | | |||||||||
| Investment Income: | | | | | | | | | | | | | | | | | | | |
| Dividends (a) | | | | $ | 850,205 | | | | | $ | 1,401,445 | | | | | $ | 248,775 | | |
| Interest | | | | | 13,995 | | | | | | 40,691 | | | | | | 64,150 | | |
| Total Investment Income | | | | $ | 864,200 | | | | | $ | 1,442,136 | | | | | $ | 312,925 | | |
| Expenses: | | | | | | | | | | | | | | | | | | | |
| Compensation of manager (Note 3) | | | | | 308,771 | | | | | | 892,436 | | | | | | 353,483 | | |
| Distribution fees, Ordinary Shares (Note 3) | | | | | 86,044 | | | | | | 146,918 | | | | | | 11,860 | | |
| Administrative fees (Note 3) | | | | | 11,691 | | | | | | 26,843 | | | | | | 10,421 | | |
| Custodian and fund accounting fees | | | | | 8,400 | | | | | | 10,600 | | | | | | 15,200 | | |
| Regulatory and Compliance (Note 3) | | | | | 1,919 | | | | | | 4,409 | | | | | | 1,716 | | |
| Transfer agent fees (Note 3): | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 56,673 | | | | | | 95,354 | | | | | | 7,639 | | |
| Institutional Shares | | | | | 6,881 | | | | | | 49,451 | | | | | | 48,247 | | |
| R6 Shares | | | | | — | | | | | | — | | | | | | 71 | | |
| Audit and legal | | | | | 3,402 | | | | | | 7,816 | | | | | | 3,027 | | |
| Registration fees | | | | | 16,551 | | | | | | 20,008 | | | | | | 25,518 | | |
| Tax reclaim services fee | | | | | — | | | | | | — | | | | | | — | | |
| Insurance | | | | | 896 | | | | | | 2,057 | | | | | | 801 | | |
| Compensation of trustees (Note 3) | | | | | 1,512 | | | | | | 3,470 | | | | | | 1,350 | | |
| Printing | | | | | 2,325 | | | | | | 5,342 | | | | | | 2,078 | | |
| Miscellaneous | | | | | 1,753 | | | | | | 4,028 | | | | | | 1,554 | | |
| Total expenses before waivers/reimbursements/reductions | | | | | 506,818 | | | | | | 1,268,732 | | | | | | 482,965 | | |
| Management Fee Waiver (Note 3) | | | | | — | | | | | | (289,540) | | | | | | (35,348) | | |
| Transfer Agent Fee Waiver Institutional Shares (Note 3) | | | | | (5,015) | | | | | | (36,572) | | | | | | (35,956) | | |
| Manager Reimbursement (Note 3) | | | | | — | | | | | | (7,972) | | | | | | (51,820) | | |
| Expenses, Net | | | | $ | 501,803 | | | | | $ | 934,648 | | | | | $ | 359,841 | | |
| Net Investment income/(loss) | | | | $ | 362,397 | | | | | $ | 507,488 | | | | | $ | (46,916) | | |
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| Realized and unrealized gain/(loss) on investments,foreign currency, and foreign translation: | | | | | | | | | | | | | | | | | | | |
| | | | Small Cap | | | Quality | | | Environmental Opportunities | | |||||||||
| Net realized gain/(loss) (Note 2) on: | | | | | | | | | | | | | | | | | | | |
| Investments (b) | | | | $ | 3,334,942 | | | | | $ | 6,614,457 | | | | | $ | (733,842) | | |
| Foreign denominated assets, liabilities, and currency | | | | | (212) | | | | | | (72) | | | | | | (1,505) | | |
| Change in unrealized appreciation/(depreciation) of: | | | | | | | | | | | | | | | | | | | |
| Investments | | | | | (15,844,838) | | | | | | (42,670,181) | | | | | | (14,712,552) | | |
| Foreign denominated assets, liabilities, and currency | | | | | (1,622) | | | | | | (202) | | | | | | (3,594) | | |
| Net change in deferred non-U.S. Taxes | | | | | — | | | | | | — | | | | | | — | | |
| Net realized and unrealized gain/(loss) on investment and foreign currency | | | | | (12,511,730) | | | | | | (36,055,998) | | | | | | (15,451,493) | | |
| Net increase/(decrease) in net assets resulting from operations | | | | $ | (12,149,333) | | | | | $ | (35,548,510) | | | | | $ | (15,498,409) | | |
|
| | | Emerging Markets World Equity | | | Foreign Value | | | Foreign Value Small Cap | | | International Opportunities | | |||||||||||||
| Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends (a) | | | | | 1,095,222 | | | | | | 79,851,482 | | | | | | 23,845,457 | | | | | | 400,715 | | |
| Interest | | | | | 6,620 | | | | | | 393,550 | | | | | | 278,770 | | | | | | 8,084 | | |
| Total Investment Income | | | | $ | 1,101,842 | | | | | $ | 80,245,032 | | | | | $ | 24,124,227 | | | | | $ | 408,799 | | |
| Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Compensation of manager (Note 3) | | | | | 406,670 | | | | | | 18,776,728 | | | | | | 5,306,702 | | | | | | 103,250 | | |
| Distribution fees, Ordinary Shares (Note 3) | | | | | 93,564 | | | | | | 467,479 | | | | | | 187,045 | | | | | | 141 | | |
| Administrative fees (Note 3) | | | | | 12,513 | | | | | | 580,125 | | | | | | 161,925 | | | | | | 3,483 | | |
| Custodian and fund accounting fees | | | | | 87,000 | | | | | | 462,000 | | | | | | 198,000 | | | | | | 14,000 | | |
| Regulatory and Compliance (Note 3) | | | | | 2,048 | | | | | | 94,893 | | | | | | 26,552 | | | | | | 571 | | |
| Transfer agent fees (Note 3): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 61,537 | | | | | | 301,100 | | | | | | 120,386 | | | | | | 91 | | |
| Institutional Shares | | | | | 4,478 | | | | | | 2,217,102 | | | | | | 540,710 | | | | | | 2,579 | | |
| R6 Shares | | | | | 75 | | | | | | 34,596 | | | | | | 13,066 | | | | | | 1,137 | | |
| Audit and legal | | | | | 10,944 | | | | | | 169,394 | | | | | | 47,329 | | | | | | 1,080 | | |
| Registration fees | | | | | 18,968 | | | | | | 83,048 | | | | | | 51,623 | | | | | | 4,304 | | |
| Tax reclaim services fee | | | | | — | | | | | | 467,024 | | | | | | — | | | | | | — | | |
| Insurance | | | | | 956 | | | | | | 44,283 | | | | | | 12,391 | | | | | | 267 | | |
| Compensation of trustees (Note 3) | | | | | 1,617 | | | | | | 74,960 | | | | | | 20,941 | | | | | | 450 | | |
| Printing | | | | | 2,483 | | | | | | 115,092 | | | | | | 32,187 | | | | | | 693 | | |
| Miscellaneous | | | | | 1,886 | | | | | | 86,967 | | | | | | 24,248 | | | | | | 520 | | |
| Total expenses before waivers/reimbursements/reductions | | | | | 704,739 | | | | | | 23,974,791 | | | | | | 6,743,105 | | | | | | 132,566 | | |
| Management Fee Waiver (Note 3) | | | | | (89,468) | | | | | | (1,877,672) | | | | | | (530,670) | | | | | | — | | |
| Transfer Agent Fee Waiver Institutional Shares (Note 3) | | | | | (3,268) | | | | | | (1,652,274) | | | | | | (403,254) | | | | | | (1,915) | | |
| Manager Reimbursement (Note 3) | | | | | (751) | | | | | | (210,162) | | | | | | — | | | | | | — | | |
| Expenses, Net | | | | $ | 611,252 | | | | | $ | 20,234,683 | | | | | $ | 5,809,181 | | | | | $ | 130,651 | | |
| Net Investment income/(loss) | | | | $ | 490,590 | | | | | $ | 60,010,349 | | | | | $ | 18,315,046 | | | | | $ | 278,148 | | |
| | | | 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) | | | | $ | (5,249,937) | | | | | $ | (37,744,109) | | | | | $ | (6,659,788) | | | | | $ | (136,384) | | |
| Foreign denominated assets, liabilities, and currency | | | | | (50,901) | | | | | | (1,894,509) | | | | | | (644,563) | | | | | | (8,823) | | |
| Change in unrealized appreciation/(depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | | | | (18,728,443) | | | | | | (1,065,372,750) | | | | | | (289,376,269) | | | | | | (7,028,696) | | |
| Foreign denominated assets, liabilities, and currency | | | | | (342) | | | | | | (1,846,815) | | | | | | (459,724) | | | | | | (3,397) | | |
| Net change in deferred non-U.S. taxes | | | | | 107,482 | | | | | | — | | | | | | — | | | | | | — | | |
| Net realized and unrealized gain/(loss) on investment and foreign currency | | | | | (23,922,141) | | | | | | (1,106,858,183) | | | | | | (297,140,344) | | | | | | (7,177,300) | | |
| Net increase/(decrease) in net assets resulting from operations | | | | $ | (23,431,551) | | | | | $ | (1,046,847,834) | | | | | $ | (278,825,298) | | | | | $ | (6,899,152) | | |
|
| | | | Small Cap | | |||||||||
| | | | Semi-Annual Ended September 30, 2022 (Unaudited) | | | Year Ended March 31, 2022 | | ||||||
| Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | |
| Net investment income/(loss) | | | | $ | 362,397 | | | | | $ | 602,634 | | |
| Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 3,334,730 | | | | | | 11,242,755 | | |
| Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (15,846,460) | | | | | | (9,082,838) | | |
| Net increase/(decrease) from operations | | | | $ | (12,149,333) | | | | | $ | 2,762,551 | | |
| Distributions to shareholders | | | | | | | | | | | | | |
| Ordinary Shares | | | | $ | — | | | | | $ | (6,540,106) | | |
| Institutional Shares | | | | | — | | | | | | (610,963) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Total distributions to shareholders | | | | $ | — | | | | | $ | (7,151,069) | | |
| Capital Stock Transactions | | | | | | | | | | | | | |
| Shares sold | | | | | | | | | | | | | |
| Ordinary Shares | | | | $ | 860,104 | | | | | $ | 2,967,567 | | |
| Institutional Shares | | | | | 18,434 | | | | | | 83,581 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Distributions reinvested | | | | | | | | | | | | | |
| Ordinary Shares | | | | | — | | | | | | 5,033,284 | | |
| Institutional Shares | | | | | — | | | | | | 608,439 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Shares redeemed | | | | | | | | | | | | | |
| Ordinary Shares | | | | | (3,458,110) | | | | | | (15,658,588) | | |
| Institutional Shares | | | | | (193,696) | | | | | | (103,550) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Net increase (decrease) from capital stock transactions | | | | $ | (2,773,268) | | | | | $ | (7,069,267) | | |
| Net Increase (Decrease) in Net Assets | | | | $ | (14,922,601) | | | | | $ | (11,457,785) | | |
| Net Assets Beginning of Year | | | | | 84,214,773 | | | | | | 95,672,558 | | |
| Net Assets at End of Year | | | | $ | 69,292,172 | | | | | $ | 84,214,773 | | |
| | | | Small Cap | | |||||||||
| | | | Semi-Annual Ended September 30, 2022 (Unaudited) | | | Year Ended March 31, 2022 | | ||||||
| Share Transactions | | | | | | | | | | | | | |
| Shares sold | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 33,992 | | | | | | 107,174 | | |
| Institutional Shares | | | | | 615 | | | | | | 2,490 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Distributions reinvested | | | | | | | | | | | | | |
| Ordinary Shares | | | | | — | | | | | | 192,698 | | |
| Institutional Shares | | | | | — | | | | | | 18,902 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Shares redeemed | | | | | | | | | | | | | |
| Ordinary Shares | | | | | (139,729) | | | | | | (578,260) | | |
| Institutional Shares | | | | | (6,344) | | | | | | (3,123) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Increase (Decrease) In Shares Outstanding | | | | | (111,466) | | | | | | (260,119) | | |
|
| | | Quality | | |||||||||
| | | Semi-Annual Ended September 30, 2022 (Unaudited) | | | Year Ended March 31, 2022 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 507,488 | | | | | $ | 745,582 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 6,614,385 | | | | | | 24,981,031 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (42,670,383) | | | | | | (5,398,371) | | |
Net increase/(decrease) from operations | | | | $ | (35,548,510) | | | | | $ | 20,328,242 | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | (14,706,141) | | |
Institutional Shares | | | | | — | | | | | | (7,125,736) | | |
R6 Shares | | | | | — | | | | | | — | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | (21,831,877) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary shares | | | | $ | 5,062,165 | | | | | $ | 14,781,889 | | |
Institutional Shares | | | | | 24,301,057 | | | | | | 44,369,782 | | |
R6 Shares | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 10,923,799 | | |
Institutional Shares | | | | | — | | | | | | 6,842,604 | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (8,236,488) | | | | | | (33,495,123) | | |
Institutional Shares | | | | | (19,806,820) | | | | | | (31,633,118) | | |
R6 Shares | | | | | — | | | | | | — | | |
Net increase (decrease) from capital stock transactions | | | | $ | 1,319,914 | | | | | $ | 11,789,833 | | |
Net Increase (Decrease) in Net Assets | | | | $ | (34,228,596) | | | | | $ | 10,286,198 | | |
Net Assets Beginning of Year | | | | | 194,662,217 | | | | | | 184,376,019 | | |
Net Assets at End of Year | | | | $ | 160,433,621 | | | | | $ | 194,662,217 | | |
| | | Quality | | |||||||||
| | | Semi-Annual Ended September 30, 2022 (Unaudited) | | | Year Ended March 31, 2022 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 261,447 | | | | | | 651,564 | | |
Institutional Shares | | | | | 1,124,182 | | | | | | 1,748,272 | | |
R6 Shares | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 485,071 | | |
Institutional Shares | | | | | — | | | | | | 272,180 | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (420,073) | | | | | | (1,469,950) | | |
Institutional Shares | | | | | (916,099) | | | | | | (1,293,802) | | |
R6 Shares | | | | | — | | | | | | — | | |
Increase (Decrease) In Shares Outstanding | | | | | 49,457 | | | | | | 393,335 | | |
| | | Environmental Opportunities | | |||||||||||||||
| | | Six Months Ended September 30, 2022 (Unaudited) | | | Seven Months Ended March 31, 2022 | | | Year Ended August 31, 2021 (1) | | |||||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | (46,916) | | | | | $ | (322,833) | | | | | $ | (258,879) | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | (735,347) | | | | | | (1,171,230) | | | | | | 4,248,814 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (14,716,146) | | | | | | (9,840,158) | | | | | | 12,264,812 | | |
Net increase/(decrease) from operations | | | | $ | (15,498,409) | | | | | $ | (11,334,221) | | | | | $ | 16,254,747 | | |
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 | | | | $ | 1,881,838 | | | | | $ | 10,859,834 | | | | | $ | 239,425* | | |
Institutional Shares | | | | | 8,175,386 | | | | | | 18,791,730 (2) | | | | | | 38,602,457** | | |
R6 Shares | | | | | 206,540 | | | | | | 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 | | | | | (199,568) | | | | | | (260,743) | | | | | | (60,064)* | | |
Institutional Shares | | | | | (4,063,058) | | | | | | (9,039,822) | | | | | | (10,734,342)** | | |
R6 Shares | | | | | (5,337) | | | | | | (10,000) | | | | | | — | | |
Net increase (decrease) from capital stock transactions | | | | $ | 5,995,801 | | | | | $ | 26,036,286 | | | | | $ | 28,531,339 | | |
Net Increase (Decrease) in Net Assets | | | | $ | (9,502,608) | | | | | $ | 10,285,018 | | | | | $ | 44,285,664 | | |
| | | Environmental Opportunities | | |||||||||||||||
| | | Six Months Ended September 30, 2022 (Unaudited) | | | Seven Months Ended March 31, 2022 | | | Year Ended August 31, 2021 (1) | | |||||||||
Net Assets Beginning of Year | | | | | 77,109,401 | | | | | | 66,824,383 | | | | | | 22,538,719 | | |
Net Assets at End of Year | | | | $ | 67,606,793 | | | | | $ | 77,109,401 | | | | | $ | 66,824,383 | | |
Share Transactions | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | 130,292 | | | | | | 581,830 | | | | | | 12,817* | | |
Institutional Shares | | | | | 575,763 | | | | | | 1,042,806 | | | | | | 2,139,067** | | |
R6 Shares | | | | | 32,154 | | | | | | 159,504 | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 14,867 | | | | | | 48* | | |
Institutional Shares | | | | | — | | | | | | 201,449 | | | | | | 28,183** | | |
R6 Shares | | | | | — | | | | | | 15,281 | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | (15,372) | | | | | | (14,478) | | | | | | (3,284)* | | |
Institutional Shares | | | | | (290,679) | | | | | | (463,098) | | | | | | (658,911)** | | |
R6 Shares | | | | | (844) | | | | | | (1,332) | | | | | | — | | |
Increase (Decrease) In Shares Outstanding | | | | | 431,314 | | | | | | 1,536,829 | | | | | | 1,517,920 | | |
|
| | | Emerging Markets World Equity | | |||||||||
| | | Semi-Annual Ended September 30, 2022 (Unaudited) | | | Year Ended March 31, 2022 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 490,590 | | | | | $ | 130,951 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | (5,300,838) | | | | | | 4,448,977 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, currency and deferred non-U.S. taxes | | | | | (18,621,303) | | | | | | (19,459,133) | | |
Net increase/(decrease) from operations | | | | $ | (23,431,551) | | | | | $ | (14,879,205) | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | (8,030,841) | | |
Institutional Shares | | | | | — | | | | | | (600,538) | | |
R6 Shares | | | | | — | | | | | | (217,862) | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | (8,849,241) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 3,289,505 | | | | | $ | 4,331,051 | | |
Institutional Shares | | | | | 215,724 | | | | | | 1,856,822 | | |
R6 Shares | | | | | 18,255 | | | | | | 152,405 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 5,568,160 | | |
Institutional Shares | | | | | — | | | | | | 599,372 | | |
R6 Shares | | | | | — | | | | | | 212,658 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (4,921,811) | | | | | | (10,244,687) | | |
Institutional Shares | | | | | (149,620) | | | | | | (1,534,777) | | |
R6 Shares | | | | | (7,041) | | | | | | (70,750) | | |
Net increase (decrease) from capital stock transactions | | | | $ | (1,554,988) | | | | | $ | 870,254 | | |
Net Increase (Decrease) in Net Assets | | | | $ | (24,986,539) | | | | | $ | (22,858,192) | | |
Net Assets Beginning of Year | | | | | 94,831,354 | | | | | | 117,689,546 | | |
Net Assets at End of Year | | | | $ | 69,844,815 | | | | | $ | 94,831,354 | | |
| | | Emerging Markets World Equity | | |||||||||
| | | Semi-Annual Ended September 30, 2022 (Unaudited) | | | Year Ended March 31, 2022 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 160,551 | | | | | | 159,027 | | |
Institutional Shares | | | | | 10,371 | | | | | | 62,864 | | |
R6 Shares | | | | | 2,020 | | | | | | 12,022 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 206,381 | | |
Institutional Shares | | | | | — | | | | | | 21,883 | | |
R6 Shares | | | | | — | | | | | | 17,931 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (238,078) | | | | | | (349,958) | | |
Institutional Shares | | | | | (7,058) | | | | | | (52,692) | | |
R6 Shares | | | | | (832) | | | | | | (4,851) | | |
Increase (Decrease) In Shares Outstanding | | | | | (73,026) | | | | | | 72,607 | | |
|
| | | Foreign Value | | |||||||||
| | | Semi-Annual Ended September 30, 2022 (Unaudited) | | | Year Ended March 31, 2022 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 60,010,349 | | | | | $ | 78,115,158 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | (39,638,618) | | | | | | 688,330 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (1,067,219,565) | | | | | | (327,693,562) | | |
Net increase/(decrease) from operations | | | | $ | (1,046,847,834) | | | | | $ | (248,890,074) | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | (4,591,705) | | |
Institutional Shares | | | | | — | | | | | | (43,903,649) | | |
R6 Shares | | | | | — | | | | | | (19,770,286) | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | (68,265,640) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 14,089,323 | | | | | $ | 17,336,728 | | |
Institutional Shares | | | | | 266,735,239 | | | | | | 922,940,398* | | |
R6 Shares | | | | | 53,874,858 | | | | | | 151,572,016 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 4,221,677 | | |
Institutional Shares | | | | | — | | | | | | 39,241,541 | | |
R6 Shares | | | | | — | | | | | | 13,829,936 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (27,983,122) | | | | | | (91,041,441) | | |
Institutional Shares | | | | | (520,204,478) | | | | | | (500,128,832) | | |
R6 Shares | | | | | (43,498,963) | | | | | | (79,987,622) | | |
Net increase (decrease) from capital stock transactions | | | | $ | (256,987,143) | | | | | $ | 477,984,401 | | |
Net Increase (Decrease) in Net Assets | | | | $ | (1,303,834,977) | | | | | $ | 160,828,687 | | |
Net Assets Beginning of Year | | | | | 4,324,666,551 | | | | | | 4,163,837,864 | | |
Net Assets at End of Year | | | | $ | 3,020,831,574 | | | | | $ | 4,324,666,551 | | |
| | | Foreign Value | | |||||||||
| | | Semi-Annual Ended September 30, 2022 (Unaudited) | | | Year Ended March 31, 2022 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 657,901 | | | | | | 703,522 | | |
Institutional Shares | | | | | 13,503,552 | | | | | | 38,709,068 | | |
R6 Shares | | | | | 5,361,045 | | | | | | 12,237,305 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 179,340 | | |
Institutional Shares | | | | | — | | | | | | 1,675,557 | | |
R6 Shares | | | | | — | | | | | | 1,168,069 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (1,381,337) | | | | | | (3,758,620) | | |
Institutional Shares | | | | | (26,208,782) | | | | | | (20,911,215) | | |
R6 Shares | | | | | (4,272,961) | | | | | | (6,490,474) | | |
Increase (Decrease) In Shares Outstanding | | | | | (12,340,582) | | | | | | 23,512,552 | | |
|
| | | Foreign Value Small Cap | | |||||||||
| | | Semi-Annual Ended September 30, 2022 (Unaudited) | | | Year Ended March 31, 2022 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 18,315,046 | | | | | $ | 16,570,067 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | (7,304,351) | | | | | | 53,829,574 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (289,835,993) | | | | | | (115,099,695) | | |
Net increase/(decrease) from operations | | | | $ | (278,825,298) | | | | | $ | (44,700,054) | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | (4,067,837) | | |
Institutional Shares | | | | | — | | | | | | (18,229,791) | | |
R6 Shares | | | | | — | | | | | | (9,053,210) | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | (31,350,838) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 7,180,092 | | | | | $ | 43,445,533 | | |
Institutional Shares | | | | | 114,081,242 | | | | | | 342,093,034 | | |
R6 Shares | | | | | 59,649,249 | | | | | | 194,602,351 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 3,448,629 | | |
Institutional Shares | | | | | — | | | | | | 17,073,940 | | |
R6 Shares | | | | | — | | | | | | 8,838,438 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (13,015,227) | | | | | | (62,075,182) | | |
Institutional Shares | | | | | (137,665,087) | | | | | | (186,754,373) | | |
R6 Shares | | | | | (48,744,494) | | | | | | (50,675,577) | | |
Net increase (decrease) from capital stock transactions | | | | $ | (18,514,225) | | | | | $ | 309,996,793 | | |
Net Increase (Decrease) in Net Assets | | | | $ | (297,339,523) | | | | | $ | 233,945,901 | | |
Net Assets Beginning of Year | | | | | 1,183,654,018 | | | | | | 949,708,117 | | |
Net Assets at End of Year | | | | $ | 886,314,495 | | | | | $ | 1,183,654,018 | | |
| | | Foreign Value Small Cap | | |||||||||
| | | Semi-Annual Ended September 30, 2022 (Unaudited) | | | Year Ended March 31, 2022 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 511,552 | | | | | | 2,535,613 | | |
Institutional Shares | | | | | 8,083,410 | | | | | | 20,129,524 | | |
R6 Shares | | | | | 5,499,262 | | | | | | 15,267,292 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 209,898 | | |
Institutional Shares | | | | | — | | | | | | 1,040,459 | | |
R6 Shares | | | | | — | | | | | | 737,151 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (916,359) | | | | | | (3,684,140) | | |
Institutional Shares | | | | | (9,960,668) | | | | | | (11,174,781) | | |
R6 Shares | | | | | (4,436,606) | | | | | | (4,127,243) | | |
Increase (Decrease) In Shares Outstanding | | | | | (1,219,409) | | | | | | 20,933,773 | | |
|
| | | International Opportunities | | |||||||||
| | | Semi-Annual Ended September 30, 2022 (Unaudited) | | | Year Ended March 31, 2022 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 278,148 | | | | | $ | 292,193 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | (145,207) | | | | | | 1,112,174 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (7,032,093) | | | | | | (862,838) | | |
Net increase/(decrease) from operations | | | | $ | (6,899,152) | | | | | $ | 541,529 | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | (18,331) | | |
Institutional Shares | | | | | — | | | | | | (1,422,112) | | |
R6 Shares | | | | | — | | | | | | (1,338,237) | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | (2,778,680) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | 130,000 | | |
Institutional Shares | | | | | 147,099 | | | | | | 10,000 | | |
R6 Shares | | | | | 938,439 | | | | | | 10,855,515 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 18,331 | | |
Institutional Shares | | | | | — | | | | | | 1,422,112 | | |
R6 Shares | | | | | — | | | | | | 1,338,237 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | (90,689) | | |
Institutional Shares | | | | | (8,550) | | | | | | (9,399,214) | | |
R6 Shares | | | | | (1) | | | | | | (2,836) | | |
Net increase (decrease) from capital stock transactions | | | | $ | 1,076,987 | | | | | $ | 4,281,456 | | |
Net Increase (Decrease) in Net Assets | | | | $ | (5,822,165) | | | | | $ | 2,044,305 | | |
Net Assets Beginning of Year | | | | | 25,933,946 | | | | | | 23,889,641 | | |
Net Assets at End of Year | | | | $ | 20,111,781 | | | | | $ | 25,933,946 | | |
| | | International Opportunities | | |||||||||
| | | Semi-Annual Ended September 30, 2022 (Unaudited) | | | Year Ended March 31, 2022 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 9,537 | | |
Institutional Shares | | | | | 15,517 | | | | | | 819 | | |
R6 Shares | | | | | 85,947 | | | | | | 808,247 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 1,387 | | |
Institutional Shares | | | | | — | | | | | | 106,685 | | |
R6 Shares | | | | | — | | | | | | 100,393 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | (6,778) | | |
Institutional Shares | | | | | (819) | | | | | | (696,183) | | |
R6 Shares | | | | | — | | | | | | (204) | | |
Increase (Decrease) In Shares Outstanding | | | | | 100,645 | | | | | | 323,903 | | |
|
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2022* | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 26.02 | | | | | $ | 27.43 | | | | | $ | 15.45 | | | | | $ | 23.97 | | | | | $ | 25.48 | | | | | $ | 26.35 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)b) | | | | | 0.11 | | | | | | 0.17 | | | | | | 0.14 | | | | | | 0.15 | | | | | | 0.07 | | | | | | 0.07 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (3.95) | | | | | | 0.63 | | | | | | 12.00 | | | | | | (6.73) | | | | | | 0.22 | | | | | | 0.68 | | |
Total from Investment Operations | | | | | (3.84) | | | | | | 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 | | | | $ | 22.18 | | | | | $ | 26.02 | | | | | $ | 27.43 | | | | | $ | 15.45 | | | | | $ | 23.97 | | | | | $ | 25.48 | | |
Total Return | | | | | (14.76)% | | | | | | 2.89% | | | | | | 78.75% | | | | | | (30.27)% | | | | | | 1.87% | | | | | | 2.75% | | |
Net Assets, End of Period (000s) | | | | $ | 61,716 | | | | | $ | 75,159 | | | | | $ | 86.880 | | | | | $ | 60,008 | | | | | $ | 118,314 | | | | | $ | 109,341 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.34% | | | | | | 1.33% | | | | | | 1.37% | | | | | | 1.35% | | | | | | 1.34% | | | | | | 1.35% | | |
Net | | | | | 1.34% | | | | | | 1.33% | | | | | | 1.37% | | | | | | 1.35% | | | | | | 1.34% | | | | | | 1.35% | | |
Ratio of net investment income (loss) to average net assets (b) | | | | | 0.90% | | | | | | 0.61% | | | | | | 0.66% | | | | | | 0.63% | | | | | | 0.29% | | | | | | 0.25% | | |
Portfolio Turnover | | | | | 12% | | | | | | 23% | | | | | | 33% | | | | | | 28% | | | | | | 24% | | | | | | 18% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2022* | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 32.10 | | | | | $ | 33.32 | | | | | $ | 18.73 | | | | | $ | 28.67 | | | | | $ | 30.07 | | | | | $ | 30.80 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) (d) | | | | | 0.19 | | | | | | 0.32 | | | | | | 0.26 | | | | | | 0.27 | | | | | | 0.21 | | | | | | 0.19 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (4.88) | | | | | | 0.78 | | | | | | 14.57 | | | | | | (8.17) | | | | | | 0.28 | | | | | | 0.79 | | |
Total from Investment Operations | | | | | (4.69) | | | | | | 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 | | | | $ | 27.41 | | | | | $ | 32.10 | | | | | $ | 33.32 | | | | | $ | 18.73 | | | | | $ | 28.67 | | | | | $ | 30.07 | | |
Total Return | | | | | (14.61)% | | | | | | 3.27% | | | | | | 79.43% | | | | | | (30.02)% | | | | | | 2.30% | | | | | | 3.10% | | |
Net Assets, End of Period (000s) | | | | $ | 7,576 | | | | | $ | 9,055 | | | | | $ | 8,792 | | | | | $ | 5,681 | | | | | $ | 4,839 | | | | | $ | 7,395 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.09% | | | | | | 1.08% | | | | | | 1.12% | | | | | | 1.10% | | | | | | 1.08% | | | | | | 1.10% | | |
Net | | | | | 0.97% | | | | | | 0.96% | | | | | | 1.00% | | | | | | 0.98% | | | | | | 0.96% | | | | | | 0.98% | | |
Ratio of net investment income (loss) to average net assets(b) | | | | | 1.27% | | | | | | 0.97% | | | | | | 1.04% | | | | | | 1.02% | | | | | | 0.65% | | | | | | 0.62% | | |
Portfolio Turnover | | | | | 12% | | | | | | 23% | | | | | | 33% | | | | | | 28% | | | | | | 24% | | | | | | 18% | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2022* | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 21.11 | | | | | $ | 21.14 | | | | | $ | 15.06 | | | | | $ | 18.66 | | | | | $ | 18.83 | | | | | $ | 17.52 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.04 | | | | | | 0.06 | | | | | | 0.10 | | | | | | 0.12 | | | | | | 0.14 | | | | | | 0.15 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (3.90) | | | | | | 2.35 | | | | | | 7.55 | | | | | | (0.19) | | | | | | 2.23 | | | | | | 2.49 | | |
Total from Investment Operations | | | | | (3.86) | | | | | | 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 | | | | $ | 17.25 | | | | | $ | 21.11 | | | | | $ | 21.14 | | | | | $ | 15.06 | | | | | $ | 18.66 | | | | | $ | 18.83 | | |
Total Return | | | | | (18.29)% | | | | | | 10.66% | | | | | | 51.83% | | | | | | (2.98)% | | | | | | 14.16% | | | | | | 14.91% | | |
Net Assets, End of Period (000s) | | | | $ | 103,679 | | | | | $ | 130,244 | | | | | $ | 137,485 | | | | | $ | 97,951 | | | | | $ | 137,643 | | | | | $ | 123,781 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.51% | | | | | | 1.50% | | | | | | 1.52% | | | | | | 1.54% | | | | | | 1.54% | | | | | | 1.54% | | |
Net | | | | | 1.18% | | | | | | 1.16% | | | | | | 1.22% | | | | | | 1.27% | | | | | | 1.25% | | | | | | 1.28% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 0.44% | | | | | | 0.24% | | | | | | 0.53% | | | | | | 0.62% | | | | | | 0.72% | | | | | | 0.81% | | |
Portfolio Turnover | | | | | 17% | | | | | | 31% | | | | | | 41% | | | | | | 35% | | | | | | 57% | | | | | | 48% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2022* | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 23.59 | | | | | $ | 23.39 | | | | | $ | 16.53 | | | | | $ | 20.18 | | | | | $ | 20.15 | | | | | $ | 18.65 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) (c) | | | | | 0.09 | | | | | | 0.16 | | | | | | 0.20 | | | | | | 0.21 | | | | | | 0.23 | | | | | | 0.24 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (4.37) | | | | | | 2.60 | | | | | | 8.30 | | | | | | (0.25) | | | | | | 2.40 | | | | | | 2.65 | | |
Total from Investment Operations | | | | | (4.28) | | | | | | 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 | | | | $ | 19.31 | | | | | $ | 23.59 | | | | | $ | 23.39 | | | | | $ | 16.53 | | | | | $ | 20.18 | | | | | $ | 20.15 | | |
Total Return | | | | | (18.14)% | | | | | | 11.09% | | | | | | 52.42% | | | | | | (2.62)% | | | | | | 14.59% | | | | | | 15.34% | | |
Net Assets, End of Period (000s) | | | | $ | 56,755 | | | | | $ | 64,418 | | | | | $ | 46,891 | | | | | $ | 9,624 | | | | | $ | 6,084 | | | | | $ | 6,064 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.26% | | | | | | 1.25% | | | | | | 1.27% | | | | | | 1.29% | | | | | | 1.29% | | | | | | 1.29% | | |
Net | | | | | 0.79% | | | | | | 0.78% | | | | | | 0.80% | | | | | | 0.90% | | | | | | 0.87% | | | | | | 0.93% | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 0.82% | | | | | | 0.62% | | | | | | 0.92% | | | | | | 1.04% | | | | | | 1.08% | | | | | | 1.17% | | |
Portfolio Turnover | | | | | 17% | | | | | | 31% | | | | | | 41% | | | | | | 35% | | | | | | 57% | | | | | | 48% | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Seven Months Ended March 31, | | | Years Ended August 31,** | | |||||||||||||||||||||||||||
| | | 2022* | | | 2022(1) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 16.13 | | | | | $ | 20.12 | | | | | $ | 12.63 | | | | | $ | 10.05 | | | | | $ | 10.69 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | (0.02) | | | | | | (0.09) | | | | | | (0.06) | | | | | | (0.06) | | | | | | (0.02) | | | | | | (0.03) | | |
Net realized and unrealized gain/(loss) on securities | | | | | (3.12) | | | | | | (2.69) | | | | | | 7.83 | | | | | | 2.64 | | | | | | (0.62) | | | | | | 0.72 | | |
Total from Investment Operations | | | | | (3.14) | | | | | | (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 | | | | $ | 12.99 | | | | | $ | 16.13 | | | | | $ | 20.12 | | | | | $ | 12.63 | | | | | $ | 10.05 | | | | | $ | 10.69 | | |
Total Return | | | | | (19.47)% | | | | | | (14.67)%(4) | | | | | | 61.95% | | | | | | 25.67% | | | | | | (5.99)% | | | | | | 6.90% | | |
Net Assets, End of Period (000s) | | | | $ | 9,227 | | | | | $ | 9,601 | | | | | $ | 263 | | | | | $ | 44 | | | | | $ | 16 | | | | | $ | 17 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.59% | | | | | | 2.11%(3) | | | | | | 1.55% | | | | | | 2.66% | | | | | | 4.22% | | | | | | 4.94% | | |
Net | | | | | 1.23% | | | | | | 1.24%(3) | | | | | | 1.24% | | | | | | 1.24% | | | | | | 1.28% | | | | | | 1.43% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | (0.35)% | | | | | | (0.99)%(3) | | | | | | (0.80)% | | | | | | (0.63)% | | | | | | (0.24)% | | | | | | (0.54)% | | |
Portfolio Turnover | | | | | 15% | | | | | | 9% | | | | | | 41% | | | | | | 37% | | | | | | 30% | | | | | | 23% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Seven Months Ended March 31, | | | Years Ended August 31,** | | |||||||||||||||||||||||||||
| | | 2022* | | | 2022(1) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 16.32 | | | | | $ | 20.32 | | | | | $ | 12.72 | | | | | $ | 10.10 | | | | | $ | 10.71 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | (0.01) | | | | | | (0.08) | | | | | | (0.07) | | | | | | (0.03) | | | | | | —(2) | | | | | | (0.03) | | |
Net realized and unrealized gain/(loss) on securities | | | | | (3.15) | | | | | | (2.71) | | | | | | 7.95 | | | | | | 2.65 | | | | | | (0.61) | | | | | | 0.74 | | |
Total from Investment Operations | | | | | (3.16) | | | | | | (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 | | | | $ | 13.16 | | | | | $ | 16.32 | | | | | $ | 20.32 | | | | | $ | 12.72 | | | | | $ | 10.10 | | | | | $ | 10.71 | | |
Total Return | | | | | (19.36)% | | | | | | (14.57)%(4) | | | | | | 62.39% | | | | | | 25.94% | | | | | | (5.70)% | | | | | | 7.10% | | |
Net Assets, End of Period (000s) | | | | $ | 57,148 | | | | | $ | 66,215 | | | | | $ | 66,561 | | | | | $ | 22,494 | | | | | $ | 8,893 | | | | | $ | 6,286 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.34% | | | | | | 2.30%(3) | | | | | | 1.30% | | | | | | 2.41% | | | | | | 3.97% | | | | | | 4.69% | | |
Net | | | | | 0.99% | | | | | | 0.99%(3) | | | | | | 0.99% | | | | | | 0.99% | | | | | | 1.03% | | | | | | 1.18% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | (0.10)% | | | | | | (0.77)%(3) | | | | | | (0.55)% | | | | | | (0.37)% | | | | | | (0.02)% | | | | | | (0.36)% | | |
Portfolio Turnover | | | | | 15% | | | | | | 9% | | | | | | 41% | | | | | | 37% | | | | | | 30% | | | | | | 23% | | |
| | | R6 Shares | | |||||||||
| | | Six Months Ended September 30, 2022* | | | Commencement of Operations to the Seven Months Ended March 31, 2022 (1) | | ||||||
Net Asset Value, Beginning of Period | | | | $ | 7.46 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) (c) | | | | | — | | | | | | (0.03) | | |
Net realized and unrealized gain/(loss) on securities | | | | | (1.44) | | | | | | (1.30) | | |
Total from Investment Operations | | | | | (1.44) | | | | | | (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 | | | | $ | 6.02 | | | | | $ | 7.46 | | |
Total Return | | | | | (19.30)% | | | | | | (15.00)% (4) | | |
Net Assets, End of Period (000s) | | | | $ | 1,232 | | | | | $ | 1,293 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | |
Gross | | | | | 1.19% | | | | | | 2.08% (3) | | |
Net | | | | | 0.95% | | | | | | 0.95% (3) | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | (0.06) | | | | | | (0.71)% (3) | | |
Portfolio Turnover | | | | | 15% | | | | | | 9% | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2022* | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 23.65 | | | | | $ | 29.76 | | | | | $ | 18.21 | | | | | $ | 20.86 | | | | | $ | 23.29 | | | | | $ | 20.40 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.12 | | | | | | 0.02 | | | | | | (0.04) | | | | | | 0.22 | | | | | | 0.38 | | | | | | 0.32 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (6.03) | | | | | | (3.83) | | | | | | 11.83 | | | | | | (2.53) | | | | | | (2.36) | | | | | | 2.85 | | |
Total from Investment Operations | | | | | (5.91) | | | | | | (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 | | | | $ | 17.74 | | | | | $ | 23.65 | | | | | $ | 29.76 | | | | | $ | 18.21 | | | | | $ | 20.86 | | | | | $ | 23.29 | | |
Total Return | | | | | (24.99)% | | | | | | (13.75)% | | | | | | 64.78% | | | | | | (11.35)% | | | | | | (8.31)% | | | | | | 15.63% | | |
Net Assets, End of Period (000s) | | | | $ | 64,190 | | | | | $ | 87,401 | | | | | $ | 109,522 | | | | | $ | 64,322 | | | | | $ | 89,347 | | | | | $ | 110,502 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.75% | | | | | | 1.64% | | | | | | 1.68% | | | | | | 1.70% | | | | | | 1.67% | | | | | | 1.07% | | |
Net | | | | | 1.53% | | | | | | 1.42% | | | | | | 1.46% | | | | | | 1.48% | | | | | | 1.46% | | | | | | 0.97% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 1.17% | | | | | | 0.09% | | | | | | (0.16)% | | | | | | 1.01% | | | | | | 1.81% | | | | | | 1.46% | | |
Portfolio Turnover | | | | | 59% | | | | | | 103% | | | | | | 128% | | | | | | 104% | | | | | | 172%(e) | | | | | | 50% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2022* | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 24.04 | | | | | $ | 30.22 | | | | | $ | 18.47 | | | | | $ | 21.16 | | | | | $ | 23.63 | | | | | $ | 20.69 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(b)(c) | | | | | 0.16 | | | | | | 0.13 | | | | | | 0.06 | | | | | | 0.26 | | | | | | 0.48 | | | | | | 0.40 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (6.13) | | | | | | (3.90) | | | | | | 12.02 | | | | | | (2.52) | | | | | | (2.42) | | | | | | 2.89 | | |
Total from Investment Operations | | | | | (5.97) | | | | | | (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 | | | | $ | 18.07 | | | | | $ | 24.04 | | | | | $ | 30.22 | | | | | $ | 18.47 | | | | | $ | 21.16 | | | | | $ | 23.63 | | |
Total Return | | | | | (24.83)% | | | | | | (13.43)% | | | | | | 65.44% | | | | | | (11.02)% | | | | | | (7.94)% | | | | | | 16.01% | | |
Net Assets, End of Period (000s) | | | | $ | 4,755 | | | | | $ | 6,247 | | | | | $ | 6,885 | | | | | $ | 4,440 | | | | | $ | 5,061 | | | | | $ | 7,872 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.51% | | | | | | 1.39% | | | | | | 1.43% | | | | | | 1.45% | | | | | | 1.41% | | | | | | 0.82% | | |
Net | | | | | 1.17% | | | | | | 1.05% | | | | | | 1.09% | | | | | | 1.11% | | | | | | 1.08% | | | | | | 0.61% | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 1.55% | | | | | | 0.46% | | | | | | 0.21% | | | | | | 1.19% | | | | | | 2.21% | | | | | | 1.80% | | |
Portfolio Turnover | | | | | 59% | | | | | | 103% | | | | | | 128% | | | | | | 104% | | | | | | 172%(e) | | | | | | 50% | | |
| | | R6 Shares | | |||||||||||||||||||||||||||
| | | Six Months Ended September 30, 2022* | | | Years Ended March 31, | | | January 28, 2019 (1) through March 31, 2019 | | |||||||||||||||||||||
| | | 2022 | | | 2021 | | | 2020 | | |||||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 10.41 | | | | | $ | 14.49 | | | | | $ | 8.96 | | | | | $ | 10.47 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.08 | | | | | | 0.07 | | | | | | 0.04 | | | | | | 0.18 | | | | | | 0.01 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (2.66) | | | | | | (1.72) | | | | | | 5.83 | | | | | | (1.26) | | | | | | 0.46 | | |
Total from Investment Operations | | | | | (2.58) | | | | | | (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 | | | | $ | 7.83 | | | | | $ | 10.41 | | | | | $ | 14.49 | | | | | $ | 8.96 | | | | | $ | 10.47 | | |
Total Return | | | | | (24.78)% | | | | | | (13.44)% | | | | | | 65.58% | | | | | | (10.95)% | | | | | | 4.70% (3) | | |
Net Assets, End of Period (000s) | | | | $ | 899 | | | | | $ | 1,183 | | | | | $ | 1,282 | | | | | $ | 566 | | | | | $ | 105 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.36% | | | | | | 1.24% | | | | | | 1.28% | | | | | | 1.30% | | | | | | 1.64% (2) | | |
Net | | | | | 0.99% | | | | | | 0.99% | | | | | | 0.99% | | | | | | 0.99% | | | | | | 0.99% (2) | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 1.73% | | | | | | 0.52% | | | | | | 0.29% | | | | | | 1.58% | | | | | | 0.44% (2) | | |
Portfolio Turnover | | | | | 59% | | | | | | 103% | | | | | | 128% | | | | | | 104% | | | | | | 172% (e) | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2022* | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 22.68 | | | | | $ | 24.33 | | | | | $ | 14.83 | | | | | $ | 20.77 | | | | | $ | 21.75 | | | | | $ | 19.15 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.29 | | | | | | 0.35 | | | | | | 0.23 | | | | | | 0.44 | | | | | | 0.38 | | | | | | 0.29 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (6.02) | | | | | | (1.76) | | | | | | 9.62 | | | | | | (6.13) | | | | | | (1.17) | | | | | | 2.44 | | |
Total from Investment Operations | | | | | (5.73) | | | | | | (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 | | | | $ | 16.95 | | | | | $ | 22.68 | | | | | $ | 24.33 | | | | | $ | 14.83 | | | | | $ | 20.77 | | | | | $ | 21.75 | | |
Total Return | | | | | (25.26)% | | | | | | (5.84)% | | | | | | 66.76% | | | | | | (27.75)% | | | | | | (3.56)% | | | | | | 14.27% | | |
Net Assets, End of Period (000s) | | | | $ | 304,793 | | | | | $ | 424,110 | | | | | $ | 524,972 | | | | | $ | 435,137 | | | | | $ | 784,820 | | | | | $ | 886,354 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.53% | | | | | | 1.50% | | | | | | 1.50% | | | | | | 1.50% | | | | | | 1.51% | | | | | | 1.51% | | |
Net | | | | | 1.43%(f) | | | | | | 1.40%(e) | | | | | | 1.40% | | | | | | 1.40% | | | | | | 1.41% | | | | | | 1.41% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 2.82% | | | | | | 1.45% | | | | | | 1.18% | | | | | | 2.13% | | | | | | 1.80% | | | | | | 1.39% | | |
Portfolio Turnover | | | | | 7% | | | | | | 19% | | | | | | 23% | | | | | | 28% | | | | | | 12% | | | | | | 30% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2022* | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 22.59 | | | | | $ | 24.25 | | | | | $ | 14.78 | | | | | $ | 20.71 | | | | | $ | 21.71 | | | | | $ | 19.10 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a(b)(c) | | | | | 0.33 | | | | | | 0.44 | | | | | | 0.31 | | | | | | 0.50 | | | | | | 0.42 | | | | | | 0.33 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (6.00) | | | | | | (1.76) | | | | | | 9.60 | | | | | | (6.09) | | | | | | (1.14) | | | | | | 2.49 | | |
Total from Investment Operations | | | | | (5.67) | | | | | | (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 | | | | $ | 16.92 | | | | | $ | 22.59 | | | | | $ | 24.25 | | | | | $ | 14.78 | | | | | $ | 20.71 | | | | | $ | 21.71 | | |
Total Return | | | | | (25.10)% | | | | | | (5.51)% | | | | | | 67.42% | | | | | | (27.50)% | | | | | | (3.20)% | | | | | | 14.75% | | |
Net Assets, End of Period (000s) | | | | $ | 2,181,461 | | | | | $ | 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 | | | | | 1.28% | | | | | | 1.26% | | | | | | 1.25% | | | | | | 1.25% | | | | | | 1.26% | | | | | | 1.26% | | |
Net | | | | | 1.06%(f) | | | | | | 1.04%(e) | | | | | | 1.03% | | | | | | 1.03% | | | | | | 1.04% | | | | | | 1.04% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 3.22% | | | | | | 1.84% | | | | | | 1.56% | | | | | | 2.45% | | | | | | 1.98% | | | | | | 1.57% | | |
Portfolio Turnover | | | | | 7% | | | | | | 19% | | | | | | 23% | | | | | | 28% | | | | | | 12% | | | | | | 30% | | |
| | | R6 Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2022* | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 11.42 | | | | | $ | 12.43 | | | | | $ | 7.72 | | | | | $ | 10.97 | | | | | $ | 11.65 | | | | | $ | 10.34 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(b)(c) | | | | | 0.17 | | | | | | 0.24 | | | | | | 0.17 | | | | | | 0.25 | | | | | | 0.25 | | | | | | 0.19 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (3.03) | | | | | | (0.91) | | | | | | 4.98 | | | | | | (3.16) | | | | | | (0.64) | | | | | | 1.34 | | |
Total from Investment Operations | | | | | (2.86) | | | | | | (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 | | | | $ | 8.56 | | | | | $ | 11.42 | | | | | $ | 12.43 | | | | | $ | 7.72 | | | | | $ | 10.97 | | | | | $ | 11.65 | | |
Total Return | | | | | (25.04)% | | | | | | (5.46)% | | | | | | 67.52% | | | | | | (27.43)% | | | | | | (3.15)% | | | | | | 14.79% | | |
Net Assets, End of Period (000s) | | | | $ | 534,578 | | | | | $ | 700,956 | | | | | $ | 676,695 | | | | | $ | 384,224 | | | | | $ | 325,774 | | | | | $ | 275,084 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.13% | | | | | | 1.10% | | | | | | 1.10% | | | | | | 1.10% | | | | | | 1.11% | | | | | | 1.10% | | |
Net | | | | | 0.96% (f) | | | | | | 0.95% (e) | | | | | | 0.94% | | | | | | 0.94% | | | | | | 0.98% | | | | | | 1.01% | | |
Ratio of net investment income (loss) to average net assets:(c) | | | | | 3.29% | | | | | | 1.90% | | | | | | 1.66% | | | | | | 2.28% | | | | | | 2.22% | | | | | | 1.58% | | |
Portfolio Turnover | | | | | 7% | | | | | | 19% | | | | | | 23% | | | | | | 28% | | | | | | 12% | | | | | | 30% | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2022* | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 15.76 | | | | | $ | 16.54 | | | | | $ | 10.07 | | | | | $ | 13.56 | | | | | $ | 15.63 | | | | | $ | 13.71 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(b)(c) | | | | | 0.22 | | | | | | 0.20 | | | | | | 0.12 | | | | | | 0.65 | | | | | | 0.33 | | | | | | 0.28 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (3.95) | | | | | | (0.63) | | | | | | 6.88 | | | | | | (3.76) | | | | | | (1.84) | | | | | | 2.07 | | |
Total from Investment Operations | | | | | (3.73) | | | | | | (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 | | | | $ | 12.03 | | | | | $ | 15.76 | | | | | $ | 16.54 | | | | | $ | 10.07 | | | | | $ | 13.56 | | | | | $ | 15.63 | | |
Total Return | | | | | (23.67)% | | | | | | (2.72)% | | | | | | 70.25% | | | | | | (23.73)% | | | | | | (9.33)% | | | | | | 17.15% | | |
Net Assets, End of Period (000s) | | | | $ | 125,376 | | | | | $ | 170,731 | | | | | $ | 194,665 | | | | | $ | 133,912 | | | | | $ | 222,526 | | | | | $ | 319,531 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.52% | | | | | | 1.51% | | | | | | 1.53% | | | | | | 1.53% | | | | | | 1.53% | | | | | | 1.52% | | |
Net | | | | | 1.42% | | | | | | 1.41% | | | | | | 1.43% | | | | | | 1.43% | | | | | | 1.43% | | | | | | 1.42% | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 3.14% | | | | | | 1.15% | | | | | | 0.90% | | | | | | 4.85% | | | | | | 2.29% | | | | | | 1.85% | | |
Portfolio Turnover | | | | | 7% | | | | | | 29% | | | | | | 35% | | | | | | 33% | | | | | | 52% | | | | | | 26% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2022* | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 15.77 | | | | | $ | 16.54 | | | | | $ | 10.07 | | | | | $ | 13.57 | | | | | $ | 15.66 | | | | | $ | 13.73 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.25 | | | | | | 0.25 | | | | | | 0.17 | | | | | | 0.69 | | | | | | 0.37 | | | | | | 0.32 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (3.97) | | | | | | (0.61) | | | | | | 6.88 | | | | | | (3.76) | | | | | | (1.83) | | | | | | 2.09 | | |
Total from Investment Operations | | | | | (3.72) | | | | | | (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 | | | | $ | 12.05 | | | | | $ | 15.77 | | | | | $ | 16.54 | | | | | $ | 10.07 | | | | | $ | 13.57 | | | | | $ | 15.66 | | |
Total Return | | | | | (23.59)% | | | | | | (2.29)% | | | | | | 70.84% | | | | | | (23.50)% | | | | | | (8.95)% | | | | | | 17.56% | | |
Net Assets, End of Period (000s) | | | | $ | 553,214 | | | | | $ | 753,426 | | | | | $ | 625,221 | | | | | $ | 367,321 | | | | | $ | 766,409 | | | | | $ | 593,619 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.27% | | | | | | 1.26% | | | | | | 1.28% | | | | | | 1.28% | | | | | | 1.28% | | | | | | 1.27% | | |
Net | | | | | 1.05% | | | | | | 1.04% | | | | | | 1.06% | | | | | | 1.06% | | | | | | 1.06% | | | | | | 1.05% | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 3.49% | | | | | | 1.49% | | | | | | 1.27% | | | | | | 5.02% | | | | | | 2.57% | | | | | | 2.08% | | |
Portfolio Turnover | | | | | 7% | | | | | | 29% | | | | | | 35% | | | | | | 33% | | | | | | 52% | | | | | | 26% | | |
| | | R6 Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2022* | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 11.53 | | | | | $ | 12.20 | | | | | $ | 7.53 | | | | | $ | 10.25 | | | | | $ | 12.02 | | | | | $ | 10.63 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(b)(c) | | | | | 0.18 | | | | | | 0.17 | | | | | | 0.13 | | | | | | 0.55 | | | | | | 0.24 | | | | | | 0.26 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (2.90) | | | | | | (0.43) | | | | | | 5.12 | | | | | | (2.83) | | | | | | (1.38) | | | | | | 1.62 | | |
Total from Investment Operations | | | | | (2.72) | | | | | | (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 | | | | $ | 8.81 | | | | | $ | 11.53 | | | | | $ | 12.20 | | | | | $ | 7.53 | | | | | $ | 10.25 | | | | | $ | 12.02 | | |
Total Return | | | | | (23.59)% | | | | | | (2.23)% | | | | | | 70.90% | | | | | | (23.46)% | | | | | | (8.95)% | | | | | | 17.66% | | |
Net Assets, End of Period (000s) | | | | $ | 207,724 | | | | | $ | 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% | | | | | | 1.12% | | | | | | 1.13% | | | | | | 1.13% | | | | | | 1.14% | | | | | | 1.12% | | |
Net | | | | | 1.02% | | | | | | 1.02% | | | | | | 1.03% | | | | | | 1.03% | | | | | | 1.05% | | | | | | 1.02% | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 3.53% | | | | | | 1.35 | | | | | | 1.32% | | | | | | 5.62% | | | | | | 2.28% | | | | | | 2.12% | | |
Portfolio Turnover | | | | | 7% | | | | | | 29% | | | | | | 35% | | | | | | 33% | | | | | | 52% | | | | | | 26% | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | Six Months Ended September 30, 2022* | | | Years Ended March 31, | | | January 30, 2019(1) through March 31, 2019 | | |||||||||||||||||||||
| | | | | | | 2022 | | | 2021 | | | 2020 | | | | | | |||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 12.69 | | | | | $ | 13.95 | | | | | $ | 7.98 | | | | | $ | 10.60 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(c) | | | | | 0.11 | | | | | | 0.10 | | | | | | 0.01 | | | | | | (0.05) | | | | | | (0.04) | | |
Net realized and unrealized gain/(loss) on securities | | | | | (3.45) | | | | | | 0.23 | | | | | | 6.05 | | | | | | (2.54) | | | | | | 0.64 | | |
Total from Investment Operations | | | | | (3.34) | | | | | | 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 | | | | $ | 9.35 | | | | | $ | 12.69 | | | | | $ | 13.95 | | | | | $ | 7.98 | | | | | $ | 10.60 | | |
Total Return | | | | | (26.32)% | | | | | | 1.90% | | | | | | 76.07% | | | | | | (24.50)% | | | | | | 6.00%(3) | | |
Net Assets, End of Period (000s) | | | | $ | 96 | | | | | $ | 131 | | | | | $ | 86 | | | | | $ | 49 | | | | | $ | 63 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.53% | | | | | | 1.63% | | | | | | 1.62% | | | | | | 1.90% | | | | | | 4.54%(2) | | |
Net | | | | | 1.53% | | | | | | 1.63% | | | | | | 1.62% | | | | | | 1.90% | | | | | | 4.54%(2) | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 2.03% | | | | | | 0.72% | | | | | | 0.12% | | | | | | (0.44)% | | | | | | (3.52)%(2) | | |
Portfolio Turnover | | | | | 35% | | | | | | 51% | | | | | | 55% | | | | | | 142%(e) | | | | | | 22%(3) | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | Six Months Ended September 30, 2022* | | | Years Ended March 31, | | | January 30, 2019(1) through March 31, 2019 | | |||||||||||||||||||||
| | | | | | | 2022 | | | 2021 | | | 2020 | | | | | | |||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 12.83 | | | | | $ | 14.06 | | | | | $ | 8.02 | | | | | $ | 10.60 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.13 | | | | | | 0.18 | | | | | | 0.06 | | | | | | (0.01) | | | | | | (0.04) | | |
Net realized and unrealized gain/(loss) on securities | | | | | (3.48) | | | | | | 0.21 | | | | | | 6.07 | | | | | | (2.54) | | | | | | 0.64 | | |
Total from Investment Operations | | | | | (3.35) | | | | | | 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 | | | | $ | 9.48 | | | | | $ | 12.83 | | | | | $ | 14.06 | | | | | $ | 8.02 | | | | | $ | 10.60 | | |
Total Return | | | | | (26.11)% | | | | | | 2.37% | | | | | | 76.56% | | | | | | (24.10)% | | | | | | 6.00%(3) | | |
Net Assets, End of Period (000s) | | | | $ | 2,859 | | | | | $ | 3,682 | | | | | $ | 12,314 | | | | | $ | 6,995 | | | | | $ | 9,245 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.28% | | | | | | 1.34% | | | | | | 1.37% | | | | | | 1.65% | | | | | | 4.29%(2) | | |
Net | | | | | 1.16% | | | | | | 1.22% | | | | | | 1.25% | | | | | | 1.53% | | | | | | 4.17%(2) | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 2.40% | | | | | | 1.21% | | | | | | 0.49% | | | | | | (0.05)% | | | | | | (3.15)%(2) | | |
Portfolio Turnover | | | | | 35% | | | | | | 51% | | | | | | 55% | | | | | | 142%(e) | | | | | | 22%(3) | | |
| | | R6 Shares | | |||||||||||||||||||||||||||
| | | Six Months Ended September 30, 2022* | | | Years Ended March 31, | | | January 30, 2019 (1) through March 31, 2019 | | |||||||||||||||||||||
| | | | | | | 2022 | | | 2021 | | | 2020 | | | | | | |||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 12.82 | | | | | $ | 14.07 | | | | | $ | 8.02 | | | | | $ | 10.60 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (c) | | | | | 0.14 | | | | | | 0.15 | | | | | | 0.06 | | | | | | (0.01) | | | | | | (0.04) | | |
Net realized and unrealized gain/(loss) on securities | | | | | (3.49) | | | | | | 0.23 | | | | | | 6.08 | | | | | | (2.53) | | | | | | 0.64 | | |
Total from Investment Operations | | | | | (3.35) | | | | | | 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 | | | | $ | 9.47 | | | | | $ | 12.82 | | | | | $ | 14.07 | | | | | $ | 8.02 | | | | | $ | 10.60 | | |
Total Return | | | | | (26.13)% | | | | | | 2.25% | | | | | | 76.69% | | | | | | (24.08)% | | | | | | 6.00% (3) | | |
Net Assets, End of Period (000s) | | | | $ | 17,156 | | | | | $ | 22,121 | | | | | $ | 11,490 | | | | | $ | 6,240 | | | | | $ | 1,371 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.13% | | | | | | 1.29% | | | | | | 1.22% | | | | | | 1.50% | | | | | | 4.14% (2) | | |
Net | | | | | 1.13% | | | | | | 1.29% | | | | | | 1.22% | | | | | | 1.50% | | | | | | 4.14% (2) | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 2.43% | | | | | | 1.11% | | | | | | 0.51% | | | | | | (0.08)% | | | | | | (3.12)% (2) | | |
Portfolio Turnover | | | | | 35% | | | | | | 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 September 30, 2022 | | ||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Small Cap | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 66,306,749 | | | | | $ | — | | | | | $ | — | | | | | $ | 66,306,749 | | |
Real Estate Investment Trust | | | | | 1,225,141 | | | | | | — | | | | | | — | | | | | | 1,225,141 | | |
Short-Term Investments | | | | | 1,780,741 | | | | | | — | | | | | | — | | | | | | 1,780,741 | | |
Total | | | | $ | 69,312,631 | | | | | $ | — | | | | | $ | — | | | | | $ | 69,312,631 | | |
Quality | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 129,937,086 | | | | | $ | — | | | | | $ | — | | | | | $ | 129,937,086 | | |
Depositary Receipts | | | | | 27,985,595 | | | | | | — | | | | | | — | | | | | | 27,985,595 | | |
Short-Term Investments | | | | | 2,564,876 | | | | | | — | | | | | | — | | | | | | 2,564,876 | | |
Total | | | | $ | 160,487,557 | | | | | $ | — | | | | | $ | — | | | | | $ | 160,487,557 | | |
Environmental Opportunities | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 59,580,041 | | | | | $ | — | | | | | $ | — | | | | | $ | 59,580,041 | | |
Real Estate Investment Trusts | | | | | 1,742,644 | | | | | | — | | | | | | — | | | | | | 1,742,644 | | |
Short-Term Investments | | | | | 6,268,333 | | | | | | — | | | | | | — | | | | | | 6,268,333 | | |
Total | | | | $ | 67,591,018 | | | | | $ | — | | | | | $ | — | | | | | $ | 67,591,018 | | |
Emerging Markets World Equity | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 58,694,654 | | | | | $ | — | | | | | $ | — | | | | | $ | 58,694,654 | | |
Depositary Receipts | | | | | 5,725,068 | | | | | | — | | | | | | — | | | | | | 5,725,068 | | |
Mutual Funds | | | | | 1,796,564 | | | | | | — | | | | | | — | | | | | | 1,796,564 | | |
Preferred Stock | | | | | 295,227 | | | | | | — | | | | | | — | | | | | | 295,227 | | |
P-Notes | | | | | — | | | | | | 1,781,418 | | | | | | — | | | | | | 1,781,418 | | |
Rights | | | | | 488 | | | | | | — | | | | | | — | | | | | | 488 | | |
Short Term Investments | | | | | 1,094,423 | | | | | | — | | | | | | — | | | | | | 1,094,423 | | |
Total | | | | $ | 67,606,424 | | | | | $ | 1,781,418 | | | | | $ | — | | | | | $ | 69,387,842 | | |
Foreign Value | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 2,953,198,904 | | | | | $ | 18,989,161 | | | | | $ | 6,730 | | | | | $ | 2,972,194,795 | | |
Depositary Receipts | | | | | 14,198,425 | | | | | | — | | | | | | — | | | | | | 14,198,425 | | |
Warrants | | | | | 94,581 | | | | | | — | | | | | | — | | | | | | 94,581 | | |
Short-Term Investments | | | | | 11,646,835 | | | | | | — | | | | | | — | | | | | | 11,646,835 | | |
Total | | | | $ | 2,979,138,745 | | | | | $ | 18,989,161 | | | | | $ | 6,730 | | | | | $ | 2,998,134,636 | | |
| | | Quoted Prices In Active Markets | | | Significant Other Observable Inputs | | | Significant Unobservable Inputs | | | Market Value at September 30, 2022 | | ||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Foreign Value Small Cap | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 822,386,866 | | | | | $ | 38,470,103 | | | | | $ | — | | | | | $ | 860,856,969 | | |
Short-Term Investments | | | | | 20,725,084 | | | | | | — | | | | | | — | | | | | | 20,725,084 | | |
Total | | | | $ | 843,111,950 | | | | | $ | 38,470,103 | | | | | $ | — | | | | | $ | 881,582,053 | | |
International Opportunities | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 18,484,619 | | | | | $ | 593,566 | | | | | $ | — | | | | | $ | 19,078,185 | | |
Short-Term Investments | | | | | 1,003,960 | | | | | | — | | | | | | — | | | | | | 1,003,960 | | |
Total | | | | $ | 19,488,579 | | | | | $ | 593,566 | | | | | $ | — | | | | | $ | 20,082,145 | | ��� |
| | | Foreign Value Common Stock | | |||
Balance as of 3/31/2022 | | | | $ | 4,995 | | |
Realized gain (loss) | | | | | — | | |
Changed in unrealized appreciation (depreciation) | | | | | 1,735 | | |
Purchases | | | | | — | | |
Sales | | | | | — | | |
Transfer into Level 3 | | | | | — | | |
Transfer out of Level 3 | | | | | — | | |
Balance as of 9/30/2022 | | | | $ | 6,730 | | |
| | | Emerging Markets World Equity | | | Foreign Value | | | Foreign Value Small Cap | | | International Opportunities | | ||||||||||||
Banks | | | | $ | 1,230,092 | | | | | $ | 18,989,161 | | | | | $ | 38,470,103 | | | | | $ | 314,003 | | |
Diversified Financial Services | | | | | 241,927 | | | | | | — | | | | | | — | | | | | | 279,563 | | |
Oil, Gas & Consumable Fuels | | | | | 309,399 | | | | | | — | | | | | | — | | | | | | — | | |
| | | $ | 1,781,418 | | | | | $ | 18,989,161 | | | | | $ | 38,470,103 | | | | | $ | 593,566 | | |
| | | Emerging Markets World Equity | | | Foreign Value | | ||||||
Food & Staples Retailing | | | | $ | 0 | | | | | $ | — | | |
Semiconductors & Semiconductor Equipment | | | | | 0 | | | | | | — | | |
Metals & Mining | | | | | — | | | | | | 6,730 | | |
| | | | $ | 0 | | | | | $ | 6,730 | | |
Common Stock | | | Fair Value September 30, 2022 | | | Valuation Methodologies | | | Unobservable Inputs (1) | | | Range | | | Impact to Valuation From a Decrease in Input (2) | | |||||||||
Foreign Value | | | | $ | 6,730 | | | | Market Comparable | | | Comparability Adjustment | | | | | 100% | | | | | | Decrease | | |
| Recoverable through | | | | | | | |
| August 31, 2023 | | | | $ | 195,335 | | |
| August 31, 2024 | | | | $ | 145,592 | | |
| Small Cap | | | 0.25% of the first $100 million and 0.30% of amounts in excess of $100 million but less than $200 million and 0.325% of amounts in excess of $200 million of average daily total net assets | |
| Quality | | | A fee equal to the flat annual rate of $90,000. | |
| Environmental Opportunities | | | 0.38% of the average daily total net assets | |
| Emerging Markets World Equity | | | 0.35% for the first $100 Million and 0.40% of the amounts in excess of $100 million but less than $200 million and 0.45% of amounts in excess of $200 million of average daily total net assets | |
| Foreign Value | | | 0.35% of the first $35 million, 0.40% of amounts in excess of $35 million but less than $200 million and 0.50% of amounts in excess of $200 million of average daily total net assets | |
| Foreign Value Small Cap | | | 0.35% of the first $35 million and 0.40% of amounts in excess of $35 million but less than $200 million and 0.50% of assets in excess of $200 million of average daily total net assets | |
| International Opportunities | | | 0.30% of the first $35 million and 0.35% of amounts in excess of $35 million but less than $200 million and 0.45% of amounts in excess of $200 million of average daily total net assets. | |
| Foreign Value | | | 0.30% of the first $35 million and 0.35% of amounts in excess of $35 million but less than $200 million and 0.45% of assets in excess of $200 million of average daily total net assets | |
| Foreign Value Small Cap | | | 0.30% of the first $35 million and 0.35% of amounts in excess of $35 million but less than $200 million and 0.45% of assets in excess of $200 million of average daily total net assets. | |
| Recoverable through | | | | | | | |
| August 31, 2022 | | | | $ | 189,034 | | |
| August 31, 2023 | | | | $ | 195,335 | | |
| August 31, 2024 | | | | $ | 145,592 | | |
| | | March 31, 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 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
CONTRACT APPROVAL (continued)
CONTRACT APPROVAL (continued)
| Manager | | | Pear Tree Advisors, Inc., 55 Old Bedford Road, Suite 202, Lincoln, MA 01773 | |
| Subadvisers | | | Chartwell Investment Partners LLC, 1205 Westlakes Drive, Suite 100, Berwyn, PA 19312 Essex Investment Management Company, LLC, 125 High Street, Boston, MA 02110 Axiom Investors LLC, 33 Benedict Place, Greenwich, CT 06830 Polaris Capital Management, LLC, 121 High Street, Boston, MA 02110 | |
| Distributor | | | U.S. Boston Capital Corporation, 55 Old Bedford Road, Suite 202, Lincoln, MA 01773 | |
| Custodian | | | UMB Bank n.a., 928 Grand Boulevard, 5th Floor, Kansas City, Missouri 64106 | |
| Fund Accountant | | | UMB Fund Services, Inc., 235 West Galena Street, Milwaukee, Wisconsin 53212 | |
| Transfer Agent | | | Pear Tree Institutional Services, 55 Old Bedford Road, Suite 202, Lincoln, MA 01773 | |
| Independent Registered Public Accounting Firm | | | Tait, Weller & Baker LLP, Two Liberty Place, 50 South 16th Street, Suite 2900 Philadelphia, PA 19102 | |
| Legal Counsel | | | Sullivan & Worcester LLP, One Post Office Square Boston, MA 02109 | |
| For Account Information | | | For Pear Tree Funds information, contact your financial adviser or, if you receive account statements directly from Pear Tree Funds, you can also call 1-800-326-2151. Telephone representatives are available from 8:30 a.m. to 4:30 p.m. Eastern Time. Or visit our website, www.peartreefunds.com | |
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ITEM 1. (b) | Not applicable for report period. |
ITEM 2. | Code of Ethics |
Not applicable for report period.
ITEM 3. | Audit Committee Financial Expert |
Not applicable for report period.
ITEM 4. | Principal Accountant Fees and Services |
Not applicable for report period.
ITEM 5. | Audit Committee of Listed Registrants |
Not applicable.
ITEM 6. | Investments |
Not applicable.
ITEM 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not applicable.
ITEM 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
ITEM 9 | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not applicable.
ITEM 10 | Submission of Matters to a Vote of Security Holders |
Not applicable.
ITEM 11. | Controls and Procedures |
(a) The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b) There has been no change in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
(a) | Not applicable. |
(b) | Not applicable. |
ITEM 13. | Exhibits |
(a) | Certifications pursuant to Rule 30a-2(a) by the chief executive and financial officers. |
(b) | Certification pursuant to Rule 30a-2(b) and Section 906 by the chief executive and financial officers. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Pear Tree Funds | ||
By | /s/ Willard L. Umphrey | |
Willard L. Umphrey, President |
Date: November 30, 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: November 30, 2022 | ||
By | /s/ Leon Okurowski | |
Leon Okurowski, Treasurer | ||
Date: November 30, 2022 |