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, 2023 through September 30, 2023 |
ITEM 1(a): REPORTS TO SHAREOWNERS.
Pear Tree Quality Fund
Pear Tree Essex Environmental Opportunities FundPear Tree Axiom Emerging Markets World Equity Fund*
Pear Tree Polaris Foreign Value Fund
Pear Tree Polaris Foreign Value Small Cap Fund Pear Tree Polaris International Opportunities Fund
September 30, 2023
TABLE OF CONTENTS | | | | | | | |
President’s Letter | | | | | 1 | | |
Fund Expenses | | | | | 2 | | |
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 | | | | | 36 | | |
Pear Tree Essex Environmental Opportunities Fund | | | | | 39 | | |
Pear Tree Axiom Emerging Markets World Equity Fund | | | | | 42 | | |
Pear Tree Polaris Foreign Value Fund | | | | | 48 | | |
Pear Tree Polaris Foreign Value Small Cap Fund | | | | | 52 | | |
Pear Tree Polaris International Opportunities Fund | | | | | 56 | | |
Statements of Assets and Liabilities | | | | | 62 | | |
Statements of Operations | | | | | 70 | | |
Statements of Changes in Net Assets | | | | | 78 | | |
Financial Highlights | | | | | 92 | | |
Notes to Financial Statements | | | | | 111 | | |
Information for Shareholders | | | | | 127 | | |
Management Contract and Advisory Contract Approval | | | | | 128 | | |
Service Providers | | | | | 131 | | |
President and Chairman
Pear Tree Fund | | | Share Class | | | Total Return Description | | | Beginning Account Value 4/1/2023 | | | Ending Account Value 9/30/2023 | | | Annualized Expense Ratio | | | Expenses Paid During the Period* 4/1/2023- 9/30/2023 | | ||||||||||||
Small Cap ** | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $1,019.20 | | | | | | 1.34% | | | | | | $6.75 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.32 | | | | | | 1.34% | | | | | | $6.74 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $1,020.90 | | | | | | 0.97% | | | | | | $4.88 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.17 | | | | | | 0.97% | | | | | | $4.88 | | |
Quality ** | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $1,057.70 | | | | | | 1.15% | | | | | | $5.93 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.24 | | | | | | 1.15% | | | | | | $5.82 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $1,059.60 | | | | | | 0.78% | | | | | | $4.03 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,021.09 | | | | | | 0.78% | | | | | | $3.95 | | |
Environmental | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $860.10 | | | | | | 1.24% | | | | | | $5.76 | | |
Opportunities | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.80 | | | | | | 1.24% | | | | | | $6.26 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $816.40 | | | | | | 0.99% | | | | | | $4.60 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.06 | | | | | | 0.99% | | | | | | $4.99 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $861.60 | | | | | | 0.95% | | | | | | $4.42 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.25 | | | | | | 0.95% | | | | | | $4.80 | | |
Emerging Markets | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $958.50 | | | | | | 1.80% | | | | | | $8.83 | | |
World Equity*** | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,015.98 | | | | | | 1.80% | | | | | | $9.09 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $959.90 | | | | | | 1.43% | | | | | | $7.00 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.86 | | | | | | 1.43% | | | | | | $7.21 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $962.30 | | | | | | 0.99% | | | | | | $4.86 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.05 | | | | | | 0.99% | | | | | | $5.00 | | |
Foreign Value | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $994.80 | | | | | | 1.41% | | | | | | $7.05 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.93 | | | | | | 1.41% | | | | | | $7.13 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $996.70 | | | | | | 1.04% | | | | | | $5.21 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.78 | | | | | | 1.04% | | | | | | $5.27 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $997.10 | | | | | | 0.94% | | | | | | $4.70 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.29 | | | | | | 0.94% | | | | | | $4.76 | | |
Foreign Value | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $1,011.30 | | | | | | 1.43% | | | | | | $7.20 | | |
Small Cap | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.84 | | | | | | 1.43% | | | | | | $7.22 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $1,013.40 | | | | | | 1.06% | | | | | | $5.34 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.69 | | | | | | 1.06% | | | | | | $5.36 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $1,012.70 | | | | | | 1.03% | | | | | | $5.19 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.84 | | | | | | 1.03% | | | | | | $5.21 | | |
International | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $947.80 | | | | | | 1.56% | | | | | | $7.61 | | |
Opportunities | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.19 | | | | | | 1.56% | | | | | | $7.88 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $949.20 | | | | | | 1.16% | | | | | | $5.65 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.20 | | | | | | 1.16% | | | | | | $5.85 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $950.00 | | | | | | 1.11% | | | | | | $5.39 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.47 | | | | | | 1.11% | | | | | | $5.58 | | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $77.6 Million | | | |||||
| Number of Companies | | | 53 | | | |||||
| Price to Book Ratio | | | 1.8 | | | |||||
| Price to Earnings Ratio | | | 11.0 | | | |||||
| | | | Ordinary | | | Institutional | | | ||
| Total Expense Ratio (Gross)* | | | 1.53% | | | 1.28% | | | ||
| Total Expense Ratio (Net)* | | | 1.53% | | | 1.16% | | | ||
| Ticker Symbol | | | USBNX | | | QBNAX | | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 27.2% | | |
South Plains Financial, Inc. | | | | | 3.6% | | |
Barrett Business Services, Inc. | | | | | 3.0% | | |
OFG Bancorp | | | | | 2.9% | | |
NOV Inc. | | | | | 2.8% | | |
Graphic Packaging Holding Co. | | | | | 2.6% | | |
Hercules Capital, Inc. | | | | | 2.6% | | |
Eagle Materials Inc. | | | | | 2.5% | | |
Ingredion Incorporated | | | | | 2.5% | | |
EVERTEC Inc. | | | | | 2.4% | | |
Applied Industrial Technologies, Inc. | | | | | 2.3% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Industrials | | | | | 31.7% | | |
Financials | | | | | 22.7% | | |
Materials | | | | | 11.6% | | |
Energy | | | | | 8.4% | | |
Health Care | | | | | 7.8% | | |
Consumer Discretionary | | | | | 6.9% | | |
Information Technology | | | | | 6.2% | | |
Consumer Staples | | | | | 2.5% | | |
CASH + other assets (net) | | | | | 2.2% | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Small Cap (PTSC) Ordinary Shares vs. Russell 2000 Index* | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2023 | | | Six Months | | | One Year | | | Five Year | | | Ten Year (3) | | | Since Inception (3) | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (0.13)% | | | | | | 1.92% | | | | | | 15.52% | | | | | | 2.82% | | | | | | 5.13% | | | | | | 8.75% | | | | 08/03/1992 | |
Institutional Shares(1) | | | | | (0.03)% | | | | | | 2.09% | | | | | | 15.94% | | | | | | 3.20% | | | | | | 5.47% | | | | | | 8.42% | | | | 01/06/1993 | |
Russell 2000 (2) | | | | | (5.13)% | | | | | | (0.19)% | | | | | | 8.93% | | | | | | 2.40% | | | | | | 6.65% | | | | | | 8.83% | | | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $231.8 Million | | | |||||
| Number of Companies | | | 40 | | | |||||
| Price to Book Ratio | | | 4.7 | | | |||||
| Price to Earnings Ratio | | | 19.3 | | | |||||
| | | | Ordinary | | | Institutional | | | ||
| Total Expense Ratio (Gross)* | | | 1.51% | | | 1.26% | | | ||
| Total Expense Ratio (Net)* | | | 1.19% | | | 0.79% | | | ||
| Ticker Symbol | | | USBOX | | | QGIAX | | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 41.5% | | |
Microsoft Corporation | | | | | 7.7% | | |
Amazon.com, Inc. | | | | | 4.4% | | |
UnitedHealth Group, Inc. | | | | | 4.4% | | |
Meta Platforms, Inc. | | | | | 4.1% | | |
Alphabet, Inc. Class A | | | | | 3.8% | | |
Apple, Inc. | | | | | 3.8% | | |
Safran SA | | | | | 3.4% | | |
Lam Research Corporation | | | | | 3.3% | | |
Oracle Corporation | | | | | 3.3% | | |
Johnson & Johnson | | | | | 3.3% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Information Technology | | | | | 39.0% | | |
Health Care | | | | | 23.9% | | |
Consumer Discretionary | | | | | 12.2% | | |
Communication Services | | | | | 7.8% | | |
Consumer Staples | | | | | 6.8% | | |
Industrials | | | | | 5.1% | | |
Financials | | | | | 4.2% | | |
Energy | | | | | 0.0% | | |
Materials | | | | | 0.0% | | |
Real Estate | | | | | 0.0% | | |
Utilities | | | | | 0.0% | | |
CASH + other assets (net) | | | | | 1.0% | | |
Value of a $10,000 Investment | |
Pear Tree Quality (PTQ) Ordinary Shares vs.S&P 500 Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2023 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception (3) | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (4.37)% | | | | | | 5.77% | | | | | | 27.13% | | | | | | 10.99% | | | | | | 12.54% | | | | | | 9.83% | | | | 05/06/85 | |
Institutional Shares(1) | | | | | (4.29)% | | | | | | 5.96% | | | | | | 27.65% | | | | | | 11.42% | | | | | | 12.91% | | | | | | 9.10% | | | | 03/25/91 | |
S&P 500 (2) | | | | | (3.27)% | | | | | | 5.18% | | | | | | 21.62% | | | | | | 9.92% | | | | | | 11.91% | | | | | | 10.93% | | | | ———————— | |
| Fund Information | | | | | | | | | | | | | |
| Net Assets | | | $58.0 Million | | | | | | |||||
| Number of Companies | | | 35 | | | | | | |||||
| Price to Book Ratio | | | 95.6 | | | | | | |||||
| Price to Earnings Ratio | | | 28.7 | | | | | | |||||
| | | | Ordinary | | | Institutional | | | R6 | | | ||
| Total Expense Ratio (Gross)* | | | 1.58% | | | 1.33% | | | 1.18% | | | ||
| Total Expense Ratio (Net)* | | | 1.24% | | | 0.99% | | | 0.95% | | | ||
| Ticker Symbol | | | EEOFX | | | GEOSX | | | GEORX | | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 42.0% | | |
Badger Meter, Inc. | | | | | 6.0% | | |
Zurn Elkay Water Solutions | | | | | 4.9% | | |
Landis+Gyr Group AG | | | | | 4.9% | | |
Hubbell Incorporated | | | | | 4.9% | | |
Energy Recovery, Inc. | | | | | 4.2% | | |
Primoris Services Corporation | | | | | 3.8% | | |
Kingspan Group plc | | | | | 3.8% | | |
NextEra Energy, Inc. | | | | | 3.6% | | |
Infineon Technologies AG | | | | | 3.1% | | |
Kion Group AG | | | | | 2.8% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Industrials | | | | | 53.9% | | |
Information Technology | | | | | 23.7% | | |
Materials | | | | | 8.0% | | |
Utilities | | | | | 3.6% | | |
Consumer Discretionary | | | | | 2.1% | | |
Consumer Staples | | | | | 0.0% | | |
CASH + other assets (net) | | | | | 8.7% | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 91.3% | | |
United States | | | | | 59.1% | | |
Germany | | | | | 5.9% | | |
Ireland | | | | | 5.9% | | |
Switzerland | | | | | 4.9% | | |
Japan | | | | | 4.7% | | |
Israel | | | | | 4.4% | | |
Denmark | | | | | 4.0% | | |
Sweden | | | | | 2.4% | | |
Value of a $10,000 Investment | |
Pear Tree Essex Environmental Opportunities (EEOFX) Ordinary Shares vs.MSCI World Index* | |
|
Average Annual Total Returns* | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2023 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (18.01)% | | | | | | (13.99)% | | | | | | (8.16)% | | | | | | 3.96% | | | | | | -% | | | | | | 4.29% | | | | 09/01/2017 | |
Institutional Shares(1) | | | | | (17.94)% | | | | | | (13.86)% | | | | | | (7.90)% | | | | | | 4.24% | | | | | | -% | | | | | | 4.55% | | | | 09/01/2017 | |
R6 Shares (1) | | | | | (17.93)% | | | | | | (13.84)% | | | | | | (7.96)% | | | | | | -% | | | | | | -% | | | | | | (19.84)% | | | | 09/01/2021 | |
MSCI World (2) | | | | | (3.36)% | | | | | | 3.41% | | | | | | 22.58% | | | | | | 7.80% | | | | | | -% | | | | | | 8.70% | | | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $61.8 Million | | | |||||
| Number of Companies | | | 115 | | | |||||
| Price to Book Ratio | | | 3.2 | | | |||||
| Price to Earnings Ratio | | | 17.5 | | | |||||
| | | | Ordinary | | | Institutional | | | R6 | |
| Total Expense Ratio (Gross)* | | | 1.78% | | | 1.53% | | | 1.37% | |
| Total Expense Ratio (Net)* | | | 1.56% | | | 1.19% | | | 0.99% | |
| Ticker Symbol | | | QFFOX | | | QEMAX | | | QFFRX | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 33.2% | | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | | | 8.6% | | |
Samsung Electronics Company Limited | | | | | 5.7% | | |
Tencent Holdings Limited | | | | | 4.1% | | |
Larsen & Toubro | | | | | 2.6% | | |
SK Hynix, Inc. | | | | | 2.3% | | |
Trip.com Group Limited | | | | | 2.3% | | |
PT Bank Rakyat Indonesia Tbk | | | | | 2.1% | | |
Mercado Libre, Inc. | | | | | 1.9% | | |
NVIDIA Corporation | | | | | 1.8% | | |
Bajaj Finserv Limited | | | | | 1.8% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Information Technology | | | | | 24.2% | | |
Consumer Discretionary | | | | | 18.1% | | |
Financials | | | | | 16.7% | | |
Industrials | | | | | 10.3% | | |
Consumer Staples | | | | | 8.4% | | |
Communication Services | | | | | 6.2% | | |
Health Care | | | | | 4.5% | | |
Real Estate | | | | | 3.6% | | |
Materials | | | | | 3.5% | | |
Energy | | | | | 2.4% | | |
Mutual Funds | | | | | 1.3% | | |
CASH + other assets (net) | | | | | 0.8% | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 87.4% | | |
India | | | | | 18.6% | | |
China | | | | | 18.0% | | |
Taiwan | | | | | 11.6% | | |
South Korea | | | | | 10.2% | | |
Brazil | | | | | 7.3% | | |
United States | | | | | 6.3% | | |
Mexico | | | | | 5.9% | | |
Indonesia | | | | | 4.1% | | |
Thailand | | | | | 2.9% | | |
United Arab Emerates | | | | | 2.5% | | |
Value of a $10,000 Investment | |
Pear Tree Axiom Emerging Markets World Equity (PTEM) Ordinary Shares vs. MSCI EM Index* | |
|
| | | 3Q 2023 | | | Six Months | | | One Year | | | Five Year (3) | | | Ten Year (3) | | | Since Inception (3) | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (3.51)% | | | | | | (4.15)% | | | | | | 6.82% | | | | | | 0.36% | | | | | | 0.38% | | | | | | 4.04% | | | | 09/30/1994 | |
Institutional Shares (1) | | | | | (3.44)% | | | | | | (4.01)% | | | | | | 7.19% | | | | | | 0.74% | | | | | | 0.72% | | | | | | 5.16% | | | | 04/02/1996 | |
R6 Shares (1) | | | | | (3.21)% | | | | | | (3.77)% | | | | | | 7.66% | | | | | | -% | | | | | | -% | | | | | | 1.71% | | | | 01/28/2019 | |
MSCI EM (2) | | | | | (2.79)% | | | | | | (1.78)% | | | | | | 12.17% | | | | | | 0.94% | | | | | | 2.45% | | | | | | 4.42% | | | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $2,957.0 Million | | ||||||
| Number of Companies | | | 61 | | ||||||
| Price to Book Ratio | | | 1.4 | | ||||||
| Price to Earnings Ratio | | | 11.0 | | ||||||
| | | | Ordinary | | | Institutional | | | R6 | |
| Total Expense Ratio (Gross)* | | | 1.52% | | | 1.27% | | | 1.12% | |
| Total Expense Ratio (Net) * | | | 1.42% | | | 1.05% | | | 0.94% | |
| Ticker Symbol | | | QFVOX | | | QFVIX | | | QFVRX | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 23.8% | | |
Publicis Groupe | | | | | 2.5% | | |
Honda Motor Company, Ltd. | | | | | 2.5% | | |
Muenchener Rueckversicherungs-Gesellschaft | | | | | 2.4% | | |
Hannover Rueck SE | | | | | 2.4% | | |
Next plc | | | | | 2.4% | | |
SK Hynix, Inc. | | | | | 2.4% | | |
Novartis AG | | | | | 2.3% | | |
TotalEnergies SE | | | | | 2.3% | | |
Methanex Corporation | | | | | 2.3% | | |
Vinci SA | | | | | 2.3% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Consumer Discretionary | | | | | 23.0% | | |
Financials | | | | | 18.2% | | |
Industrials | | | | | 15.4% | | |
Materials | | | | | 15.0% | | |
Communication Services | | | | | 9.0% | | |
Information Technology | | | | | 6.6% | | |
Health Care | | | | | 4.1% | | |
Consumer Staples | | | | | 3.0% | | |
Energy | | | | | 2.3% | | |
Real Estate | | | | | 2.1% | | |
Cash and Other Assets (Net) | | | | | 1.3% | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 87.5% | | |
Japan | | | | | 13.6% | | |
United Kingdom | | | | | 12.9% | | |
France | | | | | 12.3% | | |
Canada | | | | | 12.1% | | |
South Korea | | | | | 11.3% | | |
Germany | | | | | 8.9% | | |
Norway | | | | | 6.3% | | |
Ireland | | | | | 4.3% | | |
Sweden | | | | | 3.5% | | |
Switzerland | | | | | 2.3% | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Foreign Value (PTFV) Ordinary Shares vs. MSCI EAFE Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2023 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (2.27)% | | | | | | (0.52)% | | | | | | 26.32% | | | | | | 0.16% | | | | | | 3.27% | | | | | | 5.44% | | | | 05/15/1998 | |
Institutional Shares(1) | | | | | (2.18)% | | | | | | (0.33)% | | | | | | 26.75% | | | | | | 0.53% | | | | | | 3.61% | | | | | | 6.58% | | | | 12/18/1998 | |
R6 Shares (1) | | | | | (2.15)% | | | | | | (0.29)% | | | | | | 26.94% | | | | | | 0.62% | | | | | | —% | | | | | | 3.50% | | | | 02/06/2017 | |
MSCI EAFE (2) | | | | | (4.05)% | | | | | | (0.95)% | | | | | | 26.31% | | | | | | 3.74% | | | | | | 4.32% | | | | | | 4.59% | | | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $953.9 Million | | ||||||
| Number of Companies | | | 63 | | ||||||
| Price to Book Ratio | | | 1.2 | | ||||||
| Price to Earnings Ratio | | | 11.6 | | ||||||
| | | | Ordinary | | | Institutional | | | R6 | |
| Total Expense Ratio (Gross)* | | | 1.52% | | | 1.27% | | | 1.12% | |
| Total Expense Ratio (Net)* | | | 1.42% | | | 1.05% | | | 1.02% | |
| Ticker Symbol | | | QUSOX | | | QUSIX | | | QUSRX | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 26.6% | | |
Technip Energies N.V. | | | | | 3.3% | | |
Equatorial Energia S.A. | | | | | 3.0% | | |
Glanbia plc | | | | | 2.8% | | |
Thanachart Capital PCL | | | | | 2.7% | | |
Vistry Group plc | | | | | 2.7% | | |
D’Ieteren S.A. | | | | | 2.5% | | |
Hikma Pharmaceuticals plc | | | | | 2.5% | | |
Inchcape plc | | | | | 2.4% | | |
Elis S.A. | | | | | 2.4% | | |
Daicel Corporation | | | | | 2.3% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Financials | | | | | 22.6% | | |
Industrials | | | | | 17.6% | | |
Consumer Discretionary | | | | | 16.2% | | |
Information Technology | | | | | 8.6% | | |
Materials | | | | | 7.1% | | |
Consumer Staples | | | | | 7.0% | | |
Utilities | | | | | 6.7% | | |
Energy | | | | | 3.3% | | |
Health Care | | | | | 2.5% | | |
Communication Services | | | | | 1.5% | | |
Real Estate | | | | | 1.2% | | |
CASH + other assets (net) | | | | | 5.7% | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 69.7% | | |
United Kingdom | | | | | 15.4% | | |
Japan | | | | | 14.2% | | |
France | | | | | 9.6% | | |
Ireland | | | | | 5.5% | | |
Thailand | | | | | 4.9% | | |
Norway | | | | | 4.7% | | |
Sweden | | | | | 4.6% | | |
Taiwan | | | | | 3.8% | | |
Canada | | | | | 3.5% | | |
Denmark | | | | | 3.5% | | |
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 2023 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (1.98)% | | | | | | 1.13% | | | | | | 24.59% | | | | | | 2.59% | | | | | | 5.33% | | | | | | 5.46% | | | | 5/1/2008 | |
Institutional Shares(1) | | | | | (1.84)% | | | | | | 1.34% | | | | | | 25.13% | | | | | | 2.98% | | | | | | 5.68% | | | | | | 5.77% | | | | 5/1/2008 | |
R6 Shares (1) | | | | | (1.90)% | | | | | | 1.27% | | | | | | 25.13% | | | | | | 3.01% | | | | | | —% | | | | | | 5.10% | | | | 2/6/2017 | |
MSCI ACWI ex USA Small Cap(2) | | | | | (1.58)% | | | | | | 0.64% | | | | | | 19.60% | | | | | | 3.03% | | | | | | 4.76% | | | | | | 4.37% | | | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $26.7 Million | | | |||||
| Number of Companies | | | 74 | | | |||||
| Price to Book Ratio | | | 2.3 | | | |||||
| Price to Earnings Ratio | | | 13.7 | | | |||||
| | | | Ordinary | | | Institutional | | | R6 | |
| Total Expense Ratio (Gross)* | | | 1.60% | | | 1.38% | | | 1.23% | |
| Total Expense Ratio (Net)* | | | 1.50% | | | 1.06% | | | 0.99% | |
| Ticker Symbol | | | QISOX | | | QISIX | | | QISRX | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 21.2% | | |
D’Ieteren S.A. | | | | | 2.5% | | |
Bravida Holding AB | | | | | 2.2% | | |
United Overseas Bank Limited | | | | | 2.2% | | |
Midea Group Co., Ltd. | | | | | 2.2% | | |
Toronto-Dominion Bank | | | | | 2.1% | | |
TISCO Financial Group | | | | | 2.1% | | |
SpareBank Nord-Norge | | | | | 2.0% | | |
Neurones S.A. | | | | | 2.0% | | |
Tri Chemical Laboratories Inc. | | | | | 2.0% | | |
Sparebanken Vest | | | | | 1.9% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Consumer Discretionary | | | | | 25.8% | | |
Financials | | | | | 24.4% | | |
Information Technology | | | | | 19.2% | | |
Industrials | | | | | 14.4% | | |
Materials | | | | | 8.3% | | |
Consumer Staples | | | | | 5.0% | | |
Utilities | | | | | 1.4% | | |
Communications Services | | | | | 0.6% | | |
CASH + other assets (net) | | | | | 0.9% | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 68.5% | | |
United Kingdom | | | | | 10.8% | | |
Canada | | | | | 9.9% | | |
Japan | | | | | 8.1% | | |
China | | | | | 7.9% | | |
Italy | | | | | 6.3% | | |
Australia | | | | | 6.2% | | |
France | | | | | 5.6% | | |
Sweden | | | | | 5.0% | | |
Taiwan | | | | | 4.8% | | |
Norway | | | | | 3.9% | | |
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 2023 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (5.79)% | | | | | | (5.22)% | | | | | | 20.03% | | | | | | —% | | | | | | —% | | | | | | 5.26% | | | | 01/30/2019 | |
Institutional Shares(1) | | | | | (5.80)% | | | | | | (5.08)% | | | | | | 20.34% | | | | | | —% | | | | | | —% | | | | | | 5.66% | | | | 01/30/2019 | |
R6 Shares (1) | | | | | (5.72)% | | | | | | (5.00)% | | | | | | 20.51% | | | | | | —% | | | | | | —% | | | | | | 5.68% | | | | 01/30/2019 | |
MSCI ACWI ex USA(2) | | | | | (3.68)% | | | | | | (1.11)% | | | | | | 21.02% | | | | | | __% | | | | | | __% | | | | | | 4.37% | | | | ———————— | |
| COMMON STOCK — 97.8% | | ||||||||||||
| | | Shares | | | Value | | |||||||
| AEROSPACE & DEFENSE — 4.2% | | ||||||||||||
| Curtiss-Wright Corporation | | | | | 7,800 | | | | | $ | 1,525,914 | | |
| V2X, Inc. (a) | | | | | 33,100 | | | | | | 1,709,946 | | |
| | | | | | 3,235,860 | | | ||||||
| AUTO COMPONENTS — 1.8% | | ||||||||||||
| Standard Motor Products, Inc. | | | | | 42,600 | | | | | | 1,432,212 | | |
| AUTOMOBILES — 1.0% | | ||||||||||||
| Winnebago Industries, Inc. | | | | | 12,567 | | | | | | 747,108 | | |
| BANKS — 16.9% | | ||||||||||||
| BOK Financial Corporation | | | | | 14,064 | | | | | | 1,124,839 | | |
| Cambridge Bancorp | | | | | 13,330 | | | | | | 830,326 | | |
| Colony Bankcorp, Inc. | | | | | 119,479 | | | | | | 1,194,193 | | |
| Cullen/Frost Bankers, Inc. | | | | | 15,300 | | | | | | 1,395,513 | | |
| F.N.B. Corporation | | | | | 61,980 | | | | | | 668,764 | | |
| International Bancshares Corporation | | | | | 41,700 | | | | | | 1,807,278 | | |
| OFG Bancorp | | | | | 76,100 | | | | | | 2,272,346 | | |
| South Plains Financial, Inc. | | | | | 104,500 | | | | | | 2,762,980 | | |
| Southside Bancshares, Inc. | | | | | 36,700 | | | | | | 1,053,290 | | |
| | | | | | 13,109,529 | | | ||||||
| BIOTECHNOLOGY — 2.2% | | ||||||||||||
| Exelixis, Inc. (a) | | | | | 79,900 | | | | | | 1,745,815 | | |
| BUILDING PRODUCTS — 2.4% | | ||||||||||||
| Carlisle Companies Incorporated | | | | | 3,500 | | | | | | 907,410 | | |
| Janus International Group, Inc. (a) | | | | | 91,500 | | | | | | 979,050 | | |
| | | | | | 1,886,460 | | | ||||||
| CAPITAL GOODS — 1.1% | | ||||||||||||
| Acuity Brands, Inc. | | | | | 5,000 | | | | | | 851,550 | | |
| CAPITAL MARKETS — 2.6% | | ||||||||||||
| Hercules Capital, Inc. | | | | | 121,860 | | | | | | 2,000,941 | | |
| CHEMICALS — 2.3% | | ||||||||||||
| Cabot Corporation | | | | | 25,573 | | | | | | 1,771,442 | | |
| COMMERCIAL SERVICES & SUPPLIES — 2.1% | | ||||||||||||
| Ennis, Inc. | | | | | 78,200 | | | | | | 1,659,404 | | |
| | | | Shares | | | Value | | ||||||
| CONSTRUCTION MATERIALS — 2.5% | | ||||||||||||
| Eagle Materials, Inc. | | | | | 11,700 | | | | | $ | 1,948,284 | | |
| CONSUMER FINANCE — 0.9% | | ||||||||||||
| SLM Corporation | | | | | 48,600 | | | | | | 661,932 | | |
| CONTAINERS & PACKAGING — 5.0% | | ||||||||||||
| Berry Global Group, Inc. | | | | | 29,400 | | | | | | 1,820,154 | | |
| Graphic Packaging Holding Co. | | | | | 91,600 | | | | | | 2,040,848 | | |
| | | | | | 3,861,002 | | | ||||||
| DIVERSIFIED CONSUMER SERVICES — 2.2% | | ||||||||||||
| Perdoceo Education Corporation | | | | | 98,500 | | | | | | 1,684,350 | | |
| ELECTRICAL EQUIPMENT — 1.2% | | ||||||||||||
| Regal Rexnord Corporation | | | | | 6,789 | | | | | | 970,012 | | |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.0% | | ||||||||||||
| Arrow Electronics, Inc. (a) | | | | | 7,700 | | | | | | 964,348 | | |
| Kimball Electronics, Inc. (a) | | | | | 50,245 | | | | | | 1,375,708 | | |
| | | | | | 2,340,056 | | | ||||||
| ENERGY EQUIPMENT & SERVICES — 4.8% | | ||||||||||||
| Dril-Quip, Inc. (a) | | | | | 55,600 | | | | | | 1,566,252 | | |
| NOV, Inc. | | | | | 102,938 | | | | | | 2,151,404 | | |
| | | | | 3,717,656 | | | |||||||
| FINANCIAL SERVICES — 2.4% | | ||||||||||||
| EVERTEC, Inc. | | | | | 49,800 | | | | | | 1,851,564 | | |
| FOOD PRODUCTS — 2.5% | | ||||||||||||
| Ingredion Incorporated | | | | | 19,600 | | | | | | 1,928,640 | | |
| GROUND TRANSPORTATION — 1.4% | | ||||||||||||
| Knight-Swift Transportation Holdings, Inc. | | | | | 21,494 | | | | | | 1,077,924 | | |
| HEALTH CARE TECHNOLOGY — 1.5% | | ||||||||||||
| Computer Programs and Systems, Inc. (a) | | | | | 73,850 | | | | | | 1,177,169 | | |
| MACHINERY — 4.2% | | ||||||||||||
| Allison Transmission Holdings, Inc. | | | | | 28,100 | | | | | | 1,659,586 | | |
| Wabash National Corporation | | | | | 74,700 | | | | | | 1,577,664 | | |
| | | | | | 3,237,250 | | | ||||||
| METALS & MINING — 1.8% | | ||||||||||||
| Lundin Mining Corporation | | | | | 189,400 | | | | | | 1,419,099 | | |
|
| | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| OIL, GAS & CONSUMABLE FUELS — 3.6% | | ||||||||||||
| CVR Energy, Inc. | | | | | 34,400 | | | | | $ | 1,170,632 | | |
| Diamondback Energy, Inc. | | | | | 10,670 | | | | | | 1,652,570 | | |
| | | | | | 2,823,202 | | | ||||||
| PHARMACEUTICALS — 4.0% | | ||||||||||||
| Harmony Biosciences Holdings, Inc. (a) | | | | | 36,100 | | | | | | 1,182,997 | | |
| Pacira BioSciences, Inc. (a) | | | | | 25,300 | | | | | | 776,204 | | |
| Supernus Pharmaceuticals, Inc. (a) | | | | | 42,500 | | | | | | 1,171,725 | | |
| | | | | | 3,130,926 | | | ||||||
| PROFESSIONAL SERVICES — 10.6% | | ||||||||||||
| Barrett Business Services, Inc. | | | | | 26,300 | | | | | | 2,373,312 | | |
| CSG Systems International, Inc. | | | | | 24,000 | | | | | | 1,226,880 | | |
| Kforce, Inc. | | | | | 29,494 | | | | | | 1,759,612 | | |
| Maximus, Inc. | | | | | 16,600 | | | | | | 1,239,688 | | |
| Science Applications International Corporation | | | | | 15,100 | | | | | | 1,593,654 | | |
| | | | | 8,193,146 | | | |||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.2% | | ||||||||||||
| MKS Instruments, Inc. | | | | | 19,600 | | | | | | 1,696,184 | | |
| SOFTWARE — 1.0% | | ||||||||||||
| Enghouse Systems Limited | | | | | 35,500 | | | | | | 787,197 | | |
| SPECIALTY RETAIL — 1.0% | | ||||||||||||
| Buckle, Inc. | | | | | 22,300 | | | | | | 744,597 | | |
| TEXTILES, APPAREL & LUXURY GOODS — 0.9% | | ||||||||||||
| Crocs, Inc. (a) | | | | | 8,010 | | | | | | 706,722 | | |
| TRADING COMPANIES & DISTRIBUTORS — 4.5% | | ||||||||||||
| Air Lease Corporation | | | | | 43,300 | | | | | | 1,706,453 | | |
| Applied Industrial Technologies, Inc. | | | | | 11,800 | | | | | | 1,824,398 | | |
| | | | | 3,530,851 | | | |||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $58,580,373) | | | | | | | | | | | 75,928,084 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—2.2% | | | | | | | | | | | | | |
UMB Money Market Special II, 5.25% (b) (Cost $1,707,702) | | | | $ | 1,707,702 | | | | | $ | 1,707,702 | | |
TOTAL INVESTMENTS—100.0% (Cost $60,288,075) | | | | | | | | | | | 77,635,786 | | |
OTHER ASSETS & LIABILITIES (NET) — 0.0% | | | | | | | | | | | 1,865 | | |
NET ASSETS—100% | | | | | | | | | | $ | 77,637,651 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 20,110,522 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (3,193,413) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 16,917,109 | | |
| COMMON STOCK — 99.0% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| AEROSPACE & DEFENSE — 3.4% | | ||||||||||||
| Safran SA | | | | | 49,578 | | | | | $ | 7,802,302 | | |
| BANKS — 3.3% | | ||||||||||||
| U.S. Bancorp | | | | | 100,927 | | | | | | 3,336,647 | | |
| Wells Fargo & Company | | | | | 107,457 | | | | | | 4,390,693 | | |
| | | | | | 7,727,340 | | | ||||||
| BEVERAGES — 3.6% | | ||||||||||||
| Coca-Cola Company (The) | | | | | 95,334 | | | | | | 5,336,797 | | |
| Constellation Brands, Inc. (a) | | | | | 11,577 | | | | | | 2,909,647 | | |
| | | | | | 8,246,444 | | | ||||||
| DIVERSIFIED FINANCIAL SERVICES — 0.9% | | ||||||||||||
| American Express Company | | | | | 13,533 | | | | | | 2,018,988 | | |
| FOOD PRODUCTS — 1.2% | | ||||||||||||
| Nestle, S.A. (b) | | | | | 24,768 | | | | | | 2,802,995 | | |
| HEALTH CARE EQUIPMENT & SUPPLIES — 4.5% | | ||||||||||||
| Abbott Laboratories | | | | | 28,108 | | | | | | 2,722,260 | | |
| Intuitive Surgical, Inc. (a) | | | | | 15,082 | | | | | | 4,408,318 | | |
| Medtronic Plc | | | | | 41,048 | | | | | | 3,216,521 | | |
| | | | | | 10,347,099 | | | ||||||
| HEALTH CARE PROVIDERS & SERVICES — 8.9% | | ||||||||||||
| CIGNA Corporation | | | | | 7,640 | | | | | | 2,185,575 | | |
| Elevance Health Inc. | | | | | 11,873 | | | | | | 5,169,742 | | |
| Quest Diagnostics Incorporated | | | | | 26,683 | | | | | | 3,251,590 | | |
| UnitedHealth Group, Inc. | | | | | 20,040 | | | | | | 10,103,968 | | |
| | | | | | 20,710,875 | | | ||||||
| HOTELS, RESTAURANTS & LEISURE — 2.9% | | ||||||||||||
| Compass Group Plc (b) | | | | | 278,253 | | | | | | 6,775,460 | | |
| HOUSEHOLD PRODUCTS — 2.0% | | ||||||||||||
| Unilever Plc (b) | | | | | 93,857 | | | | | | 4,636,536 | | |
| INTERACTIVE MEDIA & SERVICES — 7.8% | | ||||||||||||
| Alphabet, Inc. Class A (a) | | | | | 67,421 | | | | | | 8,822,712 | | |
| Meta Platforms, Inc. (a) | | | | | 31,317 | | | | | | 9,401,677 | | |
| | | | | 18,224,389 | | | |||||||
| IT SERVICES — 24.4% | | ||||||||||||
| Accenture Plc | | | | | 24,224 | | | | | | 7,439,433 | | |
| Adobe Systems Incorporated (a) | | | | | 9,941 | | | | | | 5,068,916 | | |
| | | Shares | | | Value | | |||||||
| IT SERVICES (continued) | | ||||||||||||
| Amadeus IT Group, S.A. (b) | | | | | 27,809 | | | | | $ | 1,678,551 | | |
| Microsoft Corporation | | | | | 56,756 | | | | | | 17,920,707 | | |
| Oracle Corporation | | | | | 73,105 | | | | | | 7,743,282 | | |
| salesforce.com, inc. (a) | | | | | 25,479 | | | | | | 5,166,632 | | |
| SAP AG (b) | | | | | 54,076 | | | | | | 6,993,108 | | |
| Visa, Inc. | | | | | 19,957 | | | | | | 4,590,310 | | |
| | | | | | 56,600,939 | | | ||||||
| MACHINERY — 1.7% | | ||||||||||||
| Otis Worldwide Corp. | | | | | 50,227 | | | | | | 4,033,730 | | |
| MULTILINE RETAIL — 2.7% | | ||||||||||||
| TJX Companies, Inc. (The) | | | | | 70,820 | | | | | | 6,294,481 | | |
| PHARMACEUTICALS — 10.5% | | ||||||||||||
| Eli Lilly and Company | | | | | 13,779 | | | | | | 7,401,114 | | |
| Johnson & Johnson | | | | | 48,916 | | | | | | 7,618,667 | | |
| Merck & Co., Inc. | | | | | 52,638 | | | | | | 5,419,082 | | |
| Roche Holding Ltd. (b) | | | | | 112,858 | | | | | | 3,829,272 | | |
| | | | | | 24,268,135 | | | ||||||
| RETAILING — 5.3% | | ||||||||||||
| Alibaba Group Holding Ltd. (a)(b) | | | | | 25,695 | | | | | | 2,228,784 | | |
| Amazon.com, Inc. (a) | | | | | 79,529 | | | | | | 10,109,727 | | |
| | | | | | 12,338,511 | | | ||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 10.8% | | ||||||||||||
| KLA-Tencor Corporation | | | | | 9,286 | | | | | | 4,259,117 | | |
| Lam Research Corporation | | | | | 12,388 | | | | | | 7,764,427 | | |
| Taiwan Semiconductor Manufacturing Co., Ltd. (b) | | | | | 80,109 | | | | | | 6,961,472 | | |
| Texas Instruments, Inc. | | | | | 38,480 | | | | | | 6,118,705 | | |
| | | | | | 25,103,721 | | | ||||||
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 3.8% | | ||||||||||||
| Apple, Inc. | | | | | 51,076 | | | | | | 8,744,722 | | |
| TEXTILES, APPAREL & LUXURY GOODS — 1.3% | | ||||||||||||
| LVMH Moët Hennessy-Louis Vuitton S.A. (b) | | | | | 19,372 | | | | | | 2,927,303 | | |
| | |||||||||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $202,679,242) | | | | | | | | | | | 229,603,968 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market —0.9% | | | | | | | | ��� | | | | | |
UMB Money Market Special II, 5.25% (c) (Cost $2,027,228) | | | | $ | 2,027,228 | | | | | $ | 2,027,228 | | |
TOTAL INVESTMENTS 99.9% (Cost $204,706,470) | | | | | | | | | | | 231,631,196 | | |
OTHER ASSETS & LIABILITIES (NET)—0.1% | | | | | | | | | | | 193,759 | | |
NET ASSETS—100% | | | | | | | | | | $ | 231,824,955 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 35,911,863 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (9,380,569) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 26,531,294 | | |
| Common Stock — 91.3% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| DENMARK — 4.0% | | ||||||||||||
| INDUSTRIALS — 4.0% | | ||||||||||||
| Cadeler AS (a) | | | | | 347,781 | | | | | $ | 1,190,330 | | |
| Vestas Wind Systems A/S | | | | | 64,218 | | | | | | 1,381,883 | | |
| | | | | | 2,572,213 | | | ||||||
| GERMANY — 5.9% | | ||||||||||||
| INDUSTRIALS — 2.8% | | ||||||||||||
| Kion Group AG (a) | | | | | 46,712 | | | | | | 1,799,735 | | |
| INFORMATION TECHNOLOGY — 3.1% | | ||||||||||||
| Infineon Technologies AG | | | | | 58,726 | | | | | | 1,949,554 | | |
| TOTAL GERMANY | | | | | 3,749,289 | | | ||||||
| IRELAND — 5.9% | | ||||||||||||
| CONSOMER DISCRETIONARY —2.1% | | ||||||||||||
| Aptiv PLC (a) | | | | | 13,777 | | | | | | 1,358,274 | | |
| INDUSTRIALS — 3.8% | | ||||||||||||
| Kingspan Group plc | | | | | 31,757 | | | | | | 2,385,894 | | |
| TOTAL IRELAND | | | | | 3,744,168 | | | ||||||
| ISRAEL — 4.4% | | ||||||||||||
| INDUSTRIALS — 2.7% | | ||||||||||||
| Kornit Digital Ltd. (a) | | | | | 90,603 | | | | | | 1,713,303 | | |
| INFORMATION TECHNOLOGY — 1.7% | | ||||||||||||
| SolarEdge Technologies, Inc. (a) | | | | | 8,410 | | | | | | 1,089,179 | | |
| TOTAL ISRAEL | | | | | 2,802,482 | | | ||||||
| JAPAN — 4.7% | | ||||||||||||
| INDUSTRIALS — 2.0% | | ||||||||||||
| Kurita Water Industries Ltd. | | | | | 35,548 | | | | | | 1,242,066 | | |
| INFORMATION TECHNOLOGY — 2.7% | | ||||||||||||
| Keyence Corporation | | | | | 4,590 | | | | | | 1,707,120 | | |
| TOTAL JAPAN | | | | | 2,949,186 | | | ||||||
| SWEDEN — 2.4% | | ||||||||||||
| INDUSTRIALS — 2.4% | | ||||||||||||
| NIBE Industrier AB | | | | | 232,856 | | | | | | 1,538,913 | | |
| | | | Shares | | | Value | | ||||||
| SWITZERLAND — 4.9% | | ||||||||||||
| INFORMATION TECHNOLOGY — 4.9% | | ||||||||||||
| Landis+Gyr Group AG | | | | | 43,239 | | | | | $ | 3,133,741 | | |
| UNITED STATES — 59.1% | | ||||||||||||
| INDUSTRIALS — 36.2% | | ||||||||||||
| American Superconductor Corporation (a) | | | | | 79,348 | | | | | | 599,078 | | |
| Array Technologies, Inc. (a) | | | | | 66,411 | | | | | | 1,473,660 | | |
| Bloom Energy Corporation (a) | | | | | 73,033 | | | | | | 968,418 | | |
| Energy Recovery, Inc. (a) | | | | | 124,472 | | | | | | 2,640,051 | | |
| Enovix Corporation (a) | | | | | 137,219 | | | | | | 1,722,099 | | |
| Generac Holdings Inc. (a) | | | | | 11,201 | | | | | | 1,220,461 | | |
| Hubbell Incorporated | | | | | 9,908 | | | | | | 3,105,266 | | |
| Primoris Services Corporation | | | | | 74,454 | | | | | | 2,436,879 | | |
| Quanta Services, Inc. (a) | | | | | 6,914 | | | | | | 1,293,402 | | |
| Sensata Technologies Holding plc | | | | | 29,096 | | | | | | 1,100,411 | | |
| Shoals Technologies Group, Inc. (a) | | | | | 77,209 | | | | | | 1,409,064 | | |
| Symbotic Inc. (a) | | | | | 12,819 | | | | | | 428,539 | | |
| Watts Water Technologies, Inc. | | | | | 8,394 | | | | | | 1,450,651 | | |
| Zurn Elkay Water Solutions | | | | | 112,031 | | | | | | 3,139,109 | | |
| | | | | | | | | | | | 22,987,088 | | |
| INFORMATION TECHNOLOGY — 11.3% | | ||||||||||||
| Badger Meter, Inc. | | | | | 26,527 | | | | | | 3,816,439 | | |
| Cognex Corporation | | | | | 35,596 | | | | | | 1,510,694 | | |
| Navitas Semiconductor (a) | | | | | 136,561 | | | | | | 949,099 | | |
| Wolfspeed, Inc. (a) | | | | | 24,627 | | | | | | 938,289 | | |
| | | | | | | | | | | | 7,214,521 | | |
| MATERIALS — 8.0% | | ||||||||||||
| Albemarle Corporation | | | | | 7,527 | | | | | | 1,279,891 | | |
| Aspen Aerogels, Inc. (a) | | | | | 133,718 | | | | | | 1,149,975 | | |
| Livent Corporation (a) | | | | | 49,510 | | | | | | 911,479 | | |
| MP Materials Corp. (a) | | | | | 91,741 | | | | | | 1,752,253 | | |
| | | | | | | | | | | | 5,093,598 | | |
| UTILITIES — 3.6% | | ||||||||||||
| NextEra Energy, Inc. | | | | | 39,418 | | | | | | 2,258,257 | | |
| | | | | | | | | ||||||
| TOTAL UNITED STATES | | | | | 37,553,464 | | | ||||||
| | | ||||||||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $67,115,428) | | | | | | | | | | | 58,043,456 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—8.7% | | | | | | | | | | | | | |
UMB Money Market Special II, 5.25% (b) (Cost $5,501,561) | | | | $ | 5,501,561 | | | | | $ | 5,501,561 | | |
TOTAL INVESTMENTS 100.0% (Cost $72,616,989) | | | | | | | | | | | 63,545,017 | | |
OTHER ASSETS & LIABILITIES (NET)—0.0% | | | | | | | | | | | 23,156 | | |
NET ASSETS—100% | | | | | | | | | | $ | 63,568,173 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 5,527,983 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (14,599,986) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | (9,072,003) | | |
| Common Stock — 96.6% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| ARGENTINA — 0.4% | | ||||||||||||
| Arcos Dorados Holdings Inc. | | | | | 27,000 | | | | | $ | 255,420 | | |
| AUSTRIA — 0.5% | | ||||||||||||
| Erste Group Bank AG | | | | | 8,258 | | | | | | 286,953 | | |
| BRAZIL — 7.3% | | ||||||||||||
| AmBev | | | | | 103,900 | | | | | | 272,143 | | |
| B3 SA - Brasil Bolsa Balcao | | | | | 384,100 | | | | | | 943,137 | | |
| BTG Pactual | | | | | 158,700 | | | | | | 985,137 | | |
| Localiza Rent a Car S.A. | | | | | 67,900 | | | | | | 794,419 | | |
| Multiplan Empreendimentos Imobiliarios S.A. | | | | | 17,400 | | | | | | 85,415 | | |
| Nu Holdings, Ltd. (a) | | | | | 128,000 | | | | | | 928,000 | | |
| Raia Drogasil S.A. | | | | | 42,500 | | | | | | 234,526 | | |
| Weg S.A. | | | | | 41,200 | | | | | | 298,554 | | |
| | | | | 4,541,331 | | | |||||||
| CHINA — 18.0% | | ||||||||||||
| Alibaba Group Holding Ltd. (a) | | | | | 33,900 | | | | | | 370,514 | | |
| Baidu, Inc. (a) | | | | | 29,000 | | | | | | 493,954 | | |
| BYD Company Ltd. | | | | | 2,900 | | | | | | 89,608 | | |
| Centre Testing International Group Co., Ltd. | | | | | 118,200 | | | | | | 302,294 | | |
| China Huishan Dairy Holdings Co., Ltd. * (a) | | | | | 208,000 | | | | | | — | | |
| China Petroleum & Chemical Corporation | | | | | 1,240,000 | | | | | | 677,639 | | |
| China Resources Beer (Holdings) Co., Ltd. | | | | | 52,000 | | | | | | 285,167 | | |
| Eastroc Beverage (Group) Co., Ltd. | | | | | 10,500 | | | | | | 262,885 | | |
| Focus Media Information Technology | | | | | 802,500 | | | | | | 785,569 | | |
| Hanergy Mobile Energy Holding Group * (a) | | | | | 36,000 | | | | | | — | | |
| KE Holdings Inc. (b) | | | | | 21,600 | | | | | | 335,232 | | |
| Luzhou Laojiao Co. Ltd. | | | | | 16,500 | | | | | | 489,413 | | |
| MINISO Group Holding Limited (b) | | | | | 24,100 | | | | | | 624,190 | | |
| Ping An Insurance Group H Share | | | | | 87,000 | | | | | | 498,213 | | |
| Proya Cosmetics | | | | | 13,800 | | | | | | 191,958 | | |
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd. | | | | | 1,200 | | | | | | 44,327 | | |
| Tencent Holdings Limited | | | | | 64,900 | | | | | | 2,537,364 | | |
| Trip.com Group Limited (a)(b) | | | | | 40,000 | | | | | | 1,398,800 | | |
| Wuliangye Yibin Co., Ltd. (a) | | | | | 3,200 | | | | | | 68,389 | | |
| WuXi AppTec | | | | | 49,400 | | | | | | 582,863 | | |
| Yifeng Pharmacy Chain Co., Ltd. | | | | | 29,700 | | | | | | 142,602 | | |
| Yum China Holdings, Inc. | | | | | 17,650 | | | | | | 983,458 | | |
| | | | | | 11,164,439 | | | ||||||
| DENMARK — 0.6% | | ||||||||||||
| Novo Nordisk A/S | | | | | 3,823 | | | | | | 349,505 | | |
| | | | Shares | | | Value | | ||||||
| FRANCE — 1.2% | | ||||||||||||
| Hermès International S.A. | | | | | 145 | | | | | $ | 265,560 | | |
| L’Oréal S.A. | | | | | 778 | | | | | | 323,885 | | |
| LVMH Moet Hennessy Louis Vuitton SE | | | | | 215 | | | | | | 163,077 | | |
| | | | | | 752,522 | | | ||||||
| GREECE — 0.9% | | ||||||||||||
| Greek Organisation of Football Prognostics S.A. | | | | | 34,640 | | | | | | 581,673 | | |
| HONG KONG — 1.6% | | ||||||||||||
| AIA Group Ltd. | | | | | 34,700 | | | | | | 282,894 | | |
| Galaxy Entertainment Group | | | | | 112,000 | | | | | | 674,268 | | |
| | | | | 957,162 | | | |||||||
| INDIA — 18.6% | | ||||||||||||
| ABB India Limited | | | | | 3,251 | | | | | | 160,443 | | |
| Asian Paints Ltd. | | | | | 20,576 | | | | | | 783,246 | | |
| Axis Bank Limited | | | | | 41,406 | | | | | | 516,919 | | |
| Bajaj Finserv Limited | | | | | 11,916 | | | | | | 1,120,803 | | |
| Bharat Electronics Limited | | | | | 315,445 | | | | | | 525,354 | | |
| HDFC Bank Ltd. | | | | | 40,493 | | | | | | 744,262 | | |
| HDFC Life Insurance Company Ltd. | | | | | 8,201 | | | | | | 62,949 | | |
| ICICI Bank Limited | | | | | 47,208 | | | | | | 541,144 | | |
| Indian Hotels Company Limited (The) | | | | | 181,402 | | | | | | 898,039 | | |
| Larsen & Toubro | | | | | 43,767 | | | | | | 1,593,565 | | |
| MakeMyTrip Limited (a) | | | | | 8,000 | | | | | | 324,160 | | |
| Polycab India Limited | | | | | 10,270 | | | | | | 660,793 | | |
| Reliance Industries Limited | | | | | 10,374 | | | | | | 292,951 | | |
| Siemens Limited | | | | | 4,202 | | | | | | 185,833 | | |
| Sona Blw Precision Forgings Ltd. | | | | | 18,776 | | | | | | 131,909 | | |
| Titan Company Limited | | | | | 12,961 | | | | | | 491,461 | | |
| Triveni Turbine Limited | | | | | 32,320 | | | | | | 170,627 | | |
| TVS Motor Company | | | | | 40,268 | | | | | | 737,944 | | |
| Varun Beverages Limited | | | | | 76,083 | | | | | | 866,457 | | |
| Zomato (a) | | | | | 554,900 | | | | | | 678,245 | | |
| | | | | | 11,487,104 | | | ||||||
| INDONESIA — 4.1% | | ||||||||||||
| PT Bank Mandiri Tbk | | | | | 1,523,700 | | | | | | 594,002 | | |
| PT Bank Rakyat Indonesia Tbk | | | | | 3,930,100 | | | | | | 1,328,681 | | |
| PT Sumber Alfaria Trijaya Tbk | | | | | 2,424,300 | | | | | | 464,311 | | |
| Vale Indonesia Tbk | | | | | 448,100 | | | | | | 163,815 | | |
| | | | | | 2,550,809 | | | ||||||
|
| | | Shares | | | Value | | |||||||
| ITALY — 0.5% | | ||||||||||||
| Ferrari N.V. | | | | | 980 | | | | | $ | 289,629 | | |
| MEXICO — 5.9% | | ||||||||||||
| Alsea, S.A.B. de C.V. (a) | | | | | 35,800 | | | | | | 130,626 | | |
| Arca Continental | | | | | 56,300 | | | | | | 512,769 | | |
| Cemex S.A. de C.V. (a)(b) | | | | | 94,250 | | | | | | 612,625 | | |
| Corporacion Inmobiliaria Vesta SAB de CV | | | | | 127,100 | | | | | | 420,461 | | |
| Fomento Económico Mexicano S.A.B. (b) | | | | | 6,440 | | | | | | 702,926 | | |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - B | | | | | 44,000 | | | | | | 478,877 | | |
| Grupo Aeroportuario del Pacífico, S.A.B. de C. V. | | | | | 3,800 | | | | | | 62,633 | | |
| Grupo Financiero Banorte SAB de CV | | | | | 73,200 | | | | | | 615,430 | | |
| Grupo Mexico S.A.B. de C.V. Class B | | | | | 22,600 | | | | | | 107,275 | | |
| | | | | | 3,643,622 | | | ||||||
| NETHERLANDS — 0.2% | | ||||||||||||
| ASML Holding N.V. | | | | | 218 | | | | | | 129,046 | | |
| PANAMA — 0.1% | | ||||||||||||
| Copa Holdings, S.A. | | | | | 870 | | | | | | 77,535 | | |
| PHILIPPINES — 0.9% | | ||||||||||||
| BDO Unibank, Inc. | | | | | 220,700 | | | | | | 553,545 | | |
| POLAND — 0.6% | | ||||||||||||
| Dino Polska S.A. (a) | | | | | 4,510 | | | | | | 366,784 | | |
| SAUDI ARABIA — 1.3% | | ||||||||||||
| Alinma Bank | | | | | 9,606 | | | | | | 85,546 | | |
| Dr. Sulaiman Al-Habib Medical Group | | | | | 1,299 | | | | | | 81,601 | | |
| Elm Company | | | | | 1,973 | | | | | | 410,329 | | |
| Leejam Sports Co JSC | | | | | 5,785 | | | | | | 219,338 | | |
| | | | | | 796,814 | | | ||||||
| SOUTH KOREA — 9.5% | | ||||||||||||
| Korea Aerospace Industries, Ltd. | | | | | 8,150 | | | | | | 294,738 | | |
| Samsung Biologics (a) | | | | | 831 | | | | | | 419,380 | | |
| Samsung Electronics Company Limited | | | | | 60,670 | | | | | | 3,075,313 | | |
| Samsung SDI Co., Ltd. | | | | | 1,747 | | | | | | 662,861 | | |
| SK Hynix, Inc. | | | | | 16,677 | | | | | | 1,417,557 | | |
| | | | | | 5,869,849 | | | ||||||
|
| | | | Shares | | | Value | | ||||||
| SWITZERLAND — 0.5% | | ||||||||||||
| Compagnie Financière Richemont S.A. | | | | | 967 | | | | | $ | 118,391 | | |
| Novartis AG | | | | | 2,122 | | | | | | 217,744 | | |
| | | | | | 336,135 | | | ||||||
| TAIWAN — 11.6% | | ||||||||||||
| Accton Technology Corporation | | | | | 43,700 | | | | | | 667,403 | | |
| Airtac International Group | | | | | 2,300 | | | | | | 69,754 | | |
| Alchip Technologies, Ltd. | | | | | 10,950 | | | | | | 912,486 | | |
| Delta Electronics, Inc. | | | | | 10,200 | | | | | | 102,535 | | |
| E Ink Holdings Inc. | | | | | 12,000 | | | | | | 66,728 | | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | | | | | 328,000 | | | | | | 5,314,168 | | |
| Voltronic Power Inc. | | | | | 1,040 | | | | | | 51,065 | | |
| | | | | | 7,184,139 | | | ||||||
| THAILAND — 2.9% | | ||||||||||||
| Bumrungrad International Hospital (c) | | | | | 147,700 | | | | | | 1,087,088 | | |
| Central Pattana Public Company Limited (c) | | | | | 181,500 | | | | | | 315,273 | | |
| PTT Exploration & Production PCL (c) | | | | | 87,400 | | | | | | 410,447 | | |
| | | | | 1,812,808 | | | |||||||
| UNITED ARAB EMIRATES — 2.5% | | ||||||||||||
| Americana Restaurants International PLC | | | | | 135,303 | | | | | | 151,028 | | |
| Emaar Properties PJSC | | | | | 483,176 | | | | | | 1,057,618 | | |
| Salik Company PJSC | | | | | 364,174 | | | | | | 328,174 | | |
| | | | | | 1,536,820 | | | ||||||
| UNITED KINGDOM — 0.7% | | ||||||||||||
| Anglo American plc | | | | | 2,295 | | | | | | 63,461 | | |
| BAE Systems plc | | | | | 29,635 | | | | | | 360,915 | | |
| | | | | 424,376 | | | |||||||
| UNITED STATES — 6.2% | | ||||||||||||
| Cadence Design Systems, Inc. (a) | | | | | 664 | | | | | | 155,575 | | |
| Coupang, Inc. (a) | | | | | 8,000 | | | | | | 136,000 | | |
| Linde plc | | | | | 1,126 | | | | | | 419,266 | | |
| Mercado Libre, Inc. (a) | | | | | 923 | | | | | | 1,170,253 | | |
| Microsoft Corporation | | | | | 1,581 | | | | | | 499,201 | | |
| NVIDIA Corporation | | | | | 2,630 | | | | | | 1,144,024 | | |
| Samsonite International S.A. (a) | | | | | 95,800 | | | | | | 329,041 | | |
| | | | | | 3,853,360 | | | ||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $58,479,464) | | | | | | | | | | | 59,801,380 | | |
|
| | | Shares | | | Value | | |||||||
| Preferred Stock - 0.7% | | ||||||||||||
| SOUTH KOREA — 0.7% | | ||||||||||||
| Samsung Electronics Co., Ltd. | | | | | 10,952 | | | | | $ | 442,333 | | |
| (Cost $447,168) | | | | | | | | | |||||
| P -Notes — 0.6% | | ||||||||||||
| SAUDI ARABIA — 0.6% | | ||||||||||||
| Alinma Bank SJSC | | | | | 25,105 | | | | | | 223,585 | | |
| ARAMCO AB | | | | | 13,619 | | | | | | 126,920 | | |
| (Cost $384,040) | | | | | | | | | | | 350,505 | | |
| Rights — 0.0% | | ||||||||||||
| BRAZIL — 0.0% | | ||||||||||||
| Localiza Rent a Car S.A. | | | | | 509 | | | | | | 1,628 | | |
| (Cost $0) | | | | | | | | | | | | | |
| Exchange Trade Funds — 1.3% | | ||||||||||||
| UNITED STATES — 1.3% | | ||||||||||||
| iShares Core MSCI Emerging Markets ETF | | | | | 16,800 | | | | | | 799,512 | | |
| (Cost $812,777) | | | | | | | | | | | | | |
| | | Par Value | | | Value | | ||||||
Money Market - 1.3% | | | | | | | | | | | | | |
UMB Money Market Special II, 5.25% (d) (Cost $ 775,759) | | | | $ | 775,759 | | | | | $ | 775,759 | | |
TOTAL INVESTMENTS 100.5% (Cost $ 60,899,208) | | | | | | | | | | | 62,171,117 | | |
OTHER ASSETS & LIABILITIES (Net)—(0.5)% | | | | | | | | | | | (286,102) | | |
NET ASSETS—100% | | | | | | | | | | $ | 61,885,015 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 4,782,297 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (4,317,098) | | |
| Net unrealized appreciation / (depreciation) | | | | $ | 465,199 | | |
| Common Stock — 98.7% | | ||||||||||||
| | | Shares | | | Value | | |||||||
| BELGIUM — 1.4% | | ||||||||||||
| D’Ieteren S.A. | | | | | 251,853 | | | | | $ | 42,637,686 | | |
| CANADA — 12.1% | | ||||||||||||
| Canadian Tire Corporation | | | | | 499,716 | | | | | | 53,981,895 | | |
| Lundin Mining Corporation | | | | | 8,026,600 | | | | | | 60,140,132 | | |
| Magna International Inc. | | | | | 1,049,238 | | | | | | 56,489,670 | | |
| Methanex Corporation | | | | | 1,493,693 | | | | | | 67,624,962 | | |
| OpenText Corporation | | | | | 1,653,100 | | | | | | 58,286,447 | | |
| Toronto-Dominion Bank | | | | | 990,319 | | | | | | 59,939,204 | | |
| | | | | | 356,462,310 | | | ||||||
| CHILE — 0.9% | | ||||||||||||
| Antofagasta plc | | | | | 1,503,500 | | | | | | 26,223,624 | | |
| CHINA — 1.8% | | ||||||||||||
| Weichai Power Company Limited | | | | | 38,752,000 | | | | | | 52,745,352 | | |
| COLOMBIA — 0.3% | | ||||||||||||
| Bancolombia S.A. | | | | | 471,304 | | | | | | 3,588,977 | | |
| Tecnoglass, Inc. | | | | | 154,800 | | | | | | 5,102,208 | | |
| | | | | | 8,691,185 | | | ||||||
| FRANCE — 12.3% | | ||||||||||||
| Ipsos | | | | | 732,480 | | | | | | 33,766,203 | | |
| Michelin (CGDE) | | | | | 1,897,500 | | | | | | 58,401,615 | | |
| Publicis Groupe | | | | | 968,647 | | | | | | 73,594,610 | | |
| Teleperformance SE | | | | | 500,900 | | | | | | 63,321,821 | | |
| TotalEnergies SE | | | | | 1,025,200 | | | | | | 67,633,893 | | |
| Vinci SA | | | | | 600,598 | | | | | | 66,781,156 | | |
| | | | | | 363,499,298 | | | ||||||
| GERMANY — 8.9% | | ||||||||||||
| Daimler Truck Holding AG | | | | | 1,727,800 | | | | | | 60,038,535 | | |
| Deutsche Telekom AG | | | | | 2,395,518 | | | | | | 50,390,843 | | |
| flatexDEGIRO AG (a) | | | | | 988,400 | | | | | | 8,681,595 | | |
| Hannover Rueck SE | | | | | 328,300 | | | | | | 72,264,235 | | |
| Muenchener Rueckversicherungs-Gesellschaft | | | | | 185,030 | | | | | | 72,307,647 | | |
| | | | | | 263,682,855 | | | ||||||
| IRELAND — 4.3% | | ||||||||||||
| Greencore Group plc (a) | | | | | 19,767,301 | | | | | | 18,312,439 | | |
| Jazz Pharmaceuticals plc (a) | | | | | 416,700 | | | | | | 53,937,648 | | |
| Smurfit Kappa | | | | | 1,691,246 | | | | | | 56,512,148 | | |
| | | | | 128,762,235 | | |
| | | Shares | | | Value | | |||||||
| ITALY — 0.3% | | ||||||||||||
| Trevi Finanziaria Industriale SpA (a) | | | | | 25,608,324 | | | | | $ | 7,795,017 | | |
| JAPAN — 13.6% | | ||||||||||||
| Daicel Corporation | | | | | 3,589,700 | | | | | | 30,093,582 | | |
| Daito Trust Construction Company, Ltd. | | | | | 576,100 | | | | | | 60,804,657 | | |
| Honda Motor Company, Ltd. | | | | | 6,516,000 | | | | | | 73,445,549 | | |
| Itochu Corporation | | | | | 1,506,000 | | | | | | 54,558,124 | | |
| KDDI Corporation | | | | | 1,990,500 | | | | | | 61,052,226 | | |
| Marubeni Corporation | | | | | 3,609,100 | | | | | | 56,400,879 | | |
| Sony Group Corporation | | | | | 798,600 | | | | | | 65,504,198 | | |
| | | | | | 401,859,215 | | | ||||||
| NETHERLANDS — 2.0% | | ||||||||||||
| Koninklijke Ahold Delhaize N.V. | | | | | 1,916,100 | | | | | | 57,858,308 | | |
| NORWAY — 6.3% | | ||||||||||||
| DNB Bank ASA | | | | | 3,274,930 | | | | | | 66,354,811 | | |
| SpareBank 1 SR-Bank ASA | | | | | 4,762,087 | | | | | | 54,911,528 | | |
| Sparebanken Vest | | | | | 2,183,075 | | | | | | 21,623,745 | | |
| Yara International ASA | | | | | 1,167,700 | | | | | | 44,476,389 | | |
| | | | | | 187,366,473 | | | ||||||
| PUERTO RICO — 1.8% | | ||||||||||||
| Popular, Inc. | | | | | 857,050 | | | | | | 54,002,720 | | |
| RUSSIA — 0.0% | | ||||||||||||
| ALROSA Company PJSC * (a) | | | | | 41,136,300 | | | | | | 4,215 | | |
| SINGAPORE — 2.0% | | ||||||||||||
| United Overseas Bank Limited | | | | | 2,798,647 | | | | | | 58,437,570 | | |
| SOUTH KOREA — 11.3% | | ||||||||||||
| Kia Motors Corporation | | | | | 1,044,700 | | | | | | 63,019,549 | | |
| LG Electronics Inc. | | | | | 568,900 | | | | | | 42,538,914 | | |
| LG Uplus Corporation | | | | | 6,291,583 | | | | | | 48,303,542 | | |
| Samsung Electronics Company Limited | | | | | 1,274,943 | | | | | | 64,625,835 | | |
| Shinhan Financial Group Co., Limited | | | | | 1,725,400 | | | | | | 45,519,668 | | |
| SK Hynix, Inc. | | | | | 828,100 | | | | | | 70,389,114 | | |
| | | | | | 334,396,622 | | | ||||||
|
| | | | Shares | | | Value | | ||||||
| SWEDEN — 3.5% | | ||||||||||||
| Duni AB | | | | | 1,566,400 | | | | | $ | 13,971,039 | | |
| Loomis AB, Class B | | | | | 1,555,483 | | | | | | 42,179,387 | | |
| SKF AB-B | | | | | 2,823,600 | | | | | | 47,340,691 | | |
| | | | | 103,491,117 | | | |||||||
| SWITZERLAND — 2.3% | | ||||||||||||
| Novartis AG | | | | | 662,350 | | | | | | 67,965,451 | | |
| THAILAND — 0.7% | | ||||||||||||
| TISCO Financial Group | | | | | 7,722,600 | | | | | | 20,943,543 | | |
| UNITED KINGDOM — 12.9% | | ||||||||||||
| Amcor plc | | | | | 5,053,600 | | | | | | 46,290,976 | | |
| Bellway plc | | | | | 1,942,950 | | | | | | 54,164,504 | | |
| Inchcape plc | | | | | 4,428,040 | | | | | | 40,994,365 | | |
| Linde plc | | | | | 174,944 | | | | | | 65,140,398 | | |
| Mondi plc | | | | | 2,753,870 | | | | | | 46,242,809 | | |
| Next plc | | | | | 805,850 | | | | | | 71,762,256 | | |
| Nomad Foods Limited (a) | | | | | 882,100 | | | | | | 13,425,562 | | |
| Taylor Wimpey plc | | | | | 30,810,097 | | | | | | 44,111,124 | | |
| | | | | | 382,131,994 | | | ||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $2,722,928,558) | | | | | | | | | | | 2,918,956,790 | | |
| Warrants —0.0% | | ||||||||||||
| ITALY — 0.0% | | ||||||||||||
| Trevi-Finanziaria Industriale SpA (a) | | | | | 76,022 | | | | | | 73,728 | | |
| (Cost $7,585,702) | | | | | | | | | | | | | |
| | | Par Value | | | Value | | ||||||
Money Market—0.3% | | | | | | | | | |||||
UMB Money Market Special II, 5.25% (b) (Cost $9,851,154) | | | | $ | 9,851,154 | | | | | $ | 9,851,154 | | |
TOTAL INVESTMENTS—99.0% (Cost $2,740,365,414) | | | | | | | | | | | 2,928,881,672 | | |
OTHER ASSETS & LIABILITIES (NET) — 1.0% | | | | | | | | | | | 28,108,627 | | |
NET ASSETS—100% | | | | | | | | | | $ | 2,956,990,299 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 525,728,596 | | �� |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (351,933,702 | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 173,794,894 | | |
| Common Stock — 94.3% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| BELGIUM — 2.5% | | ||||||||||||
| D’Ieteren S.A. | | | | | 142,255 | | | | | $ | 24,083,192 | | |
| BRAZIL — 3.0% | | ||||||||||||
| Equatorial Energia S.A. | | | | | 4,479,971 | | | | | | 28,695,730 | | |
| CANADA — 3.5% | | ||||||||||||
| EQB Inc. | | | | | 365,870 | | | | | | 20,404,288 | | |
| goeasy Ltd. | | | | | 167,323 | | | | | | 13,196,488 | | |
| | | | | | 33,600,776 | | | ||||||
| CHINA — 0.5% | | ||||||||||||
| Xinhua Winshare Publishing and Media Co., Limited | | | | | 6,160,500 | | | | | | 4,853,265 | | |
| COLUMBIA — 1.8% | | ||||||||||||
| Tecnoglass, Inc. | | | | | 521,564 | | | | | | 17,190,749 | | |
| DENMARK — 3.5% | | ||||||||||||
| DFDS A/S | | | | | 374,399 | | | | | | 12,396,332 | | |
| Ringkjoebing Landbobank A/S | | | | | 142,300 | | | | | | 20,628,166 | | |
| | | | | 33,024,498 | | | |||||||
| FRANCE — 9.6% | | ||||||||||||
| Amundi | | | | | 332,600 | | | | | | 18,786,882 | | |
| Elis S.A. | | | | | 1,285,698 | | | | | | 22,678,379 | | |
| Rubis | | | | | 826,400 | | | | | | 18,584,157 | | |
| Technip Energies N.V. | | | | | 1,277,700 | | | | | | 31,885,007 | | |
| | | | | | 91,934,425 | | | ||||||
| GERMANY — 0.9% | | ||||||||||||
| flatexDEGIRO AG (a) | | | | | 490,400 | | | | | | 4,307,420 | | |
| Sixt SE | | | | | 48,425 | | | | | | 4,501,551 | | |
| | | | | | 8,808,971 | | | ||||||
| HONG KONG — 0.7% | | ||||||||||||
| Samson Holding Limited | | | | | 74,790,800 | | | | | | 2,253,684 | | |
| VSTECS Holdings Limited | | | | | 8,587,360 | | | | | | 4,824,421 | | |
| | | | | 7,078,105 | | | |||||||
| INDONESIA — 1.2% | | ||||||||||||
| PT. Pakuwon Jati Tbk | | | | | 415,457,800 | | | | | | 11,774,217 | | |
| IRELAND — 5.5% | | ||||||||||||
| C & C Group plc | | | | | 8,194,045 | | | | | | 13,901,773 | | |
| Glanbia plc | | | | | 1,608,400 | | | | | | 26,582,450 | | |
| | | | Shares | | | Value | | ||||||
| IRELAND (continued) | | ||||||||||||
| Greencore Group plc (a) | | | | | 12,778,600 | | | | | $ | 11,838,103 | | |
| | | | | 52,322,326 | | | |||||||
| ITALY — 2.2% | | ||||||||||||
| De’Longhi SpA | | | | | 981,136 | | | | | | 21,419,825 | | |
| JAPAN — 14.2% | | ||||||||||||
| Daicel Corporation | | | | | 2,587,100 | | | | | | 21,688,471 | | |
| Dowa Holdings Co., Limited | | | | | 500,800 | | | | | | 15,608,784 | | |
| Kanematsu Corporation | | | | | 1,088,200 | | | | | | 15,080,567 | | |
| Kyudenko Corporation | | | | | 557,000 | | | | | | 17,491,050 | | |
| Mizuho Leasing Company, Limited | | | | | 404,800 | | | | | | 13,319,270 | | |
| Open House Group Co., Limited | | | | | 575,100 | | | | | | 19,554,749 | | |
| Prima Meat Packers Limited | | | | | 889,000 | | | | | | 14,613,617 | | |
| Sankyu Inc. | | | | | 464,000 | | | | | | 16,078,700 | | |
| Sanwa Holdings Corporation | | | | | 142,000 | | | | | | 1,891,747 | | |
| | | | | 135,326,955 | | | |||||||
| JORDAN — 2.5% | | ||||||||||||
| Hikma Pharmaceuticals plc | | | | | 938,500 | | | | | | 23,917,832 | | |
| NETHERLANDS — 1.0% | | ||||||||||||
| Aalberts N.V. | | | | | 258,800 | | | | | | 9,502,577 | | |
| NORWAY — 4.7% | | ||||||||||||
| SpareBank Nord-Norge | | | | | 735,389 | | | | | | 6,613,795 | | |
| SpareBank 1 Oestlandet | | | | | 568,688 | | | | | | 7,129,376 | | |
| Sparebank 1 SMN | | | | | 961,828 | | | | | | 12,401,470 | | |
| SpareBank 1 SR-Bank ASA | | | | | 931,626 | | | | | | 10,742,560 | | |
| Sparebanken Vest | | | | | 788,092 | | | | | | 7,806,191 | | |
| | | | | 44,693,392 | | | |||||||
| PORTUGAL — 1.8% | | ||||||||||||
| Redes Energéticas Nacionais, SGPS, S.A. | | | | | 6,530,905 | | | | | | 16,733,499 | | |
| SINGAPORE — 3.4% | | ||||||||||||
| AEM Holdings Limited | | | | | 7,160,200 | | | | | | 18,046,075 | | |
| Venture Corporation, Limited | | | | | 1,567,200 | | | | | | 14,203,432 | | |
| | | | | | 32,249,507 | | | ||||||
|
| | | | Shares | | | Value | | ||||||
| SOUTH KOREA — 2.5% | | ||||||||||||
| ENF Technology Co., Limited | | | | | 692,686 | | | | | $ | 10,107,446 | | |
| Fila Holdings Corporation | | | | | 221,700 | | | | | | 5,931,058 | | |
| Nature Holding Co., Limited (The) | | | | | 436,302 | | | | | | 7,517,431 | | |
| | | | | 23,555,935 | | | |||||||
| SPAIN — 0.6% | | ||||||||||||
| CIE Automotive | | | | | 206,600 | | | | | | 5,608,495 | | |
| | | ||||||||||||
| SWEDEN — 4.6% | | ||||||||||||
| Duni AB | | | | | 485,645 | | | | | | 4,331,566 | | |
| Hexpol AB | | | | | 2,231,100 | | | | | | 19,950,973 | | |
| Loomis AB, Class B | | | | | 706,161 | | | | | | 19,148,675 | | |
| | | | | | 43,431,214 | | | ||||||
| TAIWAN — 3.8% | | ||||||||||||
| BizLink Holding, Inc. | | | | | 1,059,293 | | | | | | 8,860,120 | | |
| Primax Electronics Limited | | | | | 4,856,800 | | | | | | 10,411,566 | | |
| Sercomm Corporation | | | | | 1,542,000 | | | | | | 5,875,560 | | |
| Tripod Technology Corporation | | | | | 1,843,400 | | | | | | 10,992,844 | | |
| | | | | 36,140,090 | | | |||||||
| THAILAND — 4.9% | | ||||||||||||
| Thanachart Capital PCL | | | | | 18,690,500 | | | | | | 25,664,950 | | |
| TISCO Financial Group | | | | | 7,836,500 | | | | | | 21,252,437 | | |
| | | | | | 46,917,387 | | | ||||||
| UNITED KINGDOM — 15.4% | | ||||||||||||
| Coats Group plc | | | | | 5,811,700 | | | | | | 5,199,531 | | |
| Computacenter plc | | | | | 556,500 | | | | | | 17,184,731 | | |
| Crest Nicholson Holdings plc | | | | | 2,611,400 | | | | | | 5,536,436 | | |
| Future plc | | | | | 1,333,000 | | | | | | 14,464,018 | | |
| Inchcape plc | | | | | 2,462,168 | | | | | | 22,794,513 | | |
| Keller Group plc | | | | | 457,639 | | | | | | 4,194,885 | | |
| Lancashire Holdings Limited | | | | | 2,823,318 | | | | | | 20,331,473 | | |
| OSB Group PLC | | | | | 3,172,817 | | | | | | 12,678,876 | | |
| QinetiQ | | | | | 4,904,700 | | | | | | 19,084,809 | | |
| Vistry Group plc | | | | | 2,293,325 | | | | | | 25,528,041 | | |
| | | | | | 146,997,313 | | | ||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $920,941,589) | | | | | | | | | | | 899,860,275 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—5.0% | | | | | | | | | |||||
UMB Money Market Special II, 5.25% (b) | | | | $ | 47,915,673 | | | | | $ | 47,915,673 | | |
(Cost $47,915,673) | | | | | | | | | | | | | |
TOTAL INVESTMENTS—99.3% (Cost $968,857,262) | | | | | | | | | | | 947,775,948 | | |
OTHER ASSETS & LIABILITIES (NET)—0.7% | | | | | | | | | | | 6,081,761 | | |
NET ASSETS—100% | | | | | | | | | | $ | 953,857,709 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 117,493,421 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (145,614,735) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | (28,121,314) | | |
| Common Stock — 99.1% | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| AUSTRALIA — 6.2% | | ||||||||||||
| Accent Group Limited | | | | | 394,000 | | | | | $ | 498,412 | | |
| Collins Foods Limited | | | | | 79,783 | | | | | | 492,787 | | |
| HANSEN Technologies | | | | | 84,116 | | | | | | 287,191 | | |
| Macquarie Group Limited | | | | | 3,497 | | | | | | 378,567 | | |
| | | | | | 1,656,957 | | | ||||||
| BELGIUM — 2.5% | | ||||||||||||
| D’Ieteren S.A. | | | | | 4,000 | | | | | | 677,184 | | |
| BRAZIL — 1.4% | | ||||||||||||
| Equatorial Energia S.A. | | | | | 59,488 | | | | | | 381,041 | | |
| CANADA — 9.9% | | ||||||||||||
| Alimentation Couche-Tard Inc. | | | | | 9,300 | | | | | | 474,493 | | |
| Canadian Tire Corporation | | | | | 3,435 | | | | | | 371,066 | | |
| Enghouse Systems Limited | | | | | 17,800 | | | | | | 394,707 | | |
| EQB Inc. | | | | | 7,561 | | | | | | 421,671 | | |
| goeasy Ltd. | | | | | 5,154 | | | | | | 406,487 | | |
| Toronto-Dominion Bank | | | | | 9,376 | | | | | | 567,484 | | |
| | | | | | 2,635,908 | | | ||||||
| CHINA — 7.9% | | ||||||||||||
| Alibaba Group Holding Ltd. (a) | | | | | 40,800 | | | | | | 445,930 | | |
| China MeiDong Auto Holdings Limited | | | | | 376,000 | | | | | | 205,958 | | |
| Midea Group Co., Ltd. | | | | | 77,900 | | | | | | 591,708 | | |
| Zhejiang Supor Co. | | | | | 72,000 | | | | | | 477,890 | | |
| Zhongsheng Group Holdings | | | | | 138,500 | | | | | | 389,934 | | |
| | | | | | 2,111,420 | | | ||||||
| DENMARK — 1.1% | | ||||||||||||
| DFDS A/S | | | | | 8,800 | | | | | | 291,368 | | |
| FINLAND — 0.7% | | ||||||||||||
| Valmet OYJ | | | | | 8,400 | | | | | | 192,635 | | |
| FRANCE — 5.6% | | ||||||||||||
| Alten S.A. | | | | | 3,000 | | | | | | 395,765 | | |
| LVMH Moet Hennessy Louis Vuitton SE | | | | | 295 | | | | | | 223,756 | | |
| Neurones S.A. | | | | | 13,900 | | | | | | 522,446 | | |
| SEB SA | | | | | 3,700 | | | | | | 347,279 | | |
| | | | | | 1,489,246 | | | ||||||
| INDIA — 1.0% | | ||||||||||||
| Muthoot Finance Ltd. | | | | | 18,200 | | | | | | 274,398 | | |
| | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| INDONESIA — 0.9% | | ||||||||||||
| PT Bank Rakyat Indonesia Tbk | | | | | 740,745 | | | | | $ | 250,430 | | |
| ITALY — 6.3% | | ||||||||||||
| De’Longhi S.p.A. | | | | | 21,900 | | | | | | 478,113 | | |
| Interpump Group S.p.A. | | | | | 4,200 | | | | | | 193,391 | | |
| Reply S.p.A. | | | | | 2,200 | | | | | | 207,422 | | |
| SeSa S.p.A. | | | | | 3,700 | | | | | | 389,587 | | |
| SOL S.p.A. | | | | | 14,700 | | | | | | 417,110 | | |
| | | | | | 1,685,623 | | | ||||||
| JAPAN — 8.1% | | ||||||||||||
| FULLCAST HOLDINGS Co., Ltd. | | | | | 29,400 | | | | | | 370,788 | | |
| JAC Recruitment Co., Ltd. | | | | | 24,700 | | | | | | 420,757 | | |
| NEXTAGE Co., Ltd. | | | | | 26,300 | | | | | | 402,189 | | |
| Open Up Group Inc. | | | | | 19,100 | | | | | | 234,870 | | |
| Sony Group Corporation | | | | | 2,500 | | | | | | 205,059 | | |
| Tri Chemical Laboratories Inc. | | | | | 25,100 | | | | | | 521,427 | | |
| | | | | | 2,155,090 | | | ||||||
| MALAYSIA — 2.6% | | ||||||||||||
| Public Bank Bhd | | | | | 339,000 | | | | | | 293,131 | | |
| Scientex Berhad | | | | | 523,700 | | | | | | 413,803 | | |
| | | | | | 706,934 | | | ||||||
| MEXICO — 2.8% | | ||||||||||||
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - B | | | | | 25,500 | | | | | | 277,531 | | |
| Grupo Aeroportuario del Pacífico, S.A.B. de C. V. | | | | | 14,500 | | | | | | 238,995 | | |
| Grupo Aeroportuario del Sureste, S. A. B. de C.V. | | | | | 9,200 | | | | | | 225,817 | | |
| | | | | | 742,343 | | | ||||||
| NETHERLANDS — 0.7% | | ||||||||||||
| Aalberts N.V. | | | | | 5,000 | | | | | | 183,589 | | |
| NORWAY — 3.9% | | ||||||||||||
| SpareBank Nord-Norge | | | | | 60,100 | | | | | | 540,516 | | |
| Sparebanken Vest | | | | | 51,800 | | | | | | 513,088 | | |
| | | | | | 1,053,604 | | | ||||||
| PERU — 0.9% | | ||||||||||||
| Credicorp Ltd. | | | | | 1,800 | | | | | | 230,346 | | |
| SINGAPORE — 2.2% | | ||||||||||||
| United Overseas Bank Limited | | | | | 28,600 | | | | | | 597,187 | | |
|
| | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| SOUTH AFRICA — 2.5% | | ||||||||||||
| AVI Limited | | | | | 105,400 | | | | | $ | 417,585 | | |
| FirstRand Limited | | | | | 70,500 | | | | | | 238,974 | | |
| | | | | | 656,559 | | | ||||||
| SOUTH KOREA — 2.8% | | ||||||||||||
| Hansol Chemical Co., Ltd. | | | | | 2,900 | | | | | | 360,620 | | |
| Samsung Electronics Company Limited | | | | | 7,898 | | | | | | 400,343 | | |
| | | | | | 760,963 | | | ||||||
| SPAIN — 1.5% | | ||||||||||||
| CIE Automotive | | | | | 14,400 | | | | | | 390,911 | | |
| SWEDEN — 5.0% | | ||||||||||||
| Bravida Holding AB | | | | | 80,900 | | | | | | 600,186 | | |
| Hexpol AB | | | | | 42,300 | | | | | | 378,256 | | |
| Knowit AB | | | | | 31,600 | | | | | | 368,815 | | |
| | | | | | 1,347,257 | | | ||||||
| SWITZERLAND — 1.9% | | ||||||||||||
| ALSO Holding AG | | | | | 2,000 | | | | | | 503,935 | | |
| TAIWAN — 4.8% | | ||||||||||||
| BizLink Holding, Inc. | | | | | 26,391 | | | | | | 220,736 | | |
| Chailease Holding Co., Ltd. | | | | | 36,089 | | | | | | 202,355 | | |
| POYA International Co., Ltd. | | | | | 13,130 | | | | | | 196,045 | | |
| SINBON Electronics Co., Ltd. | | | | | 20,600 | | | | | | 206,443 | | |
| Thinking Electronic Industrial Co., Ltd. | | | | | 39,000 | | | | | | 176,391 | | |
| Yageo Corporation | | | | | 16,510 | | | | | | 268,514 | | |
| | | | | | 1,270,484 | | | ||||||
| THAILAND — 3.7% | | ||||||||||||
| Muangthai Capital Public Company Limited | | | | | 418,500 | | | | | | 413,759 | | |
| TISCO Financial Group | | | | | 208,500 | | | | | | 565,448 | | |
| | | | | | 979,207 | | | ||||||
| UNITED KINGDOM — 10.8% | | ||||||||||||
| Computacenter plc | | | | | 15,800 | | | | | | 487,904 | | |
| Cranswick plc | | | | | 10,000 | | | | | | 433,541 | | |
| Future plc | | | | | 14,600 | | | | | | 158,421 | | |
| Games Workshop Group PLC | | | | | 2,093 | | | | | | 270,023 | | |
| Howden Joinery Group plc | | | | | 16,873 | | | | | | 151,657 | | |
| Marshalls PLC | | | | | 66,600 | | | | | | 205,498 | | |
| Mondi plc | | | | | 25,951 | | | | | | 435,768 | | |
| | | ||||||||||||
| | | | Shares | | | Value | | ||||||
| UNITED KINGDOM (continued) | | ||||||||||||
| OSB Group PLC | | | | | 63,600 | | | | | $ | 254,152 | | |
| RS Group plc | | | | | 28,730 | | | | | | 257,879 | | |
| SSP Group plc | | | | | 91,000 | | | | | | 225,029 | | |
| | | | | | 2,879,872 | | | ||||||
| UNITED STATES — 1.4% | | ||||||||||||
| Euronet Worldwide, Inc. (a) | | | | | 4,600 | | | | | | 365,148 | | |
| | | ||||||||||||
| TOTAL COMMON STOCK | | ||||||||||||
| (Cost $25,999,815) | | | | | | | | | | | 26,469,639 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—1.4% | | ||||||||||||
UMB Money Market Special II, 5.25% (b) | | | | $ | 383,726 | | | | | $ | 383,726 | | |
(Cost $383,726) | | | | | | | | | | | | | |
TOTAL INVESTMENTS—100.5% | | | | | | | | | | | | | |
(Cost $26,383,541) | | | | | | | | | | | 26,853,365 | | |
OTHER ASSETS & LIABILITIES (Net)—(0.5%) | | | | | | | | | | | (140,918) | | |
NET ASSETS—100% | | | | | | | | | | $ | 26,712,447 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 2,573,339 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (2,232,555) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 340,784 | | |
| | | | Small Cap | | | Quality | | | Environmental Opportunities | | |||||||||
| Assets: | | | | | | | | | | | | | | | | | | | |
| Investments at value | | | | $ | 77,635,786 | | | | | $ | 231,631,196 | | | | | $ | 63,545,017 | | |
| Foreign currency at value (Cost $0 for Small Cap, $0 for Quality, $0 for Environmental Opportunities) | | | | | — | | | | | | — | | | | | | — | | |
| Cash | | | | | — | | | | | | — | | | | | | — | | |
| Dividends and interest receivable | | | | | 61,745 | | | | | | 222,514 | | | | | | 51,402 | | |
| Foreign tax reclaims receivable | | | | | — | | | | | | 94,328 | | | | | | 41,113 | | |
| Receivable for investments sold | | | | | — | | | | | | — | | | | | | — | | |
| Receivable for shares of beneficial interest sold | | | | | 48 | | | | | | 232,189 | | | | | | 3,246 | | |
| Other assets | | | | | 17,917 | | | | | | 11,281 | | | | | | 58,681 | | |
| Total Assets | | | | $ | 77,715,496 | | | | | $ | 232,191,508 | | | | | $ | 63,699,459 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | |
| Payable for investments purchased | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Payable for shares of beneficial interest repurchased | | | | | 412 | | | | | | 181,687 | | | | | | 61,080 | | |
| Payable for compensation of manager (Note 3) | | | | | 49,692 | | | | | | 123,315 | | | | | | 49,198 | | |
| Payable for distribution fees (Note 3) | | | | | 13,598 | | | | | | 28,491 | | | | | | 1,999 | | |
| Payable to custodian | | | | | 2,761 | | | | | | 10,049 | | | | | | 11,837 | | |
| Payable to transfer agent (Note 3) | | | | | 11,382 | | | | | | 23,011 | | | | | | 4,098 | | |
| Payable for foreign capital gain tax | | | | | — | | | | | | — | | | | | | — | | |
| Other accrued expenses and liabilities | | | | | — | | | | | | — | | | | | | 3,074 | | |
| Total Liabilities | | | | $ | 77,845 | | | | | $ | 366,553 | | | | | $ | 131,286 | | |
| Net Assets | | | | $ | 77,637,651 | | | | | $ | 231,824,955 | | | | | $ | 63,568,173 | | |
| | | | | | | | | | | | | | | | | | | | |
| Investments at cost | | | | $ | 60,288,075 | | | | | $ | 204,706,470 | | | | | $ | 72,616,989 | | |
| | | | Small Cap | | | Quality | | | Environmental Opportunities | | |||||||||
| Components of Net Assets: | | | | | | | | | | | | | | | | | | | |
| Shares of beneficial interest | | | | $ | 59,684,008 | | | | | $ | 194,368,582 | | | | | $ | 81,011,376 | | |
| Total distributable earnings (loss) | | | | | 17,953,643 | | | | | | 37,456,373 | | | | | | (17,443,203) | | |
| Net Assets Applicable to Outstanding Shares | | | | $ | 77,637,651 | | | | | $ | 231,824,955 | | | | | $ | 63,568,173 | | |
| Computation of Net Assets: | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 65,428,290 | | | | | $ | 133,695,672 | | | | | $ | 9,292,611 | | |
| Shares Outstanding | | | | | 2,806,936 | | | | | | 6,950,516 | | | | | | 778,697 | | |
| Net asset value and redemption proceeds per share | | | | $ | 23.31 | | | | | $ | 19.24 | | | | | $ | 11.93 | | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 12,209,361 | | | | | $ | 98,129,283 | | | | | $ | 52,719,051 | | |
| Shares outstanding | | | | | 415,658 | | | | | | 4,487,837 | | | | | | 4,349,797 | | |
| Net asset value and redemption proceeds per share | | | | $ | 29.37 | | | | | $ | 21.87 | | | | | $ | 12.12 | | |
| R6 Shares | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | — | | | | | $ | — | | | | | $ | 1,556,511 | | |
| Shares Outstanding | | | | | — | | | | | | — | | | | | | 280,864 | | |
| Net asset value and redemption proceeds per share | | | | $ | — | | | | | $ | — | | | | | $ | 5.54 | | |
| | | | Emerging Markets World Equity | | | Foreign Value | | | Foreign Value Small Cap | | | International Opportunities | | ||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments at value | | | | $ | 62,171,117 | | | | | $ | 2,928,881,672 | | | | | $ | 947,775,948 | | | | | $ | 26,853,365 | | |
| Foreign currency at value (Cost $36,019 for Emerging Markets World Equity, $29 for Foreign Value $13 for Foreign Value Small Cap, and $19,014 for International Opportunities) | | | | | 36,040 | | | | | | 29 | | | | | | 13 | | | | | | 19,176 | | |
| Cash | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Dividends and interest receivable | | | | | 92,474 | | | | | | 10,242,639 | | | | | | 2,804,456 | | | | | | 25,588 | | |
| Foreign tax reclaims receivable | | | | | 14,689 | | | | | | 17,346,234 | | | | | | 3,049,253 | | | | | | 35,584 | | |
| Receivable for investments sold | | | | | 582,265 | | | | | | 19,074,422 | | | | | | 2,626,852 | | | | | | — | | |
| Receivable for shares of beneficial interest sold | | | | | 106 | | | | | | 1,872,340 | | | | | | 396,732 | | | | | | — | | |
| Other assets | | | | | 46,771 | | | | | | 215,329 | | | | | | — | | | | | | 7,275 | | |
| Total Assets | | | | $ | 62,943,462 | | | | | $ | 2,977,632,665 | | | | | $ | 956,653,254 | | | | | $ | 26,940,988 | | |
| Liabilities: | | | | | | | | | | | ��� | | | | | | | | | | | | | | |
| Payable for investments purchased | | | | $ | 569,041 | | | | | $ | 16,849,128 | | | | | $ | — | | | | | $ | 197,586 | | |
| Payable for shares of beneficial interest repurchased | | | | | 100,072 | | | | | | 944,201 | | | | | | 1,830,762 | | | | | | — | | |
| Payable for compensation of manager (Note 3) | | | | | 41,355 | | | | | | 2,229,358 | | | | | | 707,055 | | | | | | 17,842 | | |
| Payable for distribution fees (Note 3) | | | | | 12,199 | | | | | | 66,778 | | | | | | 24,761 | | | | | | 19 | | |
| Payable to custodian | | | | | 37,994 | | | | | | 257,176 | | | | | | 112,731 | | | | | | 7,986 | | |
| Payable to transfer agent (Note 3) | | | | | 9,491 | | | | | | 151,321 | | | | | | 62,859 | | | | | | 556 | | |
| Payable for foreign capital gain tax | | | | | 288,295 | | | | | | 39,183 | | | | | | 27,918 | | | | | | 1,065 | | |
| Other accrued expenses and liabilities | | | | | — | | | | | | 105,221 | | | | | | 29,459 | | | | | | 3,487 | | |
| Total Liabilities | | | | $ | 1,058,447 | | | | | $ | 20,642,366 | | | | | $ | 2,795,545 | | | | | $ | 228,541 | | |
| Net Assets | | | | $ | 61,885,015 | | | | | $ | 2,956,990,299 | | | | | $ | 953,857,709 | | | | | $ | 26,712,447 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments at cost | | | | $ | 60,899,208 | | | | | $ | 2,740,365,414 | | | | | $ | 968,857,262 | | | | | $ | 26,383,541 | | |
| | | Emerging Markets World Equity | | | Foreign Value | | | Foreign Value Small Cap | | | International Opportunities | | |||||||||||||
| Components of Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares of beneficial interest | | | | $ | 101,768,604 | | | | | $ | 2,983,027,891 | | | | | $ | 1,022,010,991 | | | | | $ | 26,253,772 | | |
| Total distributable earnings (loss) | | | | | (39,883,589) | | | | | | (26,037,592) | | | | | | (68,153,282) | | | | | | 458,675 | | |
| Net Assets Applicable to Outstanding Shares | | | | $ | 61,885,015 | | | | | $ | 2,956,990,299 | | | | | $ | 953,857,709 | | | | | $ | 26,712,447 | | |
| Computation of Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 57,098,387 | | | | | $ | 318,753,775 | | | | | $ | 119,398,512 | | | | | $ | 89,542 | | |
| Shares Outstanding | | | | | 3,012,887 | | | | | | 15,109,848 | | | | | | 8,305,984 | | | | | | 8,092 | | |
| Net asset value and redemption proceeds per share | | | | $ | 18.95 | | | | | $ | 21.10 | | | | | $ | 14.37 | | | | | $ | 11.07 | | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 4,130,262 | | | | | $ | 2,190,256,910 | | | | | $ | 583,336,359 | | | | | $ | 3,281,886 | | |
| Shares outstanding | | | | | 213,178 | | | | | | 104,068,951 | | | | | | 40,504,761 | | | | | | 292,685 | | |
| Net asset value and redemption proceeds per share | | | | $ | 19.37 | | | | | $ | 21.05 | | | | | $ | 14.40 | | | | | $ | 11.21 | | |
| R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 656,366 | | | | | $ | 447,979,614 | | | | | $ | 251,122,838 | | | | | $ | 23,341,019 | | |
| Shares Outstanding | | | | | 77,889 | | | | | | 42,847,787 | | | | | | 24,276,359 | | | | | | 2,082,537 | | |
| Net asset value and redemption proceeds per share | | | | $ | 8.43 | | | | | $ | 10.46 | | | | | $ | 10.34 | | | | | $ | 11.21 | | |
| | | | Small Cap | | | Quality | | | Environmental Opportunities | | |||||||||
| Investment Income: | | | | | | | | | | | | | | | | | | | |
| Dividends (a) | | | | $ | 819,549 | | | | | $ | 1,631,559 | | | | | $ | 252,475 | | |
| Interest | | | | | 35,958 | | | | | | 99,621 | | | | | | 95,146 | | |
| Total Investment Income | | | | $ | 855,507 | | | | | $ | 1,731,180 | | | | | $ | 347,621 | | |
| Expenses: | | | | | | | | | | | | | | | | | | | |
| Compensation of manager (Note 3) | | | | | 312,318 | | | | | | 1,083,432 | | | | | | 357,328 | | |
| Distribution fees, Ordinary Shares (Note 3) | | | | | 83,280 | | | | | | 163,350 | | | | | | 13,010 | | |
| Administrative fees (Note 3) | | | | | 11,701 | | | | | | 30,588 | | | | | | 10,771 | | |
| Custodian and fund accounting fees | | | | | 7,400 | | | | | | 21,000 | | | | | | 23,538 | | |
| Regulatory and Compliance (Note 3) | | | | | 2,377 | | | | | | 6,220 | | | | | | 2,189 | | |
| Transfer agent fees (Note 3): | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 54,244 | | | | | | 105,403 | | | | | | 8,385 | | |
| Institutional Shares | | | | | 9,320 | | | | | | 69,347 | | | | | | 47,795 | | |
| R6 Shares | | | | | — | | | | | | — | | | | | | 96 | | |
| Audit and legal | | | | | 3,566 | | | | | | 9,348 | | | | | | 3,277 | | |
| Registration fees | | | | | 16,197 | | | | | | 19,097 | | | | | | 19,480 | | |
| Tax reclaim services fee | | | | | — | | | | | | — | | | | | | — | | |
| Insurance | | | | | 685 | | | | | | 1,759 | | | | | | 637 | | |
| Compensation of trustees (Note 3) | | | | | 1,506 | | | | | | 3,941 | | | | | | 1,387 | | |
| Printing | | | | | 2,816 | | | | | | 7,371 | | | | | | 2,594 | | |
| Miscellaneous | | | | | 1,990 | | | | | | 5,133 | | | | | | 1,837 | | |
| Total expenses before waivers/reimbursements/reductions | | | | | 507,400 | | | | | | 1,525,989 | | | | | | 492,324 | | |
| Management Fee Waiver (Note 3) | | | | | — | | | | | | (385,466) | | | | | | (35,732) | | |
| Transfer Agent Fee Waiver Institutional Shares (Note 3) | | | | | (6,873) | | | | | | (51,604) | | | | | | (35,597) | | |
| Manager Reimbursement (Note 3) | | | | | — | | | | | | — | | | | | | (55,070) | | |
| Expenses, Net | | | | $ | 500,527 | | | | | $ | 1,088,919 | | | | | $ | 365,925 | | |
| Net Investment income/(loss) | | | | $ | 354,980 | | | | | $ | 642,261 | | | | | $ | (18,304) | | |
| | | | Small Cap | | | Quality | | | Environmental Opportunities | | |||||||||
| Realized and unrealized gain/(loss) on investments,foreign currency, and foreign translation: | | | | | | | | | | | | | | | | | | | |
| Net realized gain/(loss) (Note 2) on: | | | | | | | | | | | | | | | | | | | |
| Investments (b) | | | | $ | 949,749 | | | | | $ | 5,403,304 | | | | | $ | (3,026,748) | | |
| Foreign denominated assets, liabilities, and currency | | | | | 351 | | | | | | 257 | | | | | | 1,040 | | |
| Change in unrealized appreciation/(depreciation) of: | | | | | | | | | | | | | | | | | | | |
| Investments | | | | | 184,130 | | | | | | 3,839,380 | | | | | | (7,274,404) | | |
| Foreign denominated assets, liabilities, and currency | | | | | (99) | | | | | | (42) | | | | | | (2,126) | | |
| Net change in deferred non-U.S. Taxes | | | | | — | | | | | | — | | | | | | — | | |
| Net realized and unrealized gain/(loss) on investment and foreign currency | | | | | 1,134,131 | | | | | | 9,242,899 | | | | | | (10,302,238) | | |
| Net increase/(decrease) in net assets resulting from operations | | | | $ | 1,489,111 | | | | | $ | 9,885,160 | | | | | $ | (10,320,542) | | |
|
| | | Emerging Markets World Equity | | | Foreign Value | | | Foreign Value Small Cap | | | International Opportunities | | |||||||||||||
| Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends (a) | | | | | 694,254 | | | | | | 65,597,718 | | | | | | 22,412,182 | | | | | | 498,741 | | |
| Interest | | | | | 9,779 | | | | | | 882,129 | | | | | | 502,225 | | | | | | 16,964 | | |
| Total Investment Income | | | | $ | 704,033 | | | | | $ | 66,479,847 | | | | | $ | 22,914,407 | | | | | $ | 515,705 | | |
| Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Compensation of manager (Note 3) | | | | | 334,067 | | | | | | 15,466,382 | | | | | | 4,974,982 | | | | | | 125,788 | | |
| Distribution fees, Ordinary Shares (Note 3) | | | | | 76,979 | | | | | | 424,890 | | | | | | 158,741 | | | | | | 117 | | |
| Administrative fees (Note 3) | | | | | 10,094 | | | | | | 467,087 | | | | | | 148,592 | | | | | | 4,167 | | |
| Custodian and fund accounting fees | | | | | 98,000 | | | | | | 545,000 | | | | | | 243,000 | | | | | | 27,500 | | |
| Regulatory and Compliance (Note 3) | | | | | 2,052 | | | | | | 94,967 | | | | | | 30,211 | | | | | | 847 | | |
| Transfer agent fees (Note 3): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 50,372 | | | | | | 273,347 | | | | | | 102,046 | | | | | | 76 | | |
| Institutional Shares | | | | | 3,685 | | | | | | 1,839,401 | | | | | | 490,792 | | | | | | 2,768 | | |
| R6 Shares | | | | | 50 | | | | | | 25,219 | | | | | | 13,760 | | | | | | 1,361 | | |
| Audit and legal | | | | | 69,069 | | | | | | 142,259 | | | | | | 45,213 | | | | | | 1,268 | | |
| Registration fees | | | | | 18,600 | | | | | | 51,141 | | | | | | 44,980 | | | | | | 3,478 | | |
| Tax reclaim services fee | | | | | — | | | | | | 16,224 | | | | | | — | | | | | | — | | |
| Insurance | | | | | 598 | | | | | | 27,544 | | | | | | 8,781 | | | | | | 246 | | |
| Compensation of trustees (Note 3) | | | | | 1,299 | | | | | | 60,107 | | | | | | 19,124 | | | | | | 536 | | |
| Printing | | | | | 2,429 | | | | | | 112,418 | | | | | | 35,769 | | | | | | 1,003 | | |
| Miscellaneous | | | | | 1,738 | | | | | | 80,137 | | | | | | 25,491 | | | | | | 714 | | |
| Total expenses before waivers/reimbursements/reductions | | | | | 669,032 | | | | | | 19,626,123 | | | | | | 6,341,482 | | | | | | 169,869 | | |
| Management Fee Waiver (Note 3) | | | | | (73,495) | | | | | | (1,546,638) | | | | | | (497,498) | | | | | | (4,605) | | |
| Transfer Agent Fee Waiver Institutional Shares (Note 3) | | | | | (2,702) | | | | | | (1,372,455) | | | | | | (366,483) | | | | | | (2,061) | | |
| Manager Reimbursement (Note 3) | | | | | (1,484) | | | | | | (168,959) | | | | | | — | | | | | | (7,464) | | |
| Expenses, Net | | | | $ | 591,351 | | | | | $ | 16,538,071 | | | | | $ | 5,477,501 | | | | | $ | 155,739 | | |
| Net Investment income/(loss) | | | | $ | 112,682 | | | | | $ | 49,941,776 | | | | | $ | 17,436,906 | | | | | $ | 359,966 | | |
| | | | 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) | | | | $ | (1,627,944) | | | | | $ | 30,211,247 | | | | | $ | 20,579,640 | | | | | $ | 725,055 | | |
| Foreign denominated assets, liabilities, and currency | | | | | (14,370) | | | | | | (1,007,365) | | | | | | (212,172) | | | | | | (343) | | |
| Change in unrealized appreciation/(depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | | | | (968,861) | | | | | | (86,468,351) | | | | | | (23,688,303) | | | | | | (2,491,537) | | |
| Foreign denominated assets, liabilities, and currency | | | | | (1,599) | | | | | | (314,750) | | | | | | (110,585) | | | | | | (1,718) | | |
| Net change in deferred non-U.S. taxes | | | | | (288,295) | | | | | | (39,183) | | | | | | (27,918) | | | | | | (1,065) | | |
| Net realized and unrealized gain/(loss) on investment and foreign currency | | | | | (2,901,069) | | | | | | (57,618,402) | | | | | | (3,459,338) | | | | | | (1,769,608) | | |
| Net increase/(decrease) in net assets resulting from operations | | | | $ | (2,788,387) | | | | | $ | (7,676,626) | | | | | $ | 13,977,568 | | | | | $ | (1,409,642) | | |
|
| | | | Small Cap | | |||||||||
| | | | Semi-Annual Ended September 30, 2023 (Unaudited) | | | Year Ended March 31, 2023 | | ||||||
| Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | |
| Net investment income/(loss) | | | | $ | 354,980 | | | | | $ | 696,277 | | |
| Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 950,100 | | | | | | (592,046) | | |
| Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | 184,031 | | | | | | (2,953,492) | | |
| Net increase/(decrease) from operations | | | | $ | 1,489,111 | | | | | $ | (2,849,261) | | |
| Distributions to shareholders | | | | | | | | | | | | | |
| Ordinary Shares | | | | $ | — | | | | | $ | (6,464,206) | | |
| Institutional Shares | | | | | — | | | | | | (664,111) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Total distributions to shareholders | | | | $ | — | | | | | $ | (7,128,317) | | |
| Capital Stock Transactions | | | | | | | | | | | | | |
| Shares sold | | | | | | | | | | | | | |
| Ordinary Shares | | | | $ | 872,940 | | | | | $ | 2,248,227 | | |
| Institutional Shares | | | | | 1,274,960 | | | | | | 2,232,107 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Distributions reinvested | | | | | | | | | | | | | |
| Ordinary Shares | | | | | — | | | | | | 4,899,553 | | |
| Institutional Shares | | | | | — | | | | | | 661,740 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Shares redeemed | | | | | | | | | | | | | |
| Ordinary Shares | | | | | (4,146,310) | | | | | | (5,892,276) | | |
| Institutional Shares | | | | | (32,354) | | | | | | (207,242) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Net increase (decrease) from capital stock transactions | | | | $ | (2,030,764) | | | | | $ | 3,942,109 | | |
| Net Increase (Decrease) in Net Assets | | | | $ | (541,653) | | | | | $ | (6,035,469) | | |
| Net Assets Beginning of Year | | | | | 78,179,304 | | | | | | 84,214,773 | | |
| Net Assets at End of Year | | | | $ | 77,637,651 | | | | | $ | 78,179,304 | | |
| | | | Small Cap | | |||||||||
| | | | Semi-Annual Ended September 30, 2023 (Unaudited) | | | Year Ended March 31, 2023 | | ||||||
| Share Transactions | | | | | | | | | | | | | |
| Shares sold | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 38,588 | | | | | | 90,943 | | |
| Institutional Shares | | | | | 41,690 | | | | | | 77,160 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Distributions reinvested | | | | | | | | | | | | | |
| Ordinary Shares | | | | | — | | | | | | 210,552 | | |
| Institutional Shares | | | | | — | | | | | | 22,631 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Shares redeemed | | | | | | | | | | | | | |
| Ordinary Shares | | | | | (178,178) | | | | | | (243,371) | | |
| Institutional Shares | | | | | (1,117) | | | | | | (6,813) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Increase (Decrease) In Shares Outstanding | | | | | (99,017) | | | | | | 151,102 | | |
|
| | | Quality | | |||||||||
| | | Semi-Annual Ended September 30, 2023 (Unaudited) | | | Year Ended March 31, 2023 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 642,261 | | | | | $ | 1,031,147 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 5,403,561 | | | | | | 11,458,516 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | 3,839,338 | | | | | | (15,546,245) | | |
Net increase/(decrease) from operations | | | | $ | 9,885,160 | | | | | $ | (3,056,582) | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | (14,603,353) | | |
Institutional Shares | | | | | — | | | | | | (7,561,699) | | |
R6 Shares | | | | | — | | | | | | — | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | (22,165,052) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary shares | | | | $ | 19,960,822 | | | | | $ | 9,378,653 | | |
Institutional Shares | | | | | 35,182,317 | | | | | | 36,873,575 | | |
R6 Shares | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 10,844,603 | | |
Institutional Shares | | | | | — | | | | | | 7,442,002 | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (10,726,617) | | | | | | (15,117,857) | | |
Institutional Shares | | | | | (9,740,466) | | | | | | (31,597,820) | | |
R6 Shares | | | | | — | | | | | | — | | |
Net increase (decrease) from capital stock transactions | | | | $ | 34,676,056 | | | | | $ | 17,823,156 | | |
Net Increase (Decrease) in Net Assets | | | | $ | 44,561,216 | | | | | $ | (7,398,478) | | |
Net Assets Beginning of Year | | | | | 187,263,739 | | | | | | 194,662,217 | | |
Net Assets at End of Year | | | | $ | 231,824,955 | | | | | $ | 187,263,739 | | |
| | | Quality | | |||||||||
| | | Semi-Annual Ended September 30, 2023 (Unaudited) | | | Year Ended March 31, 2023 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 1,013,018 | | | | | | 500,564 | | |
Institutional Shares | | | | | 1,573,812 | | | | | | 1,745,448 | | |
R6 Shares | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 624,689 | | |
Institutional Shares | | | | | — | | | | | | 378,343 | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (552,016) | | | | | | (806,350) | | |
Institutional Shares | | | | | (438,229) | | | | | | (1,502,693) | | |
R6 Shares | | | | | — | | | | | | — | | |
Increase (Decrease) In Shares Outstanding | | | | | 1,596,585 | | | | | | 940,001 | | |
| | | Environmental Opportunities | | |||||||||
| | | Six Months Ended September 30, 2023 (Unaudited) | | | Year Ended March 31, 2023 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | (18,304) | | | | | $ | (179,482) | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | (3,025,708) | | | | | | (2,895,870) | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (7,276,530) | | | | | | (7,752,606) | | |
Net increase/(decrease) from operations | | | | $ | (10,320,542) | | | | | $ | (10,827,958) | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | (529) | | |
Institutional Shares | | | | | — | | | | | | (3,042) | | |
R6 Shares | | | | | — | | | | | | (148) | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | (3,719) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 492,609 | | | | | $ | 2,820,299 | | |
Institutional Shares | | | | | 5,360,730 | | | | | | 13,113,359 | | |
R6 Shares | | | | | 69,262 | | | | | | 676,582 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 516 | | |
Institutional Shares | | | | | — | | | | | | 2,682 | | |
R6 Shares | | | | | — | | | | | | 148 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (300,182) | | | | | | (393,941) | | |
Institutional Shares | | | | | (4,516,948) | | | | | | (9,641,588) | | |
R6 Shares | | | | | (40,989) | | | | | | (31,548) | | |
Net increase (decrease) from capital stock transactions | | | | $ | 1,064,482 | | | | | $ | 6,546,509 | | |
Net Increase (Decrease) in Net Assets | | | | $ | (9,256,060) | | | | | $ | (4,285,168) | | |
Net Assets Beginning of Year | | | | | 72,824,233 | | | | | | 77,109,401 | | |
Net Assets at End of Year | | | | $ | 63,568,173 | | | | | $ | 72,824,233 | | |
| | | Environmental Opportunities | | |||||||||
| | | Six Months Ended September 30, 2023 (Unaudited) | | | Year Ended March 31, 2023 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 35,400 | | | | | | 199,101 | | |
Institutional Shares | | | | | 378,251 | | | | | | 933,096 | | |
R6 Shares | | | | | 11,438 | | | | | | 107,540 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 36 | | |
Institutional Shares | | | | | — | | | | | | 186 | | |
R6 Shares | | | | | — | | | | | | 22 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (22,199) | | | | | | (28,953) | | |
Institutional Shares | | | | | (325,253) | | | | | | (693,789) | | |
R6 Shares | | | | | (6,516) | | | | | | (5,073) | | |
Increase (Decrease) In Shares Outstanding | | | | | 71,121 | | | | | | 512,166 | | |
| | | Emerging Markets World Equity | | |||||||||
| | | Semi-Annual Ended September 30, 2023 (Unaudited) | | | Year Ended March 31, 2023 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 112,682 | | | | | $ | 563,065 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | (1,642,314) | | | | | | (14,379,088) | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, currency and deferred non-U.S. taxes | | | | | (1,258,755) | | | | | | (2,096,859) | | |
Net increase/(decrease) from operations | | | | $ | (2,788,387) | | | | | $ | (15,912,882) | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | — | | |
Institutional Shares | | | | | — | | | | | | — | | |
R6 Shares | | | | | — | | | | | | — | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | — | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 1,768,601 | | | | | $ | 5,082,009 | | |
Institutional Shares | | | | | 167,069 | | | | | | 409,272 | | |
R6 Shares | | | | | 8,850 | | | | | | 38,594 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | — | | |
Institutional Shares | | | | | — | | | | | | — | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (6,284,093) | | | | | | (13,602,222) | | |
Institutional Shares | | | | | (971,100) | | | | | | (513,945) | | |
R6 Shares | | | | | (80,199) | | | | | | (267,906) | | |
Net increase (decrease) from capital stock transactions | | | | $ | (5,390,872) | | | | | $ | (8,854,198) | | |
Net Increase (Decrease) in Net Assets | | | | $ | (8,179,259) | | | | | $ | (24,767,080) | | |
Net Assets Beginning of Year | | | | | 70,064,274 | | | | | | 94,831,354 | | |
Net Assets at End of Year | | | | $ | 61,885,015 | | | | | $ | 70,064,274 | | |
| | | Emerging Markets World Equity | | |||||||||
| | | Semi-Annual Ended September 30, 2023 (Unaudited) | | | Year Ended March 31, 2023 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 89,378 | | | | | | 256,404 | | |
Institutional Shares | | | | | 8,399 | | | | | | 20,244 | | |
R6 Shares | | | | | 1,021 | | | | | | 4,489 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | — | | |
Institutional Shares | | | | | — | | | | | | — | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (322,163) | | | | | | (706,573) | | |
Institutional Shares | | | | | (49,588) | | | | | | (25,726) | | |
R6 Shares | | | | | (9,354) | | | | | | (31,871) | | |
Increase (Decrease) In Shares Outstanding | | | | | (282,307) | | | | | | (483,033) | | |
|
| | | Foreign Value | | |||||||||
| | | Semi-Annual Ended September 30, 2023 (Unaudited) | | | Year Ended March 31, 2023 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 49,941,776 | | | | | $ | 83,249,738 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 29,203,882 | | | | | | (219,264,931) | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, currency and deferred non-U.S. taxes | | | | | (86,822,284) | | | | | | (126,463,208) | | |
Net increase/(decrease) from operations | | | | $ | (7,676,626) | | | | | $ | (262,478,401) | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | (5,146,514) | | |
Institutional Shares | | | | | — | | | | | | (44,269,730) | | |
R6 Shares | | | | | — | | | | | | (23,568,766) | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | (72,985,010) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 2,708,788 | | | | | $ | 17,679,276* | | |
Institutional Shares | | | | | 126,255,322 | | | | | | 486,773,497 | | |
R6 Shares | | | | | 18,101,390 | | | | | | 101,794,981 * | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 4,688,581 | | |
Institutional Shares | | | | | — | | | | | | 38,988,500 | | |
R6 Shares | | | | | — | | | | | | 17,104,236 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (36,716,430) | | | | | | (62,081,863) | | |
Institutional Shares | | | | | (267,754,927) | | | | | | (1,142,075,586) | | |
R6 Shares | | | | | (53,900,353) | | | | | | (276,101,627) | | |
Net increase (decrease) from capital stock transactions | | | | $ | (211,306,210) | | | | | $ | (813,230,005) | | |
Net Increase (Decrease) in Net Assets | | | | $ | (218,982,836) | | | | | $ | (1,148,693,416) | | |
Net Assets Beginning of Year | | | | | 3,175,973,135 | | | | | | 4,324,666,551 | | |
Net Assets at End of Year | | | | $ | 2,956,990,299 | | | | | $ | 3,175,973,135 | | |
| | | Foreign Value | | |||||||||
| | | Semi-Annual Ended September 30, 2023 (Unaudited) | | | Year Ended March 31, 2023 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 126,110 | | | | | | 839,046 | | |
Institutional Shares | | | | | 5,887,141 | | | | | | 24,784,726 | | |
R6 Shares | | | | | 1,708,005 | | | | | | 10,306,774 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 233,611 | | |
Institutional Shares | | | | | — | | | | | | 1,953,332 | | |
R6 Shares | | | | | — | | | | | | 1,725,957 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (1,699,727) | | | | | | (3,090,121) | | |
Institutional Shares | | | | | (12,528,614) | | | | | | (57,662,966) | | |
R6 Shares | | | | | (5,031,660) | | | | | | (27,214,713) | | |
Increase (Decrease) In Shares Outstanding | | | | | (11,538,745) | | | | | | (48,124,354) | | |
| | | Foreign Value Small Cap | | |||||||||
| | | Semi-Annual Ended September 30, 2023 (Unaudited) | | | Year Ended March 31, 2023 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 17,436,906 | | | | | $ | 25,007,771 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 20,367,468 | | | | | | (42,848,533) | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, currency and deferred non-U.S. taxes | | | | | (23,826,806) | | | | | | (57,871,740) | | |
Net increase/(decrease) from operations | | | | $ | 13,977,568 | | | | | $ | (75,712,502) | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | (5,941,012) | | |
Institutional Shares | | | | | — | | | | | | (27,992,923) | | |
R6 Shares | | | | | — | | | | | | (15,300,134) | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | (49,234,069) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | 5,807,583 | | | | | $ | 14,865,458 | | |
Institutional Shares | | | | | 34,856,634 | | | | | | 198,065,956 | | |
R6 Shares | | | | | 23,384,346 | | | | | | 92,514,601 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 4,896,246 | | |
Institutional Shares | | | | | — | | | | | | 25,981,835 | | |
R6 Shares | | | | | — | | | | | | 13,472,896 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (18,139,741) | | | | | | (43,573,668) | | |
Institutional Shares | | | | | (69,676,283) | | | | | | (288,838,534) | | |
R6 Shares | | | | | (36,947,692) | | | | | | (75,496,943) | | |
Net increase (decrease) from capital stock transactions | | | | $ | (60,715,153) | | | | | $ | (58,112,153) | | |
Net Increase (Decrease) in Net Assets | | | | $ | (46,737,585) | | | | | $ | (183,058,724) | | |
Net Assets Beginning of Year | | | | | 1,000,595,294 | | | | | | 1,183,654,018 | | |
Net Assets at End of Year | | | | $ | 953,857,709 | | | | | $ | 1,000,595,294 | | |
| | | Foreign Value Small Cap | | |||||||||
| | | Semi-Annual Ended September 30, 2023 (Unaudited) | | | Year Ended March 31, 2023 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 399,687 | | | | | | 1,083,419 | | |
Institutional Shares | | | | | 2,382,263 | | | | | | 14,330,269 | | |
R6 Shares | | | | | 2,227,764 | | | | | | 8,879,839 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 365,119 | | |
Institutional Shares | | | | | — | | | | | | 1,938,943 | | |
R6 Shares | | | | | — | | | | | | 1,400,509 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (1,238,688) | | | | | | (3,133,982) | | |
Institutional Shares | | | | | (4,764,643) | | | | | | (21,168,711) | | |
R6 Shares | | | | | (3,523,032) | | | | | | (7,224,195) | | |
Increase (Decrease) In Shares Outstanding | | | | | (4,516,649) | | | | | | (3,528,790) | | |
| | | International Opportunities | | |||||||||
| | | Semi-Annual Ended September 30, 2023 (Unaudited) | | | Year Ended March 31, 2023 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 359,966 | | | | | $ | 472,978 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 724,712 | | | | | | (915,648) | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, currency and deferred non-U.S. taxes | | | | | (2,494,320) | | | | | | (838,399) | | |
Net increase/(decrease) from operations | | | | $ | (1,409,642) | | | | | $ | (1,281,069) | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | (1,346) | | |
Institutional Shares | | | | | — | | | | | | (58,893) | | |
R6 Shares | | | | | — | | | | | | (364,743) | | |
Total distributions to shareholders | | | | $ | — | | | | | $ | (424,982) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | $ | — | | | | | $ | 500 | | |
Institutional Shares | | | | | 32,500 | | | | | | 147,099 | | |
R6 Shares | | | | | 53,563 | | | | | | 3,630,407 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 1,346 | | |
Institutional Shares | | | | | — | | | | | | 55,863 | | |
R6 Shares | | | | | — | | | | | | 364,743 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | (26,459) | | |
Institutional Shares | | | | | (14,857) | | | | | | (176,361) | | |
R6 Shares | | | | | (5,741) | | | | | | (168,409) | | |
Net increase (decrease) from capital stock transactions | | | | $ | 65,465 | | | | | $ | 3,828,729 | | |
Net Increase (Decrease) in Net Assets | | | | $ | (1,344,177) | | | | | $ | 2,122,678 | | |
Net Assets Beginning of Year | | | | | 28,056,624 | | | | | | 25,933,946 | | |
Net Assets at End of Year | | | | $ | 26,712,447 | | | | | $ | 28,056,624 | | |
| | | International Opportunities | | |||||||||
| | | Semi-Annual Ended September 30, 2023 (Unaudited) | | | Year Ended March 31, 2023 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 43 | | |
Institutional Shares | | | | | 2,749 | | | | | | 15,517 | | |
R6 Shares | | | | | 4,685 | | | | | | 334,586 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | 123 | | |
Institutional Shares | | | | | — | | | | | | 5,055 | | |
R6 Shares | | | | | — | | | | | | 33,038 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | — | | | | | | (2,368) | | |
Institutional Shares | | | | | (1,259) | | | | | | (16,382) | | |
R6 Shares | | | | | (486) | | | | | | (14,591) | | |
Increase (Decrease) In Shares Outstanding | | | | | 5,689 | | | | | | 355,021 | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2023* | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 22.87 | | | | | $ | 26.02 | | | | | $ | 27.43 | | | | | $ | 15.45 | | | | | $ | 23.97 | | | | | $ | 25.48 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)c) | | | | | 0.10 | | | | | | 0.20 | | | | | | 0.17 | | | | | | 0.14 | | | | | | 0.15 | | | | | | 0.07 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.34 | | | | | | (1.05) | | | | | | 0.63 | | | | | | 12.00 | | | | | | (6.73) | | | | | | 0.22 | | |
Total from Investment Operations | | | | | 0.44 | | | | | | (0.85) | | | | | | 0.80 | | | | | | 12.14 | | | | | | (6.58) | | | | | | 0.29 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.10) | | | | | | (0.15) | | | | | | (0.16) | | | | | | (0.14) | | | | | | (0.01) | | |
Distributions from realized capital gains | | | | | — | | | | | | (2.20) | | | | | | (2.06) | | | | | | — | | | | | | (1.80) | | | | | | (1.79) | | |
Total Distributions | | | | | — | | | | | | (2.30) | | | | | | (2.21) | | | | | | (0.16) | | | | | | (1.94) | | | | | | (1.80) | | |
Net Asset Value, End of Period | | | | $ | 23.31 | | | | | $ | 22.87 | | | | | $ | 26.02 | | | | | $ | 27.43 | | | | | $ | 15.45 | | | | | $ | 23.97 | | |
Total Return | | | | | 1.92% | | | | | | (3.39)% | | | | | | 2.89% | | | | | | 78.75% | | | | | | (30.27)% | | | | | | 1.87% | | |
Net Assets, End of Period (000s) | | | | $ | 65,428 | | | | | $ | 67,389 | | | | | $ | 75,159 | | | | | $ | 86.880 | | | | | $ | 60,008 | | | | | $ | 118,314 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.34% | | | | | | 1.35% | | | | | | 1.33% | | | | | | 1.37% | | | | | | 1.35% | | | | | | 1.34% | | |
Net | | | | | 1.34% | | | | | | 1.35% | | | | | | 1.33% | | | | | | 1.37% | | | | | | 1.35% | | | | | | 1.34% | | |
Ratio of net investment income (loss) to average net assets (b)(c) | | | | | 0.85% | | | | | | 0.85% | | | | | | 0.61% | | | | | | 0.66% | | | | | | 0.63% | | | | | | 0.29% | | |
Portfolio Turnover | | | | | 7% | | | | | | 30% | | | | | | 23% | | | | | | 33% | | | | | | 28% | | | | | | 24% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2023* | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 28.77 | | | | | $ | 32.10 | | | | | $ | 33.32 | | | | | $ | 18.73 | | | | | $ | 28.67 | | | | | $ | 30.07 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) (c) | | | | | 0.18 | | | | | | 0.36 | | | | | | 0.32 | | | | | | 0.26 | | | | | | 0.27 | | | | | | 0.21 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.42 | | | | | | (1.30) | | | | | | 0.78 | | | | | | 14.57 | | | | | | (8.17) | | | | | | 0.28 | | |
Total from Investment Operations | | | | | 0.60 | | | | | | (0.94) | | | | | | 1.10 | | | | | | 14.83 | | | | | | (7.90) | | | | | | 0.49 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.19) | | | | | | (0.26) | | | | | | (0.24) | | | | | | (0.24) | | | | | | (0.10) | | |
Distributions from realized capital gains | | | | | — | | | | | | (2.20) | | | | | | (2.06) | | | | | | — | | | | | | (1.80) | | | | | | (1.79) | | |
Total Distributions | | | | | — | | | | | | (2.39) | | | | | | (2.32) | | | | | | (0.24) | | | | | | (2.04) | | | | | | (1.89) | | |
Net Asset Value, End of Period | | | | $ | 29.37 | | | | | $ | 28.77 | | | | | $ | 32.10 | | | | | $ | 33.32 | | | | | $ | 18.73 | | | | | $ | 28.67 | | |
Total Return | | | | | 2.09% | | | | | | (3.02)% | | | | | | 3.27% | | | | | | 79.43% | | | | | | (30.02)% | | | | | | 2.30% | | |
Net Assets, End of Period (000s) | | | | $ | 12,210 | | | | | $ | 10,790 | | | | | $ | 9,055 | | | | | $ | 8,792 | | | | | $ | 5,681 | | | | | $ | 4,839 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.09% | | | | | | 1.10% | | | | | | 1.08% | | | | | | 1.12% | | | | | | 1.10% | | | | | | 1.08% | | |
Net | | | | | 0.97% | | | | | | 0.98% | | | | | | 0.96% | | | | | | 1.00% | | | | | | 0.98% | | | | | | 0.96% | | |
Ratio of net investment income (loss) to average net asset(b)(c) | | | | | 1.25% | | | | | | 1.21% | | | | | | 0.97% | | | | | | 1.04% | | | | | | 1.02% | | | | | | 0.65% | | |
Portfolio Turnover | | | | | 7% | | | | | | 30% | | | | | | 23% | | | | | | 33% | | | | | | 28% | | | | | | 24% | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2023* | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 18.19 | | | | | $ | 21.11 | | | | | $ | 21.14 | | | | | $ | 15.06 | | | | | $ | 18.66 | | | | | $ | 18.83 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.04 | | | | | | 0.08 | | | | | | 0.06 | | | | | | 0.10 | | | | | | 0.12 | | | | | | 0.14 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 1.01 | | | | | | (0.57) | | | | | | 2.35 | | | | | | 7.55 | | | | | | (0.19) | | | | | | 2.23 | | |
Total from Investment Operations | | | | | 1.05 | | | | | | (0.49) | | | | | | 2.41 | | | | | | 7.65 | | | | | | (0.07) | | | | | | 2.37 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.08) | | | | | | (0.05) | | | | | | (0.10) | | | | | | (0.15) | | | | | | (0.12) | | |
Distributions from realized capital gains | | | | | — | | | | | | (2.35) | | | | | | (2.39) | | | | | | (1.47) | | | | | | (3.38) | | | | | | (2.42) | | |
Total Distributions | | | | | — | | | | | | (2.43) | | | | | | (2.44) | | | | | | (1.57) | | | | | | (3.53) | | | | | | (2.54) | | |
Net Asset Value, End of Period | | | | $ | 19.24 | | | | | $ | 18.19 | | | | | $ | 21.11 | | | | | $ | 21.14 | | | | | $ | 15.06 | | | | | $ | 18.66 | | |
Total Return | | | | | 5.77% | | | | | | (1.78)% | | | | | | 10.66% | | | | | | 51.83% | | | | | | (2.98)% | | | | | | 14.16% | | |
Net Assets, End of Period (000s) | | | | $ | 133,696 | | | | | $ | 118,065 | | | | | $ | 130,244 | | | | | $ | 137,485 | | | | | $ | 97,951 | | | | | $ | 137,643 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.51% | | | | | | 1.51% | | | | | | 1.50% | | | | | | 1.52% | | | | | | 1.54% | | | | | | 1.54% | | |
Net | | | | | 1.15% | | | | | | 1.19% | | | | | | 1.16% | | | | | | 1.22% | | | | | | 1.27% | | | | | | 1.25% | | |
Ratio of net investment income (loss) to average net assets(b)(c) | | | | | 0.45% | | | | | | 0.44% | | | | | | 0.24% | | | | | | 0.53% | | | | | | 0.62% | | | | | | 0.72% | | |
Portfolio Turnover | | | | | 12% | | | | | | 34% | | | | | | 31% | | | | | | 41% | | | | | | 35% | | | | | | 57% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2023* | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 20.64 | | | | | $ | 23.59 | | | | | $ | 23.39 | | | | | $ | 16.53 | | | | | $ | 20.18 | | | | | $ | 20.15 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) (c) | | | | | 0.09 | | | | | | 0.17 | | | | | | 0.16 | | | | | | 0.20 | | | | | | 0.21 | | | | | | 0.23 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 1.14 | | | | | | (0.62) | | | | | | 2.60 | | | | | | 8.30 | | | | | | (0.25) | | | | | | 2.40 | | |
Total from Investment Operations | | | | | 1.23 | | | | | | (0.45) | | | | | | 2.76 | | | | | | 8.50 | | | | | | (0.04) | | | | | | 2.63 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.15) | | | | | | (0.17) | | | | | | (0.17) | | | | | | (0.23) | | | | | | (0.18) | | |
Distributions from realized capital gains | | | | | — | | | | | | (2.35) | | | | | | (2.39) | | | | | | (1.47) | | | | | | (3.38) | | | | | | (2.42) | | |
Total Distributions | | | | | — | | | | | | (2.50) | | | | | | (2.56) | | | | | | (1.64) | | | | | | (3.61) | | | | | | (2.60) | | |
Net Asset Value, End of Period | | | | $ | 21.87 | | | | | $ | 20.64 | | | | | $ | 23.59 | | | | | $ | 23.39 | | | | | $ | 16.53 | | | | | $ | 20.18 | | |
Total Return | | | | | 5.96% | | | | | | (1.38)% | | | | | | 11.09% | | | | | | 52.42% | | | | | | (2.62)% | | | | | | 14.59% | | |
Net Assets, End of Period (000s) | | | | $ | 98,129 | | | | | $ | 69,199 | | | | | $ | 64,418 | | | | | $ | 46,891 | | | | | $ | 9,624 | | | | | $ | 6,084 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.25% | | | | | | 1.26% | | | | | | 1.25% | | | | | | 1.27% | | | | | | 1.29% | | | | | | 1.29% | | |
Net | | | | | 0.78% | | | | | | 0.79% | | | | | | 0.78% | | | | | | 0.80% | | | | | | 0.90% | | | | | | 0.87% | | |
Ratio of net investment income (loss) to average net assets (b)(c) | | | | | 0.81% | | | | | | 0.84% | | | | | | 0.62% | | | | | | 0.92% | | | | | | 1.04% | | | | | | 1.08% | | |
Portfolio Turnover | | | | | 12% | | | | | | 34% | | | | | | 31% | | | | | | 41% | | | | | | 35% | | | | | | 57% | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Year Ended March 31, | | | Seven Months Ended March 31, | | | Years Ended August 31,** | | ||||||||||||||||||||||||
| | | 2023* | | | 2023 | | | 2022(1) | | | 2021 | | | 2020 | | | 2019 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 13.87 | | | | | $ | 16.13 | | | | | $ | 20.12 | | | | | $ | 12.63 | | | | | $ | 10.05 | | | | | $ | 10.69 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | (0.02) | | | | | | (0.07) | | | | | | (0.09) | | | | | | (0.06) | | | | | | (0.06) | | | | | | (0.02) | | |
Net realized and unrealized gain/(loss) on securities | | | | | (1.92) | | | | | | (2.19) | | | | | | (2.69) | | | | | | 7.83 | | | | | | 2.64 | | | | | | (0.62) | | |
Total from Investment Operations | | | | | (1.94) | | | | | | (2.26) | | | | | | (2.78) | | | | | | 7.77 | | | | | | 2.58 | | | | | | (0.64) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | 0.00(2) | | | | | | (1.21) | | | | | | (0.28) | | | | | | — | | | | | | — | | |
Total Distributions | | | | | — | | | | | | 0.00(2) | | | | | | (1.21) | | | | | | (0.28) | | | | | | — | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 11.93 | | | | | $ | 13.87 | | | | | $ | 16.13 | | | | | $ | 20.12 | | | | | $ | 12.63 | | | | | $ | 10.05 | | |
Total Return | | | | | (13.99)% | | | | | | (14.01)% | | | | | | (14.67)%(4) | | | | | | 61.95% | | | | | | 25.67% | | | | | | (5.99)% | | |
Net Assets, End of Period (000s) | | | | $ | 9,293 | | | | | $ | 10,615 | | | | | $ | 9,601 | | | | | $ | 263 | | | | | $ | 44 | | | | | $ | 16 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.60% | | | | | | 1.58% | | | | | | 2.11%(3) | | | | | | 1.55% | | | | | | 2.66% | | | | | | 4.22% | | |
Net | | | | | 1.24% | | | | | | 1.23% | | | | | | 1.24%(3) | | | | | | 1.24% | | | | | | 1.24% | | | | | | 1.28% | | |
Ratio of net investment income (loss) to average net assets(b)(c) | | | | | (0.27)% | | | | | | (0.47)% | | | | | | (0.99)%(3) | | | | | | (0.80)% | | | | | | (0.63)% | | | | | | (0.24)% | | |
Portfolio Turnover | | | | | 20% | | | | | | 31% | | | | | | 9% | | | | | | 41% | | | | | | 37% | | | | | | 30% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Year Ended March 31, | | | Seven Months Ended March 31, | | | Years Ended August 31,** | | ||||||||||||||||||||||||
| | | 2023* | | | 2023 | | | 2022(1) | | | 2021 | | | 2020 | | | 2019 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 14.07 | | | | | $ | 16.32 | | | | | $ | 20.32 | | | | | $ | 12.72 | | | | | $ | 10.10 | | | | | $ | 10.71 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | — | | | | | | (0.03) | | | | | | (0.08) | | | | | | (0.07) | | | | | | (0.03) | | | | | | —(2) | | |
Net realized and unrealized gain/(loss) on securities | | | | | (1.95) | | | | | | (2.22) | | | | | | (2.71) | | | | | | 7.95 | | | | | | 2.65 | | | | | | (0.61) | | |
Total from Investment Operations | | | | | (1.95) | | | | | | (2.25) | | | | | | (2.79) | | | | | | 7.88 | | | | | | 2.62 | | | | | | (0.61) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | 0.00(2) | | | | | | (1.21) | | | | | | (0.28) | | | | | | — | | | | | | — | | |
Total Distributions | | | | | — | | | | | | 0.00(2) | | | | | | (1.21) | | | | | | (0.28) | | | | | | — | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 12.12 | | | | | $ | 14.07 | | | | | $ | 16.32 | | | | | $ | 20.32 | | | | | $ | 12.72 | | | | | $ | 10.10 | | |
Total Return | | | | | (13.86)% | | | | | | (13.78)% | | | | | | (14.57)%(4) | | | | | | 62.39% | | | | | | 25.94% | | | | | | (5.70)% | | |
Net Assets, End of Period (000s) | | | | $ | 52,719 | | | | | $ | 60,435 | | | | | $ | 66,215 | | | | | $ | 66,561 | | | | | $ | 22,494 | | | | | $ | 8,893 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.34% | | | | | | 1.33% | | | | | | 2.30%(3) | | | | | | 1.30% | | | | | | 2.41% | | | | | | 3.97% | | |
Net | | | | | 0.99% | | | | | | 0.98% | | | | | | 0.99%(3) | | | | | | 0.99% | | | | | | 0.99% | | | | | | 1.03% | | |
Ratio of net investment income (loss) to average net assets(b)(c) | | | | | (0.02)% | | | | | | (0.22)% | | | | | | (0.77)%(3) | | | | | | (0.55)% | | | | | | (0.37)% | | | | | | (0.02)% | | |
Portfolio Turnover | | | | | 20% | | | | | | 31% | | | | | | 9% | | | | | | 41% | | | | | | 37% | | | | | | 30% | | |
| | | R6 Shares | | |||||||||||||||
| | | Six Months Ended September 30, 2023* | | | Year Ended March 31, 2023 | | | Commencement of Operations to the Seven Months Ended March 31, 2022 (1) | | |||||||||
Net Asset Value, Beginning of Period | | | | $ | 6.43 | | | | | $ | 7.46 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) (c) | | | | | — | | | | | | (0.01) | | | | | | (0.03) | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.89) | | | | | | (1.02) | | | | | | (1.30) | | |
Total from Investment Operations | | | | | (0.89) | | | | | | (1.03) | | | | | | (1.33) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | 0.00 (2) | | | | | | (1.21) | | |
Total Distributions | | | | | — | | | | | | 0.00 (2) | | | | | | (1.21) | | |
Net Asset Value, End of Period | | | | $ | 5.54 | | | | | $ | 6.43 | | | | | $ | 7.46 | | |
Total Return | | | | | (13.84)% | | | | | | (13.80)% | | | | | | (15.00)% (4) | | |
Net Assets, End of Period (000s) | | | | $ | 1,556 | | | | | $ | 1,774 | | | | | $ | 1,293 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.19% | | | | | | 1.18% | | | | | | 2.08% (3) | | |
Net | | | | | 0.95% | | | | | | 0.93% | | | | | | 0.95% (3) | | |
Ratio of net investment income (loss) to average net assets(b)(c) | | | | | 0.03% | | | | | | (0.17)% | | | | | | (0.71)% (3) | | |
Portfolio Turnover | | | | | 20% | | | | | | 31% | | | | | | 9% | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2023* | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 19.77 | | | | | $ | 23.65 | | | | | $ | 29.76 | | | | | $ | 18.21 | | | | | $ | 20.86 | | | | | $ | 23.29 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.03 | | | | | | 0.14 | | | | | | 0.02 | | | | | | (0.04) | | | | | | 0.22 | | | | | | 0.38 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.85) | | | | | | (4.02) | | | | | | (3.83) | | | | | | 11.83 | | | | | | (2.53) | | | | | | (2.36) | | |
Total from Investment Operations | | | | | (0.82) | | | | | | (3.88) | | | | | | (3.81) | | | | | | 11.79 | | | | | | (2.31) | | | | | | (1.98) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | (0.40) | | | | | | (0.24) | | | | | | (0.34) | | | | | | (0.45) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | (1.90) | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | — | | | | | | — | | | | | | (2.30) | | | | | | (0.24) | | | | | | (0.34) | | | | | | (0.45) | | |
Net Asset Value, End of Period | | | | $ | 18.95 | | | | | $ | 19.77 | | | | | $ | 23.65 | | | | | $ | 29.76 | | | | | $ | 18.21 | | | | | $ | 20.86 | | |
Total Return | | | | | (4.15)% | | | | | | (16.41)% | | | | | | (13.75)% | | | | | | 64.78% | | | | | | (11.35)% | | | | | | (8.31)% | | |
Net Assets, End of Period (000s) | | | | $ | 57,099 | | | | | $ | 64,177 | | | | | $ | 87,401 | | | | | $ | 109,522 | | | | | $ | 64,322 | | | | | $ | 89,347 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 2.02% | | | | | | 1.78% | | | | | | 1.64% | | | | | | 1.68% | | | | | | 1.70% | | | | | | 1.67% | | |
Net | | | | | 1.80% | | | | | | 1.56% | | | | | | 1.42% | | | | | | 1.46% | | | | | | 1.48% | | | | | | 1.46% | | |
Ratio of net investment income (loss) to average net assets(b)(c) | | | | | 0.30% | | | | | | 0.71% | | | | | | 0.09% | | | | | | (0.16)% | | | | | | 1.01% | | | | | | 1.81% | | |
Portfolio Turnover | | | | | 48% | | | | | | 117% | | | | | | 103% | | | | | | 128% | | | | | | 104% | | | | | | 172%(e) | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2023* | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 20.18 | | | | | $ | 24.04 | | | | | $ | 30.22 | | | | | $ | 18.47 | | | | | $ | 21.16 | | | | | $ | 23.63 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(b)(c) | | | | | 0.07 | | | | | | 0.22 | | | | | | 0.13 | | | | | | 0.06 | | | | | | 0.26 | | | | | | 0.48 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.88) | | | | | | (4.08) | | | | | | (3.90) | | | | | | 12.02 | | | | | | (2.52) | | | | | | (2.42) | | |
Total from Investment Operations | | | | | (0.81) | | | | | | (3.86) | | | | | | (3.77) | | | | | | 12.08 | | | | | | (2.26) | | | | | | (1.94) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | (0.51) | | | | | | (0.33) | | | | | | (0.43) | | | | | | (0.53) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | (1.90) | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | — | | | | | | — | | | | | | (2.41) | | | | | | (0.33) | | | | | | (0.43) | | | | | | (0.53) | | |
Net Asset Value, End of Period | | | | $ | 19.37 | | | | | $ | 20.18 | | | | | $ | 24.04 | | | | | $ | 30.22 | | | | | $ | 18.47 | | | | | $ | 21.16 | | |
Total Return | | | | | (4.01)% | | | | | | (16.06)% | | | | | | (13.43)% | | | | | | 65.44% | | | | | | (11.02)% | | | | | | (7.94)% | | |
Net Assets, End of Period (000s) | | | | $ | 4,130 | | | | | $ | 5,132 | | | | | $ | 6,247 | | | | | $ | 6,885 | | | | | $ | 4,440 | | | | | $ | 5,061 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.77% | | | | | | 1.53% | | | | | | 1.39% | | | | | | 1.43% | | | | | | 1.45% | | | | | | 1.41% | | |
Net | | | | | 1.43% | | | | | | 1.19% | | | | | | 1.05% | | | | | | 1.09% | | | | | | 1.11% | | | | | | 1.08% | | |
Ratio of net investment income (loss) to average net assets (b)(c) | | | | | 0.66% | | | | | | 1.08% | | | | | | 0.46% | | | | | | 0.21% | | | | | | 1.19% | | | | | | 2.21% | | |
Portfolio Turnover | | | | | 48% | | | | | | 117% | | | | | | 103% | | | | | | 128% | | | | | | 104% | | | | | | 172%(e) | | |
| | | R6 Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | | January 28, 2019 (1) through March 31, | | |||||||||||||||||||||||||||
| | | 2023* | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 8.76 | | | | | $ | 10.41 | | | | | $ | 14.49 | | | | | $ | 8.96 | | | | | $ | 10.47 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) (c) | | | | | 0.05 | | | | | | 0.11 | | | | | | 0.07 | | | | | | 0.04 | | | | | | 0.18 | | | | | | 0.01 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.38) | | | | | | (1.76) | | | | | | (1.72) | | | | | | 5.83 | | | | | | (1.26) | | | | | | 0.46 | | |
Total from Investment Operations | | | | | (0.33) | | | | | | (1.65) | | | | | | (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 | | | | $ | 8.43 | | | | | $ | 8.76 | | | | | $ | 10.41 | | | | | $ | 14.49 | | | | | $ | 8.96 | | | | | $ | 10.47 | | |
Total Return | | | | | (3.77)% | | | | | | (15.85)% | | | | | | (13.44)% | | | | | | 65.58% | | | | | | (10.95)% | | | | | | 4.70% (3) | | |
Net Assets, End of Period (000s) | | | | $ | 656 | | | | | $ | 755 | | | | | $ | 1,183 | | | | | $ | 1,282 | | | | | $ | 566 | | | | | $ | 105 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.62% | | | | | | 1.37% | | | | | | 1.24% | | | | | | 1.28% | | | | | | 1.30% | | | | | | 1.64% (2) | | |
Net | | | | | 0.99% | | | | | | 0.98% | | | | | | 0.99% | | | | | | 0.99% | | | | | | 0.99% | | | | | | 0.99% (2) | | |
Ratio of net investment income (loss) to average net assets(b)(c) | | | | | 1.12% | | | | | | 1.28% | | | | | | 0.52% | | | | | | 0.29% | | | | | | 1.58% | | | | | | 0.44% (2) | | |
Portfolio Turnover | | | | | 48% | | | | | | 117% | | | | | | 103% | | | | | | 128% | | | | | | 104% | | | | | | 172% (e) | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2023* | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 21.21 | | | | | $ | 22.68 | | | | | $ | 24.33 | | | | | $ | 14.83 | | | | | $ | 20.77 | | | | | $ | 21.75 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.31 | | | | | | 0.40 | | | | | | 0.35 | | | | | | 0.23 | | | | | | 0.44 | | | | | | 0.38 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.42) | | | | | | (1.57) | | | | | | (1.76) | | | | | | 9.62 | | | | | | (6.13) | | | | | | (1.17) | | |
Total from Investment Operations | | | | | (0.11) | | | | | | (1.17) | | | | | | (1.41) | | | | | | 9.85 | | | | | | (5.69) | | | | | | (0.79) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.30) | | | | | | (0.24) | | | | | | (0.35) | | | | | | (0.25) | | | | | | (0.11) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.08) | | |
Total Distributions | | | | | — | | | | | | (0.30) | | | | | | (0.24) | | | | | | (0.35) | | | | | | (0.25) | | | | | | (0.19) | | |
Net Asset Value, End of Period | | | | $ | 21.10 | | | | | $ | 21.21 | | | | | $ | 22.68 | | | | | $ | 24.33 | | | | | $ | 14.83 | | | | | $ | 20.77 | | |
Total Return | | | | | (0.52)% | | | | | | (5.10)% | | | | | | (5.84)% | | | | | | 66.76% | | | | | | (27.75)% | | | | | | (3.56)% | | |
Net Assets, End of Period (000s) | | | | $ | 318,754 | | | | | $ | 353,812 | | | | | $ | 424,110 | | | | | $ | 524,972 | | | | | $ | 435,137 | | | | | $ | 784,820 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.51% | | | | | | 1.52% | | | | | | 1.50% | | | | | | 1.50% | | | | | | 1.50% | | | | | | 1.51% | | |
Net | | | | | 1.41% | | | | | | 1.42%(f) | | | | | | 1.40%(e) | | | | | | 1.40% | | | | | | 1.40% | | | | | | 1.41% | | |
Ratio of net investment income (loss) to average net assets(b)(c) | | | | | 2.90% | | | | | | 2.00% | | | | | | 1.45% | | | | | | 1.18% | | | | | | 2.13% | | | | | | 1.80% | | |
Portfolio Turnover | | | | | 11% | | | | | | 15% | | | | | | 19% | | | | | | 23% | | | | | | 28% | | | | | | 12% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2023* | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 21.12 | | | | | $ | 22.59 | | | | | $ | 24.25 | | | | | $ | 14.78 | | | | | $ | 20.71 | | | | | $ | 21.71 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a(b)(c) | | | | | 0.35 | | | | | | 0.48 | | | | | | 0.44 | | | | | | 0.31 | | | | | | 0.50 | | | | | | 0.42 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.42) | | | | | | (1.57) | | | | | | (1.76) | | | | | | 9.60 | | | | | | (6.09) | | | | | | (1.14) | | |
Total from Investment Operations | | | | | (0.07) | | | | | | (1.09) | | | | | | (1.32) | | | | | | 9.91 | | | | | | (5.59) | | | | | | (0.72) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.38) | | | | | | (0.34) | | | | | | (0.44) | | | | | | (0.34) | | | | | | (0.20) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.08) | | |
Total Distributions | | | | | — | | | | | | (0.38) | | | | | | (0.34) | | | | | | (0.44) | | | | | | (0.34) | | | | | | (0.28) | | |
Net Asset Value, End of Period | | | | $ | 21.05 | | | | | $ | 21.12 | | | | | $ | 22.59 | | | | | $ | 24.25 | | | | | $ | 14.78 | | | | | $ | 20.71 | | |
Total Return | | | | | (0.33)% | | | | | | (4.74)% | | | | | | (5.51)% | | | | | | 67.42% | | | | | | (27.50)% | | | | | | (3.20)% | | |
Net Assets, End of Period (000s) | | | | $ | 2,190,257 | | | | | $ | 2,338,037 | | | | | $ | 3,199,601 | | | | | $ | 2,962,171 | | | | | $ | 1,740,528 | | | | | $ | 2,509,455 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.26% | | | | | | 1.27% | | | | | | 1.26% | | | | | | 1.25% | | | | | | 1.25% | | | | | | 1.26% | | |
Net | | | | | 1.04% | | | | | | 1.05%(f) | | | | | | 1.04%(e) | | | | | | 1.03% | | | | | | 1.03% | | | | | | 1.04% | | �� |
Ratio of net investment income (loss) to average net assets(b)(c) | | | | | 3.25% | | | | | | 2.41% | | | | | | 1.84% | | | | | | 1.56% | | | | | | 2.45% | | | | | | 1.98% | | |
Portfolio Turnover | | | | | 11% | | | | | | 15% | | | | | | 19% | | | | | | 23% | | | | | | 28% | | | | | | 12% | | |
| | | R6 Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2023* | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 10.49 | | | | | $ | 11.42 | | | | | $ | 12.43 | | | | | $ | 7.72 | | | | | $ | 10.97 | | | | | $ | 11.65 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(b)(c) | | | | | 0.18 | | | | | | 0.25 | | | | | | 0.24 | | | | | | 0.17 | | | | | | 0.25 | | | | | | 0.25 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.21) | | | | | | (0.80) | | | | | | (0.91) | | | | | | 4.98 | | | | | | (3.16) | | | | | | (0.64) | | |
Total from Investment Operations | | | | | (0.03) | | | | | | (0.55) | | | | | | (0.67) | | | | | | 5.15 | | | | | | (2.91) | | | | | | (0.39) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.38) | | | | | | (0.34) | | | | | | (0.44) | | | | | | (0.34) | | | | | | (0.21) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.08) | | |
Total Distributions | | | | | — | | | | | | (0.38) | | | | | | (0.34) | | | | | | (0.44) | | | | | | (0.34) | | | | | | (0.29) | | |
Net Asset Value, End of Period | | | | $ | 10.46 | | | | | $ | 10.49 | | | | | $ | 11.42 | | | | | $ | 12.43 | | | | | $ | 7.72 | | | | | $ | 10.97 | | |
Total Return | | | | | (0.29)% | | | | | | (4.58)% | | | | | | (5.46)% | | | | | | 67.52% | | | | | | (27.43)% | | | | | | (3.15)% | | |
Net Assets, End of Period (000s) | | | | $ | 447,979 | | | | | $ | 484,124 | | | | | $ | 700,956 | | | | | $ | 676,695 | | | | | $ | 384,224 | | | | | $ | 325,774 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.11% | | | | | | 1.12% | | | | | | 1.10% | | | | | | 1.10% | | | | | | 1.10% | | | | | | 1.11% | | |
Net | | | | | 0.94% | | | | | | 0.95% (f) | | | | | | 0.95% (e) | | | | | | 0.94% | | | | | | 0.94% | | | | | | 0.98% | | |
Ratio of net investment income (loss) to average net assets:(b)(c) | | | | | 3.33% | | | | | | 2.45% | | | | | | 1.90% | | | | | | 1.66% | | | | | | 2.28% | | | | | | 2.22% | | |
Portfolio Turnover | | | | | 11% | | | | | | 15% | | | | | | 19% | | | | | | 23% | | | | | | 28% | | | | | | 12% | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2023* | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 14.21 | | | | | $ | 15.76 | | | | | $ | 16.54 | | | | | $ | 10.07 | | | | | $ | 13.56 | | | | | $ | 15.63 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(b)(c) | | | | | 0.23 | | | | | | 0.29 | | | | | | 0.20 | | | | | | 0.12 | | | | | | 0.65 | | | | | | 0.33 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.07) | | | | | | (1.26) | | | | | | (0.63) | | | | | | 6.88 | | | | | | (3.76) | | | | | | (1.84) | | |
Total from Investment Operations | | | | | 0.16 | | | | | | (0.97) | | | | | | (0.43) | | | | | | 7.00 | | | | | | (3.11) | | | | | | (1.51) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.58) | | | | | | (0.15) | | | | | | (0.53) | | | | | | (0.38) | | | | | | (0.24) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | (0.20) | | | | | | — | | | | | | — | | | | | | (0.32) | | |
Total Distributions | | | | | — | | | | | | (0.58) | | | | | | (0.35) | | | | | | (0.53) | | | | | | (0.38) | | | | | | (0.56) | | |
Net Asset Value, End of Period | | | | $ | 14.37 | | | | | $ | 14.21 | | | | | $ | 15.76 | | | | | $ | 16.54 | | | | | $ | 10.07 | | | | | $ | 13.56 | | |
Total Return | | | | | 1.13% | | | | | | (5.95)% | | | | | | (2.72)% | | | | | | 70.25% | | | | | | (23.73)% | | | | | | (9.33)% | | |
Net Assets, End of Period (000s) | | | | $ | 119,399 | | | | | $ | 129,983 | | | | | $ | 170,731 | | | | | $ | 194,665 | | | | | $ | 133,912 | | | | | $ | 222,526 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.53% | | | | | | 1.52% | | ��� | | | | 1.51% | | | | | | 1.53% | | | | | | 1.53% | | | | | | 1.53% | | |
Net | | | | | 1.43% | | | | | | 1.42% | | | | | | 1.41% | | | | | | 1.43% | | | | | | 1.43% | | | | | | 1.43% | | |
Ratio of net investment income (loss) to average net assets (b)(c) | | | | | 3.21% | | | | | | 2.09% | | | | | | 1.15% | | | | | | 0.90% | | | | | | 4.85% | | | | | | 2.29% | | |
Portfolio Turnover | | | | | 9% | | | | | | 18% | | | | | | 29% | | | | | | 35% | | | | | | 33% | | | | | | 52% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2023* | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 14.21 | | | | | | 15.77 | | | | | $ | 16.54 | | | | | $ | 10.07 | | | | | $ | 13.57 | | | | | $ | 15.66 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.26 | | | | | | 0.35 | | | | | | 0.25 | | | | | | 0.17 | | | | | | 0.69 | | | | | | 0.37 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.07) | | | | | | (1.28) | | | | | | (0.61) | | | | | | 6.88 | | | | | | (3.76) | | | | | | (1.83) | | |
Total from Investment Operations | | | | | 0.19 | | | | | | (0.93) | | | | | | (0.36) | | | | | | 7.05 | | | | | | (3.07) | | | | | | (1.46) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.63) | | | | | | (0.21) | | | | | | (0.58) | | | | | | (0.43) | | | | | | (0.31) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | (0.20) | | | | | | — | | | | | | — | | | | | | (0.32) | | |
Total Distributions | | | | | — | | | | | | (0.63) | | | | | | (0.41) | | | | | | (0.58) | | | | | | (0.43) | | | | | | (0.63) | | |
Net Asset Value, End of Period | | | | $ | 14.40 | | | | | $ | 14.21 | | | | | $ | 15.77 | | | | | $ | 16.54 | | | | | $ | 10.07 | | | | | $ | 13.57 | | |
Total Return | | | | | 1.34% | | | | | | (5.65)% | | | | | | (2.29)% | | | | | | 70.84% | | | | | | (23.50)% | | | | | | (8.95)% | | |
Net Assets, End of Period (000s) | | | | $ | 583,336 | | | | | $ | 609,581 | | | | | $ | 753,426 | | | | | $ | 625,221 | | | | | $ | 367,321 | | | | | $ | 766,409 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.28% | | | | | | 1.27% | | | | | | 1.26% | | | | | | 1.28% | | | | | | 1.28% | | | | | | 1.28% | | |
Net | | | | | 1.06% | | | | | | 1.05% | | | | | | 1.04% | | | | | | 1.06% | | | | | | 1.06% | | | | | | 1.06% | | |
Ratio of net investment income (loss) to average net assets (b)(c) | | | | | 3.55% | | | | | | 2.50% | | | | | | 1.49% | | | | | | 1.27% | | | | | | 5.02% | | | | | | 2.57% | | |
Portfolio Turnover | | | | | 9% | | | | | | 18% | | | | | | 29% | | | | | | 35% | | | | | | 33% | | | | | | 52% | | |
| | | R6 Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2023* | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 10.21 | | | | | $ | 11.53 | | | | | $ | 12.20 | | | | | $ | 7.53 | | | | | $ | 10.25 | | | | | $ | 12.02 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Net investment income (loss) (a)(b)(c) | | | | | 0.19 | | | | | | 0.25 | | | | | | 0.17 | | | | | | 0.13 | | | | | | 0.55 | | | | | | 0.24 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.06) | | | | | | (0.93) | | | | | | (0.43) | | | | | | 5.12 | | | | | | (2.83) | | | | | | (1.38) | | |
Total from Investment Operations | | | | | 0.13 | | | | | | (0.68) | | | | | | (0.26) | | | | | | 5.25 | | | | | | (2.28) | | | | | | (1.14) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Dividends from net investment income | | | | | — | | | | | | (0.64) | | | | | | (0.21) | | | | | | (0.58) | | | | | | (0.44) | | | | | | (0.31) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | (0.20) | | | | | | — | | | | | | — | | | | | | (0.32) | | |
Total Distributions | | | | | — | | | | | | (0.64) | | | | | | (0.41) | | | | | | (0.58) | | | | | | (0.44) | | | | | | (0.63) | | |
Net Asset Value, End of Period | | | | $ | 10.34 | | | | | $ | 10.21 | | | | | $ | 11.53 | | | | | $ | 12.20 | | | | | $ | 7.53 | | | | | $ | 10.25 | | |
Total Return | | | | | 1.27% | | | | | | (5.59)% | | | | | | (2.23)% | | | | | | 70.90% | | | | | | (23.46)% | | | | | | (8.95)% | | |
Net Assets, End of Period (000s) | | | | $ | 251,123 | | | | | $ | 261,031 | | | | | $ | 259,496 | | | | | $ | 129,822 | | | | | $ | 96,708 | | | | | $ | 74,795 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Gross | | | | | 1.13% | | | | | | 1.12% | | | | | | 1.12% | | | | | | 1.13% | | | | | | 1.13% | | | | | | 1.14% | | |
Net | | | | | 1.03% | | | | | | 1.02% | | | | | | 1.02% | | | | | | 1.03% | | | | | | 1.03% | | | | | | 1.05% | | |
Ratio of net investment income (loss) to average net assets(b)(c) | | | | | 3.55% | | | | | | 2.53% | | | | | | 1.35% | | | | | | 1.32% | | | | | | 5.62% | | | | | | 2.28% | | |
Portfolio Turnover | | | | | 9% | | | | | | 18% | | | | | | 29% | | | | | | 35% | | | | | | 33% | | | | | | 52% | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, 2023* | | | Years Ended March 31, | | | January 30, 2019(1) through March 31, 2019 | | |||||||||||||||||||||||||||
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | ||||||||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 11.68 | | | | | $ | 12.69 | | | | | $ | 13.95 | | | | | $ | 7.98 | | | | | $ | 10.60 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(c) | | | | | 0.12(b) | | | | | | 0.17 | | | | | | 0.10 | | | | | | 0.01 | | | | | | (0.05) | | | | | | (0.04) | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.73) | | | | | | (1.03) | | | | | | 0.23 | | | | | | 6.05 | | | | | | (2.54) | | | | | | 0.64 | | |
Total from Investment Operations | | | | | (0.61) | | | | | | (0.86) | | | | | | 0.33 | | | | | | 6.06 | | | | | | (2.59) | | | | | | 0.60 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.15) | | | | | | (0.16) | | | | | | — | | | | | | — | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | (1.43) | | | | | | (0.09) | | | | | | (0.03) | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.15) | | | | | | (1.59) | | | | | | (0.09) | | | | | | (0.03) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 11.07 | | | | | $ | 11.68 | | | | | $ | 12.69 | | | | | $ | 13.95 | | | | | $ | 7.98 | | | | | $ | 10.60 | | |
Total Return | | | | | (5.22)% | | | | | | (6.69)% | | | | | | 1.90% | | | | | | 76.07% | | | | | | (24.50)% | | | | | | 6.00%(3) | | |
Net Assets, End of Period (000s) | | | | $ | 89 | | | | | $ | 95 | | | | | $ | 131 | | | | | $ | 86 | | | | | $ | 49 | | | | | $ | 63 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.59% | | | | | | 1.60% | | | | | | 1.63% | | | | | | 1.62% | | | | | | 1.90% | | | | | | 4.54%(2) | | |
Net | | | | | 1.56% | | | | | | 1.60% | | | | | | 1.63% | | | | | | 1.62% | | | | | | 1.90% | | | | | | 4.54%(2) | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 2.13%(b) | | | | | | 1.56% | | | | | | 0.72% | | | | | | 0.12% | | | | | | (0.44)% | | | | | | (3.52)%(2) | | |
Portfolio Turnover | | | | | 21% | | | | | | 57% | | | | | | 51% | | | | | | 55% | | | | | | 142%(e) | | | | | | 22%(3) | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, 2023* | | | Years Ended March 31, | | | January 30, 2019(1) through March 31, 2019 | | |||||||||||||||||||||||||||
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | ||||||||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 11.81 | | | | | $ | 12.83 | | | | | $ | 14.06 | | | | | $ | 8.02 | | | | | $ | 10.60 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.15 | | | | | | 0.22 | | | | | | 0.18 | | | | | | 0.06 | | | | | | (0.01) | | | | | | (0.04) | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.75) | | | | | | (1.04) | | | | | | 0.21 | | | | | | 6.07 | | | | | | (2.54) | | | | | | 0.64 | | |
Total from Investment Operations | | | | | (0.60) | | | | | | (0.82) | | | | | | 0.39 | | | | | | 6.13 | | | | | | (2.55) | | | | | | 0.60 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.20) | | | | | | (0.19) | | | | | | — | | | | | | — | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | (1.43) | | | | | | (0.09) | | | | | | (0.03) | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.20) | | | | | | (1.62) | | | | | | (0.09) | | | | | | (0.03) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 11.21 | | | | | $ | 11.81 | | | | | $ | 12.83 | | | | | $ | 14.06 | | | | | $ | 8.02 | | | | | $ | 10.60 | | |
Total Return | | | | | (5.08)% | | | | | | (6.32)% | | | | | | 2.37% | | | | | | 76.56% | | | | | | (24.10)% | | | | | | 6.00%(3) | | |
Net Assets, End of Period (000s) | | | | $ | 3.282 | | | | | $ | 3,438 | | | | | $ | 3,682 | | | | | $ | 12,314 | | | | | $ | 6,995 | | | | | $ | 9,245 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.35% | | | | | | 1.38% | | | | | | 1.34% | | | | | | 1.37% | | | | | | 1.65% | | | | | | 4.29%(2) | | |
Net | | | | | 1.16% | | | | | | 1.26% | | | | | | 1.22% | | | | | | 1.25% | | | | | | 1.53% | | | | | | 4.17%(2) | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 2.53%(b) | | | | | | 1.94% | | | | | | 1.21% | | | | | | 0.49% | | | | | | (0.05)% | | | | | | (3.15)%(2) | | |
Portfolio Turnover | | | | | 21% | | | | | | 57% | | | | | | 51% | | | | | | 55% | | | | | | 142%(e) | | | | | | 22%(3) | | |
| | | R6 Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, 2023* | | | Years Ended March 31, | | | January 30, 2019 (1) through March 31, 2019 | | |||||||||||||||||||||||||||
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | ||||||||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 11.80 | | | | | $ | 12.82 | | | | | $ | 14.07 | | | | | $ | 8.02 | | | | | $ | 10.60 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Net investment income (loss) (a) (c) | | | | | 0.15 (b) | | | | | | 0.22 | | | | | | 0.15 | | | | | | 0.06 | | | | | | (0.01) | | | | | | (0.04) | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.74) | | | | | | (1.04) | | | | | | 0.23 | | | | | | 6.08 | | | | | | (2.53) | | | | | | 0.64 | | |
Total from Investment Operations | | | | | (0.59) | | | | | | (0.82) | | | | | | 0.38 | | | | | | 6.14 | | | | | | (2.54) | | | | | | 0.60 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Dividends from net investment income | | | | | — | | | | | | (0.20) | | | | | | (0.20) | | | | | | — | | | | | | (0.01) | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | (1.43) | | | | | | (0.09) | | | | | | (0.03) | | | | | | — | | |
Total Distributions | | | | | — | | | | | | (0.20) | | | | | | (1.63) | | | | | | (0.09) | | | | | | (0.04) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 11.21 | | | | | $ | 11.80 | | | | | $ | 12.82 | | | | | $ | 14.07 | | | | | $ | 8.02 | | | | | $ | 10.60 | | |
Total Return | | | | | (5.00)% | | | | | | (6.30)% | | | | | | 2.25% | | | | | | 76.69% | | | | | | (24.08)% | | | | | | 6.00% (3) | | |
Net Assets, End of Period (000s) | | | | $ | 23,341 | | | | | $ | 24,524 | | | | | $ | 22,121 | | | | | $ | 11,490 | | | | | $ | 6,240 | | | | | $ | 1,371 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Gross | | | | | 1.20% | | | | | | 1.23% | | | | | | 1.29% | | | | | | 1.22% | | | | | | 1.50% | | | | | | 4.14% (2) | | |
Net | | | | | 1.11% | | | | | | 1.23% | | | | | | 1.29% | | | | | | 1.22% | | | | | | 1.50% | | | | | | 4.14% (2) | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 2.58% (b) | | | | | | 1.99% | | | | | | 1.11% | | | | | | 0.51% | | | | | | (0.08)% | | | | | | (3.12)% (2) | | |
Portfolio Turnover | | | | | 21% | | | | | | 57% | | | | | | 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, 2023 | | ||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Small Cap | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 75,928,084 | | | | | $ | — | | | | | $ | — | | | | | $ | 75,928,084 | | |
Short-Term Investments | | | | | 1,707,702 | | | | | | — | | | | | | — | | | | | | 1,707,702 | | |
Total | | | | $ | 77,635,786 | | | | | $ | — | | | | | $ | — | | | | | $ | 77,635,786 | | |
Quality | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 190,770,487 | | | | | $ | — | | | | | $ | — | | | | | $ | 190,770,487 | | |
Depositary Receipts | | | | | 38,833,481 | | | | | | — | | | | | | — | | | | | | 38,833,481 | | |
Short-Term Investments | | | | | 2,027,228 | | | | | | — | | | | | | — | | | | | | 2,027,228 | | |
Total | | | | $ | 231,631,196 | | | | | $ | — | | | | | $ | — | | | | | $ | 231,631,196 | | |
Environmental Opportunities | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 58,043,456 | | | | | $ | — | | | | | $ | — | | | | | $ | 58,043,456 | | |
Short-Term Investments | | | | | 5,501,561 | | | | | | — | | | | | | — | | | | | | 5,501,561 | | |
Total | | | | $ | 63,545,017 | | | | | $ | — | | | | | $ | — | | | | | $ | 63,545,017 | | |
Emerging Markets World Equity | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 36,056,877 | | | | | $ | 18,257,922 | | | | | <$ | 0.01 | | | | | $ | 54,314,799 | | |
Depositary Receipts | | | | | 5,486,581 | | | | | | — | | | | | | — | | | | | | 5,486,581 | | |
Mutual Funds | | | | | 799,512 | | | | | | — | | | | | | — | | | | | | 799,512 | | |
Preferred Stock | | | | | — | | | | | | 442,333 | | | | | | — | | | | | | 442,333 | | |
P-Notes | | | | | — | | | | | | 350,505 | | | | | | — | | | | | | 350,505 | | |
Rights | | | | | 1,628 | | | | | | — | | | | | | — | | | | | | 1,628 | | |
Short Term Investments | | | | | 775,759 | | | | | | — | | | | | | — | | | | | | 775,759 | | |
Total | | | | $ | 43,120,357 | | | | | $ | 19,050,760 | | | | | <$ | 0.01 | | | | | $ | 62,171,117 | | |
Foreign Value | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 2,563,612,410 | | | | | $ | 355,340,165 | | | | | $ | 4,215 | | | | | $ | 2,918,956,790 | | |
Warrants | | | | | 73,728 | | | | | | — | | | | | | — | | | | | | 73,728 | | |
Short-Term Investments | | | | | 9,851,154 | | | | | | — | | | | | | — | | | | | | 9,851,154 | | |
Total | | | | $ | 2,573,537,292 | | | | | $ | 355,340,165 | | | | | $ | 4,215 | | | | | $ | 2,928,881,672 | | |
| | | Quoted Prices In Active Markets | | | Significant Other Observable Inputs | | | Significant Unobservable Inputs | | | Market Value at September 30, 2023 | | ||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Foreign Value Small Cap | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 793,246,863 | | | | | $ | 106,613,412 | | | | | $ | — | | | | | $ | 899,860,275 | | |
Short-Term Investments | | | | | 47,915,673 | | | | | | — | | | | | | — | | | | | | 47,915,673 | | |
Total | | | | $ | 841,162,536 | | | | | $ | 106,613,412 | | | | | $ | — | | | | | $ | 947,775,948 | | |
International Opportunities | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 22,389,387 | | | | | $ | 4,080,252 | | | | | $ | — | | | | | $ | 26,469,639 | | |
Short-Term Investments | | | | | 383,726 | | | | | | — | | | | | | — | | | | | | 383,726 | | |
Total | | | | $ | 22,773,113 | | | | | $ | 4,080,252 | | | | | $ | — | | | | | $ | 26,853,365 | | |
| | | Foreign Value Common Stock | | |||
Balance as of 3/31/2023 | | | | $ | 5,294 | | |
Realized gain (loss) | | | | | — | | |
Changed in unrealized appreciation (depreciation) | | | | | (1,079) | | |
Purchases | | | | | — | | |
Sales | | | | | — | | |
Transfer into Level 3 | | | | | — | | |
Transfer out of Level 3 | | | | | — | | |
Balance as of 9/30/2023 | | | | $ | 4,215 | | |
| | | Emerging Markets World Equity | | | Foreign Value | | | Foreign Value Small Cap | | | International Opportunities | | ||||||||||||
Aerospace & Defense | | | | $ | 294,738 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Automobiles | | | | | — | | | | | | 63,019,549 | | | | | | — | | | | | | — | | |
Banks | | | | | 309,131 | | | | | | 66,463,211 | | | | | | 46,917,387 | | | | | | 565,448 | | |
Beverages | | | | | 820,687 | | | | | | — | | | | | | — | | | | | | — | | |
Chemicals | | | | | — | | | | | | — | | | | | | 10,107,446 | | | | | | 360,620 | | |
Communication Equipment | | | | | 667,403 | | | | | | — | | | | | | 5,875,560 | | | | | | — | | |
Diversified Financial Services | | | | | — | | | | | | — | | | | | | — | | | | | | 616,114 | | |
Electrical Equipment | | | | | 51,065 | | | | | | — | | | | | | 8,860,120 | | | | | | 220,736 | | |
Electronic Equipment, Instruments & Components | | | | | 832,124 | | | | | | — | | | | | | 21,404,410 | | | | | | 206,444 | | |
Food & Staples Retailing | | | | | 142,602 | | | | | | — | | | | | | — | | | | | | — | | |
Health Care Equipment & Supplies | | | | | 627,191 | | | | | | — | | | | | | — | | | | | | — | | |
Health Care Providers & Services | | | | | 81,601 | | | | | | — | | | | | | — | | | | | | — | | |
Hotels, Restaurants & Leisure | | | | | 370,366 | | | | | | — | | | | | | — | | | | | | — | | |
Household Durables | | | | | — | | | | | | — | | | | | | — | | | | | | 1,069,598 | | |
Household Products | | | | | 191,958 | | | | | | — | | | | | | — | | | | | | — | | |
Interactive Media & Services | | | | | 785,569 | | | | | | — | | | | | | — | | | | | | — | | |
Leisure Products | | | | | — | | | | | | 42,538,914 | | | | | | — | | | | | | — | | |
Life Sciences | | | | | 419,380 | | | | | | — | | | | | | — | | | | | | — | | |
Machinery | | | | | 69,754 | | | | | | — | | | | | | — | | | | | | — | | |
Multiline Retail | | | | | — | | | | | | — | | | | | | — | | | | | | 196,045 | | |
Oil, Gas & Consumable Fuels | | | | | 126,920 | | | | | | — | | | | | | — | | | | | | — | | |
Professional Services | | | | | 302,293 | | | | | | — | | | | | | — | | | | | | — | | |
Real Estate Management & Development | | | | | 1,057,618 | | | | | | — | | | | | | — | | | | | | — | | |
Semiconductors & Semiconductor Equipment | | | | | 11,161,858 | | | | | | 135,014,949 | | | | | | — | | | | | | 845,247 | | |
Software | | | | | 410,329 | | | | | | — | | | | | | — | | | | | | — | | |
Textiles, Apparel & Luxury Goods | | | | | — | | | | | | — | | | | | | 13,448,489 | | | | | | — | | |
Transportation Infrastructure | | | | | 328,173 | | | | | | — | | | | | | — | | | | | | — | | |
Wireless Telecommunicaitons Services | | | | | — | | | | | | 48,303,542 | | | | | | — | | | | | | — | | |
| | | | $ | 19,050,760 | | | | | $ | 355,340,165 | | | | | $ | 106,613,412 | | | | | $ | 4,080,252 | | |
| | | Emerging Markets World Equity | | | Foreign Value | | ||||||
Food & Staples Retailing | | | | <$ | 0.01 | | | | | $ | — | | |
Metals & Mining | | | | | — | | | | | | 4,215 | | |
Semiconductors & Semiconductor Equipment | | | | | <0.01 | | | | | | — | | |
| | | | <$ | 0.01 | | | | | $ | 4,215 | | |
Common Stock | | | Fair Value September 30, 2023 | | | Valuation Methodologies | | | Unobservable Inputs (1) | | | Range | | | Impact to Valuation From a Decrease in Input (2) | | |||||||||||||||
Emerging Markets | | | | <$ | 0.01 | | | | | | Market Comparable | | | | | | Comparability Adjustment | | | | | | 100% | | | | | | Decrease | | |
Foreign Value | | | | $ | 4,215 | | | | Market Comparable | | | Comparability Adjustment | | | | | 100% | | | | | | Decrease | | |
| Recoverable through | | | | | | | |
| 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. | |
| International Opportunities | | | 0.25% of the first $35 million and 0.30% of amounts in excess of $35 million but less than $200 million and 0.40% of assets in excess of $200 million of average daily total net assets. | |
$ 1,500. All fees paid to the trustees were allocated amoung the Funds in proportion to their respective net assets. Compensation for the services of the Trustee who was an interested person of the Trust during that period was paid by the Manager.
| | | March 31, 2023 | | |||||||||||||||||||||
| | 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 | | | | $ | — | | | | | $ | (650,368) | | | | | $ | (315,658) | | | | | $ | (966,026) | | |
Quality | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Environmental Opportunities | | | | | — | | | | | | (4,357,117) | | | | | | (970,435) | | | | | | (5,327,552) | | |
Emerging Markets World Equity | | | | | (23,094,371) | | | | | | (14,781,336) | | | | | | (220,579) | | | | | | (38,096,286) | | |
Foreign Value | | | | | — | | | | | | (151,444,436) | | | | | | (197,977,605) | | | | | | (349,422,041) | | |
Foreign Value Small Cap | | | | | — | | | | | | (27,787,165) | | | | | | (55,775,636) | | | | | | (83,562,801) | | |
International Opportunities | | | | | — | | | | | | (1,072,392) | | | | | | — | | | | | | (1,072,392) | | |
CONTRACT APPROVAL (continued)
CONTRACT APPROVAL (continued)
| Manager | | | Pear Tree Advisors, Inc., 55 Old Bedford Road, Suite 202, Lincoln, MA 01773 | |
| Subadvisers | | | Axiom Investors LLC, 33 Benedict Place, Greenwich, CT 06830 Chartwell Investment Partners LLC, 1205 Westlakes Drive, Suite 100, Berwyn, PA 19312 Essex Investment Management Company, LLC, 125 High Street, Boston, MA 02110 Polaris Capital Management, LLC, 121 High Street, Boston, MA 02110 | |
| Distributor | | | U.S. Boston Capital Corporation, 55 Old Bedford Road, Suite 202, Lincoln, MA 01773 | |
| Custodian | | | UMB Bank n.a., 928 Grand Boulevard, 5th Floor, Kansas City, Missouri 64106 | |
| Fund Accountant | | | UMB Fund Services, Inc., 235 West Galena Street, Milwaukee, Wisconsin 53212 | |
| Transfer Agent | | | Pear Tree Institutional Services, 55 Old Bedford Road, Suite 202, Lincoln, MA 01773 | |
| Independent Registered Public Accounting Firm | | | Tait, Weller & Baker LLP, Two Liberty Place, 50 South 16th Street, Suite 2900 Philadelphia, PA 19102 | |
| Legal Counsel | | | Sullivan & Worcester LLP, One Post Office Square Boston, MA 02109 | |
| For Account Information | | | For Pear Tree Funds information, contact your financial adviser or, if you receive account statements directly from Pear Tree Funds, you can also call 1-800-326-2151. Telephone representatives are available from 8:30 a.m. to 4:30 p.m. Eastern Time. Or visit our website, www.peartreefunds.com | |
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| To register, go to: www.peartreefunds.com | |
ITEM 1. (b) | Not applicable for report period. |
ITEM 2. | Code of Ethics |
Not applicable for report period.
ITEM 3. | Audit Committee Financial Expert |
Not applicable for report period.
ITEM 4. | Principal Accountant Fees and Services |
Not applicable for report period.
ITEM 5. | Audit Committee of Listed Registrants |
Not applicable.
ITEM 6. | 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 |
(1) | Certifications pursuant to Rule 30a-2(a) by the chief executive and financial officers. |
(2) | 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, 2023 |
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, 2023 | ||
By | /s/ Leon Okurowski | |
Leon Okurowski, Treasurer | ||
Date: November 30, 2023 |