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 811-3790
Pear Tree Funds
(Exact name of registrant as specified in charter)
55 Old Bedford Road, Lincoln, MA 01773
(Address of principal executive offices)
Willard L. Umphrey
Pear Tree Advisors, Inc.
55 Old Bedford Road, Lincoln, MA 01773
(Name and address of agent for service)
Registrant’s telephone number, including area code: (781) 676-5900
Date of fiscal year end: March 31
Date of reporting period: April 1, 2017 through March 31, 2018
ITEM 1. | REPORTS TO SHAREOWNERS. |
Pear Tree Quality Fund
Pear Tree PanAgora Emerging Markets Fund
Pear Tree Polaris Foreign Value Fund
Pear Tree Polaris Foreign Value Small Cap Fund
March 31, 2018
TABLE OF CONTENTS | | | | | | | |
President’s Letter | | | | | | | |
Fund Expenses | | | | | | | |
Portfolio Manager Commentaries | | | | | | | |
Pear Tree Polaris Small Cap Fund | | | | | | | |
Pear Tree Quality Fund | | | | | | | |
Pear Tree PanAgora Emerging Markets Fund | | | | | | | |
Pear Tree Polaris Foreign Value Fund | | | | | | | |
Pear Tree Polaris Foreign Value Small Cap Fund | | | | | | | |
Schedules of Investments | | | | | | | |
Pear Tree Polaris Small Cap Fund | | | | | | | |
Pear Tree Quality Fund | | | | | | | |
Pear Tree PanAgora Emerging Markets Fund | | | | | | | |
Pear Tree Polaris Foreign Value Fund | | | | | | | |
Pear Tree Polaris Foreign Value Small Cap Fund | | | | | | | |
Statements of Assets and Liabilities | | | | | | | |
Statements of Operations | | | | | | | |
Statements of Changes in Net Assets | | | | | | | |
Financial Highlights | | | | | | | |
Notes to Financial Statements | | | | | | | |
Report of Independent Registered Public Accounting Firm | | | | | | | |
Information for Shareholders | | | | | | | |
Trustees and Officers | | | | | | |
| Service Providers | | | |
President and Chairman
Pear Tree Fund | | | Share Class | | | Total Return Description | | | Beginning Account Value 10/1/17 | | | Ending Account Value 3/31/2018 | | | Annualized Expense Ratio | | | Expenses Paid* 10/1/2017- 3/31/2018 | | ||||||||||||
Small Cap | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $1,008.40 | | | | | | 1.35 % | | | | | | $6.78 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.18 | | | | | | 1.35 % | | | | | | $6.81 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $1,010.00 | | | | | | 0.98 % | | | | | | $4.92 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.04 | | | | | | 0.98 % | | | | | | $4.94 | | |
Quality | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $1,053.50 | | | | | | 1.28 % | | | | | | $6.54 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.56 | | | | | | 1.28 % | | | | | | $6.43 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $1,055.50 | | | | | | 0.91 % | | | | | | $4.64 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.41 | | | | | | 0.91 % | | | | | | $4.56 | | |
Emerging Markets | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $1,076.10 | | | | | | 0.95 % | | | | | | $4.94 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.17 | | | | | | 0.95 % | | | | | | $4.81 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $1,077.80 | | | | | | 0.58 % | | | | | | $3.01 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,022.03 | | | | | | 0.58 % | | | | | | $2.93 | | |
Foreign Value | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $1,027.40 | | | | | | 1.40 % | | | | | | $7.09 | | |
| | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.94 | | | | | | 1.40 % | | | | | | $7.05 | | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $1,029.50 | | | | | | 1.03 % | | | | | | $5.22 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.78 | | | | | | 1.03 % | | | | | | $5.20 | | |
| | R6 | | | Actual | | | | | $1,000.00 | | | | | | $1,030.40 | | | | | | 1.00 % | | | | | | $5.07 | | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.94 | | | | | | 1.00 % | | | | | | $5.05 | | |
Foreign Value | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $1,011.40 | | | | | | 1.42 % | | | | | | $7.13 | | |
Small Cap | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.84 | | | | | | 1.42 % | | | | | | $7.15 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $1,013.90 | | | | | | 1.05 % | | | | | | $5.28 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.69 | | | | | | 1.05 % | | | | | | $5.30 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $1,014.40 | | | | | | 1.02 % | | | | | | $5.14 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.83 | | | | | | 1.02 % | | | | | | $5.16 | | |
| Fund Information | | | | | | | |
| Net Assets Under Management | | | $116.7 Million | | |||
| Number of Portfolio Holdings | | | 48 | | |||
| Average Price to Book Ratio | | | 2.6 | | |||
| Average Price to Earnings Ratio | | | 29.8 | | |||
| | | | Ordinary | | | Institutional | |
| Total Expense Ratio (Gross)* | | | 1.54% | | | 1.29% | |
| Total Expense Ratio (Net)* | | | 1.54% | | | 1.17% | |
| Ticker Symbol | | | USBNX | | | QBNAX | |
| | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 25.9 % | | |
Ameris Bancorp | | | | | 2.8 % | | |
Kforce, Inc. | | | | | 2.8 % | | |
Knight-Swift Transportation Holdings Inc. | | | | | 2.7 % | | |
EVERTEC Inc. | | | | | 2.7 % | | |
Phibro Animal Health Corporation | | | | | 2.6 % | | |
Deckers Outdoor Corporation | | | | | 2.6 % | | |
Continental Building Products Inc. | | | | | 2.5 % | | |
Pinnacle Financial Partners, Inc. | | | | | 2.5 % | | |
Computer Programs and Systems Inc. | | | | | 2.4 % | | |
United Insurance Holdings Corporation | | | | | 2.3 % | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0 % | | |
Financials | | | | | 27.8 % | | |
Industrials | | | | | 19.1 % | | |
Information Technology | | | | | 14.3 % | | |
Health Care | | | | | 8.9 % | | |
Real Estate | | | | | 8.0 % | | |
Consumer Discretionary | | | | | 7.7 % | | |
Energy | | | | | 4.0 % | | |
Materials | | | | | 3.5 % | | |
Utilities | | | | | 2.2 % | | |
CASH + other assets (net) | | | | | 4.5 % | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Small Cap. (PTSC) Ordinary Shares vs. S&P 500 Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2018 | | | Six Months | | | One Year | | | Five (3) Year | | | Ten (3) Year | | | Since (3) Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (2.38 )% | | | | | | 0.84 % | | | | | | 2.75 % | | | | | | 7.86 % | | | | | | 5.55 % | | | | | | 9.64 % | | | | 08/03/1992 | |
Institutional Shares (1) | | | | | (2.31 )% | | | | | | 1.00 % | | | | | | 3.10 % | | | | | | 8.16 % | | | | | | 5.82 % | | | | | | 9.16 % | | | | 01/06/1993 | |
Russell 2000 (2) | | | | | (0.08 )% | | | | | | 3.25 % | | | | | | 11.79 % | | | | | | 11.47 % | | | | | | 9.84 % | | | | | | 9.84 % | | | | ———————— | |
| Fund Information | | | | | | | |
| Net Assets Under Management | | | $129.8 Million | | |||
| Number of Portfolio Holdings | | | 51 | | |||
| Average Price to Book Ratio | | | 5.9 | | |||
| Average Price to Earnings Ratio | | | 19.0 | | |||
| | | | Ordinary | | | Institutional | |
| Total Expense Ratio (Gross)* | | | 1.55% | | | 1.30% | |
| Total Expense Ratio (Net)* | | | 1.30% | | | 0.93% | |
| Ticker Symbol | | | USBOX | | | QGIAX | |
| | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 47.4 % | | |
Microsoft Corporation | | | | | 8.0 % | | |
Alphabet Inc. | | | | | 7.2 % | | |
Apple, Inc. | | | | | 6.0 % | | |
Oracle Corportation | | | | | 5.2 % | | |
UnitedHealth Group, Inc. | | | | | 4.9 % | | |
Johnson & Johnson | | | | | 4.5 % | | |
Cisco Systems, Inc. | | | | | 3.2 % | | |
Accenture plc | | | | | 3.0 % | | |
Medtronic plc | | | | | 2.8 % | | |
Cognizant Technology Solutions Corporation | | | | | 2.6 % | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0 % | | |
Information Technology | | | | | 45.80 % | | |
Health Care | | | | | 22.70 % | | |
Consumer Staples | | | | | 11.90 % | | |
Industrials | | | | | 6.40 % | | |
Financials | | | | | 6.30 % | | |
Consumer Discretionary | | | | | 2.60 % | | |
Materials | | | | | 1.60 % | | |
Energy | | | | | 0.00 % | | |
Real Estate | | | | | 0.00 % | | |
Telecommunication Services | | | | | 0.00 % | | |
Utilities | | | | | 0.00 % | | |
Cash + other assets (net) | | | | | 2.70 % | | |
Value of a $10,000 Investment | |
Pear Tree Quality (PTQ) Ordinary Shares vs . S&P 500 Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2018 | | | Six Months | | | One Year | | | Five Year | | | Ten (3) Year | | | Since (3) Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (2.23 )% | | | | | | 5.35 % | | | | | | 14.91 % | | | | | | 11.72 % | | | | | | 7.32 % | | | | | | 9.35 % | | | | 05/06/85 | |
Institutional Shares (1) | | | | | (2.18 )% | | | | | | 5.55 % | | | | | | 15.34 % | | | | | | 12.02 % | | | | | | 7.58 % | | | | | | 8.29 % | | | | 03/25/91 | |
S & P 500 (2) | | | | | (0.76 )% | | | | | | 5.83 % | | | | | | 13.99 % | | | | | | 13.31 % | | | | | | 9.49 % | | | | | | 10.90 % | | | | ———————— | |
| Fund Information | | | | | | | |
| Net Assets Under Management | | | $118.4 Million | | |||
| Number of Portfolio Holdings | | | 140 | | |||
| Average Price to Book Ratio | | | 1.7 | | |||
| Average Price to Earnings Ratio | | | 11.3 | | |||
| | | | Ordinary | | | Institutional | |
| Total Expense Ratio (Gross)* | | | 2.22% | | | 1.96% | |
| Total Expense Ratio (Net)* | | | 1.65% | | | 1.27% | |
| Ticker Symbol | | | QFFOX | | | QEMAX | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 62.7 % | | |
Pear Tree PanAgora Risk Parity Emerging Markets (Institutional) | | | | | 52.3 | | |
Vanguard FTSE Emerging Markets ETF | | | | | 1.5 | | |
HCL Technologies Ltd. | | | | | 1.2 | | |
CSPC Pharmaceutical Group Limited | | | | | 1.2 | | |
SK Telecom Company Ltd. | | | | | 1.2 | | |
Sino Biopharmaceutical Limited | | | | | 1.1 | | |
Pou Chen Corporation | | | | | 1.1 | | |
KT&G Corporation | | | | | 1.1 | | |
3SBio Inc. | | | | | 1.0 | | |
PTT Global Chemical PCL | | | | | 1.0 | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0 % | | |
Mutual Funds* | | | | | 53.8 | | |
Consumer Discretionary | | | | | 5.9 | | |
Financials | | | | | 5.8 | | |
Information Technology | | | | | 5.4 | | |
Industrials | | | | | 5.1 | | |
Energy | | | | | 4.4 | | |
Materials | | | | | 4.3 | | |
Telecommunication Services | | | | | 4.1 | | |
Health Care | | | | | 3.9 | | |
Consumer Staples | | | | | 3.6 | | |
Utilities | | | | | 2.3 | | |
Real Estate | | | | | 0.6 | | |
CASH + other assets (net) | | | | | 0.8 | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 39.7 % | | |
South Korea | | | | | 8.3 | | |
Hong Kong | | | | | 6.6 | | |
China | | | | | 6.0 | | |
South Africa | | | | | 3.6 | | |
India | | | | | 3.3 | | |
Taiwan | | | | | 3.2 | | |
Russia | | | | | 2.7 | | |
Turkey | | | | | 2.5 | | |
Thailand | | | | | 2.0 | | |
United Arab Emerates | | | | | 1.5 | | |
Value of a $10,000 Investment | |
Pear Tree PanAgora Emerging Markets (PTEM) Ordinary Shares vs. MSCI EM Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2018 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | 0.39 % | | | | | | 7.61 % | | | | | | 15.63 % | | | | | | 1.25 % | | | | | | 0.23 % | | | | | | 5.36 % | | | | 09/30/94 | |
Institutional Shares (1) | | | | | 0.47 % | | | | | | 7.78 % | | | | | | 16.01 % | | | | | | 1.54 % | | | | | | 0.49 % | | | | | | 6.76 % | | | | 04/02/96 | |
MSCI EM (2) | | | | | 1.47 % | | | | | | 9.08 % | | | | | | 25.37 % | | | | | | 5.37 % | | | | | | 3.36 % | | | | | | 5.68 % | | | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets Under Management | | | $2,507.6 Million | | ||||||
| Number of Portfolio Holdings | | | 54 | | ||||||
| Average Price to Book Ratio | | | 1.8 | | ||||||
| Average Price to Earnings Ratio | | | 14.4 | | ||||||
| | | | Ordinary | | | Institutional | | | R6 | |
| Total Expense Ratio (Gross)* | | | 1.53% | | | 1.27% | | | 1.14% | |
| Total Expense Ratio (Net)* | | | 1.43% | | | 1.05% | | | 1.04% | |
| Ticker Symbol | | | QFVOX | | | QFVIX | | | QFVRX | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 22.2 % | | |
Methanex Corporation | | | | | 2.4 % | | |
BHP Billiton plc | | | | | 2.4 % | | |
Cineworld Group plc | | | | | 2.3 % | | |
Asahi Group Holdings Ltd. | | | | | 2.2 % | | |
Popular, Inc. | | | | | 2.2 % | | |
Kansai Electric Power Company, Inc. | | | | | 2.2 % | | |
United Overseas Bank Ltd. | | | | | 2.2 % | | |
KDDI Corporation | | | | | 2.1 % | | |
Babcock International Group plc | | | | | 2.1 % | | |
Samsung Electronics Company, Ltd. | | | | | 2.1 % | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0 % | | |
Financials | | | | | 20.6 % | | |
Materials | | | | | 18.4 % | | |
Consumer Discretionary | | | | | 16.8 % | | |
Industrials | | | | | 10.7 % | | |
Information Technology | | | | | 8.0 % | | |
Telecommunication Services | | | | | 7.5 % | | |
Consumer Staples | | | | | 3.8 % | | |
Health Care | | | | | 3.4 % | | |
Energy | | | | | 3.0 % | | |
Utilities | | | | | 2.2 % | | |
Cash and Other Assets (Net) | | | | | 5.6 % | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 72.5 % | | |
Germany | | | | | 15.7 % | | |
United Kingdom | | | | | 13.5 % | | |
Japan | | | | | 9.4 % | | |
South Korea | | | | | 7.8 % | | |
France | | | | | 6.6 % | | |
Norway | | | | | 5.7 % | | |
Canada | | | | | 4.5 % | | |
Sweden | | | | | 3.7 % | | |
Australia | | | | | 3.4 % | | |
Puerto Rico | | | | | 2.2 % | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Foreign Value (PTFV)Ordinary Shares vs. MSCI EAFE Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2018 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (1.89 )% | | | | | | 2.74 % | | | | | | 14.27 % | | | | | | 7.65 % | | | | | | 4.30 % | | | | | | 6.83 % | | | | 05/15/1998 | |
Institutional Shares (1) | | | | | (1.81 )% | | | | | | 2.95 % | | | | | | 14.75 % | | | | | | 7.95 % | | | | | | 4.55 % | | | | | | 8.25 % | | | | 12/18/1998 | |
R6 Shares (1) | | | | | (1.77 )% | | | | | | 3.04 % | | | | | | 14.79 % | | | | | | — % | | | | | | — % | | | | | | 16.10 % | | | | 02/06/2017 | |
MSCI EAFE (2) | | | | | (1.41 )% | | | | | | 2.80 % | | | | | | 15.32 % | | | | | | 6.98 % | | | | | | 3.23 % | | | | | | 4.90 % | | | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets Under Management | | | $924.3 Million | | ||||||
| Number of Portfolio Holdings | | | 79 | | ||||||
| Average Price to Book Ratio | | | 2.2 | | ||||||
| Average Price to Earnings Ratio | | | 16.7 | | ||||||
| | | | Ordinary | | | Institutional | | | R6 | |
| Total Expense Ratio (Gross)* | | | 1.55% | | | 1.30% | | | 1.14% | |
| Total Expense Ratio (Net)* | | | 1.45% | | | 1.08% | | | 1.04% | |
| Ticker Symbol | | | QUSOX | | | QUSIX | | | QUSRX | |
| | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 22.2 % | | |
Zojirushi Corporation | | | | | 3.0 % | | |
Sixt SE | | | | | 2.4 % | | |
Cineworld Group plc | | | | | 2.3 % | | |
Taiwan Union Technology Corporation | | | | | 2.2 % | | |
Ipsos | | | | | 2.1 % | | |
Crest Nicholson Holdings plc | | | | | 2.1 % | | |
IBJ Leasing Company, Ltd. | | | | | 2.1 % | | |
DFDS A.S. | | | | | 2.0 % | | |
NIIT Technologies Ltd. | | | | | 2.0 % | | |
Unipres Corporation | | | | | 2.0 % | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0 % | | |
Consumer Discretionary | | | | | 24.5 % | | |
Industrials | | | | | 19.8 % | | |
Information Technology | | | | | 14.3 % | | |
Financials | | | | | 12.8 % | | |
Materials | | | | | 6.4 % | | |
Utilities | | | | | 5.5 % | | |
Real Estate | | | | | 4.2 % | | |
Health Care | | | | | 3.2 % | | |
Telecommunication Services | | | | | 2.2 % | | |
Consumer Staples | | | | | 1.9 % | | |
Energy | | | | | 1.3 % | | |
CASH + other assets (net) | | | | | 3.9 % | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 78.3 % | | |
Japan | | | | | 16.1 % | | |
United Kingdom | | | | | 15.1 % | | |
Taiwan | | | | | 11.9 % | | |
Germany | | | | | 6.6 % | | |
Norway | | | | | 6.4 % | | |
India | | | | | 5.1 % | | |
Thailand | | | | | 5.0 % | | |
Hong Kong | | | | | 4.4 % | | |
China | | | | | 4.0 % | | |
France | | | | | 3.7 % | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Foreign Value Small Cap (PTFVSC)Ordinary Shares vs. MSCI ACWI ex USA Small Cap Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2018 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (2.50 )% | | | | | | 1.14 % | | | | | | 17.15 % | | | | | | 10.20 % | | | | | | — % | | | | | | 7.68 % | | | | 05/01/2008 | |
Institutional Shares (1) | | | | | (2.37 )% | | | | | | 1.39 % | | | | | | 17.56 % | | | | | | 10.51 % | | | | | | — % | | | | | | 7.95 % | | | | 05/01/2008 | |
R6 Shares (1) | | | | | (2.36 )% | | | | | | 1.44 % | | | | | | 17.66 % | | | | | | — % | | | | | | — % | | | | | | 21.52 % | | | | 02/06/2017 | |
MSCI World ex USA Small Cap (2) | | | | | (0.28 )% | | | | | | 6.31 % | | | | | | 21.03 % | | | | | | 8.95 % | | | | | | — % | | | | | | 5.69 % | | | | ———————— | |
| | | Shares | | | Value | |||||
AUTO COMPONENTS—0.2% | |||||||||||
Motorcar Parts of America, Inc. (a) | | | | | 13,014 | | | | | $ | 278,890 |
BANKS—23.5% | |||||||||||
Ameris Bancorp | | | | | 62,200 | | | | | | 3,290,380 |
Brookline Bancorp, Inc. | | | | | 156,000 | | | | | | 2,527,200 |
Bryn Mawr Bank Corporation | | | | | 54,146 | | | | | | 2,379,717 |
Central Pacific Financial Corporation | | | | | 83,883 | | | | | | 2,387,310 |
CoBiz Financial, Inc. | | | | | 118,009 | | | | | | 2,312,976 |
Colony Bankcorp, Inc. | | | | | 157,079 | | | | | | 2,544,680 |
Dime Community Bancshares, Inc. | | | | | 128,400 | | | | | | 2,362,560 |
F.N.B. Corporation | | | | | 167,480 | | | | | | 2,252,606 |
International Bancshares Corporation | | | | | 60,700 | | | | | | 2,361,230 |
OFG Bancorp | | | | | 205,000 | | | | | | 2,142,250 |
Pinnacle Financial Partners, Inc. | | | | | 44,694 | | | | | | 2,869,355 |
| | | | | | | | | | | 27,430,264 |
BUILDING PRODUCTS—4.7% | |||||||||||
Continental Building Products Inc. (a) | | | | | 103,800 | | | | | | 2,963,490 |
NCI Building Systems, Inc. (a) | | | | | 140,244 | | | | | | 2,482,319 |
| | | | | | | | | | | 5,445,809 |
CAPITAL MARKETS—2.0% | |||||||||||
Hercules Capital, Inc. | | | | | 188,658 | | | | | | 2,282,762 |
CHEMICALS—2.1% | |||||||||||
Ferro Corporation (a) | | | | | 103,935 | | | | | | 2,413,371 |
COMMERCIAL SERVICES & SUPPLIES—2.1% | |||||||||||
Deluxe Corporation | | | | | 32,800 | | | | | | 2,427,528 |
COMMUNICATIONS EQUIPMENT—1.6% | |||||||||||
Bel Fuse, Inc. Class B | | | | | 96,000 | | | | | | 1,814,400 |
CONSTRUCTION MATERIALS—1.4% | |||||||||||
U.S. Concrete, Inc. (a) | | | | �� | 27,860 | | | | | | 1,682,744 |
ELECTRIC UTILITIES—2.2% | |||||||||||
ALLETE, Inc. | | | | | 35,400 | | | | | | 2,557,650 |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.1% | |||||||||||
Avnet, Inc. | | | | | 60,100 | | | | | | 2,509,776 |
ENERGY EQUIPMENT & SERVICES—2.1% | |||||||||||
Dril-Quip, Inc. | | | | | 56,000 | | | | | | 2,508,800 |
|
| | | Shares | | | Value | |||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—8.0% | |||||||||||
Digital Realty Trust, Inc. | | | | | 19,816 | | | | | $ | 2,088,210 |
Education Realty Trust, Inc. | | | | | 73,357 | | | | | | 2,402,442 |
EPR Properties | | | | | 43,410 | | | | | | 2,404,914 |
Physicians Realty Trust | | | | | 158,222 | | | | | | 2,463,516 |
| | | | | | | | | | 9,359,082 | |
HEALTH CARE EQUIPMENT & SUPPLIES—4.3% | |||||||||||
Computer Programs and Systems, Inc. (b) | | | | | 96,450 | | | | | | 2,816,340 |
Natus Medical, Inc. (a) | | | | | 66,220 | | | | | | 2,228,303 |
| | | | | | | | | | | 5,044,643 |
INSURANCE—2.3% | |||||||||||
United Insurance Holdings Corporation | | | | | 142,751 | | | | | | 2,732,254 |
INTERNET SOFTWARE & SERVICES—3.6% | |||||||||||
Insight Enterprises, Inc. | | | | | 61,327 | | | | | | 2,142,152 |
Web.com Group, Inc. (a) | | | | | 112,600 | | | | | | 2,038,060 |
| | | | | | | | | | | 4,180,212 |
IT SERVICES—3.1% | |||||||||||
Alliance Data Systems Corporation | | | | | 2,255 | | | | | | 479,999 |
EVERTEC Inc. | | | | | 190,100 | | | | | | 3,108,135 |
| | | | | | | | | | | 3,588,134 |
LIFE SCIENCES TOOLS & SERVICES—2.0% | |||||||||||
Cambrex Corporation (a) | | | | | 43,597 | | | | | | 2,280,123 |
MACHINERY—2.4% | |||||||||||
Exco Technologies Limited | | | | | 21,000 | | | | | | 147,965 |
Greenbrier Companies, Inc. (The) | | | | | 52,500 | | | | | | 2,638,125 |
| | | | | | | | | | | 2,786,090 |
MEDIA—2.5% | |||||||||||
Cinemark Holdings, Inc. | | | | | 48,191 | | | | | | 1,815,355 |
Entravision Communications Corporation, Class A | | | | | 232,264 | | | | | | 1,091,641 |
| | | | | | | | | | 2,906,996 | |
OIL, GAS & CONSUMABLE FUELS—1.8% | |||||||||||
Diamondback Energy, Inc. | | | | | 16,670 | | | | | | 2,109,088 |
PHARMACEUTICALS—2.6% | |||||||||||
Phibro Animal Health Corporation | | | | | 76,800 | | | | | | 3,048,960 |
PROFESSIONAL SERVICES—2.8% | |||||||||||
Kforce, Inc. | | | | | 119,694 | | | | | | 3,237,723 |
|
| | | Shares | | | Value | |||||
ROAD & RAIL—2.7% | |||||||||||
Knight-Swift Transportation Holdings, Inc. | | | | | 69,094 | | | | | $ | 3,179,015 |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.0% | |||||||||||
Integrated Device Technology, Inc. (a) | | | | | 78,339 | | | | | | 2,394,040 |
Microsemi Corporation (a) | | | | | 34,728 | | | | | | 2,247,596 |
| | | | | | | | | | | 4,641,636 |
SPECIALTY RETAIL—2.3% | |||||||||||
Asbury Automotive Group, Inc. (a) | | | | | 40,046 | | | | | | 2,703,105 |
TEXTILES & APPAREL & LUXURY GOODS—2.6% | |||||||||||
Deckers Outdoor Corporation (a) | | | | | 33,700 | | | | | | 3,034,011 |
TRADING COMPANIES & DISTRIBUTORS—4.5% | |||||||||||
Air Lease Corporation | | | | | 64,000 | | | | | | 2,727,680 |
WESCO International, Inc. (a) | | | | | 40,500 | | | | | | 2,513,025 |
| | | | | | | | | | | 5,240,705 |
TOTAL COMMON STOCK | |||||||||||
(Cost $80,727,818) | | | | | | | | | | | 111,423,771 |
|
| | | Par Value | | | Value | |||||
Money Market—4.4% | | | | | | | | | | | |
State Street Bank Institutional U.S. Government Money Market Fund (Cost $5,155,765) | | | | $ | 5,155,765 | | | | | $ | 5,155,765 |
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED)—99.9% (Cost $85,883,583) | | | | | | | | | | | 116,579,536 |
INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED—2.1% | | | | | | | | | | | |
Money Market—2.1% | | | | | | | | | | | |
BlackRock FedFund (Institutional Shares) (Cost $2,420,634) | | | | | | | | | | | 2,420,634 |
TOTAL INVESTMENTS—102.0% (Cost $88,304,217) | | | | | | | | | | | 119,000,170 |
OTHER ASSETS & LIABILITIES (NET)—(2.0)% | | | | | | | | | | | (2,264,502 ) |
NET ASSETS—100% | | | | | | | | | | $ | 116,735,668 |
|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 31,047,267 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (456,690 ) |
| Net unrealized appreciation/(depreciation) | | | | $ | 30,590,577 |
|
| | | Shares | | | Value | |||||
AEROSPACE & DEFENSE—1.8% | |||||||||||
United Technologies Corporation | | | | | 18,701 | | | | | $ | 2,352,960 |
BANKS—3.8% | |||||||||||
U.S. Bancorp | | | | | 46,783 | | | | | | 2,362,542 |
Wells Fargo & Company | | | | | 48,893 | | | | | | 2,562,482 |
| | | | | | | | | | | 4,925,024 |
BEVERAGES—1.3% | |||||||||||
Coca-Cola Company (The) | | | | | 39,431 | | | | | | 1,712,488 |
CHEMICALS—1.6% | |||||||||||
Monsanto Company | | | | | 17,678 | | | | | | 2,062,846 |
COMMUNICATIONS EQUIPMENT—3.4% | |||||||||||
QUALCOMM Incorporated | | | | | 58,649 | | | | | | 3,249,741 |
Schlumberger Limited | | | | | 17,671 | | | | | | 1,144,727 |
| | | | | | | | | | | 4,394,468 |
COMPUTERS & PERIPHERALS—6.5% | |||||||||||
Apple, Inc. | | | | | 46,288 | | | | | | 7,766,200 |
Teradata Corporation (a) | | | | | 18,240 | | | | | | 723,581 |
| | | | | | | | | | | 8,489,781 |
DIVERSIFIED FINANCIAL SERVICES—2.5% | |||||||||||
American Express Company | | | | | 34,760 | | | | | | 3,242,413 |
ELECTRICAL EQUIPMENT—2.5% | |||||||||||
Emerson Electric Co. | | | | | 29,024 | | | | | | 1,982,339 |
Honeywell International Inc. | | | | | 8,313 | | | | | | 1,201,312 |
| | | | | | | | | | 3,183,651 | |
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.6% | |||||||||||
Amphenol Corporation | | | | | 8,539 | | | | | | 735,465 |
FOOD PRODUCTS—3.6% | |||||||||||
Nestle, S.A. (b) | | | | | 22,547 | | | | | | 1,782,340 |
Unilever plc (b) | | | | | 52,233 | | | | | | 2,902,066 |
| | | | | | | | | | | 4,684,406 |
FOOD STAPLES & DRUG RETAILING—3.2% | |||||||||||
Costco Wholesale Corporation | | | | | 15,388 | | | | | | 2,899,561 |
CVS Caremark Corporation | | | | | 11,931 | | | | | | 742,228 |
PepsiCo, Inc. | | | | | 4,503 | | | | | | 491,502 |
| | | | | | | | | | | 4,133,291 |
|
| | | Shares | | | Value | |||||
HEALTH CARE EQUIPMENT & SUPPLIES—5.8% | |||||||||||
Becton, Dickinson and Company | | | | | 5,845 | | | | | $ | 1,266,612 |
Medtronic plc | | | | | 45,315 | | | | | | 3,635,169 |
Stryker Corporation | | | | | 11,801 | | | | | | 1,899,017 |
Zimmer Holdings, Inc. | | | | | 7,175 | | | | | | 782,362 |
| | | | | | | | | | | 7,583,160 |
HEALTH CARE PROVIDERS & SERVICES—7.7% | |||||||||||
Anthem, Inc. | | | | | 8,988 | | | | | | 1,974,664 |
Humana Inc. | | | | | 5,871 | | | | | | 1,578,301 |
UnitedHealth Group, Inc. | | | | | 29,986 | | | | | | 6,417,004 |
| | | | | | | | | | | 9,969,969 |
HOTELS, RESTAURANTS & LEISURE—0.4% | |||||||||||
Compass Group PLC (b) | | | | | 23,383 | | | | | | 487,184 |
HOUSEHOLD PRODUCTS—0.8% | |||||||||||
Reckitt Benckiser Group plc | | | | | 11,905 | | | | | | 993,472 |
INDUSTRIAL CONGLOMERATES—2.1% | |||||||||||
3M Company | | | | | 12,383 | | | | | | 2,718,316 |
INTERNET SOFTWARE & SERVICES—7.1% | |||||||||||
Alphabet Inc. A (a) | | | | | 4,681 | | | | | | 4,854,852 |
Alphabet Inc. C (a) | | | | | 4,308 | | | | | | 4,444,951 |
| | | | | | | | | | | 9,299,803 |
IT CONSULTING & SERVICES—5.7% | |||||||||||
Accenture plc | | | | | 25,721 | | | | | | 3,948,174 |
Cognizant Technology Solutions Corporation (a) | | | | | 42,540 | | | | | | 3,424,470 |
| | | | | | | | | | | 7,372,644 |
PHARMACEUTICALS & BIOTECHNOLOGY—9.2% | |||||||||||
Abbott Laboratories | | | | | 53,960 | | | | | | 3,233,283 |
Eli Lilly and Company | | | | | 8,333 | | | | | | 644,724 |
Johnson & Johnson | | | | | 46,052 | | | | | | 5,901,564 |
Novartis AG (b) | | | | | 5,595 | | | | | | 452,356 |
Pfizer Inc. | | | | | 30,340 | | | | | | 1,076,766 |
Roche Holding Ltd. (b) | | | | | 20,684 | | | | | | 592,080 |
| | | | | | | | | | 11,900,773 | |
RETAILING—0.6% | |||||||||||
TJX Companies, Inc. (The) | | | | | 8,751 | | | | | | 713,731 |
|
| | | Shares | | | Value | |||||
SEMICONDUCTOR EQUIPMENTS & PRODUCTS—3.8% | |||||||||||
Analog Devices, Inc. | | | | | 6,212 | | | | | $ | 566,099 |
Taiwan Semiconductor Manufacturing Co., Ltd. (b) | | | | | 62,009 | | | | | | 2,713,514 |
Texas Instruments, Inc. | | | | | 16,046 | | | | | | 1,667,019 |
| | | | | | | | | | | 4,946,632 |
SOFTWARE & SERVICES—18.7% | |||||||||||
Cisco Systems, Inc. | | | | | 97,073 | | | | | | 4,163,461 |
MasterCard Incorporated | | | | | 11,147 | | | | | | 1,952,509 |
Microsoft Corporation | | | | | 113,528 | | | | | | 10,361,701 |
Oracle Corporation | | | | | 148,595 | | | | | | 6,798,221 |
SAP AG (b) | | | | | 9,746 | | | | | | 1,024,889 |
| | | | | | | | | | | 24,300,781 |
TEXTILES & APPAREL—1.6% | |||||||||||
LVMH Moët Hennessy-Louis Vuitton S.A. (b) | | | | | 18,199 | | | | | | 1,121,968 |
V.F. Corporation | | | | | 13,523 | | | | | | 1,002,325 |
| | | | | | | | | | | 2,124,293 |
TOBACCO—3.0% | |||||||||||
British American Tobacco plc (b) | | | | | 41,455 | | | | | | 2,391,539 |
Philip Morris International, Inc. | | | | | 15,761 | | | | | | 1,566,643 |
| | | | | | | | | | | 3,958,182 |
TOTAL COMMON STOCK (Cost $107,064,004) | | | | | | | | | | | 126,285,733 |
|
| | | Par Value | | | Value | |||||
State Street Bank & Trust Co., Repurchase Agreement 0.28%, 04/02/18, (Dated 03/29/18), Collateralized by 3,705,000 par U.S. Treasury Note-2.00% due 05/31/2024, Market Value $3,585,080 Repurchase Proceeds $3,513,469 (Cost $3,513,360) | | | | $ | 3,513,360 | | | | | $ | 3,513,360 |
TOTAL INVESTMENTS—100.0% (Cost $110,577,364) | | | | | | | | | | | 129,799,093 |
OTHER ASSETS & LIABILITIES (NET)—0.0% | | | | | | | | | | | 45,923 |
NET ASSETS—100% | | | | | | | | | | $ | 129,845,016 |
|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 21,683,676 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (2,545,015 ) |
| Net unrealized appreciation/(depreciation) | | | | $ | 19,138,661 |
|
| | | Shares | | | Value | |||||
CHINA—6.0% | |||||||||||
Agricultural Bank of China, Class H | | | | | 62,000 | | | | | $ | 35,232 |
Air China Ltd H Shares | | | | | 288,000 | | | | | | 366,944 |
Bank of China Ltd., H | | | | | 69,392 | | | | | | 37,310 |
Bank of Communications Co., Ltd. H | | | | | 58,000 | | | | | | 45,448 |
Beijing Capital International Airport Co., Ltd. H | | | | | 126,000 | | | | | | 169,207 |
China Cinda Asset Management Co., Ltd. H | | | | | 75,000 | | | | | | 27,234 |
China Communications Services Corporation Ltd. H | | | | | 1,220,000 | | | | | | 729,022 |
China Construction Bank Corporation | | | | | 45,422 | | | | | | 46,645 |
China Merchants Bank Co., Ltd. - H Shares | | | | | 8,500 | | | | | | 34,818 |
China National Building Material Co., Ltd. H | | | | | 72,000 | | | | | | 78,159 |
China Pharmaceutical Group Limited | | | | | 542,000 | | | | | | 1,439,836 |
China Shenhua Energy Co., Ltd. | | | | | 142,500 | | | | | | 354,044 |
China Southern Airlines Company Limited H | | | | | 330,000 | | | | | | 340,570 |
China Vanke Co., Ltd. H | | | | | 13,300 | | | | | | 60,666 |
Guangzhou Automobile Group Co., Ltd. H Shares | | | | | 60,000 | | | | | | 110,542 |
Guangzhou R & F Properties Co., Ltd. H | | | | | 50,400 | | | | | | 125,734 |
Huaneng Power International Inc. H | | | | | 272,000 | | | | | | 182,636 |
Industrial & Commercial Bank of China Ltd. | | | | | 46,911 | | | | | | 40,225 |
Jiangsu Expressway Co., Ltd. H | | | | | 108,000 | | | | | | 152,741 |
Shenzhou International Group | | | | | 33,550 | | | | | | 353,300 |
Sino Biopharmaceutical Limited | | | | | 654,000 | | | | | | 1,283,235 |
Sino-Ocean Land Holdings Ltd. | | | | | 118,500 | | | | | | 85,909 |
Sinopec Shanghai Petrochemical Co., Ltd. | | | | | 242,000 | | | | | | 147,076 |
Yum China Holdings Inc. | | | | | 7,315 | | | | | | 303,573 |
YY Inc. (a)(c) | | | | | 4,586 | | | | | | 482,447 |
| | | | | | | | | | | 7,032,553 |
CZECH REPUBLIC—0.9% | |||||||||||
Komercni Banka A.S. | | | | | 7,427 | | | | | | 338,285 |
Moneta Money Bank A.S. | | | | | 180,855 | | | | | | 748,472 |
| | | | | | | | | | | 1,086,757 |
GREECE—0.9% | |||||||||||
Jumbo S.A. | | | | | 32,191 | | | | | | 573,590 |
Opap S.A. | | | | | 45,087 | | | | | | 514,714 |
| | | | | | | | | | 1,088,304 | |
HONG KONG—6.6% | |||||||||||
3SBio Inc. (a)(b) | | | | | 519,800 | | | | | | 1,170,918 |
ANTA Sports Products, Ltd. | | | | | 49,000 | | | | | | 247,229 |
China Everbright Limited | | | | | 70,000 | | | | | | 146,625 |
China Gas Holdings Ltd. | | | | | 147,400 | | | | | | 536,181 |
| | | Shares | | | Value | |||||
HONG KONG (continued) | |||||||||||
China Medical System Holdings Ltd. | | | | | 338,000 | | | | | $ | 767,418 |
China Mengniu Dairy Company Limited | | | | | 217,000 | | | | | | 743,738 |
China Mobile Limited | | | | | 68,000 | | | | | | 623,372 |
China Resources Power Holdings Co., Ltd. | | | | | 466,000 | | | | | | 850,230 |
Country Garden Holdings Company Limited | | | | | 34,000 | | | | | | 70,005 |
Geely Automobile Holdings Ltd. | | | | | 80,000 | | | | | | 230,360 |
Haier Electronics Group Co., Ltd. | | | | | 36,000 | | | | | | 128,201 |
Hengan International Group Co., Ltd. | | | | | 96,500 | | | | | | 893,860 |
Lee & Man Paper Manufacturing Ltd. | | | | | 157,000 | | | | | | 165,830 |
Longfor Properties Co., Ltd. | | | | | 23,500 | | | | | | 71,860 |
Nine Dragons Paper Limited | | | | | 251,000 | | | | | | 375,448 |
Shimao Property Holding Limited | | | | | 57,000 | | | | | | 161,226 |
Sunny Optical Technology (Group) Co., Ltd. | | | | | 33,000 | | | | | | 609,242 |
| | | | | | | | | | | 7,791,743 |
HUNGARY—0.9% | |||||||||||
MOL Hungarian Oil and Gas PLC | | | | | 60,232 | | | | | | 656,805 |
OTP Bank Nyrt. | | | | | 10,243 | | | | | | 460,160 |
| | | | | | | | | | | 1,116,965 |
INDIA—3.3% | |||||||||||
Bharat Petroleum Corporation Ltd. | | | | | 19,387 | | | | | | 127,118 |
GAIL (India) Ltd. | | | | | 108,289 | | | | | | 547,906 |
Gail Limited | | | | | 36,096 | | | | | | 182,635 |
HCL Technologies Ltd. | | | | | 97,218 | | | | | | 1,440,345 |
Hindustan Petroleum Corporation Ltd. | | | | | 102,658 | | | | | | 539,562 |
LIC Housing Finance Ltd. | | | | | 12,249 | | | | | | 100,833 |
Maruti Suzuki India Ltd. | | | | | 6,078 | | | | | | 825,103 |
Power Finance Corporation Limited | | | | | 56,885 | | | | | | 74,353 |
Rural Electrification Corporation Limited | | | | | 41,885 | | | | | | 79,793 |
| | | | | | | | | | | 3,917,648 |
INDONESIA—1.2% | |||||||||||
PT Bank Negara Indonesia (Persero) Tbk | | | | | 461,400 | | | | | | 290,731 |
PT Bank Rakyat Indonesia Tbk (a) | | | | | 985,365 | | | | | | 257,659 |
PT Telekomunikasi Indonesia Persero Tbk | | | | | 3,176,600 | | | | | | 830,634 |
PT United Tractors Tbk | | | | | 32,839 | | | | | | 76,328 |
| | | | | | | | | | | 1,455,352 |
MALAYSIA—0.4% | |||||||||||
Malayan Banking Berhad | | | | | 159,100 | | | | | | 432,713 |
|
| | | Shares | | | Value | |||||
POLAND—1.4% | |||||||||||
Grupa LOTOS S.A. | | | | | 23,309 | | | | | $ | 359,060 |
Jastrzębska Spółka Węglowa S.A. (a) | | | | | 12,089 | | | | | | 285,966 |
LPP S.A. | | | | | 199 | | | | | | 505,106 |
PZU S.A. | | | | | 38,868 | | | | | | 473,433 |
| | | | | | | | | | | 1,623,565 |
RUSSIA—2.7% | |||||||||||
Inter Rao UES OJSC | | | | | 9,002,000 | | | | | | 599,233 |
LUKoil P.J.S.C. (c) | | | | | 2,993 | | | | | | 206,218 |
Magnitogorsk Iron & Steel Works | | | | | 91,300 | | | | | | 70,211 |
MMC Norilsk Nickel P.J.S.C. (c) | | | | | 7,378 | | | | | | 136,751 |
Novolipetsk Steel | | | | | 50,320 | | | | | | 126,920 |
PhosAgro (d) | | | | | 58,338 | | | | | | 848,235 |
PJSC Polyus | | | | | 2,396 | | | | | | 186,632 |
Sberbank | | | | | 100,800 | | | | | | 444,597 |
Severstal (d) | | | | | 12,776 | | | | | | 192,790 |
Surgutneftegaz | | | | | 286,300 | | | | | | 142,013 |
Tatneft PAO–CLS | | | | | 22,350 | | | | | | 237,902 |
| | | | | | | | | | | 3,191,502 |
SOUTH AFRICA—3.6% | |||||||||||
Barclays Africa Group Ltd. | | | | | 3,745 | | | | | | 59,952 |
Bidvest Group Limited | | | | | 52,407 | | | | | | 991,089 |
Exxaro Resources Ltd. | | | | | 51,919 | | | | | | 477,523 |
FirstRand Limited | | | | | 23,652 | | | | | | 133,529 |
Fortress REIT Limited | | | | | 71,841 | | | | | | 96,940 |
Imperial Holdings Limited | | | | | 45,232 | | | | | | 890,326 |
Nedbank Group Ltd | | | | | 5,510 | | | | | | 132,770 |
Shoprite Holdings Ltd. | | | | | 32,124 | | | | | | 684,716 |
Standard Bank of South Africa Ltd. | | | | | 4,902 | | | | | | 90,462 |
Telkom South Africa Limited | | | | | 155,360 | | | | | | 694,072 |
Truworths International Ltd. | | | | | 5,019 | | | | | | 45,544 |
| | | | | | | | | | 4,296,923 | |
SOUTH KOREA—7.7% | |||||||||||
Coway Co., Ltd. | | | | | 1,057 | | | | | | 87,067 |
Dongbu Insurance Co., Ltd. | | | | | 3,979 | | | | | | 246,378 |
E-MART Co., Ltd. | | | | | 2,539 | | | | | | 644,338 |
GS Holdings Corp. | | | | | 4,551 | | | | | | 263,009 |
Hana Financial Group, Inc. | | | | | 1,442 | | | | | | 61,690 |
Hanwha Life Insurance Co., Ltd. | | | | | 12,781 | | | | | | 75,302 |
Hyundai Marine & Fire Insurance, Co., Ltd. | | | | | 7,179 | | | | | | 264,355 |
KB Financial Group Inc. | | | | | 1,380 | | | | | | 79,752 |
| | | Shares | | | Value | |||||
SOUTH KOREA (continued) | |||||||||||
KT&G Corporation | | | | | 13,436 | | | | | $ | 1,260,531 |
LG Corp. | | | | | 13,079 | | | | | | 1,066,296 |
LG Electronics Inc. | | | | | 4,698 | | | | | | 480,422 |
Lotte Chemical Corporation | | | | | 1,903 | | | | | | 773,055 |
NCSoft Corporation | | | | | 480 | | | | | | 184,633 |
S1 Corporation | | | | | 10,128 | | | | | | 912,176 |
Samsung Electronics Company, Ltd. | | | | | 155 | | | | | | 356,563 |
SK Hynix Inc. | | | | | 8,678 | | | | | | 653,760 |
SK Telecom Company Ltd. | | | | | 6,316 | | | | | | 1,362,867 |
S-Oil Corp. | | | | | 2,953 | | | | | | 331,066 |
| | | | | | | | | | | 9,103,260 |
TAIWAN—3.2% | |||||||||||
ASUSTeK Computer, Inc. | | | | | 15,000 | | | | | | 139,675 |
Catcher Technology Co., Ltd. | | | | | 33,000 | | | | | | 409,147 |
Chailease Holding Co., Ltd. | | | | | 24,000 | | | | | | 82,313 |
Chinatrust Financial Holding Co., Ltd. | | | | | 95,000 | | | | | | 68,097 |
First Financial Holding Company Ltd. | | | | | 169,381 | | | | | | 117,638 |
Hon Hai Precision Industry Co., Ltd. | | | | | 39,544 | | | | | | 122,062 |
Largan Precision Co., Ltd. | | | | | 908 | | | | | | 103,235 |
Nanya Technology Corporation | | | | | 238,000 | | | | | | 753,418 |
Phison Electronics Corporation | | | | | 52,000 | | | | | | 541,277 |
Pou Chen Corporation | | | | | 950,000 | | | | | | 1,260,932 |
United Microelectronics Corporation | | | | | 293,000 | | | | | | 153,750 |
Yuanta Financial Holding Co., Ltd. | | | | | 57,000 | | | | | | 26,098 |
| | | | | | | | | | | 3,777,642 |
THAILAND—2.0% | |||||||||||
Kasikornbank PCL | | | | | 25,900 | | | | | | 176,421 |
Kasikornbank PCL (e) | | | | | 10,800 | | | | | | 73,220 |
Krung Thai Bank PCL (b) | | | | | 284,846 | | | | | | 173,076 |
Krung Thai Bank PCL (e) | | | | | 114,200 | | | | | | 69,389 |
PTT Global Chemical PCL (e) | | | | | 375,200 | | | | | | 1,136,879 |
Siam Commercial Bank PCL (e) | | | | | 50,300 | | | | | | 230,830 |
Thai Oil PCL (e) | | | | | 169,400 | | | | | | 491,623 |
| | | | | | | | | | | 2,351,438 |
TURKEY—2.5% | |||||||||||
Eregli Demir ve Celik Fabrikalari T.A.S. | | | | | 84,531 | | | | | | 222,020 |
Petkim Petrokimya Holding A.S. | | | | | 170,479 | | | | | | 348,738 |
TAV Havalimanlari Holding A.S. | | | | | 97,048 | | | | | | 579,888 |
Tupras - Turkiye Petrol Rafinerileri A.S. | | | | | 28,054 | | | | | | 778,638 |
Turk Hava Yollari A.O. (a) | | | | | 78,156 | | | | | | 383,117 |
| | | Shares | | | Value | |||||
TURKEY (continued) | |||||||||||
Turkcell Iletisim Hizmetleri A.S. | | | | | 180,951 | | | | | $ | 688,223 |
| | | | | | | | | | | 3,000,624 |
UNITED ARAB EMERATES—1.5% | |||||||||||
DP World Ltd. | | | | | 48,449 | | | | | | 1,090,103 |
Dubai Islamic Bank PSJ | | | | | 230,417 | | | | | | 333,110 |
First Abu Dhabi Bank | | | | | 92,393 | | | | | | 294,309 |
| | | | | | | | | | 1,717,522 | |
UNITED STATES—0.0% | |||||||||||
Weibo Corp. | | | | | 453 | | | | | | 54,152 |
TOTAL COMMON STOCK | |||||||||||
(Cost $45,568,836) | | | | | | | | | | | 53,038,663 |
|
| SOUTH KOREA—0.7% | |||||||||||
| Hyundai Motor Company Ltd. | | | | | 2,496 | | | | | | 218,245 |
| Hyundai Motor Company Ltd. | | | | | 2,557 | | | | | | 207,026 |
| Samsung Electronics Co., Ltd. | | | | | 186 | | | | | | 353,363 |
| | | | | | | | | | | | 778,634 |
| TOTAL PREFERRED STOCK | |||||||||||
| (Cost $638,875) | | | | | | | | | | | 778,634 |
|
| UNITED STATES—1.5% | |||||||||||
| Vanguard FTSE Emerging Markets ETF | | | | | 38,500 | | | | | | 1,808,730 |
| (Cost $1,856,137) | | | | | | | | | | | |
| UNITED STATES—52.3% | |||||||||||
| Pear Tree PanAgora Risk Parity Emerging Markets Institutional* (Cost $59,624,824) | | | | | 6,208,068 | | | | | | 61,894,442 |
|
| | | Par Value | | | Value | |||||
State Street Bank & Trust Co., Repurchase Agreement 0.28%, 04/02/18, (Dated 03/29/18), Collateralized by 575,000 par U.S. Treasury Note-2.00% due 05/31/2024, Market Value $556,389, Repurchase Proceeds $540,905 (Cost $540,888) | | | | $ | 540,888 | | | | | $ | 540,888 |
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED) - 99.8% (Cost $108,229,560) | | | | | | | | | | | 118,061,357 |
INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED—1.1% | | | | | | | | | | | |
Money Market—1.1% | | | | | | | | | | | |
BlackRock FedFund (Institutional Shares) (Cost $1,357,044) | | | | | 1,357,044 | | | | | | 1,357,044 |
TOTAL INVESTMENTS—100.9% (Cost $109,586,604) | | | | | | | | | | | 119,418,401 |
OTHER ASSETS & LIABILITIES (Net)—(0.9%) | | | | | | | | | | | (1,043,963 ) |
NET ASSETS—100% | | | | | | | | | | $ | 118,374,438 |
|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 10,799,563 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (1,117,746 ) |
| Net unrealized appreciation/(depreciation) | | | | $ | 9,681,817 |
|
| | | Shares | | | Value | | ||||||
AUSTRALIA—3.4% | | ||||||||||||
BHP Billiton plc (a) | | | | | 1,502,300 | | | | | $ | 59,686,379 | | |
WorleyParsons Limited | | | | | 2,214,860 | | | | | | 24,377,745 | | |
| | | | | | | | | | | 84,064,124 | | |
AUSTRIA—1.9% | | ||||||||||||
Andritz AG | | | | | 871,500 | | | | | | 48,620,800 | | |
BELGIUM—2.0% | | ||||||||||||
Solvay S.A. | | | | | 363,318 | | | | | | 50,383,384 | | |
CANADA—4.5% | | ||||||||||||
Magna International Inc. | | | | | 908,051 | | | | | | 51,079,189 | | |
Methanex Corporation | | | | | 1,003,793 | | | | | | 60,728,659 | | |
| | | | | | | | | | 111,807,848 | | | |
COLUMBIA—2.0% | | ||||||||||||
Bancolombia S.A. (a) | | | | | 769,800 | | | | | | 32,346,996 | | |
Bancolombia S.A. | | | | | 1,568,400 | | | | | | 16,969,334 | | |
| | | | | | | | | | | 49,316,330 | | |
FINLAND—1.9% | | ||||||||||||
Kone OYJ, Class B | | | | | 976,000 | | | | | | 48,609,962 | | |
FRANCE—6.6% | | ||||||||||||
Imerys SA | | | | | 493,179 | | | | | | 47,816,792 | | |
Ipsos | | | | | 482,280 | | | | | | 18,917,380 | | |
Michelin (CGDE) | | | | | 325,400 | | | | | | 47,944,146 | | |
Vinci SA | | | | | 504,700 | | | | | | 49,554,026 | | |
| | | | | | | | | | | 164,232,344 | | |
GERMANY—15.7% | | ||||||||||||
BASF SE | | | | | 480,600 | | | | | | 48,705,569 | | |
Deutsche Telekom AG | | | | | 3,091,377 | | | | | | 50,334,610 | | |
Freenet AG | | | | | 1,548,709 | | | | | | 47,026,367 | | |
Hannover Rueck SE | | | | | 376,900 | | | | | | 51,363,728 | | |
Lanxess AG | | | | | 609,700 | | | | | | 46,602,095 | | |
Linde AG | | | | | 223,400 | | | | | | 46,971,241 | | |
Muenchener Rueckvers AG | | | | | 223,530 | | | | | | 51,874,230 | | |
Symrise AG | | | | | 619,750 | | | | | | 49,776,853 | | |
| | | | | | | | | | | 392,654,693 | | |
INDIA—2.0% | | ||||||||||||
Infosys Limited—SP (a) | | | | | 2,815,292 | | | | | | 50,252,962 | | |
|
| | | Shares | | | Value | | ||||||
IRELAND—1.5% | | ||||||||||||
Greencore Group plc | | | | | 20,814,335 | | | | | $ | 38,681,737 | | |
ISRAEL—1.4% | | ||||||||||||
Teva Pharmaceuticals SP (a) | | | | | 2,026,028 | | | | | | 34,624,819 | | |
ITALY—0.1% | | ||||||||||||
Trevi Finanziaria SpA | | | | | 7,602,219 | | | | | | 3,718,111 | | |
JAPAN—9.4% | | ||||||||||||
Asahi Group Holdings Limited | | | | | 1,042,100 | | | | | | 55,757,666 | | |
Kansai Electric Power Company Inc. | | | | | 4,252,500 | | | | | | 55,143,143 | | |
KDDI Corporation | | | | | 2,088,000 | | | | | | 53,120,353 | | |
Mixi, Inc. | | | | | 962,200 | | | | | | 35,648,766 | | |
Nexon Co., Limited | | | | | 2,130,800 | | | �� | | | 35,845,608 | | |
| | | | | | | | | | | 235,515,536 | | |
NORWAY—5.7% | | ||||||||||||
DNB Bank ASA | | | | | 2,547,530 | | | | | | 49,365,015 | | |
SpareBank 1 SR-Bank ASA | | | | | 3,877,987 | | | | | | 42,573,722 | | |
Yara International ASA | | | | | 1,183,300 | | | | | | 49,897,875 | | |
| | | | | | | | | | | 141,836,612 | | |
PUERTO RICO—2.2% | | ||||||||||||
Popular, Inc. | | | | | 1,329,250 | | | | | | 55,323,385 | | |
RUSSIA—1.0% | | ||||||||||||
Sberbank of Russia (a) | | | | | 1,355,000 | | | | | | 25,243,650 | | |
SINGAPORE—2.2% | | ||||||||||||
United Overseas Bank Limited | | | | | 2,583,666 | | | | | | 54,185,560 | | |
SOUTH AFRICA—2.0% | | ||||||||||||
Sasol Limited | | | | | 1,501,135 | | | | | | 51,080,394 | | |
SOUTH KOREA—7.8% | | ||||||||||||
Hyundai Mobis Company, Limited | | | | | 177,300 | | | | | | 42,249,930 | | |
Kia Motors Corporation | | | | | 1,241,100 | | | | | | 37,085,125 | | |
LG Uplus Corporation | | | | | 3,151,900 | | | | | | 36,371,489 | | |
Samsung Electronics Company Limited | | | | | 22,647 | | | | | | 52,097,236 | | |
SK Hynix, Inc. | | | | | 363,100 | | | | | | 27,354,283 | | |
| | | | | | | | | | | 195,158,063 | | |
SWEDEN—3.7% | | ||||||||||||
Duni AB | | | | | 1,281,600 | | | | | | 17,717,619 | | |
Loomis AB, Class B | | | | | 889,626 | | | | | | 31,959,680 | | |
| | | Shares | | | Value | | ||||||
SWEDEN (continued) | | ||||||||||||
Svenska Handelsbanken AB, Class A | | | | | 3,549,200 | | | | | $ | 44,227,585 | | |
| | | | | | | | | | | 93,904,884 | | |
SWITZERLAND—2.0% | | ||||||||||||
Novartis AG | | | | | 610,750 | | | | | | 49,304,159 | | |
THAILAND—1.9% | | ||||||||||||
Siam Commercial Bank PCL | | | | | 10,554,200 | | | | | | 48,433,889 | | |
UNITED KINGDOM—13.5% | | ||||||||||||
Babcock International Group plc | | | | | 5,638,700 | | | | | | 52,873,609 | | |
BBA Aviation plc | | | | | 7,334,397 | | | | | | 32,947,360 | | |
Bellway plc | | | | | 1,157,396 | | | | | | 49,476,971 | | |
Cineworld Group plc | | | | | 17,411,500 | | | | | | 57,563,035 | | |
Next plc | | | | | 752,550 | | | | | | 50,212,838 | | |
Standard Chartered plc | | | | | 4,564,455 | | | | | | 45,609,928 | | |
Taylor Wimpey plc | | | | | 19,289,936 | | | | | | 49,925,932 | | |
| | | | | | | | | | | 338,609,673 | | |
TOTAL COMMON STOCK (Cost $2,042,398,561) | | | | | | | | | | | 2,365,562,919 | | |
| | | Par Value | | | Value | | ||||||
Money Market—5.3% | | ||||||||||||
State Street Bank Institutional U.S. Government Money Market Fund (Cost $133,861,578) | | | | $ | 133,861,578 | | | | | | 133,861,578 | | |
TOTAL INVESTMENTS—99.7% (Cost $2,176,260,139) | | | | | | | | | | | 2,499,424,497 | | |
OTHER ASSETS & LIABILITIES (NET)—0.3% | | | | | | | | | | | 8,176,889 | | |
NET ASSETS—100% | | | | | | | | | | $ | 2,507,601,386 | | |
|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 426,717,338 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (107,160,598 ) |
| Net unrealized appreciation/(depreciation) | | | | $ | 319,556,740 |
|
| | | Shares | | | Value | |||||
AUSTRALIA—1.3% | |||||||||||
WorleyParsons Limited | | | | | 1,100,310 | | | | | $ | 12,110,507 |
BELGIUM—0.2% | |||||||||||
Kinepolis Group | | | | | 31,973 | | | | | | 2,117,732 |
BRAZIL—1.7% | |||||||||||
Equatorial Energia S.A. | | | | | 744,037 | | | | | | 16,015,488 |
CHINA—4.0% | |||||||||||
China Hongxing Sports Limited *(a) | | | | | 10,258,400 | | | | | | 78,234 |
Shanghai Mechanical & Electrical Industry Co. Limited—B | | | | | 6,657,838 | | | | | | 13,808,356 |
Shui On Land Limited | | | | | 49,991,934 | | | | | | 13,567,110 |
Xinhua Winshare Publishing and Media Co., Limited | | | | | 11,761,500 | | | | | | 9,395,893 |
| | | | | | | | | | | 36,849,593 |
DENMARK—2.0% | |||||||||||
DFDS A/S | | | | | 339,090 | | | | | | 18,904,011 |
EGYPT—0.5% | |||||||||||
Egypt Kuwait Holding Company S.A.E. | | | | | 4,457,725 | | | | | | 4,413,148 |
FRANCE—3.7% | |||||||||||
Elis SA | | | | | 603,100 | | | | | | 14,896,500 |
Ipsos | | | | | 500,567 | | | | | | 19,634,686 |
| | | | | | | | | | | 34,531,186 |
GERMANY—4.6% | |||||||||||
Freenet AG | | | | | 598,500 | | | | | | 18,173,382 |
QSC AG | | | | | 1,296,372 | | | | | | 2,262,126 |
Sixt SE | | | | | 202,525 | | | | | | 21,913,254 |
| | | | | | | | | | | 42,348,762 |
HONG KONG—4.4% | |||||||||||
AMVIG Holdings Limited | | | | | 14,312,000 | | | | | | 3,920,546 |
Samson Holding Limited | | | | | 46,649,800 | | | | | | 5,230,465 |
Texwinca Holdings Limited | | | | | 17,508,200 | | | | | | 9,190,656 |
VST Holdings Limited | | | | | 16,595,360 | | | | | | 8,753,764 |
VTech Holdings Limited | | | | | 1,061,600 | | | | | | 13,404,245 |
| | | | | | | | | | | 40,499,676 |
INDIA—5.1% | |||||||||||
KRBL Limited | | | | | 646,753 | | | | | | 4,329,424 |
LIC Housing Finance Limited | | | | | 1,784,100 | | | | | | 14,686,573 |
NIIT Technologies Limited | | | | | 1,420,075 | | | | | | 18,811,911 |
| | | Shares | | | Value | |||||
INDIA (continued) | |||||||||||
South Indian Bank Limited | | | | | 26,225,369 | | | | | $ | 9,187,888 |
| | | | | | | | | | | 47,015,796 |
IRELAND—3.2% | |||||||||||
Glanbia plc | | | | | 792,800 | | | | | | 13,639,251 |
IFG Group plc | | | | | 1,937,085 | | | | | | 4,975,009 |
UDG Healthcare plc | | | | | 908,885 | | | | | | 11,060,948 |
| | | | | | | | | | | 29,675,208 |
ITALY—0.8% | |||||||||||
De’Longhi SpA | | | | | 234,489 | | | | | | 6,950,221 |
JAPAN—16.1% | |||||||||||
Chugoku Marine Paints Limited | | | | | 1,000,000 | | | | | | 9,854,718 |
Daicel Corporation | | | | | 1,612,700 | | | | | | 17,500,172 |
Dowa Holdings Co., Limited | | | | | 518,500 | | | | | | 18,308,030 |
IBJ Leasing Co., Limited | | | | | 690,800 | | | | | | 19,364,096 |
Kanematsu Corporation | | | | | 1,395,500 | | | | | | 18,594,419 |
Nihon House Holdings Co., Limited | | | | | 1,761,900 | | | | | | 9,393,928 |
Unipres Corporation | | | | | 834,300 | | | | | | 18,655,935 |
VT Holdings Co., Limited | | | | | 1,728,300 | | | | | | 8,873,495 |
Zojirushi Corporation | | | | | 1,935,000 | | | | | | 28,166,628 |
| | | | | | | | | | | 148,711,421 |
NETHERLANDS—1.8% | |||||||||||
Arcadis NV | | | | | 837,683 | | | | | | 16,418,718 |
NORWAY—6.4% | |||||||||||
ABG Sundal Collier Holding ASA | | | | | 6,000,788 | | | | | | 4,860,639 |
Borregaard ASA | | | | | 997,800 | | | | | | 9,403,797 |
Fjourd1 A.S. | | | | | 1,699,219 | | | | | | 10,495,886 |
Sbanken ASA | | | | | 494,300 | | | | | | 4,633,364 |
SpareBank Nord-Norge | | | | | 812,996 | | | | | | 6,419,602 |
Sparebank 1 Oestlandet | | | | | 590,385 | | | | | | 6,331,045 |
SpareBank 1 SMN | | | | | 832,765 | | | | | | 8,580,231 |
SpareBank 1 SR-Bank ASA | | | | | 791,726 | | | | | | 8,691,809 |
| | | | | | | | | | | 59,416,373 |
PHILIPPINES—0.5% | |||||||||||
Manila Water Company, Inc. | | | | | 9,331,370 | | | | | | 4,971,723 |
PORTUGAL—1.4% | |||||||||||
Redes Energéticas Nacionais, SGPS, S.A. | | | | | 4,141,005 | | | | | | 12,762,394 |
|
| | | Shares | | | Value | |||||
SOUTH KOREA—2.0% | |||||||||||
Cuckoo Electronics Co., Limited | | | | | 48,230 | | | | | $ | 3,895,866 |
Lotte Himart Co., Limited | | | | | 210,100 | | | | | | 14,467,905 |
| | | | | | | | | | | 18,363,771 |
SWEDEN—2.4% | |||||||||||
Duni AB | | | | | 272,601 | | | | | | 3,768,602 |
Loomis AB, Class B | | | | | 433,356 | | | | | | 15,568,249 |
Nolato AB, Class B | | | | | 41,600 | | | | | | 3,029,742 |
| | | | | | | | | | | 22,366,593 |
TAIWAN—11.9% | |||||||||||
Chong Hong Construction Co., Limited | | | | | 5,549,255 | | | | | | 16,082,315 |
Holtek Semiconductor, Inc. | | | | | 1,705,600 | | | | | | 4,551,075 |
Huaku Development Co., Limited | | | | | 3,779,900 | | | | | | 9,321,083 |
Kings Town Bank | | | | | 7,648,800 | | | | | | 9,680,033 |
Sercomm Corporation | | | | | 1,406,000 | | | | | | 3,848,091 |
Sitronix Technology Corporation | | | | | 4,712,100 | | | | | | 13,995,537 |
Taiwan Union Technology Corporation | | | | | 6,396,300 | | | | | | 20,204,384 |
WT Microelectronics Co., Limited | | | | | 9,092,124 | | | | | | 14,687,349 |
Yageo Corporation | | | | | 991,101 | | | | | | 17,675,773 |
| | | | | | | | | | | 110,045,640 |
THAILAND—5.0% | |||||||||||
Hana Microelectronics PCL | | | | | 12,795,280 | | | | | | 13,298,580 |
Ratchaburi Electricity Generating Holding PCL | | | | | 10,424,000 | | | | | | 17,167,765 |
Thanachart Capital PCL | | | | | 9,490,100 | | | | | | 15,781,426 |
| | | | | | | | | | | 46,247,771 |
UNITED KINGDOM—15.0% | |||||||||||
BBA Aviation plc | | | | | 2,937,491 | | | | | | 13,195,710 |
Cineworld Group plc | | | | | 6,291,000 | | | | | | 20,798,269 |
Clarkson plc | | | | | 111,809 | | | | | | 4,734,209 |
Conviviality plc * | | | | | 3,212,000 | | | | | | — |
Crest Nicholson Holdings plc | | | | | 3,040,000 | | | | | | 19,367,591 |
Galliford Try plc | | | | | 920,010 | | | | | | 10,770,670 |
Go-Ahead Group plc | | | | | 466,211 | | | | | | 11,465,046 |
Halfords Group plc | | | | | 3,922,332 | | | | | | 17,927,744 |
Keller Group plc | | | | | 918,700 | | | | | | 11,206,156 |
Lancashire Holdings Limited | | | | | 23,454 | | | | | | 190,725 |
The Restaurant Group plc | | | | | 1,604,537 | | | | | | 5,709,592 |
Vitec Group plc | | | | | 305,974 | | | | | | 5,276,590 |
| | | Shares | | | Value | |||||
UNITED KINGDOM (continued) | |||||||||||
Wetherspoon (J.D.) plc | | | | | 1,121,000 | | | | | $ | 17,901,649 |
| | | | | | | | | | | 138,543,951 |
TOTAL COMMON STOCK (Cost $735,591,873) | | | | | | | | | | $ | 869,279,683 |
|
| | | Shares | | | Value | |||||
GERMANY—2.0% | |||||||||||
Dräegerwerk AG (Cost $16,832,712) | | | | | 193,662 | | | | | $ | 18,372,175 |
|
| | | Shares | | | Value | |||||
UNITED KINGDOM—0.1% | |||||||||||
Galliford Try plc (Cost $0) | | | | | 306,670 | | | | | $ | 1,203,907 |
|
| | | Par Value | | | Value | |||||
Money Market—3.5% | |||||||||||
State Street Bank Institutional U.S. Government Money Market Fund (Cost $31,992,615) | | | | $ | 31,992,615 | | | | | | 31,992,615 |
TOTAL INVESTMENTS—99.6% (Cost $784,417,200) | | | | | | | | | | | 920,848,380 |
OTHER ASSETS & LIABILITIES (NET)—0.4% | | | | | | | | | | | 3,461,396 |
NET ASSETS—100% | | | | | | | | | | $ | 924,309,776 |
|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 164,410,382 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (28,764,608 ) |
| Net unrealized appreciation/(depreciation) | | | | $ | 135,645,774 |
|
| | | | Small Cap | | | Quality | | | Emerging Markets | | | Foreign Value | | | Foreign Value Small Cap | | |||||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments at value (Includes collateral from securities on loan of $2,420,634; $0; $1,357,044; $0; $0, respectively)* (Note 2) | | | | $ | 119,000,170 | | | | | $ | 126,285,733 | | | | | $ | 56,983,071 | | | | | $ | 2,499,424,497 | | | | | $ | 920,848,380 | | |
| Investment at value of affliliated securities | | | | | — | | | | | | — | | | | | | 61,894,442 | | | | | | — | | | | | | — | | |
| Repurchase agreements | | | | | — | | | | | | 3,513,360 | | | | | | 540,888 | | | | | | — | | | | | | — | | |
| Total Investments | | | | | 119,000,170 | | | | | | 129,799,093 | | | | | | 119,418,401 | | | | | | 2,499,424,497 | | | | | | 920,848,380 | | |
| Foreign currency at value (Cost $1,177 for Small Cap, $0 for Quality, $75,975 for Emerging Markets, $1,209,643 for Foreign Value and $50,431 for Foreign Value Small Cap) | | | | | 1,176 | | | | | | — | | | | | | 76,265 | | | | | | 1,203,473 | | | | | | 50,578 | | |
| Cash | | | | | 39,538 | | | | | | 8,009 | | | | | | 3,987 | | | | | | 394,477 | | | | | | — | | |
| Dividends, interest and foreign tax reclaims receivable | | | | | 59,349 | | | | | | 155,579 | | | | | | 324,746 | | | | | | 8,723,634 | | | | | | 5,277,300 | | |
| Receivable for investments sold | | | | | — | | | | | | — | | | | | | 138,504 | | | | | | — | | | | | | 370,968 | | |
| Receivable for shares of beneficial interest sold | | | | | 193,972 | | | | | | 16,505 | | | | | | 3,244 | | | | | | 1,619,239 | | | | | | 1,558,946 | | |
| Unrealized gain on spot foreign currency contracts (Note 2) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 104 | | |
| Other assets | | | | | 13,864 | | | | | | 7,527 | | | | | | 7,238 | | | | | | 22,387 | | | | | | — | | |
| Total Assets | | | | $ | 119,308,069 | | | | | $ | 129,986,713 | | | | | $ | 119,972,385 | | | | | $ | 2,511,387,707 | | | | | $ | 928,106,276 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Payable for investments purchased | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,945,322 | | |
| Payable for shares of beneficial interest repurchased | | | | | 23,540 | | | | | | — | | | | | | 84,690 | | | | | | 1,275,180 | | | | | | 420,805 | | |
| Payable for compensation of manager (Note 3) | | | | | 79,468 | | | | | | 83,699 | | | | | | 38,131 | | | | | | 1,917,099 | | | | | | 713,821 | | |
| Payable for distribution fees (Note 3) | | | | | 23,401 | | | | | | 26,989 | | | | | | 23,815 | | | | | | 191,154 | | | | | | 69,116 | | |
| Payable to custodian | | | | | 7,284 | | | | | | 8,068 | | | | | | 21,067 | | | | | | 93,712 | | | | | | 60,266 | | |
| Payable to transfer agent (Note 3) | | | | | 16,291 | | | | | | 18,403 | | | | | | 16,399 | | | | | | 192,690 | | | | | | 73,513 | | |
| Payable for collateral received for securities loaned | | | | | 2,420,634 | | | | | | — | | | | | | 1,357,044 | | | | | | — | | | | | | — | | |
| Payable for foreign capital gain tax | | | | | — | | | | | | — | | | | | | 50,549 | | | | | | — | | | | | | 461,900 | | |
| Unrealized loss on spot foreign currency contracts (Note 2) | | | | | 6 | | | | | | — | | | | | | — | | | | | | 744 | | | | | | 1,714 | | |
| Other accrued expenses and liabilities | | | | | 1,777 | | | | | | 4,538 | | | | | | 6,252 | | | | | | 115,742 | | | | | | 50,043 | | |
| Total Liabilities | | | | $ | 2,572,401 | | | | | $ | 141,697 | | | | | $ | 1,597,947 | | | | | $ | 3,786,321 | | | | | $ | 3,796,500 | | |
| Net Assets | | | | $ | 116,735,668 | | | | | $ | 129,845,016 | | | | | $ | 118,374,438 | | | | | $ | 2,507,601,386 | | | | | $ | 924,309,776 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Small Cap | | | Quality | | | Emerging Markets | | | Foreign Value | | | Foreign Value Small Cap | | |||||||||||||||
| Net Assets Consist Of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares of beneficial interest | | | | $ | 84,042,592 | | | | | $ | 97,402,561 | | | | | $ | 113,673,064 | | | | | $ | 2,151,015,743 | | | | | $ | 773,585,865 | | |
| Undistributed net investment income/(loss) | | | | | 13,325 | | | | | | — | | | | | | 1,667,009 | | | | | | 31,030,811 | | | | | | 2,218,837 | | |
| Accumulated net realized gain/(loss) on investments, foreign denominated assets, liabilities and currency | | | | | 1,983,805 | | | | | | 13,220,746 | | | | | | (6,748,203 ) | | | | | | 2,203,574 | | | | | | 12,510,080 | | |
| Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities and currency | | | | | 30,695,946 | | | | | | 19,221,709 | | | | | | 9,782,568 | | | | | | 323,351,258 | | | | | | 135,994,994 | | |
| Net Assets | | | | $ | 116,735,668 | | | | | $ | 129,845,016 | | | | | $ | 118,374,438 | | | | | $ | 2,507,601,386 | | | | | $ | 924,309,776 | | |
| Investments at cost—Non-affiliated securities | | | | $ | 88,304,217 | | | | | $ | 110,577,364 | | | | | $ | 49,961,780 | | | | | $ | 2,176,260,139 | | | | | $ | 784,417,200 | | |
| Investments at cost—Affiliated securities | | | | $ | — | | | | | $ | — | | | | | $ | 59,624,824 | | | | | $ | — | | | | | $ | — | | |
| Total Investment cost | | | | $ | 88,304,217 | | | | | $ | 110,577,364 | | | | | $ | 109,586,604 | | | | | $ | 2,176,260,139 | | | | | $ | 784,417,200 | | |
| Net assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | $ | 109,340,560 | | | | | $ | 123,780,555 | | | | | $ | 110,502,439 | | | | | $ | 886,354,254 | | | | | $ | 319,531,129 | | |
| Institutional Shares | | | | $ | 7,395,108 | | | | | $ | 6,064,461 | | | | | $ | 7,871,999 | | | | | $ | 1,346,163,538 | | | | | $ | 593,618,852 | | |
| R6 Shares | | | | | — | | | | | | — | | | | | | — | | | | | $ | 275,083,594 | | | | | $ | 11,159,795 | | |
| Shares of beneficial interest outstanding (unlimited number of shares authorized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 4,291,747 | | | | | | 6,574,091 | | | | | | 4,745,051 | | | | | | 40,753,653 | | | | | | 20,442,986 | | |
| Institutional Shares | | | | | 245,911 | | | | | | 300,964 | | | | | | 333,141 | | | | | | 62,008,024 | | | | | | 37,908,043 | | |
| R6 Shares | | | | | — | | | | | | — | | | | | | — | | | | | | 23,620,162 | | | | | | 928,817 | | |
| Net asset value and offering price per share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | $ | 25.48 | | | | | $ | 18.83 | | | | | $ | 23.29 | | | | | $ | 21.75 | | | | | $ | 15.63 | | |
| Institutional Shares | | | | $ | 30.07 | | | | | $ | 20.15 | | | | | $ | 23.63 | | | | | $ | 21.71 | | | | | $ | 15.66 | | |
| R6 Shares | | | | | — | | | | | | — | | | | | | — | | | | | $ | 11.65 | | | | | $ | 12.02 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Small Cap | | | Quality | | | Emerging Markets | | | Foreign Value | | | Foreign Value Small Cap | | |||||||||||||||
| Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends—Affiliated securities | | | | $ | — | | | | | $ | — | | | | | $ | 1,054,364 | | | | | $ | — | | | | | $ | — | | |
| Dividends—Non-affiliated securities* | | | | | 1,732,907 | | | | | | 2,631,411 | | | | | | 1,714,873 | | | | | | 55,919,180 | | | | | | 24,998,343 | | |
| Interest | | | | | 21,715 | | | | | | 1,859 | | | | | | 439 | | | | | | 820,250 | | | | | | 315,296 | | |
| Sec Lending Income | | | | | 101,714 | | | | | | 39,234 | | | | | | 14,825 | | | | | | — | | | | | | — | | |
| Miscellaneous | | | | | 10 | | | | | | 10 | | | | | | 1,179 | | | | | | 3,122 | | | | | | 9 | | |
| Total Investment Income | | | | $ | 1,856,346 | | | | | $ | 2,672,514 | | | | | $ | 2,785,680 | | | | | $ | 56,742,552 | | | | | $ | 25,313,648 | | |
| Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Compensation of manager (Note 3) | | | | | 926,747 | | | | | | 1,279,128 | | | | | | 533,681 | | | | | | 21,119,416 | | | | | | 7,936,341 | | |
| Distribution fees, Ordinary Shares (Note 3) | | | | | 271,158 | | | | | | 303,750 | | | | | | 268,229 | | | | | | 2,277,267 | | | | | | 777,781 | | |
| Administrative fees (Note 3) | | | | | 34,173 | | | | | | 37,986 | | | | | | 36,486 | | | | | | 567,811 | | | | | | 207,914 | | |
| Custodian and fund accounting fees | | | | | 41,649 | | | | | | 41,780 | | | | | | 93,677 | | | | | | 542,137 | | | | | | 285,763 | | |
| Regulatory and Compliance (Note 3) | | | | | 9,174 | | | | | | 10,160 | | | | | | 9,780 | | | | | | 150,007 | | | | | | 54,610 | | |
| Transfer agent fees (Note 3): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 176,941 | | | | | | 197,573 | | | | | | 174,789 | | | | | | 1,476,474 | | | | | | 504,033 | | |
| Institutional Shares | | | | | 11,859 | | | | | | 10,364 | | | | | | 12,056 | | | | | | 1,562,683 | | | | | | 761,473 | | |
| R6 Shares | | | | | — | | | | | | — | | | | | | — | | | | | | 24,109 | | | | | | 921 | | |
| Audit and legal | | | | | 15,707 | | | | | | 17,438 | | | | | | 20,680 | | | | | | 257,858 | | | | | | 96,716 | | |
| Registration fees | | | | | 33,463 | | | | | | 27,549 | | | | | | 33,214 | | | | | | 115,873 | | | | | | 77,823 | | |
| Insurance | | | | | 2,666 | | | | | | 2,942 | | | | | | 2,867 | | | | | | 41,880 | | | | | | 15,039 | | |
| Compensation of trustees (Note 3) | | | | | 6,459 | | | | | | 7,153 | | | | | | 6,885 | | | | | | 105,620 | | | | | | 38,451 | | |
| Printing | | | | | 8,193 | | | | | | 9,114 | | | | | | 8,850 | | | | | | 132,913 | | | | | | 66,836 | | |
| Miscellaneous | | | | | 6,838 | | | | | | 7,561 | | | | | | 7,203 | | | | | | 112,780 | | | | | | 41,154 | | |
| Total expenses before waivers/reimbursements/reductions | | | | | 1,545,027 | | | | | | 1,952,498 | | | | | | 1,208,397 | | | | | | 28,486,828 | | | | | | 10,864,855 | | |
| Waivers and/or reimbursements of expenses (Note 3) | | | | | (8,815 ) | | | | | | (336,886 ) | | | | | | (124,919 ) | | | | | | (3,271,396 ) | | | | | | (1,360,122 ) | | |
| Expenses, Net | | | | $ | 1,536,212 | | | | | $ | 1,615,612 | | | | | $ | 1,083,478 | | | | | $ | 25,215,432 | | | | | $ | 9,504,733 | | |
| Net investment income/(loss) | | | | $ | 320,134 | | | | | $ | 1,056,902 | | | | | $ | 1,702,202 | | | | | $ | 31,527,120 | | | | | $ | 15,808,915 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Realized and unrealized gain/(loss) on investments,foreign currency, and foreign translation: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain/(loss) (Note 2) on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments** | | | | $ | 2,679,503 | | | | | $ | 16,448,932 | | | | | $ | 6,878,143 | | | | | $ | 170,728,954 | | | | | $ | 33,002,176 | | |
| Foreign denominated assets, liabilities, and currency | | | | | (2,759 ) | | | | | | 647 | | | | | | 20,695 | | | | | | (488,134 ) | | | | | | (202,562 ) | | |
| Change in unrealized appreciation/(depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | | | | 134,591 | | | | | | (78,463 ) | | | | | | 7,826,481 | | | | | | 41,889,059 | | | | | | 61,654,554 | | |
| Foreign denominated assets, liabilities, and currency | | | | | (9 ) | | | | | | 23 | | | | | | 42,604 | | | | | | 225,147 | | | | | | (365,204 ) | | |
| Net realized and unrealized gain/(loss) on investment and foreign currency | | | | | 2,811,326 | | | | | | 16,371,139 | | | | | | 14,767,923 | | | | | | 212,355,026 | | | | | | 94,088,964 | | |
| Net increase/(decrease) in net assets resulting from operations | | | | $ | 3,131,460 | | | | | $ | 17,428,041 | | | | | $ | 16,470,125 | | | | | $ | 243,882,146 | | | | | $ | 109,897,879 | | |
|
| | | | Small Cap | | |||||||||
| | | | Year Ended March 31, 2018 | | | Year Ended March 31, 2017 | | ||||||
| Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | |
| Net investment income/(loss) | | | | $ | 320,134 | | | | | $ | 272,211 | | |
| Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 2,676,744 | | | | | | 7,578,151 | | |
| Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | 134,582 | | | | | | 13,767,268 | | |
| Net increase/(decrease) from operations | | | | $ | 3,131,460 | | | | | $ | 21,617,630 | | |
| Distributions to shareholders from: | | | | | | | | | | | | | |
| Net investment income | | | | | | | | | | | | | |
| Ordinary shares | | | | $ | (172,426 ) | | | | | $ | (581,080 ) | | |
| Institutional shares | | | | | (30,964 ) | | | | | | (44,869 ) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Net realized gains | | | | | | | | | | | | | |
| Ordinary shares | | | | | (6,387,837 ) | | | | | | (632,387 ) | | |
| Institutional shares | | | | | (373,320 ) | | | | | | (35,905 ) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Total distributions | | | | $ | (6,964,547 ) | | | | | $ | (1,294,241 ) | | |
| Fund share transactions (Note 8) | | | | | 4,101,501 | | | | | | (780,175 ) | | |
| Increase/(decrease) in net assets | | | | $ | 268,414 | | | | | $ | 19,543,214 | | |
| Net assets beginning of period | | | | | 116,467,254 | | | | | | 96,924,040 | | |
| Net assets end of period* | | | | $ | 116,735,668 | | | | | $ | 116,467,254 | | |
| * Includes undistributed net investment income/(loss) of: | | | | $ | 13,325 | | | | | $ | 93,804 | | |
| | | Quality | | |||||||||
| | | Year Ended March 31, 2018 | | | Year Ended March 31, 2017 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 1,056,902 | | | | | $ | 1,177,531 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 16,449,579 | | | | | | 7,915,319 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (78,440 ) | | | | | | 6,445,719 | | |
Net increase/(decrease) from operations | | | | $ | 17,428,041 | | | | | $ | 15,538,569 | | |
Distributions to shareholders from: | | | | | | | | | | | | | |
Net investment income | | | | | | | | | | | | | |
Ordinary shares | | | | $ | (1,104,079 ) | | | | | $ | (1,201,347 ) | | |
Institutional shares | | | | | (73,284 ) | | | | | | (90,433 ) | | |
R6 Shares | | | | | — | | | | | | — | | |
Net realized gains | | | | | | | | | | | | | |
Ordinary shares | | | | | (7,147,721 ) | | | | | | (5,099,853 ) | | |
Institutional shares | | | | | (356,929 ) | | | | | | (316,791 ) | | |
R6 Shares | | | | | — | | | | | | — | | |
Total distributions | | | | $ | (8,682,013 ) | | | | | $ | (6,708,424 ) | | |
Fund share transactions (Note 8) | | | | | 2,016,303 | | | | | | (11,779,255 ) | | |
Increase/(decrease) in net assets | | | | $ | 10,762,331 | | | | | $ | (2,949,110 ) | | |
Net assets beginning of period | | | | | 119,082,685 | | | | | | 122,031,795 | | |
Net assets end of period* | | | | $ | 129,845,016 | | | | | $ | 119,082,685 | | |
* Includes undistributed net investment income/(loss) of: | | | | $ | — | | | | | $ | 32,877 | | |
| | | Emerging Markets | | |||||||||
| | | Year Ended March 31, 2018 | | | Year Ended March 31, 2017 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 1,702,202 | | | | | $ | 1,494,278 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 6,898,838 | | | | | | 986,557 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | 7,869,085 | | | | | | 7,191,031 | | |
Net increase/(decrease) from operations | | | | $ | 16,470,125 | | | | | $ | 9,671,866 | | |
Distributions to shareholders from: | | | | | | | | | | | | | |
Net investment income | | | | | | | | | | | | | |
Ordinary shares | | | | $ | (1,324,592 ) | | | | | $ | (1,694,688 ) | | |
Institutional shares | | | | | (112,617 ) | | | | | | (316,247 ) | | |
R6 Shares | | | | | — | | | | | | — | | |
Net realized gains | | | | | | | | | | | | | |
Ordinary shares | | | | | — | | | | | | — | | |
Institutional shares | | | | | — | | | | | | — | | |
R6 Shares | | | | | — | | | | | | — | | |
Total distributions | | | | $ | (1,437,209 ) | | | | | $ | (2,010,935 ) | | |
Fund share transactions (Note 8) | | | | | (7,369,285 ) | | | | | | (18,331,368 ) | | |
Increase/(decrease) in net assets | | | | $ | 7,663,631 | | | | | $ | (10,670,437 ) | | |
Net assets beginning of period | | | | | 110,710,807 | | | | | | 121,381,244 | | |
Net assets end of period* | | | | $ | 118,374,438 | | | | | $ | 110,710,807 | | |
* Includes undistributed net investment income/(loss) of: | | | | $ | 1,667,009 | | | | | $ | 1,436,751 | | |
| | | Foreign Value | | |||||||||
| | | Year Ended March 31, 2018 | | | Year Ended March 31, 2017 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 31,527,120 | | | | | $ | 22,063,992 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 170,240,820 | | | | | | 28,627,343 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | 42,114,206 | | | | | | 149,337,539 | | |
Net increase/(decrease) from operations | | | | $ | 243,882,146 | | | | | $ | 200,028,874 | | |
Distributions to shareholders from: | | | | | | | | | | | | | |
Net investment income | | | | | | | | | | | | | |
Ordinary shares | | | | $ | (5,585,606 ) | | | | | $ | (8,477,311 ) | | |
Institutional shares | | | | | (9,640,370 ) | | | | | | (9,379,254 ) | | |
R6 Shares | | | | | (4,781,364 ) | | | | | | — | | |
Net realized gains | | | | | | | | | | | | | |
Ordinary shares | | | | | — | | | | | | — | | |
Institutional shares | | | | | — | | | | | | — | | |
R6 Shares | | | | | — | | | | | | — | | |
Total distributions | | | | $ | (20,007,340 ) | | | | | $ | (17,856,565 ) | | |
Fund share transactions (Note 8) | | | | | 627,622,807 | | | | | | (156,029,344 ) | | |
Increase/(decrease) in net assets | | | | $ | 851,497,613 | | | | | $ | 26,142,965 | | |
Net assets beginning of period | | | | | 1,656,103,773 | | | | | | 1,629,960,808 | | |
Net assets end of period* | | | | $ | 2,507,601,386 | | | | | $ | 1,656,103,773 | | |
* Includes undistributed net investment income/(loss) of: | | | | $ | 31,030,811 | | | | | $ | 19,999,166 | | |
| | | Foreign Value Small Cap | | |||||||||
| | | Year Ended March 31, 2018 | | | Year Ended March 31, 2017 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 15,808,915 | | | | | $ | 10,359,209 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 32,799,614 | | | | | | (12,775,149 ) | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | 61,289,350 | | | | | | 83,099,339 | | |
Net increase/(decrease) from operations | | | | $ | 109,897,879 | | | | | $ | 80,683,399 | | |
Distributions to shareholders from: | | | | | | | | | | | | | |
Net investment income | | | | | | | | | | | | | |
Ordinary shares | | | | $ | (5,879,646 ) | | | | | $ | (2,796,624 ) | | |
Institutional shares | | | | | (11,746,651 ) | | | | | | (3,807,349 ) | | |
R6 Shares | | | | | (297,266 ) | | | | | | — | | |
Net realized gains | | | | | | | | | | | | | |
Ordinary shares | | | | | (2,865,948 ) | | | | | | (1,654,113 ) | | |
Institutional shares | | | | | (4,897,896 ) | | | | | | (1,795,050 ) | | |
R6 Shares | | | | | (121,621 ) | | | | | | — | | |
Total distributions | | | | $ | (25,809,028 ) | | | | | $ | (10,053,136 ) | | |
Fund share transactions (Note 8) | | | | | 254,390,890 | | | | | | (39,155,442 ) | | |
Increase/(decrease) in net assets | | | | $ | 338,479,741 | | | | | $ | 31,474,821 | | |
Net assets beginning of period | | | | | 585,830,035 | | | | | | 554,355,214 | | |
Net assets end of period* | | | | $ | 924,309,776 | | | | | $ | 585,830,035 | | |
* Includes undistributed net investment income/(loss) of: | | | | $ | 2,218,837 | | | | | $ | 4,536,047 | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 26.35 | | | | | $ | 21.61 | | | | | $ | 24.65 | | | | | $ | 27.62 | | | | | $ | 22.50 | | |
Income from Investment Operations: | | ||||||||||||||||||||||||||||||
Net investment income (loss) (a)(c) | | | | | 0.07 | | | | | | 0.06 | | | | | | 0.16 | | | | | | 0.04 | | | | | | (0.08 ) | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.68 | | | | | | 4.99 | | | | | | (1.59 ) | | | | | | (0.37 ) | | | | | | 5.20 | | |
Total from Investment Operations | | | | | 0.75 | | | | | | 5.05 | | | | | | (1.43 ) | | | | | | (0.33 ) | | | | | | 5.12 | | |
Less Distributions: | | ||||||||||||||||||||||||||||||
Dividends from net investment income | | | | | (0.04 ) | | | | | | (0.15 ) | | | | | | — | | | | | | (0.20 ) | | | | | | — | | |
Distributions from realized capital gains | | | | | (1.58 ) | | | | | | (0.16 ) | | | | | | (1.61 ) | | | | | | (2.44 ) | | | | | | — | | |
Total Distributions | | | | | (1.62 ) | | | | | | (0.31 ) | | | | | | (1.61 ) | | | | | | (2.64 ) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 25.48 | | | | | $ | 26.35 | | | | | $ | 21.61 | | | | | $ | 24.65 | | | | | $ | 27.62 | | |
Total Return | | | | | 2.75 % | | | | | | 23.36 % | | | | | | (5.83 )% | | | | | | (0.36 )% | | | | | | 22.76 % | | |
Net Assets, End of Period (000s) | | | | $ | 109,341 | | | | | $ | 109,247 | | | | | $ | 91,139 | | | | | $ | 98,084 | | | | | $ | 107,370 | | |
Ratios and Supplemental Data: | | ||||||||||||||||||||||||||||||
Ratios of expenses to average net assets: (d) | | ||||||||||||||||||||||||||||||
Gross | | | | | 1.35 % | | | | | | 1.35 % | | | | | | 1.35 % | | | | | | 1.50 % | | | | | | 1.53 % | | |
Net | | | | | 1.35 % | | | | | | 1.35 % | | | | | | 1.35 % | | | | | | 1.50 % | | | | | | 1.53 % | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 0.25 % | | | | | | 0.25 % | | | | | | 0.70 % | | | | | | 0.17 % | | | | | | (0.30 )% | | |
Portfolio Turnover | | | | | 18 % | | | | | | 37 % | | | | | | 17 % | | | | | | 94 % | | | | | | 67 % | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 30.80 | | | | | $ | 25.19 | | | | | $ | 28.39 | | | | | $ | 31.37 | | | | | $ | 25.48 | | |
Income from Investment Operations: | | ||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (c) | | | | | 0.19 (b) | | | | | | 0.14 | | | | | | 0.23 | | | | | | 0.11 | | | | | | (0.02 ) | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.79 | | | | | | 5.83 | | | | | | (1.82 ) | | | | | | (0.39 ) | | | | | | 5.91 | | |
Total from Investment Operations | | | | | 0.98 | | | | | | 5.97 | | | | | | (1.59 ) | | | | | | (0.28 ) | | | | | | 5.89 | | |
Less Distributions: | | ||||||||||||||||||||||||||||||
Dividends from net investment income | | | | | (0.13 ) | | | | | | (0.20 ) | | | | | | — | | | | | | (0.26 ) | | | | | | — | | |
Distributions from realized capital gains | | | | | (1.58 ) | | | | | | (0.16 ) | | | | | | (1.61 ) | | | | | | (2.44 ) | | | | | | — | | |
Total Distributions | | | | | (1.71 ) | | | | | | (0.36 ) | | | | | | (1.61 ) | | | | | | (2.70 ) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 30.07 | | | | | $ | 30.80 | | | | | $ | 25.19 | | | | | $ | 28.39 | | | | | $ | 31.37 | | |
Total Return | | | | | 3.10 % | | | | | | 23.71 % | | | | | | (5.62 )% | | | | | | (0.11 )% | | | | | | 23.12 % | | |
Net Assets, End of Period (000s) | | | | $ | 7,395 | | | | | $ | 7,220 | | | | | $ | 5,785 | | | | | $ | 3,761 | | | | | $ | 9,812 | | |
Ratios and Supplemental Data: | | ||||||||||||||||||||||||||||||
Ratios of expenses to average net assets: (d) | | ||||||||||||||||||||||||||||||
Gross | | | | | 1.10 % | | | | | | 1.10 % | | | | | | 1.10 % | | | | | | 1.28 % | | | | | | 1.28 % | | |
Net | | | | | 0.98 % | | | | | | 1.10 % | | | | | | 1.10 % | | | | | | 1.28 % | | | | | | 1.28 % | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 0.62 % | | | | | | 0.49 % | | | | | | 0.89 % | | | | | | 0.36 % | | | | | | (0.08 )% | | |
Portfolio Turnover | | | | | 18 % | | | | | | 37 % | | | | | | 17 % | | | | | | 94 % | | | | | | 67 % | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 17.52 | | | | | $ | 16.31 | | | | | $ | 17.47 | | | | | $ | 18.10 | | | | | $ | 15.85 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(b)(c) | | | | | 0.15 | | | | | | 0.16 | | | | | | 0.15 | | | | | | 0.28 | | | | | | 0.19 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 2.49 | | | | | | 2.04 | | | | | | 0.72 | | | | | | 1.30 | | | | | | 2.24 | | |
Total from Investment Operations | | | | | 2.64 | | | | | | 2.20 | | | | | | 0.87 | | | | | | 1.58 | | | | | | 2.43 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.18 ) | | | | | | (0.19 ) | | | | | | (0.16 ) | | | | | | (0.33 ) | | | | | | (0.18 ) | | |
Distributions from realized capital gains | | | | | (1.15 ) | | | | | | (0.80 ) | | | | | | (1.87 ) | | | | | | (1.88 ) | | | | | | — | | |
Total Distributions | | | | | (1.33 ) | | | | | | (0.99 ) | | | | | | (2.03 ) | | | | | | (2.21 ) | | | | | | (0.18 ) | | |
Net Asset Value, End of Period | | | | $ | 18.83 | | | | | $ | 17.52 | | | | | $ | 16.31 | | | | | $ | 17.47 | | | | | $ | 18.10 | | |
Total Return | | | | | 14.91 % | | | | | | 14.04 % | | | | | | 5.47 % | | | | | | 9.12 % | | | | | | 15.40 % | | |
Net Assets, End of Period (000s) | | | | $ | 123.781 | | | | | $ | 112,513 | | | | | $ | 113,498 | | | | | $ | 116,104 | | | | | $ | 114,857 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.54 % | | | | | | 1.55 % | | | | | | 1.55 % | | | | | | 1.54 % | | | | | | 1.55 % | | |
Net excluding dividend and interest expense for securities sold short | | | | | 1.28 % | | | | | | 1.30 % | | | | | | 1.29 % | | | | | | 1.29 % | | | | | | 1.30 % | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 0.81 % | | | | | | 0.97 % | | | | | | 0.91 % | | | | | | 1.52 % | | | | | | 1.13 % | | |
Portfolio Turnover | | | | | 48 % | | | | | | 31 % | | | | | | 35 % | | | | | | 49 % | | | | | | 35 % | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 18.65 | | | | | $ | 17.30 | | | | | $ | 18.39 | | | | | $ | 18.95 | | | | | $ | 16.58 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) (c) | | | | | 0.24 | | | | | | 0.22 | | | | | | 0.21 | | | | | | 0.35 | | | | | | 0.25 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 2.65 | | | | | | 2.16 | | | | | | 0.76 | | | | | | 1.35 | | | | | | 2.35 | | |
Total from Investment Operations | | | | | 2.89 | | | | | | 2.38 | | | | | | 0.97 | | | | | | 1.70 | | | | | | 2.60 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.24 ) | | | | | | (0.23 ) | | | | | | (0.19 ) | | | | | | (0.38 ) | | | | | | (0.23 ) | | |
Distributions from realized capital gains | | | | | (1.15 ) | | | | | | (0.80 ) | | | | | | (1.87 ) | | | | | | (1.88 ) | | | | | | — | | |
Total Distributions | | | | | (1.39 ) | | | | | | (1.03 ) | | | | | | (2.06 ) | | | | | | (2.26 ) | | | | | | (0.23 ) | | |
Net Asset Value, End of Period | | | | $ | 20.15 | | | | | $ | 18.65 | | | | | $ | 17.30 | | | | | $ | 18.39 | | | | | $ | 18.95 | | |
Total Return | | | | | 15.34 % | | | | | | 14.30 % | | | | | | 5.74 % | | | | | | 9.34 % | | | | | | 15.74 % | | |
Net Assets, End of Period (000s) | | | | $ | 6,064 | | | | | $ | 6,569 | | | | | $ | 8,533 | | | | | $ | 11,209 | | | | | $ | 10,045 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.29 % | | | | | | 1.30 % | | | | | | 1.30 % | | | | | | 1.29 % | | | | | | 1.31 % | | |
Net excluding dividend and interest expense for securities sold short | | | | | 0.93 % | | | | | | 1.05 % | | | | | | 1.04 % | | | | | | 1.04 % | | | | | | 1.03 % | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 1.17 % | | | | | | 1.22 % | | | | | | 1.14 % | | | | | | 1.83 % | | | | | | 1.38 % | | |
Portfolio Turnover | | | | | 48 % | | | | | | 31 % | | | | | | 35 % | | | | | | 49 % | | | | | | 35 % | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 20.40 | | | | | $ | 18.96 | | | | | $ | 21.94 | | | | | $ | 22.15 | | | | | $ | 23.56 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) ( a)(c) | | | | | 0.32(b ) | | | | | | 0.23(b ) | | | | | | 0.33(b ) | | | | | | 0.29 | | | | | | 0.33 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 2.85 | | | | | | 1.52 | | | | | | (3.02 ) | | | | | | (0.18 ) | | | | | | (1.45 ) | | |
Total from Investment Operations | | | | | 3.17 | | | | | | 1.75 | | | | | | (2.69 ) | | | | | | 0.11 | | | | | | (1.12 ) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.28 ) | | | | | | (0.31 ) | | | | | | (0.29 ) | | | | | | (0.32 ) | | | | | | (0.29 ) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | (0.28 ) | | | | | | (0.31 ) | | | | | | (0.29 ) | | | | | | (0.32 ) | | | | | | (0.29 ) | | |
Net Asset Value, End of Period | | | | $ | 23.29 | | | | | $ | 20.40 | | | | | $ | 18.96 | | | | | $ | 21.94 | | | | | $ | 22.15 | | |
Total Return | | | | | 15.63 % | | | | | | 9.39 % | | | | | | (12.12 )% | | | | | | 0.54 % | | | | | | (4.77 )% | | |
Net Assets, End of Period (000s) | | | | $ | 110,502 | | | | | $ | 102,633 | | | | | $ | 107,893 | | | | | $ | 127,295 | | | | | $ | 131,920 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.07 % | | | | | | 1.21 % | | | | | | 1.32 % | | | | | | 1.37 % | | | | | | 1.60 % | | |
Net | | | | | 0.97 % | | | | | | 1.09 % | | | | | | 1.31 % | | | | | | 1.37 % | | | | | | 1.60 % | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 1.46 % | | | | | | 1.21 % | | | | | | 1.66 % | | | | | | 1.26 % | | | | | | 1.50 % | | |
Portfolio Turnover | | | | | 50 % | | | | | | 47 % | | | | | | 82 %(e) | | | | | | 35 % | | | | | | 61 % | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 20.69 | | | | | $ | 19.23 | | | | | $ | 22.26 | | | | | $ | 22.46 | | | | | $ | 23.88 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (c) | | | | | 0.40 (b) | | | | | | 0.34 (b) | | | | | | 0.36 (b) | | | | | | 0.35 | | | | | | 0.39 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 2.89 | | | | | | 1.49 | | | | | | (3.04 ) | | | | | | (0.18 ) | | | | | | (1.46 ) | | |
Total from Investment Operations | | | | | 3.29 | | | | | | 1.83 | | | | | | (2.68 ) | | | | | | 0.17 | | | | | | (1.07 ) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.35 ) | | | | | | (0.37 ) | | | | | | (0.35 ) | | | | | | (0.37 ) | | | | | | (0.35 ) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | (0.35 ) | | | | | | (0.37 ) | | | | | | (0.35 ) | | | | | | (0.37 ) | | | | | | (0.35 ) | | |
Net Asset Value, End of Period | | | | $ | 23.63 | | | | | $ | 20.69 | | | | | $ | 19.23 | | | | | $ | 22.26 | | | | | $ | 22.46 | | |
Total Return | | | | | 16.01 % | | | | | | 9.68 % | | | | | | (11.88 )% | | | | | | 0.81 % | | | | | | (4.52 )% | | |
Net Assets, End of Period (000s) | | | | $ | 7,872 | | | | | $ | 8,078 | | | | | $ | 13,489 | | | | | $ | 12,424 | | | | | $ | 15,358 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 0.82 % | | | | | | 0.95 % | | | | | | 1.07 % | | | | | | 1.11 % | | | | | | 1.35 % | | |
Net | | | | | 0.61 % | | | | | | 0.83 % | | | | | | 1.06 % | | | | | | 1.11 % | | | | | | 1.35 % | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 1.80 % | | | | | | 1.69 % | | | | | | 1.78 % | | | | | | 1.52 % | | | | | | 1.74 % | | |
Portfolio Turnover | | | | | 50 % | | | | | | 47 % | | | | | | 82 % (e) | | | | | | 35 % | | | | | | 61 % | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 19.15 | | | | | $ | 17.03 | | | | | $ | 18.67 | | | | | $ | 19.38 | | | | | $ | 15.83 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(c) | | | | | 0.29(b ) | | | | | | 0.23 | | | | | | 0.23 | | | | | | 0.29 | | | | | | 0.19 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 2.44 | | | | | | 2.07 | | | | | | (1.60 ) | | | | | | (0.80 ) | | | | | | 3.49 | | |
Total from Investment Operations | | | | | 2.73 | | | | | | 2.30 | | | | | | (1.37 ) | | | | | | (0.51 ) | | | | | | 3.68 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.13 ) | | | | | | (0.18 ) | | | | | | (0.27 ) | | | | | | (0.20 ) | | | | | | (0.13 ) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | (0.13 ) | | | | | | (0.18 ) | | | | | | (0.27 ) | | | | | | (0.20 ) | | | | | | (0.13 ) | | |
Net Asset Value, End of Period | | | | $ | 21.75 | | | | | $ | 19.15 | | | | | $ | 17.03 | | | | | $ | 18.67 | | | | | $ | 19.38 | | |
Total Return | | | | | 14.27 % | | | | | | 13.59 % | | | | | | (7.29 )% | | | | | | (2.53 )% | | | | | | 23.28 % | | |
Net Assets, End of Period (000s) | | | | $ | 886,354 | | | | | $ | 859,328 | | | | | $ | 932,418 | | | | | $ | 1,030,641 | | | | | $ | 908,108 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.51 % | | | | | | 1.53 % | | | | | | 1.52 % | | | | | | 1.52 % | | | | | | 1.54 % | | |
Net | | | | | 1.41 % | | | | | | 1.53 % | | | | | | 1.52 % | | | | | | 1.52 % | | | | | | 1.54 % | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 1.39 % | | | | | | 1.31 % | | | | | | 1.29 % | | | | | | 1.55 % | | | | | | 1.11 % | | |
Portfolio Turnover | | | | | 30 % | | | | | | 15 % | | | | | | 13 % | | | | | | 2 % | | | | | | 3 % | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 19.10 | | | | | $ | 17.00 | | | | | $ | 18.68 | | | | | $ | 19.39 | | | | | $ | 15.83 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(c) | | | | | 0.33(b ) | | | | | | 0.26 | | | | | | 0.27 | | | | | | 0.33 | | | | | | 0.24 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 2.49 | | | | | | 2.07 | | | | | | (1.60 ) | | | | | | (0.80 ) | | | | | | 3.48 | | |
Total from Investment Operations | | | | | 2.82 | | | | | | 2.33 | | | | | | (1.33 ) | | | | | | (0.47 ) | | | | | | 3.72 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.21 ) | | | | | | (0.23 ) | | | | | | (0.35 ) | | | | | | (0.24 ) | | | | | | (0.16 ) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | (0.21 ) | | | | | | (0.23 ) | | | | | | (0.35 ) | | | | | | (0.24 ) | | | | | | (0.16 ) | | |
Net Asset Value, End of Period | | | | $ | 21.71 | | | | | $ | 19.10 | | | | | $ | 17.00 | | | | | $ | 18.68 | | | | | $ | 19.39 | | |
Total Return | | | | | 14.75 % | | | | | | 13.82 % | | | | | | (7.06 )% | | | | | | (2.29 )% | | | | | | 23.58 % | | |
Net Assets, End of Period (000s) | | | | $ | 1,346,164 | | | | | $ | 759,793 | | | | | $ | 697,543 | | | | | $ | 594,691 | | | | | $ | 570,792 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.26 % | | | | | | 1.27 % | | | | | | 1.27 % | | | | | | 1.27 % | | | | | | 1.28 % | | |
Net | | | | | 1.04 % | | | | | | 1.27 % | | | | | | 1.27 % | | | | | | 1.27 % | | | | | | 1.28 % | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 1.57 % | | | | | | 1.49 % | | | | | | 1.51 % | | | | | | 1.76 % | | | | | | 1.37 % | | |
Portfolio Turnover | | | | | 30 % | | | | | | 15 % | | | | | | 13 % | | | | | | 2 % | | | | | | 3 % | | |
| | | R 6 Shares | | |||||||||
| | | Year Ended March 31, 2018 | | | February 6, 2017* through March 31, 2017 | | ||||||
Net Asset Value, Beginning of Period | | | | $ | 10.34 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | |
Net investment income (loss) (a) (c) | | | | | 0.19 (b) | | | | | | 0.05 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 1.34 | | | | | | 0.29 | | |
Total from Investment Operations | | | | | 1.53 | | | | | | 0.34 | | |
Less Distributions: | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.22 ) | | | | | | — | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | |
Total Distributions | | | | | (0.22 ) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 11.65 | | | | | $ | 10.34 | | |
Total Return | | | | | 14.79 % | | | | | | 3.40 %*** | | |
Net Assets, End of Period (000s) | | | | $ | 275,084 | | | | | $ | 36,982 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | |
Gross | | | | | 1.10 % | | | | | | 1.14 %** | | |
Net | | | | | 1.01 % | | | | | | 1.14 %** | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 1.58 % | | | | | | 3.39 %** | | |
Portfolio Turnover | | | | | 30 % | | | | | | 15 %*** | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 13.71 | | | | | $ | 12.06 | | | | | $ | 13.35 | | | | | $ | 13.17 | | | | | $ | 10.50 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(c) | | | | | 0.28(b ) | | | | | | 0.23 | | | | | | 0.21 | | | | | | 0.15 | | | | | | 0.14 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 2.07 | | | | | | 1.64 | | | | | | (1.26 ) | | | | | | 0.17 | | | | | | 2.66 | | |
Total from Investment Operations | | | | | 2.35 | | | | | | 1.87 | | | | | | (1.05 ) | | | | | | 0.32 | | | | | | 2.80 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.29 ) | | | | | | (0.14 ) | | | | | | (0.19 ) | | | | | | (0.14 ) | | | | | | (0.13 ) | | |
Distributions from realized capital gains | | | | | (0.14 ) | | | | | | (0.08 ) | | | | | | (0.05 ) | | | | | | — | | | | | | — | | |
Total Distributions | | | | | (0.43 ) | | | | | | (0.22 ) | | | | | | (0.24 ) | | | | | | (0.14 ) | | | | | | (0.13 ) | | |
Net Asset Value, End of Period | | | | $ | 15.63 | | | | | $ | 13.71 | | | | | $ | 12.06 | | | | | $ | 13.35 | | | | | $ | 13.17 | | |
Total Return | | | | | 17.15 % | | | | | | 15.73 % | | | | | | (7.83 )% | | | | | | 2.57 % | | | | | | 26.80 % | | |
Net Assets, End of Period (000s) | | | | $ | 319,531 | | | | | $ | 270,948 | | | | | $ | 283,509 | | | | | $ | 233,185 | | | | | $ | 138,321 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.52 % | | | | | | 1.55 % | | | | | | 1.56 % | | | | | | 1.56 % | | | | | | 1.58 % | | |
Net | | | | | 1.42 % | | | | | | 1.55 % | | | | | | 1.56 % | | | | | | 1.56 % | | | | | | 1.58 % | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 1.85 % | | | | | | 1.82 % | | | | | | 1.66 % | | | | | | 1.15 % | | | | | | 1.23 % | | |
Portfolio Turnover | | | | | 26 % | | | | | | 46 % | | | | | | 8 % | | | | | | 11 % | | | | | | 4 % | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 13.73 | | | | | $ | 12.07 | | | | | $ | 13.36 | | | | | $ | 13.19 | | | | | $ | 10.51 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(c) | | | | | 0.32(b ) | | | | | | 0.25 | | | | | | 0.24 | | | | | | 0.14 | | | | | | 0.16 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 2.09 | | | | | | 1.66 | | | | | | (1.26 ) | | | | | | 0.21 | | | | | | 2.67 | | |
Total from Investment Operations | | | | | 2.41 | | | | | | 1.91 | | | | | | (1.02 ) | | | | | | 0.35 | | | | | | 2.83 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.34 ) | | | | | | (0.17 ) | | | | | | (0.22 ) | | | | | | (0.18 ) | | | | | | (0.15 ) | | |
Distributions from realized capital gains | | | | | (0.14 ) | | | | | | (0.08 ) | | | | | | (0.05 ) | | | ��� | | | — | | | | | | — | | |
Total Distributions | | | | | (0.48 ) | | | | | | (0.25 ) | | | | | | (0.27 ) | | | | | | (0.18 ) | | | | | | (0.15 ) | | |
Net Asset Value, End of Period | | | | $ | 15.66 | | | | | $ | 13.73 | | | | | $ | 12.07 | | | | | $ | 13.36 | | | | | $ | 13.19 | | |
Total Return | | | | | 17.56 % | | | | | | 16.13 % | | | | | | (7.62 )% | | | | | | 2.79 % | | | | | | 27.16 % | | |
Net Assets, End of Period (000s) | | | | $ | 593,619 | | | | | $ | 312,955 | | | | | $ | 270,846 | | | | | $ | 200,160 | | | | | $ | 47,418 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.27 % | | | | | | 1.30 % | | | | | | 1.30 % | | | | | | 1.31 % | | | | | | 1.33 % | | |
Net | | | | | 1.05 % | | | | | | 1.30 % | | | | | | 1.30 % | | | | | | 1.31 % | | | | | | 1.33 % | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 2.08 % | | | | | | 2.03 % | | | | | | 1.91 % | | | | | | 1.12 % | | | | | | 1.47 % | | |
Portfolio Turnover | | | | | 26 % | | | | | | 46 % | | | | | | 8 % | | | | | | 11 % | | | | | | 4 % | | |
| | | R6 Shares | | |||||||||
| | | Year Ended March 31, 2018 | | | February 6, 2017* through March 31, 2017 | | ||||||
Net Asset Value, Beginning of Period | | | | $ | 10.63 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | |
Net investment income (loss) (a) (c) | | | | | 0.26 (b) | | | | | | 0.04 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 1.62 | | | | | | 0.59 | | |
Total from Investment Operations | | | | | 1.88 | | | | | | 0.63 | | |
Less Distributions: | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.35 ) | | | | | | — | | |
Distributions from realized capital gains | | | | | (0.14 ) | | | | | | — | | |
Total Distributions | | | | | (0.49 ) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 12.02 | | | | | $ | 10.63 | | |
Total Return | | | | | 17.66 % | | | | | | 6.30 %*** | | |
Net Assets, End of Period (000s) | | | | $ | 11,160 | | | | | $ | 1,927 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | |
Gross | | | | | 1.12 % | | | | | | 1.14 %** | | |
Net | | | | | 1.02 % | | | | | | 1.14 %** | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 2.12 % | | | | | | 2.95 %** | | |
Portfolio Turnover | | | | | 26 % | | | | | | 46 %*** | | |
| | | Quoted Prices In Active Markets | | | Significant Other Observable Inputs | | | Significant Unobservable Inputs | | | Market Value at March 31, 2018 | | ||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Small Cap | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 102,064,689 | | | | | $ | — | | | | | $ | — | | | | | $ | 102,064,689 | | |
Real Estate Investment Trusts | | | | | 9,359,082 | | | | | | — | | | | | | — | | | | | | 9,359,082 | | |
Short Term Investments | | | | | 7,576,399 | | | | | | — | | | | | | — | | | | | | 7,576,399 | | |
Total | | | | $ | 119,000,170 | | | | | $ | — | | | | | $ | — | | | | | $ | 119,000,170 | | |
Quality | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 112,817,797 | | | | | $ | — | | | | | $ | — | | | | | $ | 112,817,797 | | |
Depository Receipts | | | | | 13,467,936 | | | | | | — | | | | | | — | | | | | | 13,467,936 | | |
Short Term Investments | | | | | — | | | | | | 3,513,360 | | | | | | — | | | | | | 3,513,360 | | |
Total | | | | $ | 126,285,733 | | | | | $ | 3,513,360 | | | | | $ | — | | | | | $ | 129,799,093 | | |
Emerging Markets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 44,928,465 | | | | | $ | 4,090,724 | | | | | $ | — | | | | | $ | 49,019,189 | | |
Depository Receipts | | | | | 3,922,534 | | | | | | — | | | | | | — | | | | | | 3,922,534 | | |
Mutual Funds | | | | | 63,703,172 | | | | | | — | | | | | | — | | | | | | 63,703,172 | | |
Preferred Stock | | | | | 778,634 | | | | | | — | | | | | | — | | | | | | 778,634 | | |
Real Estate Investment Trusts | | | | | 96,940 | | | | | | — | | | | | | — | | | | | | 96,940 | | |
Short Term Investments | | | | | 1,357,044 | | | | | | 540,888 | | | | | | — | | | | | | 1,897,932 | | |
Total | | | | $ | 114,786,789 | | | | | $ | 4,631,612 | | | | | $ | — | | | | | $ | 119,418,401 | | |
Foreign Value | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 1,956,168,278 | | | | | $ | 207,239,835 | | | | | $ | — | | | | | $ | 2,163,408,113 | | |
Depository Receipts | | | | | 202,154,806 | | | | | | — | | | | | | — | | | | | | 202,154,806 | | |
Short Term Investments | | | | | 133,861,578 | | | | | | — | | | | | | — | | | | | | 133,861,578 | | |
Total | | | | $ | 2,292,184,662 | | | | | $ | 207,239,835 | | | | | $ | — | | | | | $ | 2,499,424,497 | | |
Foreign Value Small Cap | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 692,645,775 | | | | | $ | 176,555,674 | | | | | $ | 78,234 | | | | | $ | 869,279,683 | | |
Preferred Stock | | | | | 18,372,175 | | | | | | — | | | | | | — | | | | | | 18,372,175 | | |
Short Term Investments | | | | | 31,992,615 | | | | | | — | | | | | | — | | | | | | 31,992,615 | | |
Rights | | | | | 1,203,907 | | | | | | — | | | | | | — | | | | | | 1,203,907 | | |
Total | | | | $ | 744,214,472 | | | | | $ | 176,555,674 | | | | | $ | 78,234 | | | | | $ | 920,848,380 | | |
|
| | Foreign Value Small Cap Common Stock | | ||||
Balances as of 3/31/2017 | | | | $ | 73,437 | | |
Realized gain (loss) | | | | $ | — | | |
Changed in unrealized appreciation (depreciation) | | | | $ | 4,797 | | |
Purchases | | | | $ | — | | |
Sales | | | | $ | — | | |
Transfer into Level 3 | | | | $ | — | | |
Transfer out of Level 3 | | | | $ | — | | |
Balances as of 3/31/2018 | | | | $ | 78,234 | | |
| | Emerging Markets | | | Foreign Value | | | Foreign Value Small Cap | | ||||||||||
Automobiles | | | | $ | 825,103 | | | | | $ | — | | | | | $ | — | | |
Banks | | | | | 173,076 | | | | | | 157,341,960 | | | | | | 59,625,365 | | |
Chemicals | | | | | — | | | | | | 49,897,875 | | | | | | 9,403,797 | | |
Diversified Financial Services | | | | | 254,979 | | | | | | — | | | | | | 19,547,212 | | |
Electric Utilities | | | | | — | | | | | | — | | | | | | 17,167,765 | | |
Electronic Equipment, Instruments & Components | | | | | — | | | | | | — | | | | | | 13,298,580 | | |
Food Products | | | | | — | | | | | | — | | | | | | 4,329,424 | | |
Gas Utilities | | | | | 730,541 | | | | | | — | | | | | | — | | |
Internet Software & Services | | | | | — | | | | | | — | | | | | | 18,811,911 | | |
IT Consulting & Other Services | | | | | 1,440,345 | | | | | | — | | | | | | — | | |
Marine | | | | | — | | | | | | — | | | | | | 29,399,897 | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | Emerging Markets | | | Foreign Value | | | Foreign Value Small Cap | | |||||||||
Oil, Gas & Consumable Fuels | | | | | 666,680 | | | | | | — | | | | | | — | | |
Water Utilities | | | | | — | | | | | | — | | | | | | 4,971,723 | | |
| | | $ | 4,090,724 | | | | | $ | 207,239,835 | | | | | $ | 176,555,674 | | |
| | Foreign Value Small Cap | | ||||
Leisure Products | | | | $ | 78,234 | | |
| | | $ | 78,234 | | |
Common Stock | | | Fair Value March 31, 2018 | | | Valuation Methodologies | | | Unobservable Input (1) | | | Range | | | Impact to Valuation from a Decrease in Input (2) | | |||||||||
Foreign Value Small Cap | | | | $ | 78,234 | | | | Market Comparable | | | Comparability Adjustment | | | | | 100 % | | | | | | Decrease | | |
Repurchase Agreements | | | Gross Amounts of Recognized Assets | | | Gross Amounts Offset in the Statement of Financial Position | | | Net Amounts Presented in the Statement of Financial Position | | | Gross Amounts not offset in the Statement of Financial Position | | ||||||||||||||||||||||||
| Financial Instruments | | | Collateral Pledged (Received) | | | Net Amount | | |||||||||||||||||||||||||||||
Quality | | | | $ | 3,513,360 | | | | | $ | — | | | | | $ | 3,513,360 | | | | | $ | 3,513,360 | | | | | $ | — | | | | | $ | — | | |
Emerging Markets | | | | | 540,888 | | | | | | — | | | | | | 540,888 | | | | | | 540,888 | | | | | | — | | | | | | — | | |
Name | | | Fund/Collateral Type | | | Up to 30 Days | | | 30-90 Days | | | Greater than 90 Days | | | Total | | ||||||||||||
Quality | | | U.S. Treasury Obligations | | | | $ | — | | | | | $ | — | | | | | $ | 3,513,360 | | | | | $ | 3,513,360 | | |
Emerging Markets | | | U.S. Treasury Obligations | | | | | — | | | | | | — | | | | | | 540,888 | | | | | | 540,888 | | |
Security Lending | | | Gross Amounts of Recognized Liabilities | | | Gross Amounts Offset in the Statement of Financial Position | | | Net Amounts Presented in the Statement of Financial Position | | | Gross Amounts not offset in the Statement of Financial Position | | ||||||||||||||||||||||||
| Financial Instruments | | | Collateral Pledged (Received) | | | Net Amount | | |||||||||||||||||||||||||||||
Small Cap | | | | $ | 2,420,634 | | | | | $ | — | | | | | $ | 2,420,634 | | | | | $ | 2,420,634 (a) | | | | | $ | — | | | | | $ | — | | |
Emerging Markets | | | | | 1,357,044 | | | | | | — | | | | | | 1,357,044 | | | | | | 1,357,044 (a) | | | | | | — | | | | | | — | | |
Name | | | Fund/Collateral Type | | | Up to 30 Days | | | 30-90 Days | | | Greater than 90 Days | | | Total | | |||||||||||||||
Small Cap | | | | | MoneyMarket | | | | | $ | 2,420,634 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,420,634 | | |
Emerging Markets | | | | | MoneyMarket | | | | | | 1,357,044 | | | | | | — | | | | | | — | | | | | | 1,357,044 | | |
| Currency to deliver | | | Local Value | | | In exchange for | | | Settlement Date | | | Unrealized appreciation (depreciation) | | ||||||||||||
| United States Dollar | | | | | 1,170 | | | | | CAD 1,517 | | | | | | | 4/02/2018 | | | | | $ | (6 ) | | |
| | | | | | | | | | | | | | | | | | | | | | | $ | (6 ) | | |
|
| Currency to deliver | | | Local Value | | | In exchange for | | | Settlement Date | | | Unrealized appreciation (depreciation) | | ||||||||||||
| United States Dollar | | | | | 1,202,728 | | | | | | EUR 979,348 | | | | | | 4/03/2018 | | | | | $ | (744 ) | | |
| | | | | | | | | | | | | | | | | | | | | | | $ | (744 ) | | |
|
| Currency to deliver | | | Local Value | | | In exchange for | | | Settlement Date | | | Unrealized appreciation (depreciation) | | ||||||||||||
| United States Dollar | | | | | 29,944 | | | | | EUR | 24,327 | | | | | | 4/03/2018 | | | | | $ | 50 | | |
| United States Dollar | | | | | 43,508 | | | | | EUR | 35,368 | | | | | | 4/04/2018 | | | | | | 46 | | |
| United States Dollar | | | | | 205,756 | | | | | HKD | 1,614,838 | | | | | | 4/04/2018 | | | | | | 8 | | |
| | | | | | | | | | | | | | | | | | | | | | | $ | 104 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Hong Kong Dollar | | | | | 623,760 | | | | | USD | 79,482 | | | | | | 04/03/2018 | | | | | $ | (8 ) | | |
| Philippine Piso | | | | | 1,611,975 | | | | | USD | 30,914 | | | | | | 04/02/2018 | | | | | | (20 ) | | |
| Pound Sterling | | | | | 911,459 | | | | | USD | 1,279,598 | | | | | | 04/04/2018 | | | | | | (1,686 ) | | |
| | | | | | | | | | | | | | | | | | | | | | | $ | (1,714 ) | | |
|
| | | Value of Collateral | | | Value of Loaned Securities | | ||||||
Small Cap | | | | $ | 2,420,634 | | | | | $ | 2,365,200 | | |
Emerging Markets | | | | | 1,357,044 | | | | | | 1,289,346 | | |
| 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 | | | 0.10% of the first $100 million and 0.08% of amounts in excess of $100 million but less than $250 million and 0.06% of amounts in excess of $250 million of average daily total net assets | |
| Emerging Markets | | | 0.25% of the first $300 million and 0.30% of amounts in excess of $300 million but less than $600 million and 0.35% of amounts in excess of $600 million of average daily total net assets | |
| Foreign Value | | | 0.35% of the first $35 million and 0.40% of amounts in excess of $35 million but less than $200 million and 0.50% of assets in excess of $200 million of average daily total net assets | |
| Foreign Value Small Cap | | | 0.35% of the first $35 million and 0.40% of amounts in excess of $35 million but less than $200 million and 0.50% of amounts in excess of $200 million of average daily total net assets. | |
| 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. | |
Name | | | Share Balance 3/31/17 | | | Sales | | | Reinvested | | | Share Balance 3/31/18 | | | Realized Gain Loss | | | LT Cap Gain | | | Dividend Income | | | Value 3/31/18 | | | Acquisition Cost | | |||||||||||||||||||||||||||
Risk Parity Fund | | | | | 6,294,709 | | | | | | 197,277 | | | | | | 110,636 | | | | | | 6,208,068 | | | | | | — | | | | | | — | | | | | | 1,054,364 | | | | | | 61,894,442 | | | | | $ | 59,624,824 | | |
| | | March 31, 2018 | | |||||||||||||||
| | Capital Loss Short Term No Expiration Short Term | | | Capital Loss Long Term No Expiration Long Term | | | Total Capital Loss | | ||||||||||
Small Cap | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Quality | | | | | — | | | | | | — | | | | | | — | | |
Emerging Markets | | | | | 1,767,564 | | | | | | 4,830,659 | | | | | | 6,598,223 | | |
Foreign Value | | | | | — | | | | | | — | | | | | | — | | |
Foreign Value Small Cap | | | | | — | | | | | | — | | | | | | — | | |
| | | March 31, 2018 | ||||||||||||||||||||||||||||||||||||||
Portfolio | | | Org Cost | | | Undistributed Ordinary Income | | | Undistributed Long-Term Gains | | | Accumulated Capital Losses | | | Late-Year Loss Deferrals | | | Net Tax Appreciation/ (Depreciation) | | | Total | ||||||||||||||||||||
Small Cap Fund | | | | $ | — | | | | | $ | 13,325 | | | | | $ | 2,089,181 | | | | | $ | — | | | | | $ | — | | | | | $ | 30,590,570 | | | | | $ | 32,693,076 |
Quality Fund | | | | | — | | | | | | 1,140,922 | | | | | | 12,162,892 | | | | | | — | | | | | | — | | | | | | 19,138,641 | | | | | | 32,442,455 |
Emerging Markets Fund | | | | | — | | | | | | 1,667,009 | | | | | | — | | | | | | (6,598,223 ) | | | | | | — | | | | | | 9,632,588 | | | | | | 4,701,374 |
Foreign Value Fund | | | | | — | | | | | | 31,030,811 | | | | | | 5,811,191 | | | | | | — | | | | | | — | | | | | | 319,743,641 | | | | | | 356,585,643 |
Foreign Value Small Cap Fund | | | | | — | | | | | | 2,217,247 | | | | | | 13,295,486 | | | | | | — | | | | | | — | | | | | | 135,211,178 | | | | | | 150,723,911 |
Portfolio | | | Ordinary Income | | | Long-Term Capital Gains | | | Tax Return Of Capital | | |||||||||
Small Cap Fund | | | | $ | 300,639 | | | | | $ | 6,663,908 | | | | | $ | — | | |
Quality Fund | | | | | 2,107,724 | | | | | | 6,574,289 | | | | | | — | | |
Emerging Markets Fund | | | | | 1,437,209 | | | | | | — | | | | | | — | | |
Foreign Value Fund | | | | | 20,007,341 | | | | | | — | | | | | | — | | |
Foreign Value Small Cap Fund | | | | | 17,923,563 | | | | | | 7,885,465 | | | | | | — | | |
Portfolio | | | Ordinary Income | | | Long-Term Capital Gains | | | Tax Return Of Capital | | |||||||||
Small Cap Fund | | | | $ | 625,949 | | | | | $ | 668,292 | | | | | $ | — | | |
Quality Fund | | | | | 1,583,642 | | | | | | 5,124,782 | | | | | | — | | |
Emerging Markets Fund | | | | | 2,010,935 | | | | | | — | | | | | | — | | |
Foreign Value Fund | | | | | 17,856,565 | | | | | | — | | | | | | — | | |
Foreign Value Small Cap Fund | | | | | 6,767,400 | | | | | | 3,285,736 | | | | | | — | | |
| | | Increase/(Decrease) | | |||||||||||||||
| | | Shares of Beneficial Interest | | | Undistributed/ Accumulated Net Investment Income | | | Accumulated Net Gain/ (Loss) on Investments and Foreign Denominated Assets, Liabilities and Currency | | |||||||||
Small Cap Fund | | | | $ | — | | | | | $ | (197,223 ) | | | | | $ | 197,233 | | |
Quality Fund | | | | | — | | | | | | 87,584 | | | | | | (87,584 ) | | |
Emerging Markets Fund | | | | | (18,600,610 ) | | | | | | (34,735 ) | | | | | | 18,635,345 | | |
Foreign Value Fund | | | | | — | | | | | | (488,135 ) | | | | | | 488,135 | | |
Foreign Value Small Cap Fund | | | | | — | | | | | | (202,562 ) | | | | | | 202,562 | | |
| | | Year ended March 31, 2018 | | | Year ended March 31, 2017 | |||||||||||||||||
| | | Shares | | | Dollars | | | Shares | | | Dollars | |||||||||||
Small Cap | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 175,545 | | | | | $ | 4,575,470 | | | | | | 283,393 | | | | | $ | 7,334,911 |
Shares issued in reinvestment of distributions | | | | | 195,399 | | | | | | 5,058,875 | | | | | | 43,578 | | | | | | 1,136,504 |
Contributions to capital from investment managers/brokers | | | | | — | | | | | | 1,838 | | | | | | — | | | | | | — |
Shares redeemed | | | | | (224,646 ) | | | | | | (5,885,752 ) | | | | | | (398,871 ) | | | | | | (9,416,909 ) |
Net Change | | | | | 146,298 | | | | | | 3,750,431 | | | | | | (71,900 ) | | | | | | (945,494 ) |
Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 9,184 | | | | | $ | 281,995 | | | | | | 35,744 | | | | | $ | 1,087,339 |
Shares issued in reinvestment of distributions | | | | | 13,241 | | | | | | 404,102 | | | | | | 2,647 | | | | | | 80,608 |
Contributions to capital from investment managers/brokers | | | | | — | | | | | | 128 | | | | | | — | | | | | | — |
Shares redeemed | | | | | (10,951 ) | | | | | | (335,155 ) | | | | | | (33,561 ) | | | | | | (1,002,628 ) |
Net Change | | | | | 11,474 | | | | | | 351,070 | | | | | | 4,830 | | | | | | 165,319 |
Total Net Change For Fund | | | | | | | | | | $ | 4,101,501 | | | | | | | | | | | $ | (780,175 ) |
Quality | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 317,127 | | | | | $ | 6,079,159 | | | | | | 472,657 | | | | | $ | 7,955,745 |
Shares issued in reinvestment of distributions | | | | | 336,426 | | | | | | 6,486,299 | | | | | | 311,033 | | | | | | 5,013,853 |
Contributions to capital from investment managers/brokers | | | | | — | | | | | | — | | | | | | — | | | | | | — |
Shares redeemed | | | | | (502,432 ) | | | | | | (9,549,314 ) | | | | | | (1,321,679 ) | | | | | | (22,233,546 ) |
Net Change | | | | | 151,121 | | | | | | 3,016,144 | | | | | | (537,989 ) | | | | | | (9,263,948 ) |
Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 57,641 | | | | | $ | 1,202,758 | | | | | | 49,012 | | | | | $ | 866,118 |
Shares issued in reinvestment of distributions | | | | | 20,675 | | | | | | 426,097 | | | | | | 23,556 | | | | | | 403,977 |
Contributions to capital from investment managers/brokers | | | | | — | | | | | | — | | | | | | — | | | | | | — |
Shares redeemed | | | | | (129,537 ) | | | | | | (2,628,696 ) | | | | | | (213,719 ) | | | | | | (3,785,402 ) |
Net Change | | | | | (51,221 ) | | | | | | (999,841 ) | | | | | | (141,151 ) | | | | | | (2,515,307 ) |
Total Net Change For Fund | | | | | | | | | | $ | 2,016,303 | | | | | | | | | | | $ | (11,779,255 ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | Year ended March 31, 2018 | | | Year ended March 31, 2017 | |||||||||||||||||
| | | Shares | | | Dollars | | | Shares | | | Dollars | |||||||||||
Emerging Markets | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 343,477 | | | | | $ | 7,799,053 | | | | | | 570,000 | | | | | $ | 10,837,018 |
Shares issued in reinvestment of distributions | | | | | 47,115 | | | | | | 1,040,297 | | | | | | 80,974 | | | | | | 1,523,927 |
Contributions to capital from investment manager/brokers | | | | | — | | | | | | — | | | | | | — | | | | | | — |
Shares redeemed | | | | | (676,471 ) | | | | | | (15,028,789 ) | | | | | | (1,309,718 ) | | | | | | (25,121,553 ) |
Net Change | | | | | (285,879 ) | | | | | | (6,189,439 ) | | | | | | (658,744 ) | | | | | | (12,760,608 ) |
Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 46,579 | | | | | $ | 1,056,004 | | | | | | 349,192 | | | | | $ | 6,950,354 |
Shares issued in reinvestment of distributions | | | | | 4,923 | | | | | | 110,184 | | | | | | 6,700 | | | | | | 127,700 |
Contributions to capital from investment managers/brokers | | | | | — | | | | | | — | | | | | | — | | | | | | — |
Shares redeemed | | | | | (108,852 ) | | | | | | (2,346,034 ) | | | | | | (667,008 ) | | | | | | (12,648,814 ) |
Net Change | | | | | (57,350 ) | | | | | | (1,179,846 ) | | | | | | (311,116 ) | | | | | | (5,570,760 ) |
Total Net Change For Fund | | | | | | | | | | $ | (7,369,285 ) | | | | | | | | | | | $ | (18,331,368 ) |
Foreign Value | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 4,307,126 | | | | | $ | 91,524,682 | | | | | | 4,962,796 | | | | | $ | 87,128,974 |
Shares issued in reinvestment of distributions | | | | | 246,854 | | | | | | 5,374,020 | | | | | | 468,682 | | | | | | 8,347,237 |
Contributions to capital from investment managers/brokers | | | | | — | | | | | | — | | | | | | — | | | | | | — |
Shares redeemed | | | | | (8,684,692 ) | | | | | | (185,185,863 ) | | | | | | (15,294,594 ) | | | | | | (266,542,853 ) |
Net Change | | | | | (4,130,712 ) | | | | | | (88,287,161 ) | | | | | | (9,863,116 ) | | | | | | (171,066,642 ) |
Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 34,975,044 | | | | | $ | 756,125,336 | | | | | | 8,533,395 | | | | | $ | 150,411,751 |
Shares issued in reinvestment of distributions | | | | | 440,028 | | | | | | 9,553,013 | | | | | | 509,830 | | | | | | 9,054,588 |
Contributions to capital from investment managers/brokers | | | | | — | | | | | | 333 | | | | | | — | | | | | | 557 |
Shares redeemed | | | | | (13,177,244 ) | | | | | | (267,470,375 ) | | | | | | (10,304,811 ) | | | | | | (180,629,437 ) |
Net Change | | | | | 22,237,828 | | | | | | 498,208,307 | | | | | | (1,261,586 ) | | | | | | (21,162,541 ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | Year ended March 31, 2018 | | | Year ended March 31, 2017 | |||||||||||||||||
| | | Shares | | | Dollars | | | Shares | | | Dollars | |||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
R6 Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 21,600,757 | | | | | $ | 235,657,033 | | | | | | 3,578,619 | | | | | $ | 36,208,590 |
Shares issued in reinvestment of distributions | | | | | 98,772 | | | | | | 1,149,709 | | | | | | — | | | | | | — |
Contributions to capital from investment managers/brokers | | | | | — | | | | | | — | | | | | | — | | | | | | — |
Shares redeemed | | | | | (1,657,129 ) | | | | | | (19,105,081 ) | | | | | | (857 ) | | | | | | (8,751 ) |
Net Change | | | | | 20,042,400 | | | | | | 217,701,661 | | | | | | 3,577,762 | | | | | | 36,199,839 |
Total Net Change for Fund | | | | | | | | | | $ | 627,622,807 | | | | | | | | | | | $ | (156,029,344 ) |
Foreign Value Small Cap | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 3,888,870 | | | | | $ | 60,228,453 | | | | | | 2,947,872 | | | | | $ | 36,741,548 |
Shares issued in reinvestment of distributions | | | | | 507,345 | | | | | | 7,945,023 | | | | | | 357,850 | | | | | | 4,372,932 |
Contributions to capital from investment managers/brokers | | | | | — | | | | | | 1,736 | | | | | | — | | | | | | — |
Shares redeemed | | | | | (3,716,330 ) | | | | | | (57,596,373 ) | | | | | | (7,058,318 ) | | | | | | (87,527,124 ) |
Net Change | | | | | 679,885 | | | | | | 10,578,839 | | | | | | (3,752,596 ) | | | | | | (46,412,644 ) |
Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 19,776,470 | | | | | $ | 306,713,992 | | | | | | 6,689,956 | | | | | $ | 83,904,969 |
Shares issued in reinvestment of distributions | | | | | 992,774 | | | | | | 15,556,768 | | | | | | 392,576 | | | | | | 4,797,280 |
Contributions to capital from investment managers/brokers | | | | | — | | | | | | 3,125 | | | | | | — | | | | | | — |
Shares redeemed | | | | | (5,661,274 ) | | | | | | (87,115,600 ) | | | | | | (6,714,425 ) | | | | | | (83,271,246 ) |
Net Change | | | | | 15,107,970 | | | | | | 235,158,285 | | | | | | 368,107 | | | | | | 5,431,003 |
R6 Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 874,462 | | | | | $ | 10,185,806 | | | | | | 181,237 | | | | | $ | 1,826,199 |
Shares issued in reinvestment of distributions | | | | | 20,618 | | | | | | 247,826 | | | | | | — | | | | | | — |
Contributions to capital from investment managers/brokers | | | | | — | | | | | | 57 | | | | | | — | | | | | | — |
Shares redeemed | | | | | (147,500 ) | | | | | | (1,779,923 ) | | | | | | — | | | | | | — |
Net Change | | | | | 747,580 | | | | | | 8,653,766 | | | | | | 181,237 | | | | | | 1,826,199 |
Total Net Change for Fund | | | | | | | | | | $ | 254,390,890 | | | | | | | | | | | $ | (39,155,442 ) |
|
Designation Requirements at March 31, 2018 | | | | |
Qualified Dividend Income Percentage | | | | |
Small Cap Fund | | | 100.00% | |
Quality Fund | | | 76.00% | |
Emerging Markets Fund | | | 86.00% | |
Foreign Value Fund | | | 100.00% | |
Foreign Value Small Cap Fund | | | 100.00% | |
| | | Foreign Tax Credit | | | Foreign Source Income | | ||||||
Emerging Market Fund | | | | | 211,900 | | | | | | 1,907,141 | | |
Foreign Value Fund | | | | | 6,065,211 | | | | | | 61,984,390 | | |
Foreign Value Small Cap | | | | | 2,012,329 | | | | | | 26,979,062 | | |
Philadelphia, Pennsylvania
May 25, 2018
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee in Public Companies | |
Robert M. Armstrong (79) | | | Trustee | | | Indefinite Term (1985 to present) | | | Independent Director and Consultant Services (1998–Present); Director, NewPage Corporation, NewPage Holding Corporation and NewPage Group, Inc. (2006–2012) | | | 5 | | | NewPage Corporation (2006–2012); NewPage Holding Corporation (2006–2012); NewPage Group, Inc. (2006–2012) | |
John M. Bulbrook (75) | | | Trustee | | | Indefinite Term (1985 to present) | | | CEO and Treasurer, John M. Bulbrook Insurance Agency, Inc. (d/b/a Bulbrook/Drislane Brokerage) (distributor of financial products, including insurance) (1984–Present); | | | 5 | | | None | |
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee in Public Companies | |
William H. Dunlap (67) | | | Trustee | | | Indefinite Term (October 2006 to present) | | | President, New Hampshire Historical Society, (Feb. 2001–Present); Principal, William H. Dunlap & Company (consulting firm) (2006–2010); President, EQ Rider, Inc., (equestrian clothing sales) (1998–2008);Director, Merrimack County Savings Bank (2005–Present); Director, Merrimack Bank Corp. (2005–2015) | | | 5 | | | None | |
Clinton S. Marshall (60) | | | Trustee | | | Indefinite Term (April 2003 to present) | | | Principal, Coastal CFO Solutions, outsource firm offering CFO solutions to businesses (1998–Present); CFO, Fore River Company (2002–Present) | | | 5 | | | None | |
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee/ Officer in Public Companies | |
Willard L. Umphrey* (76) | | | Trustee, President, Chairman (1985 to present) | | | Indefinite Term (1985 to present) | | | Director, U.S. Boston Capital Corporation; President, Pear Tree Advisors, Inc. | | | 5 | | | U.S. Boston Corporation; U.S. Boston Asset Management Corporation; Pear Tree Advisors, Inc.; Pear Tree Partners Management LLC; Unidine Corporation; USB Corporation; U.S. Boston Insurance Agency, Inc.; U.S. Boston Capital Corporation; Woundchek Laboratories; SCVNGR, Inc. | |
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee/ Officer in Public Companies | |
Leon Okurowski (75) | | | Vice President, Treasurer (1985 to present) | | | (1985 to present) | | | Director and Vice President, U.S. Boston Capital Corporation; Treasurer, Pear Tree Advisors, Inc.; Trustee, Pear Tree Funds (4/17/1985– 9/30/2004) | | | N/A | | | Everest USB Canadian Storage, Inc.; Pear Tree Advisors, Inc.; U.S. Boston Corporation; U.S. Boston Asset Management Corporation; USB Corporation; USB Everest Management, LLC; USB Everest Storage LLC; U.S. Boston Insurance Agency, Inc.; U.S. Boston Capital Corporation; Woundchek Laboratories | |
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee/ Officer in Public Companies | |
Deborah A. Kessinger (55) | | | Assistant Clerk and Chief Compliance Officer | | | (April 2005 to Present) | | | Senior Counsel (since 9/2004), President (since 8/2007) and Chief Compliance Officer (since 12/2005), U.S. Boston Capital Corporation; Senior Counsel (since 9/2004) and Chief Compliance Officer (since 10/2006), Pear Tree Advisors, Inc.; Chief Compliance Officer and General Counsel, Wainwright Investment Counsel, LLC (investment management firm) (2000–2004); Compliance Attorney, Broadridge Financial Solutions (formerly Forefield, Inc.) (software provider) (2001–2004) and Compliance Consultant (2007 to 2016) | | | N/A | | | None | |
Diane Hunt (56) | | | Assistant Treasurer | | | (June 2010 to Present) | | | Controller (Since 3/2010) Pear Tree Advisors, Inc.; Accountant (Since 1984) U.S. Boston Capital Corporation | | | N/A | | | None | |
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee/ Officer in Public Companies | |
Alina Monisov (34) | | | Clerk | | | February 2017 to Present) | | | Senior Compliance Manager, Pear Tree Advisors, Inc.;Senior Compliance Manager, U.S Boston Capital Corporation.; Chief Compliance Officer and Trust Administration Associate, Winslow Wealth Management (8/2013–12/2016); Investment Compliance Business Analyst, JP Morgan (7/2008–6/2013) | | | N/A | | | None | |
| Manager | | | Pear Tree Advisors, Inc., 55 Old Bedford Road, Suite 202, Lincoln, MA 01773 | |
| Subadvisers | | | Chartwell Investment Partners LLC, 1205 Westlakes Drive, Suite 100, Berwyn,PA 19312 PanAgora Asset Management, Inc., 470 Atlantic Avenue, 8th Floor, Boston, MA 02210 Polaris Capital Management, LLC, 121 High Street, Boston, MA 02110 | |
| Distributor | | | U.S. Boston Capital Corporation, 55 Old Bedford Road, Suite 202, Lincoln, MA 01773 | |
| Custodian | | | State Street Bank and Trust Company, One Lincoln Street, Boston, MA 02111 | |
| Fund Accountant | | | State Street Bank and Trust Company, One Lincoln Street, Boston, MA 02111 | |
| Transfer Agent | | | Pear Tree Institutional Services, 55 Old Bedford Road, Suite 202, Lincoln, MA 01773 | |
| Independent Registered Public Accounting Firm | | | Tait, Weller & Baker LLP, 1818 Market Street, Suite 2400 Philadelphia, PA 19103 | |
| Legal Counsel | | | Sullivan & Worcester LLP, One Post Office Square Boston, MA 02109 | |
| For Account Information | | | For Pear Tree Funds information, contact your financial adviser or, if you receive account statements directly from Pear Tree Funds, you can also call 1-800-326-2151. Telephone representatives are available from 8:30 a.m. to 4:30 p.m. Eastern Time. Or visit our website, www.peartreefunds.com | |
Suite 202
Lincoln MA 01773
| SIGN UP for fast, electronic delivery! | |
| To register, go to: www.peartreefunds.com | |
Distributor of the Pear Tree Funds
Member, FINRA/SIPC
ITEM 2. | Code of Ethics |
(a) | As of the end of the period covered by this Form N-CSR, Pear Tree Funds has adopted a code of ethics (as defined in Item 2(b) of Form N-CSR) that applies to the registrant’s principal executive officer and principal financial officer. |
(c) | There have been no amendments to the Pear Tree Fund’s Code of Ethics during the period covered by this report. |
(d) | There have been no waivers to the Pear Tree Fund’s Code of Ethics during the period covered by this report. |
(e) | Not applicable. |
(f)(1) | One copy of the Code of Ethics is being filed under Item 12(a) hereto. |
(f)(3) | The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-326-2151. |
ITEM 3. | Audit Committee Financial Expert |
Pear Tree Fund’s Trustees have determined that Mr. Clinton S. Marshall is an “audit committee financial expert,” as defined in Item 3(b) of Form N-CSR. Mr. Marshall is “independent” under the standards set forth in Item 3(a)(2) of Form N-CSR.
ITEM 4. | Principal Accountant Fees and Services |
(a) - (d) The following chart shows the aggregate fees billed in each of the last two fiscal years for services rendered by the registrant’s principal accountant, Tait, Weller and Baker, LLP (“Tait Weller”).
FY 2017 | FY 2018 | |||||||||
Audit Fees* | Tait Weller | $ | 141,000 | $ | 121,100 | |||||
Audit-Related Fees** | Tait Weller | $ | 0 | $ | 0 | |||||
Tax Fees*** | Tait Weller | $ | 20,200 | $ | 17,300 | |||||
All Other Fees**** | Tait Weller | $ | 0 | $ | 0 |
* “Audit Fees” are fees associated with professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements.
** “Audit-Related Fees” are fees associated with assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under “Audit Fees
*** “Tax Fees” are fees associated with professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Included with general tax compliance, advice and planning provided by Tait Weller to Pear Tree Funds was a review of Pear Tree Funds’ federal tax filings.
**** “All Other Fees” are fees associated with products and services provided by the principal accountant, other than the services reported as “Audit Fees,” “Audit-Related Fees,” or “Tax Fees.”
(e)(1) | To the extent required by applicable law, pre-approval by the Audit Committee of the Trustees is needed for: |
(i) All audit and permissible non-audit services rendered to the Pear Tree Funds; and
(ii) All permissible non-audit services rendered to Pear Tree Advisors, Inc. if the services relate directly to the operations and financial reporting of the Registrant. Pre-approval is currently on an engagement-by-engagement basis.
The Audit Committee may delegate the pre-approval of audit and permissible non-audit services and the related fees to the Chairman of the Audit Committee. Any such member’s decision to pre-approve audit and/or non-audit services and related fees shall be presented to the full Audit Committee, solely for informational purposes, at their next scheduled meeting.
(e)(2) | No services in the past two fiscal years of the registrant were approved by the Audit Committee pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X. |
(f) | Not applicable. |
(g) | The following chart shows the aggregate non-audit fees billed by Tait Weller for services rendered to the registrant and the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, for each of the last two fiscal years of the registrant. |
2017 | 2018 | |||||||||
Fees | Tait Weller | $ | 39,500 | $ | 39,500 |
(h) | Not applicable. |
ITEM 5. | Audit Committee of Listed Registrants |
Not applicable.
ITEM 6. | Investments |
(a) | Included as part of report to shareholders under Item 1. |
(b) | Not applicable. |
ITEM 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not applicable.
ITEM 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
ITEM 9 | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not applicable.
ITEM 10 | Submission of Matters to a Vote of Security Holders |
Not applicable.
ITEM 11. | Controls and Procedures |
(a) The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b) There has been no change in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. | Exhibits |
(a)(1) | Code of Ethics |
(a)(2) | Certifications pursuant to Rule 30a-2(a) by the chief executive and financial officers. |
(a)(3) | Not applicable. |
(c) | Certification pursuant to Rule 30a-2(b) and Section 906 by the chief executive and financial officers. |
[Rest of page intentionally left blank]
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: May 29, 2018 |
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: May 29, 2018 | ||
By: | /s/ Leon Okurowski | |
Leon Okurowski, Treasurer | ||
Date: May 29, 2018 |