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, 2018 through September 30, 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
September 30, 2018
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| Service Providers | | | inside back cover | |
President and Chairman
Pear Tree Fund | | | Share Class | | | Total Return Description | | | Beginning Account Value 4/1/2018 | | | Ending Account Value 9/30/2018 | | | Annualized Expense Ratio | | | Expenses Paid * 4/1/2018- 9/30/2018 | | ||||||||||||
Small Cap ** | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $1,119.70 | | | | | | 1.32 % | | | | | | $7.04 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.43 | | | | | | 1.32 % | | | | | | $6.70 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $1,122.00 | | | | | | 0.95 % | | | | | | $5.07 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.29 | | | | | | 0.95% | | | | | | $4.82 | | |
Quality ** | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $1,147.60 | | | | | | 1.23 % | | | | | | $6.64 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.89 | | | | | | 1.23 % | | | | | | $6.24 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $1,149.90 | | | | | | 0.86 % | | | | | | $4.65 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.74 | | | | | | 0.86 % | | | | | | $4.37 | | |
Emerging Markets ** | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $909.40 | | | | | | 1.39 % | | | | | | $6.66 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.09 | | | | | | 1.39 % | | | | | | $7.04 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $911.10 | | | | | | 1.02 % | | | | | | $4.90 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.94 | | | | | | 1.02 % | | | | | | $5.18 | | |
Foreign Value | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $1,024.40 | | | | | | 1.39 % | | | | | | $7.08 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.08 | | | | | | 1.39 % | | | | | | $7.06 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $1,026.70 | | | | | | 1.02 % | | | | | | $5.21 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.93 | | | | | | 1.02 % | | | | | | $5.19 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $1,026.60 | | | | | | 0.99 % | | | | | | $5.05 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.08 | | | | | | 0.99 % | | | | | | $5.04 | | |
Foreign Value Small Cap | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $958.40 | | | | | | 1.41 % | | | | | | $6.93 | | |
| | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.99 | | | | | | 1.41 % | | | | | | $7.15 | | | ||
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $959.80 | | | | | | 1.04 % | | | | | | $5.12 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.84 | | | | | | 1.04 % | | | | | | $5.28 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $960.10 | | | | | | 1.01 % | | | | | | $4.98 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.99 | | | | | | 1.01 % | | | | | | $5.13 | | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $136.7 Million | | | |||||
| Number of Companies | | | 49 | | | |||||
| Price to Book Ratio | | | 1.9 | | | |||||
| Price to Earnings Ratio | | | 19.7 | | | |||||
| | | | Ordinary | | | Institutional | | | ||
| Total Expense Ratio (Gross)* | | | 1.55% | | | 1.30% | | | ||
| Total Expense Ratio (Net)* | | | 1.55% | | | 1.18% | | | ||
| Ticker Symbol | | | USBNX | | | QBNAX | | | ||
| | | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 25.7 % | | |
Deluxe Corporation | | | | | 3.2 % | | |
Integrated Device Technology, Inc. | | | | | 2.7 % | | |
EVERTEC, Inc. | | | | | 2.6 % | | |
Continental Building Products, Inc. | | | | | 2.6 % | | |
Ferro Corporation | | | | | 2.5 % | | |
Nxeo Solutions, Inc. | | | | | 2.5 % | | |
Cinemark Holdings, Inc. | | | | | 2.4 % | | |
Insight Enterprises, Inc. | | | | | 2.4 % | | |
Regal Beloit Corporation | | | | | 2.4 % | | |
OFG Bancorp | | | | | 2.4 % | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0 % | | |
Financials | | | | | 25.6 % | | |
Industrials | | | | | 25.1 % | | |
Information Technology | | | | | 14.5 % | | |
Consumer Discretionary | | | | | 9.2 % | | |
Health Care | | | | | 6.9 % | | |
Real Estate | | | | | 5.6 % | | |
Energy | | | | | 4.1 % | | |
Materials | | | | | 3.7 % | | |
Consumer Staples | | | | | 2.1 % | | |
Utilities | | | | | 1.9 % | | |
CASH + other assets (net) | | | | | 1.3 % | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Small Cap (PTSC) Ordinary Sharesvs. Russell 2000 Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2018 | | | Six Months | | | One Year | | | Five Year (3) | | | Ten Year (3) | | | Since Inception (3) | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | 3.97 % | | | | | | 11.97 % | | | | | | 12.91 % | | | | | | 7.49 % | | | | | | 8.24 % | | | | | | 9.93 % | | | | 08/03/1992 | |
Institutional Shares (1) | | | | | 4.07 % | | | | | | 12.20 % | | | | | | 13.32 % | | | | | | 7.80 % | | | | | | 8.53 % | | | | | | 9.46 % | | | | 01/06/1993 | |
Russell 2000 (2) | | | | | 3.58 % | | | | | | 11.61 % | | | | | | 15.24 % | | | | | | 11.07 % | | | | | | 11.11 % | | | | | | 10.11 % | | | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $178.1 Million | | | |||||
| Number of Companies | | | 46 | | | |||||
| Price to Book Ratio | | | 4.6 | | | |||||
| Price to Earnings Ratio | | | 17.8 | | | |||||
| | | | Ordinary | | | Institutional | | | ||
| Total Expense Ratio (Gross)* | | | 1.54% | | | 1.29% | | | ||
| Total Expense Ratio (Net)* | | | 1.29% | | | 0.92% | | | ||
| Ticker Symbol | | | USBOX | | | QGIAX | | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 46.0 % | | |
Apple, Inc. | | | | | 6.9 % | | |
Alphabet Inc. A | | | | | 6.1 % | | |
Oracle Corporation | | | | | 5.9 % | | |
Microsoft Corporation | | | | | 5.3 % | | |
UnitedHealth Group, Inc. | | | | | 5.0 % | | |
Johnson & Johnson | | | | | 4.9 % | | |
Accenture plc | | | | | 3.2 % | | |
QUALCOMM Incorporated | | | | | 3.0 % | | |
Medtronic plc | | | | | 3.0 % | | |
TJX Companies, Inc. (The) | | | | | 2.7 % | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0 % | | |
Information Technology | | | | | 45.2 % | | |
Health Care | | | | | 24.9 % | | |
Consumer Staples | | | | | 11.8 % | | |
Financials | | | | | 7.1 % | | |
Consumer Discretionary | | | | | 4.8 % | | |
Industrials | | | | | 4.5 % | | |
Energy | | | | | 0.0 % | | |
Materials | | | | | 0.0 % | | |
Real Estate | | | | | 0.0 % | | |
Telecommunicaiton Services | | | | | 0.0 % | | |
Utilities | | | | | 0.0 % | | |
CASH + other assets (net) | | | | | 1.7 % | | |
Value of a $10,000 Investment | |
Pear Tree Quality (PTQ) Ordinary Shares vs.S&P 500 Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2018 | | | Six Months | | | One Year | | | Five Year | | | Ten Year (3) | | | Since Inception (3) | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | 10.59 % | | | | | | 14.76 % | | | | | | 20.90 % | | | | | | 14.10 % | | | | | | 10.49 % | | | | | | 9.66 % | | | | 05/06/85 | |
Institutional Shares (1) | | | | | 10.65 % | | | | | | 14.99 % | | | | | | 21.36 % | | | | | | 14.42 % | | | | | | 10.80 % | | | | | | 8.68 % | | | | 03/25/91 | |
S&P 500 (2) | | | | | 7.71% | | | | | | 11.41 % | | | | | | 17.91 % | | | | | | 13.95 % | | | | | | 11.97 % | | | | | | 11.08 % | | | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $99.9 Million | | | |||||
| Number of Companies | | | 155 | | | |||||
| Price to Book Ratio | | | 1.4 | | | |||||
| Price to Earnings Ratio | | | 8.8 | | | |||||
| | | | Ordinary | | | Institutional | | | ||
| Total Expense Ratio (Gross)* | | | 1.66% | | | 1.40% | | | ||
| Total Expense Ratio (Net)* | | | 1.44% | | | 1.06% | | | ||
| Ticker Symbol | | | QFFOX | | | QEMAX | | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 23.4 % | | |
President Chain Store Corp. | | | | | 3.1 % | | |
HCL Technologies Ltd. | | | | | 3.0 % | | |
SK Telecom Company Ltd. | | | | | 2.8 % | | |
Pou Chen Corporation | | | | | 2.3 % | | |
Ruentex Industries Ltd. | | | | | 2.2 % | | |
KT&G Corporation | | | | | 2.2 % | | |
Hengan International Group Co., Ltd. | | | | | 2.1 % | | |
China Mobile Limited | | | | | 2.1 % | | |
LG Corp. | | | | | 1.8 % | | |
Commercial International Bank | | | | | 1.8 % | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0 % | | |
Financials | | | | | 17.1 % | | |
Energy | | | | | 14.9 % | | |
Consumer Discretionary | | | | | 14.0 % | | |
Information Technology | | | | | 12.6 % | | |
Materials | | | | | 9.5 % | | |
Consumer Staples | | | | | 8.8 % | | |
Industrials | | | | | 8.8 % | | |
Telecommunication Services | | | | | 6.3 % | | |
Utilities | | | | | 3.5 % | | |
Real Estate | | | | | 1.4 % | | |
Health Care | | | | | 0.9 % | | |
Mutual Funds | | | | | 0.8 % | | |
CASH + other assets (net) | | | | | 1.4 % | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 90.1 % | | |
South Korea | | | | | 20.8 % | | |
Hong Kong | | | | | 13.2 % | | |
Taiwan | | | | | 13.1 % | | |
China | | | | | 8.2 % | | |
South Africa | | | | | 8.1 % | | |
Russia | | | | | 7.0 % | | |
Thailand | | | | | 6.4 % | | |
Turkey | | | | | 6.1 % | | |
India | | | | | 4.7 % | | |
United Arab Emerates | | | | | 2.5 % | | |
Value of a $10,000 Investment | |
Pear Tree PanAgora Emerging Markets (PTEM)Ordinary Shares vs. MSCI EM Index | |
|
| | | 3Q 2018 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | 0.62 % | | | | | | (9.06 )% | | | | | | (2.14 )% | | | | | | 0.40 % | | | | | | 2.87 % | | | | | | 4.83 % | | | | 09/30/94 | |
Institutional Shares (1) | | | | | 0.65 % | | | | | | (8.89 )% | | | | | | (1.80 )% | | | | | | 0.70 % | | | | | | 3.15 % | | | | | | 6.17 % | | | | 04/02/96 | |
MSCI EM (2) | | | | | (0.95 )% | | | | | | (8.73 )% | | | | | | (0.44 )% | | | | | | 3.99 % | | | | | | 5.76 % | | | | | | 5.16 % | | | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $3,485.2 Million | | ||||||
| Number of Companies | | | 53 | | ||||||
| Price to Book Ratio | | | 1.7 | | ||||||
| Price to Earnings Ratio | | | 14.3 | | ||||||
| | | | Ordinary | | | Institutional | | | R6 | |
| Total Expense Ratio (Gross)* | | | 1.51% | | | 1.26% | | | 1.11% | |
| Total Expense Ratio (Net) * | | | 1.41% | | | 1.04% | | | 1.01% | |
| Ticker Symbol | | | QFVOX | | | QFVIX | | | QFVRX | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 23.4 % | | |
Standard Chartered plc | | | | | 2.6 % | | |
Bellway plc | | | | | 2.5 % | | |
Yara International ASA | | | | | 2.4 % | | |
Novartis AG | | | | | 2.4 % | | |
Siam Commercial Bank PCL | | | | | 2.3 % | | |
Methanex Corporation | | | | | 2.3 % | | |
Cineworld Group plc | | | | | 2.3 % | | |
Hannover Rueck SE | | | | | 2.2 % | | |
Sasol Ltd. | | | | | 2.2 % | | |
Andritz AG | | | | | 2.2 % | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0 % | | |
Financials | | | | | 22.1 % | | |
Consumer Discretionary | | | | | 19.1 % | | |
Materials | | | | | 16.6 % | | |
Industrials | | | | | 10.4 % | | |
Telecommunication Services | | | | | 7.5 % | | |
Information Technology | | | | | 6.8 % | | |
Health Care | | | | | 4.4 % | | |
Consumer Staples | | | | | 3.4 % | | |
Energy | | | | | 2.2 % | | |
Utilities | | | | | 2.0 % | | |
Cash and Other Assets (Net) | | | | | 5.5 % | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 72.1 % | | |
United Kingdom | | | | | 15.0 % | | |
Germany | | | | | 13.3 % | | |
South Korea | | | | | 10.9 % | | |
France | | | | | 8.4 % | | |
Norway | | | | | 6.1 % | | |
Japan | | | | | 5.9 % | | |
Canada | | | | | 4.0 % | | |
Sweden | | | | | 3.8 % | | |
Switzerland | | | | | 2.4 % | | |
Thailand | | | | | 2.3 % | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Foreign Value (PTFV)Ordinary Shares vs. MSCI EAFE Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2018 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | 1.55 % | | | | | | 2.44 % | | | | | | 5.24 % | | | | | | 6.47 % | | | | | | 8.97 % | | | | | | 6.78 % | | | | 05/15/1998 | |
Institutional Shares (1) | | | | | 1.69 % | | | | | | 2.67 % | | | | | | 5.70 % | | | | | | 6.79 % | | | | | | 9.24 % | | | | | | 8.17 % | | | | 12/18/1998 | |
R6 Shares (1) | | | | | 1.70 % | | | | | | 2.66 % | | | | | | 5.78 % | | | | | | —% | | | | | | —% | | | | | | 12.73 % | | | | 02/06/2017 | |
MSCI EAFE (2) | | | | | 1.42 % | | | | | | 0.44 % | | | | | | 3.25 % | | | | | | 4.90 % | | | | | | 5.87 % | | | | | | 4.80 % | | | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets | | | $1,057.1 Million | | ||||||
| Number of Companies | | | 71 | | ||||||
| Price to Book Ratio | | | 1.5 | | ||||||
| Price to Earnings Ratio | | | 10.9 | | ||||||
| | | | Ordinary | | | Institutional | | | R6 | |
| Total Expense Ratio (Gross)* | | | 1.52% | | | 1.27% | | | 1.12% | |
| Total Expense Ratio (Net)* | | | 1.42% | | | 1.05% | | | 1.02% | |
| Ticker Symbol | | | QUSOX | | | QUSIX | | | QUSRX | |
| * per prospectus dated August 1, 2018. See financial highlights for the total expense ratios for the six months ended September 30, 2018. | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 22.9 % | | |
Cineworld Group plc | | | | | 2.5 % | | |
The Restaurant Group plc | | | | | 2.4 % | | |
Zojirushi Corporation | | | | | 2.3 % | | |
Galliford Try plc | | | | | 2.3 % | | |
Elis SA | | | | | 2.3 % | | |
IBJ Leasing Company, Limited | | | | | 2.3 % | | |
Daicel Corporation | | | | | 2.2 % | | |
Kanematsu Corporation | | | | | 2.2 % | | |
Dowa Holdings Co., Limited | | | | | 2.2 % | | |
Weatherspoon (J.D.) plc | | | | | 2.2 % | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0 % | | |
Consumer Discretionary | | | | | 26.6 % | | |
Industrials | | | | | 17.3 % | | |
Financials | | | | | 16.7 % | | |
Information Technology | | | | | 13.2 % | | |
Materials | | | | | 7.2 % | | |
Utilities | | | | | 5.7 % | | |
Real Estate | | | | | 2.8 % | | |
Health Care | | | | | 2.7 % | | |
Consumer Staples | | | | | 2.3 % | | |
Telecommunication Services | | | | | 1.6 % | | |
Energy | | | | | 0.0 % | | |
CASH + other assets (net) | | | | | 3.9 % | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 78.9 % | | |
United Kingdom | | | | | 18.8 % | | |
Japan | | | | | 16.5 % | | |
Taiwan | | | | | 10.7 % | | |
Norway | | | | | 6.9 % | | |
Thailand | | | | | 5.5 % | | |
Germany | | | | | 4.4 % | | |
Hong Kong | | | | | 4.3 % | | |
France | | | | | 4.2 % | | |
South Korea | | | | | 3.9 % | | |
India | | | | | 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 | | |||||||||||||||||||||||||||||||||||||||
| | | 3Q 2018 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | (2.22 )% | | | | | | (4.16 )% | | | | | | (3.06 )% | | | | | | 8.14 % | | | | | | 10.38 % | | | | | | 6.86 % | | | | 5/1/2008 | |
Institutional Shares (1) | | | | | (2.15 )% | | | | | | (4.02 )% | | | | | | (2.69 )% | | | | | | 8.44 % | | | | | | 10.67 % | | | | | | 7.13 % | | | | 5/1/2008 | |
R6 Shares (1) | | | | | (2.12 )% | | | | | | (3.99 )% | | | | | | (2.61 )% | | | | | | —% | | | | | | —% | | | | | | 11.73 % | | | | 2/6/2017 | |
MSCI ACWI ex USA Small Cap (2) | | | | | (1.42 )% | | | | | | (3.83 )% | | | | | | 2.24 % | | | | | | 6.52 % | | | | | | 9.11 % | | | | | | 5.02 % | | | | ———————— | |
| | | Shares | | | Value | |||||
AUTO COMPONENTS — 1.8% | |||||||||||
Motorcar Parts of America, Inc. (a) | | | | | 106,614 | | | | | $ | 2,500,098 |
BANKS — 21.4% | |||||||||||
Ameris Bancorp | | | | | 62,200 | | | | | | 2,842,540 |
Brookline Bancorp, Inc. | | | | | 156,000 | | | | | | 2,605,200 |
Bryn Mawr Bank Corporation | | | | | 54,146 | | | | | | 2,539,447 |
Central Pacific Financial Corporation | | | | | 90,783 | | | | | | 2,399,395 |
CoBiz Financial, Inc. | | | | | 118,009 | | | | | | 2,612,719 |
Colony Bankcorp, Inc. | | | | | 157,079 | | | | | | 2,796,006 |
Dime Community Bancshares, Inc. | | | | | 148,900 | | | | | | 2,657,865 |
F.N.B. Corporation | | | | | 196,280 | | | | | | 2,496,682 |
International Bancshares Corporation | | | | | 60,700 | | | | | | 2,731,500 |
OFG Bancorp | | | | | 205,000 | | | | | | 3,310,750 |
RBB Bancorp | | | | | 92,432 | | | | | | 2,264,584 |
| | | | | 29,256,688 | ||||||
BUILDING PRODUCTS — 4.4% | |||||||||||
Continental Building Products Inc. (a) | | | | | 94,300 | | | | | | 3,540,965 |
NCI Building Systems, Inc. (a) | | | | | 162,344 | | | | | | 2,459,512 |
| | | | 6,000,477 | |||||||
CAPITAL MARKETS — 1.9% | |||||||||||
Hercules Capital Inc. | | | | | 193,015 | | | | | | 2,540,077 |
CHEMICALS — 2.5% | |||||||||||
Ferro Corporation (a) | | | | | 146,835 | | | | | | 3,409,509 |
COMMERCIAL SERVICES AND SUPPLIES — 3.2% | |||||||||||
Deluxe Corporation | | | | | 75,900 | | | | | | 4,321,746 |
COMMUNICATIONS EQUIPMENT — 2.2% | |||||||||||
Bel Fuse Inc. Class B | | | | | 111,100 | | | | | | 2,944,150 |
CONSTRUCTION MATERIALS — 1.2% | |||||||||||
U.S. Concrete, Inc. (a)(b) | | | | | 34,960 | | | | | | 1,602,916 |
ELECTRIC UTILITIES — 1.9% | |||||||||||
ALLETE, Inc. | | | | | 35,400 | | | | | | 2,655,354 |
ELECTRICAL EQUIPMENT — 2.4% | |||||||||||
Regal Beloit Corporation | | | | | 40,200 | | | | | | 3,314,490 |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.0% | |||||||||||
Avnet, Inc. | | | | | 60,100 | | | | | | 2,690,677 |
|
| | | Shares | | | Value | |||||
ENERGY EQUIPMENT & SERVICES — 2.1% | |||||||||||
Dril-Quip, Inc. (a) | | | | | 56,000 | | | | | $ | 2,926,000 |
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 5.6% | |||||||||||
Digital Realty Trust, Inc. | | | | | 19,816 | | | | | | 2,228,904 |
EPR Properties | | | | | 39,910 | | | | | | 2,730,243 |
Physicians Realty Trust | | | | | 158,222 | | | | | | 2,667,623 |
| | | | | 7,626,770 | ||||||
FOOD PRODUCTS — 2.0% | |||||||||||
Sanderson Farms, Inc. | | | | | 27,100 | | | | | | 2,801,327 |
HEALTH CARE EQUIPMENT & SUPPLIES — 4.0% | |||||||||||
Computer Programs and Systems, Inc. (b) | | | | | 96,450 | | | | | | 2,589,683 |
Natus Medical, Inc. (a) | | | | | 79,420 | | | | | | 2,831,323 |
| | | | | 5,421,006 | ||||||
INSURANCE — 2.3% | |||||||||||
United Insurance Holdings Corporation | | | | | 142,751 | | | | | | 3,194,767 |
INTERNET SOFTWARE & SERVICES — 4.7% | |||||||||||
Insight Enterprises, Inc. (a) | | | | | 61,327 | | | | | | 3,317,177 |
Web.com Group, Inc. (a) | | | | | 112,600 | | | | | | 3,141,540 |
| | | | | 6,458,717 | ||||||
IT SERVICES — 3.0% | |||||||||||
Alliance Data Systems Corporation | | | | | 2,255 | | | | | | 532,541 |
EVERTEC Inc | | | | | 147,900 | | | | | | 3,564,390 |
| | | | | 4,096,931 | ||||||
LIFE SCIENCES TOOLS & SERVICES — 2.2% | |||||||||||
Cambrex Corporation (a) | | | | | 43,597 | | | | | | 2,982,035 |
MACHINERY — 4.4% | |||||||||||
Exco Technologies Limited | | | | | 384,900 | | | | | | 2,814,489 |
Greenbrier Companies, Inc. (The) | | | | | 52,500 | | | | | | 3,155,250 |
| | | | | 5,969,739 | ||||||
MEDIA — 3.3% | |||||||||||
Cinemark Holdings, Inc. | | | | | 82,791 | | | | | | 3,328,198 |
Entravision Communications Corporation, Class A | | | | | 232,264 | | | | | | 1,138,094 |
| | | | | 4,466,292 | ||||||
OIL, GAS & CONSUMABLE FUELS — 2.0% | |||||||||||
Diamondback Energy, Inc. | | | | | 20,270 | | | | | | 2,740,301 |
|
| | | Shares | | | Value | |||||
PHARMACEUTICALS — 0.8% | |||||||||||
Phibro Animal Health Corporation | | | | | 25,500 | | | | | $ | 1,093,950 |
PROFESSIONAL SERVICES — 2.3% | |||||||||||
Kforce, Inc. | | | | | 85,094 | | | | | | 3,199,534 |
ROAD & RAIL — 1.7% | |||||||||||
Knight-Swift Transportation Holdings Inc. | | | | | 69,094 | | | | | | 2,382,361 |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.7% | |||||||||||
Integrated Device Technology, Inc. (a) | | | | | 78,339 | | | | | | 3,682,716 |
SPECIALTY RETAIL — 2.0% | |||||||||||
Asbury Automotive Group, Inc. (a) | | | | | 40,046 | | | | | | 2,753,163 |
TEXTILES, APPAREL & LUXURY GOODS — 2.0% | |||||||||||
Deckers Outdoor Corporation (a) | | | | | 23,500 | | | | | | 2,786,630 |
TRADING COMPANIES & DISTRIBUTORS — 6.7% | |||||||||||
Air Lease Corporation | | | | | 64,000 | | | | | | 2,936,320 |
Nexeo Solutions, Inc. (a) | | | | | 276,800 | | | | | | 3,390,800 |
WESCO International, Inc. (a) | | | | | 45,300 | | | | | | 2,783,685 |
| | | | | | | | | | | 9,110,805 |
TOTAL COMMON STOCK | |||||||||||
(Cost $97,118,066) | | | | | | | | | | | 134,929,226 |
|
| | | Par Value | | | Value | |||||
Money Market—1.3% | | | | | | | | | | | |
State Street Bank Institutional U.S. Government Money Market Fund, 1.97% (c) (Cost $1,781,529) | | | | $ | 1,781,529 | | | | | | 1,781,529 |
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED)—100.0% (Cost $98,899,595) | | | | | | | | | | | 136,710,755 |
INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED—0.1% | | | | | | | | | | | |
Money Market—0.1% | | | | | | | | | | | |
BlackRock FedFund (Institutional Shares), 1.96% (d) (Cost $175,809) | | | | | | | | | | | 175,809 |
TOTAL INVESTMENTS—100.1% (Cost $99,075,404) | | | | | | | | | | | 136,886,564 |
OTHER ASSETS & LIABILITIES (NET)—(0.1%) | | | | | | | | | | | (195,479 ) |
NET ASSETS—100% | | | | | | | | | | $ | 136,691,085 |
|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 39,322,443 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (1,608,551 ) |
| Net unrealized appreciation/(depreciation) | | | | $ | 37,713,892 |
|
| | | Shares | | | Value | |||||
AEROSPACE & DEFENSE — 2.1% | |||||||||||
United Technologies Corporation | | | | | 26,256 | | | | | $ | 3,670,851 |
BANKS — 4.6% | |||||||||||
U.S. Bancorp | | | | | 78,869 | | | | | | 4,165,072 |
Wells Fargo & Company | | | | | 78,982 | | | | | | 4,151,294 |
| | | | | 8,316,366 | ||||||
BEVERAGES — 1.3% | |||||||||||
Coca-Cola Company (The) | | | | | 51,610 | | | | | | 2,383,866 |
COMMUNICATIONS EQUIPMENT — 3.7% | |||||||||||
QUALCOMM Incorporated | | | | | 75,007 | | | | | | 5,402,754 |
Schlumberger Limited | | | | | 21,011 | | | | | | 1,279,990 |
| | | | | 6,682,744 | ||||||
COMPUTERS & PERIPHERALS — 7.3% | |||||||||||
Apple, Inc. | | | | | 54,216 | | | | | | 12,238,720 |
Teradata Corporation (a) | | | | | 20,684 | | | | | | 779,993 |
| | | | | 13,018,713 | ||||||
DIVERSIFIED FINANCIAL SERVICES — 2.5% | |||||||||||
American Express Company | | | | | 41,247 | | | | | | 4,392,393 |
ELECTRICAL EQUIPMENT — 1.0% | |||||||||||
Honeywell International Inc. | | | | | 10,768 | | | | | | 1,791,795 |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.6% | |||||||||||
Amphenol Corporation | | | | | 11,451 | | | | | | 1,076,623 |
FOOD PRODUCTS — 3.6% | |||||||||||
Nestle, S.A. (b) | | | | | 29,141 | | | | | | 2,424,531 |
Unilever plc (b) | | | | | 70,760 | | | | | | 3,889,677 |
| | | | | 6,314,208 | ||||||
FOOD STAPLES & DRUG RETAILING — 2.9% | |||||||||||
Costco Wholesale Corporation | | | | | 18,763 | | | | | | 4,407,053 |
PepsiCo, Inc. | | | | | 6,211 | | | | | | 694,390 |
| | | | | 5,101,443 | ||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 5.1% | |||||||||||
Becton, Dickinson and Company | | | | | 7,391 | | | | | | 1,929,051 |
Medtronic plc | | | | | 53,850 | | | | | | 5,297,224 |
Stryker Corporation | | | | | 10,738 | | | | | | 1,907,928 |
| | | | | 9,134,203 | ||||||
|
| | | Shares | | | Value | |||||
HEALTH CARE PROVIDERS & SERVICES — 7.2% | |||||||||||
Anthem, Inc. | | | | | 13,851 | | | | | $ | 3,795,867 |
UnitedHealth Group, Inc. | | | | | 33,776 | | | | | | 8,985,767 |
| | | | | 12,781,634 | ||||||
HOTELS RESTAURANT & LEISURE — 0.4% | |||||||||||
Compass Group PLC (b) | | | | | 32,781 | | | | | | 741,342 |
HOUSEHOLD PRODUCTS — 1.7% | |||||||||||
Reckitt Benckiser Group plc | | | | | 32,028 | | | | | | 2,957,991 |
INDUSTRIAL CONGLOMERATES — 1.4% | |||||||||||
3M Company | | | | | 12,058 | | | | | | 2,540,741 |
INTERNET SOFTWARE & SERVICES — 7.3% | |||||||||||
Alphabet Inc. A (a) | | | | | 4,757 | | | | | | 5,742,080 |
Alphabet Inc. C (a) | | | | | 4,358 | | | | | | 5,201,142 |
Facebook, Inc. (a) | | | | | 12,068 | | | | | | 1,984,703 |
| | | | | 12,927,925 | ||||||
IT CONSULTING & SERVICES — 5.4% | |||||||||||
Accenture plc | | | | | 33,330 | | | | | | 5,672,766 |
Cognizant Technology Solutions Corporation | | | | | 50,291 | | | | | | 3,879,951 |
| | | | | 9,552,717 | ||||||
PHARMACEUTICALS & BIOTECHNOLOGY — 12.6% | |||||||||||
Abbott Laboratories | | | | | 42,261 | | | | | | 3,100,267 |
Johnson & Johnson | | | | | 62,607 | | | | | | 8,650,409 |
Merck & Co., Inc. | | | | | 44,359 | | | | | | 3,146,827 |
Novartis AG (b) | | | | | 30,297 | | | | | | 2,610,390 |
Pfizer Inc. | | | | | 39,186 | | | | | | 1,726,927 |
Roche Holding Ltd. (b) | | | | | 106,004 | | | | | | 3,197,081 |
| | | | 22,431,901 | |||||||
RETAILING — 2.7% | |||||||||||
TJX Companies, Inc. (The) | | | | | 42,354 | | | | | | 4,744,495 |
SEMICONDUCTOR EQUIPMENT & PRODUCTS — 3.4% | |||||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (b) | | | | | 75,254 | | | | | | 3,323,216 |
Texas Instruments, Inc. | | | | | 26,438 | | | | | | 2,836,534 |
| | | | | 6,159,750 | ||||||
SOFTWARE & SERVICES — 17.5% | |||||||||||
Cisco Systems, Inc. | | | | | 95,905 | | | | | | 4,665,778 |
MasterCard Incorporated | | | | | 9,545 | | | | | | 2,124,813 |
| | | Shares | | | Value | |||||
SOFTWARE & SERVICES (continued) | | | | | | | | | | | |
Microsoft Corporation | | | | | 83,119 | | | | | $ | 9,506,320 |
Oracle Corporation | | | | | 203,106 | | | | | | 10,472,145 |
SAP AG (b)(c) | | | | | 19,038 | | | | | | 2,341,674 |
Visa, Inc. | | | | | 13,472 | | | | | | 2,022,013 |
| | | | | 31,132,743 | ||||||
TEXTILES, APPAREL & LUXURY GOODS — 1.7% | |||||||||||
LVMH Moët Hennessy-Louis Vuitton S.A. (b) | | | | | 24,267 | | | | | | 1,710,581 |
V.F. Corporation | | | | | 13,686 | | | | | | 1,278,957 |
| | | | | 2,989,538 | ||||||
TOBACCO — 2.4% | |||||||||||
British American Tobacco plc (b) | | | | | 54,253 | | | | | | 2,529,818 |
Philip Morris International, Inc. | | | | | 20,391 | | | | | | 1,662,682 |
| | | | | 4,192,500 | ||||||
TOTAL COMMON STOCK | |||||||||||
(Cost $144,122,231) | | | | | | | | | | | 175,036,482 |
|
| | | Par Value | | | Value | |||||
State Street Bank & Trust Co., Repurchase Agreement 0.42%, 10/01/18, (Dated 09/28/18), Collateralized by 1,780,000 par TSY INFL IX N/B-2.375% due 01/15/2025, Market Value $2,602,807 Repurchase Proceeds $2,549,374 (Cost $2,549,285) | | | | $ | 2,549,285 | | | | | | 2,549,285 |
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED)—102.4% (Cost $146,671,516) | | | | | | | | | | | 177,585,767 |
INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED - 1.3% | | | | | | | | | | | |
Money Market—1.3% | | | | | | | | | | | |
BlackRock FedFund (Institutional Shares) 1.96% (d) (Cost $2,314,095) | | | | | 2,314,095 | | | | | | 2,314,095 |
TOTAL INVESTMENTS 103.7% (Cost $148,985,611) | | | | | | | | | | | 179,899,862 |
OTHER ASSETS & LIABILITIES (NET)—(3.7%) | | | | | | | | | | | (1,843,692 ) |
NET ASSETS—100% | | | | | | | | | | $ | 178,056,170 |
|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 32,874,930 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (2,063,066 ) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 30,811,864 | | |
|
| | | Shares | | | Value | |||||
BRAZIL — 1.0% | |||||||||||
Porto Seguro S.A. | | | | | 26,600 | | | | | $ | 394,298 |
Sul America S.A. | | | | | 98,500 | | | | | | 640,282 |
| | | | | 1,034,580 | ||||||
CHINA — 8.2% | |||||||||||
Agricultural Bank of China, Class H | | | | | 376,000 | | | | | | 184,489 |
Anhui Conch Cement Company Limited H | | | | | 57,000 | | | | | | 344,135 |
Bank of China Ltd., H | | | | | 69,392 | | | | | | 30,856 |
Bank of Communications Co., Ltd. H | | | | | 98,000 | | | | | | 73,505 |
China Cinda Asset Management Co., Ltd. H | | | | | 75,000 | | | | | | 18,975 |
China Communications Services Corporation Ltd. H | | | | | 34,000 | | | | | | 31,323 |
China Construction Bank Corporation | | | | | 202,422 | | | | | | 176,915 |
China Merchants Bank Co., Ltd. - H Shares | | | | | 8,500 | | | | | | 34,538 |
China National Building Material Co., Ltd. H | | | | | 558,000 | | | | | | 495,531 |
China Shenhua Energy Co., Ltd. | | | | | 294,000 | | | | | | 671,687 |
China Southern Airlines Company Limited H | | | | | 696,000 | | | | | | 445,552 |
China Vanke Co., Ltd. H | | | | | 13,300 | | | | | | 44,015 |
Dongfeng Motor Group Company Limited | | | | | 306,000 | | | | | | 315,143 |
Fosun International | | | | | 355,500 | | | | | | 626,860 |
Guangzhou Automobile Group Co Ltd H Shares | | | | | 308,000 | | | | | | 341,210 |
Guangzhou R&F Properties Co., Ltd. H | | | | | 50,400 | | | | | | 92,607 |
Industrial & Commercial Bank of China Ltd. | | | | | 161,911 | | | | | | 118,338 |
Kingboard Chemical Holdings, Ltd. | | | | | 214,000 | | | | | | 698,645 |
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. B | | | | | 19,200 | | | | | | 26,304 |
Shenzhou International Group | | | | | 50,550 | | | | | | 648,495 |
Sino-Ocean Land Holdings Ltd. | | | | | 59,000 | | | | | | 26,009 |
Sinopec Shanghai Petrochemical Co., Ltd. | | | | | 719,000 | | | | | | 439,146 |
Weichai Power Company Ltd. | | | | | 494,000 | | | | | | 612,281 |
Yum China Holdings Inc. | | | | | 23,638 | | | | | | 829,930 |
YY Inc. (a)(b) | | | | | 11,454 | | | | | | 858,134 |
| | | | | 8,184,623 | ||||||
CZECH REPUBLIC — 1.9% | |||||||||||
Komercni Banka A.S. | | | | | 22,187 | | | | | | 911,409 |
Moneta Money Bank A.S. | | | | | 265,211 | | | | | | 977,034 |
| | | | | 1,888,443 | ||||||
EGYPT — 1.8% | |||||||||||
Commercial International Bank | | | | | 377,483 | | | | | | 1,769,452 |
HONG KONG — 13.2% | |||||||||||
ANTA Sports Products, Ltd. | | | | | 84,000 | | | | | | 403,033 |
China Conch Venture Holdings Limited | | | | | 238,500 | | | | | | 831,961 |
| | | Shares | | | Value | |||||
HONG KONG (continued) | | | | | | | | | | | |
China Gas Holdings Ltd. | | | | | 352,000 | | | | | $ | 996,250 |
China Huishan Dairy Holdings Co., Ltd. *(a) | | | | | 208,000 | | | | | | — |
China Jinmao Holdings Group Ltd. | | | | | 50,000 | | | | | | 22,744 |
China Medical System Holdings Ltd. | | | | | 656,000 | | | | | | 911,978 |
China Mengniu Dairy Company Limited | | | | | 418,000 | | | | | | 1,391,348 |
China Mobile Limited | | | | | 209,500 | | | | | | 2,065,246 |
China Overseas Land and Investment Ltd. | | | | | 52,000 | | | | | | 162,788 |
China Resources Power Holdings Co., Ltd. | | | | | 788,000 | | | | | | 1,393,523 |
CNOOC Limited | | | | | 487,000 | | | | | | 964,523 |
Country Garden Holdings Company Limited | | | | | 34,000 | | | | | | 42,879 |
Country Garden Services Holdings Company Ltd. (a) | | | | | 3,908 | | | | | | 6,641 |
Geely Automobile Holdings Ltd. | | | | | 118,000 | | | | | | 235,211 |
Haier Electronics Group Co., Ltd. | | | | | 93,000 | | | | | | 252,519 |
Hanergy Thin Film Power Group Ltd. * (a) | | | | | 36,000 | | | | | | — |
Hengan International Group Co., Ltd. | | | | | 224,500 | | | | | | 2,071,121 |
Lee & Man Paper Manufacturing Ltd. | | | | | 330,000 | | | | | | 306,128 |
Longfor Properties Co., Ltd. | | | | | 42,500 | | | | | | 109,696 |
Nine Dragons Paper Limited | | | | | 295,000 | | | | | | 318,892 |
Shimao Property Holding Limited | | | | | 37,500 | | | | | | 93,533 |
Soho China Limited | | | | | 31,000 | | | | | | 12,042 |
Sunny Optical Technology (Group) Co., Ltd. | | | | | 49,500 | | | | | | 571,143 |
| | | | | 13,163,199 | ||||||
HUNGARY — 1.0% | |||||||||||
OTP Bank Nyrt. | | | | | 27,196 | | | | | | 1,008,278 |
INDIA — 4.7% | |||||||||||
HCL Technologies Ltd. | | | | | 200,623 | | | | | | 3,005,471 |
Hindustan Petroleum Corporation Ltd. | | | | | 239,595 | | | | | | 830,931 |
IndianOil Corporation Ltd. | | | | | 391,062 | | | | | | 830,784 |
| | | | | 4,667,186 | ||||||
INDONESIA — 0.9% | |||||||||||
PT Bank Negara Indonesia (Persero) Tbk | | | | | 916,500 | | | | | | 455,129 |
PT Bank Rakyat Indonesia Tbk | | | | | 2,285,965 | | | | | | 483,226 |
| | | | | 938,355 | ||||||
MALAYSIA — 1.1% | |||||||||||
Malayan Banking Berhad | | | | | 455,000 | | | | | | 1,076,344 |
RUSSIA — 7.0% | |||||||||||
ALROSA ao | | | | | 373,000 | | | | | | 604,998 |
Inter Rao UES OJSC | | | | | 17,074,000 | | | | | | 1,065,653 |
LUKoil P.J.S.C. (b) | | | | | 7,835 | | | | | | 600,945 |
| | | Shares | | | Value | |||||
RUSSIA (continued) | | | | | | | | | | | |
MMC Norilsk Nickel P.J.S.C. (b) | | | | | 27,301 | | | | | $ | 472,307 |
NovaTek OAO (Reg S) (c) | | | | | 7,487 | | | | | | 1,377,608 |
Novolipetsk Steel | | | | | 198,910 | | | | | | 539,274 |
PhosAgro (c) | | | | | 8,451 | | | | | | 114,765 |
Sberbank | | | | | 261,370 | | | | | | 810,681 |
Severstal (c) | | | | | 33,380 | | | | | | 555,777 |
Surgutneftegaz | | | | | 791,300 | | | | | | 332,418 |
Tatneft PAO-CLS | | | | | 40,200 | | | | | | 511,269 |
| | | | | 6,985,695 | ||||||
SOUTH AFRICA — 8.1% | |||||||||||
Absa Group Limited | | | | | 22,461 | | | | | | 241,002 |
Bidvest Group Limited | | | | | 83,037 | | | | | | 1,085,259 |
Exxaro Resources Ltd. | | | | | 127,702 | | | | | | 1,311,393 |
FirstRand Limited | | | | | 37,352 | | | | | | 179,094 |
Fortress REIT Limited | | | | | 131,841 | | | | | | 157,781 |
Foschini Limited | | | | | 41,913 | | | | | | 513,349 |
Imperial Holdings Limited | | | | | 34,479 | | | | | | 426,268 |
Mr Price Group Ltd. | | | | | 26,372 | | | | | | 425,268 |
Nedbank Group Ltd | | | | | 8,910 | | | | | | 166,574 |
Pioneer Foods Group Ltd. | | | | | 5,782 | | | | | | 37,580 |
Redefine Properties Ltd. | | | | | 86,000 | | | | | | 60,877 |
Sasol Ltd. | | | | | 38,669 | | | | | | 1,495,757 |
Standard Bank of South Africa Ltd. | | | | | 8,852 | | | | | | 109,438 |
Steinhoff International Holdings N.V. (a) | | | | | 7,219 | | | | | | 1,173 |
Telkom South Africa Limited | | | | | 369,277 | | | | | | 1,347,711 |
Truworths International Ltd. | | | | | 92,663 | | | | | | 546,617 |
| | | | | 8,105,141 | ||||||
SOUTH KOREA — 18.4% | |||||||||||
Dongbu Insurance Co., Ltd. | | | | | 3,979 | | | | | | 261,141 |
Hanwha Chemical Corporation | | | | | 41,520 | | | | | | 722,412 |
Hyundai Glovis Co., Ltd. | | | | | 14,293 | | | | | | 1,675,087 |
Hyundai Marine & Fire Insurance, Co., Ltd. | | | | | 7,179 | | | | | | 271,498 |
Hyundai Mobis Company Limited | | | | | 5,273 | | | | | | 1,083,835 |
Industrial Bank of Korea | | | | | 17,605 | | | | | | 242,034 |
KB Financial Group Inc. | | | | | 3,712 | | | | | | 181,375 |
KT&G Corporation | | | | | 23,748 | | | | | | 2,226,542 |
LG Corp. | | | | | 27,231 | | | | | | 1,782,259 |
LG Electronics Inc. | | | | | 11,163 | | | | | | 714,513 |
Lotte Chemical Corporation | | | | | 4,066 | | | | | | 1,019,020 |
NCSoft Corporation | | | | | 3,162 | | | | | | 1,261,379 |
Samsung Electronics Company, Ltd. | | | | | 20,090 | | | | | | 841,272 |
| | | Shares | | | Value | |||||
SOUTH KOREA (continued) | | | | | | | | | | | |
Samsung Fire & Marine Insurance Co., Ltd. | | | | | 1,195 | | | | | $ | 305,955 |
SK Hynix Inc. | | | | | 12,587 | | | | | | 829,488 |
SK Innovation Co., Ltd. | | | | | 5,043 | | | | | | 977,458 |
SK Telecom Co., Ltd. (b) | | | | | 12,255 | | | | | | 341,669 |
SK Telecom Company Ltd. | | | | | 9,484 | | | | | | 2,411,078 |
S-Oil Corp. | | | | | 9,928 | | | | | | 1,226,176 |
| | | | 18,374,191 | |||||||
TAIWAN — 13.1% | |||||||||||
AU Optronics Corp. | | | | | 1,061,000 | | | | | | 448,266 |
Catcher Technology Co., Ltd. | | | | | 58,000 | | | | | | 638,260 |
Chailease Holding Co., Ltd. | | | | | 8,160 | | | | | | 28,596 |
China Development Financial Holding Corporation | | | | | 605,000 | | | | | | 225,887 |
China Life Insurance Co., Limited | | | | | 223,660 | | | | | | 224,883 |
Chinatrust Financial Holding Co., Ltd. | | | | | 265,000 | | | | | | 199,620 |
Chunghwa Telecom Co., Ltd. (b) | | | | | 3,063 | | | | | | 109,992 |
First Financial Holding Company Ltd. | | | | | 363,984 | | | | | | 247,957 |
Fubon Financial Holding Co., Ltd. | | | | | 108,000 | | | | | | 183,225 |
Hon Hai Precision Industry Co., Ltd. | | | | | 18,544 | | | | | | 48,101 |
Inventec Corporation | | | | | 732,000 | | | | | | 656,889 |
Largan Precision Co., Ltd. | | | | | 908 | | | | | | 108,099 |
Macronix International Co., Ltd. | | | | | 276,421 | | | | | | 230,404 |
Mega Financial Holding Co., Ltd. | | | | | 267,000 | | | | | | 240,478 |
Micro-Star International Co., Ltd. | | | | | 79,000 | | | | | | 213,458 |
Nanya Technology Corp. | | | | | 158,000 | | | | | | 300,652 |
Novatek Microelectronics Corp., Ltd. | | | | | 124,000 | | | | | | 613,238 |
Phison Electronics Corp. | | | | | 52,000 | | | | | | 413,847 |
Pou Chen Corporation | | | | | 2,145,000 | | | | | | 2,265,622 |
President Chain Store Corp. | | | | | 262,000 | | | | | | 3,076,245 |
Ruentex Industries Ltd. | | | | | 1,123,000 | | | | | | 2,232,539 |
Shin Kong Financial Holding Co., Ltd. | | | | | 730,368 | | | | | | 285,851 |
Taiwan Semiconductor Manufacturing Co., Ltd. (b) | | | | | 1,833 | | | | | | 80,945 |
| | | | | 13,073,055 | ||||||
THAILAND — 6.4% | |||||||||||
Indorama Ventures Public Company Limited | | | | | 28,500 | | | | | | 51,994 |
Kasikornbank PCL | | | | | 40,800 | | | | | | 275,028 |
Kasikornbank PCL (d) | | | | | 54,900 | | | | | | 366,679 |
Krung Thai Bank PCL | | | | | 419,046 | | | | | | 261,742 |
Krung Thai Bank PCL (d) | | | | | 614,500 | | | | | | 383,825 |
PTT Global Chemical PCL | | | | | 68,800 | | | | | | 172,851 |
PTT Global Chemical PCL (d) | | | | | 600,000 | | | | | | 1,507,421 |
PTT PCL (d) | | | | | 574,700 | | | | | | 964,053 |
| | | Shares | | | Value | |||||
THAILAND (continued) | | | | | | | | | | | |
Siam Cement Pub Co-for Reg | | | | | 4,450 | | | | | $ | 61,370 |
Siam Commercial Bank PCL | | | | | 23,000 | | | | | | 105,968 |
Siam Commercial Bank PCL (d) | | | | | 100,700 | | | | | | 463,955 |
Thai Oil PCL | | | | | 39,600 | | | | | | 108,367 |
Thai Oil PCL (d) | | | | | 413,400 | | | | | | 1,131,289 |
TMB Bank Public Company Limited | | | | | 1,274,600 | | | | | | 90,649 |
TMB Bank Public Company Limited (d) | | | | | 6,247,400 | | | | | | 444,311 |
| | | | | 6,389,502 | ||||||
TURKEY — 6.1% | |||||||||||
Eregli Demir ve Celik Fabrikalari T.A.S. | | | | | 460,832 | | | | | | 842,794 |
Ford Otomotiv Sanayi A.S. | | | | | 106,715 | | | | | | 1,164,273 |
Petkim Petrokimya Holding A.S. | | | | | 1,008,518 | | | | | | 894,625 |
TAV Havalimanlari Holding A.S. | | | | | 322,851 | | | | | | 1,674,450 |
Tupras - Turkiye Petrol Rafinerileri A.S. | | | | | 70,882 | | | | | | 1,577,219 |
| | | | | 6,153,361 | ||||||
UNITED ARAB EMIRATES — 2.5% | |||||||||||
Aldar Properties P.J.S.C. | | | | | 1,047,434 | | | | | | 521,864 |
Dubai Islamic Bank PSJ | | | | | 730,983 | | | | | | 1,072,692 |
First Abu Dhabi Bank | | | | | 234,216 | | | | | | 911,867 |
| | | | | 2,506,423 | ||||||
TOTAL COMMON STOCK | |||||||||||
(Cost $98,618,159) | | | | | | | | | | | 95,317,827 |
| |||||||||||
Preferred Stock — 2.4% | |||||||||||
SOUTH KOREA — 2.4% | |||||||||||
Hyundai Motor Company Ltd. - Security has preferential dividend and liquidation rights. | | | | | 10,523 | | | | | | 803,514 |
Hyundai Motor Company Ltd. - Security has preferential dividend and liquidation rights. | | | | | 11,376 | | | | | | 803,012 |
Samsung Electronics Co., Ltd. - Security has preferential dividend and liquidation rights. | | | | | 23,270 | | | | | | 794,022 |
| | | | | 2,400,548 | ||||||
TOTAL PREFERRED STOCK | |||||||||||
(Cost $2,690,616) | | | | | | | | | | | 2,400,548 |
| |||||||||||
Exchange Traded Funds — 0.8% | |||||||||||
UNITED STATES — 0.8% | |||||||||||
Vanguard FTSE Emerging Markets ETF | | | | | 20,700 | | | | | | 848,700 |
(Cost $854,270) | | | | | | | | | | | |
| | | Par Value | | | Value | |||||
State Street Bank & Trust Co., Repurchase Agreement 0.42%, 10/01/18, (Dated 09/28/18), Collateralized by 415,000 par TSY INFL IX N/B-2.375% due 01/15/2025, Market Value $606,834 Repurchase Proceeds $592,790 (Cost $592,769) | | | | $ | 592,769 | | | | | $ | 592,769 |
TOTAL INVESTMENTS—99.2% (Cost $102,755,814) | | | | | | | | | | | 99,159,844 |
OTHER ASSETS & LIABILITIES (Net)—0.8% | | | | | | | | | | | 739,458 |
NET ASSETS—100% | | | | | | | | | | $ | 99,899,302 |
|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 5,318,197 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (9,088,242 ) |
| Net unrealized appreciation / (depreciation) | | | | $ | (3,770,045 ) |
|
| | | Shares | | | Value | | ||||||
AUSTRALIA — 2.1% | | ||||||||||||
BHP Billiton plc (a) | | | | | 1,702,100 | | | | | $ | 74,858,358 | | |
AUSTRIA — 2.2% | | ||||||||||||
Andritz AG | | | | | 1,317,100 | | | | | | 76,929,298 | | |
BELGIUM — 2.1% | | ||||||||||||
Solvay S.A. | | | | | 556,418 | | | | | | 74,699,915 | | |
CANADA — 4.0% | | ||||||||||||
Magna International Inc. | | | | | 1,155,104 | | | | | | 60,644,412 | | |
Methanex Corporation | | | | | 1,003,793 | | | | | | 79,194,285 | | |
| | | | | 139,838,697 | | | ||||||
COLOMBIA — 1.7% | | ||||||||||||
Bancolombia S.A. (a) | | | | | 769,800 | | | | | | 32,116,056 | | |
Bancolombia S.A.. | | | | | 2,504,600 | | | | | | 26,971,503 | | |
| | | | | 59,087,559 | | | ||||||
FINLAND — 1.9% | | ||||||||||||
Kone OYJ, Class B | | | | | 1,215,900 | | | | | | 65,040,134 | | |
FRANCE — 8.4% | | ||||||||||||
Imerys SA | | | | | 991,879 | | | | | | 73,325,117 | | |
Ipsos | | | | | 643,480 | | | | | | 19,715,936 | | |
Michelin (CGDE) | | | | | 540,400 | | | | | | 64,666,394 | | |
Publicis Groupe | | | | | 1,071,400 | | | | | | 64,110,200 | | |
Vinci SA | | | | | 727,900 | | | | | | 69,395,041 | | |
| | | | | 291,212,688 | | | ||||||
GERMANY — 13.3% | | ||||||||||||
BASF SE | | | | | 747,300 | | | | | | 66,493,184 | | |
Deutsche Telekom AG | | | | | 4,151,777 | | | | | | 67,006,488 | | |
Freenet AG | | | | | 2,361,894 | | | | | | 56,828,697 | | |
Hannover Rueck SE | | | | | 551,300 | | | | | | 77,985,798 | | |
Lanxess AG | | | | | 843,100 | | | | | | 61,816,972 | | |
Linde AG | | | | | 273,600 | | | | | | 64,780,467 | | |
Muenchener Rueckvers AG | | | | | 308,230 | | | | | | 68,340,225 | | |
| | | | | 463,251,831 | | | ||||||
INDIA — 2.0% | | ||||||||||||
Infosys Limited - SP (a) | | | | | 6,729,784 | | | | | | 68,441,903 | | |
IRELAND — 2.0% | | ||||||||||||
Greencore Group plc | | | | | 29,107,735 | | | | | | 70,327,536 | | |
|
| | | Shares | | | Value | | ||||||
ISRAEL — 2.1% | | ||||||||||||
Teva Pharmaceuticals SP (a) | | | | | 3,403,256 | | | | | $ | 73,306,134 | | |
ITALY — 0.1% | | ||||||||||||
Trevi Finanziaria SpA (b) | | | | | 7,602,219 | | | | | | 2,668,605 | | |
JAPAN — 5.9% | | ||||||||||||
Kansai Electric Power Company Inc. | | | | | 4,558,100 | | | | | | 68,796,205 | | |
KDDI Corporation | | | | | 2,382,300 | | | | | | 65,888,715 | | |
Nexon Co., Limited (b) | | | | | 5,559,200 | | | | | | 72,738,112 | | |
| | | | | 207,423,032 | | | ||||||
NORWAY — 6.1% | | ||||||||||||
DNB Bank ASA | | | | | 3,401,730 | | | | | | 71,622,632 | | |
SpareBank 1 SR-Bank ASA | | | | | 4,781,587 | | | | | | 58,200,554 | | |
Yara International ASA | | | | | 1,689,000 | | | | | | 83,001,063 | | |
| | | | | 212,824,249 | | | ||||||
PUERTO RICO — 2.0% | | ||||||||||||
Popular, Inc. | | | | | 1,357,450 | | | | | | 69,569,312 | | |
SINGAPORE — 2.0% | | ||||||||||||
United Overseas Bank Limited | | | | | 3,491,186 | | | | | | 69,172,355 | | |
SOUTH AFRICA — 2.2% | | ||||||||||||
Sasol Limited | | | | | 2,002,935 | | | | | | 77,475,592 | | |
SOUTH KOREA — 10.9% | | ||||||||||||
Hyundai Mobis Company Limited | | | | | 270,400 | | | | | | 55,579,175 | | |
Kia Motors Corporation | | | | | 1,816,400 | | | | | | 57,476,349 | | |
KT&G Corporation | | | | | 506,400 | | | | | | 47,478,567 | | |
LG Uplus Corporation | | | | | 4,279,583 | | | | | | 70,602,992 | | |
Samsung Electronics Company, Limited | | | | | 1,633,373 | | | | | | 68,397,724 | | |
Shinhan Financial Group Co., Limited | | | | | 1,254,100 | | | | | | 50,876,268 | | |
SK Hynix Inc. | | | | | 438,700 | | | | | | 28,910,498 | | |
| | | | | 379,321,573 | | | ||||||
SWEDEN — 3.8% | | ||||||||||||
Duni AB | | | | | 1,463,100 | | | | | | 19,380,227 | | |
Loomis AB, Class B | | | | | 1,253,726 | | | | | | 40,415,670 | | |
Svenska Handelsbanken AB, Class A | | | | | 5,740,800 | | | | | | 72,583,230 | | |
| | | | | 132,379,127 | | | ||||||
SWITZERLAND — 2.4% | | ||||||||||||
Novartis AG | | | | | 949,650 | | | | | | 82,133,996 | | |
|
| | | Shares | | | Value | | ||||||
THAILAND — 2.3% | | ||||||||||||
Siam Commercial Bank PCL | | | | | 17,421,900 | | | | | $ | 80,267,876 | | |
UNITED KINGDOM — 15.0% | | ||||||||||||
Babcock International Group plc | | | | | 7,162,243 | | | | | | 67,592,408 | | |
BBA Aviation plc | | | | | 10,139,279 | | | | | | 39,783,833 | | |
Bellway plc | | | | | 2,177,988 | | | | | | 85,685,888 | | |
Cineworld Group plc | | | | | 19,172,800 | | | | | | 78,982,905 | | |
Inchcape plc | | | | | 3,255,186 | | | | | | 28,425,787 | | |
Next PLC | | | | | 850,050 | | | | | | 60,959,823 | | |
Standard Chartered plc | | | | | 11,085,809 | | | | | | 92,089,080 | | |
Taylor Wimpey plc | | | | | 30,806,275 | | | | | | 69,083,275 | | |
| | | | | 522,602,999 | | | ||||||
TOTAL COMMON STOCK | | ||||||||||||
(Cost $2,988,464,340) | | | | | | | | | | | 3,292,832,769 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—7.0% | | ||||||||||||
State Street Bank Institutional U.S. Government Money Market Fund, 1.97% (c) (Cost $ 243,543,808) | | | | $ | 245,543,808 | | | | | | 243,543,808 | | |
TOTAL INVESTMENTS—101.5% (Cost $ 3,232,008,148) | | | | | | | | | | | 3,536,376,577 | | |
OTHER ASSETS & LIABILITIES (NET)—(1.5)% | | | | | | | | | | | (51,184,143 ) | | |
NET ASSETS—100% | | | | | | | | | | $ | 3,485,192,434 | | |
|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 416,589,805 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (118,705,887 ) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 297,883,918 | | |
|
| | | Shares | | | Value | |||||
AUSTRALIA — 0.8% | |||||||||||
Asaleo Care Limited | | | | | 15,689,828 | | | | | $ | 8,233,316 |
BRAZIL — 1.8% | |||||||||||
Equatorial Energia S.A. | | | | | 1,325,437 | | | | | | 19,040,855 |
CHINA — 3.2% | |||||||||||
China Hongxing Sports Limited * (a) | | | | | 10,258,400 | | | | | | — |
Shanghai Mechanical & Electrical Industry Co. Limited - B | | | | | 9,462,429 | | | | | | 16,672,800 |
Shui On Land Limited | | | | | 28,064,934 | | | | | | 6,526,604 |
Xinhua Winshare Publishing and Media Co., Limited | | | | | 16,119,500 | | | | | | 10,957,590 |
| | | | | 34,156,994 | ||||||
DENMARK — 1.9% | |||||||||||
DFDS A/S | | | | | 395,690 | | | | | | 19,613,346 |
EGYPT — 0.5% | |||||||||||
Egypt Kuwait Holding Company S.A.E. | | | | | 4,690,025 | | | | | | 5,440,429 |
FRANCE — 4.2% | |||||||||||
Elis SA | | | | | 1,015,500 | | | | | | 23,937,833 |
Ipsos | | | | | 653,767 | | | | | | 20,031,126 |
| | | | | 43,968,959 | ||||||
GERMANY — 2.8% | |||||||||||
Freenet AG | | | | | 724,404 | | | | | | 17,429,629 |
Sixt SE | | | | | 96,825 | | | | | | 12,064,775 |
| | | | | 29,494,404 | ||||||
HONG KONG — 4.3% | |||||||||||
AMVIG Holdings Limited | | | | | 20,422,000 | | | | | | 5,323,292 |
Samson Holding Limited | | | | | 60,682,800 | | | | | | 4,807,388 |
Texwinca Holdings Limited | | | | | 24,886,200 | | | | | | 9,794,023 |
VSTecs Holdings Limited | | | | | 16,595,360 | | | | | | 8,566,825 |
VTech Holdings Limited | | | | | 1,423,800 | | | | | | 16,446,339 |
| | | | | 44,937,867 | ||||||
INDIA — 3.7% | |||||||||||
LIC Housing Finance Limited | | | | | 2,287,200 | | | | | | 13,146,115 |
NIIT Technologies Limited | | | | | 973,075 | | | | | | 14,761,906 |
South Indian Bank Limited | | | | | 62,163,501 | | | | | | 11,319,606 |
| | | | | 39,227,627 | ||||||
IRELAND — 3.0% | |||||||||||
Glanbia plc | | | | | 941,700 | | | | | | 16,243,642 |
| | | Shares | | | Value | |||||
IRELAND (continued) | | | | | | | | | | | |
IFG Group plc | | | | | 1,937,085 | | | | | $ | 3,512,451 |
UDG Healthcare plc | | | | | 1,371,085 | | | | | | 12,178,760 |
| | | | | 31,934,853 | ||||||
ITALY — 1.1% | |||||||||||
De'Longhi SpA | | | | | 381,689 | | | | | | 12,005,338 |
JAPAN — 16.5% | |||||||||||
Chugoku Marine Paints Limited | | | | | 1,184,000 | | | | | | 11,903,115 |
Daicel Corporation | | | | | 2,010,700 | | | | | | 23,385,383 |
Dowa Holdings Co., Limited | | | | | 726,600 | | | | | | 23,111,379 |
IBJ Leasing Company, Limited | | | | | 889,700 | | | | | | 23,830,900 |
Kanematsu Corporation | | | | | 1,538,400 | | | | | | 23,178,677 |
Nihon House Holdings Co., Limited | | | | | 2,243,000 | | | | | | 12,628,547 |
Unipres Corporation | | | | | 1,117,600 | | | | | | 21,752,310 |
VT Holdings Co., Limited | | | | | 2,261,800 | | | | | | 10,004,173 |
Zojirushi Corporation | | | | | 1,739,100 | | | | | | 24,624,289 |
| | | | | 174,418,773 | ||||||
NETHERLANDS — 0.4% | |||||||||||
Arcadis NV | | | | | 265,577 | | | | | | 4,448,273 |
NORWAY — 6.9% | |||||||||||
ABG Sundal Collier Holding ASA | | | | | 7,943,988 | | | | | | 5,615,989 |
Borregaard ASA | | | | | 1,164,600 | | | | | | 11,941,605 |
Fjord1 ASA | | | | | 1,674,219 | | | | | | 9,715,701 |
Sbanken ASA | | | | | 553,600 | | | | | | 6,037,256 |
SpareBank Nord-Norge | | | | | 812,996 | | | | | | 6,896,954 |
Sparebank 1 Oestlandet | | | | | 590,385 | | | | | | 6,547,292 |
Sparebank 1 SMN | | | | | 1,118,465 | | | | | | 12,499,889 |
SpareBank 1 SR-Bank ASA | | | | | 1,121,226 | | | | | | 13,647,346 |
| | | | | 72,902,032 | ||||||
PHILIPPINES — 0.6% | |||||||||||
Manila Water Company, Inc. | | | | | 13,843,970 | | | | | | 6,277,573 |
PORTUGAL — 1.3% | |||||||||||
Redes Energéticas Nacionais, SGPS, S.A. | | | | | 4,947,105 | | | | | | 13,973,151 |
SOUTH KOREA — 3.9% | |||||||||||
Cuckoo Electronics Co., Limited | | | | | 72,344 | | | | | | 10,500,233 |
DGB Financial Group Inc. | | | | | 1,796,200 | | | | | | 16,435,817 |
LOTTE Himart Co.,Limited | | | | | 246,400 | | | | | | 14,816,209 |
| | | | | 41,752,259 | ||||||
|
| | | Shares | | | Value | |||||
SWEDEN — 2.6% | |||||||||||
Duni AB | | | | | 434,801 | | | | | $ | 5,759,375 |
Loomis AB, Class B | | | | | 666,856 | | | | | | 21,497,067 |
| | | | | 27,256,442 | ||||||
TAIWAN — 10.7% | |||||||||||
Cathay Real Estate Development Co., Limited | | | | | 10,167,300 | | | | | | 6,127,086 |
Elite Material Co., Limited | | | | | 6,278,600 | | | | | | 17,684,459 |
Holtek Semiconductor, Inc. | | | | | 6,515,500 | | | | | | 16,900,652 |
Huaku Development Co., Limited | | | | | 7,610,800 | | | | | | 16,700,737 |
Kings Town Bank | | | | | 10,531,500 | | | | | | 10,589,102 |
Sercomm Corporation | | | | | 9,051,000 | | | | | | 14,821,668 |
Sitronix Technology Corporation | | | | | 5,163,100 | | | | | | 14,170,497 |
Taiwan Union Technology Corporation | | | | | 4,795,900 | | | | | | 15,942,877 |
| | | | | 112,937,078 | ||||||
THAILAND — 5.5% | |||||||||||
Hana Microelectronics PCL | | | | | 16,146,380 | | | | | | 19,721,151 |
Ratchaburi Electricity Generating Holding PCL | | | | | 12,802,600 | | | | | | 20,486,535 |
Thanachart Capital PCL | | | | | 11,100,700 | | | | | | 18,449,679 |
| | | | | 58,657,365 | ||||||
UNITED KINGDOM — 18.8% | |||||||||||
BBA Aviation plc | | | | | 4,002,564 | | | | | | 15,704,996 |
Cineworld Group plc | | | | | 6,541,600 | | | | | | 26,948,311 |
Crest Nicholson Holdings plc | | | | | 4,475,900 | | | | | | 20,460,069 |
Galliford Try plc | | | | | 1,846,080 | | | | | | 24,361,961 |
Halfords Group plc | | | | | 5,315,615 | | | | | | 21,953,338 |
Keller Group plc | | | | | 918,700 | | | | | | 12,183,666 |
Lancashire Holdings Limited | | | | | 2,865,561 | | | | | | 22,741,746 |
The Restaurant Group plc | | | | | 6,448,712 | | | | | | 25,084,175 |
Vitec Group plc | | | | | 327,742 | | | | | | 5,989,226 |
Wetherspoon (J.D.) plc | | | | | 1,351,500 | | | | | | 23,039,327 |
| | | | | 198,466,815 | ||||||
TOTAL COMMON STOCK | |||||||||||
(Cost $974,765,232) | | | | | | | | | | | 999,143,749 |
| |||||||||||
Preferred Stock — 1.6% | |||||||||||
GERMANY — 1.6% | |||||||||||
Dräegerwerk AG - Security pays a $0.06 higher dividend than common shares and has no voting rights. | | | | | 264,862 | | | | | | 16,824,678 |
(Cost $21,318,079) | | | | | | | | | | | |
| | | Par Value | | | Value | | ||||||
Money Market—3.0% | | ||||||||||||
State Street Bank Institutional U.S. Government Money Market Fund,1.97 % (b) (Cost $ 32,065,658) | | | | $ | 32,065,658 | | | | | $ | 32,065,658 | | |
TOTAL INVESTMENTS—99.1% (Cost $ 1,028,148,969) | | | | | | | | | | | 1,048,034,085 | | |
OTHER ASSETS & LIABILITIES (NET)—0.9% | | | | | | | | | | | 9,098,082 | | |
NET ASSETS—100% | | | | | | | | | | $ | 1,057,132,167 | | |
| | | | | | | | | | | | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 99,548,343 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (80,448,617 ) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 19,099,726 | | |
|
| | | | Small Cap | | | Quality | | | Emerging Markets | | | Foreign Value | | | Foreign Value Small Cap | | |||||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments at value (Includes collateral from securities on loan of $175,809; $2,314,095; $0; $0; $0, respectively)* (Note 2) | | | | $ | 136,886,564 | | | | | $ | 177,350,577 | | | | | $ | 98,567,075 | | | | | $ | 3,536,376,577 | | | | | $ | 1,048,034,085 | | |
| Repurchase agreements | | | | | — | | | | | | 2,549,285 | | | | | | 592,769 | | | | | | — | | | | | | — | | |
| Total Investments | | | | | 136,886,564 | | | | | | 179,899,862 | | | | | | 99,159,844 | | | | | | 3,536,376,577 | | | | | | 1,048,034,085 | | |
| Foreign currency at value (Cost $21,334 for Small Cap, $7,846 for Quality, $388,669 for Emerging Markets, $-0- for Foreign Value and $979,831 for Foreign Value Small Cap) | | | | | 21,518 | | | | | | 7,770 | | | | | | 387,371 | | | | | | — | | | | | | 981,115 | | |
| Cash | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Dividends and interest receivable | | | | | 57,633 | | | | | | 142,906 | | | | | | 214,381 | | | | | | 5,897,429 | | | | | | 3,930,645 | | |
| Foreign tax reclaims recievable | | | | | — | | | | | | 9,121 | | | | | | 2,037 | | | | | | 3,175,388 | | | | | | 380,587 | | |
| Receivable for investments sold | | | | | — | | | | | | 4 | | | | | | 787,952 | | | | | | 904,808 | | | | | | 1,168,268 | | |
| Receivable for shares of beneficial interest sold | | | | | 12,826 | | | | | | 472,588 | | | | | | 9,613 | | | | | | 3,494,317 | | | | | | 4,075,932 | | |
| Unrealized gain on spot foreign currency contracts (Note 2) | | | | | — | | | | | | — | | | | | | — | | | | | | 1,899 | | | | | | 519 | | |
| Other assets | | | | | 30,258 | | | | | | 27,981 | | | | | | 37,590 | | | | | | 88,392 | | | | | | 41,890 | | |
| Total Assets | | | | $ | 137,008,799 | | | | | $ | 180,560,232 | | | | | $ | 100,598,788 | | | | | $ | 3,549,938,810 | | | | | $ | 1,058,613,041 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Payable for investments purchased | | | | $ | — | | | | | $ | — | | | | | $ | 565,248 | | | | | $ | 60,618,932 | | | | | $ | 249,489 | | |
| Payable for shares of beneficial interest repurchased | | | | | — | | | | | | 31,372 | | | | | | 4,107 | | | | | | 1,098,061 | | | | | | 288,077 | | |
| Payable for compensation of manager (Note 3) | | | | | 89,544 | | | | | | 94,941 | | | | | | 63,818 | | | | | | 2,513,558 | | | | | | 778,107 | | |
| Payable for distribution fees (Note 3) | | | | | 26,419 | | | | | | 33,429 | | | | | | 19,029 | | | | | | 175,516 | | | | | | 49,645 | | |
| Payable to custodian | | | | | 7,635 | | | | | | 7,902 | | | | | | 32,536 | | | | | | 84,727 | | | | | | 52,805 | | |
| Payable to transfer agent (Note 3) | | | | | 17,851 | | | | | | 22,138 | | | | | | 12,936 | | | | | | 198,239 | | | | | | 61,672 | | |
| Payable for collateral received for securities loaned | | | | | 175,809 | | | | | | 2,314,095 | | | | | | — | | | | | | — | | | | | | — | | |
| Payable for foreign capital gain tax | | | | | — | | | | | | — | | | | | | 1,652 | | | | | | — | | | | | | — | | |
| Unrealized loss on spot foreign currency contracts (Note 2) | | | | | 238 | | | | | | — | | | | | | — | | | | | | 54,041 | | | | | | — | | |
| Other accrued expenses and liabilities | | | | | 218 | | | | | | 185 | | | | | | 160 | | | | | | 3,302 | | | | | | 1,079 | | |
| Total Liabilities | | | | $ | 317,714 | | | | | $ | 2,504,062 | | | | | $ | 699,486 | | | | | $ | 64,746,376 | | | | | $ | 1,480,874 | | |
| Net Assets | | | | $ | 136,691,085 | | | | | $ | 178,056,170 | | | | | $ | 99,899,302 | | | | | $ | 3,485,192,434 | | | | | $ | 1,057,132,167 | | |
|
| | | | Small Cap | | | Quality | | | Emerging Markets | | | Foreign Value | | | Foreign Value Small Cap | | |||||||||||||||
| Net Assets Consist Of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares of beneficial interest | | | | $ | 89,747,409 | | | | | $ | 126,244,490 | | | | | $ | 106,197,047 | | | | | $ | 3,058,080,332 | | | | | $ | 951,642,692 | | |
| Undistributed net investment income/(loss) | | | | | 202,247 | | | | | | 526,423 | | | | | | 3,562,577 | | | | | | 64,496,458 | | | | | | 18,552,272 | | |
| Accumulated net realized gain/(loss) on investments, foreign denominated assets, liabilities and currency | | | | | 8,930,323 | | | | | | 20,370,935 | | | | | | (6,261,672 ) | | | | | | 58,176,541 | | | | | | 67,103,280 | | |
| Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities and currency | | | | | 37,811,106 | | | | | | 30,914,322 | | | | | | (3,598,650 ) | | | | | | 304,439,103 | | | | | | 19,833,923 | | |
| Net Assets | | | | $ | 136,691,085 | | | | | $ | 178,056,170 | | | | | $ | 99,899,302 | | | | | $ | 3,485,192,434 | | | | | $ | 1,057,132,167 | | |
| Investments at cost | | | | $ | 99,075,404 | | | | | $ | 148,985,611 | | | | | $ | 102,755,814 | | | | | $ | 3,232,008,148 | | | | | $ | 1,028,148,969 | | |
| Net assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | $ | 128,410,194 | | | | | $ | 171,434,517 | | | | | $ | 92,760,662 | | | | | $ | 864,436,222 | | | | | $ | 240,435,119 | | |
| Institutional Shares | | | | $ | 8,280,891 | | | | | $ | 6,621,653 | | | | | $ | 7,138,640 | | | | | $ | 2,312,401,783 | | | | | $ | 805,703,810 | | |
| R6 Shares | | | | | — ** | | | | | | — ** | | | | | | — ** | | | | | $ | 308,354,429 | | | | | $ | 10,993,238 | | |
| Shares of beneficial interest outstanding (unlimited number of shares authorized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 4,501,381 | | | | | | 7,932,717 | | | | | | 4,380,415 | | | | | | 38,793,933 | | | | | | 16,053,625 | | |
| Institutional Shares | | | | | 245,468 | | | | | | 285,757 | | | | | | 331,555 | | | | | | 103,762,786 | | | | | | 53,599,907 | | |
| R6 Shares | | | | | — | | | | | | — | | | | | | | | | | | | 25,790,925 | | | | | | 952,974 | | |
| Net asset value and offering price per share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | $ | 28.53 | | | | | $ | 21.61 | | | | | $ | 21.18 | | | | | $ | 22.28 | | | | | $ | 14.98 | | |
| Institutional Shares | | | | $ | 33.74 | | | | | $ | 23.17 | | | | | $ | 21.53 | | | | | $ | 22.29 | | | | | $ | 15.03 | | |
| R6 Shares | | | | | — | | | | | | — | | | | | | — | | | | | $ | 11.96 | | | | | $ | 11.54 | | |
| | | | Small Cap | | | Quality | | | Emerging Markets | | | Foreign Value | | | Foreign Value Small Cap | | |||||||||||||||
| Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends - Affiliated Securities | | | | $ | — | | | | | $ | — | | | | | $ | 292,400 | | | | | $ | — | | | | | $ | — | | |
| Dividends - Non-Affiliated Securities* | | | | | 989,801 | | | | | | 1,384,237 | | | | | | 2,350,181 | | | | | | 48,748,492 | | | | | | 21,712,764 | | |
| Interest | | | | | 36,037 | | | | | | 6,517 | | | | | | 442 | | | | | | 1,832,256 | | | | | | 519,424 | | |
| Sec Lending Income | | | | | 5,300 | | | | | | 929 | | | | | | 1,745 | | | | | | — | | | | | | — | | |
| Miscellaneous | | | | | — | | | | | | — | | | | | | 1,854 | | | | | | 7,687 | | | | | | — | | |
| Total Investment Income | | | | $ | 1,031,138 | | | | | $ | 1,391,683 | | | | | $ | 2,646,622 | | | | | $ | 50,588,435 | | | | | $ | 22,232,188 | | |
| Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Compensation of manager (Note 3) | | | | | 517,555 | | | | | | 710,184 | | | | | | 485,729 | | | | | | 15,157,123 | | | | | | 5,163,994 | | |
| Distribution fees, Ordinary Shares (Note 3) | | | | | 151,711 | | | | | | 170,587 | | | | | | 128,154 | | | | | | 1,104,032 | �� | | | | | 348,746 | | |
| Administrative fees (Note 3) | | | | | 17,665 | | | | | | 19,071 | | | | | | 15,891 | | | | | | 403,115 | | | | | | 141,758 | | |
| Custodian and fund accounting fees | | | | | 17,100 | | | | | | 17,400 | | | | | | 78,100 | | | | | | 338,000 | | | | | | 174,000 | | |
| Regulatory and Compliance (Note 3) | | | | | 3,625 | | | | | | 3,925 | | | | | | 3,294 | | | | | | 82,272 | | | | | | 29,127 | | |
| Transfer agent fees (Note 3): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 99,048 | | | | | | 111,130 | | | | | | 83,876 | | | | | | 714,113 | | | | | | 225,393 | | |
| Institutional Shares | | | | | 6,453 | | | | | | 4,486 | | | | | | 5,967 | | | | | | 1,492,381 | | | | | | 597,413 | | |
| R6 Shares | | | | | — | | | | | | — | | | | | | — | | | | | | 16,041 | | | | | | 622 | | |
| Audit and legal | | | | | 6,527 | | | | | | 7,037 | | | | | | 35,148 | | | | | | 149,338 | | | | | | 57,184 | | |
| Registration fees | | | | | 17,688 | | | | | | 14,327 | | | | | | 17,446 | | | | | | 76,826 | | | | | | 44,848 | | |
| Insurance | | | | | 1,017 | | | | | | 1,100 | | | | | | 922 | | | | | | 23,094 | | | | | | 8,163 | | |
| Compensation of trustees (Note 3) | | | | | 2,543 | | | | | | 2,751 | | | | | | 2,304 | | | | | | 57,789 | | | | | | 20,414 | | |
| Printing | | | | | 3,021 | | | | | | 3,258 | | | | | | 2,711 | | | | | | 68,976 | | | | | | 24,284 | | |
| Miscellaneous | | | | | 3,075 | | | | | | 3,336 | | | | | | 2,821 | | | | | | 69,241 | | | | | | 24,981 | | |
| Total expenses before waivers/reimbursements/reductions | | | | | 847,028 | | | | | | 1,068,592 | | | | | | 862,363 | | | | | | 19,752,341 | | | | | | 6,860,927 | | |
| Waivers and/or reimbursements of expenses (Note 3) | | | | | (4,812 ) | | | | | | (203,332 ) | | | | | | (111,309 ) | | | | | | (2,629,553 ) | | | | | | (962,174 ) | | |
| Expenses, Net | | | | $ | 842,216 | | | | | $ | 865,260 | | | | | $ | 751,054 | | | | | $ | 17,122,788 | | | | | $ | 5,898,753 | | |
| Net Investment income/(loss) | | | | $ | 188,922 | | | | | $ | 526,423 | | | | | $ | 1,895,568 | | | | | $ | 33,465,647 | | | | | $ | 16,333,435 | | |
| Realized and unrealized gain/(loss) on investments,foreign currency, and foreign translation: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain/(loss) (Note 2) on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments** | | | | $ | 6,949,700 | | | | | $ | 7,151,107 | | | | | $ | 572,741 | | | | | $ | 56,737,838 | | | | | $ | 55,222,535 | | |
| Foreign denominated assets, liabilities, and currency | | | | | (3,182 ) | | | | | | (918 ) | | | | | | (86,210 ) | | | | | | (764,871 ) | | | | | | (629,335 ) | | |
| Change in unrealized appreciation/(depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments - Affiliated | | | | | — | | | | | | — | | | | | | (587,623 ) | | | | | | — | | | | | | — | | |
| Investments - Non-Affiliated | | | | | 7,115,207 | | | | | | 11,692,522 | | | | | | (12,855,839 ) | | | | | | (18,795,929 ) | | | | | | (116,546,064 ) | | |
| Foreign denominated assets, liabilities, and currency | | | | | (47 ) | | | | | | 91 | | | | | | 46,549 | | | | | | (116,226 ) | | | | | | 384,993 | | |
| Net realized and unrealized gain/(loss) on investment and foreign currency | | | | | 14,061,678 | | | | | | 18,842,802 | | | | | | (12,910,382 ) | | | | | | 37,060,812 | | | | | | (61,567,871 ) | | |
| Net increase/(decrease) in net assets resulting from operations | | | | $ | 14,250,600 | | | | | $ | 19,369,225 | | | | | $ | (11,014,814 ) | | | | | $ | 70,526,459 | | | | | $ | (45,234,436 ) | | |
|
| | | | Small Cap | | |||||||||
| | | | Semi-Annual Ended September 30, 2018 (Unaudited) | | | Year Ended March 31, 2018 | | ||||||
| Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | |
| Net investment income/(loss) | | | | $ | 188,922 | | | | | $ | 320,134 | | |
| Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 6,946,518 | | | | | | 2,676,744 | | |
| Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | 7,115,160 | | | | | | 134,582 | | |
| Net increase/(decrease) from operations | | | | $ | 14,250,600 | | | | | $ | 3,131,460 | | |
| Distributions to shareholders from: | | | | | | | | | | | | | |
| Net investment income | | | | | | | | | | | | | |
| Ordinary shares | | | | $ | — | | | | | $ | (172,426 ) | | |
| Institutional shares | | | | | — | | | | | | (30,964 ) | | |
| R6 Shares ** | | | | | — | | | | | | — | | |
| Net realized gains | | | | | | | | | | | | | |
| Ordinary shares | | | | | — | | | | | | (6,387,837 ) | | |
| Institutional shares | | | | | — | | | | | | (373,320 ) | | |
| R6 Shares ** | | | | | — | | | | | | — | | |
| Total distributions | | | | $ | — | | | | | $ | (6,964,547 ) | | |
| Fund share transactions (Note 8) | | | | | 5,704,817 | | | | | | 4,101,501 | | |
| Increase/(decrease) in net assets | | | | $ | 19,955,417 | | | | | $ | 268,414 | | |
| Net assets beginning of period | | | | | 116,735,668 | | | | | | 116,467,254 | | |
| Net assets end of period* | | | | $ | 136,691,085 | | | | | $ | 116,735,668 | | |
| * Includes undistributed net investment income/(loss) of: | | | | $ | 202,247 | | | | | $ | 13,325 | | |
| | | Quality | | |||||||||
| | | Semi-Annual Ended September 30, 2018 (Unaudited) | | | Year Ended March 31, 2018 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 526,423 | | | | | $ | 1,056,902 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 7,150,189 | | | | | | 16,449,579 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | 11,692,613 | | | | | | (78,440 ) | | |
Net increase/(decrease) from operations | | | | $ | 19,369,225 | | | | | $ | 17,428,041 | | |
Distributions to shareholders from: | | | | | | | | | | | | | |
Net investment income | | | | | | | | | | | | | |
Ordinary shares | | | | $ | — | | | | | $ | (1,104,079 ) | | |
Institutional shares | | | | | — | | | | | | (73,284 ) | | |
R6 Shares ** | | | | | — | | | | | | — | | |
Net realized gains | | | | | | | | | | | | | |
Ordinary shares | | | | | — | | | | | | (7,147,721 ) | | |
Institutional shares | | | | | — | | | | | | (356,929 ) | | |
R6 Shares ** | | | | | — | | | | | | — | | |
Total distributions | | | | $ | — | | | | | $ | (8,682,013 ) | | |
Fund share transactions (Note 8) | | | | | 28,841,929 | | | | | | 2,016,303 | | |
Increase/(decrease) in net assets | | | | $ | 48,211,154 | | | | | $ | 10,762,331 | | |
Net assets beginning of period | | | | | 129,845,016 | | | | | | 119,082,685 | | |
Net assets end of period* | | | | $ | 178,056,170 | | | | | $ | 129,845,016 | | |
* Includes undistributed net investment income/(loss) of: | | | | $ | 526,423 | | | | | $ | — | | |
** No Class R6 Shares were outstanding during the reporting period. | | | | | | | | | | | | | |
| | | Emerging Markets | | |||||||||
| | | Semi-Annual Ended September 30, 2018 (Unaudited) | | | Year Ended March 31, 2018 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 1,895,568 | | | | | $ | 1,702,202 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 486,531 | | | | | | 6,898,838 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (13,396,913 ) | | | | | | 7,869,085 | | |
Net increase/(decrease) from operations | | | | $ | (11,014,814 ) | | | | | $ | 16,470,125 | | |
Distributions to shareholders from: | | | | | | | | | | | | | |
Net investment income | | | | | | | | | | | | | |
Ordinary shares | | | | $ | — | | | | | $ | (1,324,592 ) | | |
Institutional shares | | | | | — | | | | | | (112,617 ) | | |
R6 Shares ** | | | | | — | | | | | | — | | |
Net realized gains | | | | | | | | | | | | | |
Ordinary shares | | | | | — | | | | | | — | | |
Institutional shares | | | | | — | | | | | | — | | |
R6 Shares ** | | | | | — | | | | | | — | | |
Total distributions | | | | $ | — | | | | | $ | (1,437,209 ) | | |
Fund share transactions (Note 8) | | | | | (7,460,322 ) | | | | | | (7,369,285 ) | | |
Increase/(decrease) in net assets | | | | $ | (18,475,136 ) | | | | | $ | 7,663,631 | | |
Net assets beginning of period | | | | | 118,374,438 | | | | | | 110,710,807 | | |
Net assets end of period* | | | | $ | 99,899,302 | | | | | $ | 118,374,438 | | |
* Includes undistributed net investment income/(loss) of: | | | | $ | 3,562,577 | | | | | $ | 1,667,009 | | |
** No Class R6 Shares were outstanding during the reporting period. | | | | | | | | | | | | | |
| | | Foreign Value | | |||||||||
| | | Semi-Annual Ended September 30, 2018 (Unaudited) | | | Year Ended March 31, 2018 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 33,465,647 | | | | | $ | 31,527,120 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 55,972,967 | | | | | | 170,240,820 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (18,912,155 ) | | | | | | 42,114,206 | | |
Net increase/(decrease) from operations | | | | $ | 70,526,459 | | | | | $ | 243,882,146 | | |
Distributions to shareholders from: | | | | | | | | | | | | | |
Net investment income | | | | | | | | | | | | | |
Ordinary shares | | | | $ | — | | | | | $ | (5,585,606 ) | | |
Institutional shares | | | | | — | | | | | | (9,640,370 ) | | |
R6 Shares | | | | | — | | | | | | (4,781,364 ) | | |
Net realized gains | | | | | | | | | | | | | |
Ordinary shares | | | | | — | | | | | | — | | |
Institutional shares | | | | | — | | | | | | — | | |
R6 Shares | | | | | — | | | | | | — | | |
Total distributions | | | | $ | — | | | | | $ | (20,007,340 ) | | |
Fund share transactions (Note 8) | | | | | 907,064,589 | | | | | | 627,622,807 | | |
Increase/(decrease) in net assets | | | | $ | 977,591,048 | | | | | $ | 851,497,613 | | |
Net assets beginning of period | | | | | 2,507,601,386 | | | | | | 1,656,103,773 | | |
Net assets end of period* | | | | $ | 3,485,192,434 | | | | | $ | 2,507,601,386 | | |
* Includes undistributed net investment income/(loss) of: | | | | $ | 64,496,458 | | | | | $ | 31,030,811 | | |
| | | Foreign Value Small Cap | | |||||||||
| | | Semi-Annual Ended September 30, 2018 (Unaudited) | | | Year Ended March 31, 2018 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 16,333,435 | | | | | $ | 15,808,915 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 54,593,200 | | | | | | 32,799,614 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (116,161,071 ) | | | | | | 61,289,350 | | |
Net increase/(decrease) from operations | | | | $ | (45,234,436 ) | | | | | $ | 109,897,879 | | |
Distributions to shareholders from: | | | | | | | | | | | | | |
Net investment income | | | | | | | | | | | | | |
Ordinary shares | | | | $ | — | | | | | $ | (5,879,646 ) | | |
Institutional shares | | | | | — | | | | | | (11,746,651 ) | | |
R6 Shares | | | | | — | | | | | | (297,266 ) | | |
Net realized gains | | | | | | | | | | | | | |
Ordinary shares | | | | | — | | | | | | (2,865,948 ) | | |
Institutional shares | | | | | — | | | | | | (4,897,896 ) | | |
R6 Shares | | | | | — | | | | | | (121,621 ) | | |
Total distributions | | | | $ | — | | | | | $ | (25,809,028 ) | | |
Fund share transactions (Note 8) | | | | | 178,056,827 | | | | | | 254,390,890 | | |
Increase/(decrease) in net assets | | | | $ | 132,822,391 | | | | | $ | 338,479,741 | | |
Net assets beginning of period | | | | | 924,309,776 | | | | | | 585,830,035 | | |
Net assets end of period* | | | | $ | 1,057,132,167 | | | | | $ | 924,309,776 | | |
* Includes undistributed net investment income/(loss) of: | | | | $ | 18,552,272 | | | | | $ | 2,218,837 | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2018(*) | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 25.48 | | | | | $ | 26.35 | | | | | $ | 21.61 | | | | | $ | 24.65 | | | | | $ | 27.62 | | | | | $ | 22.50 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) | | | | | 0.04 | | | | | | 0.07 | | | | | | 0.06 | | | | | | 0.16 | | | | | | 0.04 | | | | | | (0.08 ) | | |
Net realized and unrealized gain/(loss) on securities | | | | | 3.01 | | | | | | 0.68 | | | | | | 4.99 | | | | | | (1.59) | | | | | | (0.37) | | | | | | 5.20 | | |
Total from Investment Operations | | | | | 3.05 | | | | | | 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 | | | | $ | 28.53 | | | | | $ | 25.48 | | | | | $ | 26.35 | | | | | $ | 21.61 | | | | | $ | 24.65 | | | | | $ | 27.62 | | |
Total Return | | | | | 11.97 % | | | | | | 2.75 % | | | | | | 23.36% | | | | | | (5.83)% | | | | | | (0.36)% | | | | | | 22.76 % | | |
Net Assets, End of Period (000s) | | | | $ | 128,410 | | | | | $ | 109,341 | | | | | $ | 109,247 | | | | | $ | 91,139 | | | | | $ | 98,084 | | | | | $ | 107,370 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.32 % | | | | | | 1.35% | | | | | | 1.35% | | | | | | 1.35% | | | | | | 1.50% | | | | | | 1.53 % | | |
Net | | | | | 1.32 % | | | | | | 1.35% | | | | | | 1.35% | | | | | | 1.35% | | | | | | 1.50% | | | | | | 1.53 % | | |
Ratio of net investment income (loss) to average net assets (b) | | | | | 0.27 % | | | | | | 0.25 % | | | | | | 0.25 % | | | | | | 0.70% | | | | | | 0.17% | | | | | | (0.30 )% | | |
Portfolio Turnover | | | | | 10 % | | | | | | 18 % | | | | | | 37% | | | | | | 17% | | | | | | 94% | | | | | | 67% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | Years Ended March 31, | | ||||||||||||||||||||||||||||||
| | | 2018* | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 30.07 | | | | | $ | 30.80 | | | | | $ | 25.19 | | | | | $ | 28.39 | | | | | $ | 31.37 | | | | | $ | 25.48 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) | | | | | 0.10 (d) | | | | | | 0.19 (d) | | | | | | 0.14 | | | | | | 0.23 | | | | | | 0.11 | | | | | | (0.02) | | |
Net realized and unrealized gain/(loss) on securities | | | | | 3.57 | | | | | | 0.79 | | | | | | 5.83 | | | | | | (1.82) | | | | | | (0.39) | | | | | | 5.91 | | |
Total from Investment Operations | | | | | 3.67 | | | | | | 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 | | | | $ | 33.74 | | | | | $ | 30.07 | | | | | $ | 30.80 | | | | | $ | 25.19 | | | | | $ | 28.39 | | | | | $ | 31.37 | | |
Total Return | | | | | 12.20 % | | | | | | 3.10 % | | | | | | 23.71% | | | | | | (5.62)% | | | | | | (0.11)% | | | | | | 23.12% | | |
Net Assets, End of Period (000s) | | | | $ | 8,281 | | | | | $ | 7,395 | | | | | $ | 7,220 | | | | | $ | 5,785 | | | | | $ | 3,761 | | | | | $ | 9,812 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.07 % | | | | | | 1.10% | | | | | | 1.10% | | | | | | 1.10 % | | | | | | 1.28% | | | | | | 1.28 % | | |
Net | | | | | 0.95 % | | | | | | 0.98 % | | | | | | 1.10% | | | | | | 1.10% | | | | | | 1.28% | | | | | | 1.28% | | |
Ratio of net investment income (loss) to average net assets (b) | | | | | 0.64 % | | | | | | 0.62 % | | | | | | 0.49% | | | | | | 0.89% | | | | | | 0.36% | | | | | | (0.08)% | | |
Portfolio Turnover | | | | | 10 % | | | | | | 18 % | | | | | | 37% | | | | | | 17% | | | | | | 94% | | | | | | 67% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | ��� | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The Fund had no Class R6 Shares outstanding during the reporting period. | |
■
Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
■
Net (total expenses net of fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | | | | | | | Years Ended March 31, | | ||||||||||||||||||||||||
| | | 2018(*) | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 18.83 | | | | | $ | 17.52 | | | | | $ | 16.31 | | | | | $ | 17.47 | | | | | $ | 18.10 | | | | | $ | 15.85 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(b)(c) | | | | | 0.07 | | | | | | 0.15 | | | | | | 0.16 | | | | | | 0.15 | | | | | | 0.28 | | | | | | 0.19 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 2.71 | | | | | | 2.49 | | | | | | 2.04 | | | | | | 0.72 | | | | | | 1.30 | | | | | | 2.24 | | |
Total from Investment Operations | | | | | 2.78 | | | | | | 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 | | | | $ | 21.61 | | | | | $ | 18.83 | | | | | $ | 17.52 | | | | | $ | 16.31 | | | �� | | $ | 17.47 | | | | | $ | 18.10 | | |
Total Return | | | | | 14.76 % | | | | | | 14.91 % | | | | | | 14.04% | | | | | | 5.47% | | | | | | 9.12% | | | | | | 15.40 % | | |
Net Assets, End of Period (000s) | | | | $ | 171,435 | | | | | $ | 123,781 | | | | | $ | 112,513 | | | | | $ | 113,498 | | | | | $ | 116,104 | | | | | $ | 114,857 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.51 % | | | | | | 1.54% | | | | | | 1.55% | | | | | | 1.55% | | | | | | 1.54% | | | | | | 1.55 % | | |
Net | | | | | 1.23 % | | | | | | 1.28% | | | | | | 1.30% | | | | | | 1.29% | | | | | | 1.29% | | | | | | 1.30 % | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 0.73 % | | | | | | 0.81 % | | | | | | 0.97% | | | | | | 0.91% | | | | | | 1.52% | | | | | | 1.13 % | | |
Portfolio Turnover | | | | | 16 % | | | | | | 48 % | | | | | | 31% | | | | | | 35% | | | | | | 49% | | | | | | 35% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | | | | | | | Years Ended March 31, | | ||||||||||||||||||||||||
| | | 2018* | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 20.15 | | | | | $ | 18.65 | | | | | $ | 17.30 | | | | | $ | 18.39 | | | | | $ | 18.95 | | | | | $ | 16.58 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) (c) | | | | | 0.12 | | | | | | 0.24 | | | | | | 0.22 | | | | | | 0.21 | | | | | | 0.35 | | | | | | 0.25 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 2.90 | | | | | | 2.65 | | | | | | 2.16 | | | | | | 0.76 | | | | | | 1.35 | | | | | | 2.35 | | |
Total from Investment Operations | | | | | 3.02 | | | | | | 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 | | | | $ | 23.17 | | | | | $ | 20.15 | | | | | $ | 18.65 | | | | | $ | 17.30 | | | | | $ | 18.39 | | | | | $ | 18.95 | | |
Total Return | | | | | 14.99 % | | | | | | 15.34 % | | | | | | 14.30% | | | | | | 5.74% | | | | | | 9.34% | | | | | | 15.74% | | |
Net Assets, End of Period (000s) | | | | $ | 6,622 | | | | | $ | 6,064 | | | | | $ | 6,569 | | | | | $ | 8,533 | | | | | $ | 11,209 | | | | | $ | 10,045 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.26 % | | | | | | 1.29 % | | | | | | 1.30% | | | | | | 1.30% | | | | | | 1.29% | | | | | | 1.31% | | |
Net | | | | | 0.86 % | | | | | | 0.93 % | | | | | | 1.05% | | | | | | 1.04% | | | | | | 1.04% | | | | | | 1.03% | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 1.12 % | | | | | | 1.17 % | | | | | | 1.22% | | | | | | 1.14% | | | | | | 1.83% | | | | | | 1.38% | | |
Portfolio Turnover | | | | | 16 % | | | | | | 48 % | | | | | | 31% | | | | | | 35% | | | | | | 49% | | | | | | 35% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The Fund had no Class R6 Shares outstanding during the reporting period. | |
■
Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
■
Net (total expenses net of fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | | | | | | | Years Ended March 31, | | ||||||||||||||||||||||||
| | | 2018(*) | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 23.29 | | | | | $ | 20.40 | | | | | $ | 18.96 | | | | | $ | 21.94 | | | | | $ | 22.15 | | | | | $ | 23.56 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b) | | | | | 0.38 (c) | | | | | | 0.32 (c) | | | | | | 0.23 (c) | | | | | | 0.33 (c) | | | | | | 0.29 | | | | | | 0.33 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (2.49 ) | | | | | | 2.85 | | | | | | 1.52 | | | | | | (3.02) | | | | | | (0.18) | | | | | | (1.45) | | |
Total from Investment Operations | | | | | (2.11 ) | | | | | | 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 | | | | $ | 21.18 | | | | | $ | 23.29 | | | | | $ | 20.40 | | | | | $ | 18.96 | | | | | $ | 21.94 | | | | | $ | 22.15 | | |
Total Return | | | | | (9.06 )% | | | | | | 15.63 % | | | | | | 9.39% | | | | | | (12.12)% | | | | | | 0.54% | | | | | | (4.77)% | | |
Net Assets, End of Period (000s) | | | | $ | 92,761 | | | | | $ | 110,502 | | | | | $ | 102,633 | | | | | $ | 107,893 | | | | | $ | 127,295 | | | | | $ | 131,920 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.59 % | | | | | | 1.07 % | | | | | | 1.21% | | | | | | 1.32% | | | | | | 1.37% | | | | | | 1.60 % | | |
Net | | | | | 1.39 % | | | | | | 0.97 % | | | | | | 1.09% | | | | | | 1.31% | | | | | | 1.37% | | | | | | 1.60 % | | |
Ratio of net investment income (loss) to average net assets(b) | | | | | 3.42 % | | | | | | 1.46 % | | | | | | 1.21% | | | | | | 1.66% | | | | | | 1.26% | | | | | | 1.50 % | | |
Portfolio Turnover | | | | | 113 % (e) | | | | | | 50 % | | | | | | 47% | | | | | | 82 %(f) | | | | | | 35% | | | | | | 61% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | | | | | | | Years Ended March 31, | | ||||||||||||||||||||||||
| | | 2018* | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 23.63 | | | | | $ | 20.69 | | | | | $ | 19.23 | | | | | $ | 22.26 | | | | | $ | 22.46 | | | | | $ | 23.88 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) | | | | | 0.42 (c) | | | | | | 0.40 (c) | | | | | | 0.34 (c) | | | | | | 0.36 (c) | | | | | | 0.35 | | | | | | 0.39 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (2.52 ) | | | | | | 2.89 | | | | | | 1.49 | | | | | | (3.04) | | | | | | (0.18) | | | | | | (1.46) | | |
Total from Investment Operations | | | | | (2.10 ) | | | | | | 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 | | | | $ | 21.53 | | | | | $ | 23.63 | | | | | $ | 20.69 | | | | | $ | 19.23 | | | | | $ | 22.26 | | | | | $ | 22.46 | | |
Total Return | | | | | (8.89 )% | | | | | | 16.01 % | | | | | | 9.68% | | | | | | (11.88)% | | | | | | 0.81% | | | | | | (4.52)% | | |
Net Assets, End of Period (000s) | | | | $ | 7,139 | | | | | $ | 7,872 | | | | | $ | 8,078 | | | | | $ | 13,489 | | | | | $ | 12,424 | | | | | $ | 15,358 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.34 % | | | | | | 0.82 % | | | | | | 0.95% | | | | | | 1.07% | | | | | | 1.11% | | | | | | 1.35% | | |
Net | | | | | 1.02 % | | | | | | 0.61 % | | | | | | 0.83% | | | | | | 1.06% | | | | | | 1.11% | | | | | | 1.35% | | |
Ratio of net investment income (loss) to average net assets (b) | | | | | 3.79 % | | | | | | 1.80 % | | | | | | 1.69% | | | | | | 1.78% | | | | | | 1.52% | | | | | | 1.74% | | |
Portfolio Turnover | | | | | 113 % (e) | | | | | | 50 % | | | | | | 47% | | | | | | 82 % (f) | | | | | | 35% | | | | | | 61% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The Fund had no Class R6 Shares outstanding during the reporting period. | |
■
Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
■
Net (total expenses net of fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | | | | | | | Years Ended March 31, | | ||||||||||||||||||||||||
| | | 2018(*) | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 21.75 | | | | | $ | 19.15 | | | | | $ | 17.03 | | | | | $ | 18.67 | | | | | $ | 19.38 | | | | | $ | 15.83 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b) | | | | | 0.24(c ) | | | | | �� | 0.29(c ) | | | | | | 0.23 | | | | | | 0.23 | | | | | | 0.29 | | | | | | 0.19 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.29 | | | | | | 2.44 | | | | | | 2.07 | | | | | | (1.60) | | | | | | (0.80) | | | | | | 3.49 | | |
Total from Investment Operations | | | | | 0.53 | | | | | | 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 | | | | $ | 22.28 | | | | | $ | 21.75 | | | | | $ | 19.15 | | | | | $ | 17.03 | | | | | $ | 18.67 | | | | | $ | 19.38 | | |
Total Return | | | | | 2.44 % | | | | | | 14.27 % | | | | | | 13.59% | | | | | | (7.29)% | | | | | | (2.53)% | | | | | | 23.28 % | | |
Net Assets, End of Period (000s) | | | | $ | 864,436 | | | | | $ | 886,354 | | | | | $ | 859,328 | | | | | $ | 932,418 | | | | | $ | 1,030,641 | | | | | $ | 908,108 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.59 % | | | | | | 1.51 % | | | | | | 1.53% | | | | | | 1.52% | | | | | | 1.52% | | | | | | 1.54 % | | |
Net | | | | | 1.39 % | | | | | | 1.41 % | | | | | | 1.53% | | | | | | 1.52% | | | | | | 1.52% | | | | | | 1.54 % | | |
Ratio of net investment income (loss) to average net assets(b) | | | | | 2.19 % | | | | | | 1.39 % | | | | | | 1.31% | | | | | | 1.29% | | | | | | 1.55% | | | | | | 1.11 % | | |
Portfolio Turnover | | | | | 7 % | | | | | | 30 % | | | | | | 15% | | | | | | 13% | | | | | | 2% | | | | | | 3% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | | | | | | | Years Ended March 31, | | ||||||||||||||||||||||||
| | | 2018(*) | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 21.71 | | | | | $ | 19.10 | | | | | $ | 17.00 | | | | | $ | 18.68 | | | | | $ | 19.39 | | | | | $ | 15.83 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(b) | | | | | 0.24(c ) | | | | | | 0.33(c ) | | | | | | 0.26 | | | | | | 0.27 | | | | | | 0.33 | | | | | | 0.24 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.34 | | | | | | 2.49 | | | | | | 2.07 | | | | | | (1.60) | | | | | | (0.80) | | | | | | 3.48 | | |
Total from Investment Operations | | | | | 0.58 | | | | | | 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 | | | | $ | 22.29 | | | | | $ | 21.71 | | | | | $ | 19.10 | | | | | $ | 17.00 | | | | | $ | 18.68 | | | | | $ | 19.39 | | |
Total Return | | | | | 2.67 % | | | | | | 14.75 % | | | | | | 13.82% | | | | | | (7.06)% | | | | | | (2.29)% | | | | | | 23.58 % | | |
Net Assets, End of Period (000s) | | | | $ | 2,312,402 | | | | | $ | 1,346,164 | | | | | $ | 759,793 | | | | | $ | 697,543 | | | | | $ | 594,691 | | | | | $ | 570,792 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.46 % | | | | | | 1.26% | | | | | | 1.27% | | | | | | 1.27% | | | | | | 1.27% | | | | | | 1.28 % | | |
Net | | | | | 1.02 % | | | | | | 1.04% | | | | | | 1.27% | | | | | | 1.27% | | | | | | 1.27% | | | | | | 1.28 % | | |
Ratio of net investment income (loss) to average net assets(b) | | | | | 2.17 % | | | | | | 1.57 % | | | | | | 1.49% | | | | | | 1.51% | | | | | | 1.76% | | | | | | 1.37 % | | |
Portfolio Turnover | | | | | 7 % | | | | | | 30 % | | | | | | 15% | | | | | | 13% | | | | | | 2% | | | | | | 3% | | |
| | | R6 Shares | | |||||||||||||||
| | | Six Months Ended September 30, | | | Year Ended March 31, | | | February 6, 2017** through March 31, | | |||||||||
| | | 2018* | | | 2018 | | | 2017 | | |||||||||
Net Asset Value, Beginning of Period | | | | $ | 11.65 | | | | | $ | 10.34 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) | | | | | 0.15 (c) | | | | | | 0.19 (c) | | | | | | 0.05 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.16 | | | | | | 1.34 | | | | | | 0.29 | | |
Total from Investment Operations | | | | | 0.31 | | | | | | 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 | | | | $ | 11.96 | | | | | $ | 11.65 | | | | | $ | 10.34 | | |
Total Return | | | | | 2.66 % | | | | | | 14.79 % | | | | | | 3.40%**** | | |
Net Assets, End of Period (000s) | | | | $ | 308,354 | | | | | $ | 275,084 | | | | | $ | 36,982 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.19 % | | | | | | 1.10% | | | | | | 1.14%*** | | |
Net | | | | | 0.99 % | | | | | | 1.01% | | | | | | 1.14 %*** | | |
Ratio of net investment income (loss) to average net assets: (b) | | | | | 2.53 % | | | | | | 1.58 % | | | | | | 3.39 %*** | | |
Portfolio Turnover | | | | | 7 % | | | | | | 30 % | | | | | | 15%**** | | |
■
Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
■
Net (total expenses net of fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
| | | Ordinary Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | | | | | | | Years Ended March 31, | | ||||||||||||||||||||||||
| | | 2018(*) | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 15.63 | | | | | $ | 13.71 | | | | | $ | 12.06 | | | | | $ | 13.35 | | | | | $ | 13.17 | | | | | $ | 10.50 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(b) | | | | | 0.23(c ) | | | | | | 0.28(c ) | | | | | | 0.23 | | | | | | 0.21 | | | | | | 0.15 | | | | | | 0.14 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.88 ) | | | | | | 2.07 | | | | | | 1.64 | | | | | | (1.26) | | | | | | 0.17 | | | | | | 2.66 | | |
Total from Investment Operations | | | | | (0.65 ) | | | | | | 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 | | | | $ | 14.98 | | | | | $ | 15.63 | | | | | $ | 13.71 | | | | | $ | 12.06 | | | | | $ | 13.35 | | | | | $ | 13.17 | | |
Total Return | | | | | (4.16 )% | | | | | | 17.15 % | | | | | | 15.73% | | | | | | (7.83)% | | | | | | 2.57% | | | | | | 26.80 % | | |
Net Assets, End of Period (000s) | | | | $ | 240,435 | | | | | $ | 319,531 | | | | | $ | 270,948 | | | | | $ | 283,509 | | | | | $ | 233,185 | | | | | $ | 138,321 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.51 % | | | | | | 1.52% | | | | | | 1.55% | | | | | | 1.56% | | | | | | 1.56% | | | | | | 1.58 % | | |
Net | | | | | 1.41 % | | | | | | 1.42% | | | | | | 1.55% | | | | | | 1.56% | | | | | | 1.56% | | | | | | 1.58 % | | |
Ratio of net investment income (loss) to average net assets (b) | | | | | 2.91 % | | | | | | 1.85 % | | | | | | 1.82% | | | | | | 1.66% | | | | | | 1.15% | | | | | | 1.23 % | | |
Portfolio Turnover | | | | | 18 % | | | | | | 26 % | | | | | | 46% | | | | | | 8% | | | | | | 11% | | | | | | 4% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||||||||
| | | Six Months Ended September 30, | | | | | | | | | Years Ended March 31, | | ||||||||||||||||||||||||
| | | 2018(*) | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | ||||||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 15.66 | | | | | $ | 13.73 | | | | | $ | 12.07 | | | | | $ | 13.36 | | | | | $ | 13.19 | | | | | $ | 10.51 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b) | | | | | 0.25(c ) | | | | | | 0.32(c ) | | | | | | 0.25 | | | | | | 0.24 | | | | | | 0.14 | | | | | | 0.16 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.88 ) | | | | | | 2.09 | | | | | | 1.66 | | | | | | (1.26) | | | | | | 0.21 | | | | | | 2.67 | | |
Total from Investment Operations | | | | | (0.63 ) | | | | | | 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 | | | | $ | 15.03 | | | | | $ | 15.66 | | | | | $ | 13.73 | | | | | $ | 12.07 | | | | | $ | 13.36 | | | | | $ | 13.19 | | |
Total Return | | | | | (4.02 )% | | | | | | 17.56 % | | | | | | 16.13% | | | | | | (7.62)% | | | | | | 2.79% | | | | | | 27.16 % | | |
Net Assets, End of Period (000s) | | | | $ | 805,704 | | | | | $ | 593,619 | | | | | $ | 312,955 | | | | | $ | 270,846 | | | | | $ | 200,160 | | | | | $ | 47,418 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.26 % | | | | | | 1.27% | | | | | | 1.30% | | | | | | 1.30% | | | | | | 1.31% | | | | | | 1.33 % | | |
Net | | | | | 1.04 % | | | | | | 1.05% | | | | | | 1.30% | | | | | | 1.30% | | | | | | 1.31% | | | | | | 1.33 % | | |
Ratio of net investment income (loss) to average net assets (b) | | | | | 3.25 % | | | | | | 2.08 % | | | | | | 2.03% | | | | | | 1.91% | | | | | | 1.12% | | | | | | 1.47 % | | |
Portfolio Turnover | | | | | 18 % | | | | | | 26 % | | | | | | 46% | | | | | | 8% | | | | | | 11% | | | | | | 4% | | |
| | | R6 Shares | | |||||||||||||||
| | | Six Months Ended September 30, | | | | | | | | | February 6, 2017** through March 31, | | ||||||
| | | 2018(*) | | | 2018 | | | 2017 | | |||||||||
Net Asset Value, Beginning of Period | | | | $ | 12.02 | | | | | $ | 10.63 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) | | | | | 0.19 (c) | | | | | | 0.26 (c) | | | | | | 0.04 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.67 ) | | | | | | 1.62 | | | | | | 0.59 | | |
Total from Investment Operations | | | | | (0.48 ) | | | | | | 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 | | | | $ | 11.54 | | | | | $ | 12.02 | | | | | $ | 10.63 | | |
Total Return | | | | | (3.99 )% | | | | | | 17.66 % | | | | | | 6.30 %**** | | |
Net Assets, End of Period (000s) | | | | $ | 10,993 | | | | | $ | 11,160 | | | | | $ | 1,927 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.11 % | | | | | | 1.12% | | | | | | 1.14%*** | | |
Net | | | | | 1.01 % | | | | | | 1.02% | | | | | | 1.14 %*** | | |
Ratio of net investment income (loss) to average net assets (b) | | | | | 3.29 % | | | | | | 2.12 % | | | | | | 2.95 %*** | | |
Portfolio Turnover | | | | | 18 % | | | | | | 26 % | | | | | | 46%**** | | |
■
Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
■
Net (total expenses net of fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
| | | Quoted Prices In Active Markets | | | Significant Other Observable Inputs | | | Significant Unobservable Inputs | | | Market Value at September 30, 2018 | | ||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Small Cap | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 127,302,456 | | | | | $ | — | | | | | $ | — | | | | | $ | 127,302,456 | | |
Real Estate Investment Trusts | | | | | 7,626,770 | | | | | | — | | | | | | — | | | | | | 7,626,770 | | |
Short Term Investments | | | | | 1,957,338 | | | | | | — | | | | | | — | | | | | | 1,957,338 | | |
Total | | | | $ | 136,886,564 | | | | | $ | — | | | | | $ | — | | | | | $ | 136,886,564 | | |
Quality | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 152,268,172 | | | | | $ | — | | | | | $ | — | | | | | $ | 152,268,172 | | |
Depositary Receipts | | | | | 22,768,310 | | | | | | — | | | | | | — | | | | | | 22,768,310 | | |
Short Term Investments | | | | | 2,314,095 | | | | | | 2,549,285 | | | | | | — | | | | | | 4,863,380 | | |
Total | | | | $ | 177,350,577 | | | | | $ | 2,549,285 | | | | | $ | — | | | | | $ | 179,899,862 | | |
Emerging Markets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 79,556,396 | | | | | $ | 5,128,816 | | | | | $ | — | | | | | $ | 84,685,212 | | |
Common Stock Units | | | | | 640,282 | | | | | | — | | | | | | — | | | | | | 640,282 | | |
Depositary Receipts | | | | | 9,773,675 | | | | | | — | | | | | | — | | | | | | 9,773,675 | | |
Mutual Funds | | | | | 848,700 | | | | | | — | | | | | | — | | | | | | 848,700 | | |
Preferred Stock | | | | | 2,400,548 | | | | | | — | | | | | | — | | | | | | 2,400,548 | | |
Real Estate Investment Trusts | | | | | 218,658 | | | | | | — | | | | | | — | | | | | | 218,658 | | |
Short Term Investments | | | | | — | | | | | | 592,769 | | | | | | — | | | | | | 592,769 | | |
Total | | | | $ | 93,438,259 | | | | | $ | 5,721,585 | | | | | $ | — | | | | | $ | 99,159,844 | | |
Foreign Value | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 2,963,842,442 | | | | | $ | 80,267,876 | | | | | $ | — | | | | | $ | 3,044,110,318 | | |
Depositary Receipts | | | | | 248,722,451 | | | | | | — | | | | | | — | | | | | | 248,722,451 | | |
Short Term Investments | | | | | 243,543,808 | | | | | | — | | | | | | — | | | | | | 243,543,808 | | |
Total | | | | $ | 3,456,108,701 | | | | | $ | 80,267,876 | | | | | $ | — | | | | | $ | 3,536,376,577 | | |
Foreign Value Small Cap | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 935,045,955 | | | | | $ | 64,097,794 | | | | | $ | — | | | | | $ | 999,143,749 | | |
Preferred Stock | | | | | 16,824,678 | | | | | | — | | | | | | — | | | | | | 16,824,678 | | |
Short Term Investments | | | | | 32,065,658 | | | | | | — | | | | | | — | | | | | | 32,065,658 | | |
Total | | | | $ | 983,936,291 | | | | | $ | 64,097,794 | | | | | $ | — | | | | | $ | 1,048,034,085 | | |
|
| | | Foreign Value Small Cap Common Stock | | |||
Balances as of 3/31/2018 | | | | $ | 78,234 | | |
Realized gain (loss) | | | | $ | — | | |
Changed in unrealized appreciation (depreciation) | | | | $ | (78,234 ) | | |
Purchases | | | | $ | — | | |
Sales | | | | $ | — | | |
Transfer into Level 3 | | | | $ | — | | |
Transfer out of Level 3 | | | | $ | — | | |
Balances as of 9/30/2018 | | | | $ | -0- | | |
|
| | | Emerging Markets | | | Foreign Value | | | Foreign Value Small Cap | | |||||||||
Banks | | | | $ | 2,442,918 | | | | | $ | 80,267,876 | | | | | $ | 18,449,679 | | |
Chemicals | | | | | 224,845 | | | | | | — | | | | | | — | | |
Construction Materials | | | | | 61,370 | | | | | | — | | | | | | — | | |
Diversified Financial Services | | | | | — | | | | | | — | | | | | | 5,440,429 | | |
Electric Utilities | | | | | — | | | | | | — | | | | | | 20,486,535 | | |
Electronic Equipment, Instruments & Components | | | | | — | | | | | | — | | | | | | 19,721,151 | | |
Oil, Gas & Consumable Fuels | | | | | 1,877,819 | | | | | | — | | | | | | — | | |
Real Estate Management & Development | | | | | 521,864 | | | | | | — | | | | | | — | | |
| | | $ | 5,128,816 | | | | | $ | 80,267,876 | | | | | $ | 64,097,794 | | |
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 | | | | $ | 2,549,285 | | | | | $ | — | | | | | $ | 2,549,285 | | | | | $ | 2,549,285 | | | | | $ | — | | | | | $ | — | | |
Emerging Markets | | | | | 592,769 | | | | | | — | | | | | | 592,769 | | | | | | 592,769 | | | | | | — | | | | | | — | | |
| | | | | | Maturity | | | | | | | | |||||||||||||||
Name | | | Fund/Collateral Type | | | Up to 30 Days | | | 30–90 Days | | | Greater than 90 Days | | | Total | | ||||||||||||
Quality | | | U.S. Treasury Obligations | | | | $ | — | | | | | $ | — | | | | | $ | 2,549,285 | | | | | $ | 2,549,285 | | |
Emerging Markets | | | U.S. Treasury Obligations | | | | | — | | | | | | — | | | | | | 592,769 | | | | | | 592,769 | | |
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 | | | | $ | 175,809 | | | | | $ | — | | | | | $ | 175,809 | | | | | $ | 175,809 (a) | | | | | $ | — | | | | | $ | — | | |
Quality | | | | | 2,314,095 | | | | | | — | | | | | | 2,314,095 | | | | | | 2,314,095 (a) | | | | | | — | | | | | | — | | |
| | | | | | Maturity | | | | | | | | |||||||||||||||
Name | | | Fund/Collateral Type | | | Up to 30 Days | | | 30–90 Days | | | Greater than 90 Days | | | Total | | ||||||||||||
Small Cap | | | Money Market | | | | $ | 175,809 | | | | | $ | — | | | | | $ | — | | | | | $ | 175,809 | | |
Quality | | | Money Market | | | | | 2,314,095 | | | | | | — | | | | | | — | | | | | | 2,314,095 | | |
Currency to deliver | | | Local Value | | | In exchange for | | | Settlement Date | | | Unrealized appreciation (depreciation) | | |||||||||
United States Dollar | | | | | 21,280 | | | | 27,809* | | | | | 10/01/2018 | | | | | $ | (238 ) | | |
| | | | | | | | | | | | | | | | | | | $ | (238 ) | | |
* Canadian Dollar | | | | | | | | | | | | | | | | | | | | | | |
Currency to deliver | | | Local Value | | | In exchange for | | | Settlement Date | | | Unrealized appreciation (depreciation) | | |||||||||
United States Dollar | | | | | 364,638 | | | | 5,180,510* | | | | | 10/01/2018 | | | | | $ | (1,346 ) | | |
| | | | | | | | | | | | | | | | | $ | (1,346 ) | | | ||
* South African Rand | | | | | | | | | | | | | | | | | | | | | |
| Currency to deliver | | | Local Value | | | In exchange for | | | Settlement Date | | | Unrealized appreciation (depreciation) | | |||||||||
| Pound Sterling (UK) | | | | | 22,077,705 | | | | 28,890,884* | | | | | 10/01/2018 | | | | | $ | (72,841 ) | | |
| Pound Sterling (UK) | | | | | 12,527,500 | | | | 16,333,355* | | | | | 10/02/2018 | | | | | | 18,800 | | |
| | | | | | | | | | | | | | | | | | | | $ | (54,041 ) | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| United States Dollar | | | | | 902,986 | | | | 775,229** | | | | | 10/01/18 | | | | | $ | 1,899 | | |
| | | | | | | | | | | | | | | | | | | | $ | 1,899 | | |
| * United States Dollar | | | | | | | | | | | | | | | | | | | | | | |
| **Euro (EU) | | | | | | | | | | | | | | | | | | | | | | |
Currency to deliver | | | Local Value | | | In exchange for | | | Settlement Date | | | Unrealized appreciation (depreciation) | | |||||||||
Hong Kong Dollar | | | | | 2,163,249 | | | | 276,797* | | | | | 10/02/2018 | | | | | $ | 384 | | |
Hong Kong Dollar | | | | | 5,027,254 | | | | 642,502* | | | | | 10/03/2018 | | | | | | 135 | | |
| | | | | | | | | | | | | | | | | | | $ | 519 | | |
*United States Dollar | | | | | | | | | | | | | | | | | | | | | | |
| | | Value of Collateral | | | Value of Loaned Securities | | ||||||
Small Cap Fund | | | | $ | 175,809 | | | | | $ | 171,642 | | |
Emerging Markets Fund | | | | | 2,314,095 | | | | | | 2,268,138 | | |
| 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. | |
| | | March 31, 2018 | | | | | | | | | | | | | | |||
Portfolio | | | 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 | | | | | — | | | | | | — | | | | | | — | | |
| | | Six Months Ended September 30, 2018 | | | Year Ended March 31, 2018 | |||||||||||||||||
| | | Shares | | | Dollars | | | Shares | | | Dollars | |||||||||||
Small Cap | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 376,365 | | | | | $ | 10,266,789 | | | | | | 175,545 | | | | | $ | 4,575,470 |
Shares issued in reinvestment of distributions | | | | | — | | | | | | — | | | | | | 195,399 | | | | | | 5,058,875 |
Contributions to capital from investment managers/ brokers | | | | | — | | | | | | — | | | | | | — | | | | | | 1,838 |
Shares redeemed | | | | | (166,731 ) | | | | | | (4,545,853 ) | | | | | | (224,646 ) | | | | | | (5,885,752 ) |
Net Change | | | | | 209,634 | | | | | | 5,720,936 | | | | | | 146,298 | | | | | | 3,750,431 |
Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 856 | | | | | $ | 27,691 | | | | | | 9,184 | | | | | $ | 281,995 |
Shares issued in reinvestment of distributions | | | | | — | | | | | | — | | | | | | 13,241 | | | | | | 404,102 |
| | | Six Months Ended September 30, 2018 | | | Year Ended March 31, 2018 | |||||||||||||||||
| | | Shares | | | Dollars | | | Shares | | | Dollars | |||||||||||
Contributions to capital from investment managers/ brokers | | | | | — | | | | | | — | | | | | | — | | | | | | 128 |
Shares redeemed | | | | | (1,299 ) | | | | | | (43,810 ) | | | | | | (10,951 ) | | | | | | (335,155 ) |
Net Change | | | | | (443 ) | | | | | | (16,119 ) | | | | | | 11,474 | | | | | | 351,070 |
Total Net Change For Fund | | | | | | | | | | $ | 5,704,817 | | | | | | | | | | | $ | 4,101,501 |
Quality | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 1,692,088 | | | | | $ | 35,760,053 | | | | | | 317,127 | | | | | $ | 6,079,159 |
Shares issued in reinvestment of distributions | | | | | — | | | | | | — | | | | | | 336,426 | | | | | | 6,486,299 |
Contributions to capital from investment managers/ brokers | | | | | — | | | | | | — | | | | | | — | | | | | | — |
Shares redeemed | | | | | (333,462 ) | | | | | | (6,729,520 ) | | | | | | (502,432 ) | | | | | | (9,549,314 ) |
Net Change | | | | | 1,358,626 | | | | | | 29,030,533 | | | | | | 151,121 | | | | | | 3,016,144 |
Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 113,022 | | | | | $ | 2,556,981 | | | | | | 57,641 | | | | | $ | 1,202,758 |
Shares issued in reinvestment of distributions | | | | | — | | | | | | — | | | | | | 20,675 | | | | | | 426,097 |
Contributions to capital from investment managers/ brokers | | | | | — | | | | | | — | | | | | | — | | | | | | — |
Shares redeemed | | | | | (128,229 ) | | | | | | (2,745,585 ) | | | | | | (129,537 ) | | | | | | (2,628,696 ) |
Net Change | | | | | (15,207 ) | | | | | | (188,604 ) | | | | | | (51,221 ) | | | | | | (999,841 ) |
Total Net Change For Fund | | | | | | | | | | $ | 28,841,929 | | | | | | | | | | | $ | 2,016,303 |
Emerging Markets | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 234,395 | | | | | $ | 5,190,941 | | | | | | 343,477 | | | | | $ | 7,799,053 |
Shares issued in reinvestment of distributions | | | | | — | | | | | | — | | | | | | 47,115 | | | | | | 1,040,297 |
Contributions to capital from investment manager/ brokers | | | | | — | | | | | | — | | | | | | — | | | | | | — |
Shares redeemed | | | | | (599,031 ) | | | | | | (12,628,286 ) | | | | | | (676,471 ) | | | | | | (15,028,789 ) |
Net Change | | | | | (364,636 ) | | | | | | (7,437,345 ) | | | | | | (285,879 ) | | | | | | (6,189,439 ) |
Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months Ended September 30, 2018 | | | Year Ended March 31, 2018 | |||||||||||||||||
| | | Shares | | | Dollars | | | Shares | | | Dollars | |||||||||||
Shares sold | | | | | 21,065 | | | | | $ | 469,534 | | | | | | 46,579 | | | | | $ | 1,056,004 |
Shares issued in reinvestment of distributions | | | | | — | | | | | | — | | | | | | 4,923 | | | | | | 110,184 |
Contributions to capital from investment managers/ brokers | | | | | — | | | | | | — | | | | | | — | | | | | | — |
Shares redeemed | | | | | (22,651 ) | | | | | | (492,511 ) | | | | | | (108,852 ) | | | | | | (2,346,034 ) |
Net Change | | | | | (1,586 ) | | | | | | (22,977 ) | | | | | | (57,350 ) | | | | | | (1,179,846 ) |
Total Net Change For Fund | | | | | | | | | | $ | (7,460,322 ) | | | | | | | | | | | $ | (7,369,285 ) |
Foreign Value | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 1,459,552 | | | | | $ | 32,324,092 | | | | | | 4,307,126 | | | | | $ | 91,524,682 |
Shares issued in reinvestment of distributions | | | | | — | | | | | | — | | | | | | 246,854 | | | | | | 5,374,020 |
Contributions to capital from investment manager/ brokers | | | | | — | | | | | | — | | | | | | — | | | | | | — |
Shares redeemed | | | | | (3,419,272 ) | | | | | | (75,492,009 ) | | | | | | (8,684,692 ) | | | | | | (185,185,863 ) |
Net Change | | | | | (1,959,720 ) | | | | | | (43,167,917 ) | | | | | | (4,130,712 ) | | | | | | (88,287,161 ) |
Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 45,576,346 | | | | | $ | 1,008,849,612 | | | | | | 34,975,044 | | | | | $ | 756,125,336 |
Shares issued in reinvestment of distributions | | | | | — | | | | | | — | | | | | | 440,028 | | | | | | 9,553,013 |
Contributions to capital from investment managers/ brokers | | | | | — | | | | | | — | | | | | | — | | | | | | 333 |
Shares redeemed | | | | | (3,821,584 ) | | | | | | (84,374,749 ) | | | | | | (13,177,244 ) | | | | | | (267,470,375 ) |
Net Change | | | | | 41,754,762 | | | | | | 924,474,863 | | | | | | 22,237,828 | | | | | | 498,208,307 |
R6 Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 2,940,742 | | | | | $ | 34,890,631 | | | | | | 21,600,757 | | | | | $ | 235,657,033 |
Shares issued in reinvestment of distributions | | | | | — | | | | | | — | | | | | | 98,772 | | | | | | 1,149,709 |
Contributions to capital from investment managers/ brokers | | | | | — | | | | | | — | | | | | | — | | | | | | — |
Shares redeemed | | | | | (769,979 ) | | | | | | (9,132,988 ) | | | | | | (1,657,129 ) | | | | | | (19,105,081 ) |
| | | Six Months Ended September 30, 2018 | | | Year Ended March 31, 2018 | |||||||||||||||||
| | | Shares | | | Dollars | | | Shares | | | Dollars | |||||||||||
Net Change | | | | | 2,170,763 | | | | | | 25,757,643 | | | | | | 20,042,400 | | | | | | 217,701,661 |
Total Net Change For Fund | | | | | | | | | | $ | 907,064,589 | | | | | | | | | | | $ | 627,622,807 |
Foreign Value Small Cap | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 1,085,590 | | | | | $ | 16,744,536 | | | | | | 3,888,870 | | | | | $ | 60,228,453 |
Shares issued in reinvestment of distributions | | | | | — | | | | | | — | | | | | | 507,345 | | | | | | 7,945,023 |
Contributions to capital from investment managers/ brokers | | | | | — | | | | | | — | | | | | | — | | | | | | 1,736 |
Shares redeemed | | | | | (5,474,951 ) | | | | | | (84,868,593 ) | | | | | | (3,716,330 ) | | | | | | (57,596,373 ) |
Net Change | | | | | (4,389,361 ) | | | | | | (68,124,057 ) | | | | | | 679,885 | | | | | | 10,578,839 |
Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 20,625,235 | | | | | $ | 321,150,134 | | | | | | 19,776,470 | | | | | $ | 306,713,992 |
Shares issued in reinvestment of distributions | | | | | — | | | | | | — | | | | | | 992,774 | | | | | | 15,556,768 |
Contributions to capital from investment managers/ brokers | | | | | — | | | | | | — | | | | | | — | | | | | | 3,125 |
Shares redeemed | | | | | (4,933,371 ) | | | | | | (75,251,335 ) | | | | | | (5,661,274 ) | | | | | | (87,115,600 ) |
Net Change | | | | | 15,691,864 | | | | | | 245,898,799 | | | | | | 15,107,970 | | | | | | 235,158,285 |
R6 Shares | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | 162,926 | | | | | $ | 1,940,495 | | | | | | 874,462 | | | | | $ | 10,185,806 |
Shares issued in reinvestment of distributions | | | | | — | | | | | | — | | | | | | 20,618 | | | | | | 247,826 |
Contributions to capital from investment managers/ brokers | | | | | — | | | | | | — | | | | | | — | | | | | | 57 |
Shares redeemed | | | | | (138,769 ) | | | | | | (1,658,410 ) | | | | | | (147,500 ) | | | | | | (1,779,923 ) |
Net Change | | | | | 24,157 | | | | | | 282,085 | | | | | | 747,580 | | | | | | 8,653,766 |
Total Net Change for Fund | | | | | | | | | | $ | 178,056,827 | | | | | | | | | | | $ | 254,390,890 |
|
CONTRACT APPROVAL (Unaudited) (continued)
CONTRACT APPROVAL (Unaudited) (continued)
CONTRACT APPROVAL (Unaudited) (continued)
| Manager | | | Pear Tree Advisors, Inc., 55 Old Bedford Road, Suite 202, Lincoln, MA 01773 | |
| Subadvisers | | | Chartwell Investment Partners LLC, 1205 Westlakes Drive, Suite 100, Berwyn, PA 19312 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 | |
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| To register, go to: www.peartreefunds.com | |
ITEM 2. | Code of Ethics |
Not applicable for report period.
ITEM 3. | Audit Committee Financial Expert |
Not applicable for report period.
ITEM 4. | Principal Accountant Fees and Services |
Not applicable for report period.
ITEM 5. | Audit Committee of Listed Registrants |
Not applicable.
ITEM 6. | Schedule of Investments |
Not applicable.
ITEM 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not applicable.
ITEM 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
ITEM 9 | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not applicable.
ITEM 10 | Submission of Matters to a Vote of Security Holders |
Not applicable.
ITEM 11. | Controls and Procedures |
(a) The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b) There has been no change in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. | Exhibits |
(a) | Certifications pursuant to Rule 30a-2(a) by the chief executive and financial officers. |
(b) | Certification pursuant to Rule 30a-2(b) and Section 906 by the chief executive and financial officers. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Pear Tree Funds
By /s/ Willard L. Umphrey
Willard L. Umphrey, President
Date: November 29, 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:
By /s/ Leon Okurowski
Leon Okurowski, Treasurer
Date: November 29, 2018