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 number811-3790
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 March 31, 2019
ITEM 1. | REPORTS TO SHAREOWNERS. |
Pear Tree Quality Fund
Pear Tree Axiom Emerging Markets World Equity Fund
Pear Tree PNC International Small Cap Fund
Pear Tree Polaris Foreign Value Fund
Pear Tree Polaris Foreign Value Small Cap Fund
March 31, 2019
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| Service Providers | | | Inside back cover | |
President and Chairman
Pear Tree Fund | | | Share Class | | | Total Return Description | | | Beginning Account Value 10/1/18 | | | Ending Account Value 3/31/2019 | | | Annualized Expense Ratio | | | Expenses Paid During the Period* 10/1/2018- 3/31/2019 | | ||||||||||||
Small Cap | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $909.80 | | | | | | 1.35% | | | | | | $6.45 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.18 | | | | | | 1.35% | | | | | | $6.82 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $911.70 | | | | | | 0.98% | | | | | | $4.65 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.06 | | | | | | 0.98% | | | | | | $4.92 | | |
Quality | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $994.70 | | | | | | 1.26 % | | | | | | $6.26 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,018.66 | | | | | | 1.26 % | | | | | | $6.33 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $996.60 | | | | | | 0.88 % | | | | | | $4.36 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.56 | | | | | | 0.88 % | | | | | | $4.41 | | |
Emerging Markets | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $1,008.30 | | | | | | 1.55 % | | | | | | $7.75 | | |
World Equity | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.22 | | | | | | 1.55 % | | | | | | $7.78 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $1,010.30 | | | | | | 1.15 % | | | | | | $5.76 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.20 | | | | | | 1.15 % | | | | | | $5.78 | | |
| | | R6 ** | | | Actual | | | | | $1,000.00 | | | | | | $1,047.00 | | | | | | 0.99 % | | | | | | $1.69 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.00 | | | | | | 0.99 % | | | | | | $4.98 | | |
International | | | Ordinary *** | | | Actual | | | | | $1,000.00 | | | | | | $1,060.00 | | | | | | 4.54 % | | | | | | $7.56 | | |
Small Cap | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,002.28 | | | | | | 4.54 % | | | | | | $22.68 | | |
| | | Institutional *** | | | Actual | | | | | $1,000.00 | | | | | | $1,060.00 | | | | | | 4.17 % | | | | | | $6.94 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,004.16 | | | | | | 4.17 % | | | | | | $20.81 | | |
| | | R6 *** | | | Actual | | | | | $1,000.00 | | | | | | $1,060.00 | | | | | | 4.14 % | | | | | | $6.88 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,004.31 | | | | | | 4.14 % | | | | | | $20.66 | | |
Foreign Value | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $941.40 | | | | | | 1.42% | | | | | | $6.88 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.84 | | | | | | 1.42% | | | | | | $7.15 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $942.90 | | | | | | 1.05% | | | | | | $5.10 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.68 | | | | | | 1.05% | | | | | | $5.30 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $943.40 | | | | | | 0.96 % | | | | | | $4.63 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,020.16 | | | | | | 0.96 % | | | | | | $4.82 | | |
Foreign Value | | | Ordinary | | | Actual | | | | | $1,000.00 | | | | | | $946.10 | | | | | | 1.45 % | | | | | | $7.03 | | |
Small Cap | | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,017.71 | | | | | | 1.45 % | | | | | | $7.29 | | |
| | | Institutional | | | Actual | | | | | $1,000.00 | | | | | | $948.70 | | | | | | 1.08 % | | | | | | $5.23 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.56 | | | | | | 1.08 % | | | | | | $5.42 | | |
| | | R6 | | | Actual | | | | | $1,000.00 | | | | | | $948.40 | | | | | | 1.05 % | | | | | | $5.12 | | |
| | | | | | Hypothetical | | | | | $1,000.00 | | | | | | $1,019.68 | | | | | | 1.05 % | | | | | | $5.31 | | |
| Fund Information | | | | | | | |
| Net Assets Under Management | | | $123.2 Million | | |||
| Number of Portfolio Holdings | | | 46 | | |||
| Average Price to Book Ratio | | | 1.7 | | |||
| Average Price to Earnings Ratio | | | 13.9 | | |||
| | | | 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 | | | | | 27.2 % | | |
Sanderson Farms, Inc. | | | | | 2.9 % | | |
Continental Building Products Inc. | | | | | 2.9 % | | |
Deckers Outdoor Corporation | | | | | 2.8 % | | |
Insight Enterprises, Inc. | | | | | 2.7% | | |
OFG Bancorp | | | | | 2.7 % | | |
Kforce, Inc. | | | | | 2.7 % | | |
Cinemark Holdings, Inc. | | | | | 2.7 % | | |
Regal Beloit Corporation | | | | | 2.7 % | | |
EVERTEC Inc | | | | | 2.6 % | | |
Avnet, Inc. | | | | | 2.5 % | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Financials | | | | | 28.5 % | | |
Industrials | | | | | 21.4 % | | |
Information Technology | | | | | 10.4 % | | |
Consumer Discretionary | | | | | 7.3 % | | |
Health Care | | | | | 7.0 % | | �� |
Real Estate | | | | | 6.8 % | | |
Materials | | | | | 4.9 % | | |
Energy | | | | | 4.5 % | | |
Consumer Staples | | | | | 2.9 % | | |
Communication Services | | | | | 2.7 % | | |
Utilities | | | | | 2.4 % | | |
CASH + other assets (net) | | | | | 1.2 % | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Small Cap. (PTSC) Ordinary Shares vs. Russell 2000 Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2019 | | | Six Months | | | One Year | | | Five (3) Year | | | Ten (3) Year | | | Since (3) Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | 11.59 | % | | | | (9.02 | )% | | | | 1.87 | % | | | | 3.91 | % | | | | 12.70 | % | | | | 9.34 | % | | 08/03/1992 | | ||||||
Institutional Shares (1) | | | | | 11.69 | % | | | | (8.83 | )% | | | | 2.30 | % | | | | 4.23 | % | | | | 13.02 | % | | | | 8.89 | % | | 01/06/1993 | | ||||||
Russell 2000 (2) | | | | | 14.58 | % | | | | (8.57 | )% | | | | 2.05 | % | | | | 7.05 | % | | | | 15.36 | % | | | | 9.54 | % | | ———————— | |
| Fund Information | | | | | | | |
| Net Assets Under Management | | | $143.7 Million | | |||
| Number of Portfolio Holdings | | | 41 | | |||
| Average Price to Book Ratio | | | 4.6 | | |||
| Average Price to Earnings Ratio | | | 17.4 | | |||
| | | | 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 | | | | | 45.0 % | | |
Alphabet Inc. | | | | | 7.1 % | | |
Apple, Inc. | | | | | 6.6 % | | |
Microsoft Corporation | | | | | 5.7 % | | |
Oracle Corportation | | | | | 4.9% | | |
Johnson & Johnson | | | | | 3.7 % | | |
3M Company | | | | | 3.6 % | | |
Costco Wholesale Corporation | | | | | 3.5 % | | |
Medtronic plc | | | | | 3.4 % | | |
Accenture plc | | | | | 3.3 % | | |
UnitedHealth Group, Inc. | | | | | 3.2 % | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Information Technology | | | | | 35.10 % | | |
Health Care | | | | | 22.50 % | | |
Consumer Staples | | | | | 14.30 % | | |
Financials | | | | | 8.60 % | | |
Communication Services | | | | | 8.50 % | | |
Industrials | | | | | 6.90 % | | |
Consumer Discretionary | | | | | 2.90 % | | |
Energy | | | | | 0.00 % | | |
Materials | | | | | 0.00% | | |
Real Estate | | | | | 0.00% | | |
Telecommunication Services | | | | | 0.00% | | |
Utilities | | | | | 0.00% | | |
Cash + other assets (net) | | | | | 1.20 % | | |
Value of a $10,000 Investment | |
Pear Tree Quality (PTQ) Ordinary Shares vs. S&P 500 Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2019 | | | Six Months | | | One Year | | | Five Year | | | Ten (3) Year | | | Since (3) Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | 13.50 | % | | | | (0.53 | )% | | | | 14.16 | % | | | | 11.48 | % | | | | 14.72 | % | | | | 9.49 | % | | 05/06/85 | | ||||||
Institutional Shares (1) | | | | | 13.63 | % | | | | (0.34 | )% | | | | 14.59 | % | | | | 11.80 | % | | | | 15.09 | % | | | | 8.51 | % | | 03/25/91 | | ||||||
S & P 500 (2) | | | | | 13.65 | % | | | | (1.72 | )% | | | | 9.50 | % | | | | 10.91 | % | | | | 15.92 | % | | | | 10.85 | % | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets Under Management | | | $94.5 Million | | | | | |||
| Number of Portfolio Holdings | | | 138 | | | | | |||
| Average Price to Book Ratio | | | 2.5 | | | | | |||
| Average Price to Earnings Ratio | | | 15.3 | | | | | |||
| | | | Ordinary | | | Institutional | | | R6 | |
| Total Expense Ratio (Gross)* | | | 1.66% | | | 1.40% | | | 1.25% | |
| Total Expense Ratio (Net)* | | | 1.44% | | | 1.06% | | | 0.99% | |
| Ticker Symbol | | | QFFOX | | | QEMAX | | | QFFRX | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 32.8 % | | |
Alibaba Group Holding Ltd. | | | | | 6.1 % | | |
Tencent Holdings Limited | | | | | 5.7 % | | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | | | 5.1 % | | |
Samsung Electronics Company, Ltd. | | | | | 2.9 % | | |
Ping An Insurance Group H Share | | | | | 2.8 % | | |
iShares Core MSCI Emerging Markets ETF | | | | | 2.2 % | | |
China Merchants Bank Co., Ltd.- H Shares | | | | | 2.1 % | | |
Banco Bradesco S.A. | | | | | 2.1 % | | |
Kweichow Moutai Co., Ltd. | | | | | 1.9 % | | |
HDFC Bank Ltd. | | | | | 1.9 % | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Financials | | �� | | | 26.8 % | | |
Information Technology | | | | | 18.5 % | | |
Consumer Discretionary | | | | | 13.8 % | | |
Consumer Staples | | | | | 11.3 % | | |
Industrials | | | | | 9.2 % | | |
Energy | | | | | 5.9 % | | |
Communication Services | | | | | 3.7 % | | |
Real Estate | | | | | 3.0 % | | |
Materials | | | | | 2.3 % | | |
Health Care | | | | | 1.9 % | | |
Utilities | | | | | 0.8 % | | |
Mutual Funds | | | | | 2.2 % | | |
CASH + other assets (net) | | | | | 0.6 % | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 84.2 % | | |
China | | | | | 22.3 % | | |
Hong Kong | | | | | 13.6 % | | |
Brazil | | | | | 11.3 % | | |
Taiwan | | | | | 9.9 % | | |
India | | | | | 7.9 % | | |
South Korea | | | | | 6.9 % | | |
Russia | | | | | 3.9 % | | |
Indonesia | | | | | 3.2 % | | |
South Africa | | | | | 2.8 % | | |
Mexico | | | | | 2.4 % | | |
Value of a $10,000 Investment | |
Pear Tree Axiom Emerging Markets World Equity (PTEM) Ordinary Shares vs. MSCI EM Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2019 | | | Six Months (3) | | | One Year (3) | | | Five Year (3) | | | Ten Year (3) | | | Since Inception (3) | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | 10.55 | % | | | | 0.83 | % | | | | (8.31 | )% | | | | 0.49 | % | | | | 7.22 | % | | | | 4.76 | % | | 09/30/1994 | | ||||||
Institutional Shares (1) | | | | | 10.67 | % | | | | 1.03 | % | | | | (7.94 | )% | | | | 0.80 | % | | | | 7.52 | % | | | | 6.08 | % | | 04/02/1996 | | ||||||
R6 Shares (1) | | | | | - | % | | | | - | % | | | | - | % | | | | - | % | | | | - | % | | | | 4.70 | % | | 01/28/2019 | | ||||||
MSCI EM (2) | | | | | 9.95 | % | | | | 1.83 | % | | | | (7.06 | )% | | | | 4.06 | % | | | | 9.31 | % | | | | 5.13 | % | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets Under Management | | | $10.7 Million | | ||||||
| Number of Portfolio Holdings | | | 90 | | ||||||
| Average Price to Book Ratio | | | 3.6 | | ||||||
| Average Price to Earnings Ratio | | | 18.6 | | ||||||
| | | | Ordinary | | | Institutional | | | R6 | |
| Total Expense Ratio (Gross)* | | | 1.82% | | | 1.45% | | | 1.42% | |
| Total Expense Ratio (Net)* | | | N/A | | | N/A | | | N/A | |
| Ticker Symbol | | | QISOX | | | QISIX | | | QISRX | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 17.5 % | | |
PeptiDream Inc. | | | | | 2.2 % | | |
Lasertec Corporation | | | | | 2.0 % | | |
Vanguard FTSE All-World ex-US | | | | | 2.0 % | | |
Aramex PJSC | | | | | 1.9 % | | |
Infomart Corporation | | | | | 1.6 % | | |
Norway Royal Salmon ASA | | | | | 1.6 % | | |
Anton Oilfield Services Group | | | | | 1.6 % | | |
Nihon M&A Center Inc. | | | | | 1.6 % | | |
Clinigen Group PLC | | | | | 1.5 % | | |
BK Brasil Operacap E Assessoria A Resturantes S.A. | | | | | 1.5 % | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0 % | | |
Health Care | | | | | 22.2 % | | |
Information Technology | | | | | 20.1 % | | |
Industrials | | | | | 13.4 % | | |
Consumer Discretionary | | | | | 11.0 % | | |
Consumer Staples | | | | | 8.5 % | | |
Financials | | | | | 7.7 % | | |
Materials | | | | | 3.2 % | | |
Real Estate | | | | | 3.1 % | | |
Energy | | | | | 2.3 % | | |
Communication Services | | | | | 2.0 % | | |
Utilities | | | | | 0.9 % | | |
Mutual Funds | | | | | 2.0 % | | |
CASH + other assets (net) | | | | | 3.6 % | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 65.6 % | | |
Japan | | | | | 20.0 % | | |
United Kingdom | | | | | 9.4 % | | |
Sweden | | | | | 6.6 % | | |
Australia | | | | | 5.9 % | | |
Canada | | | | | 5.6 % | | |
Germany | | | | | 4.7 % | | |
Singapore | | | | | 3.9 % | | |
Egypt | | | | | 3.2 % | | |
Norway | | | | | 3.2 % | | |
France | | | | | 3.1 % | | |
Value of a $10,000 Investment | |
Pear Tree PNC International Small Cap (QISOX) Ordinary Shares vs. MSCI ACWI ex USA Small Cap Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2019 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | — % | | | | | | — % | | | | | | — % | | | | | | — % | | | | | | — % | | | | | | 6.00 | % | | 01/30/2019 | | |
Institutional Shares (1) | | | | | — % | | | | | | — % | | | | | | — % | | | | | | — % | | | | | | — % | | | | | | 6.00 | % | | 01/30/2019 | | |
R6 Shares (1) | | | | | — % | | | | | | — % | | | | | | — % | | | | | | — % | | | | | | — % | | | | | | 6.00 | % | | 01/30/2019 | | |
MSCI ACWI ex USA Small Cap (2) | | | | | — % | | | | | | — % | | | | | | — % | | | | | | — % | | | | | | — % | | | | | | 2.33 | % | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets Under Management | | | $3,620.0 Million | | ||||||
| Number of Portfolio Holdings | | | 54 | | ||||||
| Average Price to Book Ratio | | | 1.5 | | ||||||
| Average Price to Earnings Ratio | | | 12.4 | | ||||||
| | | | Ordinary | | | Institutional | | | R6 | |
| Total Expense Ratio (Gross)* | | | 1.51% | | | 1.26% | | | 1.10% | |
| Total Expense Ratio (Net)* | | | 1.41% | | | 1.04% | | | 0.94% | |
| Ticker Symbol | | | QFVOX | | | QFVIX | | | QFVRX | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 22.7 % | | |
Nexon Co., Limited | | | | | 2.5 % | | |
Novartis AG | | | | | 2.5 % | | |
Cineworld Group plc | | | | | 2.5 % | | |
Popular, Inc. | | | | | 2.3 % | | |
Next plc | | | | | 2.2% | | |
Hannover Rueck SE | | | | | 2.2% | | |
Vinci SA | | | | | 2.2% | | |
DNB Bank ASA | | | | | 2.1 % | | |
Michelin (CGDE) | | | | | 2.1% | | |
United Overseas Bank Limited | | | | | 2.1% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Financials | | | | | 23.4 % | | |
Materials | | | | | 16.4 % | | |
Consumer Discretionary | | | | | 14.4 % | | |
Communication Services | | | | | 12.7 % | | |
Industrials | | | | | 11.6 % | | |
Information Technology | | | | | 4.7 % | | |
Health Care | | | | | 4.1 % | | |
Consumer Staples | | | | | 3.3 % | | |
Utilities | | | | | 2.0 % | | |
Cash and Other Assets (Net) | | | | | 7.4 % | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 71.9 % | | |
United Kingdom | | | | | 16.3 % | | |
South Korea | | | | | 9.9 % | | |
Germany | | | | | 9.3 % | | |
France | | | | | 8.3 % | | |
Japan | | | | | 8.2 % | | |
Norway | | | | | 5.9 % | | |
Sweden | | | | | 5.4 % | | |
Canada | | | | | 3.8 % | | |
Switzerland | | | | | 2.5 % | | |
Puerto Rico | | | | | 2.3 % | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Foreign Value (PTFV) Ordinary Shares vs. MSCI EAFE Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2019 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | 9.09 | % | | | | (5.86 | )% | | | | (3.56 | )% | | | | 2.49 | % | | | | 12.80 | % | | | | 6.31 | % | | 05/15/1998 | | ||||||
Institutional Shares (1) | | | | | 9.17 | % | | | | (5.71 | )% | | | | (3.20 | )% | | | | 2.80 | % | | | | 13.09 | % | | | | 7.65 | % | | 12/18/1998 | | ||||||
R6 Shares (1) | | | | | 9.26 | % | | | | (5.66 | )% | | | | (3.15 | )% | | | | — | % | | | | — | % | | | | 6.70 | % | | 02/06/2017 | | ||||||
MSCI EAFE (2) | | | | | 10.13 | % | | | | (3.64 | )% | | | | (3.22 | )% | | | | 2.81 | % | | | | 9.47 | % | | | | 4.50 | % | | ———————— | |
| Fund Information | | | | | | | | | | |
| Net Assets Under Management | | | $1,063.7 Million | | ||||||
| Number of Portfolio Holdings | | | 73 | | ||||||
| Average Price to Book Ratio | | | 1.4 | | ||||||
| Average Price to Earnings Ratio | | | 12.8 | | ||||||
| | | | Ordinary | | | Institutional | | | R6 | |
| Total Expense Ratio (Gross)* | | | 1.52% | | | 1.27% | | | 1.12% | |
| Total Expense Ratio (Net)* | | | 1.42% | | | 1.05% | | | 1.02% | |
| Ticker Symbol | | | QUSOX | | | QUSIX | | | QUSRX | |
Top 10 Holdings | | ||||||
Percentage of total net assets | | | | | 20.5 % | | |
Wetherspoon (J.D.) plc | | | | | 2.1 % | | |
Elis SA | | | | | 2.1 % | | |
Elite Material Co., Limited | | | | | 2.1 % | | |
Daicel Corporation | | | | | 2.1 % | | |
Dowa Holdings Co., Limited | | | | | 2.1 % | | |
Prima Meat Packers Limited | | | | | 2.0 % | | |
Cineworld Group plc | | | | | 2.0 % | | |
Crest Nicholson Holdings plc | | | | | 2.0 % | | |
Iwatani Corporation | | | | | 2.0% | | |
Lancashire Holdings Limited | | | | | 2.0% | | |
Sector Allocation | | ||||||
Percentage of total net assets | | | | | 100.0% | | |
Consumer Discretionary | | | | | 18.8 % | | |
Industrials | | | | | 15.9 % | | |
Financials | | | | | 15.5 % | | |
Information Technology | | | | | 14.7 % | | |
Materials | | | | | 7.2 % | | |
Consumer Staples | | | | | 6.4% | | |
Utilities | | | | | 5.5 % | | |
Communication Services | | | | | 2.4 % | | |
Energy | | | | | 2.0 % | | |
Real Estate | | | | | 2.0 % | | |
Health Care | | | | | 1.2 % | | |
Energy | | | | | 0.0 % | | |
CASH + other assets (net) | | | | | 8.4 % | | |
Top 10 Country Allocations | | ||||||
Percentage of total net assets | | | | | 78.5 % | | |
United Kingdom | | | | | 17.8 % | | |
Japan | | | | | 17.6 % | | |
Taiwan | | | | | 12.0 % | | |
Norway | | | | | 5.5 % | | |
Ireland | | | | | 5.5 % | | |
Thailand | | | | | 4.7 % | | |
India | | | | | 4.7 % | | |
South Korea | | | | | 4.0% | | |
Hong Kong | | | | | 3.9 % | | |
China | | | | | 2.8 % | | |
Value of a $10,000 Investment | |
Pear Tree Polaris Foreign Value Small Cap (PTFVSC) Ordinary Shares vs. MSCI ACWI ex USA Small Cap Index | |
|
Average Annual Total Returns | | |||||||||||||||||||||||||||||||||||||||
| | | 1Q 2019 | | | Six Months | | | One Year | | | Five Year | | | Ten Year | | | Since Inception | | | Inception Date | | ||||||||||||||||||
Ordinary Shares | | | | | 9.27 | % | | | | (5.39 | )% | | | | (9.33 | )% | | | | 3.05 | % | | | | 14.51 | % | | | | 6.00 | % | | 05/01/2008 | | ||||||
Institutional Shares (1) | | | | | 9.44 | % | | | | (5.13 | )% | | | | (8.95 | )% | | | | 3.37 | % | | | | 14.83 | % | | | | 6.28 | % | | 05/01/2008 | | ||||||
R6 Shares (1) | | | | | 9.51 | % | | | | (5.16 | )% | | | | (8.95 | )% | | | | — | % | | | | — | % | | | | 6.24 | % | | 02/06/2017 | | ||||||
MSCI ACWI ex USA Small Cap (2) | | | | | 10.35 | % | | | | (5.51 | )% | | | | (9.13 | )% | | | | 3.64 | % | | | | 12.25 | % | | | | 4.24 | % | | — | |
| | | Shares | | | Value | | ||||||
BANKS — 24.1% | | ||||||||||||
Ameris Bancorp | | | | | 69,900 | | | | | $ | 2,401,065 | | |
BOK Financial Corporation | | | | | 11,964 | | | | | | 975,664 | | |
Brookline Bancorp, Inc. | | | | | 167,300 | | | | | | 2,409,120 | | |
Bryn Mawr Bank Corporation | | | | | 70,946 | | | | | | 2,563,279 | | |
Cambridge Bancorp (b) | | | | | 31,030 | | | | | | 2,570,835 | | |
Central Pacific Financial Corporation | | | | | 104,783 | | | | | | 3,021,942 | | |
Colony Bankcorp, Inc. | | | | | 157,079 | | | | | | 2,686,051 | | |
Dime Community Bancshares, Inc. | | | | | 151,600 | | | | | | 2,839,468 | | |
F.N.B. Corporation | | | | | 242,880 | | | | | | 2,574,528 | | |
International Bancshares Corporation | | | | | 64,900 | | | | | | 2,468,147 | | |
OFG Bancorp | | | | | 170,600 | | | | | | 3,376,174 | | |
RBB Bancorp | | | | | 98,097 | | | | | | 1,844,224 | | |
| | | | | 29,730,497 | | | ||||||
BUILDING PRODUCTS — 2.8% | | ||||||||||||
Continental Building Products, Inc. (a) | | | | | 141,800 | | | | | | 3,515,222 | | |
CAPITAL MARKETS — 2.1% | | ||||||||||||
Hercules Capital, Inc. (b) | | | | | 208,367 | | | | | | 2,637,926 | | |
CHEMICALS — 4.6% | | ||||||||||||
Cabot Corporation | | | | | 74,500 | | | | | | 3,101,435 | | |
Ferro Corporation (a) | | | | | 134,035 | | | | | | 2,537,283 | | |
| | | | | 5,638,718 | | | ||||||
COMMUNICATIONS EQUIPMENT — 2.3% | | ||||||||||||
Bel Fuse, Inc. Class B | | | | | 111,100 | | | | | | 2,808,608 | | |
CONSTRUCTION MATERIALS — 0.4% | | ||||||||||||
U.S. Concrete, Inc. (a) | | | | | 10,960 | | | | | | 453,963 | | |
ELECTRIC UTILITIES — 2.4% | | ||||||||||||
ALLETE, Inc. | | | | | 35,400 | | | | | | 2,910,942 | | |
ELECTRICAL EQUIPMENT — 2.7% | | ||||||||||||
Regal Beloit Corporation | | | | | 40,200 | | | | | | 3,291,174 | | |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.3% | | ||||||||||||
Avnet, Inc. | | | | | 72,100 | | | | | | 3,126,977 | | |
Insight Enterprises, Inc. | | | | | 61,327 | | | | | | 3,376,665 | | |
| | | | | 6,503,642 | | | ||||||
ENERGY EQUIPMENT & SERVICES — 2.5% | | ||||||||||||
Dril-Quip, Inc. (a) | | | | | 66,300 | | | | | | 3,039,855 | | |
|
| | | Shares | | | Value | | ||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 6.8% | | ||||||||||||
Digital Realty Trust, Inc. | | | | | 19,816 | | | | | $ | 2,358,104 | | |
EPR Properties | | | | | 39,910 | | | | | | 3,069,079 | | |
Physicians Realty Trust | | | | | 158,222 | | | | | | 2,976,156 | | |
| | | | | 8,403,339 | | | ||||||
FOOD PRODUCTS — 2.9% | | ||||||||||||
Sanderson Farms, Inc. | | | | | 27,100 | | | | | | 3,572,864 | | |
HEALTH CARE EQUIPMENT & SUPPLIES — 4.1% | | ||||||||||||
Computer Programs and Systems, Inc. | | | | | 99,250 | | | | | | 2,946,732 | | |
Natus Medical, Inc. (a) | | | | | 83,120 | | | | | | 2,109,586 | | |
| | | | | 5,056,318 | | | ||||||
INSURANCE — 2.2% | | ||||||||||||
United Insurance Holdings Corporation | | | | | 170,651 | | | | | | 2,713,351 | | |
INTERNET & DIRECT MARKETING RETAIL — 2.2% | | ||||||||||||
PetMed Express, Inc. (b) | | | | | 118,500 | | | | | | 2,699,430 | | |
IT SERVICES — 2.9% | | ||||||||||||
Alliance Data Systems Corporation | | | | | 2,255 | | | | | | 394,580 | | |
EVERTEC, Inc. | | | | | 113,200 | | | | | | 3,148,092 | | |
| | | | | 3,542,672 | | | ||||||
LIFE SCIENCES TOOLS & SERVICES — 0.7% | | ||||||||||||
Cambrex Corporation (a) | | | | | 21,397 | | | | | | 831,273 | | |
MACHINERY — 4.2% | | ||||||||||||
Exco Technologies Limited | | | | | 384,900 | | | | | | 2,728,398 | | |
Greenbrier Companies, Inc. (The) | | | | | 75,100 | | | | | | 2,420,473 | | |
| | | | | 5,148,871 | | | ||||||
MEDIA — 2.7% | | ||||||||||||
Cinemark Holdings, Inc. | | | | | 82,791 | | | | | | 3,310,812 | | |
OIL, GAS & CONSUMABLE FUELS — 2.0% | | ||||||||||||
Diamondback Energy, Inc. | | | | | 24,070 | | | | | | 2,443,827 | | |
PHARMACEUTICALS — 2.2% | | ||||||||||||
Phibro Animal Health Corporation | | | | | 83,900 | | | | | | 2,768,700 | | |
PROFESSIONAL SERVICES — 2.7% | | ||||||||||||
Kforce, Inc. | | | | | 95,694 | | | | | | 3,360,773 | | |
|
| | | Shares | | | Value | | ||||||
ROAD & RAIL — 2.1% | | ||||||||||||
Knight-Swift Transportation Holdings Inc. | | | | | 77,594 | | | | | $ | 2,535,772 | | |
SPECIALTY RETAIL — 2.2% | | ||||||||||||
Asbury Automotive Group, Inc. (a) | | | | | 40,046 | | | | | | 2,777,591 | | |
| | ||||||||||||
TEXTILES, APPAREL & LUXURY GOODS — 2.8% | | ||||||||||||
Deckers Outdoor Corporation (a) | | | | | 23,500 | | | | | | 3,454,265 | | |
TRADING COMPANIES & DISTRIBUTORS — 6.9% | | ||||||||||||
Air Lease Corporation | | | | | 83,400 | | | | | | 2,864,790 | | |
Univar, Inc. (b) | | | | | 115,497 | | | | | | 2,559,413 | | |
WESCO International, Inc. (a) | | | | | 57,600 | | | | | | 3,053,376 | | |
| | | | | 8,477,579 | | | ||||||
TOTAL COMMON STOCK | | ||||||||||||
(Cost $97,106,855) | | | | | | | | | | | 121,627,984 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—0.4% | | | | | | | | | | | | | |
State Street Bank Institutional U.S. Government Money Market Fund, 2.39 % (c) (Cost $530,101) | | | | $ | 530,101 | | | | | | 530,101 | | |
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED)—99.2% (Cost $97,636,956) | | | | | | | | | | | 122,158,085 | | |
INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED—8.4% | | | | | | | | | | | | | |
Money Market—8.4% | | | | | | | | | | | | | |
BlackRock FedFund (Institutional Shares), 2.39 % (c) (Cost $10,398,758) | | | | | | | | | | | 10,398,758 | | |
TOTAL INVESTMENTS—107.6% (Cost $108,035,714) | | | | | | | | | | | 132,556,843 | | |
OTHER ASSETS & LIABILITIES (NET)—(7.6)% | | | | | | | | | | | (9,404,087 ) | | |
NET ASSETS—100% | | | | | | | | | | $ | 123,152,756 | | |
| | | | | | | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 26,599,779 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (2,116,973 ) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 24,482,806 | | |
| | | Shares | | | Value | | ||||||
AEROSPACE & DEFENSE — 2.1% | | ||||||||||||
United Technologies Corporation | | | | | 23,914 | | | | | $ | 3,082,275 | | |
BANKS — 5.6% | | ||||||||||||
U.S. Bancorp | | | | | 81,178 | | | | | | 3,911,968 | | |
Wells Fargo & Company | | | | | 86,604 | | | | | | 4,184,705 | | |
| | | | | 8,096,673 | | | ||||||
BEVERAGES — 2.2% | | ||||||||||||
Coca-Cola Company (The) | | | | | 51,951 | | | | | | 2,434,424 | | |
PepsiCo, Inc. | | | | | 6,141 | | | | | | 752,579 | | |
| | | | | 3,187,003 | | | ||||||
COMMUNICATIONS EQUIPMENT — 3.7% | | ||||||||||||
Cisco Systems, Inc. | | | | | 75,388 | | | | | | 4,070,198 | | |
QUALCOMM Incorporated | | | | | 21,168 | | | | | | 1,207,211 | | |
| | | | | 5,277,409 | | | ||||||
DIVERSIFIED FINANCIAL SERVICES — 2.9% | | ||||||||||||
American Express Company | | | | | 38,359 | | | | | | 4,192,639 | | |
ELECTRICAL EQUIPMENT — 1.2% | | ||||||||||||
Honeywell International, Inc. | | | | | 10,660 | | | | | | 1,694,087 | | |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.7% | | ||||||||||||
Amphenol Corporation | | | | | 10,699 | | | | | | 1,010,414 | | |
FOOD PRODUCTS — 1.8% | | ||||||||||||
Nestle, S.A. (b) | | | | | 27,582 | | | | | | 2,629,116 | | |
FOOD STAPLES & DRUG RETAILING — 3.5% | | ||||||||||||
Costco Wholesale Corporation | | | | | 21,013 | | | | | | 5,088,088 | | |
HEALTH CARE EQUIPMENT & SUPPLIES — 6.1% | | ||||||||||||
Abbott Laboratories | | | | | 30,812 | | | | | | 2,463,111 | | |
Becton, Dickinson and Company | | | | | 5,738 | | | | | | 1,432,951 | | |
Medtronic plc | | | | | 52,987 | | | | | | 4,826,056 | | |
| | | | | 8,722,118 | | | ||||||
HEALTH CARE PROVIDERS & SERVICES — 5.4% | | ||||||||||||
Anthem, Inc. | | | | | 11,046 | | | | | | 3,169,981 | | |
UnitedHealth Group, Inc. | | | | | 18,469 | | | | | | 4,566,645 | | |
| | | | | 7,736,626 | | | ||||||
HOTELS RESTAURANT & LEISURE — 0.6% | | ||||||||||||
Compass Group plc (b) | | | | | 34,881 | | | | | | 835,051 | | |
|
| | | Shares | | | Value | | ||||||
HOUSEHOLD PRODUCTS — 4.0% | | ||||||||||||
Reckitt Benckiser Group plc | | | | | 33,977 | | | | | $ | 2,827,953 | | |
Unilever plc (b) | | | | | 51,761 | | | | | | 2,987,645 | | |
| | | | | 5,815,598 | | | ||||||
INDUSTRIAL CONGLOMERATES — 3.6% | | ||||||||||||
3M Company | | | | | 24,951 | | | | | | 5,184,319 | | |
INTERACTIVE MEDIA & SERVICES — 8.5% | | ||||||||||||
Alphabet, Inc. A (a) | | | | | 3,645 | | | | | | 4,289,764 | | |
Alphabet, Inc. C (a) | | | | | 5,033 | | | | | | 5,905,269 | | |
Facebook, Inc. (a) | | | | | 12,206 | | | | | | 2,034,618 | | |
| | | | | 12,229,651 | | | ||||||
INTERNET & DIRECT MARKETING RETAIL — 0.2% | | ||||||||||||
Booking Holdings, Inc. | | | | | 184 | | | | | | 321,064 | | |
IT SERVICES — 19.7% | | ||||||||||||
Accenture plc | | | | | 27,125 | | | | | | 4,774,543 | | |
Cognizant Technology Solutions Corporation | | | | | 45,113 | | | | | | 3,268,437 | | |
MasterCard Incorporated | | | | | 5,288 | | | | | | 1,245,060 | | |
Microsoft Corporation | | | | | 69,894 | | | | | | 8,243,298 | | |
Oracle Corporation | | | | | 129,979 | | | | | | 6,981,172 | | |
SAP AG (b) | | | | | 22,015 | | | | | | 2,541,852 | | |
Visa, Inc. | | | | | 7,607 | | | | | | 1,188,137 | | |
| | | | | 28,242,499 | | | ||||||
MULTILINE RETAIL — 2.1% | | ||||||||||||
TJX Companies, Inc. (The) | | | | | 57,930 | | | | | | 3,082,455 | | |
PHARMACEUTICALS — 11.1% | | ||||||||||||
Johnson & Johnson | | | | | 37,682 | | | | | | 5,267,567 | | |
Merck & Co., Inc. | | | | | 46,672 | | | | | | 3,881,710 | | |
Novartis AG (b) | | | | | 31,974 | | | | | | 3,073,980 | | |
Roche Holding, Ltd. (b) | | | | | 107,723 | | | | | | 3,704,594 | | |
| | | | | 15,927,851 | | | ||||||
SEMICONDUCTOR EQUIPMENT & PRODUCTS — 4.6% | | ||||||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (b) | | | | | 74,574 | | | | | | 3,054,551 | | |
Texas Instruments, Inc. | | | | | 32,873 | | | | | | 3,486,839 | | |
| | | | | 6,541,390 | | | ||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 6.6% | | ||||||||||||
Apple, Inc. | | | | | 49,688 | | | | | | 9,438,236 | | |
|
| | | Shares | | | Value | | ||||||
TOBACCO — 2.6% | | ||||||||||||
British American Tobacco plc (b) | | | | | 42,280 | | | | | $ | 1,763,922 | | |
Philip Morris International, Inc. | | | | | 22,628 | | | | | | 2,000,089 | | |
| | | | | 3,764,011 | | | ||||||
TOTAL COMMON STOCK | | ||||||||||||
(Cost $127,464,688) | | | | | | | | | | $ | 142,098,573 | | |
|
| | | Par Value | | | Value | | ||||||
State Street Bank & Trust Co., Repurchase Agreement 0.50%, 04/01/19, (Dated 03/29/19), Collateralized by 1,735,000 par U.S. Treasury N/B 1.125% due 09/30/2021, Market Value $1,699,918 Repurchase Proceeds $1,664,235 (Cost $1,664,166) | | | | $ | 1,664,166 | | | | | | 1,664,166 | | |
TOTAL INVESTMENTS—100.0% (Cost $129,128,854) | | | | | | | | | | | 143,762,739 | | |
OTHER ASSETS & LIABILITIES (NET)—(0.0)% | | | | | | | | | | | (35,290 ) | | |
NET ASSETS—100% | | | | | | | | | | $ | 143,727,449 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 16,265,324 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (2,029,323 ) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 14,236,001 | | |
|
| | | Shares | | | Value | | ||||||
ARGENTINA — 0.1% | | ||||||||||||
Grupo Financiero Galicia S.A. (b) | | | | | 5,300 | | | | | $ | 135,256 | | |
BRAZIL — 11.3% | | ||||||||||||
B3 SA - Brasil Bolsa Balcao | | | | | 30,800 | | | | | | 254,208 | | |
Banco Bradesco S.A. (b) | | | | | 179,400 | | | | | | 1,957,254 | | |
Banco do Brasil S.A. | | | | | 82,100 | | | | | | 1,027,806 | | |
BK Brasil Operacao E Assessoria A Restaurantes SA | | | | | 58,500 | | | | | | 332,357 | | |
Itau Unibanco Banco Multiplo S.A. (b) | | | | | 157,610 | | | | | | 1,388,544 | | |
Localiza Rent a Car S.A. | | | | | 58,200 | | | | | | 494,409 | | |
Lojas Renner S.A.. | | | | | 105,800 | | | | | | 1,190,749 | | |
Magazine Luiza S.A. | | | | | 14,800 | | | | | | 657,343 | | |
Petroleo Brasileiro S.A. Petrobras (b) | | | | | 101,300 | | | | | | 1,612,696 | | |
Porto Seguro S.A. | | | | | 13,500 | | | | | | 186,732 | | |
Rumo S.A. | | | | | 174,700 | | | | | | 859,651 | | |
Sabesp Cia Saneame | | | | | 70,000 | | | | | | 755,454 | | |
| | | | | 10,717,203 | | | ||||||
CHILE — 0.1% | | ||||||||||||
Banco Santander Chile (b) | | | | | 4,000 | | | | | | 119,000 | | |
CHINA — 22.3% | | ||||||||||||
Agricultural Bank of China, Class H | | | | | 606,000 | | | | | | 279,457 | | |
Aier Eye Hospital Group Co. Ltd. | | | | | 43,970 | | | | | | 222,461 | | |
Alibaba Group Holding Ltd. (a)(b) | | | | | 31,471 | | | | | | 5,741,884 | | |
Anhui Conch Cement Company Limited H | | | | | 38,000 | | | | | | 232,116 | | |
Centre Testing International Group Co. Ltd. | | | | | 763,640 | | | | | | 999,975 | | |
China Construction Bank Corporation | | | | | 1,535,422 | | | | | | 1,316,364 | | |
China International Capital Corporation Limited - H | | | | | 128,400 | | | | | | 297,366 | | |
China Merchants Bank Co. Ltd. - H Shares | | | | | 406,000 | | | | | | 1,973,121 | | |
China Petroleum & Chemical Corporation | | | | | 224,000 | | | | | | 176,633 | | |
China Railway Group Ltd. H | | | | | 149,000 | | | | | | 135,904 | | |
CSPC Pharmaceutical Group Limited | | | | | 117,000 | | | | | | 217,606 | | |
Huazhu Group Limited (c) | | | | | 4,650 | | | | | | 195,951 | | |
Industrial & Commercial Bank of China Ltd. | | | | | 1,758,911 | | | | | | 1,288,383 | | |
Jiangsu Hengrui Medicine Co. Ltd. | | | | | 38,520 | | | | | | 374,986 | | |
Kweichow Moutai Co. Ltd. | | | | | 14,295 | | | | | | 1,816,581 | | |
NARI Technology Co. Ltd. | | | | | 193,700 | | | | | | 608,465 | | |
Ping An Insurance Group H Share | | | | | 234,500 | | | | | | 2,625,819 | | |
Shanghai International Airport Co. Ltd. | | | | | 103,364 | | | | | | 955,935 | | |
TAL Education Group (a)(b) | | | | | 29,590 | | | | | | 1,067,607 | | |
Wuliangye Yibin Co. Ltd. | | | | | 41,005 | | | | | | 579,666 | | |
| | | | | 21,106,280 | | | ||||||
|
| | | Shares | | | Value | | ||||||
CZECH REPUBLIC — 0.2% | | ||||||||||||
Komercni Banka A.S. | | | | | 4,816 | | | | | $ | 196,786 | | |
EGYPT — 0.2% | | ||||||||||||
Commercial International Bank | | | | | 49,006 | | | | | | 193,846 | | |
FRANCE — 0.9% | | ||||||||||||
Airbus SE | | | | | 3,475 | | | | | | 460,034 | | |
Kering S.A. | | | | | 289 | | | | | | 165,886 | | |
LVMH Moet Hennessy Louis Vuitton SE | | | | | 678 | | | | | | 249,628 | | |
| | | | | 875,548 | | | ||||||
GERMANY — 0.2% | | ||||||||||||
Symrise AG | | | | | 1,670 | | | | | | 150,613 | | |
HONG KONG — 13.6% | | ||||||||||||
AIA Group Ltd. | | | | | 153,200 | | | | | | 1,525,179 | | |
ANTA Sports Products Ltd. | | | | | 146,000 | | | | | | 993,178 | | |
China Huishan Dairy Holdings Co. Ltd. * (a) | | | | | 208,000 | | | | | | — | | |
China Mobile Limited | | | | | 75,500 | | | | | | 769,432 | | |
China Overseas Land and Investment Ltd. | | | | | 452,000 | | | | | | 1,715,883 | | |
CNOOC Limited | | | | | 679,000 | | | | | | 1,271,511 | | |
Geely Automobile Holdings Ltd. | | | | | 120,100 | | | | | | 229,492 | | |
Hanergy Thin Film Power Group Ltd. * (a) | | | | | 36,000 | | | | | | — | | |
Link Real Estate Investment Trust | | | | | 40,000 | | | | | | 467,774 | | |
Tencent Holdings Limited | | | | | 117,400 | | | | | | 5,398,939 | | |
WuXi Biologics (Cayman) Inc. | | | | | 45,000 | | | | | | 437,678 | | |
| | | | | 12,809,066 | | | ||||||
HUNGARY — 0.5% | | ||||||||||||
OTP Bank Nyrt. | | | | | 11,078 | | | | | | 487,301 | | |
INDIA — 7.9% | | ||||||||||||
Asian Paints Ltd. | | | | | 30,620 | | | | | | 658,590 | | |
HDFC Bank Ltd. | | | | | 52,594 | | | | | | 1,758,321 | | |
Hindustan Unilever Ltd. | | | | | 16,441 | | | | | | 405,003 | | |
Housing Development Finance Corp Ltd. | | | | | 31,576 | | | | | | 895,204 | | |
ICICI Bank Ltd. (b) | | | | | 24,100 | | | | | | 276,186 | | |
Infosys Technologies Ltd. (b) | | | | | 60,200 | | | | | | 657,986 | | |
ITC Ltd. | | | | | 262,295 | | | | | | 1,122,823 | | |
Larsen & Toubro Ltd. | | | | | 28,173 | | | | | | 561,976 | | |
Maruti Suzuki India Ltd. | | | | | 2,101 | | | | | | 202,351 | | |
Reliance Industries Ltd. | | | | | 35,578 | | | | | | 700,030 | | |
| | | Shares | | | Value | | ||||||
INDIA (continued) | | | | | | | | | | | | | |
Tata Consultancy Services Ltd. | | | | | 6,644 | | | | | $ | 191,815 | | |
| | | | | 7,430,285 | | | ||||||
INDONESIA — 3.2% | | ||||||||||||
PT Ace Hardware Indonesia Tbk | | | | | 3,787,300 | | | | | | 473,412 | | |
PT Bank Mandiri Tbk | | | | | 1,358,400 | | | | | | 710,680 | | |
PT Bank Rakyat Indonesia Tbk (a) | | | | | 3,891,400 | | | | | | 1,125,883 | | |
PT Gudang Garam Tbk | | | | | 63,000 | | | | | | 368,090 | | |
PT Indofood CBP Sukses Makmur Tbk | | | | | 189,700 | | | | | | 124,224 | | |
PT Telekomunikasi Indonesia Persero Tbk | | | | | 839,700 | | | | | | 232,922 | | |
| | | | | 3,035,211 | | | ||||||
JAPAN — 0.2% | | ||||||||||||
Keyence Corporation | | | | | 315 | | | | | | 196,283 | | |
MALAYSIA — 0.2% | | ||||||||||||
Top Glove Berhad (a) | | | | | 136,900 | | | | | | 154,924 | | |
MEXICO — 2.4% | | ||||||||||||
Fomento Económico Mexicano S.A.B. (b) | | | | | 8,850 | | | | | | 816,678 | | |
Grupo Aeroportuario del Centro Norte SAB de CV | | | | | 32,200 | | | | | | 181,654 | | |
Grupo Financiero Banorte SAB de C.V. | | | | | 26,300 | | | | | | 142,974 | | |
Wal-Mart de Mexico, S.A.B. de C.V. | | | | | 429,300 | | | | | | 1,148,415 | | |
| | | | | 2,289,721 | | | ||||||
PANAMA — 0.8% | | ||||||||||||
Copa Holdings, S.A. | | | | | 9,901 | | | | | | 798,120 | | |
PERU — 0.7% | | ||||||||||||
Credicorp Ltd. | | | | | 2,528 | | | | | | 606,594 | | |
PHILIPPINES — 1.5% | | ||||||||||||
Ayala Land, Inc. | | | | | 309,100 | | | | | | 264,304 | | |
BDO Unibank, Inc. | | | | | 154,540 | | | | | | 393,781 | | |
LT Group, Inc. | | | | | 676,900 | | | | | | 207,543 | | |
Puregold Price Club, Inc. | | | | | 192,300 | | | | | | 176,150 | | |
SM Prime Holdings, Inc. | | | | | 472,800 | | | | | | 359,260 | | |
| | | | | 1,401,038 | | | ||||||
POLAND — 0.2% | | ||||||||||||
Dino Polska S.A. | | | | | 4,342 | | | | | | 137,038 | | |
QATAR — 0.1% | | ||||||||||||
Qatar National Bank SAQ | | | | | 1,897 | | | | | | 94,049 | | |
|
| | | Shares | | | Value | | ||||||
RUSSIA — 3.9% | | ||||||||||||
Gazprom (b) | | | | | 129,712 | | | | | $ | 585,520 | | |
LUKoil P.J.S.C. (b) | | | | | 10,693 | | | | | | 958,093 | | |
Sberbank | | | | | 256,100 | | | | | | 835,884 | | |
X5 Retail Group N.V. (c) | | | | | 15,190 | | | | | | 378,535 | | |
Yandex N.V. | | | | | 27,330 | | | | | | 938,512 | | |
| | | | | 3,696,544 | | | ||||||
| | ||||||||||||
SOUTH AFRICA — 2.8% | | ||||||||||||
Bidvest Group Limited | | | | | 21,695 | | | | | | 291,097 | | |
Clicks Group Limited | | | | | 23,340 | | | | | | 298,134 | | |
Discovery Ltd. | | | | | 18,918 | | | | | | 179,456 | | |
FirstRand Limited | | | | | 55,362 | | | | | | 241,698 | | |
Naspers Limited N Shares | | | | | 6,501 | | | | | | 1,502,106 | | |
Standard Bank of South Africa Ltd. | | | | | 11,078 | | | | | | 142,288 | | |
| | | | | 2,654,779 | | | ||||||
SOUTH KOREA — 6.5% | | ||||||||||||
Celltrion, Inc. (a) | | | | | 607 | | | | | | 96,791 | | |
Fila Korea Ltd. | | | | | 5,624 | | | | | | 386,461 | | |
GS Engineering & Construction Corp. (e) | | | | | 5,396 | | | | | | 202,511 | | |
LG Chem Ltd. | | | | | 979 | | | | | | 315,667 | | |
LG Household & Healthcare | | | | | 917 | | | | | | 1,144,735 | | |
Medy-Tox Inc. | | | | | 10 | | | | | | 5,143 | | |
Samsung Electronics Company Ltd. | | | | | 69,712 | | | | | | 2,742,173 | | |
Shinhan Financial Group Co. Ltd. | | | | | 22,565 | | | | | | 834,931 | | |
Ssangyong Cement Industrial Co. Ltd. (e) | | | | | 70,372 | | | | | | 396,776 | | |
| | | | | 6,125,188 | | | ||||||
SWITZERLAND — 0.4% | | ||||||||||||
Nestle S.A. | | | | | 1,699 | | | | | | 161,899 | | |
Sika AG | | | | | 1,729 | | | | | | 241,494 | | |
| | | | | 403,393 | | | ||||||
TAIWAN — 9.9% | | ||||||||||||
Airtac International Group | | | | | 78,000 | | | | | | 1,009,782 | | |
CTBC Financial Holding Co. Ltd. | | | | | 705,000 | | | | | | 467,781 | | |
Delta Electronics, Inc. | | | | | 134,000 | | | | | | 691,293 | | |
Eclat Textile Co. Ltd. | | | | | 25,000 | | | | | | 336,627 | | |
Formosa Plastics Corporation | | | | | 59,000 | | | | | | 209,617 | | |
Largan Precision Co. Ltd. | | | | | 5,600 | | | | | | 835,807 | | |
Makalot Industrial Co. Ltd. | | | | | 70,000 | | | | | | 490,583 | | |
President Chain Store Corp. | | | | | 35,000 | | | | | | 344,657 | | |
| | | Shares | | | Value | | ||||||
TAIWAN (continued) | | | | | | | | | | | | | |
Taiwan Semiconductor Manufacturing Co. Ltd. (b) | | | | | 118,580 | | | | | $ | 4,857,037 | | |
Uni-President Enterprises Corporation | | | | | 51,000 | | | | | | 123,775 | | |
| | | | | 9,366,959 | | | ||||||
THAILAND — 2.4% | | ||||||||||||
Airports of Thailand Public Company Limited (c) | | | | | 358,600 | | | | | | 768,388 | | |
CP ALL PCL (d) | | | | | 198,600 | | | | | | 467,791 | | |
Kasikornbank PCL | | | | | 40,800 | | | | | | 241,702 | | |
Kasikornbank PCL (d) | | | | | 58,600 | | | | | | 346,227 | | |
PTT Exploration & Production PCL (c) | | | | | 29,700 | | | | | | 117,452 | | |
Siam Global House PCL (d) | | | | | 561,750 | | | | | | 306,232 | | |
| | | | | 2,247,792 | | | ||||||
TURKEY — 0.7% | | ||||||||||||
BIM Birlesik Magazalar A.S. | | | | | 23,030 | | | | | | 310,621 | | |
Koç Holding A.S. | | | | | 46,933 | | | | | | 133,665 | | |
Turkiye Garanti Bankasi A.S. | | | | | 132,048 | | | | | | 194,930 | | |
| | | | | 639,216 | | | ||||||
UNITED ARAB EMIRATES — 0.3% | | ||||||||||||
First Abu Dhabi Bank | | | | | 68,609 | | | | | | 285,038 | | |
UNITED KINGDOM — 0.7% | | ||||||||||||
AstraZeneca plc | | | | | 3,884 | | | | | | 310,495 | | |
Diageo plc | | | | | 6,436 | | | | | | 263,166 | | |
Royal Dutch Shell plc | | | | | 3,727 | | | | | | 117,211 | | |
| | | | | 690,872 | | | ||||||
UNITED STATES — 2.3% | | ||||||||||||
58.com, Inc. (b) | | | | | 1,050 | | | | | | 68,964 | | |
Estee Lauder Companies, Inc. (The) | | | | | 2,950 | | | | | | 488,373 | | |
MasterCard Incorporated | | | | | 870 | | | | | | 204,842 | | |
Microsoft Corporation | | | | | 4,294 | | | | | | 506,434 | | |
StoneCo Ltd. | | | | | 3,630 | | | | | | 149,229 | | |
Visa, Inc. | | | | | 4,480 | | | | | | 699,731 | | |
| | | | | 2,117,573 | | | ||||||
TOTAL COMMON STOCK | | ||||||||||||
(Cost $82,716,983) | | | | | | | | | | | 91,161,516 | | |
Exchange Traded Funds — 2.2% | | ||||||||||||
UNITED STATES — 2.2% | | ||||||||||||
iShares Core MSCI Emerging Markets ETF | | | | | 40,100 | | | | | | 2,073,571 | | |
(Cost $2,054,060) | | | | | | | | |
| | | Shares | | | Value | | ||||||
Preferred Stock — 0.4% | | ||||||||||||
SOUTH KOREA — 0.4% | | ||||||||||||
Samsung Electronics Co. Ltd. | | | | | 11,053 | | | | | $ | 352,983 | | |
(Cost $415,347) | | | | | | | | | |||||
| | ||||||||||||
P-Notes — 0.3% | | ||||||||||||
SAUDI ARABIA — 0.3% | | ||||||||||||
AL Rajhi Bank | | | | | 10,983 | | | | | | 311,600 | | |
(Cost $273,569) | | | | | | | | |
| | | Par Value | | | Value | | ||||||
State Street Bank & Trust Co., Repurchase Agreement 0.50%, 04/01/19, (Dated 03/29/19), Collateralized by 370,000 par U.S. Treasury N/B-1.125% due 09/30/2021, Market Value $362,519, Repurchase Proceeds $ 352,442 (Cost $352,428) | | | | $ | 352,428 | | | | | | 352,428 | | |
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED) - 99.8% (Cost $85,812,387) | | | | | | | | | | | 94,252,098 | | |
INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED—0.6% | | | | | | | | | | | | | |
Money Market—0.6% | | | | | | | | | | | | | |
BlackRock FedFund (Institutional Shares), 2.39% (f) (Cost $ 631,011) | | | | | | | | | | | 631,011 | | |
TOTAL INVESTMENTS—100.4% (Cost $86,443,398) | | | | | | | | | | | 94,883,109 | | |
OTHER ASSETS & LIABILITIES (Net)—(0.4%) | | | | | | | | | | | (369,988 ) | | |
NET ASSETS—100% | | | | | | | | | | $ | 94,513,121 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 9,274,198 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (1,027,174 ) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 8,247,024 | | |
| | | Shares | | | Value | | ||||||
ARGENTINA — 1.0% | | ||||||||||||
Globant S.A. | | | | | 1,470 | | | | | $ | 104,958 | | |
AUSTRALIA — 5.9% | | ||||||||||||
Altium Limited | | | | | 6,125 | | | | | | 140,621 | | |
Appen Limited | | | | | 6,768 | | | | | | 107,114 | | |
Baby Bunting Group Limited | | | | | 48,112 | | | | | | 75,188 | | |
Northern Star Resources Ltd. | | | | | 19,821 | | | | | | 126,015 | | |
Pro Medicus Limited | | | | | 6,693 | | | | | | 70,365 | | |
WiseTech Global Limited | | | | | 6,516 | | | | | | 107,014 | | |
| | | | | 626,317 | | | ||||||
AUSTRIA — 0.7% | | ||||||||||||
Schoeller-Bleckmann Oilfield Equipment AG | | | | | 942 | | | | | | 78,272 | | |
BRAZIL — 2.6% | | ||||||||||||
BK Brasil Operacao E Assessoria A Restaurantes S.A. | | | | | 28,211 | | | | | | 160,276 | | |
CVC Brasil Operadora e Agência de Viagens S.A. | | | | | 7,925 | | | | | | 111,492 | | |
| | | | | 271,768 | | | ||||||
CANADA — 5.6% | | ||||||||||||
Aphria Inc. | | | | | 9,615 | | | | | | 89,612 | | |
Canada Goose Holdings, Inc. | | | | | 1,777 | | | | | | 85,332 | | |
Descartes Systems Group, Inc. (The) | | | | | 1,595 | | | | | | 58,026 | | |
DIRTT Environmental Solutions | | | | | 18,994 | | | | | | 120,850 | | |
goeasy Ltd. | | | | | 3,218 | | | | | | 98,181 | | |
Kinaxis, Inc. | | | | | 1,257 | | | | | | 73,362 | | |
Ritchie Bros. Auctioneers | | | | | 2,063 | | | | | | 70,061 | | |
| | | | | 595,424 | | | ||||||
CHINA — 4.4% | | ||||||||||||
Anton Oilfield Services Group | | | | | 1,079,001 | | | | | | 169,068 | | |
Beijing Easpring Material Technology Co. Ltd. | | | | | 28,500 | | | | | | 116,838 | | |
China Aoyuan Group Limited | | | | | 50,749 | | | | | | 61,222 | | |
Hangzhou Tigermed Consulting Co. Ltd. | | | | | 12,500 | | | | | | 123,322 | | |
| | | | | 470,450 | | | ||||||
DENMARK — 1.0% | | ||||||||||||
SimCorp A/S | | | | | 1,142 | | | | | | 110,358 | | |
EGYPT — 3.2% | | ||||||||||||
Crédit Agricole Egypt | | | | | 51,027 | | | | | | 140,449 | | |
| | | Shares | | | Value | | ||||||
EGYPT (continued) | | | | | | | | | | | | | |
Integrated Diagnostics Holdings | | | | | 18,965 | | | | | $ | 87,239 | | |
Juhayna Food Industries S.A.E. | | | | | 143,446 | | | | | | 109,675 | | |
| | | | | 337,363 | | | ||||||
FINLAND — 1.0% | | ||||||||||||
Revenio Group OYJ | | | | | 5,843 | | | | | | 100,774 | | |
FRANCE — 3.1% | | ||||||||||||
Devoteam S.A. | | | | | 1,082 | | | | | | 120,156 | | |
Lumibird S.A. | | | | | 6,691 | | | | | | 111,943 | | |
Solutions 30 S.E. | | | | | 7,971 | | | | | | 97,379 | | |
| | | | | 329,478 | | | ||||||
GERMANY — 4.7% | | ||||||||||||
Dermapharm Holding SE | | | | | 4,528 | | | | | | 143,351 | | |
Evotec AG | | | | | 3,166 | | | | | | 84,216 | | |
M1 Kliniken AG | | | | | 3,124 | | | | | | 49,460 | | |
VIB Vermögen AG | | | | | 3,925 | | | | | | 106,654 | | |
XING SE | | | | | 337 | | | | | | 116,736 | | |
| | | | | 500,417 | | | ||||||
HONG KONG — 0.9% | | ||||||||||||
China Everbright Greentech Limited | | | | | 126,518 | | | | | | 100,409 | | |
| | | |||||||||||
ICELAND — 1.2% | | ||||||||||||
Össur hf. | | | | | 26,080 | | | | | | 130,623 | | |
INDONESIA — 1.0% | | ||||||||||||
PT Mayora Indah Tbk. | | | | | 573,153 | | | | | | 103,039 | | |
ISRAEL — 2.5% | | ||||||||||||
CyberArk Software Ltd. | | | | | 1,139 | | | | | | 135,598 | | |
Mellanox Technologies Ltd. | | | | | 1,104 | | | | | | 130,669 | | |
| | | | | 266,267 | | | ||||||
ITALY — 1.0% | | ||||||||||||
BasicNet S.p.A. | | | | | 18,272 | | | | | | 111,201 | | |
JAPAN — 20.0% | | ||||||||||||
en-Japan, Inc. | | | | | 3,400 | | | | | | 98,911 | | |
Fancl Corporation | | | | | 5,800 | | | | | | 149,867 | | |
GMO Payment Gateway, Inc. | | | | | 2,200 | | | | | | 156,227 | | |
Harmonic Drive Systems, Inc. | | | | | 4,300 | | | | | | 147,238 | | |
Infomart Corporation | | | | | 14,300 | | | | | | 174,156 | | |
| | | Shares | | | Value | | ||||||
JAPAN (continued) | | | | | | | | | | | | | |
Lasertec Corporation | | | | | 5,100 | | | | | $ | 213,105 | | |
Nihon M&A Center Inc. | | | | | 6,100 | | | | | | 166,987 | | |
Open Door, Inc. | | | | | 3,000 | | | | | | 91,069 | | |
Outsourcing, Inc. | | | | | 8,900 | | | | | | 109,838 | | |
PeptiDream, Inc. | | | | | 4,700 | | | | | | 230,573 | | |
Rakus Co. Ltd. | | | | | 4,300 | | | | | | 78,397 | | |
SHIFT, Inc. | | | | | 1,500 | | | | | | 60,103 | | |
SHO-BOND Holdings Co. Ltd. | | | | | 1,800 | | | | | | 120,179 | | |
Sushiro Global Holdings Ltd. | | | | | 2,200 | | | | | | 151,457 | | |
TechnoPro Holdings, Inc. | | | | | 1,900 | | | | | | 113,295 | | |
THK Co. Ltd. | | | | | 3,200 | | | | | | 79,042 | | |
| | | | | 2,140,444 | | | ||||||
NETHERLANDS — 0.5% | | ||||||||||||
Shop Apotheke Europe N.V. | | | | | 1,236 | | | | | | 50,934 | | |
NEW ZEALAND — 1.3% | | ||||||||||||
Synlait Milk Limited | | | | | 19,625 | | | | | | 139,685 | | |
NORWAY — 3.2% | | ||||||||||||
NEL ASA | | | | | 114,590 | | | | | | 77,377 | | |
Norway Royal Salmon ASA | | | | | 7,303 | | | | | | 169,609 | | |
NRC Group ASA | | | | | 13,534 | | | | | | 94,296 | | |
| | | | | 341,282 | | | ||||||
PHILIPPINES — 1.2% | | ||||||||||||
Puregold Price Club, Inc. | | | | | 144,000 | | | | | | 131,906 | | |
POLAND — 1.0% | | ||||||||||||
Dino Polska S.A. | | | | | 3,467 | | | | | | 109,422 | | |
SINGAPORE — 3.9% | | ||||||||||||
iFAST Corporation Ltd. | | | | | 179,400 | | | | | | 145,692 | | |
Singapore Medical Group Limited | | | | | 325,700 | | | | | | 105,802 | | |
Yanlord Land Group Limited | | | | | 159,600 | | | | | | 160,248 | | |
| | | | | 411,742 | | | ||||||
SOUTH KOREA — 2.3% | | ||||||||||||
Dentium Co. Ltd. | | | | | 933 | | | | | | 50,221 | | |
LF Co. Ltd. | | | | | 3,576 | | | | | | 90,259 | | |
Minwise Co. Ltd. | | | | | 5,372 | | | | | | 104,354 | | |
| | | | | 244,834 | | | ||||||
SWEDEN — 6.6% | | ||||||||||||
CellaVision AB | | | | | 3,474 | | | | | | 104,498 | | |
| | | Shares | | | Value | | ||||||
SWEDEN (continued) | | | | | | | | | | | | | |
Intrum AB | | | | | 4,328 | | | | | $ | 124,586 | | |
Medicover AB-B | | | | | 15,286 | | | | | | 137,446 | | |
MIPS AB | | | | | 4,951 | | | | | | 71,740 | | |
Synthetic MR AB | | | | | 1,147 | | | | | | 37,717 | | |
Vitrolife AB | | | | | 6,015 | | | | | | 137,254 | | |
XVIVO Perfusion AB | | | | | 5,322 | | | | | | 93,756 | | |
| | | | | 706,997 | | | ||||||
SWITZERLAND — 1.9% | | ||||||||||||
Gurit Holding AG-BR | | | | | 109 | | | | | | 101,897 | | |
Siegfried Holding AG | | | | | 285 | | | | | | 102,307 | | |
| | | | | 204,204 | | | ||||||
TAIWAN — 1.4% | | ||||||||||||
Hota Industrial Mfg. Co. Ltd. | | | | | 21,628 | | | | | | 79,647 | | |
TaiMed Biologics, Inc. (a) | | | | | 13,581 | | | | | | 74,029 | | |
| | | | | 153,676 | | | ||||||
UNITED ARAB EMIRATES — 1.9% | | ||||||||||||
Aramex PJSC | | | | | 159,457 | | | | | | 206,642 | | |
UNITED KINGDOM — 9.4% | | ||||||||||||
Boohoo Group plc | | | | | 41,025 | | | | | | 101,035 | | |
Burford Capital Ltd. | | | | | 4,979 | | | | | | 109,386 | | |
Clinigen Group plc | | | | | 13,414 | | | | | | 161,944 | | |
Countryside Properties plc | | | | | 37,021 | | | | | | 156,684 | | |
Dechra Pharmaceuticals plc | | | | | 4,051 | | | | | | 142,418 | | |
Electrocomponents plc | | | | | 17,541 | | | | | | 128,410 | | |
Gym Group plc (The) | | | | | 37,232 | | | | | | 105,520 | | |
Keywords Studios plc | | | | | 6,313 | | | | | | 95,094 | | |
| | | | | 1,000,491 | | | ||||||
| | ||||||||||||
TOTAL COMMON STOCK | | ||||||||||||
(Cost $9,456,916) | | | | | | | | | | | 10,079,377 | | |
| | ||||||||||||
Exchange Traded Funds — 2.0% | | ||||||||||||
UNITED STATES — 2.0% | | ||||||||||||
Vanguard FTSE All-World ex-US | | | | | 2,044 | | | | | | 212,842 | | |
(Cost $207,780) | | | | | | | | |
| | | Shares | | | Value | |
| | | | | |
| | | Par Value | | | Value | | ||||||
Money Market—3.7% | | | | | | | | ||||||
State Street Bank Institutional U.S. Government Money Market Fund, 2.39 % (b) (Cost $ 394,712) | | | | $ | 394,711 | | | | | $ | 394,711 | | |
TOTAL INVESTMENTS—100.1% (Cost $10,059,408) | | | | | | | | | | | 10,686,930 | | |
OTHER ASSETS & LIABILITIES (NET)—(0.1%) | | | | | | | | | | | (6,627 ) | | |
NET ASSETS—100% | | | | | | | | | | $ | 10,680,303 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 795,614 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (168,092 ) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 627,522 | | |
| | | Shares | | | Value | | ||||||
AUSTRALIA — 2.1% | | ||||||||||||
BHP Billiton plc (a) | | | | | 1,561,800 | | | | | $ | 75,403,704 | | |
AUSTRIA — 1.6% | | ||||||||||||
Andritz AG | | | | | 1,343,300 | | | | | | 57,678,319 | | |
BELGIUM — 1.7% | | ||||||||||||
Solvay S.A. | | | | | 583,118 | | | | | | 63,105,188 | | |
CANADA — 3.8% | | ||||||||||||
Magna International, Inc. | | | | | 1,362,415 | | | | | | 66,359,028 | | |
Methanex Corporation | | | | | 1,265,093 | | | | | | 71,874,366 | | |
| | | | | 138,233,394 | | | ||||||
COLOMBIA — 1.9% | | ||||||||||||
Bancolombia S.A. (a) | | | | | 769,800 | | | | | | 39,305,988 | | |
Bancolombia S.A. | | | | | 2,504,600 | | | | | | 31,135,703 | | |
| | | | | 70,441,691 | | | ||||||
FINLAND — 1.9% | | ||||||||||||
Kone OYJ, Class B | | | | | 1,354,200 | | | | | | 68,364,527 | | |
FRANCE — 8.3% | | ||||||||||||
Imerys S.A. | | | | | 1,195,209 | | | | | | 59,640,270 | | |
Ipsos | | | | | 802,680 | | | | | | 20,116,774 | | |
Michelin (CGDE) | | | | | 649,300 | | | | | | 76,843,602 | | |
Publicis Groupe | | | | | 1,185,700 | | | | | | 63,545,961 | | |
Vinci S.A. | | | | | 808,200 | | | | | | 78,697,297 | | |
| | | | | 298,843,904 | | | ||||||
GERMANY — 9.3% | | ||||||||||||
BASF SE | | | | | 764,900 | | | | | | 56,281,612 | | |
Deutsche Telekom AG | | | | | 4,151,777 | | | | | | 68,971,661 | | |
Hannover Rueck SE | | | | | 551,300 | | | | | | 79,235,474 | | |
Lanxess AG | | | | | 1,083,000 | | | | | | 57,810,847 | | |
Muenchener Rueckvers AG | | | | | 308,230 | | | | | | 73,026,260 | | |
| | | | | 335,325,854 | | | ||||||
INDIA — 2.0% | | ||||||||||||
Infosys Limited - SP (a) | | | | | 6,729,784 | | | | | | 73,556,539 | | |
IRELAND — 1.9% | | ||||||||||||
Greencore Group plc | | | | | 26,567,535 | | | | | | 69,930,053 | | |
|
| | | Shares | | | Value | | ||||||
ISRAEL — 1.6% | | ||||||||||||
Teva Pharmaceuticals SP (a) | | | | | 3,654,628 | | | | | $ | 57,304,567 | | |
ITALY — 0.1% | | ||||||||||||
Trevi Finanziaria SpA (b) | | | | | 7,602,219 | | | | | | 2,552,309 | | |
JAPAN — 8.2% | | ||||||||||||
Kansai Electric Power Company, Inc. | | | | | 4,978,100 | | | | | | 73,399,821 | | |
KDDI Corporation | | | | | 3,086,800 | | | | | | 66,513,240 | | |
Nexon Co. Limited (b) | | | | | 5,853,700 | | | | | | 91,704,529 | | |
Sumitomo Mitsui Trust Holdings, Inc. | | | | | 1,858,600 | | | | | | 66,764,183 | | |
| | | | | 298,381,773 | | | ||||||
NORWAY — 5.9% | | ||||||||||||
DNB Bank ASA | | | | | 4,194,030 | | | | | | 77,338,934 | | |
SpareBank 1 SR-Bank ASA | | | | | 5,670,387 | | | | | | 65,450,842 | | |
Yara International ASA | | | | | 1,689,000 | | | | | | 69,194,946 | | |
| | | | | 211,984,722 | | | ||||||
PUERTO RICO — 2.3% | | ||||||||||||
Popular, Inc. | | | | | 1,618,550 | | | | | | 84,375,012 | | |
SINGAPORE — 2.1% | | ||||||||||||
United Overseas Bank Limited | | | | | 4,109,786 | | | | | | 76,430,793 | | |
SOUTH AFRICA — 1.8% | | ||||||||||||
Sasol Limited | | | | | 2,073,735 | | | | | | 64,708,728 | | |
SOUTH KOREA — 9.9% | | ||||||||||||
Hyundai Mobis Company Limited | | | | | 270,400 | | | | | | 49,668,223 | | |
Kia Motors Corporation | | | | | 1,816,400 | | | | | | 56,567,474 | | |
KT&G Corporation | | | | | 565,000 | | | | | | 51,517,488 | | |
LG Uplus Corporation | | | | | 4,279,583 | | | | | | 58,249,984 | | |
Samsung Electronics Company Limited | | | | | 1,633,373 | | | | | | 64,249,938 | | |
Shinhan Financial Group Co. Limited | | | | | 1,254,100 | | | | | | 46,403,136 | | |
SK Hynix, Inc. | | | | | 500,200 | | | | | | 32,697,419 | | |
| | | | | 359,353,662 | | | ||||||
SWEDEN — 5.4% | | ||||||||||||
Duni AB | | | | | 1,463,100 | | | | | | 15,837,250 | | |
Loomis AB, Class B | | | | | 1,268,683 | | | | | | 43,769,858 | | |
SKF AB-B | | | | | 4,131,300 | | | | | | 68,771,115 | | |
Svenska Handelsbanken AB, Class A | | | | | 6,312,100 | | | | | | 66,759,782 | | |
| | | | | 195,138,005 | | | ||||||
|
| | | Shares | | | Value | | ||||||
SWITZERLAND — 2.5% | | ||||||||||||
Novartis AG | | | | | 949,650 | | | | | $ | 91,331,938 | | |
THAILAND — 2.0% | | ||||||||||||
Siam Commercial Bank PCL | | | | | 17,421,900 | | | | | | 72,465,442 | | |
| | ||||||||||||
UNITED KINGDOM — 16.3% | | ||||||||||||
Babcock International Group plc | | | | | 8,395,883 | | | | | | 53,990,178 | | |
BBA Aviation plc | | | | | 14,529,100 | | | | | | 47,141,054 | | |
Bellway plc | | | | | 1,836,318 | | | | | | 72,861,216 | | |
Cineworld Group plc | | | | | 23,458,200 | | | | | | 89,439,680 | | |
Inchcape plc | | | | | 4,336,086 | | | | | | 32,262,292 | | |
Linde plc | | | | | 421,344 | | | | | | 74,127,050 | | |
Next plc | | | | | 1,096,750 | | | | | | 79,744,928 | | |
Standard Chartered plc | | | | | 8,911,196 | | | | | | 68,660,206 | | |
Taylor Wimpey plc | | | | | 31,251,638 | | | | | | 71,447,557 | | |
| | | | | 589,674,161 | | | ||||||
TOTAL COMMON STOCK | | ||||||||||||
(Cost $3,198,232,124) | | | | | | | | | | | 3,354,584,285 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—6.7% | | ||||||||||||
State Street Bank Institutional U.S. Government Money Market Fund 2.39% (c) (Cost $ 241,442,675) | | | | $ | 241,442,675 | | | | | | 241,442,675 | | |
TOTAL INVESTMENTS—99.3% (Cost $ 3,439,674,799) | | | | | | | | | | | 3,596,026,960 | | |
OTHER ASSETS & LIABILITIES (NET)—0.7% | | | | | | | | | | | 24,021,371 | | |
NET ASSETS—100% | | | | | | | | | | $ | 3,620,048,331 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 359,220,061 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (229,506,839 ) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 129,713,222 | | |
|
| | | Shares | | | Value | | ||||||
BRAZIL — 1.9% | | ||||||||||||
Equatorial Energia S.A. | | | | | 991,837 | | | | | $ | 20,388,766 | | |
CHINA — 2.8% | | ||||||||||||
China Hongxing Sports Limited * (a) | | | | | 10,258,400 | | | | | | — | | |
Shanghai Mechanical & Electrical Industry Co. Limited - B | | | | | 9,471,566 | | | | | | 17,740,243 | | |
Xinhua Winshare Publishing and Media Co. Limited | | | | | 14,780,500 | | | | | | 11,504,386 | | |
| | | | | 29,244,629 | | | ||||||
COLUMBIA — 0.3% | | ||||||||||||
Tecnoglass, Inc. | | | | | 500,000 | | | | | | 3,640,000 | | |
DENMARK — 1.9% | | ||||||||||||
DFDS A/S | | | | | 476,744 | | | | | | 19,747,663 | | |
EGYPT — 0.7% | | ||||||||||||
Egypt Kuwait Holding Company S.A.E. | | | | | 4,342,025 | | | | | | 6,860,399 | | |
FRANCE — 2.5% | | ||||||||||||
Elis S.A. | | | | | 1,375,800 | | | | | | 22,137,226 | | |
Ipsos | | | | | 189,967 | | | | | | 4,760,955 | | |
| | | | | 26,898,181 | | | ||||||
GERMANY — 1.0% | | ||||||||||||
Sixt SE | | | | | 103,025 | | | | | | 10,764,174 | | |
HONG KONG — 3.9% | | ||||||||||||
AMVIG Holdings Limited | | | | | 21,260,000 | | | | | | 5,064,516 | | |
Samson Holding Limited | | | | | 76,489,800 | | | | | | 4,823,273 | | |
Texwinca Holdings Limited | | | | | 26,288,200 | | | | | | 9,845,580 | | |
VST Holdings Limited | | | | | 10,515,360 | | | | | | 6,121,720 | | |
VTech Holdings Limited | | | | | 1,479,100 | | | | | | 15,120,832 | | |
| | | | | 40,975,921 | | | ||||||
INDIA — 4.7% | | ||||||||||||
LIC Housing Finance Limited | | | | | 2,056,300 | | | | | | 15,761,751 | | |
NIIT Technologies Limited | | | | | 863,575 | | | | | | 16,517,313 | | |
South Indian Bank Limited | | | | | 72,656,800 | | | | | | 17,200,599 | | |
| | | | | 49,479,663 | | | ||||||
IRELAND — 5.5% | | ||||||||||||
Glanbia plc | | | | | 779,382 | | | | | | 15,262,250 | | |
Greencore Group plc | | | | | 7,939,603 | | | | | | 20,898,320 | | |
| | | Shares | | | Value | | ||||||
| | | | | | | | | | | | | |
IRELAND (continued) | | | | | | | | | | | | | |
Origin Enterprises plc | | | | | 1,658,709 | | | | | $ | 9,815,276 | | |
UDG Healthcare plc | | | | | 1,724,185 | | | | | | 12,716,322 | | |
| | | | | 58,692,168 | | | ||||||
ITALY — 0.9% | | ||||||||||||
De'Longhi SpA | | | | | 362,388 | | | | | | 9,790,190 | | |
JAPAN — 17.6% | | ||||||||||||
Daicel Corporation | | | | | 2,021,700 | | | | | | 21,954,948 | | |
Dowa Holdings Co., Limited | | | | | 664,900 | | | | | | 21,865,980 | | |
IBJ Leasing Company, Limited | | | | | 827,600 | | | | | | 19,545,073 | | |
Iwatani Corporation | | | | | 652,800 | | | | | | 20,966,743 | | |
Kanematsu Corporation | | | | | 1,797,700 | | | | | | 20,545,607 | | |
Nihon House Holdings Co., Limited | | | | | 2,350,400 | | | | | | 10,001,702 | | |
Prima Meat Packers Limited | | | | | 1,161,100 | | | | | | 21,546,726 | | |
Tsubakimoto Chain Co., Limited | | | | | 584,300 | | | | | | 20,851,832 | | |
Unipres Corporation | | | | | 1,277,800 | | | | | | 19,960,394 | | |
VT Holdings Co., Limited | | | | | 2,602,100 | | | | | | 9,803,277 | | |
| | | | | 187,042,282 | | | ||||||
NORWAY — 5.5% | | ||||||||||||
ABG Sundal Collier Holding ASA | | | | | 9,621,788 | | | | | | 4,580,952 | | |
Borregaard ASA | | | | | 1,041,500 | | | | | | 10,340,500 | | |
Fjord1 ASA | | | | | 1,661,810 | | | | | | 8,162,776 | | |
Sbanken ASA | | | | | 537,188 | | | | | | 4,884,321 | | |
SpareBank Nord-Norge | | | | | 752,366 | | | | | | 5,565,251 | | |
Sparebank 1 Oestlandet | | | | | 566,088 | | | | | | 5,416,607 | | |
Sparebank 1 SMN | | | | | 935,465 | | | | | | 9,494,129 | | �� |
SpareBank 1 SR-Bank ASA | | | | | 897,426 | | | | | | 10,358,603 | | |
| | | | | 58,803,139 | | | ||||||
PHILIPPINES — 0.5% | | ||||||||||||
Manila Water Company, Inc. | | | | | 12,769,970 | | | | | | 5,605,557 | | |
PORTUGAL — 1.1% | | ||||||||||||
Redes Energéticas Nacionais, SGPS, S.A. | | | | | 4,193,548 | | | | | | 11,969,579 | | |
SOUTH KOREA — 4.0% | | ||||||||||||
Cuckoo Electronics Co., Limited | | | | | 86,544 | | | | | | 10,712,212 | | |
DGB Financial Group, Inc. | | | | | 657,742 | | | | | | 4,734,166 | | |
ENF Technology Co., Limited | | | | | 542,117 | | | | | | 7,737,023 | | |
| | | Shares | | | Value | | ||||||
SOUTH KOREA (continued) | | ||||||||||||
LOTTE Himart Co., Limited | | | | | 259,943 | | | | | $ | 11,725,030 | | |
Wisol Co., Limited | | | | | 524,900 | | | | | | 7,329,456 | | |
| | | | | 42,237,887 | | | ||||||
SWEDEN — 2.3% | | ||||||||||||
Duni AB | | | | | 416,128 | | | | | | 4,504,356 | | |
Loomis AB, Class B | | | | | 587,361 | | | | | | 20,264,091 | | |
| | | | | 24,768,447 | | | ||||||
TAIWAN — 12.0% | | ||||||||||||
Cathay Real Estate Development Co., Limited | | | | | 7,366,300 | | | | | | 5,760,057 | | |
Elite Material Co., Limited | | | | | 6,362,600 | | | | | | 21,985,915 | | |
Hitron Technologies, Inc. | | | | | 4,804,000 | | | | | | 3,351,211 | | |
Holtek Semiconductor, Inc. | | | | | 7,435,500 | | | | | | 17,611,379 | | |
Huaku Development Co., Limited | | | | | 6,410,800 | | | | | | 15,392,327 | | |
Kings Town Bank | | | | | 10,209,500 | | | | | | 10,600,217 | | |
Sercomm Corporation | | | | | 7,261,000 | | | | | | 15,902,321 | | |
Sitronix Technology Corporation | | | | | 4,382,100 | | | | | | 20,118,660 | | |
Taiwan Union Technology Corporation | | | | | 4,826,900 | | | | | | 17,384,075 | | |
| | | | | 128,106,162 | | | ||||||
THAILAND — 4.7% | | ||||||||||||
Hana Microelectronics PCL | | | | | 15,426,680 | | | | | | 15,069,390 | | |
Ratchaburi Electricity Generating Holding PCL | | | | | 10,955,000 | | | | | | 20,194,344 | | |
Thanachart Capital PCL | | | | | 8,764,000 | | | | | | 15,050,827 | | |
| | | | | 50,314,561 | | | ||||||
UNITED KINGDOM — 17.8% | | ||||||||||||
BBA Aviation plc | | | | | 3,320,709 | | | | | | 10,774,358 | | |
Cineworld Group plc | | | | | 5,573,043 | | | | | | 21,248,484 | | |
Crest Nicholson Holdings plc | | | | | 4,382,800 | | | | | | 21,130,735 | | |
Galliford Try plc | | | | | 2,149,670 | | | | | | 18,669,521 | | |
Halfords Group plc | | | | | 4,637,235 | | | | | | 14,018,719 | | |
Inchcape plc | | | | | 2,726,024 | | | | | | 20,282,758 | | |
Lancashire Holdings Limited | | | | | 2,459,834 | | | | | | 20,946,556 | | |
OneSavings Bank plc | | | | | 4,006,596 | | | | | | 20,026,976 | | |
The Restaurant Group plc | | | | | 9,740,718 | | | | | | 14,977,323 | | |
Vitec Group plc | | | | | 318,896 | | | | | | 4,737,128 | | |
Wetherspoon (J.D.) plc | | | | | 1,314,000 | | | | | | 22,429,928 | | |
| | | | | 189,242,486 | | | ||||||
TOTAL COMMON STOCK | | ||||||||||||
(Cost $961,757,970) | | | | | | | | | | | 974,571,854 | | |
|
| | | Par Value | | | Value | | ||||||
Money Market—6.3% | | ||||||||||||
State Street Bank Institutional U.S. Government Money Market Fund, 2.39% (b) (Cost $67,250,471) | | | | $ | 67,250,471 | | | | | $ | 67,250,471 | | |
TOTAL INVESTMENTS—97.9% (Cost $1,029,008,441) | | | | | | | | | | | 1,041,822,325 | | |
OTHER ASSETS & LIABILITIES (NET)—2.1% | | | | | | | | | | | 21,907,150 | | |
NET ASSETS—100% | | | | | | | | | | $ | 1,063,729,475 | | |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | | | | $ | 81,244,130 | | |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | | | | | (73,406,682 ) | | |
| Net unrealized appreciation/(depreciation) | | | | $ | 7,837,448 | | |
| | | | Small Cap | | | Quality | | | Emerging Markets World Equity | | | International Small Cap | | | Foreign Value | | | Foreign Value Small Cap | | ||||||||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments at value (Includes collateral from securities on loan of $10,398,758; $0; $631,011; $0; $0: $0, respectively)* (Note 2) | | | | $ | 132,556,843 | | | | | $ | 142,098,573 | | | | | $ | 94,530,681 | | | | | $ | 10,686,930 | | | | | $ | 3,596,026,960 | | | | | $ | 1,041,822,325 | | |
| Repurchase agreements | | | | | — | | | | | | 1,664,166 | | | | | | 352,428 | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments | | | | | 132,556,843 | | | | | | 143,762,739 | | | | | | 94,883,109 | | | | | | 10,686,930 | | | | | | 3,596,026,960 | | | | | | 1,041,822,325 | | |
| Foreign currency at value (Cost $21,930 for Small Cap, $0 for Quality, $138,567 for Emerging Markets World Equity, $2,097 for International Small Cap, $0 for Foreign Value and $417,258 for Foreign Value Small Cap) | | | | | 22,040 | | | | | | — | | | | | | 138,652 | | | | | | 2,107 | | | | | | — | | | | | | 417,290 | | |
| Cash | | | | | 95,432 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Dividends and interest receivable | | | | | 86,186 | | | | | | 159,823 | | | | | | 109,514 | | | | | | 7,548 | | | | | | 23,563,476 | | | | | | 8,492,588 | | |
| Foreign tax reclaims receivable | | | | | — | | | | | | 49,400 | | | | | | 1,119 | | | | | | 376 | | | | | | 3,888,028 | | | | | | 377,092 | | |
| Receivable for investments sold | | | | | 917,476 | | | | | | — | | | | | | 263,389 | | | | | | — | | | | | | — | | | | | | 19,162,111 | | |
| Receivable for shares of beneficial interest sold | | | | | 6,500 | | | | | | 151,404 | | | | | | 200 | | | | | | — | | | | | | 2,024,436 | | | | | | 718,847 | | |
| Unrealized gain on spot foreign currency contracts (Note 2) | | | | | — | | | | | | — | | | | | | 972 | | | | | | — | | | | | | — | | | | | | 4,275 | | |
| Other assets | | | | | 15,519 | | | | | | 7,527 | | | | | | 7,238 | | | | | | — | | | | | | 22,387 | | | | | | — | | |
| Total Assets | | | | $ | 133,699,996 | | | | | $ | 144,130,893 | | | | | $ | 94,404,193 | | | | | $ | 10,696,961 | | | | | $ | 3,625,525,287 | | | | | $ | 1,070,994,528 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Payable for investments purchased | | | | $ | — | | | | | $ | — | | | | | $ | 124,780 | | | | | $ | 310 | | | | | $ | — | | | | | $ | 5,722,411 | | |
| Payable for shares of beneficial interest repurchased | | | | | 15,000 | | | | | | 254,764 | | | | | | 21,228 | | | | | | — | | | | | | 1,991,648 | | | | | | 518,390 | | |
| Payable for compensation of manager (Note 3) | | | | | 83,896 | | | | | | 87,305 | | | | | | 61,984 | | | | | | 8,109 | | | | | | 2,754,612 | | | | | | 810,507 | | |
| Payable for distribution fees (Note 3) | | | | | 25,342 | | | | | | 29,123 | | | | | | 18,804 | | | | | | 13 | | | | | | 167,837 | | | | | | 47,209 | | |
| Payable to custodian | | | | | 7,029 | | | | | | 7,618 | | | | | | 19,297 | | | | | | 7,000 | | | | | | 213,253 | | | | | | 62,291 | | |
| Payable to transfer agent (Note 3) | | | | | 17,029 | | | | | | 19,456 | | | | | | 12,533 | | | | | | 402 | | | | | | 222,190 | | | | | | 64,597 | | |
| Payable for collateral received for securities loaned | | | | | 10,398,758 | | | | | | — | | | | | | 631,011 | | | | | | — | | | | | | — | | | | | | — | | |
| Unrealized loss on spot foreign currency contracts (Note 2) | | | | | 186 | | | | | | — | | | | | | 166 | | | | | | 3 | | | | | | — | | | | | | 7,771 | | |
| Other accrued expenses and liabilities | | | | | — | | | | | | 5,178 | | | | | ��� | 1,269 | | | | | | 821 | | | | | | 127,416 | | | | | | 31,877 | | |
| Total Liabilities | | | | $ | 10,547,240 | | | | | $ | 403,444 | | | | | $ | 891,072 | | | | | $ | 16,658 | | | | | $ | 5,476,956 | | | | | $ | 7,265,053 | | |
| Net Assets | | | | $ | 123,152,756 | | | | | $ | 143,727,449 | | | | | $ | 94,513,121 | | | | | $ | 10,680,303 | | | | | $ | 3,620,048,331 | | | | | $ | 1,063,729,475 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments at cost | | | | $ | 108,035,714 | | | | | $ | 129,128,854 | | | | | $ | 86,443,398 | | | | | $ | 10,059,408 | | | | | $ | 3,439,674,799 | | | | | $ | 1,029,008,441 | | |
|
| | | | Small Cap | | | Quality | | | Emerging Markets World Equity | | | International Small Cap | | | Foreign Value | | | Foreign Value Small Cap | | ||||||||||||||||||
| Components of Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares of beneficial interest | | | | $ | 97,662,495 | | | | | $ | 117,063,205 | | | | | $ | 129,331,857 | | | | | $ | 10,074,152 | | | | | $ | 3,435,893,414 | | | | | $ | 1,061,175,198 | | |
| Total distributable earnings (loss) | | | | | 25,490,261 | | | | | | 26,664,244 | | | | | | (34,818,736 ) | | | | | | 606,151 | | | | | | 184,154,917 | | | | | | 2,554,277 | | |
| Net Assets Applicable to Outstanding Shares | | | | $ | 123,152,756 | | | | | $ | 143,727,449 | | | | | $ | 94,513,121 | | | | | $ | 10,680,303 | | | | | $ | 3,620,048,331 | | | | | $ | 1,063,729,475 | | |
| Computation of Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 118,313,907 | | | | | $ | 137,643,082 | | | | | $ | 89,346,990 | | | | | $ | 63,468 | | | | | $ | 784,820,227 | | | | | $ | 222,525,561 | | |
| Shares Outstanding | | | | | 4,935,571 | | | | | | 7,375,542 | | | | | | 4,283,482 | | | | | | 5,990 | | | | | | 37,790,567 | | | | | | 16,407,249 | | |
| Net asset value and redemption proceeds per share | | | | $ | 23.97 | | | | | $ | 18.66 | | | | | $ | 20.86 | | | | | $ | 10.60 | | | | | $ | 20.77 | | | | | $ | 13.56 | | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | 4,838,849 | | | | | $ | 6,084,367 | | | | | $ | 5,061,431 | | | | | $ | 9,245,428 | | | | | $ | 2,509,454,544 | | | | | $ | 766,409,267 | | |
| Shares outstanding | | | | | 168,795 | | | | | | 301,471 | | | | | | 239,146 | | | | | | 872,074 | | | | | | 121,185,969 | | | | | | 56,498,914 | | |
| Net asset value and redemption proceeds per share | | | | $ | 28.67 | | | | | $ | 20.18 | | | | | $ | 21.16 | | | | | $ | 10.60 | | | | | $ | 20.71 | | | | | $ | 13.57 | | |
| R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets applicable to outstanding shares | | | | $ | — | | | | | $ | — | | | | | $ | 104,700 | | | | | $ | 1,371,407 | | | | | $ | 325,773,560 | | | | | $ | 74,794,647 | | |
| Shares Outstanding | | | | | — | | | | | | — | | | | | | 10,000 | | | | | | 129,351 | | | | | | 29,707,076 | | | | | | 7,298,860 | | |
| Net asset value and redemption proceeds per share | | | | $ | — | | | | | $ | — | | | | | $ | 10.47 | | | | | $ | 10.60 | | | | | $ | 10.97 | | | | | $ | 10.25 | | |
| | | | Small Cap | | | Quality | | | Emerging Markets World Equity | | | International Small Cap | | | Foreign Value | | | Foreign Value Small Cap | | ||||||||||||||||||
| Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends—Affiliated securities | | | | $ | — | | | | | $ | — | | | | | $ | 292,400 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Dividends—Non-affiliated securities* | | | | | 1,976,027 | | | | | | 2,952,670 | | | | | | 3,011,790 | | | | | | 13,031 | | | | | | 93,511,534 | | | | | | 35,783,065 | | |
| Interest | | | | | 72,428 | | | | | | 12,921 | | | | | | 1,648 | | | | | | 4,175 | | | | | | 4,510,173 | | | | | | 1,213,971 | | |
| Sec Lending Income | | | | | 8,705 | | | | | | 2,162 | | | | | | 3,456 | | | | | | — | | | | | | — | | | | | | — | | |
| Miscellaneous | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,682 | | | | | | — | | |
| Total Investment Income | | | | $ | 2,057,160 | | | | | $ | 2,967,753 | | | | | $ | 3,309,294 | | | | | $ | 17,206 | | | | | $ | 98,029,389 | | | | | $ | 36,997,036 | | |
| Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Compensation of manager (Note 3) | | | | | 1,013,044 | | | | | | 1,506,736 | | | | | | 946,557 | | | | | | 15,196 | | | | | | 31,757,709 | | | | | | 10,155,247 | | |
| Distribution fees, Ordinary Shares (Note 3) | | | | | 298,371 | | | | | | 359,763 | | | | | | 235,721 | | | | | | 25 | | | | | | 2,073,838 | | | | | | 614,676 | | |
| Administrative fees (Note 3) | | | | | 37,598 | | | | | | 44,761 | | | | | | 30,847 | | | | | | 626 | | | | | | 927,429 | | | | | | 300,238 | | |
| Custodian and fund accounting fees | | | | | 33,000 | | | | | | 43,400 | | | | | | 129,099 | | | | | | 7,000 | | | | | | 798,001 | | | | | | 380,319 | | |
| Regulatory and Compliance (Note 3) | | | | | 6,914 | | | | | | 8,204 | | | | | | 5,749 | | | | | | 87 | | | | | | 168,292 | | | | | | 55,241 | | |
| Transfer agent fees (Note 3): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 194,757 | | | | | | 233,873 | | | | | | 154,194 | | | | | | 17 | | | | | | 1,346,312 | | | | | | 398,225 | | |
| Institutional Shares | | | | | 11,722 | | | | | | 10,891 | | | | | | 10,853 | | | | | | 2,404 | | | | | | 3,301,331 | | | | | | 1,180,077 | | |
| R6 Shares | | | | | — | | | | | | — | | | | | | 2 | | | | | | 32 | | | | | | 32,276 | | | | | | 3,798 | | |
| Audit and legal | | | | | 19,390 | | | | | | 23,359 | | | | | | 74,130 | | | | | | 44,186 | | | | | | 467,808 | | | | | | 185,047 | | |
| Registration fees | | | | | 39,758 | | | | | | 44,641 | | | | | | 47,544 | | | | | | 39 | | | | | | 197,793 | | | | | | 107,125 | | |
| Insurance | | | | | 2,158 | | | | | | 2,587 | | | | | | 1,774 | | | | | | 30 | | | | | | 52,923 | | | | | | 17,225 | | |
| Compensation of trustees (Note 3) | | | | | 4,903 | | | | | | 5,827 | | | | | | 4,066 | | | | | | 62 | | | | | | 119,518 | | | | | | 39,161 | | |
| Printing | | | | | 9,459 | | | | | | 11,508 | | | | | | 9,745 | | | | | | 147 | | | | | | 223,350 | | | | | | 71,824 | | |
| Miscellaneous | | | | | 6,451 | | | | | | 7,649 | | | | | | 17,831 | | | | | | 2,203 | | | | | | 154,125 | | | | | | 50,905 | | |
| Total expenses before waivers/reimbursements/reductions | | | | | 1,677,525 | | | | | | 2,303,199 | | | | | | 1,668,112 | | | | | | 72,054 | | | | | | 41,620,705 | | | | | | 13,559,108 | | |
| Waivers and/or reimbursements of expenses (Note 3) | | | | | (8,738 ) | | | | | | (450,568 ) | | | | | | (216,413 ) | | | | | | (1,747 ) | | | | | | (5,736,242 ) | | | | | | (1,896,022 ) | | |
| Expenses, Net | | | | $ | 1,668,787 | | | | | $ | 1,852,631 | | | | | $ | 1,451,699 | | | | | $ | 70,307 | | | | | $ | 35,884,463 | | | | | $ | 11,663,086 | | |
| Net investment income/(loss) | | | | $ | 388,373 | | | | | $ | 1,115,122 | | | | | $ | 1,857,595 | | | | | $ | (53,101 ) | | | | | $ | 62,144,926 | | | | | $ | 25,333,950 | | |
|
| | | | Small Cap | | | Quality | | | Emerging Markets World Equity | | | International Small Cap | | | Foreign Value | | | Foreign Value Small Cap | | ||||||||||||||||||
| Realized and unrealized gain/(loss) on investments,foreign currency, and foreign translation: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain/(loss) (Note 2) on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments** | | | | $ | 7,457,576 | | | | | $ | 19,115,929 | | | | | $ | (10,935,775 ) | | | | | $ | 28,822 | | | | | $ | (22,410,413 ) | | | | | $ | (3,236,946 ) | | |
| Foreign denominated assets, liabilities, and currency | | | | | (3,912 ) | | | | | | (498 ) | | | | | | (98,231 ) | | | | | | 2,910 | | | | | | (674,917 ) | | | | | | (983,214 ) | | |
| Change in unrealized appreciation/(depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | | | | (6,174,824 ) | | | | | | (4,587,844 ) | | | | | | (1,392,086 ) | | | | | | 627,522 | | | | | | (166,812,197 ) | | | | | | (123,617,296 ) | | |
| Foreign denominated assets, liabilities, and currency | | | | | (69 ) | | | | | | (20 ) | | | | | | 42,551 | | | | | | (2 ) | | | | | | (356,510 ) | | | | | | 372,753 | | |
| Net realized and unrealized gain/(loss) on investment and foreign currency | | | | | 1,278,771 | | | | | | 14,527,567 | | | | | | (12,383,541 ) | | | | | | 659,252 | | | | | | (190,254,037 ) | | | | | | (127,464,703 ) | | |
| Net increase/(decrease) in net assets resulting from operations | | | | $ | 1,667,144 | | | | | $ | 15,642,689 | | | | | $ | (10,525,946 ) | | | | | $ | 606,151 | | | | | $ | (128,109,111 ) | | | | | $ | (102,130,753 ) | | |
|
| | | | Small Cap | | |||||||||
| | | | Year Ended March 31, 2019 | | | Year Ended March 31, 2018 | | ||||||
| Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | |
| Net investment income/(loss) | | | | $ | 388,373 | | | | | $ | 320,134 | | |
| Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 7,453,664 | | | | | | 2,676,744 | | |
| Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (6,174,893 ) | | | | | | 134,582 | | |
| Net increase/(decrease) from operations | | | | $ | 1,667,144 | | | | | $ | 3,131,460 | | |
| Distributions to shareholders | | | | | | | | | | | | | |
| Ordinary Shares | | | | | (8,406,855 ) | | | | | | (6,560,263 )(2) | | |
| Institutional Shares | | | | | (463,104 ) | | | | | | (404,284 )(2) | | |
| R6 Shares | | | | | — | | | | | | — (2) | | |
| Total distributions to shareholders | | | | | (8,869,959 ) | | | | | | (6,964,547 ) | | |
| Capital Stock Transactions | | | | | | | | | | | | | |
| Shares Sold | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 16,583,912 | | | | | | 4,577,308 * | | |
| Institutional Shares | | | | | 115,096 | | | | | | 282,123 * | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Distributions reinvested | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 6,627,515 | | | | | | 5,058,875 | | |
| Institutional Shares | | | | | 462,929 | | | | | | 404,102 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Shares redeemed | | | | | | | | | | | | | |
| Ordinary Shares | | | | | (7,355,331 ) | | | | | | (5,885,752 ) | | |
| Institutional Shares | | | | | (2,814,218 ) | | | | | | (335,155 ) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Net increase (decrease) from capital stock transactions | | | | | 13,619,903 | | | | | | 4,101,501 | | |
| Net Increase (Decrease) in Net Assets | | | | | 6,417,088 | | | | | | 268,414 | | |
| Net Assets Beginning of Year | | | | | 116,735,668 | | | | | | 116,467,254 | | |
| Net Assets at End of Year (1) | | | | $ | 123,152,756 | | | | | $ | 116,735,668 | | |
|
| | | | Small Cap | | |||||||||
| | | | Year Ended March 31, 2019 | | | Year Ended March 31, 2018 | | ||||||
| Share Transactions | | | | | | | | | | | | | |
| Shares sold | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 618,397 | | | | | | 175,545 | | |
| Institutional Shares | | | | | 4,090 | | | | | | 9,184 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Distributions reinvested | | | | | | | | | | | | | |
| Ordinary Shares | | | | | 304,573 | | | | | | 195,399 | | |
| Institutional Shares | | | | | 17,812 | | | | | | 13,241 | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Shares redeemed | | | | | | | | | | | | | |
| Ordinary Shares | | | | | (279,146 ) | | | | | | (224,646 ) | | |
| Institutional Shares | | | | | (99,018 ) | | | | | | (10,951 ) | | |
| R6 Shares | | | | | — | | | | | | — | | |
| Increase (Decrease) In Shares Outstanding | | | | | 566,708 | | | | | | 157,772 | | |
|
| | | Quality | | |||||||||
| | | Year Ended March 31, 2019 | | | Year Ended March 31, 2018 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 1,115,122 | | | | | $ | 1,056,902 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 19,115,431 | | | | | | 16,449,579 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (4,587,864 ) | | | | | | (78,440 ) | | |
Net increase/(decrease) from operations | | | | $ | 15,642,689 | | | | | $ | 17,428,041 | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | | (20,504,884 ) | | | | | | (8,251,800 )(2) | �� | |
Institutional Shares | | | | | (916,016 ) | | | | | | (430,213 )(2) | | |
R6 Shares | | | | | — | | | | | | — (2) | | |
Total distributions to shareholders | | | | | (21,420,900 ) | | | | | | (8,682,013 ) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares Sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 51,936,970 | | | | | | 6,079,159 | | |
Institutional Shares | | | | | 9,562,377 | | | | | | 1,202,758 | | |
R6 Shares | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 17,024,871 | | | | | | 6,486,299 | | |
Institutional Shares | | | | | 873,750 | | | | | | 426,097 | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (49,823,054 ) | | | | | | (9,549,314 ) | | |
Institutional Shares | | | | | (9,914,270 ) | | | | | | (2,628,696 ) | | |
R6 Shares | | | | | — | | | | | | — | | |
Net increase (decrease) from capital stock transactions | | | | | 19,660,644 | | | | | | 2,016,303 | | |
Net Increase (Decrease) in Net Assets | | | | | 13,882,433 | | | | | | 10,762,331 | | |
Net Assets Beginning of Year | | | | | 129,845,016 | | | | | | 119,082,685 | | |
Net Assets at End of Year (1) | | | | $ | 143,727,449 | | | | | $ | 129,845,016 | | |
|
| | | Quality | | |||||||||
| | | Year Ended March 31, 2019 | | | Year Ended March 31, 2018 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 2,530,436 | | | | | | 317,127 | | |
Institutional Shares | | | | | 433,827 | | | | | | 57,641 | | |
R6 Shares | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 1,020,064 | | | | | | 336,426 | | |
Institutional Shares | | | | | 48,461 | | | | | | 20,675 | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (2,749,049 ) | | | | | | (502,432 ) | | |
Institutional Shares | | | | | (481,781 ) | | | | | | (129,537 ) | | |
R6 Shares | | | | | — | | | | | | — | | |
Increase (Decrease) In Shares Outstanding | | | | | 801,958 | | | | | | 99,900 | | |
| | | Emerging Markets World Equity | | |||||||||
| | | Year Ended March 31, 2019 | | | Year Ended March 31, 2018 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 1,857,595 | | | | | $ | 1,702,202 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | (11,034,006 ) | | | | | | 6,898,838 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (1,349,535 ) | | | | | | 7,869,085 | | |
Net increase/(decrease) from operations | | | | $ | (10,525,946 ) | | | | | $ | 16,470,125 | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | | (1,923,113 ) | | | | | | (1,324,592 )(2) | | |
Institutional Shares | | | | | (176,757 ) | | | | | | (112,617 )(2) | | |
R6 Shares | | | | | — | | | | | | — (2) | | |
Total distributions to shareholders | | | | | (2,099,870 ) | | | | | | (1,437,209 ) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares Sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 6,307,005 | | | | | | 7,799,053 | | |
Institutional Shares | | | | | 728,439 | | | | | | 1,056,004 | | |
R6 Shares | | | | | 100,000 | | | | | | — | | |
Shares Issued in the Reorganization (Note 2 Reorganization) | | | | | | | | | | | | | |
Ordinary Shares | | | | | 1,552,736 | | | | | | — | | |
Institutional Shares | | | | | 157,222 | | | | | | — | | |
R6 Shares | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 1,527,932 | | | | | | 1,040,297 | | |
Institutional Shares | | | | | 175,401 | | | | | | 110,184 | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (18,806,525 ) | | | | | | (15,028,789 ) | | |
Institutional Shares | | | | | (2,977,711 ) | | | | | | (2,346,034 ) | | |
R6 Shares | | | | | — | | | | | | — | | |
Net increase (decrease) from capital stock transactions | | | | | (11,235,501 ) | | | | | | (7,369,285 ) | | |
|
| | | Emerging Markets World Equity | | |||||||||
| | | Year Ended March 31, 2019 | | | Year Ended March 31, 2018 | | ||||||
Net Increase (Decrease) in Net Assets | | | | | (23,861,317 ) | | | | | | 7,663,631 | | |
Net Assets Beginning of Year | | | | | 118,374,438 | | | | | | 110,710,807 | | |
Net Assets at End of Year (1) | | | | $ | 94,513,121 | | | | | $ | 118,374,438 | | |
| | | | | | | | | | | | | |
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 300,631 | | | | | | 343,477 | | |
Institutional Shares | | | | | 34,673 | | | | | | 46,579 | | |
R6 Shares | | | | | 10,000 | | | | | | — | | |
Shares Issued in the Reorganization (Note 2 Reorganization) | | | | | | | | | | | | | |
Ordinary Shares | | | | | 69,257 | | | | | | — | | |
Institutional Shares | | | | | 6,908 | | | | | | — | | |
R6 Shares | | | | | — | | | | | | — | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 81,057 | | | | | | 47,115 | | |
Institutional Shares | | | | | 9,183 | | | | | | 4,923 | | |
R6 Shares | | | | | — | | | | | | — | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (912,514 ) | | | | | | (676,471 ) | | |
Institutional Shares | | | | | (144,759 ) | | | | | | (108,852 ) | | |
R6 Shares | | | | | — | | | | | | — | | |
Increase (Decrease) In Shares Outstanding | | | | | (545,564 ) | | | | | | (343,229 ) | | |
| | | International Small Cap | | |||
| | | January 30, 2019* March 31, 2019 | | |||
Increase (Decrease) in Net Assets: | | | | | | | |
Operations: | | | | | | | |
Net investment income/(loss) | | | | $ | (53,101 ) | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | 31,732 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | 627,520 | | |
Net increase/(decrease) from operations | | | | $ | 606,151 | | |
Distributions to shareholders | | | | | | | |
Ordinary Shares | | | | | — | | |
Institutional Shares | | | | | — | | |
R6 Shares | | | | | — | | |
Total distributions to shareholders | | | | | — | | |
Capital Stock Transactions | | | | | | | |
Shares Sold | | | | | | | |
Ordinary Shares | | | | | 59,902 | | |
Institutional Shares | | | | | 8,720,736 | | |
R6 Shares | | | | | 1,293,514 | | |
Distributions reinvested | | | | | | | |
Ordinary Shares | | | | | — | | |
Institutional Shares | | | | | — | | |
R6 Shares | | | | | — | | |
Shares redeemed | | | | | | | |
Ordinary Shares | | | | | — | | |
Institutional Shares | | | | | — | | |
R6 Shares | | | | | — | | |
Net increase (decrease) from capital stock transactions | | | | | 10,074,152 | | |
Net Increase (Decrease) in Net Assets | | | | | 10,680,303 | | |
Net Assets Beginning of Year | | | | | — | | |
Net Assets at End of Year | | | | $ | 10,680,303 | | |
|
| | | International Small Cap | | |||
| | | January 30, 2019* March 31, 2019 | | |||
Share Transactions | | | | | | | |
Shares sold | | | | | | | |
Ordinary Shares | | | | | 5,990 | | |
Institutional Shares | | | | | 872,074 | | |
R6 Shares | | | | | 129,351 | | |
Distributions reinvested | | | | | | | |
Ordinary Shares | | | | | — | | |
Institutional Shares | | | | | — | | |
R6 Shares | | | | | — | | |
Shares redeemed | | | | | | | |
Ordinary Shares | | | | | — | | |
Institutional Shares | | | | | — | | |
R6 Shares | | | | | — | | |
Increase (Decrease) In Shares Outstanding | | | | | 1,007,415 | | |
| | | Foreign Value | | |||||||||
| | | Year Ended March 31, 2019 | | | Year Ended March 31, 2018 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 62,144,926 | | | | | $ | 31,527,120 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | (23,085,330 ) | | | | | | 170,240,820 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (167,168,707 ) | | | | | | 42,114,206 | | |
Net increase/(decrease) from operations | | | | $ | (128,109,111 ) | | | | | $ | 243,882,146 | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | | (7,112,102 ) | | | | | | (5,585,606 )(2) | | |
Institutional Shares | | | | | (29,863,016 ) | | | | | | (9,640,370 )(2) | | |
R6 Shares | | | | | (7,346,497 ) | | | | | | (4,781,364 )(2) | | |
Total distributions to shareholders | | | | | (44,321,615 ) | | | | | | (20,007,340 ) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares Sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 82,711,079 | | | | | | 91,524,682 | | |
Institutional Shares | | | | | 1,739,231,784 | | | | | | 756,125,669 * | | |
R6 Shares | | | | | 99,357,978 | | | | | | 235,657,033 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 6,801,565 | | | | | | 5,374,020 | | |
Institutional Shares | | | | | 27,674,143 | | | | | | 9,553,013 | | |
R6 Shares | | | | | 2,654,418 | | | | | | 1,149,709 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (153,415,484 ) | | | | | | (185,185,863 ) | | |
Institutional Shares | | | | | (483,980,033 ) | | | | | | (267,470,375 ) | | |
R6 Shares | | | | | (36,157,779 ) | | | | | | (19,105,081 ) | | |
Net increase (decrease) from capital stock transactions | | | | | 1,284,877,671 | | | | | | 627,622,807 | | |
Net Increase (Decrease) in Net Assets | | | | | 1,112,446,945 | | | | | | 851,497,613 | | |
Net Assets Beginning of Year | | | | | 2,507,601,386 | | | | | | 1,656,103,773 | | |
Net Assets at End of Year (1) | | | | $ | 3,620,048,331 | | | | | $ | 2,507,601,386 | | |
|
| | | Foreign Value | | |||||||||
| | | Year Ended March 31, 2019 | | | Year Ended March 31, 2018 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 3,934,450 | | | | | | 4,307,126 | | |
Institutional Shares | | | | | 81,905,520 | | | | | | 34,975,044 | | |
R6 Shares | | | | | 9,127,656 | | | | | | 21,600,757 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 357,601 | | | | | | 246,854 | | |
Institutional Shares | | | | | 1,460,377 | | | | | | 440,028 | | |
R6 Shares | | | | | 264,648 | | | | | | 98,772 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (7,255,137 ) | | | | | | (8,684,692 ) | | |
Institutional Shares | | | | | (24,187,952 ) | | | | | | (13,177,244 ) | | |
R6 Shares | | | | | (3,305,390 ) | | | | | | (1,657,129 ) | | |
Increase (Decrease) In Shares Outstanding | | | | | 62,301,773 | | | | | | 38,149,516 | | |
| | | Foreign Value Small Cap | | |||||||||
| | | Year Ended March 31, 2019 | | | Year Ended March 31, 2018 | | ||||||
Increase (Decrease) in Net Assets: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 25,333,950 | | | | | $ | 15,808,915 | | |
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency | | | | | (4,220,160 ) | | | | | | 32,799,614 | | |
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency | | | | | (123,244,543 ) | | | | | | 61,289,350 | | |
Net increase/(decrease) from operations | | | | $ | (102,130,753 ) | | | | | $ | 109,897,879 | | |
Distributions to shareholders | | | | | | | | | | | | | |
Ordinary Shares | | | | | (8,639,659 ) | | | | | | (8,745,594 )(2) | | |
Institutional Shares | | | | | (32,955,256 ) | | | | | | (16,644,547 )(2) | | |
R6 Shares | | | | | (4,443,966 ) | | | | | | (418,887 )(2) | | |
Total distributions to shareholders | | | | | (46,038,881 ) | | | | | | (25,809,028 ) | | |
Capital Stock Transactions | | | | | | | | | | | | | |
Shares Sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 41,804,789 | | | | | | 60,230,189 * | | |
Institutional Shares | | | | | 487,514,614 | | | | | | 306,717,117 * | | |
R6 Shares | | | | | 71,471,387 | | | | | | 10,185,863 * | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 7,513,347 | | | | | | 7,945,023 | | |
Institutional Shares | | | | | 21,647,508 | | | | | | 15,556,768 | | |
R6 Shares | | | | | 4,296,496 | | | | | | 247,826 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (113,416,223 ) | | | | | | (57,596,373 ) | | |
Institutional Shares | | | | | (225,239,386 ) | | | | | | (87,115,600 ) | | |
R6 Shares | | | | | (8,003,199 ) | | | | | | (1,779,923 ) | | |
Net increase (decrease) from capital stock transactions | | | | | 287,589,333 | | | | | | 254,390,890 | | |
Net Increase (Decrease) in Net Assets | | | | | 139,419,699 | | | | | | 338,479,741 | | |
Net Assets Beginning of Year | | | | | 924,309,776 | | | | | | 585,830,035 | | |
Net Assets at End of Year (1) | | | | $ | 1,063,729,475 | | | | | $ | 924,309,776 | | |
|
| | | Foreign Value Small Cap | | |||||||||
| | | Year Ended March 31, 2019 | | | Year Ended March 31, 2018 | | ||||||
Share Transactions | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Ordinary Shares | | | | | 2,963,366 | | | | | | 3,888,870 | | |
Institutional Shares | | | | | 33,193,819 | | | | | | 19,776,470 | | |
R6 Shares | | | | | 6,684,203 | | | | | | 874,462 | | |
Distributions reinvested | | | | | | | | | | | | | |
Ordinary Shares | | | | | 602,997 | | | | | | 507,345 | | |
Institutional Shares | | | | | 1,738,756 | | | | | | 992,774 | | |
R6 Shares | | | | | 457,074 | | | | | | 20,618 | | |
Shares redeemed | | | | | | | | | | | | | |
Ordinary Shares | | | | | (7,602,100 ) | | | | | | (3,716,330 ) | | |
Institutional Shares | | | | | (16,341,704 ) | | | | | | (5,661,274 ) | | |
R6 Shares | | | | | (771,234 ) | | | | | | (147,500 ) | | |
Increase (Decrease) In Shares Outstanding | | | | | 20,925,177 | | | | | | 16,535,435 | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 25.48 | | | | | $ | 26.35 | | | | | $ | 21.61 | | | | | $ | 24.65 | | | | | $ | 27.62 | | |
Income from Investment Operations: | | | |||||||||||||||||||||||||||||
Net investment income (loss)(a)(b) | | | | | 0.07 (d) | | | | | | 0.07 (d) | | | | | | 0.06 | | | | | | 0.16 | | | | | | 0.04 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.22 | | | | | | 0.68 | | | | | | 4.99 | | | | | | (1.59) | | | | | | (0.37 ) | | |
Total from Investment Operations | | | | | 0.29 | | | | | | 0.75 | | | | | | 5.05 | | | | | | (1.43) | | | | | | (0.33 ) | | |
Less Distributions: | | | |||||||||||||||||||||||||||||
Dividends from net investment income | | | | | (0.01 ) | | | | | | (0.04) | | | | | | (0.15) | | | | | | — | | | | | | (0.20 ) | | |
Distributions from realized capital gains | | | | | (1.79 ) | | | | | | (1.58) | | | | | | (0.16) | | | | | | (1.61) | | | | | | (2.44 ) | | |
Total Distributions | | | | | (1.80 ) | | | | | | (1.62) | | | | | | (0.31) | | | | | | (1.61) | | | | | | (2.64 ) | | |
Net Asset Value, End of Period | | | | $ | 23.97 | | | | | $ | 25.48 | | | | | $ | 26.35 | | | | | $ | 21.61 | | | | | $ | 24.65 | | |
Total Return | | | | | 1.87 % | | | | | | 2.75% | | | | | | 23.36% | | | | | | (5.83)% | | | | | | (0.36 )% | | |
Net Assets, End of Period (000s) | | | | $ | 118,314 | | | | | $ | 109,341 | | | | | $ | 109,247 | | | | | $ | 91,139 | | | | | $ | 98,084 | | |
Ratios and Supplemental Data: | | | |||||||||||||||||||||||||||||
Ratios of expenses to average net assets:(c) | | | |||||||||||||||||||||||||||||
Gross | | | | | 1.34 % | | | | | | 1.35% | | | | | | 1.35% | | | | | | 1.35% | | | | | | 1.50 % | | |
Net | | | | | 1.34 % | | | | | | 1.35% | | | | | | 1.35% | | | | | | 1.35% | | | | | | 1.50 % | | |
Ratio of net investment income (loss) to average net assets(b) | | | | | 0.29 % | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.70% | | | | | | 0.17 % | | |
Portfolio Turnover | | | | | 24 % | | | | | | 18% | | | | | | 37% | | | | | | 17% | | | | | | 94% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 30.07 | | | | | $ | 30.80 | | | | | $ | 25.19 | | | | | $ | 28.39 | | | | | $ | 31.37 | | |
Income from Investment Operations: | | | |||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) | | | | | 0.21 (d) | | | | | | 0.19 (d) | | | | | | 0.14 | | | | | | 0.23 | | | | | | 0.11 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.28 | | | | | | 0.79 | | | | | | 5.83 | | | | | | (1.82) | | | | | | (0.39 ) | | |
Total from Investment Operations | | | | | 0.49 | | | | | | 0.98 | | | | | | 5.97 | | | | | | (1.59) | | | | | | (0.28 ) | | |
Less Distributions: | | | |||||||||||||||||||||||||||||
Dividends from net investment income | | | | | (0.10 ) | | | | | | (0.13) | | | | | | (0.20) | | | | | | — | | | | | | (0.26 ) | | |
Distributions from realized capital gains | | | | | (1.79 ) | | | | | | (1.58) | | | | | | (0.16) | | | | | | (1.61) | | | | | | (2.44 ) | | |
Total Distributions | | | | | (1.89 ) | | | | | | (1.71) | | | | | | (0.36) | | | | | | (1.61) | | | | | | (2.70 ) | | |
Net Asset Value, End of Period | | | | $ | 28.67 | | | | | $ | 30.07 | | | | | $ | 30.80 | | | | | $ | 25.19 | | | | | $ | 28.39 | | |
Total Return | | | | | 2.30 % | | | | | | 3.10% | | | | | | 23.71% | | | | | | (5.62)% | | | | | | (0.11 )% | | |
Net Assets, End of Period (000s) | | | | $ | 4,839 | | | | | $ | 7,395 | | | | | $ | 7,220 | | | | | $ | 5,785 | | | | | $ | 3,761 | | |
Ratios and Supplemental Data: | | | |||||||||||||||||||||||||||||
Ratios of expenses to average net assets: (c) | | | |||||||||||||||||||||||||||||
Gross | | | | | 1.08 % | | | | | | 1.10% | | | | | | 1.10% | | | | | | 1.10 % | | | | | | 1.28% | | |
Net | | | | | 0.96 % | | | | | | 0.98% | | | | | | 1.10% | | | | | | 1.10% | | | | | | 1.28 % | | |
Ratio of net investment income (loss) to average net assets (b) | | | | | 0.65 % | | | | | | 0.62% | | | | | | 0.49% | | | | | | 0.89% | | | | | | 0.36 % | | |
Portfolio Turnover | | | | | 24 % | | | | | | 18% | | | | | | 37% | | | | | | 17% | | | | | | 94% | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 18.83 | | | | | $ | 17.52 | | | | | $ | 16.31 | | | | | $ | 17.47 | | | | | $ | 18.10 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(b)(c) | | | | | 0.14 | | | | | | 0.15 | | | | | | 0.16 | | | | | | 0.15 | | | | | | 0.28 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 2.23 | | | | | | 2.49 | | | | | | 2.04 | | | | | | 0.72 | | | | | | 1.30 | | |
Total from Investment Operations | | | | | 2.37 | | | | | | 2.64 | | | | | | 2.20 | | | | | | 0.87 | | | | | | 1.58 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.12 ) | | | | | | (0.18) | | | | | | (0.19) | | | | | | (0.16) | | | | | | (0.33 ) | | |
Distributions from realized capital gains | | | | | (2.42 ) | | | | | | (1.15) | | | | | | (0.80) | | | | | | (1.87) | | | | | | (1.88 ) | | |
Total Distributions | | | | | (2.54 ) | | | | | | (1.33) | | | | | | (0.99) | | | | | | (2.03) | | | | | | (2.21 ) | | |
Net Asset Value, End of Period | | | | $ | 18.66 | | | | | $ | 18.83 | | | | | $ | 17.52 | | | | | $ | 16.31 | | | | | $ | 17.47 | | |
Total Return | | | | | 14.16 % | | | | | | 14.91% | | | | | | 14.04% | | | | | | 5.47% | | | | | | 9.12 % | | |
Net Assets, End of Period (000s) | | | | $ | 137,643 | | | | | $ | 123,781 | | | | | $ | 112,513 | | | | | $ | 113,498 | | | | | $ | 116,104 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.54% | | | | | | 1.54 % | | | | | | 1.55% | | | | | | 1.55% | | | | | | 1.54 % | | |
Net | | | | | 1.25 % | | | | | | 1.28% | | | | | | 1.30% | | | | | | 1.29% | | | | | | 1.29 % | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 0.72 % | | | | | | 0.81% | | | | | | 0.97% | | | | | | 0.91% | | | | | | 1.52 % | | |
Portfolio Turnover | | | | | 57 % | | | | | | 48% | | | | | | 31% | | | | | | 35% | | | | | | 49% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 20.15 | | | | | $ | 18.65 | | | | | $ | 17.30 | | | | | $ | 18.39 | | | | | $ | 18.95 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (b) (c) | | | | | 0.23 | | | | | | 0.24 | | ��� | | | | 0.22 | | | | | | 0.21 | | | | | | 0.35 | | |
Net realized and unrealized gain/(loss) on securities | | | | | 2.40 | | | | | | 2.65 | | | | | | 2.16 | | | | | | 0.76 | | | | | | 1.35 | | |
Total from Investment Operations | | | | | 2.63 | | | | | | 2.89 | | | | | | 2.38 | | | | | | 0.97 | | | | | | 1.70 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.18 ) | | | | | | (0.24) | | | | | | (0.23) | | | | | | (0.19) | | | | | | (0.38 ) | | |
Distributions from realized capital gains | | | | | (2.42 ) | | | | | | (1.15) | | | | | | (0.80) | | | | | | (1.87) | | | | | | (1.88 ) | | |
Total Distributions | | | | | (2.60 ) | | | | | | (1.39) | | | | | | (1.03) | | | | | | (2.06) | | | | | | (2.26 ) | | |
Net Asset Value, End of Period | | | | $ | 20.18 | | | | | $ | 20.15 | | | | | $ | 18.65 | | | | | $ | 17.30 | | | | | $ | 18.39 | | |
Total Return | | | | | 14.59 % | | | | | | 15.34% | | | | | | 14.30% | | | | | | 5.74% | | | | | | 9.34 % | | |
Net Assets, End of Period (000s) | | | | $ | 6,084 | | | | | $ | 6,064 | | | | | $ | 6,569 | | | | | $ | 8,533 | | | | | $ | 11,209 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.29% | | | | | | 1.29 % | | | | | | 1.30% | | | | | | 1.30% | | | | | | 1.29 % | | |
Net | | | | | 0.87 % | | | | | | 0.93% | | | | | | 1.05% | | | | | | 1.04% | | | | | | 1.04 % | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 1.08 % | | | | | | 1.17% | | | | | | 1.22% | | | | | | 1.14% | | | | | | 1.83 % | | |
Portfolio Turnover | | | | | 57 % | | | | | | 48% | | | | | | 31% | | | | | | 35% | | | | | | 49% | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 23.29 | | | | | $ | 20.40 | | | | | $ | 18.96 | | | | | $ | 21.94 | | | | | $ | 22.15 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(c) | | | | | 0.38 (b) | | | | | | 0.32 (b) | | | | | | 0.23 (b) | | | | | | 0.33 (b) | | | | | | 0.29 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (2.36 ) | | | | | | 2.85 | | | | | | 1.52 | | | | | | (3.02) | | | | | | (0.18 ) | | |
Total from Investment Operations | | | | | (1.98 ) | | | | | | 3.17 | | | | | | 1.75 | | | | | | (2.69) | | | | | | 0.11 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.45 ) | | | | | | (0.28) | | | | | | (0.31) | | | | | | (0.29) | | | | | | (0.32 ) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | (0.45 ) | | | | | | (0.28) | | | | | | (0.31) | | | | | | (0.29) | | | | | | (0.32 ) | | |
Net Asset Value, End of Period | | | | $ | 20.86 | | | | | $ | 23.29 | | | | | $ | 20.40 | | | | | $ | 18.96 | | | | | $ | 21.94 | | |
Total Return | | | | | (8.31 )% | | | | | | 15.63% | | | | | | 9.39% | | | | | | (12.12)% | | | | | | 0.54 % | | |
Net Assets, End of Period (000s) | | | | $ | 89,347 | | | | | $ | 110,502 | | | | | $ | 102,633 | | | | | $ | 107,893 | | | | | $ | 127,295 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.67 % | | | | | | 1.07% | | | | | | 1.21% | | | | | | 1.32% | | | | | | 1.37 % | | |
Net | | | | | 1.46 % | | | | | | 0.97% | | | | | | 1.09% | | | | | | 1.31% | | | | | | 1.37 % | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 1.81 % | | | | | | 1.46% | | | | | | 1.21% | | | | | | 1.66% | | | | | | 1.26 % | | |
Portfolio Turnover | | | | | 172 %(f) | | | | | | 50% | | | | | | 47% | | | | | | 82 %(e) | | | | | | 35% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 23.63 | | | | | $ | 20.69 | | | | | $ | 19.23 | | | | | $ | 22.26 | | | | | $ | 22.46 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a)(c) | | | | | 0.48 (b) | | | | | | 0.40 (b) | | | | | | 0.34 (b) | | | | | | 0.36 (b) | | | | | | 0.35 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (2.42 ) | | | | | | 2.89 | | | | | | 1.49 | | | | | | (3.04) | | | | | | (0.18 ) | | |
Total from Investment Operations | | | | | (1.94 ) | | | | | | 3.29 | | | | | | 1.83 | | | | | | (2.68) | | | | | | 0.17 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.53 ) | | | | | | (0.35) | | | | | | (0.37) | | | | | | (0.35) | | | | | | (0.37 ) | | |
Distributions from realized capital gains | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | (0.53 ) | | | | | | (0.35) | | | | | | (0.37) | | | | | | (0.35) | | | | | | (0.37 ) | | |
Net Asset Value, End of Period | | | | $ | 21.16 | | | | | $ | 23.63 | | | | | $ | 20.69 | | | | | $ | 19.23 | | | | | $ | 22.26 | | |
Total Return | | | | | (7.94 )% | | | | | | 16.01% | | | | | | 9.68% | | | | | | (11.88)% | | | | | | 0.81 % | | |
Net Assets, End of Period (000s) | | | | $ | 5,061 | | | | | $ | 7,872 | | | | | $ | 8,078 | | | | | $ | 13,489 | | | | | $ | 12,424 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.41 % | | | | | | 0.82% | | | | | | 0.95% | | | | | | 1.07% | | | | | | 1.11 % | | |
Net | | | | | 1.08 % | | | | | | 0.61% | | | | | | 0.83% | | | | | | 1.06% | | | | | | 1.11 % | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 2.21 % | | | | | | 1.80% | | | | | | 1.69% | | | | | | 1.78% | | | | | | 1.52 % | | |
Portfolio Turnover | | | | | 172 %(f) | | | | | | 50% | | | | | | 47% | | | | | | 82 %(e) | | | | | | 35% | | |
| | | R 6 Shares | | |||
| | | January 28, 2019* through March 31, 2019 | | |||
Net Asset Value, Beginning of Period | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | |
Net investment income (loss) (a) (c) | | | | | 0.01 (b) | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.46 | | |
Total from Investment Operations | | | | | 0.47 | | |
Less Distributions: | | | | | | | |
Dividends from net investment income | | | | | — | | |
Distributions from realized capital gains | | | | | — | | |
Total Distributions | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 10.47 | | |
Total Return | | | | | 4.70 %*** | | |
Net Assets, End of Period (000s) | | | | $ | 105 | | |
Ratios and Supplemental Data: | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | |
Gross | | | | | 1.64 %** | | |
Net | | | | | 0.99 %** | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 0.44 %** | | |
Portfolio Turnover | | | | | 172 % (f) | | |
| | | Ordinary Shares | | |||
| | | January 30, 2019* through March 31, 2019 | | |||
Net Asset Value, Beginning of Period | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | |
Net investment income (loss)(a)(c) | | | | | (0.04 ) | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.64 | | |
Total from Investment Operations | | | | | 0.60 | | |
Less Distributions: | | | | | | | |
Dividends from net investment income | | | | | — | | |
Distributions from realized capital gains | | | | | — | | |
Total Distributions | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 10.60 | | |
Total Return | | | | | 6.00 %*** | | |
Net Assets, End of Period (000s) | | | | $ | 63 | | |
Ratios and Supplemental Data: | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | |
Gross | | | | | 4.54 %** | | |
Net | | | | | 4.54 %** | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | (3.52 )%** | | |
Portfolio Turnover | | | | | 22 %*** | | |
| | | Institutional Shares | | |||
| | | January 30, 2019 * through March 31, 2019 | | |||
Net Asset Value, Beginning of Period | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | |
Net investment income (loss)(a)(c) | | | | | (0.04 ) (b) | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.64 | | |
Total from Investment Operations | | | | | 0.60 | | |
Less Distributions: | | | | | | | |
Dividends from net investment income | | | | | — | | |
Distributions from realized capital gains | | | | | — | | |
Total Distributions | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 10.60 | | |
Total Return | | | | | 6.00 %*** | | |
Net Assets, End of Period (000s) | | | | $ | 9,245 | | |
Ratios and Supplemental Data: | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | |
Gross | | | | | 4.29 %** | | |
Net | | | | | 4.17 %** | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | (3.15 )%** | | |
Portfolio Turnover | | | | | 22 %*** | | |
| | | R 6 Shares* | | |||
| | | January 30, 2019 through March 31, 2019 | | |||
Net Asset Value, Beginning of Period | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | |
Net investment income (loss) (a) (c) | | | | | (0.04 ) | | |
Net realized and unrealized gain/(loss) on securities | | | | | 0.64 | | |
Total from Investment Operations | | | | | 0.60 | | |
Less Distributions: | | | | | | | |
Dividends from net investment income | | | | | — | | |
Distributions from realized capital gains | | | | | — | | |
Total Distributions | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 10.60 | | |
Total Return | | | | | 6.00 %*** | | |
Net Assets, End of Period (000s) | | | | $ | 1,371 | | |
Ratios and Supplemental Data: | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | |
Gross | | | | | 4.14 %** | | |
Net | | | | | 4.14 %** | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | (3.12 )%** | | |
Portfolio Turnover | | | | | 22 %*** | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 21.75 | | | | | $ | 19.15 | | | | | $ | 17.03 | | | | | $ | 18.67 | | | | | $ | 19.38 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(c) | | | | | 0.38 (b) | | | | | | 0.29 (b) | | | | | | 0.23 | | | | | | 0.23 | | | | | | 0.29 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (1.17 ) | | | | | | 2.44 | | | | | | 2.07 | | | | | | (1.60) | | | | | | (0.80 ) | | |
Total from Investment Operations | | | | | (0.79 ) | | | | | | 2.73 | | | | | | 2.30 | | | | | | (1.37) | | | | | | (0.51 ) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.11 ) | | | | | | (0.13) | | | | | | (0.18) | | | | | | (0.27) | | | | | | (0.20 ) | | |
Distributions from realized capital gains | | | | | (0.08 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | (0.19 ) | | | | | | (0.13) | | | | | | (0.18) | | | | | | (0.27) | | | | | | (0.20 ) | | |
Net Asset Value, End of Period | | | | $ | 20.77 | | | | | $ | 21.75 | | | | | $ | 19.15 | | | | | $ | 17.03 | | | | | $ | 18.67 | | |
Total Return | | | | | (3.56 )% | | | | | | 14.27% | | | | | | 13.59% | | | | | | (7.29)% | | | | | | (2.53 )% | | |
Net Assets, End of Period (000s) | | | | $ | 784,820 | | | | | $ | 886,354 | | | | | $ | 859,328 | | | | | $ | 932,418 | | | | | $ | 1,030,641 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.51% | | | | | | 1.51 % | | | | | | 1.53% | | | | | | 1.52% | | | | | | 1.52 % | | |
Net | | | | | 1.41% | | | | | | 1.41 % | | | | | | 1.53% | | | | | | 1.52% | | | | | | 1.52 % | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 1.80 % | | | | | | 1.39% | | | | | | 1.31% | | | | | | 1.29% | | | | | | 1.55 % | | |
Portfolio Turnover | | | | | 12 % | | | | | | 30% | | | | | | 15% | | | | | | 13% | | | | | | 2% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 21.71 | | | | | $ | 19.10 | | | | | $ | 17.00 | | | | | $ | 18.68 | | | | | $ | 19.39 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(c) | | | | | 0.42 (b) | | | | | | 0.33 (b) | | | | | | 0.26 | | | | | | 0.27 | | | | | | 0.33 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (1.14 ) | | | | | | 2.49 | | | | | | 2.07 | | | | | | (1.60) | | | | | | (0.80 ) | | |
Total from Investment Operations | | | | | (0.72 ) | | | | | | 2.82 | | | | | | 2.33 | | | | | | (1.33) | | | | | | (0.47 ) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.20 ) | | | | | | (0.21) | | | | | | (0.23) | | | | | | (0.35) | | | | | | (0.24 ) | | |
Distributions from realized capital gains | | | | | (0.08 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Distributions | | | | | (0.28 ) | | | | | | (0.21) | | | | | | (0.23) | | | | | | (0.35) | | | | | | (0.24 ) | | |
Net Asset Value, End of Period | | | | $ | 20.71 | | | | | $ | 21.71 | | | | | $ | 19.10 | | | | | $ | 17.00 | | | | | $ | 18.68 | | |
Total Return | | | | | (3.20 )% | | | | | | 14.75% | | | | | | 13.82% | | | | | | (7.06)% | | | | | | (2.29 )% | | |
Net Assets, End of Period (000s) | | | | $ | 2,509,455 | | | | | $ | 1,346,164 | | | | | $ | 759,793 | | | | | $ | 697,543 | | | | | $ | 594,691 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.26% | | | | | | 1.26 % | | | | | | 1.27% | | | | | | 1.27% | | | | | | 1.27 % | | |
Net | | | | | 1.04% | | | | | | 1.04 % | | | | | | 1.27% | | | | | | 1.27% | | | | | | 1.27 % | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 1.98 % | | | | | | 1.57% | | | | | | 1.49% | | | | | | 1.51% | | | | | | 1.76 % | | |
Portfolio Turnover | | | | | 12 % | | | | | | 30% | | | | | | 15% | | | | | | 13% | | | | | | 2% | | |
| | | R6 Shares | | |||||||||||||||
| | | Year Ended March 31, 2019 | | | Year Ended March 31, 2018 | | | February 6, 2017* through March 31, 2017 | | |||||||||
Net Asset Value, Beginning of Period | | | | $ | 11.65 | | | | | $ | 10.34 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (c) | | | | | 0.25 (b) | | | | | | 0.19 (b) | | | | | | 0.05 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (0.64 ) | | | | | | 1.34 | | | | | | 0.29 | | |
Total from Investment Operations | | | | | (0.39 ) | | | | | | 1.53 | | | | | | 0.34 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.21 ) | | | | | | (0.22) | | | | | | — | | |
Distributions from realized capital gains | | | | | (0.08 ) | | | | | | — | | | | | | — | | |
Total Distributions | | | | | (0.29 ) | | | | | | (0.22) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 10.97 | | | | | $ | 11.65 | | | | | $ | 10.34 | | |
Total Return | | | | | (3.15 )% | | | | | | 14.79% | | | | | | 3.40%*** | | |
Net Assets, End of Period (000s) | | | | $ | 325,774 | | | | | $ | 275,084 | | | | | $ | 36,982 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.11 % | | | | | | 1.10% | | | | | | 1.14%** | | |
Net | | | | | 0.98 % | | | | | | 1.01% | | | | | | 1.14%** | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 2.22 % | | | | | | 1.58% | | | | | | 3.39%** | | |
Portfolio Turnover | | | | | 12 % | | | | | | 30% | | | | | | 15%*** | | |
| | | Ordinary Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 15.63 | | | | | $ | 13.71 | | | | | $ | 12.06 | | | | | $ | 13.35 | | | | | $ | 13.17 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(c) | | | | | 0.33 (b) | | | | | | 0.28 (b) | | | | | | 0.23 | | | | | | 0.21 | | | | | | 0.15 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (1.84 ) | | | | | | 2.07 | | | | | | 1.64 | | | | | | (1.26) | | | | | | 0.17 | | |
Total from Investment Operations | | | | | (1.51 ) | | | | | | 2.35 | | | | | | 1.87 | | | | | | (1.05) | | | | | | 0.32 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.24 ) | | | | | | (0.29) | | | | | | (0.14) | | | | | | (0.19) | | | | | | (0.14 ) | | |
Distributions from realized capital gains | | | | | (0.32 ) | | | | | | (0.14) | | | | | | (0.08) | | | | | | (0.05) | | | | | | — | | |
Total Distributions | | | | | (0.56 ) | | | | | | (0.43) | | | | | | (0.22) | | | | | | (0.24) | | | | | | (0.14 ) | | |
Net Asset Value, End of Period | | | | $ | 13.56 | | | | | $ | 15.63 | | | | | $ | 13.71 | | | | | $ | 12.06 | | | | | $ | 13.35 | | |
Total Return | | | | | (9.33 )% | | | | | | 17.15% | | | | | | 15.73% | | | | | | (7.83)% | | | | | | 2.57 % | | |
Net Assets, End of Period (000s) | | | | $ | 222.526 | | | | | $ | 319,531 | | | | | $ | 270,948 | | | | | $ | 283,509 | | | | | $ | 233,185 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.53 % | | | | | | 1.52% | | | | | | 1.55% | | | | | | 1.56% | | | | | | 1.56 % | | |
Net | | | | | 1.43 % | | | | | | 1.42% | | | | | | 1.55% | | | | | | 1.56% | | | | | | 1.56 % | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 2.29 % | | | | | | 1.85% | | | | | | 1.82% | | | | | | 1.66% | | | | | | 1.15 % | | |
Portfolio Turnover | | | | | 52 % | | | | | | 26% | | | | | | 46% | | | | | | 8% | | | | | | 11% | | |
| | | Institutional Shares | | |||||||||||||||||||||||||||
| | | Years Ended March 31, | | |||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
Net Asset Value, Beginning of Period | | | | $ | 15.66 | | | | | $ | 13.73 | | | | | $ | 12.07 | | | | | $ | 13.36 | | | | | $ | 13.19 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a)(c) | | | | | 0.37 (b) | | | | | | 0.32 (b) | | | | | | 0.25 | | | | | | 0.24 | | | | | | 0.14 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (1.83 ) | | | | | | 2.09 | | | | | | 1.66 | | | | | | (1.26) | | | | | | 0.21 | | |
Total from Investment Operations | | | | | (1.46 ) | | | | | | 2.41 | | | | | | 1.91 | | | | | | (1.02) | | | | | | 0.35 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.31 ) | | | | | | (0.34) | | | | | | (0.17) | | | | | | (0.22) | | | | | | (0.18 ) | | |
Distributions from realized capital gains | | | | | (0.32 ) | | | | | | (0.14) | | | | | | (0.08) | | | | | | (0.05) | | | | | | — | | |
Total Distributions | | | | | (0.63 ) | | | | | | (0.48) | | | | | | (0.25) | | | | | | (0.27) | | | | | | (0.18 ) | | |
Net Asset Value, End of Period | | | | $ | 13.57 | | | | | $ | 15.66 | | | | | $ | 13.73 | | | | | $ | 12.07 | | | | | $ | 13.36 | | |
Total Return | | | | | (8.95 )% | | | | | | 17.56% | | | | ��� | | 16.13% | | | | | | (7.62)% | | | | | | 2.79 % | | |
Net Assets, End of Period (000s) | | | | $ | 766,409 | | | | | $ | 593,619 | | | | | $ | 312,955 | | | | | $ | 270,846 | | | | | $ | 200,160 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets:(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.28 % | | | | | | 1.27% | | | | | | 1.30% | | | | | | 1.30% | | | | | | 1.31 % | | |
Net | | | | | 1.06 % | | | | | | 1.05% | | | | | | 1.30% | | | | | | 1.30% | | | | | | 1.31 % | | |
Ratio of net investment income (loss) to average net assets(c) | | | | | 2.57 % | | | | | | 2.08% | | | | | | 2.03% | | | | | | 1.91% | | | | | | 1.12 % | | |
Portfolio Turnover | | | | | 52 % | | | | | | 26% | | | | | | 46% | | | | | | 8% | | | | | | 11% | | |
| | | R6 Shares | | |||||||||||||||
| | | Year Ended March 31, 2019 | | | Year Ended March 31, 2018 | | | February 6, 2017* through March 31, 2017 | | |||||||||
Net Asset Value, Beginning of Period | | | | $ | 12.02 | | | | | $ | 10.63 | | | | | $ | 10.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) (c) | | | | | 0.24 (b) | | | | | | 0.26 (b) | | | | | | 0.04 | | |
Net realized and unrealized gain/(loss) on securities | | | | | (1.38 ) | | | | | | 1.62 | | | | | | 0.59 | | |
Total from Investment Operations | | | | | (1.14 ) | | | | | | 1.88 | | | | | | 0.63 | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.31 ) | | | | | | (0.35) | | | | | | — | | |
Distributions from realized capital gains | | | | | (0.32 ) | | | | | | (0.14) | | | | | | — | | |
Total Distributions | | | | | (0.63 ) | | | | | | (0.49) | | | | | | — | | |
Net Asset Value, End of Period | | | | $ | 10.25 | | | | | $ | 12.02 | | | | | $ | 10.63 | | |
Total Return | | | | | (8.95 )% | | | | | | 17.66% | | | | | | 6.30%*** | | |
Net Assets, End of Period (000s) | | | | $ | 74,795 | | | | | $ | 11,160 | | | | | $ | 1,927 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | |
Ratios of expenses to average net assets: (d) | | | | | | | | | | | | | | | | | | | |
Gross | | | | | 1.14 % | | | | | | 1.12% | | | | | | 1.14%** | | |
Net | | | | | 1.05 % | | | | | | 1.02% | | | | | | 1.14%** | | |
Ratio of net investment income (loss) to average net assets (c) | | | | | 2.28 % | | | | | | 2.12% | | | | | | 2.95%** | | |
Portfolio Turnover | | | | | 52 % | | | | | | 26% | | | | | | 46%*** | | |
| | | Quoted Prices In Active Markets | | | Significant Other Observable Inputs | | | Significant Unobservable Inputs | | | Market Value at March 31, 2019 | | ||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Small Cap | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 113,224,645 | | | | | $ | — | | | | | $ | — | | | | | $ | 113,224,645 | | |
Real Estate Investment Trusts | | | | | 8,403,339 | | | | | | — | | | | | | — | | | | | | 8,403,339 | | |
Short-Term Investments | | | | | 10,928,859 | | | | | | — | | | | | | — | | | | | | 10,928,859 | | |
Total | | | | $ | 132,556,843 | | | | | $ | — | | | | | $ | — | | | | | $ | 132,556,843 | | |
Quality | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 121,507,862 | | | | | $ | — | | | | | $ | — | | | | | $ | 121,507,862 | | |
Depository Receipts | | | | | 20,590,711 | | | | | | — | | | | | | — | | | | | | 20,590,711 | | |
Short-Term Investments | | | | | — | | | | | | 1,664,166 | | | | | | — | | | | | | 1,664,166 | | |
Total | | | | $ | 142,098,573 | | | | | $ | 1,664,166 | | | | | $ | — | | | | | $ | 143,762,739 | | |
Emerging Markets World Equity | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 67,297,528 | | | | | $ | 572,933 | | | | | $ | — | | | | | $ | 67,870,461 | | |
Depository Receipts | | | | | 22,823,281 | | | | | | — | | | | | | — | | | | | | 22,823,281 | | |
Mutual Funds | | | | | 2,073,571 | | | | | | — | | | | | | — | | | | | | 2,073,571 | | |
Preferred Stock | | | | | 352,983 | | | | | | — | | | | | | — | | | | | | 352,983 | | |
Real Estate Investment Trusts | | | | | 467,774 | | | | | | — | | | | | | — | | | | | | 467,774 | | |
P-Note | | | | | — | | | | | | 311,600 | | | | | | — | | | | | | 311,600 | | |
Short-Term Investments | | | | | 631,011 | | | | | | 352,428 | | | | | | — | | | | | | 983,439 | | |
Total | | | | $ | 93,646,148 | | | | | $ | 1,236,961 | | | | | $ | — | | | | | $ | 94,883,109 | | |
International Small Cap | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 9,622,611 | | | | | $ | 456,766 | | | | | $ | — | | | | | $ | 10,079,377 | | |
Mutual Funds | | | | | 212,842 | | | | | | — | | | | | | — | | | | | | 212,842 | | |
Short-Term Investments | | | | | 394,711 | | | | | | — | | | | | | — | | | | | | 394,711 | | |
Total | | | | $ | 10,230,164 | | | | | $ | 456,766 | | | | | $ | — | | | | | $ | 10,686,930 | | |
Foreign Value | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 3,036,548,045 | | | | | $ | 72,465,442 | | | | | $ | — | | | | | $ | 3,109,013,487 | | |
Depository Receipts | | | | | 245,570,798 | | | | | | — | | | | | | — | | | | | | 245,570,798 | | |
Short-Term Investments | | | | | 241,442,675 | | | | | | — | | | | | | — | | | | | | 241,442,675 | | |
Total | | | | $ | 3,523,561,518 | | | | | $ | 72,465,442 | | | | | $ | — | | | | | $ | 3,596,026,960 | | |
Foreign Value Small Cap | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock* | | | | $ | 917,396,894 | | | | | $ | 57,174,960 | | | | | $ | — | | | | | $ | 974,571,854 | | |
Short-Term Investments | | | | | 67,250,471 | | | | | | — | | | | | | — | | | | | | 67,250,471 | | |
Total | | | | $ | 984,647,365 | | | | | $ | 57,174,960 | | | | | $ | — | | | | | $ | 1,041,822,325 | | |
|
| | | 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 3/31/2019 | | | | $ | — | | |
| | | Emerging Markets World Equity | | | International Small Cap | | | Foreign Value | | | Foreign Value Small Cap | | ||||||||||||
Air Freight & Logistics | | | | $ | — | | | | | $ | 206,642 | | | | | $ | — | | | | | $ | — | | |
Banks | | | | | 572,933 | | | | | | 140,449 | | | | | | 72,465,442 | | | | | | 15,050,827 | | |
Chemicals | | | | | — | | | | | | — | | | | | | — | | | | | | 6,860,399 | | |
Electric Utilities | | | | | — | | | | | | — | | | | | | — | | | | | | 20,194,344 | | |
Electronic Equipment, Instruments & Components | | | | | — | | | | | | — | | | | | | — | | | | | | 15,069,390 | | |
Food Products | | | | | — | | | | | | 109,675 | | | | | | — | | | | | | — | | |
| | | | $ | 572,933 | | | | | $ | 456,766 | | | | | $ | 72,465,442 | | | | | $ | 57,174,960 | | |
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 | | | | $ | 1,664,166 | | | | | $ | — | | | | | $ | 1,664,166 | | | | | $ | 1,664,166 | | | | | $ | — | | | | | $ | — | | |
Emerging Markets World Equity | | | | | 352,428 | | | | | | — | | | | | | 352,428 | | | | | | 352,428 | | | | | | — | | | | | | — | | |
| | | | | | Maturity | | | | | | | | |||||||||||||||
Name | | | Fund/Collateral Type | | | Up to 30 Days | | | 30-90 Days | | | Greater than 90 Days | | | Total | | ||||||||||||
Quality | | | U.S. Treasury Obligations | | | | $ | — | | | | | $ | — | | | | | $ | 1,664,166 | | | | | $ | 1,664,166 | | |
Emerging Markets World Equity | | | U.S. Treasury Obligations | | | | | — | | | | | | — | | | | | | 352,428 | | | | | | 352,428 | | |
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 | | | | $ | 10,398,758 | | | | | $ | — | | | | | $ | 10,398,758 | | | | | $ | 10,398,758 (a) | | | | | $ | — | | | | | $ | — | | |
Emerging Markets World Equity | | | | | 631,011 | | | | | | — | | | | | | 631,011 | | | | | | 631,011 (a) | | | | | | — | | | | | | — | | |
| | | | | | | | | Maturity | | | | | | | | |||||||||||||||
Name | | | Fund/Collateral Type | | | Up to 30 Days | | | 30-90 Days | | | Greater than 90 Days | | | Total | | |||||||||||||||
Small Cap | | | | | MoneyMarket | | | | | $ | 10,398,758 | | | | | $ | — | | | | | $ | — | | | | | $ | 10,398,758 | | |
Emerging Markets World Equity | | | | | MoneyMarket | | | | | | 631,011 | | | | | | — | | | | | | — | | | | | | 631,011 | | |
| | | | | | Emerging Markets World Equity Net Assets | | |||||||||||||||
Risk Parity Net Assets | | | Shares Issued to Shareholders of Risk Parity | | | Pre Merger | | | Combined (Post Merger Net Assets) | | | Tax Status | | |||||||||
$61,008,907 * | | | 69,257 Ordinary Shares | | | | $ | 114,570,815 | | | | | $ | 116,250,121 | | | | | | Non-Taxable | | |
| | | 6,908 Institutional Shares | | | | | | | | | | | | | | | | | | | |
| | | — R6 Shares** | | | | | | | | | | | | | | | | | | | |
Includes Emerging Markets World Equity investment in Risk Parity, 6,238,654 shares with an Investment Market Value of $59,329,601.
| Net investment income | | | | $ | 2,106,977 | | |
| Net realized loss on investments | | | | $ | (9,363,225 ) | | |
| Net change in depreciation on investments | | | | $ | (5,942,585 ) | | |
| Net decrease in net assets resulting from operations | | | | $ | (13,198,833 ) | | |
| Currency to deliver | | | Local Value | | | In exchange for | | | Settlement Date | | | Unrealized appreciation (depreciation) | | |||||||||
| United States Dollar | | | | | 21,854 | | | | CAD 29,445 | | | | | 04/01/2019 | | | | | $ | (186 ) | | |
| | | | | | | | | | | | | | | | | | | | $ | (186 ) | | |
| Currency to deliver | | | Local Value | | | In exchange for | | | Settlement Date | | | Unrealized appreciation (depreciation) | | ||||||||||||||||||
| United States Dollar | | | | | 264,360 | | | | | | TRY | | | | | | 1,488,039 | | | | | | 04/01/2019 | | | | | | 972 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 972 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mexican Peso | | | | | 1,599,908 | | | | | | USD | | | | | | 82,631 | | | | | | 04/01/2019 | | | | | $ | (151 ) | | |
| United States Dollar | | | | | 3,283 | | | | | | BRL | | | | | | 12,784 | | | | | | 04/01/2019 | | | | | | (2 ) | | |
| United States Dollar | | | | | 9,908 | | | | | | GBP | | | | | | 7,613 | | | | | | 04/02/2019 | | | | | | (12 ) | | |
| United States Dollar | | | | | 528 | | | | | | JPY | | | | | | 58,500 | | | | | | 04/03/2019 | | | | | | (1 ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (166 ) | | |
|
| Currency to deliver | | | Local Value | | | In exchange for | | | Settlement Date | | | Unrealized appreciation (depreciation) | | ||||||||||||||||||
| Swedish Krona | | | | | 81 | | | | | | USD | | | | | | 9 | | | | | | 04/01/2019 | | | | | $ | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| United States Dollar | | | | | 544 | | | | | | BRL | | | | | | 2,123 | | | | | | 04/01/2019 | | | | | | (2 ) | | |
| United States Dollar | | | | | 1,560 | | | | | | EUR | | | | | | 1,391 | | | | | | 04/01/2019 | | | | | | (1 ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (3 ) | | |
| Currency to deliver | | | Local Value | | | In exchange for | | | Settlement Date | | | Unrealized appreciation (depreciation) | | ||||||||||||||||||
| Thailand Baht | | | | | 1,685,896 | | | | | | USD | | | | | | 53,082 | | | | | | 04/01/2019 | | | | | $ | 43 | | |
| United States Dollar | | | | | 1,015,777 | | | | | | GBP | | | | | | 778,612 | | | | | | 04/01/2019 | | | | | | 1,207 | | |
| Danish Krone | | | | | 2,702,467 | | | | | | USD | | | | | | 406,172 | | | | | | 04/02/2019 | | | | | | 296 | | |
| Euro | | | | | 1,032,147 | | | | | | USD | | | | | | 1,158,223 | | | | | | 04/02/2019 | | | | | | 722 | | |
| Pound Sterling | | | | | 1,292,380 | | | | | | USD | | | | | | 1,682,679 | | | | | | 04/02/2019 | | | | | | 1,358 | | |
| Swedish Krona | | | | | 3,956,535 | | | | | | USD | | | | | | 425,924 | | | | | | 04/02/2019 | | | | | | 643 | | |
| Japanese Yen | | | | | 791,190 | | | | | | USD | | | | | | 7,142 | | | | | | 04/03/2019 | | | | | | 6 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 4,275 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Japanese Yen | | | | | 1,748,947 | | | | | | USD | | | | | | 15,849 | | | | | | 04/01/2019 | | | | | $ | (48 ) | | |
| United States Dollar | | | | | 204,482 | | | | | | DKK | | | | | | 1,363,611 | | | | | | 04/01/2019 | | | | | | (614 ) | | |
| United States Dollar | | | | | 12,926,158 | | | | | | EUR | | | | | | 11,517,766 | | | | | | 04/01/2019 | | | | | | (6,564 ) | | |
| United States Dollar | | | | | 76,942 | | | | | | PHP | | | | | | 4,068,129 | | | | | | 04/01/2019 | | | | | | (532 ) | | |
| Japanese Yen | | | | | 38,040,384 | | | | | | USD | | | | | | 343,695 | | | | | | 04/02/2019 | | | | | | (13 ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (7,771 ) | | |
| | | Value of Collateral | | | Value of Loaned Securities | | ||||||
Small Cap | | | | $ | 10,398,758 | | | | | $ | 9,129,267 | | |
Emerging Markets World Equity | | | | | 631,011 | | | | | | 592,673 | | |
| 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 | | | Prior to December 1, 2018: 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, Effective December 1, 2018: A fee equal to the flat annual rate of $90,000. | |
| Emerging Markets World Equity | | | Prior to December 8, 2018: 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 Effective December 8, 2018: 0.35% for the first $100 Million and 0.40% of the amounts in excess of $100 million but less than $200 million and 0.45% of amounts in excess of $200 million of average daily total net assets | |
| International Small Cap | | | 0.30% of the first $35 million, 0.35% of amounts in excess of $35 million but less than $200 million and 0.45% of amounts in excess of $200 million of average daily total net assets | |
| Foreign Value | | | 0.35% 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, 2019 | | |||||||||||||||||||||
| | | Capital Loss Carry Forward due to Merger Subject to Limitation (Note 2) | | | Capital Loss Short Term No Expiration Short Term | | | Capital Loss Long Term No Expiration Long Term | | | Total Capital Loss | | ||||||||||||
Small Cap | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Quality | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Emerging Markets World Equity | | | | $ | 26,848,456 | | | | | $ | 12,831,115 | | | | | $ | 4,751,017 | | | | | $ | 44,430,588 | | |
International Small Cap | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Foreign Value | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Foreign Value Small Cap | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | March 31, 2019 | | |||||||||||||||||||||||||||||||||||||||
Portfolio | | | Org Cost | | | Undistributed Ordinary Income | | | Undistributed Long-Term Gains | | | Accumulated Capital Losses | | | Post October Loss Deferrals | | | Net Tax Appreciation/ (Depreciation) | | | Total | | |||||||||||||||||||||
Small Cap | | | | $ | — | | | | | $ | 316,963 | | | | | $ | 690,568 | | | | | $ | — | | | | | $ | — | | | | | $ | 24,482,730 | | | | | $ | 25,490,261 | | |
Quality | | | | | — | | | | | | 158,510 | | | | | | 12,269,773 | | | | | | — | | | | | | — | | | | | | 14,235,961 | | | | | | 26,664,244 | | |
Emerging Markets World Equity | | | | | — | | | | | | 1,371,506 | | | | | | — | | | | | | (44,430,588 ) | | | | | | — | | | | | | 8,240,346 | | | | | | (34,818,736 ) | | |
International Small Cap | | | | | (42,881 ) | | | | | | 21,512 | | | | | | — | | | | | | — | | | | | | — | | | | | | 627,520 | | | | | | 606,151 | | |
Foreign Value | | | | | — | | | | | | 61,459,366 | | | | | | — | | | | | | — | | | | | | (6,848,061 ) | | | | | | 129,543,612 | | | | | | 184,154,917 | | |
Foreign Value Small Cap | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,219,793 ) | | | | | | 7,774,070 | | | | | | 2,554,277 | | |
Portfolio | | | Ordinary Income | | | Long-Term Capital Gains | | | Tax Return Of Capital | | |||||||||
Small Cap | | | | $ | 80,823 | | | | | $ | 8,789,136 | | | | | $ | — | | |
Quality | | | | | 2,257,593 | | | | | | 19,163,307 | | | | | | — | | |
Emerging Markets World Equity | | | | | 2,099,870 | | | | | | — | �� | | | | | — | | |
International Small Cap | | | | | — | | | | | | — | | | | | | — | | |
Foreign Value | | | | | 31,041,452 | | | | | | 13,280,163 | | | | | | — | | |
Foreign Value Small Cap | | | | | 26,244,821 | | | | | | 19,794,060 | | | | | | — | | |
Portfolio | | | Ordinary Income | | | Long-Term Capital Gains | | | Tax Return Of Capital | | |||||||||
Small Cap | | | | $ | 300,639 | | | | | $ | 6,663,908 | | | | | $ | — | | |
Quality | | | | | 2,107,724 | | | | | | 6,574,289 | | | | | | — | | |
Emerging Markets World Equity | | | | | 1,437,209 | | | | | | — | | | | | | — | | |
International Small Cap | | | | | — | | | | | | — | | | | | | — | | |
Foreign Value | | | | | 20,007,341 | | | | | | — | | | | | | — | | |
Foreign Value Small Cap | | | | | 17,923,563 | | | | | | 7,885,465 | | | | | | — | | |
| | | Increase/(Decrease) | | |||||||||
| | | Shares of Beneficial Interest | | | Distributable Earnings | | ||||||
Small Cap | | | | $ | — | | | | | $ | — | | |
Quality | | | | | — | | | | | | — | | |
Emerging Markets World Equity | | | | | 26,894,294 | | | | | | (26,894,294 ) | | |
International Small Cap | | | | | — | | | | | | — | | |
Foreign Value | | | | | — | | | | | | — | | |
Foreign Value Small Cap | | | | | — | | | | | | — | | |
Designation Requirements at March 31, 2019 | | | | |
Qualified Dividend Income Percentage | | | | |
Small Cap | | | 100.00% | |
Quality | | | 100.00% | |
Designation Requirements at March 31, 2019 | | | | |
Emerging Markets World Equity | | | 80.65% | |
International Small Cap | | | 54.97% | |
Foreign Value | | | 100.00% | |
Foreign Value Small Cap | | | 100.00% | |
| | | Foreign Tax Credit | | | Foreign Source Income | | ||||||
Emerging Market World Equity | | | | | 398,963 | | | | | | 3,425,462 | | |
International Small Cap | | | | | 1,460 | | | | | | 13,424 | | |
Foreign Value | | | | | 9,462,397 | | | | | | 102,974,632 | | |
Foreign Value Small Cap | | | | | 3,330,617 | | | | | | 39,111,396 | | |
Philadelphia, Pennsylvania
May 28, 2019
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee in Public Companies | |
Robert M. Armstrong (Born: March 1939) | | | Trustee | | | Indefinite Term (1985 to present) | | | Independent Director and Consultant Services (1998–Present) | | | 6 | | | None | |
John M. Bulbrook (Born: July 1942) | | | Trustee | | | Indefinite Term (1985 to present) | | | CEO and Treasurer, John M. Bulbrook Insurance Agency, Inc. (d/b/a Bulbrook/Drislane Brokerage) (distributor of financial products, including insurance) (1984–Present) | | | 6 | | | None | |
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee in Public Companies | |
William H. Dunlap (Born: March 1951) | | | Trustee | | | Indefinite Term (October 2006 to present) | | | President, New Hampshire Historical Society, (Feb. 2010–Present); Principal, William H. Dunlap & Company (consulting firm) (2005– Present); President, EQ Rider, Inc., (equestrian clothing sales) (1998–2008);Director, Merrimack County Savings Bank (2005–Present); Trustee, New Hampshire Mutual Bancorp (2013–Present) | | | 6 | | | None | |
Clinton S. Marshall (Born: May 1957) | | | Trustee | | | Indefinite Term (April 2003 to present) | | | Principal, Coastal CFO Solutions, outsource firm offering CFO solutions to businesses (1998–Present); CFO, Fore River Company (2002–Present) | | | 6 | | | None | |
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee/ Officer in Public Companies | |
Willard L. Umphrey* (Born: July 1941) | | | Trustee, President, Chairman (1985 to present) | | | Indefinite Term (1985 to present) | | | Director, U.S. Boston Capital Corporation; President, Pear Tree Advisors, Inc. | | | 6 | | | U.S. Boston Corporation; U.S. Boston Asset Management Corporation; Pear Tree Advisors, Inc.; Pear Tree Partners Management LLC; Unidine Corporation; USB Corporation; U.S. Boston Insurance Agency, Inc.; U.S. Boston Capital Corporation; Woundchek Laboratories | |
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee/ Officer in Public Companies | |
Leon Okurowski (Born: December 1942) | | | Vice President, Treasurer (1985 to present) | | | (1985 to present) | | | Director and Vice President, U.S. Boston Capital Corporation; Treasurer, Pear Tree Advisors, Inc.; Trustee, Pear Tree Funds (4/17/1985– 9/30/2004) | | | N/A | | | Everest USB Canadian Storage, Inc.; Pear Tree Advisors, Inc.; U.S. Boston Corporation; U.S. Boston Asset Management Corporation; USB Corporation; USB Everest Management, LLC; USB Everest Storage LLC; U.S. Boston Insurance Agency, Inc.; U.S. Boston Capital Corporation; Woundchek Laboratories | |
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee/ Officer in Public Companies | |
Deborah A. Kessinger (Born: May 1963) | | | Assistant Clerk and Chief Compliance Officer | | | (April 2005 to Present) | | | Senior Counsel (since 9/2004), President (since 8/2007) and Chief Compliance Officer (since 12/2005), U.S. Boston Capital Corporation; Senior Counsel (since 9/2004) and Chief Compliance Officer (since 10/2006), Pear Tree Advisors, Inc.; Chief Compliance Officer and General Counsel, Wainwright Investment Counsel, LLC (investment management firm) (2000–2004); Compliance Attorney, Broadridge Financial Solutions (formerly Forefield, Inc.) (software provider) (2001–2004) and Compliance Consultant (2007 to 2016) | | | N/A | | | None | |
Diane Hunt (Born: February 1962) | | | Assistant Treasurer | | | (June 2010 to Present) | | | Controller (Since 3/2010) Pear Tree Advisors, Inc.; Accountant (Since 1984) U.S. Boston Capital Corporation | | | N/A | | | None | |
Name and Age | | | Position Held With Trust | | | Term of Office/ Length of Time Served | | | Principal Occupation(s) during Past Five Years | | | Number of Portfolios in Fund Complex Overseen | | | Other Directorships Held by Trustee/ Officer in Public Companies | |
Thomas Buckley (Born: April 1985) | | | Clerk | | | (July 2018 to Present) | | | Legal Product Manager, Pear Tree Advisors, Inc.; Compliance Officer, Cantella & Co., Inc. (2/2018 – 7/2018); Compliance and Operations Associate, Arthur W. Wood Company (6/2016 –2/2018); Logistics Supervisor, Planet Eclipse LLC (1/2005 – 6/2016) | | | N/A | | | None | |
John Hunt (Born: July 1958) | | | Assistant Clerk | | | (February 2016 to Present) | | | Partner, Sullivan & Worcester LLP (4/2016 to present); Partner, Nutter, McClennen & Fish LLP (6/2012 to 4/2016) | | | N/A | | | None | |
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 Axiom International Investors LLC, 33 Benedict Place, Greenwich, CT 06830 Polaris Capital Management, LLC, 121 High Street, Boston, MA 02110 PNC Capital Advisors LLC, One East Pratt Street, Fifth Floor-East, Baltimore, MD 21202 | |
| 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, Two Liberty Place, 50 South 16th Street, Suite 2900 Philadelphia, PA 19102 | |
| Legal Counsel | | | Sullivan & Worcester LLP, One Post Office Square Boston, MA 02109 | |
| For Account Information | | | For Pear Tree Funds information, contact your financial adviser or, if you receive account statements directly from Pear Tree Funds, you can also call 1-800-326-2151. Telephone representatives are available from 8:30 a.m. to 4:30 p.m. Eastern Time. Or visit our website, www.peartreefunds.com | |
Suite 202
Lincoln MA 01773
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| To register, go to: www.peartreefunds.com | |
Distributor of the Pear Tree Funds
Member, FINRA/SIPC
ITEM 2. | Code of Ethics |
(a) | As of the end of the period covered by this Form N-CSR, Pear Tree Funds has adopted a code of ethics (as defined in Item 2(b) of Form N-CSR) that applies to the registrant’s principal executive officer and principal financial officer. |
(c) | There have been no amendments to the Pear Tree Fund’s Code of Ethics during the period covered by this report. |
(d) | There have been no waivers to the Pear Tree Fund’s Code of Ethics during the period covered by this report. |
(e) | Not applicable. |
(f)(1) | One copy of the Code of Ethics is being filed under Item 12(a) hereto. |
(f)(3) | The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-326-2151. |
ITEM 3. | Audit Committee Financial Expert |
Pear Tree Fund’s Trustees have determined that Mr. Clinton S. Marshall is an “audit committee financial expert,” as defined in Item 3(b) of Form N-CSR. Mr. Marshall is “independent” under the standards set forth in Item 3(a)(2) of Form N-CSR.
ITEM 4. | Principal Accountant Fees and Services |
(a) - (d) The following chart shows the aggregate fees billed in each of the last two fiscal years for services rendered by the registrant’s principal accountant, Tait, Weller and Baker, LLP (“Tait Weller”).
FY 2018 | FY 2019 | ||
Audit Fees* | Tait Weller | $141,000 | $121,100 |
Audit-Related Fees** | Tait Weller | $0 | $0 |
Tax Fees*** | Tait Weller | $20,200 | $17,300 |
All Other Fees**** | Tait Weller | $0 | $0 |
* “Audit Fees” are fees associated with professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements.
** “Audit-Related Fees” are fees associated with assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under “Audit Fees
*** “Tax Fees” are fees associated with professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Included with general tax compliance, advice and planning provided by Tait Weller to Pear Tree Funds was a review of Pear Tree Funds’ federal tax filings.
**** “All Other Fees” are fees associated with products and services provided by the principal accountant, other than the services reported as “Audit Fees,” “Audit-Related Fees,” or “Tax Fees.”
(e)(1) | To the extent required by applicable law, pre-approval by the Audit Committee of the Trustees is needed for: |
(i) All audit and permissible non-audit services rendered to the Pear Tree Funds; and
(ii) All permissible non-audit services rendered to Pear Tree Advisors, Inc. if the services relate directly to the operations and financial reporting of the Registrant. Pre-approval is currently on an engagement-by-engagement basis.
The Audit Committee may delegate the pre-approval of audit and permissible non-audit services and the related fees to the Chairman of the Audit Committee. Any such member’s decision to pre-approve audit and/or non-audit services and related fees shall be presented to the full Audit Committee, solely for informational purposes, at their next scheduled meeting.
(e)(2) | No services in the past two fiscal years of the registrant were approved by the Audit Committee pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X. |
(f) | Not applicable. |
(g) | The following chart shows the aggregate non-audit fees billed by Tait Weller for services rendered to the registrant and the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, for each of the last two fiscal years of the registrant. |
2018 | 2019 | ||
Fees | Tait Weller | $39,500 | $39,500 |
(h) | Not applicable. |
ITEM 5. | Audit Committee of Listed Registrants |
Not applicable.
ITEM 6. | Investments |
(a) | Included as part of report to shareholders under Item 1. |
(b) | Not applicable. |
ITEM 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not applicable.
ITEM 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
ITEM 9 | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not applicable.
ITEM 10 | Submission of Matters to a Vote of Security Holders |
Not applicable.
ITEM 11. | Controls and Procedures |
(a) The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b) There has been no change in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. | Exhibits |
(a)(1) | Code of Ethics |
(a)(2) | Certifications pursuant to Rule 30a-2(a) by the chief executive and financial officers. |
(a)(3) | Not applicable. |
(c) | Certification pursuant to Rule 30a-2(b) and Section 906 by the chief executive and financial officers. |
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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: June 5, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By:/s/ Willard L. Umphrey
Willard L. Umphrey, President
Date: June 5, 2019
By:/s/ Leon Okurowski
Leon Okurowski, Treasurer
Date: June 5, 2019