President’s Letter
|
1
|
Fund Expenses
|
2
|
Portfolio Manager Commentaries
|
4
|
Pear Tree Polaris Small Cap Fund
|
4
|
Pear Tree Quality Fund
|
6
|
Pear Tree PanAgora Dynamic Emerging Markets Fund
|
8
|
Pear Tree PanAgora Risk Parity Emerging Markets Fund
|
10
|
Pear Tree Polaris Foreign Value Fund
|
12
|
Pear Tree Polaris Foreign Value Small Cap Fund
|
14
|
Schedules of Investments
|
16
|
Pear Tree Polaris Small Cap Fund
|
16
|
Pear Tree Quality Fund
|
20
|
Pear Tree PanAgora Dynamic Emerging Markets Fund
|
25
|
Pear Tree PanAgora Risk Parity Emerging Markets Fund
|
33
|
Pear Tree Polaris Foreign Value Fund
|
51
|
Pear Tree Polaris Foreign Value Small Cap Fund
|
55
|
Statements of Assets and Liabilities
|
60
|
Statements of Operations
|
64
|
Statements of Changes in Net Assets
|
66
|
Financial Highlights
|
72
|
Notes to Financial Statements
|
84
|
Information for Shareholders
|
101
|
Management Contract and Advisory Contract Approval
|
102
|
Service Providers
|
inside back cover
|
Pear Tree Fund
|
Share Class
|
Total Return
Description
|
Beginning
Account Value
4/1/2015
|
Ending
Account Value
9/30/2015
|
Annualized
Expense
Ratio
|
Expenses Paid*
4/1/2015 –
9/30/2015
|
Small Cap
|
Ordinary
|
Actual
|
$1,000.00
|
$897.90
|
1.37%
|
$6.51
|
Hypothetical
|
$1,000.00
|
$1,018.14
|
1.37%
|
$6.92
|
||
Institutional
|
Actual
|
$1,000.00
|
$896.60
|
1.12%
|
$5.33
|
|
Hypothetical
|
$1,000.00
|
$1,019.38
|
1.12%
|
$5.68
|
||
Quality
|
Ordinary
|
Actual
|
$1,000.00
|
$953.80
|
1.30%
|
$6.36
|
Hypothetical
|
$1,000.00
|
$1,018.49
|
1.30%
|
$6.57
|
||
Institutional
|
Actual
|
$1,000.00
|
$951.90
|
1.05%
|
$5.11
|
|
Hypothetical
|
$1,000.00
|
$1,019.76
|
1.05%
|
$5.29
|
||
Emerging Markets
|
Ordinary
|
Actual
|
$1,000.00
|
$839.60
|
1.35%
|
$6.21
|
Hypothetical
|
$1,000.00
|
$1,018.25
|
1.35%
|
$6.81
|
||
Institutional
|
Actual
|
$1,000.00
|
$838.70
|
1.11%
|
$5.09
|
|
Hypothetical
|
$1,000.00
|
$1,019.47
|
1.11%
|
$5.59
|
||
Risk Parity
|
Ordinary
|
Actual
|
$1,000.00
|
$841.50
|
1.48%
|
$6.83
|
Emerging Markets
|
Hypothetical
|
$1,000.00
|
$1,017.58
|
1.48%
|
$7.49
|
|
Institutional
|
Actual
|
$1,000.00
|
$840.70
|
1.23%
|
$5.64
|
|
Hypothetical
|
$1,000.00
|
$1,018.87
|
1.23%
|
$6.19
|
||
Foreign Value
|
Ordinary
|
Actual
|
$1,000.00
|
$899.40
|
1.52%
|
$7.23
|
Hypothetical
|
$1,000.00
|
$1,017.38
|
1.52%
|
$7.68
|
||
Institutional
|
Actual
|
$1,000.00
|
$898.20
|
1.27%
|
$6.04
|
|
Hypothetical
|
$1,000.00
|
$1,018.64
|
1.27%
|
$6.42
|
||
Foreign Value
|
Ordinary
|
Actual
|
$1,000.00
|
$907.20
|
1.57%
|
$7.50
|
Small Cap
|
Hypothetical
|
$1,000.00
|
$1,017.13
|
1.57%
|
$7.94
|
|
Institutional
|
Actual
|
$1,000.00
|
$905.60
|
1.32%
|
$6.27
|
|
Hypothetical
|
$1,000.00
|
$1,018.42
|
1.32%
|
$6.65
|
*
|
“Expenses Paid” for each Fund share class relating to actual or hypothetical returns, is the amount equal to the product of (a) that Fund’s and Share Class’ average account value for the six-month period ended September 30, 2015, multiplied by (b) the corresponding “Annualized Expense Ratio” multiplied by (c) the fraction 183/366 (which reflects the six-month period covered by this report).
|
Fund Information
|
||
Net Assets Under Management
|
$90.9 Million
|
|
Number of Companies
|
65
|
|
Price to Book Ratio
|
2.3
|
|
Price to Earnings Ratio
|
19.6
|
|
Ordinary
|
Institutional
|
|
Total Expense Ratio (Gross)*
|
1.41%
|
1.19%
|
Total Expense Ratio (Net)*
|
1.41%
|
1.19%
|
Ticker Symbol
|
USBNX
|
QBNAX
|
* per prospectus dated August 1, 2015. See financial highlights for total expense ratios for the fiscal year ended March 31, 2015.
|
Percentage of total net assets
|
32.5
|
EPR Properties
|
4.5
|
Alliance Data Systems Corporation
|
3.9
|
Ameris Bancorp
|
3.7
|
Kforce, Inc.
|
3.5
|
Ambarella, Inc.
|
3.5
|
IMAX Corporation
|
3.3
|
Natus Medical, Inc.
|
2.9
|
Asbury Automotive Group, Inc.
|
2.5
|
Integrated Device Technology, Inc.
|
2.4
|
Ferro Corporation
|
2.3
|
Percentage of total net assets
|
100.0%
|
Financials
|
39.0%
|
Consumer Discretionary
|
18.0%
|
Information Technology
|
16.9%
|
Industrials
|
12.0%
|
Health Care
|
4.0%
|
Materials
|
2.9%
|
Energy
|
1.8%
|
Utilities
|
1.6%
|
Telecommunication Services
|
1.5%
|
Consumer Staples
|
0.8%
|
CASH + other assets (net)
|
1.5%
|
3Q 2015
|
Six
Months
|
One Year
|
Five Year
|
Ten Year
|
Since
Inception
|
Inception
Date
|
|
Ordinary Shares
|
(11.67)%
|
(10.34)%
|
(1.42)%
|
8.26%
|
3.21%
|
9.38%
|
08/03/92
|
Institutional Shares1
|
(11.62)%
|
(10.21)%
|
(1.15)%
|
8.54%
|
3.52%
|
8.81%
|
01/06/93
|
Russell 20002
|
(11.92)%
|
(11.55)%
|
1.25%
|
11.73%
|
6.55%
|
9.23%
|
________
|
Fund Information
|
||
Net Assets Under Management
|
$116.7 Million
|
|
Number of Companies
|
85
|
|
Price to Book Ratio
|
4.0
|
|
Price to Earnings Ratio
|
17.1
|
|
Ordinary
|
Institutional
|
|
Total Expense Ratio (Gross)*
|
1.54%
|
1.29%
|
Total Expense Ratio (Net)*
|
1.29%
|
1.04%
|
Ticker Symbol
|
USBOX
|
QGIAX
|
* per prospectus dated August 1, 2015. See financial highlights for total expense ratios for the six months ended September 30, 2015.
|
Percentage of total net assets
|
40.0%
|
Johnson & Johnson
|
4.9%
|
Procter & Gamble Company (The)
|
4.4%
|
Microsoft Corporation
|
4.3%
|
Oracle Corporation
|
4.2%
|
Coca-Cola Company (The)
|
4.0%
|
Alphabet Inc.
|
4.0%
|
AstraZeneca plc
|
3.8%
|
Apple, Inc.
|
3.6%
|
Express Scripts Holding Company
|
3.4%
|
Cisco Systems, Inc.
|
3.4%
|
Percentage of total net assets
|
100.0%
|
Information Technology
|
32.4%
|
Consumer Staples
|
26.8%
|
Health Care
|
23.6%
|
Industrials
|
7.8%
|
Consumer Discretionary
|
5.8%
|
Telecommunication Services
|
1.9%
|
Materials
|
1.1%
|
Energy
|
0.4%
|
Financials
|
0.0%
|
Utilities
|
0.0%
|
CASH + other assets (net)
|
0.2%
|
3Q 2015
|
Six
Months
|
One Year
|
Five Year
|
Ten Year
|
Since
Inception
|
Inception
Date
|
|
Ordinary Shares
|
(4.15)%
|
(4.81)%
|
(0.10)%
|
12.91%
|
3.89%
|
8.82%
|
05/06/85
|
Institutional Shares1
|
(4.05)%
|
(4.62)%
|
0.17%
|
13.31%
|
4.14%
|
7.50%
|
03/25/91
|
S & P 5002
|
(6.44)%
|
(6.18)%
|
(0.61)%
|
13.34%
|
6.80%
|
10.49%
|
________
|
Fund Information
|
||
Net Assets Under Management
|
$112.8 Million
|
|
Number of Companies
|
177
|
|
Price to Book Ratio
|
1.2
|
|
Price to Earnings Ratio
|
9.2
|
|
Ordinary
|
Institutional
|
|
Total Expense Ratio (Gross)*
|
1.88%
|
1.62%
|
Total Expense Ratio (Net)*
|
1.88%
|
1.62%
|
Ticker Symbol
|
QFFOX
|
QEMAX
|
* per prospectus dated August 1, 2015. See financial highlights for total expense ratios for the six months ended September 30, 2015.
|
Percentage of total net assets
|
46.8%
|
Pear Tree PanAgora Risk Parity Emerging Markets
|
31.0%
|
Samsung Electronics Company, Ltd.
|
3.8%
|
China Mobile Limited
|
2.2%
|
Taiwan Semiconductor
Manufacturing Co., Ltd.
|
2.0%
|
Tencent Holdings Limited
|
1.9%
|
China Construction Bank Corporation
|
1.6%
|
Bank of China Ltd., H
|
1.3%
|
Naspers Limited N Shs
|
1.1%
|
KT&G Corporation
|
1.0%
|
FirstRand Limited
|
0.9%
|
Percentage of total net assets
|
100.0%
|
Mutual Funds
|
31.0%
|
Financials
|
18.3%
|
Information Technology
|
14.3%
|
Consumer Discretionary
|
5.6%
|
Telecommunication Services
|
5.5%
|
Materials
|
5.3%
|
Industrials
|
5.1%
|
Consumer Staples
|
5.0%
|
Energy
|
4.7%
|
Utilities
|
3.0%
|
Health Care
|
1.3%
|
CASH + other assets (net)
|
0.9%
|
Percentage of total net assets
|
59.8%
|
Taiwan
|
11.0%
|
China
|
10.9%
|
South Korea
|
9.8%
|
Hong Kong
|
7.2%
|
South Africa
|
5.4%
|
India
|
5.2%
|
Brazil
|
3.9%
|
Russia
|
2.7%
|
Mexico
|
2.0%
|
Malaysia
|
1.7%
|
3Q 2015
|
Six
Months
|
One Year
|
Five Year
|
Ten Year
|
Since
Inception
|
Inception
Date
|
|
Ordinary Shares
|
(16.63)%
|
(16.13)%
|
(18.62)%
|
(2.83)%
|
3.03%
|
4.60%
|
09/30/94
|
Institutional Shares1
|
(16.56)%
|
(16.04)%
|
(18.41)%
|
(2.58)%
|
3.30%
|
6.08%
|
04/02/96
|
MSCI EM2
|
(17.78)%
|
(17.11)%
|
(18.98)%
|
(3.25)%
|
4.60%
|
4.11%
|
________
|
Fund Information
|
||
Net Assets Under Management
|
$36.7 Million
|
|
Number of Companies
|
585
|
|
Price to Book Ratio
|
1.6
|
|
Price to Earnings Ratio
|
14.5
|
|
Ordinary
|
Institutional
|
|
Total Expense Ratio (Gross)
|
1.60%
|
1.34%
|
Total Expense Ratio (Net)
|
1.60%
|
1.34%
|
Ticker Symbol
|
RPEMX
|
EMPRX
|
* per prospectus dated August 1, 2015. See financial highlights for total expense ratios for the six months ended September 30, 2015.
|
Percentage of total net assets
|
15.9%
|
iPath MSCI India Index ETN
|
5.3%
|
Vanguard FTSE Emerging Markets ETF
|
4.8%
|
Qatar Electricity & Water Company Q.S.C.
|
1.1%
|
Industries Qatar Q.S.C.
|
1.0%
|
Universal Robina Corporation
|
0.7%
|
Jollibee Foods Corporation
|
0.7%
|
Ooredoo Q.S.C.
|
0.6%
|
Globe Telecom, Inc.
|
0.6%
|
DP World Ltd.
|
0.6%
|
Aboitiz Power Corporation
|
0.5%
|
Percentage of total net assets
|
100.0%
|
Financials
|
18.8%
|
Consumer Staples
|
10.9%
|
Industrials
|
10.8%
|
Telecommunication Services
|
10.0%
|
Consumer Discretionary
|
9.4%
|
Materials
|
8.7%
|
Utilities
|
8.1%
|
Energy
|
6.4%
|
Health Care
|
3.6%
|
Information Technology
|
2.5%
|
Exchange Traded Funds
|
5.0%
|
Exchange Traded Notes
|
5.3%
|
Cash and Other Assets (Net)
|
0.5%
|
Percentage of total net assets
|
59.5%
|
Taiwan
|
6.9%
|
Malaysia
|
6.7%
|
Qatar
|
6.7%
|
Indonesia
|
6.6%
|
Philippines
|
6.4%
|
Mexico
|
5.7%
|
Thailand
|
5.5%
|
South Korea
|
5.3%
|
Chile
|
4.9%
|
South Africa
|
4.8%
|
3Q 2015
|
Six
Months
|
One Year
|
Five Year
|
Ten Year
|
Since
Inception
|
Inception
Date
|
|
Ordinary Shares
|
(15.41)%
|
(15.93)%
|
(22.24)%
|
(7.84)%
|
6/27/2013
|
||
Institutional Shares1
|
(15.42)%
|
(15.85)%
|
(22.05)%
|
(7.51)%
|
6/27/2013
|
||
MSCI EM2
|
(17.78)%
|
(17.11)%
|
(18.98)%
|
(3.69)%
|
________
|
Fund Information
|
||
Net Assets Under Management
|
$1,564.1 Million
|
|
Number of Companies
|
55
|
|
Price to Book Ratio
|
1.7
|
|
Price to Earnings Ratio
|
15.6
|
|
Ordinary
|
Institutional
|
|
Total Expense Ratio (Gross)*
|
1.52%
|
1.27%
|
Total Expense Ratio (Net)*
|
1.52%
|
1.27%
|
Ticker Symbol
|
QFVOX
|
QFVIX
|
* per prospectus dated August 1, 2015. See financial highlights for total expense ratios for the six months ended September 30, 2015.
|
Percentage of total net assets
|
28.0%
|
Taylor Wimpey plc
|
3.4%
|
Barratt Developments plc
|
3.2%
|
Infosys Technologies Ltd.
|
2.9%
|
Bellway plc
|
2.9%
|
Persimmon plc
|
2.8%
|
Deutsche Telekom AG
|
2.8%
|
Freenet AG
|
2.6%
|
Kia Motors Corporation
|
2.6%
|
Hannover Ruck SE
|
2.4%
|
Teva Pharmaceuticals SP
|
2.4%
|
Percentage of total net assets
|
100.0%
|
Consumer Discretionary
|
23.7%
|
Materials
|
20.5%
|
Financials
|
13.1%
|
Industrials
|
7.7%
|
Telecommunication Services
|
7.7%
|
Information Technology
|
7.0%
|
Energy
|
5.6%
|
Consumer Staples
|
4.6%
|
Health Care
|
4.6%
|
Utilities
|
2.3%
|
CASH + other assets (net)
|
3.2%
|
Percentage of total net assets
|
80.5%
|
Germany
|
20.4%
|
United Kingdom
|
19.5%
|
Sweden
|
7.6%
|
France
|
7.2%
|
Japan
|
6.2%
|
South Korea
|
4.4%
|
Finland
|
4.3%
|
Norway
|
4.3%
|
Australia
|
3.7%
|
India
|
2.9%
|
3Q 2015
|
Six
Months
|
One Year
|
Five Year
|
Ten Year
|
Since
Inception
|
Inception
Date
|
|
Ordinary Shares
|
(11.13)%
|
(10.18)%
|
(6.88)%
|
6.28%
|
4.10%
|
6.05%
|
05/15/98
|
Institutional Shares1
|
(11.06)%
|
(10.06)%
|
(6.63)%
|
6.56%
|
4.34%
|
7.59%
|
12/18/98
|
MSCI EAFE2
|
(10.19)%
|
(9.43)%
|
(8.27)%
|
4.45%
|
3.44%
|
3.96%
|
________
|
Fund Information
|
||
Net Assets Under Management
|
$563.6 Million
|
|
Number of Companies
|
77
|
|
Price to Book Ratio
|
1.7
|
|
Price to Earnings Ratio
|
13.3
|
|
Ordinary
|
Institutional
|
|
Total Expense Ratio (Gross)*
|
1.57%
|
1.32%
|
Total Expense Ratio (Net)*
|
1.57%
|
1.32%
|
Ticker Symbol
|
QUSOX
|
QUSIX
|
* per prospectus dated August 1, 2015. See financial highlights for total expense ratios for the fiscal year ended March 31, 2015.
|
Percentage of total net assets
|
20.5%
|
Dräegerwerk AG
|
2.2%
|
Wetherspoon (J.D.) plc
|
2.2%
|
Lancashire Holdings Limited
|
2.2%
|
Thai Union Group PCL
|
2.1%
|
Alternative Networks plc
|
2.1%
|
DFDS A.S.
|
2.1%
|
UDG Healthcare plc
|
2.0%
|
Freenet AG
|
1.9%
|
Sixt SE
|
1.9%
|
Ratchaburi Electricity Generating
Holding PCL
|
1.8%
|
Percentage of total net assets
|
100.0%
|
Consumer Discretionary
|
25.7%
|
Financials
|
13.9%
|
Industrials
|
13.0%
|
Consumer Staples
|
10.3%
|
Information Technology
|
7.8%
|
Utilities
|
6.4%
|
Telecommunication Services
|
6.1%
|
Health Care
|
5.9%
|
Materials
|
5.1%
|
Energy
|
1.7%
|
CASH + other assets (net)
|
4.1%
|
Percentage of total net assets
|
70.9%
|
United Kingdom
|
16.1%
|
Japan
|
14.3%
|
Germany
|
6.5%
|
Hong Kong
|
6.3%
|
India
|
5.9%
|
Ireland
|
5.7%
|
Thailand
|
5.0%
|
Norway
|
4.2%
|
Taiwan
|
3.5%
|
Australia
|
3.4%
|
3Q 2015
|
Six
Months
|
One Year
|
Five Year
|
Ten Year
|
Since
Inception
|
Inception
Date
|
|
Ordinary
Shares
|
(13.08)%
|
(9.44)%
|
(4.95)%
|
6.44%
|
—
|
5.71%
|
5/1/2008
|
Institutional Shares1
|
(12.99)%
|
(9.28)%
|
(4.65)%
|
6.72%
|
—
|
5.96%
|
5/1/2008
|
MSCI World ex USA Small Cap2
|
(9.95)%
|
(6.02)%
|
(6.09)%
|
4.21%
|
—
|
2.45%
|
________
|
Shares
|
Value
|
|
AIRLINES—1.6%
|
||
Spirit Airlines, Inc. (a)
|
13,226
|
$ 625,590
|
Virgin America Inc. (a)(b)
|
24,696
|
845,344
|
1,470,934
|
||
AUTO COMPONENTS—1.5%
|
||
Motorcar Parts of America, Inc. (a)
|
43,206
|
1,354,076
|
BUILDING PRODUCTS—1.5%
|
||
NCI Building Systems, Inc. (a)
|
38,474
|
406,670
|
Trex Company, Inc. (a)
|
28,700
|
956,571
|
1,363,241
|
||
CAPITAL MARKETS—1.8%
|
||
Greenhill & Co., Inc.
|
31,132
|
886,328
|
Hercules Technology Growth Capital, Inc.
|
69,483
|
702,473
|
1,588,801
|
||
CHEMICALS—2.3%
|
||
Ferro Corporation (a)
|
188,035
|
2,058,983
|
COMMERCIAL BANKS—23.1%
|
||
Ameris Bancorp (c)
|
117,700
|
3,383,875
|
Astoria Financial Corporation
|
120,100
|
1,933,610
|
BNC Bancorp
|
86,200
|
1,916,226
|
Brookline Bancorp, Inc.
|
156,000
|
1,581,840
|
Bryn Mawr Bank Corporation
|
54,146
|
1,682,316
|
Central Pacific Financial Corporation
|
83,883
|
1,759,027
|
CoBiz Financial, Inc.
|
103,909
|
1,351,856
|
Dime Community Bancshares, Inc.
|
96,900
|
1,637,610
|
F.N.B. Corporation
|
117,880
|
1,526,546
|
International Bancshares Corporation
|
60,700
|
1,519,321
|
Pinnacle Financial Partners, Inc. (a)
|
28,369
|
1,401,713
|
Southwest Bancorp, Inc.
|
88,700
|
1,455,567
|
21,149,507
|
||
COMMERCIAL SERVICES & SUPPLIES—0.8%
|
||
Acacia Research Corporation
|
49,227
|
446,981
|
ARC Document Solutions, Inc. (a)
|
51,309
|
305,289
|
752,270
|
||
COMMUNICATIONS EQUIPMENT—0.3%
|
||
Applied Optoelectronics, Inc.
|
8,015
|
150,522
|
Ubiquiti Networks, Inc. (b)
|
2,775
|
94,045
|
244,567
|
||
CONSTRUCTION & ENGINEERING—1.2%
|
||
Tutor Perini Corporation (a)
|
67,371
|
$ 1,108,927
|
CONSTRUCTION MATERIALS—0.6%
|
||
U.S. Concrete, Inc. (a)
|
10,960
|
523,778
|
DIVERSIFIED TELECOMMUNICATIONS—1.5%
|
||
Fairpoint Communications, Inc. (a)
|
88,200
|
1,359,162
|
ELECTRIC UTILITIES—1.6%
|
||
ALLETE, Inc.
|
29,600
|
1,494,504
|
FOOD PRODUCTS—0.8%
|
||
Amira Nature Foods Ltd (a)(b)
|
129,217
|
713,278
|
HEALTH CARE EQUIPMENT & SUPPLIES—2.9%
|
||
Natus Medical, Inc. (a)
|
66,220
|
2,612,379
|
HOTELS, RESTAURANTS & LEISURE—1.7%
|
||
Papa Johns International, Inc.
|
22,128
|
1,515,325
|
INSURANCE—1.2%
|
||
United Insurance Holdings Corporation
|
81,741
|
1,074,894
|
IT SERVICES—7.4%
|
||
Alliance Data Systems Corporation (a)
|
13,791
|
3,571,593
|
Cardtronics, Inc. (a)
|
46,183
|
1,510,184
|
Luxoft Holding, Inc. (a)
|
26,281
|
1,663,325
|
6,745,102
|
||
LIFE SCIENCES TOOLS & SERVICES—0.9%
|
||
Cambrex Corporation (a)
|
21,397
|
849,033
|
MACHINERY—0.7%
|
||
Greenbrier Companies, Inc. (The) (b)
|
21,068
|
676,493
|
MEDIA—10.1%
|
||
Cinemark Holdings, Inc.
|
43,191
|
1,403,276
|
Entravision Communications Corporation, Class A
|
222,064
|
1,474,505
|
IMAX Corporation (a)(b)
|
88,331
|
2,984,704
|
National CineMedia, Inc.
|
98,995
|
1,328,513
|
Regal Entertainment Group (b)
|
106,911
|
1,998,167
|
9,189,165
|
||
OIL & GAS—0.4%
|
||
Carrizo Oil & Gas, Inc. (a)
|
12,741
|
389,110
|
OIL, GAS & CONSUMABLE FUELS—1.4%
|
||
Diamondback Energy, Inc. (a)
|
16,670
|
1,076,882
|
SemGroup Corporation
|
4,302
|
186,018
|
1,262,900
|
||
PHARMACEUTICALS—0.2%
|
||
Pernix Therapeutics Holdings, Inc. (a)(b)
|
56,983
|
$180,066
|
PROFESSIONAL SERVICES—3.9%
|
||
Kforce, Inc.
|
119,694
|
3,145,558
|
WageWorks, Inc. (a)
|
7,985
|
359,964
|
3,505,522
|
||
REAL ESTATE TRUSTS (REITS)—12.9%
|
||
Brandywine Realty Trust
|
27,912
|
343,876
|
DuPont Fabros Technology, Inc.
|
49,205
|
1,273,425
|
Education Realty Trust, Inc.
|
58,957
|
1,942,633
|
EPR Properties
|
79,410
|
4,095,174
|
Hersha Hospitality Trust
|
63,083
|
1,429,461
|
Physicians Realty Trust
|
115,622
|
1,744,736
|
Select Income Reit
|
45,722
|
869,175
|
11,698,480
|
||
ROAD & RAIL—0.9%
|
||
Swift Transportation Company (a)
|
54,714
|
821,804
|
SEMICONDUCTORS AND SEMICONDUCTOR
EQUIPMENT—7.8%
|
||
Ambarella, Inc. (a)
|
54,324
|
3,139,384
|
Canadian Solar, Inc. (a)(b)
|
30,403
|
505,298
|
Integrated Device Technology, Inc. (a)
|
107,839
|
2,189,132
|
Microsemi Corporation (a)
|
34,728
|
1,139,773
|
6,973,587
|
||
SOFTWARE—1.4%
|
||
Verint Systems, Inc. (a)
|
30,324
|
1,308,481
|
SPECIALTY RETAIL—3.3%
|
||
Asbury Automotive Group, Inc. (a)
|
27,946
|
2,267,818
|
Restoration Hardware Holdings, Inc. (a)
|
7,958
|
742,561
|
3,010,379
|
||
TEXTILES & APPAREL & LUXURY GOODS—1.4%
|
||
Deckers Outdoor Corporation (a)
|
21,663
|
1,257,754
|
TRADING COMPANIES & DISTRIBUTORS—1.4%
|
||
Air Lease Corporation
|
42,296
|
1,307,792
|
TOTAL COMMON STOCK
(Cost $77,992,723)
|
89,560,294
|
|
Short Term Investments—1.4%
|
Par Value
|
Value
|
State Street Bank & Trust Co., Repurchase Agreement 0.0%, 10/01/15, (Dated 09/30/15), Collateralized by $1,220,000 par U.S. Treasury Note-3.125% due 05/15/2021, Market Value $1,336,472, Repurchase Proceeds $1,308,283 (Cost $1,308,283)
|
$1,308,283
|
1,308,283
|
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED)—99.9%
|
||
(Cost $79,301,006)
|
90,868,577
|
|
INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED—5.6 %
|
||
Money Market—5.6 %
|
||
Western Asset Institutional Cash Reserves—Inst.
(Cost $5,142,860)
|
5,142,860
|
|
TOTAL INVESTMENTS—105.5 %
(Cost $84,443,866)
|
96,011,437
|
|
OTHER ASSETS & LIABILITIES (NET)—(5.5)%
|
(5,131,346)
|
|
NET ASSETS—100%
|
$90,880,091
|
(a)
|
Non-income producing security
|
(b)
|
All or a portion of this security was out on loan.
|
(c)
|
A portion of this security is restricted.
|
The percentage of each investment category is calculated as a percentage of net assets.
|
Shares
|
Value
|
|
AEROSPACE & DEFENSE—0.9%
|
||
Precision Castparts Corp.
|
3,592
|
$ 825,118
|
United Technologies Corporation
|
3,151
|
280,408
|
1,105,526
|
||
BEVERAGES—4.0%
|
||
Coca-Cola Company (The)
|
116,468
|
4,672,696
|
BIOTECHNOLOGY—0.5%
|
||
Biogen Idec Inc. (a)
|
2,099
|
612,509
|
CHEMICALS—1.1%
|
||
Monsanto Company
|
12,097
|
1,032,358
|
Syngenta AG (c)
|
3,754
|
239,430
|
1,271,788
|
||
COMMUNICATIONS EQUIPMENT—2.5%
|
||
QUALCOMM Incorporated
|
54,028
|
2,902,924
|
COMPUTERS & PERIPHERALS—6.4%
|
||
Apple, Inc.
|
38,270
|
4,221,181
|
EMC Corporation
|
44,930
|
1,085,509
|
International Business Machines
|
10,455
|
1,515,661
|
Teradata Corporation (a)
|
22,501
|
651,629
|
7,473,980
|
||
DISTRIBUTORS—0.3%
|
||
Genuine Parts Company
|
4,043
|
335,124
|
ELECTRICAL EQUIPMENT—1.6%
|
||
Emerson Electric Co.
|
20,592
|
909,549
|
Honeywell International Inc.
|
6,162
|
583,480
|
Rockwell Automation, Inc.
|
3,715
|
376,961
|
1,869,990
|
||
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.3%
|
||
Amphenol Corporation
|
6,037
|
307,646
|
FOOD PRODUCTS—4.9%
|
||
Nestle, S.A. (c)
|
37,483
|
2,820,221
|
Unilever N.V. (c)
|
34,987
|
1,406,477
|
Unilever plc (c)
|
36,384
|
1,483,740
|
5,710,438
|
||
FOOD STAPLES & DRUG RETAILING—4.1%
|
||
Costco Wholesale Corporation
|
7,378
|
1,066,637
|
CVS Caremark Corporation
|
7,293
|
703,629
|
PepsiCo, Inc.
|
11,498
|
1,084,262
|
Wal-Mart Stores, Inc.
|
30,047
|
1,948,247
|
4,802,775
|
||
HEALTH CARE EQUIPMENT & SUPPLIES—5.0%
|
||
Becton, Dickinson and Company
|
5,863
|
777,786
|
C. R. Bard, Inc.
|
466
|
86,820
|
Intuitive Surgical, Inc. (a)
|
737
|
338,710
|
Medtronic plc
|
40,059
|
2,681,549
|
St. Jude Medical, Inc.
|
7,562
|
477,087
|
Stryker Corporation
|
10,755
|
1,012,046
|
Zimmer Holdings, Inc.
|
4,480
|
420,806
|
5,794,804
|
||
HEALTH CARE PROVIDERS & SERVICES—6.9%
|
||
Anthem, Inc.
|
1,136
|
159,040
|
Express Scripts Holding Company (a)
|
48,654
|
3,939,028
|
Henry Schein, Inc. (a)
|
365
|
48,443
|
Humana Inc.
|
5,003
|
895,537
|
UnitedHealth Group, Inc.
|
26,219
|
3,041,666
|
8,083,714
|
||
HOTELS, RESTAURANTS & LEISURE—1.6%
|
||
Compass Group PLC (a)(c)
|
53,682
|
863,744
|
McDonald’s Corporation
|
10,521
|
1,036,634
|
1,900,378
|
||
HOUSEHOLD PRODUCTS—7.8%
|
||
Church & Dwight Co., Inc.
|
3,892
|
326,539
|
Colgate-Palmolive Company
|
26,574
|
1,686,386
|
Procter & Gamble Company (The)
|
71,723
|
5,159,753
|
Reckitt Benckiser Group plc
|
21,019
|
1,904,216
|
9,076,894
|
||
INDUSTRIAL CONGLOMERATES—2.4%
|
||
3M Company
|
19,897
|
2,820,798
|
INTERNET & CATALOG RETAIL—0.0%
|
||
TripAdvisor, Inc. (a)
|
162
|
10,209
|
IT CONSULTING & SERVICES—2.8%
|
||
Accenture plc
|
18,682
|
1,835,693
|
Cognizant Technology Solutions Corporation (a)
|
17,226
|
1,078,520
|
Paychex, Inc.
|
7,813
|
372,133
|
3,286,346
|
||
MACHINERY—2.6%
|
||
Danaher Corporation
|
19,622
|
1,671,991
|
Dover Corporation
|
3,524
|
201,502
|
Illinois Tool Works, Inc.
|
13,417
|
1,104,353
|
2,977,846
|
||
OIL & GAS—0.4%
|
||
Chevron Corporation
|
6,226
|
491,107
|
PERSONAL PRODUCTS—0.2%
|
||
Estee Lauder Companies, Inc. (The)
|
3,046
|
245,751
|
PHARMACEUTICALS & BIOTECHNOLOGY—11.2%
|
||
Abbott Laboratories
|
39,945
|
1,606,588
|
AstraZeneca plc (c)
|
139,725
|
4,446,049
|
Eli Lilly and Company
|
3,697
|
309,402
|
Johnson & Johnson
|
60,714
|
5,667,652
|
Novartis AG (c)
|
6,712
|
616,967
|
Pfizer Inc.
|
13,698
|
430,254
|
13,076,912
|
||
RETAILING—0.4%
|
||
TJX Companies, Inc. (The)
|
6,051
|
432,162
|
SEMICONDUCTOR EQUIPMENTS & PRODUCTS—0.7%
|
||
Analog Devices, Inc.
|
8,925
|
503,459
|
Linear Technology Corporation
|
1,685
|
67,990
|
Xilinx, Inc.
|
6,946
|
294,510
|
865,959
|
||
SOFTWARE & SERVICES—19.7%
|
||
Cisco Systems, Inc.
|
149,369
|
3,920,936
|
Citrix Systems, Inc. (a)
|
5,581
|
386,652
|
eBay, Inc. (a)
|
20,637
|
504,368
|
Alphabet Inc. (a)
|
7,216
|
4,606,478
|
Alphabet Inc. C (a)
|
2,380
|
1,448,040
|
Intuit Inc.
|
6,685
|
593,294
|
MasterCard Incorporated
|
7,702
|
694,104
|
Microsoft Corporation
|
112,080
|
4,960,661
|
Oracle Corporation
|
135,057
|
4,878,259
|
PayPal Holdings, Inc.
|
20,986
|
651,405
|
SAP AG (b)(c)
|
5,242
|
339,629
|
22,983,826
|
||
SPECIALTY RETAIL—0.4%
|
||
Bed Bath & Beyond Inc. (a)
|
6,687
|
$381,293
|
Ross Stores, Inc.
|
746
|
36,159
|
417,452
|
||
TEXTILES & APPAREL—3.1%
|
||
Burberry Group plc (a)(c)
|
4,091
|
84,438
|
LVMH Moët Hennessy-Louis Vuitton S.A. (a)(c)
|
22,854
|
777,265
|
Nike, Inc. B
|
15,508
|
1,907,019
|
Swatch Group AG (The) (a)(c)
|
11,437
|
211,241
|
V.F. Corporation
|
9,675
|
659,932
|
3,639,895
|
||
TOBACCO—5.8%
|
||
British American Tobacco p.l.c. (c)
|
23,871
|
2,627,720
|
Philip Morris International, Inc.
|
47,301
|
3,752,388
|
Reynolds American, Inc.
|
9,902
|
438,362
|
6,818,470
|
||
TRADING COMPANIES & DISTRIBUTION—0.3%
|
||
W.W. Grainger, Inc.
|
1,739
|
373,902
|
WIRELESS TELECOMMUNICATIONS—1.9%
|
||
KDDI Corporation (a)(c)
|
90,040
|
1,012,050
|
NTT DOCOMO, Inc. (a)(c)
|
68,427
|
1,155,048
|
2,167,098
|
||
TOTAL COMMON STOCK
|
||
(Cost $112,904,052)
|
116,528,919
|
|
Short Term Investments—0.1%
|
||
Par Value
|
Value
|
|
State Street Bank & Trust Co., Repurchase Agreement .0%, 10/01/15, (Dated 09/30/15), Collateralized by 120,000 par U.S. Treasury Note-3.125% due 05/15/2021, Market Value $313,456.28, Repurchase Proceeds $123,652.20 (Cost $123,652)
|
$123,652
|
123,652
|
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED)—99.9%
|
||
(Cost $113,027,704)
|
116,652,571
|
|
Money Market—0.3%
|
||
Western Asset Institutional Cash Reserves—Inst.
(Cost $339,300)
|
$339,300
|
$339,300
|
TOTAL INVESTMENTS 100.2%
|
||
(Cost $113,367,004)
|
$116,991,871
|
|
OTHER ASSETS & LIABILITIES (NET)—(0.2%)
|
(243,563)
|
|
NET ASSETS—100%
|
$116,748,308
|
(a)
|
Non-Income producing security
|
(b)
|
All or a portion of this security is out on loan
|
(c)
|
ADR—American Depositary Receipts
|
The percentage of each investment category is calculated as a percentage of net assets.
|
Shares
|
Value
|
|
BRAZIL—3.1%
|
||
Ambev SA (c)
|
73,334
|
$ 359,337
|
Banco do Brasil S.A.
|
110,712
|
425,062
|
Companhia Brasileira de Distribuicao SP (c)
|
10,938
|
137,163
|
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes
|
219,400
|
458,307
|
Energias do Brasil S.A.
|
86,200
|
249,956
|
JBS S.A.
|
161,000
|
683,203
|
KLABIN S.A.
|
111,000
|
613,458
|
Petroleo Brasileiro S.A.
|
43,583
|
94,013
|
Petroleo Brasileiro S.A. (a)(c)
|
37,232
|
137,014
|
Sul America S.A.
|
36,400
|
164,117
|
Transmissora Alianca de Energia Eletrica S.A.
|
37,200
|
179,188
|
3,500,818
|
||
CHINA—10.9%
|
||
Agricultural Bank of China, Class H
|
702,000
|
264,489
|
Bank of China Ltd., H
|
3,395,392
|
1,458,886
|
Beijing Capital International Airport Co., Ltd. H
|
230,000
|
214,562
|
China Construction Bank Corporation
|
2,735,422
|
1,817,685
|
China Life Insurance Co,. Limited
|
141,000
|
487,575
|
China Petroleum & Chemical Corporation
|
919,810
|
561,366
|
China Telecom Corporation Limited
|
1,426,000
|
682,622
|
China Yuchai International Ltd.
|
12,626
|
156,184
|
Datang International Power Generation Co., Ltd.
|
1,126,000
|
422,784
|
Dongfeng Motor Group Company Limited
|
352,881
|
439,838
|
Great Wall Motor Co., Ltd.
|
430,500
|
479,370
|
Guangzhou R&F Properties Co., Ltd. H (a)(b)
|
502,400
|
453,121
|
Huaneng Power International Inc. H
|
662,000
|
713,233
|
Industrial & Commercial Bank of China Ltd.
|
1,685,911
|
970,190
|
Jiangsu Expressway Co. Ltd.—H
|
156,000
|
199,272
|
PetroChina Company Limited
|
867,778
|
600,151
|
Ping An Insurance Group H Share
|
135,500
|
671,363
|
Shanghai Electric Group Company Ltd. H (b)
|
842,000
|
458,471
|
Sino-Ocean Land Holdings Ltd.
|
283,500
|
152,537
|
Sinotrans Ltd. H Shares
|
1,241,000
|
584,456
|
Zhejiang Expressway Co., Ltd.
|
486,000
|
531,764
|
12,319,919
|
||
CZECH REPUBLIC—0.6%
|
||
CEZ A.S.
|
33,471
|
695,542
|
HONG KONG—7.2%
|
||
ANTA Sports Products, Ltd.
|
257,000
|
664,867
|
Central China Real Estate Ltd.
|
364,371
|
68,171
|
Cheung Kong Holdings Ltd.
|
31,500
|
229,030
|
China Mobile Limited
|
206,279
|
2,435,360
|
Chongqing Rural Commercial Bank Co.
|
1,009,687
|
573,227
|
CK Hutchison Holdings Ltd.
|
37,000
|
480,271
|
CNOOC Limited
|
348,218
|
356,746
|
Franshion Properties (China) Ltd.
|
534,000
|
132,980
|
KWG Property Holding Limited
|
776,419
|
508,917
|
Longfor Properties Co., Ltd.
|
154,000
|
194,134
|
Orient Overseas (International) Limited
|
40,500
|
189,692
|
Pacific Textiles Holdings Ltd.
|
105,000
|
142,254
|
Tencent Holdings Limited
|
130,100
|
2,173,873
|
8,149,522
|
||
HUNGARY—0.7%
|
||
MOL Hungarian Oil an Gas Nyrt.
|
3,620
|
157,667
|
Richter Gedeon Nyrt
|
38,876
|
617,293
|
774,960
|
||
INDIA—5.2%
|
||
Apollo Tyres Ltd.
|
216,717
|
593,958
|
Bharat Petroleum Corporation Ltd.
|
31,040
|
401,572
|
Cairn India Ltd.
|
140,759
|
331,204
|
Chambal Fertilizers & Chemicals Ltd.
|
166,995
|
149,339
|
Grasim Industries Limited
|
1,766
|
94,945
|
Hindustan Petroleum Corporation Ltd.
|
52,688
|
617,784
|
Hindustan Zinc Ltd.
|
75,774
|
160,460
|
Housing Development Finance Corp Ltd.
|
17,371
|
320,744
|
IFCI Ltd.
|
309,512
|
101,615
|
Indiabulls Housing Finance Limited
|
16,703
|
202,044
|
IndianOil Corporation Ltd.
|
51,240
|
314,200
|
Infosys Technologies Ltd. (c)
|
23,342
|
445,599
|
Power Finance Corporation Limited
|
160,324
|
560,914
|
Reliance Industries Ltd.
|
11,098
|
145,750
|
Rural Electrification Corporation Limited
|
193,956
|
809,627
|
SRF Limited
|
6,678
|
114,963
|
Tata Chemicals Ltd.
|
23,612
|
137,791
|
Tata Consultancy Services Ltd.
|
3,299
|
129,919
|
United Phosphorus Limited
|
40,058
|
280,143
|
5,912,571
|
||
INDONESIA—0.5%
|
||
PT Indofood CBP Sukses Makmur Tbk
|
121,700
|
103,009
|
PT Matahari Putra Prima Tbk
|
733,200
|
96,092
|
PT United Tractors Tbk
|
334,400
|
398,883
|
597,984
|
||
MALAYSIA—1.7%
|
||
British American Tobacco (Malaysia) Berhad
|
19,044
|
261,328
|
Cahya Mata Sarawak Berhad
|
81,000
|
94,898
|
DiGi.Com Berhad
|
450,900
|
569,299
|
JCY International Berhad
|
351,500
|
53,576
|
Lafarge Malaysia Berhad
|
33,880
|
69,367
|
Malaysia Building Society Berhad
|
437,112
|
145,182
|
MISC Berhad
|
93,700
|
187,581
|
Telekom Malaysia Berhad
|
244,078
|
370,913
|
YTL Corporation Berhad
|
290,800
|
105,848
|
1,857,992
|
||
MEXICO—2.0%
|
||
America Movil S.A.B. de C.V., Series L
|
818,270
|
680,217
|
Controladora Comercial Mexicana S.A. de C.V.
|
61,200
|
177,500
|
Fomento Economico Mexicano S.A.B. (c)
|
3,048
|
272,034
|
GRUMA, S.A.B. de C.V., Series B
|
72,007
|
990,541
|
Grupo Televisa S.A.B. (c)
|
3,324
|
86,491
|
2,206,783
|
||
PERU—0.6%
|
||
Credicorp Ltd.
|
6,773
|
720,376
|
PHILIPPINES—1.1%
|
||
Aboitiz Equity Ventures, Inc.
|
109,830
|
135,584
|
Aboitiz Power Corporation
|
151,900
|
140,395
|
BDO Unibank, Inc.
|
179,840
|
398,234
|
Globe Telecom, Inc.
|
3,020
|
151,711
|
Megaworld Corporation
|
1,574,100
|
147,172
|
Nickel Asia Corporation
|
376,600
|
51,567
|
Puregold Price Club, Inc.
|
137,900
|
91,461
|
Security Bank Corporation
|
31,380
|
92,112
|
Semirara Mining and Power Corporation
|
26,640
|
77,572
|
1,285,808
|
||
POLAND—1.2%
|
||
Asseco Poland S.A.
|
9,174
|
130,236
|
KGHM Polska Miedz S.A.
|
25,065
|
539,900
|
POLAND (continued)
|
||
PGE S.A.
|
127,133
|
450,448
|
Tauron Polska Energia S.A.
|
247,010
|
212,954
|
1,333,538
|
||
RUSSIA—2.7%
|
||
Gazprom (c)
|
161,201
|
648,028
|
LUKoil (c)
|
21,648
|
735,166
|
MMC Norilsk Nickel P.J.S.C. (c)
|
53,022
|
760,600
|
Severstal (b)(d)
|
87,653
|
929,122
|
3,072,916
|
||
SINGAPORE—1.2%
|
||
ComfortDelGro Corporation Limited
|
196,000
|
395,236
|
Mapletree Industrial Trust
|
162,300
|
169,342
|
Singapore Airlines Limited
|
60,000
|
451,080
|
Yangzijiang Shipbuilding Holdings Limited
|
432,100
|
344,587
|
1,360,245
|
||
SOUTH AFRICA—5.4%
|
||
African Rainbow Minerals Limited
|
16,964
|
63,659
|
AVI Limited
|
35,317
|
223,719
|
Barloworld Limited
|
63,740
|
347,694
|
FirstRand Limited
|
298,175
|
1,060,249
|
Investec Ltd.
|
35,389
|
271,002
|
Liberty Holdings Limited
|
29,618
|
270,521
|
Mediclinic International, Ltd.
|
40,114
|
320,477
|
Mondi Limited
|
7,568
|
158,894
|
MTN Group Limited
|
28,460
|
366,495
|
Naspers Limited N Shs
|
9,502
|
1,189,707
|
Netcare Limited
|
181,349
|
476,250
|
RMB Holdings Ltd.
|
154,077
|
734,799
|
Sappi Ltd. (a)
|
58,572
|
180,091
|
Sasol Ltd.
|
4,770
|
133,757
|
Standard Bank of South Africa Ltd.
|
16,340
|
159,588
|
Tsogo Sun Holdings Ltd.
|
49,688
|
86,992
|
6,043,894
|
||
SOUTH KOREA—8.9%
|
||
BGF Retail Co., Ltd.
|
2,146
|
365,723
|
Coway Co., Ltd.
|
7,001
|
494,376
|
GS Retail Co., Ltd.
|
11,637
|
598,884
|
Hanwha Corporation
|
15,210
|
498,531
|
Hite Jinro Co., Ltd.
|
8,040
|
154,655
|
Hyosung Corporation
|
6,796
|
645,027
|
Hyundai Motor Company Ltd.
|
1,376
|
190,386
|
Hyundai Steel Co., Ltd.
|
4,482
|
194,738
|
Kangwon Land Inc.
|
17,197
|
613,712
|
KT&G Corporation
|
12,338
|
1,160,623
|
LG Display Co., Ltd.
|
31,963
|
610,784
|
Samsung Electronics Company, Ltd.
|
3,362
|
3,216,492
|
Shinhan Financial Group Co., Ltd.
|
3,798
|
132,656
|
SK Hynix Inc.
|
5,551
|
157,121
|
SK Telecom Co., Ltd. (c)
|
12,428
|
303,243
|
Woori Bank
|
85,742
|
679,252
|
10,016,203
|
||
TAIWAN—11.0%
|
||
ASUSTeK Computer, Inc.
|
106,488
|
913,609
|
Chailease Holding Co., Ltd.
|
144,876
|
226,592
|
Chinatrust Financial Holding Co., Ltd.
|
1,509,260
|
776,918
|
Chunghwa Telecom Co., Ltd.
|
202,600
|
607,908
|
CTCI Corporation
|
52,000
|
62,222
|
Farglory Land Development Co., Ltd.
|
143,302
|
151,016
|
Fubon Financial Holding Co., Ltd.
|
651,000
|
1,014,237
|
Highwealth Construction Corp.
|
146,300
|
206,160
|
Hon Hai Precision Industry Co., Ltd.
|
373,677
|
971,430
|
Innolux Corporation
|
226,000
|
70,352
|
Kings Town Bank
|
90,000
|
63,822
|
MediaTek, Inc.
|
34,000
|
251,431
|
Mega Financial Holding Co., Ltd.
|
869,000
|
601,722
|
Pegatron Corporation
|
392,416
|
955,790
|
Pou Chen Corporation
|
319,000
|
478,100
|
Powertech Technology, Inc.
|
492,000
|
886,056
|
Realtek Semiconductor Corporation
|
128,000
|
216,913
|
Ruentex Development Company Limited
|
147,000
|
160,047
|
Ruentex Industries Ltd.
|
47,000
|
83,216
|
Simplo Technology Co., Ltd.
|
54,000
|
173,836
|
Taiwan Semiconductor Manufacturing Co., Ltd.
|
576,270
|
2,275,153
|
Transcend Information, Inc.
|
28,000
|
70,579
|
United Microelectronics Corporation
|
2,262,401
|
742,052
|
Vanguard International Semiconductor Corp.
|
279,000
|
316,049
|
Wan Hai Lines, Ltd.
|
218,000
|
137,046
|
12,412,256
|
||
THAILAND—1.2%
|
||
Delta Electronics PCL
|
150,100
|
$363,929
|
Krung Thai Bank PCL
|
1,405,146
|
662,019
|
Thanachart Capital PCL
|
320,300
|
280,191
|
1,306,139
|
||
TURKEY—1.0%
|
||
Eregli Demir ve Celik Fabrikalari T.A.S.
|
283,253
|
349,146
|
Tofas Turk Otomobil Fabrikasi A.S.
|
36,755
|
218,024
|
Turk Hava Yollari A.O.
|
133,156
|
350,706
|
Turkiye Is Bankasi A.S.
|
106,310
|
165,470
|
1,083,346
|
||
UNITED ARAB EMERATES—0.2%
|
||
Abu Dhabi Commercial Bank
|
108,344
|
225,655
|
TOTAL COMMON STOCK
|
||
(Cost $86,788,754)
|
74,876,467
|
|
Preferred Stock—1.7%
|
||
BRAZIL—0.8%
|
||
Banco Bradesco S.A.
|
40,366
|
218,399
|
Cia Energetica de Sao Paulo
|
60,700
|
233,202
|
Itau Unibanco Holding S.A.
|
56,107
|
375,700
|
Metalurgica Gerdau S.A.
|
122,700
|
90,499
|
917,800
|
||
SOUTH KOREA—0.9%
|
||
Samsung Electronics Co. Ltd.
|
1,310
|
1,013,473
|
TOTAL PREFERRED STOCK
|
||
(Cost $3,816,714)
|
1,931,273
|
|
Mutual Funds—31.0%
|
||
UNITED STATES—31.0%
|
||
Pear Tree PanAgora Risk Parity Emerging Markets Fund*
(Cost 42,984,903)
|
4,254,123
|
35,011,431
|
Short Term Investments—0.7%
|
||
Par Value
|
Value
|
|
State Street Bank & Trust Co., Repurchase Agreement .0%, 10/01/15, (Dated 09/30/15), Collateralized by 695,000 par U.S. Treasury Note-3.125% due 05/15/2021, Market Value $761,350.96, Repurchase Proceeds $743,699.39 (Cost $743,669)
|
$743,669
|
743,669
|
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED)
|
||
(Cost $134,334,040)
|
112,562,840
|
|
INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED—1.0%
|
||
Money Market—1.0%
|
||
Western Asset Institutional Cash Reserves—Inst. (Cost $1,197,749)
|
1,197,749
|
$1,197,749
|
TOTAL INVESTMENTS—100.8%
|
||
(Cost $135,531,789)
|
113,760,589
|
|
OTHER ASSETS & LIABILITIES (Net)—(0.8%)
|
(940,942)
|
|
NET ASSETS—100%
|
$112,819,647
|
*
|
Investment in affiliated security. This Fund is advised by Pear Tree Advisors, Inc. which also serves as advisor to Pear Tree PanAgora Dynamic Emerging Markets Fund.
|
(a)
|
Non-income producing security.
|
(b)
|
All or a portion of this security was out on loan.
|
(c)
|
ADR—American Depositary Receipts
|
(d)
|
GDR—Global Depositary Receipts
|
The percentage of each investment category is calculated as a percentage of net assets.
|
SECTOR ALLOCATIONS
(as a percentage of Total Net Assets)
|
|
Financials
|
18.3%
|
Information Technology
|
14.3%
|
Consumer Discretionary
|
5.6%
|
Telecommunication Services
|
5.5%
|
Materials
|
5.3%
|
Industrials
|
5.1%
|
Consumer Staples
|
5.0%
|
Energy
|
4.7%
|
Utilities
|
3.0%
|
Health Care
|
1.3%
|
Mutual Funds
|
31.0%
|
Cash and Other Assets (Net)
|
0.9%
|
Shares
|
Value
|
|
BRAZIL—2.5%
|
||
Banco do Brasil S.A.
|
2,400
|
$ 9,214
|
BRF S.A.
|
1,300
|
23,179
|
CCR S.A.
|
8,300
|
25,514
|
Cetip S.A. Mercados Organizados
|
2,200
|
18,282
|
CIA Paranaense de Energia (c)
|
3,284
|
26,962
|
Cielo S.A.
|
6,480
|
60,004
|
Companhia Energetica de Minas Gerais (c)
|
7,462
|
13,282
|
Cosan S.A. Industria e Comercio
|
9,000
|
45,762
|
CPFL Energia S.A. (a)(c)
|
1,707
|
12,803
|
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes
|
10,300
|
21,516
|
Embraer S.A. (c)
|
2,049
|
52,413
|
Fibria Celulose S.A.
|
2,000
|
27,179
|
Gerdau S.A. (c)
|
9,500
|
13,015
|
Hypermarcas S.A. (a)
|
2,800
|
10,807
|
KLABIN S.A.
|
5,000
|
27,633
|
Kroton Educacional S.A.
|
7,792
|
15,175
|
Localiza Rent a Car S.A.
|
5,500
|
33,953
|
Lojas Americanas S.A.
|
11,375
|
33,875
|
Lojas Renner S.A..
|
5,000
|
23,238
|
Natura Cosméticos S.A.
|
1,300
|
6,403
|
Odontoprev S.A.
|
21,500
|
51,863
|
Porto Seguro S.A.
|
2,600
|
19,768
|
Qualicorp S.A.
|
5,900
|
22,116
|
Raia Drogasil S.A.
|
4,400
|
43,455
|
Souza Cruz S.A.
|
2,100
|
14,216
|
Telefonica Brasil S.A. (c)
|
3,869
|
35,324
|
TIM Participacoes S.A. (c)
|
2,643
|
24,976
|
Totvs S.A.
|
8,300
|
63,188
|
Tractebel Energia S.A.
|
1,900
|
16,202
|
Transmissora Alianca de Energia Eletrica S.A.
|
6,100
|
29,383
|
Ultrapar Participacoes S.A.
|
2,800
|
47,244
|
Vale S.A.
|
3,500
|
14,658
|
Via Varejo S.A.
|
3,300
|
3,301
|
Weg S.A.
|
9,580
|
37,386
|
923,289
|
||
CHILE—4.6%
|
||
AES Gener S.A.
|
162,417
|
74,845
|
Aguas Andinas S.A.
|
138,946
|
72,205
|
Banco de Chile
|
842,384
|
87,768
|
Banco de Crédito e Inversiones
|
1,694
|
69,182
|
Banco Santander Chile (c)
|
4,438
|
80,860
|
CHILE (continued)
|
||
Cencosud S.A.
|
25,242
|
49,099
|
Colbun S.A.
|
329,877
|
84,296
|
Compania Cervecerias Unidas S.A. (c)
|
4,663
|
103,285
|
Corpbanca S.A. (c)
|
5,000
|
66,650
|
Empresa Nacional de Electricidad S.A. (c)
|
1,685
|
59,834
|
Empresa Nacional de Telecomunicaciones S.A.
|
16,707
|
157,138
|
Empresas CMPC S.A.
|
53,790
|
138,218
|
Empresas Copec S.A.
|
15,338
|
138,934
|
Enersis S.A. (c)
|
5,367
|
67,839
|
LATAM Airlines Group S.A. (a)
|
13,801
|
66,270
|
Quimica y Minera de Chile S.A. (c)
|
5,466
|
79,476
|
S.A.C.I. Falabella
|
25,236
|
156,301
|
Sonda S.A.
|
48,729
|
73,309
|
Vina Concha y Toro S.A.
|
44,985
|
74,464
|
1,699,973
|
||
CHINA—4.0%
|
||
Air China Ltd H Shares
|
34,000
|
27,068
|
Aluminum Corporation of China Limited H Shares (a)
|
114,000
|
35,449
|
Anhui Conch Cement Company Limited H
|
8,500
|
24,951
|
Bank of Communications Co., Ltd. H
|
40,000
|
27,715
|
BBMG Corporation H
|
30,000
|
20,632
|
Beijing Capital International Airport Co., Ltd. H
|
34,000
|
31,718
|
Beijing Enterprises Holdings Limited
|
2,500
|
15,000
|
Belle International Holdings Limited
|
18,000
|
15,561
|
Brilliance China Automotive Holdings, Ltd.
|
8,000
|
9,414
|
BYD Co., Ltd. H Shares (a)
|
2,500
|
13,161
|
China Agri-Industries Holdings Limited (a)
|
45,000
|
15,445
|
China Coal Energy Co., Ltd. (b)
|
49,000
|
19,916
|
China Communications Construction Co., Ltd., Class H
|
15,000
|
18,406
|
China Communications Services Corporation Ltd. H
|
106,000
|
40,758
|
China Construction Bank Corporation
|
37,000
|
24,586
|
China Longyuan Power Group H
|
33,000
|
35,426
|
China National Building Material Co., Ltd. H
|
38,000
|
21,868
|
China Oilfield Services Limited H
|
18,000
|
17,976
|
China Petroleum & Chemical Corporation
|
52,000
|
31,736
|
China Pharmaceutical Group Limited
|
44,000
|
38,549
|
China Shenhua Energy Co., Ltd.
|
18,500
|
28,310
|
China Shipping Container Lines Co., Ltd. H (a)
|
42,000
|
12,627
|
China Taiping Insurance Holdings Co., Ltd. (a)
|
7,400
|
22,963
|
China Telecom Corporation Limited
|
142,000
|
67,975
|
Chongqing Changan Automobile Co., Ltd. B
|
10,400
|
17,565
|
CITIC Pacific Ltd.
|
18,000
|
32,748
|
Datang International Power Generation Co., Ltd.
|
68,000
|
25,532
|
Dongfeng Motor Group Company Limited
|
14,000
|
17,450
|
ENN Energy Holdings Ltd.
|
4,000
|
19,200
|
Fosun International
|
23,500
|
40,267
|
Haitian International Holdings Ltd.
|
16,000
|
26,384
|
Huadian Power International Corp. Ltd. Class H
|
30,000
|
23,341
|
Huaneng Power International Inc. H
|
44,000
|
47,405
|
Industrial & Commercial Bank of China Ltd.
|
39,000
|
22,443
|
Inner Mongolia Yitai Coal Co., Ltd., Class B
|
27,000
|
22,059
|
Jiangsu Expressway Co. Ltd.—H
|
20,000
|
25,548
|
Kingsoft Corporation Ltd.
|
11,000
|
21,432
|
PetroChina Company Limited (c)
|
505
|
35,198
|
Shandong Weigao Group Medical Polymer Co., Ltd.
|
36,000
|
22,761
|
Shanghai Fosun Pharmaceutical Group Class H
|
12,000
|
37,702
|
Shanghai Pharmaceuticals Holding Co., Ltd.
|
18,500
|
38,622
|
Shenzhou International Group
|
6,000
|
30,889
|
Sino Biopharmaceutical Limited
|
40,000
|
49,031
|
Sino-Ocean Land Holdings Ltd.
|
49,000
|
26,364
|
Sinopec Shanghai Petrochemical Co., Ltd. (a)
|
111,000
|
42,394
|
Sinopharm Group Co., Ltd. H
|
9,600
|
33,630
|
Tingyi (Cayman Islands) Holding Corporation
|
10,000
|
15,922
|
Tsingtao Brewery Co., Ltd.
|
4,000
|
17,548
|
Uni-President China Holdings Limited
|
36,000
|
34,652
|
Yanzhou Coal Mining Company Limited (b)
|
38,000
|
16,867
|
Zhejiang Expressway Co., Ltd.
|
20,000
|
21,883
|
Zijin Mining Group Co., Ltd.
|
116,000
|
30,384
|
ZTE Corporation H
|
17,560
|
40,104
|
1,452,535
|
||
COLOMBIA—1.6%
|
||
Almacenes Exito S.A.
|
17,303
|
74,512
|
Cementos Argos S.A.
|
19,778
|
60,633
|
Corporacion Financiera Colombiana S.A.
|
3,321
|
40,962
|
Ecopetrol S.A.
|
119,423
|
51,582
|
Grupo Argos S.A.
|
11,384
|
66,177
|
Grupo de Inversiones Suramericana SA
|
6,194
|
72,174
|
Interconexión Electrica S.A.
|
45,457
|
105,552
|
Isagen S.A. E.S.P.
|
119,975
|
112,213
|
583,805
|
||
CZECH REPUBLIC—0.5%
|
||
CEZ A.S.
|
4,364
|
90,686
|
Komercni Banka A.S.
|
389
|
84,157
|
174,843
|
||
EGYPT—0.7%
|
||
Commercial International Bank
|
19,631
|
132,001
|
Global Telecom Holding S.A.E. (a)(d)
|
52,387
|
60,245
|
Talaat Moustafa Group (TMG) Holding
|
63,617
|
54,842
|
247,088
|
||
GREECE—0.9%
|
||
Alpha Bank A.E. (a)
|
90,703
|
10,833
|
Eurobank Ergasias S.A. (a)
|
237,768
|
5,839
|
Folli-Follie S.A.
|
1,701
|
34,555
|
Hellenic Telecommunication Organization S.A.
|
10,873
|
94,664
|
Jumbo S.A.
|
4,399
|
38,545
|
Opap S.A.
|
6,900
|
62,230
|
Piraeus Bank S.A. (a)
|
70,614
|
6,148
|
Titan Cement Company S.A.
|
4,109
|
92,647
|
345,461
|
||
HONG KONG—1.9%
|
||
AAC Technologies Holdings Inc. (b)
|
9,000
|
56,089
|
Alibaba Health Information Technology Ltd. (a)
|
24,000
|
15,112
|
ANTA Sports Products, Ltd.
|
12,000
|
31,044
|
China Gas Holdings Ltd.
|
20,000
|
27,406
|
China Merchants Holdings International Co., Ltd.
|
6,000
|
17,612
|
China Mobile Limited
|
5,000
|
59,031
|
China Resources Cement Holdings Limited
|
14,000
|
6,322
|
China Resources Enterprise
|
8,000
|
14,843
|
China Resources Gas Group Limited
|
12,000
|
30,781
|
China Resources Power Holdings Co., Ltd.
|
16,000
|
36,252
|
China Unicom (Hong Kong) Limited (c)
|
5,202
|
66,430
|
Franshion Properties (China) Ltd.
|
50,000
|
12,451
|
GCL-Poly Energy Holdings Ltd. (a)
|
104,000
|
20,129
|
Guangdong Investment Limited
|
48,000
|
71,596
|
Hanergy Thin Film Power Group Ltd. (a)
|
36,000
|
2,520
|
Hengan International Group Co., Ltd.
|
2,500
|
24,322
|
Lee & Man Paper Manufacturing Ltd.
|
47,000
|
23,833
|
Lenovo Group Limited
|
26,000
|
21,907
|
Semiconductor Manufacturing International Corp. (a)
|
267,000
|
24,460
|
Shanghai Industrial Holdings Limited
|
11,000
|
24,270
|
Sihuan Pharmaceutical Holdings Group Ltd.
|
48,000
|
13,656
|
Soho China Limited
|
31,000
|
12,040
|
Sun Art Retail Group Ltd. (b)
|
33,500
|
25,762
|
Tencent Holdings Limited
|
2,000
|
33,418
|
Want Want China Holdings Limited
|
29,000
|
23,686
|
694,972
|
||
HUNGARY—0.5%
|
||
MOL Hungarian Oil an Gas Nyrt.
|
1,311
|
57,100
|
OTP Bank Nyrt.
|
3,402
|
65,538
|
Richter Gedeon Nyrt
|
3,883
|
61,656
|
184,294
|
||
INDONESIA—6.6%
|
||
PT Adaro Energy Tbk
|
2,110,900
|
77,087
|
PT Astra Agro Lestari Tbk
|
50,400
|
62,355
|
PT Astra International Tbk
|
214,500
|
76,503
|
PT Bank Central Asia Tbk
|
71,500
|
59,909
|
PT Bank Danamon Indonesia Tbk
|
166,400
|
32,882
|
PT Bank Mandiri Tbk
|
86,500
|
46,793
|
PT Bank Negara Indonesia (Persero) Tbk
|
133,300
|
37,624
|
PT Bank Rakyat Indonesia Tbk
|
75,800
|
44,756
|
PT Bumi Serpong Damai Tbk
|
472,900
|
45,353
|
PT Charoen Pokphand Indonesia Tbk
|
379,300
|
51,782
|
PT Global Mediacom Tbk
|
910,600
|
58,428
|
PT Gudang Garam Tbk
|
35,000
|
100,341
|
PT Indocement Tunggal Prakarsa Tbk
|
108,800
|
122,168
|
PT Indofood CBP Sukses Makmur Tbk
|
105,400
|
89,212
|
PT Indofood Sukses Makmur Tbk
|
208,400
|
78,239
|
PT Jasa Marga (Persero) Tbk
|
411,400
|
135,495
|
PT Kalbe Farma Tbk
|
1,940,900
|
182,166
|
PT Lippo Karawaci Tbk
|
822,300
|
63,427
|
PT Matahari Department Store Tbk
|
68,000
|
74,730
|
PT Media Nusantara Citra Tbk
|
613,100
|
68,634
|
PT Perusahaan Gas Negara (Persero) Tbk
|
640,800
|
110,664
|
PT Semen Indonesia (Persero) Tbk
|
168,500
|
104,090
|
PT Summarecon Agung Tbk
|
481,800
|
36,834
|
PT Surya Citra Media Tbk
|
455,700
|
85,230
|
PT Tambang Batubara Bukit Asam (Persero) Tbk
|
207,900
|
79,825
|
PT Telekomunikasi Indonesia Tbk (c)
|
2,884
|
102,815
|
PT Unilever Indonesia Tbk
|
32,200
|
83,522
|
PT United Tractors Tbk
|
106,100
|
126,559
|
PT XL Axiata Tbk (a)
|
471,500
|
84,162
|
Tower Bersama Infrastructure (a)
|
211,200
|
94,427
|
2,416,012
|
||
MALAYSIA—6.7%
|
||
AirAsia Berhad
|
77,200
|
22,480
|
Alliance Financial Group Berhad
|
35,600
|
27,131
|
AMMB Holdings Berhad
|
14,900
|
15,457
|
Astro Malaysia Holdings Berhad
|
74,100
|
47,537
|
Axiata Group Berhad
|
68,600
|
90,515
|
Berjaya Sports Toto Berhad
|
91,581
|
64,169
|
British American Tobacco (Malaysia) Berhad
|
3,700
|
50,773
|
Bumi Armada Berhad
|
228,950
|
48,178
|
CIMB Group Holdings Berhad
|
19,100
|
19,379
|
Dialog Group Berhad
|
151,756
|
55,237
|
DiGi.Com Berhad
|
78,300
|
98,860
|
Felda Global Ventures Holdings Berhad
|
106,400
|
36,308
|
Gamuda Berhad
|
33,700
|
33,656
|
Genting Berhad
|
39,200
|
64,832
|
Genting Malaysia Berhad
|
93,400
|
88,178
|
Genting Plantation Berhad
|
33,500
|
75,524
|
Hong Leong Bank Berhad
|
16,000
|
47,755
|
Hong Leong Financial Group Berhad
|
7,700
|
24,524
|
IHH Healthcare Berhad
|
94,500
|
128,343
|
IJM Corporation Berhad
|
41,200
|
30,180
|
IOI Corporation Berhad
|
77,100
|
71,386
|
IOI Properties Group Berhad
|
70,000
|
31,530
|
Kuala Lumpur Kepong Berhad
|
17,800
|
87,871
|
Lafarge Malaysia Berhad
|
20,500
|
41,972
|
Malayan Banking Berhad
|
19,200
|
37,389
|
Malaysia Airports Holdings Berhad
|
24,400
|
29,142
|
Maxis Berhad
|
67,200
|
100,133
|
MISC Berhad
|
25,600
|
51,250
|
Petronas Chemicals Group Berhad
|
83,600
|
116,773
|
Petronas Dagangan Berhad
|
17,900
|
88,854
|
Petronas Gas Berhad
|
15,800
|
78,933
|
PPB Group Berhad
|
17,100
|
59,986
|
Public Bank Bhd
|
10,400
|
41,451
|
RHB Capital Berhad
|
15,900
|
21,522
|
SapuraKencana Petroleum Berhad
|
85,600
|
36,610
|
Sime Darby Berhad
|
24,800
|
43,950
|
Telekom Malaysia Berhad
|
72,600
|
110,327
|
Tenaga Nasional Berhad
|
33,300
|
91,057
|
UEM Sunrise Berhad
|
89,100
|
24,931
|
UMW Holdings Berhad
|
26,100
|
44,650
|
YTL Corporation Berhad
|
270,100
|
98,313
|
YTL Power International Berhad
|
244,100
|
89,405
|
2,466,451
|
||
MEXICO—5.7%
|
||
Alfa S.A.B. de C.V., Series A
|
38,800
|
75,481
|
America Movil S.A.B. Series L (c)
|
9,702
|
160,568
|
Arca Continental S.A.B. de C.V.
|
8,500
|
47,877
|
Cemex S.A. de C.V. (a)(c)
|
4,175
|
29,183
|
Cemex S.A.B. CPO (a)
|
37,315
|
26,052
|
Coca-Cola FEMSA SAB de C.V. (c)
|
744
|
51,619
|
Compartamos, S.A.B de C.V.
|
46,700
|
76,316
|
Controladora Comercial Mexicana S.A. de C.V.
|
17,900
|
51,916
|
El Puerto de Liverpool S.A.B. de C.V.
|
14,500
|
188,277
|
Fibra Uno Administracion S.A. de C.V.
|
27,484
|
56,768
|
Fomento Economico Mexicano S.A.B. (c)
|
514
|
45,875
|
GRUMA, S.A.B. de C.V., Series B
|
4,500
|
61,903
|
Grupo Aeroportuario del Pacifico S.A.B. (c)
|
1,395
|
121,142
|
Grupo Aeroportuario del Sureste, S. A. B. de C.V., Series B
|
4,900
|
74,789
|
Grupo Bimbo, S.A. de C.V. (a)
|
17,700
|
44,812
|
Grupo Carso SAB de C.V., Series A1
|
17,700
|
79,591
|
Grupo Comercial Chedraui S.A. de C.V
|
21,800
|
56,881
|
Grupo Financiero Banorte SAB de C.V.
|
17,000
|
83,403
|
Grupo Financiero Inbursa SAB de C.V.
|
31,100
|
64,274
|
Grupo Lala SAB de C.V.
|
21,500
|
50,870
|
Grupo Mexico S.A.B. de C.V., Series B
|
17,500
|
42,338
|
Grupo Televisa S.A.B. (c)
|
3,723
|
96,873
|
Industrias Penoles SAB de C.V.
|
6,905
|
94,459
|
Kimberly-Clark de Mexico S.A. de C.V., Class A
|
13,400
|
30,310
|
Mexichem SAB de C.V.
|
21,900
|
53,838
|
Minera Frisco S.A.B. De C.V. (a)(b)
|
46,000
|
24,032
|
OHL Mexico, S.A.B. de C.V. (a)
|
57,400
|
74,036
|
Promotora Y Operadora de Infraestructura, S.A.B. de C.V. (a)
|
7,200
|
78,895
|
Santander Mexico SAB de C.V.
|
48,000
|
71,028
|
Wal-Mart de Mexico, S.A.B. de C.V.
|
30,500
|
75,269
|
2,088,675
|
||
PERU—0.7%
|
||
Credicorp Ltd.
|
934
|
99,340
|
Companhia de Minas Buenaventura S.A. (c)
|
8,926
|
53,199
|
Southern Copper Corporation (b)
|
3,566
|
95,284
|
247,823
|
||
PHILIPPINES—6.4%
|
||
Aboitiz Equity Ventures, Inc.
|
69,300
|
85,550
|
Aboitiz Power Corporation
|
208,400
|
192,616
|
Alliance Global Group, Inc.
|
202,900
|
66,505
|
Ayala Corporation
|
4,530
|
74,337
|
Ayala Land Inc.
|
88,100
|
64,086
|
Bank of the Philippine Islands
|
36,516
|
62,735
|
BDO Unibank, Inc.
|
36,690
|
81,246
|
DMCI Holdings, Inc.
|
346,550
|
94,904
|
Energy Development Corporation
|
1,252,300
|
147,361
|
Globe Telecom, Inc.
|
4,505
|
226,310
|
GT Capital Holdings Inc.
|
2,765
|
74,834
|
International Container Terminal Services, Inc.
|
34,340
|
55,139
|
JG Summit Holdings, Inc.
|
65,490
|
99,272
|
Jollibee Foods Corporation
|
63,990
|
263,955
|
Megaworld Corporation
|
569,000
|
53,199
|
Metro Pacific Investments Corporation
|
720,600
|
76,778
|
Metropolitan Bank & Trust Company
|
39,398
|
68,782
|
Philippine Long Distance Telephone Company (c)
|
2,406
|
111,061
|
Philippine Long Distance Telephone Company (The)
|
430
|
20,148
|
SM Investments Corporation
|
5,098
|
97,128
|
SM Prime Holdings, Inc.
|
179,300
|
79,216
|
Universal Robina Corporation
|
65,500
|
269,063
|
2,364,225
|
||
POLAND—4.0%
|
||
Alior Bank S.A. (a)
|
2,100
|
43,716
|
Bank Handlowy w Warszawie S.A.
|
1,260
|
26,760
|
Bank Millennium S.A. (a)
|
24,470
|
37,819
|
Bank Pekao S.A.
|
612
|
24,837
|
Bank Zachodni WBK S.A.
|
395
|
30,472
|
CCC S.A.
|
1,510
|
65,071
|
Cyfrowy Polsat S.A. (a)
|
17,925
|
110,107
|
ENEA S.A.
|
14,609
|
51,877
|
Energa S.A.
|
11,210
|
49,678
|
Eurocash S.A.
|
13,304
|
156,240
|
Getin Noble Bank S.A. (a)
|
52,529
|
11,874
|
Grupa Azoty S.A. (a)
|
4,328
|
100,676
|
Grupa LOTOS S.A. (a)
|
11,387
|
83,654
|
KGHM Polska Miedz S.A.
|
2,829
|
60,937
|
LPP S.A.
|
33
|
67,829
|
mBank S.A.
|
215
|
19,609
|
Orange Polska S.A.
|
50,359
|
96,230
|
PGE S.A.
|
13,573
|
48,091
|
PKO Bank Polski S.A. (a)
|
3,149
|
24,359
|
Polski Koncern Naftowy ORLEN S.A.
|
5,873
|
102,191
|
Polskie Gornictwo Naftowe i Gazownictwo S.A.
|
59,510
|
101,984
|
PZU S.A.
|
282
|
28,885
|
Synthos S.A.
|
68,146
|
67,706
|
Tauron Polska Energia S.A.
|
65,807
|
56,734
|
1,467,336
|
||
QATAR—6.7%
|
||
Barwa Real Estate Company Q.S.C.
|
9,010
|
105,633
|
Commercial Bank of Qatar Q.S.C.
|
11,751
|
181,971
|
Doha Bank Q.S.C.
|
10,019
|
138,094
|
Ezdan Holding Group Q.S.C.
|
16,396
|
84,184
|
Gulf International Services Q.S.C.
|
10,742
|
191,711
|
Industries Qatar Q.S.C.
|
10,903
|
368,213
|
Masraf Al Rayan Q.S.C.
|
10,116
|
119,433
|
Ooredoo Q.S.C.
|
11,078
|
234,207
|
Qatar Electricity & Water Company Q.S.C.
|
6,947
|
399,413
|
Qatar Insurance Company
|
5,818
|
148,721
|
Qatar Islamic Bank SAQ
|
4,664
|
146,370
|
Qatar National Bank SAQ
|
3,076
|
158,357
|
Vodafone Qatar
|
46,106
|
171,912
|
2,448,219
|
||
RUSSIA—2.9%
|
||
ALROSA ao
|
74,800
|
65,650
|
Federal Hydro-Generating Company RusHydro OAO
|
3,102,000
|
28,767
|
Gazprom (c)
|
11,237
|
45,173
|
Magnit OJSC (Reg S) (d)
|
2,394
|
114,361
|
MegaFon (d)
|
3,601
|
43,752
|
MMC Norilsk Nickel P.J.S.C. (c)
|
4,765
|
68,354
|
Mobile TeleSystems (c)
|
5,038
|
36,374
|
Moscow Exchange MICEX-RTS
|
57,010
|
69,693
|
NovaTek OAO (Reg S) (d)
|
370
|
34,225
|
OAO Rostelecom
|
45,640
|
59,130
|
OC Rosneft OJSC (Reg S) (d)
|
11,492
|
42,406
|
RusHydro P.J.S.C. (b)(c)
|
114,561
|
107,687
|
Sberbank
|
38,840
|
44,672
|
Severstal (d)
|
7,131
|
75,589
|
Sistema JSFC (Reg S) (d)
|
9,135
|
62,849
|
Tatneft (a)(c)
|
1,495
|
41,785
|
Uralkali OJSC
|
24,900
|
73,406
|
VTB Bank OJSC
|
58,400,000
|
60,275
|
1,074,148
|
||
SOUTH AFRICA—4.8%
|
||
African Bank Investments Limited (a)
|
47,336
|
—
|
African Rainbow Minerals Limited
|
3,044
|
11,423
|
Anglogold Ashanti Ltd. (a)(c)
|
3,117
|
25,528
|
Aspen Pharmacare Holdings Limited
|
2,007
|
42,688
|
Barloworld Limited
|
13,711
|
74,792
|
Bidvest Group Limited
|
4,777
|
112,740
|
Discovery Ltd.
|
1,769
|
17,618
|
Exxaro Resources Ltd.
|
10,631
|
40,378
|
Foschini Limited
|
3,981
|
40,416
|
Gold Fields Limited
|
3,713
|
9,684
|
Gold Fields Ltd. (c)
|
4,490
|
11,943
|
Growthpoint Properties Limited
|
21,002
|
38,973
|
Hyprop Investments Limited
|
2,183
|
19,064
|
Impala Platinum Holdings Limited (a)
|
2,939
|
8,169
|
Imperial Holdings Limited
|
4,233
|
51,920
|
Investec Ltd.
|
4,159
|
31,849
|
Life Healthcare Group Holdings Ltd.
|
20,143
|
51,893
|
Massmart Holdings Ltd.
|
4,531
|
35,435
|
Mediclinic International, Ltd.
|
7,243
|
57,865
|
MMI Holdings Ltd.
|
13,440
|
23,132
|
Mondi Limited
|
2,017
|
42,348
|
Mr Price Group Ltd.
|
2,605
|
36,373
|
MTN Group Limited
|
3,432
|
44,196
|
Nampak Ltd.
|
7,606
|
14,197
|
Naspers Limited N Shs
|
446
|
55,842
|
Netcare Limited
|
27,555
|
72,364
|
Pick n Pay Stores Ltd.
|
10,396
|
49,865
|
PPC, Ltd.
|
17,830
|
22,058
|
Redefine Properties Ltd.
|
26,601
|
22,516
|
Remgro Limited
|
1,906
|
34,765
|
RMI Holdings Ltd.
|
6,849
|
20,523
|
Sanlam Limited
|
7,618
|
32,958
|
Sappi Ltd. (a)
|
8,232
|
25,311
|
Sasol Ltd.
|
2,679
|
75,122
|
Shoprite Holdings Ltd.
|
3,148
|
35,792
|
Spar Group Limited (The)
|
5,801
|
77,640
|
Steinoff International Holdings Limited
|
14,100
|
86,604
|
Telkom South Africa Limited
|
15,627
|
75,227
|
Tiger Brands Limited
|
2,360
|
52,039
|
Truworths International Ltd.
|
6,076
|
37,372
|
Vodacom Group (Proprietary) Limited
|
8,778
|
87,320
|
Woolworths Holdings Limited
|
9,145
|
64,043
|
1,769,985
|
||
SOUTH KOREA—5.1%
|
||
Amore Pacific Corporation
|
162
|
52,620
|
Amorepacific Group
|
360
|
49,506
|
BS Financial Group, Inc.
|
1,490
|
17,222
|
Celltrion Inc. (a)
|
789
|
45,198
|
CJ CheilJedang Corp.
|
116
|
37,238
|
Daewoo International Corporation
|
420
|
7,353
|
Daewoo Securities Co., Ltd.
|
1,770
|
17,770
|
DGB Financial Group Inc.
|
1,410
|
12,491
|
Dongbu Insurance Co., Ltd.
|
443
|
22,911
|
Doosan Heavy Industries & Construction Co., Ltd.
|
1,230
|
21,948
|
Doosan Infracore Co., Ltd. (a)
|
3,730
|
20,675
|
GS Holdings Corp.
|
1,490
|
57,259
|
Hana Financial Group, Inc.
|
490
|
10,914
|
Hankook Tire Co. Ltd.
|
714
|
23,854
|
Hanmi Pharmaceuticals, Co., Ltd. (a)
|
103
|
32,283
|
Hyosung Corporation
|
364
|
34,548
|
Hyundai Marine & Fire Insurance, Co., Ltd.
|
912
|
23,275
|
Hyundai Mobis Co.,Ltd.
|
73
|
14,258
|
Hyundai Steel Co., Ltd.
|
364
|
15,815
|
Hyundai Wia Corp.
|
165
|
17,957
|
Industrial Bank of Korea
|
1,890
|
21,686
|
Kangwon Land Inc.
|
980
|
34,973
|
KB Financial Group Inc.
|
840
|
24,981
|
Korea Aerospace Industries, Ltd.
|
290
|
16,613
|
Korea Electric Power Corporation
|
2,346
|
96,983
|
Korea Gas Corporation
|
1,940
|
65,059
|
Korea Kumho Petrochemical Co., Ltd.
|
401
|
17,998
|
Korea Zinc Co., Ltd.
|
92
|
36,131
|
KT Corporation (a)(c)
|
7,023
|
91,791
|
KT&G Corporation
|
320
|
30,102
|
LG Chem Ltd.
|
141
|
33,962
|
LG Display Co., Ltd.
|
1,436
|
27,441
|
LG Household & Healthcare
|
45
|
32,422
|
LG Innotek Co., Ltd.
|
348
|
25,837
|
LG Uplus Corp.
|
6,740
|
68,805
|
Lotte Chemical Corporation
|
108
|
24,601
|
Lotte Confectionery Co. Ltd.
|
18
|
33,394
|
Lotte Shopping Co., Ltd.
|
148
|
35,648
|
NCSoft Corporation
|
168
|
26,788
|
Orion Corporation
|
42
|
33,379
|
Paradise Co., Ltd.
|
1,235
|
23,391
|
POSCO
|
77
|
10,946
|
Samsung C&T Corp. (a)
|
196
|
24,231
|
Samsung Card Co, Ltd.
|
907
|
27,739
|
Samsung Electro-Mechanics Co., Ltd.
|
282
|
15,298
|
Samsung Electronics Company, Ltd.
|
14
|
13,394
|
Samsung Fire & Marine Insurance Co., Ltd.
|
74
|
17,481
|
Samsung Life Insurance Co., Ltd
|
183
|
15,269
|
Samsung SDI Company, Ltd.
|
221
|
20,230
|
Shinhan Financial Group Co., Ltd.
|
600
|
20,957
|
Shinsegae Co., Ltd.
|
211
|
42,100
|
SK C&C Co., Ltd.
|
135
|
27,790
|
SK Hynix Inc.
|
700
|
19,814
|
SK Innovation Co., Ltd.
|
498
|
41,174
|
SK Telecom Co., Ltd. (c)
|
2,365
|
57,706
|
S-Oil Corp.
|
1,026
|
54,187
|
Woori Bank
|
2,508
|
19,868
|
Woori Investment & Securities Co., Ltd.
|
3,347
|
28,068
|
Yuhan Co., Ltd.
|
409
|
84,022
|
1,877,354
|
||
TAIWAN—6.9%
|
||
Asia Cement Corporation
|
56,808
|
55,553
|
Asia Pacific Telecom Co., Ltd. (a)
|
200,000
|
58,128
|
Chailease Holding Co., Ltd.
|
20,800
|
32,532
|
Cheng Shin Rubber Industry Co., Ltd.
|
27,900
|
45,755
|
Chicony Electronics Co., Ltd.
|
18,090
|
41,644
|
China Airlines Ltd. (a)
|
107,000
|
36,558
|
China Life Insurance Co,. Limited
|
41,140
|
31,235
|
China Steel Corporation
|
74,208
|
43,271
|
Chinatrust Financial Holding Co., Ltd.
|
29,985
|
15,435
|
Chunghwa Telecom Co., Ltd. (c)
|
3,356
|
101,418
|
CTCI Corporation
|
38,000
|
45,470
|
Delta Electronics, Inc.
|
10,000
|
46,769
|
Eclat Textile Co., Ltd.
|
2,160
|
34,111
|
EVA Airways Corporation (a)
|
102,108
|
57,058
|
Evergreen Marine Corporation
|
101,000
|
42,483
|
Far Eastern Department Stores Ltd.
|
36,720
|
19,516
|
Far Eastern New Century Corporation
|
61,473
|
54,701
|
Far EasTone Telecommunications Co., Ltd.
|
47,000
|
101,344
|
Farglory Land Development Co., Ltd.
|
18,000
|
18,969
|
Feng Tay Enterprises Co., Ltd.
|
11,330
|
70,366
|
First Financial Holding Company Ltd.
|
79,768
|
36,338
|
Formosa Chemicals & Fiber Corporation
|
11,330
|
22,985
|
Formosa International Hotels Corporation
|
2,623
|
17,525
|
Formosa Petrochemical Corporation
|
55,000
|
130,787
|
Formosa Plastics Corporation
|
32,480
|
68,457
|
Formosa Taffeta Co., Ltd.
|
32,000
|
30,175
|
Fubon Financial Holding Co., Ltd.
|
14,000
|
21,812
|
Giant Manufacturing Co., Ltd.
|
4,000
|
29,033
|
Highwealth Construction Corp.
|
27,300
|
38,470
|
HIWIN Technologies Corp.
|
3,182
|
16,911
|
Hotai Motor Co., Ltd.
|
2,000
|
21,259
|
Hua Nan Financial Holdings Co., Ltd.
|
42,495
|
19,746
|
Lite-On Technology Corp.
|
27,210
|
24,956
|
Mega Financial Holding Co., Ltd.
|
23,751
|
16,446
|
Merida Industry Co., Ltd.
|
3,150
|
16,933
|
Nan Ya Plastics Corporation
|
29,100
|
49,137
|
Pou Chen Corporation
|
21,000
|
31,474
|
President Chain Store Corp.
|
17,000
|
105,839
|
Realtek Semiconductor Corporation
|
10,000
|
16,946
|
Ruentex Development Company Limited
|
23,000
|
25,041
|
Ruentex Industries Ltd.
|
21,000
|
37,182
|
SinoPac Financial Holdings Company
|
65,489
|
20,684
|
Standard Foods Corporation
|
44,302
|
95,526
|
Synnex Technology International Corp.
|
18,000
|
17,930
|
Taishin Financial Holding Co., Ltd.
|
151,934
|
53,755
|
Taiwan Cement Corporation
|
42,000
|
42,539
|
Taiwan Cooperative Financial Holding Co., Ltd.
|
61,772
|
25,514
|
Taiwan Fertilizer Co., Ltd.
|
37,000
|
46,071
|
Taiwan Glass Industry Corporation (a)
|
101,000
|
36,808
|
Taiwan Mobile Co., Ltd.
|
34,000
|
103,773
|
Taiwan Semiconductor Manufacturing Co., Ltd. (c)
|
1,057
|
21,933
|
TECO Electric & Machinery Co., Ltd.
|
59,000
|
46,318
|
U-Ming Marine Transport Corporation
|
41,000
|
43,581
|
Uni-President Enterprises Corporation
|
72,339
|
125,224
|
Wan Hai Lines, Ltd.
|
51,000
|
32,061
|
Wistron Corporation
|
39,168
|
20,400
|
Yang Ming Marine Transport Corporation (a)
|
120,000
|
34,658
|
Yuanta Financial Holding Co., Ltd.
|
33,660
|
12,472
|
Yulon Motor Co., Ltd.
|
12,000
|
10,733
|
Zhen Ding Technology Holding Limited
|
7,000
|
20,026
|
2,539,774
|
||
THAILAND—5.5%
|
||
Advanced Info Service For Rg
|
18,200
|
113,327
|
Airports of Thailand PCL
|
10,400
|
80,518
|
Bangkok Bank PCL (e)
|
7,700
|
33,944
|
Bangkok Dusit Medical Services PLC
|
202,200
|
103,064
|
Banpu Public Company Limited
|
52,000
|
28,654
|
BEC World PCL
|
85,800
|
75,647
|
BTS Group Holdings PCL
|
399,300
|
107,265
|
Bumrungrad Hospital PLC
|
23,900
|
142,234
|
Central Pattana PCL
|
51,100
|
63,004
|
Charoen Pokphand Foods PCL
|
125,200
|
71,405
|
CP ALL PCL
|
82,600
|
108,669
|
Delta Electronics PCL
|
56,000
|
135,776
|
Glow Energy PCL
|
49,400
|
115,691
|
Home Product Center PCL (b)
|
479,619
|
90,519
|
Indorama Ventures Public Company Limited
|
85,500
|
54,181
|
IRPC PCL
|
263,500
|
27,297
|
Kasikornbank PCL
|
10,400
|
48,855
|
Krung Thai Bank PCL
|
134,200
|
63,227
|
Minor International PCL
|
83,490
|
66,134
|
PTT Exploration & Production PCL
|
16,300
|
31,437
|
PTT Global Chemical PCL
|
28,700
|
42,502
|
PTT PCL
|
7,100
|
46,949
|
Siam Cement Pub Co-for Reg
|
6,100
|
77,983
|
Siam Commercial Bank PCL
|
15,700
|
57,964
|
Thai Oil PCL
|
25,300
|
36,770
|
Thai Union Group PCL
|
195,700
|
99,212
|
TMB Bank Public Company Limited
|
647,600
|
43,179
|
True Corp PCL (a)
|
194,689
|
52,300
|
2,017,707
|
||
TURKEY—4.8%
|
||
Akbank T.A.S.
|
20,669
|
46,310
|
Anadolu Efes Biracilik VE
|
10,043
|
70,857
|
Arcelik A.S.
|
20,290
|
98,900
|
BIM Birlesik Magazalar A.S.
|
4,336
|
76,875
|
Coca-Cola Icecek A.S.
|
5,672
|
64,854
|
Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.
|
58,131
|
48,218
|
Enka Inşaat ve Sanayi A.S¸.
|
35,848
|
59,232
|
Eregli Demir ve Celik Fabrikalari T.A.S.
|
71,778
|
88,476
|
Ford Otomotiv Sanayi A.S.
|
6,791
|
72,487
|
Haci Omer Sabanci Holding A.S.
|
12,469
|
36,549
|
Koç¸ Holding A.S.
|
17,783
|
69,344
|
Petkim Petrokimya Holding A.S. (a)
|
78,392
|
103,623
|
TAV Havalimanlari Holding A.S.
|
9,549
|
74,946
|
Tofas Turk Otomobil Fabrikasi A.S.
|
17,189
|
101,962
|
Tupras—Turkiye Petrol Rafinerileri A.S. (a)
|
7,476
|
183,068
|
Turk Hava Yollari A.O. (a)
|
20,144
|
53,055
|
Turk Telekomunikasyon A.S.
|
37,251
|
73,491
|
Turkcell Iletisim Hizmetleri A.S.
|
9,898
|
34,508
|
Turkcell Iletisim Hizmetleri A.S. (a)(c)
|
7,788
|
67,600
|
Turkiye Garanti Bankasi A.S.
|
21,704
|
50,422
|
Turkiye Halk Bankasi A.S.
|
12,329
|
41,150
|
Turkiye Is Bankasi A.S.
|
27,214
|
42,358
|
Turkiye Sise ve Cam Fabrikalari A.S.
|
58,273
|
55,268
|
Turkiye Vakiflar Bankasi T-d
|
25,635
|
32,446
|
Ulker Biskuvi Sanayi A.S.
|
15,037
|
95,160
|
Yapi ve Kredi Bankasi A.S. (b)
|
25,678
|
28,597
|
1,769,756
|
||
UNITED ARAB EMERATES—3.2%
|
||
Abu Dhabi Commercial Bank
|
60,933
|
126,909
|
Aldar Properties PJSC
|
116,412
|
76,066
|
Arabtec Holding Company PJSC (a)
|
163,385
|
81,848
|
DP World Ltd.
|
9,567
|
203,203
|
Dubai Financial Market PJSC
|
138,072
|
63,153
|
Dubai Islamic Bank PSJ
|
63,465
|
115,768
|
Emaar Malls Group P.J.S.C.
|
176,099
|
148,148
|
Emaar Properties PJSC (a)
|
46,137
|
81,145
|
First Gulf Bank PJSC
|
33,985
|
129,074
|
National Bank of Abu Dhabi PJSC
|
53,084
|
137,588
|
1,162,902
|
||
TOTAL COMMON STOCK
|
||
(Cost $39,564,416)
|
32,016,627
|
|
Preferred Stock—2.0%
|
||
BRAZIL—0.6%
|
||
AES Tiete S.A.
|
6,400
|
22,745
|
Banco Bradesco S.A.
|
3,720
|
20,127
|
Banco do Estado do Ria Grande do Sul S.A.
|
4,900
|
6,906
|
Bradespar S.A.
|
6,800
|
14,084
|
Centrais Eletricas Brasileiras S.A.
|
11,200
|
24,754
|
Itausa-Investimentos Itau S.A.
|
7,018
|
12,657
|
Lojas Americanas S.A.
|
4,250
|
17,391
|
Metalurgica Gerdau S.A.
|
3,500
|
2,582
|
Oi S.A. (a)
|
35,080
|
24,722
|
Suzano Papel e Celulose S.A.
|
8,700
|
42,390
|
Usiminas Usi Sd Mg
|
10,200
|
8,631
|
Vale S.A., Class A
|
4,700
|
15,813
|
212,802
|
||
CHILE—0.3%
|
||
Embotelladora Andina S.A.
|
30,427
|
103,955
|
COLOMBIA—0.6%
|
||
Banco Davivienda S.A.
|
6,282
|
48,922
|
Bancolombia S.A..
|
8,082
|
65,512
|
Grupo Aval Acciones y Valores S.A.
|
136,463
|
52,073
|
Grupo de Inversiones Suramericana S.A.
|
4,985
|
57,310
|
223,817
|
||
RUSSIA—0.3%
|
||
AK Transneft OAO
|
19
|
42,852
|
Surgutneftegas OAO
|
75,100
|
44,841
|
87,693
|
||
SOUTH KOREA—0.2%
|
||
Hyundai Motor Company Ltd.
|
252
|
24,237
|
LG Chem Ltd.
|
149
|
23,884
|
Samsung Electronics Co. Ltd.
|
27
|
20,888
|
69,009
|
||
TOTAL PREFERRED STOCK
|
||
(Cost $1,155,651)
|
697,276
|
|
Exchange Traded Funds—5.0%
|
||
United States—5.0%
|
||
iShares MSCI Emerging Markets Index Fund
|
1,700
|
55,726
|
Vanguard FTSE Emerging Markets ETF
|
53,414
|
1,767,470
|
(Cost $2,138,239)
|
1,823,196
|
|
Exchange Traded Notes—5.3%
|
||
United Kingdom—5.3%
|
||
iPath MSCI India Index ETN (a)
(Cost $1,650,534)
|
29,495
|
1,951,979
|
Rights—0.0%
|
||
HONG KONG—0.0%
|
||
Fosun International Ltd.
(Cost $0)
|
2,632
|
—
|
Warrants—0.0%
|
||
THAILAND—0.0%
|
||
Indorama Ventures Public Company Limited
(Cost $0)
|
1
|
0
|
Short Term Investments—0.1%
|
||
Par Value
|
Value
|
|
State Street Bank & Trust Co., Repurchase Agreement .0%, 10/01/15, (Dated 09/30/15), Collateralized by 25,000 par U.S. Treasury Note-3.125% due 05/15/2021, Market Value $27,386.72, Repurchase Proceeds $26,471.90 (Cost $26,472)
|
$26,472
|
$26,472
|
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED)
|
||
(Cost $44,535,312)
|
36,515,550
|
|
INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED—1.2%
|
||
Money Market—1.2%
|
||
Western Asset Institutional Cash Reserves—Inst.
(Cost $423,506)
|
423,506
|
423,506
|
TOTAL INVESTMENTS—100.8%
|
36,939,056
|
|
(Cost $44,958,818)
|
||
OTHER ASSETS & LIABILITIES (Net)—(0.8%)
|
(272,332)
|
|
NET ASSETS—100%
|
$36,666,724
|
(a)
|
Non-income producing security.
|
(b)
|
All or a portion of this security was out on loan.
|
(c)
|
ADR—American Depository Receipts
|
(d)
|
GDR—Global Depository Receipts
|
(e)
|
NVDR—Non-Voting Depository Receipts
|
The percentage of each investment category is calculated as a percentage of net assets.
|
SECTOR ALLOCATIONS
(as a percentage of Total Net Assets)
|
|
Financials
|
18.8%
|
Consumer Staples
|
10.9%
|
Industrials
|
10.8%
|
Telecommunication Services
|
10.0%
|
Consumer Discretionary
|
9.4%
|
Materials
|
8.7%
|
Utilities
|
8.1%
|
Energy
|
6.4%
|
Health Care
|
3.6%
|
Information Technology
|
2.5%
|
Exchange Traded Notes
|
5.3%
|
Exchange Traded Funds
|
5.0%
|
Cash and Other Assets (Net)
|
0.5%
|
Shares
|
Value
|
|
AUSTRALIA—3.7%
|
||
BHP Billiton plc (b)
|
842,900
|
$ 25,851,743
|
Northern Star Resources Limited
|
6,251,600
|
11,715,958
|
South32 (b)
|
203,800
|
970,088
|
WorleyParsons Ltd.
|
4,388,300
|
18,203,678
|
56,741,467
|
||
BELGIUM—1.7%
|
||
Solvay S.A.
|
256,747
|
26,141,913
|
CANADA—1.3%
|
||
Methanex Corporation
|
639,107
|
21,097,616
|
FINLAND—4.3%
|
||
Caverion Corporation
|
840,216
|
8,384,369
|
Kone OYJ, Class B
|
759,800
|
28,835,011
|
Konecranes OYJ
|
971,780
|
24,253,905
|
YIT OYJ
|
1,438,416
|
7,857,609
|
69,330,894
|
||
FRANCE—7.2%
|
||
Christian Dior S.A.
|
181,173
|
33,781,729
|
Imerys S.A.
|
420,183
|
26,916,378
|
Ipsos
|
738,780
|
14,476,310
|
Maurel et Prom (a)
|
1,853,506
|
6,850,071
|
Michelin (CGDE)
|
342,300
|
31,108,560
|
113,133,048
|
||
GERMANY—20.4%
|
||
BASF SE
|
384,500
|
29,321,496
|
Deutsche Telekom AG
|
2,451,119
|
43,460,381
|
Freenet AG
|
1,235,439
|
40,728,667
|
Hannover Rueck SE
|
365,800
|
37,376,319
|
Lanxess AG
|
647,100
|
30,202,676
|
Linde Group (The)
|
185,900
|
30,077,347
|
Muenchener Rueckvers AG
|
191,030
|
35,555,708
|
Symrise AG
|
603,150
|
36,213,358
|
Wincor Nixdorf AG
|
928,950
|
36,394,971
|
319,330,923
|
||
HONG KONG- 2.4%
|
||
Guangdong Investment Limited
|
24,309,800
|
36,259,876
|
REXLot Holdings Limited *
|
155,556,155
|
200,712
|
36,460,588
|
||
INDIA—2.9%
|
||
Infosys Limited—SP (b)
|
2,378,180
|
45,399,456
|
IRELAND—2.3%
|
||
Greencore Group plc
|
8,893,087
|
36,720,856
|
ISRAEL—2.4%
|
||
Teva Pharmaceuticals SP (b)
|
657,619
|
37,129,169
|
ITALY—0.6%
|
||
Trevi Finanziaria SpA
|
7,256,383
|
9,176,816
|
JAPAN—6.2%
|
||
Asahi Group Holdings Limited
|
1,105,400
|
35,710,155
|
KDDI Corporation
|
1,642,800
|
36,573,711
|
Showa Denko K.K.
|
23,365,000
|
25,550,440
|
97,834,306
|
||
NORWAY—4.3%
|
||
DnB Bank ASA
|
1,805,492
|
23,432,279
|
SpareBank 1 SR-Bank ASA
|
3,312,673
|
16,467,048
|
Yara International ASA
|
682,300
|
27,157,293
|
67,056,620
|
||
RUSSIA—0.4%
|
||
Sberbank of Russia (b)
|
1,312,300
|
6,476,857
|
SOUTH AFRICA—1.1%
|
||
Sasol Limited
|
604,135
|
16,940,693
|
SOUTH KOREA—4.4%
|
||
Kia Motors Corporation
|
886,500
|
40,088,079
|
Samsung Electronics Company Limited
|
29,145
|
27,883,599
|
67,971,678
|
||
SWEDEN—7.6%
|
||
Duni AB
|
1,779,500
|
26,078,386
|
Investor AB, Class B
|
904,856
|
30,952,110
|
Loomis AB, Class B
|
1,104,048
|
28,820,926
|
Svenska Handelsbanken AB, Class A
|
2,309,500
|
32,992,464
|
118,843,886
|
||
SWITZERLAND—2.2%
|
||
Novartis AG
|
374,850
|
34,291,727
|
THAILAND—1.9%
|
||
Thai Oil PCL
|
20,021,200
|
29,098,176
|
UNITED KINGDOM—19.5%
|
||
Barratt Developments plc
|
5,155,001
|
50,214,742
|
BBA Aviation plc
|
3,680,222
|
14,890,249
|
Bellway plc
|
1,201,206
|
45,133,413
|
International Game Technology
|
1,893,065
|
29,020,686
|
Persimmon plc
|
1,461,909
|
44,367,362
|
Rexam plc
|
3,983,418
|
31,517,527
|
Standard Chartered plc
|
2,170,358
|
21,020,035
|
Taylor Wimpey plc
|
17,765,087
|
52,492,065
|
Tullow Oil plc
|
5,944,857
|
15,193,736
|
303,849,815
|
||
TOTAL COMMON STOCK
|
||
(Cost $1,472,249,307)
|
1,513,026,504
|
|
Short Term Investments—3.1%
|
||
Par Value
|
Value
|
|
Money Market—3.1%
|
||
State Street Global Advisors FDS
(Cost $48,019,183)
|
$48,019,183
|
$48,019,183
|
TOTAL INVESTMENTS—99.9%
|
||
(Cost $1,520,268,490)
|
1,561,045,687
|
|
OTHER ASSETS & LIABILITIES (NET)—0.1%
|
3,087,798
|
|
NET ASSETS—100%
|
$1,564,133,485
|
*
|
Fair Valued by Valuation Committee as delegated by Pear Tree Funds Board of Trustees that represent 0.01% of net assets as of September 30, 2015.
|
(a)
|
Non-income producing security
|
(b)
|
ADR—American Depository Receipts
|
The percentage of each investment category is calculated as a percentage of net assets.
|
SECTOR ALLOCATIONS
(as a percentage of Total Net Assets)
|
|
Consumer Discretionary
|
23.7%
|
Materials
|
20.5%
|
Financials
|
13.1%
|
Industrials
|
7.7%
|
Telecommunication Services
|
7.7%
|
Information Technology
|
7.0%
|
Energy
|
5.6%
|
Consumer Staples
|
4.6%
|
Health Care
|
4.6%
|
Utilities
|
2.3%
|
Cash and Other Assets (Net)
|
3.2%
|
Shares
|
Value
|
|
AUSTRALIA—3.4%
|
||
Asaleo Care Ltd.
|
4,712,600
|
$ 5,904,378
|
Programmed Maintenance Services Limited
|
2,147,900
|
3,995,170
|
WorleyParsons Ltd.
|
2,245,000
|
9,312,776
|
19,212,324
|
||
AUSTRIA—0.5%
|
||
Semperit AG Holding
|
100,500
|
3,042,830
|
BELGIUM—1.6%
|
||
Kinepolis Group
|
237,500
|
9,205,509
|
BRAZIL—1.8%
|
||
Equatorial Energia S.A.
|
1,164,537
|
9,959,895
|
CHINA—2.2%
|
||
China Hongxing Sports Limited*(a)
|
10,258,400
|
72,077
|
Shanghai Mechanical & Electrical Industry Co.Limited—B
|
3,010,889
|
6,846,762
|
Xinhua Winshare Publishing and Media Co., Limited
|
7,568,500
|
5,849,567
|
12,768,406
|
||
DENMARK—2.1%
|
||
DFDS A/S
|
365,000
|
11,604,291
|
Egypt—0.8%
|
||
Egypt Kuwait Holding Company S.A.E.
|
7,523,000
|
4,288,110
|
FINLAND—1.3%
|
||
PKC Group OYJ
|
396,300
|
7,188,187
|
FRANCE—2.1%
|
||
Bonduelle S.A.
|
177,500
|
4,556,885
|
Ipsos
|
367,067
|
7,192,636
|
11,749,521
|
||
GERMANY- 4.3%
|
||
Freenet AG
|
331,500
|
10,928,547
|
QSC AG
|
1,697,139
|
2,854,780
|
Sixt SE
|
218,377
|
10,606,884
|
24,390,211
|
||
HONG KONG—6.3%
|
||
AMVIG Holdings Limited
|
9,038,000
|
3,755,046
|
Emperor Watch & Jewellery Limited
|
103,340,000
|
3,400,132
|
REXLot Holdings Limited*
|
151,273,023
|
195,186
|
Samson Holding Limited
|
35,101,800
|
4,438,565
|
Texwinca Holdings Limited
|
10,558,200
|
9,495,323
|
VST Holdings Limited (a)
|
21,869,360
|
5,953,956
|
VTech Holdings Limited
|
674,600
|
7,990,540
|
35,228,748
|
||
INDIA—5.9%
|
||
KRBL Limited
|
3,154,200
|
7,604,390
|
LIC Housing Finance Limited
|
1,406,200
|
10,062,342
|
NIIT Technologies Limited
|
742,375
|
5,341,617
|
South Indian Bank Limited (a)
|
24,601,647
|
8,507,882
|
Usha Martin Group Limited
|
7,077,298
|
1,531,042
|
33,047,273
|
||
IRELAND—5.7%
|
||
Glanbia plc
|
459,100
|
8,527,123
|
Greencore Group plc
|
1,882,354
|
7,772,515
|
IFG Group plc
|
2,097,385
|
4,541,735
|
UDG Healthcare plc
|
1,494,075
|
11,358,473
|
32,199,846
|
||
ITALY—2.2%
|
||
De’Longhi SpA
|
398,910
|
9,773,528
|
Trevi Finanziaria SpA
|
2,415,385
|
3,054,627
|
12,828,155
|
||
JAPAN—14.3%
|
||
BML Inc.
|
339,400
|
9,420,301
|
Chugoku Marine Paints Limited
|
1,264,000
|
7,966,276
|
Daicel Corporation
|
742,700
|
9,064,046
|
DaiichiKosho Co., Limited
|
255,200
|
9,021,846
|
IBJ Leasing Company, Limited
|
519,300
|
10,074,320
|
Nihon House Holdings Co., Limited
|
2,001,700
|
8,421,527
|
Prima Meat Packers Limited
|
3,197,000
|
8,513,235
|
Unipres Corporation
|
440,600
|
8,348,946
|
VT Holdings Co., Limited
|
1,619,400
|
9,733,027
|
80,563,524
|
||
Mexico—0.0%
|
||
Genomma Lab Internacional SAB de C.V. (a)
|
82,370
|
67,840
|
NORWAY—4.2%
|
||
ABG Sundal Collier Holding ASA
|
5,586,800
|
4,440,830
|
Borregaard ASA.
|
174,260
|
1,047,039
|
SpareBank Nord-Norge
|
865,996
|
3,675,325
|
SpareBank 1SMN
|
1,119,065
|
7,084,683
|
SpareBank 1 SR-Bank ASA
|
1,405,626
|
6,987,261
|
23,235,138
|
||
PHILIPPINES—1.7%
|
||
Manila Water Company, Inc.
|
20,257,870
|
9,426,801
|
Portugal—1.1%
|
||
Redes Energéticas Nacionais, SGPS, S.A.
|
2,095,500
|
6,268,511
|
SINGAPORE—2.2%
|
||
Breadtalk Group Limited
|
4,217,100
|
3,363,013
|
M1 Limited
|
4,646,600
|
9,206,683
|
12,569,696
|
||
SOUTH AFRICA—1.5%
|
||
Clicks Group Limited
|
1,303,830
|
8,473,362
|
SWEDEN—3.0%
|
||
Duni AB
|
300,401
|
4,402,345
|
Loomis AB, Class B
|
294,800
|
7,695,688
|
Nolato AB, Class B
|
190,200
|
4,758,909
|
16,856,942
|
||
SWITZERLAND—0.9%
|
||
Vetropack Holding AG
|
3,186
|
5,131,506
|
TAIWAN—3.5%
|
||
Chong Hong Construction Co., Ltd.
|
4,136,055
|
5,438,955
|
Holtek Semiconductor, Inc.
|
5,489,900
|
7,085,893
|
WT Microelectronics Co., Limited
|
6,587,848
|
6,592,350
|
19,117,198
|
||
THAILAND—5.0%
|
||
Hana Microelectronics PCL
|
8,004,680
|
6,230,396
|
Ratchaburi Electricity Generating Holding PCL
|
6,951,000
|
10,245,998
|
Thai Union Frozen Products PCL
|
23,844,996
|
12,088,385
|
28,564,779
|
||
UNITED KINGDOM—16.1%
|
||
Alternative Networks plc
|
1,502,082
|
11,839,341
|
BBA Aviation plc
|
1,786,791
|
7,229,390
|
Character Group plc
|
496,900
|
3,800,135
|
Clarkson plc
|
116,300
|
3,580,555
|
Crest Nicholson Holdings plc
|
1,164,800
|
10,052,337
|
Galliford Try plc
|
344,528
|
8,258,616
|
Halfords Group plc
|
1,161,258
|
8,105,171
|
Lancashire Holdings Limited
|
1,159,500
|
12,109,560
|
The Restaurant Group plc
|
835,700
|
8,525,772
|
Vitec Group plc
|
464,803
|
4,387,134
|
Wetherspoon (J.D.) plc
|
1,109,100
|
12,337,526
|
90,225,537
|
||
TOTAL COMMON STOCK
|
||
(Cost $538,341,608)
|
527,214,140
|
|
Preferred Stock—2.2%
|
||
GERMANY
|
||
Dräegerwerk AG
(Cost $15,126,817)
|
150,600
|
12,652,863
|
Short Term Investments—3.6%
|
Par Value
|
Value
|
Money Market—3.6%
|
||
State Street Global Advisors FDS
(Cost $20,380,703)
|
$20,380,703
|
20,380,703
|
TOTAL INVESTMENTS—99.5%
|
||
(Cost $573,849,128)
|
560,247,706
|
|
OTHER ASSETS & LIABILITIES (NET)—0.5%
|
3,326,889
|
|
NET ASSETS—100%
|
$563,574,595
|
*
|
Fair Valued by Valuation Committee as delegated by Pear Tree Funds Board of Trustees that represent 0.05 % of net assets as of September 30, 2015.
|
(a)
|
Non-income producing security
|
The percentage of each investment category is calculated as a percentage of net assets.
|
SECTOR ALLOCATIONS
(as a percentage of Total Net Assets)
|
|
Consumer Discretionary
|
25.7%
|
Financials
|
13.9%
|
Industrials
|
13.0%
|
Consumer Staples
|
10.3%
|
Information Technology
|
7.8%
|
Utilities
|
6.4%
|
Telecommunication Services
|
6.1%
|
Health Care
|
5.9%
|
Materials
|
5.1%
|
Energy
|
1.7%
|
Cash and Other Assets (Net)
|
4.1%
|
Small Cap
|
Quality
|
|
Assets:
|
||
Investments at value (Includes collateral from securities on loan of $5,142,860; $339,300; $1,197,749; $423,506; $0; $0, respectively)* (Note 2)
|
$94,703,154
|
$116,868,219
|
Investment at Value of Affliliated Securities
|
—
|
—
|
Repurchase agreements/commercial paper
|
1,308,283
|
123,652
|
Total Investments
|
96,011,437
|
116,991,871
|
Foreign currency at value (Cost, $16,156 for Quality; $299,555 for Emerging Markets,$112,808 for Risk Parity, $676,329 for Foreign Value, and $346,001 for Foreign Value Small Cap)
|
—
|
16,096
|
Cash
|
—
|
—
|
Dividend, interest and foreign tax reclaims receivable
|
87,531
|
195,439
|
Receivable for investments sold
|
—
|
714
|
Receivable for shares of beneficial interest sold
|
726
|
—
|
Other Assets
|
19,602
|
7,527
|
Total Assets
|
$96,119,296
|
$117,211,647
|
Liabilities:
|
||
Payable for investments purchased
|
—
|
—
|
Payable for shares of beneficial interest repurchased
|
3,912
|
17,641
|
Payable for compensation of manager (Note 3)
|
59,911
|
65,661
|
Payable for distribution fees (Note 3)
|
18,180
|
22,327
|
Payable to custodian
|
1,032
|
218
|
Payable to transfer agent (Note 3)
|
13,310
|
16,755
|
Payable for collateral received for securities loaned
|
5,142,860
|
339,300
|
Payable for Foreign Capital Gain Tax
|
—
|
—
|
Other accrued expenses and liabilities
|
—
|
1,437
|
Total Liabilities
|
$5,239,205
|
$463,339
|
Net Assets
|
$90,880,091
|
$116,748,308
|
*
|
Includes securities on loan to brokers with market value of $5,017,421; $332,592; $1,143,350; $400,403; $0; $0, respectively.
|
Emerging
Markets
|
Risk
Parity
|
Foreign
Value
|
Foreign Value
Small Cap
|
$78,005,489
|
$36,912,584
|
$1,561,045,687
|
$560,247,706
|
35,011,431
|
—
|
—
|
—
|
743,669
|
26,472
|
—
|
—
|
113,760,589
|
36,939,056
|
1,561,045,687
|
560,247,706
|
300,476
|
110,376
|
677,633
|
346,668
|
—
|
2,908
|
149,391
|
—
|
244,170
|
75,764
|
3,694,917
|
2,625,075
|
—
|
—
|
673,964
|
605,427
|
44,899
|
—
|
1,225,210
|
1,181,952
|
7,238
|
—
|
22,387
|
—
|
$114,357,372
|
$37,128,104
|
$1,567,489,189
|
$565,006,828
|
—
|
13,211
|
673,964
|
—
|
226,741
|
—
|
908,328
|
797,495
|
67,398
|
18,254
|
1,320,786
|
470,212
|
21,578
|
270
|
204,305
|
68,556
|
5,789
|
467
|
1,241
|
3,205
|
16,923
|
5,388
|
231,360
|
78,574
|
1,197,749
|
423,506
|
—
|
—
|
—
|
—
|
—
|
—
|
1,547
|
284
|
15,720
|
14,191
|
$1,537,725
|
$461,380
|
$3,355,704
|
$1,432,233
|
$112,819,647
|
$36,666,724
|
$1,564,133,485
|
$563,574,595
|
Small Cap
|
Quality
|
|
Net Assets Consist Of:
|
||
Shares of beneficial interest
|
$72,808,237
|
$100,314,435
|
Undistributed net investment income/(loss)
|
508,357
|
663,592
|
Accumulated net realized gain/(loss) on investments and foreign denominated assets, liabilities and currency
|
5,995,926
|
12,145,552
|
Unrealized appreciation/(depreciation) of investments and foreign denominated assets, liabilities and currency
|
11,567,571
|
3,624,729
|
Net Assets
|
$90,880,091
|
$116,748,308
|
Investments at cost Non-affiliated securities
|
84,443,866
|
113,367,004
|
Investments at cost—Affiliated securities
|
—
|
—
|
Total Investment cost
|
$84,443,866
|
$113,367,004
|
Net assets
|
||
Ordinary Shares
|
$87,510,618
|
$107,312,844
|
Institutional Shares
|
$3,369,473
|
$9,435,464
|
Shares of beneficial interest outstanding (unlimited number of shares authorized)
|
||
Ordinary Shares
|
3,959,541
|
6,451,197
|
Institutional Shares
|
132,212
|
538,048
|
Net asset value and offering price per share**
|
||
Ordinary Shares
|
$22.10
|
$16.63
|
Institutional Shares
|
$25.49
|
$17.54
|
**
|
Includes securities on loan to brokers with market value of $5,017,421; $332,592; $1,143,350; $400,403; $0; $0, respectively.
|
Emerging
Markets
|
Risk
Parity
|
Foreign
Value
|
Foreign Value
Small Cap
|
$152,692,806
|
$45,126,048
|
$1,709,282,805
|
$566,925,272
|
3,508,244
|
452,692
|
33,970,313
|
8,493,544
|
(21,603,703)
|
(889,650)
|
(219,727,408)
|
1,835,014
|
(21,777,700)
|
(8,022,366)
|
40,607,775
|
(13,679,235)
|
$112,819,647
|
$36,666,724
|
$1,564,133,485
|
$563,574,595
|
92,546,886
|
44,958,818
|
1,520,268,490
|
573,849,128
|
42,984,903
|
—
|
—
|
—
|
$135,531,789
|
$44,958,818
|
$1,520,268,490
|
$573,849,128
|
$100,338,273
|
$1,338,515
|
$961,456,033
|
$327,203,926
|
$12,481,374
|
$35,328,209
|
$602,677,452
|
$236,370,669
|
5,451,983
|
163,673
|
57,326,582
|
27,059,896
|
667,782
|
4,292,811
|
35,873,516
|
19,500,508
|
$18.40
|
$8.18
|
$16.77
|
$12.09
|
$18.69
|
$8.23
|
$16.80
|
$12.12
|
Small Cap
|
Quality
|
|
Investment Income:
|
||
Dividends—Affiliated securities
|
$—
|
$—
|
Dividends—Non-affiliated securities*
|
851,070
|
1,329,401
|
Interest
|
—
|
—
|
Sec Lending Income
|
368,145
|
1,140
|
Miscellaneous
|
6,832
|
—
|
Total Investment Income
|
$1,226,047
|
$1,330,541
|
Expenses:
|
||
Compensation of manager (Note 3)
|
401,087
|
629,671
|
Distribution fees, Ordinary Shares (Note 3)
|
120,689
|
143,788
|
Administrative fees (Note 3)
|
15,375
|
19,318
|
Custodian and fund accounting fees
|
15,058
|
19,800
|
Regulatory and Compliance (Note 3)
|
4,414
|
5,547
|
Transfer agent fees (Note 3):
|
||
Ordinary Shares
|
79,434
|
94,301
|
Institutional Shares
|
3,112
|
8,879
|
Audit and legal
|
5,830
|
8,216
|
Registration fees
|
27,920
|
22,351
|
Insurance
|
1,544
|
3,052
|
Compensation of trustees (Note 3)
|
2,669
|
3,355
|
Printing
|
2,951
|
3,707
|
Miscellaneous
|
2,942
|
3,711
|
Total expenses before waivers/reimbursements/reductions
|
683,025
|
965,696
|
Waivers and/or reimbursements of expenses (Note 3)
|
—
|
(159,851)
|
Expenses, Net
|
$683,025
|
$805,845
|
Net investment income/(loss)
|
$543,022
|
$524,696
|
Realized and unrealized gain/(loss) on investments,
|
||
foreign currency, and foreign translation:
|
||
Net realized gain/(loss) (Note 2) on:
|
||
Investments
|
$4
|
$7,296,326
|
Foreign denominated assets, liabilities, and currency
|
—
|
(15)
|
Distribution by affiliated investment company
|
—
|
—
|
Change in unrealized appreciation/(depreciation) of:
|
||
Investments
|
(11,009,962)
|
(13,597,715)
|
Foreign denominated assets, liabilities, and currency
|
—
|
(60)
|
Net realized and unrealized gain/(loss) on investment and foreign currency
|
(11,009,958)
|
(6,301,464)
|
Net increase/(decrease) in net assets resulting from operations
|
$(10,466,936)
|
$(5,776,768)
|
*
|
Dividends are net of withholding taxes of $0 for Small Cap, and $20,248 for Quality, $340,805 for Emerging Markets, $83,998 for Risk Parity, $2,776,422 for Foreign Value, and $1,191,983 for Foreign Value Small Cap
|
Emerging
Markets
|
Risk Parity
|
Foreign
Value
|
Foreign Value
Small Cap
|
$—
|
$—
|
$—
|
$—
|
2,543,397
|
618,971
|
28,839,185
|
11,963,710
|
—
|
—
|
6,686
|
—
|
10,527
|
6,239
|
—
|
—
|
—
|
19
|
—
|
38
|
$2,553,924
|
$625,229
|
$28,845,871
|
$11,963,748
|
488,971
|
120,313
|
8,474,574
|
2,793,120
|
154,266
|
1,917
|
1,329,405
|
393,203
|
21,106
|
6,112
|
256,951
|
77,138
|
74,000
|
71,500
|
258,000
|
160,000
|
6,076
|
1,757
|
73,725
|
22,025
|
101,180
|
1,343
|
867,540
|
256,456
|
10,270
|
31,267
|
511,164
|
197,217
|
11,576
|
3,652
|
97,362
|
31,198
|
16,944
|
4,290
|
78,782
|
96,350
|
6,569
|
2,281
|
25,789
|
10,455
|
3,672
|
1,062
|
44,580
|
13,265
|
4,049
|
1,173
|
49,305
|
14,816
|
5,002
|
1,263
|
50,680
|
16,791
|
903,681
|
247,930
|
12,117,857
|
4,082,034
|
—
|
—
|
—
|
—
|
$903,681
|
$247,930
|
$12,117,857
|
$4,082,034
|
$1,650,243
|
$377,299
|
$16,728,014
|
$7,881,714
|
$(2,522,470)
|
$(453,103)
|
$33,952,734
|
$209,128
|
(96,147)
|
(18,144)
|
(421,761)
|
(247,983)
|
—
|
—
|
—
|
—
|
(21,405,322)
|
(6,625,061)
|
(228,531,343)
|
(73,486,599)
|
(93)
|
(1,418)
|
188,532
|
50,309
|
(24,024,032)
|
(7,097,726)
|
(194,811,838)
|
(73,475,145)
|
$(22,373,789)
|
$(6,720,427)
|
$(178,083,824)
|
$(65,593,431)
|
______________ Small Cap ______________
|
||
Semi-Annual Ended
September 30, 2015
(Unaudited)
|
Year Ended
March 31, 2015
|
|
Increase (Decrease) in Net Assets:
|
||
Operations:
|
||
Net investment income/(loss)
|
$543,022
|
$190,036
|
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency
|
4
|
9,433,215
|
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency
|
(11,009,962)
|
(10,797,282)
|
Net increase/(decrease) from operations
|
$(10,466,936)
|
$(1,174,031)
|
Distributions to shareholders from:
|
||
Net investment income
|
||
Ordinary shares
|
$—
|
$(717,823)
|
Institutional shares
|
—
|
(80,383)
|
Net realized gains
|
||
Ordinary shares
|
—
|
(8,875,367)
|
Institutional shares
|
—
|
(749,976)
|
Total distributions
|
$—
|
$(10,423,549)
|
Fund share transactions (Note 8)
|
(498,855)
|
(3,739,490)
|
Contributions to capital from investment manager/brokers
|
873
|
—
|
Increase/(decrease) in net assets
|
$(10,964,918)
|
$(15,337,070)
|
Net assets beginning of period
|
101,845,009
|
117,182,079
|
Net assets end of period*
|
$90,880,091
|
$101,845,009
|
* Commencement of operation
|
||
* Includes undistributed net investment income/(loss) of:
|
$508,357
|
$(34,665)
|
_______________ Quality _______________
|
||
Semi-Annual Ended
September 30, 2015
(Unaudited)
|
Year Ended
March 31, 2015
|
|
Increase (Decrease) in Net Assets:
|
||
Operations:
|
||
Net investment income/(loss)
|
$524,696
|
$1,982,863
|
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency
|
7,296,311
|
13,649,116
|
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency
|
(13,597,775)
|
(4,487,480)
|
Net increase/(decrease) from operations
|
$(5,776,768)
|
$11,144,499
|
Distributions to shareholders from:
|
||
Net investment income
|
||
Ordinary shares
|
$—
|
$(1,997,651)
|
Institutional shares
|
—
|
(200,406)
|
Net realized gains
|
||
Ordinary shares
|
—
|
(11,349,466)
|
Institutional shares
|
—
|
(995,926)
|
Total distributions
|
$—
|
$(14,543,449)
|
Fund share transactions (Note 8)
|
(4,787,806)
|
5,809,679
|
Contributions to capital from investment manager/brokers
|
—
|
—
|
Increase/(decrease) in net assets
|
$(10,564,574)
|
$2,410,729
|
Net assets beginning of period
|
127,312,882
|
124,902,153
|
Net assets end of period*
|
$116,748,308
|
$127,312,882
|
* Commencement of operation
|
||
* Includes undistributed net investment income/(loss) of:
|
$663,592
|
$138,896
|
___________ Emerging Markets ___________
|
||
Semi-Annual Ended
September 30, 2015
(Unaudited)
|
Year Ended
March 31, 2015
|
|
Increase (Decrease) in Net Assets:
|
||
Operations:
|
||
Net investment income/(loss)
|
$1,650,243
|
$1,941,221
|
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency
|
(2,618,617)
|
754,697
|
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency
|
(21,405,415)
|
(1,569,436)
|
Net increase/(decrease) from operations
|
$(22,373,789)
|
$1,126,482
|
Distributions to shareholders from:
|
||
Net investment income
|
||
Ordinary shares
|
$—
|
$(1,849,625)
|
Institutional shares
|
—
|
(198,656)
|
Net realized gains
|
||
Ordinary shares
|
—
|
—
|
Institutional shares
|
—
|
—
|
Total distributions
|
$—
|
$(2,048,281)
|
Fund share transactions (Note 8)
|
(4,525,040)
|
(6,636,939)
|
Contributions to capital from investment manager/brokers
|
—
|
—
|
Increase/(decrease) in net assets
|
$(26,898,829)
|
$(7,558,738)
|
Net assets beginning of period
|
139,718,476
|
147,277,214
|
Net assets end of period*
|
$112,819,647
|
$139,718,476
|
* Commencement of operation
|
||
* Includes undistributed net investment income/(loss) of:
|
$3,508,244
|
$1,858,001
|
______________ Risk Parity ______________
|
||
Semi-Annual Ended
September 30, 2015
(Unaudited)
|
Year Ended
March 31, 2015
|
|
Increase (Decrease) in Net Assets:
|
||
Operations:
|
||
Net investment income/(loss)
|
$377,299
|
$476,602
|
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency
|
(471,247)
|
(148,295)
|
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency
|
(6,626,479)
|
(2,413,017)
|
Net increase/(decrease) from operations
|
$(6,720,427)
|
$(2,084,710)
|
Distributions to shareholders from:
|
||
Net investment income
|
||
Ordinary shares
|
$—
|
$(10,947)
|
Institutional shares
|
—
|
(335,853)
|
Net realized gains
|
||
Ordinary shares
|
—
|
(3,231)
|
Institutional shares
|
—
|
(78,000)
|
Total distributions
|
$—
|
$(428,031)
|
Fund share transactions (Note 8)
|
3,331,585
|
8,844,772
|
Contributions to capital from investment manager/brokers
|
—
|
—
|
Increase/(decrease) in net assets
|
$(3,388,842)
|
$6,332,031
|
Net assets beginning of period
|
40,055,566
|
33,723,535
|
Net assets end of period*
|
$36,666,724
|
$40,055,566
|
* Commencement of operation
|
||
* Includes undistributed net investment income/(loss) of:
|
$452,692
|
$75,393
|
_____________ Foreign Value _____________
|
||
Semi-Annual Ended
September 30, 2015
(Unaudited)
|
Year Ended
March 31, 2015
|
|
Increase (Decrease) in Net Assets:
|
||
Operations:
|
||
Net investment income/(loss)
|
$16,728,014
|
$25,835,461
|
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency
|
33,530,973
|
7,123,892
|
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency
|
(228,342,811)
|
(77,984,752)
|
Net increase/(decrease) from operations
|
$(178,083,824)
|
$(45,025,399)
|
Distributions to shareholders from:
|
||
Net investment income
|
||
Ordinary shares
|
$—
|
$(10,795,991)
|
Institutional shares
|
—
|
(8,142,787)
|
Net realized gains
|
||
Ordinary shares
|
—
|
—
|
Institutional shares
|
—
|
—
|
Total distributions
|
$—
|
$(18,938,778)
|
Fund share transactions (Note 8)
|
116,885,351
|
210,393,828
|
Contributions to capital from investment manager/brokers
|
618
|
2,026
|
Increase/(decrease) in net assets
|
$(61,197,855)
|
$146,431,677
|
Net assets beginning of period
|
1,625,331,340
|
1,478,899,663
|
Net assets end of period*
|
$1,564,133,485
|
$1,625,331,340
|
* Commencement of operation
|
||
* Includes undistributed net investment income/(loss) of:
|
$33,970,313
|
$17,242,299
|
Foreign Value
______________ Small Cap ______________
|
||
Semi-Annual Ended
September 30, 2015
(Unaudited)
|
Year Ended
March 31, 2015
|
|
Increase (Decrease) in Net Assets:
|
||
Operations:
|
||
Net investment income/(loss)
|
$7,881,714
|
$3,143,933
|
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency
|
(38,855)
|
4,684,157
|
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency
|
(73,436,290)
|
1,666,169
|
Net increase/(decrease) from operations
|
$(65,593,431)
|
$9,494,259
|
Distributions to shareholders from:
|
||
Net investment income
|
||
Ordinary shares
|
$—
|
$(1,863,942)
|
Institutional shares
|
—
|
(1,593,950)
|
Net realized gains
|
||
Ordinary shares
|
—
|
(51,740)
|
Institutional shares
|
—
|
(35,129)
|
Total distributions
|
$—
|
$(3,544,761)
|
Fund share transactions (Note 8)
|
195,822,952
|
241,656,637
|
Contributions to capital from investment manager/brokers
|
—
|
—
|
Increase/(decrease) in net assets
|
$130,229,521
|
$247,606,135
|
Net assets beginning of period
|
433,345,074
|
185,738,939
|
Net assets end of period*
|
$563,574,595
|
$433,345,074
|
* Commencement of operation
|
||
* Includes undistributed net investment income/(loss) of:
|
$8,493,544
|
$611,830
|
Ordinary Shares
|
||||||
For the
six months
ended
September 30,
|
Years Ended March 31,
|
|||||
2015
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
Net Asset Value, Beginning of Period
|
$24.65
|
$27.62
|
$22.50
|
$20.36
|
$19.92
|
$16.45
|
Income from Investment Operations:
|
||||||
Net investment income (loss) (a)(b)
|
0.13
|
0.04
|
(0.08)
|
(0.03)
|
(0.08)
|
0.04
|
Net realized and unrealized gain/(loss) on securities
|
(2.68)
|
(0.37)
|
5.20
|
2.17
|
0.57
|
3.52
|
Total from Investment Operations
|
(2.55)
|
(0.33)
|
5.12
|
2.14
|
0.49
|
3.56
|
Less Distributions:
|
||||||
Dividends from net investment income
|
—
|
(0.20)
|
—
|
—
|
(0.05)
|
(0.09)
|
Distributions from realized capital gains
|
—
|
(2.44)
|
—
|
—
|
—
|
—
|
Total Distributions
|
—
|
(2.64)
|
—
|
—
|
(0.05)
|
(0.09)
|
Net Asset Value, End of Period
|
$22.10
|
$24.65
|
$27.62
|
$22.50
|
$20.36
|
$19.92
|
Total Return
|
(10.34)%
|
(0.36)%
|
22.76%
|
10.51%
|
2.48%
|
21.69%
|
Net Assets, End of Period (000’s)
|
$87,511
|
$98,084
|
$107,370
|
$101,275
|
$95,870
|
$113,675
|
Ratios and Supplemental Data:
|
||||||
Ratios of expenses to average net assets: (c)
|
||||||
Gross
|
1.37%
|
1.50%
|
1.53%
|
1.63%
|
1.67%
|
1.64%
|
Net
|
1.37%
|
1.50%
|
1.53%
|
1.63%
|
1.67%
|
1.64%
|
Ratio of net investment income (loss) to average net assets (b)
|
1.07%
|
0.17%
|
(0.30)%
|
(0.16)%
|
(0.44)%
|
0.23%
|
Portfolio Turnover
|
0%
|
94%
|
67%
|
54%
|
53%
|
71%
|
Institutional Shares
|
||||||
For the
six months
ended
September 30,
|
Years Ended March 31,
|
|||||
2015
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
Net Asset Value, Beginning of Period
|
$28.39
|
$31.37
|
$25.48
|
$23.00
|
$22.50
|
$18.56
|
Income from Investment Operations:
|
||||||
Net investment income (loss) (a)(b)
|
0.19
|
0.11
|
(0.02)
|
0.02
|
(0.04)
|
0.09
|
Net realized and unrealized gain/(loss) on securities
|
(3.09)
|
(0.39)
|
5.91
|
2.46
|
0.63
|
3.98
|
Total from Investment Operations
|
(2.90)
|
(0.28)
|
5.89
|
2.48
|
0.59
|
4.07
|
Less Distributions:
|
||||||
Dividends from net investment income
|
—
|
(0.26)
|
—
|
—
|
(0.09)
|
(0.13)
|
Distributions from realized capital gains
|
—
|
(2.44)
|
—
|
—
|
—
|
—
|
Total Distributions
|
—
|
(2.70)
|
—
|
—
|
(0.09)
|
(0.13)
|
Net Asset Value, End of Period
|
$25.49
|
$28.39
|
$31.37
|
$25.48
|
$23.00
|
$22.50
|
Total Return
|
(10.21)%
|
(0.11)%
|
23.12%
|
10.78%
|
2.69%
|
21.98%
|
Net Assets, End of Period (000’s)
|
$3,369
|
$3,761
|
$9,812
|
$8,000
|
$6,242
|
$7,806
|
Ratios and Supplemental Data:
|
||||||
Ratios of expenses to average net assets: (c)
|
||||||
Gross
|
1.12%
|
1.28%
|
1.28%
|
1.38%
|
1.42%
|
1.39%
|
Net
|
1.12%
|
1.28%
|
1.28%
|
1.38%
|
1.42%
|
1.39%
|
Ratio of net investment income (loss) to average net assets (b)
|
1.32%
|
0.36%
|
(0.08)%
|
0.07%
|
(0.19)%
|
0.48%
|
Portfolio Turnover
|
0%
|
94%
|
67%
|
54%
|
53%
|
71%
|
(a)
|
Per share numbers have been calculated using the average shares method.
|
(b)
|
Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior to certain reclassifications for federal income or excise tax purposes.
|
(c)
|
Ratios of expenses to average net assets:
|
|
—
|
Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
|
—
|
Net (total expenses net of fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
Ordinary Shares
|
||||||
For the
six months
ended
September 30,
|
Years Ended March 31,
|
|||||
2015
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
Net Asset Value, Beginning of Period
|
$17.47
|
$18.10
|
$15.85
|
$14.33
|
$12.36
|
$11.37
|
Income from Investment Operations:
|
||||||
Net investment income (loss) (a)(b)(c)
|
0.07
|
0.28
|
0.19
|
0.16
|
0.17
|
0.09
|
Net realized and unrealized gain/(loss) on securities
|
(0.91)
|
1.30
|
2.24
|
1.52
|
1.92
|
1.01
|
Total from Investment Operations
|
(0.84)
|
1.58
|
2.43
|
1.68
|
2.09
|
1.10
|
Less Distributions:
|
||||||
Dividends from net investment income
|
—
|
(0.33)
|
(0.18)
|
(0.16)
|
(0.12)
|
(0.11)
|
Distributions from realized capital gains
|
—
|
(1.88)
|
—
|
—
|
—
|
—
|
Total Distributions
|
—
|
(2.21)
|
(0.18)
|
(0.16)
|
(0.12)
|
(0.11)
|
Net Asset Value, End of Period
|
$16.63
|
$17.47
|
$18.10
|
$15.85
|
$14.33
|
$12.36
|
Total Return
|
(4.81)%
|
9.12%
|
15.40%
|
11.85%
|
16.99%
|
9.78%(d)
|
Net Assets, End of Period (000’s)
|
$107,313
|
$116,104
|
$114,857
|
$98,033
|
$92,557
|
$62,920
|
Ratios and Supplemental Data:
|
||||||
Ratios of expenses to average net assets: (e)
|
||||||
Gross
|
1.56%
|
1.54%
|
1.55%
|
1.62%
|
1.66%
|
1.93%
|
Net including dividend and interest expense for securities sold short
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
1.89%
|
Net excluding dividend and interest expense for securities sold short
|
1.30%
|
1.29%
|
1.30%
|
1.46%
|
1.51%
|
1.85%
|
Ratio of net investment income (loss) to average net assets (c)
|
0.81%
|
1.52%
|
1.13%
|
1.11%
|
1.28%
|
0.84%
|
Portfolio Turnover
|
22%
|
49%
|
35%
|
40%
|
68%
|
283%(f)
|
Institutional Shares
|
||||||
For the
six months
ended
September 30,
|
Years Ended March 31,
|
|||||
2015
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
Net Asset Value, Beginning of Period
|
$18.39
|
$18.95
|
$16.58
|
$14.95
|
$12.85
|
$11.80
|
Income from Investment Operations:
|
||||||
Net investment income (loss) (a)(b)(c)
|
0.10
|
0.35
|
0.25
|
0.24
|
0.25
|
0.12
|
Net realized and unrealized gain/(loss) on securities
|
(0.95)
|
1.35
|
2.35
|
1.59
|
1.99
|
1.06
|
Total from Investment Operations
|
(0.85)
|
1.70
|
2.60
|
1.83
|
2.24
|
1.18
|
Less Distributions:
|
||||||
Dividends from net investment income
|
—
|
(0.38)
|
(0.23)
|
(0.20)
|
(0.14)
|
(0.13)
|
Distributions from realized capital gains
|
—
|
(1.88)
|
—
|
—
|
—
|
—
|
Total Distributions
|
—
|
(2.26)
|
(0.23)
|
(0.20)
|
(0.14)
|
(0.13)
|
Net Asset Value, End of Period
|
$17.54
|
$18.39
|
$18.95
|
$16.58
|
$14.95
|
$12.85
|
Total Return
|
(4.62)%
|
9.34%
|
15.74%
|
12.37%
|
17.57%
|
10.07%(d)
|
Net Assets, End of Period (000’s)
|
$9,435
|
$11,209
|
$10,045
|
$3,576
|
$2,558
|
$809
|
Ratios and Supplemental Data:
|
||||||
Ratios of expenses to average net assets: (e)
|
||||||
Gross
|
1.30%
|
1.29%
|
1.31%
|
1.35%
|
1.41%
|
1.71%
|
Net including dividend and interest expense for securities sold short
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
1.67%
|
Net excluding dividend and interest expense for securities sold short
|
1.05%
|
1.04%
|
1.03%
|
1.01%
|
1.00%
|
1.63%
|
Ratio of net investment income (loss) to average net assets (c)
|
1.05%
|
1.83%
|
1.38%
|
1.58%
|
1.85%
|
1.08%
|
Portfolio Turnover
|
22%
|
49%
|
35%
|
40%
|
68%
|
283%(f)
|
Note:
|
This Fund changed its investment strategy on January 27, 2011.
|
(a)
|
Per share numbers have been calculated using the average shares method.
|
(b)
|
Reflects expense waivers/reimbursements and reductions in effect during the period. See Note 3 to the Financial Statements.
|
(c)
|
Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior to certain reclassifications for federal income or excise tax purposes.
|
(d)
|
The total return would have been lower if certain fees had not been waived or if custodial fees had not been reduced by credits allowed by the custodian. See Note 3 to the financial statements.
|
(e)
|
Ratios of expenses to average net assets:
|
|
—
|
Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
|
—
|
Net (total expenses net fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
(f)
|
Portfolio turnover is calculated on long security positions only. Short positions are generally held for less than one year.
|
Ordinary Shares
|
||||||
For the
six months
ended
September 30,
|
Years Ended March 31,
|
|||||
2015
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
Net Asset Value, Beginning of Period
|
$21.94
|
$22.15
|
$23.56
|
$22.67
|
$25.18
|
$21.23
|
Income from Investment Operations:
|
||||||
Net investment income (loss) (a)(b)
|
0.26
|
0.29
|
0.33
|
0.37
|
0.41
|
0.24
|
Net realized and unrealized gain/(loss) on securities
|
(3.80)
|
(0.18)
|
(1.45)
|
0.85
|
(2.44)
|
3.96
|
Total from Investment Operations
|
(3.54)
|
0.11
|
(1.12)
|
1.22
|
(2.03)
|
4.20
|
Less Distributions:
|
||||||
Dividends from net investment income
|
—
|
(0.32)
|
(0.29)
|
(0.33)
|
(0.48)
|
(0.25)
|
Distributions from realized capital gains
|
—
|
—
|
—
|
—
|
—
|
—
|
Total Distributions
|
—
|
(0.32)
|
(0.29)
|
(0.33)
|
(0.48)
|
(0.25)
|
Net Asset Value, End of Period
|
$18.40
|
$21.94
|
$22.15
|
$23.56
|
$22.67
|
$25.18
|
Total Return
|
(16.13)%
|
0.54%
|
(4.77)%
|
5.41%
|
(7.80)%
|
19.86%
|
Net Assets, End of Period (000’s)
|
$100,338
|
$127,295
|
$131,920
|
$140,267
|
$145,201
|
$176,386
|
Ratios and Supplemental Data:
|
||||||
Ratios of expenses to average net assets: (c)
|
||||||
Gross
|
1.35%
|
1.37%
|
1.60%
|
1.76%
|
1.76%
|
1.77%
|
Net
|
1.35%
|
1.37%
|
1.60%
|
1.76%
|
1.76%
|
1.77%
|
Ratio of net investment income (loss) to average net assets (b)
|
2.41%
|
1.26%
|
1.50%
|
1.66%
|
1.80%
|
1.05%
|
Portfolio Turnover
|
24%
|
35%
|
61%
|
25%
|
56%
|
68%
|
Institutional Shares
|
||||||
For the
six months
ended
September 30,
|
Years Ended March 31,
|
|||||
2015
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
Net Asset Value, Beginning of Period
|
$22.26
|
$22.46
|
$23.88
|
$22.97
|
$25.53
|
$21.48
|
Income from Investment Operations:
|
||||||
Net investment income (loss) (a)(b)
|
0.28
|
0.35
|
0.39
|
0.43
|
0.41
|
0.42
|
Net realized and unrealized gain/(loss) on securities
|
(3.85)
|
(0.18)
|
(1.46)
|
0.87
|
(2.42)
|
3.89
|
Total from Investment Operations
|
(3.57)
|
0.17
|
(1.07)
|
1.30
|
(2.01)
|
4.31
|
Less Distributions:
|
||||||
Dividends from net investment income
|
—
|
(0.37)
|
(0.35)
|
(0.39)
|
(0.55)
|
(0.26)
|
Distributions from realized capital gains
|
—
|
—
|
—
|
—
|
—
|
—
|
Total Distributions
|
—
|
(0.37)
|
(0.35)
|
(0.39)
|
(0.55)
|
(0.26)
|
Net Asset Value, End of Period
|
$18.69
|
$22.26
|
$22.46
|
$23.88
|
$22.97
|
$25.53
|
Total Return
|
(16.04)%
|
0.81%
|
(4.52)%
|
5.69%
|
(7.56)%
|
20.14%
|
Net Assets, End of Period (000’s)
|
$12,481
|
$12,424
|
$15,358
|
$15,165
|
$15,569
|
$11,267
|
Ratios and Supplemental Data:
|
||||||
Ratios of expenses to average net assets: (c)
|
||||||
Gross
|
1.11%
|
1.11%
|
1.35%
|
1.49%
|
1.52%
|
1.51%
|
Net
|
1.11%
|
1.11%
|
1.35%
|
1.49%
|
1.52%
|
1.51%
|
Ratio of net investment income (loss) to average net assets (b)
|
2.61%
|
1.52%
|
1.74%
|
1.92%
|
1.81%
|
1.94%
|
Portfolio Turnover
|
24%
|
35%
|
61%
|
25%
|
56%
|
68%
|
(a)
|
Per share numbers have been calculated using the average shares method.
|
(b)
|
Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior to certain reclassifications for federal income or excise tax purposes.
|
(c)
|
Ratios of expenses to average net assets:
|
|
—
|
Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
|
—
|
Net (total expenses net of fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
Ordinary Shares
|
|||
For the
six months
ended
September 30,
2015
|
Year Ended
March 31,
2015
|
June 27, 2013*
through
March 31,
2014
|
|
Net Asset Value, Beginning of Period
|
$9.73
|
$10.30
|
$10.00
|
Income from Investment Operations:
|
|||
Net investment income (loss) (a)(b)
|
0.08
|
0.09
|
(0.03)
|
Net realized and unrealized gain/(loss) on securities
|
(1.63)
|
(0.57)
|
0.40
|
Total from Investment Operations
|
(1.55)
|
(0.48)
|
0.37
|
Less Distributions:
|
|||
Dividends from net investment income
|
—
|
(0.07)
|
—
|
Distributions from realized capital gains
|
—
|
(0.02)
|
(0.07)
|
Total Distributions
|
—
|
(0.09)
|
(0.07)
|
Net Asset Value, End of Period
|
$8.18
|
$9.73
|
$10.30
|
Total Return
|
(15.93)%
|
(4.63)%
|
3.68%***
|
Net Assets, End of Period (000’s)
|
$1,339
|
$1,558
|
$652
|
Ratios and Supplemental Data:
|
|||
Ratios of expenses to average net assets: (c)
|
|||
Gross
|
1.48%
|
1.54%
|
2.10%**
|
Net
|
1.48%
|
1.54%
|
2.10%**
|
Ratio of net investment income (loss) to average net assets (b)
|
1.64%
|
0.88%
|
(0.43)%**
|
Portfolio Turnover
|
9%
|
34%
|
42%***
|
Institutional Shares
|
|||
For the
six months
ended
September 30,
2015
|
Year Ended
March 31,
2015
|
June 27, 2013*
through
March 31,
2014
|
|
Net Asset Value, Beginning of Period
|
$9.78
|
$10.35
|
$10.00
|
Income from Investment Operations:
|
|||
Net investment income (loss) (a)(b)
|
0.09
|
0.13
|
0.01
|
Net realized and unrealized gain/(loss) on securities
|
(1.64)
|
(0.59)
|
0.41
|
Total from Investment Operations
|
(1.55)
|
(0.46)
|
0.42
|
Less Distributions:
|
|||
Dividends from net investment income
|
—
|
(0.09)
|
—
|
Distributions from realized capital gains
|
—
|
(0.02)
|
(0.07)
|
Total Distributions
|
—
|
(0.11)
|
(0.07)
|
Net Asset Value, End of Period
|
$8.23
|
$9.78
|
$10.35
|
Total Return
|
(15.85)%
|
(4.41)%
|
4.19%***
|
Net Assets, End of Period (000’s)
|
$35,328
|
$38,497
|
$33,071
|
Ratios and Supplemental Data:
|
|||
Ratios of expenses to average net assets: (c)
|
|||
Gross
|
1.23%
|
1.28%
|
1.69%**
|
Net
|
1.23%
|
1.28%
|
1.69%**
|
Ratio of net investment income (loss) to average net assets (b)
|
1.89%
|
1.20%
|
0.09%**
|
Portfolio Turnover
|
9%
|
34%
|
42%***
|
*
|
Fund commenced operations June 27, 2013.
|
**
|
Annualized.
|
***
|
Not Annualized.
|
(a)
|
Per share numbers have been calculated using the average shares method.
|
(b)
|
Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior to certain reclassifications for federal income or excise tax purposes.
|
(c)
|
Ratios of expenses to average net assets:
|
|
—
|
Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
|
—
|
Net (total expenses net of fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
Ordinary Shares
|
||||||
For the
six months
ended
September 30,
|
Years Ended March 31,
|
|||||
2015
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
Net Asset Value, Beginning of Period
|
$18.67
|
$19.38
|
$15.83
|
$13.64
|
$14.68
|
$12.45
|
Income from Investment Operations:
|
||||||
Net investment income (loss) (a)(b)
|
0.18
|
0.29
|
0.19
|
0.15
|
0.12
|
0.07
|
Net realized and unrealized gain/(loss) on securities
|
(2.08)
|
(0.80)
|
3.49
|
2.12
|
(1.09)
|
2.31
|
Total from Investment Operations
|
(1.90)
|
(0.51)
|
3.68
|
2.27
|
(0.97)
|
2.38
|
Less Distributions:
|
||||||
Dividends from net investment income
|
—
|
(0.20)
|
(0.13)
|
(0.08)
|
(0.07)
|
(0.15)
|
Distributions from realized capital gains
|
—
|
—
|
—
|
—
|
—
|
—
|
Total Distributions
|
—
|
(0.20)
|
(0.13)
|
(0.08)
|
(0.07)
|
(0.15)
|
Net Asset Value, End of Period
|
$16.77
|
$18.67
|
$19.38
|
$15.83
|
$13.64
|
$14.68
|
Total Return
|
(10.18)%
|
(2.53)%
|
23.28%
|
16.73%
|
(6.55)%
|
19.17%(c)
|
Net Assets, End of Period (000’s)
|
$961,456
|
$1,030,641
|
$908,108
|
$705,210
|
$386,011
|
$369,550
|
Ratios and Supplemental Data:
|
||||||
Ratios of expenses to average net assets: (d)
|
||||||
Gross
|
1.52%
|
1.52%
|
1.54%
|
1.59%
|
1.64%
|
1.62%
|
Net
|
1.52%
|
1.52%
|
1.54%
|
1.59%
|
1.64%
|
1.62%
|
Ratio of net investment income (loss) to average net assets (b)
|
1.90%
|
1.55%
|
1.11%
|
1.04%
|
0.93%
|
0.56%
|
Portfolio Turnover
|
5%
|
2%
|
3%
|
10%
|
18%
|
9%
|
Institutional Shares
|
||||||
For the
six months
ended
September 30,
|
Years Ended March 31,
|
|||||
2015
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
Net Asset Value, Beginning of Period
|
$18.68
|
$19.39
|
$15.83
|
$13.63
|
$14.68
|
$12.45
|
Income from Investment Operations:
|
||||||
Net investment income (loss) (a)(b)
|
0.20
|
0.33
|
0.24
|
0.17
|
0.14
|
0.10
|
Net realized and unrealized gain/(loss) on securities
|
(2.08)
|
(0.80)
|
3.48
|
2.15
|
(1.09)
|
2.31
|
Total from Investment Operations
|
(1.88)
|
(0.47)
|
3.72
|
2.32
|
(0.95)
|
2.41
|
Less Distributions:
|
||||||
Dividends from net investment income
|
—
|
(0.24)
|
(0.16)
|
(0.12)
|
(0.10)
|
(0.18)
|
Distributions from realized capital gains
|
—
|
—
|
—
|
—
|
—
|
—
|
Total Distributions
|
—
|
(0.24)
|
(0.16)
|
(0.12)
|
(0.10)
|
(0.18)
|
Net Asset Value, End of Period
|
$16.80
|
$18.68
|
$19.39
|
$15.83
|
$13.63
|
$14.68
|
Total Return
|
(10.06)%
|
(2.29)%
|
23.58%
|
17.07%
|
(6.34)%
|
19.48%(c)
|
Net Assets, End of Period (000’s)
|
$602,677
|
$594,691
|
$570,792
|
$180,265
|
$98,109
|
$78,790
|
Ratios and Supplemental Data:
|
||||||
Ratios of expenses to average net assets: (d)
|
||||||
Gross
|
1.27%
|
1.27%
|
1.28%
|
1.33%
|
1.39%
|
1.37%
|
Net
|
1.27%
|
1.27%
|
1.28%
|
1.33%
|
1.39%
|
1.37%
|
Ratio of net investment income (loss) to average net assets (b)
|
2.10%
|
1.76%
|
1.37%
|
1.22%
|
1.07%
|
0.79%
|
Portfolio Turnover
|
5%
|
2%
|
3%
|
10%
|
18%
|
9%
|
(a)
|
Per share numbers have been calculated using the average shares method.
|
(b)
|
Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior to certain reclassifications for federal income or excise tax purposes.
|
(c)
|
The total return would have been lower if certain fees had not been waived or if custodial fees had not been reduced by credits allowed by the custodian. See Note 3 to the financial statements.
|
(d)
|
Ratios of expenses to average net assets:
|
|
—
|
Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
|
—
|
Net (total expenses net of fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
Ordinary Shares
|
||||||
For the
six months
ended
September 30,
|
Period Ended March 31,
|
|||||
2015
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
Net Asset Value, Beginning of Period
|
$13.35
|
$13.17
|
$10.50
|
$9.02
|
$11.19
|
$10.28
|
Income from Investment Operations:
|
||||||
Net investment income (loss) (a)(b)
|
0.18
|
0.15
|
0.14
|
0.14
|
0.21
|
0.09
|
Net realized and unrealized gain/(loss) on securities
|
(1.44)
|
0.17
|
2.66
|
1.50
|
(1.29)
|
1.25
|
Total from Investment Operations
|
(1.26)
|
0.32
|
2.80
|
1.64
|
(1.08)
|
1.34
|
Less Distributions:
|
||||||
Dividends from net investment income
|
—
|
(0.14)
|
(0.13)
|
(0.16)
|
(0.10)
|
(0.08)
|
Distributions from realized capital gains
|
—
|
—
|
—
|
—
|
(0.99)
|
(0.35)
|
Total Distributions
|
—
|
(0.14)
|
(0.13)
|
(0.16)
|
(1.09)
|
(0.43)
|
Net Asset Value, End of Period
|
$12.09
|
$13.35
|
$13.17
|
$10.50
|
$9.02
|
$11.19
|
Total Return
|
(9.44)%
|
2.57%
|
26.80%
|
18.34%
|
(8.20)%
|
13.12%(c)
|
Net Assets, End of Period (000’s)
|
$327,204
|
$233,185
|
$138,321
|
$92,806
|
$72,737
|
$78,307
|
Ratios and Supplemental Data:
|
||||||
Ratios of expenses to average net assets: (d)
|
||||||
Gross
|
1.57%
|
1.56%
|
1.58%
|
1.66%
|
1.70%
|
1.69%
|
Net
|
1.57%
|
1.56%
|
1.58%
|
1.66%
|
1.70%
|
1.69%
|
Ratio of net investment income (loss) to average net assets (b)
|
2.70%
|
1.15%
|
1.23%
|
1.55%
|
2.14%
|
0.82%
|
Portfolio Turnover
|
0%
|
11%
|
4%
|
9%
|
22%
|
54%
|
Institutional Shares
|
||||||
For the
six months
ended
September 30,
|
Years Ended March 31,
|
|||||
2015
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
Net Asset Value, Beginning of Period
|
$13.36
|
$13.19
|
$10.51
|
$9.03
|
$11.21
|
$10.30
|
Income from Investment Operations:
|
||||||
Net investment income (loss) (a)(b)
|
0.20
|
0.14
|
0.16
|
0.17
|
0.24
|
0.09
|
Net realized and unrealized gain/(loss) on securities
|
(1.44)
|
0.21
|
2.67
|
1.49
|
(1.30)
|
1.28
|
Total from Investment Operations
|
(1.24)
|
0.35
|
2.83
|
1.66
|
(1.06)
|
1.37
|
Less Distributions:
|
||||||
Dividends from net investment income
|
—
|
(0.18)
|
(0.15)
|
(0.18)
|
(0.13)
|
(0.11)
|
Distributions from realized capital gains
|
—
|
—
|
—
|
—
|
(0.99)
|
(0.35)
|
Total Distributions
|
—
|
(0.18)
|
(0.15)
|
(0.18)
|
(1.12)
|
(0.46)
|
Net Asset Value, End of Period
|
$12.12
|
$13.36
|
$13.19
|
$10.51
|
$9.03
|
$11.21
|
Total Return
|
(9.28)%
|
2.79%
|
27.16%
|
18.59%
|
(7.99)%
|
13.40%(c)
|
Net Assets, End of Period (000’s)
|
$236,371
|
$200,160
|
$47,418
|
$22,459
|
$20,567
|
$23,973
|
Ratios and Supplemental Data:
|
||||||
Ratios of expenses to average net assets: (d)
|
||||||
Gross
|
1.32%
|
1.31%
|
1.33%
|
1.41%
|
1.43%
|
1.44%
|
Net
|
1.32%
|
1.31%
|
1.33%
|
1.41%
|
1.43%
|
1.44%
|
Ratio of net investment income (loss) to average net assets (b)
|
2.98%
|
1.12%
|
1.47%
|
1.88%
|
2.45%
|
0.92%
|
Portfolio Turnover
|
0%
|
11%
|
4%
|
9%
|
22%
|
54%
|
(a)
|
Per share numbers have been calculated using the average shares method.
|
(b)
|
Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior to certain reclassifications for federal income or excise tax purposes.
|
(c)
|
The total return would have been lower if certain fees had not been waived or if custodial fees had not been reduced by credits allowed by the custodian. See Note 3 to the financial statements.
|
(d)
|
Ratios of expenses to average net assets:
|
|
—
|
Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
|
—
|
Net (total expenses net of fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
|
•
|
Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has the ability to access.
|
|
•
|
Level 2 — Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
|
•
|
Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing a Fund’s own assumptions about the assumptions a market participant would use in valuing the asset liability, and would be based on the best information available.
|
Quoted Prices
In Active
Markets
|
Significant
Other
Observable
Inputs
|
Significant
Unobservable
Inputs
|
Market
Value at
September 30,
2015
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Small Cap
|
||||
Common Stock*
|
$77,861,814
|
$—
|
$—
|
$77,861,814
|
Real Estate Inv. Trusts
|
11,698,480
|
—
|
—
|
11,698,480
|
Short Term Investments
|
5,142,860
|
1,308,283
|
—
|
6,451,143
|
Total
|
$94,703,154
|
$1,308,283
|
—
|
$96,011,437
|
Quality
|
||||
Common Stock*
|
$98,444,901
|
$—
|
$—
|
$98,444,901
|
Depository Receipts
|
18,084,018
|
—
|
—
|
18,084,018
|
Short Term Investments
|
339,300
|
123,652
|
—
|
462,952
|
Total
|
$116,868,219
|
$123,652
|
—
|
$116,991,871
|
Emerging Markets
|
||||
Common Stock*
|
$67,452,927
|
$1,306,139
|
$—
|
$68,759,066
|
Common Stock Units
|
1,134,263
|
—
|
—
|
1,134,263
|
Depository Receipts
|
4,813,796
|
—
|
—
|
4,813,796
|
Mutual Funds
|
35,011,431
|
—
|
—
|
35,011,431
|
Preferred Stock
|
1,931,273
|
—
|
—
|
1,931,273
|
Real Estate Inv. Trusts
|
169,342
|
—
|
—
|
169,342
|
Short Term Investments
|
1,197,749
|
743,669
|
—
|
1,941,418
|
Total
|
$111,710,781
|
$2,049,808
|
—
|
$113,760,589
|
Risk Parity
|
||||
Common Stock*
|
$27,024,892
|
$1,983,763
|
$28,803
|
$29,037,458
|
Common Stock Units
|
138,285
|
—
|
—
|
138,285
|
Depository Receipts
|
2,655,345
|
—
|
—
|
2,655,345
|
Mutual Funds
|
3,775,174
|
—
|
—
|
3,775,174
|
Preferred Stock
|
697,277
|
—
|
—
|
697,277
|
Real Estate Inv. Trusts
|
185,539
|
—
|
—
|
185,539
|
Short Term Investments
|
423,506
|
26,472
|
—
|
449,978
|
Total
|
$34,900,018
|
$2,010,235
|
$28,803
|
$36,939,056
|
Foreign Value
|
||||
Common Stock*
|
$1,367,900,303
|
$29,098,176
|
$200,712
|
$1,397,199,191
|
Depository Receipts
|
115,827,313
|
—
|
—
|
115,827,313
|
Short Term Investments
|
48,019,183
|
—
|
—
|
48,019,183
|
Total
|
$1,531,746,799
|
$29,098,176
|
200,712
|
$1,561,045,687
|
Foreign Value Small Cap
|
||||
Common Stock*
|
$498,382,098
|
$28,564,779
|
$267,263
|
$527,214,140
|
Preferred Stock
|
12,652,863
|
—
|
—
|
12,652,863
|
Short Term Investments
|
20,380,703
|
—
|
—
|
20,380,703
|
Total
|
$531,415,664
|
$28,564,779
|
$267,263
|
$560,247,706
|
Risk Parity
Common Stock
|
Foreign
Value
|
Foreign Value
Small Cap
Common Stock
|
|
Balances as of 3/31/2015
|
$35,479
|
$—
|
$74,762
|
Realized gain (loss)
|
$8,823
|
—
|
$—
|
Changed in unrealized appreciation (depreciation)
|
$(7,740)
|
—
|
$(2,685)
|
Purchases
|
$—
|
—
|
$—
|
Sales
|
$(21,450)
|
—
|
$—
|
Transfer in
|
$28,803
|
$200,712
|
$195,186
|
Transfer out
|
$(15,112)
|
—
|
$
|
Balances as of 9/30/2015
|
$28,803
|
$200,712
|
$267,263
|
*
|
Refer to Schedule of Investments for breakout by industry or country.
|
*
|
Transfers between Levels are recognized at the end of the reporting period.
|
*
|
Risk Parity Fund transferred $37,702 out of Level 2 and $15,112 out of Level 3 into Level 1. Risk Parity also transferred $15,147 out of Level 1 into Level 3 and $13,656 out of Level 2 into Level 3. Foreign Value Fund transferred $200,712 out of Level 1 into Level 3. Foreign Value Small Cap transferred $195,186 out of Level 1 into Level 3. Small Cap, Quality and Emerging Markets Funds had no transfers at period end.
|
*
|
Common stock labeled as Level 2 balance consists of the market value of the associated Level 2 investments in the following industries:
|
Emerging
Markets
|
Risk Parity
|
Foreign Value
|
Foreign Value
Small Cap
|
|
Banks
|
$662,019
|
$213,225
|
$—
|
$—
|
Chemicals
|
—
|
96,683
|
—
|
—
|
Construction Materials
|
—
|
77,983
|
—
|
—
|
Diversified Financials
|
280,191
|
—
|
—
|
—
|
Diversified Telecommunications
|
—
|
52,300
|
—
|
—
|
Electric Utilities
|
—
|
115,691
|
—
|
10,245,998
|
Electronic Equipment & Instruments
|
363,929
|
135,776
|
—
|
6,230,396
|
Food and Drug Retailing
|
—
|
71,405
|
—
|
—
|
Food Products
|
—
|
99,212
|
—
|
12,088,385
|
Health Care Providers & Services
|
—
|
245,298
|
—
|
—
|
Hotels, Restaurants & Leisure
|
—
|
66,134
|
—
|
—
|
Media
|
—
|
75,647
|
—
|
—
|
Multiline Retail
|
—
|
108,669
|
—
|
—
|
Oil & Gas
|
—
|
171,107
|
29,098,176
|
—
|
Real Estate
|
—
|
63,004
|
—
|
—
|
Specialty Retail
|
—
|
90,519
|
—
|
—
|
Transportation Infrastructure
|
—
|
187,783
|
—
|
—
|
Wireless Telecommunication Services
|
—
|
113,327
|
—
|
—
|
$1,306,139
|
$1,983,763
|
$29,098,176
|
$28,564,779
|
*
|
Common stock labeled as Level 3 balance consists of the market value of the associated Level 3 investments in the following industries:
|
Risk Parity
|
Foreign Value
|
Foreign Value
Small Cap
|
|
Hotel Restaurant & Leisure
|
$—
|
$200,712
|
$195,186
|
Leisure Equipment & Products
|
—
|
—
|
72,077
|
Marine
|
12,627
|
—
|
—
|
Pharmaceuticals & Biotechnology
|
13,656
|
—
|
—
|
Semi-Conductor Equipment & Products
|
2,520
|
—
|
—
|
$28,803
|
$200,712
|
$267,263
|
Common
Stock
|
Fair Value
September 30, 2015
|
Valuation
Methodologies
|
Unobservable
Input (1)
|
Range
|
Impact to
Valuation
from a
Decrease
in Input (2)
|
Risk Parity
|
$12,627
|
Adjusted last trade
|
Adjustment
|
100%
|
Decrease
|
$13,656
|
Adjusted last trade
|
Adjustment
|
100%
|
Decrease
|
|
$2,520
|
Adjusted last trade
|
Adjustment
|
100%
|
Decrease
|
|
Foreign Value
|
$200,712
|
Market
Comparability
|
Comparability
Adjustment
|
100%
|
Decrease
|
Foreign Value
|
|||||
Small Cap
|
$195,186
|
Market
Comparability
|
Comparability
Adjustment
|
100%
|
Decrease
|
$72,077
|
Market
Comparability
|
Comparability
Adjustment
|
100%
|
Decrease
|
1.
|
In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, and company specific developments.
|
2.
|
This column represents the directional change in the fair value of the Level 3 investments that would result from a decrease to the corresponding unobservable input. An increase to the observable input would have the opposite effect.
|
Gross Amounts not offset in the
statement of Financial Position
|
||||||
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
|
Financial
Instruments
|
Collateral
Pledged
(Received)
|
Net
Amount
|
Small Cap
|
$1,308,283
|
$—
|
$1,308,283
|
$1,308,283
|
$—
|
$—
|
Quality
|
123,652
|
—
|
123,652
|
123,652
|
—
|
—
|
Emerging Markets
|
743,669
|
—
|
743,669
|
743,669
|
—
|
—
|
Risk Parity
|
26,472
|
—
|
26,472
|
26,472
|
—
|
—
|
Gross Amounts not offset in the
statement of Financial Position
|
||||||
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
|
Financial
Instruments
|
Collateral
Pledged
(Received)
|
Net
Amount
|
Small Cap
|
$5,142,860
|
$—
|
$5,142,860
|
$5,142,860(a)
|
$—
|
—
|
Quality
|
339,300
|
—
|
339,300
|
339,300(a)
|
—
|
—
|
Emerging Markets
|
1,197,749
|
—
|
1,197,749
|
1,197,749(a)
|
—
|
—
|
Risk Parity
|
423,506
|
—
|
423,506
|
423,506(a)
|
—
|
—
|
(a)
|
Collateral for securities on loan is included in the Schedule of Investments.
|
Value of Collateral
|
Value of Loaned Securities
|
|
Small Cap
|
$5,142,860
|
5,017,421
|
Quality
|
339,300
|
332,592
|
Emerging Markets
|
1,197,749
|
1,143,350
|
Risk Parity
|
423,506
|
400,403
|
Small Cap
|
0.25% of the first $100 million and
|
0.30% of amounts in excess of $100 million but less than $200 million and
|
|
0.325% of amounts in excess of $200 million of average daily total net assets
|
|
Quality
|
0.10% of the first $100 million and
|
0.08% of amounts in excess of $100 million but less than $250 million and
|
|
0.06% of amounts in excess of $250 million of average daily total net assets
|
|
Emerging Markets
|
0.47% of the first $300 million and
|
0.50% of amounts in excess of $300 million of average daily total net assets
|
|
Risk Parity
|
0.25% of the first $300 million and
|
0.30% of amounts in excess of $300 million but less than $600 million and
|
|
0.35% of amounts in excess of $600 million of average daily total net assets
|
|
Foreign Value
|
0.35% of the first $35 million and
|
0.40% of amounts in excess of $35 million but less than $200 million and
|
|
0.50% of assets in excess of $200 million of average daily total net assets
|
|
Foreign Value Small Cap
|
0.35% of the first $35 million and
|
0.40% of amounts in excess of $35 million but less than $200 million and
|
|
0.50% of amounts in excess of $200 million of average daily total net assets.
|
Share
Balance
3/31/15
|
Purchases
|
Reinvested
|
Share
Balance
9/30/15
|
Realized
Gain
Loss
|
LT Cap
Gain
|
Dividend
Income
|
Value at
9/30/15
|
Acquisition
Cost
|
3,912,134
|
341,989
|
—
|
4,254,123
|
—
|
—
|
—
|
$35,011,431
|
$42,984,903
|
March 31, 2015
|
||||||
Portfolio
|
Capital Loss
Expires
March 31, 2017
|
Capital Loss
Expires
2018
|
Capital Loss
Expires
2019
|
Capital Loss
No Expiration
Short Term
|
Capital Loss
No Expiration
Long Term
|
Total
Capital Loss
|
Small Cap
|
$—
|
$—
|
$—
|
$—
|
$—
|
$—
|
Quality
|
—
|
—
|
—
|
—
|
—
|
—
|
Emerging Markets
|
—
|
18,600,611
|
—
|
—
|
—
|
18,600,611
|
Risk Parity
|
—
|
—
|
—
|
—
|
—
|
—
|
Foreign Value
|
73,956,484
|
131,156,114
|
10,547,106
|
132,769
|
31,155,708
|
246,948,181
|
Foreign Value Small Cap
|
—
|
—
|
—
|
—
|
—
|
—
|
Portfolio
|
Tax Cost
|
Gross Unrealized
Gain
|
Gross Unrealized
Loss
|
Net Unrealized
Gain (Loss)
|
Small Cap
|
$79,988,436
|
$18,193,263
|
$(7,313,122)
|
$10,880,141
|
Quality
|
113,131,716
|
8,862,646
|
(5,341,791)
|
3,520,855
|
Emerging Markets
|
134,675,452
|
7,656,366
|
(29,768,978)
|
(22,112,612)
|
Risk Parity
|
44,588,900
|
2,028,884
|
(10,102,234)
|
(8,073,350)
|
Foreign Value
|
1,523,286,572
|
346,366,042
|
(308,606,927)
|
37,759,115
|
Foreign Value Small Cap
|
573,974,834
|
67,638,363
|
(81,365,490)
|
(13,727,127)
|
Six months ended
September 30, 2015
|
Year ended
March 31, 2015
|
|||
Shares
|
Dollars
|
Shares
|
Dollars
|
|
Small Cap
|
||||
Ordinary Shares
|
||||
Shares sold
|
58,355
|
$1,420,553
|
109,729
|
$2,808,732
|
Shares issued in reinvestment of distributions
|
—
|
—
|
397,572
|
8,989,103
|
Shares redeemed
|
(78,055)
|
(1,913,078)
|
(415,480)
|
(10,583,003)
|
Net Change
|
(19,700)
|
(492,525)
|
91,821
|
1,214,832
|
Institutional Shares
|
||||
Shares sold
|
662
|
$18,790
|
18,517
|
$550,893
|
Shares issued in reinvestment of distributions
|
—
|
—
|
24,523
|
638,081
|
Shares redeemed
|
(930)
|
(25,120)
|
(223,385)
|
(6,143,296)
|
Net Change
|
(268)
|
(6,330)
|
(180,345)
|
(4,954,322)
|
Total Net Change For Fund
|
($498,855)
|
($3,739,490)
|
||
Quality
|
||||
Ordinary Shares
|
||||
Shares sold
|
70,467
|
$1,228,827
|
277,734
|
$5,134,061
|
Shares issued in reinvestment of distributions
|
—
|
—
|
757,281
|
12,798,053
|
Shares redeemed
|
(266,318)
|
(4,676,364)
|
(732,899)
|
(13,554,655)
|
Net Change
|
(195,851)
|
(3,447,537)
|
302,116
|
4,377,459
|
Institutional Shares
|
||||
Shares sold
|
58,276
|
$1,086,568
|
148,555
|
$2,853,481
|
Shares issued in reinvestment of distributions
|
—
|
—
|
67,052
|
1,192,197
|
Shares redeemed
|
(129,712)
|
(2,426,837)
|
(136,264)
|
(2,613,458)
|
Net Change
|
(71,436)
|
(1,340,269)
|
79,343
|
1,432,220
|
Total Net Change For Fund
|
$(4,787,806)
|
$5,809,679
|
||
Emerging Markets
|
||||
Ordinary Shares
|
||||
Shares sold
|
172,589
|
$3,761,264
|
696,994
|
$16,001,383
|
Shares issued in reinvestment of distributions
|
—
|
—
|
80,040
|
1,682,436
|
Shares redeemed
|
(522,164)
|
(10,513,461)
|
(930,150)
|
(21,404,165)
|
Net Change
|
(349,575)
|
(6,752,197)
|
(153,116)
|
(3,720,346)
|
Institutional Shares
|
||||
Shares sold
|
163,848
|
$3,407,297
|
141,485
|
$3,283,352
|
Shares issued in reinvestment of distributions
|
—
|
—
|
9,108
|
194,088
|
Shares redeemed
|
(54,306)
|
(1,180,140)
|
(276,047)
|
(6,394,033)
|
Net Change
|
109,542
|
2,227,157
|
(125,454)
|
(2,916,593)
|
Total Net Change For Fund
|
($4,525,040)
|
($6,636,939)
|
||
Risk Parity
|
||||
Ordinary Shares
|
||||
Shares sold
|
4,080
|
$40,236
|
102,031
|
$1,085,936
|
Shares issued in reinvestment of distributions
|
—
|
—
|
1,507
|
14,178
|
Shares redeemed
|
(600)
|
(5,048)
|
(6,654)
|
(71,860)
|
Net Change
|
3,480
|
35,188
|
96,884
|
1,028,254
|
Institutional Shares
|
||||
Shares sold
|
354,557
|
$3,296,823
|
702,132
|
$7,433,763
|
Shares issued in reinvestment of distributions
|
—
|
—
|
43,794
|
413,852
|
Shares redeemed
|
(41)
|
(426)
|
(2,981)
|
(31,097)
|
Net Change
|
354,516
|
3,296,397
|
742,945
|
7,816,518
|
Total Net Change For Fund
|
$3,331,585
|
$8,844,772
|
||
Foreign Value
|
||||
Ordinary Shares
|
||||
Shares sold
|
8,234,762
|
$154,593,229
|
22,375,554
|
$419,354,345
|
Shares issued in reinvestment of distributions
|
—
|
—
|
621,405
|
10,613,597
|
Shares redeemed
|
(6,119,571)
|
(112,996,857)
|
(14,648,658)
|
(268,618,972)
|
Net Change
|
2,115,191
|
41,596,372
|
8,348,301
|
61,348,970
|
Institutional Shares
|
||||
Shares sold
|
4,889,146
|
$91,107,331
|
9,701,021
|
$183,864,238
|
Shares issued in reinvestment of distributions
|
—
|
—
|
440,127
|
7,512,978
|
Shares redeemed
|
(859,371)
|
(15,818,352)
|
(7,741,117)
|
(142,332,358)
|
Net Change
|
4,029,775
|
75,288,979
|
2,400,031
|
49,044,858
|
Total Net Change For Fund
|
$116,885,351
|
$210,393,828
|
||
Foreign Value Small Cap
|
||||
Ordinary Shares
|
||||
Shares sold
|
12,077,502
|
$165,283,925
|
11,712,584
|
$154,429,715
|
Shares issued in reinvestment of distributions
|
—
|
—
|
150,797
|
1,881,952
|
Shares redeemed
|
(2,488,508)
|
(33,015,256)
|
(4,895,038)
|
(63,630,016)
|
Net Change
|
9,588,994
|
132,268,669
|
6,968,343
|
92,681,651
|
Institutional Shares
|
||||
Shares sold
|
7,633,306
|
$103,986,461
|
13,245,895
|
$172,971,087
|
Shares issued in reinvestment of distributions
|
—
|
—
|
80,531
|
1,005,032
|
Shares redeemed
|
(3,111,672)
|
(40,432,178)
|
(1,942,393)
|
(25,001,133)
|
Net Change
|
4,521,634
|
63,554,283
|
11,384,033
|
148,974,986
|
Total Net Change for Fund
|
$195,822,952
|
$241,656,637
|
|
•
|
The skills and competency with which the Manager has in the past managed the Trust’s affairs and its sub-advisory relationships, the Manager’s oversight and monitoring of each sub-advisor’s investment performance and compliance programs, such as the Sub-adviser’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Manager’s timeliness in responding to performance issues;
|
|
•
|
The background, qualifications and skills of the Manager’s personnel;
|
|
•
|
The Manager’s compliance policies and procedures and its responsiveness to regulatory changes and mutual fund industry developments;
|
|
•
|
The Manager’s administrative capabilities, including its ability to supervise the other service providers for each Fund;
|
|
•
|
The financial condition of the Manager and whether it has the financial wherewithal to provide a high level and quality of services to the fund; and
|
|
•
|
The Manager’s reputation and experience in serving as an investment manager to the Trust and each Fund and the benefit to Fund shareholders of investing in funds that are part of a small but focused family of funds offering different types of investments.
|
|
•
|
Emerging Markets Fund was in the second quintile of its performance group and performance universe, except for the ten-year period, where Emerging Markets Fund was in the fourth quintile of its performance universe (there was no data provided with respect to its performance group for the 10-year period);
|
|
•
|
Foreign Value Fund was in the first quintile of each of its performance group and performance universe, except for the one-year period, where Foreign Value Fund was in the third quintile of its performance group and performance universe;
|
|
•
|
Foreign Value Small Cap Fund was in the first quintile of its performance universe (there was no data provided with respect to its performance group);
|
|
•
|
Quality Fund was in the first or fourth quintile of its performance group and third or fifth quintile of its performance universe over the most recent one-year and three-year periods, that is, those periods occurring after the time Quality Fund had changed its investment strategy and investment sub-adviser to the current strategy and sub-adviser; and
|
|
•
|
Risk Parity Fund was in fourth quintile of its performance group and third quintile of its performance universe, each over the most recent one-year period, that is, the period occurring after the time Risk Parity Fund was launched.
|
|
•
|
Emerging Markets Fund’s contractual management fees were approximately equal to its peer group’s median, and its actual management fees and actual total expenses each were slightly higher than its peer group’s median;
|
|
•
|
Foreign Value Fund’s contractual management fees, actual management fees and actual total expenses each were higher than its peer group’s median;
|
|
•
|
Foreign Value Small Cap Fund’s contractual management fees and actual total expenses each were approximately equal to its peer group median, and its actual management fees were higher than its peer group’s median;
|
|
•
|
Quality Fund’s contractual management fees and actual total expenses each were higher than its peer group’s median, and its actual managements fees were approximately equal to its peer group’s median;
|
|
•
|
Risk Parity Fund’s contractual management fees were substantially lower than its peer group’s median, its actual management fees were lower than its peer group’s median, and its actual total expenses were higher than its peer group’s median; and
|
|
•
|
Small Cap Fund’s contractual management fees were approximately equal to its peer group’s median, and its actual management fees and actual total expenses each were higher than its peer group’s median.
|
Manager
|
Pear Tree Advisors, Inc., 55 Old Bedford Road,
Suite 202, Lincoln, MA 01773
|
Subadvisers
|
Columbia Partners, L.L.C., Investment Management,
5425 Wisconsin Avenue, Suite 700, Chevy Chase, MD 20815
PanAgora Asset Management, Inc., 470 Atlantic Avenue,
8th Floor, Boston, MA 02210
Polaris Capital Management, LLC, 121 High Street,
Boston, MA 02110
|
Distributor
|
U.S. Boston Capital Corporation, 55 Old Bedford Road,
Suite 202, Lincoln, MA 01773
|
Custodian
|
State Street Bank and Trust Company, One Lincoln Street,
Boston, MA 02111
|
Fund Accountant
|
State Street Bank and Trust Company, One Lincoln Street,
Boston, MA 02111
|
Transfer Agent
|
Pear Tree Institutional Services, 55 Old Bedford Road,
Suite 202, Lincoln, MA 01773
|
Independent Registered
Public Accounting Firm
|
Tait, Weller & Baker LLP, 1818 Market Street, Suite 2400
Philadelphia, PA 19103
|
Legal Counsel
|
Nutter, McClennen & Fish, Seaport West, 155 Seaport
Boulevard, Boston, MA 02210
|
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
|
ITEM 9
|
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
|
(b)
|
Certification pursuant to Rule 30a-2(b) and Section 906 by the chief executive and financial officers.
|
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