1. business and industrial
2. company
3. joint venture

SECURITIES AND EXCHANGE COMMISSION
FORM N-Q
Quarterly schedule of portfolio holdings of registered management investment company filed
on Form N-Q
Filing Date: 2015-02-27 | Period of Report: 2014-12-31
SEC Accession No. 0000722885-15-000008
(HTML Version on secdatabase.com)
FILER
Pear Tree Funds
CIK:722885| IRS No.: 000000000 | Fiscal Year End: 0331
Type: N-Q | Act: 40 | File No.: 811-03790 | Film No.: 15658949
Mailing Address
55 OLD BEDFORD ROAD
SUITE 202
LINCOLN MA 01773
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Business Address
55 OLD BEDFORD ROAD
SUITE 202
LINCOLN MA 01773
8003311244
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-03790
Pear Tree Funds
55 Old Bedford Road, Lincoln, MA 01773
Willard L. Umphrey
Pear Tree Funds
55 Old Bedford Road
Lincoln, MA 01773
(Name and address of agent for service)
781-259-1144
(Registrant’s telephone number)
Date of fiscal year end: March 31
Date of reporting period: December 31, 2014
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Item 1. Schedule of Investments
PEAR TREE COLUMBIA SMALL CAP FUND
SCHEDULE OF INVESTMENTS
December 31, 2014
Common Stock - 95.8%
Shares
Value
AIRLINES - 2.1%
Spirit Airlines, Inc. (a)
Virgin America Inc. (a)
13,226
24,696
999,621
1,068,102
2,067,723
AUTO COMPONENTS - 1.4%
Motorcar Parts of America, Inc. (a)
43,206
1,343,274
7,146
83,883
103,909
117,880
28,369
223,670
1,803,484
1,364,325
1,570,162
1,121,710
6,083,351
9,006
519,376
38,474
28,700
5,663
712,538
1,222,046
239,941
2,174,525
CHEMICALS - 2.9%
Cambrex Corporation (a)
Ferro Corporation (a)
21,397
188,035
462,603
2,436,934
2,899,537
COMMERCIAL SERVICES & SUPPLIES - 4.2%
Acacia Research Corporation - Acacia Technologies (b)
Kforce, Inc.
WageWorks, Inc. (a)
49,227
119,694
7,985
833,905
2,888,216
515,591
4,237,712
COMMUNICATIONS EQUIPMENT - 0.1%
Ubiquiti Networks, Inc. (b)
2,775
82,251
CONSTRUCTION & ENGINEERING - 0.2%
Tutor Perini Corporation (a)
7,671
184,641
10,960
311,812
BANKS - 6.1%
Bryn Mawr Bank Corporation
Central Pacific Financial Corporation
CoBiz Financial, Inc.
F.N.B. Corporation
Pinnacle Financial Partners, Inc. (a)
BIOTECHNOLOGY - 0.5%
Kite Pharma, Inc. (b)
BUILDING PRODUCTS - 2.2%
NCI Building Systems, Inc. (a)
Trex Company, Inc. (a)
Apogee Enterprises, Inc.
CONSTRUCTION MATERIALS - 0.3%
U.S. Concrete, Inc. (a)
DIVERSIFIED FINANCIALS - 2.8%
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Cardtronics, Inc. (a)
Hercules Technology Growth Capital, Inc. (b)
46,183
64,686
1,781,740
962,528
2,744,268
DIVERSIFIED FINANCIAL SERVICES - 1.4%
Greenhill & Co., Inc.
31,132
1,357,355
ELECTRONIC EQUIPMENT - 0.7%
Canadian Solar, Inc. (a) (b)
30,403
735,448
8,015
89,928
26,831
1,105,437
129,217
1,854,264
HEALTH CARE EQUIPMENT & SUPPLIES - 7.9%
BioTelemetry, Inc. (a)
LDR Holding Corporation (a)
Natus Medical, Inc. (a)
Spectranetics Corporation (The) (a)
ZELTIQ Aesthetics, Inc. (a)
12,259
42,396
66,220
52,451
76,261
122,958
1,389,741
2,386,569
1,813,758
2,128,445
7,841,471
HOTELS, RESTAURANTS & LEISURE - 3.3%
Fiesta Restaurant Group, Inc. (a)
Papa Johns International, Inc.
National CineMedia, Inc.
12,219
22,128
98,995
742,915
1,234,742
1,422,558
3,400,215
INSURANCE - 1.8%
United Insurance Holdings Corporation
81,741
1,794,215
IT CONSULTING & SERVICES - 4.0%
Alliance Data Systems Corporation (a)
13,791
3,944,915
MACHINERY - 2.0%
Greenbrier Companies, Inc. (The) (b)
H&E Equipment Services, Inc.
21,068
30,164
1,131,984
847,307
1,979,291
43,191
222,064
88,331
106,911
1,536,736
1,438,975
2,729,428
2,283,619
7,988,758
OIL & GAS - 1.8%
Carrizo Oil & Gas, Inc. (a)
Diamondback Energy, Inc. (a)
SemGroup Corporation
12,741
16,670
4,302
530,026
996,533
294,214
1,820,773
PHARMACEUTICALS - 2.9%
Perniz Therapeutics Holdings, Inc. (a)
Tetraphase Pharmaceuticals, Inc. (a)
56,983
59,851
535,070
2,376,683
2,911,753
PHARMACEUTICALS & BIOTECHNOLOGY - 1.0%
Cempra, Inc. (a)
19,333
454,519
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.1%
Applied Optoelectronics, Inc. (a)
FOOD & DRUG RETAILING - 1.1%
Fresh Market, Inc. (The) (a) (b)
FOOD PRODUCTS - 1.9%
Amira Nature Foods Ltd (a) (b)
MEDIA -8.1%
Cinemark Holdings, Inc.
Entravision Communications Corporation, Class A
IMAX Corporation (a) (b)
Regal Entertainment Group (b)
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IGI Laboratiories, Inc. (a)
53,905
474,364
928,883
27,912
49,205
58,957
79,410
252,334
115,622
45,722
11,628
446,034
1,635,574
2,157,237
4,576,398
1,773,908
1,919,325
1,116,074
239,886
13,864,436
18,831
54,714
41,000
1,042,484
1,566,462
922,090
3,531,036
107,839
34,728
2,113,644
985,581
3,099,225
30,324
1,767,283
132,694
54,324
51,309
26,281
2,450,858
2,755,313
524,378
1,012,081
6,742,630
SPECIALTY RETAIL - 2.9%
Asbury Automotive Group, Inc. (a)
Restoration Hardware Holdings, Inc. (a)
27,946
7,958
2,121,660
764,048
2,885,708
TEXTILES & APPAREL - 2.0%
Deckers Outdoor Corporation (a)
21,663
1,972,199
TRADING COMPANIES & DISTRIBUTORS - 0.9%
Air Lease Corporation
26,896
922,802
REAL ESTATE - 13.9%
Brandywine Realty Trust
DuPont Fabros Technology, Inc.
Education Realty Trust, Inc.
EPR Properties
Hersha Hospitality Trust
Physicians Realty Trust
Select Income
Terreno Realty Corporation
ROAD & RAIL - 3.6%
Saia, Inc. (a)
Swift Transportation Company (a)
YRC Worldwide Inc. (a)
SEMICONDUCTOR EQUIPMENT & PRODUCTS - 3.1%
Integrated Device Technology, Inc. (a)
Microsemi Corporation (a)
SOFTWARE -1.8%
Verint Systems, Inc. (a)
SOFTWARE & SERVICES -6.8%
Actua Corporation (a)
Ambarella, Inc. (a) (b)
ARC Document Solutions, Inc. (a)
Luxoft Holding, Inc. (a) (b)
TOTAL COMMON STOCK
(Cost $ 72,155,485)
95,186,495
SHORT TERM INVESTMENTS - 3.8%
Par Value
State Street Bank & Trust Co., Repurchase Agreement
0.0%, 01/02/15, (Dated 12/31/14), Collateralized by $30,000 par
U.S. Treasury Note-8.0% due 11/15/2021,
Market Value $3,850,025, Repurchase Proceeds $3,767,950
(Cost $3,767,950)
$
3,767,950
Value
$
3,767,950
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES
LOANED) - 99.6%
(Cost $ 75,923,435)
98,954,445
INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED - 15.4%
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Money Market -15.4%
Western Asset Institutional Cash Reserves - Inst.
(Cost $15,308,042)
TOTAL INVESTMENTS - 115.0%
(Cost $ 91,231,477)
OTHER ASSETS & LIABILITIES (NET) - (15.0)%
NET ASSETS - 100%
15,308,042
114,262,487
$
(14,945,755)
99,316,732
(a) Non-income producing security
(b) All or a portion of this security was out on loan.
The percentage of each investment category is calculated as a
percentage of net assets.
Pear Tree Small Cap Fund FASB 157 Disclosure
Portfolio securities are valued each business day generally at the last reported sale price on the principal exchange or market on which
they are traded. If on a business day there is no such reported sale, the securities generally are valued at the mean between the last
reported bid and asked prices. For securities, where no such sales have been reported, a Fund may value such securities at the last
reported bid price. In the event that there is information suggesting that valuation of such securities based upon bid and/or asked prices
may not be accurate, a Fund may value such securities in good faith at fair value in accordance with procedures (the “Valuation
Procedures”) established by the Funds’ Trustees (the “Trustees”), which may include a determination to value such securities at the last
reported sales price. Short-term investments that mature in 60 days or less are valued at amortized cost. Securities quoted in foreign
currencies are translated into U.S. dollars based upon the prevailing exchange rate at the time of valuation. Other assets and securities
for which no quotations are readily available are valued at fair value as determined in good faith using the Valuation Procedures. As a
result, changes in the value of those currencies in relation to the U.S. dollar may affect a Fund’s net asset value. Because foreign
markets may be open at different times than when the New York Stock Exchange is open for regular trading, the value of a Fund’s
shares may change on days when shareholders are not able to buy or sell them. If events materially affecting the values of a Fund’s
foreign investments occur between the close of foreign markets and the close of regular trading on the New York Stock Exchange, these
investments may be valued at their fair value as determined in good faith using the Valuation Procedures.
The Funds’ Valuation Procedures include fair valuation accounting standards that establish an authoritative definition of fair value and
set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs used to develop the
measurements of fair value. These inputs are summarized in the three broad levels listed below:
● 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.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, the type
of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics
particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the
market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value
is greatest for instruments categorized in Level 3.
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The inputs used to measure fair value may fall into different levels of fair value hierarchy. In such cases, for disclosure purposes, the
level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level
input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers in changing an investment’s assigned level within the hierarchy.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these
securities. The following is a summary of the inputs used to value the Fund’s net assets as of December 31, 2014:
Quoted
Prices in
Active Markets
Level 1
Significant
Other
Observable
Inputs
Level 2
Significant
Unobservable
Inputs
Level 3
Market
Value at
December 31, 2014
Total
Small Cap
Common Stock*
Real Estate Inv. Trusts
Short Term
Investments
Total
$ 81,322,059
13,864,436
15,308,042
$110,494,537
$
-$
-
3,767,950
$ 3,767,950
-
$
81,322,059
13,864,436
-
19,075,992
$ 114,262,487
* Refer to Schedule of Investments for breakout by industry or country.
* Transfers between levels are recognized at the end of the reporting period. Small Cap had no transfers at period end.
Securities valuation policies and other investment related disclosures are hereby incorporated by reference from the annual and semiannual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
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PEAR TREE QUALITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2014
Common Stock - 99.6%
Shares
AEROSPACE & DEFENSE - 1.2%
Precision Castparts Corp.
United Technologies Corporation
Value
2,881
7,327
693,975
842,605
1,536,580
83,468
3,524,019
BIOTECHNOLOGY - 1.0%
Biogen Idec Inc. (a)
3,521
1,195,204
CHEMICALS - 1.0%
Monsanto Company
10,205
1,219,191
COMMUNICATIONS EQUIPMENT - 2.0%
QUALCOMM Incorporated
35,258
2,620,727
COMPUTERS & PERIPHERALS - 10.7%
Apple, Inc.
EMC Corporation
International Business Machines
Teradata Corporation (a)
59,512
47,021
31,344
18,699
6,568,935
1,398,405
5,028,831
816,772
13,812,943
CONSUMER SERVICES - 0.2%
McKesson Corporation
1,490
309,294
DISTRIBUTORS - 0.3%
Genuine Parts Company
3,989
425,108
16,778
1,035,706
2,670
143,673
FOOD PRODUCTS - 3.5%
Nestle, S.A. (c)
Unilever N.V. (b)(c)
Unilever plc (c)
42,336
19,562
14,908
3,088,411
763,700
603,476
4,455,587
FOOD STAPLES & DRUG RETAILING - 5.0%
Costco Wholesale Corporation
General Mills, Inc.
PepsiCo, Inc.
SYSCO Corporation
Wal-Mart Stores, Inc.
7,723
9,768
20,297
14,708
27,742
1,094,735
520,927
1,919,284
583,761
2,382,483
6,501,190
BEVERAGES - 2.7%
Coca-Cola Company (The)
ELECTRICAL INSTRUMENTS - 0.8%
Emerson Electric Co.
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.1%
Amphenol Corporation
GAS UTILITIES - 0.5%
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Honeywell International Inc.
6,211
620,603
12,055
5,247
17,979
77,735
536
4,272
700
9,076
8,145
21,392
4,899
6,908
883,511
730,173
1,838,892
6,581,822
24,372
613,587
370,258
655,287
768,318
2,162,517
555,645
449,227
15,633,609
5,383
676,482
HOTELS, RESTAURANTS & LEISURE - 1.6%
Compass Group PLC (a)(c)
McDonald's Corporation
Starbucks Corporation
20,357
18,437
4
346,883
1,727,547
328
2,074,758
HOUSEHOLD PRODUCTS - 5.7%
Church & Dwight Co., Inc.
Colgate-Palmolive Company
Kimberly-Clark Corporation
Procter & Gamble Company (The)
Reckitt Benckiser Group plc
3,877
21,128
4,163
47,784
9,146
305,547
1,461,846
480,993
4,352,645
727,467
7,328,498
INDUSTRIAL CONGLOMERATES - 2.2%
3M Company
LVMH Moët Hennessy-Louis Vuitton S.A. (a)
14,207
12,588
2,334,494
433,468
2,767,962
IT CONSULTING & SERVICES - 1.8%
Accenture plc
Cognizant Technology Solutions Corporation (a)
Paychex, Inc.
14,114
13,591
7,844
1,260,521
715,702
362,158
2,338,381
9,891
306,077
MACHINERY - 1.7%
Danaher Corporation
Dover Corporation
Illinois Tool Works, Inc.
13,165
3,837
9,047
1,128,372
275,190
856,751
2,260,313
OIL & GAS - 3.4%
Chevron Corporation
Exxon Mobil Corporation
Rockwell Automation, Inc.
31,325
5,119
3,473
3,514,038
473,252
386,198
4,373,488
4,131
314,782
HEALTH CARE EQUIPMENT & SERVICES - 12.1%
Baxter International, Inc.
Becton, Dickinson and Company
Covidien plc
Express Scripts Holding Company (a)
Halyard Health, Inc. (a)
Humana Inc.
Intuitive Surgical, Inc. (a)
Medtronic, Inc.
Stryker Corporation
UnitedHealth Group, Inc.
Zimmer Holdings, Inc.
St. Jude Medical, Inc.
HEALTH CARE PROVIDERS & SERVICES - 0.5%
Anthem, Inc.
LEISURE EQUIPMENT & PRODUCTS - 0.2%
Mattel, Inc.
PERSONAL PRODUCTS - 0.2%
Estee Lauder Companies, Inc. (The)
PHARMACEUTICALS & BIOTECHNOLOGY - 11.2%
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Abbott Laboratories
Allergan, Inc.
Amgen, Inc.
AstraZeneca plc (c)
Bristol-Myers Squibb Company
Eli Lilly and Company
GlaxoSmithKline plc (c)
Indivior PLC
Johnson & Johnson
Novartis AG (c)
32,550
3,739
10,266
34,645
12,042
15,022
5
9,146
46,354
15,794
1,465,401
794,874
1,635,271
2,438,315
710,839
1,036,368
214
21,327
4,847,238
1,463,472
14,413,319
11,065
758,838
6,979
7,401
387,474
320,389
707,863
2
108,610
5,243
24,114
6,609
2,179
6,064
14,144
135,605
150,900
7,918
145
3,020,987
334,503
1,353,278
3,507,132
1,147,026
559,040
1,218,647
6,298,852
6,785,973
551,489
24,777,072
SPECIALTY RETAIL - 0.8%
Bed Bath & Beyond Inc. (a)
13,020
991,733
TEXTILES & APPAREL - 1.6%
Coach, Inc.
Nike, Inc. B
V.F. Corporation
4
14,389
8,469
150
1,383,503
634,328
2,017,981
TOBACCO - 5.9%
British American Tobacco p.l.c. (c)
Philip Morris International, Inc.
Reynolds American, Inc.
11,718
72,624
6,684
1,263,435
5,915,225
429,581
7,608,241
1,551
395,334
42,182
45,662
666,476
666,665
1,333,141
RETAILING - 0.6%
TJX Companies, Inc. (The)
SEMICONDUCTOR EQUIPMENTS & PRODUCTS - 0.6%
Analog Devices, Inc.
Xilinx, Inc.
SOFTWARE & SERVICES - 19.2%
Adobe Systems Incorporated (a)
Cisco Systems, Inc.
Citrix Systems, Inc. (a)
eBay, Inc. (a)
Google, Inc. (a)
Google, Inc. C (a)
Intuit Inc.
MasterCard Incorporated
Microsoft Corporation
Oracle Corporation
SAP AG (b)(c)
TRADING COMPANIES & DISTRIBUTION - 0.3%
W.W. Grainger, Inc.
WIRELESS TELECOMMUNICATIONS - 1.0%
KDDI Corporation (a)(c)
NTT DOCOMO, Inc. (a)(b)(c)
TOTAL COMMON STOCK
(Cost $109,148,958)
128,477,697
Short Term Investments - 0.3%
State Street Bank & Trust Co., Repurchase Agreement
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Par Value
324,182
$
Value
324,182
.0%, 01/02/15, (Dated 12/31/14), Collateralized by 240,000 par
U.S. Treasury Note-8% due 11/15/2021,
Market Value $336,002, Repurchase Proceeds $324,182
(Cost $324,182)
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES
LOANED) - 100%
(Cost $109,473,140)
128,801,879
Money Market - 1.2%
Western Asset Institutional Cash Reserves - Inst.
(Cost $1,545,196)
1,545,196
TOTAL INVESTMENTS 101.1%
(Cost $111,018,336)
OTHER ASSETS & LIABILITIES (NET) - (1.1%)
NET ASSETS - 100%
(a)
(b)
(c)
1,545,196
$
130,347,075
$
(1,365,253)
128,981,822
Non-Income producing security
All or a portion of this security is out on loan
ADR - American Depositary Receipts
Pear Tree Quality Fund FASB 157 Disclosure
Portfolio securities are valued each business day generally at the last reported sale price on the principal exchange or market on which
they are traded. If on a business day there is no such reported sale, the securities generally are valued at the mean between the last
reported bid and asked prices. For securities, where no such sales have been reported, a Fund may value such securities at the last
reported bid price. In the event that there is information suggesting that valuation of such securities based upon bid and/or asked prices
may not be accurate, a Fund may value such securities in good faith at fair value in accordance with procedures (the “Valuation
Procedures”) established by the Funds’ Trustees (the “Trustees”), which may include a determination to value such securities at the last
reported sales price. Short-term investments that mature in 60 days or less are valued at amortized cost. Securities quoted in foreign
currencies are translated into U.S. dollars based upon the prevailing exchange rate at the time of valuation. Other assets and securities
for which no quotations are readily available are valued at fair value as determined in good faith using the Valuation Procedures. As a
result, changes in the value of those currencies in relation to the U.S. dollar may affect a Fund’s net asset value. Because foreign
markets may be open at different times than when the New York Stock Exchange is open for regular trading, the value of a Fund’s
shares may change on days when shareholders are not able to buy or sell them. If events materially affecting the values of a Fund’s
foreign investments occur between the close of foreign markets and the close of regular trading on the New York Stock Exchange, these
investments may be valued at their fair value as determined in good faith using the Valuation Procedures.
The Funds’ Valuation Procedures include fair valuation accounting standards that establish an authoritative definition of fair value and
set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs used to develop the
measurements of fair value. These inputs are summarized in the three broad levels listed below:
● 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.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, the type
of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics
particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the
Copyright © 2013 www.secdatabase.com. All Rights Reserved.
Please Consider the Environment Before Printing This Document
market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value
is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of fair value hierarchy. In such cases, for disclosure purposes, the
level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level
input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers in changing an investment’s assigned level within the hierarchy.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these
securities. The following is a summary of the inputs used to value the Fund’s net assets as of December 31, 2014:
Quoted
Prices In
Active
Markets
Level 1
Quality
Common Stock*
Depository Receipts
Short Term Investments
Total
116,191,693
12,286,004
1,545,196
$ 130,022,893
Significant
Other
Observable
Inputs
Level 2
$
324,182
324,182
Significant
Unobservable
Inputs
Level 3
Market
Value at
December 31, 2014
Total
-
$
$
116,191,693
12,286,004
1,869,378
130,347,075
* Refer to Schedule of Investments for breakout by industry or country.
* Transfers between Levels are recognized at the end of the reporting period. Quality had no transfers at period end.
Securities valuation policies and other investment related disclosures are hereby incorporated by reference from the annual and semiannual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
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PEAR TREE PANAGORA DYNAMIC EMERGING MARKETS
FUND
SCHEDULE OF INVESTMENTS
December
31, 2014
Common Stock - 70.7%
BRAZIL - 3.8%
Ambev SA (c)
Banco do Brasil S.A.
Cetip S.A. Mercados Organizados
CIA Paranaense de Energia (b)(c)
Companhia Brasileira de Distribuicao SP (c)
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes
Energias do Brasil S.A.
JBS S.A.
KLABIN S.A.
Petroleo Brasileiro S.A.
Petroleo Brasileiro S.A. (c)
Sao Martinho S.A.
Vale S.A.
CHINA - 10.1%
Agricultural Bank of China, Class H
Bank of China Ltd., H
China BlueChemical Ltd. H
China Construction Bank Corporation
China Life Insurance Co,. Limited
China Petroleum & Chemical Corporation
China Power International Development Ltd. (b)
China Shenhua Energy Co., Ltd.
China Yuchai International Ltd.
Dah Sing Financial Holdings Ltd.
Datang International Power Generation Co., Ltd.
Dongfeng Motor Group Company Limited
Guangzhou R&F Properties Co., Ltd. H
Huaneng Power International Inc. H
Industrial & Commercial Bank of China Ltd.
Jiangsu Expressway Co. Ltd. - H
NetDragon Websoft Inc.
Perfect World Co., Ltd. (c)
PetroChina Company Limited
Ping An Insurance Group H Share
Shanghai Electric Group Company Ltd. H
Sinotrans Ltd. H Shares
Zhejiang Expressway Co., Ltd.
COLOMBIA - 0.1%
Ecopetrol S.A. (b)(c)
CZECH REPUBLIC - 0.3%
CEZ A.S.
Shares
Value
76,683
55,412
32,400
29,309
13,039
161,100
80,700
168,300
110,100
65,183
50,474
15,318
23,853
476,968
495,502
392,476
386,000
480,226
670,290
272,319
709,112
604,303
235,161
382,593
208,892
196,607
5,510,449
673,000
3,550,392
536,000
2,859,422
69,000
1,001,810
550,000
132,105
11,788
19,200
842,000
564,881
79,200
422,000
1,639,911
156,000
52,500
23,530
935,778
71,000
570,000
1,297,000
434,000
340,248
2,001,021
188,030
2,341,778
269,641
807,531
278,772
390,165
223,972
111,803
452,837
798,475
97,242
571,473
1,197,100
186,307
92,492
370,833
1,035,509
723,401
302,877
869,836
507,121
14,158,464
7,108
121,689
17,361
447,812
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HONG KONG - 6.2%
ANTA Sports Products, Ltd.
Central China Real Estate Ltd.
Champion Real Estate Investment Trust
China Mobile Limited
China Resources Cement Holdings Limited
Chongqing Rural Commercial Bank Co.
CNOOC Limited
Dongyue Group Ltd. (b)
GOME Electrical Appliances Holding Limited
KWG Property Holding Limited
Shanghai Industrial Holdings Limited
Soho China Limited
Tencent Holdings Limited
HUNGARY - 0.4%
Richter Gedeon Nyrt
INDIA - 6.0%
Apollo Tyres Ltd.
Bajaj Holdings & Investment Limited
Bank of Baroda
Bharat Petroleum Corporation Ltd.
Cairn India Ltd.
Chambal Fertilizers & Chemicals Ltd.
Housing Development Finance Corp Ltd.
Indiabulls Housing Finance Limited
Infosys Technologies Ltd. (b)(c)
Oil and Natural Gas Corp. Limited
Power Finance Corporation Limited
Reliance Industries Ltd.
Rural Electrification Corporation Limited
Sesa Sterlite Ltd.
Tata Consultancy Services Ltd.
Tata Steel Limited
United Phosphorus Limited
INDONESIA - 2.3%
PT Adaro Energy Tbk
PT Bank Bukopin Tbk
PT Bank Negara Indonesia (Persero) Tbk
PT Bank Rakyat Indonesia Tbk
PT Matahari Putra Prima Tbk
PT PP London Sumatra Indonesia Tbk
PT Telekomunikasi Indonesia Persero Tbk
PT United Tractors Tbk
MALAYSIA - 1.8%
British American Tobacco (Malaysia) Berhad
DiGi.Com Berhad
JCY International Berhad
Lafarge Malaysia Berhad
Malaysia Building Society Berhad
Petronas Chemicals Group Berhad
Telekom Malaysia Berhad
UMW Holdings Berhad
269,000
252,371
427,000
215,779
480,000
838,687
620,218
410,000
3,955,000
568,919
95,000
664,979
136,000
475,299
57,286
198,255
2,524,122
312,008
523,527
835,100
145,415
591,695
389,618
284,866
470,841
1,973,264
8,781,296
40,651
550,076
226,614
7,260
16,624
32,457
98,428
128,923
18,189
158,659
12,204
50,760
146,519
11,098
202,813
230,598
3,299
113,839
123,111
801,482
161,026
285,747
332,373
374,158
123,975
326,464
1,155,083
383,938
274,215
699,721
156,837
1,076,357
782,512
134,004
719,852
676,479
8,464,223
2,476,100
909,600
958,200
531,000
733,200
2,052,040
5,398,090
159,000
207,924
55,083
471,943
499,487
180,562
313,150
1,248,731
222,741
3,199,621
18,044
266,700
341,400
33,880
437,112
150,000
353,978
136,593
335,955
470,625
53,214
94,571
303,785
233,805
696,516
428,159
2,616,630
MEXICO - 1.8%
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America Movil S.A.B. de C.V., Series L
Controladora Comercial Mexicana S.A. de C.V.
Fomento Economico Mexicano S.A.B. (c)
GRUMA, S.A.B. de C.V., Series B (a)
Grupo Aeroportuario del Pacifico S.A.B. (c)
Grupo Financiero Banorte SAB de C.V.
Grupo Televisa S.A.B. (c)
934,370
29,400
1,125
75,307
4,299
11,100
3,324
1,041,374
103,523
99,034
805,463
271,697
61,344
113,215
2,495,650
46,340
39,950
54,594
175,045
229,639
6,825
25,074
132,280
233,484
98,329
771,012
705,887
333,087
1,908,315
13,028
18,729
1,095
1,485
245,049
293,139
56,376
86,813
681,377
RUSSIA - 2.4%
Gazprom (c)
LUKoil (c)
Mobile TeleSystems (c)
Norilsk Nickel Mining and Metallurgical Co. (c)
PhosAgro (d)
Severstal (b)(d)
Sistema JSFC (Reg S) (b)(d)
161,318
25,174
29,771
26,342
9,427
96,989
8,812
750,129
1,001,925
213,756
374,583
96,155
882,600
45,911
3,365,059
SINGAPORE - 1.0%
ComfortDelGro Corporation Limited
DBS Group Holdings Ltd.
189,000
64,000
370,952
995,244
1,366,196
SOUTH AFRICA - 7.2%
African Rainbow Minerals Limited
Barloworld Limited
Bidvest Group Limited
Coronation Fund Managers Ltd
FirstRand Limited
Investec Ltd.
Liberty Holdings Limited
Mediclinic International, Ltd.
Mondi Limited
MTN Group Limited
Naspers Limited N Shs
Nedbank Group Ltd
Netcare Limited
PPC, Ltd. (b)
Reunert Limited
RMB Holdings Ltd.
Sasol Ltd.
Steinoff International Holdings Limited
Tongaat Hulett Limited
19,887
42,061
30,351
34,953
311,791
37,239
31,248
53,242
17,427
29,759
9,935
25,609
153,498
34,941
22,249
161,113
26,039
111,859
7,879
204,963
348,764
798,793
348,614
1,365,575
314,457
332,040
464,117
284,869
570,656
1,303,689
552,269
504,514
83,220
116,966
897,782
972,010
575,462
117,998
10,156,758
PHILIPPINES - 0.2%
Aboitiz Equity Ventures, Inc.
Universal Robina Corporation
POLAND - 1.4%
Asseco Poland S.A.
KGHM Polska Miedz S.A.
PGE S.A.
Tauron Polska Energia S.A.
QATAR - 0.5%
Commercial Bank of Qatar Q.S.C.
Doha Bank Q.S.C.
Qatar Electricity & Water Company Q.S.C.
Qatar National Bank SAQ
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SOUTH KOREA - 8.3%
Coway Co., Ltd.
Daishin Securities Company
Halla Climate Control Corp. (b)
Hyosung Corporation
Hyundai Mobis Co.,Ltd.
Hyundai Motor Company Ltd.
Industrial Bank of Korea
Kia Motors Corporation
KT Corporation
KT&G Corporation
LG Display Co., Ltd. (a)
LG Electronics Inc.
Meritz Securities Co., Ltd.
Naver Corp.
POSCO
Samsung Electronics Company, Ltd.
Shinhan Financial Group Co., Ltd.
SK Hynix Inc. (a)
SK Networks Col, Ltd. (a)
SK Telecom Co., Ltd. (c)
Sungwoo Hitech Co., Ltd.
8,969
9,781
6,340
7,583
443
2,501
35,077
7,664
8,567
12,900
33,423
6,872
42,092
247
605
3,162
3,798
16,972
38,119
15,112
41,550
687,067
84,448
279,176
471,889
95,117
384,542
449,971
364,670
243,569
893,136
1,023,231
369,499
150,691
160,000
151,642
3,817,472
153,592
737,309
310,043
408,175
442,283
11,677,522
TAIWAN - 12.4%
ASUSTeK Computer, Inc.
Chailease Holding Co., Ltd.
Chicony Electronics Co., Ltd.
Chunghwa Telecom Co., Ltd.
Farglory Land Development Co., Ltd.
Fubon Financial Holding Co., Ltd.
Hon Hai Precision Industry Co., Ltd.
Inventec Corporation
Kings Town Bank
Lite-On Technology Corp.
MediaTek, Inc.
Pegatron Corporation
Powertech Technology, Inc.
President Chain Store Corp.
Quanta Computer, Inc.
Radiant Opto-Electronics Corporation
Realtek Semiconductor Corporation
Simplo Technology Co., Ltd.
Taishin Financial Holding Co., Ltd.
Taiwan Semiconductor Manufacturing Co., Ltd.
TECO Electric & Machinery Co., Ltd.
United Microelectronics Corporation
Vanguard International Semiconductor Corp.
111,488
352,920
117,055
212,600
143,302
681,000
372,074
538,000
90,000
400,990
44,000
484,416
515,000
134,915
330,000
202,409
136,000
59,000
900,000
603,270
540,983
2,365,401
370,000
1,222,410
880,011
327,807
632,378
171,181
1,092,548
1,034,912
363,467
93,554
461,871
643,250
1,118,991
883,267
1,043,817
827,036
650,102
456,174
294,048
371,654
2,691,636
516,127
1,104,033
612,335
17,492,609
THAILAND - 1.7%
Delta Electronics PCL
Electricity Generating PCL
Kiatnakin Bank PCL
Krung Thai Bank PCL
PTT Exploration & Production PCL
PTT PCL
Thanachart Capital PCL
156,900
44,279
143,400
1,329,946
59,900
19,800
302,000
336,214
225,433
172,167
917,622
203,915
194,991
291,444
2,341,786
TURKEY - 2.3%
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Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.
Enka İnşaat ve Sanayi A.Ş.
Eregli Demir ve Celik Fabrikalari T.A.S.
Tofas Turk Otomobil Fabrikasi A.S.
Turkiye Is Bankasi A.S.
UNITED ARAB EMERATES - 0.5%
Abu Dhabi Commercial Bank
Aldar Properties PJSC
First Gulf Bank PJSC
194,493
81,243
496,376
117,882
394,211
230,944
183,883
949,004
805,992
1,138,967
3,308,790
115,564
208,975
68,328
221,186
150,771
316,247
688,204
TOTAL COMMON STOCK
(Cost $99,299,199)
99,562,165
Preferred Stock - 2.0%
BRAZIL - 1.6%
Banco Bradesco S.A.
Cia Energetica de Sao Paulo
Itau Unibanco Holding S.A.
Metalurgica Gerdau S.A.
Vale S.A., Class A
SOUTH KOREA - 0.4%
Samsung Electronics Co. Ltd.
35,889
39,200
53,370
55,900
39,271
473,353
395,362
694,681
237,631
284,095
2,085,122
590
557,713
TOTAL PREFERRED STOCK
(Cost $3,806,813)
2,642,835
Mutual Funds - 26.6%
United States - 26.6%
Pear Tree PanAgora Risk Parity Emerging Markets Fund*
(Cost $38,832,365)
Short Term Investments - 1.0%
State Street Bank & Trust Co., Repurchase Agreement
.0%, 01/02/15, (Dated 12/31/14), Collateralized by 1,030,000 par
U.S. Treasury Note-8% due 11/15/2021,
Market Value $1,442,009, Repurchase Proceeds $1,413,195
(Cost $1,413,195)
3,810,109
37,377,168
Par Value
1,413,195
$
Value
1,413,195
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES
LOANED)
(Cost $143,351,572)
140,995,363
INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED - 1.7%
Money Market - 1.7%
Western Asset Institutional Cash Reserves - Inst.
(Cost $2,444,212)
$
2,444,212
TOTAL INVESTMENTS - 102.0%
(Cost $145,795,782)
OTHER ASSETS & LIABILITIES (Net) - (2.0%)
NET ASSETS - 100%
$
2,444,212
$
143,439,575
(2,905,065)
140,534,510
* 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.
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(a)
(b)
(c)
(d)
Non-income producing security.
All or a portion of this security was out on loan.
ADR - American Depositary Receipts
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
Information Technology
Consumer Discretionary
Materials
Energy
Telecommunication Services
Consumer Staples
Industrials
Utilities
Health Care
Mutual Funds
Cash and Other Assets (Net)
20.1%
15.9%
6.7%
6.3%
5.9%
5.8%
4.1%
3.9%
2.9%
1.1%
26.6%
0.7%
Pear Tree Emerging Markets Fund FASB 157 Disclosure
Portfolio securities are valued each business day generally at the last reported sale price on the principal exchange or market on which
they are traded. If on a business day there is no such reported sale, the securities generally are valued at the mean between the last
reported bid and asked prices. For securities, where no such sales have been reported, a Fund may value such securities at the last
reported bid price. In the event that there is information suggesting that valuation of such securities based upon bid and/or asked prices
may not be accurate, a Fund may value such securities in good faith at fair value in accordance with procedures (the “Valuation
Procedures”) established by the Funds’ Trustees (the “Trustees”), which may include a determination to value such securities at the last
reported sales price. Short-term investments that mature in 60 days or less are valued at amortized cost. Securities quoted in foreign
currencies are translated into U.S. dollars based upon the prevailing exchange rate at the time of valuation. Other assets and securities
for which no quotations are readily available are valued at fair value as determined in good faith using the Valuation Procedures. As a
result, changes in the value of those currencies in relation to the U.S. dollar may affect a Fund’s net asset value. Because foreign
markets may be open at different times than when the New York Stock Exchange is open for regular trading, the value of a Fund’s
shares may change on days when shareholders are not able to buy or sell them. If events materially affecting the values of a Fund’s
foreign investments occur between the close of foreign markets and the close of regular trading on the New York Stock Exchange, these
investments may be valued at their fair value as determined in good faith using the Valuation Procedures.
The Funds’ Valuation Procedures include fair valuation accounting standards that establish an authoritative definition of fair value and
set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs used to develop the
measurements of fair value. These inputs are summarized in the three broad levels listed below:
● 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.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, the type
of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics
particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the
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market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value
is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of fair value hierarchy. In such cases, for disclosure purposes, the
level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level
input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers in changing an investment’s assigned level within the hierarchy.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these
securities. The following is a summary of the inputs used to value the Fund’s net assets as of December 31, 2014:
Quoted Prices
In Active
Markets
Level 1
Emerging Markets
Common Stock*
Common Stock Units
Depository Receipts
Mutual Funds
Preferred Stock
Real Estate Investment Trust
Short Term Investments
Total
Significant
Other
Observable
Inputs
Level 2
68,438,759
103,523
6,859,426
37,377,168
429,199
2,444,212
$ 115,652,287
$
Significant
Unobservable
Inputs
Level 3
23,126,955
604,303
2,642,836
1,413,195
27,787,289
-
Market
Value At
December 31, 2014
Total
91,565,714
707,826
6,859,426
37,377,168
2,642,836
429,199
3,857,407
$ 143,439,576
* Refer to Schedule of Investments for breakout by industry or country.
* Transfers between Levels are recognized at the end of the reporting period.
* Emerging Markets transferred $16,009,399 out of Level 1 into Level 2.
* Common stock labeled as Level 2 balance consists of the market value of the associated Level 2 investments in the following
industries:
Emerging
Markets
$
Auto Components
Automobiles
Banks
Chemicals
Diversified Financials
Diversified Telecommunications
Services
Electric Utilities
Electronic Equipment & Instruments
Food Products
Household Durables
Industrial Conglomerates
Internet Software & Services
816,576
749,212
3,715,734
471,889
1,586,729
1,492,299
2,379,899
1,359,445
1,406,198
1,726,857
54,594
160,000
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Machinery
Metals & Mining
Multiline Retail
Oil & Gas
Paper & Forest Products
Pharmaceuticals & Biotechnology
Semiconductor Equipment &
Products
Software & Services
Tobacco
Trading Companies & Distribution
222,741
1,640,986
180,562
841,991
604,303
550,077
5,112,494
98,329
893,136
310,043
$ 26,374,094
Securities valuation policies and other investment related disclosures are hereby incorporated by reference from the annual and semiannual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
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PEAR TREE PANAGORA RISK PARITY EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS
December 31, 2014
Common Stock - 91.1%
BRAZIL - 3.1%
Banco do Brasil S.A.
BR Properties S.A.
BRF S.A.
CCR S.A.
Cetip S.A. Mercados Organizados
CIA Paranaense de Energia (c)
Cielo S.A.
Companhia Energetica de Minas Gerais (c)
Companhia Siderurgica Nacl (b)(c)
Cosan Logistica S.A.
Cosan S.A. Industria e Comercio
CPFL Energia S.A. (c)
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes
Embraer S.A. (c)
Gerdau S.A. (c)
Hypermarcas S.A. (a)
Kroton Educacional S.A.
Localiza Rent a Car S.A.
Lojas Americanas S.A.
Lojas Renner S.A..
Natura Cosméticos S.A.
Odontoprev S.A.
Petroleo Brasileiro S.A.
Porto Seguro S.A.
Qualicorp S.A. (a)
Raia Drogasil S.A.
Souza Cruz S.A.
Telefonica Brasil S.A. (b)(c)
TIM Participacoes S.A. (c)
Totvs S.A.
Transmissora Alianca de Energia Eletrica S.A.
Ultrapar Participacoes S.A.
Vale S.A.
Via Varejo S.A. (a)
Weg S.A.
CHILE - 5.2%
AES Gener S.A.
Aguas Andinas S.A.
Banco de Chile
Banco de Crédito e Inversiones
Banco Santander Chile (c)
CAP S.A.
Cencosud S.A.
Colbun S.A.
Compania Cervecerias Unidas S.A. (b)(c)
Corpbanca S.A. (b)(c)
Shares
Value
2,400
3,200
1,300
4,200
2,200
1,619
4,200
3,801
15,811
2,300
2,300
686
10,300
2,049
9,500
2,800
4,892
2,000
11,375
1,000
1,300
21,500
13,800
2,600
6,100
4,400
2,100
3,869
2,643
4,100
6,100
1,200
1,200
1,900
2,990
21,461
12,339
31,026
24,348
26,650
21,322
65,839
18,891
32,887
2,475
24,962
9,309
42,855
75,526
33,725
17,538
28,525
26,868
56,058
28,768
15,576
79,749
49,786
29,734
63,795
41,961
15,263
68,404
58,701
53,984
43,234
23,226
9,891
14,846
34,420
1,203,942
162,417
138,946
823,845
1,662
4,438
22,303
25,242
329,877
4,663
5,000
86,455
81,174
95,785
81,621
87,517
99,202
62,194
88,444
86,499
88,900
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Empresa Nacional de Electricidad S.A. (c)
Empresa Nacional de Telecomunicaciones S.A.
Empresas CMPC S.A.
Empresas Copec S.A.
Enersis S.A. (c)
LATAM Airlines Group S.A. (a)
Quimica y Minera de Chile S.A. (c)
S.A.C.I. Falabella
Vina Concha y Toro S.A.
CHINA - 4.3%
Air China Ltd H Shares
Aluminum Corporation of China Limited H Shares (a)(b)
Anhui Conch Cement Company Limited H
Bank of Communications Co., Ltd. H
BBMG Corporation H
Beijing Capital International Airport Co., Ltd. H
Beijing Enterprises Holdings Limited
Belle International Holdings Limited
Brilliance China Automotive Holdings, Ltd.
BYD Co., Ltd. H Shares
China Agri-Industries Holdings Limited
China BlueChemical Ltd. H
China Coal Energy Co., Ltd. (b)
China Communications Construction Co., Ltd., Class H
China Communications Services Corporation Ltd. H
China Construction Bank Corporation
China International Marine Containers Group Co., Ltd. H
China Longyuan Power Group H
China National Building Material Co., Ltd. H
China Oilfield Services Limited H
China Petroleum & Chemical Corporation
China Pharmaceutical Group Limited
China Shenhua Energy Co., Ltd.
China Shipping Container Lines Co., Ltd. H (a)
China Taiping Insurance Holdings Co., Ltd. (a)
China Telecom Corporation Limited
CITIC Pacific Ltd.
Datang International Power Generation Co., Ltd.
Dongfeng Motor Group Company Limited
ENN Energy Holdings Ltd.
Fosun International
Haitian International Holdings Ltd.
Huaneng Power International Inc. H
Industrial & Commercial Bank of China Ltd.
Inner Mongolia Yitai Coal Co., Ltd., Class B
Jiangsu Expressway Co. Ltd. - H
Jiangxi Copper Company Limited
Kingboard Chemical Holdings, Ltd.
Kingsoft Corporation Ltd.
People's Insurance Co (Group) of China Ltd.
PetroChina Company Limited (b)(c)
Shandong Weigao Group Medical Polymer Co., Ltd.
Shanghai Electric Group Company Ltd. H
Shanghai Fosun Pharmaceutical Group Class H
Shanghai Pharmaceuticals Holding Co., Ltd.
Shenzhou International Group
Sino Biopharmaceutical Limited
Sino-Ocean Land Holdings Ltd.
1,685
19,694
53,544
13,338
5,367
13,801
4,006
28,026
44,985
75,387
196,843
134,539
150,569
86,033
160,344
95,663
188,118
86,738
2,032,025
34,000
114,000
5,000
32,000
30,000
34,000
2,500
18,000
8,000
2,500
45,000
50,000
39,000
15,000
106,000
37,000
8,400
33,000
16,000
24,000
52,000
44,000
9,500
42,000
7,400
142,000
18,000
68,000
14,000
4,000
33,000
16,000
42,000
64,000
10,000
20,000
5,000
12,500
11,000
69,000
279
36,000
38,000
12,000
27,700
6,000
40,000
49,000
27,406
52,489
18,765
29,756
25,188
27,275
19,604
20,220
12,794
9,786
18,050
17,540
24,445
17,992
49,626
30,302
18,785
34,219
15,538
41,601
41,916
38,815
28,058
13,217
21,187
82,413
30,644
36,571
19,789
22,699
43,412
33,842
56,876
46,719
14,350
23,886
8,551
21,119
21,905
32,215
30,958
29,204
20,192
42,947
62,519
19,771
36,473
28,059
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Sinopec Shanghai Petrochemical Co., Ltd.
Sinopharm Group Co., Ltd. H
Tingyi (Cayman Islands) Holding Corporation
Tsingtao Brewery Co., Ltd.
Uni-President China Holdings Limited
Yanzhou Coal Mining Company Limited (b)
Zhejiang Expressway Co., Ltd.
Zijin Mining Group Co., Ltd.
ZTE Corporation H
101,000
14,000
10,000
4,000
17,000
38,000
20,000
116,000
20,800
29,830
49,654
22,931
27,213
15,742
32,248
23,370
33,063
45,175
1,698,914
17,303
28,401
15,979
3,262
244,613
14,414
3,709
45,457
147,496
212,602
121,898
107,580
54,849
214,094
124,337
62,428
165,072
184,021
1,246,881
4,364
483
5,412
112,566
99,921
55,036
267,523
20,421
38,869
63,617
64,627
140,233
110,777
87,195
107,470
445,675
GREECE - 1.2%
Alpha Bank A.E. (a)
Eurobank Ergasias S.A.
Folli-Follie S.A.
Hellenic Telecommunication Organization S.A. (a)
Jumbo S.A. (a)
Opap S.A.
Piraeus Bank S.A.
Public Power Corporation S.A. (a)
Titan Cement Company S.A.
35,657
115,540
1,701
5,073
4,399
6,900
29,204
10,804
4,109
20,194
26,145
54,341
55,864
45,088
74,312
32,159
70,599
95,319
474,021
HONG KONG - 2.2%
AAC Technologies Holdings Inc. (b)
Alibaba Health Information Technology Ltd.
ANTA Sports Products, Ltd.
Beijing Enterprises Water Group Limited
China Gas Holdings Ltd.
China Merchants Holdings International Co., Ltd.
China Mobile Limited
China Resources Cement Holdings Limited
China Resources Enterprise
China Resources Gas Group Limited
China Resources Power Holdings Co., Ltd.
China Unicom (Hong Kong) Limited (c)
CNOOC Limited (c)
Franshion Properties (China) Ltd.
9,000
42,000
12,000
48,000
20,000
6,000
5,000
36,000
8,000
12,000
12,000
5,202
169
50,000
48,403
27,572
21,203
32,625
31,727
20,158
58,489
23,401
16,797
31,185
31,185
69,967
22,889
14,316
COLOMBIA - 3.2%
Almacenes Exito S.A.
Cementos Argos S.A.
CEMEX Latam Holdings, S.A. (a)
Corporacion Financiera Colombiana S.A.
Ecopetrol S.A.
Grupo Argos S.A.
Grupo de Inversiones Suramericana SA
Interconexión Electrica S.A.
Isagen S.A. E.S.P.
CZECH REPUBLIC - 0.7%
CEZ A.S.
Komercni Banka A.S.
Telefónica Czech Republic, A.S.
EGYPT - 1.1%
Commercial International Bank
Global Telecom Holding S.A.E. (a)(d)
Talaat Moustafa Group (TMG) Holding
Telecom Egypt SAE
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GCL-Poly Energy Holdings Ltd. (a)
Golden Eagle Retail Group Ltd. (b)
Guangdong Investment Limited
Hanergy Thin Film Power Group Ltd. (b)
Hengan International Group Co., Ltd.
Lee & Man Paper Manufacturing Ltd.
Lenovo Group Limited
Semiconductor Manufacturing International Corp.
Shanghai Industrial Holdings Limited
Sihuan Pharmaceutical Holdings Group Ltd.
Sun Art Retail Group Ltd. (b)
Tencent Holdings Limited
Want Want China Holdings Limited
Yingde Gases Group Co., Ltd.
HUNGARY - 0.4%
MOL Hungarian Oil an Gas Nyrt.
OTP Bank Nyrt.
Richter Gedeon Nyrt
INDONESIA - 7.0%
PT Adaro Energy Tbk
PT Astra Agro Lestari Tbk
PT Astra International Tbk
PT Bank Central Asia Tbk
PT Bank Danamon Indonesia Tbk
PT Bank Mandiri Tbk
PT Bank Negara Indonesia (Persero) Tbk
PT Bank Rakyat Indonesia Tbk
PT Bumi Serpong Damai Tbk
PT Charoen Pokphand Indonesia Tbk
PT Global Mediacom Tbk (a)
PT Gudang Garam Tbk
PT Indo Tambangraya Megah Tbk
PT Indocement Tunggal Prakarsa Tbk
PT Indofood CBP Sukses Makmur Tbk
PT Indofood Sukses Makmur Tbk
PT Jasa Marga (Persero) Tbk
PT Kalbe Farma Tbk
PT Lippo Karawaci Tbk
PT Matahari Department Store Tbk
PT Media Nusantara Citra Tbk
PT Perusahaan Gas Negara (Persero) Tbk
PT Semen Indonesia (Persero) Tbk
PT Surya Citra Media Tbk
PT Tambang Batubara Bukit Asam (Persero) Tbk
PT Telekomunikasi Indonesia Tbk (c)
PT Unilever Indonesia Tbk
PT United Tractors Tbk
PT XL Axiata Tbk
Tower Bersama Infrastructure
MALAYSIA - 8.2%
AirAsia Berhad
Alliance Financial Group Berhad
AMMB Holdings Berhad
Astro Malaysia Holdings Berhad
Axiata Group Berhad
70,000
13,000
48,000
80,000
2,500
47,000
26,000
267,000
9,000
48,000
33,500
2,000
29,000
25,500
16,341
14,520
62,402
29,096
26,181
26,489
34,404
24,449
26,987
32,315
33,225
29,019
38,224
17,957
861,526
1,311
4,444
3,883
57,937
64,830
52,544
175,311
981,700
50,400
145,500
71,500
166,400
56,900
133,300
44,000
306,000
196,800
533,800
15,000
71,700
69,700
70,800
120,500
254,200
1,386,600
584,600
44,000
306,600
351,300
102,300
236,200
103,300
2,884
32,200
93,100
248,900
153,000
82,436
98,684
87,230
75,772
60,796
49,503
65,655
41,389
44,597
60,065
61,418
73,516
89,010
140,694
74,887
65,674
144,700
204,883
48,146
53,290
62,880
170,190
133,812
66,750
104,259
130,443
83,977
130,423
97,771
119,831
2,722,681
77,200
35,600
14,900
74,100
50,200
60,055
47,854
28,125
64,214
101,218
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Berjaya Sports Toto Berhad
British American Tobacco (Malaysia) Berhad
Bumi Armada Berhad
CIMB Group Holdings Berhad
Dialog Group Berhad
DiGi.Com Berhad
Felda Global Ventures Holdings Berhad
Gamuda Berhad
Genting Berhad
Genting Malaysia Berhad
Genting Plantation Berhad
Hong Leong Bank Berhad
Hong Leong Financial Group Berhad
IHH Healthcare Berhad
IJM Corporation Berhad
IOI Corporation Berhad
IOI Properties Group Berhad
Kuala Lumpur Kepong Berhad
Malayan Banking Berhad
Malaysia Airports Holdings Berhad
Maxis Berhad
MISC Berhad
Petronas Chemicals Group Berhad
Petronas Dagangan Berhad
Petronas Gas Berhad
PPB Group Berhad
Public Bank Bhd
RHB Capital Berhad
SapuraKencana Petroleum Berhad
Sime Darby Berhad
Telekom Malaysia Berhad
Tenaga Nasional Berhad
UEM Sunrise Berhad
UMW Holdings Berhad
YTL Corporation Berhad
YTL Power International Berhad (a)
MEXICO - 5.9%
Alfa S.A.B. de C.V., Series A
America Movil S.A.B. Series L (c)
Arca Continental S.A.B. de C.V.
Cemex S.A. de C.V. (a)(c)
Cemex S.A.B. CPO (a)
Coca-Cola FEMSA SAB de C.V. (c)
Compartamos, S.A.B de C.V.
Controladora Comercial Mexicana S.A. de C.V.
El Puerto de Liverpool S.A.B. de C.V.
Fibra Uno Administracion S.A. de C.V.
Fomento Economico Mexicano S.A.B. (c)
Genomma Lab Internacional SAB de C.V. (a)(b)
GRUMA, S.A.B. de C.V., Series B (a)
Grupo Aeroportuario del Pacifico S.A.B. (c)
Grupo Aeroportuario del Sureste, S. A. B. de C.V., Series B
Grupo Bimbo, S.A. de C.V.
Grupo Carso SAB de C.V., Series A1
Grupo Comercial Chedraui S.A. de C.V
Grupo Financiero Banorte SAB de C.V.
Grupo Financiero Inbursa SAB de C.V.
Grupo Lala SAB de C.V.
91,581
3,700
291,550
19,100
151,756
69,100
106,400
33,700
39,200
93,400
33,500
16,000
7,700
137,900
20,600
77,100
60,000
17,800
19,200
24,400
59,900
25,600
83,600
17,900
11,700
17,100
10,400
15,900
85,600
24,800
72,600
29,100
89,100
26,100
207,100
244,100
91,935
68,889
90,888
30,372
65,103
121,935
66,338
48,287
99,444
108,720
95,810
63,973
36,380
190,098
38,708
105,843
41,527
116,070
50,354
47,453
117,350
52,862
130,308
87,644
74,152
69,936
54,432
34,651
56,797
65,183
142,854
114,852
35,931
81,812
94,177
103,323
3,195,857
38,800
9,702
8,500
4,015
35,880
744
46,700
17,900
14,500
27,484
514
69,900
4,500
1,395
4,900
17,700
11,600
21,800
17,000
31,100
21,500
86,723
215,190
53,735
40,913
36,632
64,371
93,870
63,029
145,199
81,050
45,247
133,206
48,131
88,164
64,746
48,682
57,234
64,244
93,951
80,687
41,570
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Grupo Mexico S.A.B. de C.V., Series B
Grupo Televisa S.A.B. (c)
Industrias Penoles SAB de C.V.
Kimberly-Clark de Mexico S.A. de C.V., Class A
Mexichem SAB de C.V.
Minera Frisco S.A.B. De C.V. (a)(b)
OHL Mexico, S.A.B. de C.V. (a)
Promotora Y Operadora de Infraestructura, S.A.B. de C.V. (a)
Santander Mexico SAB de C.V.
Wal-Mart de Mexico, S.A.B. de C.V.
PERU - 0.9%
Companhia de Minas Buenaventura S.A. (c)
Credicorp Ltd.
Southern Copper Corporation
PHILIPPINES - 5.4%
Aboitiz Equity Ventures, Inc.
Aboitiz Power Corporation
Alliance Global Group, Inc.
Ayala Corporation
Ayala Land Inc.
Bank of the Philippine Islands
BDO Unibank, Inc.
DMCI Holdings, Inc.
Energy Development Corporation
Globe Telecom, Inc.
International Container Terminal Services, Inc.
JG Summit Holdings, Inc.
Jollibee Foods Corporation
Megaworld Corporation
Metro Pacific Investments Corporation
Metropolitan Bank & Trust Company
Philippine Long Distance Telephone Company (c)
SM Investments Corporation
SM Prime Holdings, Inc.
Universal Robina Corporation
POLAND - 4.2%
Alior Bank S.A. (a)
Bank Handlowy w Warszawie S.A.
Bank Millennium S.A.
Bank Pekao S.A.
Bank Zachodni WBK S.A.
CCC S.A.
Cyfrowy Polsat S.A.
ENEA S.A.
Energa S.A.
Eurocash S.A.
Getin Noble Bank S.A.
Grupa Azoty S.A.
Grupa LOTOS S.A. (a)
KGHM Polska Miedz S.A.
LPP S.A.
mBank S.A.
Orange Polska S.A.
PGE S.A.
PKO Bank Polski S.A.
17,500
3,723
2,970
13,400
21,900
46,000
23,200
7,200
36,600
30,500
50,765
126,805
57,986
29,170
66,157
66,798
43,252
86,835
76,447
65,608
2,316,397
8,926
934
3,566
85,333
149,608
100,561
335,502
69,300
208,400
121,900
4,530
88,100
36,516
19,280
218,150
820,300
4,665
34,340
49,050
51,300
569,000
720,600
34,005
2,406
3,928
179,300
49,770
81,643
199,863
61,451
70,280
66,372
76,734
47,325
76,565
150,371
180,416
88,282
72,370
246,566
59,530
74,102
63,095
152,276
71,566
68,301
218,072
2,125,180
2,932
979
15,554
612
285
1,510
17,925
14,609
11,210
14,235
52,529
4,328
11,387
2,134
33
215
50,359
13,573
2,502
64,589
29,578
36,469
30,895
30,192
56,947
118,997
62,730
72,930
152,809
32,498
77,393
82,027
65,619
67,443
30,247
118,361
72,430
25,275
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Polski Koncern Naftowy ORLEN S.A.
Polskie Gornictwo Naftowe i Gazownictwo S.A.
PZU S.A.
Synthos S.A.
Tauron Polska Energia S.A.
QATAR - 4.9%
Barwa Real Estate Company Q.S.C.
Commercial Bank of Qatar Q.S.C.
Doha Bank Q.S.C.
Gulf International Services Q.S.C.
Industries Qatar Q.S.C.
Masraf Al Rayan Q.S.C.
Ooredoo Q.S.C.
Qatar Electricity & Water Company Q.S.C.
Qatar Islamic Bank SAQ
Qatar National Bank SAQ
Vodafone Qatar
RUSSIA - 3.5%
ALROSA ao
Gazprom (c)
JSC RusHydro (c)
LUKoil (c)
Magnit OJSC (Reg S) (d)
MegaFon (d)
Mobile TeleSystems (c)
Moscow Exchange MICEX-RTS
Norilsk Nickel Mining and Metallurgical Co. (c)
NovaTek OAO (Reg S) (d)
OAO Rostelecom
OC Rosneft OJSC (Reg S) (d)
RusHydro JSC
Sberbank
Severstal (d)
Sistema JSFC (Reg S) (d)
Surgutneftegaz (c)
Tatneft (a)(c)
Uralkali OJSC
VTB Bank OJSC
SOUTH AFRICA - 5.6%
African Rainbow Minerals Limited
Anglogold Ashanti Ltd. (c)
Aspen Pharmacare Holdings Limited
Assore Ltd.
Barloworld Limited
Bidvest Group Limited
Discovery Ltd.
Exxaro Resources Ltd. (b)
Foschini Limited
Gold Fields Limited
Gold Fields Ltd. (c)
Growthpoint Properties Limited
Impala Platinum Holdings Limited
Imperial Holdings Limited
Investec Ltd.
Life Healthcare Group Holdings Ltd.
7,522
74,950
282
68,146
65,807
103,951
94,219
38,716
79,121
93,880
1,637,316
10,768
7,141
6,703
8,110
6,457
8,473
5,116
6,312
3,962
3,076
29,069
123,889
134,318
104,913
216,234
297,868
102,835
174,055
324,977
111,186
179,823
131,304
1,901,402
87,600
11,237
133,391
529
3,116
4,086
9,762
65,760
3,515
458
45,640
15,227
5,089,000
54,910
9,886
28,126
4,786
2,090
33,760
72,030,000
91,519
52,252
124,321
21,054
141,467
56,305
70,091
63,881
49,983
35,907
64,656
53,447
44,268
49,307
89,963
146,536
20,331
51,205
70,331
78,733
1,375,557
3,044
3,117
2,007
742
13,711
4,777
1,769
10,631
4,520
3,713
4,490
21,002
2,939
4,233
4,159
20,143
31,373
27,118
70,572
9,617
113,690
125,723
17,068
95,296
52,159
16,822
20,340
50,003
19,289
67,823
35,120
74,597
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Massmart Holdings Ltd.
Mediclinic International, Ltd.
MMI Holdings Ltd.
Mr Price Group Ltd.
MTN Group Limited
Nampak Ltd.
Naspers Limited N Shs
Netcare Limited
Northam Platinum, Ltd.
Pick n Pay Stores Ltd.
PPC, Ltd.
Redefine Properties Ltd.
Remgro Limited
RMI Holdings Ltd.
Sanlam Limited
Sappi Ltd.
Sasol Ltd.
Shoprite Holdings Ltd.
Spar Group Limited (The)
Steinoff International Holdings Limited
Telkom South Africa Limited
Tiger Brands Limited
Truworths International Ltd.
Vodacom Group (Proprietary) Limited
Woolworths Holdings Limited
SOUTH KOREA - 4.9%
Amore Pacific Corporation
Amorepacific Group
BS Financial Group, Inc.
Celltrion Inc. (a)(b)
CJ CheilJedang Corp.
Daewoo International Corporation
Daewoo Securities Co., Ltd. (a)
DGB Financial Group Inc.
Dongbu Insurance Co., Ltd.
Doosan Heavy Industries & Construction Co., Ltd.
Doosan Infracore Co., Ltd. (a)
E-MART Co., Ltd.
GS Holdings Corp.
Hana Financial Group, Inc.
Hankook Tire Co. Ltd.
Hanwha Corporation
Hyosung Corporation
Hyundai Marine & Fire Insurance, Co., Ltd.
Hyundai Mobis Co.,Ltd.
Hyundai Steel Co., Ltd.
Hyundai Wia Corp.
Industrial Bank of Korea
Kangwon Land Inc.
KB Financial Group Inc.
KJB Financial Group Co., Ltd. (a)
KNB Financial Group Co., Ltd. (a)
Korea Aerospace Industries, Ltd.
Korea Electric Power Corporation
Korea Gas Corporation (a)
Korea Kumho Petrochemical Co., Ltd.
Korea Zinc Co., Ltd.
KT Corporation (c)
4,531
9,731
13,440
2,605
3,432
7,606
446
27,555
7,303
10,396
8,454
26,601
1,906
6,849
7,618
8,232
2,679
3,148
5,801
14,100
10,145
2,360
6,076
8,778
9,145
56,038
84,826
34,920
53,019
65,812
28,734
58,525
90,567
23,213
47,378
20,135
24,651
41,927
24,237
46,185
30,087
100,004
45,869
81,070
72,538
61,505
75,230
40,667
97,639
61,066
2,192,452
25
36
1,490
1,770
116
420
1,770
1,410
443
1,230
3,730
102
1,490
490
714
600
364
912
73
364
165
1,890
980
840
190
290
290
1,830
1,464
401
64
7,023
50,494
32,687
19,656
62,562
32,347
12,017
15,830
14,496
22,167
26,465
32,985
18,838
54,224
14,266
34,234
17,059
22,652
21,573
15,674
21,029
26,420
24,245
27,105
27,627
1,665
3,140
10,501
71,092
65,998
29,405
23,494
99,165
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KT&G Corporation
LG Chem Ltd.
LG Display Co., Ltd. (a)
LG Household & Healthcare
LG Innotek Co., Ltd. (a)
LG Uplus Corp.
Lotte Chemical Corporation
Lotte Confectionery Co. Ltd.
Lotte Shopping Co., Ltd.
Naver Corp.
NCSoft Corporation
Orion Corporation
Paradise Co., Ltd.
POSCO
Samsung C&T Corp.
Samsung Card Co, Ltd.
Samsung Electro-Mechanics Co., Ltd.
Samsung Electronics Company, Ltd.
Samsung Fire & Marine Insurance Co., Ltd.
Samsung Life Insurance Co., Ltd
Samsung SDI Company, Ltd.
Samsung Securities Co., Ltd.
Shinhan Financial Group Co., Ltd.
Shinsegae Co., Ltd.
SK C&C Co., Ltd.
SK Hynix Inc. (a)
SK Innovation Co., Ltd.
SK Telecom Co., Ltd. (c)
S-Oil Corp.
Woori Bank
Woori Investment & Securities Co., Ltd.
Yuhan Co., Ltd.
320
141
800
45
149
6,740
190
13
52
43
168
42
1,235
77
560
420
282
14
74
183
221
380
600
84
221
700
680
2,365
1,543
2,508
3,347
504
22,155
23,219
24,492
25,506
15,250
70,518
27,658
21,053
12,915
27,854
27,818
38,784
26,517
19,300
31,333
16,889
14,034
16,902
19,019
19,396
23,323
15,402
24,264
13,832
42,927
30,410
52,648
63,879
67,944
22,818
31,212
77,722
1,918,105
TAIWAN - 6.4%
Asia Cement Corporation
Asia Pacific Telecom Co., Ltd.
Cheng Shin Rubber Industry Co., Ltd.
China Airlines Ltd. (a)
China Life Insurance Co,. Limited
China Steel Corporation
Chinatrust Financial Holding Co., Ltd.
Chunghwa Telecom Co., Ltd. (b)(c)
CTCI Corporation
Eclat Textile Co., Ltd.
EVA Airways Corporation (a)
Evergreen Marine Corporation (a)
Far Eastern Department Stores Ltd.
Far Eastern New Century Corporation
Far EasTone Telecommunications Co., Ltd.
Farglory Land Development Co., Ltd.
First Financial Holding Company Ltd.
Formosa Chemicals & Fiber Corporation
Formosa International Hotels Corporation
Formosa Petrochemical Corporation
Formosa Plastics Corporation
Formosa Taffeta Co., Ltd.
Fubon Financial Holding Co., Ltd.
Giant Manufacturing Co., Ltd.
Highwealth Construction Corp.
20,808
76,000
27,900
107,000
37,400
41,208
27,739
4,165
22,000
2,160
89,000
46,000
36,720
69,268
54,000
7,000
74,900
11,330
2,420
55,000
35,480
32,000
14,000
4,000
21,000
25,679
41,966
65,684
49,095
31,125
34,294
18,038
122,576
35,086
21,940
62,381
32,606
32,767
68,825
124,739
8,362
44,202
23,985
25,883
119,565
81,172
31,795
22,461
35,567
42,463
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HIWIN Technologies Corp.
Hotai Motor Co., Ltd.
Hua Nan Financial Holdings Co., Ltd.
Lite-On Technology Corp.
Mega Financial Holding Co., Ltd.
Merida Industry Co., Ltd.
Nan Ya Plastics Corporation
Pou Chen Corporation
President Chain Store Corp.
Realtek Semiconductor Corporation
Ruentex Development Company Limited
Ruentex Industries Ltd.
ScinoPharm Taiwan Ltd.
Standard Foods Corporation
Synnex Technology International Corp.
Taishin Financial Holding Co., Ltd.
Taiwan Cement Corporation
Taiwan Cooperative Financial Holding Co., Ltd.
Taiwan Fertilizer Co., Ltd.
Taiwan Glass Industry Corporation
Taiwan Mobile Co., Ltd.
Taiwan Semiconductor Manufacturing Co., Ltd. (c)
TECO Electric & Machinery Co., Ltd.
TSRC Corp.
U-Ming Marine Transport Corporation
Uni-President Enterprises Corporation
Yang Ming Marine Transport Corporation (a)
Yuanta Financial Holding Co., Ltd.
Yulon Motor Co., Ltd.
THAILAND - 5.4%
Advanced Info Service For Rg
Airports of Thailand PCL
Bangkok Bank PCL (e)
Bangkok Dusit Medical Services PLC
Banpu Public Company Limited
BEC World PCL
BTS Group Holdings PCL (b)
Bumrungrad Hospital PLC
Central Pattana PCL
Charoen Pokphand Foods PCL
CP ALL PCL
Delta Electronics Thailand PCL
Glow Energy PCL
Home Product Center PCL
Indorama Ventures Public Company Limited
IRPC PCL
Kasikornbank PCL (e)
Krung Thai Bank PCL
Minor International PCL
PTT Exploration & Production PCL
PTT Global Chemical PCL
PTT PCL
Siam Cement Pub Co-for Reg
Siam Cement Public Company (e)
Siam Commercial Bank PCL
Thai Oil PCL
Thai Union Frozen Products PCL
TMB Bank Public Company Limited
3,090
2,000
40,015
15,075
23,751
3,150
29,100
21,000
17,000
10,000
23,000
21,000
65,603
40,275
18,000
43,934
16,000
52,311
37,000
43,000
34,000
1,057
25,000
25,200
41,000
69,557
63,000
32,800
12,000
25,911
30,093
22,475
17,364
18,376
21,381
60,314
25,551
131,527
33,542
36,681
44,323
116,251
89,211
26,258
18,143
21,973
26,982
65,331
33,609
112,430
23,656
23,851
27,072
64,740
110,492
33,591
15,984
17,654
2,497,022
18,200
10,400
7,700
202,200
52,000
57,900
399,300
27,700
35,600
125,200
82,600
37,100
49,400
279,299
85,500
501,100
10,400
72,200
75,900
16,300
28,700
7,100
2,700
4,700
11,300
25,300
19,700
647,600
138,851
89,143
45,404
105,709
39,356
89,754
117,120
118,714
49,234
103,699
106,702
79,500
134,011
70,037
52,495
46,607
72,389
49,816
74,977
55,489
44,708
69,921
36,766
64,000
62,511
32,298
54,190
57,477
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True Corp PCL (a)
TURKEY - 4.3%
Akbank T.A.S.
Anadolu Efes Biracilik VE (a)
Arcelik A.S.
BIM Birlesik Magazalar A.S.
Coca-Cola Icecek A.S.
Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.
Enka İnşaat ve Sanayi A.Ş.
Eregli Demir ve Celik Fabrikalari T.A.S.
Ford Otomotiv Sanayi A.S. (a)
Haci Omer Sabanci Holding A.S.
Koç Holding A.S.
Koza Altin Isletmeleri A.S.
Petkim Petrokimya Holding A.S.
TAV Havalimanlari Holding A.S.
Tofas Turk Otomobil Fabrikasi A.S.
Tupras - Turkiye Petrol Rafinerileri A.S.
Turk Hava Yollari A.O. (a)
Turk Telekomunikasyon A.S.
Turkcell Iletisim Hizmetleri A.S. (a)(c)
Turkiye Garanti Bankasi A.S.
Turkiye Halk Bankasi A.S.
Turkiye Sise ve Cam Fabrikalari A.S.
Turkiye Vakiflar Bankasi T-d
Ulker Biskuvi Sanayi A.S.
Yapi ve Kredi Bankasi A.S.
United Arab Emerates - 3.1%
Abu Dhabi Commercial Bank
Aldar Properties PJSC
Arabtec Holding Company PJSC
DP World Ltd.
Dubai Financial Market PJSC
Dubai Islamic Bank PSJ
Emaar Properties PJSC
First Gulf Bank PJSC
National Bank of Abu Dhabi PJSC
194,689
65,685
2,126,563
11,515
5,613
12,843
2,987
2,848
24,832
32,264
67,876
6,791
8,284
11,248
1,261
34,392
6,269
12,079
7,476
13,715
37,251
7,788
6,906
4,428
43,284
14,604
9,921
18,920
42,747
54,619
82,581
64,022
61,653
29,486
73,025
129,770
94,756
36,044
59,789
8,433
58,234
51,328
82,587
177,222
56,617
116,090
117,754
27,887
26,384
67,538
30,550
78,890
39,660
1,667,666
69,621
142,754
155,605
10,042
187,661
63,465
55,405
29,454
48,259
133,252
102,994
124,128
210,882
102,695
119,224
109,513
136,324
183,944
1,222,956
TOTAL COMMON STOCK
(Cost $37,136,424)
35,640,474
Preferred Stock - 2.6%
BRAZIL - 0.8%
AES Tiete S.A.
Banco Bradesco S.A.
Banco do Estado do Ria Grande do Sul S.A.
Bradespar S.A.
Centrais Eletricas Brasileiras S.A.
Itausa-Investimentos Itau S.A.
Lojas Americanas S.A.
Metalurgica Gerdau S.A.
Oi S.A.
Petróleo Brasileiro S.A.
Suzano Papel e Celulose S.A.
Usiminas Usi Sd Mg (a)
Vale S.A., Class A
2,800
3,100
1,700
6,800
3,900
6,380
4,250
3,500
9,780
13,600
12,700
4,500
2,000
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19,087
40,887
9,273
36,581
12,001
22,537
27,564
14,878
31,678
51,265
53,749
8,549
14,469
342,518
CHILE - 0.2%
Embotelladora Andina S.A.
COLOMBIA - 1.0%
Banco Davivienda S.A.
Bancolombia S.A..
Grupo Argos S.A.
Grupo Aval Acciones y Valores S.A.
Grupo de Inversiones Suramericana S.A.
RUSSIA - 0.4%
AK Transneft OAO
Sberbank
Surgutneftegas OAO
SOUTH KOREA - 0.2%
Hyundai Motor Company Ltd.
LG Chem Ltd.
Samsung Electronics Co. Ltd.
30,427
87,144
6,282
5,889
11,887
136,463
4,154
74,279
70,970
100,038
73,500
69,044
387,831
27
96,410
68,900
55,018
59,452
33,072
147,542
252
149
27
30,722
19,114
25,522
75,358
TOTAL PREFERRED STOCK
(Cost $1,366,134)
1,040,393
Exchange Traded Funds - 1.6%
United States - 1.6%
iShares MSCI Emerging Markets Index Fund
Vanguard FTSE Emerging Markets ETF (b)
(Cost $662,450)
Exchange Traded Notes - 4.4%
United Kingdom - 4.4%
iPath MSCI India Index ETN (a)
(Cost $1,297,049)
Short Term Investments - 0.1%
State Street Bank & Trust Co., Repurchase Agreement
.0%, 01/02/15, (Dated 12/31/14), Collateralized by 30,000 par
U.S. Treasury Note-8% due 11/15/2021,
Market Value $42,000, Repurchase Proceeds $38,330
(Cost $38,330)
100
15,780
3,929
631,516
635,445
24,600
1,713,390
Par Value
38,330
Value
$
38,330
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES
LOANED)
(Cost $40,500,387)
39,068,032
INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED - 2.7%
Money Market - 2.7%
Western Asset Institutional Cash Reserves - Inst.
(Cost $1,077,995)
Par Value
$
1,077,995
TOTAL INVESTMENTS - 102.5%
(Cost $41,578,382)
OTHER ASSETS & LIABILITIES (Net) - (2.5%)
NET ASSETS - 100%
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$
Value
1,077,995
40,146,027
$
(992,236)
39,153,791
(a)
(b)
(c)
(d)
(e)
Non-income producing security.
All or a portion of this security was out on loan.
ADR - American Depository Receipts
GDR - Global Depository Receipts
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
Telecommunication Services
Consumer Staples
Industrials
Materials
Consumer Discretionary
Utilities
Energy
Health Care
Information Technology
Exchange Traded Funds
Exchange Traded Notes
Cash and Other Assets (Net)
18.4%
11.3%
10.9%
10.4%
10.1%
9.4%
8.7%
7.8%
4.6%
2.1%
1.6%
4.4%
0.3%
Pear Tree Risk Parity FASB 157 Disclosure
Portfolio securities are valued each business day generally at the last reported sale price on the principal exchange or market on which
they are traded. If on a business day there is no such reported sale, the securities generally are valued at the mean between the last
reported bid and asked prices. For securities, where no such sales have been reported, a Fund may value such securities at the last
reported bid price. In the event that there is information suggesting that valuation of such securities based upon bid and/or asked prices
may not be accurate, a Fund may value such securities in good faith at fair value in accordance with procedures (the “Valuation
Procedures”) established by the Funds’ Trustees (the “Trustees”), which may include a determination to value such securities at the last
reported sales price. Short-term investments that mature in 60 days or less are valued at amortized cost. Securities quoted in foreign
currencies are translated into U.S. dollars based upon the prevailing exchange rate at the time of valuation. Other assets and securities
for which no quotations are readily available are valued at fair value as determined in good faith using the Valuation Procedures. As a
result, changes in the value of those currencies in relation to the U.S. dollar may affect a Fund’s net asset value. Because foreign
markets may be open at different times than when the New York Stock Exchange is open for regular trading, the value of a Fund’s
shares may change on days when shareholders are not able to buy or sell them. If events materially affecting the values of a Fund’s
foreign investments occur between the close of foreign markets and the close of regular trading on the New York Stock Exchange, these
investments may be valued at their fair value as determined in good faith using the Valuation Procedures.
The Funds’ Valuation Procedures include fair valuation accounting standards that establish an authoritative definition of fair value and
set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs used to develop the
measurements of fair value. These inputs are summarized in the three broad levels listed below:
● 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.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, the type
of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics
particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the
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market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value
is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of fair value hierarchy. In such cases, for disclosure purposes, the
level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level
input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers in changing an investment’s assigned level within the hierarchy.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these
securities. The following is a summary of the inputs used to value the Fund’s net assets as of December 31, 2014:
Quoted
Prices In
Active
Markets
Level 1
Risk Parity
Common Stock*
Common Stock Units
Depository Receipts
Mutual Funds
Preferred Stock
Real Estate Investment Trust
Short Term Investments
Total
$
Significant
Other
Observable
Inputs
Level 2
17,312,482
99,661
3,409,446
2,348,835
185,190
1,077,995
24,433,609
$
Significant
Unobservable
Inputs
Level 3
14,393,822
58,080
181,793
1,040,393
38,330
15,712,418
Market
Value at
December 31, 2014
Total
-
The following is a reconciliation of Level 3 assets for which unobservable inputs were used to determine fair value.
Risk Parity
Common Stock
Balances as of 3/31/2014
70,005
Realized gain (loss)
-
Changed in unrealized appreciation (depreciation)
(29,245)
Purchases
23,896
Sales
-
Transfer out of Level 3
Balances as of 12/31/2014
(64,656)
$
-
* Refer to Schedule of Investments for breakout by industry or country.
* Transfers between Levels are recognized at the end of the reporting period.
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$
31,706,304
157,741
3,591,239
2,348,835
1,040,393
185,190
1,116,325
40,146,027
* Risk Parity transferred $10,257,985 out of Level 1 into Level 2.
* Common stock labeled as Level 2 balance consists of the market value of the associated Level 2 investments in the following
industries:
Risk Parity
$
Aerospace & Defense
Airlines
Auto Components
Automobiles
Banks
Beverages
Chemicals
Construction & Engineering
Construction Materials
Diversified Financials
Diversified Telecommunications
Services
Electric Utilities
Electronic Equipment & Instruments
Food & Drug Retailing
Food Products
Gas Utilities
Health Care Providers & Services
Hotel restaurant & Leisure
Household Durables
Industrial Conglomerates
Insurance
Internet Software & Services
IT Consulting & Services
Machinery
Media
Metals & Mining
Mining & Energy
Multiline Retail
Oil & Gas
Paper & Forest Products
Personal Products
Pharmaceuticals & Biotechnology
Real Estate
Semiconductor Equipment & Products
Software & Services
Specialty Retail
Textiles & Apparels
Tobacco
Trading Companies & Distribution
Transportation & Infrastructure
Water Utilities
Wireless Telecommunication Services
10,501
160,344
76,328
117,951
1,881,893
173,882
463,154
103,031
829,125
623,493
532,259
1,612,453
156,599
592,103
694,782
236,187
367,968
375,164
152,339
323,396
150,607
121,511
42,927
224,695
399,799
367,950
89,010
458,480
1,545,310
188,288
116,295
397,710
422,621
72,834
53,984
142,176
124,390
110,935
31,333
441,720
81,174
607,387
$ 15,674,088
Securities valuation policies and other investment related disclosures are hereby incorporated by reference from the annual and semiannual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
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PEAR TREE POLARIS FOREIGN VALUE FUND
SCHEDULE OF INVESTMENTS
December 31, 2014
Common Stock - 98.6%
Shares
AUSTRALIA - 1.9%
Northern Star Resources Ltd.
BHP Billiton plc (b)
6,251,600
509,500
Value
$
7,613,521
21,908,500
29,522,021
BELGIUM - 1.7%
Solvay S.A.
192,547
26,189,326
CANADA - 1.7%
Methanex Corporation
567,507
26,077,343
FINLAND -5.0%
Caverion Corporation
Kone OYJ, Class B
Konecranes OYJ
YIT OYJ
840,216
759,800
971,780
1,438,416
6,761,357
34,772,993
28,011,152
7,432,478
76,977,980
FRANCE - 8.6%
Christian Dior S.A.
Hermès International S.A.
Imerys S.A.
Ipsos
Maurel et Prom (a)
Michelin (CGDE)
Transgene S.A. (a)
181,173
10,263
420,183
588,780
1,853,506
342,300
159,360
31,329,031
3,661,197
31,021,354
16,896,526
17,402,875
31,178,130
1,349,891
132,839,004
GERMANY - 17.0%
BASF SE
Deutsche Telekom AG
Freenet AG
Hannover Rueck SE
Lanxess AG
Muenchener Rueckvers AG
Symrise AG
Wincor Nixdorf AG
296,400
2,374,522
1,235,439
365,800
647,100
151,730
603,150
634,950
25,064,114
38,072,670
35,424,137
33,185,813
30,112,407
30,433,104
36,588,473
30,895,473
259,776,191
24,309,800
101,345,939
31,603,540
8,103,858
39,707,398
INDIA - 2.5%
Infosys Technologies Ltd. (b)
1,189,090
37,408,771
IRELAND -5.0%
CRH plc
Greencore Group plc
1,324,244
9,893,087
31,889,106
44,106,125
75,995,231
HONG KONG- 2.6%
Guangdong Investment Limited
REXLot Holdings Limited
ISRAEL - 2.6%
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Teva Pharmaceuticals SP (b)
697,619
40,120,069
1,277,265
7,256,383
28,578,483
24,850,085
53,428,568
JAPAN - 9.4%
Asahi Group Holdings Ltd.
KDDI Corporation
Meiji Holdings Co., Ltd.
Showa Denko K.K.
1,105,400
547,600
484,000
23,365,000
34,550,378
34,889,427
44,457,014
29,044,216
142,941,035
NORWAY - 5.3%
DnB Bank ASA
SpareBank 1 SR-Bank ASA
Yara International ASA
1,805,492
3,312,673
682,300
26,711,567
23,243,100
30,438,124
80,392,791
RUSSIA - 0.4%
Sberbank of Russia (b)
1,312,300
5,314,815
SOUTH AFRICA - 1.5%
Sasol Ltd.
604,135
22,551,757
25,385
30,647,223
1,779,500
904,856
1,104,048
681,500
26,378,628
32,920,253
31,885,455
31,926,738
123,111,074
374,850
34,838,623
THAILAND - 1.7%
Thai Oil PCL
20,021,200
25,558,979
UNITED KINGDOM - 15.9%
Barratt Developments plc
BBA Aviation plc
Bellway plc
Persimmon plc
Rexam plc
Standard Chartered plc
Taylor Wimpey plc
Tullow Oil plc
5,514,128
3,602,431
1,301,206
1,461,909
3,860,727
1,545,747
17,972,146
2,677,057
40,457,144
20,202,058
39,302,603
35,935,590
27,291,728
23,187,939
38,578,612
17,260,385
242,216,059
ITALY - 3.4%
GTECH SpA
Trevi Finanziaria SpA
SOUTH KOREA - 2.0%
Samsung Electronics Company Ltd.
SWEDEN - 8.1%
Duni AB
Investor AB, Class B
Loomis AB
Svenska Handelsbanken AB, Class A
SWITZERLAND - 2.3%
Novartis AG
TOTAL COMMON STOCK
(Cost $ 1,313,900,717)
1,505,614,258
Rights - 0.0%
ITALY - 0.0%
GTECH SpA
(Cost $0)
-
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-
SHORT TERM INVESTMENTS - 1.4%
Money Market -1.4%
State Street Global Advisors FDS
(Cost $ 21,911,487)
$
21,911,487
TOTAL INVESTMENTS - 100.0%
(Cost $ 1,335,812,204)
OTHER ASSETS & LIABILITIES (NET) - 0.0%
NET ASSETS - 100%
$
21,911,487
1,527,525,745
$
(535,025)
1,526,990,720
(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)
Materials
Consumer Discretionary
Financials
Industrials
Consumer Staples
Telecommunication Services
Information Technology
Energy
Health Care
Utilities
Cash and Other Assets (Net)
21.1%
19.6%
13.7%
10.0%
8.1%
7.1%
6.5%
5.4%
5.0%
2.1%
1.4%
Pear Tree Foreign Value Fund FASB 157 Disclosure
Portfolio securities are valued each business day generally at the last reported sale price on the principal exchange or market on
which they are traded. If on a business day there is no such reported sale, the securities generally are valued at the mean
between the last reported bid and asked prices. For securities, where no such sales have been reported, a Fund may value such
securities at the last reported bid price. In the event that there is information suggesting that valuation of such securities based
upon bid and/or asked prices may not be accurate, a Fund may value such securities in good faith at fair value in accordance
with procedures (the “Valuation Procedures”) established by the Funds’ Trustees (the “Trustees”), which may include a
determination to value such securities at the last reported sales price. Short-term investments that mature in 60 days or less are
valued at amortized cost. Securities quoted in foreign currencies are translated into U.S. dollars based upon the prevailing
exchange rate at the time of valuation. Other assets and securities for which no quotations are readily available are valued at
fair value as determined in good faith using the Valuation Procedures. As a result, changes in the value of those currencies in
relation to the U.S. dollar may affect a Fund’s net asset value. Because foreign markets may be open at different times than
when the New York Stock Exchange is open for regular trading, the value of a Fund’s shares may change on days when
shareholders are not able to buy or sell them. If events materially affecting the values of a Fund’s foreign investments occur
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between the close of foreign markets and the close of regular trading on the New York Stock Exchange, these investments may
be valued at their fair value as determined in good faith using the Valuation Procedures.
The Funds’ Valuation Procedures include fair valuation accounting standards that establish an authoritative definition of fair
value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs
used to develop the measurements of fair value. These inputs are summarized in the three broad levels listed below:
● 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.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including,
the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and
other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable
or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment
exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of fair value hierarchy. In such cases, for disclosure purposes,
the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the
lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers in changing an investment’s assigned level within the hierarchy.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in
these securities. The following is a summary of the inputs used to value the Fund’s net assets as of December 31, 2014:
Quoted Prices
In Active
Markets
Significant
Other
Observable
Inputs
Significant
Unobservable
Inputs
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Market
Value at
December 31, 2014
Foreign Value
Common Stock*
Depository Receipts
Short Term Investments
Total
Level 1
Level 2
573,189,639
104,752,155
21,911,487
$ 699,853,281
827,672,464
$ 827,672,464
Level 3
-
Total
1,400,862,103
104,752,155
21,911,487
$ 1,527,525,745
* Refer to Schedule of Investments for breakout by industry or country.
* Transfers between Levels are recognized at the end of the reporting period.
* Foreign Value transferred $802,113,485 out of Level 1 into Level 2.
* Common stock labeled as Level 2 balance consists of the market value of the associated Level 2 investments in the following
industries:
Foreign Value
$
Banks
Beverages
Chemicals
Commercial Services & Supplies
Computers & Peripherals
Construction & Engineering
Diversified Financials
Diversified Telecommunications
Services
Food and Drug Retailing
Hotels, Restaurants & Leisure
Household Durables
Insurance
Machinery
Oil & Gas
Pharmaceuticals
Semiconducter Equipment & Products
Wireless Telecommunication Services
81,881,405
34,550,378
151,247,334
38,646,812
30,895,473
32,282,563
32,920,253
73,496,807
44,457,014
28,578,483
26,378,628
63,618,917
62,784,145
25,558,979
34,838,623
30,647,223
34,889,427
$ 827,672,464
Securities valuation policies and other investment related disclosures are hereby incorporated by reference from the annual and
semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
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PEAR TREE POLARIS FOREIGN VALUE SMALL CAP FUND
SCHEDULE OF INVESTMENTS
December 31, 2014
Common Stock - 84.5%
Shares
AUSTRALIA - 1.2%
Austal Limited
Programmed Maintenance Services Limited
AUSTRIA - 1.1%
Semperit AG Holding
552,530
1,430,000
Value
$
679,674
3,003,843
3,683,517
66,300
3,223,627
BELGIUM - 1.5%
Kinepolis Group
110,500
4,474,139
BRAZIL - 1.7%
Equatorial Energia SA
487,637
5,081,463
10,258,400
2,248,563
5,089,500
77,439
4,771,451
4,043,427
8,892,317
48,400
4,648,061
FINLAND - 1.1%
PKC Group OYJ
150,200
3,195,288
FRANCE - 2.0%
Bonduelle S.A.
Ipsos SA
134,800
91,467
3,272,217
2,624,876
5,897,093
GERMANY- 4.4%
Freenet AG
QSC AG
Sixt SE
208,000
1,697,139
93,977
5,964,050
3,577,559
3,684,579
13,226,188
HONG KONG - 6.6%
REXLot Holdings Limited
Samson Holding Ltd.
Texwinca Holdings Limited
VST Holdings Ltd.
VTech Holdings Limited
35,250,761
30,834,800
3,728,200
15,775,360
309,500
2,818,733
4,294,956
3,221,572
5,147,467
4,446,719
19,929,447
INDIA - 6.8%
KRBL Ltd.
LIC Housing Finance Ltd.
NIIT Technologies Ltd.
South Indian Bank Ltd.
Usha Martin Group Ltd. (a)
3,154,200
759,900
628,575
8,063,748
7,077,298
5,219,315
5,242,765
3,676,998
3,628,032
2,982,393
CHINA - 3.0%
China Hongxing Sports Limited (a)
Shanghai Mechanical & Electrical Industry Co. Ltd., Class B
Xinhua Winshare Publishing and Media Co., Ltd.
DENMARK - 1.5%
DFDS A/S Copenhagen
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20,749,503
IRELAND -6.4%
Glanbia plc
Greencore Group plc
IFG Group plc
UDG Healthcare plc
247,100
1,469,454
1,737,985
938,639
3,797,499
6,551,233
3,217,798
5,597,163
19,163,693
ITALY - 2.5%
De'Longhi SpA
Trevi Finanziaria SpA
180,910
1,266,885
3,277,220
4,338,553
7,615,773
JAPAN - 11.6%
Ain Pharmaciez, Inc.
BML, Inc.
Chugoku Marine Paints Ltd.
Daicel Corporation
DaiichiKosho Co., Ltd.
Higashi Nihon House Co., Ltd.
Prima Meat Packers Ltd.
Unipres Corporation
172,000
166,800
760,000
512,700
132,600
777,900
1,702,000
148,700
4,950,569
4,446,052
6,492,638
6,065,228
3,606,357
3,400,656
3,862,212
2,458,795
35,282,507
NORWAY - 4.1%
ABG Sundal Collier Holding ASA
SpareBank 1 Nord-Norge
SpareBank 1 SMN
SpareBank 1 SR-Bank ASA
4,138,100
641,496
448,665
393,626
2,682,248
3,420,763
3,507,795
2,761,845
12,372,651
PHILIPPINES - 0.9%
Manila Water Company, Inc.
4,081,170
2,645,815
SINGAPORE - 2.9%
BreadTalk Group Ltd.
M1 Ltd.
3,487,100
1,817,200
4,093,335
4,952,134
9,045,469
SOUTH AFRICA - 1.5%
Clicks Group Limited
639,630
4,487,174
SWEDEN - 3.7%
Duni AB
Loomis AB
Nolato AB
264,000
127,100
160,600
3,913,435
3,670,711
3,653,102
11,237,248
3,186
5,082,081
TAIWAN - 2.6%
Holtek Semiconductor, Inc.
WT Microelectronics Co., Ltd.
2,133,600
2,801,400
3,774,073
4,122,052
7,896,125
THAILAND - 4.8%
Hana Microelectronics PCL
Ratchaburi Electricity Generating Holding PCL
Thai Union Frozen Products PCL
3,552,780
3,013,400
1,785,974
4,103,515
5,381,071
4,912,786
14,397,372
677,200
712,098
5,540,902
3,993,371
SWITZERLAND - 1.7%
Vetropack Holding AG
UNITED KINGDOM - 10.9%
Alternative Networks plc
BBA Aviation plc
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Character Group plc
Clarkson plc
Galliford Try plc
Halfords Group plc
Restaurant Group plc (The)
Vitec Group plc
Wetherspoon (J.D.) plc
496,900
102,600
193,828
470,131
349,700
400,888
303,100
2,074,442
3,029,484
3,888,927
3,439,097
3,595,316
3,706,306
3,871,660
33,139,505
TOTAL COMMON STOCK
(Cost $ 210,019,295)
255,366,056
Exchange Traded Funds - 3.9%
UNITED STATES - 3.9%
iShares MSCI EAFE Small-Cap ETF
(Cost $ 12,026,055)
Preferred Stock - 2.1%
GERMANY - 2.1%
Dräegerwerk AG
(Cost $ 5,701,317)
Short Term Investments - 12.4%
Money Market - 12.4%
State Street Global Advisors FDS
(Cost $37,476,300)
255,000
11,911,050
61,900
6,282,298
Par Value
$
Value
37,476,300
TOTAL INVESTMENTS - 102.9%
(Cost $ 265,222,967)
OTHER ASSETS & LIABILITIES (NET) - (2.9)%
NET ASSETS - 100%
37,476,300
311,035,704
$
(8,895,215)
302,140,489
(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
Industrials
Consumer Staples
Information Technology
Financials
Materials
Telecommunication Services
Health Care
Utilities
Commingled Fund
Cash and Other Assets (Net)
19.7%
13.9%
12.1%
9.6%
8.1%
6.8%
6.6%
5.4%
4.4%
3.9%
9.5%
Pear Tree Foreign Value Small Cap Fund FASB 157 Disclosure
Portfolio securities are valued each business day generally at the last reported sale price on the principal exchange or market on
which they are traded. If on a business day there is no such reported sale, the securities generally are valued at the mean
between the last reported bid and asked prices. For securities, where no such sales have been reported, a Fund may value such
securities at the last reported bid price. In the event that there is information suggesting that valuation of such securities based
upon bid and/or asked prices may not be accurate, a Fund may value such securities in good faith at fair value in accordance
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with procedures (the “Valuation Procedures”) established by the Funds’ Trustees (the “Trustees”), which may include a
determination to value such securities at the last reported sales price. Short-term investments that mature in 60 days or less are
valued at amortized cost. Securities quoted in foreign currencies are translated into U.S. dollars based upon the prevailing
exchange rate at the time of valuation. Other assets and securities for which no quotations are readily available are valued at
fair value as determined in good faith using the Valuation Procedures. As a result, changes in the value of those currencies in
relation to the U.S. dollar may affect a Fund’s net asset value. Because foreign markets may be open at different times than
when the New York Stock Exchange is open for regular trading, the value of a Fund’s shares may change on days when
shareholders are not able to buy or sell them. If events materially affecting the values of a Fund’s foreign investments occur
between the close of foreign markets and the close of regular trading on the New York Stock Exchange, these investments may
be valued at their fair value as determined in good faith using the Valuation Procedures.
The Funds’ Valuation Procedures include fair valuation accounting standards that establish an authoritative definition of fair
value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs
used to develop the measurements of fair value. These inputs are summarized in the three broad levels listed below:
● 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.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including,
the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and
other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable
or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment
exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of fair value hierarchy. In such cases, for disclosure purposes,
the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the
lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers in changing an investment’s assigned level within the hierarchy.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in
these securities. The following is a summary of the inputs used to value the Fund’s net assets as of December 31, 2014:
Quoted
Prices In
Active
Markets
Level 1
Foreign Value Small Cap
Common Stock*
Mutual Funds
Preferred Stock
Short Term Investments
Total
137,280,542
11,911,050
37,476,300
$ 186,667,892
Significant
Other
Observable
Inputs
Level 2
Significant
Unobservable
Inputs
Level 3
118,008,074
6,282,298
$ 124,290,372
$
Value at
December 31, 2014
Total
77,439
77,439
The following is a reconciliation of Level 3 assets for which unobservable inputs were used to determine fair value.
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255,366,055
11,911,050
6,282,298
37,476,300
$ 311,035,703
Foreign Value Small Cap
Common Stock
Balances as of 3/31/2014
$
81,523
Realized gain (loss)
-
Changed in unrealized appreciation (depreciation)
(4,084)
Purchases
-
Sales
-
Transfer into Level 3
Balances as of 12/31/2014
$
$
77,439
* Refer to Schedule of Investments for breakout by industry or country.
* Transfers between Levels are recognized at the end of the reporting period.
* Foreign Value Small Cap Fund transferred $101,382,727 out of Level 1 into Level 2.
* Common stock labeled as Level 2 balance consists of the market value of the associated Level 2 investments in the following
industries:
Foreign Value
Small Cap
Auto Components
Banks
Chemicals
Commercial Services & Supplies
Communications Equipment
Construction & Engineering
Containers & Packaging
Diversified Financials
Diversified Telecommunication Services
Diversified Telecommunication
Electric Utilities
Electronic Equipment & Instruments
Food & Drug Retailing
Food Products
Health Care Equipment & Supplies
Health Care Providers & Services
Household Durables
Machinery
Manufacturing
Marine
Media
Water Utilities
$ $
2,458,795
9,690,403
12,557,866
7,355,290
3,653,102
4,338,553
5,082,081
2,682,248
5,964,050
3,577,559
10,462,534
4,103,515
4,950,569
8,774,998
6,282,298
4,446,052
10,591,311
3,195,288
3,223,627
4,648,061
3,606,357
2,645,815
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$
124,290,372
* Common stock labeled as Level 3 balance consists of the market value of the associated Level 3 investments in the following
industries:
Foreign Value
Small Cap
Leisure Equipment & Products
Telecommunication Services
$
77,439
-
The following table presents additional information about valuation methodologies and inputs used for investments that are
measured at fair value and categorized within Level 3 as of December 31, 2014;
Common
Stock
Foreign Value
Small Cap
Fair Value
December
31, 2014
$77,439
Valuation
Methodologies
Market
Comparable
Unobservable
Input (1)
Comparability
Adjustment
Range
Impact to
Valuation from
a Decrease in Input (2)
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.
Securities valuation policies and other investment related disclosures are hereby incorporated by reference from the annual and
semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
Item 2. Controls and Procedures
(a) The registrant’s principal executive officer and principal financial officer have concluded, based upon their evaluation of the
effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) of the Investment Company Act
of 1940, as amended) as of a date within 90 days of the filing date of the report that the registrant’s disclosure controls and
procedures are reasonable designed to ensure that information required to be disclosed by the registrant’s Form N-Q is
recorded, processed, summarized and reported with the required time periods and that information required to be disclosed by
the registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the registrant’s
management, including its principal executive and financial officers, as appropriate to allow timely decisions regarding required
disclosure.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a- 3(d) of the
Investment Company Act of 1940, as amended) that occurred during the registrant’s last fiscal quarter that have materially
affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule
30a-2 under the Investment Company Act of 1940, as amended are filed herewith.
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant
has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Pear Tree Funds
By:
/s/ Willard L. Umphrey
Willard L. Umphrey
Chairman, President and Trustee
Date: February 27, 2015
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has
been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By:
/s/ Willard L. Umphrey
Willard L. Umphrey
Chairman, President and Trustee (Principal Executive Officer)
Date: February 27, 2015
By:
/s/ Leon Okurowski
Leon Okurowski
Treasurer (Principal Financial Officer)
Date: February 27, 2015
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PEAR TREE FUNDS
I, Leon Okurowski, certify that:
1.
I have reviewed this report as of December 31, 2014 on Form N-Q of Pear Tree Funds;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report;
3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the
investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
5.
Date:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report, based on such evaluation; and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the
registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting; and
The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the
registrant’s board of directors (or persons performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and
report financial information; and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant’s internal control over financial reporting.
February 27, 2015
/s/ Leon Okurowski
Leon Okurowski
Treasurer
55 Old Bedford Rd, Lincoln, MA 01773 Ÿ 800-331-1244 Ÿ fax 781-259-1166 Ÿ www.peartreefunds.com
Distributed by U.S. Boston Capital Corporation
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PEAR TREE FUNDS
I, Willard L. Umphrey, certify that:
1.
I have reviewed this report as of December 31, 2014 on Form N-Q of Pear Tree Funds;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report;
3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the
investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
5.
Date:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report, based on such evaluation; and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the
registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting; and
The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the
registrant’s board of directors (or persons performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and
report financial information; and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant’s internal control over financial reporting.
February 27, 2015
/s/ Willard L. Umphrey
Willard L. Umphrey
President
55 Old Bedford Rd, Lincoln, MA 01773 Ÿ 800-331-1244 Ÿ fax 781-259-1166 Ÿ www.peartreefunds.com
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Copyright © 2013 www.secdatabase.com. All Rights Reserved.
Please Consider the Environment Before Printing This Document