Upload
ngocong
View
218
Download
1
Embed Size (px)
Citation preview
Pear Tree Quality Fund
12/31/15
Security Name CUSIP Number Shares/Par Value Base Market Value
3M CO '88579Y101 17,760 2,675,366
ABBOTT LABORATORIES '002824100 35,836 1,609,395
ACCENTURE PLC CL A 'G1151C101 16,583 1,732,924
ALPHABET INC CL A '02079K305 7,253 5,642,907
ALPHABET INC CL C '02079K107 2,457 1,864,568
AMGEN INC '031162100 1,270 206,159
AMPHENOL CORP CL A '032095101 5,935 309,985
ANALOG DEVICES INC '032654105 8,778 485,599
ANTHEM INC '036752103 2,831 394,755
APPLE INC '037833100 36,558 3,848,095
ASTRAZENECA PLC SPONS ADR '046353108 128,305 4,355,955
BECTON DICKINSON AND CO '075887109 5,767 888,637
BED BATH + BEYOND INC '075896100 6,578 317,389
BRITISH AMERICAN TOB SP ADR '110448107 23,581 2,604,521
BURBERRY GROUP PLC SPON ADR '12082W204 4,039 70,662
CHURCH + DWIGHT CO INC '171340102 3,830 325,090
CISCO SYSTEMS INC '17275R102 162,476 4,412,036
CITRIX SYSTEMS INC '177376100 5,491 415,394
COCA COLA CO/THE '191216100 91,304 3,922,420
COGNIZANT TECH SOLUTIONS A '192446102 14,267 856,305
COLGATE PALMOLIVE CO '194162103 20,889 1,391,625
COMPASS GROUP PLC SPON ADR '20449X302 52,266 920,927
COSTCO WHOLESALE CORP '22160K105 5,721 923,942
CR BARD INC '067383109 461 87,332
CVS HEALTH CORP '126650100 9,036 883,450
DANAHER CORP W/D '235851102 19,291 1,791,748
DOVER CORP '260003108 3,464 212,378
ELI LILLY + CO '532457108 7,815 658,492
EMC CORP/MA '268648102 44,180 1,134,542
EMERSON ELECTRIC CO '291011104 20,246 968,366
ESTEE LAUDER COMPANIES CL A '518439104 1,574 138,606
EXPRESS SCRIPTS HOLDING CO '30219G108 39,908 3,488,358
GENUINE PARTS CO '372460105 3,977 341,585
HENRY SCHEIN INC '806407102 361 57,107
HONEYWELL INTERNATIONAL INC '438516106 6,059 627,531
HUMANA INC '444859102 4,919 878,091
ILLINOIS TOOL WORKS '452308109 11,929 1,105,580
INTL BUSINESS MACHINES CORP '459200101 13,734 1,890,073
INTUIT INC '461202103 5,594 539,821
INTUITIVE SURGICAL INC '46120E602 725 395,966
JOHNSON + JOHNSON '478160104 59,836 6,146,354
JOHNSON MATTHEY PLC SPON ADR '479142408 1,718 136,409
KDDI CORP UNSPONSORED ADR '48667L106 41,238 533,826
LVMH MOET HENNESSY UNSP ADR '502441306 22,566 710,716
MASTERCARD INC CLASS A '57636Q104 4,972 484,074
MCDONALD S CORP '580135101 10,344 1,222,040
Pear Tree Quality Fund
12/31/15
MEDTRONIC PLC 'G5960L103 39,367 3,028,110
MICROSOFT CORP '594918104 127,288 7,061,938
MONSANTO CO '61166W101 9,188 905,202
NESTLE SA SPONS ADR '641069406 30,734 2,287,224
NIKE INC CL B '654106103 14,554 909,625
NOVARTIS AG SPONSORED ADR '66987V109 6,271 539,557
NTT DOCOMO INC SPON ADR '62942M201 60,580 1,241,890
ORACLE CORP '68389X105 131,795 4,814,471
PAYCHEX INC '704326107 7,686 406,513
PAYPAL HOLDINGS INC '70450Y103 20,986 759,693
PEPSICO INC '713448108 13,379 1,336,830
PFIZER INC '717081103 22,083 712,839
PHILIP MORRIS INTERNATIONAL '718172109 45,749 4,021,795
PRECISION CASTPARTS CORP '740189105 3,531 819,227
PROCTER + GAMBLE CO/THE '742718109 70,456 5,594,911
QUALCOMM INC '747525103 53,095 2,653,954
RECKITT BENCKISER GROUP PLC 'G74079107 21,620 2,036,388
REYNOLDS AMERICAN INC '761713106 4,869 224,704
ROCKWELL AUTOMATION INC '773903109 3,654 374,937
SAGE GROUP PLC UNSPON ADR '78663S201 2,947 105,620
SAP SE SPONSORED ADR '803054204 5,141 406,653
ST JUDE MEDICAL INC '790849103 7,437 459,383
STRYKER CORP '863667101 10,572 982,562
SWATCH GROUP AG/THE UNSP ADR '870123106 11,266 195,127
SYSCO CORP '871829107 4,955 203,155
TERADATA CORP '88076W103 22,048 582,508
TJX COMPANIES INC '872540109 5,950 421,915
TRIPADVISOR INC '896945201 3,181 271,180
UNILEVER N V NY SHARES '904784709 34,568 1,497,486
UNILEVER PLC SPONSORED ADR '904767704 36,411 1,570,042
UNITED TECHNOLOGIES CORP '913017109 7,215 693,145
UNITEDHEALTH GROUP INC '91324P102 30,430 3,579,785
VF CORP '918204108 9,514 592,247
WAL MART STORES INC '931142103 42,382 2,598,017
WW GRAINGER INC '384802104 1,706 345,619
XILINX INC '983919101 5,316 249,693
ZIMMER BIOMET HOLDINGS INC '98956P102 4,407 452,114
119,543,157
STATE STREET REPO '85799F003 217,747 217,747
Other Assets - Liabilities (182,875)
Mark to Market (78)
Total Net Assets 119,577,951
IMPORTANT LEGAL INFORMATION:
Pear Tree Quality Fund
12/31/15
Investors should read the prospectus carefully before investing because it contains more complete
information on the Pear Tree Funds’ investment objectives, risks, charges and expenses. Please
consider this information carefully. For a prospectus and other information, visit
www.peartreefunds.com or call (800) 326-2151. The Portfolio is actively managed and holdings are
subject to change without notice and may not represent current or future portfolio composition.
The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the
information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document
are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and
Exchange Commission (SEC) presentation requirements. Therefore, it differs from that in the complete
statement of investments in the annual and semiannual report to shareholders filed with the SEC on
Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC
Form N-Q filings for each fiscal year. Forms N-CSR and N-Q for the Fund are available on the SEC website
at www.sec.gov.
The portfolio data is for information only. It does not constitute a recommendation or an offer for a
particular security or fund. Reference to specific securities or holdings should not be considered
recommendations for action by investors.
Pear Tree Polaris Small Cap Fund
12/31/15
Security Name CUSIP Number Shares/Par Value Base Market Value
AIR LEASE CORP '00912X302 43,819 1,467,060
ALLETE INC '018522300 29,700 1,509,651
ALLIANCE DATA SYSTEMS CORP '018581108 2,255 623,665
AMBARELLA INC 'G037AX101 3,638 202,782
AMERIS BANCORP '03076K108 117,700 4,000,623
ARC DOCUMENT SOLUTIONS INC '00191G103 51,309 226,786
ASBURY AUTOMOTIVE GROUP '043436104 27,946 1,884,678
ASTORIA FINANCIAL CORP '046265104 120,100 1,903,585
BNC BANCORP '05566T101 86,200 2,187,756
BRANDYWINE REALTY TRUST '105368203 27,912 381,278
BROOKLINE BANCORP INC '11373M107 156,000 1,794,000
BRYN MAWR BANK CORP '117665109 54,146 1,555,073
CAMBREX CORP '132011107 21,397 1,007,585
CANADIAN SOLAR INC '136635109 2,548 73,790
CARDTRONICS INC '14161H108 46,183 1,554,058
CENTRAL PACIFIC FINANCIAL CO '154760409 83,883 1,847,104
CINEMARK HOLDINGS INC '17243V102 48,191 1,611,025
COBIZ FINANCIAL INC '190897108 103,909 1,394,459
COLONY BANKCORP '19623P101 10,000 97,100
DECKERS OUTDOOR CORP '243537107 25,100 1,184,720
DIAMONDBACK ENERGY INC '25278X109 16,670 1,115,223
DIME COMMUNITY BANCSHARES '253922108 96,900 1,694,781
DUPONT FABROS TECHNOLOGY '26613Q106 49,205 1,564,227
EDUCATION REALTY TRUST INC '28140H203 58,957 2,233,291
ENTRAVISION COMMUNICATIONS A '29382R107 222,064 1,712,113
EPR PROPERTIES '26884U109 79,410 4,641,515
FAIRPOINT COMMUNICATIONS INC '305560302 88,873 1,428,189
FERRO CORP '315405100 188,035 2,090,949
FNB CORP '302520101 117,880 1,572,519
GREENBRIER COMPANIES INC '393657101 42,718 1,393,461
GREENHILL + CO INC '395259104 8,997 257,404
HERCULES TECHNOLOGY GROWTH '427096508 119,420 1,455,730
HERSHA HOSPITALITY TRUST '427825500 63,083 1,372,686
IMAX CORP '45245E109 88,331 3,139,284
INTEGRATED DEVICE TECH INC '458118106 107,839 2,841,558
INTERNATIONAL BANCSHARES CRP '459044103 60,700 1,559,990
KFORCE INC '493732101 119,694 3,025,864
LUXOFT HOLDING INC 'G57279104 26,281 2,027,054
MICROSEMI CORP '595137100 34,728 1,131,786
MOTORCAR PARTS OF AMERICA IN '620071100 43,206 1,460,795
NATIONAL CINEMEDIA INC '635309107 98,995 1,555,211
NATUS MEDICAL INC '639050103 66,220 3,181,871
NCI BUILDING SYSTEMS INC '628852204 38,474 477,462
PAPA JOHN S INTL INC '698813102 22,128 1,236,291
PHYSICIANS REALTY TRUST '71943U104 115,622 1,949,387
PINNACLE FINANCIAL PARTNERS '72346Q104 28,369 1,457,032
Pear Tree Polaris Small Cap Fund
12/31/15
REGAL ENTERTAINMENT GROUP A '758766109 106,911 2,017,411
RESTORATION HARDWARE HOLDING '761283100 7,958 632,263
RMR GROUP INC/THE A '74967R106 809 11,658
SELECT INCOME REIT '81618T100 45,722 906,210
SOUTHWEST BANCORP INC/OKLA '844767103 88,700 1,550,476
SPIRIT AIRLINES INC '848577102 13,226 527,056
SWIFT TRANSPORTATION CO '87074U101 106,414 1,470,641
TREX COMPANY INC '89531P105 37,800 1,437,912
TUTOR PERINI CORP '901109108 86,471 1,447,525
UNITED INSURANCE HOLDINGS CO '910710102 81,741 1,397,771
US CONCRETE INC '90333L201 26,760 1,409,182
VERINT SYSTEMS INC '92343X100 30,324 1,229,941
VIRGIN AMERICA INC '92765X208 39,596 1,425,852
WAGEWORKS INC '930427109 7,985 362,279
WESCO INTERNATIONAL INC '95082P105 34,300 1,498,224
91,406,852
STATE STR INSTL LIQUID RESVS '85749P9B9 6,406,565 6,406,565
Other Assets - Liabilities (1,748,416)
Total Net Assets 96,065,001
IMPORTANT LEGAL INFORMATION:
Investors should read the prospectus carefully before investing because it contains more complete
information on the Pear Tree Funds’ investment objectives, risks, charges and expenses. Please
consider this information carefully. For a prospectus and other information, visit
www.peartreefunds.com or call (800) 326-2151. The Portfolio is actively managed and holdings are
subject to change without notice and may not represent current or future portfolio composition.
The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the
information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document
are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and
Exchange Commission (SEC) presentation requirements. Therefore, it differs from that in the complete
statement of investments in the annual and semiannual report to shareholders filed with the SEC on
Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC Form
N-Q filings for each fiscal year. Forms N-CSR and N-Q for the Fund are available on the SEC website at
www.sec.gov.
The portfolio data is for information only. It does not constitute a recommendation or an offer for a
particular security or fund. Reference to specific securities or holdings should not be considered
recommendations for action by investors.
Pear Tree PanAgora Dynamic Emerging Markets Fund
12/31/15
Security Name Shares/Par Value Base Market Value
ABOITIZ EQUITY VENTURES INC 109,830 135,260
ABOITIZ POWER CORP 151,900 134,613
ABU DHABI COMMERCIAL BANK 108,344 194,388
AFRICAN RAINBOW MINERALS LTD 16,964 47,635
AGRICULTURAL BANK OF CHINA H 702,000 287,111
AMERICA MOVIL SAB DE C SER L 790,570 556,189
ANTA SPORTS PRODUCTS LTD 248,000 681,530
APOLLO TYRES LTD 207,716 489,649
ASSECO POLAND SA 9,174 132,015
ASUSTEK COMPUTER INC 101,488 840,404
AVI LTD 35,317 176,614
BANCO DO BRASIL S.A. 105,512 393,111
BANK OF CHINA LTD H 3,303,392 1,474,652
BARLOWORLD LTD 63,740 255,273
BDO UNIBANK INC 113,720 253,758
BEIJING CAPITAL INTL AIRPO H 230,000 248,374
BGF RETAIL CO LTD 2,146 313,879
BHARAT PETROLEUM CORP LTD 31,040 418,496
BRITISH AMERICAN TOBACCO BHD 19,044 248,745
CAHYA MATA SARAWAK BHD 81,000 96,781
CAIRN INDIA LTD 140,759 293,513
CENTRAL CHINA REAL ESTATE 364,371 76,628
CEZ AS 32,248 575,758
CHAILEASE HOLDING CO LTD 144,876 250,965
CHAMBAL FERTILISERS + CHEM 166,995 157,766
CHINA CONSTRUCTION BANK H 2,661,422 1,823,315
CHINA JINMAO HOLDINGS GROUP 534,000 182,575
CHINA LIFE INSURANCE CO H 134,000 433,942
CHINA MOBILE LTD 200,279 2,260,981
CHINA PETROLEUM + CHEMICAL H 883,810 534,792
CHINA TELECOM CORP LTD H 1,378,000 647,149
CHINA YUCHAI INTL LTD 12,626 135,856
CHONGQING RURAL COMMERCIAL H 972,687 589,827
CHUNGHWA TELECOM CO LTD 194,600 587,112
CK HUTCHISON HOLDINGS LTD 34,500 464,700
CNOOC LTD 348,218 362,559
COMFORTDELGRO CORP LTD 196,000 421,877
COWAY CO LTD 6,707 481,053
CREDICORP LTD 6,559 638,322
CTBC FINANCIAL HOLDING CO LT 1,465,260 753,886
CTCI CORP 52,000 56,754
CYRELA BRAZIL REALTY SA EMP 219,400 415,924
DATANG INTL POWER GEN CO H 1,126,000 344,303
DELTA ELECTRONICS THAI FORGN 150,100 319,095
DIGI.COM BHD 317,400 399,199
DONGFENG MOTOR GRP CO LTD H 334,881 449,342
Pear Tree PanAgora Dynamic Emerging Markets Fund
12/31/15
EDP ENERGIAS DO BRASIL SA 86,200 262,331
EREGLI DEMIR VE CELIK FABRIK 283,253 295,491
FARGLORY LAND DEVELOPMENT CO 143,302 149,423
FIRSTRAND LTD 289,995 794,073
FUBON FINANCIAL HOLDING CO 634,000 868,572
GLOBE TELECOM INC 3,020 118,862
GRASIM INDUSTRIES LTD 1,766 100,033
GREAT WALL MOTOR COMPANY H 413,000 482,228
GRUMA S.A.B. B 70,007 986,993
GS RETAIL CO LTD 11,175 512,741
GUANGZHOU R+F PROPERTIES H 482,800 594,873
HANWHA CORPORATION 14,530 488,237
HIGHWEALTH CONSTRUCTION CORP 146,300 168,806
HINDUSTAN PETROLEUM CORP 50,911 646,389
HINDUSTAN ZINC LTD 75,774 167,913
HITE JINRO CO LTD 8,040 160,450
HON HAI PRECISION INDUSTRY 362,677 892,145
HOUSING DEVELOPMENT FINANCE 17,371 331,764
HUANENG POWER INTL INC H 636,000 549,776
HYOSUNG CORPORATION 6,571 658,473
HYUNDAI MOTOR CO 1,376 174,853
HYUNDAI STEEL CO 4,482 190,931
IFCI LTD 309,512 129,361
IND + COMM BK OF CHINA H 1,640,911 990,796
INDIABULLS HOUSING FINANCE L 16,703 184,814
INDIAN OIL CORP LTD 51,240 331,731
INDOFOOD CBP SUKSES MAKMUR T 121,700 118,963
INNOLUX CORP 226,000 68,391
INVESTEC LTD 35,389 250,434
JBS SA 154,200 481,357
JCY INTERNATIONAL BHD 351,500 69,997
JIANGSU EXPRESS CO LTD H 156,000 210,528
KANGWON LAND INC 16,528 541,278
KGHM POLSKA MIEDZ SA 23,875 384,030
KING S TOWN BANK 90,000 64,115
KRUNG THAI BANK PUB CO FOREI 1,357,946 630,199
KT+G CORP 12,000 1,069,464
KWG PROPERTY HOLDING LTD 745,919 552,404
LAFARGE MALAYSIA BHD 33,880 70,072
LG DISPLAY CO LTD 24,660 516,313
LIBERTY HOLDINGS LTD 29,618 220,467
LONGFOR PROPERTIES 154,000 229,685
MALAYSIA BUILDING SOCIETY 437,112 143,549
MATAHARI PUTRA PRIMA TBK PT 161,300 21,355
MEDIATEK INC 34,000 258,776
MEDICLINIC INTERNATIONAL LTD 40,114 308,499
MEGA FINANCIAL HOLDING CO LT 836,000 540,841
Pear Tree PanAgora Dynamic Emerging Markets Fund
12/31/15
MEGAWORLD CORP 1,574,100 142,172
MISC BHD 93,700 204,488
MOL HUNGARIAN OIL AND GAS PL 3,620 177,289
MONDI LTD 7,568 150,284
MTN GROUP LTD 28,460 244,421
NASPERS LTD N SHS 9,242 1,266,232
NETCARE LTD 172,819 378,619
NICKEL ASIA CORP 376,600 50,021
ORIENT OVERSEAS INTL LTD 40,500 194,641
PACIFIC TEXTILES HOLDINGS 105,000 162,293
PEGATRON CORP 381,416 836,057
PETROBRAS PETROLEO BRAS 43,583 94,409
PETROCHINA CO LTD H 833,778 547,547
PGE SA 127,133 411,951
PING AN INSURANCE GROUP CO H 130,500 722,306
POU CHEN 302,000 396,268
POWER FINANCE CORPORATION 153,579 466,381
POWERTECH TECHNOLOGY INC 478,000 948,811
PUREGOLD PRICE CLUB INC 137,900 101,692
REALTEK SEMICONDUCTOR CORP 128,000 306,683
RELIANCE INDUSTRIES LTD 11,098 169,499
RICHTER GEDEON NYRT 37,682 711,780
RMB HOLDINGS LTD 148,799 534,767
RUENTEX DEVELOPMENT CO LTD 147,000 191,766
RUENTEX INDUSTRIES LTD 47,000 87,856
RURAL ELECTRIFICATION CORP 187,548 641,969
SAMSUNG ELECTRONICS CO LTD 3,271 3,514,955
SAPPI LIMITED 58,572 247,029
SASOL LTD 4,770 129,288
SECURITY BANK CORP 31,380 94,697
SEMIRARA MINING AND POWER CO 26,640 77,279
SHANGHAI ELECTRIC GRP CO L H 842,000 446,486
SHINHAN FINANCIAL GROUP LTD 3,798 128,106
SIMPLO TECHNOLOGY CO LTD 54,000 172,619
SINGAPORE AIRLINES LTD 57,100 451,320
SINO OCEAN LAND HOLDINGS 283,500 181,787
SINOTRANS LIMITED H 1,202,000 646,687
SK HYNIX INC 5,551 145,574
SRF LTD 6,678 127,324
STANDARD BANK GROUP LTD 16,340 119,856
TAIWAN SEMICONDUCTOR MANUFAC 560,270 2,439,145
TATA CHEMICALS LTD 23,612 147,048
TATA CONSULTANCY SVCS LTD 3,299 121,176
TAURON POLSKA ENERGIA SA 247,010 180,228
TELEKOM MALAYSIA BHD 181,578 286,735
TELESITES SAB 39,528 25,833
TENCENT HOLDINGS LTD 126,600 2,494,171
Pear Tree PanAgora Dynamic Emerging Markets Fund
12/31/15
THANACHART CAPITAL FOREIGN 320,300 324,884
TOFAS TURK OTOMOBIL FABRIKA 36,755 239,013
TRANSCEND INFORMATION INC 28,000 73,054
TSOGO SUN HOLDINGS LTD 49,688 77,710
TURK HAVA YOLLARI AO 133,156 337,676
TURKIYE IS BANKASI C 106,310 167,814
UNITED MICROELECTRONICS CORP 2,199,401 810,203
UNITED TRACTORS TBK PT 334,400 411,177
UPL LTD 18,688 123,473
VANGUARD INTERNATIONAL SEMI 279,000 363,540
WAN HAI LINES LTD 218,000 121,122
WOORI BANK 82,991 624,264
YANGZIJIANG SHIPBUILDING 432,100 335,434
YTL CORP BHD 290,800 106,337
ZHEJIANG EXPRESSWAY CO H 466,000 560,345
CONTROLADORA COML MEXIC UBC 61,200 168,737
KLABIN SA UNIT 107,200 635,410
SUL AMERICA SA UNITS 36,400 171,224
TRANSMISSORA ALIANCA DE UNIT 37,200 157,498
ALIBABA GROUP HOLDING SP ADR 7,687 624,722
AMBEV SA ADR 73,334 327,070
BAIDU INC SPON ADR 1,916 362,201
CIA BRASILEIRA DE DIS SP PRF 10,938 115,068
FOMENTO ECONOMICO MEX SP ADR 3,048 281,483
GAZPROM PAO SPON ADR 155,775 575,199
GRUPO TELEVISA SA SPON ADR 3,324 90,446
INFOSYS LTD SP ADR 23,342 390,979
LUKOIL PJSC SPON ADR 21,648 697,066
MMC NORILSK NICKEL PJSC ADR 51,351 650,360
PETROLEO BRASIL SP PREF ADR 37,232 126,589
SEVERSTAL GDR REG S 85,250 713,116
SK TELECOM CO LTD SPON ADR 12,428 250,424
PEAR TREE PANAGORA RISK PARITY 4,890,071 38,924,969
BANCO BRADESCO SA PREF 40,366 196,716
CIA ENERGETICA DE SP PREF B 60,700 205,594
ITAU UNIBANCO HOLDING S PREF 56,107 373,408
METALURGICA GERDAU SA PREF 122,700 51,484
SAMSUNG ELECTRONICS PREF 1,275 1,186,325
MAPLETREE INDUSTRIAL TRUST 162,300 174,097
BANCO BRADESCO SA 1,322 712
113,462,933
BRAZILIAN REAL 107,101 27,071
EGYPTIAN POUND 259 33
HONG KONG DOLLAR 90,524 11,679
HUNGARIAN FORINT 3,266,248 11,222
INDIAN RUPEE 150,327 2,272
Pear Tree PanAgora Dynamic Emerging Markets Fund
12/31/15
INDONESIAN RUPIAH 220,536,816 15,998
MALAYSIAN RINGGIT 37,850 8,816
MEXICAN PESO (NEW) 106,375 6,185
PHILIPPINE PESO 472,022 10,031
SINGAPORE DOLLAR 14,066 9,927
SOUTH AFRICAN RAND 147,674 9,544
SOUTH KOREAN WON 24,044,025 20,506
THAILAND BAHT 201,789 5,608
UAE DIRHAM 61,678 16,792
155,684
STATE STREET REPO 662,027 662,027
Other Assets - Liabilities (34,993)
Mark to Market (3,846)
Total Net Assets 114,241,804
IMPORTANT LEGAL INFORMATION:
Investors should read the prospectus carefully before investing because it contains more
complete information on the Pear Tree Funds’ investment objectives, risks, charges and
expenses. Please consider this information carefully. For a prospectus and other information,
visit www.peartreefunds.com or call (800) 326-2151. The Portfolio is actively managed and
holdings are subject to change without notice and may not represent current or future
portfolio composition.
The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the
information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this
document are not required to conform to Generally Accepted Accounting Principles (GAAP) and
Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from
that in the complete statement of investments in the annual and semiannual report to
shareholders filed with the SEC on Form N-CSR, and the complete statement of investments
provided in the first and third quarter SEC Form N-Q filings for each fiscal year. Forms N-CSR and
N-Q for the Fund are available on the SEC website at www.sec.gov.
The portfolio data is for information only. It does not constitute a recommendation or an offer
for a particular security or fund. Reference to specific securities or holdings should not be
considered recommendations for action by investors.
Pear Tree Polaris Foreign Value Fund
12/31/15
Security Name Shares/Par Value Base Market Value
ASAHI GROUP HOLDINGS LTD 1,105,400 34,915,108
BARRATT DEVELOPMENTS PLC 5,332,335 49,217,756
BASF SE 384,500 29,526,244
BBA AVIATION PLC 8,156,786 22,742,628
BELLWAY PLC 1,201,206 50,228,912
CAVERION CORP 840,216 8,238,503
CHRISTIAN DIOR SE 181,173 30,836,894
DEUTSCHE TELEKOM AG REG 2,451,119 44,421,205
DNB ASA 2,498,292 30,947,501
DUNI AB 1,779,500 29,801,726
FREENET AG 1,235,439 42,009,095
GREENCORE GROUP PLC 8,958,557 46,799,290
GUANGDONG INVESTMENT LTD 24,309,800 34,312,485
HANNOVER RUECK SE 365,800 41,964,573
IMERYS SA 486,383 34,022,695
INTERNATIONAL GAME TECHNOLOG 2,017,365 32,640,966
INVESTOR AB B SHS 904,856 33,477,685
IPSOS 738,780 17,022,765
KDDI CORP 1,642,800 43,079,536
KIA MOTORS CORP 886,500 39,767,942
KONE OYJ B 759,800 32,316,362
KONECRANES OYJ 971,780 24,164,235
LANXESS AG 647,100 29,989,237
LINDE AG 187,000 27,188,910
LOOMIS AB B 1,159,248 36,290,171
METHANEX CORP 804,807 26,579,714
MICHELIN (CGDE) 342,300 32,671,222
MUENCHENER RUECKVER AG REG 191,030 38,281,173
NORTHERN STAR RESOURCES LTD 6,251,600 12,664,402
NOVARTIS AG REG 374,850 32,476,898
PERSIMMON PLC 1,461,909 43,692,222
REXAM PLC 3,983,418 35,504,405
REXLOT HOLDINGS LTD 155,556,155 200,697
SAMSUNG ELECTRONICS CO LTD 29,145 31,318,664
SASOL LTD 604,135 16,374,719
SHOWA DENKO K K 26,261,000 31,004,465
SOLVAY SA 368,933 39,431,618
SPAREBANK 1 SR BANK ASA 3,312,673 14,687,611
STANDARD CHARTERED PLC 2,820,574 23,443,129
SVENSKA HANDELSBANKEN A SHS 2,390,800 31,946,565
SYMRISE AG 603,150 40,166,862
TAYLOR WIMPEY PLC 17,808,118 53,328,332
THAI OIL PCL FRGN 21,527,800 39,484,085
TREVI FINANZIARIA INDUSTRIAL 7,256,383 14,419,191
WINCOR NIXDORF AG 928,950 46,778,454
WORLEYPARSONS LTD 4,388,300 14,805,600
Pear Tree Polaris Foreign Value Fund
12/31/15
YARA INTERNATIONAL ASA 682,300 29,474,116
YIT OYJ 1,438,416 8,176,563
BHP BILLITON PLC ADR 1,136,100 25,732,665
INFOSYS LTD SP ADR 2,378,180 39,834,515
SBERBANK PAO SPONSORED ADR 1,312,300 7,716,324
SOUTH32 ADR 203,800 777,497
TEVA PHARMACEUTICAL SP ADR 657,619 43,166,111
1,620,060,245
STATE STR INSTL LIQUID RESVS 27,208,690 27,208,690
Other Assets - Liabilities 1,900,997
Mark to Market (231,312)
Total Net Assets 1,648,938,620
IMPORTANT LEGAL INFORMATION:
Investors should read the prospectus carefully before investing because it contains more
complete information on the Pear Tree Funds’ investment objectives, risks, charges and
expenses. Please consider this information carefully. For a prospectus and other information,
visit www.peartreefunds.com or call (800) 326-2151. The Portfolio is actively managed and
holdings are subject to change without notice and may not represent current or future portfolio
composition.
The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the
information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this
document are not required to conform to Generally Accepted Accounting Principles (GAAP) and
Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from
that in the complete statement of investments in the annual and semiannual report to
shareholders filed with the SEC on Form N-CSR, and the complete statement of investments
provided in the first and third quarter SEC Form N-Q filings for each fiscal year. Forms N-CSR and N-
Q for the Fund are available on the SEC website at www.sec.gov.
The portfolio data is for information only. It does not constitute a recommendation or an offer for
a particular security or fund. Reference to specific securities or holdings should not be considered
recommendations for action by investors.
Pear Tree Polaris Foreign Value Small Cap Fund
12/31/15
Security Name Shares/Par Value Base Market Value
ABG SUNDAL COLLIER HOLDING 5,331,038 3,981,528
ALTERNATIVE NETWORKS PLC 1,402,082 10,026,404
AMVIG HOLDINGS LTD 9,038,000 3,754,756
ASALEO CARE LTD 4,712,600 5,477,344
BBA AVIATION PLC 3,960,215 11,041,812
BML INC 94,100 2,843,929
BONDUELLE SCA 157,619 3,943,308
BORREGAARD ASA 1,100,000 6,130,553
BREADTALK GROUP LTD 4,185,900 3,338,085
CHARACTER GROUP PLC 376,500 2,595,235
CHINA HONGXING SPORTS LTD 10,258,400 72,395
CHONG HONG CONSTRUCTION CO 4,136,055 6,031,511
CHUGOKU MARINE PAINTS LTD 1,264,000 9,374,251
CLARKSON PLC 116,300 3,859,982
CLICKS GROUP LTD 1,303,830 7,499,329
CREST NICHOLSON HOLDINGS 1,164,800 9,566,137
DAICEL CORP 742,700 11,201,478
DAIICHIKOSHO CO LTD 255,200 10,195,269
DE LONGHI SPA 398,910 11,985,432
DFDS A/S 329,700 12,808,261
DUNI AB 178,692 2,992,599
EGYPT KUWAIT HOLDING CO SAE 7,523,000 3,911,960
EMPEROR WATCH + JEWELLERY 103,340,000 2,573,234
EQUATORIAL ENERGIA SA ORD 1,164,537 10,078,672
FREENET AG 296,500 10,082,001
GALLIFORD TRY PLC 344,528 7,746,837
GLANBIA PLC 424,100 7,805,623
GREENCORE GROUP PLC 1,893,172 9,889,886
HALFORDS GROUP PLC 1,161,258 5,742,775
HANA MICROELECTRONICS FOREIG 8,004,680 7,952,405
HOLTEK SEMICONDUCTOR INC 5,489,900 8,490,484
HUAKU DEVELOPMENT CO LTD 2,410,100 4,321,700
IBJ LEASING CO LTD 519,300 10,694,709
IFG GROUP PLC 2,097,385 5,078,701
IPSOS 317,067 7,305,771
KINEPOLIS 237,500 10,676,615
KRBL LTD 3,154,200 10,870,592
LANCASHIRE HOLDINGS LTD 1,273,344 11,790,587
LIC HOUSING FINANCE LTD 1,406,200 10,827,674
LOOMIS AB B 377,600 11,820,739
M1 LTD 4,346,600 8,343,509
MANILA WATER COMPANY 20,257,870 10,676,765
NIHON HOUSE HOLDINGS CO LTD 2,001,700 7,688,925
NIIT TECHNOLOGIES LTD 742,375 6,508,493
NOLATO AB B SHS 175,129 5,337,308
PKC GROUP OYJ 396,300 7,001,341
Pear Tree Polaris Foreign Value Small Cap Fund
12/31/15
PRIMA MEAT PACKERS LTD 3,197,000 8,665,325
PROGRAMMED MAINTENANCE SERV 2,147,900 3,865,981
QSC AG 1,697,139 2,782,684
RATCHABURI ELEC GEN HODG FOR 6,951,000 9,175,281
REDES ENERGETICAS NACIONAIS 2,095,500 6,330,156
RESTAURANT GROUP PLC 835,700 8,446,716
REXLOT HOLDINGS LTD 151,273,023 195,171
SAMSON HOLDING LTD 35,101,800 4,347,645
SEMPERIT AG HOLDING 100,500 3,393,877
SHANGHAI MECHANICAL AND EL B 3,010,889 9,333,756
SIXT SE 218,377 11,189,907
SOUTH INDIAN BANK LTD 24,601,647 7,195,720
SPAREBANK 1 NORD NORGE 865,996 3,585,601
SPAREBANK 1 SMN 1,119,065 6,375,683
SPAREBANK 1 SR BANK ASA 1,405,626 6,232,214
TEXWINCA HOLDINGS LTD 10,558,200 11,047,505
THAI UNION GROUP PCL F 23,844,996 11,397,358
TREVI FINANZIARIA INDUSTRIAL 2,415,385 4,799,622
UDG HEALTHCARE PLC 1,294,075 11,371,971
UNIPRES CORP 440,600 10,081,324
USHA MARTIN LTD 2,720,000 419,371
VETROPACK HOLDING AG BR 3,018 4,699,386
VITEC GROUP PLC/THE 301,804 2,681,094
VST HOLDINGS LTD 21,587,360 5,848,874
VT HOLDINGS CO LTD 1,619,400 9,734,577
VTECH HOLDINGS LTD 674,600 6,980,301
WETHERSPOON (J.D.) PLC 979,000 10,804,497
WORLEYPARSONS LTD 2,245,000 7,574,362
WT MICROELECTRONICS CO LTD 6,587,848 7,119,938
XINHUA WINSHARE PUBLISHING H 7,568,500 6,913,477
DRAEGERWERK AG PREF 133,100 9,915,967
554,442,247
HONG KONG DOLLAR 0 -
INDIAN RUPEE 1,423,056 21,511
21,511
STATE STR INSTL LIQUID RESVS 10,615,701 10,615,701
Other Assets - Liabilities (682,190)
Mark to Market (22,020)
Total Net Assets 564,375,249
IMPORTANT LEGAL INFORMATION:
Pear Tree Polaris Foreign Value Small Cap Fund
12/31/15
Investors should read the prospectus carefully before investing because it contains more
complete information on the Pear Tree Funds’ investment objectives, risks, charges and
expenses. Please consider this information carefully. For a prospectus and other information,
visit www.peartreefunds.com or call (800) 326-2151. The Portfolio is actively managed and
holdings are subject to change without notice and may not represent current or future portfolio
composition.
The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the
information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this
document are not required to conform to Generally Accepted Accounting Principles (GAAP) and
Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from
that in the complete statement of investments in the annual and semiannual report to
shareholders filed with the SEC on Form N-CSR, and the complete statement of investments
provided in the first and third quarter SEC Form N-Q filings for each fiscal year. Forms N-CSR and N-
Q for the Fund are available on the SEC website at www.sec.gov.
The portfolio data is for information only. It does not constitute a recommendation or an offer for
a particular security or fund. Reference to specific securities or holdings should not be considered
recommendations for action by investors.
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
Security Name Shares/Par Value Base Market Value
AAC TECHNOLOGIES HOLDINGS IN 3,000 19,488
ABOITIZ EQUITY VENTURES INC 98,670 121,516
ABOITIZ POWER CORP 313,500 277,823
ABU DHABI COMMERCIAL BANK 60,933 109,324
ADARO ENERGY TBK PT 2,853,700 106,613
ADVANCED INFO SERVICE FOR RG 18,200 76,876
AFRICAN BANK INVESTMENTS LTD 47,336 -
AGUAS ANDINAS SA A 180,221 91,815
AIR CHINA LTD H 34,000 26,846
AIRASIA BHD 77,200 23,195
AIRPORTS OF THAILAND PCL FOR 11,300 108,651
AKBANK T.A.S. 20,669 47,521
AKR CORPORINDO TBK PT 119,900 62,407
ALDAR PROPERTIES PJSC 151,271 95,548
ALFA S.A.B. A 38,800 76,995
ALIBABA HEALTH INFORMATION T 52,000 36,027
ALIOR BANK SA 2,100 35,380
ALLIANCE FINANCIAL GROUP BHD 35,600 29,518
ALLIANCE GLOBAL GROUP INC 254,500 87,078
ALPHA BANK AE 14,794 39,998
ALROSA PAO 104,700 80,225
ALUMINUM CORP OF CHINA LTD H 114,000 37,947
AMMB HOLDINGS BHD 34,500 36,400
AMOREPACIFIC CORP 104 36,764
AMOREPACIFIC GROUP 360 45,439
ANADOLU EFES BIRACILIK VE 10,043 65,102
ANGLO AMERICAN PLATINUM LTD 3,832 45,899
ANHUI CONCH CEMENT CO LTD H 8,500 22,865
ANTA SPORTS PRODUCTS LTD 12,000 32,977
ARABTEC HOLDING CO PJSC 430,258 146,426
ARCA CONTINENTAL SAB DE CV 8,500 51,739
ARCELIK A.S. 16,468 78,946
ASIA CEMENT CORP 56,808 47,388
ASIA PACIFIC TELECOM CO LTD 200,000 70,935
ASPEN PHARMACARE HOLDINGS LT 3,375 67,502
ASTRA AGRO LESTARI TBK PT 50,400 57,950
ASTRA INTERNATIONAL TBK PT 147,000 63,983
ASTRO MALAYSIA HOLDINGS BHD 106,300 68,333
AXIATA GROUP BERHAD 54,300 81,067
AYALA CORPORATION 5,840 93,827
AYALA LAND INC 116,600 85,365
BANCO DE CHILE 842,384 86,402
BANCO DE CREDITO E INVERSION 2,283 86,345
BANCO DO BRASIL S.A. 7,900 29,433
BANGKOK DUSIT MED SERVICE F 202,200 125,304
BANK CENTRAL ASIA TBK PT 71,500 68,984
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
BANK DANAMON INDONESIA TBK 271,300 62,979
BANK HANDLOWY W WARSZAWIE SA 3,198 58,254
BANK MANDIRI PERSERO TBK PT 86,500 58,043
BANK MILLENNIUM SA 37,980 53,499
BANK NEGARA INDONESIA PERSER 133,300 48,253
BANK OF COMMUNICATIONS CO H 40,000 28,178
BANK OF THE PHILIPPINE ISLAN 48,436 86,311
BANK PEKAO SA 1,490 54,169
BANK RAKYAT INDONESIA PERSER 75,800 62,823
BANK ZACHODNI WBK SA 749 53,891
BANPU PUBLIC CO LTD FOR REG 106,000 46,542
BARLOWORLD LTD 18,840 75,453
BARWA REAL ESTATE CO 9,010 98,976
BDO UNIBANK INC 36,690 81,871
BEC WORLD PCL FOREIGN 95,500 80,943
BEIJING CAPITAL INTL AIRPO H 34,000 36,716
BEIJING ENTERPRISES HLDGS 2,500 15,160
BELLE INTERNATIONAL HOLDINGS 18,000 13,516
BERJAYA SPORTS TOTO BHD 92,235 65,522
BIDVEST GROUP LTD 4,777 101,325
BIM BIRLESIK MAGAZALAR AS 4,336 76,406
BNK FINANCIAL GROUP INC 3,249 23,331
BRF SA 1,300 18,204
BRILLIANCE CHINA AUTOMOTIVE 26,000 32,673
BRITISH AMERICAN TOBACCO BHD 3,700 48,328
BTS GROUP HOLDINGS PCL 498,100 125,961
BUMI ARMADA BERHAD 243,950 57,955
BUMI SERPONG DAMAI PT 472,900 61,750
BUMRUNGRAD HOSPITAL FOREIGN 23,900 140,139
BYD CO LTD H 2,500 13,773
CCC SA 2,142 75,187
CCR SA 15,500 49,169
CELLTRION INC 812 58,517
CEMENTOS ARGOS SA 29,769 91,150
CENCOSUD SA 39,498 78,204
CENTRAL PATTANA PUB CO FOREI 51,100 66,742
CETIP SA MERCADOS ORGANIZADO 2,200 20,853
CEZ AS 8,076 144,189
CHAILEASE HOLDING CO LTD 20,800 36,031
CHAROEN POKPHAND FOOD FORGN 159,000 80,859
CHAROEN POKPHAND INDONESI PT 236,600 44,625
CHENG SHIN RUBBER IND CO LTD 27,900 45,273
CHICONY ELECTRONICS CO LTD 18,090 39,763
CHINA AIRLINES LTD 107,000 39,090
CHINA COAL ENERGY CO H 49,000 18,713
CHINA COMMUNICATIONS CONST H 15,000 15,308
CHINA COMMUNICATIONS SERVI H 106,000 39,934
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
CHINA CONSTRUCTION BANK H 37,000 25,348
CHINA GAS HOLDINGS LTD 20,000 28,900
CHINA JINMAO HOLDINGS GROUP 50,000 17,095
CHINA LIFE INSURANCE CO LTD 41,140 31,625
CHINA LONGYUAN POWER GROUP H 33,000 24,907
CHINA MENGNIU DAIRY CO 13,000 21,200
CHINA MERCHANTS HLDGS INTL 6,000 19,082
CHINA MOBILE LTD 5,000 56,446
CHINA NATIONAL BUILDING MA H 38,000 18,287
CHINA OILFIELD SERVICES H 18,000 15,536
CHINA PETROLEUM + CHEMICAL H 52,000 31,465
CHINA RESOURCES BEER HOLDIN 22,000 47,174
CHINA RESOURCES GAS GROUP LT 12,000 35,764
CHINA RESOURCES POWER HOLDIN 16,000 31,006
CHINA SHENHUA ENERGY CO H 18,500 29,120
CHINA SHIPPING CONTAINER H 42,000 11,705
CHINA STEEL CORP 114,208 62,412
CHINA TAIPING INSURANCE HOLD 7,400 22,962
CHINA TELECOM CORP LTD H 142,000 66,687
CHONGQING CHANGAN AUTOMOBI B 10,400 22,945
CIELO SA 6,480 55,018
CIMB GROUP HOLDINGS BHD 39,000 41,239
CITIC LTD 18,000 31,909
CJ CHEILJEDANG CORP 189 60,848
COCA COLA ICECEK AS 7,494 95,511
COLBUN SA 329,877 79,089
COMMERCIAL BANK QSC 11,751 148,126
COMMERCIAL INTERNATIONAL BAN 28,817 139,852
CORP FIN COLOMBIANA CD 3,321 40,674
CORP FINANCIERA COLOMB ND 2,149 25,133
COSAN SA INDUSTRIA COMERCIO 9,000 57,327
CP ALL PCL FOREIGN 82,600 90,094
CREDICORP LTD 1,201 116,881
CSPC PHARMACEUTICAL GROUP LT 44,000 44,961
CTBC FINANCIAL HOLDING CO LT 29,985 15,427
CYFROWY POLSAT SA 17,925 94,821
DAELIM INDUSTRIAL CO LTD 169 9,671
DAEWOO INTERNATIONAL CORP 1,668 23,259
DAEWOO SECURITIES CO LTD 1,770 14,295
DATANG INTL POWER GEN CO H 68,000 20,793
DELTA ELECTRONICS INC 10,525 49,826
DELTA ELECTRONICS THAI FORGN 56,000 119,050
DGB FINANCIAL GROUP INC 3,742 32,073
DIALOG GROUP BHD 151,756 56,553
DIGI.COM BHD 78,300 98,479
DISCOVERY LTD 1,769 15,199
DMCI HOLDINGS INC 428,650 125,712
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
DOHA BANK QSC 10,019 122,441
DONGBU INSURANCE CO LTD 443 26,560
DONGFENG MOTOR GRP CO LTD H 14,000 18,785
DOOSAN HEAVY INDUSTRIES 1,230 21,609
DP WORLD LTD 17,997 365,339
DUBAI FINANCIAL MARKET PJSC 181,250 60,696
DUBAI ISLAMIC BANK 75,749 127,451
ECLAT TEXTILE COMPANY LTD 2,160 29,822
ECOPETROL SA 257,609 90,076
EL PUERTO DE LIVERPOOL C1 13,600 166,641
EMAAR MALLS GROUP PJSC 209,669 157,551
EMAAR PROPERTIES PJSC 57,150 88,533
EMIRATES TELECOM GROUP CO 102,589 449,682
EMPRESA NACIONAL DE TELECOM 20,359 182,395
EMPRESAS CMPC SA 53,790 115,012
EMPRESAS COPEC SA 18,946 161,225
ENEA SA 27,873 79,796
ENERGA SA 29,044 93,008
ENERGY DEVELOPMENT CORP 1,466,500 193,227
ENKA INSAAT VE SANAYI AS 35,848 55,603
ENN ENERGY HOLDINGS LTD 4,000 21,237
EREGLI DEMIR VE CELIK FABRIK 97,857 102,085
EUROBANK ERGASIAS SA 12,972 14,649
EUROCASH SA 13,304 163,471
EVA AIRWAYS CORP 102,108 57,820
EVERGREEN MARINE CORP LTD 101,000 40,742
EXXARO RESOURCES LTD 21,837 62,152
EZDAN HOLDING GROUP 16,396 71,594
FAR EASTERN NEW CENTURY CORP 61,473 48,191
FAR EASTONE TELECOMM CO LTD 47,000 96,727
FELDA GLOBAL VENTURES 106,400 42,377
FENG TAY ENTERPRISE CO LTD 11,330 57,949
FF GROUP 3,316 62,292
FIBRIA CELULOSE SA 2,000 26,232
FIRST FINANCIAL HOLDING CO 79,768 37,156
FIRST GULF BANK 45,685 157,341
FORD OTOMOTIV SANAYI AS 7,387 76,757
FORMOSA CHEMICALS + FIBRE 21,330 48,054
FORMOSA PETROCHEMICAL CORP 81,000 194,319
FORMOSA PLASTICS CORP 32,480 76,140
FORMOSA TAFFETA CO. 32,000 29,226
FOSUN INTERNATIONAL LTD 23,500 36,808
FUBON FINANCIAL HOLDING CO 14,000 19,180
GAMUDA BHD 33,700 36,577
GCL POLY ENERGY HOLDINGS LTD 104,000 15,699
GENER S.A. 207,567 92,242
GENTERA SAB DE CV 47,700 91,939
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
GENTING BHD 25,400 43,423
GENTING MALAYSIA BHD 56,700 57,842
GENTING PLANTATIONS BHD 33,500 82,706
GIANT MANUFACTURING 7,000 46,671
GLOBAL MEDIACOM TBK PT 1,233,200 98,406
GLOBE TELECOM INC 5,685 223,751
GLOW ENERGY PCL FOREIGN 71,100 146,211
GOLD FIELDS LTD 3,713 10,126
GRUMA S.A.B. B 4,500 63,443
GRUPA AZOTY SA 4,328 109,100
GRUPA LOTOS SA 13,943 95,375
GRUPO AEROPORT DEL SURESTE B 6,305 89,507
GRUPO ARGOS SA 15,147 77,298
GRUPO BIMBO SAB SERIES A 17,700 47,103
GRUPO CARSO SAB DE CV SER A1 17,700 74,097
GRUPO COMERCIAL CHEDRAUI SA 13,500 35,816
GRUPO DE INV SURAMERICANA 6,194 69,657
GRUPO FIN SANTANDER B 36,600 64,224
GRUPO FINANCIERO BANORTE O 17,000 93,703
GRUPO FINANCIERO INBURSA O 44,900 81,477
GRUPO LALA SAB DE CV 21,500 49,853
GRUPO MEXICO SAB DE CV SER B 36,200 77,435
GS HOLDINGS 1,490 64,426
GT CAPITAL HOLDINGS INC 3,520 98,744
GUANGDONG INVESTMENT LTD 48,000 67,750
GUDANG GARAM TBK PT 24,900 99,347
HACI OMER SABANCI HOLDING 12,469 35,429
HAITIAN INTERNATIONAL HLDGS 16,000 23,781
HANA FINANCIAL GROUP 1,389 27,957
HANERGY THIN FILM POWER GROU 36,000 -
HANKOOK TIRE CO LTD 714 28,650
HANMI PHARM CO LTD 84 52,153
HANMI SCIENCE CO LTD 317 34,875
HELLENIC TELECOMMUN ORGANIZA 10,873 109,092
HENGAN INTL GROUP CO LTD 4,500 42,499
HIGHWEALTH CONSTRUCTION CORP 27,300 31,500
HIWIN TECHNOLOGIES CORP 7,182 28,315
HOME PRODUCT CENTER PCL FOR 588,919 111,287
HONG LEONG BANK BERHAD 16,000 50,085
HONG LEONG FINANCIAL GROUP 14,300 46,495
HOTAI MOTOR COMPANY LTD 4,000 46,275
HUA NAN FINANCIAL HOLDINGS C 42,495 19,729
HUADIAN POWER INTL CORP H 30,000 19,585
HUANENG POWER INTL INC H 44,000 38,035
HYOSUNG CORPORATION 364 36,476
HYPERMARCAS SA 4,500 24,694
HYUNDAI MARINE + FIRE INS CO 912 28,039
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
HYUNDAI MOBIS CO LTD 177 37,210
HYUNDAI STEEL CO 806 34,335
HYUNDAI WIA CORP 165 15,761
IHH HEALTHCARE BHD 94,500 144,826
IJM CORP BHD 41,200 32,434
IMPALA PLATINUM HOLDINGS LTD 13,167 21,308
IMPERIAL HOLDINGS LTD 4,233 32,653
IND + COMM BK OF CHINA H 39,000 23,549
INDOCEMENT TUNGGAL PRAKARSA 108,800 176,203
INDOFOOD CBP SUKSES MAKMUR T 105,400 103,030
INDOFOOD SUKSES MAKMUR TBK P 208,400 78,235
INDORAMA VENTURES FOREIGN 117,000 69,254
INDUSTRIAL BANK OF KOREA 1,890 19,907
INDUSTRIAS PENOLES SAB DE CV 6,905 71,174
INDUSTRIES QATAR 11,543 352,189
INTERCONEXION ELECTRICA SA 45,457 105,677
INTL CONTAINER TERM SVCS INC 82,410 123,120
INVESTEC LTD 4,159 29,432
IOI CORP BHD 77,100 80,090
IOI PROPERTIES GROUP BHD 70,000 36,683
IRPC PCL FOREIGN 441,300 52,733
JASA MARGA (PERSERO) TBK PT 441,200 167,230
JG SUMMIT HOLDINGS INC 79,420 123,717
JIANGSU EXPRESS CO LTD H 20,000 26,991
JOLLIBEE FOODS CORP 79,660 370,748
JUMBO SA 7,684 80,934
KALBE FARMA TBK PT 2,146,700 205,560
KANGWON LAND INC 980 32,094
KASIKORNBANK PCL FOREIGN 10,400 43,207
KB FINANCIAL GROUP INC 840 23,748
KGHM POLSKA MIEDZ SA 6,164 99,148
KIMBERLY CLARK DE MEXICO A 22,400 52,370
KINGSOFT CORP LTD 11,000 26,851
KOC HOLDING AS 17,783 66,699
KOMERCNI BANKA AS 760 151,175
KOREA AEROSPACE INDUSTRIES 290 19,316
KOREA ELECTRIC POWER CORP 2,346 100,038
KOREA GAS CORPORATION 2,523 79,291
KOREA ZINC CO LTD 92 36,798
KRUNG THAI BANK PUB CO FOREI 134,200 62,280
KT+G CORP 537 47,859
KUALA LUMPUR KEPONG BHD 17,800 94,856
KUMHO PETRO CHEMICAL CO LTD 806 35,813
LAFARGE MALAYSIA BHD 20,500 42,399
LATAM AIRLINES GROUP SA 26,082 137,551
LENOVO GROUP LTD 30,000 30,461
LG CHEM LTD 141 39,502
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
LG DISPLAY CO LTD 1,436 30,066
LG HOUSEHOLD + HEALTH CARE 45 40,297
LG INNOTEK CO LTD 348 29,234
LG UPLUS CORP 9,711 86,132
LIFE HEALTHCARE GROUP HOLDIN 29,715 67,348
LIPPO KARAWACI TBK PT 592,500 44,486
LITE ON TECHNOLOGY CORP 27,210 26,384
LOCALIZA RENT A CAR 6,000 37,642
LOJAS AMERICANAS SA 11,375 35,854
LOJAS RENNER S.A. 9,700 41,926
LOTTE CHEMICAL CORP 108 22,428
LOTTE CONFECTIONERY CO LTD 30 58,309
LOTTE SHOPPING CO 258 51,158
LPP SA 68 95,700
MALAYAN BANKING BHD 19,200 37,564
MALAYSIA AIRPORTS HLDGS BHD 24,400 31,882
MASRAF AL RAYAN 10,116 104,458
MASSMART HOLDINGS LTD 7,076 45,730
MATAHARI DEPARTMENT STORE TB 68,000 86,819
MAXIS BHD 67,200 106,431
MBANK SA 412 32,775
MEDIA NUSANTARA CITRA TBK PT 613,100 82,503
MEDICLINIC INTERNATIONAL LTD 7,243 55,703
MEGA FINANCIAL HOLDING CO LT 23,751 15,365
MEGAWORLD CORP 777,000 70,179
MERIDA INDUSTRY CO LTD 7,150 38,529
METRO PACIFIC INVESTMENTS CO 720,600 79,633
METROPOLITAN BANK + TRUST 39,398 67,401
MEXICHEM SAB DE CV 34,200 76,935
MINOR INTERNATIONAL PCL FOR 88,690 89,343
MISC BHD 25,600 55,869
MMI HOLDINGS LTD 25,358 36,054
MOL HUNGARIAN OIL AND GAS PL 1,791 87,714
MONDI LTD 2,017 40,053
MOSCOW EXCHANGE MICEX RTS PJ 57,010 71,358
MR PRICE GROUP LTD 3,994 51,624
MTN GROUP LTD 6,906 59,310
NAN YA PLASTICS CORP 29,100 54,041
NASPERS LTD N SHS 446 61,106
NATIONAL BANK OF ABU DHABI 76,732 166,291
NATURA COSMETICOS SA 5,100 30,281
NCSOFT CORP 168 30,518
NETCARE LTD 27,555 60,369
NH INVESTMENT + SECURITIES C 3,347 28,830
O2 CZECH REPUBLIC AS 3,950 39,841
OBI PHARMA INC 4,000 79,764
ODONTOPREV S.A. 30,000 71,659
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
OHL MEXICO SAB DE CV 57,400 60,541
OOREDOO QSC 12,131 249,863
OPAP SA 6,900 60,688
ORANGE POLSKA SA 101,318 168,386
ORION CORP 42 41,765
OTP BANK PLC 4,484 92,432
PARADISE CO LTD 1,235 18,590
PERUSAHAAN GAS NEGARA PERSER 784,600 156,237
PETKIM PETROKIMYA HOLDING AS 78,392 123,475
PETRONAS CHEMICALS GROUP BHD 83,600 141,556
PETRONAS DAGANGAN BHD 17,900 103,644
PETRONAS GAS BHD 15,800 83,536
PGE SA 26,797 86,831
PHILIPPINE LONG DISTANCE TEL 2,305 100,910
PICK N PAY STORES LTD 10,396 43,671
PIRAEUS BANK S.A 83,070 25,076
PKO BANK POLSKI SA 7,311 50,621
POLSKI KONCERN NAFTOWY ORLEN 5,873 100,955
POLSKIE GORNICTWO NAFTOWE I 92,320 120,220
PORTO SEGURO SA 2,600 18,920
POSCO 281 39,902
POU CHEN 37,000 48,549
POWSZECHNY ZAKLAD UBEZPIECZE 7,140 61,539
PPB GROUP BERHAD 17,100 63,326
PRESIDENT CHAIN STORE CORP 17,000 106,357
PROMOTORA Y OPERADORA DE INF 7,200 84,948
PTT EXPLORATION + PROD FOR 39,700 63,160
PTT GLOBAL CHEMICAL PCL FOR 68,800 95,595
PTT PCL/FOREIGN 6,700 45,430
PUBLIC BANK BERHAD 10,400 44,860
PUBLIC POWER CORP 14,669 61,802
QATAR ELECTRICITY + WATER CO 7,389 439,123
QATAR GAS TRANSPORT(NAKILAT) 51,118 327,796
QATAR INSURANCE CO 5,818 131,018
QATAR ISLAMIC BANK 4,664 136,668
QATAR NATIONAL BANK 3,076 147,832
QUALICORP SA 14,100 50,359
RAIA DROGASIL SA 4,400 39,460
REALTEK SEMICONDUCTOR CORP 10,000 23,960
REMGRO LTD 1,906 30,205
RICHTER GEDEON NYRT 5,149 97,260
RMI HOLDINGS 6,849 17,134
ROBINSONS LAND CO 79,900 46,695
ROSTELECOM PJSC 45,640 56,758
RUENTEX DEVELOPMENT CO LTD 23,000 30,004
RUENTEX INDUSTRIES LTD 21,000 39,255
RUSHYDRO PJSC 3,102,000 28,433
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
S OIL CORP 1,026 69,476
S.A.C.I. FALABELLA 28,618 182,548
SAMSUNG C+T CORP 196 23,402
SAMSUNG CARD CO 907 23,863
SAMSUNG ELECTRO MECHANICS CO 652 34,976
SAMSUNG ELECTRONICS CO LTD 33 35,461
SAMSUNG FIRE + MARINE INS 151 39,600
SAMSUNG LIFE INSURANCE CO LT 422 39,589
SAMSUNG SDI CO LTD PFD 221 21,487
SANLAM LTD 7,618 29,805
SAPPI LIMITED 13,874 58,514
SAPURAKENCANA PETROLEUM BHD 129,500 60,927
SASOL LTD 2,679 72,613
SBERBANK OF RUSSIA PJSC 55,720 77,338
SEMEN INDONESIA PERSERO TBK 168,500 139,347
SEMICONDUCTOR MANUFACTURING 267,000 27,214
SHANDONG WEIGAO GP MEDICAL H 36,000 24,942
SHANGHAI FOSUN PHARMACEUTI H 12,000 34,758
SHANGHAI INDUSTRIAL HLDG LTD 12,000 31,584
SHANGHAI PHARMACEUTICALS H 18,500 40,051
SHENZHOU INTERNATIONAL GROUP 6,000 34,487
SHINHAN FINANCIAL GROUP LTD 1,180 39,801
SHINSEGAE CO LTD 211 41,388
SHOPRITE HOLDINGS LTD 5,950 55,088
SIAM CEMENT PUB CO FOR REG 7,650 97,791
SIAM COMMERCIAL BANK FOREIGN 15,700 52,137
SIHUAN PHARMACEUTICAL HLDGS 48,000 13,655
SIME DARBY BERHAD 24,800 44,765
SINO BIOPHARMACEUTICAL 60,000 54,498
SINO OCEAN LAND HOLDINGS 49,000 31,420
SINOPAC FINANCIAL HOLDINGS 65,489 18,682
SINOPEC SHANGHAI PETROCHEM H 59,000 23,521
SINOPHARM GROUP CO H 9,600 38,520
SK HOLDINGS CO LTD 135 27,690
SK HYNIX INC 1,486 38,970
SK INNOVATION CO LTD 498 55,213
SM INVESTMENTS CORP 6,598 121,149
SM PRIME HOLDINGS INC 179,300 82,686
SOHO CHINA LTD 31,000 15,078
SONDA SA 86,591 158,738
SOUTHERN COPPER CORP 3,566 93,144
SPAR GROUP LIMITED/THE 5,801 69,019
STANDARD FOODS CORP 44,302 110,731
STEINHOFF INTERNATIONAL H NV 14,100 71,541
SUMMARECON AGUNG TBK PT 305,100 36,519
SUN ART RETAIL GROUP LTD 33,500 25,284
SURYA CITRA MEDIA PT TBK 455,700 102,479
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
SYNNEX TECHNOLOGY INTL CORP 18,000 17,563
SYNTHOS SA 102,206 98,655
T M G HOLDING 128,264 104,838
TAISHIN FINANCIAL HOLDING 151,934 52,731
TAIWAN CEMENT 62,000 51,530
TAIWAN COOPERATIVE FINANCIAL 61,772 25,858
TAIWAN FERTILIZER CO LTD 37,000 48,493
TAIWAN MOBILE CO LTD 34,000 103,510
TAURON POLSKA ENERGIA SA 140,247 102,330
TAV HAVALIMANLARI HOLDING AS 9,549 59,605
TECO ELECTRIC + MACHINERY 59,000 47,240
TELEKOM MALAYSIA BHD 72,600 114,645
TELKOM SA SOC LTD 15,627 64,968
TENAGA NASIONAL BHD 26,800 83,143
TENCENT HOLDINGS LTD 2,000 39,402
THAI OIL PCL FRGN 39,600 72,630
THAI UNION GROUP PCL F 199,500 95,356
THE FOSCHINI GROUP LTD 3,981 31,331
TIGER BRANDS LTD 2,360 48,263
TINGYI (CAYMAN ISLN) HLDG CO 28,000 40,099
TITAN CEMENT CO. S.A. 4,109 78,572
TMB BANK PUBLIC CORP FOREIGN 948,600 63,794
TOFAS TURK OTOMOBIL FABRIKA 13,398 87,125
TOTVS SA 8,300 65,099
TOWER BERSAMA INFRASTRUCTURE 211,200 90,011
TRACTEBEL ENERGIA SA 1,900 16,084
TRUE CORP PCL FOREIGN 310,289 57,772
TRUWORTHS INTERNATIONAL LTD 9,347 55,061
TSINGTAO BREWERY CO LTD H 8,000 36,229
TUPRAS TURKIYE PETROL RAFINE 7,476 178,556
TURK HAVA YOLLARI AO 20,144 51,084
TURK SISE VE CAM FABRIKALARI 58,273 63,790
TURK TELEKOMUNIKASYON AS 69,594 130,395
TURKCELL ILETISIM HIZMET AS 9,898 33,626
TURKIYE GARANTI BANKASI 21,704 53,029
TURKIYE HALK BANKASI 12,329 43,958
TURKIYE IS BANKASI C 27,214 42,958
TURKIYE VAKIFLAR BANKASI T D 25,635 33,692
ULKER BISKUVI SANAYI 15,037 90,817
ULTRAPAR PARTICIPACOES SA 2,800 42,783
UMW HOLDINGS BHD 18,100 33,177
UNI PRESIDENT ENTERPRISES CO 72,339 120,906
UNILEVER INDONESIA TBK PT 32,200 86,427
UNITED TRACTORS TBK PT 122,200 150,257
UNIVERSAL ROBINA CORP 70,610 279,109
VALE SA 3,500 11,527
VODACOM GROUP LTD 8,778 86,461
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
VODAFONE QATAR 59,524 207,606
VTB BANK PJSC 83,860,000 90,979
WALMART DE MEXICO SAB DE CV 30,500 77,141
WANT WANT CHINA HOLDINGS LTD 56,000 41,689
WEG SA 15,480 58,496
WESTPORTS HOLDINGS BHD 24,000 23,030
WISTRON CORP 39,168 22,179
WOOLWORTHS HOLDINGS LTD 9,145 59,190
WOORI BANK 2,508 18,865
XL AXIATA TBK PT 369,800 97,916
YANZHOU COAL MINING CO H 38,000 17,748
YAPI VE KREDI BANKASI 49,816 56,242
YTL CORP BHD 270,100 98,767
YTL POWER INTERNATIONAL BHD 244,100 84,143
YUANTA FINANCIAL HOLDING CO 33,660 12,451
YUHAN CORP 317 73,671
YULON MOTOR COMPANY 37,000 34,018
ZHEJIANG EXPRESSWAY CO H 20,000 24,049
ZHEN DING TECHNOLOGY HOLDING 7,000 16,154
ZIJIN MINING GROUP CO LTD H 116,000 30,531
ZTE CORP H 17,560 40,010
CEMEX SAB CPO 37,315 20,394
CONTROLADORA COML MEXIC UBC 17,900 49,353
KLABIN SA UNIT 5,000 29,637
TRANSMISSORA ALIANCA DE UNIT 6,100 25,826
AMERICA MOVIL SPN ADR CL L 14,510 204,011
ANGLOGOLD ASHANTI SPON ADR 3,117 22,131
BANCO SANTANDER CHILE ADR 5,562 98,114
BANGKOK BANK PUBLIC CO NVDR 14,700 62,297
CEMEX SAB SPONS ADR PART CER 8,543 47,585
CEMIG SA SPONS ADR 7,462 11,193
CHINA UNICOM HONG KONG ADR 5,202 62,736
CHUNGHWA TELECOM LT SPON ADR 3,356 100,781
CIA CERVECERIAS UNI SPON ADR 4,663 101,001
CIA DE MINAS BUENAVENTUR ADR 13,050 55,854
CIA PARANAENSE ENER SP ADR P 3,284 19,277
COCA COLA FEMSA SAB SP ADR 744 52,683
CORPBANCA SA ADR 6,937 81,163
CPFL ENERGIA SA ADR 4,467 33,145
EMBRAER SA SPON ADR 1,349 39,849
EMPRESA NAC ELEC CHIL SP ADR 2,531 93,799
ENERSIS S.A. SPONS ADR 6,997 85,014
FOMENTO ECONOMICO MEX SP ADR 514 47,468
GAZPROM PAO SPON ADR 11,237 41,493
GERDAU SA SPON ADR 9,500 11,400
GLOBAL TELECOM HOLDING GDR 102,062 132,681
GOLD FIELDS LTD SPONS ADR 13,043 36,129
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
GRUPO AEROPORTUARIO PAC ADR 1,179 104,082
GRUPO TELEVISA SA SPON ADR 5,011 136,349
KASIKORNBANK PCL NVDR 4,500 18,820
KT CORP SP ADR 7,023 83,644
MAGNIT PJSC SPON GDR REGS 3,454 138,920
MEGAFON REG S GDR 6,880 80,152
MMC NORILSK NICKEL PJSC ADR 6,445 81,626
MOBILE TELESYSTEMS SP ADR 8,848 54,681
NOVATEK OAO SPONS GDR REG S 606 49,783
PETROCHINA CO LTD ADR 505 33,123
PHILIPPINE LONG DIST SP ADR 2,406 102,857
QIHOO 360 TECHNOLOGY CO ADR 359 26,139
QUIMICA Y MINERA CHIL SP ADR 6,667 126,740
ROSNEFT OJSC REG S GDR 11,492 39,946
RUSHYDRO PJSC ADR 114,561 109,520
SEVERSTAL GDR REG S 7,131 59,651
SISTEMA JSFC REG S SPONS GDR 12,303 72,588
SK TELECOM CO LTD SPON ADR 3,509 70,706
TAIWAN SEMICONDUCTOR SP ADR 1,057 24,047
TATNEFT PAO SPONSORED ADR 1,495 39,393
TELEFONICA BRASIL ADR 5,751 51,932
TELEKOMUNIK INDONESIA SP ADR 3,589 159,352
TIM PARTICIPACOES SA ADR 6,144 52,101
TURKCELL ILETISIM HIZMET ADR 7,788 66,120
IPATH MSCI INDIA INDEX ETN 32,295 2,069,464
ISHARES MSCI EMERGING MARKETS 100 3,219
VANGUARD FTSE EMERGING MARKETS 10,310 337,240
WISDOMTREE INDIA EARNINGS FUND 12,900 256,194
AK TRANSNEFT OAO PREF 19 50,494
BANCO BRADESCO SA PREF 3,720 18,129
BANCOLOMBIA SA PREF 8,082 54,992
CENTRAIS ELETRICAS BRAS PR B 11,200 29,555
EMBOTELLADORA ANDINA PREF B 30,427 89,529
GRUPO AVAL ACCIONES SA PF 190,281 65,335
GRUPO DE INV SURAMERICANA PF 4,985 54,647
HYUNDAI MOTOR CO LTD 2ND PRF 252 22,566
ITAUSA INVESTIMENTOS ITAU PR 7,018 12,204
LG CHEM LTD PREFERENCE 149 31,387
LOJAS AMERICANAS SA PREF 9,350 45,849
SAMSUNG ELECTRONICS PREF 50 46,523
SURGUTNEFTEGAS PREFERENCE 75,100 45,404
SUZANO PAPEL E CELULO PREF A 8,700 41,100
VALE SA PREF 4,700 12,177
EMLAK KONUT GAYRIMENKUL YATI 58,131 51,865
FIBRA UNO ADMINISTRACION SA 48,484 107,094
GROWTHPOINT PROPERTIES LTD 21,002 31,530
HYPROP INVESTMENTS LTD UTS 2,183 14,581
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
REDEFINE PROPERTIES LTD 26,601 16,676
BANCO BRADESCO SA 122 66
GCL POLY ENERGY HOLDINGS LTD 20,800 54
INDORAMA VENTURES PCL 1 0
40,319,743
BRAZILIAN REAL 39,138 9,893
CHILEAN PESO 8,464,559 11,945
COLOMBIAN PESO 21,409,133 6,744
EGYPTIAN POUND 41,158 5,256
EURO CURRENCY 1,564 1,698
HONG KONG DOLLAR 36,549 4,715
HUNGARIAN FORINT 2,768,784 9,513
INDONESIAN RUPIAH 142,501,011 10,337
MALAYSIAN RINGGIT 46,080 10,733
MEXICAN PESO (NEW) 176,985 10,290
MOROCCAN DIRHAM 9,699 978
NEW TAIWAN DOLLAR 287,346 8,748
PHILIPPINE PESO 127,229 2,704
POLISH ZLOTY 12,288 3,113
QATARI RIAL 454,630 124,854
SOUTH AFRICAN RAND 39,597 2,559
SOUTH KOREAN WON 8,671,942 7,396
THAILAND BAHT 213,582 5,935
TURKISH LIRA 14,046 4,820
242,232
STATE STREET REPO 348,225 348,225
Other Assets - Liabilities (337,011)
Mark to Market (136)
Total Net Assets 40,573,053
IMPORTANT LEGAL INFORMATION:
Investors should read the prospectus carefully before investing because it contains more complete
information on the Pear Tree Funds’ investment objectives, risks, charges and expenses. Please
consider this information carefully. For a prospectus and other information, visit
www.peartreefunds.com or call (800) 326-2151. The Portfolio is actively managed and holdings are
subject to change without notice and may not represent current or future portfolio composition.
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the
information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this
document are not required to conform to Generally Accepted Accounting Principles (GAAP) and
Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from that
in the complete statement of investments in the annual and semiannual report to shareholders filed
with the SEC on Form N-CSR, and the complete statement of investments provided in the first and
third quarter SEC Form N-Q filings for each fiscal year. Forms N-CSR and N-Q for the Fund are
available on the SEC website at www.sec.gov.
The portfolio data is for information only. It does not constitute a recommendation or an offer for a
particular security or fund. Reference to specific securities or holdings should not be considered
recommendations for action by investors.