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Pear Tree Quality Fund
6/30/17
Security Name CUSIP Number Shares/Par Value Base Market Value
3M CO '88579Y101 19,232 4,003,910
ABBOTT LABORATORIES '002824100 47,651 2,316,315
ACCENTURE PLC CL A 'G1151C101 22,939 2,837,096
ALPHABET INC CL A '02079K305 5,668 5,269,426
ALPHABET INC CL C '02079K107 4,057 3,686,718
AMERICAN EXPRESS CO '025816109 45,142 3,802,762
AMPHENOL CORP CL A '032095101 7,357 543,094
ANALOG DEVICES INC '032654105 10,239 796,594
ANTHEM INC '036752103 3,345 629,295
APPLE INC '037833100 42,641 6,141,157
AUTOMATIC DATA PROCESSING '053015103 2,783 285,146
BECTON DICKINSON AND CO '075887109 5,325 1,038,961
BRITISH AMERICAN TOB SP ADR '110448107 39,373 2,698,625
CERNER CORP '156782104 11,729 779,627
CISCO SYSTEMS INC '17275R102 98,357 3,078,574
COCA COLA CO/THE '191216100 57,449 2,576,588
COGNIZANT TECH SOLUTIONS A '192446102 38,151 2,533,226
COMPASS GROUP PLC SPON ADR '20449X401 55,814 1,198,336
COSTCO WHOLESALE CORP '22160K105 11,992 1,917,881
CVS HEALTH CORP '126650100 10,279 827,048
ELI LILLY + CO '532457108 9,877 812,877
EMERSON ELECTRIC CO '291011104 25,005 1,490,798
GENUINE PARTS CO '372460105 4,003 371,318
HONEYWELL INTERNATIONAL INC '438516106 7,162 954,623
HUMANA INC '444859102 4,665 1,122,492
ILLINOIS TOOL WORKS '452308109 12,475 1,787,044
INTUIT INC '461202103 3,972 527,521
INTUITIVE SURGICAL INC '46120E602 466 435,882
JOHNSON + JOHNSON '478160104 39,677 5,248,870
LVMH MOET HENNESSY UNSP ADR '502441306 28,000 1,406,160
MASTERCARD INC A '57636Q104 9,604 1,166,406
MCDONALD S CORP '580135101 12,262 1,878,048
MEDTRONIC PLC 'G5960L103 39,041 3,464,889
MICROSOFT CORP '594918104 126,248 8,702,275
MONSANTO CO '61166W101 18,325 2,168,947
NESTLE SA SPONS ADR '641069406 29,702 2,590,014
NIKE INC CL B '654106103 17,216 1,015,744
NOVARTIS AG SPONSORED ADR '66987V109 7,861 656,158
ORACLE CORP '68389X105 138,546 6,946,696
PEPSICO INC '713448108 6,857 791,915
PFIZER INC '717081103 26,140 878,043
PHILIP MORRIS INTERNATIONAL '718172109 30,764 3,613,232
QUALCOMM INC '747525103 50,530 2,790,267
RECKITT BENCKISER GROUP PLC 'G74079107 14,926 1,527,676
ROCKWELL AUTOMATION INC '773903109 4,479 725,419
SAP SE SPONSORED ADR '803054204 7,403 774,872
Pear Tree Quality Fund
6/30/17
SCHLUMBERGER LTD '806857108 17,423 1,147,130
STRYKER CORP '863667101 11,032 1,531,021
TAIWAN SEMICONDUCTOR SP ADR '874039100 54,603 1,908,921
TERADATA CORP '88076W103 20,927 617,137
TEXAS INSTRUMENTS INC '882508104 10,549 811,535
TJX COMPANIES INC '872540109 7,539 544,090
UNILEVER N V NY SHARES '904784709 52,777 2,916,985
UNILEVER PLC SPONSORED ADR '904767704 55,376 2,996,949
UNITED TECHNOLOGIES CORP '913017109 17,943 2,191,020
UNITEDHEALTH GROUP INC '91324P102 28,560 5,295,595
VF CORP '918204108 11,651 671,098
WW GRAINGER INC '384802104 1,795 324,051
ZIMMER BIOMET HOLDINGS INC '98956P102 6,182 793,769
122,557,864
US DOLLAR 'USD 7,419 7,419
STATE STREET REPO '85799F003 1,119,220 1,119,220
Other Assets - Liabilities 129,000
Mark to Market (48)
Total Net Assets 123,813,456
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 Small Cap Fund
6/30/17
Security Name CUSIP Number Shares/Par Value Base Market Value
AIR LEASE CORP '00912X302 64,000 2,391,040
ALLETE INC '018522300 35,400 2,537,472
ALLIANCE DATA SYSTEMS CORP '018581108 2,255 578,836
AMERIS BANCORP '03076K108 87,700 4,227,140
ASBURY AUTOMOTIVE GROUP '043436104 35,546 2,010,126
BEL FUSE INC CL B '077347300 96,000 2,371,200
BROOKLINE BANCORP INC '11373M107 156,000 2,277,600
BRYN MAWR BANK CORP '117665109 54,146 2,301,205
CAMBREX CORP '132011107 21,397 1,278,471
CARDTRONICS PLC A 'G1991C105 46,183 1,517,573
CENTRAL PACIFIC FINANCIAL CO '154760409 83,883 2,639,798
CINEMARK HOLDINGS INC '17243V102 48,191 1,872,220
COBIZ FINANCIAL INC '190897108 103,909 1,808,017
COLONY BANKCORP '19623P101 154,884 2,121,911
COMPUTER PROGRAMS + SYSTEMS '205306103 96,450 3,163,560
DECKERS OUTDOOR CORP '243537107 42,000 2,866,920
DIAMONDBACK ENERGY INC '25278X109 16,670 1,480,463
DIME COMMUNITY BANCSHARES '253922108 96,900 1,899,240
DUPONT FABROS TECHNOLOGY '26613Q106 49,205 3,009,378
EDUCATION REALTY TRUST INC '28140H203 48,957 1,897,084
ENTRAVISION COMMUNICATIONS A '29382R107 436,364 2,880,002
EPR PROPERTIES '26884U109 43,410 3,119,877
EVERTEC INC '30040P103 154,600 2,674,580
EXCO TECHNOLOGIES LTD '30150P109 251,400 2,068,132
FERRO CORP '315405100 188,035 3,439,160
FNB CORP '302520101 117,880 1,669,181
GREENBRIER COMPANIES INC '393657101 52,500 2,428,125
HERCULES CAPITAL INC '427096508 133,995 1,774,094
INTEGRATED DEVICE TECH INC '458118106 107,839 2,781,168
INTERNATIONAL BANCSHARES CRP '459044103 60,700 2,127,535
KFORCE INC '493732101 119,694 2,346,002
MICROSEMI CORP '595137100 34,728 1,625,270
MOTORCAR PARTS OF AMERICA IN '620071100 83,806 2,366,681
NATIONAL CINEMEDIA INC '635309107 147,295 1,092,929
NATUS MEDICAL INC '639050103 66,220 2,470,006
NCI BUILDING SYSTEMS INC '628852204 140,244 2,342,075
OFG BANCORP '67103X102 163,300 1,633,000
PHIBRO ANIMAL HEALTH CORP A '71742Q106 76,800 2,845,440
PHYSICIANS REALTY TRUST '71943U104 115,622 2,328,627
PINNACLE FINANCIAL PARTNERS '72346Q104 73,495 4,615,467
REGAL ENTERTAINMENT GROUP A '758766109 106,911 2,187,399
SELECT INCOME REIT '81618T100 45,722 1,098,700
SPIRIT AIRLINES INC '848577102 38,998 2,014,247
SWIFT TRANSPORTATION CO '87074U101 95,965 2,543,073
UNITED INSURANCE HOLDINGS CO '910710102 142,751 2,245,473
US CONCRETE INC '90333L201 27,860 2,188,403
Pear Tree Polaris Small Cap Fund
6/30/17
VWR CORP '91843L103 89,400 2,951,094
WEB.COM GROUP INC '94733A104 112,600 2,848,780
WESCO INTERNATIONAL INC '95082P105 34,300 1,965,390
112,919,163
CANADIAN DOLLAR 'CAD 17,095 13,168
SSC GOVERNMENT MM GVMXX '7839989D1 2,853,727 2,853,727
Other Assets - Liabilities 81,925
Mark to Market -
Total Net Assets 115,867,983
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 Emerging Markets Fund
6/30/17
Security Name Shares/Par Value Base Market Value
AAC TECHNOLOGIES HOLDINGS IN 93,500 1,169,049
ABU DHABI COMMERCIAL BANK 72,251 137,891
AGRICULTURAL BANK OF CHINA H 62,000 29,308
AIRASIA BHD 1,124,800 851,595
ALDAR PROPERTIES PJSC 156,436 97,958
ALROSA PJSC 118,400 173,208
ASUSTEK COMPUTER INC 14,000 132,314
BANCO BRADESCO S.A. 3,300 27,550
BANCO DO BRASIL S.A. 2,700 21,888
BANGKOK BANK PCL FOREIGN REG 28,200 163,538
BANK NEGARA INDONESIA PERSER 1,105,100 547,264
BANK OF CHINA LTD H 69,392 34,047
BANK OF COMMUNICATIONS CO H 30,000 21,176
BARCLAYS AFRICA GROUP LTD 3,187 34,982
BELLE INTERNATIONAL HOLDINGS 464,000 366,159
BGF RETAIL CO LTD 10,159 896,787
BHARAT PETROLEUM CORP LTD 31,902 314,936
BIDVEST GROUP LTD 51,589 620,742
CATCHER TECHNOLOGY CO LTD 15,000 179,241
CATHAY FINANCIAL HOLDING CO 39,000 64,231
CHANG HWA COMMERCIAL BANK 171,000 98,092
CHINA CINDA ASSET MANAGEME H 75,000 27,959
CHINA CITIC BANK CORP LTD H 40,000 24,494
CHINA COMMUNICATIONS SERVI H 832,000 479,631
CHINA CONSTRUCTION BANK H 45,422 35,204
CHINA EVERBRIGHT BANK CO L H 40,000 18,704
CHINA GALAXY SECURITIES CO H 17,500 15,693
CHINA LIFE INSURANCE CO LTD 51,120 50,918
CHINA MENGNIU DAIRY CO 421,000 825,173
CHINA MERCHANTS BANK H 8,500 25,644
CHINA MINSHENG BANKING H 18,500 18,462
CHINA MOBILE LTD 76,284 809,650
CHINA NATIONAL BUILDING MA H 680,000 404,202
CHINA RAILWAY GROUP LTD H 452,000 356,111
CHINA RESOURCES POWER HOLDIN 350,000 686,908
CHINA STATE CONSTRUCTION INT 380,000 650,372
CHINA VANKE CO LTD H 7,900 22,366
CHONGQING RURAL COMMERCIAL H 42,687 28,819
CIA SANEAMENTO BASICO DE SP 24,300 232,713
CORONATION FUND MANAGERS LTD 8,910 44,352
COUNTRY GARDEN HOLDINGS CO 68,000 78,837
COWAY CO LTD 8,158 741,539
CREDICORP LTD 3,205 574,945
CTBC FINANCIAL HOLDING CO LT 95,000 62,303
DONGBU INSURANCE CO LTD 2,167 128,791
DUBAI ISLAMIC BANK 103,505 160,624
Pear Tree PanAgora Emerging Markets Fund
6/30/17
EDP ENERGIAS DO BRASIL SA 69,700 299,171
EXXARO RESOURCES LTD 51,630 366,639
FIBRIA CELULOSE SA 138,900 1,420,532
FIRST ABU DHABI BANK PJSC 58,501 167,234
FIRST FINANCIAL HOLDING CO 127,060 84,999
FIRSTRAND LTD 12,774 45,990
FOXCONN TECHNOLOGY CO LTD 38,000 114,675
FUBON FINANCIAL HOLDING CO 9,000 14,334
GEELY AUTOMOBILE HOLDINGS LT 137,000 295,552
GOLD FIELDS LTD 150,582 516,610
GS RETAIL CO LTD 26,532 1,196,566
GUANGDONG INVESTMENT LTD 776,000 1,069,659
GUANGZHOU AUTOMOBILE GROUP H 152,000 266,769
GUANGZHOU R+F PROPERTIES H 21,600 33,593
GUDANG GARAM TBK PT 219,100 1,287,228
HANA FINANCIAL GROUP 2,296 90,805
HANKOOK TIRE CO LTD 8,277 460,095
HANMI SCIENCE CO LTD 15,785 1,164,405
HCL TECHNOLOGIES LTD 118,427 1,559,911
HINDUSTAN PETROLEUM CORP 45,788 360,991
HON HAI PRECISION INDUSTRY 48,544 186,708
HUA NAN FINANCIAL HOLDINGS C 137,000 79,489
HUANENG POWER INTL INC H 1,144,000 794,322
HYUNDAI ENGINEERING + CONST 17,416 700,963
IMPERIAL HOLDINGS LTD 28,344 348,450
IND + COMM BK OF CHINA H 46,911 31,671
INDOFOOD SUKSES MAKMUR TBK P 1,285,700 829,639
INVENTEC CO LTD 149,000 121,473
KASIKORNBANK PCL FOREIGN 25,900 152,106
KB FINANCIAL GROUP INC 2,641 133,187
KRUNG THAI BANK PUB CO FOREI 284,846 157,642
LARGAN PRECISION CO LTD 708 112,880
LG UPLUS CORP 84,506 1,152,203
LITE ON TECHNOLOGY CORP 88,000 144,642
LOTTE CHEMICAL CORP 1,992 598,914
M DIAS BRANCO SA 26,900 401,146
MEGA FINANCIAL HOLDING CO LT 107,000 88,991
MOL HUNGARIAN OIL AND GAS PL 9,492 743,961
NANYA TECHNOLOGY CORP 61,000 109,888
NEDBANK GROUP LTD 2,684 42,790
NIEN MADE ENTERPRISE CO LTD 77,000 854,290
NINE DRAGONS PAPER HOLDINGS 198,000 263,797
NOVATEK MICROELECTRONICS COR 44,000 177,909
OIL + NATURAL GAS CORP LTD 102,402 249,203
OPAP SA 71,921 812,591
OTP BANK PLC 15,883 530,794
PEGATRON CORP 50,000 156,640
Pear Tree PanAgora Emerging Markets Fund
6/30/17
PHISON ELECTRONICS CORP 15,000 185,158
POU CHEN 848,000 1,173,596
POWER FINANCE CORPORATION 141,804 270,390
POWERTECH TECHNOLOGY INC 49,000 151,252
QATAR INSURANCE CO 16,934 311,811
QATAR NATIONAL BANK 9,731 337,623
QUALICORP SA 55,500 481,813
REALTEK SEMICONDUCTOR CORP 25,000 89,990
ROSNEFT OIL CO PJSC 6,390 35,010
RUSHYDRO PJSC 23,935,000 320,613
SAMSUNG CARD CO 3,783 129,114
SAMSUNG ELECTRONICS CO LTD 246 511,071
SBERBANK OF RUSSIA PJSC 77,730 191,937
SHANGHAI INDUSTRIAL HLDG LTD 143,000 423,174
SHENZHOU INTERNATIONAL GROUP 50,550 332,208
SHOPRITE HOLDINGS LTD 42,778 651,261
SIAM CEMENT PUB CO FOR REG 56,100 832,334
SINOPAC FINANCIAL HOLDINGS 232,000 70,927
SINOPEC SHANGHAI PETROCHEM H 384,000 205,626
SK HYNIX INC 10,479 617,301
SK TELECOM 4,170 969,471
STANDARD BANK GROUP LTD 938 10,317
SURGUTNEFTEGAS OJSC 260,400 113,248
TAIWAN SEMICONDUCTOR MANUFAC 21,270 145,786
TATNEFT PJSC 18,240 115,458
TELEKOMUNIKASI INDONESIA PER 3,864,600 1,310,673
TELKOM SA SOC LTD 100,497 472,318
THE FOSCHINI GROUP LTD 33,929 355,657
UNITED MICROELECTRONICS CORP 447,000 216,741
VANGUARD INTERNATIONAL SEMI 68,000 134,122
WPG HOLDINGS LTD 103,000 137,469
BANCO SANTANDER BRASIL UNIT 3,200 24,199
BANCOLOMBIA S.A. SPONS ADR 9,017 401,707
GAZPROM PAO SPON ADR 21,428 84,812
LUKOIL PJSC SPON ADR 2,318 112,887
MMC NORILSK NICKEL PJSC ADR 12,875 177,675
MOBILE TELESYSTEMS SP ADR 48,392 405,525
NETEASE INC ADR 3,798 1,141,793
NEW ORIENTAL EDUCATIO SP ADR 6,384 450,008
NOVATEK PJSC SPONS GDR REG S 1,976 220,126
PHOSAGRO PJSC GDR REG S 33,323 441,530
PTT PCL NVDR 57,700 628,466
SEVERSTAL GDR REG S 10,317 135,359
SIAM COMMERCIAL BANK P NVDR 37,100 169,828
PEAR TREE PANAGORA RISK PARITY 6,294,709 58,981,420
VANGUARD FTSE EMERGING MARKETS 32,800 1,339,224
BANCO BRADESCO SA PREF 3,850 32,783
Pear Tree PanAgora Emerging Markets Fund
6/30/17
CIA ENERGETICA MINAS GER PRF 56,200 137,357
CIA PARANAENSE DE ENERGI PFB 20,500 152,109
HYUNDAI MOTOR CO LTD 2ND PRF 4,719 480,500
ITAU UNIBANCO HOLDING S PREF 2,500 27,791
ITAUSA INVESTIMENTOS ITAU PR 10,800 29,467
SAMSUNG ELECTRONICS PREF 288 468,694
SURGUTNEFTEGAS PREFERENCE 333,000 160,975
FORTRESS INCOME FUND LTD A 36,916 48,371
GROWTHPOINT PROPERTIES LTD 21,493 40,176
REDEFINE PROPERTIES LTD 46,492 37,346
110,912,012
BRAZILIAN REAL 84,181 25,463
EGYPTIAN POUND 80,909 4,465
EURO CURRENCY 199 227
HONG KONG DOLLAR 386,318 49,490
HUNGARIAN FORINT 26 0
INDIAN RUPEE 735,288 11,376
INDONESIAN RUPIAH 906,072 68
NEW TAIWAN DOLLAR 26,336 866
PHILIPPINE PESO 1 0
POLISH ZLOTY 312 84
QATARI RIAL 112 30
SINGAPORE DOLLAR 4,119 2,992
SOUTH AFRICAN RAND 45,569 3,480
UAE DIRHAM 18,494 5,035
103,576
STATE STREET REPO 1,293,938 1,293,938
Other Assets - Liabilities (852,990)
Mark to Market (1,544)
Total Net Assets 111,454,992
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 Emerging Markets Fund
6/30/17
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
6/30/17
Security Name Shares/Par Value Base Market Value
ANDRITZ AG 686,800 41,338,175
ASAHI GROUP HOLDINGS LTD 1,042,100 39,201,021
BARRATT DEVELOPMENTS PLC 5,570,382 40,793,253
BASF SE 421,200 38,979,526
BBA AVIATION PLC 7,271,072 29,047,700
BELLWAY PLC 1,054,148 40,756,605
DEUTSCHE TELEKOM AG REG 2,366,719 42,460,014
DNB ASA 2,470,330 41,865,253
DUNI AB 1,281,600 18,713,091
FREENET AG 1,249,409 39,817,932
GREENCORE GROUP PLC 12,911,181 41,277,227
HANNOVER RUECK SE 337,200 40,387,865
HYUNDAI MOBIS CO LTD 133,700 29,213,827
IMERYS SA 490,379 42,616,979
IPSOS 482,280 18,080,712
KANSAI ELECTRIC POWER CO INC 2,994,600 41,217,547
KDDI CORP 1,562,500 41,358,045
KIA MOTORS CORP 886,500 29,597,780
KONE OYJ B 766,500 38,962,181
LANXESS AG 532,000 40,247,651
LG UPLUS CORP 2,039,400 27,806,354
LINDE AG 216,500 40,965,977
LOOMIS AB B 824,426 29,496,109
MAGNA INTERNATIONAL INC 875,734 40,520,194
METHANEX CORP 1,003,793 44,265,087
MICHELIN (CGDE) 325,400 43,226,634
MIXI INC 493,700 27,453,401
MUENCHENER RUECKVER AG REG 200,830 40,464,782
NEXON CO LTD 1,563,000 30,872,014
NOVARTIS AG REG 466,050 38,807,106
PERSIMMON PLC 1,451,975 42,306,216
POPULAR INC 942,355 39,305,627
SAMSUNG ELECTRONICS CO LTD 21,059 43,750,595
SASOL LTD 1,501,135 42,009,428
SIAM COMMERCIAL BANK FOREIGN 8,836,100 40,447,853
SOLVAY SA 314,518 42,175,891
SPAREBANK 1 SR BANK ASA 3,877,987 33,091,983
STANDARD CHARTERED PLC 4,227,055 42,695,306
SVENSKA HANDELSBANKEN A SHS 3,051,400 43,596,593
SYMRISE AG 550,050 38,932,727
TAYLOR WIMPEY PLC 18,383,639 42,096,581
THAI OIL PCL FOREIGN 17,501,700 40,701,628
TREVI FINANZIARIA INDUSTRIAL 7,602,219 5,821,619
UNITED OVERSEAS BANK LTD 2,546,423 42,768,733
VINCI SA 498,100 42,480,773
WORLEYPARSONS LTD 2,880,600 24,807,466
Pear Tree Polaris Foreign Value Fund
6/30/17
YARA INTERNATIONAL ASA 1,183,300 44,287,516
BANCOLOMBIA S.A. SPONS ADR 935,300 41,667,615
BHP BILLITON PLC ADR 1,502,300 46,210,748
INFOSYS LTD SP ADR 2,815,292 42,285,686
SBERBANK PJSC SPONSORED ADR 1,355,000 14,024,250
TEVA PHARMACEUTICAL SP ADR 1,215,660 40,384,225
1,935,659,098
SSC GOVERNMENT MM GVMXX 193,389,369 193,389,369
CANADIAN DOLLAR 15,776,727 12,152,303
EURO CURRENCY 0 0
POUND STERLING 9,195,063 11,949,897
24,102,200
Other Assets - Liabilities (145,739,305)
Mark to Market (45,786)
Total Net Assets 2,007,365,576
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
6/30/17
Security Name Shares/Par Value Base Market Value
ABG SUNDAL COLLIER HOLDING 4,580,388 2,935,533
AMVIG HOLDINGS LTD 7,728,000 2,376,018
ARCADIS NV 867,983 15,676,021
ASALEO CARE LTD 6,268,600 7,072,850
BBA AVIATION PLC 3,639,296 14,538,871
BONDUELLE SCA 108,700 4,071,449
BORREGAARD ASA 645,100 7,930,027
CARILLION PLC 5,197,767 12,618,366
CHINA HONGXING SPORTS LTD 10,258,400 74,523
CHONG HONG CONSTRUCTION CO 2,450,755 5,534,743
CHUGOKU MARINE PAINTS LTD 755,000 5,803,817
CLARKSON PLC 98,009 3,217,427
CONVIVIALITY PLC 1,931,100 7,729,741
CREST NICHOLSON HOLDINGS 1,854,900 12,619,630
DAICEL CORP 871,700 10,834,689
DE LONGHI SPA 436,289 13,662,786
DFDS A/S 242,390 12,905,988
DUNI AB 210,701 3,076,519
EGYPT KUWAIT HOLDING CO SAE 4,081,125 2,611,920
ELIS SA 603,100 13,807,058
EQUATORIAL ENERGIA SA ORD 630,137 10,327,084
FJORD1 AS 1,448,539 5,549,395
FREENET AG 459,400 14,640,809
GALLIFORD TRY PLC 868,728 13,107,669
GLANBIA PLC 573,000 11,198,661
GO AHEAD GROUP PLC 449,100 10,266,404
HALFORDS GROUP PLC 2,789,069 12,396,378
HANA MICROELECTRONICS FOREIG 6,330,180 9,363,896
HOLTEK SEMICONDUCTOR INC 3,928,500 7,361,095
HUAKU DEVELOPMENT CO LTD 2,410,100 5,561,769
IBJ LEASING CO LTD 588,700 14,131,524
IFG GROUP PLC 1,286,085 2,678,634
IPSOS 161,067 6,038,413
KELLER GROUP PLC 644,600 7,355,196
KINEPOLIS 83,473 4,629,810
KRBL LTD 646,753 3,782,211
LANCASHIRE HOLDINGS LTD 1,428,930 12,934,258
LIC HOUSING FINANCE LTD 1,090,800 12,555,486
LOOMIS AB B 392,756 14,051,927
MANILA WATER COMPANY 5,344,270 3,288,537
NIHON HOUSE HOLDINGS CO LTD 1,581,900 7,445,394
NIIT TECHNOLOGIES LTD 536,475 4,788,955
NOLATO AB B SHS 93,100 3,490,836
PRIMA MEAT PACKERS LTD 3,358,000 19,718,671
PROGRAMMED MAINTENANCE SERV 4,077,692 5,837,136
QSC AG 1,251,100 2,484,404
Pear Tree Polaris Foreign Value Small Cap Fund
6/30/17
RATCHABURI ELEC GEN HODG FOR 5,606,300 8,581,913
REDES ENERGETICAS NACIONAIS 2,313,900 7,238,266
RESTAURANT GROUP PLC 835,700 3,556,896
SAMSON HOLDING LTD 49,999,800 4,099,394
SEMPERIT AG HOLDING 100,500 2,929,327
SHANGHAI MECHANICAL AND EL B 4,222,406 8,609,486
SHUI ON LAND LTD 29,464,500 7,133,987
SIXT SE 224,525 13,560,179
SOUTH INDIAN BANK LTD 22,518,201 9,684,873
SPAREBANK 1 NORD NORGE 525,196 3,557,113
SPAREBANK 1 OESTLANDET 356,585 3,351,383
SPAREBANK 1 SMN 398,865 3,415,531
SPAREBANK 1 SR BANK ASA 384,826 3,283,831
SPOTLESS GROUP HOLDINGS LTD 15,436,700 13,625,702
TAIWAN UNION TECHNOLOGY CORP 7,625,000 13,986,686
TEXWINCA HOLDINGS LTD 10,914,200 6,627,377
THAI UNION GROUP PCL F 14,654,496 9,102,439
THANACHART CAPITAL FOREIGN 6,805,400 9,215,437
UDG HEALTHCARE PLC 1,310,785 14,752,268
UNIPRES CORP 601,300 13,353,306
VITEC GROUP PLC/THE 251,797 3,341,071
VST HOLDINGS LTD 8,003,360 2,419,668
VT HOLDINGS CO LTD 1,159,000 5,712,763
VTECH HOLDINGS LTD 1,005,400 15,932,357
WETHERSPOON (J.D.) PLC 965,600 12,241,481
WORLEYPARSONS LTD 1,912,500 16,470,276
WT MICROELECTRONICS CO LTD 3,992,240 5,912,242
XINHUA WINSHARE PUBLISHING H 7,766,500 6,516,856
YAGEO CORPORATION 2,680,800 9,341,381
DRAEGERWERK AG PREF 164,262 17,267,314
638,903,330
SSC GOVERNMENT MM GVMXX 28,890,038 28,890,038
EURO CURRENCY 1 1
JAPANESE YEN 12,088,800 107,556
POUND STERLING 2 3
107,560
Other Assets - Liabilities 1,664,057
Mark to Market (1,607)
Total Net Assets 669,563,378
IMPORTANT LEGAL INFORMATION:
Pear Tree Polaris Foreign Value Small Cap Fund
6/30/17
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 Fund
6/30/17
Security Name Shares/Par Value Base Market Value
AAC TECHNOLOGIES HOLDINGS IN 6,500 81,271
ABOITIZ EQUITY VENTURES INC 137,430 207,398
ABOITIZ POWER CORP 471,200 363,252
ABU DHABI COMMERCIAL BANK 71,436 136,335
ADARO ENERGY TBK PT 1,385,800 164,289
ADVANCED INFO SERVICE FOR RG 32,700 170,864
AGUAS ANDINAS SA A 226,697 133,027
AIRPORTS OF THAILAND PCL FOR 113,000 157,175
AKR CORPORINDO TBK PT 423,500 207,341
ALDAR PROPERTIES PJSC 219,124 137,212
ALFA S.A.B. A 80,500 114,674
ALIBABA HEALTH INFORMATION T 112,000 53,374
ALLIANCE FINANCIAL GROUP BHD 195,800 175,609
ALLIANCE GLOBAL GROUP INC 553,900 156,971
ALROSA PJSC 124,100 181,546
AMMB HOLDINGS BHD 165,000 187,576
ANADOLU EFES BIRACILIK VE 15,911 98,791
ANHUI CONCH CEMENT CO LTD H 43,000 149,558
APOLLO HOSPITALS ENTERPRISE 6,241 122,923
ARCELIK A.S. 24,815 183,846
ASIA CEMENT CORP 92,808 79,628
ASIA PACIFIC TELECOM CO LTD 401,000 144,344
ASPEN PHARMACARE HOLDINGS LT 4,802 105,271
ASTRA INTERNATIONAL TBK PT 346,700 232,174
ASTRO MALAYSIA HOLDINGS BHD 298,500 175,930
AXIATA GROUP BERHAD 78,200 87,989
AYALA CORPORATION 8,000 134,760
AYALA LAND INC 203,000 159,914
BAJAJ FINSERV LTD 1,472 93,533
BANCO DE CHILE 1,280,282 167,855
BANCO DE CREDITO E INVERSION 2,321 129,940
BANCO DO BRASIL S.A. 13,600 110,250
BANGKOK DUSIT MED SERVICE F 257,800 145,710
BANGKOK EXPRESSWAY AND METRO 591,100 129,635
BANK CENTRAL ASIA TBK PT 95,600 130,192
BANK OF COMMUNICATIONS CO H 40,000 28,235
BANK OF THE PHILIPPINE ISLAN 78,016 160,794
BANK PEKAO SA 4,896 164,842
BARWA REAL ESTATE CO 20,864 184,108
BDO UNIBANK INC 33,224 81,644
BEC WORLD PCL FOREIGN 176,500 109,111
BEIJING ENTERPRISES HLDGS 25,500 122,992
BERJAYA SPORTS TOTO BHD 181,635 107,052
BHARAT HEAVY ELECTRICALS 46,739 97,835
BHARTI AIRTEL LTD FOREIGN 15,428 90,963
BHARTI INFRATEL LTD 24,442 141,424
Pear Tree PanAgora Risk Parity Fund
6/30/17
BIDVEST GROUP LTD 14,289 171,932
BIM BIRLESIK MAGAZALAR AS 7,186 133,301
BRF SA 11,700 138,732
BTS GROUP HOLDINGS PCL FORGN 498,100 124,635
BUMRUNGRAD HOSPITAL FOREIGN 32,200 162,564
BYD CO LTD H 14,000 85,908
CCC SA 2,574 156,244
CCR SA 11,400 58,277
CELLTRION INC 852 85,710
CEMENTOS ARGOS SA 29,769 115,510
CENCOSUD SA 65,108 173,373
CENTRAL PATTANA PUB CO FOREI 51,100 104,171
CEZ AS 10,798 187,576
CHAROEN POKPHAND FOOD FORGN 176,600 128,928
CHINA AIRLINES LTD 464,000 140,786
CHINA COAL ENERGY CO H 284,000 137,525
CHINA COMMUNICATIONS CONST H 15,000 19,331
CHINA COMMUNICATIONS SERVI H 350,000 201,768
CHINA CONSTRUCTION BANK H 157,000 121,682
CHINA DEVELOPMENT FINANCIAL 220,000 63,859
CHINA HUISHAN DAIRY HOLDINGS 208,000 -
CHINA JINMAO HOLDINGS GROUP 50,000 20,625
CHINA MENGNIU DAIRY CO 78,000 152,882
CHINA MERCHANTS PORT HOLDING 6,000 16,641
CHINA MOBILE LTD 18,500 196,352
CHINA NATIONAL BUILDING MA H 200,000 118,883
CHINA PACIFIC INSURANCE GR H 10,800 44,135
CHINA PETROLEUM + CHEMICAL H 212,000 165,396
CHINA SHENHUA ENERGY CO H 32,000 71,248
CHINA STEEL CORP 114,208 92,921
CHINA TAIPING INSURANCE HOLD 7,400 18,751
CHINA TELECOM CORP LTD H 362,000 172,050
CHONGQING CHANGAN AUTOMOBI B 57,000 75,211
CIELO SA 27,571 205,159
CIMB GROUP HOLDINGS BHD 77,700 119,103
COAL INDIA LTD 32,375 122,463
COCA COLA ICECEK AS 9,495 109,000
COLBUN SA 557,708 119,345
COMMERCIAL BANK QSC 19,617 162,653
COMMERCIAL INTERNATIONAL BAN 47,530 209,636
CP ALL PCL FOREIGN 102,100 188,601
CREDICORP LTD 1,061 190,333
CYFROWY POLSAT SA 39,652 263,905
DABUR INDIA LTD 42,635 192,208
DAELIM INDUSTRIAL CO LTD 1,154 89,766
DAMAC PROPERTIES DUBAI CO 191,432 164,693
DELTA ELECTRONICS THAI FORGN 82,500 210,682
Pear Tree PanAgora Risk Parity Fund
6/30/17
DISCOVERY LTD 14,321 139,883
DMCI HOLDINGS INC 668,550 186,812
DOHA BANK QSC 28,307 235,866
DONGBU INSURANCE CO LTD 2,011 119,519
DONGFENG MOTOR GRP CO LTD H 114,000 134,796
DP WORLD LTD 21,762 455,261
DUBAI ISLAMIC BANK 103,127 160,037
DXB ENTERTAINMENTS PJSC 2,120,733 436,497
ECOPETROL SA 533,040 241,069
EFG HERMES HOLDING SAE 149,120 198,744
EL PUERTO DE LIVERPOOL C1 25,310 200,660
ELECTRICITY GEN PUB CO FOR R 25,100 158,122
EMAAR MALLS PJSC 225,116 154,447
EMAAR PROPERTIES PJSC 57,150 121,051
EMIRATES TELECOM GROUP CO 147,835 696,300
EMPRESA NACIONAL DE TELECOM 23,218 252,518
EMPRESAS CMPC SA 87,774 210,316
EMPRESAS COPEC SA 23,802 260,591
ENERGY DEVELOPMENT CORP 2,447,100 293,400
ENGIE BRASIL ENERGIA SA 1,900 19,495
EREGLI DEMIR VE CELIK FABRIK 97,857 196,131
EUROCASH SA 30,896 258,390
EVA AIRWAYS CORP 260,813 129,035
EVERGREEN MARINE CORP LTD 181,000 91,928
EXXARO RESOURCES LTD 19,049 135,272
EZDAN HOLDING GROUP 21,804 74,995
FAR EASTERN NEW CENTURY CORP 99,473 80,932
FAR EASTONE TELECOMM CO LTD 64,000 163,051
FF GROUP 6,639 162,143
FIRST ABU DHABI BANK PJSC 87,062 248,881
FIRST FINANCIAL HOLDING CO 270,357 180,860
FORD OTOMOTIV SANAYI AS 16,262 198,611
FORMOSA CHEMICALS + FIBRE 62,330 195,678
FORMOSA PETROCHEMICAL CORP 83,000 286,489
FORMOSA PLASTICS CORP 32,480 98,978
FUBON FINANCIAL HOLDING CO 87,000 138,565
GAIL INDIA LTD 14,130 79,135
GCL POLY ENERGY HOLDINGS LTD 648,000 70,561
GENER S.A. 290,095 102,254
GENTERA SAB DE CV 153,500 231,317
GENTING BHD 70,800 155,202
GLOBAL TELECOM HOLDING 675,664 255,425
GLOBE TELECOM INC 7,640 310,082
GLOW ENERGY PCL FOREIGN 87,300 202,381
GRUPA AZOTY SA 6,229 106,374
GRUPA LOTOS SA 16,330 224,682
GRUPO AEROPORT DEL SURESTE B 6,905 146,238
Pear Tree PanAgora Risk Parity Fund
6/30/17
GRUPO ARGOS SA 27,953 189,994
GRUPO CARSO SAB DE CV SER A1 18,200 77,205
GRUPO FIN SANTANDER B 67,800 131,727
GRUPO FINANCIERO BANORTE O 21,100 134,412
GRUPO FINANCIERO INBURSA O 64,100 109,822
GRUPO LALA SAB DE CV 101,900 187,551
GRUPO MEXICO SAB DE CV SER B 50,700 143,016
GS HOLDINGS 2,228 132,806
GT CAPITAL HOLDINGS INC 5,230 125,412
GUDANG GARAM TBK PT 24,900 146,289
HANA FINANCIAL GROUP 1,389 54,934
HANERGY THIN FILM POWER GROU 36,000 -
HANMI PHARM CO LTD 176 57,377
HARTALEGA HOLDINGS BHD 116,700 200,633
HCL TECHNOLOGIES LTD 14,351 189,030
HELLENIC TELECOMMUN ORGANIZA 15,732 189,237
HINDUSTAN UNILEVER LTD 8,397 140,302
HM SAMPOERNA TBK PT 365,000 105,166
HOME PRODUCT CENTER PCL FOR 505,419 142,833
HONG LEONG BANK BERHAD 59,500 217,062
HOTEL SHILLA CO LTD 2,435 121,521
HOUSING DEVELOPMENT FINANCE 3,730 93,017
HYPERMARCAS SA 19,300 162,295
HYUNDAI MARINE + FIRE INS CO 4,958 170,517
HYUNDAI WIA CORP 1,684 102,734
IDEA CELLULAR LTD 55,898 73,767
IHH HEALTHCARE BHD 220,400 295,226
IMPERIAL HOLDINGS LTD 4,233 52,039
IND + COMM BK OF CHINA H 195,000 131,649
INDIABULLS HOUSING FINANCE L 4,642 77,723
INDOCEMENT TUNGGAL PRAKARSA 150,200 207,930
INDOFOOD CBP SUKSES MAKMUR T 173,400 114,494
INDOFOOD SUKSES MAKMUR TBK P 169,300 109,246
INDORAMA VENTURES FOREIGN 117,000 130,880
INDUSTRIAL BANK OF KOREA 12,888 160,516
INDUSTRIAS PENOLES SAB DE CV 5,970 135,572
INDUSTRIES QATAR 18,816 490,910
INFRAESTRUCTURA ENERGETICA N 68,900 368,699
INTER RAO UES PJSC 2,999,000 193,485
INTERCONEXION ELECTRICA SA 46,282 202,335
INTL CONTAINER TERM SVCS INC 101,840 197,383
ITC LTD 43,137 215,560
JASA MARGA (PERSERO) TBK PT 441,200 177,109
JG SUMMIT HOLDINGS INC 112,940 181,295
JIANGXI COPPER CO LTD H 112,000 183,941
JOLLIBEE FOODS CORP 112,010 452,835
JUMBO SA 7,684 140,310
Pear Tree PanAgora Risk Parity Fund
6/30/17
KAKAO CORP 1,201 106,543
KALBE FARMA TBK PT 2,372,600 289,287
KANGWON LAND INC 4,846 147,606
KASIKORNBANK PCL FOREIGN 14,900 87,505
KOC HOLDING AS 20,318 93,460
KOMERCNI BANKA AS 5,748 229,807
KOREA AEROSPACE INDUSTRIES 290 14,447
KOREA ELECTRIC POWER CORP 6,395 228,044
KOREA GAS CORPORATION 4,623 214,957
KOREA ZINC CO LTD 418 166,594
KROTON EDUCACIONAL SA 15,700 70,618
KRUNG THAI BANK PUB CO FOREI 134,200 74,270
KUMHO PETROCHEMICAL CO LTD 357 22,934
LAFARGE MALAYSIA BHD 46,700 60,379
LARSEN + TOUBRO LTD 7,009 182,909
LATAM AIRLINES GROUP SA 17,862 198,707
LG INNOTEK CO LTD 657 94,747
LG UPLUS CORP 13,220 180,249
LIFE HEALTHCARE GROUP HOLDIN 46,623 91,315
LOCALIZA RENT A CAR 14,105 192,635
LOJAS AMERICANAS SA 13,650 50,166
LOJAS RENNER S.A. 7,480 61,950
LPP SA 117 225,686
MAHINDRA + MAHINDRA FIN SECS 17,100 91,800
MARICO LTD 15,237 73,807
MASRAF AL RAYAN 10,865 117,246
MASSMART HOLDINGS LTD 5,100 41,084
MATAHARI DEPARTMENT STORE TB 158,400 168,473
MEDIA NUSANTARA CITRA TBK PT 1,054,800 145,626
MEGAWORLD CORP 1,381,000 117,683
METRO PACIFIC INVESTMENTS CO 978,900 123,963
METROPOLITAN BANK + TRUST 61,658 106,918
MEXICHEM SAB DE CV 46,638 125,417
MINOR INTERNATIONAL PCL FOR 114,190 135,300
MIRAE ASSET DAEWOO CO LTD 8,361 80,749
MOL HUNGARIAN OIL AND GAS PL 2,764 216,636
MONDI LTD 5,386 139,463
MONETA MONEY BANK AS 51,081 170,781
MOSCOW EXCHANGE MICEX RTS PJ 117,750 209,097
MR PRICE GROUP LTD 3,994 47,576
MTN GROUP LTD 8,028 69,943
NASPERS LTD N SHS 446 86,671
NAVER CORP 102 74,707
NCSOFT CORP 330 109,457
NESTLE INDIA LTD 659 68,808
NETCARE LTD 49,895 98,028
NTPC LTD 75,599 186,022
Pear Tree PanAgora Risk Parity Fund
6/30/17
O2 CZECH REPUBLIC AS 8,560 101,362
OBI PHARMA INC 16,000 126,759
ODONTOPREV S.A. 23,900 84,222
OOREDOO QSC 12,131 304,568
OPAP SA 14,887 168,199
ORANGE POLSKA SA 207,094 286,614
OTP BANK PLC 4,484 149,851
PERUSAHAAN GAS NEGARA PERSER 1,075,300 181,536
PETKIM PETROKIMYA HOLDING AS 117,588 202,582
PETRONAS CHEMICALS GROUP BHD 180,700 298,876
PETRONAS DAGANGAN BHD 26,900 151,023
PETRONAS GAS BHD 46,700 201,698
PGE SA 55,048 179,845
PICK N PAY STORES LTD 30,164 135,915
PIONEER FOODS GROUP LTD 5,782 59,801
PIRAMAL ENTERPRISES LTD 3,581 154,572
PLDT INC 6,021 214,541
POLSKI KONCERN NAFTOWY ORLEN 7,790 235,169
POLSKIE GORNICTWO NAFTOWE I 104,320 177,868
POU CHEN 97,000 134,244
PPB GROUP BERHAD 55,100 220,264
PRESIDENT CHAIN STORE CORP 32,000 287,705
PROMOTORA Y OPERADORA DE INF 10,285 123,355
PTT GLOBAL CHEMICAL PCL FOR 68,800 138,734
PUBLIC BANK BERHAD 40,500 191,714
QATAR ELECTRICITY + WATER CO 7,498 388,993
QATAR GAS TRANSPORT(NAKILAT) 125,378 583,663
QATAR INSURANCE CO 10,599 195,162
QATAR ISLAMIC BANK 5,324 134,540
QATAR NATIONAL BANK 4,700 163,070
QUALICORP SA 10,400 90,286
RAND MERCHANT INVESTMENT HOL 30,949 92,141
RICHTER GEDEON NYRT 10,901 284,476
ROBINSON PCL FOREIGN 40,400 69,276
ROBINSONS LAND CO 228,900 110,004
ROSTELECOM PJSC 128,730 155,094
RUSHYDRO PJSC 15,102,000 202,294
S OIL CORP 1,916 158,753
S.A.C.I. FALABELLA 34,029 279,729
SAMSUNG C+T CORP 196 25,353
SAMSUNG ELECTRO MECHANICS CO 2,124 189,353
SAPPI LIMITED 17,776 118,210
SAPURA ENERGY BHD 229,400 84,970
SASOL LTD 3,783 105,868
SBERBANK OF RUSSIA PJSC 47,290 116,772
SEMEN INDONESIA PERSERO TBK 247,300 185,556
SEMICONDUCTOR MANUFACTURING 73,000 84,634
Pear Tree PanAgora Risk Parity Fund
6/30/17
SHANDONG WEIGAO GP MEDICAL H 124,000 97,376
SHANGHAI LUJIAZUI FIN+TRAD B 19,200 30,720
SHINHAN FINANCIAL GROUP LTD 1,180 50,845
SHOPRITE HOLDINGS LTD 4,380 66,682
SHRIRAM TRANSPORT 5,000 77,362
SIAM CEMENT PUB CO FOR REG 10,350 153,559
SIAM COMMERCIAL BANK FOREIGN 23,000 105,284
SIEMENS LTD 8,506 175,548
SINO OCEAN GROUP HOLDING LTD 49,000 23,979
SINOPAC FINANCIAL HOLDINGS 214,363 65,535
SINOPEC SHANGHAI PETROCHEM H 169,000 90,497
SK HYNIX INC 1,486 87,538
SK INNOVATION CO LTD 1,076 149,059
SM INVESTMENTS CORP 13,677 217,650
SM PRIME HOLDINGS INC 176,800 115,624
SOHO CHINA LTD 31,000 15,290
SOUTHERN COPPER CORP 4,615 159,817
SPAR GROUP LIMITED/THE 5,801 68,263
STANDARD FOODS CORP 63,595 170,799
STEINHOFF INTERNATIONAL H NV 7,219 36,960
SUN ART RETAIL GROUP LTD 154,000 122,711
SURYA CITRA MEDIA PT TBK 755,400 146,801
SYNNEX TECHNOLOGY INTL CORP 125,900 141,131
SYNTHOS SA 113,546 148,568
TAIMED BIOLOGICS INC 20,000 121,302
TAISHIN FINANCIAL HOLDING 162,928 74,180
TAIWAN COOPERATIVE FINANCIAL 332,826 176,698
TAIWAN FERTILIZER CO LTD 142,000 188,820
TAIWAN MOBILE CO LTD 46,000 173,143
TATA CONSULTANCY SVCS LTD 2,375 86,751
TAURON POLSKA ENERGIA SA 297,143 286,986
TAV HAVALIMANLARI HOLDING AS 26,737 143,433
TECH MAHINDRA LTD 12,217 72,390
TECO ELECTRIC + MACHINERY 105,000 100,962
TELEKOM MALAYSIA BHD 72,600 112,469
TELKOM SA SOC LTD 15,855 74,516
TENAGA NASIONAL BHD 53,400 175,900
THAI OIL PCL FOREIGN 39,600 92,093
THAI UNION GROUP PCL F 241,600 150,067
TIGER BRANDS LTD 2,856 80,231
TITAN CEMENT CO. S.A. 9,850 278,447
TMB BANK PUBLIC CORP FOREIGN 1,274,600 86,299
TOFAS TURK OTOMOBIL FABRIKA 24,383 200,332
TOWER BERSAMA INFRASTRUCTURE 478,700 244,244
TRUE CORP PCL FOREIGN 514,289 93,865
TRUWORTHS INTERNATIONAL LTD 9,347 51,031
TSINGTAO BREWERY CO LTD H 36,000 159,339
Pear Tree PanAgora Risk Parity Fund
6/30/17
TUPRAS TURKIYE PETROL RAFINE 9,939 285,949
TURK HAVA YOLLARI AO 92,042 210,643
TURK SISE VE CAM FABRIKALARI 132,214 172,902
TURK TELEKOMUNIKASYON AS 94,130 166,985
TURKCELL ILETISIM HIZMET AS 47,032 154,835
ULKER BISKUVI SANAYI 24,756 156,243
ULTRAPAR PARTICIPACOES SA 3,600 84,415
UNI PRESIDENT ENTERPRISES CO 169,339 339,569
UNILEVER INDONESIA TBK PT 32,200 117,904
UNITED SPIRITS LTD 1,879 69,945
UNITED TRACTORS TBK PT 127,500 262,606
UNIVERSAL ROBINA CORP 135,030 435,917
VALE SA 11,600 101,756
VODACOM GROUP LTD 8,778 110,105
VTB BANK PJSC 238,070,000 256,728
WANT WANT CHINA HOLDINGS LTD 254,000 171,481
WASKITA KARYA PERSERO TBK PT 963,100 167,653
WEG SA 9,780 52,362
WIPRO LTD 24,000 96,278
WISTRON CORP 93,741 95,374
XL AXIATA TBK PT 721,600 184,630
YANZHOU COAL MINING CO H 176,000 157,827
YTL CORP BHD 336,100 114,313
YTL POWER INTERNATIONAL BHD 574,200 193,957
YUANTA FINANCIAL HOLDING CO 156,660 69,009
YUHAN CORP 459 98,688
YULON MOTOR COMPANY 185,000 166,026
ZHEJIANG EXPRESSWAY CO H 114,000 148,962
ZHEN DING TECHNOLOGY HOLDING 34,000 80,585
AIRPORTS OF THAILAND PC NVDR 39,000 54,246
AMERICA MOVIL SPN ADR CL L 18,222 290,094
ANGLOGOLD ASHANTI SPON ADR 7,444 72,356
BANCO SANTANDER CHILE ADR 7,218 183,409
BANGKOK BANK PUBLIC CO NVDR 14,700 80,056
BANGKOK DUSIT MED SERVI NVDR 223,900 126,549
BEC WORLD PUBLIC CO LTD NVDR 135,500 83,765
BERLI JUCKER PUBLIC CO NVDR 71,300 100,223
BTS GROUP HOLDINGS PCL NVDR 455,000 113,850
BUMRUNGRAD HOSPITAL PCL NVDR 12,000 60,583
CEMEX SAB SPONS ADR PART CER 14,620 137,720
CENTRAL PATTANA PCL NVDR 36,000 73,388
CHUNGHWA TELECOM LT SPON ADR 4,621 162,752
CIA CERVECERIAS UNI SPON ADR 7,820 205,197
ELECTRICITY GENERA PCL NVDR 15,900 100,165
EMBRAER SA SPON ADR 3,663 66,776
ENEL AMERICAS SA ADR 11,249 106,078
ENEL CHILE SA 18,822 103,521
Pear Tree PanAgora Risk Parity Fund
6/30/17
ENEL GENERACION CHILE SA ADR 3,670 83,089
FOMENTO ECONOMICO MEX SP ADR 832 81,819
GRUPO AEROPORTUARIO PAC ADR 1,490 167,327
GRUPO TELEVISA SA SPON ADR 7,161 174,514
INFOSYS LTD SP ADR 6,000 90,120
ITAU CORPBANCA 9,996 133,047
KASIKORNBANK PCL NVDR 9,000 52,591
KCE ELECTRONICS NVDR 58,100 185,571
KRUNG THAI BANK NVDR 48,200 26,675
MAGNIT PJSC SPON GDR REGS 8,607 292,638
MINOR INTERNATIONAL PCL NVDR 14,400 17,062
MMC NORILSK NICKEL PJSC ADR 12,686 175,067
MOBILE TELESYSTEMS SP ADR 19,024 159,421
NOVATEK PJSC SPONS GDR REG S 776 86,446
PETROCHINA CO LTD ADR 2,193 134,387
PHOSAGRO PJSC GDR REG S 19,230 254,798
QUIMICA Y MINERA CHIL SP ADR 4,793 158,265
ROBINSON PCL NVDR 25,100 43,040
SEVERSTAL GDR REG S 13,374 175,467
SIAM COMMERCIAL BANK P NVDR 23,500 107,573
SISTEMA PJSC REG S SPONS GDR 40,009 167,238
SK TELECOM CO LTD SPON ADR 6,435 165,186
TAIWAN SEMICONDUCTOR SP ADR 4,357 152,321
TELEFONICA BRASIL ADR 5,751 77,581
TELEKOMUNIK INDONESIA SP ADR 6,372 214,545
THAI OIL PCL NVDR 26,000 60,465
THAI UNION GROUP PCL NVDR 121,400 75,406
TMB BANK PCL NVDR 933,900 63,231
TRUE CORP PCL NVDR 224,800 41,029
BANCO BRADESCO SA PREF 4,501 38,327
EMBOTELLADORA ANDINA PREF B 38,713 164,157
GRUPO AVAL ACCIONES SA PF 495,934 203,972
HYUNDAI MOTOR CO LTD 2ND PRF 1,057 107,626
ITAUSA INVESTIMENTOS ITAU PR 40,619 110,825
LG CHEM LTD PREFERENCE 482 85,097
EMLAK KONUT GAYRIMENKUL YATI 199,402 166,664
FIBRA UNO ADMINISTRACION SA 75,584 143,589
HYPROP INVESTMENTS LTD 2,183 19,461
REDEFINE PROPERTIES LTD 26,601 21,368
INDORAMA VENTURES PCL 1 0
60,802,141
BRAZILIAN REAL 15,861 4,798
CHILEAN PESO 770,098 1,161
COLOMBIAN PESO 51,508,006 16,880
CZECH KORUNA 869 38
EGYPTIAN POUND 1,509,013 83,279
Pear Tree PanAgora Risk Parity Fund
6/30/17
HONG KONG DOLLAR 148,770 19,058
HUNGARIAN FORINT 3,915,099 14,457
INDIAN RUPEE 219,093 3,390
INDONESIAN RUPIAH 317,383,635 23,814
MALAYSIAN RINGGIT 2,925 681
MEXICAN PESO (NEW) 85,375 4,723
NEW TAIWAN DOLLAR 3,458 114
PHILIPPINE PESO 128,644 2,549
POLISH ZLOTY 19,171 5,172
SOUTH AFRICAN RAND 149,248 11,396
SOUTH KOREAN WON 20,363,320 17,798
THAILAND BAHT 18,225 537
TURKISH LIRA 42,277 12,019
UAE DIRHAM 186,097 50,665
272,529
Other Assets - Liabilities (65,495)
Mark to Market (27)
Total Net Assets 61,009,149
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.