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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-3790
Pear Tree Funds
(Exact name of registrant as specified in charter)
55 Old Bedford Road, Lincoln, MA 01773
(Address of principal executive offices)
Willard L. Umphrey
Pear Tree Advisors, Inc.
55 Old Bedford Road, Lincoln, MA 01773
(Name and address of agent for service)
Registrant’s telephone number, including area code: (781) 676-5900
Date of fiscal year end: March 31
Date of reporting period: April 1, 2014 through March 31, 2015
ITEM 1. REPORTS TO SHAREOWNERS.
PEAR TREE FUNDS
Pear Tree Polaris Small Cap Fund
Pear Tree Quality Fund
Pear Tree PanAgora Dynamic Emerging Markets Fund
Pear Tree PanAgora Risk Parity Emerging Markets Fund
Pear Tree Polaris Foreign Value Fund
Pear Tree Polaris Foreign Value Small Cap Fund
ANNUAL REPORT
March 31, 2015
TABLE OF CONTENTS
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President’s Letter
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1
|
|
Fund Expenses
|
2
|
|
Portfolio Manager Commentaries
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4
|
|
Pear Tree Polaris Small Cap Fund
|
4
|
|
Pear Tree Quality Fund
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6
|
|
Pear Tree PanAgora Dynamic Emerging Markets Fund
|
8
|
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Pear Tree PanAgora Risk Parity Emerging Markets Fund
|
10
|
|
Pear Tree Polaris Foreign Value Fund
|
12
|
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Pear Tree Polaris Foreign Value Small Cap Fund
|
16
|
|
Schedules of Investments
|
20
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|
Pear Tree Polaris Small Cap Fund
|
20
|
|
Pear Tree Quality Fund
|
24
|
|
Pear Tree PanAgora Dynamic Emerging Markets Fund
|
29
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|
Pear Tree PanAgora Risk Parity Emerging Markets Fund
|
37
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|
Pear Tree Polaris Foreign Value Fund
|
55
|
|
Pear Tree Polaris Foreign Value Small Cap Fund
|
59
|
|
Statements of Assets and Liabilities
|
64
|
|
Statements of Operations
|
68
|
|
Statements of Changes in Net Assets
|
70
|
|
Financial Highlights
|
76
|
|
Notes to Financial Statements
|
88
|
|
Report of Independent Registered Public Accounting Firm
|
107
|
|
Information for Shareholders
|
108
|
|
Management Contract and Advisory Contract Approval
|
109
|
|
Privacy Notice
|
111
|
|
Trustees and Officers
|
114
|
|
Service Providers
|
inside back cover
|
This report must be preceded or accompanied by a current Pear Tree Funds prospectus for individuals who are not current shareholders of the Funds. If you are not a shareholder of a Pear Tree Fund, you 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.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither Pear Tree Funds nor U.S. Boston Capital Corporation is a bank.
PEAR TREE FUNDS
Dear Fellow Shareholder,
We are pleased to provide you with the Pear Tree Funds’ Annual Report for the twelve-month period ended March 31, 2015 and to update you on recent market conditions and the performance of the Pear Tree Funds.
For current performance information, please visit our website at www.peartreefunds.com. We thank you for your continued confidence in the Pear Tree Funds. Please feel free to e-mail us at feedback@peartreefunds.com or call us at 800-326-2151 with any questions or for assistance on your account.
Sincerely,
Willard Umphrey
President and Chairman
Any statements in this report regarding market or economic trends or the factors influencing the historical or future performance of the Pear Tree Funds are the views of the Funds’ Investment Manager and Sub-Advisers as of the date of this report. These views are subject to change at any time based upon market and other conditions, and Fund management and the subadvisors to the Funds disclaim any responsibility to update such views. These views may not be relied upon as investment advice or as an indication of trading intent on behalf of any Pear Tree Fund. Any references to specific securities are not recommendations of such securities and may not be representative of any Pear Tree Fund’s current or future investments.
Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.
PEAR TREE FUNDS
FUND EXPENSES
We believe it’s important for Fund shareholders to have a clear understanding of fund expenses and the impact expenses have on investment returns. The following is important information about each Fund’s Expense Example, which appears below.
Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution (12b-1) fees (on Ordinary Shares) and other Fund expenses. The example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on $1,000 being invested at the beginning of the period and held for the entire period from October 1, 2014 to March 31, 2015.
Actual Expenses
The first line for each Share Class for each Fund provides information about actual account returns and actual expenses. You may use the information in this line, together with the amount you invested for that Fund and Share Class, to estimate the expenses that you paid over the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000, then multiply the result by the number under the heading “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes
The second line for each Share Class for each Fund shows you hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.
The hypothetical account values and hypothetical expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information only to compare the ongoing expenses of investing in the Fund with the ongoing expenses of other funds. To do so, compare the Fund’s 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
PEAR TREE FUNDS
Expense Example for the 6 months ended March 31, 2015
|
Pear Tree Fund
|
Share Class
|
Total Return
Description
|
Beginning
Account Value
10/1/14
|
Ending
Account Value
3/31/2015
|
Annualized
Expense
Ratio
|
Expenses Paid*
10/1/2014 –
3/31/2015
|
|
Small Cap
|
Ordinary
|
Actual
|
$1,000.00
|
$1,099.60
|
1.46%
|
$7.62
|
|
Hypothetical
|
$1,000.00
|
$1,017.68
|
1.46%
|
$7.32
|
||
|
Institutional
|
Actual
|
$1,000.00
|
$1,101.00
|
1.24%
|
$6.52
|
|
|
Hypothetical
|
$1,000.00
|
$1,018.73
|
1.24%
|
$6.26
|
||
|
Quality
|
Ordinary
|
Actual
|
$1,000.00
|
$1,049.40
|
1.29%
|
$6.61
|
|
Hypothetical
|
$1,000.00
|
$1,018.48
|
1.29%
|
$6.51
|
||
|
Institutional
|
Actual
|
$1,000.00
|
$1,050.20
|
1.04%
|
$5.34
|
|
|
Hypothetical
|
$1,000.00
|
$1,019.72
|
1.04%
|
$5.26
|
||
|
Emerging Markets
|
Ordinary
|
Actual
|
$1,000.00
|
$970.30
|
1.36%
|
$6.67
|
|
Hypothetical
|
$1,000.00
|
$1,018.16
|
1.36%
|
$6.83
|
||
|
Institutional
|
Actual
|
$1,000.00
|
$971.80
|
1.10%
|
$5.43
|
|
|
Hypothetical
|
$1,000.00
|
$1,019.43
|
1.10%
|
$5.56
|
||
|
Risk Parity
|
Ordinary
|
Actual
|
$1,000.00
|
$925.00
|
1.50%
|
$7.18
|
|
Emerging Markets
|
Hypothetical
|
$1,000.00
|
$1,017.47
|
1.50%
|
$7.53
|
|
|
Institutional
|
Actual
|
$1,000.00
|
$926.30
|
1.24%
|
$5.97
|
|
|
Hypothetical
|
$1,000.00
|
$1,018.73
|
1.24%
|
$6.26
|
||
|
Foreign Value
|
Ordinary
|
Actual
|
$1,000.00
|
$1,036.70
|
1.53%
|
$7.78
|
|
Hypothetical
|
$1,000.00
|
$1,017.30
|
1.53%
|
$7.70
|
||
|
Institutional
|
Actual
|
$1,000.00
|
$1,038.20
|
1.28%
|
$6.51
|
|
|
Hypothetical
|
$1,000.00
|
$1,018.55
|
1.28%
|
$6.45
|
||
|
Foreign Value
|
Ordinary
|
Actual
|
$1,000.00
|
$1,049.60
|
1.56%
|
$7.99
|
|
Small Cap
|
Hypothetical
|
$1,000.00
|
$1,017.13
|
1.56%
|
$7.86
|
|
|
Institutional
|
Actual
|
$1,000.00
|
$1,051.10
|
1.32%
|
$6.73
|
|
|
Hypothetical
|
$1,000.00
|
$1,018.37
|
1.32%
|
$6.62
|
|
*
|
“Expenses Paid” for each Fund share class relating to actual or hypothetical returns, is the amount equal to the product of (a) that Fund’s and Share Class’ average account value for the six-month period ended March 31, 2015, multiplied by (b) the corresponding “Annualized Expense Ratio” multiplied by (c) the fraction 182/365 (which reflects the six-month period covered by this report).
|
PEAR TREE POLARIS SMALL CAP FUND
INVESTMENT PROFILE
All Data as of March 31, 2015
|
Fund Information
|
||
|
Net Assets Under Management
|
$101.8 Million
|
|
|
Number of Companies
|
65
|
|
|
Price to Book Ratio
|
2.6
|
|
|
Price to Earnings Ratio
|
21.3
|
|
|
Ordinary
|
Institutional
|
|
|
Total Expense Ratio (Gross)*
|
1.64%
|
1.39%
|
|
Total Expense Ratio (Net)*
|
1.64%
|
1.39%
|
|
Ticker Symbol
|
USBNX
|
QBNAX
|
|
* per prospectus dated August 1, 2014. See financial highlights for total expense ratios for the fiscal year ended March 31, 2015.
|
||
Investment Commentary
For the annual period ended March 31, 2015, the Pear Tree Polaris Small Cap Fund’s Ordinary Shares (the “Fund”) underperformed its benchmark, the Russell 2000 Index (the “Index”). The Fund achieved a return of (0.36%) at net asset value compared to 8.21% for the Index.
Market Conditions and Investment Strategies
For the first nine months of the annual period, the Fund was subadvised by Columbia Partners, L.L.C., Investment Management (“Columbia”). On January 1, 2015, Polaris Capital Management, LLC (“Polaris”) became sub-advisor for the Fund.
During the first nine months, the Health Care sector was the best performer with a return of nearly 15% while the Energy sector was the worst performer, losing over 40%, as oil prices fell over 50%. The poor performance of portfolio holdings Canadian Solar Inc., H&E Equipment Services Inc., and Civeo Corp., combined to cost over 2% of relative return. The best performing stock was a small company in the Health Care sector, Tetraphase Pharmaceuticals Inc., a clinical stage biopharmaceutical company gained nearly 100% during the quarter.
During the last quarter of the annual period when Polaris began subadvising the Fund, biotech companies had strong returns, due largely to growth momentum in U.S. markets and a preponderance of industry-specific M&A activity. Those successes were mitigated by declines in real estate investment trusts (REITs) and trucking stocks. REITs struggled on concerns about U.S. interest rates rising.
The top contributor was Ambarella, Inc., as the company’s mobile video camera products continued to gain traction. Theater companies, Cinemark Holding, Inc. and IMAX Corporation, added to performance. IMAX invested substantial money to the build out of theaters and capacity in China. One of the poor performers for the first nine months, Canadian Solar, Inc., reported double digit returns. During the first quarter of 2015, the company acquired Sharp Corp.’s Recurrent Energy operation, gaining a late-stage project book worth more than $2.3 billion.
Amira Nature Foods’ Ltd. fundamentals were strong, with good sales and volumes of its packaged Indian rice products. Yet the company was negatively impacted by research from a short seller that accused the company of corporate governance malpractice. Polaris met with management to ascertain the status of allegations, and will continue to monitor to resolution. Deckers Outdoor Corporation, a footwear manufacturer that offers UGGs and Teva sandals, had positive quarterly results but failed to meet market expectations.
Portfolio Changes
Polaris made nine new purchases including U.S. regional banks, one telecom company and one utility company. Sales included two trucking companies that were overvalued and highly leveraged, a number of biotech/med-tech companies that were richly priced with little or no cash flows, as well as two consumer staples companies that were fully priced.
A Look Ahead
Portfolio changes by Polaris may be slowly implemented in the coming quarters, as it carefully analyzes the Fund’s composition. Polaris expects that holdings eventually will be more equally-weighted and diversified across sector/industry. Polaris will consider capital gains implications when selling any existing positions that are richly valued and compose a large percentage of Fund assets.
The Fund’s lead portfolio manager is Bernard R. Horn, Jr., of Polaris Capital Management, LLC
PEAR TREE POLARIS SMALL CAP FUND
Top 10 Holdings
|
Percentage of total net assets
|
30.9
|
|
EPR Properties
|
4.7
|
|
Ambarella, Inc.
|
4.0
|
|
Alliance Data Systems Corporation
|
4.0
|
|
Ameris Bancorp
|
3.1
|
|
IMAX Corporation
|
2.9
|
|
Kforce, Inc.
|
2.6
|
|
Natus Medical, Inc.
|
2.6
|
|
Regal Entertainment Group
|
2.4
|
|
Ferro Corporation
|
2.3
|
|
Asbury Automotive Group, Inc.
|
2.3
|
There is no guarantee that such securities will continue to be viewed favorably or held in the Fund’s portfolio.
Sector Allocation
|
Percentage of total net assets
|
100.0%
|
|
Financials
|
32.7%
|
|
Information Technology
|
17.3%
|
|
Consumer Discretionary
|
17.3%
|
|
Industrials
|
13.6%
|
|
Health Care
|
4.0%
|
|
Materials
|
2.7%
|
|
Energy
|
2.2%
|
|
Utilities
|
1.5%
|
|
Consumer Staples
|
1.1%
|
|
Telecommunication Services
|
0.4%
|
|
CASH + other assets (net)
|
7.2%
|
Value of a $10,000 Investment
Pear Tree Polaris Small Cap (PTSC) Ordinary Shares
vs. Russell 2000 Index
Average Annual Total Returns
|
1Q 2015
|
Six
Months
|
One Year
|
Five Year
|
Ten Year
|
Since
Inception
|
Inception
Date
|
|
|
Ordinary Shares
|
3.66%
|
9.96%
|
(0.36)%
|
11.01%
|
5.46%
|
10.13%
|
08/03/92
|
|
Institutional Shares1
|
3.73%
|
10.10%
|
(0.11)%
|
11.28%
|
5.77%
|
9.54%
|
01/06/93
|
|
Russell 20002
|
4.32%
|
14.47%
|
8.21%
|
14.57%
|
8.82%
|
10.03%
|
________
|
1 Institutional Shares may only be purchased by certain categories of investors and are not subject to sales charges or distribution fees.
2 The Russell 2000 Index is a market capitalization-weighted index of 2,000 small company stocks. It is widely recognized as representative of the general market for small company stocks. Index returns assume the reinvestment of dividends and, unlike Fund returns, do no reflect any fees or expenses. You cannot invest directly in an Index. The beginning date of the Index is 08/3/92.
Small company stocks may trade less frequently and in a limited volume, and their prices may fluctuate more than stocks of other companies. Small company stocks may therefore be more vulnerable to adverse developments than those of larger companies. The Fund may invest in issuers in the real estate industry. Changes in real estate values or economic downturns can have a significant negative effect on these issuers. The Fund may invest in foreign issuers that trade on U.S. stock exchanges. These issuers may be subject to special risks including different corporate governance rules and bankruptcy laws.
PEAR TREE QUALITY FUND
INVESTMENT PROFILE
All Data as of March 31, 2015
|
Fund Information
|
||
|
Net Assets Under Management
|
$127.3 Million
|
|
|
Number of Companies
|
88
|
|
|
Price to Book Ratio
|
4.5
|
|
|
Price to Earnings Ratio
|
18.1
|
|
|
Ordinary
|
Institutional
|
|
|
Total Expense Ratio (Gross)*
|
1.55%
|
1.31%
|
|
Total Expense Ratio (Net)*
|
1.30%
|
1.06%
|
|
Ticker Symbol
|
USBOX
|
QGIAX
|
|
* per prospectus dated August 1, 2014. See financial highlights for total expense ratios for the fiscal year ended March 31, 2015.
|
||
Investment Commentary
For the annual period ended March 31, 2015, the Pear Tree Quality Fund’s Ordinary Shares (the “Fund”) underperformed its benchmark, the S&P 500 (the “Index”). The Fund achieved a return of 9.12% at net asset value compared to 12.73% for the Index.
Market Conditions and Investment Strategies
The Fund’s investment manager currently chooses securities for the Fund by periodically selecting a mutual fund (the“Target Portfolio”) and monitoring the Target Portfolio’s holdings. The Fund’s investment adviser, at the direction of the investment manager, rebalances the Fund’s portfolio to correspond to the Target Portfolio’s most recent holdings as publicly reported. From April 1, 2014 to March 31, 2015, the Fund’s Ordinary Shares, when compared to the Target Portfolio, had a tracking error of 0.21.
Over the previous twelve months, the Energy sector was the largest positive contributor to the Fund’s performance due to a large underweight position and positive stock selection. The Fund’s overweight positions in the Health Care, Information Technology and Consumer Staples sectors also contributed to performance.
The greatest detractors from performance came from the Information Technology sector where stock selection negatively affected relative performance. Other detractors were stock selection in the Health Care and Consumer Staples sectors.
Portfolio Changes
We expect the Fund to have a relatively low turnover rate given the historical stability and relatively low turnover rate of the current Target Portfolio.
For the twelve-month period ended March 31, 2015, the Fund rebalanced the holdings four times to replicate the publicly disclosed holdings of the current target portfolio. The four rebalances resulted in the sale of thirty three positions. Also as a result of the rebalances, the Fund opened new positions in twenty-four companies; one Consumer Staples company, one Telecommunication company, six Health Care companies, six Consumer Discretionary companies, three Industrial companies and seven Information Technology companies.
A Look Ahead
For the foreseeable future, the Fund’s investment manager expects the Target Portfolio to remain the same. For more information on the selection of the Target Portfolio(s), please see the Fund’s Prospectus.
The Fund’s current target portfolio is GMO Quality Fund III (GQETX). Fund trading execution is overseen by Robert von Pentz, CFA of Columbia Partners, L.L.C. Investment Management.
PEAR TREE QUALITY FUND
Top 10 Holdings
|
Percentage of total net assets
|
44.1%
|
|
Apple, Inc.
|
5.9%
|
|
Express Scripts Holding Company
|
5.8%
|
|
Oracle Corporation
|
5.6%
|
|
Philip Morris International, Inc.
|
4.6%
|
|
Microsoft Corporation
|
4.4%
|
|
Johnson & Johnson
|
4.0%
|
|
Google, Inc.
|
3.7%
|
|
Coca-Cola Company (The)
|
3.6%
|
|
Procter & Gamble Company (The)
|
3.5%
|
|
Cisco Systems, Inc.
|
3.0%
|
There is no guarantee that such securities will continue to be viewed favorably or held in the Fund’s portfolio.
Sector Allocation
|
Percentage of total net assets
|
100.0%
|
|
Information Technology
|
36.0%
|
|
Consumer Staples
|
23.6%
|
|
Health Care
|
22.5%
|
|
Industrials
|
7.0%
|
|
Consumer Discretionary
|
5.5%
|
|
Energy
|
1.9%
|
|
Telecommunication Services
|
1.3%
|
|
Materials
|
1.1%
|
|
Utilities
|
0.2%
|
|
Financials
|
0.0%
|
|
CASH + other assets (net)
|
0.9%
|
Value of a $10,000 Investment
Pear Tree Quality (PTQ) Ordinary Shares vs.
S&P 500 Index
Average Annual Total Returns
|
1Q 2015
|
Six
Months
|
One Year
|
Five Year
|
Ten Year
|
Since
Inception
|
Inception
Date
|
|
|
Ordinary Shares
|
0.46%
|
4.94%
|
9.12%
|
12.58%
|
5.23%
|
9.15%
|
05/06/85
|
|
Institutional Shares1
|
0.49%
|
5.02%
|
9.34%
|
12.98%
|
5.48%
|
7.87%
|
03/25/91
|
|
S & P 5002
|
0.95%
|
5.93%
|
12.73%
|
14.47%
|
8.01%
|
10.91%
|
________
|
1 Institutional Shares may only be purchased by certain categories of investors and are not subject to sales charges or distribution fees.
2 The S&P 500 Index is an unmanaged index of stocks chosen to their size industry characteristics. It is widely recognized as representative of stocks in the United States. Index returns assume the reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. You cannot invest directly in the Index. The beginning date for the Index is 05/29/85. S&P 500 Index is a registered mark of Standard & Poor’s.
Securities issued by large-cap companies tend to be less volatile than securities issued by smaller companies. Larger companies, may not be able to attain the high growth rates of successful smaller companies, and may be unable to respond as quickly to competitive challenges.
PEAR TREE PANAGORA DYNAMIC EMERGING MARKETS FUND
INVESTMENT PROFILE
All Data as of March 31, 2015
|
Fund Information
|
||
|
Net Assets Under Management
|
$139.7 Million
|
|
|
Number of Companies
|
194
|
|
|
Price to Book Ratio
|
1.5
|
|
|
Price to Earnings Ratio
|
11.1
|
|
|
Ordinary
|
Institutional
|
|
|
Total Expense Ratio (Gross)*
|
1.69%
|
1.44%
|
|
Total Expense Ratio (Net)*
|
1.69%
|
1.44%
|
|
Ticker Symbol
|
QFFOX
|
QEMAX
|
|
* per prospectus dated August 1, 2014. See financial highlights for total expense ratios for the fiscal year ended March 31, 2015.
|
||
Investment Commentary
For the annual period ended March 31, 2015, the Pear Tree PanAgora Dynamic Emerging Markets Fund’s Ordinary Shares (the “Fund”) underperformed its benchmark, the MSCI Emerging Markets Index (the “Index”). The Fund achieved a return of 0.54% at net asset value compared to 0.79% for the Index.
Market Conditions and Investment Strategies
On a country basis, the largest detractors were China (1.99%) and the United States (1.50%). Among holdings in China the largest detractor was not holding Hanergy Thin Film Power Group, while among holdings in the United States, the largest detractor was holding the PanAgora Risk Parity Emerging Markets Fund. The largest contributors were Brazil 1.60% and Russia 0.84%. Among holdings in Brazil, the largest contributor was an underweight to Petroleo Brasileiro SA, while among holdings in Russia, the largest contributor was an overweight to Severstal PAO.
On a sector basis, the largest detractors were Information Technology (1.18%) and Consumer Discretionary (0.49%). Among holdings in Information Technology, the largest detractor was not holding Hanergy Thin Film Power Group, while among holdings in Consumer Discretionary, the largest detractor was an overweight to Cyrela Brazil Realty SA. The largest contributors for the period were Financials 1.94% and Materials 1.32%. Among holdings in Financials, the largest contributor was holding Indiabulls Housing Finance Ltd., while among holdings in Materials, the largest contributor was holding UPL Ltd.
PanAgora’s proprietary Dynamic Alpha model performed well during the annual period ended March 31, 2015 — best-ranked alpha stocks outperformed the worst ranked alpha stocks. Our proprietary Valuation composite did not perform well — stocks with attractive valuations underperformed their more expensive peers. Our proprietary Quality composite performed well — stocks with strong business and management quality metrics outperformed lower quality peers. Our proprietary Momentum composite also performed well — stocks with positive market sentiment outperformed stocks with poor earnings momentum.
Portfolio Changes
There were no significant portfolio changes during the annual period ended March 31, 2015.
A Look Ahead
As a quantitative investment firm, we tend not to provide strategy-specific forward looking commentary. We believe that our systematic investment approach ensures that we deliver a portfolio of our highest conviction of ideas to all of our clients.
The Fund’s portfolio is managed by Dmitri Kantsyrev Ph.D., CFA and Jane Zhou, Ph.D of PanAgora Asset Management, Inc.
PEAR TREE PANAGORA DYNAMIC EMERGING MARKETS FUND
Top 10 Holdings3
|
Percentage of total net assets
|
42.9%
|
|
Pear Tree PanAgora Risk Parity
Emerging Markets
|
27.4%
|
|
Samsung Electronics Company, Ltd.
|
3.3%
|
|
China Mobile Limited
|
2.0%
|
|
Taiwan Semiconductor
Manufacturing Co., Ltd.
|
2.0%
|
|
Tencent Holdings Limited
|
1.9%
|
|
China Construction Bank Corporation
|
1.7%
|
|
Bank of China Ltd., H
|
1.5%
|
|
Naspers Limited N Shs
|
1.1%
|
|
FirstRand Limited
|
1.0%
|
|
Indiabulls Housing Finance Limited
|
1.0%
|
There is no guarantee that such securities will continue to be viewed favorably or held in the Fund’s portfolio.
Sector Allocation3
|
Percentage of total net assets
|
100.0%
|
|
Financials
|
19.6%
|
|
Information Technology
|
16.9%
|
|
Consumer Discretionary
|
6.5%
|
|
Telecommunication Services
|
5.9%
|
|
Materials
|
5.7%
|
|
Energy
|
5.4%
|
|
Consumer Staples
|
4.2%
|
|
Industrials
|
3.8%
|
|
Utilities
|
2.7%
|
|
Health Care
|
1.2%
|
|
Mutual Funds
|
27.4%
|
|
CASH + other assets (net)
|
0.7%
|
Top 10 Country Allocations3
|
Percentage of total net assets
|
62.9%
|
|
Taiwan
|
12.7%
|
|
China
|
10.3%
|
|
South Korea
|
8.8%
|
|
South Africa
|
7.2%
|
|
Hong Kong
|
6.8%
|
|
India
|
5.4%
|
|
Brazil
|
4.8%
|
|
Russia
|
2.8%
|
|
Indonesia
|
2.1%
|
|
Turkey
|
2.0%
|
Value of a $10,000 Investment
Pear Tree PanAgora Dynamic Emerging Markets (PTEM)
Ordinary Shares vs. MSCI EM Index
Average Annual Total Returns
|
1Q 2015
|
Six
Months
|
One Year
|
Five Year
|
Ten Year
|
Since
Inception
|
Inception
Date
|
|
|
Ordinary Shares
|
0.97%
|
(2.97)%
|
0.54%
|
2.21%
|
6.94%
|
5.62%
|
09/30/94
|
|
Institutional Shares1
|
1.04%
|
(2.82)%
|
0.81%
|
2.47%
|
7.23%
|
7.23%
|
04/02/96
|
|
MSCI EM2
|
2.28%
|
(2.26)%
|
0.79%
|
2.08%
|
8.82%
|
5.17%
|
________
|
1 Institutional Shares may only be purchased by certain categories of investors and are not subject to sales charges or distribution fees.
2 The Morgan Stanley Capital International Emerging Markets (“MSCI EM”) Index is an unmanaged index comprised of stocks located in countries other than the United States. It is widely recognized as representative of the general market for emerging markets. Index returns assume the reinvestment of dividends and, unlike Fund returns, do not reflect fees or expenses. You cannot invest directly in an Index. The beginning date for the Index is 09/30/94.
3 “Top 10 Holdings”, “Sector Allocation”, and “Top 10 Country Allocation” reflect the direct and indirect (through the Fund’s investment in Pear Tree PanAgora Risk Parity Emerging Markets Fund) securities holdings.
Investing in foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments and can perform differently than the U.S. market.
PEAR TREE PANAGORA RISK PARITY EMERGING MARKETS FUND
INVESTMENT PROFILE
All Data as of March 31, 2015
|
Fund Information
|
||
|
Net Assets Under Management
|
$40.1 Million
|
|
|
Number of Companies
|
584
|
|
|
Price to Book Ratio
|
1.7
|
|
|
Price to Earnings Ratio
|
16.1
|
|
|
Ordinary
|
Institutional
|
|
|
Total Expense Ratio (Net)
|
2.00%
|
1.59%
|
|
Ticker Symbol
|
RPEMX
|
EMPRX
|
|
* per prospectus dated August 1, 2014. See financial highlights for total expense ratios for the fiscal year ended March 31, 2015.
|
||
Investment Commentary
For the annual period ended ended March 31, 2015, the Pear Tree PanAgora Risk Parity Emerging Markets Fund’s Ordinary Shares (the “Fund”) underperformed its benchmark, the MSCI Emerging Markets Index (the “Index”). The Fund achieved a return of (4.63%) at net asset value compared to 0.79% for the Index.
Market Conditions and Investment Strategies
On a country basis, the largest detractors were China (3.30%) and Columbia (1.17%). Among holdings in China, the largest detractor was an underweight to Tencent Holdings Ltd., while among holdings in Columbia, the largest detractor was an overweight to Ecopetrol SA. The largest contributors for the period were Brazil 1.66% and the Philippines 1.10%. Among holdings in Brazil, the largest contributor was an underweight to Vale SA, while among holdings in the Philippines, the largest contributor was an overweight to Universal Robina Corp.
On a sector basis, the largest detractors were Information Technology (1.85%) and Financials (1.39%). Among holdings in Information Technology, the largest detractor was an underweight to Tencent Holdings Ltd., while among holdings in Financials, the largest detractor was not holding Bank of China Ltd. The largest contributors for the period were Energy 0.63% and Consumer Discretionary 0.15%. Among holdings in Energy the largest contributor was an underweight to Petroleo Brasileiro SA, while among holdings in consumer discretionary, the largest contributor was an underweight to Hyundai Motor Co.
Portfolio Changes
There were no significant portfolio changes during the annual period ended March 31, 2015.
A Look Ahead
As a quantitative investment firm, we tend not to provide strategy-specific forward looking commentary. We believe that our systematic investment approach ensures that we deliver a portfolio of our highest conviction of ideas to all of our clients.
The Fund’s portfolio is managed by Edward Qian, Ph.D., CFA and Mark Barnes of PanAgora Asset Management, Inc.
PEAR TREE PANAGORA RISK PARITY EMERGING MARKETS FUND
Top 10 Holdings
|
Percentage of total net assets
|
11.7%
|
|
iPath MSCI India Index ETN
|
4.3%
|
|
Vanguard FTSE Emerging Markets ETF
|
2.7%
|
|
Qatar Electricity & Water Company Q.S.C.
|
0.9%
|
|
Industries Qatar Q.S.C.
|
0.6%
|
|
Jollibee Foods Corporation
|
0.6%
|
|
Universal Robina Corporation
|
0.6%
|
|
S.A.C.I. Falabella
|
0.5%
|
|
Globe Telecom, Inc.
|
0.5%
|
|
Aboitiz Power Corporation
|
0.5%
|
|
DP World Ltd.
|
0.5%
|
There is no guarantee that such securities will continue to be viewed favorably or held in the Fund’s portfolio.
Sector Allocation
|
Percentage of total net assets
|
100.0%
|
|
Financials
|
18.0%
|
|
Consumer Staples
|
10.8%
|
|
Telecommunication Services
|
10.6%
|
|
Industrials
|
10.4%
|
|
Materials
|
9.8%
|
|
Consumer Discretionary
|
9.4%
|
|
Utilities
|
8.5%
|
|
Energy
|
7.6%
|
|
Health Care
|
4.6%
|
|
Information Technology
|
2.7%
|
|
Exchange Traded Funds
|
2.7%
|
|
Exchange Traded Notes
|
4.3%
|
|
Cash and Other Assets (Net)
|
0.6%
|
Top 10 Country Allocations
|
Percentage of total net assets
|
59.5%
|
|
Malaysia
|
7.6%
|
|
Indonesia
|
6.8%
|
|
Taiwan
|
6.7%
|
|
Philippines
|
5.8%
|
|
Mexico
|
5.7%
|
|
South Korea
|
5.7%
|
|
Thailand
|
5.5%
|
|
South Africa
|
5.4%
|
|
China
|
5.2%
|
|
Chile
|
5.1%
|
Value of a $10,000 Investment
Pear Tree PanAgora Risk Parity Emerging Markets
(PTRP) Ordinary Shares vs. MSCI EM Index
Average Annual Total Returns
|
1Q 2015
|
Six
Months
|
One Year
|
Five Year
|
Ten Year
|
Since
Inception
|
Inception
Date
|
|
|
Ordinary Shares
|
(0.41)%
|
(7.50)%
|
(4.63)%
|
(0.63)%
|
6/27/2013
|
||
|
Institutional Shares1
|
(0.31)%
|
(7.37)%
|
(4.41)%
|
(0.23)%
|
6/27/2013
|
||
|
MSCI EM2
|
2.28%
|
(2.26)%
|
0.79%
|
6.00%
|
________
|
1 Institutional Shares may only be purchased by certain categories of investors and are not subject to sales charges or distribution fees.
2 The Morgan Stanley Capital International Emerging Markets (“MSCI EM”) Index is an unmanaged index comprised of stocks located in countries other than the United States. It is widely recognized as representative of the general market for emerging markets. Index returns assume the reinvestment of dividends and, unlike Fund returns, do not reflect fees or expenses. You cannot invest directly in an Index. The beginning date for the Index is 06/27/2013.
Investing in foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments and can perform differently than the U.S. market.
PEAR TREE POLARIS FOREIGN VALUE FUND
INVESTMENT PROFILE
All Data as of March 31, 2015
|
Fund Information
|
||
|
Net Assets Under Management
|
$1,625.3 Million
|
|
|
Number of Companies
|
55
|
|
|
Price to Book Ratio
|
2.0
|
|
|
Price to Earnings Ratio
|
16.3
|
|
|
Ordinary
|
Institutional
|
|
|
Total Expense Ratio (Gross)*
|
1.54%
|
1.28%
|
|
Total Expense Ratio (Net)*
|
1.54%
|
1.28%
|
|
Ticker Symbol
|
QFVOX
|
QFVIX
|
|
* per prospectus dated August 1, 2014. See financial highlights for total expense ratios for the fiscal year ended March 31, 2015.
|
||
Investment Commentary
For the fiscal year period ended March 31, 2015, the Pear Tree Polaris Foreign Value Fund’s Ordinary Shares (the “Fund”) underperformed its benchmark, the MSCI EAFE Index (the “Index”). The Fund achieved a return of (2.53%) at net asset value compared to (0.48%) for the Index.
Market Conditions and Investment Strategies
Currencies played a major role, with Index performance in local currency up at 18.26%; once converted into U.S. dollars, Index performance was (0.48%). Consumer Staples stocks bolstered performance, with Meiji Holdings posting double-digit returns. The Japanese company’s two business lines announced positive developments: the dairy division increased prices to offset higher raw material costs and the drug division announced a licensing agreement to design a beta-lactamase inhibitor that fights antibiotic resistant bacteria. Another Japanese company, Asahi Group, noted improving soft drink margins and increasing market share in beer.
British homebuilders drove performance in the Consumer Discretionary sector. U.K. home prices rose nearly 10% in 2014, on the back of improving mortgage availability, attractive levels of affordability, government-sponsored home buying support schemes and ongoing economic recovery in the U.K., all of which are expected to continue in the near term.
The sole Utility holding, Guangdong Investment Ltd, reported double-digit gains during the Fund’s fiscal year. The water utility company renewed its contract to supply water to Hong Kong, with higher-than-expected tariff increases of approximately 6% per year for each of the next three years.
Indian tech consulting company Infosys reported decent earnings throughout 2014, backed by building volumes, increased utilization and new customers. The company finally began to deploy cash for strategic initiatives, including the acquisition of automation tech company Panaya. This IT sector result was basically offset by German ATM company Wincor Nixdorf, which declined after reducing guidance based on slowing emerging market sales.
As would be expected with global oil price declines, the energy industry was severely impacted. Stock prices dropped for Tullow Oil, Maurel et Prom and Sasol. Among Industrials, Italian engineering firm Trevi Finanziaria was down on concerns of delayed oil rig payments. In Materials, Germany chemical company LANXESS conducted a capital raise to fund restructuring. The market deemed this negative news; however we expected such measures and were pleased to see this action executed by the well-respected former CFO who recently rejoined the company as CEO.
Portfolio Changes
During the annual period ended March 31, 2015, the Fund purchased five new companies, including Russian bank Sberbank. Two Consumer Discretionary stocks, Hong Kong-listed lottery operator Rexlot and French tire maker Michelin, were added to the portfolio. In the Materials sector, the Fund purchased Northern Star Resources, a gold producer in Australia, and Linde Group, a German multi-national industrial gases and engineering company. As a shareholder of Christian Dior, the Fund received shares of Hermes; it proved to be a richly-valued stock that was subsequently sold. There were no other stock liquidations for the period.
A Look Ahead
Company management in most geographies are anticipating improving business conditions on the back of lower oil and commodity prices, weaker currencies, ample liquidity and low cost of debt. Our valuation screens are providing us the most opportunities in Financials, Industrials, Consumer Discretionary and Information Technology sectors with a large majority of the companies located in Japan, China, U.K., South Korea and Taiwan. We continue to look for attractively-valued companies with stable, sustainable cash flows with limited downside risk.
The Fund’s lead portfolio manager is Bernard R. Horn, Jr., of Polaris Capital Management, LLC
PEAR TREE POLARIS FOREIGN VALUE FUND
Top 10 Holdings
|
Percentage of total net assets
|
25.0%
|
|
Meiji Holdings Co., Limited
|
2.8%
|
|
Deutsche Telekom AG
|
2.7%
|
|
Greencore Group plc
|
2.6%
|
|
Infosys Technologies Limited
|
2.6%
|
|
Teva Pharmaceuticals SP
|
2.5%
|
|
Barratt Developments plc
|
2.5%
|
|
Taylor Wimpey plc
|
2.4%
|
|
Symrise AG
|
2.3%
|
|
Hannover Rueck SE
|
2.3%
|
|
Freenet AG
|
2.3%
|
There is no guarantee that such securities will continue to be viewed favorably or held in the Fund’s portfolio.
Sector Allocation
|
Percentage of total net assets
|
100.0%
|
|
Materials
|
23.4%
|
|
Consumer Discretionary
|
18.2%
|
|
Financials
|
13.4%
|
|
Industrials
|
9.6%
|
|
Consumer Staples
|
7.6%
|
|
Telecommunication Services
|
7.3%
|
|
Information Technology
|
6.4%
|
|
Health Care
|
4.9%
|
|
Energy
|
4.8%
|
|
Utilities
|
2.0%
|
|
CASH + other assets (net)
|
2.4%
|
Top 10 Country Allocations
|
Percentage of total net assets
|
79.0%
|
|
Germany
|
18.9%
|
|
United Kingdom
|
14.6%
|
|
Japan
|
9.1%
|
|
France
|
8.0%
|
|
Sweden
|
7.8%
|
|
Norway
|
5.3%
|
|
Finland
|
5.0%
|
|
Ireland
|
4.7%
|
|
Italy
|
3.0%
|
|
India
|
2.6%
|
Value of a $10,000 Investment
Pear Tree Polaris Foreign Value (PTFV) Ordinary Shares
vs. MSCI EAFE Index
Average Annual Total Returns
|
1Q 2015
|
Six
Months
|
One Year
|
Five Year
|
Ten Year
|
Since
Inception
|
Inception
Date
|
|
|
Ordinary Shares
|
6.02%
|
3.67%
|
(2.53)%
|
9.33%
|
5.97%
|
6.91%
|
05/15/98
|
|
Institutional Shares1
|
6.14%
|
3.82%
|
(2.29)%
|
9.61%
|
6.22%
|
8.54%
|
12/18/98
|
|
MSCI EAFE2
|
5.00%
|
1.29%
|
(0.48)%
|
6.64%
|
5.43%
|
4.70%
|
________
|
1 Institutional Shares may only be purchased by certain categories of investors and are not subject to sales charges or distribution fees.
2 The Morgan Stanley Capital International Europe, Australia, and Far East (“MSCI EAFE”) Index is an unmanaged index comprised of stocks located in countries other than the United States. It is widely recognized as representative of the general market for emerging markets. Index returns assume the reinvestment of dividends and, unlike Fund returns, do not reflect fees or expenses. You cannot invest directly in an Index. The beginning date for the Index is 05/29/98.
Investing in foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments and can perform differently than the U.S. market.
PEAR TREE POLARIS FOREIGN VALUE SMALL CAP FUND
INVESTMENT PROFILE
All Data as of March 31, 2015
|
Fund Information
|
||
|
Net Assets Under Management
|
$433.3 Million
|
|
|
Number of Companies
|
68
|
|
|
Price to Book Ratio
|
1.9
|
|
|
Price to Earnings Ratio
|
15.7
|
|
|
Ordinary
|
Institutional
|
|
|
Total Expense Ratio (Gross)*
|
1.58%
|
1.33%
|
|
Total Expense Ratio (Net)*
|
1.58%
|
1.33%
|
|
Ticker Symbol
|
QUSOX
|
QUSIX
|
|
* per prospectus dated August 1, 2014. See financial highlights for total expense ratios for the fiscal year ended March 31, 2015.
|
||
Investment Commentary
For the fiscal year period ended March 31, 2015, the Pear Tree Polaris Foreign Value Small Cap Fund’s Ordinary Shares (the “Fund”) outperformed its benchmark, the MSCI ACWI ex USA Small Cap Index (the “Index”). The Fund achieved a return of 2.57% at net asset value compared to (3.27%) for the Index.
Market Conditions and Investment Strategies
Currencies played a major role, with Index performance in local currency up at 11.73%; once converted into U.S. dollars, Index performance was (3.27%). However, we maintained outperformance versus the benchmark, which was largely attributable to gains in Consumer Staples stocks. KRBL, an Indian basmati rice company, had strong import/export markets throughout 2014 and early 2015. Glanbia’s nutritionals business outpaced market expectations, and the company reported strong earnings and operational efficiencies. Prima Meat Packers capitalized on increased meat consumption among the elderly Japanese population; the company reported increased sales.
In Information Technology, Hana Microelectronics ramped up production at its factories to meet consumer electronics demands. VST Holdings, an electronics distributor, had double-digit gains as it broadened its vendor distribution platform and product portfolio.
Japan’s Chugoku Marine Paints and Diacel Corp. contributed to Materials sector returns, as both companies noted stronger volumes and business line growth. By contrast, USHA Martin was down on slower steel demand, in line with decreased Indian automotive sales. Recent governmental actions also impeded USHA Martin, which will incur higher electricity costs due to repossessed coal blocks.
The Fund had notable stock performers across multiple sectors. Consumer demand and favorable government policies continued to benefit Xinhua Winshare Publishing and Media Co., Ltd. as online and education service businesses revenues and decreased expenses led to an increased annual profit. India’s LIC Housing Finance posted double-digit returns, benefitting from good loan growth and fewer non-performing assets.
Detractors to better performance included Italian engineering firm Trevi Finanziaria, as it deployed working capital to fulfill oil rig orders. Since the oil price decline, customers have tried to delay payment for the delivery of these rigs. German telecom provider QSC AG announced lower earnings stemming from weak adoption of their new products and continued decline in their legacy communication business.
Portfolio Changes
With an influx of new capital during the annual period ended March 31, 2015, the Fund purchased eight new holdings including the aforementioned Prima Meat Packers. Materials sector stocks AMVIG Holdings, a China cigarette packaging company, and Borregaard ASA, a niche chemical company, were purchased. The Fund added Industrials, including ferry company DFDS and contract service company, Programmed Maintenance Services Limited. Three Consumer Discretionary companies were also purchased: VT Holdings Co., a Japanese auto dealer; Emperor Watch & Jewellery, an Asian retailer of high end watches and branded jewelry; and Hong Kong-listed lottery distributor Rexlot Holdings. The Fund sold AIN Pharmaciez Inc., when it reached the valuation limit, and Austal, the Australian-based ship builder, when the company changed strategic direction.
A Look Ahead
Many businesses are reporting improving demand on the back of low commodity prices, loose monetary policies and weaker currencies. The number of companies in the small to mid-capitalization space is growing both in our database of publicly-traded companies and our valuation screens, which is providing us with attractive opportunities. As is our process, we will conduct thorough research and due diligence before making any portfolio changes.
The Fund’s lead portfolio manager is Bernard R. Horn, Jr., of Polaris Capital Management, LLC
PEAR TREE POLARIS FOREIGN VALUE SMALL CAP FUND
Top 10 Holdings
|
Percentage of total net assets
|
20.1%
|
|
Equatorial Energia S.A.
|
2.6%
|
|
Dräegerwerk AG
|
2.2%
|
|
Freenet AG
|
2.0%
|
|
M1 Limited
|
2.0%
|
|
UDG Healthcare plc
|
1.9%
|
|
Ratchaburi Electricity Generating
Holding PCL
|
1.9%
|
|
KRBL Limited
|
1.9%
|
|
Alternative Networks plc
|
1.9%
|
|
BML Inc.
|
1.9%
|
|
Thai Union Frozen Products PCL
|
1.8%
|
There is no guarantee that such securities will continue to be viewed favorably or held in the Fund’s portfolio.
Sector Allocation
|
Percentage of total net assets
|
100.0%
|
|
Consumer Discretionary
|
25.6%
|
|
Industrials
|
14.5%
|
|
Consumer Staples
|
10.1%
|
|
Information Technology
|
9.7%
|
|
Financials
|
8.2%
|
|
Telecommunication Services
|
6.7%
|
|
Materials
|
6.0%
|
|
Health Care
|
5.7%
|
|
Utilities
|
5.1%
|
|
CASH + other assets (net)
|
8.4%
|
Top 10 Country Allocations
|
Percentage of total net assets
|
68.3%
|
|
Japan
|
13.0%
|
|
United Kingdom
|
11.9%
|
|
Hong Kong
|
8.0%
|
|
Germany
|
6.6%
|
|
India
|
6.3%
|
|
Ireland
|
5.9%
|
|
Thailand
|
5.3%
|
|
Norway
|
4.6%
|
|
Sweden
|
3.4%
|
|
China
|
3.3%
|
Value of a $10,000 Investment
Pear Tree Polaris Foreign Value Small Cap (PTFVSC)
Ordinary Shares vs. MSCI ACWI ex USA Small Cap Index
Average Annual Total Returns
|
1Q 2015
|
Six
Months
|
One Year
|
Five Year
|
Ten Year
|
Since
Inception
|
Inception
Date
|
|
|
Ordinary Shares
|
4.79%
|
4.96%
|
2.57%
|
9.83%
|
7.67%
|
5/1/2008
|
|
|
Institutional Shares1
|
4.78%
|
5.11%
|
2.79%
|
10.09%
|
7.91%
|
5/1/2008
|
|
|
MSCI ACWI ex USA Small Cap2
|
4.01%
|
(0.07)%
|
(3.27)%
|
6.89%
|
3.55%
|
________
|
1 Institutional Shares may only be purchased by certain categories of investors and are not subject to sales charges or distribution fees.
2 The MSCI ACWI ex USA Small Cap Index captures small cap representation across 23 developed markets and 21 emerging market countries
Investing in foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments and can perform differently than the U.S. market.
PEAR TREE POLARIS SMALL CAP FUND
SCHEDULE OF INVESTMENTS
March 31, 2015
Common Stock—92.8%
|
Shares
|
Value
|
|
|
ADVERTISING—1.5%
|
||
|
National CineMedia, Inc.
|
98,995
|
$ 1,494,825
|
|
AIRLINES—1.7%
|
||
|
Spirit Airlines, Inc. (a)
|
13,226
|
1,023,163
|
|
Virgin America Inc. (a)(b)
|
24,696
|
750,758
|
|
1,773,921
|
||
|
ASSET MANAGEMENT & CUSTODY BANKS—0.9%
|
||
|
Hercules Technology Growth Capital, Inc. (b)
|
66,114
|
891,217
|
|
AUTO COMPONENTS—1.2%
|
||
|
Motorcar Parts of America, Inc. (a)
|
43,206
|
1,200,695
|
|
BANKS—7.9%
|
||
|
Ameris Bancorp (c)
|
117,700
|
3,106,103
|
|
Astoria Financial Corporation
|
120,100
|
1,555,295
|
|
BNC Bancorp
|
23,614
|
427,413
|
|
Brookline Bancorp, Inc.
|
50,000
|
502,500
|
|
Dime Community Bancshares, Inc.
|
81,800
|
1,316,980
|
|
International Bancshares Corporation
|
38,720
|
1,007,882
|
|
Southwest Bancorp, Inc.
|
2,462
|
43,799
|
|
7,959,972
|
||
|
BUILDING PRODUCTS—2.2%
|
||
|
NCI Building Systems, Inc. (a)
|
38,474
|
664,831
|
|
Trex Company, Inc. (a)
|
28,700
|
1,565,011
|
|
2,229,842
|
||
|
CHEMICALS—2.3%
|
||
|
Ferro Corporation (a)
|
188,035
|
2,359,839
|
|
COMMUNICATIONS EQUIPMENT—0.2%
|
||
|
Applied Optoelectronics, Inc.
|
8,015
|
111,248
|
|
Ubiquiti Networks, Inc. (b)
|
2,775
|
82,001
|
|
193,249
|
||
|
CONSTRUCTION & ENGINEERING—1.5%
|
||
|
Tutor Perini Corporation (a)
|
64,371
|
1,503,063
|
|
CONSTRUCTION MATERIALS—0.4%
|
||
|
U.S. Concrete, Inc. (a)
|
10,960
|
371,325
|
|
DATA PROCESSING & OUTSOURCED SERVICES—1.7%
|
||
|
Cardtronics, Inc. (a)
|
46,183
|
1,736,481
|
|
DIVERSIFIED TELECOMMUNICATIONS—0.4%
|
||
|
Fairpoint Communications, Inc. (a)
|
20,144
|
354,534
|
|
ELECTRIC UTILITIES—1.5%
|
||
|
ALLETE, Inc.
|
29,600
|
1,561,696
|
|
FOOD PRODUCTS—1.1%
|
||
|
Amira Nature Foods Ltd. (a)(b)
|
129,217
|
1,157,784
|
|
HEALTH CARE EQUIPMENT & SUPPLIES—2.6%
|
||
|
Natus Medical, Inc. (a)
|
66,220
|
2,613,703
|
|
HOTELS, RESTAURANTS & LEISURE—1.3%
|
||
|
Papa Johns International, Inc.
|
22,128
|
1,367,732
|
|
HUMAN RESOURCE & EMPLOYMENT SERVICES—3.0%
|
||
|
Kforce, Inc.
|
119,694
|
2,670,373
|
|
WageWorks, Inc. (a)
|
7,985
|
425,840
|
|
3,096,213
|
||
|
INSURANCE—1.8%
|
||
|
United Insurance Holdings Corporation
|
81,741
|
1,839,173
|
|
INVESTMENT BANKING & BROKERAGE—1.2%
|
||
|
Greenhill & Co., Inc.
|
31,132
|
1,234,384
|
|
IT CONSULTING & SERVICES—5.3%
|
||
|
Alliance Data Systems Corporation (a)
|
13,791
|
4,085,584
|
|
Luxoft Holding, Inc. (a)
|
26,281
|
1,359,779
|
|
5,445,363
|
||
|
LIFE SCIENCES TOOLS & SERVICES—0.8%
|
||
|
Cambrex Corporation (a)
|
21,397
|
847,963
|
|
MACHINERY—1.2%
|
||
|
Greenbrier Companies, Inc. (The) (b)
|
21,068
|
1,221,944
|
|
MEDIA—8.6%
|
||
|
Cinemark Holdings, Inc.
|
43,191
|
1,946,618
|
|
Entravision Communications Corporation, Class A
|
222,064
|
1,405,665
|
|
IMAX Corporation (a)(b)
|
88,331
|
2,977,638
|
|
Regal Entertainment Group (b)
|
106,911
|
2,441,847
|
|
8,771,768
|
||
|
OFFICE SERVICES & SUPPLIES—0.5 %
|
||
|
ARC Document Solutions, Inc. (a)
|
51,309
|
473,582
|
|
OIL & GAS—2.2%
|
||
|
Carrizo Oil & Gas, Inc. (a)
|
12,741
|
632,591
|
|
Diamondback Energy, Inc. (a)
|
16,670
|
1,280,923
|
|
SemGroup Corporation
|
4,302
|
349,925
|
|
2,263,439
|
||
|
PHARMACEUTICALS—0.6%
|
||
|
Pernix Therapeutics Holdings, Inc. (a)
|
56,983
|
609,148
|
|
REAL ESTATE—13.4%
|
||
|
Brandywine Realty Trust
|
27,912
|
446,034
|
|
DuPont Fabros Technology, Inc.
|
49,205
|
1,608,019
|
|
Education Realty Trust, Inc.
|
58,957
|
2,085,899
|
|
EPR Properties
|
79,410
|
4,766,982
|
|
Hersha Hospitality Trust
|
252,334
|
1,632,601
|
|
Physicians Realty Trust
|
115,622
|
2,036,103
|
|
Select Income
|
45,722
|
1,142,593
|
|
13,718,231
|
||
|
REGIONAL BANKS—7.5%
|
||
|
Bryn Mawr Bank Corporation
|
54,146
|
1,646,580
|
|
Central Pacific Financial Corporation
|
83,883
|
1,926,793
|
|
CoBiz Financial, Inc.
|
103,909
|
1,280,159
|
|
F.N.B. Corporation
|
117,880
|
1,548,943
|
|
Pinnacle Financial Partners, Inc. (a)
|
28,369
|
1,261,286
|
|
7,663,761
|
||
|
RESEARCH & CONSULTING SERVICES—0.5%
|
||
|
Acacia Research Corporation—Acacia Technologies (b)
|
49,227
|
526,729
|
|
ROAD & RAIL—1.4%
|
||
|
Swift Transportation Company (a)
|
54,714
|
1,423,658
|
|
SEMICONDUCTOR EQUIPMENT & PRODUCTS—4.3%
|
||
|
Canadian Solar, Inc. (a)(b)
|
30,403
|
1,015,156
|
|
Integrated Device Technology, Inc. (a)
|
107,839
|
2,158,937
|
|
Microsemi Corporation (a)
|
34,728
|
1,229,371
|
|
4,403,464
|
||
|
SEMICONDUCTORS—4.0%
|
||
|
Ambarella, Inc. (a)(b)
|
54,324
|
4,112,870
|
|
SOFTWARE—1.8%
|
||
|
Verint Systems, Inc. (a)
|
30,324
|
1,877,965
|
|
SPECIALTY RETAIL—3.1%
|
||
|
Asbury Automotive Group, Inc. (a)
|
27,946
|
2,322,313
|
|
Restoration Hardware Holdings, Inc. (a)
|
7,958
|
789,354
|
|
3,111,667
|
||
|
TEXTILES & APPAREL—1.6%
|
||
|
Deckers Outdoor Corporation (a)
|
21,663
|
1,578,583
|
|
TRADING COMPANIES & DISTRIBUTORS—1.6%
|
||
|
Air Lease Corporation
|
42,296
|
1,596,251
|
|
TOTAL COMMON STOCK
(Cost $72,008,501)
|
94,586,034
|
|
|
Short Term Investments—15.9%
|
||
|
Par
Value
|
Value
|
|
|
State Street Bank & Trust Co., Repurchase Agreement 0.0%, 04/01/15, (Dated 03/31/15), Collateralized by $15,920,000 par U.S. Treasury Note-2.25% due 11/15/2024, Market Value $16,477,200, Repurchase Proceeds $16,153,118 (Cost $16,153,118)
|
$16,153,118
|
16,153,118
|
|
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED)—108.7%
(Cost $88,161,619)
|
110,739,152
|
|
|
INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED—13.5%
|
||
|
Money Market—13.5%
|
||
|
Western Asset Institutional Cash Reserves—Inst.
(Cost $13,782,634)
|
13,782,634
|
|
|
TOTAL INVESTMENTS—122.2%
(Cost $101,944,253)
|
124,521,786
|
|
|
OTHER ASSETS & LIABILITIES (NET)—(22.2)%
|
(22,676,777)
|
|
|
NET ASSETS—100%
|
$101,845,009
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
All or a portion of this security was out on loan.
|
|
(c)
|
A portion of this security is restricted.
|
|
(d)
|
At March 31, 2015, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $102,513,517 was as follows:
|
|
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost
|
$24,085,110
|
|
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value
|
(2,076,841)
|
|
Net unrealized appreciation/(depreciation)
|
$22,008,269
|
|
The percentage of each investment category is calculated as a percentage of net assets.
|
PEAR TREE QUALITY FUND
SCHEDULE OF INVESTMENTS
March 31, 2015
Common Stock—99.1%
|
Shares
|
Value
|
|
|
AEROSPACE & DEFENSE—0.6%
|
||
|
Precision Castparts Corp.
|
3,395
|
$ 712,950
|
|
United Technologies Corporation
|
2
|
234
|
|
713,184
|
||
|
BEVERAGES—3.6%
|
||
|
Coca-Cola Company (The)
|
112,008
|
4,541,924
|
|
BIOTECHNOLOGY—0.9%
|
||
|
Biogen Idec Inc. (a)
|
2,840
|
1,199,162
|
|
CHEMICALS—1.1%
|
||
|
Monsanto Company
|
12,584
|
1,416,203
|
|
COMMUNICATIONS EQUIPMENT—2.7%
|
||
|
F5 Networks, Inc. (a)
|
696
|
79,998
|
|
QUALCOMM Incorporated
|
48,004
|
3,328,598
|
|
3,408,596
|
||
|
COMPUTERS & PERIPHERALS—9.9%
|
||
|
Apple, Inc.
|
60,021
|
7,468,413
|
|
EMC Corporation
|
48,270
|
1,233,781
|
|
International Business Machines
|
18,489
|
2,967,485
|
|
Teradata Corporation (a)
|
22,924
|
1,011,865
|
|
12,681,544
|
||
|
CONSUMER SERVICES—0.0%
|
||
|
McKesson Corporation
|
1
|
226
|
|
DISTRIBUTORS—0.3%
|
||
|
Genuine Parts Company
|
4,196
|
391,025
|
|
ELECTRICAL EQUIPMENT—0.9%
|
||
|
Emerson Electric Co.
|
21,238
|
1,202,496
|
|
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.3%
|
||
|
Amphenol Corporation
|
6,280
|
370,080
|
|
FOOD PRODUCTS—3.4%
|
||
|
Nestle, S.A. (c)
|
42,667
|
3,209,437
|
|
Unilever N.V. (b)(c)
|
11,189
|
467,253
|
|
Unilever plc (c)
|
14,391
|
600,249
|
|
4,276,939
|
||
|
FOOD STAPLES & DRUG RETAILING—4.5%
|
||
|
Costco Wholesale Corporation
|
8,077
|
1,223,625
|
|
General Mills, Inc.
|
5,315
|
300,829
|
|
PepsiCo, Inc.
|
12,192
|
1,165,799
|
|
SYSCO Corporation
|
12,926
|
$487,698
|
|
Wal-Mart Stores, Inc.
|
31,356
|
2,579,031
|
|
5,756,982
|
||
|
GAS UTILITIES—0.2%
|
||
|
Honeywell International Inc.
|
2,685
|
280,072
|
|
HEALTH CARE EQUIPMENT & SERVICES—11.9%
|
||
|
Baxter International, Inc.
|
9,253
|
633,831
|
|
Becton, Dickinson and Company
|
5,916
|
849,478
|
|
Express Scripts Holding Company (a)
|
85,257
|
7,397,750
|
|
Halyard Health, Inc. (a)
|
11
|
541
|
|
Humana Inc.
|
5,184
|
922,856
|
|
Intuitive Surgical, Inc. (a)
|
736
|
371,702
|
|
Stryker Corporation
|
10,020
|
924,345
|
|
UnitedHealth Group, Inc.
|
25,253
|
2,987,177
|
|
Zimmer Holdings, Inc.
|
4,606
|
541,297
|
|
St. Jude Medical, Inc.
|
7,718
|
504,757
|
|
15,133,734
|
||
|
HEALTH CARE PROVIDERS & SERVICES—0.3%
|
||
|
Anthem, Inc.
|
2,266
|
349,893
|
|
HEALTH EQUIPMENT & SUPPLIES—0.1%
|
||
|
C. R. Bard, Inc.
|
505
|
84,512
|
|
HOTELS, RESTAURANTS & LEISURE—1.8%
|
||
|
Compass Group PLC (a)(c)
|
24,982
|
434,687
|
|
McDonald’s Corporation
|
19,413
|
1,891,603
|
|
2,326,290
|
||
|
HOUSEHOLD PRODUCTS—6.0%
|
||
|
Church & Dwight Co., Inc.
|
4,099
|
350,137
|
|
Colgate-Palmolive Company
|
26,060
|
1,807,000
|
|
Kimberly-Clark Corporation
|
2,272
|
243,354
|
|
Procter & Gamble Company (The)
|
54,132
|
4,435,576
|
|
Reckitt Benckiser Group plc
|
9,565
|
829,094
|
|
7,665,161
|
||
|
INDUSTRIAL CONGLOMERATES—2.9%
|
||
|
3M Company
|
18,638
|
3,074,338
|
|
LVMH Moët Hennessy-Louis Vuitton S.A. (a)(c)
|
18,028
|
635,307
|
|
3,709,645
|
||
|
IT CONSULTING & SERVICES—2.5%
|
||
|
Accenture plc
|
17,837
|
1,671,149
|
|
Cognizant Technology Solutions Corporation (a)
|
17,709
|
1,104,864
|
|
Paychex, Inc.
|
8,185
|
406,099
|
|
3,182,112
|
||
|
LEISURE EQUIPMENT & PRODUCTS—0.2%
|
||
|
Mattel, Inc.
|
10,396
|
237,549
|
|
MACHINERY—2.3%
|
||
|
Danaher Corporation
|
16,823
|
1,428,273
|
|
Dover Corporation
|
3,940
|
272,333
|
|
Illinois Tool Works, Inc.
|
12,089
|
1,174,325
|
|
2,874,931
|
||
|
OIL & GAS—1.9%
|
||
|
Chevron Corporation
|
18,352
|
1,926,593
|
|
Rockwell Automation, Inc.
|
3,962
|
459,552
|
|
2,386,145
|
||
|
PERSONAL PRODUCTS—0.2%
|
||
|
Estee Lauder Companies, Inc. (The)
|
3,440
|
286,070
|
|
PHARMACEUTICALS & BIOTECHNOLOGY—9.3%
|
||
|
Abbott Laboratories
|
32,344
|
1,498,497
|
|
Actavis plc (a)
|
1,325
|
394,347
|
|
Amgen, Inc.
|
3,737
|
597,359
|
|
AstraZeneca plc (c)
|
40,379
|
2,763,135
|
|
Bristol-Myers Squibb Company
|
4,356
|
280,962
|
|
Eli Lilly and Company
|
7,855
|
570,666
|
|
Johnson & Johnson
|
51,105
|
5,141,163
|
|
Novartis AG (c)
|
6,860
|
676,465
|
|
11,922,594
|
||
|
RETAILING—0.4%
|
||
|
TJX Companies, Inc. (The)
|
6,479
|
453,854
|
|
SEMICONDUCTOR EQUIPMENTS & PRODUCTS—0.8%
|
||
|
Analog Devices, Inc.
|
9,209
|
580,167
|
|
Linear Technology Corporation
|
2,184
|
102,211
|
|
Xilinx, Inc.
|
7,662
|
324,103
|
|
1,006,481
|
||
|
SOFTWARE & SERVICES—19.8%
|
||
|
Cisco Systems, Inc.
|
136,597
|
3,759,832
|
|
Citrix Systems, Inc. (a)
|
5,899
|
376,769
|
|
eBay, Inc. (a)
|
17,187
|
991,346
|
|
Google, Inc. (a)
|
8,525
|
4,728,818
|
|
Google, Inc. C (a)
|
2,042
|
1,119,016
|
|
Intuit Inc.
|
6,939
|
672,805
|
|
MasterCard Incorporated
|
10,843
|
936,727
|
|
Microsoft Corporation
|
137,282
|
5,581,200
|
|
Oracle Corporation
|
163,911
|
7,072,760
|
|
25,239,273
|
||
|
SPECIALTY RETAIL—0.7%
|
||
|
Bed Bath & Beyond Inc. (a)
|
9,638
|
739,958
|
|
Ross Stores, Inc.
|
1,070
|
112,735
|
|
852,693
|
||
|
TEXTILES & APPAREL—2.1%
|
||
|
Coach, Inc.
|
2,957
|
122,509
|
|
Nike, Inc. B
|
17,446
|
1,750,357
|
|
Ralph Lauren Corporation
|
583
|
76,664
|
|
V.F. Corporation
|
9,883
|
744,289
|
|
2,693,819
|
||
|
TOBACCO—5.9%
|
||
|
British American Tobacco p.l.c. (c)
|
11,846
|
1,229,259
|
|
Philip Morris International, Inc.
|
77,775
|
5,858,791
|
|
Reynolds American, Inc.
|
5,321
|
366,670
|
|
7,454,720
|
||
|
TRADING COMPANIES & DISTRIBUTION—0.3%
|
||
|
W.W. Grainger, Inc.
|
1,803
|
425,165
|
|
WIRELESS TELECOMMUNICATIONS—1.3%
|
||
|
KDDI Corporation (a)(c)
|
39,926
|
677,944
|
|
NTT DOCOMO, Inc. (a)(b)(c)
|
55,198
|
962,101
|
|
1,640,045
|
||
|
TOTAL COMMON STOCK
(Cost $108,940,538)
|
126,163,119
|
Short Term Investments—0.8%
|
Par
Value
|
Value
|
|
|
State Street Bank & Trust Co., Repurchase Agreement .0%, 04/01/15, (Dated 3/31/15), Collateralized by 980,000 par U.S. Treasury Note-2.25% due 11/15/2024, Market Value $1,014,300, Repurchase Proceeds $989,553 (Cost $989,553)
|
$989,553
|
989,553
|
|
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED)—99.9%
(Cost $109,930,091)
|
127,152,672
|
|
|
Money Market—1.2%
|
||
|
Western Asset Institutional Cash Reserves—Inst.
(Cost $1,490,945)
|
1,490,945
|
1,490,945
|
|
TOTAL INVESTMENTS 101.1%
(Cost $111,421,036)
|
$128,643,617
|
|
|
OTHER ASSETS & LIABILITIES (NET)—(1.1%)
|
(1,330,735)
|
|
|
NET ASSETS—100%
|
$127,312,882
|
|
(a)
|
Non-Income producing security
|
|
(b)
|
All or a portion of this security is out on loan
|
|
(c)
|
ADR—American Depositary Receipts
|
|
(d)
|
At March 31, 2015, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $111,566,208 was as follows:
|
|
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost
|
$18,870,500
|
|
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value
|
(1,793,091)
|
|
Net unrealized appreciation/(depreciation)
|
$17,077,409
|
|
The percentage of each investment category is calculated as a percentage of net assets.
|
PEAR TREE PANAGORA DYNAMIC EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS
March 31, 2015
Common Stock—70.3%
|
Shares
|
Value
|
|
|
BRAZIL—3.6%
|
||
|
Ambev SA (c)
|
76,683
|
$ 441,694
|
|
Banco do Brasil S.A.
|
55,412
|
398,621
|
|
Cetip S.A. Mercados Organizados
|
29,900
|
299,028
|
|
CIA Paranaense de Energia (b)(c)
|
29,309
|
307,159
|
|
Companhia Brasileira de Distribuicao SP (c)
|
13,039
|
388,823
|
|
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes
|
161,100
|
670,260
|
|
Energias do Brasil S.A.
|
80,700
|
262,268
|
|
JBS S.A.
|
168,300
|
750,419
|
|
KLABIN S.A.
|
110,100
|
629,202
|
|
Petroleo Brasileiro S.A.
|
65,183
|
196,079
|
|
Petroleo Brasileiro S.A. (c)
|
50,474
|
307,387
|
|
Sao Martinho S.A.
|
15,318
|
186,142
|
|
Vale S.A.
|
23,853
|
134,368
|
|
4,971,450
|
||
|
CHINA—10.3%
|
||
|
Agricultural Bank of China, Class H
|
673,000
|
332,423
|
|
Bank of China Ltd., H
|
3,550,392
|
2,046,731
|
|
China BlueChemical Ltd. H
|
536,000
|
205,996
|
|
China Construction Bank Corporation
|
2,859,422
|
2,371,189
|
|
China Life Insurance Co,. Limited
|
69,000
|
301,666
|
|
China Petroleum & Chemical Corporation
|
961,810
|
765,335
|
|
China Power International Development Ltd.
|
550,000
|
288,691
|
|
China Shenhua Energy Co., Ltd.
|
121,105
|
308,934
|
|
China Yuchai International Ltd.
|
11,788
|
232,695
|
|
Dah Sing Financial Holdings Ltd.
|
19,200
|
114,027
|
|
Datang International Power Generation Co., Ltd.
|
842,000
|
433,273
|
|
Dongfeng Motor Group Company Limited
|
564,881
|
904,806
|
|
Guangzhou R&F Properties Co., Ltd. H
|
54,000
|
55,435
|
|
Huaneng Power International Inc. H
|
422,000
|
498,523
|
|
Industrial & Commercial Bank of China Ltd.
|
1,639,911
|
1,207,629
|
|
Jiangsu Expressway Co. Ltd.—H
|
156,000
|
211,247
|
|
NetDragon Websoft Inc. (b)
|
52,500
|
115,780
|
|
Perfect World Co., Ltd. (c)
|
23,530
|
437,187
|
|
PetroChina Company Limited
|
907,778
|
1,003,315
|
|
Ping An Insurance Group H Share
|
71,000
|
855,687
|
|
Shanghai Electric Group Company Ltd. H
|
570,000
|
374,906
|
|
Sinotrans Ltd. H Shares
|
1,297,000
|
741,004
|
|
Zhejiang Expressway Co., Ltd.
|
434,000
|
578,745
|
|
14,385,224
|
||
|
COLOMBIA—0.1%
|
||
|
Ecopetrol S.A. (b)(c)
|
7,108
|
108,184
|
|
CZECH REPUBLIC—0.3%
|
||
|
CEZ A.S.
|
17,361
|
424,326
|
|
HONG KONG—6.8%
|
||
|
ANTA Sports Products, Ltd.
|
269,000
|
491,239
|
|
Central China Real Estate Ltd.
|
252,371
|
63,793
|
|
Champion Real Estate Investment Trust
|
427,000
|
203,755
|
|
China Mobile Limited
|
215,779
|
2,810,655
|
|
China Resources Cement Holdings Limited
|
480,000
|
271,139
|
|
Chongqing Rural Commercial Bank Co.
|
838,687
|
541,894
|
|
CNOOC Limited
|
524,218
|
739,616
|
|
Dongyue Group Ltd.
|
410,000
|
148,053
|
|
GOME Electrical Appliances Holding Limited (b)
|
3,955,000
|
576,371
|
|
KWG Property Holding Limited
|
568,919
|
402,809
|
|
Shanghai Industrial Holdings Limited
|
95,000
|
292,206
|
|
Soho China Limited
|
664,979
|
451,955
|
|
Tencent Holdings Limited
|
136,000
|
2,583,561
|
|
9,577,046
|
||
|
HUNGARY—0.4%
|
||
|
Richter Gedeon Nyrt
|
40,651
|
559,854
|
|
INDIA—5.4%
|
||
|
Apollo Tyres Ltd.
|
226,614
|
608,710
|
|
Bajaj Holdings & Investment Limited
|
7,260
|
150,580
|
|
Bank of Baroda
|
47,763
|
124,366
|
|
Bharat Petroleum Corporation Ltd.
|
32,457
|
419,578
|
|
Cairn India Ltd.
|
90,320
|
310,081
|
|
Chambal Fertilizers & Chemicals Ltd.
|
128,923
|
139,674
|
|
Housing Development Finance Corp Ltd.
|
18,189
|
382,490
|
|
Indiabulls Housing Finance Limited
|
154,821
|
1,374,757
|
|
Infosys Technologies Ltd. (c)
|
12,204
|
428,116
|
|
Power Finance Corporation Limited
|
146,519
|
634,833
|
|
Reliance Industries Ltd.
|
11,098
|
145,931
|
|
Rural Electrification Corporation Limited
|
202,813
|
1,077,564
|
|
Sesa Sterlite Ltd.
|
230,598
|
699,371
|
|
Tata Consultancy Services Ltd.
|
3,299
|
134,952
|
|
Tata Steel Limited
|
26,762
|
135,197
|
|
United Phosphorus Limited
|
102,750
|
725,376
|
|
7,491,576
|
||
|
INDONESIA—2.1%
|
||
|
PT Adaro Energy Tbk
|
2,087,500
|
151,673
|
|
PT Bank Bukopin Tbk
|
909,600
|
49,393
|
|
PT Bank Negara Indonesia (Persero) Tbk
|
894,500
|
494,284
|
|
PT Bank Rakyat Indonesia Tbk
|
395,200
|
401,245
|
|
PT Matahari Putra Prima Tbk
|
733,200
|
222,063
|
|
PT PP London Sumatra Indonesia Tbk
|
1,859,140
|
245,990
|
|
PT Telekomunikasi Indonesia Persero Tbk
|
5,398,090
|
1,193,153
|
|
PT United Tractors Tbk
|
136,300
|
227,254
|
|
2,985,055
|
||
|
MALAYSIA—1.4%
|
||
|
British American Tobacco (Malaysia) Berhad
|
18,044
|
334,522
|
|
DiGi.Com Berhad
|
266,700
|
453,682
|
|
JCY International Berhad
|
170,300
|
32,418
|
|
Lafarge Malaysia Berhad
|
33,880
|
90,109
|
|
Malaysia Building Society Berhad
|
437,112
|
258,478
|
|
Telekom Malaysia Berhad
|
337,778
|
663,061
|
|
UMW Holdings Berhad
|
57,193
|
167,402
|
|
1,999,672
|
||
|
MEXICO—1.8%
|
||
|
America Movil S.A.B. de C.V., Series L
|
934,370
|
956,528
|
|
Controladora Comercial Mexicana S.A. de C.V. (b)
|
29,400
|
94,726
|
|
Fomento Economico Mexicano S.A.B. (a)(c)
|
1,125
|
105,187
|
|
GRUMA, S.A.B. de C.V., Series B
|
75,307
|
958,549
|
|
Grupo Aeroportuario del Pacifico S.A.B. (c)
|
3,821
|
250,428
|
|
Grupo Financiero Banorte SAB de C.V.
|
11,100
|
64,380
|
|
Grupo Televisa S.A.B. (a)(c)
|
3,324
|
109,725
|
|
2,539,523
|
||
|
PHILIPPINES—0.2%
|
||
|
Aboitiz Equity Ventures, Inc.
|
46,340
|
60,128
|
|
Universal Robina Corporation
|
39,950
|
201,984
|
|
262,112
|
||
|
POLAND—1.4%
|
||
|
Asseco Poland S.A.
|
6,825
|
106,110
|
|
KGHM Polska Miedz S.A.
|
25,074
|
792,875
|
|
PGE S.A.
|
132,280
|
726,426
|
|
Tauron Polska Energia S.A.
|
233,484
|
271,328
|
|
1,896,739
|
||
|
QATAR—0.4%
|
||
|
Commercial Bank of Qatar Q.S.C.
|
14,330
|
216,450
|
|
Doha Bank Q.S.C.
|
16,698
|
230,665
|
|
Qatar Electricity & Water Company Q.S.C.
|
1,095
|
58,731
|
|
Qatar National Bank SAQ
|
1,485
|
78,914
|
|
584,760
|
||
|
RUSSIA—2.8%
|
||
|
Gazprom (c)
|
161,318
|
766,906
|
|
LUKoil (c)
|
25,174
|
1,166,060
|
|
Mobile TeleSystems (c)
|
29,771
|
300,687
|
|
Norilsk Nickel Mining and Metallurgical Co. (c)
|
26,342
|
467,966
|
|
PhosAgro (d)
|
6,214
|
70,218
|
|
Severstal (b)(d)
|
96,989
|
1,089,186
|
|
Sistema JSFC (Reg S) (b)(d)
|
8,812
|
65,209
|
|
3,926,232
|
||
|
SINGAPORE—1.0%
|
||
|
ComfortDelGro Corporation Limited
|
189,000
|
398,069
|
|
DBS Group Holdings Ltd.
|
64,000
|
949,634
|
|
1,347,703
|
||
|
SOUTH AFRICA—7.2%
|
||
|
African Rainbow Minerals Limited
|
16,964
|
138,177
|
|
Barloworld Limited
|
42,061
|
321,534
|
|
Bidvest Group Limited
|
29,124
|
788,540
|
|
Coronation Fund Managers Ltd
|
34,953
|
282,889
|
|
FirstRand Limited
|
311,791
|
1,434,195
|
|
Investec Ltd.
|
37,239
|
308,323
|
|
Liberty Holdings Limited
|
31,248
|
432,059
|
|
Mediclinic International, Ltd.
|
53,242
|
535,030
|
|
Mondi Limited
|
17,427
|
332,849
|
|
MTN Group Limited
|
29,759
|
502,541
|
|
Naspers Limited N Shs
|
9,935
|
1,530,413
|
|
Nedbank Group Ltd
|
19,198
|
376,037
|
|
Netcare Limited
|
153,498
|
527,276
|
|
PPC, Ltd.
|
34,941
|
52,759
|
|
Reunert Limited
|
16,128
|
79,740
|
|
RMB Holdings Ltd.
|
161,113
|
927,433
|
|
Sasol Ltd.
|
22,111
|
750,730
|
|
Steinoff International Holdings Limited
|
105,817
|
662,734
|
|
Tongaat Hulett Limited
|
7,879
|
87,296
|
|
10,070,555
|
||
|
SOUTH KOREA—8.4%
|
||
|
Coway Co., Ltd.
|
8,969
|
739,703
|
|
Daishin Securities Company
|
9,781
|
104,911
|
|
Halla Climate Control Corp.
|
2,959
|
102,416
|
|
Hyosung Corporation
|
7,106
|
555,311
|
|
Hyundai Mobis Co.,Ltd.
|
443
|
98,427
|
|
Hyundai Motor Company Ltd.
|
2,501
|
379,844
|
|
Industrial Bank of Korea
|
26,469
|
318,501
|
|
Kia Motors Corporation
|
7,664
|
312,238
|
|
KT Corporation
|
8,567
|
223,933
|
|
KT&G Corporation
|
12,900
|
1,031,349
|
|
LG Display Co., Ltd.
|
33,423
|
942,936
|
|
LG Electronics Inc.
|
6,338
|
336,480
|
|
Meritz Securities Co., Ltd.
|
42,092
|
215,117
|
|
Naver Corp.
|
247
|
149,387
|
|
POSCO
|
605
|
133,330
|
|
Samsung Electronics Company, Ltd.
|
3,137
|
4,074,467
|
|
Shinhan Financial Group Co., Ltd.
|
3,798
|
143,608
|
|
SK Hynix Inc.
|
16,972
|
696,809
|
|
SK Networks Co., Ltd.
|
38,119
|
280,365
|
|
SK Telecom Co., Ltd. (c)
|
15,112
|
411,198
|
|
Sungwoo Hitech Co., Ltd.
|
41,550
|
421,324
|
|
11,671,654
|
||
|
TAIWAN—12.7%
|
||
|
ASUSTeK Computer, Inc.
|
111,488
|
1,122,362
|
|
Chailease Holding Co., Ltd.
|
352,920
|
879,762
|
|
Chicony Electronics Co., Ltd.
|
117,055
|
328,457
|
|
Chunghwa Telecom Co., Ltd.
|
212,600
|
676,053
|
|
Farglory Land Development Co., Ltd.
|
143,302
|
165,331
|
|
Fubon Financial Holding Co., Ltd.
|
681,000
|
1,223,145
|
|
Hon Hai Precision Industry Co., Ltd.
|
372,074
|
1,089,229
|
|
Inventec Corporation
|
538,000
|
389,444
|
|
Kings Town Bank
|
90,000
|
86,146
|
|
Lite-On Technology Corp.
|
400,990
|
519,659
|
|
MediaTek, Inc.
|
44,000
|
595,526
|
|
Pegatron Corporation
|
484,416
|
1,311,283
|
|
Powertech Technology, Inc.
|
515,000
|
887,136
|
|
President Chain Store Corp.
|
134,915
|
1,015,420
|
|
Quanta Computer, Inc.
|
330,000
|
797,315
|
|
Radiant Opto-Electronics Corporation
|
202,409
|
630,062
|
|
Realtek Semiconductor Corporation
|
136,000
|
434,644
|
|
Simplo Technology Co., Ltd.
|
59,000
|
296,980
|
|
Taishin Financial Holding Co., Ltd.
|
900,000
|
382,550
|
|
Taiwan Semiconductor Manufacturing Co., Ltd.
|
603,270
|
2,805,234
|
|
TECO Electric & Machinery Co., Ltd.
|
401,983
|
382,841
|
|
United Microelectronics Corporation
|
2,365,401
|
1,171,739
|
|
Vanguard International Semiconductor Corp.
|
370,000
|
629,083
|
|
17,819,401
|
||
|
THAILAND—1.7%
|
||
|
Delta Electronics PCL
|
156,900
|
362,837
|
|
Electricity Generating PCL
|
38,179
|
177,754
|
|
Kiatnakin Bank PCL
|
143,400
|
171,869
|
|
Krung Thai Bank PCL
|
1,329,946
|
931,861
|
|
PTT Exploration & Production PCL
|
50,700
|
169,831
|
|
PTT PCL
|
19,800
|
196,540
|
|
Thanachart Capital PCL
|
302,000
|
322,511
|
|
2,333,203
|
||
|
TURKEY—2.0%
|
||
|
Enka Inşaat ve Sanayi A.Ş.
|
81,243
|
162,561
|
|
Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.
|
194,493
|
220,776
|
|
Eregli Demir ve Celik Fabrikalari T.A.S.
|
496,376
|
771,648
|
|
Tofas Turk Otomobil Fabrikasi A.S.
|
117,882
|
714,423
|
|
Turkiye Is Bankasi A.S.
|
394,211
|
890,418
|
|
2,759,826
|
||
|
UNITED ARAB EMERATES—0.3%
|
||
|
Abu Dhabi Commercial Bank
|
115,564
|
203,572
|
|
Aldar Properties PJSC
|
162,968
|
105,158
|
|
First Gulf Bank PJSC
|
45,471
|
180,750
|
|
489,480
|
||
|
TOTAL COMMON STOCK
(Cost $95,460,707)
|
98,203,575
|
|
|
Preferred Stock—1.6%
|
||
|
BRAZIL—1.2%
|
||
|
Banco Bradesco S.A.
|
43,066
|
401,221
|
|
Cia Energetica de Sao Paulo
|
39,200
|
291,227
|
|
Itau Unibanco Holding S.A.
|
53,370
|
591,734
|
|
Metalurgica Gerdau S.A.
|
55,900
|
189,744
|
|
Vale S.A., Class A
|
39,271
|
190,516
|
|
1,664,442
|
||
|
SOUTH KOREA—0.4%
|
||
|
Samsung Electronics Co. Ltd.
|
590
|
587,102
|
|
TOTAL PREFERRED STOCK
(Cost $3,806,813)
|
2,251,544
|
|
|
Mutual Funds—27.4%
|
||
|
UNITED STATES—27.4%
|
||
|
Pear Tree PanAgora Risk Parity Emerging Markets Fund*
(Cost $39,814,145)
|
3,912,134
|
38,260,668
|
|
Short Term Investments—0.5%
|
||
|
Par
Value
|
Value
|
|
|
State Street Bank & Trust Co., Repurchase Agreement .0%,
04/01/15, (Dated 3/31/15), Collateralized by 725,000
par U.S. Treasury Note-2.25% due 11/15/2024, Market
Value $750,375, Repurchase Proceeds $732,661
(Cost $732,661)
|
$732,661
|
732,661
|
|
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS
PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED)
(Cost $139,814,326)
|
139,448,448
|
|
|
INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED—1.1%
|
||
|
Money Market—1.1%
|
||
|
Western Asset Institutional Cash Reserves—Inst.
(Cost $1,516,442)
|
1,516,442
|
1,516,442
|
|
TOTAL INVESTMENTS—100.9%
(Cost $141,330,768)
|
140,964,890
|
|
|
OTHER ASSETS & LIABILITIES (Net)—(0.9%)
|
(1,246,414)
|
|
|
NET ASSETS—100%
|
$139,718,476
|
|
*
|
Investment in affiliated security. This Fund is advised by Pear Tree Advisors, Inc. which also serves as advisor to Pear Tree PanAgora Dynamic Emerging Markets Fund.
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
All or a portion of this security was out on loan.
|
|
(c)
|
ADR—American Depositary Receipts
|
|
(d)
|
GDR—Global Depositary Receipts
|
|
(e)
|
At March 31, 2015, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $141,746,000 was as follows:
|
|
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost
|
$16,671,167
|
|
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value
|
(17,452,277)
|
|
Net unrealized appreciation/(depreciation)
|
$(781,110)
|
|
The percentage of each investment category is calculated as a percentage of net assets.
|
|
SECTOR ALLOCATIONS
(as a percentage of Total Net Assets)
|
|
|
Financials
|
19.6%
|
|
Information Technology
|
16.9%
|
|
Consumer Discretionary
|
6.5%
|
|
Telecommunication Services
|
5.9%
|
|
Materials
|
5.7%
|
|
Energy
|
5.4%
|
|
Consumer Staples
|
4.2%
|
|
Industrials
|
3.8%
|
|
Utilities
|
2.7%
|
|
Health Care
|
1.2%
|
|
Mutual Funds
|
27.4%
|
|
Cash and Other Assets (Net)
|
0.7%
|
PEAR TREE PANAGORA RISK PARITY EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS
March 31, 2015
Common Stock—90.0%
|
Shares
|
Value
|
|
|
BRAZIL—3.2%
|
||
|
Banco do Brasil S.A.
|
2,400
|
$ 17,265
|
|
BRF S.A.
|
1,300
|
25,839
|
|
CCR S.A.
|
8,300
|
42,481
|
|
Cetip S.A. Mercados Organizados
|
2,200
|
22,002
|
|
CIA Paranaense de Energia (c)
|
3,284
|
34,416
|
|
Cielo S.A.
|
5,400
|
77,472
|
|
Companhia Energetica de Minas Gerais (c)
|
7,462
|
30,519
|
|
Companhia Siderurgica Nacl (b)(c)
|
15,811
|
26,563
|
|
Cosan S.A. Industria e Comercio
|
4,700
|
41,160
|
|
CPFL Energia S.A. (c)
|
686
|
8,726
|
|
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes
|
10,300
|
42,854
|
|
Embraer S.A. (c)
|
2,049
|
63,007
|
|
Gerdau S.A. (c)
|
9,500
|
30,400
|
|
Hypermarcas S.A. (a)
|
2,800
|
17,320
|
|
Kroton Educacional S.A.
|
7,792
|
25,177
|
|
Localiza Rent a Car S.A.
|
5,500
|
62,690
|
|
Lojas Americanas S.A.
|
11,375
|
47,147
|
|
Lojas Renner S.A..
|
1,000
|
28,505
|
|
Natura Cosméticos S.A.
|
1,300
|
10,981
|
|
Odontoprev S.A.
|
21,500
|
73,384
|
|
Petroleo Brasileiro S.A.
|
13,800
|
41,512
|
|
Porto Seguro S.A.
|
2,600
|
29,187
|
|
Qualicorp S.A. (a)
|
9,000
|
64,433
|
|
Raia Drogasil S.A.
|
4,400
|
39,569
|
|
Souza Cruz S.A.
|
2,100
|
16,749
|
|
Telefonica Brasil S.A. (b)(c)
|
3,869
|
59,157
|
|
TIM Participacoes S.A. (c)
|
2,643
|
43,821
|
|
Totvs S.A.
|
8,300
|
95,127
|
|
Transmissora Alianca de Energia Eletrica S.A.
|
6,100
|
40,109
|
|
Ultrapar Participacoes S.A.
|
1,900
|
38,678
|
|
Vale S.A.
|
1,200
|
6,760
|
|
Via Varejo S.A. (a)
|
3,300
|
16,983
|
|
Weg S.A.
|
4,790
|
47,829
|
|
1,267,822
|
||
|
CHILE—4.9%
|
||
|
AES Gener S.A.
|
162,417
|
87,121
|
|
Aguas Andinas S.A.
|
138,946
|
81,873
|
|
Banco de Chile
|
823,845
|
92,208
|
|
Banco de Crédito e Inversiones
|
1,662
|
73,982
|
|
Banco Santander Chile (c)
|
4,438
|
96,216
|
|
Cencosud S.A.
|
25,242
|
59,818
|
|
CHILE—4.9%
|
||
|
Colbun S.A.
|
329,877
|
97,295
|
|
Compania Cervecerias Unidas S.A. (b)(c)
|
4,663
|
96,804
|
|
Corpbanca S.A. (b)(c)
|
5,000
|
79,850
|
|
Empresa Nacional de Electricidad S.A. (b)(c)
|
1,685
|
75,909
|
|
Empresa Nacional de Telecomunicaciones S.A.
|
19,694
|
199,958
|
|
Empresas CMPC S.A.
|
61,044
|
167,582
|
|
Empresas Copec S.A.
|
13,338
|
154,474
|
|
Enersis S.A. (c)
|
5,367
|
87,267
|
|
LATAM Airlines Group S.A. (a)
|
13,801
|
113,276
|
|
Quimica y Minera de Chile S.A. (c)
|
4,806
|
87,709
|
|
S.A.C.I. Falabella
|
28,026
|
214,459
|
|
Vina Concha y Toro S.A.
|
44,985
|
92,566
|
|
1,958,367
|
||
|
CHINA—5.2%
|
||
|
Air China Ltd H Shares
|
34,000
|
34,684
|
|
Aluminum Corporation of China Limited H Shares (a)
|
114,000
|
56,162
|
|
Anhui Conch Cement Company Limited H
|
8,500
|
32,174
|
|
Bank of Communications Co., Ltd. H
|
60,000
|
51,458
|
|
BBMG Corporation H
|
30,000
|
27,547
|
|
Beijing Capital International Airport Co., Ltd. H
|
34,000
|
33,325
|
|
Beijing Enterprises Holdings Limited
|
5,500
|
43,410
|
|
Belle International Holdings Limited
|
18,000
|
20,962
|
|
Brilliance China Automotive Holdings, Ltd.
|
8,000
|
15,352
|
|
BYD Co., Ltd. H Shares
|
6,000
|
30,797
|
|
China Agri-Industries Holdings Limited
|
45,000
|
17,410
|
|
China Coal Energy Co., Ltd. (b)
|
82,000
|
45,368
|
|
China Communications Construction Co., Ltd., Class H
|
15,000
|
21,086
|
|
China Communications Services Corporation Ltd. H
|
106,000
|
47,026
|
|
China Construction Bank Corporation
|
37,000
|
30,682
|
|
China International Marine Containers Group Co., Ltd. H
|
8,400
|
18,308
|
|
China Longyuan Power Group H
|
33,000
|
35,962
|
|
China National Building Material Co., Ltd. H
|
38,000
|
37,834
|
|
China Oilfield Services Limited H
|
30,000
|
49,755
|
|
China Petroleum & Chemical Corporation
|
52,000
|
41,378
|
|
China Pharmaceutical Group Limited
|
44,000
|
37,168
|
|
China Shenhua Energy Co., Ltd.
|
18,500
|
47,193
|
|
China Shipping Container Lines Co., Ltd. H (a)
|
42,000
|
13,271
|
|
China Taiping Insurance Holdings Co., Ltd. (a)
|
7,400
|
25,338
|
|
China Telecom Corporation Limited
|
142,000
|
91,017
|
|
CITIC Pacific Ltd.
|
18,000
|
30,782
|
|
Datang International Power Generation Co., Ltd.
|
68,000
|
34,991
|
|
Dongfeng Motor Group Company Limited
|
14,000
|
22,425
|
|
ENN Energy Holdings Ltd.
|
4,000
|
24,478
|
|
Fosun International
|
33,000
|
63,923
|
|
Haitian International Holdings Ltd.
|
16,000
|
36,441
|
|
Huaneng Power International Inc. H
|
60,000
|
70,880
|
|
Industrial & Commercial Bank of China Ltd.
|
64,000
|
47,129
|
|
Inner Mongolia Yitai Coal Co., Ltd., Class B
|
27,000
|
39,771
|
|
Jiangsu Expressway Co. Ltd.—H
|
20,000
|
27,083
|
|
Jiangxi Copper Company Limited
|
11,000
|
20,400
|
|
Kingboard Chemical Holdings, Ltd.
|
29,500
|
46,719
|
|
Kingsoft Corporation Ltd. (b)
|
11,000
|
32,487
|
|
People’s Insurance Co (Group) of China Ltd.
|
69,000
|
34,972
|
|
PetroChina Company Limited (b)(c)
|
505
|
56,161
|
|
Shandong Weigao Group Medical Polymer Co., Ltd.
|
36,000
|
31,757
|
|
Shanghai Electric Group Company Ltd. H
|
38,000
|
24,994
|
|
Shanghai Fosun Pharmaceutical Group Class H
|
12,000
|
40,006
|
|
Shanghai Pharmaceuticals Holding Co., Ltd.
|
27,700
|
73,055
|
|
Shenzhou International Group
|
6,000
|
27,160
|
|
Sino Biopharmaceutical Limited
|
40,000
|
40,650
|
|
Sino-Ocean Land Holdings Ltd.
|
49,000
|
29,575
|
|
Sinopec Shanghai Petrochemical Co., Ltd.
|
155,000
|
57,571
|
|
Sinopharm Group Co., Ltd. H
|
14,000
|
57,055
|
|
Tingyi (Cayman Islands) Holding Corporation
|
10,000
|
21,486
|
|
Tsingtao Brewery Co., Ltd.
|
4,000
|
26,748
|
|
Uni-President China Holdings Limited
|
36,000
|
23,864
|
|
Yanzhou Coal Mining Company Limited (b)
|
38,000
|
32,541
|
|
Zhejiang Expressway Co., Ltd.
|
20,000
|
26,670
|
|
Zijin Mining Group Co., Ltd.
|
116,000
|
36,802
|
|
ZTE Corporation H
|
20,800
|
47,910
|
|
2,091,153
|
||
|
COLOMBIA—2.6%
|
||
|
Almacenes Exito S.A.
|
17,303
|
166,810
|
|
Cementos Argos S.A.
|
32,449
|
106,736
|
|
CEMEX Latam Holdings, S.A. (a)
|
15,979
|
83,185
|
|
Corporacion Financiera Colombiana S.A.
|
3,321
|
45,696
|
|
Ecopetrol S.A.
|
244,613
|
186,297
|
|
Grupo Argos S.A.
|
14,414
|
92,491
|
|
Grupo de Inversiones Suramericana SA
|
6,194
|
80,159
|
|
Interconexión Electrica S.A.
|
45,457
|
130,241
|
|
Isagen S.A. E.S.P.
|
147,496
|
173,476
|
|
1,065,091
|
||
|
CZECH REPUBLIC—0.7%
|
||
|
CEZ A.S.
|
4,364
|
106,662
|
|
Komercni Banka A.S.
|
483
|
104,224
|
|
Telefónica Czech Republic, A.S.
|
9,459
|
75,565
|
|
286,451
|
||
|
EGYPT—1.0%
|
||
|
Commercial International Bank
|
19,631
|
146,138
|
|
Global Telecom Holding S.A.E. (a)(d)
|
38,869
|
85,512
|
|
Talaat Moustafa Group (TMG) Holding
|
63,617
|
85,961
|
|
Telecom Egypt SAE
|
64,627
|
94,272
|
|
411,883
|
||
|
GREECE—1.2%
|
||
|
Alpha Bank A.E. (a)
|
90,703
|
26,795
|
|
Eurobank Ergasias S.A. (a)
|
237,768
|
26,819
|
|
Folli-Follie S.A.
|
1,701
|
50,689
|
|
Hellenic Telecommunication Organization S.A. (a)
|
7,273
|
64,458
|
|
Jumbo S.A.
|
4,399
|
45,744
|
|
Opap S.A.
|
6,900
|
64,710
|
|
Piraeus Bank S.A. (a)
|
70,614
|
27,233
|
|
Public Power Corporation S.A. (a)
|
10,804
|
66,155
|
|
Titan Cement Company S.A.
|
4,109
|
94,329
|
|
466,932
|
||
|
HONG KONG—2.3%
|
||
|
AAC Technologies Holdings Inc. (b)
|
9,000
|
55,655
|
|
Alibaba Health Information Technology Ltd. (a)
|
42,000
|
35,479
|
|
ANTA Sports Products, Ltd.
|
12,000
|
21,914
|
|
Beijing Enterprises Water Group Limited
|
48,000
|
32,809
|
|
China Gas Holdings Ltd.
|
20,000
|
32,861
|
|
China Merchants Holdings International Co., Ltd.
|
6,000
|
23,639
|
|
China Mobile Limited
|
5,000
|
65,128
|
|
China Resources Cement Holdings Limited
|
36,000
|
20,336
|
|
China Resources Enterprise
|
8,000
|
15,682
|
|
China Resources Gas Group Limited
|
12,000
|
37,452
|
|
China Resources Power Holdings Co., Ltd.
|
16,000
|
40,114
|
|
China Unicom (Hong Kong) Limited (c)
|
5,202
|
79,382
|
|
CNOOC Limited (c)
|
169
|
23,968
|
|
Franshion Properties (China) Ltd.
|
50,000
|
15,154
|
|
GCL-Poly Energy Holdings Ltd. (a)
|
104,000
|
27,764
|
|
Guangdong Investment Limited
|
48,000
|
63,142
|
|
Hanergy Thin Film Power Group Ltd. (b)
|
36,000
|
32,267
|
|
Hengan International Group Co., Ltd.
|
2,500
|
30,017
|
|
Lee & Man Paper Manufacturing Ltd.
|
47,000
|
22,730
|
|
Lenovo Group Limited
|
26,000
|
37,890
|
|
Semiconductor Manufacturing International Corp. (a)
|
267,000
|
25,826
|
|
Shanghai Industrial Holdings Limited
|
17,000
|
52,289
|
|
Sihuan Pharmaceutical Holdings Group Ltd.
|
48,000
|
27,300
|
|
Sun Art Retail Group Ltd. (b)
|
33,500
|
29,206
|
|
Tencent Holdings Limited
|
2,000
|
37,994
|
|
Want Want China Holdings Limited
|
29,000
|
30,668
|
|
916,666
|
||
|
HUNGARY—0.5%
|
||
|
MOL Hungarian Oil an Gas Nyrt.
|
1,311
|
56,839
|
|
OTP Bank Nyrt.
|
4,444
|
84,318
|
|
Richter Gedeon Nyrt
|
3,883
|
53,478
|
|
194,635
|
||
|
INDONESIA—6.8%
|
||
|
PT Adaro Energy Tbk
|
1,141,100
|
82,910
|
|
PT Astra Agro Lestari Tbk
|
50,400
|
93,669
|
|
PT Astra International Tbk
|
145,500
|
95,423
|
|
PT Bank Central Asia Tbk
|
71,500
|
81,070
|
|
PT Bank Danamon Indonesia Tbk
|
166,400
|
65,224
|
|
PT Bank Mandiri Tbk
|
56,900
|
54,289
|
|
PT Bank Negara Indonesia (Persero) Tbk
|
133,300
|
73,659
|
|
PT Bank Rakyat Indonesia Tbk
|
44,000
|
44,673
|
|
PT Bumi Serpong Damai Tbk
|
306,000
|
49,966
|
|
PT Charoen Pokphand Indonesia Tbk
|
196,800
|
53,358
|
|
PT Global Mediacom Tbk
|
533,800
|
71,446
|
|
PT Gudang Garam Tbk
|
15,000
|
58,509
|
|
PT Indo Tambangraya Megah Tbk
|
71,700
|
92,675
|
|
PT Indocement Tunggal Prakarsa Tbk
|
69,700
|
116,877
|
|
PT Indofood CBP Sukses Makmur Tbk
|
70,800
|
79,464
|
|
PT Indofood Sukses Makmur Tbk
|
120,500
|
68,660
|
|
PT Jasa Marga (Persero) Tbk
|
254,200
|
139,980
|
|
PT Kalbe Farma Tbk
|
1,386,600
|
197,783
|
|
PT Lippo Karawaci Tbk
|
584,600
|
60,360
|
|
PT Matahari Department Store Tbk
|
44,000
|
66,294
|
|
PT Media Nusantara Citra Tbk
|
306,600
|
67,182
|
|
PT Perusahaan Gas Negara (Persero) Tbk
|
454,700
|
166,926
|
|
PT Semen Indonesia (Persero) Tbk
|
102,300
|
106,799
|
|
PT Surya Citra Media Tbk
|
236,200
|
61,331
|
|
PT Tambang Batubara Bukit Asam (Persero) Tbk
|
118,800
|
97,675
|
|
PT Telekomunikasi Indonesia Tbk (c)
|
2,884
|
125,569
|
|
PT Unilever Indonesia Tbk
|
32,200
|
97,647
|
|
PT United Tractors Tbk
|
93,100
|
155,226
|
|
PT XL Axiata Tbk
|
265,900
|
88,464
|
|
Tower Bersama Infrastructure
|
153,000
|
110,874
|
|
2,723,982
|
||
|
MALAYSIA—7.6%
|
||
|
AirAsia Berhad
|
77,200
|
49,611
|
|
Alliance Financial Group Berhad
|
35,600
|
46,044
|
|
AMMB Holdings Berhad
|
14,900
|
25,588
|
|
Astro Malaysia Holdings Berhad
|
74,100
|
64,026
|
|
Axiata Group Berhad
|
50,200
|
95,968
|
|
Berjaya Sports Toto Berhad
|
91,581
|
83,087
|
|
British American Tobacco (Malaysia) Berhad
|
3,700
|
68,595
|
|
Bumi Armada Berhad
|
291,550
|
81,085
|
|
CIMB Group Holdings Berhad
|
19,100
|
32,078
|
|
Dialog Group Berhad
|
151,756
|
64,743
|
|
DiGi.Com Berhad
|
69,100
|
117,546
|
|
Felda Global Ventures Holdings Berhad
|
106,400
|
62,343
|
|
Gamuda Berhad
|
33,700
|
46,407
|
|
Genting Berhad
|
39,200
|
95,261
|
|
Genting Malaysia Berhad
|
93,400
|
106,678
|
|
Genting Plantation Berhad
|
33,500
|
91,721
|
|
Hong Leong Bank Berhad
|
16,000
|
61,607
|
|
Hong Leong Financial Group Berhad
|
7,700
|
35,262
|
|
IHH Healthcare Berhad
|
94,500
|
153,354
|
|
IJM Corporation Berhad
|
20,600
|
40,049
|
|
IOI Corporation Berhad
|
77,100
|
95,555
|
|
IOI Properties Group Berhad
|
70,000
|
41,204
|
|
Kuala Lumpur Kepong Berhad
|
17,800
|
109,487
|
|
Malayan Banking Berhad
|
19,200
|
48,369
|
|
Malaysia Airports Holdings Berhad
|
24,400
|
46,119
|
|
Maxis Berhad
|
59,900
|
116,290
|
|
MISC Berhad
|
25,600
|
58,686
|
|
Petronas Chemicals Group Berhad
|
83,600
|
127,313
|
|
Petronas Dagangan Berhad
|
17,900
|
96,665
|
|
Petronas Gas Berhad
|
11,700
|
72,724
|
|
PPB Group Berhad
|
17,100
|
71,013
|
|
Public Bank Bhd
|
10,400
|
53,018
|
|
RHB Capital Berhad
|
15,900
|
34,002
|
|
SapuraKencana Petroleum Berhad
|
85,600
|
54,547
|
|
Sime Darby Berhad
|
24,800
|
62,075
|
|
Telekom Malaysia Berhad
|
72,600
|
142,514
|
|
Tenaga Nasional Berhad
|
29,100
|
112,833
|
|
UEM Sunrise Berhad
|
89,100
|
33,201
|
|
UMW Holdings Berhad
|
26,100
|
76,394
|
|
YTL Corporation Berhad
|
207,100
|
93,387
|
|
YTL Power International Berhad
|
244,100
|
98,866
|
|
3,065,315
|
||
|
MEXICO—5.7%
|
||
|
Alfa S.A.B. de C.V., Series A
|
38,800
|
78,499
|
|
America Movil S.A.B. Series L (c)
|
9,702
|
198,503
|
|
Arca Continental S.A.B. de C.V.
|
8,500
|
52,287
|
|
Cemex S.A. de C.V. (a)(c)
|
4,015
|
38,022
|
|
Cemex S.A.B. CPO
|
35,880
|
34,025
|
|
Coca-Cola FEMSA SAB de C.V. (b)(c)
|
744
|
59,416
|
|
Compartamos, S.A.B de C.V.
|
46,700
|
83,732
|
|
Controladora Comercial Mexicana S.A. de C.V.
|
17,900
|
57,673
|
|
El Puerto de Liverpool S.A.B. de C.V.
|
14,500
|
170,120
|
|
Fibra Uno Administracion S.A. de C.V.
|
27,484
|
72,817
|
|
Fomento Economico Mexicano S.A.B. (c)
|
514
|
48,059
|
|
Genomma Lab Internacional SAB de C.V. (a)(b)
|
167,700
|
156,720
|
|
GRUMA, S.A.B. de C.V., Series B
|
4,500
|
57,278
|
|
Grupo Aeroportuario del Pacifico S.A.B. (c)
|
1,395
|
91,428
|
|
Grupo Aeroportuario del Sureste, S. A. B. de C.V., Series B
|
4,900
|
65,918
|
|
Grupo Bimbo, S.A. de C.V.
|
17,700
|
50,041
|
|
Grupo Carso SAB de C.V., Series A1 (b)
|
11,600
|
48,413
|
|
Grupo Comercial Chedraui S.A. de C.V. (b)
|
21,800
|
66,036
|
|
Grupo Financiero Banorte SAB de C.V.
|
17,000
|
98,599
|
|
Grupo Financiero Inbursa SAB de C.V.
|
31,100
|
78,401
|
|
Grupo Lala SAB de C.V.
|
21,500
|
43,512
|
|
Grupo Mexico S.A.B. de C.V., Series B
|
17,500
|
51,622
|
|
Grupo Televisa S.A.B. (c)
|
3,723
|
122,896
|
|
Industrias Penoles SAB de C.V.
|
2,970
|
51,592
|
|
Kimberly-Clark de Mexico S.A. de C.V., Class A
|
13,400
|
28,007
|
|
Mexichem SAB de C.V.
|
21,900
|
57,133
|
|
Minera Frisco S.A.B. De C.V. (a)(b)
|
46,000
|
49,474
|
|
OHL Mexico, S.A.B. de C.V.
|
23,200
|
43,864
|
|
Promotora Y Operadora de Infraestructura, S.A.B. de C.V.
|
7,200
|
76,871
|
|
Santander Mexico SAB de C.V.
|
36,600
|
79,952
|
|
Wal-Mart de Mexico, S.A.B. de C.V.
|
30,500
|
76,028
|
|
2,286,938
|
||
|
PERU—0.8%
|
||
|
Credicorp Ltd.
|
934
|
131,349
|
|
Companhia de Minas Buenaventura S.A. (c)
|
8,926
|
90,420
|
|
Southern Copper Corporation (b)
|
3,566
|
104,056
|
|
325,825
|
||
|
PHILIPPINES—5.8%
|
||
|
Aboitiz Equity Ventures, Inc.
|
69,300
|
89,920
|
|
Aboitiz Power Corporation
|
208,400
|
207,468
|
|
Alliance Global Group, Inc.
|
121,900
|
72,267
|
|
Ayala Corporation
|
4,530
|
80,567
|
|
Ayala Land Inc.
|
88,100
|
75,880
|
|
Bank of the Philippine Islands
|
36,516
|
82,100
|
|
BDO Unibank, Inc.
|
19,280
|
53,354
|
|
DMCI Holdings, Inc.
|
218,150
|
75,645
|
|
Energy Development Corporation
|
820,300
|
155,986
|
|
Globe Telecom, Inc.
|
4,665
|
210,186
|
|
International Container Terminal Services, Inc.
|
34,340
|
82,969
|
|
JG Summit Holdings, Inc.
|
49,050
|
79,555
|
|
Jollibee Foods Corporation
|
51,300
|
252,483
|
|
Megaworld Corporation
|
569,000
|
69,120
|
|
Metro Pacific Investments Corporation
|
720,600
|
77,864
|
|
Metropolitan Bank & Trust Company
|
39,398
|
85,979
|
|
Philippine Long Distance Telephone Company (c)
|
2,406
|
150,351
|
|
SM Investments Corporation
|
3,928
|
79,043
|
|
SM Prime Holdings, Inc.
|
179,300
|
80,143
|
|
Universal Robina Corporation
|
49,770
|
251,634
|
|
2,312,514
|
||
|
POLAND—4.2%
|
||
|
Alior Bank S.A. (a)
|
2,932
|
64,359
|
|
Bank Handlowy w Warszawie S.A.
|
1,260
|
35,975
|
|
Bank Millennium S.A.
|
24,470
|
42,880
|
|
Bank Pekao S.A.
|
612
|
29,641
|
|
Bank Zachodni WBK S.A.
|
395
|
35,910
|
|
CCC S.A.
|
1,510
|
72,776
|
|
Cyfrowy Polsat S.A.
|
17,925
|
117,850
|
|
ENEA S.A.
|
14,609
|
63,596
|
|
Energa S.A.
|
11,210
|
73,554
|
|
Eurocash S.A.
|
15,242
|
131,498
|
|
Getin Noble Bank S.A.
|
52,529
|
23,393
|
|
Grupa Azoty S.A.
|
4,328
|
92,379
|
|
Grupa LOTOS S.A. (a)
|
11,387
|
81,257
|
|
KGHM Polska Miedz S.A.
|
2,829
|
89,457
|
|
LPP S.A.
|
33
|
61,520
|
|
mBank S.A.
|
215
|
24,948
|
|
Orange Polska S.A.
|
50,359
|
126,465
|
|
PGE S.A.
|
13,573
|
74,537
|
|
PKO Bank Polski S.A.
|
3,149
|
28,213
|
|
Polski Koncern Naftowy ORLEN S.A.
|
7,522
|
117,441
|
|
Polskie Gornictwo Naftowe i Gazownictwo S.A.
|
74,950
|
108,626
|
|
PZU S.A.
|
282
|
36,338
|
|
Synthos S.A.
|
68,146
|
79,012
|
|
Tauron Polska Energia S.A.
|
65,807
|
76,473
|
|
1,688,098
|
||
|
QATAR—4.5%
|
||
|
Barwa Real Estate Company Q.S.C.
|
9,010
|
111,597
|
|
Commercial Bank of Qatar Q.S.C.
|
7,855
|
118,647
|
|
Doha Bank Q.S.C.
|
6,703
|
92,595
|
|
Gulf International Services Q.S.C.
|
6,975
|
183,893
|
|
Industries Qatar Q.S.C.
|
6,719
|
256,489
|
|
Masraf Al Rayan Q.S.C.
|
8,473
|
110,879
|
|
Ooredoo Q.S.C.
|
6,583
|
180,247
|
|
Qatar Electricity & Water Company Q.S.C.
|
6,312
|
338,547
|
|
Qatar Islamic Bank SAQ
|
3,962
|
108,156
|
|
Qatar National Bank SAQ
|
3,076
|
163,462
|
|
Vodafone Qatar
|
29,069
|
142,341
|
|
1,806,853
|
||
|
RUSSIA—2.8%
|
||
|
ALROSA ao
|
57,300
|
69,520
|
|
Federal Hydro-Generating Company RusHydro OAO
|
5,089,000
|
46,045
|
|
Gazprom (c)
|
11,237
|
53,421
|
|
JSC RusHydro (b)(c)
|
72,761
|
70,433
|
|
Magnit OJSC (Reg S) (d)
|
2,783
|
142,072
|
|
MegaFon (d)
|
3,601
|
57,616
|
|
Mobile TeleSystems (c)
|
5,038
|
50,884
|
|
Moscow Exchange MICEX-RTS
|
57,010
|
66,650
|
|
Norilsk Nickel Mining and Metallurgical Co. (c)
|
3,515
|
62,444
|
|
NovaTek OAO (Reg S) (d)
|
458
|
34,350
|
|
OAO Rostelecom
|
45,640
|
61,099
|
|
OC Rosneft OJSC (Reg S) (d)
|
11,492
|
49,473
|
|
Sberbank
|
38,840
|
41,737
|
|
Severstal (d)
|
7,131
|
80,081
|
|
Sistema JSFC (Reg S) (d)
|
9,135
|
67,599
|
|
Tatneft (a)(c)
|
1,495
|
44,536
|
|
Uralkali OJSC
|
19,200
|
51,011
|
|
VTB Bank OJSC
|
72,030,000
|
74,270
|
|
1,123,241
|
||
|
SOUTH AFRICA—5.4%
|
||
|
African Bank Investments Limited
|
47,336
|
—
|
|
African Rainbow Minerals Limited
|
3,044
|
24,794
|
|
Anglogold Ashanti Ltd. (c)
|
3,117
|
29,113
|
|
Aspen Pharmacare Holdings Limited
|
2,007
|
63,486
|
|
Assore Ltd.
|
3,442
|
37,710
|
|
Barloworld Limited
|
13,711
|
104,813
|
|
Bidvest Group Limited
|
4,777
|
129,338
|
|
Discovery Ltd.
|
1,769
|
18,186
|
|
Exxaro Resources Ltd. (b)
|
10,631
|
88,011
|
|
Foschini Limited
|
3,981
|
59,216
|
|
Gold Fields Limited
|
3,713
|
15,697
|
|
Gold Fields Ltd. (c)
|
4,490
|
18,005
|
|
Growthpoint Properties Limited
|
21,002
|
49,601
|
|
Impala Platinum Holdings Limited
|
2,939
|
14,243
|
|
Imperial Holdings Limited
|
4,233
|
67,267
|
|
Investec Ltd.
|
4,159
|
34,435
|
|
Life Healthcare Group Holdings Ltd.
|
20,143
|
70,205
|
|
Massmart Holdings Ltd.
|
4,531
|
55,987
|
|
Mediclinic International, Ltd.
|
7,243
|
72,785
|
|
MMI Holdings Ltd.
|
13,440
|
36,336
|
|
Mr Price Group Ltd.
|
2,605
|
55,795
|
|
MTN Group Limited
|
3,432
|
57,956
|
|
Nampak Ltd.
|
7,606
|
25,501
|
|
Naspers Limited N Shs
|
446
|
68,703
|
|
Netcare Limited
|
27,555
|
94,653
|
|
Pick n Pay Stores Ltd.
|
10,396
|
42,348
|
|
PPC, Ltd.
|
17,830
|
26,922
|
|
Redefine Properties Ltd.
|
26,601
|
27,172
|
|
Remgro Limited
|
1,906
|
41,733
|
|
RMI Holdings Ltd.
|
6,849
|
26,099
|
|
Sanlam Limited
|
7,618
|
49,180
|
|
Sappi Ltd.
|
8,232
|
33,180
|
|
Sasol Ltd.
|
2,679
|
90,960
|
|
Shoprite Holdings Ltd.
|
3,148
|
42,598
|
|
Spar Group Limited (The)
|
5,801
|
90,173
|
|
Steinoff International Holdings Limited
|
14,100
|
88,309
|
|
Telkom South Africa Limited
|
10,145
|
66,188
|
|
Tiger Brands Limited
|
2,360
|
59,370
|
|
Truworths International Ltd.
|
6,076
|
44,175
|
|
Vodacom Group (Proprietary) Limited
|
8,778
|
95,947
|
|
Woolworths Holdings Limited
|
9,145
|
64,899
|
|
2,181,089
|
||
|
SOUTH KOREA—5.5%
|
||
|
Amore Pacific Corporation
|
25
|
75,601
|
|
Amorepacific Group
|
36
|
48,673
|
|
BS Financial Group, Inc.
|
1,490
|
20,414
|
|
Celltrion Inc. (a)(b)
|
1,100
|
69,305
|
|
CJ CheilJedang Corp.
|
116
|
39,522
|
|
Daewoo International Corporation
|
420
|
10,051
|
|
Daewoo Securities Co., Ltd. (a)
|
1,770
|
20,660
|
|
DGB Financial Group Inc.
|
1,410
|
15,378
|
|
Dongbu Insurance Co., Ltd.
|
443
|
19,745
|
|
Doosan Heavy Industries & Construction Co., Ltd.
|
1,230
|
31,375
|
|
Doosan Infracore Co., Ltd. (a)
|
3,730
|
40,008
|
|
E-MART Co., Ltd.
|
102
|
21,421
|
|
GS Holdings Corp.
|
1,490
|
57,615
|
|
Hana Financial Group, Inc.
|
490
|
12,698
|
|
Hankook Tire Co. Ltd.
|
714
|
29,186
|
|
Hanwha Corporation
|
600
|
19,658
|
|
Hyosung Corporation
|
364
|
28,445
|
|
Hyundai Marine & Fire Insurance, Co., Ltd.
|
912
|
20,386
|
|
Hyundai Mobis Co.,Ltd.
|
73
|
16,219
|
|
Hyundai Steel Co., Ltd.
|
364
|
23,951
|
|
Hyundai Wia Corp.
|
165
|
21,044
|
|
Industrial Bank of Korea
|
1,890
|
22,742
|
|
Kangwon Land Inc.
|
980
|
30,607
|
|
KB Financial Group Inc.
|
840
|
29,755
|
|
Korea Aerospace Industries, Ltd.
|
290
|
14,742
|
|
Korea Electric Power Corporation
|
2,346
|
97,270
|
|
Korea Gas Corporation (a)
|
2,424
|
88,487
|
|
Korea Kumho Petrochemical Co., Ltd.
|
401
|
28,373
|
|
Korea Zinc Co., Ltd.
|
92
|
35,160
|
|
KT Corporation (c)
|
7,023
|
91,861
|
|
KT&G Corporation
|
320
|
25,584
|
|
LG Chem Ltd.
|
141
|
28,722
|
|
LG Display Co., Ltd. (a)
|
1,436
|
40,513
|
|
LG Household & Healthcare
|
45
|
34,112
|
|
LG Innotek Co., Ltd. (a)
|
348
|
36,386
|
|
LG Uplus Corp.
|
6,740
|
66,826
|
|
Lotte Chemical Corporation
|
190
|
34,851
|
|
Lotte Confectionery Co. Ltd.
|
18
|
28,944
|
|
Lotte Shopping Co., Ltd.
|
148
|
31,682
|
|
Naver Corp.
|
43
|
26,007
|
|
NCSoft Corporation
|
168
|
27,484
|
|
Orion Corporation
|
42
|
43,838
|
|
Paradise Co., Ltd.
|
1,235
|
26,994
|
|
POSCO
|
77
|
16,969
|
|
Samsung C&T Corp.
|
560
|
29,982
|
|
Samsung Card Co, Ltd.
|
907
|
33,559
|
|
Samsung Electro-Mechanics Co., Ltd.
|
282
|
19,546
|
|
Samsung Electronics Company, Ltd.
|
14
|
18,184
|
|
Samsung Fire & Marine Insurance Co., Ltd.
|
74
|
17,842
|
|
Samsung Life Insurance Co., Ltd
|
183
|
15,950
|
|
Samsung SDI Company, Ltd.
|
221
|
27,191
|
|
Samsung Securities Co., Ltd.
|
380
|
17,811
|
|
Shinhan Financial Group Co., Ltd.
|
600
|
22,687
|
|
Shinsegae Co., Ltd.
|
211
|
32,046
|
|
SK C&C Co., Ltd.
|
221
|
46,313
|
|
SK Hynix Inc. (a)
|
700
|
28,740
|
|
SK Innovation Co., Ltd.
|
680
|
58,472
|
|
SK Telecom Co., Ltd. (c)
|
2,365
|
64,352
|
|
S-Oil Corp.
|
1,026
|
59,464
|
|
Woori Bank
|
2,508
|
21,204
|
|
Woori Investment & Securities Co., Ltd.
|
3,347
|
43,442
|
|
Yuhan Co., Ltd.
|
504
|
84,950
|
|
2,190,999
|
||
|
TAIWAN—6.7%
|
||
|
Asia Cement Corporation
|
56,808
|
71,441
|
|
Asia Pacific Telecom Co., Ltd.
|
119,000
|
54,385
|
|
Cheng Shin Rubber Industry Co., Ltd.
|
27,900
|
64,110
|
|
China Airlines Ltd. (a)
|
107,000
|
54,885
|
|
China Life Insurance Co,. Limited
|
37,400
|
32,571
|
|
China Steel Corporation
|
74,208
|
61,662
|
|
Chinatrust Financial Holding Co., Ltd.
|
27,739
|
18,439
|
|
Chunghwa Telecom Co., Ltd. (b)(c)
|
3,356
|
107,627
|
|
CTCI Corporation
|
22,000
|
36,280
|
|
Eclat Textile Co., Ltd.
|
2,160
|
28,407
|
|
EVA Airways Corporation (a)
|
102,108
|
74,892
|
|
Evergreen Marine Corporation (a)
|
46,000
|
34,180
|
|
Far Eastern Department Stores Ltd.
|
36,720
|
31,040
|
|
Far Eastern New Century Corporation
|
60,268
|
62,213
|
|
Far EasTone Telecommunications Co., Ltd.
|
47,000
|
113,407
|
|
Farglory Land Development Co., Ltd.
|
18,000
|
20,767
|
|
First Financial Holding Company Ltd.
|
74,900
|
44,523
|
|
Formosa Chemicals & Fiber Corporation
|
11,330
|
25,999
|
|
Formosa International Hotels Corporation
|
2,420
|
25,561
|
|
Formosa Petrochemical Corporation
|
55,000
|
120,406
|
|
Formosa Plastics Corporation
|
32,480
|
78,787
|
|
Formosa Taffeta Co., Ltd.
|
32,000
|
33,698
|
|
Fubon Financial Holding Co., Ltd.
|
14,000
|
25,145
|
|
Giant Manufacturing Co., Ltd.
|
4,000
|
38,607
|
|
Highwealth Construction Corp.
|
21,000
|
49,664
|
|
HIWIN Technologies Corp.
|
3,090
|
22,861
|
|
Hotai Motor Co., Ltd.
|
2,000
|
30,904
|
|
Hua Nan Financial Holdings Co., Ltd.
|
40,015
|
22,891
|
|
Lite-On Technology Corp.
|
27,075
|
35,088
|
|
Mega Financial Holding Co., Ltd.
|
23,751
|
19,698
|
|
Merida Industry Co., Ltd.
|
3,150
|
24,765
|
|
Nan Ya Plastics Corporation
|
29,100
|
64,636
|
|
Pou Chen Corporation
|
21,000
|
29,396
|
|
President Chain Store Corp.
|
17,000
|
127,948
|
|
Realtek Semiconductor Corporation
|
10,000
|
31,959
|
|
Ruentex Development Company Limited
|
23,000
|
35,283
|
|
Ruentex Industries Ltd.
|
21,000
|
45,973
|
|
ScinoPharm Taiwan Ltd.
|
83,603
|
132,391
|
|
Standard Foods Corporation
|
40,275
|
103,744
|
|
Synnex Technology International Corp.
|
18,000
|
24,334
|
|
Taishin Financial Holding Co., Ltd.
|
43,934
|
18,675
|
|
Taiwan Cement Corporation
|
42,000
|
59,195
|
|
Taiwan Cooperative Financial Holding Co., Ltd.
|
58,831
|
29,801
|
|
Taiwan Fertilizer Co., Ltd.
|
37,000
|
64,091
|
|
Taiwan Glass Industry Corporation
|
43,000
|
30,989
|
|
Taiwan Mobile Co., Ltd.
|
34,000
|
118,984
|
|
Taiwan Semiconductor Manufacturing Co., Ltd. (c)
|
1,057
|
24,818
|
|
TECO Electric & Machinery Co., Ltd.
|
25,000
|
23,810
|
|
U-Ming Marine Transport Corporation
|
41,000
|
60,668
|
|
Uni-President Enterprises Corporation
|
69,557
|
116,484
|
|
Yang Ming Marine Transport Corporation (a)
|
63,000
|
36,242
|
|
Yuanta Financial Holding Co., Ltd.
|
32,800
|
16,510
|
|
Yulon Motor Co., Ltd.
|
12,000
|
16,395
|
|
2,677,229
|
||
|
THAILAND—5.5%
|
||
|
Advanced Info Service For Rg
|
18,200
|
132,557
|
|
Airports of Thailand PCL
|
10,400
|
89,490
|
|
Bangkok Bank PCL (e)
|
7,700
|
43,659
|
|
Bangkok Dusit Medical Services PLC
|
202,200
|
122,414
|
|
Banpu Public Company Limited
|
52,000
|
47,142
|
|
BEC World PCL
|
57,900
|
72,953
|
|
BTS Group Holdings PCL
|
399,300
|
112,280
|
|
Bumrungrad Hospital PLC
|
27,700
|
129,392
|
|
Central Pattana PCL
|
35,600
|
46,770
|
|
Charoen Pokphand Foods PCL
|
125,200
|
86,570
|
|
CP ALL PCL
|
82,600
|
104,075
|
|
Delta Electronics PCL
|
56,000
|
129,502
|
|
Glow Energy PCL
|
49,400
|
130,180
|
|
Home Product Center PCL
|
279,299
|
69,954
|
|
Indorama Ventures Public Company Limited
|
85,500
|
68,316
|
|
IRPC PCL
|
263,500
|
34,820
|
|
Kasikornbank PCL (e)
|
10,400
|
73,190
|
|
Krung Thai Bank PCL
|
72,200
|
50,589
|
|
Minor International PCL
|
75,900
|
81,638
|
|
PTT Exploration & Production PCL
|
16,300
|
54,600
|
|
PTT Global Chemical PCL
|
28,700
|
46,084
|
|
PTT PCL
|
7,100
|
70,476
|
|
Siam Cement Pub Co-for Reg
|
6,100
|
95,980
|
|
Siam Commercial Bank PCL
|
11,300
|
61,813
|
|
Thai Oil PCL
|
25,300
|
40,430
|
|
Thai Union Frozen Products PCL
|
104,100
|
64,303
|
|
TMB Bank Public Company Limited
|
647,600
|
59,307
|
|
True Corp PCL (a)
|
194,689
|
74,788
|
|
2,193,272
|
||
|
TURKEY—4.4%
|
||
|
Akbank T.A.S.
|
20,669
|
60,843
|
|
Anadolu Efes Biracilik VE (a)
|
10,043
|
83,859
|
|
Arcelik A.S.
|
12,843
|
74,128
|
|
BIM Birlesik Magazalar A.S.
|
4,336
|
76,916
|
|
Coca-Cola Icecek A.S.
|
4,015
|
67,900
|
|
Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.
|
24,832
|
28,188
|
|
Enka naat ve Sanayi A..
|
32,264
|
64,558
|
|
Eregli Demir ve Celik Fabrikalari T.A.S.
|
71,778
|
111,584
|
|
Ford Otomotiv Sanayi A.S. (a)
|
6,791
|
87,670
|
|
Haci Omer Sabanci Holding A.S.
|
12,469
|
44,045
|
|
Koc Holding A.S.
|
17,783
|
81,087
|
|
Petkim Petrokimya Holding A.S.
|
78,392
|
104,370
|
|
TAV Havalimanlari Holding A.S.
|
9,549
|
79,918
|
|
Tofas Turk Otomobil Fabrikasi A.S.
|
12,079
|
73,205
|
|
Tupras—Turkiye Petrol Rafinerileri A.S.
|
7,476
|
177,349
|
|
Turk Hava Yollari A.O. (a)
|
20,144
|
66,583
|
|
Turk Telekomunikasyon A.S.
|
37,251
|
98,904
|
|
Turkcell Iletisim Hizmetleri A.S. (a)(c)
|
7,788
|
101,478
|
|
Turkiye Garanti Bankasi A.S.
|
14,840
|
48,709
|
|
Turkiye Halk Bankasi A.S.
|
4,428
|
21,895
|
|
Turkiye Sise ve Cam Fabrikalari A.S.
|
52,140
|
64,403
|
|
Turkiye Vakiflar Bankasi T-d
|
25,635
|
42,021
|
|
Ulker Biskuvi Sanayi A.S.
|
9,921
|
74,442
|
|
Yapi ve Kredi Bankasi A.S.
|
25,678
|
39,523
|
|
1,773,578
|
||
|
UNITED ARAB EMERATES—2.7%
|
||
|
Abu Dhabi Commercial Bank
|
60,933
|
107,336
|
|
Aldar Properties PJSC
|
142,754
|
92,114
|
|
Arabtec Holding Company PJSC
|
155,605
|
96,594
|
|
DP World Ltd.
|
9,567
|
206,647
|
|
Dubai Financial Market PJSC
|
174,163
|
71,602
|
|
Dubai Islamic Bank PSJ
|
63,465
|
107,131
|
|
Emaar Properties PJSC
|
55,405
|
99,560
|
|
First Gulf Bank PJSC
|
33,985
|
135,093
|
|
National Bank of Abu Dhabi PJSC
|
53,084
|
171,989
|
|
1,088,066
|
||
|
TOTAL COMMON STOCK
(Cost $37,613,876)
|
36,095,999
|
|
|
Preferred Stock—2.4%
|
||
|
BRAZIL—0.8%
|
||
|
AES Tiete S.A.
|
2,800
|
15,122
|
|
Banco Bradesco S.A.
|
3,720
|
34,657
|
|
Banco do Estado do Ria Grande do Sul S.A.
|
4,900
|
16,925
|
|
Bradespar S.A.
|
6,800
|
22,612
|
|
Centrais Eletricas Brasileiras S.A.
|
11,200
|
23,914
|
|
Itausa-Investimentos Itau S.A.
|
6,380
|
19,993
|
|
Lojas Americanas S.A.
|
4,250
|
21,953
|
|
Metalurgica Gerdau S.A.
|
3,500
|
11,880
|
|
Oi S.A.
|
18,080
|
29,124
|
|
Petróleo Brasileiro S.A.
|
13,600
|
41,551
|
|
Suzano Papel e Celulose S.A.
|
12,700
|
58,980
|
|
Usiminas Usi Sd Mg (a)
|
10,200
|
15,918
|
|
Vale S.A., Class A
|
2,000
|
9,703
|
|
322,332
|
||
|
CHILE—0.2%
|
||
|
Embotelladora Andina S.A.
|
30,427
|
78,439
|
|
COLOMBIA—0.9%
|
||
|
Banco Davivienda S.A.
|
6,282
|
61,288
|
|
Bancolombia S.A.
|
8,082
|
79,161
|
|
Grupo Argos S.A.
|
11,887
|
77,651
|
|
Grupo Aval Acciones y Valores S.A.
|
136,463
|
61,305
|
|
Grupo de Inversiones Suramericana S.A.
|
4,985
|
64,398
|
|
343,803
|
||
|
RUSSIA—0.3%
|
||
|
AK Transneft OAO
|
19
|
41,304
|
|
Sberbank
|
48,710
|
37,995
|
|
Surgutneftegas OAO
|
44,100
|
33,513
|
|
112,812
|
||
|
SOUTH KOREA—0.2%
|
||
|
Hyundai Motor Company Ltd.
|
252
|
25,894
|
|
LG Chem Ltd.
|
149
|
20,414
|
|
Samsung Electronics Co. Ltd.
|
27
|
26,867
|
|
73,175
|
||
|
TOTAL PREFERRED STOCK
(Cost $1,317,804)
|
930,561
|
|
|
Exchange Traded Funds—2.7%
|
||
|
United States—2.7%
|
||
|
iShares MSCI Emerging Markets Index Fund
|
100
|
4,013
|
|
Vanguard FTSE Emerging Markets ETF (b)
|
25,954
|
1,060,740
|
|
(Cost $1,052,674)
|
1,064,753
|
|
|
Exchange Traded Notes—4.3%
|
||
|
United Kingdom—4.3%
|
||
|
iPath MSCI India Index ETN (a)
(Cost $1,228,655)
|
23,300
|
1,726,996
|
Short Term Investments—0.0%
|
Par
Value
|
Value
|
|
|
State Street Bank & Trust Co., Repurchase Agreement .0%,
01/02/15, (Dated 12/31/14), Collateralized by 30,000
par U.S. Treasury Note-8% due 11/15/2021, Market
Value $42,000, Repurchase Proceeds $38,330 (Cost $14,030)
|
$14,030
|
$14,030
|
|
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS
PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED)
(Cost $41,227,039)
|
39,832,339
|
|
|
INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED—2.9%
|
||
|
Money Market—2.9%
|
||
|
Western Asset Institutional Cash Reserves—Inst.
(Cost $1,171,597)
|
1,171,597
|
$1,171,597
|
|
TOTAL INVESTMENTS—102.3%
(Cost $42,398,636)
|
41,003,936
|
|
|
(948,370)
|
||
|
OTHER ASSETS & LIABILITIES (Net)—(2.3%)
|
||
|
NET ASSETS—100%
|
$40,055,566
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
All or a portion of this security was out on loan.
|
|
(c)
|
ADR—American Depository Receipts
|
|
(d)
|
GDR—Global Depository Receipts
|
|
(e)
|
NVDR—Non-Voting Depository Receipts
|
|
(f)
|
At March 31, 2015, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $42,464,263 was as follows:
|
|
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost
|
$3,758,386
|
|
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value
|
(5,218,713)
|
|
Net unrealized appreciation/(depreciation)
|
$(1,460,327)
|
|
The percentage of each investment category is calculated as a percentage of net assets.
|
|
SECTOR ALLOCATIONS
(as a percentage of Total Net Assets)
|
|
|
Financials
|
18.0%
|
|
Consumer Staples
|
10.8%
|
|
Telecommunication Services
|
10.6%
|
|
Industrials
|
10.4%
|
|
Materials
|
9.8%
|
|
Consumer Discretionary
|
9.4%
|
|
Utilities
|
8.5%
|
|
Energy
|
7.6%
|
|
Health Care
|
4.6%
|
|
Information Technology
|
2.7%
|
|
Exchange Traded Funds
|
2.7%
|
|
Exchange Traded Notes
|
4.3%
|
|
Cash and Other Assets (Net)
|
0.6%
|
PEAR TREE POLARIS FOREIGN VALUE FUND
SCHEDULE OF INVESTMENTS
March 31, 2015
Common Stock—97.6%
|
Shares
|
Value
|
|
|
AUSTRALIA—2.1%
|
||
|
Northern Star Resources Limited
|
6,251,600
|
$ 10,961,590
|
|
BHP Billiton plc (b)
|
509,500
|
22,550,470
|
|
33,512,060
|
||
|
BELGIUM—1.7%
|
||
|
Solvay S.A.
|
192,547
|
27,830,809
|
|
CANADA—1.9%
|
||
|
Methanex Corporation
|
567,507
|
30,359,804
|
|
FINLAND—5.0%
|
||
|
Caverion Corporation
|
840,216
|
8,520,563
|
|
Kone OYJ, Class B
|
759,800
|
33,693,362
|
|
Konecranes OYJ
|
971,780
|
30,691,679
|
|
YIT OYJ
|
1,438,416
|
7,903,792
|
|
80,809,396
|
||
|
FRANCE—8.0%
|
||
|
Christian Dior S.A.
|
181,173
|
34,205,361
|
|
Imerys S.A.
|
420,183
|
30,851,932
|
|
Ipsos
|
588,780
|
16,451,245
|
|
Maurel et Prom (a)
|
1,853,506
|
13,537,685
|
|
Michelin (CGDE)
|
342,300
|
34,054,158
|
|
Transgene S.A. (a)
|
159,360
|
941,559
|
|
130,041,940
|
||
|
GERMANY—18.9%
|
||
|
BASF SE
|
296,400
|
29,468,633
|
|
Deutsche Telekom AG
|
2,374,522
|
43,491,656
|
|
Freenet AG
|
1,235,439
|
37,260,308
|
|
Hannover Rueck SE
|
365,800
|
37,802,815
|
|
Lanxess AG
|
647,100
|
34,496,679
|
|
Linde Group (The)
|
130,600
|
26,607,336
|
|
Muenchener Rueckvers AG
|
151,730
|
32,721,438
|
|
Symrise AG
|
603,150
|
38,124,430
|
|
Wincor Nixdorf AG
|
634,950
|
29,834,837
|
|
309,808,132
|
||
|
HONG KONG—2.5%
|
||
|
Guangdong Investment Limited
|
24,309,800
|
31,978,535
|
|
REXLot Holdings Limited
|
101,345,939
|
7,580,736
|
|
39,559,271
|
||
|
INDIA—2.6%
|
||
|
Infosys Technologies Limited (b)
|
1,189,090
|
41,713,277
|
|
IRELAND—4.7%
|
||
|
CRH plc
|
1,324,244
|
$34,468,850
|
|
Greencore Group plc
|
8,893,087
|
42,571,189
|
|
77,040,039
|
||
|
ISRAEL—2.5%
|
||
|
Teva Pharmaceuticals SP (b)
|
657,619
|
40,969,664
|
|
ITALY—3.0%
|
||
|
GTECH SpA
|
1,277,265
|
25,315,281
|
|
Trevi Finanziaria SpA
|
7,256,383
|
22,512,449
|
|
47,827,730
|
||
|
JAPAN—9.1%
|
||
|
Asahi Group Holdings Limited
|
1,105,400
|
35,138,940
|
|
KDDI Corporation
|
1,642,800
|
37,254,511
|
|
Meiji Holdings Co., Limited
|
374,000
|
45,672,488
|
|
Showa Denko K.K.
|
23,365,000
|
29,799,066
|
|
147,865,005
|
||
|
NORWAY—5.3%
|
||
|
DnB Bank ASA
|
1,805,492
|
29,060,127
|
|
SpareBank 1 SR-Bank ASA
|
3,312,673
|
23,124,005
|
|
Yara International ASA
|
682,300
|
34,715,321
|
|
86,899,453
|
||
|
RUSSIA—0.3%
|
||
|
Sberbank of Russia (b)
|
1,312,300
|
5,766,246
|
|
SOUTH AFRICA—1.3%
|
||
|
Sasol Limited
|
604,135
|
20,512,074
|
|
SOUTH KOREA—2.0%
|
||
|
Samsung Electronics Company Limited
|
25,385
|
32,971,098
|
|
SWEDEN—7.8%
|
||
|
Duni AB
|
1,779,500
|
25,629,916
|
|
Investor AB, Class B
|
904,856
|
36,050,541
|
|
Loomis AB
|
1,104,048
|
33,773,816
|
|
Svenska Handelsbanken AB, Class A
|
681,500
|
30,754,102
|
|
126,208,375
|
||
|
SWITZERLAND—2.3%
|
||
|
Novartis AG
|
374,850
|
37,095,335
|
|
THAILAND—2.0%
|
||
|
Thai Oil PCL
|
20,021,200
|
31,994,542
|
|
UNITED KINGDOM—14.6%
|
||
|
Barratt Developments plc
|
5,114,128
|
40,131,444
|
|
BBA Aviation plc
|
3,602,431
|
18,004,372
|
|
Bellway plc
|
1,201,206
|
35,332,159
|
|
Persimmon plc
|
1,461,909
|
36,097,805
|
|
Rexam plc
|
3,860,727
|
33,190,658
|
|
Standard Chartered plc
|
1,545,747
|
25,097,208
|
|
Taylor Wimpey plc
|
16,972,146
|
39,035,197
|
|
Tullow Oil plc
|
2,677,057
|
11,256,907
|
|
238,145,750
|
||
|
TOTAL COMMON STOCK
(Cost $1,317,621,460)
|
1,586,930,000
|
|
Short Term Investments—1.8%
|
||
|
Par
Value
|
Value
|
|
|
Money Market—1.8%
|
||
|
State Street Global Advisors FDS
(Cost $28,534,168)
|
$28,534,168
|
28,534,168
|
|
TOTAL INVESTMENTS—99.4%
(Cost $1,346,155,628)
|
1,615,464,168
|
|
|
OTHER ASSETS & LIABILITIES (NET)—0.6%
|
9,867,172
|
|
|
NET ASSETS—100%
|
$1,625,331,340
|
|
(a)
|
Non-income producing security
|
|
(b)
|
ADR—American Depository Receipts
|
|
(c)
|
At March 31, 2015, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $1,363,754,741 was as follows:
|
|
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost
|
$404,093,837
|
|
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value
|
(152,384,410)
|
|
Net unrealized appreciation/(depreciation)
|
$ 251,709,427
|
|
The percentage of each investment category is calculated as a percentage of net assets.
|
|
SECTOR ALLOCATIONS
(as a percentage of Total Net Assets)
|
|
|
Materials
|
23.4%
|
|
Consumer Discretionary
|
18.2%
|
|
Financials
|
13.4%
|
|
Industrials
|
9.6%
|
|
Consumer Staples
|
7.6%
|
|
Telecommunication Services
|
7.3%
|
|
Information Technology
|
6.4%
|
|
Health Care
|
4.9%
|
|
Energy
|
4.8%
|
|
Utilities
|
2.0%
|
|
Cash and Other Assets (Net)
|
2.4%
|
PEAR TREE POLARIS FOREIGN VALUE SMALL CAP FUND
SCHEDULE OF INVESTMENTS
March 31, 2015
Common Stock—89.4%
|
Shares
|
Value
|
|
|
AUSTRALIA—0.7%
|
||
|
Programmed Maintenance Services Limited
|
1,753,700
|
$ 3,235,379
|
|
AUSTRIA—0.8%
|
||
|
Semperit AG Holding
|
74,300
|
3,487,993
|
|
BELGIUM—1.5%
|
||
|
Kinepolis Group
|
170,600
|
6,573,789
|
|
BRAZIL—2.6%
|
||
|
Equatorial Energia S.A.
|
1,164,537
|
11,427,067
|
|
CHINA—3.3%
|
||
|
China Hongxing Sports Limited (a)
|
10,258,400
|
74,762
|
|
Shanghai Mechanical & Electrical Industry Co.Limited—B
|
2,739,630
|
6,807,981
|
|
Xinhua Winshare Publishing and Media Co., Limited
|
7,229,500
|
7,048,668
|
|
13,931,411
|
||
|
DENMARK—1.5%
|
||
|
DFDS A/S Copenhagen
|
60,345
|
6,412,112
|
|
FINLAND—1.6%
|
||
|
PKC Group OYJ
|
321,100
|
7,133,394
|
|
FRANCE—2.4%
|
||
|
Bonduelle S.A.
|
134,800
|
3,484,102
|
|
Ipsos
|
250,267
|
6,992,771
|
|
10,476,873
|
||
|
GERMANY—4.4%
|
||
|
Freenet AG
|
282,800
|
8,529,126
|
|
QSC AG
|
1,697,139
|
3,560,615
|
|
Sixt SE
|
152,477
|
6,795,996
|
|
18,885,737
|
||
|
HONG KONG—8.0%
|
||
|
AMVIG Holdings Limited
|
6,550,000
|
2,922,768
|
|
Emperor Watch & Jewellery Limited
|
103,340,000
|
3,398,487
|
|
REXLot Holdings Limited
|
89,325,761
|
6,681,619
|
|
Samson Holding Limited
|
30,834,800
|
4,255,023
|
|
Texwinca Holdings Limited
|
3,928,200
|
3,571,575
|
|
VST Holdings Limited (a)
|
19,093,360
|
6,845,484
|
|
VTech Holdings Limited
|
484,400
|
6,915,582
|
|
34,590,538
|
||
|
INDIA—6.3%
|
||
|
KRBL Limited
|
3,154,200
|
8,354,078
|
|
LIC Housing Finance Limited
|
987,200
|
6,893,541
|
|
NIIT Technologies Limited
|
628,575
|
3,497,370
|
|
South Indian Bank Limited (a)
|
15,574,847
|
6,259,182
|
|
Usha Martin Group Limited
|
7,077,298
|
2,578,446
|
|
27,582,617
|
||
|
IRELAND—5.9%
|
||
|
Glanbia plc
|
369,900
|
6,860,508
|
|
Greencore Group plc
|
1,469,454
|
7,034,273
|
|
IFG Group plc
|
1,737,985
|
3,528,687
|
|
UDG Healthcare plc
|
1,203,316
|
8,442,085
|
|
25,865,553
|
||
|
ITALY—2.9%
|
||
|
De’Longhi SpA
|
311,610
|
6,758,543
|
|
Trevi Finanziaria SpA
|
1,788,385
|
5,548,347
|
|
12,306,890
|
||
|
JAPAN—13.0%
|
||
|
BML Inc.
|
288,900
|
8,211,970
|
|
Chugoku Marine Paints Limited
|
760,000
|
6,886,342
|
|
Daicel Corporation
|
548,700
|
6,554,304
|
|
DaiichiKosho Co., Limited
|
218,000
|
6,778,144
|
|
Higashi Nihon House Co., Limited
|
1,499,900
|
6,826,536
|
|
Prima Meat Packers Limited
|
2,485,000
|
6,939,316
|
|
Unipres Corporation
|
342,900
|
7,002,918
|
|
VT Holdings Co., Limited
|
1,619,400
|
7,100,441
|
|
56,299,971
|
||
|
NORWAY—4.6%
|
||
|
ABG Sundal Collier Holding ASA
|
4,296,300
|
3,396,221
|
|
Borregaard ASA.
|
111,157
|
820,759
|
|
SpareBank Nord-Norge
|
661,042
|
3,346,965
|
|
SpareBank 1SMN
|
833,067
|
6,151,186
|
|
SpareBank 1 SR-Bank ASA
|
888,131
|
6,199,569
|
|
19,914,700
|
||
|
PHILIPPINES—0.6%
|
||
|
Manila Water Company, Inc.
|
4,081,170
|
2,474,266
|
|
SINGAPORE—2.8%
|
||
|
Breadtalk Group Limited
|
3,487,100
|
3,430,809
|
|
M1 Limited
|
2,983,200
|
8,479,015
|
|
11,909,824
|
||
|
SOUTH AFRICA—1.6%
|
||
|
Clicks Group Limited
|
907,630
|
6,836,664
|
|
SWEDEN—3.4%
|
||
|
Duni AB
|
300,401
|
4,326,638
|
|
Loomis AB
|
210,795
|
6,448,408
|
|
Nolato AB
|
160,600
|
3,881,543
|
|
14,656,589
|
||
|
SWITZERLAND—1.1%
|
||
|
Vetropack Holding AG
|
3,186
|
4,994,111
|
|
TAIWAN—3.2%
|
||
|
Holtek Semiconductor, Inc.
|
3,633,600
|
6,863,080
|
|
WT Microelectronics Co., Limited
|
4,376,853
|
6,763,210
|
|
13,626,290
|
||
|
THAILAND—5.3%
|
||
|
Hana Microelectronics PCL
|
5,213,780
|
7,049,979
|
|
Ratchaburi Electricity Generating Holding PCL
|
4,449,500
|
8,375,288
|
|
Thai Union Frozen Products PCL
|
12,900,196
|
7,968,468
|
|
23,393,735
|
||
|
UNITED KINGDOM—11.9%
|
||
|
Alternative Networks plc
|
1,232,700
|
8,327,929
|
|
BBA Aviation plc
|
1,347,298
|
6,733,579
|
|
Character Group plc
|
496,900
|
2,534,335
|
|
Clarkson plc
|
102,600
|
3,427,663
|
|
Galliford Try plc
|
316,628
|
6,699,346
|
|
Halfords Group plc
|
993,983
|
6,800,794
|
|
The Restaurant Group plc
|
675,800
|
6,758,090
|
|
Vitec Group plc
|
400,888
|
3,812,505
|
|
Wetherspoon (J.D.) plc
|
556,800
|
6,221,197
|
|
51,315,438
|
||
|
TOTAL COMMON STOCK
(Cost $329,646,573)
|
387,330,941
|
|
|
Preferred Stock—2.2%
|
||
|
GERMANY—2.2%
|
||
|
Dräegerwerk AG
(Cost $7,336,196)
|
76,500
|
9,537,004
|
|
Short Term Investments—13.4%
|
||
|
Par
Value
|
Value
|
|
|
Money Market—13.4%
|
||
|
State Street Global Advisors FDS
(Cost $57,901,128)
|
$57,901,128
|
57,901,128
|
|
TOTAL INVESTMENTS—105.0%
(Cost $394,883,897)
|
454,769,073
|
|
|
OTHER ASSETS & LIABILITIES (NET)—(5.0)%
|
(21,423,999)
|
|
|
NET ASSETS—100%
|
$433,345,074
|
|
(a)
|
Non-income producing security
|
|
(b)
|
At March 31, 2015, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $395,009,602 was as follows:
|
|
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost
|
$77,710,829
|
|
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value
|
(17,951,358)
|
|
Net unrealized appreciation/(depreciation)
|
$59,759,471
|
|
The percentage of each investment category is calculated as a percentage of net assets.
|
|
SECTOR ALLOCATIONS
(as a percentage of Total Net Assets)
|
|
|
Consumer Discretionary
|
25.6%
|
|
Industrials
|
14.5%
|
|
Consumer Staples
|
10.1%
|
|
Information Technology
|
9.7%
|
|
Financials
|
8.2%
|
|
Telecommunication Services
|
6.7%
|
|
Health Care
|
6.0%
|
|
Materials
|
5.7%
|
|
Utilities
|
5.1%
|
|
Cash and Other Assets (Net)
|
8.4%
|
PEAR TREE FUNDS
STATEMENT OF ASSETS AND LIABILITIES
March 31, 2015
|
Small Cap
|
Quality
|
|
|
Assets:
|
||
|
Investments at value (Includes collateral from securities
on loan of $13,782,634; $1,490,945; $1,516,442; $1,171,597; $0; $0, respectively)* (Note 2)
|
$108,368,668
|
$127,654,064
|
|
Investment at Value of Affliliated Securities
|
—
|
—
|
|
Repurchase agreements
|
16,153,118
|
989,553
|
|
Total Investments
|
124,521,786
|
128,643,617
|
|
Foreign currency at value (Cost $142,796 for Emerging Markets,
$165,122 for Risk Parity, $679,036 for Foreign Value, and $112,034 for Foreign Value Small Cap)
|
—
|
—
|
|
Cash
|
—
|
—
|
|
Dividend, interest and foreign tax reclaims receivable
|
66,377
|
282,888
|
|
Receivable for investments sold
|
698,417
|
375
|
|
Receivable for shares of beneficial interest sold
|
95,621
|
—
|
|
Other Assets
|
13,863
|
7,527
|
|
Total Assets
|
$125,396,064
|
$128,934,407
|
|
Liabilities:
|
||
|
Payable for investments purchased
|
9,637,007
|
—
|
|
Payable for shares of beneficial interest repurchased
|
573
|
5,994
|
|
Payable for compensation of manager (Note 3)
|
67,741
|
74,823
|
|
Payable for distribution fees (Note 3)
|
20,540
|
25,093
|
|
Payable to custodian
|
20,205
|
83
|
|
Payable to transfer agent (Note 3)
|
14,898
|
19,018
|
|
Payable for collateral received for securities loaned
|
13,782,634
|
1,490,945
|
|
Payable for Foreign Capital Gain Tax
|
—
|
—
|
|
Other accrued expenses and liabilities
|
7,457
|
5,569
|
|
Total Liabilities
|
$23,551,055
|
$1,621,525
|
|
Net Assets
|
$101,845,009
|
$127,312,882
|
|
Emerging
Markets
|
Risk
Parity
|
Foreign
Value
|
Foreign Value
Small Cap
|
|
$101,971,561
|
$40,989,906
|
$1,615,464,168
|
$454,769,073
|
|
38,260,668
|
—
|
—
|
—
|
|
732,661
|
14,030
|
—
|
—
|
|
140,964,890
|
41,003,936
|
1,615,464,168
|
454,769,073
|
|
142,446
|
164,686
|
674,284
|
110,149
|
|
—
|
3,327
|
120,595
|
—
|
|
233,175
|
82,623
|
7,495,776
|
1,552,888
|
|
—
|
—
|
2,062,112
|
—
|
|
46,738
|
—
|
2,289,369
|
2,035,648
|
|
7,238
|
—
|
22,387
|
—
|
|
$141,394,487
|
$41,254,572
|
$1,628,128,691
|
$458,467,758
|
|
—
|
—
|
—
|
24,427,065
|
|
20,605
|
407
|
827,053
|
129,356
|
|
86,532
|
19,937
|
1,396,342
|
337,916
|
|
26,945
|
320
|
218,014
|
46,851
|
|
946
|
108
|
4,684
|
1,744
|
|
20,656
|
5,938
|
247,977
|
59,452
|
|
1,516,442
|
1,171,597
|
—
|
—
|
|
—
|
—
|
—
|
92,287
|
|
3,885
|
699
|
103,281
|
28,013
|
|
$1,676,011
|
$1,199,006
|
$2,797,351
|
$25,122,684
|
|
$139,718,476
|
$40,055,566
|
$1,625,331,340
|
$433,345,074
|
|
Small Cap
|
Quality
|
|
|
Net Assets Consist Of:
|
||
|
Shares of beneficial interest
|
$73,306,219
|
$105,102,241
|
|
Undistributed net investment income/(loss)
|
(34,665)
|
138,896
|
|
Accumulated net realized gain/(loss) on investments and foreign denominated assets, liabilities and currency
|
5,995,922
|
4,849,241
|
|
Unrealized appreciation/(depreciation) of investments and foreign denominated assets, liabilities and currency
|
22,577,533
|
17,222,504
|
|
Net Assets
|
$101,845,009
|
$127,312,882
|
|
Investments at cost–Non-affiliated securities
|
$101,944,253
|
$111,421,036
|
|
Investments at cost–Affiliated securities
|
$—
|
$—
|
|
Total Investment cost
|
$101,944,253
|
$111,421,036
|
|
Net assets
|
||
|
Ordinary Shares
|
$98,084,156
|
$116,103,812
|
|
Institutional Shares
|
$3,760,853
|
$11,209,070
|
|
Shares of beneficial interest outstanding (unlimited number of shares authorized)
|
||
|
Ordinary Shares
|
3,979,241
|
6,647,048
|
|
Institutional Shares
|
132,480
|
609,484
|
|
Net asset value and offering price per share
|
||
|
Ordinary Shares
|
$24.65
|
$17.47
|
|
Institutional Shares
|
$28.39
|
$18.39
|
* Includes securities on loan to brokers with market value of $13,474,826; $1,449,922; $1,414,428; $1,124,844; $0; $0, respectively.
|
Emerging
Markets
|
Risk
Parity
|
Foreign
Value
|
Foreign Value
Small Cap
|
|
$157,217,846
|
$41,794,463
|
$1,592,396,836
|
$371,102,320
|
|
1,858,001
|
75,393
|
17,242,299
|
611,830
|
|
(18,985,086)
|
(418,403)
|
(253,258,381)
|
1,873,869
|
|
(372,285)
|
(1,395,887)
|
268,950,586
|
59,757,055
|
|
$139,718,476
|
$40,055,566
|
$1,625,331,340
|
$433,345,074
|
|
$101,516,623
|
$42,398,636
|
$1,346,155,628
|
$394,883,897
|
|
$39,814,145
|
$—
|
$—
|
$—
|
|
$141,330,768
|
$42,398,636
|
$1,346,155,628
|
$394,883,897
|
|
$127,294,513
|
$1,558,149
|
$1,030,640,511
|
$233,185,415
|
|
$12,423,963
|
$38,497,417
|
$594,690,829
|
$200,159,659
|
|
5,801,558
|
160,193
|
55,211,391
|
17,470,902
|
|
558,240
|
3,938,295
|
31,843,741
|
14,978,874
|
|
$21.94
|
$9.73
|
$18.67
|
$13.35
|
|
$22.26
|
$9.78
|
$18.68
|
$13.36
|
PEAR TREE FUNDS
STATEMENT OF OPERATIONS
For the Year Ended March 31, 2015
|
Small Cap
|
Quality
|
|
|
Investment Income:
|
||
|
Dividends—Affiliated securities
|
$—
|
$—
|
|
Dividends—Non-affliiated securities*
|
1,370,495
|
3,601,259
|
|
Interest
|
—
|
—
|
|
Sec Lending Income
|
379,003
|
3,723
|
|
Miscellaneous
|
—
|
—
|
|
Total Investment Income
|
$1,749,498
|
$3,604,982
|
|
Expenses:
|
||
|
Compensation of manager (Note 3)
|
1,000,132
|
1,279,166
|
|
Distribution fees, Ordinary Shares (Note 3)
|
242,941
|
293,633
|
|
Administrative Fees (Note 3)
|
31,930
|
38,237
|
|
Custodian and fund accounting fees
|
32,184
|
39,500
|
|
Regulatory and Compliance (Note 3)
|
10,044
|
12,008
|
|
Transfer agent fees (Note 3):
|
||
|
Ordinary Shares
|
158,968
|
191,673
|
|
Institutional Shares
|
12,625
|
17,026
|
|
Audit and legal
|
13,355
|
15,979
|
|
Registration fees
|
32,456
|
32,813
|
|
Insurance
|
3,695
|
4,433
|
|
Compensation of trustees (Note 3)
|
6,454
|
7,713
|
|
Printing
|
7,364
|
8,764
|
|
Miscellaneous
|
7,314
|
8,952
|
|
Total expenses before waivers/reimbursements/reductions
|
1,559,462
|
1,949,897
|
|
Waivers and/or reimbursements of expenses (Note 3)
|
—
|
(327,778)
|
|
Expenses, Net
|
$1,559,462
|
$1,622,119
|
|
Net investment income/(loss)
|
$190,036
|
$1,982,863
|
|
Realized and unrealized gain/(loss) on investments,
foreign currency, and foreign translation:
|
||
|
Net realized gain/(loss) (Note 2) on:
|
||
|
Investments
|
$9,433,215
|
$13,649,633
|
|
Foreign denominated assets, liabilities, and currency
|
—
|
(517)
|
|
Distribution by affliiated investment company
|
—
|
—
|
|
Change in unrealized appreciation/(depreciation) of:
|
||
|
Investments
|
(10,797,282)
|
(4,487,403)
|
|
Foreign denominated assets, liabilities, and currency
|
—
|
(77)
|
|
Net realized and unrealized gain/(loss) on investment and foreign currency
|
(1,364,067)
|
9,161,636
|
|
Net increase/(decrease) in net assets resulting from operations
|
$(1,174,031)
|
$11,144,499
|
|
|
* Dividends are net of withholding taxes of $4,821 for Small Cap, and $27,320 for Quality, $423,814 for Emerging Markets, $112,367 for Risk Parity, $4,346,500 for Foreign Value, and $630,888 for Foreign Value Small Cap
|
|
Emerging
Markets
|
Risk Parity
|
Foreign
Value
|
Foreign Value
Small Cap
|
|
$334,002
|
—
|
—
|
—
|
|
3,603,915
|
$973,541
|
$48,434,670
|
$7,204,976
|
|
—
|
—
|
27,619
|
2,248
|
|
34,601
|
18,313
|
—
|
—
|
|
—
|
245
|
—
|
—
|
|
$3,972,518
|
$992,099
|
$48,462,289
|
$7,207,224
|
|
1,130,322
|
240,221
|
15,840,294
|
2,767,592
|
|
341,489
|
3,766
|
2,437,394
|
439,732
|
|
45,502
|
11,832
|
470,404
|
77,095
|
|
147,823
|
169,098
|
504,000
|
151,000
|
|
14,265
|
3,700
|
147,471
|
24,095
|
|
223,252
|
2,502
|
1,582,132
|
288,636
|
|
24,010
|
62,356
|
984,751
|
162,903
|
|
32,010
|
4,924
|
196,279
|
33,811
|
|
36,002
|
7,725
|
97,322
|
57,848
|
|
5,272
|
1,375
|
54,336
|
8,900
|
|
9,173
|
2,378
|
94,714
|
15,420
|
|
11,725
|
2,687
|
107,429
|
17,452
|
|
10,452
|
2,933
|
110,302
|
18,807
|
|
2,031,297
|
515,497
|
22,626,828
|
4,063,291
|
|
—
|
—
|
—
|
—
|
|
$2,031,297
|
$515,497
|
$22,626,828
|
$4,063,291
|
|
$1,941,221
|
$476,602
|
$25,835,461
|
$3,143,933
|
|
$736,584
|
$(116,372)
|
$7,749,412
|
$4,818,836
|
|
(59,457)
|
(31,923)
|
(625,520)
|
(134,679)
|
|
77,570
|
—
|
—
|
—
|
|
(1,561,458)
|
(2,410,942)
|
(77,595,787)
|
1,729,722
|
|
(7,978)
|
(2,075)
|
(388,965)
|
(63,553)
|
|
(814,739)
|
(2,561,312)
|
(70,860,860)
|
6,350,326
|
|
$1,126,482
|
$(2,084,710)
|
$(45,025,399)
|
$9,494,259
|
PEAR TREE FUNDS
STATEMENT OF CHANGES IN NET ASSETS
|
__________ Small Cap _________
|
||
|
Year Ended
March 31, 2015
|
Year Ended
March 31, 2014
|
|
|
Increase (Decrease) in Net Assets:
|
||
|
Operations:
|
||
|
Net investment income/(loss)
|
$190,036
|
$(340,386)
|
|
Net realized gain/(loss) on investments Foreign denominated assets, liabilities, and currency
|
9,433,215
|
18,094,547
|
|
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency
|
(10,797,282)
|
7,230,917
|
|
Net increase/(decrease) from operations
|
$(1,174,031)
|
$24,985,078
|
|
Distributions to shareholders from:
|
||
|
Net investment income
|
||
|
Ordinary shares
|
$(717,823)
|
$—
|
|
Institutional shares
|
(80,383)
|
—
|
|
Net realized gains
|
||
|
Ordinary shares
|
(8,875,367)
|
—
|
|
Institutional shares
|
(749,976)
|
—
|
|
Total distributions
|
$(10,423,549)
|
$—
|
|
Fund share transactions (Note 8)
|
(3,739,490)
|
(17,078,515)
|
|
Contributions to capital from investment manager/brokers
|
—
|
—
|
|
Increase/(decrease) in net assets
|
$(15,337,070)
|
$7,906,563
|
|
Net assets beginning of period
|
117,182,079
|
109,275,516
|
|
Net assets end of period**
|
$101,845,009
|
$117,182,079
|
|
* Commencement of operation
|
||
|
** Includes undistributed net investment income/(loss) of:
|
$(34,665)
|
$(408,943)
|
PEAR TREE FUNDS
STATEMENT OF CHANGES IN NET ASSETS (continued)
|
________________ Quality ______________
|
||
|
Year Ended
March 31, 2015
|
Year Ended
March 31, 2014
|
|
|
Increase (Decrease) in Net Assets:
|
||
|
Operations:
|
||
|
Net investment income/(loss)
|
$1,982,863
|
$1,308,717
|
|
Net realized gain/(loss) on investments Foreign denominated assets, liabilities, and currency
|
13,649,116
|
8,532,529
|
|
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency
|
(4,487,480)
|
6,564,610
|
|
Net increase/(decrease) from operations
|
$11,144,499
|
$16,405,856
|
|
Distributions to shareholders from:
|
||
|
Net investment income
|
||
|
Ordinary shares
|
$(1,997,651)
|
$(1,155,444)
|
|
Institutional shares
|
(200,406)
|
(114,089)
|
|
Net realized gains
|
||
|
Ordinary shares
|
(11,349,466)
|
—
|
|
Institutional shares
|
(995,926)
|
—
|
|
Total distributions
|
$(14,543,449)
|
$(1,269,533)
|
|
Fund share transactions (Note 8)
|
5,809,679
|
8,156,939
|
|
Contributions to capital from investment manager/brokers
|
—
|
—
|
|
Increase/(decrease) in net assets
|
$2,410,729
|
$23,293,262
|
|
Net assets beginning of period
|
124,902,153
|
101,608,891
|
|
Net assets end of period**
|
$127,312,882
|
$124,902,153
|
|
* Commencement of operation
|
||
|
** Includes undistributed net investment income/(loss) of:
|
$138,896
|
$360,382
|
PEAR TREE FUNDS
STATEMENT OF CHANGES IN NET ASSETS (continued)
|
______ Emerging Markets _______
|
||
|
Year Ended
March 31, 2015
|
Year Ended
March 31, 2014
|
|
|
Increase (Decrease) in Net Assets:
|
||
|
Operations:
|
||
|
Net investment income/(loss)
|
$1,941,221
|
$2,206,715
|
|
Net realized gain/(loss) on investments Foreign denominated assets, liabilities, and currency
|
754,697
|
10,946,643
|
|
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency
|
(1,569,436)
|
(20,581,171)
|
|
Net increase/(decrease) from operations
|
$1,126,482
|
$(7,427,813)
|
|
Distributions to shareholders from:
|
||
|
Net investment income
|
||
|
Ordinary shares
|
$(1,849,625)
|
$(1,723,075)
|
|
Institutional shares
|
(198,656)
|
(218,189)
|
|
Net realized gains
|
||
|
Ordinary shares
|
—
|
—
|
|
Institutional shares
|
—
|
—
|
|
Total distributions
|
$(2,048,281)
|
$(1,941,264)
|
|
Fund share transactions (Note 8)
|
(6,636,939)
|
1,214,076
|
|
Contributions to capital from investment manager/brokers
|
—
|
140
|
|
Increase/(decrease) in net assets
|
$(7,558,738)
|
$(8,154,861)
|
|
Net assets beginning of period
|
147,277,214
|
155,432,075
|
|
Net assets end of period**
|
$139,718,476
|
$147,277,214
|
|
* Commencement of operation
|
||
|
** Includes undistributed net investment income/(loss) of:
|
$1,858,001
|
$2,022,217
|
PEAR TREE FUNDS
STATEMENT OF CHANGES IN NET ASSETS (continued)
|
_________ Risk Parity _________
|
||
|
Year Ended
March 31, 2015
|
June 27, 2013*
through
March 31, 2014
|
|
|
Increase (Decrease) in Net Assets:
|
||
|
Operations:
|
||
|
Net investment income/(loss)
|
$476,602
|
$16,355
|
|
Net realized gain/(loss) on investments
|
||
|
Foreign denominated assets, liabilities, and currency
|
(148,295)
|
(76,843)
|
|
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency
|
(2,413,017)
|
1,017,130
|
|
Net increase/(decrease) from operations
|
$(2,084,710)
|
$956,642
|
|
Distributions to shareholders from:
|
||
|
Net investment income
|
||
|
Ordinary shares
|
$(10,947)
|
$(244)
|
|
Institutional shares
|
(335,853)
|
(11,782)
|
|
Net realized gains
|
||
|
Ordinary shares
|
(3,231)
|
(4,284)
|
|
Institutional shares
|
(78,000)
|
(166,488)
|
|
Total distributions
|
$(428,031)
|
$(182,798)
|
|
Fund share transactions (Note 8)
|
8,844,772
|
32,948,441
|
|
Contributions to capital from investment manager/brokers
|
—
|
1,250
|
|
Increase/(decrease) in net assets
|
$6,332,031
|
$33,723,535
|
|
Net assets beginning of period
|
33,723,535
|
—
|
|
Net assets end of period**
|
$40,055,566
|
$33,723,535
|
|
* Commencement of operation
|
||
|
** Includes undistributed net investment income/(loss) of:
|
$75,393
|
$(22,379)
|
PEAR TREE FUNDS
STATEMENT OF CHANGES IN NET ASSETS (continued)
|
________ Foreign Value ________
|
||
|
Year Ended
March 31, 2015
|
Year Ended
March 31, 2014
|
|
|
Increase (Decrease) in Net Assets:
|
||
|
Operations:
|
||
|
Net investment income/(loss)
|
$25,835,461
|
$13,340,825
|
|
Net realized gain/(loss) on investments Foreign denominated assets, liabilities, and currency
|
7,123,892
|
(17,992,938)
|
|
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency
|
(77,984,752)
|
243,330,147
|
|
Net increase/(decrease) from operations
|
$(45,025,399)
|
$238,678,034
|
|
Distributions to shareholders from:
|
||
|
Net investment income
|
||
|
Ordinary shares
|
$(10,795,991)
|
$(6,913,696)
|
|
Institutional shares
|
(8,142,787)
|
(1,994,868)
|
|
Net realized gains
|
||
|
Ordinary shares
|
—
|
—
|
|
Institutional shares
|
—
|
—
|
|
Total distributions
|
$(18,938,778)
|
$(8,908,564)
|
|
Fund share transactions (Note 8)
|
210,393,828
|
363,655,310
|
|
Contributions to capital from investment manager/brokers
|
2,026
|
283
|
|
Increase/(decrease) in net assets
|
$146,431,677
|
$593,425,063
|
|
Net assets beginning of period
|
1,478,899,663
|
885,474,600
|
|
Net assets end of period**
|
$1,625,331,340
|
$1,478,899,663
|
|
* Commencement of operation
|
||
|
** Includes undistributed net investment income/(loss) of:
|
$17,242,299
|
$10,971,136
|
PEAR TREE FUNDS
STATEMENT OF CHANGES IN NET ASSETS (continued)
|
Foreign Value
__________ Small Cap ___________
|
||
|
Year Ended
March 31, 2015
|
Year Ended
March 31, 2014
|
|
|
Increase (Decrease) in Net Assets:
|
||
|
Operations:
|
||
|
Net investment income/(loss)
|
$3,143,933
|
$1,644,980
|
|
Net realized gain/(loss) on investments Foreign denominated assets, liabilities, and currency
|
4,684,157
|
(1,645,390)
|
|
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency
|
1,666,169
|
32,438,804
|
|
Net increase/(decrease) from operations
|
$9,494,259
|
$32,438,394
|
|
Distributions to shareholders from:
|
||
|
Net investment income
|
||
|
Ordinary shares
|
$(1,863,942)
|
$(1,131,114)
|
|
Institutional shares
|
(1,593,950)
|
(360,329)
|
|
Net realized gains
|
||
|
Ordinary shares
|
(51,740)
|
—
|
|
Institutional shares
|
(35,129)
|
—
|
|
Total distributions
|
$(3,544,761)
|
$(1,491,443)
|
|
Fund share transactions (Note 8)
|
241,656,637
|
39,526,627
|
|
Contributions to capital from investment manager/brokers
|
—
|
—
|
|
Increase/(decrease) in net assets
|
$247,606,135
|
$70,473,578
|
|
Net assets beginning of period
|
185,738,939
|
115,265,361
|
|
Net assets end of period**
|
$433,345,074
|
$185,738,939
|
|
* Commencement of operation
|
||
|
** Includes undistributed net investment income/(loss) of:
|
$611,830
|
$1,060,469
|
PEAR TREE COLUMBIA SMALL CAP FUND
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period)
|
Ordinary Shares
|
|||||
|
Years Ended March 31,
|
|||||
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
|
Net Asset Value, Beginning of Period
|
$27.62
|
$22.50
|
$20.36
|
$19.92
|
$16.45
|
|
Income from Investment Operations:
|
|||||
|
Net investment income (loss) (a)(b)
|
0.04
|
(0.08)
|
(0.03)
|
(0.08)
|
0.04
|
|
Net realized and unrealized gain/(loss) on securities
|
(0.37)
|
5.20
|
2.17
|
0.57
|
3.52
|
|
Total from Investment Operations
|
(0.33)
|
5.12
|
2.14
|
0.49
|
3.56
|
|
Less Distributions:
|
|||||
|
Dividends from net investment income
|
(0.20)
|
—
|
—
|
(0.05)
|
(0.09)
|
|
Distributions from realized capital gains
|
(2.44)
|
—
|
—
|
—
|
—
|
|
Total Distributions
|
(2.64)
|
—
|
—
|
(0.05)
|
(0.09)
|
|
Net Asset Value, End of Period
|
$24.65
|
$27.62
|
$22.50
|
$20.36
|
$19.92
|
|
Total Return
|
(0.36)%
|
22.76%
|
10.51%
|
2.48%
|
21.69%
|
|
Net Assets, End of Period (000’s)
|
$98,084
|
$107,370
|
$101,275
|
$95,870
|
$113,675
|
|
Ratios and Supplemental Data:
|
|||||
|
Ratios of expenses to average net assets: (c)
|
|||||
|
Gross
|
1.50%
|
1.53%
|
1.63%
|
1.67%
|
1.64%
|
|
Net
|
1.50%
|
1.53%
|
1.63%
|
1.67%
|
1.64%
|
|
Ratio of net investment income (loss) to average net assets (b)
|
0.17%
|
(0.30)%
|
(0.16)%
|
(0.44)%
|
0.23%
|
|
Portfolio Turnover
|
94%
|
67%
|
54%
|
53%
|
71%
|
|
Institutional Shares
|
|||||
|
Years Ended March 31,
|
|||||
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
|
Net Asset Value, Beginning of Period
|
$31.37
|
$25.48
|
$23.00
|
$22.50
|
$18.56
|
|
Income from Investment Operations:
|
|||||
|
Net investment income (loss) (a)(b)
|
0.11
|
(0.02)
|
0.02
|
(0.04)
|
0.09
|
|
Net realized and unrealized gain/(loss) on securities
|
(0.39)
|
5.91
|
2.46
|
0.63
|
3.98
|
|
Total from Investment Operations
|
(0.28)
|
5.89
|
2.48
|
0.59
|
4.07
|
|
Less Distributions:
|
|||||
|
Dividends from net investment income
|
(0.26)
|
—
|
—
|
(0.09)
|
(0.13)
|
|
Distributions from realized capital gains
|
(2.44)
|
—
|
—
|
—
|
—
|
|
Total Distributions
|
(2.70)
|
—
|
—
|
(0.09)
|
(0.13)
|
|
Net Asset Value, End of Period
|
$28.39
|
$31.37
|
$25.48
|
$23.00
|
$22.50
|
|
Total Return
|
(0.11)%
|
23.12%
|
10.78%
|
2.69%
|
21.98%
|
|
Net Assets, End of Period (000’s)
|
$3,761
|
$9,812
|
$8,000
|
$6,242
|
$7,806
|
|
Ratios and Supplemental Data:
|
|||||
|
Ratios of expenses to average net assets: (c)
|
|||||
|
Gross
|
1.28%
|
1.28%
|
1.38%
|
1.42%
|
1.39%
|
|
Net
|
1.28%
|
1.28%
|
1.38%
|
1.42%
|
1.39%
|
|
Ratio of net investment income (loss) to average net assets (b)
|
0.36%
|
(0.08)%
|
0.07%
|
(0.19)%
|
0.48%
|
|
Portfolio Turnover
|
94%
|
67%
|
54%
|
53%
|
71%
|
|
(a)
|
Per share numbers have been calculated using the average shares method.
|
|
(b)
|
Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior to certain reclassifications for federal income or excise tax purposes.
|
|
(c)
|
Ratios of expenses to average net assets:
|
— Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
— Net (total expenses net of fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
PEAR TREE QUALITY FUND
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period)
|
Ordinary Shares
|
|||||
|
Years Ended March 31,
|
|||||
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
|
Net Asset Value, Beginning of Period
|
$18.10
|
$15.85
|
$14.33
|
$12.36
|
$11.37
|
|
Income from Investment Operations:
|
|||||
|
Net investment income (loss) (a)(b)(c)
|
0.28
|
0.19
|
0.16
|
0.17
|
0.09
|
|
Net realized and unrealized gain/(loss) on securities
|
1.30
|
2.24
|
1.52
|
1.92
|
1.01
|
|
Total from Investment Operations
|
1.58
|
2.43
|
1.68
|
2.09
|
1.10
|
|
Less Distributions:
|
|||||
|
Dividends from net investment income
|
(0.33)
|
(0.18)
|
(0.16)
|
(0.12)
|
(0.11)
|
|
Distributions from realized capital gains
|
(1.88)
|
—
|
—
|
—
|
—
|
|
Total Distributions
|
(2.21)
|
(0.18)
|
(0.16)
|
(0.12)
|
(0.11)
|
|
Net Asset Value, End of Period
|
$17.47
|
$18.10
|
$15.85
|
$14.33
|
$12.36
|
|
Total Return
|
9.12%
|
15.40%
|
11.85%
|
16.99%
|
9.78%(d)
|
|
Net Assets, End of Period (000’s)
|
$116,104
|
$114,857
|
$98,033
|
$92,557
|
$62,920
|
|
Ratios and Supplemental Data:
|
|||||
|
Ratios of expenses to average net assets: (e)
|
|||||
|
Gross
|
1.54%
|
1.55%
|
1.62%
|
1.66%
|
1.93%
|
|
Net including dividend and interest expense for securities sold short
|
N/A
|
N/A
|
N/A
|
N/A
|
1.89%
|
|
Net excluding dividend and interest expense for securities sold short
|
1.29%
|
1.30%
|
1.46%
|
1.51%
|
1.85%
|
|
Ratio of net investment income (loss) to average net assets (c)
|
1.52%
|
1.13%
|
1.11%
|
1.28%
|
0.84%
|
|
Portfolio Turnover
|
49%
|
35%
|
40%
|
68%
|
283%(f)
|
|
Institutional Shares
|
|||||
|
Years Ended March 31,
|
|||||
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
|
Net Asset Value, Beginning of Period
|
$18.95
|
$16.58
|
$14.95
|
$12.85
|
$11.80
|
|
Income from Investment Operations:
|
|||||
|
Net investment income (loss) (a)(b)(c)
|
0.35
|
0.25
|
0.24
|
0.25
|
0.12
|
|
Net realized and unrealized gain/(loss) on securities
|
1.35
|
2.35
|
1.59
|
1.99
|
1.06
|
|
Total from Investment Operations
|
1.70
|
2.60
|
1.83
|
2.24
|
1.18
|
|
Less Distributions:
|
|||||
|
Dividends from net investment income
|
(0.38)
|
(0.23)
|
(0.20)
|
(0.14)
|
(0.13)
|
|
Distributions from realized capital gains
|
(1.88)
|
—
|
—
|
—
|
—
|
|
Total Distributions
|
(2.26)
|
(0.23)
|
(0.20)
|
(0.14)
|
(0.13)
|
|
Net Asset Value, End of Period
|
$18.39
|
$18.95
|
$16.58
|
$14.95
|
$12.85
|
|
Total Return
|
9.34%
|
15.74%
|
12.37%
|
17.57%
|
10.07%(d)
|
|
Net Assets, End of Period (000’s)
|
$11,209
|
$10,045
|
$3,576
|
$2,558
|
$809
|
|
Ratios and Supplemental Data:
|
|||||
|
Ratios of expenses to average net assets: (e)
|
|||||
|
Gross
|
1.29%
|
1.31%
|
1.35%
|
1.41%
|
1.71%
|
|
Net including dividend and interest expense for securities sold short
|
N/A
|
N/A
|
N/A
|
N/A
|
1.67%
|
|
Net excluding dividend and interest expense for securities sold short
|
1.04%
|
1.03%
|
1.01%
|
1.00%
|
1.63%
|
|
Ratio of net investment income (loss) to average net assets (c)
|
1.83%
|
1.38%
|
1.58%
|
1.85%
|
1.08%
|
|
Portfolio Turnover
|
49%
|
35%
|
40%
|
68%
|
283%(f)
|
|
Note:
|
This Fund changed its investment strategy on January 27, 2011.
|
|
(a)
|
Per share numbers have been calculated using the average shares method.
|
|
(b)
|
Reflects expense waivers/reimbursements and reductions in effect during the period. See Note 3 to the Financial Statements.
|
|
(c)
|
Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior to certain reclassifications for federal income or excise tax purposes.
|
|
(d)
|
The total return would have been lower if certain fees had not been waived or if custodial fees had not been reduced by credits allowed by the custodian. See Note 3 to the financial statements.
|
|
(e)
|
Ratios of expenses to average net assets:
|
|
|
— Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
|
|
— Net (total expenses net fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
|
(f)
|
Portfolio turnover is calculated on long security positions only. Short positions are generally held for less than one year.
|
PEAR TREE PANAGORA DYNAMIC EMERGING MARKETS FUND
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period)
|
Ordinary Shares
|
|||||
|
Years Ended March 31,
|
|||||
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
|
Net Asset Value, Beginning of Period
|
$22.15
|
$23.56
|
$22.67
|
$25.18
|
$21.23
|
|
Income from Investment Operations:
|
|||||
|
Net investment income (loss) (a)(b)
|
0.29
|
0.33
|
0.37
|
0.41
|
0.24
|
|
Net realized and unrealized gain/(loss) on securities
|
(0.18)
|
(1.45)
|
0.85
|
(2.44)
|
3.96
|
|
Total from Investment Operations
|
0.11
|
(1.12)
|
1.22
|
(2.03)
|
4.20
|
|
Less Distributions:
|
|||||
|
Dividends from net investment income
|
(0.32)
|
(0.29)
|
(0.33)
|
(0.48)
|
(0.25)
|
|
Distributions from realized capital gains
|
—
|
—
|
—
|
—
|
—
|
|
Total Distributions
|
(0.32)
|
(0.29)
|
(0.33)
|
(0.48)
|
(0.25)
|
|
Net Asset Value, End of Period
|
$21.94
|
$22.15
|
$23.56
|
$22.67
|
$25.18
|
|
Total Return
|
0.54%
|
(4.77)%
|
5.41%
|
(7.80)%
|
19.86%
|
|
Net Assets, End of Period (000’s)
|
$127,295
|
$131,920
|
$140,267
|
$145,201
|
$176,386
|
|
Ratios and Supplemental Data:
|
|||||
|
Ratios of expenses to average net assets: (c)
|
|||||
|
Gross
|
1.37%
|
1.60%
|
1.76%
|
1.76%
|
1.77%
|
|
Net
|
1.37%
|
1.60%
|
1.76%
|
1.76%
|
1.77%
|
|
Ratio of net investment income (loss) to average net assets (b)
|
1.26%
|
1.50%
|
1.66%
|
1.80%
|
1.05%
|
|
Portfolio Turnover
|
35%
|
61%
|
25%
|
56%
|
68%
|
|
Institutional Shares
|
|||||
|
Years Ended March 31,
|
|||||
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
|
Net Asset Value, Beginning of Period
|
$22.46
|
$23.88
|
$22.97
|
$25.53
|
$21.48
|
|
Income from Investment Operations:
|
|||||
|
Net investment income (loss) (a)(b)
|
0.35
|
0.39
|
0.43
|
0.41
|
0.42
|
|
Net realized and unrealized gain/(loss) on securities
|
(0.18)
|
(1.46)
|
0.87
|
(2.42)
|
3.89
|
|
Total from Investment Operations
|
0.17
|
(1.07)
|
1.30
|
(2.01)
|
4.31
|
|
Less Distributions:
|
|||||
|
Dividends from net investment income
|
(0.37)
|
(0.35)
|
(0.39)
|
(0.55)
|
(0.26)
|
|
Distributions from realized capital gains
|
—
|
—
|
—
|
—
|
—
|
|
Total Distributions
|
(0.37)
|
(0.35)
|
(0.39)
|
(0.55)
|
(0.26)
|
|
Net Asset Value, End of Period
|
$22.26
|
$22.46
|
$23.88
|
$22.97
|
$25.53
|
|
Total Return
|
0.81%
|
(4.52)%
|
5.69%
|
(7.56)%
|
20.14%
|
|
Net Assets, End of Period (000’s)
|
$12,424
|
$15,358
|
$15,165
|
$15,569
|
$11,267
|
|
Ratios and Supplemental Data:
|
|||||
|
Ratios of expenses to average net assets: (c)
|
|||||
|
Gross
|
1.11%
|
1.35%
|
1.49%
|
1.52%
|
1.51%
|
|
Net
|
1.11%
|
1.35%
|
1.49%
|
1.52%
|
1.51%
|
|
Ratio of net investment income (loss) to average net assets (b)
|
1.52%
|
1.74%
|
1.92%
|
1.81%
|
1.94%
|
|
Portfolio Turnover
|
35%
|
61%
|
25%
|
56%
|
68%
|
|
(a)
|
Per share numbers have been calculated using the average shares method.
|
|
(b)
|
Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior to certain reclassifications for federal income or excise tax purposes.
|
|
(c)
|
Ratios of expenses to average net assets:
|
|
|
— Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
|
|
— Net (total expenses net of fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
PEAR TREE PANAGORA RISK PARITY EMERGING MARKETS FUND
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period)
|
Ordinary Shares
|
||
|
Year Ended
March 31, 2015
|
June 27, 2013*
through March 31, 2014
|
|
|
Net Asset Value, Beginning of Period
|
$10.30
|
$10.00
|
|
Income from Investment Operations:
|
||
|
Net investment income (loss) (a)(b)
|
0.09
|
(0.03)
|
|
Net realized and unrealized gain/(loss) on securities
|
(0.57)
|
0.40
|
|
Total from Investment Operations
|
(0.48)
|
0.37
|
|
Less Distributions:
|
||
|
Dividends from net investment income
|
(0.07)
|
—
|
|
Distributions from realized capital gains
|
(0.02)
|
(0.07)
|
|
Total Distributions
|
(0.09)
|
(0.07)
|
|
Net Asset Value, End of Period
|
$9.73
|
$10.30
|
|
Total Return
|
(4.63)%
|
3.68%***
|
|
Net Assets, End of Period (000’s)
|
$1,558
|
$652
|
|
Ratios and Supplemental Data:
|
||
|
Ratios of expenses to average net assets: (c)
|
||
|
Gross
|
1.54%
|
2.10%**
|
|
Net
|
1.54%
|
2.10%**
|
|
Ratio of net investment income (loss) to average net assets (b)
|
0.88%
|
(0.43)%**
|
|
Portfolio Turnover
|
34%
|
42%***
|
|
Institutional Shares
|
||
|
Year Ended
March 31, 2015
|
June 27, 2013*
through March 31, 2014
|
|
|
Net Asset Value, Beginning of Period
|
$10.35
|
$10.00
|
|
Income from Investment Operations:
|
||
|
Net investment income (loss) (a)(b)
|
0.13
|
0.01
|
|
Net realized and unrealized gain/(loss) on securities
|
(0.59)
|
0.41
|
|
Total from Investment Operations
|
(0.46)
|
0.42
|
|
Less Distributions:
|
||
|
Dividends from net investment income
|
(0.09)
|
—
|
|
Distributions from realized capital gains
|
(0.02)
|
(0.07)
|
|
Total Distributions
|
(0.11)
|
(0.07)
|
|
Net Asset Value, End of Period
|
$9.78
|
$10.35
|
|
Total Return
|
(4.41)%
|
4.19%***
|
|
Net Assets, End of Period (000’s)
|
$38,497
|
$33,071
|
|
Ratios and Supplemental Data:
|
||
|
Ratios of expenses to average net assets: (c)
|
||
|
Gross
|
1.28%
|
1.69%**
|
|
Net
|
1.28%
|
1.69%**
|
|
Ratio of net investment income (loss) to average net assets (b)
|
1.20%
|
0.09%**
|
|
Portfolio Turnover
|
34%
|
42%***
|
|
*
|
Fund commenced operations June 27, 2013.
|
|
**
|
Annualized.
|
|
***
|
Not Annualized.
|
|
(a)
|
Per share numbers have been calculated using the average shares method.
|
|
(b)
|
Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior to certain reclassifications for federal income or excise tax purposes.
|
|
(c)
|
Ratios of expenses to average net assets:
|
|
|
— Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
|
|
— Net (total expenses net of fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
PEAR TREE POLARIS FOREIGN VALUE FUND
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period)
|
Ordinary Shares
|
|||||
|
Years Ended March 31,
|
|||||
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
|
Net Asset Value, Beginning of Period
|
$19.38
|
$15.83
|
$13.64
|
$14.68
|
$12.45
|
|
Income from Investment Operations:
|
|||||
|
Net investment income (loss) (a)(b)
|
0.29
|
0.19
|
0.15
|
0.12
|
0.07
|
|
Net realized and unrealized gain/(loss) on securities
|
(0.80)
|
3.49
|
2.12
|
(1.09)
|
2.31
|
|
Total from Investment Operations
|
(0.51)
|
3.68
|
2.27
|
(0.97)
|
2.38
|
|
Less Distributions:
|
|||||
|
Dividends from net investment income
|
(0.20)
|
(0.13)
|
(0.08)
|
(0.07)
|
(0.15)
|
|
Distributions from realized capital gains
|
—
|
—
|
—
|
—
|
—
|
|
Total Distributions
|
(0.20)
|
(0.13)
|
(0.08)
|
(0.07)
|
(0.15)
|
|
Net Asset Value, End of Period
|
$18.67
|
$19.38
|
$15.83
|
$13.64
|
$14.68
|
|
Total Return
|
(2.53)%
|
23.28%
|
16.73%
|
(6.55)%
|
19.17%(c)
|
|
Net Assets, End of Period (000’s)
|
$1,030,641
|
$908,108
|
$705,210
|
$386,011
|
$369,550
|
|
Ratios and Supplemental Data:
|
|||||
|
Ratios of expenses to average net assets: (d)
|
|||||
|
Gross
|
1.52%
|
1.54%
|
1.59%
|
1.64%
|
1.62%
|
|
Net
|
1.52%
|
1.54%
|
1.59%
|
1.64%
|
1.62%
|
|
Ratio of net investment income (loss) to average net assets (b)
|
1.55%
|
1.11%
|
1.04%
|
0.93%
|
0.56%
|
|
Portfolio Turnover
|
2%
|
3%
|
10%
|
18%
|
9%
|
|
Institutional Shares
|
|||||
|
Years Ended March 31,
|
|||||
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
|
Net Asset Value, Beginning of Period
|
$19.39
|
$15.83
|
$13.63
|
$14.68
|
$12.45
|
|
Income from Investment Operations:
|
|||||
|
Net investment income (loss) (a)(b)
|
0.33
|
0.24
|
0.17
|
0.14
|
0.10
|
|
Net realized and unrealized gain/(loss) on securities
|
(0.80)
|
3.48
|
2.15
|
(1.09)
|
2.31
|
|
Total from Investment Operations
|
(0.47)
|
3.72
|
2.32
|
(0.95)
|
2.41
|
|
Less Distributions:
|
|||||
|
Dividends from net investment income
|
(0.24)
|
(0.16)
|
(0.12)
|
(0.10)
|
(0.18)
|
|
Distributions from realized capital gains
|
—
|
—
|
—
|
—
|
—
|
|
Total Distributions
|
(0.24)
|
(0.16)
|
(0.12)
|
(0.10)
|
(0.18)
|
|
Net Asset Value, End of Period
|
$18.68
|
$19.39
|
$15.83
|
$13.63
|
$14.68
|
|
Total Return
|
(2.29)%
|
23.58%
|
17.07%
|
(6.34)%
|
19.48%(c)
|
|
Net Assets, End of Period (000’s)
|
$594,691
|
$570,792
|
$180,265
|
$98,109
|
$78,790
|
|
Ratios and Supplemental Data:
|
|||||
|
Ratios of expenses to average net assets: (d)
|
|||||
|
Gross
|
1.27%
|
1.28%
|
1.33%
|
1.39%
|
1.37%
|
|
Net
|
1.27%
|
1.28%
|
1.33%
|
1.39%
|
1.37%
|
|
Ratio of net investment income (loss) to average net assets (b)
|
1.76%
|
1.37%
|
1.22%
|
1.07%
|
0.79%
|
|
Portfolio Turnover
|
2%
|
3%
|
10%
|
18%
|
9%
|
|
(a)
|
Per share numbers have been calculated using the average shares method.
|
|
(b)
|
Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior to certain reclassifications for federal income or excise tax purposes.
|
|
(c)
|
The total return would have been lower if certain fees had not been waived or if custodial fees had not been reduced by credits allowed by the custodian. See Note 3 to the financial statements.
|
|
(d)
|
Ratios of expenses to average net assets:
|
|
|
— Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
|
|
— Net (total expenses net of fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
PEAR TREE POLARIS FOREIGN VALUE SMALL CAP FUND
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period)
|
Ordinary Shares
|
|||||
|
Period Ended March 31,
|
|||||
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
|
Net Asset Value, Beginning of Period
|
$13.17
|
$10.50
|
$9.02
|
$11.19
|
$10.28
|
|
Income from Investment Operations:
|
|||||
|
Net investment income (loss) (a)(b)
|
0.15
|
0.14
|
0.14
|
0.21
|
0.09
|
|
Net realized and unrealized gain/(loss) on securities
|
0.17
|
2.66
|
1.50
|
(1.29)
|
1.25
|
|
Total from Investment Operations
|
0.32
|
2.80
|
1.64
|
(1.08)
|
1.34
|
|
Less Distributions:
|
|||||
|
Dividends from net investment income
|
(0.14)
|
(0.13)
|
(0.16)
|
(0.10)
|
(0.08)
|
|
Distributions from realized capital gains
|
—
|
—
|
—
|
(0.99)
|
(0.35)
|
|
Total Distributions
|
(0.14)
|
(0.13)
|
(0.16)
|
(1.09)
|
(0.43)
|
|
Net Asset Value, End of Period
|
$13.35
|
$13.17
|
$10.50
|
$9.02
|
$11.19
|
|
Total Return
|
2.57%
|
26.80%
|
18.34%
|
(8.20)%
|
13.12%(c)
|
|
Net Assets, End of Period (000’s)
|
$233,185
|
$138,321
|
$92,806
|
$72,737
|
$78,307
|
|
Ratios and Supplemental Data:
|
|||||
|
Ratios of expenses to average net assets: (d)
|
|||||
|
Gross
|
1.56%
|
1.58%
|
1.66%
|
1.70%
|
1.69%
|
|
Net
|
1.56%
|
1.58%
|
1.66%
|
1.70%
|
1.69%
|
|
Ratio of net investment income (loss) to average net assets (b)
|
1.15%
|
1.23%
|
1.55%
|
2.14%
|
0.82%
|
|
Portfolio Turnover
|
11%
|
4%
|
9%
|
22%
|
54%
|
|
Institutional Shares
|
|||||
|
Years Ended March 31,
|
|||||
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
|
Net Asset Value, Beginning of Period
|
$13.19
|
$10.51
|
$9.03
|
$11.21
|
$10.30
|
|
Income from Investment Operations:
|
|||||
|
Net investment income (loss) (a)(b)
|
0.14
|
0.16
|
0.17
|
0.24
|
0.09
|
|
Net realized and unrealized gain/(loss) on securities
|
0.21
|
2.67
|
1.49
|
(1.30)
|
1.28
|
|
Total from Investment Operations
|
0.35
|
2.83
|
1.66
|
(1.06)
|
1.37
|
|
Less Distributions:
|
|||||
|
Dividends from net investment income
|
(0.18)
|
(0.15)
|
(0.18)
|
(0.13)
|
(0.11)
|
|
Distributions from realized capital gains
|
—
|
—
|
—
|
(0.99)
|
(0.35)
|
|
Total Distributions
|
(0.18)
|
(0.15)
|
(0.18)
|
(1.12)
|
(0.46)
|
|
Net Asset Value, End of Period
|
$13.36
|
$13.19
|
$10.51
|
$9.03
|
$11.21
|
|
Total Return
|
2.79%
|
27.16%
|
18.59%
|
(7.99)%
|
13.40%(c)
|
|
Net Assets, End of Period (000’s)
|
$200,160
|
$47,418
|
$22,459
|
$20,567
|
$23,973
|
|
Ratios and Supplemental Data:
|
|||||
|
Ratios of expenses to average net assets: (d)
|
|||||
|
Gross
|
1.31%
|
1.33%
|
1.41%
|
1.43%
|
1.44%
|
|
Net
|
1.31%
|
1.33%
|
1.41%
|
1.43%
|
1.44%
|
|
Ratio of net investment income (loss) to average net assets (b)
|
1.12%
|
1.47%
|
1.88%
|
2.45%
|
0.92%
|
|
Portfolio Turnover
|
11%
|
4%
|
9%
|
22%
|
54%
|
|
(a)
|
Per share numbers have been calculated using the average shares method.
|
|
(b)
|
Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior to certain reclassifications for federal income or excise tax purposes.
|
|
(c)
|
The total return would have been lower if certain fees had not been waived or if custodial fees had not been reduced by credits allowed by the custodian. See Note 3 to the financial statements.
|
|
(d)
|
Ratios of expenses to average net assets:
|
|
|
— Gross (total expenses before fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
|
|
— Net (total expenses net of fee waivers, reimbursements by the investment advisor, and custody earnings credits, if any).
|
PEAR TREE FUNDS
NOTES TO FINANCIAL STATEMENTS
1. Organization of the Trust
Pear Tree Funds, (the “Trust”) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has six series (each a “Fund” and collectively the “Funds”), each with a distinct investment objective.
Pear Tree Polaris Small Cap Fund (“Small Cap”) seeks maximum long-term capital appreciation.
Pear Tree Quality Fund (“Quality”) seeks long-term growth of capital.
Pear Tree PanAgora Dynamic Emerging Markets Fund (“Emerging Markets”) seeks long-term growth of capital.
Pear Tree PanAgora Risk Parity Emerging Markets Fund (“Risk Parity”) seeks long-term growth of capital.
Pear Tree Polaris Foreign Value Fund (“Foreign Value”) seeks long-term capital growth and income.
Pear Tree Polaris Foreign Value Small Cap Fund (“Foreign Value Small Cap”) seeks long-term capital growth and income.
Each of the Funds is a “non-diversified company,” within the meaning of the 1940 Act, other than Emerging Markets., which is a “diversified company.”
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services-Investment Companies”.
Each Fund offers two classes of shares, designated as Ordinary Shares and Institutional Shares. The classes differ principally in their respective expense structure and minimum investment requirements. Each class of shares represents an interest in the same portfolio of investments of the respective Fund and has equal rights to voting (except as noted in the following sentence), redemptions, dividends and liquidation. Ordinary Shares bear distribution (Rule 12b-1) fees and have exclusive voting rights with respect to the distribution plan that has been adopted by Ordinary Share shareholders. There is no distribution plan for Institutional Shares.
At times, a Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. To the extent that a Fund is permitted to invest in foreign markets, emerging markets or countries with limited or developing markets, such investments may subject the Fund to a greater degree of risk than in the U.S. market or a developed market. Risks associated with these foreign and developing markets include political, social or economic factors and may affect the price of a Fund’s investments and income generated by these investments, as well as a Fund’s ability to repatriate such amounts. Information regarding each Fund’s principal risks is contained in the Funds’ prospectus. Please refer to the Funds’ prospectus when considering a Fund’s risks.
2. Significant Accounting Policies
Each Fund’s financial statements have been prepared in conformity with U.S. generally accepted accounting principles. Those principals require the management of the Funds to, among other things, make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses and gains and losses on investments during the reporting year. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by each Fund in the preparation of its financial statements, which are consistent with those policies generally accepted in the investment company industry.
Security Valuation
Portfolio securities are valued each business day generally at the last reported sale price on the principal exchange or market on which they are traded. If on a business day there is no such reported sale, the securities generally are valued at the mean between the last reported bid and asked prices. For securities where no such sales have been reported, a Fund may value such securities at the last reported bid price. In the event that there is information suggesting that valuation of such securities based upon bid and/or asked prices may not be accurate, a Fund may value such securities in good faith at fair value in accordance with procedures (the “Valuation Procedures”) established by the Funds’ Trustees (the “Trustees”), which may include a determination to value such securities at the last reported sales price. Short-term investments that mature in 60 days or less are valued at amortized cost. Securities quoted in foreign currencies are translated into U.S. dollars based upon the prevailing exchange rate at the time of valuation. As a result, changes in the value of those currencies in relation to the U.S. dollar may affect a Fund’s net asset value. Because foreign markets may be open at different times than when the New York Stock Exchange is open for regular trading, the value of a Fund’s shares may change on days when shareholders are not able to buy or sell them. If events materially affecting the values of a Fund’s foreign investments occur between the close of foreign markets and the close of regular trading on the New York Stock Exchange, these investments may be valued at their fair value as determined in good faith using the Valuation Procedures.
The Funds’ Valuation Procedures include fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs used to develop the measurements of fair value. These inputs are summarized in the three broad levels listed below:
|
|
•
|
Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has the ability to access.
|
|
•
|
Level 2 — Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
|
•
|
Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing a Fund’s own assumptions about the assumptions a market participant would use in valuing the asset liability, and would be based on the best information available.
|
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers in changing an investment’s assigned level within the hierarchy.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. The following is a summary of the inputs used to value the Fund’s net assets as of March 31, 2015:
|
Quoted Prices
In Active
Markets
|
Significant
Other
Observable
Inputs
|
Significant
Unobservable
Inputs
|
Market
Value at
March 31,
2015
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
|
Small Cap
|
||||
|
Common Stock*
|
$80,867,803
|
$—
|
$—
|
$80,867,803
|
|
Real Estate Inv. Trusts
|
13,718,231
|
—
|
—
|
13,718,231
|
|
Short Term Investments
|
13,782,634
|
16,153,118
|
—
|
29,935,752
|
|
Total
|
$108,368,668
|
$16,153,118
|
—
|
$124,521,786
|
|
Quality
|
||||
|
Common Stock*
|
$114,507,282
|
$—
|
$—
|
$114,507,282
|
|
Depository Receipts
|
11,655,837
|
—
|
—
|
11,655,837
|
|
Short Term Investments
|
1,490,945
|
989,553
|
—
|
2,480,498
|
|
Total
|
$127,654,064
|
$989,553
|
—
|
$128,643,617
|
|
Emerging Markets
|
||||
|
Common Stock*
|
$87,500,593
|
$2,333,203
|
$—
|
$89,833,796
|
|
Common Stock Units
|
723,928
|
—
|
—
|
723,928
|
|
Depository Receipts
|
7,221,320
|
—
|
—
|
7,221,320
|
|
Mutual Funds
|
38,260,668
|
—
|
—
|
38,260,668
|
|
Preferred Stock
|
2,251,544
|
—
|
—
|
2,251,544
|
|
Real Estate Inv. Trusts
|
424,531
|
—
|
—
|
424,531
|
|
Short Term Investments
|
1,516,442
|
732,661
|
—
|
2,249,103
|
|
Total
|
$137,899,026
|
$3,065,864
|
—
|
$140,964,890
|
|
Risk Parity
|
||||
|
Common Stock*
|
$30,333,160
|
$2,143,729
|
$35,479
|
$32,512,368
|
|
Common Stock Units
|
148,790
|
—
|
—
|
148,790
|
|
Depository Receipts
|
3,257,063
|
—
|
—
|
3,257,063
|
|
Mutual Funds
|
2,791,749
|
—
|
—
|
2,791,749
|
|
Preferred Stock
|
930,561
|
—
|
—
|
930,561
|
|
Real Estate Inv. Trusts
|
177,778
|
—
|
—
|
177,778
|
|
Short Term Investments
|
1,171,597
|
14,030
|
—
|
1,185,627
|
|
Total
|
$38,810,698
|
$2,157,759
|
$35,479
|
$41,003,936
|
|
Foreign Value
|
||||
|
Common Stock*
|
$1,443,935,801
|
$31,994,542
|
$—
|
$1,475,930,343
|
|
Depository Receipts
|
110,999,657
|
—
|
—
|
110,999,657
|
|
Short Term Investments
|
28,534,168
|
—
|
—
|
28,534,168
|
|
Total
|
$1,583,469,626
|
$31,994,542
|
—
|
$1,615,464,168
|
|
Foreign Value Small Cap
|
||||
|
Common Stock*
|
$363,862,444
|
$23,393,735
|
$74,762
|
$387,330,941
|
|
Preferred Stock
|
9,537,004
|
—
|
—
|
9,537,004
|
|
Short Term Investments
|
57,901,128
|
—
|
—
|
57,901,128
|
|
Total
|
$431,300,576
|
$23,393,735
|
$74,762
|
$454,769,073
|
The following is a reconciliation of Level 3 assets for which unobservable inputs were used to determine fair value.
|
Foreign Value
Small Cap
Common Stock
|
Risk Parity
Common Stock
|
|
|
Balances as of 3/31/2014
|
$81,523
|
$70,005
|
|
Realized gain (loss)
|
$—
|
$—
|
|
Changed in unrealized appreciation (depreciation)
|
$(6,761)
|
$(26,787)
|
|
Purchases
|
$—
|
$53,360
|
|
Sales
|
$—
|
$—
|
|
Transfer out
|
$—
|
$(61,099)
|
|
Balances as of 3/31/2015
|
$74,762
|
$35,479
|
|
*
|
Refer to Schedule of Investments for breakout by industry or country.
|
|
*
|
Transfers between Levels are recognized at the end of the reporting period.
|
|
*
|
Emerging Markets fund transferred $1,488,536 out of Level 2 into Level 1. Risk Parity transferred $61,099 out of Level 3 into Level 1, $2,598,412 out of Level 2 into Level 1 and $27,300 out of Level 1 into Level 2. Small Cap, Quality, Foreign Value and Foreign Value Small Cap Funds didn’t have transfers at period end. The reason for the transfers out of Level 2 and into Level 1 were due to exchanges being closed in certain countries on March 31, 2014.
|
|
|
Transfers into Level 2 were due to no trading activity on March 31, 2015.
|
|
|
Transfer out of Level 3 into Level 1 was due to trading activity.
|
|
*
|
Common stock labeled as Level 2 balance consists of the market value of the associated Level 2 investments in the following industries:
|
|
Foreign Value
|
Foreign Value
Small Cap
|
Emerging Markets
|
Risk Parity
|
|
|
Banks
|
$—
|
$—
|
$931,861
|
$171,709
|
|
Chemicals
|
—
|
—
|
—
|
149,220
|
|
Construction Materials
|
—
|
—
|
—
|
95,980
|
|
Diversified Financials
|
—
|
—
|
494,380
|
—
|
|
Diversified Telecommunications
|
—
|
—
|
—
|
74,788
|
|
Electric Utilities
|
—
|
8,375,288
|
177,754
|
130,180
|
|
Electronic Equipment & Instruments
|
—
|
7,049,979
|
362,837
|
129,502
|
|
Food and Drug Retailing
|
—
|
—
|
—
|
86,570
|
|
Food Products
|
—
|
7,968,468
|
—
|
64,303
|
|
Health Care Providers & Services
|
—
|
—
|
—
|
251,805
|
|
Hotels, Restaurants & Leisure
|
—
|
—
|
—
|
81,638
|
|
Media
|
—
|
—
|
—
|
72,953
|
|
Multiline Retail
|
—
|
—
|
—
|
104,075
|
|
Oil & Gas
|
31,994,542
|
—
|
366,371
|
212,649
|
|
Pharmaceuticals & Biotechnology
|
—
|
—
|
—
|
67,306
|
|
Real Estate
|
—
|
—
|
—
|
46,770
|
|
Specialty Retail
|
—
|
—
|
—
|
69,954
|
|
Transportation Infrastructure
|
—
|
—
|
—
|
201,770
|
|
Wireless Telecommunication Services
|
—
|
—
|
—
|
132,557
|
|
$31,994,542
|
$23,393,735
|
$2,333,203
|
2,143,729
|
|
·
|
Common stock labeled as Level 3 balance consists of the market value of the associated Level 3 investments in the following industries:
|
|
Foreign Value
Small Cap
|
Risk Parity
|
|
|
Diversified Telecommunications
|
$—
|
$35,479
|
|
Leisure Equipment & Products
|
74,762
|
—
|
|
$74,762
|
$35,479
|
The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2015;
|
Common
Stock
|
Fair Value
March 31, 2015
|
Valuation
Methodologies
|
Unobservable
Input (1)
|
Range
|
Impact to
Valuation
from a
Decrease
in Input (2)
|
|
Foreign Value Small Cap
|
$74,762
|
Market Comparable
|
Comparability
Adjustment
|
100%
|
Decrease
|
|
Risk Parity
|
$35,479
|
Adjusted last trade
|
Volatility
Adjustment
|
100%
|
Decrease
|
|
1.
|
In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, and company specific developments.
|
|
2.
|
This column represents the directional change in the fair value of the Level 3 investments that would result from a decrease to the corresponding unobservable input. An increase to the observable input would have the opposite effect.
|
Offsetting Assets and Liabilities
The Funds have adopted financial reporting rules regarding offsetting assets and liabilities and related arrangements to enable users of their financial statements to understand the effect of those arrangements on their financial position. During the period ended March 31, 2015, the Funds were not subject to any master netting arrangements or similar agreements.
The table below shows the offsetting assets and liabilities relating to the repurchase agreement and the securities lending agreements shown on the Statement of Assets and Liabilities.
|
Gross Amounts not offset
in the statement of Financial Position
|
||||||
|
Repurchase
Agreements
|
Gross Amounts
of Recognized
Assets
|
Gross Amounts
Offset in the
Statement of
Financial Position
|
Net Amounts
Presented in the
Statement of
Financial Position
|
Financial
Instruments
|
Collateral
Pledged
(Received)
|
Net Amount
|
|
Small Cap
|
$16,153,118
|
$—
|
$16,153,118
|
$16,153,118
|
$—
|
$—
|
|
Quality
|
989,553
|
—
|
989,553
|
989,553
|
—
|
—
|
|
Emerging Markets
|
732,661
|
—
|
732,661
|
732,661
|
—
|
—
|
|
Risk Parity
|
14,030
|
—
|
14,030
|
14,030
|
—
|
—
|
|
Gross Amounts not offset
in the statement of Financial Position
|
||||||
|
Security Lending
|
Gross Amounts
of Recognized
Liabilities
|
Gross Amounts
Offset in the
Statement of
Financial Position
|
Net Amounts
Presented in the
Statement of
Financial Position
|
Financial
Instruments
|
Collateral
Pledged
(Received)
|
Net Amount
|
|
Small Cap
|
$13,782,634
|
$—
|
$13,782,634
|
$13,782,634(a)
|
$—
|
$—
|
|
Quality
|
1,490,945
|
—
|
1,490,945
|
1,490,945(a)
|
—
|
—
|
|
Emerging Markets
|
1,516,442
|
—
|
1,516,442
|
1,516,442(a)
|
—
|
—
|
|
Risk Parity
|
1,171,597
|
—
|
1,171,597
|
1,171,597(a)
|
—
|
—
|
|
(a)
|
Collateral for securities on loan is included in the Schedule of Investments.
|
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Guarantees and Indemnifications
In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be minimal.
Subsequent Events
In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financials were issued. There were no events or transactions that occurred during the period that materially impacted the accounts or disclosures in the Funds’ financial statements.
Security Transactions and Related Investment Income
Security transactions are accounted for on the trade date (the date the order to buy or sell is executed). Dividend income, less foreign taxes withheld, is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as a Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence. Distributions received on securities that represent a return of capital or a capital gain is recorded as a reduction of cost of investments and/or as a realized gain. Each Fund estimates the components of distributions that may be considered nontaxable distributions or capital gain distributions for tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis. Each Fund’s investment income and realized and unrealized gains and losses are allocated among classes based upon the daily relative net assets.
Repurchase Agreements
The Funds’ custodian takes possession of securities collateralizing repurchase agreements through the federal book-entry system. Collateral is marked-to-market daily to confirm that the market value of the underlying assets remains sufficient to protect the Funds. The Funds may experience costs and delays in liquidating the collateral if the issuer defaults or enters into bankruptcy.
Counterparty Credit Risk
Some transactions in which a Fund may engage involve instruments that are not traded on an exchange. Rather, these instruments are traded between counterparties based on contractual relationships. As a result, a Fund is subject to the risk that the counterparty will not perform obligations under the related contract. Although a Fund expects to enter into transactions only with counterparties believed by the Fund’s investment manager or Sub-Advisor to be creditworthy, there can be no assurance that a counterparty will not default and that the Fund will not sustain a loss on a transaction as a result.
The purchase of participatory notes involves risk that is in addition to the risks normally associated with a direct investment in the underlying securities. A Fund is subject to the risk that the issuer of the participatory note (i.e., the issuing bank or broker-dealer), which is the only responsible party under the note, is unable or refuses to perform under the terms of the participatory note.
Foreign Currency Transactions
All monetary items denominated in foreign currencies are translated into U.S. dollars based on the prevailing exchange rate at the close of each business day. Income and expenses denominated in foreign currencies are translated at the prevailing rates of exchange when accrued or incurred.
Reported net realized gains and losses on foreign currency transactions represent net gains and losses from currency gains and losses realized between the trade and settlement dates on investment transactions, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The effects of changes in foreign currency exchange rates on investments in securities are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investments.
Forward Foreign Currency Contracts
The Funds may enter into forward foreign currency contracts to manage their exposure to fluctuations in certain foreign currencies. A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a set price. The forward currency contracts are valued at the forward rate and are marked-to-market daily. The change in market value is recorded by a Fund as an unrealized gain or loss. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it is opened and the value at the time it is closed. In addition to the risks of financial investments mentioned above, risks arise from unanticipated movements in currency values.
There were no open foreign currency contracts held by any Fund at March 31, 2015.
Securities Lending
To generate additional income, each of Small Cap, Quality, Emerging Markets and Risk Parity use Securities Finance Trust Company (“eSecLending”) as lending agent. Small Cap , Quality , Emerging Markets and Risk Parity may each lend up to 30 percent of its assets pursuant to certain agreements (“Securities Lending Agreements”) requiring that the loan be continuously secured by cash or securities. Securities loaned are arranged by eSecLending with certain pre-approved borrowers, typically broker-dealers acting on behalf of their clients. The borrowers are required to provide cash or securities as collateral against loaned securities in the amount of 105 percent of the market value of borrowings for Emerging Markets and Risk Parity, and 102 percent of the borrowings for the Small Cap and Quality. Collateral is marked-to-market daily. Cash collateral is invested in a registered money market fund.
Risks such as delay in recovery of securities may occur should the borrower of the securities fail financially or should the value of the securities loaned increase above the value of the collateral received. eSecLending provides indemnification insurance via highly rated third party insurers to cover these potential risks.
At March 31, 2015, the following Funds had collateral and loans outstanding of:
|
Value of Collateral
|
Value of Loaned Securities
|
|
|
Small Cap
|
$13,782,634
|
13,474,826
|
|
Quality
|
1,490,945
|
1,449,922
|
|
Emerging Markets
|
1,516,442
|
1,414,428
|
|
Risk Parity
|
1,171,597
|
1,124,844
|
Expenses and Class Allocations
The majority of the expenses of the Funds are attributed to the individual Fund and Class for which they are incurred. Expenses that are not attributed to a specific Fund are allocated in proportion to the respective net assets of the Funds. Expenses allocable to a Fund are borne pro rata by the holders of both classes of shares of such Fund, except that 12b-1 Plan expenses will not be borne by the holders of Institutional Shares.
Distribution (12b-1) fees on Ordinary Shares are calculated based on the average daily net asset value attributable to the Ordinary Shares of the respective Fund. Institutional Shares are not subject to distribution (12b-1) fees. Shareholders of each class share all expenses and fees paid to the transfer agent, Pear Tree Institutional Services, for its services, which are allocated based on the net assets in each class and the ratable allocation of related out- of-pocket expenses. Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on their respective percentage of adjusted net assets at the beginning of the day. (See Note 3.)
Distributions to Shareholders
Distributions to shareholders are recorded as of the ex-dividend date. Distributions paid by each Fund with respect to each class of shares are calculated in the same manner, at the same time, and in the same amount, except that Ordinary Shares incur distribution (12b-1) fees while Institutional Shares do not. Distributions from net investment income for each Fund, if any, are declared and paid annually. Distributions from net realized gains for each Fund, if any, are generally declared and paid annually.
3. Management Fee, Advisory Contracts and Other Affiliate Transactions
The Funds have entered into a management agreement (the “Management Agreement”) with Pear Tree Advisors, Inc. (the “Manager”). Compensation of the Manager, for management and administration of the Funds, including selection and monitoring of the portfolio advisors, is paid monthly based on the average daily net asset value of each Fund for the month. The annual rate of such fees is 1.00 percent of the average daily total net assets of each of the Funds except for Risk Parity an annual rate 0.60 percent of the average daily total net assets. As of January 1, 2015, Small Cap decreased from 1.00 percent to 0.80 percent of the daily total net assets.
From January 27, 2011 to July 31, 2013, the Manager had waived a portion of its management fee relating to Quality Fund by an amount equal to the annualized rate of 0.15 percent of Quality Fund’s average daily net assets if and when the Quality Fund’s average daily net assets were up to $100 million, and in an amount equal to the annualized rate of 0.25 percent of Quality Fund’s average daily net assets if and when Quality Fund’s average daily net assets equal to or greater than $100 million. From April 1, 2011 to August 1, 2013, the Manager had waived or reimbursed Fund expenses relating to Institutional Shares of Quality Fund such that the total annualized fund operating expenses relating to Institutional Shares were not more than 1.00 percent.
Beginning December 1, 2013, the Manager has agreed until July 31, 2015 to waive a portion of its management fee relating to Quality Fund by an amount equal to the annualized rate of 0.25 percent of Quality Fund’s average daily net assets if and when the Quality Fund’s average daily net assets up to and including $125 million, and in an amount equal to the annualized rate of 0.50 percent of Quality Fund’s average daily net assets if and when Quality Fund’s average daily net assets in excess of $125 million. The Board has the right to terminate this arrangement in its discretion.
In addition, under the Management Agreement, the Manager has agreed to reduce its compensation, and if necessary, assume expenses, with respect to Small Cap Fund to the extent that the total expenses of Small Cap Fund individually exceed 2 percent of average net assets for any fiscal year. Small Cap Fund expenses subject to this limitation are exclusive of brokerage, interest, taxes and extraordinary expenses, which include incremental custody costs associated with international securities. Expenses are calculated gross of custody credits, if applicable.
For the twelve months ended March 31, 2015, aggregate management fees exclusive of fee waivers and Fund reimbursements, from all Funds were $22,257,727.
The Manager has entered into sub-advisory contracts with the following sub advisors (collectively the “Sub-Advisors”) to provide investment sub-advisory services to the following Funds: Columbia Partners, L.L.C., Investment Management (Small Cap thru 12/31/14 and Quality), PanAgora Asset Management, Inc. (Emerging Markets and Risk Parity), and Polaris Capital Management, LLC (Small Cap commencing on 1/1/15, Foreign Value and Foreign Value Small Cap).
For services rendered, the Manager pays to the Sub-Advisors of a Fund a fee based on a percentage of the average daily total net assets of the Fund. The fee for each Fund is determined separately. During the fiscal year ended March 31, 2015, the fees paid by the Manager to the Sub-Advisors of the Funds were as follows:
|
Small Cap
|
0.25% of the first $100 million and
|
|
0.30% of amounts in excess of $100 million but less than $200 million and
|
|
|
0.325% of amounts in excess of $200 million of average daily total net assets
|
|
|
Quality
|
0.10% of the first $100 million and
|
|
0.08% of amounts in excess of $100 million but less than $250 million and
|
|
|
0.06% of amounts in excess of $250 million of average daily total net assets
|
|
|
Emerging Markets
|
0.47% of the first $300 million and
|
|
0.50% of amounts in excess of $300 million of average daily total net assets
|
|
|
Risk Parity
|
0.25% of the first $300 million and
|
|
0.30% of amounts in excess of $300 million but less than $600 million and
|
|
|
0.35% of amounts in excess of $600 million of average daily total net assets
|
|
|
Foreign Value
|
0.35% of the first $35 million and
|
|
0.40% of amounts in excess of $35 million but less than $200 million and
|
|
|
0.50% of assets in excess of $200 million of average daily total net assets
|
|
|
Foreign Value Small Cap
|
0.35% of the first $35 million and
|
|
0.40% of amounts in excess of $35 million but less than $200 million and
|
|
|
0.50% of amounts in excess of $200 million of average daily total net assets.
|
The Funds have entered into a distribution agreement (the “Distribution Agreement”) with U.S. Boston Capital Corporation (the “Distributor”). For its services under the Distribution Agreement, the Distributor receives the distribution (12b-1) fees, that is, 0.25 percent of the average daily net asset value of the Ordinary Shares of the Funds, payable monthly.
Holders of Institutional Shares pay no portion of the 12b-1 Plan expenses of the Funds and are not entitled to vote on matters involving the 12b-1 Plan. During the year ended March 31, 2015 the aggregate distribution fees of the Funds were $3,758,955.
Transfer agent functions are provided to the Funds by Pear Tree Institutional Services, a division of the Manager (the “Transfer Agent”) pursuant to a transfer agent agreement (the “Transfer Agent Agreement”). The Transfer Agent Agreement provides for base fees that are payable to the Transfer Agent at an annual rate of 0.16 percent of the average daily total net asset value of each class of shares of the Funds and for reimbursement of out of pocket expenses. During the year ended March 31, 2015, the aggregate fees of the Funds were $3,710,834.
Pursuant to an Administration Agreement, the Manager provides certain administrative services to the Funds. During the year ended March 31, 2015, fees paid pursuant to this agreement were $675,000.
The Trustees have approved reimbursement to the Manager for a percentage of the compensation paid by the Manager to the Trust’s Chief Compliance Officer. For the year ended March 31, 2015, the Trust reimbursed the Manager for the Chief Compliance Officer’s compensation in the amount of $211,583.
For the year ended March 31, 2015, each Trustee who was not an “interested person” of the Trust, as that term is defined in the 1940 Act, received a fee for serving in that role of $29,500, and each of the Chairman of the Board’s Audit Committee and the Lead Independent Trustee of the Board received an additional $3,000. Compensation for the services of the Trustee who was an interested person of the Trust during that period was paid by the Manager. All fees paid to the Trustees were allocated among the Funds in proportion to their respective net assets.
As of March 31, 2015,the market value of Risk Parity Emerging Markets Fund, an affiliated company, held in Emerging Markets Fund amounted to $38,260,668, representing 27.4% of net assets.
|
Share
Balance
3/31/14
|
Purchases
|
Reinvested
|
Share
Balance
3/31/15
|
Realized
Gain
(Loss)
|
LT Cap
Gain
|
Dividend
Income
|
Value at
3/31/15
|
Acquisition
Cost
|
|
3,179,734
|
688,847
|
43,553
|
3,912,134
|
—
|
$77,570
|
$334,002
|
$38,260,668
|
$39,814,145
|
4. Purchases and Sales
During the twelve months ended March 31, 2015, purchases of investment securities other than U.S. Government obligations and short-term investments for Small Cap, Quality, Emerging Markets, Risk Parity, Foreign Value, and Foreign Value Small Cap, were $96,896,708, $62,220,207, $52,610,103, $22,270,914, $320,226,824, and $248,814,990, respectively. Sales of such securities for the Funds were $118,230,288, $69,105,814, $59,578,228, $13,535,891, $36,528,163, and $29,834,543, respectively.
5. Contingent Liability
The Trust maintains a joint fidelity bond with the Funds’ Transfer Agent through ICI Mutual Insurance Company (“ICI Mutual”). The annual premium is allocated among the Funds and the Transfer Agent.
6. Concentration of Risk
The relatively large investments of Emerging Markets and Risk Parity in countries with limited or developing capital markets may involve greater risks than investments in more developed markets and the prices of such investments may be volatile. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of each Fund’s investments and the income they generate, as well as each Fund’s ability to repatriate such amounts.
7. Federal Income Taxes
It is the policy of the Funds to distribute all of their taxable income within the prescribed time and otherwise comply with the provisions of the Internal Revenue Code (“IRC”) applicable to regulated investment companies. Therefore no Federal income tax provision is required.
The tax components of capital shown in the following tables represent: (1) losses or deductions the portfolios may be able to offset against income and gains realized in future years, (2) distribution requirements the portfolios must satisfy under the income tax regulations, and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.
Certain Funds had capital loss carryovers at March 31, 2015. The accumulated capital losses noted in the table may be available to offset future realized capital gains and thereby reduce future taxable gain distributions.
|
March 31, 2015
|
||||||
|
Portfolio
|
Capital Loss
Expires
March 31, 2017
|
Capital Loss
Expires
2018
|
Capital Loss
Expires
2019
|
Capital Loss
No Expiration
Short Term
|
Capital Loss
No Expiration
Long Term
|
Total
Capital Loss
|
|
Small Cap
|
$—
|
$—
|
$—
|
$—
|
$—
|
$—
|
|
Quality
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Emerging Markets
|
—
|
18,600,611
|
—
|
—
|
—
|
18,600,611
|
|
Risk Parity
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Foreign Value
|
73,956,484
|
131,156,114
|
10,547,106
|
132,769
|
31,155,708
|
246,948,181
|
|
Foreign Value Small Cap
|
—
|
—
|
—
|
—
|
—
|
—
|
For the year ended March 31, 2015, capital losses utilized were as follows: Emerging Market $332,581, Foreign Value $7,747,120, and Foreign Value Small Cap $2,732,393.
As a result of the passage of the Registered Investment Company Modification Act of 2010 (“the Act”), losses incurred in fiscal year ended March 31, 2012 and beyond retain their character as short-term or long-term and have no expiration date and are utilized before capital losses incurred prior to the Act.
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by the tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2012-2014, or expected to be taken in the Funds’ 2015 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal and Massachusetts State; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.
The primary differences between book and tax appreciation or depreciation of investments consist of wash sale loss deferrals, mark-to-market valuation on passive foreign investment companies (“PFICs”) held and foreign capital gains taxes accrued. The net tax appreciation/ (depreciation) in the table below includes unrealized tax gain/ (loss) on foreign currency and investments.
|
March 31, 2015
|
|||||||
|
Portfolio
|
Org
Cost
|
Undistributed
Ordinary
Income
|
Undistributed
Long-Term
Gains
|
Accumulated
Capital
Losses
|
Late-Year
Loss
Deferrals
|
Net Tax
Appreciation/
(Depreciation)
|
Total
|
|
Small Cap Fund
|
$—
|
$—
|
$6,565,186
|
$—
|
$(34,665)
|
$22,008,269
|
$28,538,790
|
|
Quality Fund
|
—
|
917,714
|
4,215,595
|
—
|
—
|
17,077,332
|
22,210,641
|
|
Emerging Markets Fund
|
—
|
1,888,758
|
—
|
(18,600,611)
|
—
|
(787,517)
|
(17,499,370)
|
|
Risk Parity
|
(46,354)
|
128,613
|
—
|
—
|
(359,642)
|
(1,461,514)
|
(1,738,897)
|
|
Foreign Value Fund
|
—
|
28,531,212
|
—
|
(246,948,181)
|
—
|
251,351,473
|
32,934,504
|
|
Foreign Value Small Cap Fund
|
—
|
612,298
|
1,999,574
|
—
|
—
|
59,630,882
|
62,242,754
|
As of March 31,2015, Small Cap had $34,665 in post-December ordinary losses and Risk Parity had $359,642 in post-October capital losses which are deferred until fiscal year 2016 for tax purposes. Net late-year ordinary losses incurred after December 31 and within the taxable year are deemed to arise on the first day of the Fund’s next taxable year, and net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first day of the Fund’s next taxable year.
At March 31, 2015, the tax composition of dividends was as follows:
|
Portfolio
|
Ordinary
Income
|
Long Term
Capital Gains
|
Tax Return
Of Capital
|
|
Small Cap Fund
|
$—
|
$10,423,549
|
$—
|
|
Quality Fund
|
2,814,669
|
11,728,780
|
—
|
|
Emerging Markets Fund
|
2,048,281
|
—
|
—
|
|
Risk Parity
|
346,907
|
81,124
|
—
|
|
Foreign Value Fund
|
18,938,778
|
—
|
—
|
|
Foreign Value Small Cap Fund
|
3,457,892
|
86,869
|
—
|
At March 31, 2014, the tax composition of dividends was as follows:
|
Portfolio
|
Ordinary
Income
|
Long Term
Capital Gains
|
Tax Return
Of Capital
|
|
Small Cap Fund
|
$—
|
$—
|
$—
|
|
Quality Fund
|
1,269,533
|
—
|
—
|
|
Emerging Markets Fund
|
1,941,264
|
—
|
—
|
|
Risk Parity
|
182,798
|
—
|
—
|
|
Foreign Value Fund
|
8,908,564
|
—
|
—
|
|
Foreign Value Small Cap Fund
|
1,491,443
|
—
|
—
|
Accounting principles generally accepted in the United States require that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on a Fund’s net assets or a Fund’s net asset value per share. For the year ended March 31, 2015, permanent differences in book and tax accounting have been reclassified to shares of beneficial interest, undistributed/(over-distributed) net investment income and accumulated net realized gain/(loss) on investments and foreign denominated assets, liabilities and currency.
|
Increase/(Decrease)
|
|||
|
Shares of
Beneficial
Interest
|
Undistributed/
Accumulated
Net Investment
Income
|
Accumulated Net Gain/
(Loss) on Investments and
Foreign Denominated
Assets, Liabilities and
Currency
|
|
|
Small Cap Fund
|
$(331,234)
|
$982,448
|
$(651,214)
|
|
Quality Fund
|
4
|
(6,292)
|
6,288
|
|
Emerging Markets Fund
|
2
|
(57,156)
|
57,154
|
|
Risk Parity
|
—
|
(32,030)
|
32,030
|
|
Foreign Value Fund
|
—
|
(625,520)
|
625,520
|
|
Foreign Value Small Cap Fund
|
—
|
(134,680)
|
134,680
|
The permanent differences primarily relate to net operating losses, return of capital distributions by real estate investment trusts (REITs), foreign currency reclasses and adjustments for sale of shares in passive foreign investment corporations (PFICs).
8. Transactions in Shares of Beneficial Interest
Transactions in shares of beneficial interest were as follows:
|
Year ended
March 31, 2015
|
Year ended
March 31, 2014
|
|||
|
Shares
|
Dollars
|
Shares
|
Dollars
|
|
|
Small Cap
|
||||
|
Ordinary Shares
|
||||
|
Shares sold
|
109,729
|
$2,808,732
|
207,644
|
$5,277,165
|
|
Shares issued in reinvestment of distributions
|
397,572
|
8,989,103
|
—
|
—
|
|
Shares redeemed
|
(415,480)
|
(10,583,003)
|
(822,157)
|
(22,348,313)
|
|
Net Change
|
91,821
|
1,214,832
|
(614,513)
|
(17,071,148)
|
|
Institutional Shares
|
||||
|
Shares sold
|
18,517
|
$550,893
|
12,410
|
$378,835
|
|
Shares issued in reinvestment of distributions
|
24,523
|
638,081
|
—
|
—
|
|
Shares redeemed
|
(223,385)
|
(6,143,296)
|
(13,518)
|
(386,202)
|
|
Net Change
|
(180,345)
|
(4,954,322)
|
(1,108)
|
(7,367)
|
|
Total Net Change For Fund
|
$(3,739,490)
|
$(17,078,515)
|
||
|
Quality
|
||||
|
Ordinary Shares
|
||||
|
Shares sold
|
277,734
|
$5,134,061
|
537,932
|
$9,087,468
|
|
Shares issued in reinvestment of distributions
|
757,281
|
12,798,053
|
63,544
|
1,110,117
|
|
Shares redeemed
|
(732,899)
|
(13,554,655)
|
(440,986)
|
(7,508,887)
|
|
Net Change
|
302,116
|
4,377,459
|
160,490
|
2,688,698
|
|
Institutional Shares
|
||||
|
Shares sold
|
148,555
|
$2,853,481
|
408,428
|
$7,172,744
|
|
Shares issued in reinvestment of distributions
|
67,052
|
1,192,197
|
6,245
|
114,089
|
|
Shares redeemed
|
(136,264)
|
(2,613,458)
|
(100,210)
|
(1,818,592)
|
|
Net Change
|
79,343
|
1,432,220
|
314,463
|
5,468,241
|
|
Total Net Change For Fund
|
$5,809,679
|
$8,156,939
|
||
|
Emerging Markets
|
||||
|
Ordinary Shares
|
||||
|
Shares sold
|
696,994
|
$16,001,383
|
1,175,343
|
$25,995,414
|
|
Shares issued in reinvestment of distributions
|
80,040
|
1,682,436
|
70,627
|
1,594,063
|
|
Shares redeemed
|
(930,150)
|
(21,404,165)
|
(1,245,560)
|
(27,432,553)
|
|
Net Change
|
(153,116)
|
(3,720,346)
|
410
|
156,924
|
|
Institutional Shares
|
||||
|
Shares sold
|
141,485
|
$3,283,352
|
154,168
|
$3,421,496
|
|
Shares issued in reinvestment of distributions
|
9,108
|
194,088
|
9,313
|
212,884
|
|
Shares redeemed
|
(276,047)
|
(6,394,033)
|
(114,842)
|
(2,577,228)
|
|
Net Change
|
(125,454)
|
(2,916,593)
|
48,639
|
1,057,152
|
|
Total Net Change For Fund
|
$(6,636,939)
|
$1,214,076
|
||
|
Risk Parity
|
||||
|
Ordinary Shares
|
||||
|
Shares sold
|
102,031
|
$1,085,936
|
70,156
|
$753,840
|
|
Shares issued in reinvestment of distributions
|
1,507
|
14,178
|
438
|
4,528
|
|
Shares redeemed
|
(6,654)
|
(71,860)
|
(7,285)
|
(74,439)
|
|
Net Change
|
96,884
|
1,028,254
|
63,309
|
683,929
|
|
Institutional Shares
|
||||
|
Shares sold
|
702,132
|
$7,433,763
|
3,181,726
|
$32,122,316
|
|
Shares issued in reinvestment of distributions
|
43,794
|
413,852
|
17,174
|
178,270
|
|
Shares redeemed
|
(2,981)
|
(31,097)
|
(3,550)
|
(36,074)
|
|
Net Change
|
742,945
|
7,816,518
|
3,195,350
|
32,264,512
|
|
Total Net Change For Fund
|
$8,844,772
|
$32,948,441
|
||
|
Foreign Value
|
||||
|
Ordinary Shares
|
||||
|
Shares sold
|
22,375,554
|
$419,354,345
|
21,931,311
|
$386,244,629
|
|
Shares issued in reinvestment of distributions
|
621,405
|
10,613,597
|
374,600
|
6,813,973
|
|
Shares redeemed
|
(14,648,658)
|
(268,618,972)
|
(19,985,661)
|
(354,918,248)
|
|
Net Change
|
8,348,301
|
161,348,970
|
2,320,250
|
38,140,354
|
|
Institutional Shares
|
||||
|
Shares sold
|
9,701,021
|
$183,864,238
|
19,059,639
|
$343,017,621
|
|
Shares issued in reinvestment of distributions
|
440,127
|
7,512,978
|
99,730
|
1,813,084
|
|
Shares redeemed
|
(7,741,117)
|
(142,332,358)
|
(1,105,857)
|
(19,315,749)
|
|
Net Change
|
2,400,031
|
49,044,858
|
18,053,512
|
325,514,956
|
|
Total Net Change For Fund
|
$210,393,828
|
$363,655,310
|
||
|
Foreign Value Small Cap
|
||||
|
Ordinary Shares
|
||||
|
Shares sold
|
11,712,584
|
$154,429,715
|
2,664,639
|
$32,447,208
|
|
Shares issued in reinvestment of distributions
|
150,797
|
1,881,952
|
94,569
|
1,108,351
|
|
Shares redeemed
|
(4,895,038)
|
(63,630,016)
|
(1,096,688)
|
(12,449,928)
|
|
Net Change
|
6,968,343
|
92,681,651
|
1,662,520
|
21,105,631
|
|
Institutional Shares
|
||||
|
Shares sold
|
13,245,895
|
$172,971,087
|
1,783,652
|
$22,200,645
|
|
Shares issued in reinvestment of distributions
|
80,531
|
1,005,032
|
30,571
|
358,593
|
|
Shares redeemed
|
(1,942,393)
|
(25,001,133)
|
(355,757)
|
(4,138,242)
|
|
Net Change
|
11,384,033
|
148,974,986
|
1,458,466
|
18,420,996
|
|
Total Net Change for Fund
|
$241,656,637
|
$39,526,627
|
Federal Tax Information (unaudited)
Designation Requirements at March 31, 2015
|
Qualified Dividend Income Percentage
|
|
|
Quality Fund
|
100%
|
|
Emerging Markets Fund
|
100%
|
|
Risk Parity Fund
|
99%
|
|
Foreign Value Fund
|
100%
|
|
Foreign Value Small Cap Fund
|
100%
|
The Funds may elect under section 853 of the Internal Revenue Code to pass through foreign tax credit to its shareholders for the year ended March 31, 2015. The total amount of foreign taxes that is expected to pass through to shareholders and the respective foreign source income are as follows:
|
Foreign Tax Credit
|
Foreign Source Income
|
|
|
Emerging Market Fund
|
405,368
|
4,002,675
|
|
Risk Parity Fund
|
110,069
|
1,077,186
|
|
Foreign Value Fund
|
4,346,496
|
52,781,171
|
|
Foreign Value Small Cap
|
630,888
|
7,835,881
|
PEAR TREE FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Trustees of the Pear Tree Funds
We have audited the accompanying statements of assets and liabilities of the Pear Tree Polaris Small Cap Fund (formerly Pear Tree Columbia Small Cap Fund), Pear Tree Quality Fund, Pear Tree PanAgora Dynamic Emerging Markets Fund, Pear Tree PanAgora Risk Parity Emerging Markets Fund, Pear Tree Polaris Foreign Value Fund, and Pear Tree Polaris Foreign Value Small Cap Fund, each a series of the Pear Tree Funds (”the Funds“), including the schedules of investments, as of March 31, 2015, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended except for the Pear Tree PanAgora Risk Parity Emerging Markets Fund in which the statement of changes in net assets and the financial highlights were for the year then ended and for the period June 27, 2013 (commencement of operations) through March 31, 2014. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2015 by correspondence with the custodian, transfer agent and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the above mentioned series of the Pear Tree Funds, as of March 31, 2015, the results of their operations, the changes in their net assets, and the financial highlights for the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
May 29, 2015
PEAR TREE FUNDS
INFORMATION FOR SHAREHOLDERS
Quarterly Portfolio Disclosure
Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (”SEC“) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (Call 1-800-SEC-0330 for more information). For a complete list of a fund’s portfolio holdings, you may also view the most recent monthly holdings report, semi-annual report or annual report on the Pear Tree Funds’ web site at www.peartreefunds.com.
Portfolio Proxy Voting Policies and Information
Information on the Funds’ proxy voting policies and on how the Pear Tree Funds voted proxies related to portfolio securities for the 12-month period ended June 30, 2014 is available without charge online at www.peartreefunds.com and at www.sec.gov. You may also call 1-800-326-2151 to request a free copy of the proxy voting information or the proxy voting policies.
Household Delivery of Fund Documents
With your consent, the Trust may send a single proxy statement, prospectus and shareholder report to your residence for you and any other member of your household who has an account with the Funds. If you wish to revoke your consent to this practice, you may do so by notifying the Fund’s transfer agent, by phone or in writing (see ”For Account Information“). The mailing of separate proxy statements, prospectuses and shareholder reports will begin within 30 days after receiving your notice.
MANAGEMENT CONTRACT AND ADVISORY
CONTRACT APPROVAL
The Trustees, including the Independent Trustees voting separately, considered and approved a new sub-advisory agreement (the “New Sub-Advisory Agreement”) between the Manager and Polaris Capital Management, LLC (“Polaris”) relating to the Small Cap Fund at a meeting of the Trustees held on October 30, 2014.
Trustees’ Considerations in Evaluating the Prior Sub-Advisory Agreement
In connection with the review of the Manager’s proposed termination of the prior sub-advisory agreement (the “Prior Sub-Advisory Agreement”) between Columbia Partners, L.L.C. Investment Management (“Columbia”), the Trustees evaluated information provided by the Manager at the meeting, as well as information they had received from the Manager and Columbia in connection with the May 2014 renewal of the Prior Sub-Advisory Agreement and in connection with prior Trustees’ meeting. The Trustees considered such information and other factors as they believed to be relevant, and they did not identify any single factor as controlling.
Trustees’ Considerations in Evaluating the New Sub-Advisory Agreement
In connection with the review of the Manager’s proposed sub-advisory agreement with Polaris, the Trustees evaluated information provided by the Manager and Polaris in accordance with Section 15(c) of the 1940 Act. The Trustees also reviewed information that they had received from the Manager and Polaris in connection with the May 2014 renewals of the investment sub-advisory agreements between the Manager and Polaris relating to Foreign Value Fund and Foreign Value Small Cap Fund, two other separate series of the Trust. The Trustees considered such information and other factors as they believed to be relevant, and they did not identify any single factor as controlling.
Nature, Extent and Quality of Services
Among other things, the Trustees considered the nature, extent and quality of the services to be performed by Polaris under the sub-advisory arrangement. The Trustees noted the reputation, qualifications and background of Polaris, Polaris’ financial condition, Polaris’ experience and success in managing Foreign Value Fund and Foreign Value Small Cap Fund, the experience and skills of investment personnel to be responsible for the day-to-day management of Small Cap Fund, and the resources to be made available to such personnel. In addition, the Trustees considered the Manager’s evaluation of Polaris as the sub-adviser to each of Foreign Value Fund and Foreign Value Small Cap Fund, as well as the Manager’s conclusion that Polaris would provide reasonable services with respect to Small Cap Fund.
Performance
The Trustees also considered the investment approach of Polaris for Small Cap Fund. The Trustees noted that Polaris does not manage other client accounts using the investment strategy that Polaris uses for Small Cap Fund. However, the Trustees considered Polaris’ experience in managing Foreign Value Small Cap Fund, which has a substantially similar investment objective as Small Cap Fund and uses a strategy similar to the strategy used that Polaris would use with Small Cap Fund. The Trustees also considered the investment performance of Foreign Value Small Cap Fund relative to that fund’s peers and its benchmark. The Trustees noted that for the most recent one-, five-, and ten-year periods ended December 31, 2013 (as prepared by an independent third-party provider of mutual fund data), Foreign Value Small Cap Fund was in the second, third, or fifth quintile of its performance group, but in the first or third quintile of its performance universe over the same period. The Trustees further noted that at their May 2014 meeting, they had concluded that the performance of Foreign Value Small Cap Fund had generally been in line with or outperformed the historical performance of comparable funds. The Trustees concluded that Polaris’ performance results for Foreign Value Small Cap Fund were sufficient for evaluating Polaris’ anticipated performance for Small Cap Fund, and that such performance results for Small Cap Fund were acceptable.
Costs of Services & Profits
The Trustees also considered Polaris’s proposed sub-advisory fee under the New Sub-Advisory Agreement. The Trustees evaluated the profitability of Polaris. They also evaluated the competitiveness of the sub-advisory fee based upon data previously supplied by the Manager. The Trustees also considered that the sub-advisory fee rate was negotiated at arm’s length between the Manager and Polaris, that the Manager compensates Polaris from its fees, and that the aggregate advisory fee was deemed reasonable by the Trustees in May 2014. The Trustees took these factors into consideration in concluding that the amount of the subadvisory fee was reasonable.
The Trustees also considered the character and amount of other incidental benefits to be received by Polaris. Among other things, the Trustees considered Polaris’s soft dollar practices and the fact that Polaris does not use (or have) affiliated brokers. The Trustees concluded that the benefits arising from these practices were reasonable.
Economies of Scale
The Trustees also considered whether there may be economies of scale with respect to the sub-advisory services provided to Small Cap Fund and whether the sub-advisory fee reflects such economies of scale. Among other things, the Trustees considered the effective sub-advisory fee rate for Small Cap Fund under the New Sub-Advisory Agreement and whether it is reasonable in relation to different levels of assets of Small Cap Fund. The Trustees concluded that the fee schedule for Small Cap Fund reflects an appropriate recognition of any economies of scale for the benefit of Small Cap Fund shareholders.
Conclusion
Based upon all of the information considered and the conclusions reached, the Trustees determined that the terms of the New Sub-Advisory Agreement were fair and reasonable and that the approval of the New Sub-Advisory Agreement was in the best interests of Small Cap Fund. As required by the 1940 Act, the Trustees’ approval was confirmed by the unanimous separate vote of the Independent Trustees.
PRIVACY NOTICE
|
WHAT DO WE DO WITH YOUR PERSONAL INFORMATION?
|
|||
|
Why?
|
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
|
||
|
What?
|
The types of personal information we collect and share depend on the product or service you have with us. This information can include:
• Social Security Numbers
• Names, Addresses and Telephone numbers
• Account Balances
• Account Transactions
• Transaction History
• Information regarding your investments in the Pear Tree Mutual Funds
• Other account information
|
||
|
How?
|
All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reason Pear Tree chooses to share and whether you can limit this sharing.
|
||
|
Reasons we can share your personal information
|
Do we
share?
|
Can you limit
this sharing?
|
|
|
For our everyday business purposes
Such as to process your transaction, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus
|
Yes
|
No
|
|
|
For our marketing purposes
To offer our products and services to you
|
No
|
We don’t share
|
|
|
For joint marketing with other financial companies
|
No
|
We don’t share
|
|
|
For our affiliates’ everyday business purposes
Information about your transactions and experiences
|
No
|
We don’t share
|
|
|
For our affiliates’ everyday business purposes
Information about your creditworthiness
|
No
|
We don’t share
|
|
|
For non-affiliates to market to you
|
No
|
We don’t share
|
|
|
Questions?
|
CALL 1-800-326-2151
|
|
Who is providing this notice?
|
|
|
Pear Tree Advisors, Inc. and its Affiliates (collectively ”Pear Tree“). Our affiliates include the following entities:
|
|
|
• Pear Tree Advisors, Inc.
|
• Pear Tree Funds
|
|
• Pear Tree Partners, LP
|
• U.S. Boston Capital Corporation
|
|
We do not share information among our affiliates for marketing purposes.
|
|
|
What we do
|
|
|
How does Pear Tree protect my personal information?
|
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These include computer safeguards and secured files and buildings.
|
|
How does Pear Tree collect my personal information?
|
We collect your personal information, for example, when you:
• Open an account
• Send us a check or wire
Provide account information
• Give us your contact information
• Transfer assets from another firm
|
|
Why can’t I limit all sharing?
|
Federal law gives you the right to limit some but not all sharing related to:
• Affiliates’ everyday business purposes — information about your creditworthiness
• Affiliates from using your information to market to you
• Non-affiliates to market to you.
State laws and individual companies may give you additional rights to limit sharing.
|
|
Definitions
|
|
|
Affiliates
|
Companies related by common ownership or control. They can be financial and nonfinancial companies.
• Pear Tree does not share your information with affiliates to enable their marketing efforts.
|
|
Non-affiliates
|
Companies not related by common ownership or control. They can be financial and nonfinancial companies.
• Pear Tree does not share with non-affiliates to enable their marketing efforts.
|
|
Joint marketing
|
A formal agreement between non-affiliated financial companies that together market financial products or services to you.
• Pear Tree does not participate in joint marketing efforts
|
TRUSTEES AND OFFICERS
The tables below identify the current Trustees and officers of the Trust, their ages, their present positions with the Trust, terms of office with the Trust and length of time served, principal occupations over at least the last five years and other directorships/trusteeships held. Each Trustee and officer holds office for an indefinite term until his or her successor is chosen and qualified or until his or her earlier death, resignation, retirement or removal. The mailing address of each of the Trustees and Officers of the Trust is 55 Old Bedford Road, Suite 202, Lincoln, Massachusetts 01773.
Messrs. Armstrong, Bulbrook, Dunlap and Marshall are members of the Funds’ Audit Committee. Mr. Marshall is the Chair of the Audit Committee. The Fund’s Statement of Additional Information (”SAI“) includes additional information about the Fund Trustees and is available without charge, upon request. To obtain a free copy of the current SAI, please access the Funds’ web site at www.peartreefunds.com or call shareholder services at 1-800-326-2141.
Trustees who are not Interested Persons of the Trust
The following individuals are Trustees of the Trust (each, a ”Trustee“), but not ”interested persons“ of the Trust, as that term is defined in the 1940 Act.
|
Name
and Age
|
Position
Held With
Trust
|
Term of
Office/
Length
of Time
Served
|
Principal
Occupation(s)
during Past
Five Years
|
Number of
Portfolios
in Fund
Complex
Overseen
|
Other
Directorships
Held by
Trustee
in Public
Companies
|
|
Robert M. Armstrong
(76)
|
Trustee
|
Indefinite Term (1985 to present)
|
Independent Director and Consultant Services (1998–Present); Director, NewPage Corporation, NewPage Holding Corporation and NewPage Group, Inc. (2006-2012)
|
6
|
NewPage Corporation (2006–2012);
NewPage Holding Corporation
(2006–2012);
NewPage Group, Inc. (2006–2012)
|
|
John M. Bulbrook
(73)
|
Trustee
|
Indefinite Term (1985 to present)
|
CEO and Treasurer, John M. Bulbrook Insurance Agency, Inc. (d/b/a Bulbrook/Drislane Brokerage) (distributor of financial products, including insurance) (1984–Present);
|
6
|
None
|
|
William H. Dunlap
(64)
|
Trustee
|
Indefinite Term (October 2006 to present)
|
Executive Director, New Hampshire Historical Society, (Feb. 2010–Present); Principal, William H. Dunlap & Company (consulting firm) (2005–Present); President, EQ Rider, Inc., (equestrian clothing sales) (1998–2008); Director, Merrimack County Savings Bank (2005–Present); Director, Merrimack Bank Corp.(2005–2015)
|
6
|
None
|
|
Clinton S. Marshall
(58)
|
Trustee
|
Indefinite Term (April 2003 to present)
|
Owner, Coastal CFO Solutions, outsource firm offering CFO solutions to businesses (1998–Present); CFO, Fore River Company (2002–Present)
|
6
|
None
|
Trustees and Officers who are Interested Persons of the Trust
The following individuals are Trustees or officers of the Trust who are ”interested persons“ of the Trust, as that term is defined in the 1940 Act.
|
Name
and Age
|
Position
Held With
Trust
|
Term of
Office/
Length
of Time
Served
|
Principal
Occupation(s)
during Past
Five Years
|
Number of
Portfolios
in Fund
Complex
Overseen
|
Other
Directorships
Held by
Trustee/Officer
in Public
Companies
|
|
Willard L. Umphrey*
(74)
|
Trustee, President, Chairman (1985 to present)
|
Indefinite Term (1985 to present)
|
Director, U.S. Boston Capital Corporation; President, Pear Tree Advisors, Inc.
|
6
|
U.S. Boston Corporation; U.S. Boston Asset Management Corporation; Pear Tree Advisors, Inc.; Pear Tree Partners Management LLC; Unidine Corporation; USB Corporation; U.S. Boston Insurance Agency, Inc.; U.S. Boston Capital Corporation; Woundcheck Laboratories
|
|
Leon Okurowski
(73)
|
Vice President, Treasurer (1985 to present)
|
(1985 to present)
|
Director and Vice President, U.S. Boston Capital Corporation; Treasurer, Pear Tree Advisors, Inc.; Trustee, Pear Tree Funds
(4/17/1985–9/30/2004)
|
N/A
|
Everest USB Canadian Storage, Inc.; Pear Tree Advisors, Inc.; U.S. Boston Corporation; U.S. Boston Asset Management Corporation; MedCool, Inc., USB Corporation; USB Everest Management, LLC; USB Everest Storage LLC; U.S. Boston Insurance Agency, Inc.; U.S. Boston Capital Corporation; Woundcheck Laboratories
|
|
Deborah A. Kessinger
(52)
|
Assistant Clerk and Chief Compliance Officer
|
(April 2005 to Present)
|
Senior Counsel (since 9/04), President (since 8/07) and Chief Compliance Officer (since 12/05), U.S. Boston Capital Corporation; Senior Counsel (since 9/2004) and Chief Compliance Officer (since 10/2006), Pear Tree Advisors, Inc.; Chief Compliance Officer and General Counsel, Wainwright Investment Counsel, LLC (investment management firm) (2000–2004); Compliance Attorney, Broadridge Financial Solutions (formerly Forefield, Inc.) (software provider) (2001–2004) and Compliance Consultant (2007 to present)
|
N/A
|
None
|
|
Diane Hunt
(53)
|
Assistant Treasurer
|
(June 2010 to Present)
|
Controller (Since 3/2010) Pear Tree Advisors, Inc.; Accountant (Since 1984) U.S. Boston Capital Corporation
|
N/A
|
None
|
|
Lori Wessels
(45)
|
Clerk
|
(July 2014 to Present)
|
Senior Legal Product Manager (since June 2014) Pear Tree Advisors, Inc.; Senior Paralegal, Global Partners LP (8/2012–6/2014); Senior Paralegal, John Hancock (9/2007–5/2012)
|
N/A
|
None
|
|
*
|
Trustee has been determined to be an “Interested Trustee” by virtue of, among other things, affiliation with one or more of the trust, the Funds’ investment advisor, Pear Tree Advisors and the Funds’ distributor, U.S. Boston Capital Corporation.
|
NOTES
NOTES
NOTES
SERVICE PROVIDERS
|
Manager
|
Pear Tree Advisors, Inc., 55 Old Bedford Road,
Suite 202, Lincoln, MA 01772
|
|
Subadvisers
|
Columbia Partners, L.L.C., Investment Management,
5425 Wisconsin Avenue, Suite 700, Chevy Chase, MD 20815
PanAgora Asset Management, Inc., 470 Atlantic Avenue,
8th Floor, Boston, MA 02210
Polaris Capital Management, LLC, 121 High Street,
Boston, MA 02110
|
|
Distributor
|
U.S. Boston Capital Corporation, 55 Old Bedford Road,
Suite 202, Lincoln, MA 01773
|
|
Custodian
|
State Street Bank and Trust Company, One Lincoln Street,
Boston, MA 02111
|
|
Fund Accountant
|
State Street Bank and Trust Company, One Lincoln Street,
Boston, MA 02111
|
|
Transfer Agent
|
Pear Tree Institutional Services, 55 Old Bedford Road,
Suite 202, Lincoln, MA 01773
|
|
Independent Registered
Public Accounting Firm
|
Tait, Weller & Baker LLP, 1818 Market Street, Suite 2400
Philadelphia, PA 19103
|
|
Legal Counsel
|
Nutter, McClennen & Fish, Seaport West, 155 Seaport
Boulevard, Boston, MA 02210
|
|
For Account Information
|
For Pear Tree Funds information, contact your financial adviser or, if you receive account statements directly from Pear Tree Funds, you can also call 1-800-326-2151. Telephone representatives are available from 8:30 a.m. to 4:30 p.m. Eastern Time. Or visit our website, www.peartreefunds.com
|
ITEM 2. Code of Ethics
|
(a)
|
As of the end of the period covered by this Form N-CSR, Pear Tree Funds has adopted a code of ethics (as defined in Item 2(b) of Form N-CSR) that applies to the registrant’s principal executive officer and principal financial officer.
|
|
|
(c)
|
There have been no amendments to the Pear Tree Fund’s Code of Ethics during the period covered by this report.
|
|
|
(d)
|
There have been no waivers to the Pear Tree Fund’s Code of Ethics during the period covered by this report.
|
(e) Not applicable.
(f)(1) One copy of the Code of Ethics is being filed under Item 12(a) hereto.
(f)(3) The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-326-2151.
ITEM 3. Audit Committee Financial Expert
Pear Tree Fund’s Board of Trustees has determined that Mr. Clinton S. Marshall is an “audit committee financial expert” as defined in Item 3 of Form N-CSR. Mr. Marshall is “independent” under the standards set forth in Item 3 of Form N-CSR.
ITEM 4. Principal Accountant Fees and Services
The following chart shows the aggregate fees billed in each of the last two fiscal years for services rendered by the registrant’s principal accountant, Tait, Weller and Baker, LLP (“Tait Weller”).
|
2014
|
2015
|
||
|
Audit Fees*
|
Tait Weller
|
$133,000
|
$133,000
|
|
Tax Fees**
|
Tait Weller
|
$19,000
|
$19,000
|
|
All Other Fees
|
Tait Weller
|
$0
|
$0
|
* Audit fees include all services related to the audit of the financial statements, including review of the registration statement and the issuance of related consents.
** Tax fees include review of the registrant’s tax filings.
|
(e)(1)
|
To the extent required by applicable law, pre-approval by the Audit Committee of the Board is needed for:
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(i) all audit and permissible non-audit services rendered to the Pear Tree Funds and
(ii) all permissible non-audit services rendered to Pear Tree Advisors, Inc. if the services relate directly to the operations and financial reporting of the Registrant. Pre-approval is currently on an engagement-by-engagement basis. In the event pre-approval of such services is necessary between regular meetings of the Audit Committee and it is not practical to wait to seek pre-approval at the next regular meeting of the Audit Committee, such pre-approval of services may be referred to the President of the Fund for approval; provided that the President may not pre-approve any individual engagement for such services exceeding $5,000 or multiple engagements for such services in the aggregate exceeding $5,000 between such regular meetings of the Audit Committee. Any engagement pre-approved by the President between regular meetings of the Audit Committee shall be presented for ratification by the entire Audit Committee at its next regularly scheduled meeting.
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(e)(2)
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No services in the past two fiscal years were approved by the Audit Committee pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X.
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(f) Not applicable.
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(g)
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The following chart shows the aggregate non-audit fees billed by Tait Weller for services rendered to the registrant and the registrant’s investment advisor (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.
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2014
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2015
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||
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Fees
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Tait Weller
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$38,000
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$39,000
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(h)
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The Audit Committee of the registrant’s Board of Trustees considered the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X and concluded that such services are compatible with maintaining the principal accountant’s independence.
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ITEM 5. Audit Committee of Listed Registrants
Not applicable.
ITEM 6. Investments
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(a)
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Included as part of report to shareholders under Item 1.
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(b)
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Not applicable.
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ITEM 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
ITEM 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
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ITEM 9
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Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
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Not applicable.
ITEM 10 Submission of Matters to a Vote of Security Holders
Not applicable.
ITEM 11. Controls and Procedures
(a) The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b) There has been no change in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. Exhibits
(a)(1) Code of ethics
(a)(2) Certifications pursuant to Rule 30a-2(a) by the chief executive and financial officers.
(a)(3) Not applicable.
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(c)
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Certification pursuant to Rule 30a-2(b) and Section 906 by the chief executive and financial officers.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Pear Tree Funds
By: /s/ Willard L. Umphrey
Willard L. Umphrey, President
Date: May 29, 2015
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Willard L. Umphrey
Willard L. Umphrey, President
Date: May 29, 2015
By: /s/ Leon Okurowski
Leon Okurowski, Treasurer
Date: May 29, 2015