0001104659-23-096341.txt : 20230829 0001104659-23-096341.hdr.sgml : 20230829 20230829081734 ACCESSION NUMBER: 0001104659-23-096341 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230630 FILED AS OF DATE: 20230829 DATE AS OF CHANGE: 20230829 PERIOD START: 20240331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Pear Tree Funds CENTRAL INDEX KEY: 0000722885 IRS NUMBER: 000000000 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-03790 FILM NUMBER: 231218182 BUSINESS ADDRESS: STREET 1: 55 OLD BEDFORD ROAD STREET 2: SUITE 202 CITY: LINCOLN STATE: MA ZIP: 01773 BUSINESS PHONE: 8003311244 MAIL ADDRESS: STREET 1: 55 OLD BEDFORD ROAD STREET 2: SUITE 202 CITY: LINCOLN STATE: MA ZIP: 01773 FORMER COMPANY: FORMER CONFORMED NAME: QUANTITATIVE GROUP OF FUNDS DATE OF NAME CHANGE: 19940127 FORMER COMPANY: FORMER CONFORMED NAME: U S BOSTON INVESTMENT CO DATE OF NAME CHANGE: 19920703 0000722885 S000064782 Pear Tree Polaris International Opportunities Fund C000209787 R6 Shares QISRX C000209788 Institutional Shares QISIX C000209789 Ordinary Shares QISOX NPORT-P 1 primary_doc.xml NPORT-P false 0000722885 XXXXXXXX S000064782 C000209789 C000209788 C000209787 Pear Tree Funds 811-03790 0000722885 00000000000000000000 55 OLD BEDFORD ROADSUITE 202 Lincoln 01773 8003311244 Pear Tree Polaris International Opportunities Fund S000064782 549300IESHKEPMUBBX72 2024-03-31 2023-06-30 N 28398424.15 109426.49 28288997.66 0 0 0 0 0 0 0 0 0 0 0 0 0 N N/A N/A Accent Group Limited N/A Accent Group Limited N/A 394000 NS 439293.08 0.015529 Long EC CORP AU N 1 N N N Alibaba Group Holding Ltd. N/A Alibaba Group Holding Ltd. N/A 40800 NS 422754.77 0.014944 Long EC CORP KY N 1 N N N Alimentation Couche-Tard Inc. N/A Alimentation Couche-Tard Inc. 01626P965 13400 NS 687872.74 0.024316 Long EC CORP CA N 1 N N N ALSO Holding AG N/A ALSO Holding AG N/A 2000 NS 430982.45 0.015235 Long EC CORP CH N 1 N N N Alten S.A. N/A Alten S.A. N/A 2700 NS 425060 0.015026 Long EC CORP FR N 1 N N N AVI Limited N/A AVI Limited N/A 105400 NS 379893.71 0.013429 Long EC CORP ZA N 1 N N N BizLink Holding, Inc. N/A BizLink Holding, Inc. N/A 22176 NS 229275.54 0.008105 Long EC CORP KY N 1 N N N Bravida Holding AB N/A Bravida Holding AB N/A 52100 NS 499713.92 0.017665 Long EC CORP SE N 1 N N N Canadian Tire Corporation N/A Canadian Tire Corporation 136681954 1717 NS 235005.7 0.008307 Long EC CORP CA N 1 N N N Chailease Holding Co., Ltd. N/A Chailease Holding Co., Ltd. N/A 28617 NS 187444.59 0.006626 Long EC CORP KY N 1 N N N China MeiDong Auto Holdings Limited N/A China MeiDong Auto Holdings Limited N/A 68000 NS 78528.95 0.002776 Long EC CORP KY N 2 N N N CIE Automotive N/A CIE Automotive N/A 12000 NS 366572.11 0.012958 Long EC CORP ES N 1 N N N Collins Foods Limited N/A Collins Foods Limited N/A 78614 NS 514395.01 0.018184 Long EC CORP AU N 1 N N N Computacenter plc N/A Computacenter plc N/A 14100 NS 410488.18 0.014511 Long EC CORP GB N 1 N N N Credicorp Ltd. N/A Credicorp Ltd. G2519Y108 1800 NS USD 265752 0.009394 Long EC CORP BM N 1 N N N De'Longhi SpA N/A De'Longhi SpA N/A 21900 NS 478330.79 0.016909 Long EC CORP IT N 1 N N N DFDS A/S N/A DFDS A/S N/A 8800 NS 320286.01 0.011322 Long EC CORP DK N 1 N N N D'Ieteren S.A. N/A D'Ieteren S.A. N/A 4000 NS 706524.11 0.024975 Long EC CORP BE N 1 N N N Elite Material Co., Limited N/A Elite Material Co., Limited N/A 24000 NS 187641.48 0.006633 Long EC CORP TW N 1 N N N Enghouse Systems Limited N/A Enghouse Systems Limited 292949955 14000 NS 340557.7 0.012039 Long EC CORP CA N 1 N N N EQB Inc. N/A EQB Inc. 26886R955 9111 NS 481954.21 0.017037 Long EC CORP CA N 1 N N N Equatorial Energia S.A. N/A Equatorial Energia S.A. N/A 72400 NS 482516.58 0.017057 Long EC CORP BR N 1 N N N Equatorial Energia S.A. N/A Equatorial Energia S.A. N/A 1188 NS 7875.67 0.000278 Long EC CORP BR N 1 N N N Euronet Worldwide, Inc. N/A Euronet Worldwide, Inc. 298736109 4100 NS USD 481217 0.017011 Long EC CORP US N 1 N N N FirstRand Limited N/A FirstRand Limited N/A 70500 NS 255633.55 0.009037 Long EC CORP ZA N 1 N N N FULLCAST HOLDINGS Co., Ltd. N/A FULLCAST HOLDINGS Co., Ltd. N/A 25500 NS 385142.01 0.013615 Long EC CORP JP N 1 N N N Games Workshop Group PLC N/A Games Workshop Group PLC N/A 3493 NS 484916.86 0.017142 Long EC CORP GB N 1 N N N goeasy Ltd. N/A goeasy Ltd. N/A 6104 NS 510073.54 0.018031 Long EC CORP CA N 1 N N N Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - B N/A Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - B N/A 25500 NS 270425.94 0.009559 Long EC CORP MX N 1 N N N Grupo Aeroportuario del Pacifico, S.A.B. de C. V. N/A Grupo Aeroportuario del Pacifico, S.A.B. de C. V. N/A 14500 NS 259749.57 0.009182 Long EC CORP MX N 1 N N N Grupo Aeroportuario del Sureste, S. A. B. de C.V. N/A Grupo Aeroportuario del Sureste, S. A. B. de C.V. N/A 9200 NS 255988.57 0.009049 Long EC CORP MX N 1 N N N HANSEN Technologies N/A HANSEN Technologies N/A 138706 NS 477341.42 0.016874 Long EC CORP AU N 1 N N N Hansol Chemical Co., Ltd. N/A Hansol Chemical Co., Ltd. N/A 2300 NS 418927.64 0.014809 Long EC CORP KR N 1 N N N Hexpol AB N/A Hexpol AB N/A 34100 NS 360848.23 0.012756 Long EC CORP SE N 1 N N N Howden Joinery Group plc N/A Howden Joinery Group plc N/A 16873 NS 137798.31 0.004871 Long EC CORP GB N 1 N N N JAC Recruitment Co., Ltd. N/A JAC Recruitment Co., Ltd. N/A 24700 NS 443466.98 0.015676 Long EC CORP JP N 1 N N N Jumbo S.A. N/A Jumbo S.A. N/A 15371 NS 422593.5 0.014938 Long EC CORP GR N 1 N N N Knowit AB N/A Knowit AB N/A 23600 NS 381050.43 0.01347 Long EC CORP SE N 1 N N N LVMH Moet Hennessy Louis Vuitton SE N/A LVMH Moet Hennessy Louis Vuitton SE N/A 295 NS 277749.29 0.009818 Long EC CORP FR N 1 N N N Macquarie Group Limited N/A Macquarie Group Limited N/A 3410 NS 403171.27 0.014252 Long EC CORP AU N 1 N N N Marshall Machinery Inc. N/A Marshall Machinery Inc. N/A 66600 NS 203711.67 0.007201 Long EC CORP GB N 1 N N N Midea Group Co., Ltd. N/A Midea Group Co., Ltd. N/A 77900 NS 631856.39 0.022336 Long EC CORP CN N 1 N N N Mondi plc N/A Mondi plc N/A 25951 NS 396312.77 0.014009 Long EC CORP ZA N 1 N N N Muangthai Capital Public Company Limited N/A Muangthai Capital Public Company Limited N/A 418500 NS 463295.02 0.016377 Long EC CORP TH N 2 N N N Muthoot Finance Ltd. N/A Muthoot Finance Ltd. N/A 18200 NS 275020.08 0.009722 Long EC CORP IN N 1 N N N Neurones S.A. N/A Neurones S.A. N/A 12600 NS 548483.53 0.019389 Long EC CORP FR N 1 N N N Next 15 Group plc N/A Next 15 Group plc N/A 41361 NS 357031.77 0.012621 Long EC CORP GB N 1 N N N NEXTAGE Co., Ltd. N/A NEXTAGE Co., Ltd. N/A 27800 NS 536054.24 0.018949 Long EC CORP JP N 1 N N N Open Up Group Inc. N/A Open Up Group Inc. N/A 15500 NS 224883.25 0.007949 Long EC CORP JP N 1 N N N OSB Group PLC N/A OSB Group PLC N/A 46300 NS 282532.42 0.009987 Long EC CORP GB N 1 N N N POYA International Co., Ltd. N/A POYA International Co., Ltd. N/A 7752 NS 147351.35 0.005209 Long EC CORP TW N 1 N N N PT Bank Rakyat Indonesia Tbk N/A PT Bank Rakyat Indonesia Tbk N/A 740745 NS 268036.79 0.009475 Long EC CORP ID N 2 N N N Public Bank Bhd N/A Public Bank Bhd N/A 339000 NS 279625.07 0.009885 Long EC CORP MY N 1 N N N RS Group plc N/A RS Group plc N/A 41300 NS 399138.83 0.014109 Long EC CORP GB N 1 N N N Samsung Electronics Company Limited N/A Samsung Electronics Company Limited N/A 7898 NS 432767.12 0.015298 Long EC CORP KR N 1 N N N Sanwa Holdings Corporation N/A Sanwa Holdings Corporation N/A 34800 NS 449160.41 0.015878 Long EC CORP JP N 1 N N N Scientex Berhad N/A Scientex Berhad N/A 523700 NS 387094.8 0.013684 Long EC CORP MY N 1 N N N SEB SA N/A SEB SA N/A 3700 NS 382069.61 0.013506 Long EC CORP FR N 1 N N N SeSa S.p.A. N/A SeSa S.p.A. N/A 2100 NS 262099.06 0.009265 Long EC CORP IT N 1 N N N SINBON Electronics Co., Ltd. N/A SINBON Electronics Co., Ltd. N/A 17300 NS 205248.12 0.007255 Long EC CORP TW N 1 N N N SOL SpA N/A SOL SpA N/A 14700 NS 424192.67 0.014995 Long EC CORP IT N 1 N N N Sony Group Corporation N/A Sony Group Corporation N/A 2500 NS 224253.64 0.007927 Long EC CORP JP N 1 N N N SpareBank Nord-Norge N/A SpareBank Nord-Norge N/A 60100 NS 544701.13 0.019255 Long EC CORP NO N 1 N N N Sparebanken Vest N/A Sparebanken Vest N/A 51800 NS 498002.54 0.017604 Long EC CORP NO N 1 N N N SSP Group plc N/A SSP Group plc N/A 129800 NS 413855.07 0.01463 Long EC CORP GB N 1 N N N Thinking Electronic Industrial Co., Ltd. N/A Thinking Electronic Industrial Co., Ltd. N/A 28000 NS 148340.8 0.005244 Long EC CORP TW N 1 N N N TISCO Financial Group N/A TISCO Financial Group N/A 208500 NS 570427.3 0.020164 Long EC CORP TH N 2 N N N Toronto-Dominion Bank N/A Toronto-Dominion Bank 891160954 9273 NS 575384.29 0.02034 Long EC CORP CA N 1 N N N Tri Chemical Laboratories Inc. N/A Tri Chemical Laboratories Inc. N/A 25100 NS 484338.74 0.017121 Long EC CORP JP N 1 N N N Tripod Technology Corporation N/A Tripod Technology Corporation N/A 37586 NS 149043.04 0.005269 Long EC CORP TW N 1 N N N United Overseas Bank Limited N/A United Overseas Bank Limited N/A 28600 NS 591694.99 0.020916 Long EC CORP SG N 1 N N N Yageo Corporation N/A Yageo Corporation N/A 16510 NS 260548.89 0.00921 Long EC CORP TW N 1 N N N Zhejiang Supor Co. N/A Zhejiang Supor Co. N/A 72000 NS 495587.89 0.017519 Long EC CORP CN N 1 N N N Zhongsheng Group Holdings N/A Zhongsheng Group Holdings N/A 87000 NS 332497.51 0.011754 Long EC CORP KY N 1 N N N UMB Money Market Special II N/A UMB Money Market Special II SF8888628 393362.47 OU Par Value USD 393362.47 0.013905 Long STIV CORP US N 1 N N N 0 N/A 0 N/A -85347.44 PA -93113.07 -0.003291 Short DE N 1 N N N 0 N/A 0 N/A -1266112.56 PA -67020.93 -0.002369 Short ZA N 1 N N N 0 N/A 0 N/A -729281.93 PA -93061.01 -0.00329 Short HK N 1 N N N 0 N/A 0 N/A 611196.96 PA 77992.62 0.002757 Long HK N 1 N N N 0 N/A 0 N/A 0 PA 0 0 Long IN N 1 N N N 2023-08-29 Pear Tree Funds Diane Hunt Diane Hunt Assistant Treasurer XXXX NPORT-EX 2 tm2321158d22_nportex.htm

 

PEAR TREE POLARIS SMALL CAP FUND
 
SCHEDULE OF INVESTMENTS
June 30, 2023
(Unaudited)

 

Common Stock - 98.1%        
         
   Shares   Value 
AEROSPACE & DEFENSE - 4.5%          
Curtiss-Wright Corporation   10,400   $1,910,064 
V2X, Inc. (a)   33,100    1,640,436 
         3,550,500 
AUTO COMPONENTS - 2.0%          
Standard Motor Products, Inc.   42,600    1,598,352 
           
AUTOMOBILES - 1.1%          
Winnebago Industries, Inc.   12,567    838,093 
           
BANKS - 16.1%          
BOK Financial Corporation   14,064    1,136,090 
Brookline Bancorp, Inc.   83,100    726,294 
Cambridge Bancorp   13,330    723,952 
Colony Bankcorp, Inc.   119,479    1,125,492 
Cullen/Frost Bankers, Inc.   11,100    1,193,583 
F.N.B. Corporation   61,980    709,051 
International Bancshares Corporation   41,700    1,843,140 
OFG Bancorp   76,100    1,984,688 
South Plains Financial, Inc.   104,500    2,352,295 
Southside Bancshares, Inc.   30,100    787,416 
         12,582,001 
BIOTECHNOLOGY - 2.0%          
Exelixis, Inc. (a)   79,900    1,526,889 
           
BUILDING PRODUCTS - 2.4%          
Carlisle Companies Incorporated   3,500    897,855 
Janus International Group, Inc. (a)   91,500    975,390 
         1,873,245 
CAPITAL MARKETS - 2.2%          
Hercules Capital, Inc.   118,398    1,752,290 
           
CHEMICALS - 2.2%          
Cabot Corporation   25,573    1,710,578 
           
COMMERCIAL SERVICES & SUPPLIES - 2.0%          
Ennis, Inc.   78,200    1,593,716 
           
CONSTRUCTION MATERIALS - 3.3%          
Eagle Materials Inc.   13,800    2,572,596 

 

 

 

 

CONSUMER FINANCE - 1.0%          
SLM Corporation   48,600    793,152 
           
CONTAINERS & PACKAGING - 5.2%          
Berry Global Group, Inc.   29,400    1,891,596 
Graphic Packaging Holding Co.   91,600    2,201,148 
         4,092,744 
DIVERSIFIED CONSUMER SERVICES - 1.9%          
Perdoceo Education Corporation (a)   118,800    1,457,676 
           
ELECTRICAL EQUIPMENT - 1.3%          
Regal Rexnord Corporation   6,789    1,044,827 
           
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 3.2%          
Arrow Electronics, Inc. (a)   7,700    1,102,871 
Kimball Electronics, Inc. (a)   50,245    1,388,269 
         2,491,140 
ENERGY EQUIPMENT & SERVICES - 3.8%          
Dril-Quip, Inc. (a)   55,600    1,293,812 
NOV, Inc.   102,938    1,651,126 
         2,944,938 
FINANCIAL SERVICES - 2.3%          
EVERTEC Inc.   49,800    1,834,134 
           
FOOD PRODUCTS - 2.7%          
Ingredion Incorporated   19,600    2,076,620 
           
GROUND TRANSPORTATION - 1.5%          
Knight-Swift Transportation Holdings, Inc.   21,494    1,194,207 
           
HEALTH CARE TECHNOLOGY - 2.0%          
Computer Programs and Systems, Inc.   64,150    1,583,864 
           
MACHINERY - 5.4%          
Allison Transmission Holdings, Inc.   40,300    2,275,338 
Wabash National Corporation   74,700    1,915,308 
         4,190,646 
METALS & MINING - 1.9%          
Lundin Mining Corporation   189,400    1,485,659 
           
OIL, GAS & CONSUMABLE FUELS - 3.6%          
CVR Energy, Inc.   48,000    1,438,080 
Diamondback Energy, Inc.   10,670    1,401,611 
         2,839,691 
PHARMACEUTICALS - 4.6%          
Harmony Biosciences Holdings, Inc. (a)   36,100    1,270,359 
Pacira BioSciences, Inc. (a)   25,300    1,013,771 
Supernus Pharmaceuticals, Inc. (a)   42,500    1,277,550 
         3,561,680 

 

 

 

 

PROFESSIONAL SERVICES - 10.9%          
Barrett Business Services, Inc.   26,300    2,293,360 
CSG Systems International, Inc.   24,000    1,265,760 
Kforce, Inc.   29,494    1,848,094 
Maximus Inc.   16,600    1,402,866 
Science Applications International Corporation   15,100    1,698,448 
         8,508,528 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%          
MKS Instruments, Inc.   19,600    2,118,760 
           
SOFTWARE - 1.1%          
Enghouse Systems Limited   35,500    863,557 
           
TEXTILES, APPAREL & LUXURY GOODS - 0.7%          
Crocs, Inc. (a)   5,110    574,568 
           
TRADING COMPANIES & DISTRIBUTORS - 4.5%          
Air Lease Corporation   43,300    1,812,105 
Applied Industrial Technologies, Inc.   11,800    1,708,994 
         3,521,099 
TOTAL COMMON STOCK          
(Cost $ 58,337,847)        76,775,750 

 

SHORT TERM INVESTMENTS - 1.9%        
         
   Par Value   Value 
Money Market -1.9%          
UMB Money Market Special II, 5.00% (b)
(Cost $ 1,506,131)		   1,506,131   $1,506,131 
           
TOTAL INVESTMENTS - 100.0%
(Cost $ 59,843,978)		        78,281,881 
OTHER ASSETS & LIABILITIES (NET) - 0.0%        265 
NET ASSETS - 100%       $78,282,146 

 

(a)Non-income producing security

 

(b)Interest rate reflects seven-day effective yield on June 30, 2023.

 

(c)At June 30, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 60,274,580 was as follows :

 

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost  $20,443,371 
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value   (2,436,070)
Net unrealized appreciation/(depreciation)  $18,007,301 

 

 

 

 

The percentage of each investment category is calculated as a percentage of net assets.

 

SECTOR ALLOCATIONS (as a percentage of Total Net Assets)    
Industrials   32.5%
Financials   21.7%
Materials   12.6%
Health Care   8.5%
Energy   7.4%
Information Technology   7.0%
Consumer Discretionary   5.7%
Consumer Staples   2.7%
Cash and Other Assets (Net)   1.9%
    100.0%

 

 

 

 

PEAR TREE QUALITY FUND
 
SCHEDULE OF INVESTMENTS
June 30, 2023
(Unaudited)

 

Common Stock - 99.3%        
         
   Shares   Value 
AEROSPACE & DEFENSE - 2.8%          
Safran SA   40,106   $6,277,118 
           
BANKS - 6.0%          
U.S. Bancorp   214,554    7,088,864 
Wells Fargo & Company   151,928    6,484,287 
         13,573,151 
BEVERAGES - 4.0%          
Coca-Cola Company (The)   95,762    5,766,788 
Constellation Brands, Inc. (a)   13,140    3,234,148 
         9,000,936 
DIVERSIFIED FINANCIAL SERVICES - 1.6%          
American Express Company   21,779    3,793,902 
           
FOOD PRODUCTS - 1.2%          
Nestle, S.A. (b)   22,682    2,729,779 
           
HEALTH CARE EQUIPMENT & SUPPLIES - 4.4%          
Abbott Laboratories   26,849    2,927,078 
Intuitive Surgical, Inc. (a)   9,494    3,246,378 
Medtronic Plc   43,866    3,864,595 
         10,038,051 
HEALTH CARE PROVIDERS & SERVICES - 9.6%          
CIGNA Corporation   9,129    2,561,598 
Elevance Health Inc.   12,990    5,771,327 
Quest Diagnostics Incorporated   27,609    3,880,721 
UnitedHealth Group, Inc.   19,933    9,580,597 
         21,794,243 
HOTELS, RESTAURANTS & LEISURE - 2.6%          
Compass Group Plc (b)   206,913    5,901,159 
           
HOUSEHOLD PRODUCTS - 1.9%          
Unilever Plc (b)   83,353    4,345,192 
           
INTERACTIVE MEDIA & SERVICES - 5.3%          
Alphabet, Inc. Class A (a)   57,438    6,875,329 
Meta Platforms, Inc.   17,748    5,093,321 
         11,968,650 

 

 

 

 

IT Services - 23.3%          
Accenture Plc   22,261    6,869,299 
Adobe Systems Incorporated (a)   10,743    5,253,220 
Amadeus IT Group, S.A. (b)   19,041    1,450,162 
Microsoft Corporation   47,781    16,271,342 
Oracle Corporation   64,011    7,623,070 
salesforce.com, inc. (a)   19,361    4,090,205 
SAP AG (b)   47,832    6,543,896 
Visa, Inc.   20,292    4,818,944 
         52,920,138 
MACHINERY - 1.9%          
Otis Worldwide Corp.   48,989    4,360,511 
           
MULTILINE RETAIL - 3.1%          
TJX Companies, Inc. (The)   82,671    7,009,674 
           
PHARMACEUTICALS - 10.3%          
Eli Lilly and Company   12,251    5,745,474 
Johnson & Johnson   51,863    8,584,364 
Merck & Co., Inc.   43,285    4,994,656 
Roche Holding Ltd. (b)   107,820    4,118,724 
         23,443,218 
RETAILING - 4.4%          
Alibaba Group Holding Ltd. (a)(b)   29,414    2,451,657 
Amazon.com, Inc. (a)   58,263    7,595,164 
         10,046,821 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 12.0%          
KLA-Tencor Corporation   9,244    4,483,525 
Lam Research Corporation   11,388    7,320,889 
Taiwan Semiconductor Manufacturing Co., Ltd. (b)   75,840    7,653,773 
Texas Instruments, Inc.   42,653    7,678,393 
         27,136,580 
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 3.8%          
Apple, Inc.   44,916    8,712,356 
           
TEXTILES, APPAREL & LUXURY GOODS - 1.1%          
LVMH Moët Hennessy-Louis Vuitton S.A. (b)   13,270    2,505,907 
           
TOTAL COMMON STOCK          
(Cost $ 185,199,017)        225,557,386 

 

Short Term Investments - 3.6%        
         
   Par Value   Value 
Money Market - 3.6%        
UMB Money Market Special II, 5.00% (c)
(Cost $ 8,093,422)		   8,093,422   $8,093,422 
           
TOTAL INVESTMENT - 102.9%
(Cost $ 193,292,439)		        233,650,808 
OTHER ASSETS & LIABILITIES (NET) - (2.9%)        (6,587,915)
NET ASSETS - 100%       $227,062,893 

 

 

 

 

(a)Non-Income producing security

 

(b)ADR - American Depositary Receipts

 

(c)Interest rate reflects seven-day effective yield on June 30, 2023.

 

(d)At June 30, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 193,721,489 was as follows :

 

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost  $45,169,432 
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value   (5,240,113)
Net unrealized appreciation/(depreciation)  $39,929,319 

 

The percentage of each investment category is calculated as a percentage of net assets.

 

SECTOR ALLOCATIONS (as a percentage of Total Net Assets)    
Information Technology   39.1%
Health Care   24.3%
Consumer Discretionary   11.2%
Financials   7.6%
Consumer Staples   7.1%
Communication Services   5.3%
Industrials   4.7%
CASH + other assets (net)   0.7%
    100.0%

 

 

 

 

PEAR TREE POLARIS INTERNATIONAL OPPORTUNITIES FUND
 
SCHEDULE OF INVESTMENTS
June 30, 2023
(Unaudited)

 

Common Stock - 97.7%        
         
   Shares   Value 
AUSTRALIA - 6.5%          
Accent Group Limited   394,000   $439,293 
Collins Foods Limited   78,614    514,395 
HANSEN Technologies   138,706    477,342 
Macquarie Group Limited   3,410    403,171 
         1,834,201 
BELGIUM - 2.5%          
D'Ieteren S.A.   4,000    706,524 
           
BRAZIL - 1.7%          
Equatorial Energia S.A.   72,400    482,516 
Equatorial Energia S.A.   1,188    7,876 
         490,392 
CANADA - 10.0%          
Alimentation Couche-Tard Inc.   13,400    687,873 
Canadian Tire Corporation   1,717    235,006 
Enghouse Systems Limited   14,000    340,558 
EQB Inc.   9,111    481,954 
goeasy Ltd.   6,104    510,073 
Toronto-Dominion Bank   9,273    575,384 
         2,830,848 
CHINA - 6.9%          
Alibaba Group Holding Ltd. (a)   40,800    422,755 
China MeiDong Auto Holdings Limited   68,000    78,529 
Midea Group Co., Ltd.   77,900    631,856 
Zhejiang Supor Co.   72,000    495,588 
Zhongsheng Group Holdings   87,000    332,498 
         1,961,226 
DENMARK - 1.1%          
DFDS A/S   8,800    320,286 
           
FRANCE - 5.8%          
Alten S.A.   2,700    425,060 
LVMH Moet Hennessy Louis Vuitton SE   295    277,749 
Neurones S.A.   12,600    548,483 
SEB SA   3,700    382,070 
         1,633,362 
GREECE - 1.5%          
Jumbo S.A.   15,371    422,594 
           
INDIA - 1.0%          
Muthoot Finance Ltd.   18,200    275,020 

 

 

 

 

INDONESIA - 0.9%          
PT Bank Rakyat Indonesia Tbk   740,745    268,037 
           
ITALY - 4.1%          
De'Longhi SpA   21,900    478,331 
SeSa S.p.A.   2,100    262,099 
SOL SpA   14,700    424,193 
         1,164,623 
JAPAN - 9.7%          
FULLCAST HOLDINGS Co., Ltd.   25,500    385,142 
JAC Recruitment Co., Ltd.   24,700    443,467 
NEXTAGE Co., Ltd.   27,800    536,054 
Open Up Group Inc.   15,500    224,883 
Sanwa Holdings Corporation   34,800    449,160 
Sony Group Corporation   2,500    224,254 
Tri Chemical Laboratories Inc.   25,100    484,339 
         2,747,299 
MALAYSIA - 2.4%          
Public Bank Bhd   339,000    279,625 
Scientex Berhad   523,700    387,095 
         666,720 
MEXICO - 2.8%          
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - B   25,500    270,426 
Grupo Aeroportuario del Pacífico, S.A.B. de C. V.   14,500    259,750 
Grupo Aeroportuario del Sureste, S. A. B. de C.V.   9,200    255,988 
         786,164 
NORWAY - 3.7%          
SpareBank Nord-Norge   60,100    544,701 
Sparebanken Vest   51,800    498,003 
         1,042,704 
PERU - 0.9%          
Credicorp Ltd.   1,800    265,752 
           
SINGAPORE - 2.1%          
United Overseas Bank Limited   28,600    591,695 
           
SOUTH AFRICA - 2.2%          
AVI Limited   105,400    379,894 
FirstRand Limited   70,500    255,633 
         635,527 
SOUTH KOREA - 3.0%          
Hansol Chemical Co., Ltd.   2,300    418,928 
Samsung Electronics Company Limited   7,898    432,767 
         851,695 
SPAIN - 1.3%          
CIE Automotive   12,000    366,572 
           
SWEDEN - 4.4%          
Bravida Holding AB   52,100    499,714 
Hexpol AB   34,100    360,848 
Knowit AB   23,600    381,051 
         1,241,613 

 

 

 

 

SWITZERLAND - 1.5%          
ALSO Holding AG   2,000    430,982 
           
TAIWAN - 5.4%          
BizLink Holding, Inc.   22,176    229,276 
Chailease Holding Co., Ltd.   28,617    187,445 
Elite Material Co., Limited   24,000    187,641 
POYA International Co., Ltd.   7,752    147,351 
SINBON Electronics Co., Ltd.   17,300    205,248 
Thinking Electronic Industrial Co., Ltd.   28,000    148,341 
Tripod Technology Corporation   37,586    149,043 
Yageo Corporation   16,510    260,549 
         1,514,894 
THAILAND - 3.7%          
Muangthai Capital Public Company Limited   418,500    463,295 
TISCO Financial Group   208,500    570,427 
         1,033,722 
UNITED KINGDOM - 10.9%          
Computacenter plc   14,100    410,488 
Games Workshop Group PLC   3,493    484,917 
Howden Joinery Group plc   16,873    137,798 
Marshall Machinery Inc.   66,600    203,712 
Mondi plc   25,951    396,313 
Next 15 Group plc   41,361    357,032 
OSB Group PLC   46,300    282,532 
RS Group plc   41,300    399,139 
SSP Group plc   129,800    413,855 
         3,085,786 
UNITED STATES - 1.7%          
Euronet Worldwide, Inc. (a)   4,100    481,217 
           
TOTAL COMMON STOCK          
(Cost $ 24,922,411)        27,649,455 

 

SHORT TERM INVESTMENTS - 1.4%        
         
   Par Value   Value 
Money Market - 1.4%          
UMB Money Market Special II, 5.00% (b)
(Cost $ 393,362)		   393,362   $393,362 
           
TOTAL INVESTMENTS - 99.1%          
(Cost $ 25,315,773)        28,042,817 
OTHER ASSETS & LIABILITIES (Net) - 0.9%        246,181 
NET ASSETS - 100%       $28,288,998 

 

 

 

 

(a)Non-income producing security.

 

(b)Interest rate reflects seven-day effective yield on June 30, 2023.

 

(c)At June 30, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 25,442,702 was as follows :

 

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost  $3,868,925 
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value   (1,268,810)
Net unrealized appreciation/(depreciation)  $2,600,115 

 

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   26.8%
Financials   24.5%
Information Technology   18.2%
Industrials   13.7%
Materials   7.7%
Consumer Staples   3.8%
Utilities   1.7%
Communication Services   1.3%
Cash and Other Assets (Net)   2.3%
    100.0%

 

 

 

 

PEAR TREE POLARIS FOREIGN VALUE SMALL CAP FUND
 
SCHEDULE OF INVESTMENTS
June 30, 2023
(Unaudited)

 

Common Stock - 98.4%        
         
   Shares   Value 
BELGIUM - 2.5%          
D'leteren SA   142,255   $25,126,647 
           
BRAZIL - 3.3%          
Equatorial Energia S.A.   4,895,171    32,621,943 
           
CANADA - 3.3%          
EQB Inc.   363,861    19,247,540 
goeasy Ltd.   165,952    13,867,583 
         33,115,123 
CHINA - 0.4%          
Xinhua Winshare Publishing and Media Co., Limited   6,160,500    4,504,462 
           
COLOMBIA - 3.5%          
Tecnoglass, Inc.   676,164    34,930,632 
           
DENMARK - 3.4%          
DFDS A/S   374,399    13,626,677 
Ringkjoebing Landbobank A/S   142,300    20,380,995 
         34,007,672 
FRANCE - 10.4%          
Amundi   332,600    19,612,732 
Elis S.A.   1,563,898    30,370,264 
Rubis   826,400    20,051,425 
Technip Energies N.V.   1,445,000    33,279,457 
         103,313,878 
GERMANY- 1.1%          
flatexDEGIRO AG (a)   490,400    4,860,128 
Sixt SE   48,425    5,795,573 
         10,655,701 
GREECE - 1.3%          
Jumbo S.A.   481,829    13,246,881 
           
HONG KONG - 0.7          
Samson Holding Limited   74,790,800    2,529,102 
VSTECS Holdings Limited   8,587,360    4,416,081 
         6,945,183 
INDONESIA - 1.4%          
PT. Pakuwon Jati Tbk   415,457,800    13,522,989 
           
IRELAND - 4.9%          
C & C Group plc (a)   8,194,045    13,062,970 
Glanbia plc   1,608,400    24,040,017 
Greencore Group plc (a)   12,778,600    11,875,358 
         48,978,345 
ITALY - 2.2%          
De'Longhi SpA   981,136    21,429,569 
           
JAPAN - 16.4%          
Daicel Corporation   2,707,700    24,091,758 
Dowa Holdings Co., Limited   500,800    15,751,457 
Kanematsu Corporation   1,088,200    15,110,647 
Kyudenko Corporation   557,000    14,875,428 
Mizuho Leasing Company, Limited   404,800    13,149,313 
Open House Group Co., Limited   575,100    20,559,323 
Prima Meat Packers Limited   889,000    13,347,148 
Sankyu Inc.   464,000    15,242,481 
Sanwa Holdings Corporation   2,387,200    30,811,372 
         162,938,927 
NORWAY - 4.5%          
SpareBank Nord-Norge   735,389    6,665,012 
Sparebank 1 Oestlandet   568,688    6,900,523 
SpareBank 1 SMN   961,828    12,658,467 
SpareBank 1 SR-Bank ASA   931,626    11,313,148 
Sparebanken Vest   788,092    7,576,676 
         45,113,826 
PORTUGAL - 1.8%          
Redes Energéticas Nacionais, SGPS, S.A.   6,530,905    17,777,229 

 

 

 

 

SINGAPORE - 3.7%          
AEM Holdings Limited   7,160,200    19,627,857 
Venture Corporation, Limited   1,567,200    17,033,776 
         36,661,633 
SOUTH KOREA - 2.9%          
ENF Technology Co., Limited   692,686    14,036,137 
Fila Holding Corporation   221,700    6,730,163 
Nature Holdings Co., Limited (The)   436,302    7,946,911 
         28,713,211 
SPAIN - 0.6%          
CIE Automotive   206,600    6,311,150 
           
SWEDEN - 4.9%          
Duni AB (a)   485,645    4,765,942 
Hexpol AB   2,231,100    23,609,633 
Loomis AB, Class B   706,161    20,567,733 
         48,943,308 
TAIWAN - 5.5%          
BizLink Holding, Inc.   1,049,136    10,846,916 
Elite Material Co., Limited   2,001,600    15,649,299 
Primax Electronics Limited   4,856,800    10,261,120 
Sercomm Corporation   1,542,000    5,198,671 
Tripod Technology Corporation   3,106,400    12,318,079 
         54,274,085 
THAILAND - 4.8%          
Thanachart Capital PCL   18,690,500    26,226,269 
TISCO Financial Group   7,836,500    21,439,585 
         47,665,854 
UNITED KINGDOM - 14.9%          
Coats Group plc   5,811,700    5,142,313 
Computacenter plc   556,500    16,201,182 
Crest Nicholson Holdings plc   2,611,400    6,254,612 
Future plc   1,333,000    11,438,787 
Inchcape plc   2,432,185    24,040,476 
Keller Group plc   457,639    4,072,557 
Lancashire Holdings Limited   2,805,587    20,615,679 
OSB Group PLC   3,172,817    19,361,202 
QinetiQ   4,904,700    22,060,550 
Vistry Group plc   2,293,325    19,256,816 
         148,444,174 
TOTAL COMMON STOCK
(Cost $ 941,364,576)		        979,242,422 

 

SHORT TERM INVESTMENTS - 1.2%        
         
   Par Value   Value 
Money Market - 1.2 %          
UMB Money Market Special II, 5.00% (b)
(Cost $ 11,731,083)		   11,731,083   $11,731,083 
           
TOTAL INVESTMENTS - 99.6%          
(Cost $ 953,095,659)        990,973,505 
OTHER ASSETS & LIABILITIES (NET) -0.4%        3,710,761 
NET ASSETS - 100%       $994,684,266 

 

(a)Non-income producing security

 

(b)Interest rate reflects seven-day effective yield on June 30, 2023.

 

(c)At June 30, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 960,135,660 was as follows :

 

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost  $160,047,140 
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value   (129,209,295)
Net unrealized appreciation/(depreciation)  $30,837,845 

 

 

 

 

The percentage of each investment category is calculated as a percentage of net assets.

 

SECTOR ALLOCATIONS (as a percentage of Total Net Assets)    
Financials   22.5%
Industrials   21.9%
Consumer Discretionary   16.9%
Information Technology   10.1%
Materials   7.8%
Utilities   7.1%
Consumer Staples   6.3%
Energy   3.3%
Real Estate   1.4%
Communication Services   1.1%
Cash and Other Assets (Net)   1.6%
    100.0%

 

 

 

 

PEAR TREE POLARIS FOREIGN VALUE FUND
 
SCHEDULE OF INVESTMENTS
June 30, 2023
(Unaudited)

 

Common Stock - 97.8%        
         
   Shares   Value 
BELGIUM - 1.4%          
D'leteren S.A.   251,853   $44,485,054 
           
CANADA - 12.7%          
Canadian Tire Corporation   494,292    67,653,719 
Lundin Mining Corporation   8,026,600    62,960,861 
Magna International Inc.   1,040,965    58,833,048 
Methanex Corporation   1,585,593    65,590,086 
Open Text Corporation   1,653,100    68,832,321 
Toronto-Dominion Bank   1,086,097    67,391,691 
         391,261,726 
CHILE - 0.9%          
Antofagasta plc   1,503,500    27,925,420 
           
CHINA -2.3%          
Weichai Power Company Limited   47,616,000    69,753,679 
           
COLOMBIA - 0.9%          
Bancolombia S.A.   2,598,381    19,289,787 
Tecnoglass, Inc.   154,800    7,996,968 
         27,286,755 
FRANCE - 12.2%          
Ipsos   732,480    40,715,531 
Michelin (CGDE)   1,984,700    58,592,605 
Publicis Groupe   1,082,147    86,774,825 
Teleperformance SE   364,300    60,988,255 
TotalEnergies SE   1,025,200    58,776,195 
Vinci SA   618,698    71,805,688 
         377,653,099 
GERMANY - 6.6%          
Deutsche Telekom AG   2,485,146    54,160,241 
flatexDegiro AG (a)   988,400    9,795,577 
Hannover Rueck SE   328,300    69,610,632 
Muenchener Rueckversicherungs-Gesellschaft   185,030    69,361,017 
         202,927,467 
GREECE - 0.6%          
Jumbo S.A.   685,204    18,838,251 
           
IRELAND - 4.2%          
Greencore Group plc (a)   19,767,301    18,370,070 
Jazz Pharmaceuticals plc (a)   416,700    51,658,299 
Smurfit Kappa   1,797,846    59,882,433 
         129,910,802 
ITALY -0.3%          
Trevi Finanziaria Industriale SpA (a)   25,608,324    7,948,471 

 

 

 

 

JAPAN - 12.6%          
Daicel Corporation   4,319,300    38,430,967 
Daito Trust Construction Company, Ltd.   576,100    58,134,144 
Honda Motor Company, Ltd.   2,362,000    70,940,893 
KDDI Corporation   1,990,500    61,284,291 
Marubeni Corporation   5,258,100    88,765,794 
Sony Group Corporation   798,600    71,635,583 
         389,191,672 
NETHERLANDS -2.4%          
Koninklijke Ahold Delhaize N.V.   2,177,900    74,275,752 
           
NORWAY - 6.1%          
DNB Bank ASA   3,663,130    68,622,143 
SpareBank 1 SR-Bank ASA   4,762,087    57,828,136 
Sparebanken Vest   2,183,075    20,987,971 
Yara International ASA   1,167,700    41,308,085 
         188,746,335 
PUERTO RICO - 1.8%          
Popular, Inc.   906,050    54,834,146 
           
RUSSIA - 0.0%          
ALROSA Company PJSC * (a)   41,136,300    4,596 
           
SINGAPORE - 2.1%          
United Overseas Bank Limited   3,081,447    63,750,935 
           
SOUTH KOREA - 11.7%          
Kia Motors Corporation   1,044,700    70,167,305 
LG Electronics, Inc.   568,900    54,703,169 
LG Uplus Corporation   6,291,583    51,234,156 
Samsung Electronics Company Limited   1,274,943    69,859,890 
Shinhan Financial Group Co., Limited   1,725,400    44,521,383 
SK Hynix, Inc.   828,100    72,399,438 
         362,885,341 
SWEDEN - 3.5%          
Duni AB (a)   1,566,400    15,372,076 
Loomis AB, Class B   1,555,483    45,305,190 
SKF AB-B   2,823,600    49,041,075 
         109,718,341 
SWITZERLAND - 2.3%          
Novartis AG   700,950    70,510,227 
           
THAILAND - 0.7%          
TISCO Financial Group   7,722,600    21,127,971 
           
UNITED KINGDOM - 12.5%          
Amcor plc   5,053,600    50,434,928 
Bellway plc   1,900,925    48,042,701 
Inchcape plc   4,374,117    43,235,138 
Linde plc   187,644    71,507,376 
Mondi plc   2,753,870    42,055,946 
Next plc   805,850    70,688,596 
Nomad Foods Limited (a)   882,100    15,454,392 
Taylor Wimpey plc   35,010,097    45,732,106 
         387,151,183 
TOTAL COMMON STOCK
(Cost $ 2,717,861,930)		        3,020,187,223 

 

 

 

 

WARRANTS - 0.0%          
ITALY -0.0%          
Trevi Finanziaria Industriale SpA (a)
(Cost $ 7,585,702)		   76,022   $99,527 

 

SHORT TERM INVESTMENTS - 1.6%        
         
   Par Value   Value 
Money Market - 1.6%          
UMB Money Market Special II, 5.00% (b)
(Cost $ 48,195,440)		   48,195,440   $48,195,440 
           
TOTAL INVESTMENTS - 99.4%          
(Cost $ 2,773,643,072)        3,068,482,190 
OTHER ASSETS & LIABILITIES (NET) -0.6%        19,520,098 
NET ASSETS - 100%       $3,088,002,288 

 

*Fair Valued by Valuation Committee as delegated by Pear Tree Funds Board of Trustees that represents 0.0% of net assets as of June 30, 2023.

 

(a)Non income producing security.

 

(b)Interest rate reflects seven-day effective yield on June 30, 2023.

 

(c)At June 30, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 2,798,026,699 was as follows :

 

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost  $600,833,386 
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value   (330,377,895)
Net unrealized appreciation/(depreciation)  $270,455,491 

 

The percentage of each investment category is calculated as a percentage of net assets.

 

SECTOR ALLOCATIONS (as a percentage of Total Net Assets)    
Consumer Discretionary   23.9%
Financials   18.4%
Materials   14.9%
Industrials   13.0%
Communication Services   9.5%
Information Technology   6.8%
Health Care   4.0%
Consumer Staples   3.5%
Energy   1.9%
Real Estate   1.9%
Cash and Other Assets (Net)   2.2%
    100.0%

 

 

 

 

PEAR TREE ESSEX ENVIRONMENTAL OPPORTUNITIES FUND
 
SCHEDULE OF INVESTMENTS
June 30, 2023
(Unaudited)

 

Common Stock - 95.1%        
         
   Shares   Value 
DENMARK - 7.6%          
INDUSTRIALS - 4.9%          
Cadeler AS   347,781   $1,457,527 
Vestas Wind Systems A/S   82,776    2,200,843 
         3,658,370 
UTILITIES - 2.7%          
Ørsted A/S   21,737    2,053,659 
           
TOTAL DENMARK        5,712,029 
           
GERMANY - 3.2%          
INFORMATION TECHNOLOGY - 3.2%          
Infineon Technologies AG   58,726    2,420,862 
           
IRELAND - 4.7%          
CONSUMER DISCRETIONARY - 1.9%          
Aptiv PLC (a)   13,777    1,406,494 
           
INDUSTRIALS - 2.8%          
Kingspan Group plc   31,757    2,109,973 
           
TOTAL IRELAND        3,516,467 
           
ISRAEL - 6.5%          
INDUSTRIALS - 3.5%          
Kornit Digital Ltd. (a)   90,603    2,661,010 
           
INFORMATION TECHNOLOGY - 3.0%          
SolarEdge Technologies, Inc. (a)   8,410    2,262,711 
           
TOTAL ISRAEL        4,923,721 
           
JAPAN - 4.6%          
INDUSTRIALS - 1.8%          
Kurita Water Industries Ltd.   35,548    1,351,235 
           
INFORMATION TECHNOLOGY - 2.8%          
Keyence Corporation   4,590    2,154,713 
           
TOTAL JAPAN        3,505,948 
           
SWEDEN - 2.9%          
INDUSTRIAL - 2.9%          
NIBE Industrier AB   232,856    2,207,554 

 

 

 

 

SWITZERLAND - 4.9%          
INFORMATION TECHNOLOGY - 4.9%          
Landis+Gyr Group AG   43,239    3,711,585 
           
UNITED STATES - 60.7%          
CONSUMER STAPLES - 2.3%          
SunOpta Inc. (a)   261,428    1,748,953 
           
INDUSTRIALS - 34.3%          
Bloom Energy Corporation (a)   73,033    1,194,090 
Energy Recovery, Inc. (a)   97,334    2,720,485 
Enovix Corporation (a)   137,219    2,475,431 
Generac Holdings Inc. (a)   11,201    1,670,405 
Hubbell Incorporated   9,908    3,285,096 
Primoris Services Corporation   52,200    1,590,534 
Quanta Services, Inc. (a)   11,029    2,166,647 
Sensata Technologies Holding plc   39,298    1,768,017 
Shoals Technologies Group, Inc. (a)   77,209    1,973,462 
Symbotic Inc.   12,819    548,781 
TPI Composites, Inc.   190,976    1,980,421 
Watts Water Technologies, Inc.   8,394    1,542,230 
Zurn Elkay Water Solutions   112,031    3,012,514 
         25,928,113 
INFORMATION TECHNOLOGY - 17.0%          
Badger Meter, Inc.   26,527    3,914,324 
Cognex Corporation   53,881    3,018,414 
Enphase Energy, Inc. (a)   5,326    891,998 
Navitas Semiconductor   136,561    1,439,353 
Trimble Navigation Limited (a)   29,760    1,575,495 
Wolfspeed, Inc. (a)   36,661    2,037,985 
         12,877,569 
MATERIALS - 7.1%          
Albemarle Corporation   7,527    1,679,199 
Aspen Aerogels, Inc. (a)   133,718    1,055,035 
Livent Corporation (a)   49,510    1,358,059 
MP Materials Corp. (a)   54,098    1,237,762 
         5,330,055 
TOTAL UNITED STATES        45,884,690 
           
TOTAL COMMON STOCK          
(Cost $ 71,082,961)        71,882,856 

 

SHORT TERM INVESTMENTS - 4.7%        
         
   Par Value   Value 
Money Market - 4.7%          
UMB Money Market Special II, 5.00% (b)
(Cost $ 3,539,111)		   3,539,111   $3,539,111 
           
TOTAL INVESTMENTS - 99.8%          
(Cost $ 74,622,072)        75,421,967 
OTHER ASSETS & LIABILITIES (Net) - 0.2%        126,980 
NET ASSETS - 100%       $75,548,947 

 

 

 

 

(a)Non-income producing security.

 

(b)Interest rate reflects seven-day effective yield on June 30, 2023.

 

(C)At June 30, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 74,622,103 was as follows :

 

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost  $10,895,200 
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value   (10,095,336)
Net unrealized appreciation/(depreciation)  $799,864 

 

The percentage of each investment category is calculated as a percentage of net assets.

 

SECTOR ALLOCATIONS (as a percentage of Total Net Assets)    
Industrials   50.2%
Information Technology   31.0%
Materials   7.0%
Utilities   2.7%
Consumer Staples   2.3%
Consumer Discretionary   1.9%
Cash and Other Assets (Net)   4.9%
    100.0%

 

 

 

 

PEAR TREE AXIOM EMERGING MARKETS WORLD EQUITY FUND
 
SCHEDULE OF INVESTMENTS
June 30, 2023
(Unaudited)

 

Common Stock - 94.9%        
         
   Shares   Value 
ARGENTINA- 0.3%          
Arcos Dorados Holdings Inc.   17,000   $174,250 
           
AUSTRIA- 1.0%          
Erste Group Bank AG   19,249    673,904 
           
BRAZIL - 7.0%          
AmBev   156,400    499,611 
B3 SA - Brasil Bolsa Balcao   368,500    1,116,042 
BTG Pactual   135,200    881,434 
Localiza Rent a Car S.A.   68,300    969,849 
Nu Holdings, Ltd.   70,100    553,089 
PagSeguro Digital Ltd. (a)   2,140    20,202 
Raia Drogasil S.A.   33,610    206,231 
Totvs S.A.   17,300    107,515 
Weg S.A.   43,500    340,407 
         4,694,380 
CHINA - 19.9%          
Alibaba Group Holding Ltd. (a)   58,700    608,228 
Baidu, Inc. (a)   35,550    602,435 
BeiGene, Ltd. (b)   636    113,399 
BYD Company Ltd.   3,900    124,416 
Centre Testing International Group Co., Ltd.   181,600    487,493 
China Construction Bank Corporation   448,000    289,840 
China Huishan Dairy Holdings Co., Ltd. * (a)   208,000    - 
China Petroleum & Chemical Corporation   1,018,000    596,256 
China Resources Beer (Holdings) Co., Ltd.   56,000    368,731 
Eastroc Beverage (Group) Co., Ltd.   10,800    257,061 
Focus Media Information Technology   389,000    364,682 
Glodon Company Limited   26,740    119,600 
Hanergy Mobile Energy Holding Group * (a)   36,000    - 
Jiumaojiu International Holdings Ltd.   164,000    268,708 
KE Holdings Inc. (b)   37,600    558,360 
Luzhou Laojiao Co. Ltd.   20,900    602,967 
Ping An Insurance Group H Share   224,000    1,424,904 
Proya Cosmetics   14,120    218,484 
Shenzhen Inovance Technology Co., Ltd.   15,100    133,474 
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.   5,900    243,502 
Tencent Holdings Limited   69,100    2,923,916 
Trip.com Group Limited (a)(b)   41,400    1,449,000 
Wuliangye Yibin Co., Ltd.   4,700    105,833 
Yadea Group Holdings Ltd.   149,000    338,818 
Yifeng Pharmacy Chain Co., Ltd.   42,140    214,642 
Yum China Holdings, Inc.   16,900    954,850 
         13,369,599 

 

 

 

 

DENMARK - 0.5%          
Novo Nordisk A/S   2,002    322,495 
           
FRANCE - 1.9%          
Hermès International S.A.   32    69,474 
L'Oréal S.A.   738    343,879 
LVMH Moet Hennessy Louis Vuitton SE   928    873,734 
         1,287,087 
GREECE - 0.7%          
Greek Organisation of Football Prognostics S.A.   27,053    471,642 
           
HONG KONG - 1.9%          
AIA Group Ltd.   52,800    532,946 
Galaxy Entertainment Group   116,500    738,847 
         1,271,793 
INDIA - 16.3%          
ABB India Limited   3,409    183,797 
Asian Paints Ltd.   18,392    753,750 
Axis Bank Limited   61,164    736,215 
Bajaj Finserv Limited   9,657    842,918 
Bharat Electronics Limited   330,808    507,082 
Britannia Industries Limited   2,861    175,230 
HDFC Bank Ltd.   80,530    1,670,160 
HDFC Life Insurance Company Ltd.   8,201    65,099 
ICICI Bank Limited   61,269    698,008 
Indian Hotels Company Limited (The)   183,506    877,978 
Larsen & Toubro   39,051    1,178,414 
Polycab India Limited   6,129    265,309 
Reliance Industries Ltd.   10,768    334,743 
Sona Blw Precision Forgings Ltd.   10,533    66,232 
Sun Pharmaceutical Industries Limited   16,296    208,894 
Titan Company Limited   25,160    934,695 
TVS Motor Company   42,243    682,618 
Varun Beverages Limited   73,002    714,169 
         10,895,311 
INDONESIA - 3.7%          
PT Bank Mandiri Tbk   1,416,200    491,195 
PT Bank Rakyat Indonesia Tbk   3,878,500    1,403,426 
PT Sumber Alfaria Trijaya Tbk   2,196,300    377,952 
Vale Indonesia Tbk   466,600    196,070 
         2,468,643 
ITALY - 0.2%          
Ferrari N.V.   417    135,613 
           
MEXICO - 4.1%          
Arca Continental   55,600    570,378 
Corporacion Inmobiliaria Vesta SAB de CV   76,400    247,368 
Fomento Económico Mexicano S.A.B. (b)   3,570    395,699 
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - B   46,000    487,827 
Grupo Aeroportuario del Pacífico, S.A.B. de C. V.   4,100    73,446 
Grupo Financiero Banorte SAB de CV   76,700    631,516 
Grupo Mexico S.A.B. de C.V. Class B   23,200    111,479 
Wal-Mart de Mexico, S.A.B. de C.V.   65,200    257,447 
         2,775,160 

 

 

 

 

NETHERLANDS - 0.8%          
ASML Holding N.V.   723    522,964 
           
PHILIPPINES - 0.7%          
BDO Unibank, Inc.   191,710    478,237 
           
POLAND - 0.7%          
Dino Polska S.A. (a)   4,117    481,110 
           
SAUDI ARABIA - 1.9%          
Alinma Bank   9,606    85,798 
Dr. Sulaiman Al-Habib Medical Group   1,299    99,121 
Elm Company   3,099    480,875 
Leejam Sports Co JSC   6,766    232,707 
Saudi British Bank (The)   35,910    365,256 
         1,263,757 
SOUTH AFRICA - 0.1%          
Naspers Limited N Shares   426    76,648 
           
SOUTH KOREA - 10.6%          
Korea Aerospace Industries, Ltd.   8,355    337,966 
Orion Corporation   3,734    340,060 
Samsung Biologics (a)   852    481,075 
Samsung Electronics Company Limited   62,035    3,399,178 
Samsung SDI Co., Ltd.   2,388    1,212,440 
SK Hynix, Inc.   15,313    1,338,791 
         7,109,510 
SWITZERLAND - 0.4%          
Compagnie Financière Richemont S.A.   402    68,138 
Novartis AG   2,226    223,919 
         292,057 
TAIWAN - 11.8%          
Airtac International Group   7,200    236,960 
Alchip Technologies, Ltd.   9,000    518,711 
ASPEED Technology, Inc.   2,150    196,744 
Chailease Holding Co., Ltd.   38,500    252,179 
Delta Electronics, Inc.   10,200    112,826 
E Ink Holdings Inc.   39,000    281,751 
Taiwan Semiconductor Manufacturing Co., Ltd.   336,000    6,214,131 
Voltronic Power Inc.   1,040    65,617 
         7,878,919 
THAILAND - 2.1%          
Bumrungrad International Hospital (c)   114,100    727,305 
Central Pattana Public Company Limited (c)   190,200    351,378 
PTT Exploration & Production PCL (c)   71,100    300,804 
         1,379,487 
UNITED ARAB EMIRATES - 1.8%          
Americana Restaurants International PLC   228,260    262,868 
Emaar Properties PJSC   430,227    750,798 
Salik Company PJSC   233,928    200,613 
         1,214,279 
UNITED KINGDOM - 0.7%          
Anglo American plc   4,188    118,889 
BAE Systems plc   31,021    365,579 
         484,468 

 

 

 

 

UNITED STATES - 5.8%          
Coupang, Inc.   3,960    68,904 
Linde plc   1,181    450,056 
Mercado Libre, Inc. (a)   937    1,109,970 
Microsoft Corporation   1,339    455,983 
NVIDIA Corporation (a)   2,665    1,127,348 
Samsonite International S.A. (a)   252,400    711,794 
         3,924,055 
TOTAL COMMON STOCK          
(Cost $ 60,676,169)        63,645,368 
           
Preferred Stock - 0.8%          
SOUTH KOREA - 0.8%          
Samsung Electronics Co., Ltd.
(Cost $ 457,051)		   11,215    506,426 
           
P-Notes - 0.5%          
SAUDI ARABIA - 0.5%          
Alinma Bank SJSC   25,105    223,884 
ARAMCO AB   14,231    122,357 
(Cost $ 389,973)        346,241 
           
Exchange Traded Funds - 2.9%          
United States - 2.9%          
iShares Core MSCI Emerging Markets ETF
(Cost $ 1,886,136)		   39,300    1,937,097 

 

SHORT TERM INVESTMENTS - 0.4%        
         
   Par Value   Value 
Money Market - 0.4%          
UMB Money Market Special II, 5.00% (d)
(Cost $ 304,150)		   304,150    304,150 
           
TOTAL INVESTMENTS - 99.5%          
(Cost $ 63,713,479)        66,739,282 
OTHER ASSETS & LIABILITIES (Net) - 0.5%        318,425 
NET ASSETS - 100%       $67,057,707 

 

 

 

 

*Fair Valued by Valuation Committee as delegated by Pear Tree Funds Board of Trustees that represent 0.0% of net assets as of June 30, 2023.

 

(a)Non-income producing security.

 

(b)ADR - American Depositary Receipts

 

(c)NVDR - Non Voting Depositary Receipts

 

(d)Interest rate reflects seven-day effective yield on June 30, 2023.

 

(e)At June 30, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 64,986,852 was as follows :

 

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost  $4,939,906 
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value   (3,187,476)
Net unrealized appreciation/(depreciation)  $1,752,430 

 

The percentage of each investment category is calculated as a percentage of net assets.

 

SECTOR ALLOCATIONS (as a percentage of Total Net Assets)    
Information Technology   24.8%
Financials   20.0%
Consumer Discretionary   16.9%
Consumer Staples   9.1%
Industrials   8.7%
Communication Services   5.8%
Health Care   3.6%
Real Estate   2.9%
Materials   2.4%
Energy   2.0%
Mutual Funds   2.9%
CASH + other assets (net)   0.9%
    100.0%