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 | % |