PEAR TREE QUALITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2023
(Unaudited)
Common Stock - 98.1% | ||||||||
Shares | Value | |||||||
AEROSPACE & DEFENSE - 3.2% | ||||||||
Safran SA | 50,521 | $ | 8,898,795 | |||||
BANKS - 4.4% | ||||||||
U.S. Bancorp | 152,249 | 6,589,337 | ||||||
Wells Fargo & Company | 120,644 | 5,938,097 | ||||||
12,527,434 | ||||||||
BEVERAGES - 4.5% | ||||||||
Coca-Cola Company (The) | 111,305 | 6,559,204 | ||||||
Constellation Brands, Inc. (a) | 14,564 | 3,520,847 | ||||||
Diageo plc | 17,168 | 2,500,691 | ||||||
12,580,742 | ||||||||
DIVERSIFIED FINANCIAL SERVICES - 1.0% | ||||||||
American Express Company | 14,687 | 2,751,463 | ||||||
FOOD PRODUCTS - 1.2% | ||||||||
Nestle, S.A. (b) | 29,158 | 3,371,540 | ||||||
HEALTH CARE EQUIPMENT & SUPPLIES - 4.4% | ||||||||
Abbott Laboratories | 57,238 | 6,300,186 | ||||||
Intuitive Surgical, Inc. (a) | 17,741 | 5,985,104 | ||||||
12,285,290 | ||||||||
HEALTH CARE PROVIDERS & SERVICES - 8.3% | ||||||||
CIGNA Corporation | 8,701 | 2,605,514 | ||||||
Elevance Health Inc. | 13,289 | 6,266,561 | ||||||
Quest Diagnostics Incorporated | 26,743 | 3,687,325 | ||||||
UnitedHealth Group, Inc. | 20,677 | 10,885,820 | ||||||
23,445,220 | ||||||||
HOTELS, RESTAURANTS & LEISURE - 2.5% | ||||||||
Compass Group Plc (b) | 251,362 | 6,990,377 | ||||||
HOUSEHOLD PRODUCTS - 3.0% | ||||||||
Kenvue Inc. | 134,497 | 2,895,720 | ||||||
Unilever Plc (b) | 112,889 | 5,472,859 | ||||||
8,368,579 | ||||||||
INDUSTRIAL CONGLOMERATES - 0.8% | ||||||||
General Electric Company | 17,750 | 2,265,433 | ||||||
INTERACTIVE MEDIA & SERVICES - 6.5% | ||||||||
Alphabet, Inc. Class A (a) | 70,096 | 9,791,710 | ||||||
Meta Platforms, Inc. (a) | 24,127 | 8,539,993 | ||||||
18,331,703 | ||||||||
IT Services - 23.2% | ||||||||
Accenture Plc | 27,711 | 9,724,067 | ||||||
Adobe Systems Incorporated (a) | 10,421 | 6,217,169 | ||||||
Amadeus IT Group, S.A. (b) | 31,553 | 2,274,340 | ||||||
Microsoft Corporation | 45,842 | 17,238,426 | ||||||
Oracle Corporation | 84,024 | 8,858,650 | ||||||
salesforce.com, inc. (a) | 26,511 | 6,976,104 | ||||||
SAP AG (b) | 52,224 | 8,073,308 | ||||||
Visa, Inc. | 22,382 | 5,827,154 | ||||||
65,189,218 | ||||||||
MACHINERY - 1.9% | ||||||||
Otis Worldwide Corp. | 59,983 | 5,366,679 | ||||||
MULTILINE RETAIL - 2.7% | ||||||||
TJX Companies, Inc. (The) | 79,754 | 7,481,723 |
Shares | Value | |||||||
PHARMACEUTICALS - 10.1% | ||||||||
Eli Lilly and Company | 15,115 | $ | 8,810,836 | |||||
Johnson & Johnson | 49,099 | 7,695,777 | ||||||
Merck & Co., Inc. | 62,339 | 6,796,198 | ||||||
Roche Holding Ltd. (b) | 141,837 | 5,138,754 | ||||||
28,441,565 | ||||||||
RETAILING - 4.3% | ||||||||
Alibaba Group Holding Ltd. (a)(b) | 34,740 | 2,692,697 | ||||||
Amazon.com, Inc. (a) | 62,357 | 9,474,523 | ||||||
12,167,220 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 11.1% | ||||||||
KLA-Tencor Corporation | 9,115 | 5,298,549 | ||||||
Lam Research Corporation | 13,923 | 10,905,329 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (b) | 74,250 | 7,722,000 | ||||||
Texas Instruments, Inc. | 41,678 | 7,104,432 | ||||||
31,030,310 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 3.7% | ||||||||
Apple, Inc. | 53,972 | 10,391,229 | ||||||
TEXTILES, APPAREL & LUXURY GOODS - 1.3% | ||||||||
LVMH Moët Hennessy-Louis Vuitton S.A. (b) | 22,711 | 3,689,402 | ||||||
TOTAL COMMON STOCK | ||||||||
(Cost $ 223,482,317) | 275,573,922 | |||||||
Short Term Investments - 1.8% |
Money Market - 1.8% | Par Value | Value | ||||||
UMB Money Market Special II, 5.25% (c) | 5,022,611 | $ | 5,022,611 | |||||
(Cost $ 5,022,611) | ||||||||
TOTAL INVESTMENTS - 99.9% | ||||||||
(Cost $ 228,504,928) | 280,596,533 | |||||||
OTHER ASSETS & LIABILITIES (NET) - 0.1% | 280,547 | |||||||
NET ASSETS - 100% | $ | 280,877,080 |
(a) | Non-Income producing security |
(b) | ADR - American Depositary Receipts |
(c) | Interest rate reflects seven-day effective yield on December 31, 2023. |
(d) | At December 31, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 228,876,290 was as follows: |
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $ | 55,041,286 | ||
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (3,321,043 | ) | ||
Net unrealized appreciation/(depreciation) | $ | 51,720,243 |
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 | 38.0 | % | ||||
Health Care | 22.8 | % | ||||
Consumer Discretionary | 10.8 | % | ||||
Consumer Staples | 8.7 | % | ||||
Communication Services | 6.5 | % | ||||
Industrials | 5.9 | % | ||||
Financials | 5.4 | % | ||||
CASH + other assets (net) | 1.9 | % | ||||
100.0 | % |
PEAR TREE POLARIS SMALL CAP FUND
SCHEDULE OF INVESTMENTS
December 31, 2023
(Unaudited)
Common Stock - 99.0% | ||||||||
Shares | Value | |||||||
AEROSPACE & DEFENSE - 3.7% | ||||||||
Curtiss-Wright Corporation | 7,200 | $ | 1,604,088 | |||||
V2X, Inc. (a) | 33,100 | 1,537,164 | ||||||
3,141,252 | ||||||||
AUTO COMPONENTS - 2.0% | ||||||||
Standard Motor Products, Inc. | 42,600 | 1,695,906 | ||||||
AUTOMOBILES - 1.1% | ||||||||
Winnebago Industries, Inc. | 12,567 | 915,883 | ||||||
BANKS - 18.5% | ||||||||
BOK Financial Corporation | 16,864 | 1,444,401 | ||||||
Cambridge Bancorp | 13,330 | 925,102 | ||||||
Colony Bankcorp, Inc. | 119,479 | 1,589,071 | ||||||
Cullen/Frost Bankers, Inc. | 15,300 | 1,659,897 | ||||||
F.N.B. Corporation | 61,980 | 853,465 | ||||||
International Bancshares Corporation | 41,700 | 2,265,144 | ||||||
OFG Bancorp | 73,100 | 2,739,788 | ||||||
South Plains Financial, Inc. | 92,300 | 2,673,008 | ||||||
Southside Bancshares, Inc. | 43,200 | 1,353,024 | ||||||
15,502,900 | ||||||||
BIOTECHNOLOGY - 1.8% | ||||||||
Exelixis, Inc. (a) | 61,900 | 1,484,981 | ||||||
BUILDING PRODUCTS - 2.7% | ||||||||
Carlisle Companies Incorporated | 3,500 | 1,093,505 | ||||||
Janus International Group, Inc. (a) | 91,500 | 1,194,075 | ||||||
2,287,580 | ||||||||
CAPITAL MARKETS - 2.5% | ||||||||
Hercules Capital, Inc. | 125,545 | 2,092,835 | ||||||
CHEMICALS - 2.5% | ||||||||
Cabot Corporation | 25,573 | 2,135,345 | ||||||
COMMERCIAL SERVICES & SUPPLIES - 1.9% | ||||||||
Ennis, Inc. | 72,400 | 1,586,284 | ||||||
CONSTRUCTION MATERIALS - 2.3% | ||||||||
Eagle Materials Inc. | 9,400 | 1,906,696 | ||||||
CONSUMER FINANCE - 1.3% | ||||||||
SLM Corporation | 55,300 | 1,057,336 |
Shares | Value | |||||||
CONTAINERS & PACKAGING - 4.6% | ||||||||
Berry Global Group, Inc. | 24,200 | $ | 1,630,838 | |||||
Graphic Packaging Holding Co. | 91,600 | 2,257,940 | ||||||
3,888,778 | ||||||||
DIVERSIFIED CONSUMER SERVICES - 1.4% | ||||||||
Perdoceo Education Corporation | 66,100 | 1,160,716 | ||||||
ELECTRICAL EQUIPMENT - 2.4% | ||||||||
Acuity Brands, Inc. | 5,000 | 1,024,150 | ||||||
Regal Rexnord Corporation | 6,789 | 1,004,908 | ||||||
2,029,058 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.7% | ||||||||
Arrow Electronics, Inc. (a) | 7,700 | 941,325 | ||||||
Kimball Electronics, Inc. (a) | 50,245 | 1,354,103 | ||||||
2,295,428 | ||||||||
ENERGY EQUIPMENT & SERVICES - 4.2% | ||||||||
Dril-Quip, Inc. (a) | 60,500 | 1,407,835 | ||||||
NOV, Inc. | 102,938 | 2,087,583 | ||||||
3,495,418 | ||||||||
FINANCIAL SERVICES - 2.4% | ||||||||
EVERTEC Inc. | 49,800 | 2,038,812 | ||||||
FOOD PRODUCTS - 2.5% | ||||||||
Ingredion Incorporated | 19,600 | 2,127,188 | ||||||
GROUND TRANSPORTATION - 1.5% | ||||||||
Knight-Swift Transportation Holdings, Inc. | 21,494 | 1,239,129 | ||||||
HEALTH CARE REITS - 1.0% | ||||||||
Global Medical REIT Inc. | 77,900 | 864,690 | ||||||
HEALTH CARE TECHNOLOGY - 1.0% | ||||||||
Computer Programs and Systems, Inc. (a) | 72,350 | 810,320 | ||||||
MACHINERY - 4.2% | ||||||||
Allison Transmission Holdings, Inc. | 28,100 | 1,634,015 | ||||||
Wabash National Corporation | 74,700 | 1,913,814 | ||||||
3,547,829 | ||||||||
METALS & MINING - 1.9% | ||||||||
Lundin Mining Corporation | 189,400 | 1,557,027 | ||||||
OIL, GAS & CONSUMABLE FUELS - 3.2% | ||||||||
CVR Energy, Inc. | 34,400 | 1,042,320 | ||||||
Diamondback Energy, Inc. | 10,670 | 1,654,704 | ||||||
2,697,024 | ||||||||
PHARMACEUTICALS - 3.5% | ||||||||
Harmony Biosciences Holdings, Inc. (a) | 28,500 | 920,550 | ||||||
Pacira BioSciences, Inc. (a) | 22,000 | 742,280 | ||||||
Supernus Pharmaceuticals, Inc. (a) | 42,500 | 1,229,950 | ||||||
2,892,780 |
Shares | Value | |||||||
PROFESSIONAL SERVICES - 10.6% | ||||||||
Barrett Business Services, Inc. | 23,000 | $ | 2,663,400 | |||||
CSG Systems International, Inc. | 24,000 | 1,277,040 | ||||||
Kforce, Inc. | 29,494 | 1,992,615 | ||||||
Maximus Inc. | 16,600 | 1,392,076 | ||||||
Science Applications International Corporation | 12,700 | 1,578,864 | ||||||
8,903,995 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6% | ||||||||
MKS Instruments, Inc. | 21,400 | 2,201,418 | ||||||
SOFTWARE - 1.1% | ||||||||
Enghouse Systems Limited | 35,500 | 944,979 | ||||||
SPECIALTY RETAIL - 1.5% | ||||||||
Buckle, Inc. | 26,100 | 1,240,272 | ||||||
TEXTILES, APPAREL & LUXURY GOODS - 0.9% | ||||||||
Crocs, Inc. (a) | 8,010 | 748,214 | ||||||
TRADING COMPANIES & DISTRIBUTORS - 5.5% | ||||||||
Air Lease Corporation | 43,300 | 1,816,002 | ||||||
Applied Industrial Technologies, Inc. | 11,000 | 1,899,590 | ||||||
NOW Inc. | 77,000 | 871,640 | ||||||
4,587,232 | ||||||||
TOTAL COMMON STOCK | ||||||||
(Cost $ 57,846,971) | 83,077,305 | |||||||
SHORT TERM INVESTMENTS - 0.9% | ||||||||
Par Value | Value | |||||||
Money Market - 0.9% | ||||||||
UMB Money Market Special II, 5.25% (b) | 745,969 | $ | 745,969 | |||||
(Cost $ 745,969) | ||||||||
TOTAL INVESTMENTS - 99.9% | 83,823,274 | |||||||
(Cost $ 58,592,940) | ||||||||
OTHER ASSETS & LIABILITIES (NET) - 0.1% | 105,694 | |||||||
NET ASSETS - 100% | $ | 83,928,968 |
(a) | Non-income producing security |
(b) | Interest rate reflects seven-day effective yield on December 31, 2023. |
(c) | At December 31, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 59,023,543 was as follows : |
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $ | 26,293,500 | ||||||
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (1,493,769 | ) | ||||||
Net unrealized appreciation/(depreciation) | $ | 24,799,731 |
The percentage of each investment category is calculated as a percentage of net assets. | ||||
SECTOR ALLOCATIONS (as a percentage of Total Net Assets) | ||||
Industrials | 32.6 | % | ||
Financials | 24.6 | % | ||
Materials | 11.3 | % | ||
Energy | 7.4 | % | ||
Consumer Discretionary | 6.9 | % | ||
Information Technology | 6.5 | % | ||
Health Care | 6.2 | % | ||
Consumer Staples | 2.5 | % | ||
Real Estate | 1.0 | % | ||
Cash and Other Assets (Net) | 1.0 | % | ||
100.0 | % |
PEAR TREE POLARIS INTERNATIONAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
December 31, 2023
(Unaudited)
Common Stock - 98.6% | ||||||||
Shares | Value | |||||||
AUSTRALIA - 6.1% | ||||||||
Accent Group Limited | 1,231,400 | $ | 1,630,103 | |||||
Collins Foods Limited | 210,524 | 1,700,856 | ||||||
HANSEN Technologies | 254,170 | 882,788 | ||||||
Macquarie Group Limited | 12,484 | 1,564,269 | ||||||
5,778,016 | ||||||||
BELGIUM - 2.2% | ||||||||
D'Ieteren S.A. | 10,500 | 2,051,751 | ||||||
BRAZIL - 1.5% | ||||||||
Equatorial Energia S.A. | 192,588 | 1,416,182 | ||||||
CANADA - 10.5% | ||||||||
Alimentation Couche-Tard Inc. | 31,100 | 1,840,386 | ||||||
Canadian Tire Corporation | 12,577 | 1,342,208 | ||||||
Enghouse Systems Limited | 53,700 | 1,429,448 | ||||||
EQB Inc. | 25,499 | 1,686,848 | ||||||
goeasy Ltd. | 14,498 | 1,737,869 | ||||||
Toronto-Dominion Bank | 28,992 | 1,882,523 | ||||||
9,919,282 | ||||||||
CHINA - 7.3% | ||||||||
Alibaba Group Holding Ltd. | 140,600 | 1,361,238 | ||||||
China MeiDong Auto Holdings Limited | 1,354,000 | 823,643 | ||||||
Midea Group Co., Ltd. | 247,200 | 1,904,139 | ||||||
Zhejiang Supor Co. | 255,400 | 1,908,964 | ||||||
Zhongsheng Group Holdings | 364,500 | 871,969 | ||||||
6,869,953 | ||||||||
DENMARK - 1.0% | ||||||||
DFDS A/S | 29,000 | 958,301 | ||||||
FINLAND - 1.1% | ||||||||
Valmet OYJ | 34,200 | 986,371 |
Shares | Value | |||||||
FRANCE - 6.4% | ||||||||
Alten S.A. | 9,900 | $ | 1,471,932 | |||||
LVMH Moet Hennessy Louis Vuitton SE | 1,195 | 968,355 | ||||||
Neurones S.A. | 43,855 | 2,119,360 | ||||||
SEB SA | 12,000 | 1,497,846 | ||||||
6,057,493 | ||||||||
INDIA - 1.0% | ||||||||
Muthoot Finance Ltd. | 54,294 | 963,232 | ||||||
INDONESIA - 1.0% | ||||||||
PT Bank Rakyat Indonesia Tbk | 2,604,946 | 968,586 | ||||||
ITALY - 7.7% | ||||||||
De'Longhi S.p.A. | 44,400 | 1,496,839 | ||||||
Interpump Group S.p.A. | 19,300 | 999,217 | ||||||
Reply S.p.A. | 14,318 | 1,889,982 | ||||||
SeSa S.p.A. | 7,793 | 1,058,808 | ||||||
SOL S.p.A. | 58,400 | 1,793,350 | ||||||
7,238,196 | ||||||||
JAPAN - 7.2% | ||||||||
FULLCAST HOLDINGS Co., Ltd. | 63,600 | 826,917 | ||||||
JAC Recruitment Co., Ltd. | 206,800 | 953,468 | ||||||
NEXTAGE Co., Ltd. | 90,600 | 1,663,164 | ||||||
Open Up Group Inc. | 66,400 | 1,106,353 | ||||||
Sony Group Corporation | 15,100 | 1,436,310 | ||||||
Tri Chemical Laboratories Inc. | 32,000 | 819,407 | ||||||
6,805,619 | ||||||||
MALAYSIA - 1.5% | ||||||||
Public Bank Bhd | 962,500 | 898,613 | ||||||
Scientex Berhad | 575,000 | 476,768 | ||||||
1,375,381 | ||||||||
NETHERLANDS - 1.0% | ||||||||
Aalberts N.V. | 22,600 | 980,091 | ||||||
NORWAY - 4.4% | ||||||||
SpareBank Nord-Norge | 207,100 | 2,104,505 | ||||||
Sparebanken Vest | 193,682 | 2,086,396 | ||||||
4,190,901 | ||||||||
PERU - 1.1% | ||||||||
Credicorp Ltd. | 6,700 | 1,004,531 | ||||||
SINGAPORE - 2.0% | ||||||||
United Overseas Bank Limited | 88,000 | 1,897,961 |
Shares | Value | |||||||
SOUTH AFRICA - 2.6% | ||||||||
AVI Limited | 323,674 | $ | 1,452,573 | |||||
FirstRand Limited | 257,100 | 1,033,461 | ||||||
2,486,034 | ||||||||
SOUTH KOREA - 3.2% | ||||||||
Hansol Chemical Co., Ltd. | 8,817 | 1,554,048 | ||||||
Samsung Electronics Company Limited | 23,932 | 1,458,702 | ||||||
3,012,750 | ||||||||
SPAIN - 1.0% | ||||||||
CIE Automotive | 32,945 | 935,983 | ||||||
SWEDEN - 4.0% | ||||||||
Bravida Holding AB | 247,200 | 1,988,069 | ||||||
Hexpol AB | 88,000 | 1,065,301 | ||||||
Knowit AB | 45,658 | 709,478 | ||||||
3,762,848 | ||||||||
SWITZERLAND - 2.0% | ||||||||
ALSO Holding AG | 6,300 | 1,878,698 | ||||||
TAIWAN - 7.4% | ||||||||
BizLink Holding, Inc. | 108,390 | 942,967 | ||||||
Chailease Holding Co., Ltd. | 235,089 | 1,478,379 | ||||||
POYA International Co., Ltd. | 55,129 | 991,551 | ||||||
SINBON Electronics Co., Ltd. | 156,600 | 1,525,664 | ||||||
Thinking Electronic Industrial Co., Ltd. | 186,000 | 1,018,165 | ||||||
Yageo Corporation | 51,510 | 1,001,987 | ||||||
6,958,713 | ||||||||
THAILAND - 3.5% | ||||||||
Muangthai Capital Public Company Limited | 1,064,000 | 1,402,768 | ||||||
TISCO Financial Group | 637,000 | 1,861,591 | ||||||
3,264,359 | ||||||||
UNITED KINGDOM - 11.1% | ||||||||
Computacenter plc | 53,700 | 1,911,402 | ||||||
Cranswick plc | 39,440 | 1,914,680 | ||||||
Games Workshop Group PLC | 6,602 | 830,721 | ||||||
Howden Joinery Group plc | 102,988 | 1,068,218 | ||||||
Marshalls PLC | 228,000 | 812,127 | ||||||
Mondi plc | 77,937 | 1,547,020 | ||||||
OSB Group PLC | 144,500 | 855,873 | ||||||
RS Group plc | 70,730 | 739,040 | ||||||
SSP Group plc | 255,900 | 766,004 | ||||||
10,445,085 | ||||||||
UNITED STATES - 0.8% | ||||||||
Euronet Worldwide, Inc. (a) | 7,800 | 791,622 | ||||||
TOTAL COMMON STOCK | ||||||||
(Cost $ 78,715,411) | 92,997,939 |
SHORT TERM INVESTMENTS - 1.2% | Par Value | Value | ||||||
Money Market - 1.2% | ||||||||
UMB Money Market Special II, 5.25% (b) | 1,165,582 | $ | 1,165,582 | |||||
(Cost $ 1,165,582) | ||||||||
TOTAL INVESTMENTS - 99.8% | ||||||||
(Cost $ 79,880,993) | 94,163,521 | |||||||
OTHER ASSETS & LIABILITIES (Net) - 0.2% | 197,829 | |||||||
NET ASSETS - 100% | $ | 94,361,350 |
(a) | Non-income producing security. |
(b) | Interest rate reflects seven-day effective yield on December 31, 2023. |
(c) | At December 31, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 80,304,692 was as follows : |
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $ | 15,033,843 | ||||||
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (1,175,014 | ) | ||||||
Net unrealized appreciation/(depreciation) | $ | 13,858,829 |
The percentage of each investment category is calculated as a percentage of net assets. | ||||||||
SECTOR ALLOCATIONS (as a percentage of Total Net Assets) | ||||||||
Financials | 25.7 | % | ||||||
Consumer Discretionary | 25.6 | % | ||||||
Information Technology | 20.3 | % | ||||||
Industrials | 12.3 | % | ||||||
Materials | 7.7 | % | ||||||
Consumer Staples | 5.5 | % | ||||||
Utilities | 1.5 | % | ||||||
Cash and Other Assets (Net) | 1.4 | % | ||||||
100.0 | % |
PEAR TREE POLARIS FOREIGN VALUE FUND
SCHEDULE OF INVESTMENTS
December 31, 2023
(Unaudited)
Common Stock - 99.2% | ||||||||
Shares | Value | |||||||
BELGIUM - 1.6% | ||||||||
D'leteren S.A. | 251,853 | $ | 49,213,295 | |||||
CANADA - 12.3% | ||||||||
Canadian Tire Corporation | 505,895 | 53,988,734 | ||||||
Lundin Mining Corporation | 8,026,600 | 65,985,397 | ||||||
Magna International Inc. | 1,058,230 | 62,830,901 | ||||||
Methanex Corporation | 1,493,693 | 71,003,092 | ||||||
Open Text Corporation | 1,575,800 | 66,552,633 | ||||||
Toronto-Dominion Bank | 1,002,676 | 65,106,264 | ||||||
385,467,021 | ||||||||
CHILE - 1.0% | ||||||||
Antofagasta plc | 1,503,500 | 32,191,844 | ||||||
CHINA -1.9% | ||||||||
Weichai Power Company Limited | 35,832,000 | 59,837,779 | ||||||
COLOMBIA - 0.2% | ||||||||
Tecnoglass, Inc. | 154,800 | 7,075,908 | ||||||
FRANCE - 12.9% | ||||||||
Ipsos | 732,480 | 45,916,536 | ||||||
Michelin (CGDE) | 1,897,500 | 68,035,844 | ||||||
Publicis Groupe | 887,947 | 82,389,869 | ||||||
Teleperformance SE | 467,700 | 68,220,242 | ||||||
TotalEnergies SE | 980,500 | 66,716,889 | ||||||
Vinci SA | 600,598 | 75,431,341 | ||||||
406,710,721 | ||||||||
GERMANY - 9.0% | ||||||||
Daimler Truck Holding AG | 1,727,800 | 64,928,483 | ||||||
Deutsche Telekom AG | 2,395,518 | 57,552,763 | ||||||
flatexDegiro AG | 988,400 | 12,195,325 | ||||||
Hannover Rueck SE | 310,600 | 74,210,516 | ||||||
Muenchener Rueckversicherungs-Gesellschaft | 178,030 | 73,764,556 | ||||||
282,651,643 | ||||||||
IRELAND - 4.5% | ||||||||
Greencore Group plc (a) | 19,767,301 | 24,305,918 | ||||||
Jazz Pharmaceuticals plc (a) | 416,700 | 51,254,100 | ||||||
Smurfit Kappa | 1,691,246 | 67,029,611 | ||||||
142,589,629 |
Shares | Value | |||||||
ITALY - 2.2% | ||||||||
Eni S.p.A. | 3,598,109 | $ | 61,000,527 | |||||
Trevi Finanziaria Industriale SpA (a) | 25,608,324 | 8,839,723 | ||||||
69,840,250 | ||||||||
JAPAN - 11.2% | ||||||||
Daicel Corporation | 3,589,700 | 34,781,743 | ||||||
Daito Trust Construction Company, Ltd. | 548,900 | 63,658,072 | ||||||
Itochu Corporation | 1,506,000 | 61,605,206 | ||||||
KDDI Corporation | 1,990,500 | 63,337,942 | ||||||
Marubeni Corporation | 3,609,100 | 57,049,790 | ||||||
Sony Group Corporation | 765,000 | 72,766,704 | ||||||
353,199,457 | ||||||||
NETHERLANDS -1.8% | ||||||||
Koninklijke Ahold Delhaize N.V. | 1,916,100 | 55,061,683 | ||||||
NORWAY - 6.8% | ||||||||
DNB Bank ASA | 3,274,930 | 69,653,976 | ||||||
SpareBank 1 SR-Bank ASA | 4,511,587 | 57,262,775 | ||||||
Sparebanken Vest | 2,183,075 | 23,516,686 | ||||||
Yara International ASA | 1,731,300 | 61,575,820 | ||||||
212,009,257 | ||||||||
PUERTO RICO - 2.2% | ||||||||
Popular, Inc. | 828,750 | 68,015,512 | ||||||
RUSSIA - 0.0% | ||||||||
ALROSA Company PJSC * (a) | 41,136,300 | 4,601 | ||||||
SINGAPORE - 1.9% | ||||||||
United Overseas Bank Limited | 2,798,647 | 60,360,478 | ||||||
SOUTH KOREA - 12.1% | ||||||||
Kia Motors Corporation | 889,200 | 69,042,628 | ||||||
LG Electronics, Inc. | 568,900 | 44,967,793 | ||||||
LG Uplus Corporation | 6,291,583 | 49,975,071 | ||||||
Samsung Electronics Company Limited | 1,274,943 | 77,710,246 | ||||||
Shinhan Financial Group Co., Limited | 1,725,400 | 53,788,967 | ||||||
SK Hynix, Inc. | 782,600 | 85,983,306 | ||||||
381,468,011 | ||||||||
SWEDEN - 3.9% | ||||||||
Duni AB | 1,566,400 | 16,133,552 | ||||||
Loomis AB, Class B | 1,468,364 | 38,989,691 | ||||||
SKF AB-B | 3,356,300 | 67,040,077 | ||||||
122,163,320 | ||||||||
SWITZERLAND - 2.3% | ||||||||
Novartis AG | 662,350 | 66,785,844 | ||||||
Sandoz Group AG | 132,470 | 4,258,807 | ||||||
71,044,651 | ||||||||
THAILAND - 0.7% | ||||||||
TISCO Financial Group | 7,722,600 | 22,568,794 |
Shares | Value | |||||||
UNITED KINGDOM - 10.7% | ||||||||
Bellway plc | 1,942,950 | $ | 63,609,072 | |||||
Inchcape plc | 4,428,040 | 40,390,905 | ||||||
Linde plc | 174,944 | 71,851,250 | ||||||
Mondi plc | 3,041,461 | 60,371,857 | ||||||
Next plc | 768,450 | 79,529,285 | ||||||
Nomad Foods Limited (a) | 1,164,500 | 19,738,275 | ||||||
335,490,644 | ||||||||
TOTAL COMMON STOCK | 3,116,964,498 | |||||||
(Cost $ 2,589,544,445) | ||||||||
WARRANTS - 0.0% | ||||||||
ITALY -0.0% | ||||||||
Trevi Finanziaria Industriale SpA (a) | 76,022 | $ | 151,154 | |||||
(Cost $ 7,585,702) | ||||||||
SHORT TERM INVESTMENTS - 0.5% | ||||||||
Par Value | Value | |||||||
Money Market - 0.5% | ||||||||
UMB Money Market Special II, 5.25% (b) | 16,627,600 | $ | 16,627,600 | |||||
(Cost $ 16,627,600) | ||||||||
TOTAL INVESTMENTS - 99.7% | 3,133,743,252 | |||||||
(Cost $ 2,613,757,747) | ||||||||
OTHER ASSETS & LIABILITIES (NET) -0.3% | 10,038,200 | |||||||
NET ASSETS - 100% | $ | 3,143,781,452 |
* | Fair Valued by Valuation Committee as delegated by Pear Tree Fund's Trustees |
(a) | Non income producing security. |
(b) | Interest rate reflects seven-day effective yield on December 31, 2023. |
(c) | At December 31, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 2,635,578,822 was as follows : |
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $ | 744,704,780 | ||
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (246,540,350 | ) | ||
Net unrealized appreciation/(depreciation) | $ | 498,164,430 |
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 | 19.7 | % | ||
Financials | 18.5 | % | ||
Industrials | 16.2 | % | ||
Materials | 14.8 | % | ||
Communication Services | 9.5 | % | ||
Information Technology | 7.3 | % | ||
Energy | 4.1 | % | ||
Health Care | 3.9 | % | ||
Consumer Staples | 3.2 | % | ||
Real Estate | 2.0 | % | ||
Cash and Other Assets (Net) | 0.8 | % | ||
100.0 | % |
PEAR TREE POLARIS FOREIGN VALUE SMALL CAP FUND
SCHEDULE OF INVESTMENTS
December 31, 2023
(Unaudited)
Common Stock - 98.4% | ||||||||
Shares | Value | |||||||
BELGIUM - 2.6% | ||||||||
D’leteren SA | 131,655 | $ | 25,726,024 | |||||
BRAZIL - 2.5% | ||||||||
Equatorial Energia S.A. | 3,332,971 | 24,508,754 | ||||||
CANADA - 4.5% | ||||||||
EQB Inc. | 367,752 | 24,328,080 | ||||||
goeasy Ltd. | 168,775 | 20,230,985 | ||||||
44,559,065 | ||||||||
CHINA - 1.0% | ||||||||
China MeiDong Auto Holdings Limited | 7,144,000 | 4,345,721 | ||||||
Xinhua Winshare Publishing and Media Co., Limited | 6,160,500 | 5,483,118 | ||||||
9,828,839 | ||||||||
COLOMBIA - 2.0% | ||||||||
Tecnoglass, Inc. | 444,564 | 20,321,020 | ||||||
DENMARK - 2.8% | ||||||||
DFDS A/S | 374,399 | 12,371,966 | ||||||
Ringkjoebing Landbobank A/S | 106,200 | 15,603,299 | ||||||
27,975,265 | ||||||||
FRANCE - 9.1% | ||||||||
Amundi | 332,600 | 22,631,349 | ||||||
Elis S.A. | 1,187,198 | 24,772,087 | ||||||
Rubis | 826,400 | 20,539,048 | ||||||
Technip Energies N.V. | 931,600 | 21,774,722 | ||||||
89,717,206 | ||||||||
GERMANY- 1.7% | ||||||||
flatexDEGIRO AG | 490,400 | 6,050,777 | ||||||
Sixt SE | 93,525 | 10,454,800 | ||||||
16,505,577 | ||||||||
HONG KONG - 0.7% | ||||||||
Samson Holding Limited | 74,790,800 | 2,078,427 | ||||||
VSTECS Holdings Limited | 8,587,360 | 4,838,817 | ||||||
6,917,244 | ||||||||
INDONESIA - 0.9% | ||||||||
PT. Pakuwon Jati Tbk | 317,709,100 | 9,368,054 | ||||||
IRELAND - 2.6% | ||||||||
Glanbia plc | 1,296,500 | 21,352,938 | ||||||
Greencore Group plc (a) | 3,466,100 | 4,261,924 | ||||||
25,614,862 | ||||||||
ITALY - 3.3% | ||||||||
De’Longhi SpA | 981,136 | 33,076,627 | ||||||
JAPAN - 11.3% | ||||||||
Daicel Corporation | 2,587,100 | 25,067,234 | ||||||
Dowa Holdings Co., Limited | 500,800 | 18,301,331 | ||||||
Kanematsu Corporation | 892,800 | 13,077,259 | ||||||
Kyudenko Corporation | 326,700 | 11,786,042 | ||||||
Mizuho Leasing Company, Limited | 270,400 | 9,283,132 | ||||||
Open House Group Co., Limited | 575,100 | 17,063,720 | ||||||
Sankyu Inc. | 464,000 | 17,051,951 | ||||||
111,630,669 | ||||||||
JORDAN - 1.9% | ||||||||
Hikma Pharmaceuticals plc | 835,900 | 19,064,573 | ||||||
NETHERLANDS - 5.2% | ||||||||
Aalberts N.V. | 589,700 | 25,573,425 | ||||||
Signify N.V. | 778,400 | 26,069,908 | ||||||
51,643,333 |
Shares | Value | |||||||
NORWAY - 4.5% | ||||||||
SpareBank Nord-Norge | 735,389 | $ | 7,472,862 | |||||
Sparebank 1 Oestlandet | 427,188 | 5,577,669 | ||||||
SpareBank 1 SMN | 961,828 | 13,429,622 | ||||||
SpareBank 1 SR-Bank ASA | 931,626 | 11,824,551 | ||||||
Sparebanken Vest | 614,092 | 6,615,168 | ||||||
44,919,872 | ||||||||
PORTUGAL - 1.3% | ||||||||
Redes Energéticas Nacionais, SGPS, S.A. | 4,848,005 | 12,450,692 | ||||||
SINGAPORE - 3.5% | ||||||||
AEM Holdings Limited | 7,160,200 | 18,781,208 | ||||||
Venture Corporation, Limited | 1,567,200 | 16,169,807 | ||||||
34,951,015 | ||||||||
SOUTH KOREA - 6.7% | ||||||||
Doosan Bobcat | 568,700 | 22,255,206 | ||||||
ENF Technology Co., Limited | 692,686 | 13,284,684 | ||||||
Fila Holding Corporation | 221,700 | 6,661,845 | ||||||
Nature Holdings Co., Limited (The) | 436,302 | 5,945,415 | ||||||
Orion Corporation | 203,800 | 18,371,908 | ||||||
66,519,058 | ||||||||
SPAIN - 0.6% | ||||||||
CIE Automotive | 206,600 | 5,869,603 | ||||||
SWEDEN - 5.1% | ||||||||
Duni AB | 485,645 | 5,002,029 | ||||||
Hexpol AB | 2,231,100 | 27,009,020 | ||||||
Loomis AB, Class B | 706,161 | 18,750,800 | ||||||
50,761,849 | ||||||||
TAIWAN - 2.0% | ||||||||
BizLink Holding, Inc. | 1,059,293 | 9,215,595 | ||||||
Primax Electronics Limited | 4,856,800 | 10,713,588 | ||||||
19,929,183 | ||||||||
THAILAND - 4.8% | ||||||||
Thanachart Capital PCL | 16,775,000 | 24,327,620 | ||||||
TISCO Financial Group | 7,836,500 | 22,901,659 | ||||||
47,229,279 | ||||||||
UNITED KINGDOM - 17.8% | ||||||||
Berkeley Group Holdings plc | 205,300 | 12,269,842 | ||||||
Coats Group plc | 5,811,700 | 5,734,645 | ||||||
Computacenter plc | 503,000 | 17,903,825 | ||||||
Crest Nicholson Holdings plc | 2,611,400 | 7,230,955 | ||||||
Future plc | 1,333,000 | 13,518,632 | ||||||
Inchcape plc | 2,462,168 | 22,458,965 | ||||||
Keller Group plc | 457,639 | 5,134,145 | ||||||
Lancashire Holdings Limited | 2,315,487 | 18,419,988 | ||||||
OSB Group plc | 3,172,817 | 18,792,590 | ||||||
QinetiQ | 3,856,400 | 15,191,581 | ||||||
Redrow plc | 1,585,300 | 12,439,472 | ||||||
Vistry Group plc | 2,293,325 | 26,824,652 | ||||||
175,919,292 | ||||||||
TOTAL COMMON STOCK | 975,006,955 | |||||||
(Cost $ 883,179,818) | ||||||||
SHORT TERM INVESTMENTS - 1.0% | ||||||||
Par Value | Value | |||||||
Money Market - 1.0% | ||||||||
UMB Money Market Special II, 5.25% (b) | 9,419,920 | $ | 9,419,920 | |||||
(Cost $ 9,419,920) | ||||||||
TOTAL INVESTMENTS - 99.4% | 984,426,875 | |||||||
(Cost $ 892,599,738) | ||||||||
OTHER ASSETS & LIABILITIES (NET) -0.6% | 6,268,014 | |||||||
NET ASSETS - 100% | $ | 990,694,889 |
(a) | Non-income producing security |
(b) | Interest rate reflects seven-day effective yield on December 31, 2023. |
(c) | At December 31, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 899,483,155 was as follows : |
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $ | 168,875,111 | ||
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (83,931,391 | ) | ||
Net unrealized appreciation/(depreciation) | $ | 84,943,720 | ||
The percentage of each investment category is calculated as a percentage of net assets. |
SECTOR ALLOCATIONS (as a percentage of Total Net Assets) | ||||
Industrials | 23.4 | % | ||
Financials | 23.0 | % | ||
Consumer Discretionary | 20.0 | % | ||
Materials | 8.4 | % | ||
Information Technology | 6.9 | % | ||
Utilities | 5.8 | % | ||
Consumer Staples | 4.4 | % | ||
Energy | 2.2 | % | ||
Health Care | 1.9 | % | ||
Communication Services | 1.4 | % | ||
Real Estate | 1.0 | % | ||
Cash and Other Assets (Net) | 1.6 | % | ||
100.0 | % |
PEAR TREE ESSEX ENVIRONMENTAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
December 31, 2023
(Unaudited)
Common Stock - 91.5% | ||||||||
Shares | Value | |||||||
DENMARK - 5.4% | ||||||||
INDUSTRIALS - 5.4% | ||||||||
Cadeler AS (a) | 347,781 | $ | 1,606,771 | |||||
Vestas Wind Systems A/S | 64,218 | 2,039,286 | ||||||
3,646,057 | ||||||||
GERMANY - 6.6% | ||||||||
INDUSTRIALS - 3.0% | ||||||||
Kion Group AG (a) | 46,712 | 1,995,309 | ||||||
INFORMATION TECHNOLOGY - 3.6% | ||||||||
Infineon Technologies AG | 58,726 | 2,452,052 | ||||||
TOTAL GERMANY | 4,447,361 | |||||||
IRELAND - 5.9% | ||||||||
CONSUMER DISCRETIONARY - 1.8% | ||||||||
Aptiv PLC (a) | 13,777 | 1,236,072 | ||||||
INDUSTRIALS - 4.1% | ||||||||
Kingspan Group plc | 31,757 | 2,750,192 | ||||||
TOTAL IRELAND | 3,986,264 | |||||||
ISRAEL - 2.4% | ||||||||
INDUSTRIALS - 2.4% | ||||||||
Kornit Digital Ltd. (a) | 86,369 | 1,654,830 | ||||||
JAPAN - 5.0% | ||||||||
INDUSTRIALS - 2.0% | ||||||||
Kurita Water Industries Ltd. | 35,548 | 1,391,864 | ||||||
INFORMATION TECHNOLOGY - 3.0% | ||||||||
Keyence Corporation | 4,590 | 2,022,491 | ||||||
TOTAL JAPAN | 3,414,355 | |||||||
SWEDEN - 2.4% | ||||||||
INDUSTRIAL - 2.4% | ||||||||
NIBE Industrier AB | 232,856 | 1,635,877 |
Shares | Value | |||||||
SWITZERLAND - 4.5% | ||||||||
INFORMATION TECHNOLOGY - 4.5% | ||||||||
Landis+Gyr Group AG | 30,680 | $ | 2,770,203 | |||||
u-blox | 2,183 | 259,097 | ||||||
3,029,300 | ||||||||
UNITED STATES - 59.3% | ||||||||
INDUSTRIALS - 36.9% | ||||||||
American Superconductor Corporation (a) | 156,282 | 1,740,981 | ||||||
Array Technologies, Inc. (a) | 78,451 | 1,317,977 | ||||||
Bloom Energy Corporation (a) | 73,033 | 1,080,888 | ||||||
Energy Recovery, Inc. (a) | 124,472 | 2,345,053 | ||||||
Enovix Corporation (a) | 137,219 | 1,717,982 | ||||||
Generac Holdings Inc. (a) | 11,201 | 1,447,617 | ||||||
Hubbell Incorporated | 6,648 | 2,186,727 | ||||||
Mueller Water Products, Inc. | 149,036 | 2,146,119 | ||||||
Primoris Services Corporation | 74,454 | 2,472,617 | ||||||
Shoals Technologies Group, Inc. (a) | 98,245 | 1,526,727 | ||||||
Symbotic Inc. (a) | 12,819 | 657,999 | ||||||
Valmont Industries, Inc. | 10,035 | 2,343,273 | ||||||
Watts Water Technologies, Inc. | 8,394 | 1,748,806 | ||||||
Zurn Elkay Water Solutions | 78,209 | 2,300,127 | ||||||
25,032,893 | ||||||||
INFORMATION TECHNOLOGY - 9.1% | ||||||||
Badger Meter, Inc. | 23,406 | 3,613,184 | ||||||
Cognex Corporation | 35,596 | 1,485,777 | ||||||
Wolfspeed, Inc. (a) | 24,627 | 1,071,521 | ||||||
6,170,482 | ||||||||
MATERIALS - 8.2% | ||||||||
Albemarle Corporation | 11,310 | 1,634,069 | ||||||
Aspen Aerogels, Inc. (a) | 133,718 | 2,110,070 | ||||||
MP Materials Corp. (a) | 91,741 | 1,821,059 | ||||||
5,565,198 | ||||||||
UTILITIES - 5.1% | ||||||||
NextEra Energy, Inc. | 56,392 | 3,425,250 | ||||||
TOTAL UNITED STATES | 40,193,823 | |||||||
TOTAL COMMON STOCK | ||||||||
(Cost $ 62,912,060) | 62,007,867 |
SHORT TERM INVESTMENTS - 8.4% | Par Value | Value | ||||||
Money Market - 8.4% | ||||||||
UMB Money Market Special II, 5.25% (b) | 5,694,288 | $ | 5,694,288 | |||||
(Cost $ 5,694,288) | ||||||||
TOTAL INVESTMENTS - 99.9% | ||||||||
(Cost $ 68,606,348) | 67,702,155 | |||||||
OTHER ASSETS & LIABILITIES (Net) - 0.1% | 41,632 | |||||||
NET ASSETS - 100% | $ | 67,743,787 |
(a) | Non-income producing security. | |
(b) | Interest rate reflects seven-day effective yield on December 31, 2023. | |
(c) | At December 31, 2023, the unrealized depreciation of investments based on aggregate cost for federal tax purposes of $ 68,606,379 was as follows : |
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $ | 7,965,478 | ||||||
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (8,869,702 | ) | ||||||
Net unrealized appreciation/(depreciation) | $ | (904,224 | ) | |||||
The percentage of each investment category is calculated as a percentage of net assets. | ||||||||
SECTOR ALLOCATIONS (as a percentage of Total Net Assets) | ||||||||
Industrials | 56.3 | % | ||||||
Information Technology | 20.1 | % | ||||||
Materials | 8.2 | % | ||||||
Utilities | 5.1 | % | ||||||
Consumer Discretionary | 1.8 | % | ||||||
Cash and Other Assets (Net) | 8.5 | % | ||||||
100.0 | % |