Pear Tree Quality Fund
12/31/15
Security Name
3M CO
ABBOTT LABORATORIES
ACCENTURE PLC CL A
ALPHABET INC CL A
ALPHABET INC CL C
AMGEN INC
AMPHENOL CORP CL A
ANALOG DEVICES INC
ANTHEM INC
APPLE INC
ASTRAZENECA PLC SPONS ADR
BECTON DICKINSON AND CO
BED BATH + BEYOND INC
BRITISH AMERICAN TOB SP ADR
BURBERRY GROUP PLC SPON ADR
CHURCH + DWIGHT CO INC
CISCO SYSTEMS INC
CITRIX SYSTEMS INC
COCA COLA CO/THE
COGNIZANT TECH SOLUTIONS A
COLGATE PALMOLIVE CO
COMPASS GROUP PLC SPON ADR
COSTCO WHOLESALE CORP
CR BARD INC
CVS HEALTH CORP
DANAHER CORP W/D
DOVER CORP
ELI LILLY + CO
EMC CORP/MA
EMERSON ELECTRIC CO
ESTEE LAUDER COMPANIES CL A
EXPRESS SCRIPTS HOLDING CO
GENUINE PARTS CO
HENRY SCHEIN INC
HONEYWELL INTERNATIONAL INC
HUMANA INC
ILLINOIS TOOL WORKS
INTL BUSINESS MACHINES CORP
INTUIT INC
INTUITIVE SURGICAL INC
JOHNSON + JOHNSON
JOHNSON MATTHEY PLC SPON ADR
KDDI CORP UNSPONSORED ADR
LVMH MOET HENNESSY UNSP ADR
MASTERCARD INC CLASS A
MCDONALD S CORP
CUSIP Number
'88579Y101
'002824100
'G1151C101
'02079K305
'02079K107
'031162100
'032095101
'032654105
'036752103
'037833100
'046353108
'075887109
'075896100
'110448107
'12082W204
'171340102
'17275R102
'177376100
'191216100
'192446102
'194162103
'20449X302
'22160K105
'067383109
'126650100
'235851102
'260003108
'532457108
'268648102
'291011104
'518439104
'30219G108
'372460105
'806407102
'438516106
'444859102
'452308109
'459200101
'461202103
'46120E602
'478160104
'479142408
'48667L106
'502441306
'57636Q104
'580135101
Shares/Par Value
Base Market Value
17,760
2,675,366
35,836
1,609,395
16,583
1,732,924
7,253
5,642,907
2,457
1,864,568
1,270
206,159
5,935
309,985
8,778
485,599
2,831
394,755
36,558
3,848,095
128,305
4,355,955
5,767
888,637
6,578
317,389
23,581
2,604,521
4,039
70,662
3,830
325,090
162,476
4,412,036
5,491
415,394
91,304
3,922,420
14,267
856,305
20,889
1,391,625
52,266
920,927
5,721
923,942
461
87,332
9,036
883,450
19,291
1,791,748
3,464
212,378
7,815
658,492
44,180
1,134,542
20,246
968,366
1,574
138,606
39,908
3,488,358
3,977
341,585
361
57,107
6,059
627,531
4,919
878,091
11,929
1,105,580
13,734
1,890,073
5,594
539,821
725
395,966
59,836
6,146,354
1,718
136,409
41,238
533,826
22,566
710,716
4,972
484,074
10,344
1,222,040
Pear Tree Quality Fund
12/31/15
MEDTRONIC PLC
MICROSOFT CORP
MONSANTO CO
NESTLE SA SPONS ADR
NIKE INC CL B
NOVARTIS AG SPONSORED ADR
NTT DOCOMO INC SPON ADR
ORACLE CORP
PAYCHEX INC
PAYPAL HOLDINGS INC
PEPSICO INC
PFIZER INC
PHILIP MORRIS INTERNATIONAL
PRECISION CASTPARTS CORP
PROCTER + GAMBLE CO/THE
QUALCOMM INC
RECKITT BENCKISER GROUP PLC
REYNOLDS AMERICAN INC
ROCKWELL AUTOMATION INC
SAGE GROUP PLC UNSPON ADR
SAP SE SPONSORED ADR
ST JUDE MEDICAL INC
STRYKER CORP
SWATCH GROUP AG/THE UNSP ADR
SYSCO CORP
TERADATA CORP
TJX COMPANIES INC
TRIPADVISOR INC
UNILEVER N V NY SHARES
UNILEVER PLC SPONSORED ADR
UNITED TECHNOLOGIES CORP
UNITEDHEALTH GROUP INC
VF CORP
WAL MART STORES INC
WW GRAINGER INC
XILINX INC
ZIMMER BIOMET HOLDINGS INC
'G5960L103
'594918104
'61166W101
'641069406
'654106103
'66987V109
'62942M201
'68389X105
'704326107
'70450Y103
'713448108
'717081103
'718172109
'740189105
'742718109
'747525103
'G74079107
'761713106
'773903109
'78663S201
'803054204
'790849103
'863667101
'870123106
'871829107
'88076W103
'872540109
'896945201
'904784709
'904767704
'913017109
'91324P102
'918204108
'931142103
'384802104
'983919101
'98956P102
39,367
127,288
9,188
30,734
14,554
6,271
60,580
131,795
7,686
20,986
13,379
22,083
45,749
3,531
70,456
53,095
21,620
4,869
3,654
2,947
5,141
7,437
10,572
11,266
4,955
22,048
5,950
3,181
34,568
36,411
7,215
30,430
9,514
42,382
1,706
5,316
4,407
3,028,110
7,061,938
905,202
2,287,224
909,625
539,557
1,241,890
4,814,471
406,513
759,693
1,336,830
712,839
4,021,795
819,227
5,594,911
2,653,954
2,036,388
224,704
374,937
105,620
406,653
459,383
982,562
195,127
203,155
582,508
421,915
271,180
1,497,486
1,570,042
693,145
3,579,785
592,247
2,598,017
345,619
249,693
452,114
119,543,157
STATE STREET REPO
'85799F003
217,747
217,747
Other Assets - Liabilities
Mark to Market
Total Net Assets
IMPORTANT LEGAL INFORMATION:
(182,875)
(78)
119,577,951
Pear Tree Quality Fund
12/31/15
Investors should read the prospectus carefully before investing because it contains more complete
information on the Pear Tree Funds’ investment objectives, risks, charges and expenses. Please
consider this information carefully. For a prospectus and other information, visit
www.peartreefunds.com or call (800) 326-2151. The Portfolio is actively managed and holdings are
subject to change without notice and may not represent current or future portfolio composition.
The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the
information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document
are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and
Exchange Commission (SEC) presentation requirements. Therefore, it differs from that in the complete
statement of investments in the annual and semiannual report to shareholders filed with the SEC on
Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC
Form N-Q filings for each fiscal year. Forms N-CSR and N-Q for the Fund are available on the SEC website
at www.sec.gov.
The portfolio data is for information only. It does not constitute a recommendation or an offer for a
particular security or fund. Reference to specific securities or holdings should not be considered
recommendations for action by investors.
Pear Tree Polaris Small Cap Fund
12/31/15
Security Name
AIR LEASE CORP
ALLETE INC
ALLIANCE DATA SYSTEMS CORP
AMBARELLA INC
AMERIS BANCORP
ARC DOCUMENT SOLUTIONS INC
ASBURY AUTOMOTIVE GROUP
ASTORIA FINANCIAL CORP
BNC BANCORP
BRANDYWINE REALTY TRUST
BROOKLINE BANCORP INC
BRYN MAWR BANK CORP
CAMBREX CORP
CANADIAN SOLAR INC
CARDTRONICS INC
CENTRAL PACIFIC FINANCIAL CO
CINEMARK HOLDINGS INC
COBIZ FINANCIAL INC
COLONY BANKCORP
DECKERS OUTDOOR CORP
DIAMONDBACK ENERGY INC
DIME COMMUNITY BANCSHARES
DUPONT FABROS TECHNOLOGY
EDUCATION REALTY TRUST INC
ENTRAVISION COMMUNICATIONS A
EPR PROPERTIES
FAIRPOINT COMMUNICATIONS INC
FERRO CORP
FNB CORP
GREENBRIER COMPANIES INC
GREENHILL + CO INC
HERCULES TECHNOLOGY GROWTH
HERSHA HOSPITALITY TRUST
IMAX CORP
INTEGRATED DEVICE TECH INC
INTERNATIONAL BANCSHARES CRP
KFORCE INC
LUXOFT HOLDING INC
MICROSEMI CORP
MOTORCAR PARTS OF AMERICA IN
NATIONAL CINEMEDIA INC
NATUS MEDICAL INC
NCI BUILDING SYSTEMS INC
PAPA JOHN S INTL INC
PHYSICIANS REALTY TRUST
PINNACLE FINANCIAL PARTNERS
CUSIP Number
'00912X302
'018522300
'018581108
'G037AX101
'03076K108
'00191G103
'043436104
'046265104
'05566T101
'105368203
'11373M107
'117665109
'132011107
'136635109
'14161H108
'154760409
'17243V102
'190897108
'19623P101
'243537107
'25278X109
'253922108
'26613Q106
'28140H203
'29382R107
'26884U109
'305560302
'315405100
'302520101
'393657101
'395259104
'427096508
'427825500
'45245E109
'458118106
'459044103
'493732101
'G57279104
'595137100
'620071100
'635309107
'639050103
'628852204
'698813102
'71943U104
'72346Q104
Shares/Par Value
Base Market Value
43,819
1,467,060
29,700
1,509,651
2,255
623,665
3,638
202,782
117,700
4,000,623
51,309
226,786
27,946
1,884,678
120,100
1,903,585
86,200
2,187,756
27,912
381,278
156,000
1,794,000
54,146
1,555,073
21,397
1,007,585
2,548
73,790
46,183
1,554,058
83,883
1,847,104
48,191
1,611,025
103,909
1,394,459
10,000
97,100
25,100
1,184,720
16,670
1,115,223
96,900
1,694,781
49,205
1,564,227
58,957
2,233,291
222,064
1,712,113
79,410
4,641,515
88,873
1,428,189
188,035
2,090,949
117,880
1,572,519
42,718
1,393,461
8,997
257,404
119,420
1,455,730
63,083
1,372,686
88,331
3,139,284
107,839
2,841,558
60,700
1,559,990
119,694
3,025,864
26,281
2,027,054
34,728
1,131,786
43,206
1,460,795
98,995
1,555,211
66,220
3,181,871
38,474
477,462
22,128
1,236,291
115,622
1,949,387
28,369
1,457,032
Pear Tree Polaris Small Cap Fund
12/31/15
REGAL ENTERTAINMENT GROUP A
RESTORATION HARDWARE HOLDING
RMR GROUP INC/THE A
SELECT INCOME REIT
SOUTHWEST BANCORP INC/OKLA
SPIRIT AIRLINES INC
SWIFT TRANSPORTATION CO
TREX COMPANY INC
TUTOR PERINI CORP
UNITED INSURANCE HOLDINGS CO
US CONCRETE INC
VERINT SYSTEMS INC
VIRGIN AMERICA INC
WAGEWORKS INC
WESCO INTERNATIONAL INC
'758766109
'761283100
'74967R106
'81618T100
'844767103
'848577102
'87074U101
'89531P105
'901109108
'910710102
'90333L201
'92343X100
'92765X208
'930427109
'95082P105
106,911
7,958
809
45,722
88,700
13,226
106,414
37,800
86,471
81,741
26,760
30,324
39,596
7,985
34,300
2,017,411
632,263
11,658
906,210
1,550,476
527,056
1,470,641
1,437,912
1,447,525
1,397,771
1,409,182
1,229,941
1,425,852
362,279
1,498,224
91,406,852
STATE STR INSTL LIQUID RESVS
'85749P9B9
6,406,565
6,406,565
Other Assets - Liabilities
(1,748,416)
Total Net Assets
96,065,001
IMPORTANT LEGAL INFORMATION:
Investors should read the prospectus carefully before investing because it contains more complete
information on the Pear Tree Funds’ investment objectives, risks, charges and expenses. Please
consider this information carefully. For a prospectus and other information, visit
www.peartreefunds.com or call (800) 326-2151. The Portfolio is actively managed and holdings are
subject to change without notice and may not represent current or future portfolio composition.
The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the
information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document
are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and
Exchange Commission (SEC) presentation requirements. Therefore, it differs from that in the complete
statement of investments in the annual and semiannual report to shareholders filed with the SEC on
Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC Form
N-Q filings for each fiscal year. Forms N-CSR and N-Q for the Fund are available on the SEC website at
www.sec.gov.
The portfolio data is for information only. It does not constitute a recommendation or an offer for a
particular security or fund. Reference to specific securities or holdings should not be considered
recommendations for action by investors.
Pear Tree PanAgora Dynamic Emerging Markets Fund
12/31/15
Security Name
ABOITIZ EQUITY VENTURES INC
ABOITIZ POWER CORP
ABU DHABI COMMERCIAL BANK
AFRICAN RAINBOW MINERALS LTD
AGRICULTURAL BANK OF CHINA H
AMERICA MOVIL SAB DE C SER L
ANTA SPORTS PRODUCTS LTD
APOLLO TYRES LTD
ASSECO POLAND SA
ASUSTEK COMPUTER INC
AVI LTD
BANCO DO BRASIL S.A.
BANK OF CHINA LTD H
BARLOWORLD LTD
BDO UNIBANK INC
BEIJING CAPITAL INTL AIRPO H
BGF RETAIL CO LTD
BHARAT PETROLEUM CORP LTD
BRITISH AMERICAN TOBACCO BHD
CAHYA MATA SARAWAK BHD
CAIRN INDIA LTD
CENTRAL CHINA REAL ESTATE
CEZ AS
CHAILEASE HOLDING CO LTD
CHAMBAL FERTILISERS + CHEM
CHINA CONSTRUCTION BANK H
CHINA JINMAO HOLDINGS GROUP
CHINA LIFE INSURANCE CO H
CHINA MOBILE LTD
CHINA PETROLEUM + CHEMICAL H
CHINA TELECOM CORP LTD H
CHINA YUCHAI INTL LTD
CHONGQING RURAL COMMERCIAL H
CHUNGHWA TELECOM CO LTD
CK HUTCHISON HOLDINGS LTD
CNOOC LTD
COMFORTDELGRO CORP LTD
COWAY CO LTD
CREDICORP LTD
CTBC FINANCIAL HOLDING CO LT
CTCI CORP
CYRELA BRAZIL REALTY SA EMP
DATANG INTL POWER GEN CO H
DELTA ELECTRONICS THAI FORGN
DIGI.COM BHD
DONGFENG MOTOR GRP CO LTD H
Shares/Par Value Base Market Value
109,830
135,260
151,900
134,613
108,344
194,388
16,964
47,635
702,000
287,111
790,570
556,189
248,000
681,530
207,716
489,649
9,174
132,015
101,488
840,404
35,317
176,614
105,512
393,111
3,303,392
1,474,652
63,740
255,273
113,720
253,758
230,000
248,374
2,146
313,879
31,040
418,496
19,044
248,745
81,000
96,781
140,759
293,513
364,371
76,628
32,248
575,758
144,876
250,965
166,995
157,766
2,661,422
1,823,315
534,000
182,575
134,000
433,942
200,279
2,260,981
883,810
534,792
1,378,000
647,149
12,626
135,856
972,687
589,827
194,600
587,112
34,500
464,700
348,218
362,559
196,000
421,877
6,707
481,053
6,559
638,322
1,465,260
753,886
52,000
56,754
219,400
415,924
1,126,000
344,303
150,100
319,095
317,400
399,199
334,881
449,342
Pear Tree PanAgora Dynamic Emerging Markets Fund
12/31/15
EDP ENERGIAS DO BRASIL SA
EREGLI DEMIR VE CELIK FABRIK
FARGLORY LAND DEVELOPMENT CO
FIRSTRAND LTD
FUBON FINANCIAL HOLDING CO
GLOBE TELECOM INC
GRASIM INDUSTRIES LTD
GREAT WALL MOTOR COMPANY H
GRUMA S.A.B. B
GS RETAIL CO LTD
GUANGZHOU R+F PROPERTIES H
HANWHA CORPORATION
HIGHWEALTH CONSTRUCTION CORP
HINDUSTAN PETROLEUM CORP
HINDUSTAN ZINC LTD
HITE JINRO CO LTD
HON HAI PRECISION INDUSTRY
HOUSING DEVELOPMENT FINANCE
HUANENG POWER INTL INC H
HYOSUNG CORPORATION
HYUNDAI MOTOR CO
HYUNDAI STEEL CO
IFCI LTD
IND + COMM BK OF CHINA H
INDIABULLS HOUSING FINANCE L
INDIAN OIL CORP LTD
INDOFOOD CBP SUKSES MAKMUR T
INNOLUX CORP
INVESTEC LTD
JBS SA
JCY INTERNATIONAL BHD
JIANGSU EXPRESS CO LTD H
KANGWON LAND INC
KGHM POLSKA MIEDZ SA
KING S TOWN BANK
KRUNG THAI BANK PUB CO FOREI
KT+G CORP
KWG PROPERTY HOLDING LTD
LAFARGE MALAYSIA BHD
LG DISPLAY CO LTD
LIBERTY HOLDINGS LTD
LONGFOR PROPERTIES
MALAYSIA BUILDING SOCIETY
MATAHARI PUTRA PRIMA TBK PT
MEDIATEK INC
MEDICLINIC INTERNATIONAL LTD
MEGA FINANCIAL HOLDING CO LT
86,200
283,253
143,302
289,995
634,000
3,020
1,766
413,000
70,007
11,175
482,800
14,530
146,300
50,911
75,774
8,040
362,677
17,371
636,000
6,571
1,376
4,482
309,512
1,640,911
16,703
51,240
121,700
226,000
35,389
154,200
351,500
156,000
16,528
23,875
90,000
1,357,946
12,000
745,919
33,880
24,660
29,618
154,000
437,112
161,300
34,000
40,114
836,000
262,331
295,491
149,423
794,073
868,572
118,862
100,033
482,228
986,993
512,741
594,873
488,237
168,806
646,389
167,913
160,450
892,145
331,764
549,776
658,473
174,853
190,931
129,361
990,796
184,814
331,731
118,963
68,391
250,434
481,357
69,997
210,528
541,278
384,030
64,115
630,199
1,069,464
552,404
70,072
516,313
220,467
229,685
143,549
21,355
258,776
308,499
540,841
Pear Tree PanAgora Dynamic Emerging Markets Fund
12/31/15
MEGAWORLD CORP
MISC BHD
MOL HUNGARIAN OIL AND GAS PL
MONDI LTD
MTN GROUP LTD
NASPERS LTD N SHS
NETCARE LTD
NICKEL ASIA CORP
ORIENT OVERSEAS INTL LTD
PACIFIC TEXTILES HOLDINGS
PEGATRON CORP
PETROBRAS PETROLEO BRAS
PETROCHINA CO LTD H
PGE SA
PING AN INSURANCE GROUP CO H
POU CHEN
POWER FINANCE CORPORATION
POWERTECH TECHNOLOGY INC
PUREGOLD PRICE CLUB INC
REALTEK SEMICONDUCTOR CORP
RELIANCE INDUSTRIES LTD
RICHTER GEDEON NYRT
RMB HOLDINGS LTD
RUENTEX DEVELOPMENT CO LTD
RUENTEX INDUSTRIES LTD
RURAL ELECTRIFICATION CORP
SAMSUNG ELECTRONICS CO LTD
SAPPI LIMITED
SASOL LTD
SECURITY BANK CORP
SEMIRARA MINING AND POWER CO
SHANGHAI ELECTRIC GRP CO L H
SHINHAN FINANCIAL GROUP LTD
SIMPLO TECHNOLOGY CO LTD
SINGAPORE AIRLINES LTD
SINO OCEAN LAND HOLDINGS
SINOTRANS LIMITED H
SK HYNIX INC
SRF LTD
STANDARD BANK GROUP LTD
TAIWAN SEMICONDUCTOR MANUFAC
TATA CHEMICALS LTD
TATA CONSULTANCY SVCS LTD
TAURON POLSKA ENERGIA SA
TELEKOM MALAYSIA BHD
TELESITES SAB
TENCENT HOLDINGS LTD
1,574,100
93,700
3,620
7,568
28,460
9,242
172,819
376,600
40,500
105,000
381,416
43,583
833,778
127,133
130,500
302,000
153,579
478,000
137,900
128,000
11,098
37,682
148,799
147,000
47,000
187,548
3,271
58,572
4,770
31,380
26,640
842,000
3,798
54,000
57,100
283,500
1,202,000
5,551
6,678
16,340
560,270
23,612
3,299
247,010
181,578
39,528
126,600
142,172
204,488
177,289
150,284
244,421
1,266,232
378,619
50,021
194,641
162,293
836,057
94,409
547,547
411,951
722,306
396,268
466,381
948,811
101,692
306,683
169,499
711,780
534,767
191,766
87,856
641,969
3,514,955
247,029
129,288
94,697
77,279
446,486
128,106
172,619
451,320
181,787
646,687
145,574
127,324
119,856
2,439,145
147,048
121,176
180,228
286,735
25,833
2,494,171
Pear Tree PanAgora Dynamic Emerging Markets Fund
12/31/15
THANACHART CAPITAL FOREIGN
TOFAS TURK OTOMOBIL FABRIKA
TRANSCEND INFORMATION INC
TSOGO SUN HOLDINGS LTD
TURK HAVA YOLLARI AO
TURKIYE IS BANKASI C
UNITED MICROELECTRONICS CORP
UNITED TRACTORS TBK PT
UPL LTD
VANGUARD INTERNATIONAL SEMI
WAN HAI LINES LTD
WOORI BANK
YANGZIJIANG SHIPBUILDING
YTL CORP BHD
ZHEJIANG EXPRESSWAY CO H
CONTROLADORA COML MEXIC UBC
KLABIN SA UNIT
SUL AMERICA SA UNITS
TRANSMISSORA ALIANCA DE UNIT
ALIBABA GROUP HOLDING SP ADR
AMBEV SA ADR
BAIDU INC SPON ADR
CIA BRASILEIRA DE DIS SP PRF
FOMENTO ECONOMICO MEX SP ADR
GAZPROM PAO SPON ADR
GRUPO TELEVISA SA SPON ADR
INFOSYS LTD SP ADR
LUKOIL PJSC SPON ADR
MMC NORILSK NICKEL PJSC ADR
PETROLEO BRASIL SP PREF ADR
SEVERSTAL GDR REG S
SK TELECOM CO LTD SPON ADR
PEAR TREE PANAGORA RISK PARITY
BANCO BRADESCO SA PREF
CIA ENERGETICA DE SP PREF B
ITAU UNIBANCO HOLDING S PREF
METALURGICA GERDAU SA PREF
SAMSUNG ELECTRONICS PREF
MAPLETREE INDUSTRIAL TRUST
BANCO BRADESCO SA
320,300
36,755
28,000
49,688
133,156
106,310
2,199,401
334,400
18,688
279,000
218,000
82,991
432,100
290,800
466,000
61,200
107,200
36,400
37,200
7,687
73,334
1,916
10,938
3,048
155,775
3,324
23,342
21,648
51,351
37,232
85,250
12,428
4,890,071
40,366
60,700
56,107
122,700
1,275
162,300
1,322
324,884
239,013
73,054
77,710
337,676
167,814
810,203
411,177
123,473
363,540
121,122
624,264
335,434
106,337
560,345
168,737
635,410
171,224
157,498
624,722
327,070
362,201
115,068
281,483
575,199
90,446
390,979
697,066
650,360
126,589
713,116
250,424
38,924,969
196,716
205,594
373,408
51,484
1,186,325
174,097
712
113,462,933
BRAZILIAN REAL
EGYPTIAN POUND
HONG KONG DOLLAR
HUNGARIAN FORINT
INDIAN RUPEE
107,101
259
90,524
3,266,248
150,327
27,071
33
11,679
11,222
2,272
Pear Tree PanAgora Dynamic Emerging Markets Fund
12/31/15
INDONESIAN RUPIAH
MALAYSIAN RINGGIT
MEXICAN PESO (NEW)
PHILIPPINE PESO
SINGAPORE DOLLAR
SOUTH AFRICAN RAND
SOUTH KOREAN WON
THAILAND BAHT
UAE DIRHAM
STATE STREET REPO
Other Assets - Liabilities
Mark to Market
Total Net Assets
220,536,816
37,850
106,375
472,022
14,066
147,674
24,044,025
201,789
61,678
15,998
8,816
6,185
10,031
9,927
9,544
20,506
5,608
16,792
155,684
662,027
662,027
(34,993)
(3,846)
114,241,804
IMPORTANT LEGAL INFORMATION:
Investors should read the prospectus carefully before investing because it contains more
complete information on the Pear Tree Funds’ investment objectives, risks, charges and
expenses. Please consider this information carefully. For a prospectus and other information,
visit www.peartreefunds.com or call (800) 326-2151. The Portfolio is actively managed and
holdings are subject to change without notice and may not represent current or future
portfolio composition.
The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the
information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this
document are not required to conform to Generally Accepted Accounting Principles (GAAP) and
Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from
that in the complete statement of investments in the annual and semiannual report to
shareholders filed with the SEC on Form N-CSR, and the complete statement of investments
provided in the first and third quarter SEC Form N-Q filings for each fiscal year. Forms N-CSR and
N-Q for the Fund are available on the SEC website at www.sec.gov.
The portfolio data is for information only. It does not constitute a recommendation or an offer
for a particular security or fund. Reference to specific securities or holdings should not be
considered recommendations for action by investors.
Pear Tree Polaris Foreign Value Fund
12/31/15
Security Name
ASAHI GROUP HOLDINGS LTD
BARRATT DEVELOPMENTS PLC
BASF SE
BBA AVIATION PLC
BELLWAY PLC
CAVERION CORP
CHRISTIAN DIOR SE
DEUTSCHE TELEKOM AG REG
DNB ASA
DUNI AB
FREENET AG
GREENCORE GROUP PLC
GUANGDONG INVESTMENT LTD
HANNOVER RUECK SE
IMERYS SA
INTERNATIONAL GAME TECHNOLOG
INVESTOR AB B SHS
IPSOS
KDDI CORP
KIA MOTORS CORP
KONE OYJ B
KONECRANES OYJ
LANXESS AG
LINDE AG
LOOMIS AB B
METHANEX CORP
MICHELIN (CGDE)
MUENCHENER RUECKVER AG REG
NORTHERN STAR RESOURCES LTD
NOVARTIS AG REG
PERSIMMON PLC
REXAM PLC
REXLOT HOLDINGS LTD
SAMSUNG ELECTRONICS CO LTD
SASOL LTD
SHOWA DENKO K K
SOLVAY SA
SPAREBANK 1 SR BANK ASA
STANDARD CHARTERED PLC
SVENSKA HANDELSBANKEN A SHS
SYMRISE AG
TAYLOR WIMPEY PLC
THAI OIL PCL FRGN
TREVI FINANZIARIA INDUSTRIAL
WINCOR NIXDORF AG
WORLEYPARSONS LTD
Shares/Par Value
Base Market Value
1,105,400
34,915,108
5,332,335
49,217,756
384,500
29,526,244
8,156,786
22,742,628
1,201,206
50,228,912
840,216
8,238,503
181,173
30,836,894
2,451,119
44,421,205
2,498,292
30,947,501
1,779,500
29,801,726
1,235,439
42,009,095
8,958,557
46,799,290
24,309,800
34,312,485
365,800
41,964,573
486,383
34,022,695
2,017,365
32,640,966
904,856
33,477,685
738,780
17,022,765
1,642,800
43,079,536
886,500
39,767,942
759,800
32,316,362
971,780
24,164,235
647,100
29,989,237
187,000
27,188,910
1,159,248
36,290,171
804,807
26,579,714
342,300
32,671,222
191,030
38,281,173
6,251,600
12,664,402
374,850
32,476,898
1,461,909
43,692,222
3,983,418
35,504,405
155,556,155
200,697
29,145
31,318,664
604,135
16,374,719
26,261,000
31,004,465
368,933
39,431,618
3,312,673
14,687,611
2,820,574
23,443,129
2,390,800
31,946,565
603,150
40,166,862
17,808,118
53,328,332
21,527,800
39,484,085
7,256,383
14,419,191
928,950
46,778,454
4,388,300
14,805,600
Pear Tree Polaris Foreign Value Fund
12/31/15
YARA INTERNATIONAL ASA
YIT OYJ
BHP BILLITON PLC ADR
INFOSYS LTD SP ADR
SBERBANK PAO SPONSORED ADR
SOUTH32 ADR
TEVA PHARMACEUTICAL SP ADR
STATE STR INSTL LIQUID RESVS
Other Assets - Liabilities
Mark to Market
Total Net Assets
682,300
1,438,416
1,136,100
2,378,180
1,312,300
203,800
657,619
29,474,116
8,176,563
25,732,665
39,834,515
7,716,324
777,497
43,166,111
1,620,060,245
27,208,690
27,208,690
1,900,997
(231,312)
1,648,938,620
IMPORTANT LEGAL INFORMATION:
Investors should read the prospectus carefully before investing because it contains more
complete information on the Pear Tree Funds’ investment objectives, risks, charges and
expenses. Please consider this information carefully. For a prospectus and other information,
visit www.peartreefunds.com or call (800) 326-2151. The Portfolio is actively managed and
holdings are subject to change without notice and may not represent current or future portfolio
composition.
The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the
information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this
document are not required to conform to Generally Accepted Accounting Principles (GAAP) and
Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from
that in the complete statement of investments in the annual and semiannual report to
shareholders filed with the SEC on Form N-CSR, and the complete statement of investments
provided in the first and third quarter SEC Form N-Q filings for each fiscal year. Forms N-CSR and NQ for the Fund are available on the SEC website at www.sec.gov.
The portfolio data is for information only. It does not constitute a recommendation or an offer for
a particular security or fund. Reference to specific securities or holdings should not be considered
recommendations for action by investors.
Pear Tree Polaris Foreign Value Small Cap Fund
12/31/15
Security Name
ABG SUNDAL COLLIER HOLDING
ALTERNATIVE NETWORKS PLC
AMVIG HOLDINGS LTD
ASALEO CARE LTD
BBA AVIATION PLC
BML INC
BONDUELLE SCA
BORREGAARD ASA
BREADTALK GROUP LTD
CHARACTER GROUP PLC
CHINA HONGXING SPORTS LTD
CHONG HONG CONSTRUCTION CO
CHUGOKU MARINE PAINTS LTD
CLARKSON PLC
CLICKS GROUP LTD
CREST NICHOLSON HOLDINGS
DAICEL CORP
DAIICHIKOSHO CO LTD
DE LONGHI SPA
DFDS A/S
DUNI AB
EGYPT KUWAIT HOLDING CO SAE
EMPEROR WATCH + JEWELLERY
EQUATORIAL ENERGIA SA ORD
FREENET AG
GALLIFORD TRY PLC
GLANBIA PLC
GREENCORE GROUP PLC
HALFORDS GROUP PLC
HANA MICROELECTRONICS FOREIG
HOLTEK SEMICONDUCTOR INC
HUAKU DEVELOPMENT CO LTD
IBJ LEASING CO LTD
IFG GROUP PLC
IPSOS
KINEPOLIS
KRBL LTD
LANCASHIRE HOLDINGS LTD
LIC HOUSING FINANCE LTD
LOOMIS AB B
M1 LTD
MANILA WATER COMPANY
NIHON HOUSE HOLDINGS CO LTD
NIIT TECHNOLOGIES LTD
NOLATO AB B SHS
PKC GROUP OYJ
Shares/Par Value
Base Market Value
5,331,038
3,981,528
1,402,082
10,026,404
9,038,000
3,754,756
4,712,600
5,477,344
3,960,215
11,041,812
94,100
2,843,929
157,619
3,943,308
1,100,000
6,130,553
4,185,900
3,338,085
376,500
2,595,235
10,258,400
72,395
4,136,055
6,031,511
1,264,000
9,374,251
116,300
3,859,982
1,303,830
7,499,329
1,164,800
9,566,137
742,700
11,201,478
255,200
10,195,269
398,910
11,985,432
329,700
12,808,261
178,692
2,992,599
7,523,000
3,911,960
103,340,000
2,573,234
1,164,537
10,078,672
296,500
10,082,001
344,528
7,746,837
424,100
7,805,623
1,893,172
9,889,886
1,161,258
5,742,775
8,004,680
7,952,405
5,489,900
8,490,484
2,410,100
4,321,700
519,300
10,694,709
2,097,385
5,078,701
317,067
7,305,771
237,500
10,676,615
3,154,200
10,870,592
1,273,344
11,790,587
1,406,200
10,827,674
377,600
11,820,739
4,346,600
8,343,509
20,257,870
10,676,765
2,001,700
7,688,925
742,375
6,508,493
175,129
5,337,308
396,300
7,001,341
Pear Tree Polaris Foreign Value Small Cap Fund
12/31/15
PRIMA MEAT PACKERS LTD
PROGRAMMED MAINTENANCE SERV
QSC AG
RATCHABURI ELEC GEN HODG FOR
REDES ENERGETICAS NACIONAIS
RESTAURANT GROUP PLC
REXLOT HOLDINGS LTD
SAMSON HOLDING LTD
SEMPERIT AG HOLDING
SHANGHAI MECHANICAL AND EL B
SIXT SE
SOUTH INDIAN BANK LTD
SPAREBANK 1 NORD NORGE
SPAREBANK 1 SMN
SPAREBANK 1 SR BANK ASA
TEXWINCA HOLDINGS LTD
THAI UNION GROUP PCL F
TREVI FINANZIARIA INDUSTRIAL
UDG HEALTHCARE PLC
UNIPRES CORP
USHA MARTIN LTD
VETROPACK HOLDING AG BR
VITEC GROUP PLC/THE
VST HOLDINGS LTD
VT HOLDINGS CO LTD
VTECH HOLDINGS LTD
WETHERSPOON (J.D.) PLC
WORLEYPARSONS LTD
WT MICROELECTRONICS CO LTD
XINHUA WINSHARE PUBLISHING H
DRAEGERWERK AG PREF
HONG KONG DOLLAR
INDIAN RUPEE
STATE STR INSTL LIQUID RESVS
Other Assets - Liabilities
Mark to Market
Total Net Assets
IMPORTANT LEGAL INFORMATION:
3,197,000
2,147,900
1,697,139
6,951,000
2,095,500
835,700
151,273,023
35,101,800
100,500
3,010,889
218,377
24,601,647
865,996
1,119,065
1,405,626
10,558,200
23,844,996
2,415,385
1,294,075
440,600
2,720,000
3,018
301,804
21,587,360
1,619,400
674,600
979,000
2,245,000
6,587,848
7,568,500
133,100
8,665,325
3,865,981
2,782,684
9,175,281
6,330,156
8,446,716
195,171
4,347,645
3,393,877
9,333,756
11,189,907
7,195,720
3,585,601
6,375,683
6,232,214
11,047,505
11,397,358
4,799,622
11,371,971
10,081,324
419,371
4,699,386
2,681,094
5,848,874
9,734,577
6,980,301
10,804,497
7,574,362
7,119,938
6,913,477
9,915,967
554,442,247
0
1,423,056
21,511
21,511
10,615,701
10,615,701
(682,190)
(22,020)
564,375,249
Pear Tree Polaris Foreign Value Small Cap Fund
12/31/15
Investors should read the prospectus carefully before investing because it contains more
complete information on the Pear Tree Funds’ investment objectives, risks, charges and
expenses. Please consider this information carefully. For a prospectus and other information,
visit www.peartreefunds.com or call (800) 326-2151. The Portfolio is actively managed and
holdings are subject to change without notice and may not represent current or future portfolio
composition.
The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the
information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this
document are not required to conform to Generally Accepted Accounting Principles (GAAP) and
Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from
that in the complete statement of investments in the annual and semiannual report to
shareholders filed with the SEC on Form N-CSR, and the complete statement of investments
provided in the first and third quarter SEC Form N-Q filings for each fiscal year. Forms N-CSR and NQ for the Fund are available on the SEC website at www.sec.gov.
The portfolio data is for information only. It does not constitute a recommendation or an offer for
a particular security or fund. Reference to specific securities or holdings should not be considered
recommendations for action by investors.
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
Security Name
AAC TECHNOLOGIES HOLDINGS IN
ABOITIZ EQUITY VENTURES INC
ABOITIZ POWER CORP
ABU DHABI COMMERCIAL BANK
ADARO ENERGY TBK PT
ADVANCED INFO SERVICE FOR RG
AFRICAN BANK INVESTMENTS LTD
AGUAS ANDINAS SA A
AIR CHINA LTD H
AIRASIA BHD
AIRPORTS OF THAILAND PCL FOR
AKBANK T.A.S.
AKR CORPORINDO TBK PT
ALDAR PROPERTIES PJSC
ALFA S.A.B. A
ALIBABA HEALTH INFORMATION T
ALIOR BANK SA
ALLIANCE FINANCIAL GROUP BHD
ALLIANCE GLOBAL GROUP INC
ALPHA BANK AE
ALROSA PAO
ALUMINUM CORP OF CHINA LTD H
AMMB HOLDINGS BHD
AMOREPACIFIC CORP
AMOREPACIFIC GROUP
ANADOLU EFES BIRACILIK VE
ANGLO AMERICAN PLATINUM LTD
ANHUI CONCH CEMENT CO LTD H
ANTA SPORTS PRODUCTS LTD
ARABTEC HOLDING CO PJSC
ARCA CONTINENTAL SAB DE CV
ARCELIK A.S.
ASIA CEMENT CORP
ASIA PACIFIC TELECOM CO LTD
ASPEN PHARMACARE HOLDINGS LT
ASTRA AGRO LESTARI TBK PT
ASTRA INTERNATIONAL TBK PT
ASTRO MALAYSIA HOLDINGS BHD
AXIATA GROUP BERHAD
AYALA CORPORATION
AYALA LAND INC
BANCO DE CHILE
BANCO DE CREDITO E INVERSION
BANCO DO BRASIL S.A.
BANGKOK DUSIT MED SERVICE F
BANK CENTRAL ASIA TBK PT
Shares/Par Value
Base Market Value
3,000
19,488
98,670
121,516
313,500
277,823
60,933
109,324
2,853,700
106,613
18,200
76,876
47,336
180,221
91,815
34,000
26,846
77,200
23,195
11,300
108,651
20,669
47,521
119,900
62,407
151,271
95,548
38,800
76,995
52,000
36,027
2,100
35,380
35,600
29,518
254,500
87,078
14,794
39,998
104,700
80,225
114,000
37,947
34,500
36,400
104
36,764
360
45,439
10,043
65,102
3,832
45,899
8,500
22,865
12,000
32,977
430,258
146,426
8,500
51,739
16,468
78,946
56,808
47,388
200,000
70,935
3,375
67,502
50,400
57,950
147,000
63,983
106,300
68,333
54,300
81,067
5,840
93,827
116,600
85,365
842,384
86,402
2,283
86,345
7,900
29,433
202,200
125,304
71,500
68,984
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
BANK DANAMON INDONESIA TBK
BANK HANDLOWY W WARSZAWIE SA
BANK MANDIRI PERSERO TBK PT
BANK MILLENNIUM SA
BANK NEGARA INDONESIA PERSER
BANK OF COMMUNICATIONS CO H
BANK OF THE PHILIPPINE ISLAN
BANK PEKAO SA
BANK RAKYAT INDONESIA PERSER
BANK ZACHODNI WBK SA
BANPU PUBLIC CO LTD FOR REG
BARLOWORLD LTD
BARWA REAL ESTATE CO
BDO UNIBANK INC
BEC WORLD PCL FOREIGN
BEIJING CAPITAL INTL AIRPO H
BEIJING ENTERPRISES HLDGS
BELLE INTERNATIONAL HOLDINGS
BERJAYA SPORTS TOTO BHD
BIDVEST GROUP LTD
BIM BIRLESIK MAGAZALAR AS
BNK FINANCIAL GROUP INC
BRF SA
BRILLIANCE CHINA AUTOMOTIVE
BRITISH AMERICAN TOBACCO BHD
BTS GROUP HOLDINGS PCL
BUMI ARMADA BERHAD
BUMI SERPONG DAMAI PT
BUMRUNGRAD HOSPITAL FOREIGN
BYD CO LTD H
CCC SA
CCR SA
CELLTRION INC
CEMENTOS ARGOS SA
CENCOSUD SA
CENTRAL PATTANA PUB CO FOREI
CETIP SA MERCADOS ORGANIZADO
CEZ AS
CHAILEASE HOLDING CO LTD
CHAROEN POKPHAND FOOD FORGN
CHAROEN POKPHAND INDONESI PT
CHENG SHIN RUBBER IND CO LTD
CHICONY ELECTRONICS CO LTD
CHINA AIRLINES LTD
CHINA COAL ENERGY CO H
CHINA COMMUNICATIONS CONST H
CHINA COMMUNICATIONS SERVI H
271,300
3,198
86,500
37,980
133,300
40,000
48,436
1,490
75,800
749
106,000
18,840
9,010
36,690
95,500
34,000
2,500
18,000
92,235
4,777
4,336
3,249
1,300
26,000
3,700
498,100
243,950
472,900
23,900
2,500
2,142
15,500
812
29,769
39,498
51,100
2,200
8,076
20,800
159,000
236,600
27,900
18,090
107,000
49,000
15,000
106,000
62,979
58,254
58,043
53,499
48,253
28,178
86,311
54,169
62,823
53,891
46,542
75,453
98,976
81,871
80,943
36,716
15,160
13,516
65,522
101,325
76,406
23,331
18,204
32,673
48,328
125,961
57,955
61,750
140,139
13,773
75,187
49,169
58,517
91,150
78,204
66,742
20,853
144,189
36,031
80,859
44,625
45,273
39,763
39,090
18,713
15,308
39,934
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
CHINA CONSTRUCTION BANK H
CHINA GAS HOLDINGS LTD
CHINA JINMAO HOLDINGS GROUP
CHINA LIFE INSURANCE CO LTD
CHINA LONGYUAN POWER GROUP H
CHINA MENGNIU DAIRY CO
CHINA MERCHANTS HLDGS INTL
CHINA MOBILE LTD
CHINA NATIONAL BUILDING MA H
CHINA OILFIELD SERVICES H
CHINA PETROLEUM + CHEMICAL H
CHINA RESOURCES BEER HOLDIN
CHINA RESOURCES GAS GROUP LT
CHINA RESOURCES POWER HOLDIN
CHINA SHENHUA ENERGY CO H
CHINA SHIPPING CONTAINER H
CHINA STEEL CORP
CHINA TAIPING INSURANCE HOLD
CHINA TELECOM CORP LTD H
CHONGQING CHANGAN AUTOMOBI B
CIELO SA
CIMB GROUP HOLDINGS BHD
CITIC LTD
CJ CHEILJEDANG CORP
COCA COLA ICECEK AS
COLBUN SA
COMMERCIAL BANK QSC
COMMERCIAL INTERNATIONAL BAN
CORP FIN COLOMBIANA CD
CORP FINANCIERA COLOMB ND
COSAN SA INDUSTRIA COMERCIO
CP ALL PCL FOREIGN
CREDICORP LTD
CSPC PHARMACEUTICAL GROUP LT
CTBC FINANCIAL HOLDING CO LT
CYFROWY POLSAT SA
DAELIM INDUSTRIAL CO LTD
DAEWOO INTERNATIONAL CORP
DAEWOO SECURITIES CO LTD
DATANG INTL POWER GEN CO H
DELTA ELECTRONICS INC
DELTA ELECTRONICS THAI FORGN
DGB FINANCIAL GROUP INC
DIALOG GROUP BHD
DIGI.COM BHD
DISCOVERY LTD
DMCI HOLDINGS INC
37,000
20,000
50,000
41,140
33,000
13,000
6,000
5,000
38,000
18,000
52,000
22,000
12,000
16,000
18,500
42,000
114,208
7,400
142,000
10,400
6,480
39,000
18,000
189
7,494
329,877
11,751
28,817
3,321
2,149
9,000
82,600
1,201
44,000
29,985
17,925
169
1,668
1,770
68,000
10,525
56,000
3,742
151,756
78,300
1,769
428,650
25,348
28,900
17,095
31,625
24,907
21,200
19,082
56,446
18,287
15,536
31,465
47,174
35,764
31,006
29,120
11,705
62,412
22,962
66,687
22,945
55,018
41,239
31,909
60,848
95,511
79,089
148,126
139,852
40,674
25,133
57,327
90,094
116,881
44,961
15,427
94,821
9,671
23,259
14,295
20,793
49,826
119,050
32,073
56,553
98,479
15,199
125,712
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
DOHA BANK QSC
DONGBU INSURANCE CO LTD
DONGFENG MOTOR GRP CO LTD H
DOOSAN HEAVY INDUSTRIES
DP WORLD LTD
DUBAI FINANCIAL MARKET PJSC
DUBAI ISLAMIC BANK
ECLAT TEXTILE COMPANY LTD
ECOPETROL SA
EL PUERTO DE LIVERPOOL C1
EMAAR MALLS GROUP PJSC
EMAAR PROPERTIES PJSC
EMIRATES TELECOM GROUP CO
EMPRESA NACIONAL DE TELECOM
EMPRESAS CMPC SA
EMPRESAS COPEC SA
ENEA SA
ENERGA SA
ENERGY DEVELOPMENT CORP
ENKA INSAAT VE SANAYI AS
ENN ENERGY HOLDINGS LTD
EREGLI DEMIR VE CELIK FABRIK
EUROBANK ERGASIAS SA
EUROCASH SA
EVA AIRWAYS CORP
EVERGREEN MARINE CORP LTD
EXXARO RESOURCES LTD
EZDAN HOLDING GROUP
FAR EASTERN NEW CENTURY CORP
FAR EASTONE TELECOMM CO LTD
FELDA GLOBAL VENTURES
FENG TAY ENTERPRISE CO LTD
FF GROUP
FIBRIA CELULOSE SA
FIRST FINANCIAL HOLDING CO
FIRST GULF BANK
FORD OTOMOTIV SANAYI AS
FORMOSA CHEMICALS + FIBRE
FORMOSA PETROCHEMICAL CORP
FORMOSA PLASTICS CORP
FORMOSA TAFFETA CO.
FOSUN INTERNATIONAL LTD
FUBON FINANCIAL HOLDING CO
GAMUDA BHD
GCL POLY ENERGY HOLDINGS LTD
GENER S.A.
GENTERA SAB DE CV
10,019
443
14,000
1,230
17,997
181,250
75,749
2,160
257,609
13,600
209,669
57,150
102,589
20,359
53,790
18,946
27,873
29,044
1,466,500
35,848
4,000
97,857
12,972
13,304
102,108
101,000
21,837
16,396
61,473
47,000
106,400
11,330
3,316
2,000
79,768
45,685
7,387
21,330
81,000
32,480
32,000
23,500
14,000
33,700
104,000
207,567
47,700
122,441
26,560
18,785
21,609
365,339
60,696
127,451
29,822
90,076
166,641
157,551
88,533
449,682
182,395
115,012
161,225
79,796
93,008
193,227
55,603
21,237
102,085
14,649
163,471
57,820
40,742
62,152
71,594
48,191
96,727
42,377
57,949
62,292
26,232
37,156
157,341
76,757
48,054
194,319
76,140
29,226
36,808
19,180
36,577
15,699
92,242
91,939
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
GENTING BHD
GENTING MALAYSIA BHD
GENTING PLANTATIONS BHD
GIANT MANUFACTURING
GLOBAL MEDIACOM TBK PT
GLOBE TELECOM INC
GLOW ENERGY PCL FOREIGN
GOLD FIELDS LTD
GRUMA S.A.B. B
GRUPA AZOTY SA
GRUPA LOTOS SA
GRUPO AEROPORT DEL SURESTE B
GRUPO ARGOS SA
GRUPO BIMBO SAB SERIES A
GRUPO CARSO SAB DE CV SER A1
GRUPO COMERCIAL CHEDRAUI SA
GRUPO DE INV SURAMERICANA
GRUPO FIN SANTANDER B
GRUPO FINANCIERO BANORTE O
GRUPO FINANCIERO INBURSA O
GRUPO LALA SAB DE CV
GRUPO MEXICO SAB DE CV SER B
GS HOLDINGS
GT CAPITAL HOLDINGS INC
GUANGDONG INVESTMENT LTD
GUDANG GARAM TBK PT
HACI OMER SABANCI HOLDING
HAITIAN INTERNATIONAL HLDGS
HANA FINANCIAL GROUP
HANERGY THIN FILM POWER GROU
HANKOOK TIRE CO LTD
HANMI PHARM CO LTD
HANMI SCIENCE CO LTD
HELLENIC TELECOMMUN ORGANIZA
HENGAN INTL GROUP CO LTD
HIGHWEALTH CONSTRUCTION CORP
HIWIN TECHNOLOGIES CORP
HOME PRODUCT CENTER PCL FOR
HONG LEONG BANK BERHAD
HONG LEONG FINANCIAL GROUP
HOTAI MOTOR COMPANY LTD
HUA NAN FINANCIAL HOLDINGS C
HUADIAN POWER INTL CORP H
HUANENG POWER INTL INC H
HYOSUNG CORPORATION
HYPERMARCAS SA
HYUNDAI MARINE + FIRE INS CO
25,400
56,700
33,500
7,000
1,233,200
5,685
71,100
3,713
4,500
4,328
13,943
6,305
15,147
17,700
17,700
13,500
6,194
36,600
17,000
44,900
21,500
36,200
1,490
3,520
48,000
24,900
12,469
16,000
1,389
36,000
714
84
317
10,873
4,500
27,300
7,182
588,919
16,000
14,300
4,000
42,495
30,000
44,000
364
4,500
912
43,423
57,842
82,706
46,671
98,406
223,751
146,211
10,126
63,443
109,100
95,375
89,507
77,298
47,103
74,097
35,816
69,657
64,224
93,703
81,477
49,853
77,435
64,426
98,744
67,750
99,347
35,429
23,781
27,957
28,650
52,153
34,875
109,092
42,499
31,500
28,315
111,287
50,085
46,495
46,275
19,729
19,585
38,035
36,476
24,694
28,039
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
HYUNDAI MOBIS CO LTD
HYUNDAI STEEL CO
HYUNDAI WIA CORP
IHH HEALTHCARE BHD
IJM CORP BHD
IMPALA PLATINUM HOLDINGS LTD
IMPERIAL HOLDINGS LTD
IND + COMM BK OF CHINA H
INDOCEMENT TUNGGAL PRAKARSA
INDOFOOD CBP SUKSES MAKMUR T
INDOFOOD SUKSES MAKMUR TBK P
INDORAMA VENTURES FOREIGN
INDUSTRIAL BANK OF KOREA
INDUSTRIAS PENOLES SAB DE CV
INDUSTRIES QATAR
INTERCONEXION ELECTRICA SA
INTL CONTAINER TERM SVCS INC
INVESTEC LTD
IOI CORP BHD
IOI PROPERTIES GROUP BHD
IRPC PCL FOREIGN
JASA MARGA (PERSERO) TBK PT
JG SUMMIT HOLDINGS INC
JIANGSU EXPRESS CO LTD H
JOLLIBEE FOODS CORP
JUMBO SA
KALBE FARMA TBK PT
KANGWON LAND INC
KASIKORNBANK PCL FOREIGN
KB FINANCIAL GROUP INC
KGHM POLSKA MIEDZ SA
KIMBERLY CLARK DE MEXICO A
KINGSOFT CORP LTD
KOC HOLDING AS
KOMERCNI BANKA AS
KOREA AEROSPACE INDUSTRIES
KOREA ELECTRIC POWER CORP
KOREA GAS CORPORATION
KOREA ZINC CO LTD
KRUNG THAI BANK PUB CO FOREI
KT+G CORP
KUALA LUMPUR KEPONG BHD
KUMHO PETRO CHEMICAL CO LTD
LAFARGE MALAYSIA BHD
LATAM AIRLINES GROUP SA
LENOVO GROUP LTD
LG CHEM LTD
177
806
165
94,500
41,200
13,167
4,233
39,000
108,800
105,400
208,400
117,000
1,890
6,905
11,543
45,457
82,410
4,159
77,100
70,000
441,300
441,200
79,420
20,000
79,660
7,684
2,146,700
980
10,400
840
6,164
22,400
11,000
17,783
760
290
2,346
2,523
92
134,200
537
17,800
806
20,500
26,082
30,000
141
37,210
34,335
15,761
144,826
32,434
21,308
32,653
23,549
176,203
103,030
78,235
69,254
19,907
71,174
352,189
105,677
123,120
29,432
80,090
36,683
52,733
167,230
123,717
26,991
370,748
80,934
205,560
32,094
43,207
23,748
99,148
52,370
26,851
66,699
151,175
19,316
100,038
79,291
36,798
62,280
47,859
94,856
35,813
42,399
137,551
30,461
39,502
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
LG DISPLAY CO LTD
LG HOUSEHOLD + HEALTH CARE
LG INNOTEK CO LTD
LG UPLUS CORP
LIFE HEALTHCARE GROUP HOLDIN
LIPPO KARAWACI TBK PT
LITE ON TECHNOLOGY CORP
LOCALIZA RENT A CAR
LOJAS AMERICANAS SA
LOJAS RENNER S.A.
LOTTE CHEMICAL CORP
LOTTE CONFECTIONERY CO LTD
LOTTE SHOPPING CO
LPP SA
MALAYAN BANKING BHD
MALAYSIA AIRPORTS HLDGS BHD
MASRAF AL RAYAN
MASSMART HOLDINGS LTD
MATAHARI DEPARTMENT STORE TB
MAXIS BHD
MBANK SA
MEDIA NUSANTARA CITRA TBK PT
MEDICLINIC INTERNATIONAL LTD
MEGA FINANCIAL HOLDING CO LT
MEGAWORLD CORP
MERIDA INDUSTRY CO LTD
METRO PACIFIC INVESTMENTS CO
METROPOLITAN BANK + TRUST
MEXICHEM SAB DE CV
MINOR INTERNATIONAL PCL FOR
MISC BHD
MMI HOLDINGS LTD
MOL HUNGARIAN OIL AND GAS PL
MONDI LTD
MOSCOW EXCHANGE MICEX RTS PJ
MR PRICE GROUP LTD
MTN GROUP LTD
NAN YA PLASTICS CORP
NASPERS LTD N SHS
NATIONAL BANK OF ABU DHABI
NATURA COSMETICOS SA
NCSOFT CORP
NETCARE LTD
NH INVESTMENT + SECURITIES C
O2 CZECH REPUBLIC AS
OBI PHARMA INC
ODONTOPREV S.A.
1,436
45
348
9,711
29,715
592,500
27,210
6,000
11,375
9,700
108
30
258
68
19,200
24,400
10,116
7,076
68,000
67,200
412
613,100
7,243
23,751
777,000
7,150
720,600
39,398
34,200
88,690
25,600
25,358
1,791
2,017
57,010
3,994
6,906
29,100
446
76,732
5,100
168
27,555
3,347
3,950
4,000
30,000
30,066
40,297
29,234
86,132
67,348
44,486
26,384
37,642
35,854
41,926
22,428
58,309
51,158
95,700
37,564
31,882
104,458
45,730
86,819
106,431
32,775
82,503
55,703
15,365
70,179
38,529
79,633
67,401
76,935
89,343
55,869
36,054
87,714
40,053
71,358
51,624
59,310
54,041
61,106
166,291
30,281
30,518
60,369
28,830
39,841
79,764
71,659
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
OHL MEXICO SAB DE CV
OOREDOO QSC
OPAP SA
ORANGE POLSKA SA
ORION CORP
OTP BANK PLC
PARADISE CO LTD
PERUSAHAAN GAS NEGARA PERSER
PETKIM PETROKIMYA HOLDING AS
PETRONAS CHEMICALS GROUP BHD
PETRONAS DAGANGAN BHD
PETRONAS GAS BHD
PGE SA
PHILIPPINE LONG DISTANCE TEL
PICK N PAY STORES LTD
PIRAEUS BANK S.A
PKO BANK POLSKI SA
POLSKI KONCERN NAFTOWY ORLEN
POLSKIE GORNICTWO NAFTOWE I
PORTO SEGURO SA
POSCO
POU CHEN
POWSZECHNY ZAKLAD UBEZPIECZE
PPB GROUP BERHAD
PRESIDENT CHAIN STORE CORP
PROMOTORA Y OPERADORA DE INF
PTT EXPLORATION + PROD FOR
PTT GLOBAL CHEMICAL PCL FOR
PTT PCL/FOREIGN
PUBLIC BANK BERHAD
PUBLIC POWER CORP
QATAR ELECTRICITY + WATER CO
QATAR GAS TRANSPORT(NAKILAT)
QATAR INSURANCE CO
QATAR ISLAMIC BANK
QATAR NATIONAL BANK
QUALICORP SA
RAIA DROGASIL SA
REALTEK SEMICONDUCTOR CORP
REMGRO LTD
RICHTER GEDEON NYRT
RMI HOLDINGS
ROBINSONS LAND CO
ROSTELECOM PJSC
RUENTEX DEVELOPMENT CO LTD
RUENTEX INDUSTRIES LTD
RUSHYDRO PJSC
57,400
12,131
6,900
101,318
42
4,484
1,235
784,600
78,392
83,600
17,900
15,800
26,797
2,305
10,396
83,070
7,311
5,873
92,320
2,600
281
37,000
7,140
17,100
17,000
7,200
39,700
68,800
6,700
10,400
14,669
7,389
51,118
5,818
4,664
3,076
14,100
4,400
10,000
1,906
5,149
6,849
79,900
45,640
23,000
21,000
3,102,000
60,541
249,863
60,688
168,386
41,765
92,432
18,590
156,237
123,475
141,556
103,644
83,536
86,831
100,910
43,671
25,076
50,621
100,955
120,220
18,920
39,902
48,549
61,539
63,326
106,357
84,948
63,160
95,595
45,430
44,860
61,802
439,123
327,796
131,018
136,668
147,832
50,359
39,460
23,960
30,205
97,260
17,134
46,695
56,758
30,004
39,255
28,433
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
S OIL CORP
S.A.C.I. FALABELLA
SAMSUNG C+T CORP
SAMSUNG CARD CO
SAMSUNG ELECTRO MECHANICS CO
SAMSUNG ELECTRONICS CO LTD
SAMSUNG FIRE + MARINE INS
SAMSUNG LIFE INSURANCE CO LT
SAMSUNG SDI CO LTD PFD
SANLAM LTD
SAPPI LIMITED
SAPURAKENCANA PETROLEUM BHD
SASOL LTD
SBERBANK OF RUSSIA PJSC
SEMEN INDONESIA PERSERO TBK
SEMICONDUCTOR MANUFACTURING
SHANDONG WEIGAO GP MEDICAL H
SHANGHAI FOSUN PHARMACEUTI H
SHANGHAI INDUSTRIAL HLDG LTD
SHANGHAI PHARMACEUTICALS H
SHENZHOU INTERNATIONAL GROUP
SHINHAN FINANCIAL GROUP LTD
SHINSEGAE CO LTD
SHOPRITE HOLDINGS LTD
SIAM CEMENT PUB CO FOR REG
SIAM COMMERCIAL BANK FOREIGN
SIHUAN PHARMACEUTICAL HLDGS
SIME DARBY BERHAD
SINO BIOPHARMACEUTICAL
SINO OCEAN LAND HOLDINGS
SINOPAC FINANCIAL HOLDINGS
SINOPEC SHANGHAI PETROCHEM H
SINOPHARM GROUP CO H
SK HOLDINGS CO LTD
SK HYNIX INC
SK INNOVATION CO LTD
SM INVESTMENTS CORP
SM PRIME HOLDINGS INC
SOHO CHINA LTD
SONDA SA
SOUTHERN COPPER CORP
SPAR GROUP LIMITED/THE
STANDARD FOODS CORP
STEINHOFF INTERNATIONAL H NV
SUMMARECON AGUNG TBK PT
SUN ART RETAIL GROUP LTD
SURYA CITRA MEDIA PT TBK
1,026
28,618
196
907
652
33
151
422
221
7,618
13,874
129,500
2,679
55,720
168,500
267,000
36,000
12,000
12,000
18,500
6,000
1,180
211
5,950
7,650
15,700
48,000
24,800
60,000
49,000
65,489
59,000
9,600
135
1,486
498
6,598
179,300
31,000
86,591
3,566
5,801
44,302
14,100
305,100
33,500
455,700
69,476
182,548
23,402
23,863
34,976
35,461
39,600
39,589
21,487
29,805
58,514
60,927
72,613
77,338
139,347
27,214
24,942
34,758
31,584
40,051
34,487
39,801
41,388
55,088
97,791
52,137
13,655
44,765
54,498
31,420
18,682
23,521
38,520
27,690
38,970
55,213
121,149
82,686
15,078
158,738
93,144
69,019
110,731
71,541
36,519
25,284
102,479
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
SYNNEX TECHNOLOGY INTL CORP
SYNTHOS SA
T M G HOLDING
TAISHIN FINANCIAL HOLDING
TAIWAN CEMENT
TAIWAN COOPERATIVE FINANCIAL
TAIWAN FERTILIZER CO LTD
TAIWAN MOBILE CO LTD
TAURON POLSKA ENERGIA SA
TAV HAVALIMANLARI HOLDING AS
TECO ELECTRIC + MACHINERY
TELEKOM MALAYSIA BHD
TELKOM SA SOC LTD
TENAGA NASIONAL BHD
TENCENT HOLDINGS LTD
THAI OIL PCL FRGN
THAI UNION GROUP PCL F
THE FOSCHINI GROUP LTD
TIGER BRANDS LTD
TINGYI (CAYMAN ISLN) HLDG CO
TITAN CEMENT CO. S.A.
TMB BANK PUBLIC CORP FOREIGN
TOFAS TURK OTOMOBIL FABRIKA
TOTVS SA
TOWER BERSAMA INFRASTRUCTURE
TRACTEBEL ENERGIA SA
TRUE CORP PCL FOREIGN
TRUWORTHS INTERNATIONAL LTD
TSINGTAO BREWERY CO LTD H
TUPRAS TURKIYE PETROL RAFINE
TURK HAVA YOLLARI AO
TURK SISE VE CAM FABRIKALARI
TURK TELEKOMUNIKASYON AS
TURKCELL ILETISIM HIZMET AS
TURKIYE GARANTI BANKASI
TURKIYE HALK BANKASI
TURKIYE IS BANKASI C
TURKIYE VAKIFLAR BANKASI T D
ULKER BISKUVI SANAYI
ULTRAPAR PARTICIPACOES SA
UMW HOLDINGS BHD
UNI PRESIDENT ENTERPRISES CO
UNILEVER INDONESIA TBK PT
UNITED TRACTORS TBK PT
UNIVERSAL ROBINA CORP
VALE SA
VODACOM GROUP LTD
18,000
102,206
128,264
151,934
62,000
61,772
37,000
34,000
140,247
9,549
59,000
72,600
15,627
26,800
2,000
39,600
199,500
3,981
2,360
28,000
4,109
948,600
13,398
8,300
211,200
1,900
310,289
9,347
8,000
7,476
20,144
58,273
69,594
9,898
21,704
12,329
27,214
25,635
15,037
2,800
18,100
72,339
32,200
122,200
70,610
3,500
8,778
17,563
98,655
104,838
52,731
51,530
25,858
48,493
103,510
102,330
59,605
47,240
114,645
64,968
83,143
39,402
72,630
95,356
31,331
48,263
40,099
78,572
63,794
87,125
65,099
90,011
16,084
57,772
55,061
36,229
178,556
51,084
63,790
130,395
33,626
53,029
43,958
42,958
33,692
90,817
42,783
33,177
120,906
86,427
150,257
279,109
11,527
86,461
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
VODAFONE QATAR
VTB BANK PJSC
WALMART DE MEXICO SAB DE CV
WANT WANT CHINA HOLDINGS LTD
WEG SA
WESTPORTS HOLDINGS BHD
WISTRON CORP
WOOLWORTHS HOLDINGS LTD
WOORI BANK
XL AXIATA TBK PT
YANZHOU COAL MINING CO H
YAPI VE KREDI BANKASI
YTL CORP BHD
YTL POWER INTERNATIONAL BHD
YUANTA FINANCIAL HOLDING CO
YUHAN CORP
YULON MOTOR COMPANY
ZHEJIANG EXPRESSWAY CO H
ZHEN DING TECHNOLOGY HOLDING
ZIJIN MINING GROUP CO LTD H
ZTE CORP H
CEMEX SAB CPO
CONTROLADORA COML MEXIC UBC
KLABIN SA UNIT
TRANSMISSORA ALIANCA DE UNIT
AMERICA MOVIL SPN ADR CL L
ANGLOGOLD ASHANTI SPON ADR
BANCO SANTANDER CHILE ADR
BANGKOK BANK PUBLIC CO NVDR
CEMEX SAB SPONS ADR PART CER
CEMIG SA SPONS ADR
CHINA UNICOM HONG KONG ADR
CHUNGHWA TELECOM LT SPON ADR
CIA CERVECERIAS UNI SPON ADR
CIA DE MINAS BUENAVENTUR ADR
CIA PARANAENSE ENER SP ADR P
COCA COLA FEMSA SAB SP ADR
CORPBANCA SA ADR
CPFL ENERGIA SA ADR
EMBRAER SA SPON ADR
EMPRESA NAC ELEC CHIL SP ADR
ENERSIS S.A. SPONS ADR
FOMENTO ECONOMICO MEX SP ADR
GAZPROM PAO SPON ADR
GERDAU SA SPON ADR
GLOBAL TELECOM HOLDING GDR
GOLD FIELDS LTD SPONS ADR
59,524
83,860,000
30,500
56,000
15,480
24,000
39,168
9,145
2,508
369,800
38,000
49,816
270,100
244,100
33,660
317
37,000
20,000
7,000
116,000
17,560
37,315
17,900
5,000
6,100
14,510
3,117
5,562
14,700
8,543
7,462
5,202
3,356
4,663
13,050
3,284
744
6,937
4,467
1,349
2,531
6,997
514
11,237
9,500
102,062
13,043
207,606
90,979
77,141
41,689
58,496
23,030
22,179
59,190
18,865
97,916
17,748
56,242
98,767
84,143
12,451
73,671
34,018
24,049
16,154
30,531
40,010
20,394
49,353
29,637
25,826
204,011
22,131
98,114
62,297
47,585
11,193
62,736
100,781
101,001
55,854
19,277
52,683
81,163
33,145
39,849
93,799
85,014
47,468
41,493
11,400
132,681
36,129
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
GRUPO AEROPORTUARIO PAC ADR
GRUPO TELEVISA SA SPON ADR
KASIKORNBANK PCL NVDR
KT CORP SP ADR
MAGNIT PJSC SPON GDR REGS
MEGAFON REG S GDR
MMC NORILSK NICKEL PJSC ADR
MOBILE TELESYSTEMS SP ADR
NOVATEK OAO SPONS GDR REG S
PETROCHINA CO LTD ADR
PHILIPPINE LONG DIST SP ADR
QIHOO 360 TECHNOLOGY CO ADR
QUIMICA Y MINERA CHIL SP ADR
ROSNEFT OJSC REG S GDR
RUSHYDRO PJSC ADR
SEVERSTAL GDR REG S
SISTEMA JSFC REG S SPONS GDR
SK TELECOM CO LTD SPON ADR
TAIWAN SEMICONDUCTOR SP ADR
TATNEFT PAO SPONSORED ADR
TELEFONICA BRASIL ADR
TELEKOMUNIK INDONESIA SP ADR
TIM PARTICIPACOES SA ADR
TURKCELL ILETISIM HIZMET ADR
IPATH MSCI INDIA INDEX ETN
ISHARES MSCI EMERGING MARKETS
VANGUARD FTSE EMERGING MARKETS
WISDOMTREE INDIA EARNINGS FUND
AK TRANSNEFT OAO PREF
BANCO BRADESCO SA PREF
BANCOLOMBIA SA PREF
CENTRAIS ELETRICAS BRAS PR B
EMBOTELLADORA ANDINA PREF B
GRUPO AVAL ACCIONES SA PF
GRUPO DE INV SURAMERICANA PF
HYUNDAI MOTOR CO LTD 2ND PRF
ITAUSA INVESTIMENTOS ITAU PR
LG CHEM LTD PREFERENCE
LOJAS AMERICANAS SA PREF
SAMSUNG ELECTRONICS PREF
SURGUTNEFTEGAS PREFERENCE
SUZANO PAPEL E CELULO PREF A
VALE SA PREF
EMLAK KONUT GAYRIMENKUL YATI
FIBRA UNO ADMINISTRACION SA
GROWTHPOINT PROPERTIES LTD
HYPROP INVESTMENTS LTD UTS
1,179
5,011
4,500
7,023
3,454
6,880
6,445
8,848
606
505
2,406
359
6,667
11,492
114,561
7,131
12,303
3,509
1,057
1,495
5,751
3,589
6,144
7,788
32,295
100
10,310
12,900
19
3,720
8,082
11,200
30,427
190,281
4,985
252
7,018
149
9,350
50
75,100
8,700
4,700
58,131
48,484
21,002
2,183
104,082
136,349
18,820
83,644
138,920
80,152
81,626
54,681
49,783
33,123
102,857
26,139
126,740
39,946
109,520
59,651
72,588
70,706
24,047
39,393
51,932
159,352
52,101
66,120
2,069,464
3,219
337,240
256,194
50,494
18,129
54,992
29,555
89,529
65,335
54,647
22,566
12,204
31,387
45,849
46,523
45,404
41,100
12,177
51,865
107,094
31,530
14,581
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
REDEFINE PROPERTIES LTD
BANCO BRADESCO SA
GCL POLY ENERGY HOLDINGS LTD
INDORAMA VENTURES PCL
BRAZILIAN REAL
CHILEAN PESO
COLOMBIAN PESO
EGYPTIAN POUND
EURO CURRENCY
HONG KONG DOLLAR
HUNGARIAN FORINT
INDONESIAN RUPIAH
MALAYSIAN RINGGIT
MEXICAN PESO (NEW)
MOROCCAN DIRHAM
NEW TAIWAN DOLLAR
PHILIPPINE PESO
POLISH ZLOTY
QATARI RIAL
SOUTH AFRICAN RAND
SOUTH KOREAN WON
THAILAND BAHT
TURKISH LIRA
STATE STREET REPO
Other Assets - Liabilities
Mark to Market
Total Net Assets
26,601
122
20,800
1
16,676
66
54
0
40,319,743
39,138
8,464,559
21,409,133
41,158
1,564
36,549
2,768,784
142,501,011
46,080
176,985
9,699
287,346
127,229
12,288
454,630
39,597
8,671,942
213,582
14,046
9,893
11,945
6,744
5,256
1,698
4,715
9,513
10,337
10,733
10,290
978
8,748
2,704
3,113
124,854
2,559
7,396
5,935
4,820
242,232
348,225
348,225
(337,011)
(136)
40,573,053
IMPORTANT LEGAL INFORMATION:
Investors should read the prospectus carefully before investing because it contains more complete
information on the Pear Tree Funds’ investment objectives, risks, charges and expenses. Please
consider this information carefully. For a prospectus and other information, visit
www.peartreefunds.com or call (800) 326-2151. The Portfolio is actively managed and holdings are
subject to change without notice and may not represent current or future portfolio composition.
Pear Tree PanAgora Risk Parity Emerging Markets Fund
12/31/15
The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the
information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this
document are not required to conform to Generally Accepted Accounting Principles (GAAP) and
Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from that
in the complete statement of investments in the annual and semiannual report to shareholders filed
with the SEC on Form N-CSR, and the complete statement of investments provided in the first and
third quarter SEC Form N-Q filings for each fiscal year. Forms N-CSR and N-Q for the Fund are
available on the SEC website at www.sec.gov.
The portfolio data is for information only. It does not constitute a recommendation or an offer for a
particular security or fund. Reference to specific securities or holdings should not be considered
recommendations for action by investors.