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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:  811-03790

Pear Tree Funds

55 Old Bedford Road, Lincoln, MA  01773

Willard L. Umphrey

Pear Tree Funds

 55 Old Bedford Road

Lincoln, MA  01773

(Name and address of agent for service)

781-259-1144

(Registrant’s telephone number)

Date of fiscal year end:  March 31

Date of reporting period: June 30, 2013

Item 1. Schedule of Investments

PEAR TREE COLUMBIA SMALL CAP FUND
SCHEDULE OF INVESTMENTS
June 30, 2013
Common Stock - 100.5%
			Shares		Value
AIRLINES - 0.6%
	Spirit Airlines, Inc. (a)		22,592	$	717,748
BANKS - 5.8%
	CoBiz Financial, Inc.		124,937		1,036,977
	F.N.B. Corporation		170,575		2,060,546
	Pinnacle Financial Partners, Inc. (a)		33,755		867,841
	Popular, Inc. (a)		39,053		1,184,477
	Susquehanna Bancshares, Inc.		75,040		964,264
	United Bankshares, Inc. (b)		17,750		469,488
					6,583,593
BEVERAGES - 3.0%
	SodaStream International Ltd. (a)(b)		46,270		3,361,516
BUILDING PRODUCTS - 3.1%
	Drew Industries, Inc.		28,890		1,135,955
	NCI Building Systems, Inc. (a)		72,879		1,114,320
	Trex Company, Inc. (a)		27,441		1,303,173
					3,553,448
CHEMICALS - 1.4%
	Ferro Corporation (a)		221,574		1,539,939
COMMERCIAL SERVICES & SUPPLIES - 11.8%
	Acacia Research Corporation - Acacia Technologies (a)		114,325		2,555,164
	Beacon Roofing Supply, Inc. (a)		28,727		1,088,179
	Builders FirstSource, Inc. (a)		157,469		941,665
	Cardtronics, Inc. (a)		43,181		1,191,796
	Heartland Payment Systems, Inc.		44,922		1,673,344
	HMS Holdings Corp. (a)		28,806		671,180
	Kforce, Inc. (a)		144,445		2,108,897
	WageWorks, Inc. (a)		40,503		1,395,328
	Waste Connections, Inc.		41,508		1,707,639
					13,333,192
COMMUNICATIONS EQUIPMENT - 1.8%
	NICE-Systems Ltd. (a)(c)		44,464		1,640,277
	Ubiquiti Networks, Inc.		22,923		402,069
					2,042,346
DIVERSIFIED FINANCIALS - 2.7%
	Hercules Technology Growth Capital, Inc.		95,159		1,326,516
	ICG Group, Inc. (a)		152,498		1,738,477
	Tree.com, Inc.		2,412		41,342
					3,106,335
ELECTRONIC EQUIPMENT & INSTRUMENTS - 2.3%
	Finisar Corporation (a)		79,876		1,353,899
	OSI Systems, Inc. (a)		19,934		1,284,148
					2,638,047
ENERGY EQUIPMENT & SERVICES - 5.7%
	Core Laboratories N.V.		20,191		3,062,167
	Dawson Geophysical Company (a)		31,246		1,151,728
	Hornbeck Offshore Services, Inc. (a)		40,912		2,188,792
					6,402,687
FOOD & DRUG RETAILING - 1.2%
	United Natural Foods, Inc. (a)		24,313		1,312,659
FOOD PRODUCTS - 2.2%
	Boulder Brands, Inc. (a)		109,052		1,314,077
	Hain Celestial Group, Inc. (a)		18,632		1,210,521
					2,524,598
HEALTH CARE EQUIPMENT & SUPPLIES - 2.8%
	Accuray Incorporated (a)(b)		118,896		682,463
	Natus Medical, Inc. (a)		98,782		1,348,374
	Spectranetics Corporation (The) (a)		60,130		1,123,229
					3,154,066
HEALTH CARE PROVIDERS & SERVICES - 5.5%
	Bio-Reference Laboratories, Inc. (a)(b)		42,061		1,209,253
	Catamaran Corporation (a)		32,022		1,560,112
	Healthways, Inc. (a)		88,610		1,540,042
	Henry Schein, Inc. (a)		20,508		1,963,641
					6,273,048
HOTELS, RESTAURANTS & LEISURE - 1.8%
	LeapFrog Enterprises, Inc. (a)		102,674		1,010,312
	National CineMedia, Inc.		60,678		1,024,851
					2,035,163
HOUSEHOLD DURABLES - 1.9%
	Standard Pacific Corporation (a)		251,617		2,095,970
INTERNET SOFTWARE & SERVICES - 0.3%
	eGain Corporation (a)		35,579		342,270
IT CONSULTING & SERVICES - 5.0%
	Alliance Data Systems Corporation (a)		23,402		4,236,464
	InterNAP Network Services Corporation (a)		178,262		1,474,227
					5,710,691
LEISURE EQUIPMENT & PRODUCTS - 0.7%
	Callaway Golf Company		43,517		286,342
	Smith & Wesson Holding Corporation (a)(b)		56,048		559,359
					845,701
MACHINERY - 4.5%
	Actuant Corporation, Class A		20,639		680,468
	Polypore International, Inc. (a)(b)		25,297		1,019,469
	Proto Labs, Inc. (a)		52,447		3,407,481
					5,107,418
MEDIA - 10.6%
	Cinemark Holdings, Inc.		87,852		2,452,828
	Gray Television, Inc. (a)		189,358		1,363,377
	IMAX Corporation (a)		110,009		2,734,824
	Nexstar Broadcasting Group, Inc.		43,397		1,538,858
	Regal Entertainment Group, Class A (b)		141,800		2,538,220
	Sinclair Broadcast Group, Inc., Class A		23,312		684,906
	TiVo, Inc. (a)		64,698		714,913
					12,027,926
OIL & GAS - 1.5%
	LinnCo, LLC (b)		46,353		1,727,576
PERSONAL PRODUCTS - 3.8%
	Nu Skin Enterprises, Inc., Class A		69,905		4,272,594
REAL ESTATE - 11.1%
	American Campus Communities, Inc.		32,821		1,334,502
	Brandywine Realty Trust		103,589		1,400,523
	Campus Crest Communities, Inc.		44,014		507,921
	EPR Properties		95,052		4,778,264
	Hersha Hospitality Trust		814,523		4,593,910
					12,615,120
SEMICONDUCTOR EQUIPMENT & PRODUCTS - 0.9%
	8x8, Inc. (a)		120,986		996,925
SOFTWARE - 2.2%
	inContact, Inc. (a)		85,788		705,177
	MedAssets, Inc. (a)		60,235		1,068,569
	Rally Software Development Corp. (a)		8,124		201,638
	Verint Systems, Inc. (a)		13,436		476,575
					2,451,959
SPECIALTY RETAIL - 4.2%
	Fifth & Pacific Companies, Inc. (a)		63,437		1,417,183
	Pier 1 Imports, Inc.		85,888		2,017,509
	Restoration Hardware Holdings, Inc. (a)		17,328		1,299,600
					4,734,292
TEXTILES & APPAREL - 1.1%
	Vera Bradley, Inc. (a)(b)		56,608		1,226,129
WIRELESS TELECOMMUNICATION SERVICES - 1.0%
	SBA Communications Corp., Class A (a)		14,904		1,104,684
TOTAL COMMON STOCK
	(Cost $84,894,921)				113,837,640
SHORT TERM INVESTMENTS - 0.2%
			Par Value		Value
	State Street Bank & Trust Co., Repurchase Agreement
	.01%, 07/01/13, (Dated 06/28/13), Collateralized by $275,000 par
	U.S. Treasury Note-.625% due 05/31/2017,
	Market Value $270,619.80, Repurchase Proceeds $263,951
	(Cost $263,950)	$	263,950		263,950
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED) - 100.7%
	(Cost $85,158,871)				114,101,590
INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED - 11.0%
Money Market - 11.0%
	Western Asset Institutional Cash Reserves - Inst.
	(Cost $12,441,560)		12,441,560		12,441,560
TOTAL INVESTMENTS - 111.7%					126,543,150
	(Cost $97,600,431)
OTHER ASSETS & LIABILITIES (NET) - (11.7%)					(13,241,261)
NET ASSETS - 100%				$	113,301,889
(a)	Non-income producing security
(b)	All or a portion of this security was out on loan.
(c)	ADR - American Depositary Receipts
The percentage of each investment category is calculated as a
percentage of net assets.

Pear Tree Small Cap Fund FASB 157 Disclosure

Portfolio securities are valued each business day generally at the last reported sale price on the principal exchange or market on which they are traded.  If on a business day there is no such reported sale, the securities generally are valued at the mean between the last reported bid and asked prices. For securities, where no such sales have been reported, a Fund may value such securities at the last reported bid price. In the event that there is information suggesting that valuation of such securities based upon bid and/or asked prices may not be accurate, a Fund may value such securities in good faith at fair value in accordance with procedures (the “Valuation Procedures”) established by the Funds’ Board of Trustees (the “Trustees”), which may include a determination to value such securities at the last reported sales price. Short-term investments that mature in 60 days or less are valued at amortized cost. Securities quoted in foreign currencies are translated into U.S. dollars based upon the prevailing exchange rate at the time of valuation. Other assets and securities for which no quotations are readily available are valued at fair value as determined in good faith using the Valuation Procedures. As a result, changes in the value of those currencies in relation to the U.S. dollar may affect a Fund’s NAV. Because foreign markets may be open at different times than the New York Stock Exchange, the value of a Fund’s shares may change on days when shareholders are not able to buy or sell them. If events materially affecting the values of a Fund’s foreign investments occur between the close of foreign markets and the close of regular trading on the New York Stock Exchange, these investments may be valued at their fair value as determined in good faith using the Valuation Procedures.

The Funds’ Valuation Procedures include fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs used to develop the measurements of fair value. These inputs are summarized in the three broad levels listed below:

● Level 1- Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has the ability to access.

●  Level 2- Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

● Level 3- Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing a Fund’s own assumptions about the assumptions a market participant would use in valuing the asset liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers in changing an investment’s assigned level within the hierarchy.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2013:

		Quoted Prices in Active Markets	Significant Other Observable Inputs	Significant Unobservable Inputs	Carrying Value at June 30, 2013
		Level 1	Level 2	Level 3	Total
	Common Stock*	$    99,582,242	$       -	$      -	$    99,582,242
Depository Receipts		1,640,277	-	-	1,640,277
Real Estate Inv. Trusts		12,615,121	-	-	12,615,121
Short Term Investments		12,441,560	263,950	-	12,705,510
Total		$  126,279,200	$ 263,950	$       -	$  126,543,150

* Refer to Schedule of Investments for breakout by industry or country.

* Transfers between levels are recognized at the end of the reporting period.

In January 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-01 Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This update gives additional clarification to the FASB ASU No. 2011-11 Disclosures about Offsetting Assets and Liabilities. The amendments in this ASU require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The guidance requires retrospective application for all comparative periods presented. The Fund is currently evaluating the impact ASU 2013-01 will have on the financial statements disclosures.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference from the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

PEAR TREE QUALITY FUND
SCHEDULE OF INVESTMENTS
June 30, 2013
Common Stock - 99.0%
		Shares		Value
BEVERAGES - 5.0%
	Anheuser-Busch InBev SA (c)	6,026	$	543,907
	Coca-Cola Company (The)	118,052		4,735,065
				5,278,972
COMMUNICAITONS EQUIPMENT - 0.7%
	QUALCOMM Incorporated	12,951		791,047
COMPUTERS & PERIPHERALS - 8.1%
	Apple, Inc.	4,786		1,895,639
	EMC Corporation (a)	13,769		325,224
	Hewlett-Packard Company	147,688		3,662,662
	International Business Machines	14,290		2,730,962
				8,614,487
CONSUMER SERVICES - 0.1%
	McKesson Corporation	1,133		129,729
FOOD PRODUCTS - 3.1%
	Nestle, S.A. (c)	25,404		1,671,075
	Unilever N.V.	42,486		1,670,125
				3,341,200
FOOD STAPLES & DRUG RETAILING - 7.3%
	Costco Wholesale Corporation	2,344		259,176
	CVS Caremark Corporation	6,098		348,684
	General Mills, Inc.	881		42,755
	PepsiCo, Inc.	38,187		3,123,315
	SYSCO Corporation	12,778		436,496
	Tesco PLC (a)(c)	38,089		580,857
	Wal-Mart Stores, Inc.	39,393		2,934,384
	Walgreen Co.	1,518		67,096
				7,792,763
HEALTH CARE EQUIPMENT & SERVICES - 6.2%
	Baxter International, Inc.	2,127		147,337
	Becton, Dickinson and Company	1,334		131,839
	Express Scripts, Inc. (a)	55,403		3,417,811
	Medtronic, Inc.	21,382		1,100,532
	Stryker Corporation	684		44,241
	UnitedHealth Group, Inc.	11,625		761,205
	Zimmer Holdings, Inc. (a)	13,644		1,022,482
				6,625,447
HEALTH CARE PROVIDERS & SERVICES - 1.3%
	Cardinal Health, Inc.	2,008		94,778
	Laboratory Corporation of America Holdings (a)	7,497		750,450
	Quest Diagnostics Incorporated	7,799		472,853
				1,318,081
HOTELS, RESTAURANTS & LEISURE - 2.2%
	McDonald's Corporation	21,602		2,138,598
	YUM! Brands, Inc.	2,555		177,164
				2,315,762
HOUSEHOLD PRODUCTS - 5.5%
	Church & Dwight Co., Inc.	4,807		296,640
	Colgate-Palmolive Company	39,159		2,243,419
	Kimberly-Clark Corporation	616		59,838
	Procter & Gamble Company	40,633		3,128,335
	Reckitt Benckiser Group plc (a)	1,857		131,290
				5,859,522
INDUSTRIAL CONGLOMERATES - 1.0%
	3M Company	9,636		1,053,697
MULTILINE RETAIL - 2.2%
	Target Corporation	33,369		2,297,789
OIL & GAS - 7.1%
	BP plc (c)	20,432		852,832
	Chevron Corporation	28,471		3,369,258
	Exxon Mobil Corporation	13,989		1,263,906
	Royal Dutch Shell plc (c)	18,172		1,159,373
	TOTAL S.A. (b)(c)	18,331		892,720
				7,538,089
PHARMACEUTICALS & BIOTECHNOLOGY - 18.7%
	Abbott Laboratories	39,442		1,375,737
	AmerisourceBergen Corporation	2,056		114,786
	Amgen, Inc.	3,963		390,990
	AstraZeneca PLC (c)	12,246		579,236
	Bristol-Myers Squibb Company	13,439		600,589
	Eli Lilly and Company	4,353		213,819
	Gilead Sciences, Inc. (a)	5,369		274,946
	GlaxoSmithKline plc (c)	25,450		1,271,737
	Johnson & Johnson	65,729		5,643,492
	Merck & Co., Inc.	8,165		379,264
	Novartis AG (c)	21,820		1,542,892
	Novo Nordisk A/S (c)	1,633		253,066
	Pfizer, Inc.	146,842		4,113,044
	Roche Holding Ltd (c)	26,055		1,611,893
	Sanofi-Aventis (c)	26,527		1,366,406
	Takeda Pharmaceutical Company Limited (c)	9,970		225,123
				19,957,020
RETAILING - 0.2%
	TJX Companies, Inc. (The)	5,218		261,213
SOFTWARE & SERVICES - 22.1%
	Cisco Systems, Inc.	206,881		5,029,277
	Google, Inc. (a)	6,037		5,314,794
	MasterCard Incorporated	2,799		1,608,025
	Microsoft Corporation	142,994		4,937,583
	Oracle Corporation	143,677		4,413,757
	SAP AG (b)(c)	10,649		775,567
	Visa, Inc.	7,133		1,303,556
	Yahoo! Inc. (a)	6,195		155,556
				23,538,115
TEXTILES & APPAREL - 0.9%
	Nike, Inc.	14,399		916,928
TOBACCO - 6.7%
	British American Tobacco p.l.c. (c)	13,197		1,358,499
	Japan Tobacco Inc.	20,000		715,600
	Lorillard, Inc.	36,591		1,598,295
	Philip Morris International, Inc.	39,989		3,463,847
				7,136,241
WIRELESS TELECOMMUNICATIONS - 0.6%
	NTT DOCOMO, Inc. (c)	44,414		695,079
TOTAL COMMON STOCK				105,461,181
	(Cost $89,989,290)
Short Term Investments - 0.9%		Par Value		Value
	State Street Bank & Trust Co., Repurchase Agreement	961,266	$	961,266
	.01%, 07/01/13, (Dated 06/28/13), Collateralized by $1,000,000 par
	U.S. Treasury Note-.625% due 05/31/2017,
	Market Value $984,072, Repurchase Proceeds $961,267
	(Cost $961,266)
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED)
	(Cost $90,950,556)			106,422,447
Money Market - 1.6%
	Western Asset Institutional Cash Reserves - Inst.
	(Cost $1,743,481)	1,743,481		1,743,481
TOTAL INVESTMENTS  101.5%			$	108,165,928
	(Cost $92,694,037)
OTHER ASSETS & LIABILITIES (NET) - (1.5%)				(1,639,842)
NET ASSETS - 100%			$	106,526,086
(a)	Non-Income producing security
(b)	All or a portion of this security is out on loan
(c)	ADR - American Depositary Receipts
The percentage of each investment category is calculated as a percentage of net assets.

Pear Tree Quality Fund FASB 157 Disclosure

Portfolio securities are valued each business day generally at the last reported sale price on the principal exchange or market on which they are traded.  If on a business day there is no such reported sale, the securities generally are valued at the mean between the last reported bid and asked prices. For securities, where no such sales have been reported, a Fund may value such securities at the last reported bid price. In the event that there is information suggesting that valuation of such securities based upon bid and/or asked prices may not be accurate, a Fund may value such securities in good faith at fair value in accordance with procedures (the “Valuation Procedures”) established by the Funds’ Board of Trustees (the “Trustees”), which may include a determination to value such securities at the last reported sales price. Short-term investments that mature in 60 days or less are valued at amortized cost. Securities quoted in foreign currencies are translated into U.S. dollars based upon the prevailing exchange rate at the time of valuation. Other assets and securities for which no quotations are readily available are valued at fair value as determined in good faith using the Valuation Procedures. As a result, changes in the value of those currencies in relation to the U.S. dollar may affect a Fund’s NAV. Because foreign markets may be open at different times than the New York Stock Exchange, the value of a Fund’s shares may change on days when shareholders are not able to buy or sell them. If events materially affecting the values of a Fund’s foreign investments occur between the close of foreign markets and the close of regular trading on the New York Stock Exchange, these investments may be valued at their fair value as determined in good faith using the Valuation Procedures.

The Funds’ Valuation Procedures include fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs used to develop the measurements of fair value. These inputs are summarized in the three broad levels listed below:

● Level 1- Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has the ability to access.

●  Level 2- Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

● Level 3- Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing a Fund’s own assumptions about the assumptions a market participant would use in valuing the asset liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers in changing an investment’s assigned level within the hierarchy.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2013:

		Quoted Prices in Active Markets	Significant Other Observable Inputs	Significant Unobservable Inputs	Carrying Value at June 30, 2013
		Level 1	Level 2	Level 3	Total
	Common Stock*	$    90,080,921	$       -	$      -	$    90,080,921
Depository Receipts		15,380,260	-	-	15,380,260
Short Term Investments		1,743,481	961,266	-	2,704,747
Total		$  107,204,662	$ 961,266	$       -	$  108,165,928

* Refer to Schedule of Investments for breakout by industry or country.

* Transfers between levels are recognized at the end of the reporting period.

In January 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-01 Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This update gives additional clarification to the FASB ASU No. 2011-11 Disclosures about Offsetting Assets and Liabilities. The amendments in this ASU require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The guidance requires retrospective application for all comparative periods presented. The Fund is currently evaluating the impact ASU 2013-01 will have on the financial statements disclosures.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference from the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

PEAR TREE PANAGORA DYNAMIC EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS
June 30, 2013
Common Stock - 82.1%
			Shares		Value
BRAZIL - 6.3%
	Banco do Brasil SA		120,612	$	1,209,399
	BM&F Bovespa SA		116,124		650,337
	Companhia de Bebidas das Americas (c)		34,945		1,305,196
	Cyrela Brazil Realty Empreendimentos e Participacoes SA		91,900		638,761
	Embraer SA (c)		6,582		242,810
	Even Construtora e Incorporadora SA		119,600		427,027
	EZ Tec Empreendimentos e Participacoes SA		44,835		556,222
	JBS S.A.		238,500		699,182
	Minerva S.A. (a)		33,400		157,087
	Petroleo Brasileiro SA		75,583		507,197
	Petroleo Brasileiro SA (c)		71,506		1,048,278
	Sao Martinho SA		15,318		178,652
	Sul America SA		83,818		496,757
	Vale SA		48,853		644,142
					8,761,047
CHILE - 0.4%
	Banco Santander Chile (c)		8,378		204,842
	Compania Cervecerias Unidas SA (c)		14,116		403,859
					608,701
CHINA - 10.1%
	Bank of China Ltd., H		5,236,392		2,153,658
	China Construction Bank Corporation		3,993,422		2,826,646
	China Petroleum & Chemical Corporation		2,221,810		1,564,060
	China Shenhua Energy Co., Ltd.		176,605		448,563
	China Yuchai International Ltd.		15,241		268,699
	Chongqing Rural Commercial Bank Co.		877,687		373,428
	Dongfeng Motor Group Company Limited		208,881		279,005
	Giant Interactive Group, Inc. (c)		49,305		394,933
	Great Wall Motor Co., Ltd.		320,676		1,376,780
	Guangzhou R&F Properties Co., Ltd.		79,200		114,366
	Industrial & Commercial Bank of China Ltd.		1,784,911		1,125,328
	Kingsoft Corporation Limited		248,000		409,915
	Mindray Medical International Limited  (c)		15,997		599,088
	PetroChina Company Limited		1,017,778		1,082,582
	Sinofert Holdings Ltd.		912,000		152,859
	Tencent Holdings Limited		10,800		423,581
	Tong Ren Tang Technologies Co., Ltd.		47,000		143,009
	Zhejiang Expressway Co., Ltd.		220,000		179,264
					13,915,764
COLOMBIA - 0.5%
	Ecopetrol SA (b)(c)		14,905		626,904
CZECH REPUBLIC - 0.2%
	CEZ AS (b)		10,780		258,788
HONG KONG - 5.9%
	Central China Real Estate Ltd.		252,371		72,235
	Champion Real Estate Investment Trust		504,000		231,331
	China Mobile Limited		234,779		2,457,927
	CNOOC Limited		955,218		1,620,736
	COSCO International Holdings Ltd.		173,193		68,999
	Dairy Farm International Holdings Limited		9,000		108,090
	Dongyue Group Limited (b)		410,000		164,399
	Giordano International Limited		340,000		297,648
	KWG Property Holding Limited		335,419		175,577
	Lenovo Group Limited		1,075,489		980,345
	Shanghai Industrial Holdings Limited		63,000		195,348
	Shougang Fushan Resources Group Limited (b)		1,238,000		486,827
	Sino Biopharmaceutical Limited		612,000		396,893
	Skyworth Digital Holdings Limited (b)		262,000		132,754
	Soho China Limited (b)		1,034,979		819,320
					8,208,429
HUNGARY - 0.2%
	EGIS Pharmaceuticals PLC		1,610		155,682
	Richter Gedeon Nyrt.		1,196		179,201
					334,883
INDIA - 4.0%
	Allahabad Bank		29,921		45,693
	Andhra Bank		214,842		297,001
	Bajaj Holdings & Investment Limited		11,984		162,513
	Bank of Baroda		16,624		161,414
	Cairn India Limited		11,906		57,992
	Chambal Fertilizers & Chemicals Ltd.		273,368		167,218
	Gitanjali Gems Limited		87,208		343,255
	Grasim Industries Limited		7,175		333,787
	Gujarat State Fertilisers & Chemicals Limited		31,990		32,865
	Hexaware Technologies Limited		123,662		180,525
	Indiabulls Financial Services Limited*		172,508		775,669
	Indian Bank		104,046		201,351
	Oil and Natural Gas Corp. Limited		192,027		1,069,922
	Oil India Limited		16,727		160,754
	Rural Electrification Corporation Limited		145,941		491,791
	South Indian Bank Limited		388,995		150,558
	Syndicate Bank		140,928		262,054
	Tata Chemicals Ltd.		40,139		190,242
	UCO Bank		270,993		282,736
	United Phosphorus Limited		67,713		155,310
					5,522,650
INDONESIA - 2.2%
	PT Aneka Tambang Tbk		1,851,489		186,548
	PT Astra Agro Lestari Tbk		195,648		388,339
	PT Bank Bukopin Tbk		2,989,500		216,871
	PT Holcim Indonesia Tbk		443,000		109,355
	PT Indo Tambangraya Megah Tbk		25,120		71,247
	PT Indocement Tunggal Prakarsa Tbk		158,000		389,229
	PT Indofood CBP Sukses Makmur Tbk		265,000		325,743
	PT Indofood Sukses Makmur Tbk		316,000		234,015
	PT PP London Sumatra Indonesia Tbk		1,256,840		217,810
	PT Surya Semesta Internusa Tbk		1,206,000		157,965
	PT Telekomunikasi Indonesia Tbk		613,958		695,922
					2,993,044
ISRAEL - 1.0%
	First International Bank of Israel Ltd.		4,735		67,146
	Mizrahi Tefahot Bank Ltd. (a)		116,792		1,171,322
					1,238,468
MALAYSIA - 4.5%
	Affin Holdings Berhad		161,900		223,416
	Berjaya Sports Toto Berhad		197,754		273,519
	British American Tobacco (Malaysia) Berhad		22,344		421,491
	DiGi.Com Berhad		315,951		476,002
	DRB-HICOM Berhad		727,199		619,138
	Genting Malaysia Berhad		406,509		500,497
	Hong Leong Financial Group Berhad		58,755		268,902
	JCY International Berhad		341,400		72,397
	KLCC Property Holdings Berhad		66,800		143,770
	Kuala Lumpur Kepong Berhad		49,400		339,601
	Kulim (Malaysia ) Berhad		201,100		219,590
	Lafarge Malaysia Berhad		46,280		149,115
	Malaysia Building Society Berhad		457,212		444,260
	Parkson Holdings Berhad		144,000		177,750
	Telekom Malaysia Berhad		214,978		367,426
	Tenaga Nasional Berhad		295,900		776,392
	UMW Holdings Berhad		195,093		901,522
					6,374,788
MEXICO - 3.9%
	Alfa S.A.B. de C.V., Series A		654,890		1,570,549
	America Movil S.A.B. de C.V., Series L		1,016,070		1,102,626
	Controladora Comercial Mexicana S.A.B. de C.V.		83,100		315,051
	Fomento Económico Mexicano, S.A.B. de C.V. (c)		2,860		295,123
	GRUMA, S.A.B. de C.V., Series B (a)		139,607		632,861
	Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (c)		5,857		297,711
	Grupo Carso, S.A.B. de C.V., Series A1		57,500		273,579
	Grupo Herdez, S.A.B. de C.V., Series *		27,954		88,489
	Grupo Mexico S.A.B. de C.V., Series B		94,398		272,445
	Grupo Televisa, S.A.B. (c)		12,403		308,091
	Organizacion Soriana S.A.B. de C.V., Series B		45,400		169,990
					5,326,515
PERU - 0.1%
	BBVA Banco Continental SA		65,315		148,614
	Intercorp Financial Services, Inc.		3,210		105,930
					254,544
PHILIPPINES - 1.0%
	Aboitiz Equity Ventures, Inc.		84,860		98,610
	Alliance Global Group, Inc. (a)		615,600		333,450
	Manila Electric Company		42,630		325,448
	Megaworld Corporation		3,885,300		296,794
	Rizal Commercial Banking Corporation		107,590		143,204
	Universal Robina Corporation		65,650		189,960
					1,387,466
POLAND - 1.0%
	KGHM Polska Miedz SA (b)		19,221		698,494
	PGE SA		143,827		665,216
					1,363,710
RUSSIA - 3.9%
	Gazprom (c)		203,551		1,339,366
	LUKoil (c)		34,940		2,005,556
	Norilsk Nickel Mining and Metallurgical Co. (c)		27,550		396,995
	PhosAgro (d)		9,427		114,067
	Sberbank of Russia (c)		109,942		1,252,239
	Severstal (d)		33,657		214,395
					5,322,618
SINGAPORE - 1.2%
	ComfortDelGro Corporation Limited		413,000		597,560
	DBS Group Holdings Ltd.		42,000		513,306
	Indofood Agri Resources Ltd.		214,941		165,242
	UOL Group Limited		79,000		418,592
					1,694,700
SOUTH AFRICA - 5.3%
	African Rainbow Minerals Limited		24,510		371,355
	Barloworld Limited		43,989		362,703
	FirstRand Limited		300,796		880,380
	Gold Fields Ltd. (c)		97,346		511,067
	Imperial Holdings Limited		38,531		818,068
	Liberty Holdings Limited		73,832		895,898
	Mondi Limited		18,226		231,024
	MTN Group Limited		43,098		802,278
	Reunert Limited		26,510		185,058
	RMB Holdings Ltd.		130,922		521,865
	Sasol Ltd.		37,162		1,622,444
	Tongaat Hulett Limited		7,879		100,038
					7,302,178
SOUTH KOREA - 11.4%
	Daelim Industrial Co., Ltd.		9,505		722,415
	Daishin Securities Company		14,541		113,955
	Daou Technology, Inc.		56,485		813,606
	DGB Financial Group, Inc.		12,280		167,740
	GS Home Shopping, Inc.		544		112,654
	Hana Financial Group, Inc.		12,240		356,359
	Hanwha Corporation		8,760		225,510
	Hyundai Motor Company		7,539		1,488,590
	Industrial Bank of Korea		9,390		90,031
	Kangwon Land, Inc.		7,660		211,949
	KCC Corporation		1,516		435,400
	Kia Motors Corporation		8,994		489,057
	KT Corporation		10,480		328,518
	KT&G Corporation		9,463		614,819
	LG Display Co., Ltd. (a)		45,540		1,094,587
	Meritz Fire & Marine Insurance Co., Ltd.		5,460		60,717
	Nong Shim Co., Ltd.		1,386		322,213
	Samsung Electronics Co., Ltd.		4,747		5,578,104
	Samsung Heavy Industries Co., Ltd.		18,411		577,132
	SK Holdings Co., Ltd.		3,600		534,302
	SK Innovation Co., Ltd.		4,946		586,825
	SK Telecom Co., Ltd. (b)(c)		18,236		370,738
	Soulbrain Co., Ltd.		4,257		162,519
	Sungwoo Hitech Co., Ltd.		23,821		299,314
					15,757,054
TAIWAN - 12.1%
	ASUSTeK Computer, Inc.		123,488		1,063,024
	Chailease Holding Co., Ltd.		92,000		217,330
	Chicony Electronics Co., Ltd.		120,271		313,007
	Chunghwa Telecom Co., Ltd.		230,600		784,799
	CTBC Financial Holding Co., Ltd.		951,000		588,604
	Farglory Land Development Co., Ltd.		259,302		475,847
	Fubon Financial Holding Co., Ltd.		741,000		1,009,971
	Highwealth Construction Corp.		137,916		289,904
	Hon Hai Precision Industry Co., Ltd.		328,372		810,768
	Lite-On Technology Corp.		431,844		757,899
	MStar Semiconductor, Inc.		26,000		187,381
	Pegatron Corporation (a)		434,416		717,480
	Phison Electronics Corp.		113,015		929,505
	Pou Chen Corporation		724,631		687,857
	Powertech Technology, Inc.		339,000		636,806
	President Chain Store Corp.		158,915		1,041,901
	Radiant Opto-Electronics Corporation		213,990		701,852
	Taiwan Semiconductor Manufacturing Co., Ltd.		716,270		2,652,763
	TECO Electric & Machinery Co., Ltd.		1,016,983		1,017,967
	U-Ming Marine Transport Corporation		45,246		70,954
	Uni-President Enterprises Corporation		628,702		1,225,058
	United Microelectronics Corporation		1,171,401		566,725
					16,747,402
THAILAND - 3.6%
	Bangkok Bank PCL  (e)		70,636		464,605
	CP ALL PCL		1,057,812		1,330,152
	Electricity Generating PCL		52,679		229,298
	Kiatnakin Bank PCL		169,100		288,966
	Krung Thai Bank PCL		1,695,946		1,110,034
	PTT Global Chemical PCL		372,900		829,602
	Siam Makro PCL		18,895		475,193
	Thanachart Capital PCL		196,900		244,419
					4,972,269
TURKEY - 3.3%
	Eis Eczacibasi Ilac Ve Sinai		291,995		316,349
	Enka Insaat ve Sanayi AS		142,434		358,097
	Eregli Demir ve Celik Fabrikalari TAS		610,610		629,886
	Ford Otomotiv Sanayi AS		17,496		241,249
	Gubre Fabrikalari TAS (a)		25,439		180,662
	Tekfen Holding AS		99,118		339,111
	Tofas Turk Otomobil Fabrikasi AS		48,420		302,453
	Tupras - Turkiye Petrol Rafinerileri AS		26,475		646,401
	Turk Hava Yollari Anonim Ortakligi		191,056		742,792
	Turkiye Sise ve Cam Fabrikalari AS		344,291		481,875
	Ulker Biskuvi Sanayi AS		39,859		289,268
					4,528,143
TOTAL COMMON STOCK
	(Cost $111,873,081)				113,500,065
Preferred Stock - 2.5%
BRAZIL - 2.5%
	Banco Bradesco SA		25,889		337,836
	Banco do Estado do Rio Grande do Sul  SA		51,230		351,205
	Eletropaulo Metropolitana SA		34,480		98,425
	Itau Unibanco Holding SA		73,881		371,581
	Itausa - Investimentos Itau S.A.		44,319		577,733
	Klabin SA		315,400		1,184,715
	Vale SA, Class A		35,971		440,877
TOTAL PREFERRED STOCK
	(Cost $4,733,027)				3,362,372
Mutual Funds - 15.1%					Value
United States  - 15.1%
	Pear Tree PanAgora Risk Parity Emerging Markets Fund
	(Cost $20,475,000)		2,047,500		20,884,500
TOTAL INVESTMENTS (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED)
	(Cost $137,081,108)				137,746,937
INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED - 2.6%
Money Market - 2.6%			Par Value		Value
	Western Asset Institutional Cash Reserves - Inst.
	(Cost $3,573,437)	$	3,573,437	$	3,573,437
TOTAL INVESTMENTS - 102.3%
(Cost $140,654,545)					141,320,374
OTHER ASSETS & LIABILITIES (Net) - (2.3%)					(3,100,848)
NET ASSETS - 100%				$	138,219,526
*	Fair valued by Valuation Committee as delegated by Pear Tree Funds Board of Trustees that represent
	0.56% of net assets as of June 30, 2013.
(a)	Non-income producing security.
(b)	All or a portion of this security was out on loan.
(c)	ADR - American Depositary Receipts
(d)	GDR - Global Depositary Receipts
(e)	NVDR - Non-Voting Depository Receipts
The percentage of each investment category is calculated as a
percentage of net assets.
	SECTOR ALLOCATIONS (as a percentage of Total Net Assets)
	Financials				21.0%
	Mutual Funds				15.1%
	Information Technology				14.2%
	Energy				10.5%
	Consumer Staples				8.6%
	Consumer Discretionary				7.9%
	Industrials				7.6%
	Materials				6.6%
	Telecommunication Services				5.3%
	Utilities				1.7%
	Health Care				1.2%
	Cash and Other Assets (Net)				0.3%

Pear Tree Emerging Markets Fund FASB 157 Disclosure

Portfolio securities are valued each business day generally at the last reported sale price on the principal exchange or market on which they are traded.  If on a business day there is no such reported sale, the securities generally are valued at the mean between the last reported bid and asked prices. For securities, where no such sales have been reported, a Fund may value such securities at the last reported bid price. In the event that there is information suggesting that valuation of such securities based upon bid and/or asked prices may not be accurate, a Fund may value such securities in good faith at fair value in accordance with procedures (the “Valuation Procedures”) established by the Funds’ Board of Trustees (the “Trustees”), which may include a determination to value such securities at the last reported sales price. Short-term investments that mature in 60 days or less are valued at amortized cost. Securities quoted in foreign currencies are translated into U.S. dollars based upon the prevailing exchange rate at the time of valuation. Other assets and securities for which no quotations are readily available are valued at fair value as determined in good faith using the Valuation Procedures. As a result, changes in the value of those currencies in relation to the U.S. dollar may affect a Fund’s NAV. Because foreign markets may be open at different times than the New York Stock Exchange, the value of a Fund’s shares may change on days when shareholders are not able to buy or sell them. If events materially affecting the values of a Fund’s foreign investments occur between the close of foreign markets and the close of regular trading on the New York Stock Exchange, these investments may be valued at their fair value as determined in good faith using the Valuation Procedures.

The Funds’ Valuation Procedures include fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs used to develop the measurements of fair value. These inputs are summarized in the three broad levels listed below:

● Level 1- Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has the ability to access.

●  Level 2- Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

● Level 3- Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing a Fund’s own assumptions about the assumptions a market participant would use in valuing the asset liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers in changing an investment’s assigned level within the hierarchy.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2013:

		Quoted Prices in Active Markets	Significant Other Observable Inputs	Significant Unobservable Inputs	Carrying Value at June 30, 2013
		Level 1	Level 2	Level 3	Total
	Common Stock*	$    94,633,960	$ 4,507,664	$      775,669	$  99,917,293
	Common Stock Units	811,808	-	-	811,808
Depository Receipts		12,395,863	-	-	12,395,863
Mutual Funds		20,884,500	-	-	20,884,500
Preferred Stock		3,362,372	-	-	3,362,372
Real Estate Inv. Trusts		375,101	-	-	375,101
Short Term Investments		3,573,437	-	-	3,573,437
Total		$  136,037,041	$ 4,507,664	$       775,669	$141,320,374

* Refer to Schedule of Investments for breakout by industry or country.

* Transfers between levels are recognized at the end of the reporting period.

* Common stock labeled as Level 2 balance consists of the market value of the associated Level 2 investments in the following industries:

Banks                                            $ 1,110,034

Chemicals                                               829,602

Diversified Financials                            533,385

Electric Utilities                                     229,298

Multiline Retail                                      475,193

Specialty Retail                                   1,330,152

                                                         $ 4,507,664

* Common stock labeled as Level 3 balance consists of the market value of the associated Level 3 investments in the following industry:

Financials                                            $ 775,669                                

The following is a reconciliation of Level 3 assets for which unobservable inputs were used to determine fair value.

  Balance as of 3/31/2013$          839,179

   Realized gain (loss)                                                                                  $                -

   Changed in unrealized appreciation (depreciation)                 $           (63,510)

   Net purchases (sales)                                                                             $                 -

   Transfer into Level 3                                                                               $                -          -

Balances as of 6/30/2013                                                                           $          775,669

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2013:

Fair Value                                                                                          Impact to

Common                      June                  Valuation                                    Unobservable                                         Range                                 Valuation from

Stock                      30, 2013                         Methodologies                                        Input (1)                                                              a Decrease in Input (2)

775,669                      Company Specific   Company Specific     100%                                                                                                    Decrease

1. In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, and company specific developments.

2. This column represents the directional change in the fair value of the level 3 investments that would result from a decrease to the corresponding unobservable input. An increase to the observable input would have the opposite effect.

In January 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-01 Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This update gives additional clarification to the FASB ASU No. 2011-11 Disclosures about Offsetting Assets and Liabilities. The amendments in this ASU require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The guidance requires retrospective application for all comparative periods presented. The Fund is currently evaluating the impact ASU 2013-01 will have on the financial statements disclosures.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference from the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

PEAR TREE PANAGORA RISK PARITY EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS
June 30, 2013
Common Stock - 84.6%
		Shares		Value
BRAZIL - 4.2%
	Arteris S.A.	3,400	$	31,104
	Banco do Brasil S.A.	2,400		24,065
	Banco Santander Brasil S.A. (c)	2,823		17,559
	BR Properties S.A.	3,200		27,549
	BRF S.A.	1,300		28,539
	CCR S.A.	4,200		33,684
	Cetip S.A. Mercados Organizados	2,200		22,768
	Cielo S.A.	2,100		53,285
	Companhia Brasileira de Distribuicao SP (c)	536		24,367
	Companhia Energetica de Minas Gerais (c)	2,907		26,076
	Companhia Hering	1,600		22,691
	Cosan SA Industria e Comercio	1,700		33,322
	CPFL Energia S.A. (c)	686		12,547
	Cyrela Brazil Realty SA Empreendimentos e Participacoes	2,200		15,291
	EcoRodovias Infraestrutura e Logística S.A.	4,400		31,221
	Embraer S.A. (c)	715		26,376
	Lojas Renner S.A..	1,000		28,976
	Natura Cosméticos S.A.	1,300		28,097
	Odontoprev S.A.	12,100		50,439
	Petroleo Brasileiro S.A.	4,100		27,513
	Porto Seguro S.A.	2,600		27,920
	Qualicorp S.A. (a)	6,100		46,710
	Souza Cruz S.A.	2,100		26,062
	Telefonica Brasil S.A. (c)	2,599		59,309
	TIM Participacoes S.A. (c)	2,183		40,604
	Totvs S.A.	4,100		65,002
	Vale S.A.	2,100		27,689
	Weg S.A.	2,300		29,336
				888,101
CHINA - 4.0%
	Anhui Conch Cement Company Limited H	5,000		13,505
	Bank of Communications Co., Ltd. H	32,000		20,629
	Beijing Enterprises Holdings Limited	2,500		18,018
	Belle International Holdings Limited	12,000		16,493
	China Agri-Industries Holdings Limited	45,000		19,726
	China BlueChemical Ltd. H	32,000		19,474
	China Coal Energy Co., Ltd.	39,000		20,415
	China Communications Services Corporation Ltd. H	66,000		41,696
	China Construction Bank Corporation	37,000		26,190
	China International Marine Containers Group Co., Ltd.  H (a)	8,400		14,491
	China Longyuan Power Group H	24,000		24,878
	China Petroleum & Chemical Corporation	40,000		28,158
	China Shenhua Energy Co., Ltd.	9,500		24,129
	China Telecom Corporation Limited	90,000		42,934
	Datang International Power Generation Co., Ltd.	66,000		26,975
	ENN Energy Holdings Ltd.	4,000		21,376
	Huaneng Power International Inc. H	28,000		27,833
	Inner Mongolia Yitai Coal Co., Ltd., Class B	5,000		24,010
	Jiangsu Expressway Co. Ltd. - H	20,000		20,629
	Kingboard Chemical Holdings, Ltd.	12,500		25,689
	PetroChina Company Limited (c)	279		30,877
	Shandong Weigao Group Medical Polymer Co., Ltd.	20,000		21,815
	Shanghai Pharmaceuticals Holding Co., Ltd.	17,300		32,431
	Sino Biopharmaceutical Limited	40,000		25,941
	Sinopec Shanghai Petrochemical Co., Ltd.	50,000		16,761
	Sinopharm Group Co., Ltd. H	12,000		30,139
	Tencent Holdings Limited	1,000		39,220
	Tingyi (Cayman Islands) Holding Corporation	10,000		26,173
	Tsingtao Brewery Co., Ltd.	4,000		28,674
	Uni-President China Holdings Limited	17,000		17,293
	Wumart Stores, Inc. H Shares	10,000		18,256
	Yantai Changyu Pioneer Wine Company Ltd. - B	3,800		17,442
	Zhejiang Expressway Co., Ltd.	20,000		16,297
	ZTE Corporation H	17,200		27,720
				826,287
COLOMBIA - 3.2%
	Almacenes Exito S.A.	5,986		99,443
	Bancolombia S.A.	3,193		43,762
	Cementos Argos S.A.	13,986		57,941
	CEMEX Latam Holdings, S.A. (a)	7,068		46,967
	Corporacion Financiera Colombiana S.A.	2,649		49,508
	Ecopetrol S.A.	44,031		93,263
	Grupo Argos S.A.	5,907		58,879
	Grupo de Inversiones Suramericana S.A.	2,442		47,414
	Interconexión Electrica S.A.	20,177		79,294
	Isagen S.A. E.S.P.	68,220		91,197
				667,668
CZECH REPUBLIC - 0.7%
	CEZ A.S.	1,957		46,980
	Komercni Banka A.S.	229		42,579
	Telefónica Czech Republic, A.S.	3,833		52,828
				142,387
EGYPT - 1.6%
	Commercial International Bank	13,614		55,741
	Orascom Construction Industries SAE (a)	2,541		87,365
	Orascom Telecom (Reg S) (a)(d)	19,939		56,029
	Talaat Moustafa Group (TMG) Holding (a)	88,508		50,941
	Telecom Egypt SAE	47,861		78,412
				328,488
HONG KONG - 2.3%
	China Gas Holdings Ltd.	20,000		20,448
	China Merchants Holdings International Co., Ltd.	6,000		18,682
	China Mobile Limited	5,000		52,346
	China Resources Enterprise	8,000		25,064
	China Resources Gas Group Limited	8,000		20,423
	China Resources Power Holdings Co., Ltd.	12,000		28,653
	China Unicom (Hong Kong) Limited (c)	6,282		82,545
	CNOOC Limited (c)	169		28,304
	GCL-Poly Energy Holdings Ltd.	80,000		17,225
	Golden Eagle Retail Group Ltd.	13,000		17,297
	Guangdong Investment Limited	38,000		33,022
	Hengan International Group Co., Ltd.	2,500		27,075
	Intime Retail Group Co., Ltd.	25,500		24,888
	Lenovo Group Limited	34,000		30,992
	Sihuan Pharmaceutical Holdings Group Ltd.	38,000		24,938
	Want Want China Holdings Limited	16,000		22,568
				474,470
HUNGARY - 0.5%
	Magyar Telekom Telecommunications PLC	26,814		40,236
	MOL Hungarian Oil an Gas Nyrt.	456		34,112
	OTP Bank Nyrt.	1,907		40,019
				114,367
INDONESIA - 6.4%
	PT Adaro Energy Tbk	432,000		37,433
	PT Astra Agro Lestari Tbk	18,000		35,728
	PT Astra International Tbk	73,000		51,486
	PT Bank Central Asia Tbk	29,000		29,219
	PT Bank Danamon Indonesia Tbk	50,000		29,471
	PT Bank Mandiri Tbk	30,000		27,204
	PT Bank Negara Indonesia (Persero) Tbk	63,500		27,511
	PT Bank Rakyat Indonesia Tbk	36,000		28,111
	PT Bumi Resources Tbk	528,500		29,287
	PT Bumi Serpong Damai Tbk	132,500		24,030
	PT Charoen Pokphand Indonesia Tbk	57,000		29,577
	PT Global Mediacom Tbk	237,000		51,340
	PT Gudang Garam Tbk	7,000		35,688
	PT Indo Tambangraya Megah Tbk	12,000		34,035
	PT Indocement Tunggal Prakarsa Tbk	25,000		61,587
	PT Indofood CBP Sukses Makmur Tbk	27,500		33,804
	PT Indofood Sukses Makmur Tbk	43,500		32,214
	PT Indosat Tbk	94,500		49,987
	PT Jasa Marga (Persero) Tbk	107,000		65,224
	PT Kalbe Farma Tbk	700,500		101,634
	PT Lippo Karawaci Tbk	180,000		27,567
	PT Media Nusantara Citra Tbk	157,500		49,591
	PT Perusahaan Gas Negara (Persero) Tbk	166,500		96,461
	PT Semen Gresik Tbk	35,500		61,164
	PT Tambang Batubara Bukit Asam (Persero) Tbk	28,000		37,522
	PT Telekomunikasi Indonesia Tbk (c)	1,857		79,368
	PT Unilever Indonesia Tbk	17,000		52,670
	PT United Tractors Tbk	31,000		56,846
	PT XL Axiata Tbk	108,500		52,747
				1,328,506
MALAYSIA - 9.3%
	AirAsia Berhad	32,400		32,713
	Alliance Financial Group Berhad	20,500		34,389
	AMMB Holdings Berhad	14,900		34,615
	Astro Malaysia Holdings Berhad	40,700		39,032
	Axiata Group Berhad	23,700		49,733
	Berjaya Sports Toto Berhad	43,900		60,720
	British American Tobacco (Malaysia) Berhad	2,900		54,705
	Bumi Armada Berhad	35,100		43,104
	Bumiputra-Commerce Holdings Berhad	12,300		32,234
	DiGi.Com Berhad	46,200		69,604
	Felda Global Ventures Holdings Berhad	28,000		40,057
	Gamuda Berhad	22,500		33,755
	Genting Berhad	12,100		39,982
	Genting Malaysia Berhad	38,100		46,909
	Genting Plantation Berhad	14,800		43,236
	Hong Leong Bank Berhad	7,700		35,240
	Hong Leong Bank Berhad	8,000		35,196
	IHH Healthcare Berhad (a)	67,600		84,513
	IJM Corporation Berhad	20,600		36,838
	IOI Corporation Berhad	24,000		41,323
	Kuala Lumpur Kepong Berhad	6,300		43,309
	Malayan Banking Berhad	10,400		34,233
	Malaysia Airports Holdings Berhad	18,700		37,347
	Maxis Berhad	33,300		72,407
	MISC Berhad (a)	20,400		32,929
	MMC Corporation Berhad	44,300		37,857
	Parkson Holdings Berhad	35,500		43,820
	Petronas Chemicals Group Berhad	41,600		87,163
	Petronas Dagangan Berhad	9,400		75,272
	Petronas Gas Berhad	9,500		62,842
	PPB Group Berhad	10,100		45,266
	Public Bank Berhad	6,800		36,717
	RHB Capital Berhad	10,400		28,407
	SapuraKencana Petroleum Berhad (a)	28,300		36,635
	Sime Darby Berhad	14,700		44,572
	Telekom Malaysia Berhad	47,100		80,500
	Tenaga Nasional Berhad	20,900		54,838
	UEM Sunrise Berhad	24,700		24,391
	UMW Holdings Berhad	11,200		51,755
	YTL Corporation Berhad	114,800		60,316
	YTL Power International Berhad	120,000		60,769
				1,939,243
MEXICO - 6.4%
	Alfa S.A.B., Series A	17,000		40,769
	America Movil S.A.B. Series L (c)	5,245		114,079
	Cemex S.A.B. CPO (a)	26,700		28,235
	Coca-Cola FEMSA SAB de C.V. (c)	358		50,224
	Compartamos S.A.B. de C.V.	29,000		49,929
	Controladora Comercial Mexicana SA de C.V.	7,800		29,571
	El Puerto de Liverpool S.A.B. de C.V.	7,500		88,495
	Arca Continental S.A.B. de C.V.	4,300		32,869
	Fibra Uno Administracion SA de C.V.	16,084		53,860
	Fomento Economico Mexicano S.A.B. (c)	424		43,753
	Genomma Lab Internacional SAB de C.V. (a)	46,300		91,188
	Grupo Aeroportuario del Pacific S.A.B. (c)	1,190		60,488
	Grupo Aeroportuario del Sureste, S. A. B. de C.V., Series B	4,000		44,516
	Grupo Bimbo, S.A. de C.V.	10,900		32,969
	Grupo Carso SAB de C.V., Series A1	9,000		42,821
	Grupo Comercial Chedraui S.A. de C.V	9,500		35,168
	Grupo Financiero Banorte SAB de C.V.	6,900		41,103
	Grupo Financiero Inbursa SAB de C.V.	21,400		46,940
	Grupo Mexico S.A.B. de C.V., Series B	12,700		36,654
	Grupo Televisa S.A.B. (c)	3,723		92,479
	Industrias CH SAB de C.V. Series B (a)	5,400		35,617
	Industrias Penoles SAB de C.V.	1,115		33,125
	Kimberly-Clark de Mexico SA de C.V., Class A	9,300		30,420
	Mexichem SAB de C.V.	8,500		35,150
	Minera Frisco S.A.B. De C.V. (a)	12,100		36,151
	OHL Mexico, S.A.B. de C.V. (a)	16,900		40,061
	Santander Mexico SAB de C.V.	13,800		39,340
	Wal-Mart de Mexico, S.A.B. de C.V.	10,200		28,512
				1,334,486
MOROCCO - 1.8%
	Attijariwafa Bank	3,320		127,501
	Douja Prom Addoha	18,938		106,244
	Maroc Telecom S.A.	13,237		153,482
				387,227
PERU - 0.5%
	Companhia de Minas Buenaventura S.A. (c)	2,813		41,520
	Credicorp Ltd.	570		72,937
				114,457
PHILIPPINES - 6.0%
	Aboitiz Equity Ventures, Inc.	54,500		63,331
	Aboitiz Power Corporation	141,900		114,308
	Alliance Global Group, Inc.	75,300		40,788
	Ayala Corporation	3,260		43,769
	Ayala Land Inc.	59,400		41,800
	Bank of the Philippine Islands	20,800		46,222
	BDO Unibank, Inc.	21,830		42,953
	DMCI Holdings, Inc.	34,730		41,483
	Energy Development Corporation	675,500		90,536
	Globe Telecom, Inc.	2,810		104,724
	International Container Terminal Services, Inc.	25,030		50,408
	Jollibee Foods Corporation	41,360		141,696
	Metro Pacific Investments Corporation	299,400		36,593
	Metropolitan Bank & Trust Company	16,750		43,038
	Philippine Long Distance Telephone Company (c)	1,815		123,166
	SM Investments Corporation	2,390		59,197
	SM Prime Holdings, Inc.	144,100		54,371
	Universal Robina Corporation	41,910		121,267
				1,259,650
POLAND - 3.6%
	Bank Handlowy w Warszawie S.A.	979		27,344
	Bank Pekao S.A.	612		27,570
	Bank Zachodni WBK S.A.	285		23,966
	BRE Bank S.A.	215		24,731
	Cyfrowy Polsat S.A. (a)	13,565		75,573
	ENEA S.A.	11,109		44,174
	Eurocash S.A.	2,938		51,796
	Grupa Azoty S.A..	1,675		37,226
	Grupa LOTOS S.A. (a)	2,989		32,227
	Jastrzębska Spółka Węglowa S.A.	1,544		29,738
	Kernel Holding S.A. (a)	3,227		46,520
	KGHM Polska Miedz S.A.	1,047		38,048
	PGE S.A.	9,073		41,964
	PKO Bank Polski S.A.	2,502		26,751
	Polski Koncern Naftowy ORLEN S.A .	2,571		35,982
	Polskie Gornictwo Naftowe i Gazownictwo S.A. (a)	24,485		42,651
	Synthos S.A.	22,727		31,125
	Tauron Polska Energia S.A.	30,350		39,286
	Telekomunikacja PO	28,738		66,027
				742,699
RUSSIA - 3.5%
	Federal Grid Co Unified Energy System JSC (a)	10,020,000		31,002
	Gazprom (c)	3,951		25,998
	Inter Rao UES OJSC (a)	89,400,000		35,313
	LUKoil (c)	529		30,365
	Magnit OJSC (Reg S) (d)	1,495		85,514
	MegaFon (d)	1,224		38,250
	Mobile TeleSystems (a)(c)	2,729		51,687
	Norilsk Nickel Mining and Metallurgical Co. (c)	3,515		50,651
	NovaTek OAO (Reg S) (d)	229		27,366
	OAO Rostelecom	14,710		39,521
	OAO Severstal (Reg S) (d)	767		4,886
	LSR Group OJSC (Reg S) (d)	10,016		41,867
	OC Rosneft OJSC (Reg S) (d)	4,080		27,948
	RusHydro Management Co. (c)	34,005		49,647
	Severstal (d)	6,043		38,494
	Sistema JSFC (Reg S) (d)	1,952		38,552
	Surgutneftegas OJSC (c)	3,998		31,344
	Uralkali OJSC	6,690		50,175
	VTB Bank OJSC	26,120,000		26,120
				724,700
SOUTH AFRICA - 6.1%
	Aspen Pharmacare Holdings Limited	2,605		59,844
	Barloworld Limited	5,662		46,685
	Bidvest Group Limited	2,438		60,417
	Exxaro Resources Ltd.	3,796		55,908
	Foschini Limited	2,870		28,673
	Gold Fields Ltd. (c)	4,490		23,573
	Harmony Gold Mining Co., Ltd. (c)	7,209		27,466
	Imperial Holdings Limited	1,494		31,720
	Investec Ltd.	4,159		26,925
	Kumba Iron Ore Limited	507		23,626
	Life Healthcare Group Holdings Ltd.	14,816		56,210
	Massmart Holdings Ltd.	2,215		40,179
	MMI Holdings Ltd.	13,440		30,145
	Mr Price Group Ltd.	2,204		30,035
	MTN Group Limited	3,432		63,887
	Nampak Ltd.	7,606		25,278
	Naspers Limited N Shs	446		32,939
	Netcare Limited	27,555		64,229
	Pick n Pay Stores Ltd.	10,396		41,671
	Redefine Properties Ltd.	26,601		28,231
	Remgro Limited	1,906		36,628
	Reunert Limited	7,385		51,552
	Sanlam Limited	7,618		35,453
	Sasol Ltd.	1,365		59,594
	Shoprite Holdings Ltd.	2,087		39,167
	Spar Group Limited (The)	3,556		43,167
	Steinoff International Holdings Limited	14,100		34,977
	Tiger Brands Limited	1,324		39,635
	Truworths International Ltd.	3,723		32,750
	Vodacom Group (Proprietary) Limited	6,231		66,203
	Woolworths Holdings Limited	4,724		30,783
				1,267,550
SOUTH KOREA - 4.9%
	Amore Pacific Corporation	25		20,030
	BS Financial Group, Inc.	1,490		18,853
	Celltrion Inc.	1,157		42,347
	Cheil Industries Inc.	206		16,162
	Daewoo Securities Co., Ltd.	1,770		15,576
	DGB Financial Group Inc.	1,410		19,260
	E-MART Co., Ltd.	102		17,952
	GS Holdings Corp.	660		29,704
	Hana Financial Group, Inc.	490		14,266
	Hanwha Corporation	600		15,446
	Hanwha Life Insurance Co., Ltd.	2,670		15,383
	Hyosung Corporation	364		18,805
	Hyundai Mobis Co.,Ltd.	73		17,450
	Hyundai Steel Co., Ltd.	364		20,462
	Industrial Bank of Korea	1,890		18,121
	KB Financial Group Inc.	840		25,155
	Korea Electric Power Corporation (a)	1,830		42,463
	Korea Gas Corporation	863		39,899
	Korea Zinc Co., Ltd.	64		15,523
	KT Corporation (c)	3,199		49,648
	KT&G Corporation	320		20,791
	LG Household & Healthcare	45		21,987
	LG Innotek Co., Ltd. (a)	280		22,360
	LG Uplus Corp. (a)	3,620		37,878
	Lotte Confectionery Co. Ltd.	13		18,293
	Lotte Shopping Co., Ltd.	52		16,164
	NCSoft Corporation	106		15,036
	NHN Corporation	81		20,604
	Orion Corporation	19		15,855
	PacifiCorp	56		17,064
	POSCO	110		28,751
	Samsung Card Co, Ltd.	420		14,306
	Samsung Electro-Mechanics Co., Ltd.	282		21,507
	Samsung Electronics Company, Ltd.	20		23,502
	Samsung Fire & Marine Insurance Co., Ltd.	74		15,097
	Samsung Life Insurance Co., Ltd	183		17,306
	Samsung SDI Company, Ltd.	161		19,243
	Samsung Securities Co., Ltd.	380		15,339
	Shinhan Financial Group Co., Ltd.	600		19,754
	Shinsegae Co., Ltd.	84		15,519
	SK C&C Co., Ltd.	221		19,312
	SK Innovation Co., Ltd.	243		28,831
	SK Telecom Co., Ltd. (c)	2,365		48,080
	S-Oil Corp.	483		30,958
	Yuhan Co., Ltd.	236		38,023
				1,034,065
TAIWAN - 6.5%
	Asia Cement Corporation	20,000		24,624
	Cathay Financial Holding Co., Ltd.	12,000		16,376
	Chang Hwa Commercial Bank	33,000		18,223
	Cheng Shin Rubber Industry Co., Ltd.	6,000		18,938
	China Airlines Ltd. (a)	51,000		19,229
	China Motor Corporation	22,000		19,415
	China Steel Corporation	40,000		32,765
	Chinatrust Financial Holding Co., Ltd.	25,000		15,473
	Chunghwa Telecom Co., Ltd. (c)	3,748		120,348
	CTCI Corporation	13,000		23,683
	EVA Airways Corporation (a)	32,000		18,311
	Far Eastern New Century Corporation	21,000		22,702
	Far EasTone Telecommunications Co., Ltd.	22,000		59,090
	Feng Hsin Iron & Steel Co., Ltd.	14,000		24,757
	Formosa Chemicals & Fiber Corporation	11,000		26,976
	Formosa International Hotels Corporation	2,000		23,556
	Formosa Petrochemical Corporation	31,000		79,126
	Formosa Plastics Corporation	12,000		29,028
	Formosa Taffeta Co., Ltd.	32,000		30,429
	Fubon Financial Holding Co., Ltd.	14,000		19,082
	Giant Manufacturing Co., Ltd.	4,000		27,493
	Highwealth Construction Corp.	9,000		18,918
	Hua Nan Financial Holdings Co., Ltd.	37,000		20,740
	Mega Financial Holding Co., Ltd.	22,000		16,699
	Nan Ya Plastics Corporation	10,000		21,087
	Nankang Rubber Tire Corp., Ltd.	17,000		19,711
	Pou Chen Corporation	21,000		19,934
	President Chain Store Corp.	8,000		52,451
	ScinoPharm Taiwan Ltd.	27,000		62,250
	Standard Foods Corporation	13,000		41,120
	Taishin Financial Holding Co., Ltd.	35,000		15,415
	Taiwan Business Bank Co., Ltd. (a)	61,000		18,196
	Taiwan Cement Coporation	16,000		19,699
	Taiwan Cooperative Financial Holding Co., Ltd.	47,000		26,032
	Taiwan Fertilizer Co., Ltd.	10,000		24,157
	Taiwan Glass Industry Corporation	20,000		18,084
	Taiwan Mobile Co., Ltd.	17,000		67,215
	TECO Electric & Machinery Co., Ltd.	25,000		25,024
	TSRC Corp.	11,000		21,104
	Tung Ho Steel Enterprise Corporation	28,000		25,505
	U-Ming Marine Transport Corporation	19,000		29,796
	Uni-President Enterprises Corporation	27,000		52,611
	Walsin Lihwa Corporation (a)	72,000		20,444
	Yang Ming Marine Transport Corporation (a)	39,000		16,201
	Yuanta Financial Holding Co., Ltd.	32,000		16,656
	Yulon Motor Co., Ltd.	12,000		19,219
				1,357,892
THAILAND - 7.8%
	Advanced Info Service For Rg	14,200		129,112
	Airports of Thailand PCL	14,200		77,147
	Bangkok Bank PCL (e)	7,000		46,042
	Bangkok Dusit Medical Services F	27,300		138,635
	Bank of Ayudhya PCL	40,900		46,814
	Banpu PCL	5,200		42,754
	BEC World PCL	46,400		87,893
	Central Pattana PCL	34,600		50,202
	Charoen Pokphand Foods PCL	97,900		81,281
	CP ALL PCL	57,800		72,681
	Glow Energy PCL	49,300		114,050
	Home Product Center PCL	246,700		91,473
	IRPC PCL	394,600		41,985
	Kasikornbank PCL (e)	7,900		48,651
	Krung Thai Bank PCL	72,200		47,256
	Minor International PCL	109,200		87,318
	PTT Exploration & Production PCL	8,300		42,416
	PTT Global Chemical PCL	26,700		59,400
	PTT PCL	4,800		51,846
	Siam Cement Public Company (e)	4,800		69,025
	Siam Commercial Bank PCL	11,300		68,314
	Siam Makro PCL	2,300		57,843
	True Corp. PCL (a)	386,500		83,493
				1,635,631
TURKEY - 5.1%
	Akbank T.A.S.	6,308		25,702
	Anadolu Efes Biracilik VE	4,287		62,224
	Arcelik A.S.	6,793		44,897
	BIM Birlesik Magazalar A.S.	2,987		64,723
	Coca-Cola Icecek A.S.	1,898		54,605
	Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.	17,380		24,506
	Enka İnşaat ve Sanayi A.Ş.	12,620		31,728
	Eregli Demir ve Celik Fabrikalari T.A.S.	58,645		60,496
	Ford Otomotiv Sanayi A.S.	4,237		58,423
	Haci Omer Sabanci Holding A.S.	5,233		27,534
	Koç Holding A.S.	7,172		34,427
	Koza Altin Isletmeleri A.S.	4,533		54,985
	TAV Havalimanlari Holding A.S.	6,269		36,722
	Tofas Turk Otomobil Fabrikasi A.S.	6,520		40,727
	Tupras - Turkiye Petrol Rafinerileri A.S.	3,424		83,599
	Turk Hava Yollari A.O.	8,430		32,774
	Turk Telekomunikasyon A.S.	21,189		82,379
	Turkcell Iletisim Hizmetleri A.S. (a)(c)	7,788		111,913
	Turkiye Garanti Bankasi A.S.	5,900		25,752
	Turkiye Halk Bankasi A.S.	3,007		25,486
	Turkiye Is Bankasi A.S.	8,933		26,395
	Turkiye Sise ve Cam Fabrikalari A.S.	24,542		34,349
	Yapi ve Kredi Bankasi A.S.	11,167		25,412
				1,069,758
UNITED STATES - 0.2%
	Southern Copper Corporation	1,596		44,081
TOTAL COMMON STOCK
	(Cost $17,303,898)			17,681,713
Preferred Stock - 1.7%
BRAZIL - 0.8%
	AES Tiete S.A.	2,800		26,744
	Itausa-Investimentos Itau S.A.	5,800		21,786
	Lojas Americanas S.A.	3,400		24,094
	Marcopolo S.A.	3,600		20,765
	Oi S.A.	16,100		28,596
	Petróleo Brasileiro S.A.	3,000		21,994
	Vale S.A., Class A	2,000		24,513
				168,492
COLOMBIA - 0.5%
	Banco Davivienda S.A.	3,846		46,242
	Grupo Aval Acciones y Valores S.A.	67,561		48,227
				94,469
RUSSIA - 0.2%
	Sberbank	18,900		44,415
SOUTH KOREA - 0.2%
	LG Chem Ltd.	149		15,004
	Samsung Electronics Co. Ltd.	27		20,899
				35,903
TOTAL PREFERRED STOCK
	(Cost $336,682)			343,279
Exchange Traded Funds - 11.5%
United States - 11.5%
	iPath MSCI India Index ETN (a)	19,000		1,016,880
	iShares MSCI Emerging Markets Index Fund	9,900		381,843
	Vanguard MSCI Emerging Markets ETF	25,825		1,001,493
	(Cost $2,375,009)			2,400,216
TOTAL INVESTMENTS - 97.8%				20,425,208
	(Cost $20,015,589)
OTHER ASSETS & LIABILITIES (Net) - 2.2%				456,048
NET ASSETS - 100%			$	20,881,256
(a)	Non-income producing security.
(b)	All or a portion of this security was out on loan.
(c)	ADR - American Depositary Receipts
(d)	GDR - Global Depositary Receipts
(e)	NVDR - Non-Voting Depository Receipts
The percentage of each investment category is calculated as a
percentage of net assets.
	SECTOR ALLOCATIONS (as a percentage of Total Net Assets)
	Financials			15.4%
	Telecommunication Services			12.1%
	Industrials			11.8%
	Exchange Traded Funds			11.5%
	Consumer Staples			10.1%
	Consumer Discretionary			9.5%
	Materials			8.7%
	Energy			6.9%
	Utilities			5.8%
	Health Care			4.0%
	Information Technology			2.0%
	Cash and Other Assets (Net)			2.2%

Pear Tree Risk Parity Emerging Markets Fund FASB 157 Disclosure

Portfolio securities are valued each business day generally at the last reported sale price on the principal exchange or market on which they are traded.  If on a business day there is no such reported sale, the securities generally are valued at the mean between the last reported bid and asked prices. For securities, where no such sales have been reported, a Fund may value such securities at the last reported bid price. In the event that there is information suggesting that valuation of such securities based upon bid and/or asked prices may not be accurate, a Fund may value such securities in good faith at fair value in accordance with procedures (the “Valuation Procedures”) established by the Funds’ Board of Trustees (the “Trustees”), which may include a determination to value such securities at the last reported sales price. Short-term investments that mature in 60 days or less are valued at amortized cost. Securities quoted in foreign currencies are translated into U.S. dollars based upon the prevailing exchange rate at the time of valuation. Other assets and securities for which no quotations are readily available are valued at fair value as determined in good faith using the Valuation Procedures. As a result, changes in the value of those currencies in relation to the U.S. dollar may affect a Fund’s NAV. Because foreign markets may be open at different times than the New York Stock Exchange, the value of a Fund’s shares may change on days when shareholders are not able to buy or sell them. If events materially affecting the values of a Fund’s foreign investments occur between the close of foreign markets and the close of regular trading on the New York Stock Exchange, these investments may be valued at their fair value as determined in good faith using the Valuation Procedures.

The Funds’ Valuation Procedures include fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs used to develop the measurements of fair value. These inputs are summarized in the three broad levels listed below:

● Level 1- Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has the ability to access.

●  Level 2- Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

● Level 3- Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing a Fund’s own assumptions about the assumptions a market participant would use in valuing the asset liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers in changing an investment’s assigned level within the hierarchy.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2013:

		Quoted Prices in Active Markets	Significant Other Observable Inputs	Significant Unobservable Inputs	Carrying Value at June 30, 2013
		Level 1	Level 2	Level 3	Total
	Common Stock*	$    14,613,974	$    806,352	$      -	$  15,420,326
	Common Stock Units	86,037	-	-	86,037
Depository Receipts		2,096,984	-	-	2,096,984
Mutual Funds		2,400,216	-	-	2,400,216
Preferred Stock		343,279	-	-	343,279
Real Estate Inv. Trusts		78,366	-	-	78,366
Total		$    19,618,856	$    806,352	$       -	$  20,425,208

* Refer to Schedule of Investments for breakout by industry or country.

* Transfers between levels are recognized at the end of the reporting period.

* Common stock labeled as Level 2 balance consists of the market value of the associated Level 2 investments in the following industries:

Chemicals                                               $      41,985

Commercial Services & Supplies              138,635

Diversified Telecommunications                 39,521

Electric Utilities                                            35,313

Food & Drug Retailing                                 81,281

Media                                                            87,893

Oil & Gas                                                    125,263

Real Estate                                                    50,202

Transportation Infrastructure                        77,147

Wireless Telecommunication Services       129,112

                                                              $     806,352

1. In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, and company specific developments.

2. This column represents the directional change in the fair value of the level 3 investments that would result from a decrease to the corresponding unobservable input. An increase to the observable input would have the opposite effect.

In January 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-01 Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This update gives additional clarification to the FASB ASU No. 2011-11 Disclosures about Offsetting Assets and Liabilities. The amendments in this ASU require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The guidance requires retrospective application for all comparative periods presented. The Fund is currently evaluating the impact ASU 2013-01 will have on the financial statements disclosures.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference from the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

PEAR TREE POLARIS FOREIGN VALUE FUND
SCHEDULE OF INVESTMENTS
June 30, 2013
Common Stock - 89.0%
			Shares		Value
AUSTRALIA - 2.0%
	BHP Billiton Ltd. (b)		371,600	$	19,051,932
BELGIUM - 1.6%
	Solvay S.A.		116,647		15,281,419
CANADA  - 2.5%
	Methanex Corporation		535,307		22,929,021
FINLAND - 5.3%
	Kone OYJ, Class B		281,900		22,389,344
	Konecranes OYJ		455,280		12,977,218
	YIT OYJ		840,216.00		14,417,713
					49,784,275
FRANCE - 7.2%
	Christian Dior S.A.		132,273		21,337,991
	Imerys S.A.		327,883		20,080,285
	Ipsos		181,500		6,846,370
	Maurel et Prom		1,198,106		17,807,874
	Transgene S.A. (a)		142,827		1,692,736
					67,765,256
GERMANY - 16.4%
	BASF SE		243,200		21,713,918
	Deutsche Telekom AG		2,148,676		25,057,250
	Freenet AG		917,639		20,032,007
	Hannover Ruck SE		276,100		19,870,519
	Muenchener Rueckvers AG		114,730		21,105,082
	Symrise AG		556,950		22,541,191
	Wincor Nixdorf AG		448,050		24,283,226
					154,603,193
HONG KONG- 1.6%
	Guangdong Investment Limited		17,259,800		14,998,556
INDIA  - 2.0%
	Infosys Technologies Ltd. (b)		455,045		18,743,304
IRELAND - 4.1%
	Anglo Irish Bank Corporation plc (a)		374,908		-
	CRH plc		880,493		17,812,174
	Greencore Group plc		10,041,423		20,461,786
					38,273,960
ISRAEL - 2.3%
	Teva Pharmaceuticals SP (b)		544,919		21,360,825
ITALY - 3.3%
	GTECH SpA		893,165		22,344,550
	Trevi Finanziaria SpA		1,131,526		9,023,721
					31,368,271
JAPAN - 9.4%
	Asahi Group Holdings Ltd.		925,700		22,959,413
	KDDI Corporation		543,200		28,248,042
	Meiji Holdings Co., Ltd.		370,400		17,787,412
	Showa Denko K.K.		14,685,000		19,387,604
					88,382,471
NORWAY - 2.3%
	DnB Bank ASA		1,505,992		21,742,848
SOUTH AFRICA - 2.3%
	Sasol Ltd.		486,935		21,258,947
SOUTH KOREA - 2.0%
	Samsung Electronics Company Ltd.		16,285		19,136,176
SWEDEN - 5.7%
	Duni AB		1,179,500		10,203,363
	Investor AB, Class B		634,256		16,982,819
	Loomis AB-B		305,900		5,848,927
	Svenska Handelsbanken AB, Class A		509,900		20,384,944
					53,420,053
SWITZERLAND - 2.3%
	Novartis AG		309,750		21,990,398
THAILAND - 2.1%
	Thai Oil PCL		9,663,100		19,628,415
UNITED KINGDOM - 14.6%
	Barratt Developments plc (a)		5,339,856		25,140,504
	BBA Aviation plc		1,524,038		6,491,609
	Bellway plc		966,606		18,667,953
	Persimmon plc		1,244,373		22,348,272
	Rexam plc		2,803,868		20,359,843
	Standard Chartered PLC		853,947		18,530,979
	Taylor Wimpey plc		17,895,270		26,056,766
					137,595,926
TOTAL COMMON STOCK					837,315,246
	(Cost $751,359,887)
Money Market - 10.8%
	State Street Global Advisors FDS	$	101,178,568		101,178,568
	(Cost $101,178,568)
TOTAL SHORT TERM INVESTMENTS - 10.8%					101,178,568
TOTAL INVESTMENTS - 99.8%					938,493,814
	(Cost $852,538,455)
OTHER ASSETS & LIABILITIES (NET) - 0.2%					2,486,914
NET ASSETS - 100%				$	940,980,728
(a)	Non-income producing security
(b)	ADR - American Depository Receipts
The percentage of each investment category is calculated as a
percentage of net assets.
SECTOR ALLOCATIONS (as a percentage of Total Net Assets)
Materials					19.0%
Consumer Discretionary					16.3%
Financials					12.6%
Telecommunication Services					7.8%
Industrials					7.6%
Information Technology					6.6%
Consumer Staples					6.5%
Energy					6.2%
Health Care					4.8%
Utilities					1.6%
Other Assets & Liabilities					11.0%

Pear Tree Foreign Value Fund FASB 157 Disclosure

Portfolio securities are valued each business day generally at the last reported sale price on the principal exchange or market on which they are traded.  If on a business day there is no such reported sale, the securities generally are valued at the mean between the last reported bid and asked prices. For securities, where no such sales have been reported, a Fund may value such securities at the last reported bid price. In the event that there is information suggesting that valuation of such securities based upon bid and/or asked prices may not be accurate, a Fund may value such securities in good faith at fair value in accordance with procedures (the “Valuation Procedures”) established by the Funds’ Board of Trustees (the “Trustees”), which may include a determination to value such securities at the last reported sales price. Short-term investments that mature in 60 days or less are valued at amortized cost. Securities quoted in foreign currencies are translated into U.S. dollars based upon the prevailing exchange rate at the time of valuation. Other assets and securities for which no quotations are readily available are valued at fair value as determined in good faith using the Valuation Procedures. As a result, changes in the value of those currencies in relation to the U.S. dollar may affect a Fund’s NAV. Because foreign markets may be open at different times than the New York Stock Exchange, the value of a Fund’s shares may change on days when shareholders are not able to buy or sell them. If events materially affecting the values of a Fund’s foreign investments occur between the close of foreign markets and the close of regular trading on the New York Stock Exchange, these investments may be valued at their fair value as determined in good faith using the Valuation Procedures.

The Funds’ Valuation Procedures include fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs used to develop the measurements of fair value. These inputs are summarized in the three broad levels listed below:

● Level 1- Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has the ability to access.

●  Level 2- Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

● Level 3- Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing a Fund’s own assumptions about the assumptions a market participant would use in valuing the asset liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers in changing an investment’s assigned level within the hierarchy.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2013:

		Quoted Prices in Active Markets	Significant Other Observable Inputs	Significant Unobservable Inputs	Carrying Value at June 30, 2013
		Level 1	Level 2	Level 3	Total
	Common Stock*	$    758,530,771	$ 19,628,415	$      -	$  778,159,186
Depository Receipts		59,156,060	-	-	59,156,060
Short Term Investments		101,178,568	-	-	101,178,568
Total		$    918,865,399	$ 19,628,415	$       -	$  938,493,814

* Refer to Schedule of Investments for breakout by industry or country.

* Transfers between levels are recognized at the end of the reporting period.

* Common stock labeled as Level 2 balance consists of the market value of the associated Level 2 investments in the      following industry:

     Oil & Gas                                                $ 19,628,415

In January 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-01 Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This update gives additional clarification to the FASB ASU No. 2011-11 Disclosures about Offsetting Assets and Liabilities. The amendments in this ASU require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The guidance requires retrospective application for all comparative periods presented. The Fund is currently evaluating the impact ASU 2013-01 will have on the financial statements disclosures.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference from the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

PEAR TREE POLARIS FOREIGN VALUE SMALL CAP FUND
SCHEDULE OF INVESTMENTS
June 30, 2013
Common Stock - 86.5%
			Shares		Value
AUSTRALIA - 0.3%
	Austal Limited		552,530	$	382,411
BELGIUM - 1.9%
	Kinepolis Group		15,900		2,112,570
BRAZIL - 2.2%
	Equatorial Energia SA		296,237		2,483,183
CANADA - 1.0%
	Astral Media, Inc.		22,800		1,083,556
CHINA - 2.6%
	China Hongxing Sports Limited* (a)		10,258,400		80,886
	Shanghai Mechanical & Electrical Industry Co. Ltd. - B		1,455,568		1,608,403
	Xinhua Winshare Publishing and Media Co., Ltd.		2,701,500		1,285,243
					2,974,532
FINLAND - 1.5%
	PKC Group OYJ		68,800		1,635,263
FRANCE - 2.8%
	Bonduelle SA		55,600		1,328,030
	Ipsos		46,500		1,754,029
					3,082,059
GERMANY- 2.5%
	Freenet AG		127,700		2,787,684
HONG KONG - 6.3%
	Samson Holding Ltd.		10,475,800		1,958,434
	Texwinca Holdings Limited		1,720,300		1,601,383
	VST Holdings Ltd.		9,507,360		1,814,159
	VTech Holdings Limited		115,700		1,749,787
					7,123,763
INDIA - 3.0%
	Hexaware Technologies Limited		1,006,000		1,468,582
	KRBL Ltd.		1,475,200		533,728
	LIC Housing Finance Ltd.		146,600		627,599
	NIIT Technologies Ltd.		83,400		380,475
	South Indian Bank Ltd.		553,320		214,158
	Usha Martin Group Ltd.		323,760		127,216
					3,351,758
IRELAND - 9.1%
	Glanbia plc		189,900		2,556,972
	Greencore Group plc		1,416,344		2,886,137
	IFG Group plc		829,985		1,490,081
	United Drug plc		705,359		3,325,182
					10,258,372
ITALY - 3.3%
	De'Longhi SpA		118,910		1,857,899
	Trevi Finanziaria SpA		233,100		1,858,931
					3,716,830
JAPAN - 9.9%
	BML, Inc.		98,700		2,502,688
	Chugoku Marine Paints Ltd.		445,600		2,204,985
	Daicel Corporation		312,500		2,736,835
	DaiichiKosho Co., Ltd.		83,600		2,289,153
	Unipres Corporation		73,900		1,324,204
					11,057,865
NORWAY - 5.7%
	ABG Sundal Collier Holding ASA		1,859,000		1,202,357
	SpareBank 1SMN		247,265		1,887,442
	SpareBank 1 SR-Bank ASA		243,300		1,897,115
	SpareBank Nord-Norge		250,931		1,441,718
					6,428,632
PHILIPPINES - 2.7%
	Manila Water Company, Inc.		4,081,170		3,060,877
SINGAPORE - 3.8%
	Breadtalk Group Ltd.		2,815,100		1,920,017
	M1 Ltd.		987,300		2,343,208
					4,263,225
SOUTH AFRICA - 1.2%
	Clicks Group Limited		232,300		1,303,873
SWEDEN - 4.6%
	Duni AB		156,400		1,352,951
	Loomis AB		82,300		1,573,608
	Nolato AB		129,700		2,234,331
					5,160,890
SWITZERLAND - 1.9%
	Vetropack Holding AG		1,086		2,102,714
TAIWAN - 1.7%
	Holtek Semiconductor, Inc.		1,508,600		1,907,709
THAILAND - 4.3%
	Hana Microelectronics PCL		2,059,080		1,287,962
	Ratchaburi Electricity Generating Holding PCL		1,220,000		2,025,794
	Thai Union Frozen Products PCL		821,274		1,542,454
					4,856,210
UNITED KINGDOM - 14.2%
	Alternative Networks plc		488,200		2,225,361
	BBA Aviation plc		419,011		1,784,769
	Character Group plc		496,900		944,544
	Clarkson plc		64,500		1,668,428
	Galliford Try plc		193,828		2,754,478
	Halfords Group plc		266,687		1,286,813
	The Restaurant Group plc		250,600		1,905,437
	Vitec Group plc		154,961		1,354,983
	Wetherspoon (J.D.) plc		196,400		1,984,632
					15,909,445
TOTAL COMMON STOCK					97,043,421
	(Cost $75,408,472)
Preferred Stock - 2.1%
GERMANY - 2.1%
	Dräegerwerk AG		16,900		2,315,132
	(Cost $821,879)
P-Notes - 3.6%
India - 3.6%
	KRBL Limited		1,679,000		607,462
	LIC Housing Finance		204,200		874,180
	NIIT Technologies		276,900		1,263,245
	South Indian Bank		2,535,250		981,142
	Usha Martin Group		807,100		317,110
	(Cost $2,692,091)				4,043,139
Short Term Investments - 7.7%			Par Value		Value
Money Market - 7.7%
	State Street Global Advisors FDS	$	8,623,506		8,623,506
	(Cost $8,623,506)
TOTAL SHORT TERM INVESTMENTS - 7.7%					8,623,506
TOTAL INVESTMENTS - 99.9%					112,025,198
	(Cost $87,545,948) (b)
OTHER ASSETS & LIABILITIES (NET) - 0.1%					149,985
NET ASSETS - 100%				$	112,175,183
*	Fair valued by Valuation Committee as delegated by Pear Tree Funds Board of Trustees that represent
	0.07% of net assets as of March 31, 2013.
(a)	Non-income producing security
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					22.7%
Industrials					11.8%
Information Technology					10.8%
Consumer Staples					10.1%
Financials					9.5%
Health Care					7.3%
Utilities					6.7%
Materials					6.7%
Telecommunication Services					6.6%
Cash and Other Assets					7.8%

Pear Tree Foreign Value Small Cap Fund FASB 157 Disclosure

Portfolio securities are valued each business day generally at the last reported sale price on the principal exchange or market on which they are traded.  If on a business day there is no such reported sale, the securities generally are valued at the mean between the last reported bid and asked prices. For securities, where no such sales have been reported, a Fund may value such securities at the last reported bid price. In the event that there is information suggesting that valuation of such securities based upon bid and/or asked prices may not be accurate, a Fund may value such securities in good faith at fair value in accordance with procedures (the “Valuation Procedures”) established by the Funds’ Board of Trustees (the “Trustees”), which may include a determination to value such securities at the last reported sales price. Short-term investments that mature in 60 days or less are valued at amortized cost. Securities quoted in foreign currencies are translated into U.S. dollars based upon the prevailing exchange rate at the time of valuation. Other assets and securities for which no quotations are readily available are valued at fair value as determined in good faith using the Valuation Procedures. As a result, changes in the value of those currencies in relation to the U.S. dollar may affect a Fund’s NAV. Because foreign markets may be open at different times than the New York Stock Exchange, the value of a Fund’s shares may change on days when shareholders are not able to buy or sell them. If events materially affecting the values of a Fund’s foreign investments occur between the close of foreign markets and the close of regular trading on the New York Stock Exchange, these investments may be valued at their fair value as determined in good faith using the Valuation Procedures.

The Funds’ Valuation Procedures include fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs used to develop the measurements of fair value. These inputs are summarized in the three broad levels listed below:

● Level 1- Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has the ability to access.

●  Level 2- Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

● Level 3- Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing a Fund’s own assumptions about the assumptions a market participant would use in valuing the asset liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers in changing an investment’s assigned level within the hierarchy.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2013:

		Quoted Prices in Active Markets	Significant Other Observable Inputs	Significant Unobservable Inputs	Carrying Value at June 30, 2013
		Level 1	Level 2	Level 3	Total
	Common Stock*	$    92,106,325	$ 4,856,210	$      80,886	$  97,043,421
Preferred Stock		2,315,132	-	-	2,315,132
Short Term Investments		8,623,506	-	-	8,623,506
P-Notes		-	4,043,139	-	4,043,139
Total		$  103,044,963	$ 8,899,349	$       80,886	$112,025,198

* Refer to Schedule of Investments for breakout by industry or country.

* Transfers between levels are recognized at the end of the reporting period.

* Common stock labeled as Level 2 balance consists of the market value of the associated Level 2 investments in the following industries:

Electric Utilities                                                           $ 2,025,794

Electronic Equipment & Instruments       1,287,962

Food Products                                           1,542,454

                                                               $ 4,856,210

* Common stock labeled as Level 3 balance consists of the market value of the associated Level 3 investments in the following industry:

Leisure Equipment & Products                                                                            $ 80,886                                

The following is a reconciliation of Level 3 assets for which unobservable inputs were used to determine fair value.

Balance as of 3/31/2013$          82,689

   Realized gain (loss)                                                                                     $                -

   Changed in unrealized appreciation (depreciation)                                $           (1,803)

   Net purchases (sales)                                                                                     $                 -

   Transfer into Level 3                                                                                          $                -          -

Balances as of 6/30/2013                                                                                     $          80,886

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2013;

Fair Value                                                                                          Impact to

Common                      June             Valuation                                               Unobservable                                         Range                                 Valuation from

Stock                      30, 2013                         Methodologies                                        Input (1)                                                              a Decrease in Input (2)

80,886                      Company Specific   Company Specific     100%                                                                                                    Decrease

1. In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, and company specific developments.

2. This column represents the directional change in the fair value of the level 3 investments that would result from a decrease to the corresponding unobservable input. An increase to the observable input would have the opposite effect.

In January 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-01 Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This update gives additional clarification to the FASB ASU No. 2011-11 Disclosures about Offsetting Assets and Liabilities. The amendments in this ASU require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The guidance requires retrospective application for all comparative periods presented. The Fund is currently evaluating the impact ASU 2013-01 will have on the financial statements disclosures.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference from the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

Item 2. Controls and Procedures

(a)  The registrant’s principal executive officer and principal financial officer have concluded, based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) of the Investment Company Act of 1940, as amended) as of a date within 90 days of the filing date of the report that the registrant’s disclosure controls and procedures are reasonable designed to ensure that information required to be disclosed by the registrant’s Form N-Q is recorded, processed, summarized and reported with the required time periods and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the registrant’s management, including its principal executive and financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)  There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a- 3(d) of the Investment Company Act of 1940, as amended) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Investment Company Act of 1940, as amended are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:  Pear Tree Funds

By:           /s/ Willard L. Umphrey

Willard L. Umphrey

Chairman, President and Trustee

Date:  August 22, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:           /s/ Willard L. Umphrey

Willard L. Umphrey

Chairman, President and Trustee (Principal Executive Officer)

Date: August 22, 2013

By:           /s/ Leon Okurowski

Leon Okurowski

Treasurer (Principal Financial Officer)

Date: August 22, 2013