0002000324-24-000304.txt : 20240213 0002000324-24-000304.hdr.sgml : 20240213 20240213161628 ACCESSION NUMBER: 0002000324-24-000304 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240213 DATE AS OF CHANGE: 20240213 PERIOD START: 20240331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Pear Tree Funds CENTRAL INDEX KEY: 0000722885 ORGANIZATION NAME: IRS NUMBER: 000000000 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-03790 FILM NUMBER: 24626154 BUSINESS ADDRESS: STREET 1: 55 OLD BEDFORD ROAD STREET 2: SUITE 202 CITY: LINCOLN STATE: MA ZIP: 01773 BUSINESS PHONE: 8003311244 MAIL ADDRESS: STREET 1: 55 OLD BEDFORD ROAD STREET 2: SUITE 202 CITY: LINCOLN STATE: MA ZIP: 01773 FORMER COMPANY: FORMER CONFORMED NAME: QUANTITATIVE GROUP OF FUNDS DATE OF NAME CHANGE: 19940127 FORMER COMPANY: FORMER CONFORMED NAME: U S BOSTON INVESTMENT CO DATE OF NAME CHANGE: 19920703 0000722885 S000072022 Pear Tree Essex Environmental Opportunities Fund C000227702 Institutional Shares GEOSX C000227703 Ordinary Shares EEOFX C000227704 R6 Shares GEORX NPORT-P 1 primary_doc.xml NPORT-P false 0000722885 XXXXXXXX S000072022 C000227703 C000227702 C000227704 Pear Tree Funds 811-03790 0000722885 549300NANVEIFBMHLV32 55 OLD BEDFORD ROADSUITE 202 Lincoln 01773 8003311244 Pear tree essex environmental opportunities fund S000072022 549300DFLDIEFJUH3S51 2024-03-31 2023-12-31 N 67911509.11 167722.52 67743786.59 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N Albemarle Corporation N/A Albemarle Corporation 012653101 11310 NS USD 1634068.8 0.024 Long EC CORP US N 1 N N N American Superconductor Corporation N/A American Superconductor Corporation 030111207 156282 NS USD 1740981.48 0.026 Long EC CORP US N 1 N N N Aptiv PLC N/A Aptiv PLC G6095L109 13777 NS USD 1236072.44 0.018 Long EC CORP IE N 1 N N N Array Technologies, Inc. N/A Array Technologies, Inc. 04271T100 78451 NS USD 1317976.8 0.019 Long EC CORP US N 1 N N N Aspen Aerogels, Inc. N/A Aspen Aerogels, Inc. 04523Y105 133718 NS USD 2110070.04 0.031 Long EC CORP US N 1 N N N Badger Meter, Inc. N/A Badger Meter, Inc. 056525108 23406 NS USD 3613184.22 0.053 Long EC CORP US N 1 N N N Bloom Energy Corporation N/A Bloom Energy Corporation 093712107 73033 NS USD 1080888.4 0.016 Long EC CORP US N 1 N N N Cadeler AS N/A Cadeler AS N/A 347781 NS 1606771.03 0.024 Long EC CORP DK N 1 N N N Cognex Corporation N/A Cognex Corporation 192422103 35596 NS USD 1485777.04 0.022 Long EC CORP US N 1 N N N Energy Recovery, Inc. N/A Energy Recovery, Inc. 29270J100 124472 NS USD 2345052.48 0.035 Long EC CORP US N 1 N N N Enovix Corporation N/A Enovix Corporation 293594107 137219 NS USD 1717981.88 0.025 Long EC CORP US N 1 N N N Generac Holdings Inc. N/A Generac Holdings Inc. 368736104 11201 NS USD 1447617.24 0.021 Long EC CORP US N 1 N N N Hubbell Incorporated N/A Hubbell Incorporated 443510607 6648 NS USD 2186726.64 0.032 Long EC CORP US N 1 N N N Infineon Technologies AG N/A Infineon Technologies AG N/A 58726 NS 2452052.14 0.036 Long EC CORP DE N 1 N N N Keyence Corporation N/A Keyence Corporation N/A 4590 NS 2022491.13 0.03 Long EC CORP JP N 1 N N N Kingspan Group plc N/A Kingspan Group plc N/A 31757 NS 2750191.98 0.041 Long EC CORP IE N 1 N N N Kion Group AG N/A Kion Group AG N/A 46712 NS 1995308.78 0.029 Long EC CORP DE N 1 N N N Kornit Digital Ltd. N/A Kornit Digital Ltd. M6372Q113 86369 NS USD 1654830.04 0.024 Long EC CORP IL N 1 N N N Kurita Water Industries Ltd. N/A Kurita Water Industries Ltd. N/A 35548 NS 1391863.81 0.021 Long EC CORP JP N 1 N N N Landis+Gyr Group AG N/A Landis+Gyr Group AG N/A 30680 NS 2770203.16 0.041 Long EC CORP CH N 1 N N N MP Materials Corp. N/A MP Materials Corp. 553368101 91741 NS USD 1821058.85 0.027 Long EC CORP US N 1 N N N Mueller Water Products, Inc. N/A Mueller Water Products, Inc. 624758108 149036 NS USD 2146118.4 0.032 Long EC CORP US N 1 N N N NextEra Energy, Inc. N/A NextEra Energy, Inc. 65339F101 56392 NS USD 3425250.08 0.051 Long EC CORP US N 1 N N N NIBE Industrier AB N/A NIBE Industrier AB N/A 232856 NS 1635877 0.024 Long EC CORP SE N 1 N N N Primoris Services Corporation N/A Primoris Services Corporation 74164F103 74454 NS USD 2472617.34 0.036 Long EC CORP US N 1 N N N Shoals Technologies Group, Inc. N/A Shoals Technologies Group, Inc. 82489W107 98245 NS USD 1526727.3 0.023 Long EC CORP US N 1 N N N Symbotic Inc. N/A Symbotic Inc. 87151X101 12819 NS USD 657999.27 0.01 Long EC CORP US N 1 N N N u-blox N/A u-blox N/A 2183 NS 259096.71 0.004 Long EC CORP CH N 1 N N N Valmont Industries, Inc. N/A Valmont Industries, Inc. 920253101 10035 NS USD 2343272.85 0.035 Long EC CORP US N 1 N N N Vestas Wind Systems A/S N/A Vestas Wind Systems A/S N/A 64218 NS 2039285.96 0.03 Long EC CORP DK N 1 N N N Watts Water Technologies, Inc. N/A Watts Water Technologies, Inc. 942749102 8394 NS USD 1748805.96 0.026 Long EC CORP US N 1 N N N Wolfspeed, Inc. N/A Wolfspeed, Inc. 977852102 24627 NS USD 1071520.77 0.016 Long EC CORP US N 1 N N N Zurn Elkay Water Solutions N/A Zurn Elkay Water Solutions 98983L108 78209 NS USD 2300126.69 0.034 Long EC CORP US N 1 N N N UMB Money Market Special II N/A UMB Money Market Special II SF8888628 5694288 OU Par Value USD 5694287.93 0.084 Long STIV CORP US N 1 N N N 2024-02-13 Pear Tree Funds Diane Hunt Diane Hunt Assistant Treasurer XXXX NPORT-EX 2 ptf-nportex_123123.htm SCHEDULE OF INVESTMENTS

 

PEAR TREE QUALITY FUND 

 

 

SCHEDULE OF INVESTMENTS 

December 31, 2023 

(Unaudited)

 

Common Stock - 98.1%          
           
    Shares    Value  
AEROSPACE & DEFENSE - 3.2%          
Safran SA   50,521   $8,898,795 
           
BANKS - 4.4%          
U.S. Bancorp   152,249    6,589,337 
Wells Fargo & Company   120,644    5,938,097 
        12,527,434 
BEVERAGES - 4.5%          
Coca-Cola Company (The)   111,305    6,559,204 
Constellation Brands, Inc. (a)   14,564    3,520,847 
Diageo plc   17,168    2,500,691 
        12,580,742 
DIVERSIFIED FINANCIAL SERVICES - 1.0%          
American Express Company   14,687    2,751,463 
           
FOOD PRODUCTS - 1.2%          
Nestle, S.A. (b)   29,158    3,371,540 
           
HEALTH CARE EQUIPMENT & SUPPLIES - 4.4%          
Abbott Laboratories   57,238    6,300,186 
Intuitive Surgical, Inc. (a)   17,741    5,985,104 
        12,285,290 
HEALTH CARE PROVIDERS & SERVICES - 8.3%          
CIGNA Corporation   8,701    2,605,514 
Elevance Health Inc.   13,289    6,266,561 
Quest Diagnostics Incorporated   26,743    3,687,325 
UnitedHealth Group, Inc.   20,677    10,885,820 
        23,445,220 
HOTELS, RESTAURANTS & LEISURE - 2.5%          
Compass Group Plc (b)   251,362    6,990,377 
           
HOUSEHOLD PRODUCTS - 3.0%          
Kenvue Inc.   134,497    2,895,720 
Unilever Plc (b)   112,889    5,472,859 
        8,368,579 
INDUSTRIAL CONGLOMERATES - 0.8%          
General Electric Company   17,750    2,265,433 
           
INTERACTIVE MEDIA & SERVICES - 6.5%          
Alphabet, Inc. Class A (a)   70,096    9,791,710 
Meta Platforms, Inc. (a)   24,127    8,539,993 
        18,331,703 
IT Services - 23.2%          
Accenture Plc   27,711    9,724,067 
Adobe Systems Incorporated (a)   10,421    6,217,169 
Amadeus IT Group, S.A. (b)   31,553    2,274,340 
Microsoft Corporation   45,842    17,238,426 
Oracle Corporation   84,024    8,858,650 
salesforce.com, inc. (a)   26,511    6,976,104 
SAP AG (b)   52,224    8,073,308 
Visa, Inc.   22,382    5,827,154 
        65,189,218 
MACHINERY - 1.9%          
Otis Worldwide Corp.   59,983    5,366,679 
           
MULTILINE RETAIL - 2.7%          
TJX Companies, Inc. (The)   79,754    7,481,723 

 

 

 

 

   Shares  Value
PHARMACEUTICALS - 10.1%      
Eli Lilly and Company   15,115   $8,810,836 
Johnson & Johnson   49,099    7,695,777 
Merck & Co., Inc.   62,339    6,796,198 
Roche Holding Ltd. (b)   141,837    5,138,754 
        28,441,565 
RETAILING - 4.3%          
Alibaba Group Holding Ltd. (a)(b)   34,740    2,692,697 
Amazon.com, Inc. (a)   62,357    9,474,523 
        12,167,220 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 11.1%          
KLA-Tencor Corporation   9,115    5,298,549 
Lam Research Corporation   13,923    10,905,329 
Taiwan Semiconductor Manufacturing Co., Ltd. (b)   74,250    7,722,000 
Texas Instruments, Inc.   41,678    7,104,432 
        31,030,310 
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 3.7%          
Apple, Inc.   53,972    10,391,229 
           
TEXTILES, APPAREL & LUXURY GOODS - 1.3%          
LVMH Moët Hennessy-Louis Vuitton S.A. (b)   22,711    3,689,402 
           
TOTAL COMMON STOCK          
(Cost $ 223,482,317)       275,573,922 
           
Short Term Investments - 1.8%          

 

Money Market - 1.8%   Par Value    Value 
           
UMB Money Market Special II, 5.25% (c)   5,022,611   $5,022,611 
(Cost $ 5,022,611)          
           
TOTAL INVESTMENTS - 99.9%          
           
(Cost $ 228,504,928)        280,596,533 
           
OTHER ASSETS & LIABILITIES (NET) - 0.1%        280,547 
NET ASSETS - 100%       $280,877,080 

 

(a)      Non-Income producing security
(b) ADR - American Depositary Receipts
(c) Interest rate reflects seven-day effective yield on December 31, 2023.
(d) At December 31, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 228,876,290  was as follows:

 

Aggregate gross unrealized appreciation for all investments in which  there is an excess of value over tax cost  $55,041,286 
Aggregate gross unrealized depreciation for all investments in which  there is an excess of tax cost over value   (3,321,043)
      
Net unrealized appreciation/(depreciation)  $51,720,243 

 

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

 

  SECTOR ALLOCATIONS (as a percentage of Total Net Assets)     
  Information Technology   38.0%  
  Health Care   22.8%  
  Consumer Discretionary   10.8%  
  Consumer Staples   8.7%  
  Communication Services   6.5%  
  Industrials   5.9%  
  Financials   5.4%  
  CASH + other assets (net)   1.9%  
      100.0%  

 

 

 

 

PEAR TREE POLARIS SMALL CAP FUND

 

 

SCHEDULE OF INVESTMENTS

December 31, 2023

(Unaudited)

             

Common Stock - 99.0%        
   Shares   Value 
AEROSPACE & DEFENSE - 3.7%          
Curtiss-Wright Corporation   7,200   $1,604,088 
V2X, Inc. (a)   33,100    1,537,164 
         3,141,252 
AUTO COMPONENTS - 2.0%          
Standard Motor Products, Inc.   42,600    1,695,906 
           
AUTOMOBILES - 1.1%          
Winnebago Industries, Inc.   12,567    915,883 
           
BANKS - 18.5%          
BOK Financial Corporation   16,864    1,444,401 
Cambridge Bancorp   13,330    925,102 
Colony Bankcorp, Inc.   119,479    1,589,071 
Cullen/Frost Bankers, Inc.   15,300    1,659,897 
F.N.B. Corporation   61,980    853,465 
International Bancshares Corporation   41,700    2,265,144 
OFG Bancorp   73,100    2,739,788 
South Plains Financial, Inc.   92,300    2,673,008 
Southside Bancshares, Inc.   43,200    1,353,024 
         15,502,900 
BIOTECHNOLOGY - 1.8%          
Exelixis, Inc. (a)   61,900    1,484,981 
           
BUILDING PRODUCTS - 2.7%          
Carlisle Companies Incorporated   3,500    1,093,505 
Janus International Group, Inc. (a)   91,500    1,194,075 
         2,287,580 
CAPITAL  MARKETS - 2.5%          
Hercules Capital, Inc.   125,545    2,092,835 
           
CHEMICALS - 2.5%          
Cabot Corporation   25,573    2,135,345 
           
COMMERCIAL SERVICES & SUPPLIES - 1.9%          
Ennis, Inc.   72,400    1,586,284 
           
CONSTRUCTION MATERIALS - 2.3%          
Eagle Materials Inc.   9,400    1,906,696 
           
CONSUMER FINANCE  - 1.3%          
SLM Corporation   55,300    1,057,336 

 

 

 

 

   Shares   Value 
CONTAINERS & PACKAGING  - 4.6%          
Berry Global Group, Inc.   24,200   $1,630,838 
Graphic Packaging Holding Co.   91,600    2,257,940 
         3,888,778 
DIVERSIFIED CONSUMER SERVICES  - 1.4%          
Perdoceo Education Corporation   66,100    1,160,716 
           
ELECTRICAL EQUIPMENT - 2.4%          
Acuity Brands, Inc.   5,000    1,024,150 
Regal Rexnord Corporation   6,789    1,004,908 
         2,029,058 
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.7%          
Arrow Electronics, Inc. (a)   7,700    941,325 
Kimball Electronics, Inc. (a)   50,245    1,354,103 
         2,295,428 
ENERGY EQUIPMENT & SERVICES - 4.2%          
Dril-Quip, Inc. (a)   60,500    1,407,835 
NOV, Inc.   102,938    2,087,583 
         3,495,418 
FINANCIAL SERVICES - 2.4%          
EVERTEC Inc.   49,800    2,038,812 
           
FOOD PRODUCTS - 2.5%          
Ingredion Incorporated   19,600    2,127,188 
           
GROUND TRANSPORTATION - 1.5%          
Knight-Swift Transportation Holdings, Inc.   21,494    1,239,129 
           
HEALTH CARE REITS - 1.0%          
Global Medical REIT Inc.   77,900    864,690 
           
HEALTH CARE TECHNOLOGY - 1.0%          
Computer Programs and Systems, Inc. (a)   72,350    810,320 
           
MACHINERY - 4.2%          
Allison Transmission Holdings, Inc.   28,100    1,634,015 
Wabash National Corporation   74,700    1,913,814 
         3,547,829 
METALS & MINING - 1.9%          
Lundin Mining Corporation   189,400    1,557,027 
           
OIL, GAS & CONSUMABLE FUELS - 3.2%          
CVR Energy, Inc.   34,400    1,042,320 
Diamondback Energy, Inc.   10,670    1,654,704 
         2,697,024 
PHARMACEUTICALS - 3.5%          
Harmony Biosciences Holdings, Inc. (a)   28,500    920,550 
Pacira BioSciences, Inc. (a)   22,000    742,280 
Supernus Pharmaceuticals, Inc. (a)   42,500    1,229,950 
         2,892,780 

 

 

 

 

   Shares   Value 
PROFESSIONAL SERVICES - 10.6%          
Barrett Business Services, Inc.   23,000   $2,663,400 
CSG Systems International, Inc.   24,000    1,277,040 
Kforce, Inc.   29,494    1,992,615 
Maximus Inc.   16,600    1,392,076 
Science Applications International Corporation   12,700    1,578,864 
         8,903,995 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%          
MKS Instruments, Inc.   21,400    2,201,418 
           
SOFTWARE - 1.1%          
Enghouse Systems Limited   35,500    944,979 
           
SPECIALTY RETAIL - 1.5%          
Buckle, Inc.   26,100    1,240,272 
           
TEXTILES, APPAREL & LUXURY GOODS - 0.9%          
Crocs, Inc. (a)   8,010    748,214 
           
TRADING COMPANIES & DISTRIBUTORS  - 5.5%          
Air Lease Corporation   43,300    1,816,002 
Applied Industrial Technologies, Inc.   11,000    1,899,590 
NOW Inc.   77,000    871,640 
         4,587,232 
           
TOTAL COMMON STOCK          
(Cost $ 57,846,971)        83,077,305 
           
SHORT TERM INVESTMENTS - 0.9%          
           
   Par Value    Value  
Money Market - 0.9%          
UMB Money Market Special II, 5.25% (b)   745,969   $745,969 
(Cost $ 745,969)          
           
           
TOTAL INVESTMENTS -  99.9%        83,823,274 
(Cost $ 58,592,940)          
OTHER ASSETS & LIABILITIES (NET) - 0.1%        105,694 
NET ASSETS - 100%       $83,928,968 

 

(a) Non-income producing security
(b) Interest rate reflects seven-day effective yield on December 31, 2023.
(c) At December 31, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 59,023,543 was as follows :

 

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost       $26,293,500 
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value        (1,493,769)
           
Net unrealized appreciation/(depreciation)       $24,799,731 

 

 

 

 

The percentage of each investment category is calculated as a percentage of net assets.      
       
SECTOR ALLOCATIONS (as a percentage of Total Net Assets)      
Industrials    32.6%
Financials    24.6%
Materials    11.3%
Energy    7.4%
Consumer Discretionary    6.9%
Information Technology    6.5%
Health Care    6.2%
Consumer Staples    2.5%
Real Estate    1.0%
Cash and Other Assets (Net)    1.0%
     100.0%

 

 

 

 

PEAR TREE POLARIS INTERNATIONAL OPPORTUNITIES FUND

 

 

SCHEDULE OF INVESTMENTS

December 31, 2023

(Unaudited)

 

Common Stock - 98.6%        
   Shares   Value 
AUSTRALIA - 6.1%        
Accent Group Limited   1,231,400   $1,630,103 
Collins Foods Limited   210,524    1,700,856 
HANSEN Technologies   254,170    882,788 
Macquarie Group Limited   12,484    1,564,269 
         5,778,016 
BELGIUM - 2.2%          
D'Ieteren S.A.   10,500    2,051,751 
           
BRAZIL - 1.5%          
Equatorial Energia S.A.   192,588    1,416,182 
           
CANADA - 10.5%          
Alimentation Couche-Tard Inc.   31,100    1,840,386 
Canadian Tire Corporation   12,577    1,342,208 
Enghouse Systems Limited   53,700    1,429,448 
EQB Inc.   25,499    1,686,848 
goeasy Ltd.   14,498    1,737,869 
Toronto-Dominion Bank   28,992    1,882,523 
         9,919,282 
CHINA - 7.3%          
Alibaba Group Holding Ltd.   140,600    1,361,238 
China MeiDong Auto Holdings Limited   1,354,000    823,643 
Midea Group Co., Ltd.   247,200    1,904,139 
Zhejiang Supor Co.   255,400    1,908,964 
Zhongsheng Group Holdings   364,500    871,969 
         6,869,953 
           
DENMARK - 1.0%          
DFDS A/S   29,000    958,301 
           
FINLAND - 1.1%          
Valmet OYJ   34,200    986,371 

 

 

 

   Shares   Value 
FRANCE - 6.4%          
Alten S.A.   9,900   $1,471,932 
LVMH Moet Hennessy Louis Vuitton SE   1,195    968,355 
Neurones S.A.   43,855    2,119,360 
SEB SA   12,000    1,497,846 
         6,057,493 
INDIA - 1.0%          
Muthoot Finance Ltd.   54,294    963,232 
           
INDONESIA - 1.0%          
PT Bank Rakyat Indonesia Tbk   2,604,946    968,586 
           
ITALY - 7.7%          
De'Longhi S.p.A.   44,400    1,496,839 
Interpump Group S.p.A.   19,300    999,217 
Reply S.p.A.   14,318    1,889,982 
SeSa S.p.A.   7,793    1,058,808 
SOL S.p.A.   58,400    1,793,350 
         7,238,196 
JAPAN - 7.2%          
FULLCAST HOLDINGS Co., Ltd.   63,600    826,917 
JAC Recruitment Co., Ltd.   206,800    953,468 
NEXTAGE Co., Ltd.   90,600    1,663,164 
Open Up Group Inc.   66,400    1,106,353 
Sony Group Corporation   15,100    1,436,310 
Tri Chemical Laboratories Inc.   32,000    819,407 
         6,805,619 
MALAYSIA - 1.5%          
Public Bank Bhd   962,500    898,613 
Scientex Berhad   575,000    476,768 
         1,375,381 
NETHERLANDS - 1.0%          
Aalberts N.V.   22,600    980,091 
           
NORWAY - 4.4%          
SpareBank Nord-Norge   207,100    2,104,505 
Sparebanken Vest   193,682    2,086,396 
         4,190,901 
PERU - 1.1%          
Credicorp Ltd.   6,700    1,004,531 
           
SINGAPORE - 2.0%          
United Overseas Bank Limited   88,000    1,897,961 

 

 

 

   Shares   Value 
SOUTH AFRICA - 2.6%          
AVI Limited   323,674   $1,452,573 
FirstRand Limited   257,100    1,033,461 
         2,486,034 
SOUTH KOREA - 3.2%          
Hansol Chemical Co., Ltd.   8,817    1,554,048 
Samsung Electronics Company Limited   23,932    1,458,702 
         3,012,750 
SPAIN - 1.0%          
CIE Automotive   32,945    935,983 
           
SWEDEN - 4.0%          
Bravida Holding AB   247,200    1,988,069 
Hexpol AB   88,000    1,065,301 
Knowit AB   45,658    709,478 
         3,762,848 
SWITZERLAND - 2.0%          
ALSO Holding AG   6,300    1,878,698 
           
TAIWAN - 7.4%          
BizLink Holding, Inc.   108,390    942,967 
Chailease Holding Co., Ltd.   235,089    1,478,379 
POYA International Co., Ltd.   55,129    991,551 
SINBON Electronics Co., Ltd.   156,600    1,525,664 
Thinking Electronic Industrial Co., Ltd.   186,000    1,018,165 
Yageo Corporation   51,510    1,001,987 
         6,958,713 
THAILAND - 3.5%          
Muangthai Capital Public Company Limited   1,064,000    1,402,768 
TISCO Financial Group   637,000    1,861,591 
         3,264,359 
UNITED KINGDOM - 11.1%          
Computacenter plc   53,700    1,911,402 
Cranswick plc   39,440    1,914,680 
Games Workshop Group PLC   6,602    830,721 
Howden Joinery Group plc   102,988    1,068,218 
Marshalls PLC   228,000    812,127 
Mondi plc   77,937    1,547,020 
OSB Group PLC   144,500    855,873 
RS Group plc   70,730    739,040 
SSP Group plc   255,900    766,004 
         10,445,085 
UNITED STATES - 0.8%          
Euronet Worldwide, Inc. (a)   7,800    791,622 
           
TOTAL COMMON STOCK          
(Cost $ 78,715,411)        92,997,939 

 

 

 

SHORT TERM INVESTMENTS - 1.2%    Par Value     Value 
Money Market - 1.2%          
UMB Money Market Special II, 5.25% (b)   1,165,582   $1,165,582 
  (Cost $ 1,165,582)          
           
TOTAL INVESTMENTS - 99.8%          
(Cost $ 79,880,993)        94,163,521 
OTHER ASSETS & LIABILITIES (Net) - 0.2%        197,829 
NET ASSETS - 100%       $94,361,350 

 

(a)Non-income producing security.
(b)Interest rate reflects seven-day effective yield on December 31, 2023.
(c)At December 31, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 80,304,692  was as follows :

 

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost   $15,033,843 
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value    (1,175,014)
           
Net unrealized appreciation/(depreciation)   $13,858,829 

 

The percentage of each investment category is calculated as a percentage of net assets.          
           
SECTOR ALLOCATIONS (as a percentage of Total Net Assets)          
Financials        25.7%
Consumer Discretionary        25.6%
Information Technology        20.3%
Industrials        12.3%
Materials        7.7%
Consumer Staples        5.5%
Utilities        1.5%
Cash and Other Assets (Net)        1.4%
         100.0%

 

 

 

 

PEAR TREE POLARIS FOREIGN VALUE FUND

 

 

SCHEDULE OF INVESTMENTS 

December 31, 2023 

(Unaudited)

 

Common Stock - 99.2%        
   Shares   Value 
BELGIUM - 1.6%        
D'leteren S.A.   251,853   $49,213,295 
           
CANADA  - 12.3%          
Canadian Tire Corporation   505,895    53,988,734 
Lundin Mining Corporation   8,026,600    65,985,397 
Magna International Inc.   1,058,230    62,830,901 
Methanex Corporation   1,493,693    71,003,092 
Open Text Corporation   1,575,800    66,552,633 
Toronto-Dominion Bank   1,002,676    65,106,264 
         385,467,021 
CHILE - 1.0%          
Antofagasta plc   1,503,500    32,191,844 
           
CHINA -1.9%          
Weichai Power Company Limited   35,832,000    59,837,779 
           
COLOMBIA  - 0.2%          
Tecnoglass, Inc.   154,800    7,075,908 
           
FRANCE - 12.9%          
Ipsos   732,480    45,916,536 
Michelin (CGDE)   1,897,500    68,035,844 
Publicis Groupe   887,947    82,389,869 
Teleperformance SE   467,700    68,220,242 
TotalEnergies SE   980,500    66,716,889 
Vinci SA   600,598    75,431,341 
         406,710,721 
GERMANY - 9.0%          
Daimler Truck Holding AG   1,727,800    64,928,483 
Deutsche Telekom AG   2,395,518    57,552,763 
flatexDegiro AG   988,400    12,195,325 
Hannover Rueck SE   310,600    74,210,516 
Muenchener Rueckversicherungs-Gesellschaft   178,030    73,764,556 
         282,651,643 
IRELAND - 4.5%          
Greencore Group plc (a)   19,767,301    24,305,918 
Jazz Pharmaceuticals plc (a)   416,700    51,254,100 
Smurfit Kappa   1,691,246    67,029,611 
         142,589,629 

 

 

 

 

   Shares   Value 
         
ITALY - 2.2%        
Eni S.p.A.   3,598,109   $61,000,527 
Trevi Finanziaria Industriale SpA (a)   25,608,324    8,839,723 
         69,840,250 
JAPAN - 11.2%          
Daicel Corporation   3,589,700    34,781,743 
Daito Trust Construction Company,  Ltd.   548,900    63,658,072 
Itochu Corporation   1,506,000    61,605,206 
KDDI Corporation   1,990,500    63,337,942 
Marubeni Corporation   3,609,100    57,049,790 
Sony Group Corporation   765,000    72,766,704 
         353,199,457 
NETHERLANDS -1.8%          
Koninklijke Ahold Delhaize N.V.   1,916,100    55,061,683 
           
NORWAY - 6.8%          
DNB Bank ASA   3,274,930    69,653,976 
SpareBank 1 SR-Bank ASA   4,511,587    57,262,775 
Sparebanken Vest   2,183,075    23,516,686 
Yara International ASA   1,731,300    61,575,820 
         212,009,257 
PUERTO RICO - 2.2%          
Popular, Inc.   828,750    68,015,512 
           
RUSSIA - 0.0%          
ALROSA Company PJSC * (a)   41,136,300    4,601 
           
SINGAPORE - 1.9%          
United Overseas Bank Limited   2,798,647    60,360,478 
           
SOUTH KOREA - 12.1%          
Kia Motors Corporation   889,200    69,042,628 
LG Electronics, Inc.   568,900    44,967,793 
LG Uplus Corporation   6,291,583    49,975,071 
Samsung Electronics Company Limited   1,274,943    77,710,246 
Shinhan Financial Group Co., Limited   1,725,400    53,788,967 
SK Hynix,  Inc.   782,600    85,983,306 
         381,468,011 
SWEDEN - 3.9%          
Duni AB   1,566,400    16,133,552 
Loomis AB, Class B   1,468,364    38,989,691 
SKF AB-B   3,356,300    67,040,077 
         122,163,320 
SWITZERLAND - 2.3%          
Novartis AG   662,350    66,785,844 
Sandoz Group AG   132,470    4,258,807 
         71,044,651 
THAILAND - 0.7%          
TISCO Financial Group   7,722,600    22,568,794 

 

 

 

   Shares   Value 
UNITED KINGDOM - 10.7%          
Bellway plc   1,942,950   $63,609,072 
Inchcape plc   4,428,040    40,390,905 
Linde plc   174,944    71,851,250 
Mondi plc   3,041,461    60,371,857 
Next plc   768,450    79,529,285 
Nomad Foods Limited (a)   1,164,500    19,738,275 
         335,490,644 
           
TOTAL COMMON STOCK        3,116,964,498 
(Cost $ 2,589,544,445)          
           
WARRANTS - 0.0%          
ITALY -0.0%          
Trevi Finanziaria Industriale SpA (a)   76,022   $151,154 
(Cost $ 7,585,702)          
           
SHORT TERM INVESTMENTS - 0.5%          
    Par Value     Value  
Money Market - 0.5%          
UMB Money Market Special II, 5.25% (b)   16,627,600   $16,627,600 
(Cost $ 16,627,600)          
           
TOTAL INVESTMENTS - 99.7%        3,133,743,252 
(Cost $ 2,613,757,747)          
OTHER ASSETS & LIABILITIES (NET) -0.3%        10,038,200 
NET ASSETS - 100%       $3,143,781,452 

 

*Fair Valued by Valuation Committee as delegated by Pear Tree Fund's Trustees

 

(a)Non income producing security.

(b)Interest rate reflects seven-day effective yield on December 31, 2023.

(c)At December 31, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 2,635,578,822 was as follows :

 

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost  $744,704,780 
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value   (246,540,350)
      
Net unrealized appreciation/(depreciation)  $498,164,430 

 

 

 

 

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

 

SECTOR ALLOCATIONS (as a percentage of Total Net Assets)    
Consumer Discretionary   19.7%
Financials   18.5%
Industrials   16.2%
Materials   14.8%
Communication Services   9.5%
Information Technology   7.3%
Energy   4.1%
Health Care   3.9%
Consumer Staples   3.2%
Real Estate   2.0%
Cash and Other Assets (Net)   0.8%
      
    100.0%

 

 

 

 

PEAR TREE POLARIS FOREIGN VALUE SMALL CAP FUND

 

 

SCHEDULE OF INVESTMENTS 

December 31, 2023 

(Unaudited)

 

Common Stock - 98.4%          
           
     Shares     Value 
           
BELGIUM - 2.6%          
D’leteren SA   131,655   $25,726,024 
           
BRAZIL - 2.5%          
Equatorial Energia S.A.   3,332,971    24,508,754 
           
CANADA - 4.5%          
EQB Inc.   367,752    24,328,080 
goeasy Ltd.   168,775    20,230,985 
         44,559,065 
CHINA - 1.0%          
China MeiDong Auto Holdings Limited   7,144,000    4,345,721 
Xinhua Winshare Publishing and Media Co., Limited   6,160,500    5,483,118 
         9,828,839 
COLOMBIA  - 2.0%          
Tecnoglass, Inc.   444,564    20,321,020 
           
DENMARK - 2.8%          
DFDS A/S   374,399    12,371,966 
Ringkjoebing Landbobank A/S   106,200    15,603,299 
         27,975,265 
FRANCE - 9.1%          
Amundi   332,600    22,631,349 
Elis S.A.   1,187,198    24,772,087 
Rubis   826,400    20,539,048 
Technip Energies N.V.   931,600    21,774,722 
         89,717,206 
GERMANY- 1.7%          
flatexDEGIRO AG   490,400    6,050,777 
Sixt SE   93,525    10,454,800 
         16,505,577 
HONG KONG - 0.7%          
Samson Holding Limited   74,790,800    2,078,427 
VSTECS Holdings Limited   8,587,360    4,838,817 
         6,917,244 
INDONESIA - 0.9%          
PT. Pakuwon Jati Tbk   317,709,100    9,368,054 
           
IRELAND - 2.6%          
Glanbia plc   1,296,500    21,352,938 
Greencore Group plc (a)   3,466,100    4,261,924 
         25,614,862 
ITALY - 3.3%          
De’Longhi SpA   981,136    33,076,627 
           
JAPAN - 11.3%          
Daicel Corporation   2,587,100    25,067,234 
Dowa Holdings Co., Limited   500,800    18,301,331 
Kanematsu Corporation   892,800    13,077,259 
Kyudenko Corporation   326,700    11,786,042 
Mizuho Leasing Company, Limited   270,400    9,283,132 
Open House Group Co., Limited   575,100    17,063,720 
Sankyu Inc.   464,000    17,051,951 
         111,630,669 
JORDAN - 1.9%          
Hikma Pharmaceuticals plc   835,900    19,064,573 
           
NETHERLANDS - 5.2%          
Aalberts N.V.   589,700    25,573,425 
Signify N.V.   778,400    26,069,908 
         51,643,333 

 

 

 

   Shares   Value 
NORWAY - 4.5%        
SpareBank Nord-Norge   735,389   $7,472,862 
Sparebank 1 Oestlandet   427,188    5,577,669 
SpareBank 1 SMN   961,828    13,429,622 
SpareBank 1 SR-Bank ASA   931,626    11,824,551 
Sparebanken Vest   614,092    6,615,168 
         44,919,872 
PORTUGAL - 1.3%          
Redes Energéticas Nacionais, SGPS, S.A.   4,848,005    12,450,692 
           
SINGAPORE - 3.5%          
AEM Holdings Limited   7,160,200    18,781,208 
Venture Corporation, Limited   1,567,200    16,169,807 
         34,951,015 
SOUTH KOREA - 6.7%          
Doosan Bobcat   568,700    22,255,206 
ENF Technology Co., Limited   692,686    13,284,684 
Fila Holding Corporation   221,700    6,661,845 
Nature Holdings Co., Limited (The)   436,302    5,945,415 
Orion Corporation   203,800    18,371,908 
         66,519,058 
SPAIN - 0.6%          
CIE Automotive   206,600    5,869,603 
           
SWEDEN - 5.1%          
Duni AB   485,645    5,002,029 
Hexpol AB   2,231,100    27,009,020 
Loomis AB, Class B   706,161    18,750,800 
         50,761,849 
TAIWAN - 2.0%          
BizLink Holding, Inc.   1,059,293    9,215,595 
Primax Electronics Limited   4,856,800    10,713,588 
         19,929,183 
THAILAND - 4.8%          
Thanachart Capital PCL   16,775,000    24,327,620 
TISCO Financial Group   7,836,500    22,901,659 
         47,229,279 
UNITED KINGDOM - 17.8%          
Berkeley Group Holdings plc   205,300    12,269,842 
Coats Group plc   5,811,700    5,734,645 
Computacenter plc   503,000    17,903,825 
Crest Nicholson Holdings plc   2,611,400    7,230,955 
Future plc   1,333,000    13,518,632 
Inchcape plc   2,462,168    22,458,965 
Keller Group plc   457,639    5,134,145 
Lancashire Holdings Limited   2,315,487    18,419,988 
OSB Group plc   3,172,817    18,792,590 
QinetiQ   3,856,400    15,191,581 
Redrow plc   1,585,300    12,439,472 
Vistry Group plc   2,293,325    26,824,652 
         175,919,292 
           
TOTAL COMMON STOCK        975,006,955 
(Cost $ 883,179,818)          
           

 

SHORT TERM INVESTMENTS - 1.0%        
   Par Value   Value 
Money Market - 1.0%          
UMB Money Market Special II, 5.25% (b)   9,419,920   $9,419,920 
  (Cost $ 9,419,920)          
           
           
TOTAL INVESTMENTS - 99.4%        984,426,875 
(Cost $ 892,599,738)          
OTHER ASSETS & LIABILITIES (NET) -0.6%        6,268,014 
NET ASSETS - 100%       $990,694,889 

 

 

 

(a)Non-income producing security
(b)Interest rate reflects seven-day effective yield on December 31, 2023.
(c)At December 31, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 899,483,155 was as follows :

 

 

Aggregate gross unrealized appreciation for all investments in which  there is an excess of value over tax cost  $168,875,111 
Aggregate gross unrealized depreciation for all investments in which  there is an excess of tax cost over value   (83,931,391)
      
Net unrealized appreciation/(depreciation)  $84,943,720 
      
The percentage of each investment category is calculated as a percentage of net assets.     

 

SECTOR ALLOCATIONS (as a percentage of Total Net Assets)    
Industrials   23.4%
Financials   23.0%
Consumer Discretionary   20.0%
Materials   8.4%
Information Technology   6.9%
Utilities   5.8%
Consumer Staples   4.4%
Energy   2.2%
Health Care   1.9%
Communication Services   1.4%
Real Estate   1.0%
Cash and Other Assets (Net)   1.6%
      
    100.0%

 

 

 

PEAR TREE ESSEX ENVIRONMENTAL OPPORTUNITIES FUND

 

 

SCHEDULE OF INVESTMENTS         

December 31, 2023        

(Unaudited)        

         

Common Stock - 91.5%        
   Shares   Value 
DENMARK - 5.4%        
INDUSTRIALS - 5.4%        
Cadeler AS (a)   347,781   $1,606,771 
Vestas Wind Systems A/S   64,218    2,039,286 
         3,646,057 
GERMANY - 6.6%          
INDUSTRIALS - 3.0%          
Kion Group AG (a)   46,712    1,995,309 
INFORMATION TECHNOLOGY - 3.6%          
Infineon Technologies AG   58,726    2,452,052 
           
TOTAL GERMANY        4,447,361 
           
IRELAND - 5.9%          
CONSUMER DISCRETIONARY - 1.8%          
Aptiv PLC (a)   13,777    1,236,072 
INDUSTRIALS - 4.1%          
Kingspan Group plc   31,757    2,750,192 
           
TOTAL IRELAND        3,986,264 
           
ISRAEL - 2.4%          
INDUSTRIALS - 2.4%          
Kornit Digital Ltd. (a)   86,369    1,654,830 
           
JAPAN - 5.0%          
INDUSTRIALS - 2.0%          
Kurita Water Industries Ltd.   35,548    1,391,864 
INFORMATION TECHNOLOGY - 3.0%          
Keyence Corporation   4,590    2,022,491 
           
TOTAL JAPAN        3,414,355 
           
SWEDEN - 2.4%          
INDUSTRIAL - 2.4%          
NIBE Industrier AB   232,856    1,635,877 

 

 

 

 

   Shares   Value 
SWITZERLAND - 4.5%          
INFORMATION TECHNOLOGY - 4.5%          
Landis+Gyr Group AG   30,680   $2,770,203 
u-blox   2,183    259,097 
         3,029,300 
UNITED STATES - 59.3%          
INDUSTRIALS - 36.9%          
American Superconductor Corporation (a)   156,282    1,740,981 
Array Technologies, Inc. (a)   78,451    1,317,977 
Bloom Energy Corporation (a)   73,033    1,080,888 
Energy Recovery, Inc. (a)   124,472    2,345,053 
Enovix Corporation (a)   137,219    1,717,982 
Generac Holdings Inc. (a)   11,201    1,447,617 
Hubbell Incorporated   6,648    2,186,727 
Mueller Water Products, Inc.   149,036    2,146,119 
Primoris Services Corporation   74,454    2,472,617 
Shoals Technologies Group, Inc. (a)   98,245    1,526,727 
Symbotic Inc. (a)   12,819    657,999 
Valmont Industries, Inc.   10,035    2,343,273 
Watts Water Technologies, Inc.   8,394    1,748,806 
Zurn Elkay Water Solutions   78,209    2,300,127 
         25,032,893 
INFORMATION TECHNOLOGY - 9.1%          
Badger Meter, Inc.   23,406    3,613,184 
Cognex Corporation   35,596    1,485,777 
Wolfspeed, Inc. (a)   24,627    1,071,521 
         6,170,482 
MATERIALS - 8.2%          
Albemarle Corporation   11,310    1,634,069 
Aspen Aerogels, Inc. (a)   133,718    2,110,070 
MP Materials Corp. (a)   91,741    1,821,059 
         5,565,198 
           
UTILITIES - 5.1%          
NextEra Energy, Inc.   56,392    3,425,250 
           
TOTAL UNITED STATES        40,193,823 
           
TOTAL COMMON STOCK          
(Cost $ 62,912,060)        62,007,867 

 

 

 

 

SHORT TERM INVESTMENTS - 8.4%   Par Value    Value 
Money Market - 8.4%          
UMB Money Market Special II, 5.25% (b)   5,694,288   $5,694,288 
(Cost $ 5,694,288)          
           
TOTAL INVESTMENTS - 99.9%          
(Cost $ 68,606,348)        67,702,155 
OTHER ASSETS & LIABILITIES (Net) - 0.1%        41,632 
NET ASSETS - 100%       $67,743,787 

 

(a) Non-income producing security. 
(b) Interest rate reflects seven-day effective yield on December 31, 2023. 
(c) At December 31, 2023, the unrealized depreciation of investments based on aggregate cost for federal tax purposes of $ 68,606,379 was as follows :  

 

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost       $7,965,478 
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value        (8,869,702)
           
Net unrealized appreciation/(depreciation)       $(904,224)
           
The percentage of each investment category is calculated as a percentage of net assets.          
           
SECTOR ALLOCATIONS (as a percentage of Total Net Assets)          
Industrials        56.3%
Information Technology        20.1%
Materials        8.2%
Utilities        5.1%
Consumer Discretionary        1.8%
Cash and Other Assets (Net)        8.5%
         100.0%