Security Name CUSIP Number Shares/Par Value Base … Holdings...globe telecom inc 3,020 118,862 grasim industries ltd ... hon hai precision industry 362,677 892,145 housing development

Pear Tree Quality Fund

12/31/15

Security Name CUSIP Number Shares/Par Value Base Market Value

3M CO '88579Y101 17,760 2,675,366

ABBOTT LABORATORIES '002824100 35,836 1,609,395

ACCENTURE PLC CL A 'G1151C101 16,583 1,732,924

ALPHABET INC CL A '02079K305 7,253 5,642,907

ALPHABET INC CL C '02079K107 2,457 1,864,568

AMGEN INC '031162100 1,270 206,159

AMPHENOL CORP CL A '032095101 5,935 309,985

ANALOG DEVICES INC '032654105 8,778 485,599

ANTHEM INC '036752103 2,831 394,755

APPLE INC '037833100 36,558 3,848,095

ASTRAZENECA PLC SPONS ADR '046353108 128,305 4,355,955

BECTON DICKINSON AND CO '075887109 5,767 888,637

BED BATH + BEYOND INC '075896100 6,578 317,389

BRITISH AMERICAN TOB SP ADR '110448107 23,581 2,604,521

BURBERRY GROUP PLC SPON ADR '12082W204 4,039 70,662

CHURCH + DWIGHT CO INC '171340102 3,830 325,090

CISCO SYSTEMS INC '17275R102 162,476 4,412,036

CITRIX SYSTEMS INC '177376100 5,491 415,394

COCA COLA CO/THE '191216100 91,304 3,922,420

COGNIZANT TECH SOLUTIONS A '192446102 14,267 856,305

COLGATE PALMOLIVE CO '194162103 20,889 1,391,625

COMPASS GROUP PLC SPON ADR '20449X302 52,266 920,927

COSTCO WHOLESALE CORP '22160K105 5,721 923,942

CR BARD INC '067383109 461 87,332

CVS HEALTH CORP '126650100 9,036 883,450

DANAHER CORP W/D '235851102 19,291 1,791,748

DOVER CORP '260003108 3,464 212,378

ELI LILLY + CO '532457108 7,815 658,492

EMC CORP/MA '268648102 44,180 1,134,542

EMERSON ELECTRIC CO '291011104 20,246 968,366

ESTEE LAUDER COMPANIES CL A '518439104 1,574 138,606

EXPRESS SCRIPTS HOLDING CO '30219G108 39,908 3,488,358

GENUINE PARTS CO '372460105 3,977 341,585

HENRY SCHEIN INC '806407102 361 57,107

HONEYWELL INTERNATIONAL INC '438516106 6,059 627,531

HUMANA INC '444859102 4,919 878,091

ILLINOIS TOOL WORKS '452308109 11,929 1,105,580

INTL BUSINESS MACHINES CORP '459200101 13,734 1,890,073

INTUIT INC '461202103 5,594 539,821

INTUITIVE SURGICAL INC '46120E602 725 395,966

JOHNSON + JOHNSON '478160104 59,836 6,146,354

JOHNSON MATTHEY PLC SPON ADR '479142408 1,718 136,409

KDDI CORP UNSPONSORED ADR '48667L106 41,238 533,826

LVMH MOET HENNESSY UNSP ADR '502441306 22,566 710,716

MASTERCARD INC CLASS A '57636Q104 4,972 484,074

MCDONALD S CORP '580135101 10,344 1,222,040


12/31/15

MEDTRONIC PLC 'G5960L103 39,367 3,028,110

MICROSOFT CORP '594918104 127,288 7,061,938

MONSANTO CO '61166W101 9,188 905,202

NESTLE SA SPONS ADR '641069406 30,734 2,287,224

NIKE INC CL B '654106103 14,554 909,625

NOVARTIS AG SPONSORED ADR '66987V109 6,271 539,557

NTT DOCOMO INC SPON ADR '62942M201 60,580 1,241,890

ORACLE CORP '68389X105 131,795 4,814,471

PAYCHEX INC '704326107 7,686 406,513

PAYPAL HOLDINGS INC '70450Y103 20,986 759,693

PEPSICO INC '713448108 13,379 1,336,830

PFIZER INC '717081103 22,083 712,839

PHILIP MORRIS INTERNATIONAL '718172109 45,749 4,021,795

PRECISION CASTPARTS CORP '740189105 3,531 819,227

PROCTER + GAMBLE CO/THE '742718109 70,456 5,594,911

QUALCOMM INC '747525103 53,095 2,653,954

RECKITT BENCKISER GROUP PLC 'G74079107 21,620 2,036,388

REYNOLDS AMERICAN INC '761713106 4,869 224,704

ROCKWELL AUTOMATION INC '773903109 3,654 374,937

SAGE GROUP PLC UNSPON ADR '78663S201 2,947 105,620

SAP SE SPONSORED ADR '803054204 5,141 406,653

ST JUDE MEDICAL INC '790849103 7,437 459,383

STRYKER CORP '863667101 10,572 982,562

SWATCH GROUP AG/THE UNSP ADR '870123106 11,266 195,127

SYSCO CORP '871829107 4,955 203,155

TERADATA CORP '88076W103 22,048 582,508

TJX COMPANIES INC '872540109 5,950 421,915

TRIPADVISOR INC '896945201 3,181 271,180

UNILEVER N V NY SHARES '904784709 34,568 1,497,486

UNILEVER PLC SPONSORED ADR '904767704 36,411 1,570,042

UNITED TECHNOLOGIES CORP '913017109 7,215 693,145

UNITEDHEALTH GROUP INC '91324P102 30,430 3,579,785

VF CORP '918204108 9,514 592,247

WAL MART STORES INC '931142103 42,382 2,598,017

WW GRAINGER INC '384802104 1,706 345,619

XILINX INC '983919101 5,316 249,693

ZIMMER BIOMET HOLDINGS INC '98956P102 4,407 452,114

119,543,157

STATE STREET REPO '85799F003 217,747 217,747

Other Assets - Liabilities (182,875)

Mark to Market (78)

Total Net Assets 119,577,951

IMPORTANT LEGAL INFORMATION:


12/31/15

Investors should read the prospectus carefully before investing because it contains more complete

information on the Pear Tree Funds’ investment objectives, risks, charges and expenses. Please

consider this information carefully. For a prospectus and other information, visit

www.peartreefunds.com or call (800) 326-2151. The Portfolio is actively managed and holdings are

subject to change without notice and may not represent current or future portfolio composition.

The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the

information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document

are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and

Exchange Commission (SEC) presentation requirements. Therefore, it differs from that in the complete

statement of investments in the annual and semiannual report to shareholders filed with the SEC on

Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC

Form N-Q filings for each fiscal year. Forms N-CSR and N-Q for the Fund are available on the SEC website

at www.sec.gov.

The portfolio data is for information only. It does not constitute a recommendation or an offer for a

particular security or fund. Reference to specific securities or holdings should not be considered

recommendations for action by investors.

Pear Tree Polaris Small Cap Fund

12/31/15

Security Name CUSIP Number Shares/Par Value Base Market Value

AIR LEASE CORP '00912X302 43,819 1,467,060

ALLETE INC '018522300 29,700 1,509,651

ALLIANCE DATA SYSTEMS CORP '018581108 2,255 623,665

AMBARELLA INC 'G037AX101 3,638 202,782

AMERIS BANCORP '03076K108 117,700 4,000,623

ARC DOCUMENT SOLUTIONS INC '00191G103 51,309 226,786

ASBURY AUTOMOTIVE GROUP '043436104 27,946 1,884,678

ASTORIA FINANCIAL CORP '046265104 120,100 1,903,585

BNC BANCORP '05566T101 86,200 2,187,756

BRANDYWINE REALTY TRUST '105368203 27,912 381,278

BROOKLINE BANCORP INC '11373M107 156,000 1,794,000

BRYN MAWR BANK CORP '117665109 54,146 1,555,073

CAMBREX CORP '132011107 21,397 1,007,585

CANADIAN SOLAR INC '136635109 2,548 73,790

CARDTRONICS INC '14161H108 46,183 1,554,058

CENTRAL PACIFIC FINANCIAL CO '154760409 83,883 1,847,104

CINEMARK HOLDINGS INC '17243V102 48,191 1,611,025

COBIZ FINANCIAL INC '190897108 103,909 1,394,459

COLONY BANKCORP '19623P101 10,000 97,100

DECKERS OUTDOOR CORP '243537107 25,100 1,184,720

DIAMONDBACK ENERGY INC '25278X109 16,670 1,115,223

DIME COMMUNITY BANCSHARES '253922108 96,900 1,694,781

DUPONT FABROS TECHNOLOGY '26613Q106 49,205 1,564,227

EDUCATION REALTY TRUST INC '28140H203 58,957 2,233,291

ENTRAVISION COMMUNICATIONS A '29382R107 222,064 1,712,113

EPR PROPERTIES '26884U109 79,410 4,641,515

FAIRPOINT COMMUNICATIONS INC '305560302 88,873 1,428,189

FERRO CORP '315405100 188,035 2,090,949

FNB CORP '302520101 117,880 1,572,519

GREENBRIER COMPANIES INC '393657101 42,718 1,393,461

GREENHILL + CO INC '395259104 8,997 257,404

HERCULES TECHNOLOGY GROWTH '427096508 119,420 1,455,730

HERSHA HOSPITALITY TRUST '427825500 63,083 1,372,686

IMAX CORP '45245E109 88,331 3,139,284

INTEGRATED DEVICE TECH INC '458118106 107,839 2,841,558

INTERNATIONAL BANCSHARES CRP '459044103 60,700 1,559,990

KFORCE INC '493732101 119,694 3,025,864

LUXOFT HOLDING INC 'G57279104 26,281 2,027,054

MICROSEMI CORP '595137100 34,728 1,131,786

MOTORCAR PARTS OF AMERICA IN '620071100 43,206 1,460,795

NATIONAL CINEMEDIA INC '635309107 98,995 1,555,211

NATUS MEDICAL INC '639050103 66,220 3,181,871

NCI BUILDING SYSTEMS INC '628852204 38,474 477,462

PAPA JOHN S INTL INC '698813102 22,128 1,236,291

PHYSICIANS REALTY TRUST '71943U104 115,622 1,949,387

PINNACLE FINANCIAL PARTNERS '72346Q104 28,369 1,457,032

Pear Tree Polaris Small Cap Fund

12/31/15

REGAL ENTERTAINMENT GROUP A '758766109 106,911 2,017,411

RESTORATION HARDWARE HOLDING '761283100 7,958 632,263

RMR GROUP INC/THE A '74967R106 809 11,658

SELECT INCOME REIT '81618T100 45,722 906,210

SOUTHWEST BANCORP INC/OKLA '844767103 88,700 1,550,476

SPIRIT AIRLINES INC '848577102 13,226 527,056

SWIFT TRANSPORTATION CO '87074U101 106,414 1,470,641

TREX COMPANY INC '89531P105 37,800 1,437,912

TUTOR PERINI CORP '901109108 86,471 1,447,525

UNITED INSURANCE HOLDINGS CO '910710102 81,741 1,397,771

US CONCRETE INC '90333L201 26,760 1,409,182

VERINT SYSTEMS INC '92343X100 30,324 1,229,941

VIRGIN AMERICA INC '92765X208 39,596 1,425,852

WAGEWORKS INC '930427109 7,985 362,279

WESCO INTERNATIONAL INC '95082P105 34,300 1,498,224

91,406,852

STATE STR INSTL LIQUID RESVS '85749P9B9 6,406,565 6,406,565

Other Assets - Liabilities (1,748,416)









information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document

are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and

Exchange Commission (SEC) presentation requirements. Therefore, it differs from that in the complete

statement of investments in the annual and semiannual report to shareholders filed with the SEC on

Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC Form

N-Q filings for each fiscal year. Forms N-CSR and N-Q for the Fund are available on the SEC website at

www.sec.gov.




Pear Tree PanAgora Dynamic Emerging Markets Fund

12/31/15

Security Name Shares/Par Value Base Market Value

ABOITIZ EQUITY VENTURES INC 109,830 135,260

ABOITIZ POWER CORP 151,900 134,613

ABU DHABI COMMERCIAL BANK 108,344 194,388

AFRICAN RAINBOW MINERALS LTD 16,964 47,635

AGRICULTURAL BANK OF CHINA H 702,000 287,111

AMERICA MOVIL SAB DE C SER L 790,570 556,189

ANTA SPORTS PRODUCTS LTD 248,000 681,530

APOLLO TYRES LTD 207,716 489,649

ASSECO POLAND SA 9,174 132,015

ASUSTEK COMPUTER INC 101,488 840,404

AVI LTD 35,317 176,614

BANCO DO BRASIL S.A. 105,512 393,111

BANK OF CHINA LTD H 3,303,392 1,474,652

BARLOWORLD LTD 63,740 255,273

BDO UNIBANK INC 113,720 253,758

BEIJING CAPITAL INTL AIRPO H 230,000 248,374

BGF RETAIL CO LTD 2,146 313,879

BHARAT PETROLEUM CORP LTD 31,040 418,496

BRITISH AMERICAN TOBACCO BHD 19,044 248,745

CAHYA MATA SARAWAK BHD 81,000 96,781

CAIRN INDIA LTD 140,759 293,513

CENTRAL CHINA REAL ESTATE 364,371 76,628

CEZ AS 32,248 575,758

CHAILEASE HOLDING CO LTD 144,876 250,965

CHAMBAL FERTILISERS + CHEM 166,995 157,766

CHINA CONSTRUCTION BANK H 2,661,422 1,823,315

CHINA JINMAO HOLDINGS GROUP 534,000 182,575

CHINA LIFE INSURANCE CO H 134,000 433,942

CHINA MOBILE LTD 200,279 2,260,981

CHINA PETROLEUM + CHEMICAL H 883,810 534,792

CHINA TELECOM CORP LTD H 1,378,000 647,149

CHINA YUCHAI INTL LTD 12,626 135,856

CHONGQING RURAL COMMERCIAL H 972,687 589,827

CHUNGHWA TELECOM CO LTD 194,600 587,112

CK HUTCHISON HOLDINGS LTD 34,500 464,700

CNOOC LTD 348,218 362,559

COMFORTDELGRO CORP LTD 196,000 421,877

COWAY CO LTD 6,707 481,053

CREDICORP LTD 6,559 638,322

CTBC FINANCIAL HOLDING CO LT 1,465,260 753,886

CTCI CORP 52,000 56,754

CYRELA BRAZIL REALTY SA EMP 219,400 415,924

DATANG INTL POWER GEN CO H 1,126,000 344,303

DELTA ELECTRONICS THAI FORGN 150,100 319,095

DIGI.COM BHD 317,400 399,199

DONGFENG MOTOR GRP CO LTD H 334,881 449,342


12/31/15

EDP ENERGIAS DO BRASIL SA 86,200 262,331

EREGLI DEMIR VE CELIK FABRIK 283,253 295,491

FARGLORY LAND DEVELOPMENT CO 143,302 149,423

FIRSTRAND LTD 289,995 794,073

FUBON FINANCIAL HOLDING CO 634,000 868,572

GLOBE TELECOM INC 3,020 118,862

GRASIM INDUSTRIES LTD 1,766 100,033

GREAT WALL MOTOR COMPANY H 413,000 482,228

GRUMA S.A.B. B 70,007 986,993

GS RETAIL CO LTD 11,175 512,741

GUANGZHOU R+F PROPERTIES H 482,800 594,873

HANWHA CORPORATION 14,530 488,237

HIGHWEALTH CONSTRUCTION CORP 146,300 168,806

HINDUSTAN PETROLEUM CORP 50,911 646,389

HINDUSTAN ZINC LTD 75,774 167,913

HITE JINRO CO LTD 8,040 160,450

HON HAI PRECISION INDUSTRY 362,677 892,145

HOUSING DEVELOPMENT FINANCE 17,371 331,764

HUANENG POWER INTL INC H 636,000 549,776

HYOSUNG CORPORATION 6,571 658,473

HYUNDAI MOTOR CO 1,376 174,853

HYUNDAI STEEL CO 4,482 190,931

IFCI LTD 309,512 129,361

IND + COMM BK OF CHINA H 1,640,911 990,796

INDIABULLS HOUSING FINANCE L 16,703 184,814

INDIAN OIL CORP LTD 51,240 331,731

INDOFOOD CBP SUKSES MAKMUR T 121,700 118,963

INNOLUX CORP 226,000 68,391

INVESTEC LTD 35,389 250,434

JBS SA 154,200 481,357

JCY INTERNATIONAL BHD 351,500 69,997

JIANGSU EXPRESS CO LTD H 156,000 210,528

KANGWON LAND INC 16,528 541,278

KGHM POLSKA MIEDZ SA 23,875 384,030

KING S TOWN BANK 90,000 64,115

KRUNG THAI BANK PUB CO FOREI 1,357,946 630,199

KT+G CORP 12,000 1,069,464

KWG PROPERTY HOLDING LTD 745,919 552,404

LAFARGE MALAYSIA BHD 33,880 70,072

LG DISPLAY CO LTD 24,660 516,313

LIBERTY HOLDINGS LTD 29,618 220,467

LONGFOR PROPERTIES 154,000 229,685

MALAYSIA BUILDING SOCIETY 437,112 143,549

MATAHARI PUTRA PRIMA TBK PT 161,300 21,355

MEDIATEK INC 34,000 258,776

MEDICLINIC INTERNATIONAL LTD 40,114 308,499

MEGA FINANCIAL HOLDING CO LT 836,000 540,841


12/31/15

MEGAWORLD CORP 1,574,100 142,172

MISC BHD 93,700 204,488

MOL HUNGARIAN OIL AND GAS PL 3,620 177,289

MONDI LTD 7,568 150,284

MTN GROUP LTD 28,460 244,421

NASPERS LTD N SHS 9,242 1,266,232

NETCARE LTD 172,819 378,619

NICKEL ASIA CORP 376,600 50,021

ORIENT OVERSEAS INTL LTD 40,500 194,641

PACIFIC TEXTILES HOLDINGS 105,000 162,293

PEGATRON CORP 381,416 836,057

PETROBRAS PETROLEO BRAS 43,583 94,409

PETROCHINA CO LTD H 833,778 547,547

PGE SA 127,133 411,951

PING AN INSURANCE GROUP CO H 130,500 722,306

POU CHEN 302,000 396,268

POWER FINANCE CORPORATION 153,579 466,381

POWERTECH TECHNOLOGY INC 478,000 948,811

PUREGOLD PRICE CLUB INC 137,900 101,692

REALTEK SEMICONDUCTOR CORP 128,000 306,683

RELIANCE INDUSTRIES LTD 11,098 169,499

RICHTER GEDEON NYRT 37,682 711,780

RMB HOLDINGS LTD 148,799 534,767

RUENTEX DEVELOPMENT CO LTD 147,000 191,766

RUENTEX INDUSTRIES LTD 47,000 87,856

RURAL ELECTRIFICATION CORP 187,548 641,969

SAMSUNG ELECTRONICS CO LTD 3,271 3,514,955

SAPPI LIMITED 58,572 247,029

SASOL LTD 4,770 129,288

SECURITY BANK CORP 31,380 94,697

SEMIRARA MINING AND POWER CO 26,640 77,279

SHANGHAI ELECTRIC GRP CO L H 842,000 446,486

SHINHAN FINANCIAL GROUP LTD 3,798 128,106

SIMPLO TECHNOLOGY CO LTD 54,000 172,619

SINGAPORE AIRLINES LTD 57,100 451,320

SINO OCEAN LAND HOLDINGS 283,500 181,787

SINOTRANS LIMITED H 1,202,000 646,687

SK HYNIX INC 5,551 145,574

SRF LTD 6,678 127,324

STANDARD BANK GROUP LTD 16,340 119,856

TAIWAN SEMICONDUCTOR MANUFAC 560,270 2,439,145

TATA CHEMICALS LTD 23,612 147,048

TATA CONSULTANCY SVCS LTD 3,299 121,176

TAURON POLSKA ENERGIA SA 247,010 180,228

TELEKOM MALAYSIA BHD 181,578 286,735

TELESITES SAB 39,528 25,833

TENCENT HOLDINGS LTD 126,600 2,494,171


12/31/15

THANACHART CAPITAL FOREIGN 320,300 324,884

TOFAS TURK OTOMOBIL FABRIKA 36,755 239,013

TRANSCEND INFORMATION INC 28,000 73,054

TSOGO SUN HOLDINGS LTD 49,688 77,710

TURK HAVA YOLLARI AO 133,156 337,676

TURKIYE IS BANKASI C 106,310 167,814

UNITED MICROELECTRONICS CORP 2,199,401 810,203

UNITED TRACTORS TBK PT 334,400 411,177

UPL LTD 18,688 123,473

VANGUARD INTERNATIONAL SEMI 279,000 363,540

WAN HAI LINES LTD 218,000 121,122

WOORI BANK 82,991 624,264

YANGZIJIANG SHIPBUILDING 432,100 335,434

YTL CORP BHD 290,800 106,337

ZHEJIANG EXPRESSWAY CO H 466,000 560,345

CONTROLADORA COML MEXIC UBC 61,200 168,737

KLABIN SA UNIT 107,200 635,410

SUL AMERICA SA UNITS 36,400 171,224

TRANSMISSORA ALIANCA DE UNIT 37,200 157,498

ALIBABA GROUP HOLDING SP ADR 7,687 624,722

AMBEV SA ADR 73,334 327,070

BAIDU INC SPON ADR 1,916 362,201

CIA BRASILEIRA DE DIS SP PRF 10,938 115,068

FOMENTO ECONOMICO MEX SP ADR 3,048 281,483

GAZPROM PAO SPON ADR 155,775 575,199

GRUPO TELEVISA SA SPON ADR 3,324 90,446

INFOSYS LTD SP ADR 23,342 390,979

LUKOIL PJSC SPON ADR 21,648 697,066

MMC NORILSK NICKEL PJSC ADR 51,351 650,360

PETROLEO BRASIL SP PREF ADR 37,232 126,589

SEVERSTAL GDR REG S 85,250 713,116

SK TELECOM CO LTD SPON ADR 12,428 250,424

PEAR TREE PANAGORA RISK PARITY 4,890,071 38,924,969

BANCO BRADESCO SA PREF 40,366 196,716

CIA ENERGETICA DE SP PREF B 60,700 205,594

ITAU UNIBANCO HOLDING S PREF 56,107 373,408

METALURGICA GERDAU SA PREF 122,700 51,484

SAMSUNG ELECTRONICS PREF 1,275 1,186,325

MAPLETREE INDUSTRIAL TRUST 162,300 174,097

BANCO BRADESCO SA 1,322 712

113,462,933

BRAZILIAN REAL 107,101 27,071

EGYPTIAN POUND 259 33

HONG KONG DOLLAR 90,524 11,679

HUNGARIAN FORINT 3,266,248 11,222

INDIAN RUPEE 150,327 2,272


12/31/15

INDONESIAN RUPIAH 220,536,816 15,998

MALAYSIAN RINGGIT 37,850 8,816

MEXICAN PESO (NEW) 106,375 6,185

PHILIPPINE PESO 472,022 10,031

SINGAPORE DOLLAR 14,066 9,927

SOUTH AFRICAN RAND 147,674 9,544

SOUTH KOREAN WON 24,044,025 20,506

THAILAND BAHT 201,789 5,608

UAE DIRHAM 61,678 16,792

155,684

STATE STREET REPO 662,027 662,027


Mark to Market (3,846)



Investors should read the prospectus carefully before investing because it contains more

complete information on the Pear Tree Funds’ investment objectives, risks, charges and

expenses. Please consider this information carefully. For a prospectus and other information,

visit www.peartreefunds.com or call (800) 326-2151. The Portfolio is actively managed and

holdings are subject to change without notice and may not represent current or future

portfolio composition.


information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this

document are not required to conform to Generally Accepted Accounting Principles (GAAP) and

Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from

that in the complete statement of investments in the annual and semiannual report to

shareholders filed with the SEC on Form N-CSR, and the complete statement of investments

provided in the first and third quarter SEC Form N-Q filings for each fiscal year. Forms N-CSR and

N-Q for the Fund are available on the SEC website at www.sec.gov.

The portfolio data is for information only. It does not constitute a recommendation or an offer

for a particular security or fund. Reference to specific securities or holdings should not be

considered recommendations for action by investors.

Pear Tree Polaris Foreign Value Fund

12/31/15


ASAHI GROUP HOLDINGS LTD 1,105,400 34,915,108

BARRATT DEVELOPMENTS PLC 5,332,335 49,217,756

BASF SE 384,500 29,526,244

BBA AVIATION PLC 8,156,786 22,742,628

BELLWAY PLC 1,201,206 50,228,912

CAVERION CORP 840,216 8,238,503

CHRISTIAN DIOR SE 181,173 30,836,894

DEUTSCHE TELEKOM AG REG 2,451,119 44,421,205

DNB ASA 2,498,292 30,947,501

DUNI AB 1,779,500 29,801,726

FREENET AG 1,235,439 42,009,095

GREENCORE GROUP PLC 8,958,557 46,799,290

GUANGDONG INVESTMENT LTD 24,309,800 34,312,485

HANNOVER RUECK SE 365,800 41,964,573

IMERYS SA 486,383 34,022,695

INTERNATIONAL GAME TECHNOLOG 2,017,365 32,640,966

INVESTOR AB B SHS 904,856 33,477,685

IPSOS 738,780 17,022,765

KDDI CORP 1,642,800 43,079,536

KIA MOTORS CORP 886,500 39,767,942

KONE OYJ B 759,800 32,316,362

KONECRANES OYJ 971,780 24,164,235

LANXESS AG 647,100 29,989,237

LINDE AG 187,000 27,188,910

LOOMIS AB B 1,159,248 36,290,171

METHANEX CORP 804,807 26,579,714

MICHELIN (CGDE) 342,300 32,671,222

MUENCHENER RUECKVER AG REG 191,030 38,281,173

NORTHERN STAR RESOURCES LTD 6,251,600 12,664,402

NOVARTIS AG REG 374,850 32,476,898

PERSIMMON PLC 1,461,909 43,692,222

REXAM PLC 3,983,418 35,504,405

REXLOT HOLDINGS LTD 155,556,155 200,697

SAMSUNG ELECTRONICS CO LTD 29,145 31,318,664

SASOL LTD 604,135 16,374,719

SHOWA DENKO K K 26,261,000 31,004,465

SOLVAY SA 368,933 39,431,618

SPAREBANK 1 SR BANK ASA 3,312,673 14,687,611

STANDARD CHARTERED PLC 2,820,574 23,443,129

SVENSKA HANDELSBANKEN A SHS 2,390,800 31,946,565

SYMRISE AG 603,150 40,166,862

TAYLOR WIMPEY PLC 17,808,118 53,328,332

THAI OIL PCL FRGN 21,527,800 39,484,085

TREVI FINANZIARIA INDUSTRIAL 7,256,383 14,419,191

WINCOR NIXDORF AG 928,950 46,778,454

WORLEYPARSONS LTD 4,388,300 14,805,600

Pear Tree Polaris Foreign Value Fund

12/31/15

YARA INTERNATIONAL ASA 682,300 29,474,116

YIT OYJ 1,438,416 8,176,563

BHP BILLITON PLC ADR 1,136,100 25,732,665

INFOSYS LTD SP ADR 2,378,180 39,834,515

SBERBANK PAO SPONSORED ADR 1,312,300 7,716,324

SOUTH32 ADR 203,800 777,497

TEVA PHARMACEUTICAL SP ADR 657,619 43,166,111

1,620,060,245

STATE STR INSTL LIQUID RESVS 27,208,690 27,208,690

Other Assets - Liabilities 1,900,997


Total Net Assets 1,648,938,620






holdings are subject to change without notice and may not represent current or future portfolio

composition.







provided in the first and third quarter SEC Form N-Q filings for each fiscal year. Forms N-CSR and N-

Q for the Fund are available on the SEC website at www.sec.gov.

The portfolio data is for information only. It does not constitute a recommendation or an offer for

a particular security or fund. Reference to specific securities or holdings should not be considered


Pear Tree Polaris Foreign Value Small Cap Fund

12/31/15


ABG SUNDAL COLLIER HOLDING 5,331,038 3,981,528

ALTERNATIVE NETWORKS PLC 1,402,082 10,026,404

AMVIG HOLDINGS LTD 9,038,000 3,754,756

ASALEO CARE LTD 4,712,600 5,477,344

BBA AVIATION PLC 3,960,215 11,041,812

BML INC 94,100 2,843,929

BONDUELLE SCA 157,619 3,943,308

BORREGAARD ASA 1,100,000 6,130,553

BREADTALK GROUP LTD 4,185,900 3,338,085

CHARACTER GROUP PLC 376,500 2,595,235

CHINA HONGXING SPORTS LTD 10,258,400 72,395

CHONG HONG CONSTRUCTION CO 4,136,055 6,031,511

CHUGOKU MARINE PAINTS LTD 1,264,000 9,374,251

CLARKSON PLC 116,300 3,859,982

CLICKS GROUP LTD 1,303,830 7,499,329

CREST NICHOLSON HOLDINGS 1,164,800 9,566,137

DAICEL CORP 742,700 11,201,478

DAIICHIKOSHO CO LTD 255,200 10,195,269

DE LONGHI SPA 398,910 11,985,432

DFDS A/S 329,700 12,808,261

DUNI AB 178,692 2,992,599

EGYPT KUWAIT HOLDING CO SAE 7,523,000 3,911,960

EMPEROR WATCH + JEWELLERY 103,340,000 2,573,234

EQUATORIAL ENERGIA SA ORD 1,164,537 10,078,672

FREENET AG 296,500 10,082,001

GALLIFORD TRY PLC 344,528 7,746,837

GLANBIA PLC 424,100 7,805,623

GREENCORE GROUP PLC 1,893,172 9,889,886

HALFORDS GROUP PLC 1,161,258 5,742,775

HANA MICROELECTRONICS FOREIG 8,004,680 7,952,405

HOLTEK SEMICONDUCTOR INC 5,489,900 8,490,484

HUAKU DEVELOPMENT CO LTD 2,410,100 4,321,700

IBJ LEASING CO LTD 519,300 10,694,709

IFG GROUP PLC 2,097,385 5,078,701

IPSOS 317,067 7,305,771

KINEPOLIS 237,500 10,676,615

KRBL LTD 3,154,200 10,870,592

LANCASHIRE HOLDINGS LTD 1,273,344 11,790,587

LIC HOUSING FINANCE LTD 1,406,200 10,827,674

LOOMIS AB B 377,600 11,820,739

M1 LTD 4,346,600 8,343,509

MANILA WATER COMPANY 20,257,870 10,676,765

NIHON HOUSE HOLDINGS CO LTD 2,001,700 7,688,925

NIIT TECHNOLOGIES LTD 742,375 6,508,493

NOLATO AB B SHS 175,129 5,337,308

PKC GROUP OYJ 396,300 7,001,341


12/31/15

PRIMA MEAT PACKERS LTD 3,197,000 8,665,325

PROGRAMMED MAINTENANCE SERV 2,147,900 3,865,981

QSC AG 1,697,139 2,782,684

RATCHABURI ELEC GEN HODG FOR 6,951,000 9,175,281

REDES ENERGETICAS NACIONAIS 2,095,500 6,330,156

RESTAURANT GROUP PLC 835,700 8,446,716

REXLOT HOLDINGS LTD 151,273,023 195,171

SAMSON HOLDING LTD 35,101,800 4,347,645

SEMPERIT AG HOLDING 100,500 3,393,877

SHANGHAI MECHANICAL AND EL B 3,010,889 9,333,756

SIXT SE 218,377 11,189,907

SOUTH INDIAN BANK LTD 24,601,647 7,195,720

SPAREBANK 1 NORD NORGE 865,996 3,585,601

SPAREBANK 1 SMN 1,119,065 6,375,683

SPAREBANK 1 SR BANK ASA 1,405,626 6,232,214

TEXWINCA HOLDINGS LTD 10,558,200 11,047,505

THAI UNION GROUP PCL F 23,844,996 11,397,358

TREVI FINANZIARIA INDUSTRIAL 2,415,385 4,799,622

UDG HEALTHCARE PLC 1,294,075 11,371,971

UNIPRES CORP 440,600 10,081,324

USHA MARTIN LTD 2,720,000 419,371

VETROPACK HOLDING AG BR 3,018 4,699,386

VITEC GROUP PLC/THE 301,804 2,681,094

VST HOLDINGS LTD 21,587,360 5,848,874

VT HOLDINGS CO LTD 1,619,400 9,734,577

VTECH HOLDINGS LTD 674,600 6,980,301

WETHERSPOON (J.D.) PLC 979,000 10,804,497

WORLEYPARSONS LTD 2,245,000 7,574,362

WT MICROELECTRONICS CO LTD 6,587,848 7,119,938

XINHUA WINSHARE PUBLISHING H 7,568,500 6,913,477

DRAEGERWERK AG PREF 133,100 9,915,967

554,442,247

HONG KONG DOLLAR 0 -

INDIAN RUPEE 1,423,056 21,511

21,511

STATE STR INSTL LIQUID RESVS 10,615,701 10,615,701






12/31/15





holdings are subject to change without notice and may not represent current or future portfolio

composition.







provided in the first and third quarter SEC Form N-Q filings for each fiscal year. Forms N-CSR and N-

Q for the Fund are available on the SEC website at www.sec.gov.

The portfolio data is for information only. It does not constitute a recommendation or an offer for

a particular security or fund. Reference to specific securities or holdings should not be considered


Pear Tree PanAgora Risk Parity Emerging Markets Fund

12/31/15


AAC TECHNOLOGIES HOLDINGS IN 3,000 19,488

ABOITIZ EQUITY VENTURES INC 98,670 121,516

ABOITIZ POWER CORP 313,500 277,823

ABU DHABI COMMERCIAL BANK 60,933 109,324

ADARO ENERGY TBK PT 2,853,700 106,613

ADVANCED INFO SERVICE FOR RG 18,200 76,876

AFRICAN BANK INVESTMENTS LTD 47,336 -

AGUAS ANDINAS SA A 180,221 91,815

AIR CHINA LTD H 34,000 26,846

AIRASIA BHD 77,200 23,195

AIRPORTS OF THAILAND PCL FOR 11,300 108,651

AKBANK T.A.S. 20,669 47,521

AKR CORPORINDO TBK PT 119,900 62,407

ALDAR PROPERTIES PJSC 151,271 95,548

ALFA S.A.B. A 38,800 76,995

ALIBABA HEALTH INFORMATION T 52,000 36,027

ALIOR BANK SA 2,100 35,380

ALLIANCE FINANCIAL GROUP BHD 35,600 29,518

ALLIANCE GLOBAL GROUP INC 254,500 87,078

ALPHA BANK AE 14,794 39,998

ALROSA PAO 104,700 80,225

ALUMINUM CORP OF CHINA LTD H 114,000 37,947

AMMB HOLDINGS BHD 34,500 36,400

AMOREPACIFIC CORP 104 36,764

AMOREPACIFIC GROUP 360 45,439

ANADOLU EFES BIRACILIK VE 10,043 65,102

ANGLO AMERICAN PLATINUM LTD 3,832 45,899

ANHUI CONCH CEMENT CO LTD H 8,500 22,865

ANTA SPORTS PRODUCTS LTD 12,000 32,977

ARABTEC HOLDING CO PJSC 430,258 146,426

ARCA CONTINENTAL SAB DE CV 8,500 51,739

ARCELIK A.S. 16,468 78,946

ASIA CEMENT CORP 56,808 47,388

ASIA PACIFIC TELECOM CO LTD 200,000 70,935

ASPEN PHARMACARE HOLDINGS LT 3,375 67,502

ASTRA AGRO LESTARI TBK PT 50,400 57,950

ASTRA INTERNATIONAL TBK PT 147,000 63,983

ASTRO MALAYSIA HOLDINGS BHD 106,300 68,333

AXIATA GROUP BERHAD 54,300 81,067

AYALA CORPORATION 5,840 93,827

AYALA LAND INC 116,600 85,365

BANCO DE CHILE 842,384 86,402

BANCO DE CREDITO E INVERSION 2,283 86,345

BANCO DO BRASIL S.A. 7,900 29,433

BANGKOK DUSIT MED SERVICE F 202,200 125,304

BANK CENTRAL ASIA TBK PT 71,500 68,984


12/31/15

BANK DANAMON INDONESIA TBK 271,300 62,979

BANK HANDLOWY W WARSZAWIE SA 3,198 58,254

BANK MANDIRI PERSERO TBK PT 86,500 58,043

BANK MILLENNIUM SA 37,980 53,499

BANK NEGARA INDONESIA PERSER 133,300 48,253

BANK OF COMMUNICATIONS CO H 40,000 28,178

BANK OF THE PHILIPPINE ISLAN 48,436 86,311

BANK PEKAO SA 1,490 54,169

BANK RAKYAT INDONESIA PERSER 75,800 62,823

BANK ZACHODNI WBK SA 749 53,891

BANPU PUBLIC CO LTD FOR REG 106,000 46,542

BARLOWORLD LTD 18,840 75,453

BARWA REAL ESTATE CO 9,010 98,976

BDO UNIBANK INC 36,690 81,871

BEC WORLD PCL FOREIGN 95,500 80,943

BEIJING CAPITAL INTL AIRPO H 34,000 36,716

BEIJING ENTERPRISES HLDGS 2,500 15,160

BELLE INTERNATIONAL HOLDINGS 18,000 13,516

BERJAYA SPORTS TOTO BHD 92,235 65,522

BIDVEST GROUP LTD 4,777 101,325

BIM BIRLESIK MAGAZALAR AS 4,336 76,406

BNK FINANCIAL GROUP INC 3,249 23,331

BRF SA 1,300 18,204

BRILLIANCE CHINA AUTOMOTIVE 26,000 32,673

BRITISH AMERICAN TOBACCO BHD 3,700 48,328

BTS GROUP HOLDINGS PCL 498,100 125,961

BUMI ARMADA BERHAD 243,950 57,955

BUMI SERPONG DAMAI PT 472,900 61,750

BUMRUNGRAD HOSPITAL FOREIGN 23,900 140,139

BYD CO LTD H 2,500 13,773

CCC SA 2,142 75,187

CCR SA 15,500 49,169

CELLTRION INC 812 58,517

CEMENTOS ARGOS SA 29,769 91,150

CENCOSUD SA 39,498 78,204

CENTRAL PATTANA PUB CO FOREI 51,100 66,742

CETIP SA MERCADOS ORGANIZADO 2,200 20,853

CEZ AS 8,076 144,189

CHAILEASE HOLDING CO LTD 20,800 36,031

CHAROEN POKPHAND FOOD FORGN 159,000 80,859

CHAROEN POKPHAND INDONESI PT 236,600 44,625

CHENG SHIN RUBBER IND CO LTD 27,900 45,273

CHICONY ELECTRONICS CO LTD 18,090 39,763

CHINA AIRLINES LTD 107,000 39,090

CHINA COAL ENERGY CO H 49,000 18,713

CHINA COMMUNICATIONS CONST H 15,000 15,308

CHINA COMMUNICATIONS SERVI H 106,000 39,934


12/31/15

CHINA CONSTRUCTION BANK H 37,000 25,348

CHINA GAS HOLDINGS LTD 20,000 28,900

CHINA JINMAO HOLDINGS GROUP 50,000 17,095

CHINA LIFE INSURANCE CO LTD 41,140 31,625

CHINA LONGYUAN POWER GROUP H 33,000 24,907

CHINA MENGNIU DAIRY CO 13,000 21,200

CHINA MERCHANTS HLDGS INTL 6,000 19,082

CHINA MOBILE LTD 5,000 56,446

CHINA NATIONAL BUILDING MA H 38,000 18,287

CHINA OILFIELD SERVICES H 18,000 15,536

CHINA PETROLEUM + CHEMICAL H 52,000 31,465

CHINA RESOURCES BEER HOLDIN 22,000 47,174

CHINA RESOURCES GAS GROUP LT 12,000 35,764

CHINA RESOURCES POWER HOLDIN 16,000 31,006

CHINA SHENHUA ENERGY CO H 18,500 29,120

CHINA SHIPPING CONTAINER H 42,000 11,705

CHINA STEEL CORP 114,208 62,412

CHINA TAIPING INSURANCE HOLD 7,400 22,962

CHINA TELECOM CORP LTD H 142,000 66,687

CHONGQING CHANGAN AUTOMOBI B 10,400 22,945

CIELO SA 6,480 55,018

CIMB GROUP HOLDINGS BHD 39,000 41,239

CITIC LTD 18,000 31,909

CJ CHEILJEDANG CORP 189 60,848

COCA COLA ICECEK AS 7,494 95,511

COLBUN SA 329,877 79,089

COMMERCIAL BANK QSC 11,751 148,126

COMMERCIAL INTERNATIONAL BAN 28,817 139,852

CORP FIN COLOMBIANA CD 3,321 40,674

CORP FINANCIERA COLOMB ND 2,149 25,133

COSAN SA INDUSTRIA COMERCIO 9,000 57,327

CP ALL PCL FOREIGN 82,600 90,094

CREDICORP LTD 1,201 116,881

CSPC PHARMACEUTICAL GROUP LT 44,000 44,961

CTBC FINANCIAL HOLDING CO LT 29,985 15,427

CYFROWY POLSAT SA 17,925 94,821

DAELIM INDUSTRIAL CO LTD 169 9,671

DAEWOO INTERNATIONAL CORP 1,668 23,259

DAEWOO SECURITIES CO LTD 1,770 14,295

DATANG INTL POWER GEN CO H 68,000 20,793

DELTA ELECTRONICS INC 10,525 49,826

DELTA ELECTRONICS THAI FORGN 56,000 119,050

DGB FINANCIAL GROUP INC 3,742 32,073

DIALOG GROUP BHD 151,756 56,553

DIGI.COM BHD 78,300 98,479

DISCOVERY LTD 1,769 15,199

DMCI HOLDINGS INC 428,650 125,712


12/31/15

DOHA BANK QSC 10,019 122,441

DONGBU INSURANCE CO LTD 443 26,560

DONGFENG MOTOR GRP CO LTD H 14,000 18,785

DOOSAN HEAVY INDUSTRIES 1,230 21,609

DP WORLD LTD 17,997 365,339

DUBAI FINANCIAL MARKET PJSC 181,250 60,696

DUBAI ISLAMIC BANK 75,749 127,451

ECLAT TEXTILE COMPANY LTD 2,160 29,822

ECOPETROL SA 257,609 90,076

EL PUERTO DE LIVERPOOL C1 13,600 166,641

EMAAR MALLS GROUP PJSC 209,669 157,551

EMAAR PROPERTIES PJSC 57,150 88,533

EMIRATES TELECOM GROUP CO 102,589 449,682

EMPRESA NACIONAL DE TELECOM 20,359 182,395

EMPRESAS CMPC SA 53,790 115,012

EMPRESAS COPEC SA 18,946 161,225

ENEA SA 27,873 79,796

ENERGA SA 29,044 93,008

ENERGY DEVELOPMENT CORP 1,466,500 193,227

ENKA INSAAT VE SANAYI AS 35,848 55,603

ENN ENERGY HOLDINGS LTD 4,000 21,237

EREGLI DEMIR VE CELIK FABRIK 97,857 102,085

EUROBANK ERGASIAS SA 12,972 14,649

EUROCASH SA 13,304 163,471

EVA AIRWAYS CORP 102,108 57,820

EVERGREEN MARINE CORP LTD 101,000 40,742

EXXARO RESOURCES LTD 21,837 62,152

EZDAN HOLDING GROUP 16,396 71,594

FAR EASTERN NEW CENTURY CORP 61,473 48,191

FAR EASTONE TELECOMM CO LTD 47,000 96,727

FELDA GLOBAL VENTURES 106,400 42,377

FENG TAY ENTERPRISE CO LTD 11,330 57,949

FF GROUP 3,316 62,292

FIBRIA CELULOSE SA 2,000 26,232

FIRST FINANCIAL HOLDING CO 79,768 37,156

FIRST GULF BANK 45,685 157,341

FORD OTOMOTIV SANAYI AS 7,387 76,757

FORMOSA CHEMICALS + FIBRE 21,330 48,054

FORMOSA PETROCHEMICAL CORP 81,000 194,319

FORMOSA PLASTICS CORP 32,480 76,140

FORMOSA TAFFETA CO. 32,000 29,226

FOSUN INTERNATIONAL LTD 23,500 36,808

FUBON FINANCIAL HOLDING CO 14,000 19,180

GAMUDA BHD 33,700 36,577

GCL POLY ENERGY HOLDINGS LTD 104,000 15,699

GENER S.A. 207,567 92,242

GENTERA SAB DE CV 47,700 91,939


12/31/15

GENTING BHD 25,400 43,423

GENTING MALAYSIA BHD 56,700 57,842

GENTING PLANTATIONS BHD 33,500 82,706

GIANT MANUFACTURING 7,000 46,671

GLOBAL MEDIACOM TBK PT 1,233,200 98,406

GLOBE TELECOM INC 5,685 223,751

GLOW ENERGY PCL FOREIGN 71,100 146,211

GOLD FIELDS LTD 3,713 10,126

GRUMA S.A.B. B 4,500 63,443

GRUPA AZOTY SA 4,328 109,100

GRUPA LOTOS SA 13,943 95,375

GRUPO AEROPORT DEL SURESTE B 6,305 89,507

GRUPO ARGOS SA 15,147 77,298

GRUPO BIMBO SAB SERIES A 17,700 47,103

GRUPO CARSO SAB DE CV SER A1 17,700 74,097

GRUPO COMERCIAL CHEDRAUI SA 13,500 35,816

GRUPO DE INV SURAMERICANA 6,194 69,657

GRUPO FIN SANTANDER B 36,600 64,224

GRUPO FINANCIERO BANORTE O 17,000 93,703

GRUPO FINANCIERO INBURSA O 44,900 81,477

GRUPO LALA SAB DE CV 21,500 49,853

GRUPO MEXICO SAB DE CV SER B 36,200 77,435

GS HOLDINGS 1,490 64,426

GT CAPITAL HOLDINGS INC 3,520 98,744

GUANGDONG INVESTMENT LTD 48,000 67,750

GUDANG GARAM TBK PT 24,900 99,347

HACI OMER SABANCI HOLDING 12,469 35,429

HAITIAN INTERNATIONAL HLDGS 16,000 23,781

HANA FINANCIAL GROUP 1,389 27,957

HANERGY THIN FILM POWER GROU 36,000 -

HANKOOK TIRE CO LTD 714 28,650

HANMI PHARM CO LTD 84 52,153

HANMI SCIENCE CO LTD 317 34,875

HELLENIC TELECOMMUN ORGANIZA 10,873 109,092

HENGAN INTL GROUP CO LTD 4,500 42,499

HIGHWEALTH CONSTRUCTION CORP 27,300 31,500

HIWIN TECHNOLOGIES CORP 7,182 28,315

HOME PRODUCT CENTER PCL FOR 588,919 111,287

HONG LEONG BANK BERHAD 16,000 50,085

HONG LEONG FINANCIAL GROUP 14,300 46,495

HOTAI MOTOR COMPANY LTD 4,000 46,275

HUA NAN FINANCIAL HOLDINGS C 42,495 19,729

HUADIAN POWER INTL CORP H 30,000 19,585

HUANENG POWER INTL INC H 44,000 38,035

HYOSUNG CORPORATION 364 36,476

HYPERMARCAS SA 4,500 24,694

HYUNDAI MARINE + FIRE INS CO 912 28,039


12/31/15

HYUNDAI MOBIS CO LTD 177 37,210

HYUNDAI STEEL CO 806 34,335

HYUNDAI WIA CORP 165 15,761

IHH HEALTHCARE BHD 94,500 144,826

IJM CORP BHD 41,200 32,434

IMPALA PLATINUM HOLDINGS LTD 13,167 21,308

IMPERIAL HOLDINGS LTD 4,233 32,653

IND + COMM BK OF CHINA H 39,000 23,549

INDOCEMENT TUNGGAL PRAKARSA 108,800 176,203

INDOFOOD CBP SUKSES MAKMUR T 105,400 103,030

INDOFOOD SUKSES MAKMUR TBK P 208,400 78,235

INDORAMA VENTURES FOREIGN 117,000 69,254

INDUSTRIAL BANK OF KOREA 1,890 19,907

INDUSTRIAS PENOLES SAB DE CV 6,905 71,174

INDUSTRIES QATAR 11,543 352,189

INTERCONEXION ELECTRICA SA 45,457 105,677

INTL CONTAINER TERM SVCS INC 82,410 123,120

INVESTEC LTD 4,159 29,432

IOI CORP BHD 77,100 80,090

IOI PROPERTIES GROUP BHD 70,000 36,683

IRPC PCL FOREIGN 441,300 52,733

JASA MARGA (PERSERO) TBK PT 441,200 167,230

JG SUMMIT HOLDINGS INC 79,420 123,717

JIANGSU EXPRESS CO LTD H 20,000 26,991

JOLLIBEE FOODS CORP 79,660 370,748

JUMBO SA 7,684 80,934

KALBE FARMA TBK PT 2,146,700 205,560

KANGWON LAND INC 980 32,094

KASIKORNBANK PCL FOREIGN 10,400 43,207

KB FINANCIAL GROUP INC 840 23,748

KGHM POLSKA MIEDZ SA 6,164 99,148

KIMBERLY CLARK DE MEXICO A 22,400 52,370

KINGSOFT CORP LTD 11,000 26,851

KOC HOLDING AS 17,783 66,699

KOMERCNI BANKA AS 760 151,175

KOREA AEROSPACE INDUSTRIES 290 19,316

KOREA ELECTRIC POWER CORP 2,346 100,038

KOREA GAS CORPORATION 2,523 79,291

KOREA ZINC CO LTD 92 36,798

KRUNG THAI BANK PUB CO FOREI 134,200 62,280

KT+G CORP 537 47,859

KUALA LUMPUR KEPONG BHD 17,800 94,856

KUMHO PETRO CHEMICAL CO LTD 806 35,813

LAFARGE MALAYSIA BHD 20,500 42,399

LATAM AIRLINES GROUP SA 26,082 137,551

LENOVO GROUP LTD 30,000 30,461

LG CHEM LTD 141 39,502


12/31/15

LG DISPLAY CO LTD 1,436 30,066

LG HOUSEHOLD + HEALTH CARE 45 40,297

LG INNOTEK CO LTD 348 29,234

LG UPLUS CORP 9,711 86,132

LIFE HEALTHCARE GROUP HOLDIN 29,715 67,348

LIPPO KARAWACI TBK PT 592,500 44,486

LITE ON TECHNOLOGY CORP 27,210 26,384

LOCALIZA RENT A CAR 6,000 37,642

LOJAS AMERICANAS SA 11,375 35,854

LOJAS RENNER S.A. 9,700 41,926

LOTTE CHEMICAL CORP 108 22,428

LOTTE CONFECTIONERY CO LTD 30 58,309

LOTTE SHOPPING CO 258 51,158

LPP SA 68 95,700

MALAYAN BANKING BHD 19,200 37,564

MALAYSIA AIRPORTS HLDGS BHD 24,400 31,882

MASRAF AL RAYAN 10,116 104,458

MASSMART HOLDINGS LTD 7,076 45,730

MATAHARI DEPARTMENT STORE TB 68,000 86,819

MAXIS BHD 67,200 106,431

MBANK SA 412 32,775

MEDIA NUSANTARA CITRA TBK PT 613,100 82,503

MEDICLINIC INTERNATIONAL LTD 7,243 55,703

MEGA FINANCIAL HOLDING CO LT 23,751 15,365

MEGAWORLD CORP 777,000 70,179

MERIDA INDUSTRY CO LTD 7,150 38,529

METRO PACIFIC INVESTMENTS CO 720,600 79,633

METROPOLITAN BANK + TRUST 39,398 67,401

MEXICHEM SAB DE CV 34,200 76,935

MINOR INTERNATIONAL PCL FOR 88,690 89,343

MISC BHD 25,600 55,869

MMI HOLDINGS LTD 25,358 36,054

MOL HUNGARIAN OIL AND GAS PL 1,791 87,714

MONDI LTD 2,017 40,053

MOSCOW EXCHANGE MICEX RTS PJ 57,010 71,358

MR PRICE GROUP LTD 3,994 51,624

MTN GROUP LTD 6,906 59,310

NAN YA PLASTICS CORP 29,100 54,041

NASPERS LTD N SHS 446 61,106

NATIONAL BANK OF ABU DHABI 76,732 166,291

NATURA COSMETICOS SA 5,100 30,281

NCSOFT CORP 168 30,518

NETCARE LTD 27,555 60,369

NH INVESTMENT + SECURITIES C 3,347 28,830

O2 CZECH REPUBLIC AS 3,950 39,841

OBI PHARMA INC 4,000 79,764

ODONTOPREV S.A. 30,000 71,659


12/31/15

OHL MEXICO SAB DE CV 57,400 60,541

OOREDOO QSC 12,131 249,863

OPAP SA 6,900 60,688

ORANGE POLSKA SA 101,318 168,386

ORION CORP 42 41,765

OTP BANK PLC 4,484 92,432

PARADISE CO LTD 1,235 18,590

PERUSAHAAN GAS NEGARA PERSER 784,600 156,237

PETKIM PETROKIMYA HOLDING AS 78,392 123,475

PETRONAS CHEMICALS GROUP BHD 83,600 141,556

PETRONAS DAGANGAN BHD 17,900 103,644

PETRONAS GAS BHD 15,800 83,536

PGE SA 26,797 86,831

PHILIPPINE LONG DISTANCE TEL 2,305 100,910

PICK N PAY STORES LTD 10,396 43,671

PIRAEUS BANK S.A 83,070 25,076

PKO BANK POLSKI SA 7,311 50,621

POLSKI KONCERN NAFTOWY ORLEN 5,873 100,955

POLSKIE GORNICTWO NAFTOWE I 92,320 120,220

PORTO SEGURO SA 2,600 18,920

POSCO 281 39,902

POU CHEN 37,000 48,549

POWSZECHNY ZAKLAD UBEZPIECZE 7,140 61,539

PPB GROUP BERHAD 17,100 63,326

PRESIDENT CHAIN STORE CORP 17,000 106,357

PROMOTORA Y OPERADORA DE INF 7,200 84,948

PTT EXPLORATION + PROD FOR 39,700 63,160

PTT GLOBAL CHEMICAL PCL FOR 68,800 95,595

PTT PCL/FOREIGN 6,700 45,430

PUBLIC BANK BERHAD 10,400 44,860

PUBLIC POWER CORP 14,669 61,802

QATAR ELECTRICITY + WATER CO 7,389 439,123

QATAR GAS TRANSPORT(NAKILAT) 51,118 327,796

QATAR INSURANCE CO 5,818 131,018

QATAR ISLAMIC BANK 4,664 136,668

QATAR NATIONAL BANK 3,076 147,832

QUALICORP SA 14,100 50,359

RAIA DROGASIL SA 4,400 39,460

REALTEK SEMICONDUCTOR CORP 10,000 23,960

REMGRO LTD 1,906 30,205

RICHTER GEDEON NYRT 5,149 97,260

RMI HOLDINGS 6,849 17,134

ROBINSONS LAND CO 79,900 46,695

ROSTELECOM PJSC 45,640 56,758

RUENTEX DEVELOPMENT CO LTD 23,000 30,004

RUENTEX INDUSTRIES LTD 21,000 39,255

RUSHYDRO PJSC 3,102,000 28,433


12/31/15

S OIL CORP 1,026 69,476

S.A.C.I. FALABELLA 28,618 182,548

SAMSUNG C+T CORP 196 23,402

SAMSUNG CARD CO 907 23,863

SAMSUNG ELECTRO MECHANICS CO 652 34,976

SAMSUNG ELECTRONICS CO LTD 33 35,461

SAMSUNG FIRE + MARINE INS 151 39,600

SAMSUNG LIFE INSURANCE CO LT 422 39,589

SAMSUNG SDI CO LTD PFD 221 21,487

SANLAM LTD 7,618 29,805

SAPPI LIMITED 13,874 58,514

SAPURAKENCANA PETROLEUM BHD 129,500 60,927

SASOL LTD 2,679 72,613

SBERBANK OF RUSSIA PJSC 55,720 77,338

SEMEN INDONESIA PERSERO TBK 168,500 139,347

SEMICONDUCTOR MANUFACTURING 267,000 27,214

SHANDONG WEIGAO GP MEDICAL H 36,000 24,942

SHANGHAI FOSUN PHARMACEUTI H 12,000 34,758

SHANGHAI INDUSTRIAL HLDG LTD 12,000 31,584

SHANGHAI PHARMACEUTICALS H 18,500 40,051

SHENZHOU INTERNATIONAL GROUP 6,000 34,487

SHINHAN FINANCIAL GROUP LTD 1,180 39,801

SHINSEGAE CO LTD 211 41,388

SHOPRITE HOLDINGS LTD 5,950 55,088

SIAM CEMENT PUB CO FOR REG 7,650 97,791

SIAM COMMERCIAL BANK FOREIGN 15,700 52,137

SIHUAN PHARMACEUTICAL HLDGS 48,000 13,655

SIME DARBY BERHAD 24,800 44,765

SINO BIOPHARMACEUTICAL 60,000 54,498

SINO OCEAN LAND HOLDINGS 49,000 31,420

SINOPAC FINANCIAL HOLDINGS 65,489 18,682

SINOPEC SHANGHAI PETROCHEM H 59,000 23,521

SINOPHARM GROUP CO H 9,600 38,520

SK HOLDINGS CO LTD 135 27,690

SK HYNIX INC 1,486 38,970

SK INNOVATION CO LTD 498 55,213

SM INVESTMENTS CORP 6,598 121,149

SM PRIME HOLDINGS INC 179,300 82,686

SOHO CHINA LTD 31,000 15,078

SONDA SA 86,591 158,738

SOUTHERN COPPER CORP 3,566 93,144

SPAR GROUP LIMITED/THE 5,801 69,019

STANDARD FOODS CORP 44,302 110,731

STEINHOFF INTERNATIONAL H NV 14,100 71,541

SUMMARECON AGUNG TBK PT 305,100 36,519

SUN ART RETAIL GROUP LTD 33,500 25,284

SURYA CITRA MEDIA PT TBK 455,700 102,479


12/31/15

SYNNEX TECHNOLOGY INTL CORP 18,000 17,563

SYNTHOS SA 102,206 98,655

T M G HOLDING 128,264 104,838

TAISHIN FINANCIAL HOLDING 151,934 52,731

TAIWAN CEMENT 62,000 51,530

TAIWAN COOPERATIVE FINANCIAL 61,772 25,858

TAIWAN FERTILIZER CO LTD 37,000 48,493

TAIWAN MOBILE CO LTD 34,000 103,510

TAURON POLSKA ENERGIA SA 140,247 102,330

TAV HAVALIMANLARI HOLDING AS 9,549 59,605

TECO ELECTRIC + MACHINERY 59,000 47,240

TELEKOM MALAYSIA BHD 72,600 114,645

TELKOM SA SOC LTD 15,627 64,968

TENAGA NASIONAL BHD 26,800 83,143

TENCENT HOLDINGS LTD 2,000 39,402

THAI OIL PCL FRGN 39,600 72,630

THAI UNION GROUP PCL F 199,500 95,356

THE FOSCHINI GROUP LTD 3,981 31,331

TIGER BRANDS LTD 2,360 48,263

TINGYI (CAYMAN ISLN) HLDG CO 28,000 40,099

TITAN CEMENT CO. S.A. 4,109 78,572

TMB BANK PUBLIC CORP FOREIGN 948,600 63,794

TOFAS TURK OTOMOBIL FABRIKA 13,398 87,125

TOTVS SA 8,300 65,099

TOWER BERSAMA INFRASTRUCTURE 211,200 90,011

TRACTEBEL ENERGIA SA 1,900 16,084

TRUE CORP PCL FOREIGN 310,289 57,772

TRUWORTHS INTERNATIONAL LTD 9,347 55,061

TSINGTAO BREWERY CO LTD H 8,000 36,229

TUPRAS TURKIYE PETROL RAFINE 7,476 178,556

TURK HAVA YOLLARI AO 20,144 51,084

TURK SISE VE CAM FABRIKALARI 58,273 63,790

TURK TELEKOMUNIKASYON AS 69,594 130,395

TURKCELL ILETISIM HIZMET AS 9,898 33,626

TURKIYE GARANTI BANKASI 21,704 53,029

TURKIYE HALK BANKASI 12,329 43,958

TURKIYE IS BANKASI C 27,214 42,958

TURKIYE VAKIFLAR BANKASI T D 25,635 33,692

ULKER BISKUVI SANAYI 15,037 90,817

ULTRAPAR PARTICIPACOES SA 2,800 42,783

UMW HOLDINGS BHD 18,100 33,177

UNI PRESIDENT ENTERPRISES CO 72,339 120,906

UNILEVER INDONESIA TBK PT 32,200 86,427

UNITED TRACTORS TBK PT 122,200 150,257

UNIVERSAL ROBINA CORP 70,610 279,109

VALE SA 3,500 11,527

VODACOM GROUP LTD 8,778 86,461


12/31/15

VODAFONE QATAR 59,524 207,606

VTB BANK PJSC 83,860,000 90,979

WALMART DE MEXICO SAB DE CV 30,500 77,141

WANT WANT CHINA HOLDINGS LTD 56,000 41,689

WEG SA 15,480 58,496

WESTPORTS HOLDINGS BHD 24,000 23,030

WISTRON CORP 39,168 22,179

WOOLWORTHS HOLDINGS LTD 9,145 59,190

WOORI BANK 2,508 18,865

XL AXIATA TBK PT 369,800 97,916

YANZHOU COAL MINING CO H 38,000 17,748

YAPI VE KREDI BANKASI 49,816 56,242

YTL CORP BHD 270,100 98,767

YTL POWER INTERNATIONAL BHD 244,100 84,143

YUANTA FINANCIAL HOLDING CO 33,660 12,451

YUHAN CORP 317 73,671

YULON MOTOR COMPANY 37,000 34,018

ZHEJIANG EXPRESSWAY CO H 20,000 24,049

ZHEN DING TECHNOLOGY HOLDING 7,000 16,154

ZIJIN MINING GROUP CO LTD H 116,000 30,531

ZTE CORP H 17,560 40,010

CEMEX SAB CPO 37,315 20,394

CONTROLADORA COML MEXIC UBC 17,900 49,353

KLABIN SA UNIT 5,000 29,637

TRANSMISSORA ALIANCA DE UNIT 6,100 25,826

AMERICA MOVIL SPN ADR CL L 14,510 204,011

ANGLOGOLD ASHANTI SPON ADR 3,117 22,131

BANCO SANTANDER CHILE ADR 5,562 98,114

BANGKOK BANK PUBLIC CO NVDR 14,700 62,297

CEMEX SAB SPONS ADR PART CER 8,543 47,585

CEMIG SA SPONS ADR 7,462 11,193

CHINA UNICOM HONG KONG ADR 5,202 62,736

CHUNGHWA TELECOM LT SPON ADR 3,356 100,781

CIA CERVECERIAS UNI SPON ADR 4,663 101,001

CIA DE MINAS BUENAVENTUR ADR 13,050 55,854

CIA PARANAENSE ENER SP ADR P 3,284 19,277

COCA COLA FEMSA SAB SP ADR 744 52,683

CORPBANCA SA ADR 6,937 81,163

CPFL ENERGIA SA ADR 4,467 33,145

EMBRAER SA SPON ADR 1,349 39,849

EMPRESA NAC ELEC CHIL SP ADR 2,531 93,799

ENERSIS S.A. SPONS ADR 6,997 85,014

FOMENTO ECONOMICO MEX SP ADR 514 47,468

GAZPROM PAO SPON ADR 11,237 41,493

GERDAU SA SPON ADR 9,500 11,400

GLOBAL TELECOM HOLDING GDR 102,062 132,681

GOLD FIELDS LTD SPONS ADR 13,043 36,129


12/31/15

GRUPO AEROPORTUARIO PAC ADR 1,179 104,082

GRUPO TELEVISA SA SPON ADR 5,011 136,349

KASIKORNBANK PCL NVDR 4,500 18,820

KT CORP SP ADR 7,023 83,644

MAGNIT PJSC SPON GDR REGS 3,454 138,920

MEGAFON REG S GDR 6,880 80,152

MMC NORILSK NICKEL PJSC ADR 6,445 81,626

MOBILE TELESYSTEMS SP ADR 8,848 54,681

NOVATEK OAO SPONS GDR REG S 606 49,783

PETROCHINA CO LTD ADR 505 33,123

PHILIPPINE LONG DIST SP ADR 2,406 102,857

QIHOO 360 TECHNOLOGY CO ADR 359 26,139

QUIMICA Y MINERA CHIL SP ADR 6,667 126,740

ROSNEFT OJSC REG S GDR 11,492 39,946

RUSHYDRO PJSC ADR 114,561 109,520

SEVERSTAL GDR REG S 7,131 59,651

SISTEMA JSFC REG S SPONS GDR 12,303 72,588

SK TELECOM CO LTD SPON ADR 3,509 70,706

TAIWAN SEMICONDUCTOR SP ADR 1,057 24,047

TATNEFT PAO SPONSORED ADR 1,495 39,393

TELEFONICA BRASIL ADR 5,751 51,932

TELEKOMUNIK INDONESIA SP ADR 3,589 159,352

TIM PARTICIPACOES SA ADR 6,144 52,101

TURKCELL ILETISIM HIZMET ADR 7,788 66,120

IPATH MSCI INDIA INDEX ETN 32,295 2,069,464

ISHARES MSCI EMERGING MARKETS 100 3,219

VANGUARD FTSE EMERGING MARKETS 10,310 337,240

WISDOMTREE INDIA EARNINGS FUND 12,900 256,194

AK TRANSNEFT OAO PREF 19 50,494

BANCO BRADESCO SA PREF 3,720 18,129

BANCOLOMBIA SA PREF 8,082 54,992

CENTRAIS ELETRICAS BRAS PR B 11,200 29,555

EMBOTELLADORA ANDINA PREF B 30,427 89,529

GRUPO AVAL ACCIONES SA PF 190,281 65,335

GRUPO DE INV SURAMERICANA PF 4,985 54,647

HYUNDAI MOTOR CO LTD 2ND PRF 252 22,566

ITAUSA INVESTIMENTOS ITAU PR 7,018 12,204

LG CHEM LTD PREFERENCE 149 31,387

LOJAS AMERICANAS SA PREF 9,350 45,849

SAMSUNG ELECTRONICS PREF 50 46,523

SURGUTNEFTEGAS PREFERENCE 75,100 45,404

SUZANO PAPEL E CELULO PREF A 8,700 41,100

VALE SA PREF 4,700 12,177

EMLAK KONUT GAYRIMENKUL YATI 58,131 51,865

FIBRA UNO ADMINISTRACION SA 48,484 107,094

GROWTHPOINT PROPERTIES LTD 21,002 31,530

HYPROP INVESTMENTS LTD UTS 2,183 14,581


12/31/15

REDEFINE PROPERTIES LTD 26,601 16,676

BANCO BRADESCO SA 122 66

GCL POLY ENERGY HOLDINGS LTD 20,800 54

INDORAMA VENTURES PCL 1 0

40,319,743

BRAZILIAN REAL 39,138 9,893

CHILEAN PESO 8,464,559 11,945

COLOMBIAN PESO 21,409,133 6,744

EGYPTIAN POUND 41,158 5,256

EURO CURRENCY 1,564 1,698

HONG KONG DOLLAR 36,549 4,715

HUNGARIAN FORINT 2,768,784 9,513

INDONESIAN RUPIAH 142,501,011 10,337

MALAYSIAN RINGGIT 46,080 10,733

MEXICAN PESO (NEW) 176,985 10,290

MOROCCAN DIRHAM 9,699 978

NEW TAIWAN DOLLAR 287,346 8,748

PHILIPPINE PESO 127,229 2,704

POLISH ZLOTY 12,288 3,113

QATARI RIAL 454,630 124,854

SOUTH AFRICAN RAND 39,597 2,559

SOUTH KOREAN WON 8,671,942 7,396

THAILAND BAHT 213,582 5,935

TURKISH LIRA 14,046 4,820

242,232

STATE STREET REPO 348,225 348,225


Mark to Market (136)









12/31/15




Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from that

in the complete statement of investments in the annual and semiannual report to shareholders filed

with the SEC on Form N-CSR, and the complete statement of investments provided in the first and

third quarter SEC Form N-Q filings for each fiscal year. Forms N-CSR and N-Q for the Fund are

available on the SEC website at www.sec.gov.




Documents

Security Name CUSIP Number Shares/Par Value Base … Holdings...globe telecom inc 3,020 118,862 grasim industries ltd ... hon hai precision industry 362,677 892,145 housing development