security name cusip number shares/par value base market ... holdings.pdf · pear tree quality...

Pear Tree Quality

9/30/14

Security Name CUSIP Number Shares/Par Value Base Market Value

3M CO '88579Y101 15,136 2,144,468

ABBOTT LABORATORIES '002824100 37,600 1,563,784

ACCENTURE PLC CL A 'G1151C101 14,118 1,148,076

ADOBE SYSTEMS INC '00724F101 7,258 502,181

ALLERGAN INC '018490102 3,881 691,555

AMGEN INC '031162100 13,042 1,831,879

AMPHENOL CORP CL A '032095101 2,160 215,698

ANALOG DEVICES INC '032654105 5,169 255,814

APPLE INC '037833100 52,983 5,338,037

ASTRAZENECA PLC SPONS ADR '046353108 35,731 2,552,623

BAXTER INTERNATIONAL INC '071813109 11,930 856,216

BECTON DICKINSON AND CO '075887109 5,389 613,322

BED BATH + BEYOND INC '075896100 16,928 1,114,370

BIOGEN IDEC INC '09062X103 3,368 1,114,168

BRISTOL MYERS SQUIBB CO '110122108 13,596 695,843

BRITISH AMERICAN TOB SP ADR '110448107 11,918 1,347,687

CHEVRON CORP '166764100 38,706 4,618,400

CHURCH + DWIGHT CO INC '171340102 3,119 218,829

CISCO SYSTEMS INC '17275R102 147,203 3,705,100

COACH INC '189754104 4,994 177,836

COCA COLA CO/THE '191216100 90,141 3,845,415

COGNIZANT TECH SOLUTIONS A '192446102 11,088 496,410

COLGATE PALMOLIVE CO '194162103 22,727 1,482,255

COMPASS GROUP PLC SPON ADR '20449X302 15,396 247,414

COSTCO WHOLESALE CORP '22160K105 7,032 881,250

COVIDIEN PLC 'G2554F113 10,136 876,865

DANAHER CORP '235851102 13,348 1,014,181

DOVER CORP '260003108 3,001 241,070

EBAY INC '278642103 22,707 1,285,897

ELI LILLY + CO '532457108 18,736 1,215,030

EMC CORP/MA '268648102 48,672 1,424,143

EMERSON ELECTRIC CO '291011104 17,124 1,071,620

EXPRESS SCRIPTS HOLDING CO '30219G108 46,541 3,287,191

EXXON MOBIL CORP '30231G102 20,198 1,899,622

GENERAL MILLS INC '370334104 10,055 507,275

GENUINE PARTS CO '372460105 3,880 340,315

GLAXOSMITHKLINE PLC SPON ADR '37733W105 16,137 741,818

GOOGLE INC CL A '38259P508 6,021 3,542,817

GOOGLE INC CL C '38259P706 4,450 2,569,252

HONEYWELL INTERNATIONAL INC '438516106 4,060 378,067

HUMANA INC '444859102 3,958 515,688

ILLINOIS TOOL WORKS '452308109 8,654 730,571

INTL BUSINESS MACHINES CORP '459200101 26,154 4,964,814

INTUIT INC '461202103 5,298 464,370

JOHNSON + JOHNSON '478160104 55,801 5,947,829

KDDI CORP UNSPONSORED ADR '48667L106 43,613 653,323

Pear Tree Quality

9/30/14

KIMBERLY CLARK CORP '494368103 4,309 463,519

MASTERCARD INC CLASS A '57636Q104 13,650 1,009,008

MATTEL INC '577081102 7,914 242,564

MCDONALD S CORP '580135101 17,605 1,669,130

MEDTRONIC INC '585055106 21,634 1,340,226

MICROSOFT CORP '594918104 152,917 7,089,232

MONSANTO CO '61166W101 9,946 1,119,024

NESTLE SA SPONS ADR '641069406 23,760 1,749,449

NETAPP INC '64110D104 5,402 232,070

NIKE INC CL B '654106103 14,351 1,280,109

NOVARTIS AG SPONSORED ADR '66987V109 21,251 2,000,357

NTT DOCOMO INC SPON ADR '62942M201 44,782 749,651

ORACLE CORP '68389X105 144,825 5,543,901

PAYCHEX INC '704326107 6,087 269,045

PEPSICO INC '713448108 26,093 2,428,997

PHILIP MORRIS INTERNATIONAL '718172109 75,151 6,267,593

POUND STERLING 'GBP 5,439 8,821

PRECISION CASTPARTS CORP '740189105 2,564 607,360

PROCTER + GAMBLE CO/THE '742718109 56,388 4,721,931

QUALCOMM INC '747525103 36,334 2,716,693

RECKITT BENCKISER GROUP PLC 'G74079107 9,065 792,708

REYNOLDS AMERICAN INC '761713106 5,951 351,109

ROCKWELL AUTOMATION INC '773903109 3,028 332,717

SAP SE SPONSORED ADR '803054204 9,004 649,729

ST JUDE MEDICAL INC '790849103 6,548 393,731

STARBUCKS CORP '855244109 5,567 420,086

STRYKER CORP '863667101 8,418 679,754

SYSCO CORP '871829107 16,322 619,420

TERADATA CORP '88076W103 8,919 373,884

TJX COMPANIES INC '872540109 11,419 675,662

UNILEVER N V NY SHARES '904784709 20,265 804,115

UNILEVER PLC SPONSORED ADR '904767704 15,397 645,134

UNITED TECHNOLOGIES CORP '913017109 9,815 1,036,464

UNITEDHEALTH GROUP INC '91324P102 23,229 2,003,501

VF CORP '918204108 6,930 457,588

WAL MART STORES INC '931142103 31,004 2,370,876

WELLPOINT INC '94973V107 6,284 751,692

WW GRAINGER INC '384802104 1,382 347,780

XILINX INC '983919101 5,002 211,835

ZIMMER HOLDINGS INC '98956P102 5,069 509,688

127,266,542

Pear Tree Quality

9/30/14

STATE STREET REPO '85799F003 698,983 698,983

Other Assets - Liabilities 131,982

Mark to Market (36)

Total Net Assets 128,097,471

IMPORTANT LEGAL INFORMATION:

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

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

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

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

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

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

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

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

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

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

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

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

on the SEC website at www.sec.gov.

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

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

recommendations for action by investors.

Pear Tree Columbia Small Cap

9/30/14


ACACIA RESEARCH CORP '003881307 18,469 285,900

ACCURAY INC '004397105 180,164 1,307,991

ACTUA CORP '005094107 139,631 2,236,889

AIR LEASE CORP '00912X302 46,597 1,514,403

ALBANY MOLECULAR RESEARCH '012423109 41,343 912,440

ALLIANCE DATA SYSTEMS CORP '018581108 14,512 3,602,894

ALLOT COMMUNICATIONS LTD 'M0854Q105 84,010 959,394

AMBARELLA INC 'G037AX101 67,600 2,952,092

AMIRA NATURE FOODS LTD 'G0335L102 82,051 1,284,919

APPLIED OPTOELECTRONICS INC '03823U102 52,224 840,806

ARCBEST CORP '03937C105 14,489 540,440

ASBURY AUTOMOTIVE GROUP '043436104 42,010 2,706,284

BIOTELEMETRY INC '090672106 149,276 1,001,642

BONANZA CREEK ENERGY INC '097793103 30,654 1,744,213

BOULDER BRANDS INC '101405108 105,112 1,432,677

BRANDYWINE REALTY TRUST '105368203 58,744 826,528

BRYN MAWR BANK CORP '117665109 7,620 215,875

BUILDERS FIRSTSOURCE INC '12008R107 63,162 344,233

CALLON PETROLEUM CO '13123X102 186,856 1,646,201

CAMBREX CORP '132011107 79,414 1,483,454

CANADIAN SOLAR INC '136635109 67,431 2,412,007

CARDTRONICS INC '14161H108 62,980 2,216,896

CARRIZO OIL + GAS INC '144577103 8,140 438,095

CATAMARAN CORP '148887102 18,417 776,277

CENTRAL PACIFIC FINANCIAL CO '154760409 88,268 1,582,645

CINEMARK HOLDINGS INC '17243V102 41,016 1,396,185

COBIZ FINANCIAL INC '190897108 109,341 1,222,432

CORE LABORATORIES N.V. 'N22717107 12,081 1,768,054

DUPONT FABROS TECHNOLOGY '26613Q106 51,777 1,400,050

EDUCATION REALTY TRUST INC '28140H104 149,177 1,533,540

ENTRAVISION COMMUNICATIONS A '29382R107 269,612 1,067,664

EPR PROPERTIES '26884U109 97,603 4,946,520

FERRO CORP '315405100 197,866 2,867,078

FNB CORP '302520101 178,162 2,136,162

GREENHILL + CO INC '395259104 10,625 493,956

H+E EQUIPMENT SERVICES INC '404030108 41,546 1,673,473

HERCULES TECHNOLOGY GROWTH '427096508 68,068 984,263

HERSHA HOSPITALITY TRUST '427825104 294,580 1,876,475

IGI LABORATORIES INC '449575109 56,723 528,658

IMAX CORP '45245E109 91,266 2,506,164

INTEGRATED DEVICE TECH INC '458118106 70,600 1,126,070

INTERSIL CORP A '46069S109 76,880 1,092,465

KATE SPADE + CO '485865109 21,491 563,709

KFORCE INC '493732101 125,952 2,464,881

LDR HOLDING CORP '50185U105 44,612 1,388,772

MICROSEMI CORP '595137100 62,263 1,582,103


9/30/14

MOTORCAR PARTS OF AMERICA IN '620071100 27,115 737,799

NATIONAL CINEMEDIA INC '635309107 63,678 923,968

NATUS MEDICAL INC '639050103 69,682 2,056,316

NCI BUILDING SYSTEMS INC '628852204 40,485 785,409

OREXIGEN THERAPEUTICS INC '686164104 178,255 759,366

PARSLEY ENERGY INC CLASS A '701877102 25,588 545,792

PDC ENERGY INC '69327R101 19,815 996,496

PHYSICIANS REALTY TRUST '71943U104 36,094 495,210

PINNACLE FINANCIAL PARTNERS '72346Q104 29,852 1,077,657

PROTO LABS INC '743713109 36,085 2,489,865

REGAL ENTERTAINMENT GROUP A '758766109 96,995 1,928,261

RESTORATION HARDWARE HOLDING '761283100 8,374 666,152

REX ENERGY CORP '761565100 75,995 962,857

SAIA INC '78709Y105 24,832 1,230,674

SPECTRANETICS CORP '84760C107 34,787 924,291

SPIRIT AIRLINES INC '848577102 18,413 1,273,075

STANDARD PACIFIC CORP '85375C101 124,847 935,104

SWIFT TRANSPORTATION CO '87074U101 8,648 181,435

TERRENO REALTY CORP '88146M101 12,236 230,404

TETRAPHASE PHARMACEUTICALS I '88165N105 62,980 1,256,451

TREX COMPANY INC '89531P105 29,250 1,011,173

TRINA SOLAR LTD SPON ADR '89628E104 66,812 806,421

TUTOR PERINI CORP '901109108 37,278 984,139

UBIQUITI NETWORKS INC '90347A100 13,078 490,817

UNITED INSURANCE HOLDINGS CO '910710102 44,780 671,700

US SILICA HOLDINGS INC '90346E103 16,121 1,007,724

VERINT SYSTEMS INC '92343X100 31,909 1,774,459

WAGEWORKS INC '930427109 8,402 382,543

WASTE CONNECTIONS INC '941053100 33,829 1,641,383

ZELTIQ AESTHETICS INC '98933Q108 58,697 1,328,313

100,439,119


9/30/14


Other Assets - Liabilities 1,191,276









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

9/30/14


ABOITIZ EQUITY VENTURES INC '606841906 46,340 55,657

ABU DHABI COMMERCIAL BANK '654546902 115,564 266,503

ADARO ENERGY TBK PT 'B3BQFC902 2,830,200 272,916

AFRICAN RAINBOW MINERALS LTD '604112904 23,435 296,964

AGRICULTURAL BANK OF CHINA H 'B60LZR903 673,000 298,150

ALDAR PROPERTIES PJSC 'B0LX3Y907 246,311 262,886

ALLIANCE GLOBAL GROUP INC '614710903 588,600 341,008

AMERICA MOVIL SAB DE C SER L '266747906 934,370 1,177,995

ANTA SPORTS PRODUCTS LTD 'B1YVKN900 269,000 545,278

APOLLO TYRES LTD '616890901 226,614 745,595

ASSECO POLAND SA '597895903 6,825 96,018

ASUSTEK COMPUTER INC '605104900 111,488 1,062,855

BAJAJ HOLDINGS AND INVESTMEN '612414904 8,740 197,273

BANCO DO BRASIL S.A. '232859900 55,412 572,447

BANK BUKOPIN TBK PT 'B18THH901 909,600 53,374

BANK NEGARA INDONESIA PERSER '672712908 1,258,800 570,773

BANK OF BARODA '609977905 16,624 242,187

BANK OF CHINA LTD H 'B15456906 3,550,392 1,586,599

BANK RAKYAT INDONESIA PERSER '670909902 818,200 700,019

BARLOWORLD LTD '607912904 42,061 344,091

BHARAT PETROLEUM CORP LTD '609972906 38,113 405,969

BIDVEST GROUP LTD '610008906 30,351 767,163

BRITISH AMERICAN TOBACCO BHD '675234009 21,344 458,696

CAIRN INDIA LTD 'B1G2NN901 129,574 653,115

CENTRAL CHINA REAL ESTATE 'B2RDS3902 252,371 59,477

CETIP SA MERCADOS ORGANIZADO 'B55DVB907 54,600 675,533

CEZ AS '562403907 17,361 527,620

CHAILEASE HOLDING CO LTD 'B58J1S907 352,920 857,371

CHAMBAL FERTILISERS + CHEM '609993902 128,923 122,953

CHICONY ELECTRONICS CO LTD '614057909 117,055 350,170

CHINA BLUECHEMICAL LTD H 'B1DN3X908 536,000 232,625

CHINA CONSTRUCTION BANK H 'B0LMTQ900 2,859,422 2,006,948

CHINA LIFE INSURANCE CO H '671897908 69,000 191,495

CHINA MOBILE LTD '607355906 215,779 2,491,270

CHINA PETROLEUM + CHEMICAL H '629181900 1,317,810 1,154,046

CHINA POWER INTERNATIONAL 'B02ZKQ901 550,000 254,284

CHINA RESOURCES CEMENT 'B41XC9906 630,000 431,632

CHINA SHENHUA ENERGY CO H 'B09N7M905 168,605 470,099

CHINA YUCHAI INTL LTD 'G21082105 11,788 218,550

CHONGQING RURAL COMMERCIAL H 'B4NFP6903 838,687 380,193

CHUNGHWA TELECOM CO LTD '628784902 212,600 640,886

CNOOC LTD 'B00G0S903 816,218 1,398,039

COMFORTDELGRO CORP LTD '660373903 189,000 355,597

COMMERCIAL BANK OF QATAR QSC '615044906 15,215 293,283

CORONATION FUND MANAGERS LTD '662271907 34,953 298,771

COWAY CO LTD '617340906 8,969 716,500


9/30/14

CYRELA BRAZIL REALTY SA EMP '218985901 161,100 812,407

DAH SING FINANCIAL HOLDINGS '624979001 19,200 116,833

DAISHIN SECURITIES CO LTD '625120001 9,781 104,275

DATANG INTL POWER GEN CO H '608071908 842,000 441,334

DBS GROUP HOLDINGS LTD '617520903 64,000 924,177

DELTA ELECTRONICS THAI FORGN '641891908 104,500 199,815

DIGI.COM BHD '608624904 351,000 625,926

DOHA BANK QSC '627342900 22,153 352,808

DONGFENG MOTOR GRP CO LTD H 'B0PH5N900 564,881 928,259

DONGYUE GROUP 'B29MXW902 410,000 153,652

EDP ENERGIAS DO BRASIL SA 'B0D749907 80,700 329,522

ELECTRICITY GEN PUB CO FOR R '630464907 52,679 268,066

ENKA INSAAT VE SANAYI AS 'B03MS6905 95,128 216,935

EREGLI DEMIR VE CELIK FABRIK 'B03MS9909 496,376 920,807

FARGLORY LAND DEVELOPMENT CO '620368902 143,302 168,884

FIRST GULF BANK '612278903 88,320 450,876

FIRSTRAND LTD '660699901 311,791 1,186,278

FUBON FINANCIAL HOLDING CO '641167903 681,000 1,045,471

GOME ELECTRICAL APPLIANCES 'B01Z8S902 3,955,000 646,862

GRUMA S.A.B. B '239254907 75,307 806,421

GRUPO FINANCIERO BANORTE O '242104909 11,100 71,095

GUANGZHOU AUTOMOBILE GROUP H 'B43399904 366,000 353,512

GUANGZHOU R+F PROPERTIES H 'B19H8Y909 79,200 80,067

HALLA VISTEON CLIMATE CONTRO 'B00LR0904 7,334 355,841

HON HAI PRECISION INDUSTRY '643856909 372,074 1,174,217

HOUSING DEVELOPMENT FINANCE '617190905 18,189 310,267

HUANENG POWER INTL INC H '609967906 422,000 460,861

HYOSUNG CORPORATION '689683001 9,741 697,863

HYUNDAI MOBIS CO LTD '644954000 443 107,890

HYUNDAI MOTOR CO '645105909 2,501 451,495

IND + COMM BK OF CHINA H 'B1G1QD902 1,639,911 1,020,067

INDIABULLS HOUSING FINANCE L '922ASN904 158,659 1,040,429

INDUSTRIAL BANK OF KOREA '646297903 45,960 694,681

INVENTEC CO LTD '645993908 716,000 466,043

INVESTEC LTD 'B17BBR905 37,239 312,515

JBS SA 'B1V74X902 219,300 819,353

JCY INTERNATIONAL BHD 'B62JK5900 341,400 66,084

JIANGSU EXPRESS CO LTD H '600550909 156,000 163,736

KGHM POLSKA MIEDZ SA '526325907 25,074 957,586

KIA MOTORS CORP '649092905 8,599 437,589

KIATNAKIN BANK PCL FOR '649109006 169,100 220,338

KING S TOWN BANK '657515904 90,000 99,558

KRUNG THAI BANK PUB CO FOREI '649283900 1,329,946 972,081

KT CORP '650531908 10,020 325,692

KT+G CORP '617507900 12,900 1,155,224

KWG PROPERTY HOLDING LTD 'B1YBF0900 568,919 400,774

LAFARGE MALAYSIA BHD '655651008 33,880 106,375


9/30/14

LG DISPLAY CO LTD 'B01VZN902 33,423 1,076,884

LG ELECTRONICS INC '652073909 8,904 554,364

LIBERTY HOLDINGS LTD '651505901 41,956 457,223

LITE ON TECHNOLOGY CORP '651948903 400,990 578,031

MALAYSIA BUILDING SOCIETY '655678001 437,112 326,452

MATAHARI PUTRA PRIMA TBK PT 'B92MGL907 733,200 189,543

MEDIATEK INC '637248907 44,000 651,621

MEDICLINIC INTERNATIONAL LTD 'B0PGJF904 53,242 433,159

MERITZ SECURITIES CO LTD '640829909 49,888 186,977

MONDI LTD 'ACI00OIP8 17,427 285,256

MTN GROUP LTD '656320900 29,759 627,237

NASPERS LTD N SHS '662269901 9,935 1,093,931

NAVER CORP '656039906 247 188,893

NEDBANK GROUP LTD '662800903 40,013 774,568

NETCARE LTD '663642908 153,498 429,121

NETDRAGON WEBSOFT INC 'B28SXZ903 52,500 86,272

OIL + NATURAL GAS CORP LTD '613936905 66,101 436,196

OIL INDIA LTD 'B409HQ907 16,727 164,941

OOREDOO QSC '615817905 2,453 89,247

PEGATRON CORP 'ACI003EU7 484,416 891,773

PETROBRAS PETROLEO BRAS '268236908 65,183 459,129

PETROCHINA CO LTD H '622657906 935,778 1,199,105

PETRONAS CHEMICALS GROUP BHD 'B5KQGT909 174,200 331,354

PGE SA 'B544PW909 132,280 837,445

PING AN INSURANCE GROUP CO H 'B01FLR903 109,000 819,786

POSCO '669323008 605 188,337

POWER FINANCE CORPORATION 'B1S722906 146,519 555,140

POWERTECH TECHNOLOGY INC '659967905 515,000 931,146

PP LONDON SUMATRA INDONES PT '653567909 2,678,440 417,648

PPC LTD 'ACI02IJW3 34,941 91,347

PRESIDENT CHAIN STORE CORP '670498906 134,915 966,862

QATAR ELECTRICITY + WATER CO '656661907 1,095 57,128

QATAR NATIONAL BANK '614819902 1,485 82,694

QUANTA COMPUTER INC '614101905 330,000 837,489

RADIANT OPTO ELECTRONICS COR '652027905 202,409 801,798

REALTEK SEMICONDUCTOR CORP '605142900 136,000 482,848

RELIANCE INDUSTRIES LTD '609962907 11,098 169,633

REUNERT LTD '672872900 26,510 139,431

RICHTER GEDEON NYRT 'ACI06DSC4 40,651 635,845

RMB HOLDINGS LTD '675582902 161,113 807,916

RURAL ELECTRIFICATION CORP 'B2Q7WL901 202,813 815,882

SAMSUNG ELECTRONICS CO LTD '677172009 3,162 3,547,792

SAO MARTINHO SA 'B1P3R4907 15,318 245,814

SASOL LTD '677745903 26,039 1,412,490

SESA STERLITE LTD '613604909 230,598 1,018,574

SHANGHAI ELECTRIC GRP CO L H 'B07J65904 570,000 302,436

SHANGHAI INDUSTRIAL HLDG LTD '681001905 125,000 370,254


9/30/14

SHINHAN FINANCIAL GROUP LTD '639750900 3,798 174,919

SIMPLO TECHNOLOGY CO LTD '642192900 59,000 286,083

SINOTRANS LIMITED H '657901906 1,297,000 942,064

SK HYNIX INC '645026907 16,972 751,899

SK NETWORKS CO LTD 'B04PZG907 50,205 504,310

SOHO CHINA LTD 'B27WLD907 664,979 481,289

STEINHOFF INTL HOLDINGS LTD '612793901 146,933 702,763

SUNGWOO HITECH CO LTD '620386904 41,550 673,305

TAISHIN FINANCIAL HOLDING '645168907 900,000 421,605

TAIWAN SEMICONDUCTOR MANUFAC '688910900 603,270 2,379,802

TATA CONSULTANCY SVCS LTD 'B01NPJ900 3,299 146,198

TATA STEEL LTD '610115909 113,839 843,470

TAURON POLSKA ENERGIA SA 'B5P7L4905 233,484 378,526

TECO ELECTRIC + MACHINERY '687985903 602,983 619,445

TELEKOM MALAYSIA BHD '686839002 466,678 938,904

TELEKOMUNIKASI INDONESIA PER 'BD4T6W908 5,398,090 1,291,377

TENCENT HOLDINGS LTD 'BMMV2K903 136,000 2,019,433

THANACHART CAPITAL FOREIGN 'B8GKBK905 302,000 346,939

TOFAS TURK OTOMOBIL FABRIKA 'B03MY3905 117,882 661,721

TONGAAT HULETT LTD 'B1ZBDG906 7,879 108,698

TURKIYE IS BANKASI C 'B03MYS900 394,211 874,776

UMW HOLDINGS BHD '691082002 179,293 670,060

UNITED MICROELECTRONICS CORP '691662902 2,365,401 979,768

UNITED TRACTORS TBK PT '623084902 159,000 259,672

UNIVERSAL ROBINA CORP '691951909 47,920 199,678

UPL LTD 'B0L0W3905 161,084 885,753

VALE SA '219628005 23,853 261,516

VANGUARD INTERNATIONAL SEMI '610967903 370,000 542,481

ZHEJIANG EXPRESSWAY CO H '699076907 434,000 440,989

CONTROLADORA COML MEXIC UBC '222245904 29,400 110,146

KLABIN SA UNIT 'BJ0K6Z901 110,100 532,292

AMBEV SA ADR '02319V103 76,683 502,274

CIA BRASILEIRA DE DIS SP PRF '20440T201 17,093 745,426

CIA PARANAENSE ENER SP ADR P '20441B407 29,309 400,654

DELTA ELECTRONICS THAI NVDR '641893904 52,400 100,194

ECOPETROL SA SPONSORED ADR '279158109 7,108 222,267

FOMENTO ECONOMICO MEX SP ADR '344419106 1,125 103,556

GAZPROM OAO SPON ADR '514098904 180,222 1,268,763

GRUPO AEROPORTUARIO PAC ADR '400506101 5,600 377,664

GRUPO TELEVISA SA SPON ADR '40049J206 3,324 112,617

INFOSYS LTD SP ADR '456788108 6,102 369,110

LUKOIL OAO SPON ADR '318987906 25,174 1,283,874

MMC NORILSK NICKEL JSC ADR 'B114RK905 26,342 491,278

MOBILE TELESYSTEMS SP ADR '607409109 29,771 444,779

PERFECT WORLD CO SPON ADR '71372U104 23,530 463,306

PETROLEO BRASIL SP PREF ADR '71654V101 50,474 751,558

PHOSAGRO OAO GDR REG S 'B62QPJ909 9,427 105,488


9/30/14

PTT EXPLOR + PROD PCL NVDR 'B1359L908 70,100 345,906

PTT PCL NVDR '642040901 19,800 219,830

SEVERSTAL GDR REG S 'B1G4YH908 96,989 967,950

SISTEMA JSFC REG S SPONS GDR 'B05N80906 8,812 60,803

SK TELECOM CO LTD ADR '78440P108 17,436 529,008

ISHARES MSCI EMERGING MARKETS '464287234 9,136 379,692

PEAR TREE PANAGORA RISK PARITY '70472Q849 3,723,898 39,771,232

BANCO BRADESCO SA PREF 'B00FM5901 35,889 510,565

CIA ENERGETICA DE SP PREF B 'B17MHG909 39,200 419,051

ITAU UNIBANCO HOLDING S PREF 'B037HR904 53,370 738,114

METALURGICA GERDAU SA PREF '264886904 55,900 322,983

SAMSUNG ELECTRONICS PREF '677381907 590 502,080

VALE SA PREF '225712900 39,271 381,325

CHAMPION REIT 'B14WZ4907 504,000 209,650

EMLAK KONUT GAYRIMENKUL YATI 'B58656909 194,493 203,001

151,902,604


BRAZILIAN REAL 'BRL 15,850 6,472

EGYPTIAN POUND 'EGP 259 36

HONG KONG DOLLAR 'HKD 717,226 92,367

INDIAN RUPEE 'INR 2,985,201 48,336

INDONESIAN RUPIAH 'IDR 0 -

MALAYSIAN RINGGIT 'MYR 18,995 5,790

NEW TAIWAN DOLLAR 'TWD 1,760,892 57,887

PHILIPPINE PESO 'PHP 156,568 3,489

POLISH ZLOTY 'PLN 117,862 35,583

SINGAPORE DOLLAR 'SGD 3,080 2,415

SOUTH AFRICAN RAND 'ZAR 10,833 958

THAILAND BAHT 'THB 686,388 21,168

274,501


9/30/14


Market to Market (4,994)




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.





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 Polaris Foreign Value

9/30/14


ASAHI GROUP HOLDINGS LTD '605440007 1,105,400 31,980,253

BARRATT DEVELOPMENTS PLC '008118002 5,428,822 34,875,546

BASF SE 'ACI0054Q2 296,400 27,182,806

BBA AVIATION PLC 'B1FP89909 3,573,770 18,837,381

BELLWAY PLC '009049909 1,301,206 33,069,347

CAVERION CORP 'BBP6J8908 840,216 6,418,689

CHRISTIAN DIOR '406139907 181,173 30,357,391

CRH PLC '418224002 1,310,629 29,970,795

DEUTSCHE TELEKOM AG REG '584235907 2,374,522 35,979,696

DNB ASA '426330007 1,805,492 33,793,194

DUNI AB 'B03RSL901 1,779,500 22,311,393

FREENET AG 'B1SK0S902 1,235,439 32,143,560

GREENCORE GROUP PLC '038641908 9,817,304 37,257,925

GTECH SPA 'B0V3WR905 1,277,265 30,336,806

GUANGDONG INVESTMENT LTD '691316004 24,309,800 28,395,532

HANNOVER RUECK SE '451180905 365,800 29,570,551

IMERYS SA 'B011GL903 420,183 30,974,379

INVESTOR AB B SHS '567959903 904,856 31,991,916

IPSOS 'B188NJ906 588,780 15,021,453

KDDI CORP '624899902 547,600 32,918,412

KONE OYJ B 'B09M9D905 759,800 30,528,081

KONECRANES OYJ 'B11WFP905 971,780 26,136,510

LANXESS AG 'B05M8B904 506,100 27,929,779

LOOMIS AB B 'B3K7KL908 1,104,048 31,585,527

MAUREL ET PROM 'B05DY7904 1,853,506 26,107,399

MEIJI HOLDINGS CO LTD 'B60DQV902 484,000 38,261,044

METHANEX CORP '59151K959 396,690 26,458,977

METHANEX CORP '59151K108 170,817 11,410,576

MUENCHENER RUECKVER AG REG '529412900 151,730 29,993,322

NOVARTIS AG REG '710306903 374,850 35,364,688

PERSIMMON PLC '068253004 1,461,909 31,629,093

REXAM PLC 'BMHTPY909 3,860,727 30,794,147

REXLOT HOLDINGS LTD '672728904 98,325,000 10,003,509

SAMSUNG ELECTRONICS CO LTD '677172009 25,385 28,482,199

SASOL LTD '677745903 604,135 32,771,398

SHOWA DENKO K K '680546009 23,365,000 30,677,547

SOLVAY SA '482110004 192,547 29,637,428

SPAREBANK 1 SR BANK ASA 'B40JTQ902 3,312,673 31,439,560

STANDARD CHARTERED PLC '040828907 1,545,747 28,591,982

SVENSKA HANDELSBANKEN A SHS '570366906 681,500 32,054,260

SYMRISE AG 'B1JB4K905 603,150 32,116,557

TAYLOR WIMPEY PLC '087823001 17,972,146 32,879,076

THAI OIL PCL FRGN 'B0305J900 20,021,200 31,799,285

TRANSGENE SA '542907902 159,360 1,750,647

TREVI FINANZIARIA INDUSTRIAL '573144904 3,087,826 21,892,866

TULLOW OIL PLC '015008907 2,659,788 27,802,286

Pear Tree Polaris Foreign Value

9/30/14

WINCOR NIXDORF AG 'B012VF907 634,950 32,519,025

YARA INTERNATIONAL ASA '775125909 682,300 34,245,837

YIT OYJ 'B11BQV906 1,438,416 11,097,515

BHP BILLITON PLC ADR '05545E209 509,500 28,292,535

INFOSYS LTD SP ADR '456788108 594,545 35,964,027

SBERBANK SPONSORED ADR '80585Y308 1,312,300 10,325,176

TEVA PHARMACEUTICAL SP ADR '881624209 697,619 37,497,021

1,481,425,906

SSGA FDS '8611238A8 90,805,436 90,805,436

EURO CURRENCY 'EUR 61,031 77,064

THAILAND BAHT 'THB 10,110,706 311,818

388,883

Other Assets - Liabilities 8,889,806


Total Net Assets 1,581,348,219


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


Pear Tree Polaris Foreign Value Small Cap

9/30/14


ABG SUNDAL COLLIER HOLDING '433305000 4,138,100 3,444,473

AIN PHARMACIEZ INC '624912903 172,000 3,926,948

ALTERNATIVE NETWORKS PLC 'B05KXX902 677,200 5,195,037

AUSTAL LTD '613716901 552,530 627,461

BBA AVIATION PLC 'B1FP89909 706,433 3,723,616

BML INC '619787906 166,800 5,262,165

BONDUELLE SCA '548198902 134,800 3,446,791

BREADTALK GROUP LTD '663002905 3,487,100 3,704,155

CHARACTER GROUP PLC '089761902 496,900 1,724,620

CHINA HONGXING SPORTS LTD 'B1WN18904 10,258,400 80,420

CHUGOKU MARINE PAINTS LTD '619600000 760,000 5,703,032

CLARKSON PLC '020183000 102,600 3,910,441

CLICKS GROUP LTD '610557902 639,630 3,790,149

DAICEL CORP '625054002 512,700 5,567,592

DAIICHIKOSHO CO LTD '625313903 132,600 3,565,420

DE LONGHI SPA '716951900 180,910 3,641,254

DFDS A/S '579734906 48,400 3,809,472

DUNI AB 'B03RSL901 264,000 3,310,035

EQUATORIAL ENERGIA SA ORD 'B128R9900 487,637 4,938,096

FREENET AG 'B1SK0S902 208,000 5,411,728

GALLIFORD TRY PLC 'B3Y2J5901 193,828 3,979,796

GLANBIA PLC '405862004 247,100 3,566,309

GREENCORE GROUP PLC '038641908 1,458,198 5,534,048

HALFORDS GROUP PLC 'B012TP908 470,131 3,617,976

HANA MICROELECTRONICS FOREIG 'B407NK907 3,552,780 4,629,297

HIGASHI NIHON HOUSE CO LTD '642551006 777,900 3,766,263

HOLTEK SEMICONDUCTOR INC '654898907 2,133,600 3,766,476

IFG GROUP PLC '437335904 1,737,985 3,467,394

IPSOS 'B188NJ906 136,767 3,489,315

KINEPOLIS 'ACI08HHK7 110,500 4,247,939

KRBL LTD 'B02VC9907 3,154,200 5,153,154

LIC HOUSING FINANCE LTD '610102907 759,900 3,998,826

LOOMIS AB B 'B3K7KL908 127,100 3,636,183

M1 LTD 'B04KJ9902 1,817,200 5,071,521

MANILA WATER COMPANY 'B0684C906 4,081,170 2,682,737

NIIT TECHNOLOGIES LTD 'B02PD8901 628,575 4,075,153

NOLATO AB B SHS '458971900 160,600 3,637,838

PKC GROUP OYJ '522249903 150,200 3,036,416

PRIMA MEAT PACKERS LTD '670340009 1,702,000 4,236,572

PROGRAMMED MAINTENANCE SERV '617449905 1,430,000 3,447,728

QSC AG '594431900 1,856,139 5,228,897

RATCHABURI ELEC GEN HODG FOR '629424904 3,013,400 5,506,367

RESTAURANT GROUP PLC 'B0YG1K902 349,700 3,700,724

REXLOT HOLDINGS LTD '672728904 34,200,000 3,479,482

SAMSON HOLDING LTD 'B0LMBV908 30,834,800 4,090,154

SEMPERIT AG HOLDING '576028906 66,300 3,055,670


9/30/14

SHANGHAI MECHANICAL AND EL B '679743906 2,248,563 4,879,382

SIXT SE '526076906 93,977 3,018,237

SOUTH INDIAN BANK LTD '634996904 8,063,748 3,381,656

SPAREBANK 1 NORD NORGE 'B06T25907 641,496 3,842,578

SPAREBANK 1 SMN 'B0LGG7909 448,665 4,135,982

SPAREBANK 1 SR BANK ASA 'B40JTQ902 393,626 3,735,783

TEXWINCA HOLDINGS LTD '603955907 3,728,200 3,202,480

THAI UNION FROZEN PROD FOREI '642271902 1,785,974 4,075,931

TREVI FINANZIARIA INDUSTRIAL '573144904 539,100 3,822,250

UDG HEALTHCARE PLC '330248907 938,639 5,035,872

UNIPRES CORP '698569902 186,700 3,658,248

USHA MARTIN LTD '614285906 7,077,298 2,687,219

VETROPACK HOLDING AG BR '516606902 3,186 5,308,055

VITEC GROUP PLC/THE '092966001 394,820 3,928,478

VST HOLDINGS LTD '652703901 15,775,360 4,733,654

VTECH HOLDINGS LTD '692856909 309,500 3,802,510

WETHERSPOON (J.D.) PLC '016389900 303,100 3,922,829

WT MICROELECTRONICS CO LTD '629099904 2,801,400 4,507,915

XINHUA WINSHARE PUBLISHING H 'B1XCJB901 5,089,500 4,483,246

DRAEGERWERK AG PREF '516921905 61,900 5,479,093

260,526,540

SSGA FDS '8611238A8 11,425,597 11,425,597


HONG KONG DOLLAR 'HKD 1,850,088 238,261

INDIAN RUPEE 'INR 3,785,040 61,286

JAPANESE YEN 'JPY 1 0

NORWEGIAN KRONE 'NOK 0 -

POUND STERLING 'GBP 21,547 34,946

340,380


9/30/14














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 Risk Parity Emerging Markets

9/30/14


AAC TECHNOLOGIES HOLDINGS IN 'B85LKS908 9,000 52,273

ABOITIZ EQUITY VENTURES INC '606841906 69,300 83,233

ABOITIZ POWER CORP 'B1Z9Q9903 228,700 207,666

ABU DHABI COMMERCIAL BANK '654546902 58,017 133,794

ADARO ENERGY TBK PT 'B3BQFC902 981,700 94,665

ADVANCED INFO SERVICE FOR RG '641259908 20,900 145,027

AFRICAN BANK INVESTMENTS LTD '604077909 47,336 -

AFRICAN RAINBOW MINERALS LTD '604112904 3,044 38,573

AGUAS ANDINAS SA A '231123902 138,946 81,015

AIR CHINA LTD H 'B04KNF903 34,000 21,543

AIRASIA BHD 'B03J9L900 77,200 59,538

AIRPORTS OF THAILAND PCL FOR '674119904 16,500 121,619

AKBANK T.A.S. 'B03MN7908 11,515 37,470

ALDAR PROPERTIES PJSC 'B0LX3Y907 94,558 100,921

ALFA S.A.B. A '204342000 26,800 92,203

ALIOR BANK SA 'B8W8F1902 2,932 75,195

ALL AMERICA LATINA LOGISTICA 'B01471901 10,500 27,268

ALLIANCE FINANCIAL GROUP BHD '655693901 35,600 54,152

ALLIANCE GLOBAL GROUP INC '614710903 121,900 70,623

ALMACENES EXITO SA '205118904 14,166 207,757

ALPHA BANK A.E. '423586007 35,657 27,645

ALROSA AO 'ACI028ME1 87,600 78,686

ALUMINUM CORP OF CHINA LTD H '642539902 114,000 46,393

AMMB HOLDINGS BHD '604702001 14,900 31,203

AMOREPACIFIC CORP 'B15SK5908 25 56,669

AMOREPACIFIC GROUP '666593900 56 62,036

ANADOLU EFES BIRACILIK VE 'B03MNV905 5,613 64,739

ANHUI CONCH CEMENT CO LTD H '608039905 5,000 15,905

ANTA SPORTS PRODUCTS LTD 'B1YVKN900 12,000 24,325

ARABTEC HOLDING CO 'B02PY4907 112,080 140,373

ARCA CONTINENTAL SAB DE CV '282388909 8,500 58,360

ARCELIK AS 'B03MP1909 12,843 68,432

ASIA CEMENT CORP '605633007 20,808 26,575

ASIA PACIFIC TELECOM CO LTD 'B6RN4B909 111,000 64,587

ASPEN PHARMACARE HOLDINGS LT 'B09C0Z907 2,605 77,526

ASSORE LTD '613446905 742 14,109

ASTRA AGRO LESTARI TBK PT '609249909 50,400 95,133

ASTRA INTERNATIONAL TBK PT 'B800MQ901 180,400 104,376

ASTRO MALAYSIA HOLDINGS BHD 'B7W5GK907 74,100 75,670

AXIATA GROUP BERHAD 'B2QZGV905 50,200 107,118

AYALA CORPORATION 'B09JBT904 4,530 74,697

AYALA LAND INC '605511906 88,100 68,611

BANCO DE CHILE '210084901 823,845 101,475

BANCO DE CREDITO E INVERSION '206935900 1,662 94,262

BANCO DO BRASIL S.A. '232859900 2,400 24,794

BANGKOK DUSIT MED SERVICE F 'BLZGSM902 246,700 140,754


9/30/14

BANK CENTRAL ASIA TBK PT 'B01C1P906 71,500 76,722

BANK DANAMON INDONESIA TBK '658003900 166,400 53,327

BANK HANDLOWY W WARSZAWIE SA '525606901 979 36,945

BANK MANDIRI PERSERO TBK PT '665104907 56,900 47,047

BANK NEGARA INDONESIA PERSER '672712908 133,300 60,442

BANK OF COMMUNICATIONS CO H 'B0B8Z2908 32,000 22,377

BANK OF THE PHILIPPINE ISLAN '607496908 36,516 79,741

BANK PEKAO SA '547311902 612 35,881

BANK RAKYAT INDONESIA PERSER '670909902 65,400 55,954

BANK ZACHODNI WBK SA '715363909 285 33,986

BANPU PUBLIC CO LTD FOR REG 'BJFHBT900 52,000 47,309

BARLOWORLD LTD '607912904 13,711 112,167

BARWA REAL ESTATE CO 'B0YTG2908 10,768 118,417

BBMG CORP H 'B3NFC5901 30,000 20,708

BDO UNIBANK INC 'B5VJH7900 31,060 67,861

BEC WORLD PCL FOREIGN '672835907 57,900 83,926

BEIJING CAPITAL INTL AIRPO H '620842906 34,000 26,009

BEIJING ENTERPRISES HLDGS '608169900 2,500 21,459

BEIJING ENTERPRISES WATER GR 'B01YCG906 48,000 32,268

BELLE INTERNATIONAL HOLDINGS 'B1WJ4X905 18,000 20,260

BERJAYA SPORTS TOTO BHD '633156906 91,581 106,642

BIDVEST GROUP LTD '610008906 4,777 120,745

BIM BIRLESIK MAGAZALAR AS 'B0D000905 2,987 62,419

BIOSTIME INTERNATIONAL HOLDI 'B4ZB3G901 22,000 68,848

BR PROPERTIES SA 'B1FLW4902 3,200 16,987

BRF SA '203699905 1,300 30,915

BRILLIANCE CHINA AUTOMOTIVE '618148902 8,000 13,929

BRITISH AMERICAN TOBACCO BHD '675234009 3,700 79,515

BS FINANCIAL GROUP INC 'ACI00J5W8 1,490 23,863

BTS GROUP HOLDINGS PCL 'ACI02B4M6 399,300 123,146

BUMI ARMADA BERHAD 'B3YX6Q901 177,450 102,775

BUMI SERPONG DAMAI PT 'B2RJPM900 306,000 38,799

BUMRUNGRAD HOSPITAL FOREIGN 'B0166H902 27,700 112,765

BYD CO LTD H '653665901 2,500 16,629

CAP SA '217431907 8,628 91,519

CATHAY FINANCIAL HOLDING CO '642566905 13,453 21,913

CCR SA '284097904 4,200 28,777

CELLTRION INC 'B0C5YV900 1,686 78,209

CEMENTOS ARGOS SA 'ACI05N0V1 16,621 88,820

CEMEX LATAM HOLDINGS SA 'B88KB0908 15,979 142,315

CENCOSUD SA 'B00R3L901 25,242 74,624

CENTRAL PATTANA PUB CO FOREI 'B6SR6J900 35,600 51,053

CETIP SA MERCADOS ORGANIZADO 'B55DVB907 2,200 27,219

CEZ AS '562403907 4,364 132,627

CHANG HWA COMMERCIAL BANK '618785901 36,016 22,081

CHAROEN POKPHAND FOOD FORGN 'B5L2DG902 150,100 140,032

CHAROEN POKPHAND INDONESI PT '631534906 196,800 68,480


9/30/14

CHENG SHIN RUBBER IND CO LTD '619022007 36,900 81,395

CHINA AGRI INDUSTRIES HLDGS 'B1TLR6908 45,000 17,096

CHINA AIRLINES LTD '618965909 162,000 54,320

CHINA BLUECHEMICAL LTD H 'B1DN3X908 50,000 21,700

CHINA COAL ENERGY CO H 'B1JNK8908 39,000 22,802

CHINA COMMUNICATIONS CONST H 'B1JKTQ905 15,000 10,818

CHINA COMMUNICATIONS SERVI H 'B1HVJ1909 106,000 49,007

CHINA CONSTRUCTION BANK H 'B0LMTQ900 37,000 25,969

CHINA GAS HOLDINGS LTD '646079905 20,000 33,175

CHINA INTERNATIONAL MARINE H 'ACI04FQZ2 8,400 17,309

CHINA LIFE INSURANCE CO LTD '619981905 37,400 30,860

CHINA LONGYUAN POWER GROUP H 'B4Q2TX906 33,000 32,214

CHINA MERCHANTS HLDGS INTL '641613005 6,000 18,545

CHINA MOBILE LTD '607355906 5,000 57,727

CHINA MOTOR CORP '619132905 22,000 19,599

CHINA NATIONAL BUILDING MA H 'B0Y91C906 16,000 14,527

CHINA OILFIELD SERVICES H '656099900 24,000 63,362

CHINA PETROLEUM + CHEMICAL H '629181900 52,000 45,538

CHINA RESOURCES CEMENT 'B41XC9906 66,000 45,219

CHINA RESOURCES ENTERPRISE '697245009 8,000 18,936

CHINA RESOURCES GAS GROUP LT '653551903 12,000 32,454

CHINA RESOURCES POWER HOLDIN '671156909 12,000 32,376

CHINA SHENHUA ENERGY CO H 'B09N7M905 9,500 26,488

CHINA SHIPPING CONTAINER H 'B018L7903 42,000 11,196

CHINA STEEL CORP '619095904 41,208 35,221

CHINA TAIPING INSURANCE HOLD '626404909 15,200 32,925

CHINA TELECOM CORP LTD H '655933901 178,000 109,116

CIELO SA 'B614LY900 4,200 68,599

CIMB GROUP HOLDINGS BHD '607574001 19,100 40,931

CITIC LTD '619615008 18,000 30,182

CJ CHEILJEDANG CORP 'B2492F907 116 42,597

COCA COLA ICECEK AS 'B058ZV901 2,848 61,388

COLBUN SA '230925901 329,877 83,620

COMMERCIAL BANK OF QATAR QSC '615044906 7,141 137,649

COMMERCIAL INTERNATIONAL BAN '624389904 20,421 143,374

COMPARTAMOS SAB DE CV 'BHWQZW902 46,700 99,982

CORP FINANCIERA COLOMBIANA 'B000C9907 3,262 64,561

COSAN SA INDUSTRIA COMERCIO 'B0P72G900 2,300 36,947

CP ALL PCL FOREIGN 'B08YDF900 82,600 113,997

CREDICORP LTD 'G2519Y108 934 143,266

CSPC PHARMACEUTICAL GROUP LT '619199904 44,000 36,549

CTBC FINANCIAL HOLDING CO LT '652766908 27,739 18,648

CTCI CORP '623918901 22,000 37,463

CYFROWY POLSAT SA 'B2QRCM907 20,528 171,420

CYRELA BRAZIL REALTY SA EMP '218985901 10,300 51,942

DAEWOO INTERNATIONAL CORP '634427900 420 14,945

DAEWOO SECURITIES CO LTD '624965000 1,770 18,031


9/30/14

DATANG INTL POWER GEN CO H '608071908 106,000 55,560

DGB FINANCIAL GROUP INC 'B68N34907 1,410 22,448

DIALOG GROUP BHD 'B00MRS901 151,756 79,567

DIGI.COM BHD '608624904 69,100 123,224

DISCOVERY LTD '617787908 1,769 15,384

DMCI HOLDINGS INC '627248909 43,630 76,755

DOHA BANK QSC '627342900 6,703 106,752

DONGBU INSURANCE CO LTD '615593902 443 24,978

DOOSAN HEAVY INDUSTRIES '629467903 1,230 30,364

DOOSAN INFRACORE CO LTD '621167907 3,730 39,235

DP WORLD LTD 'B291WY905 11,321 234,911

DUBAI FINANCIAL MARKET 'B1GPBP908 100,998 92,395

DUBAI ISLAMIC BANK '628345902 63,465 143,420

E MART CO LTD 'ACI00M683 102 22,280

ECLAT TEXTILE COMPANY LTD '634578900 4,160 37,813

ECOPETROL SA 'B2473N903 111,401 174,459

ECORODOVIAS INFRA E LOG SA 'B5720R908 5,500 27,085

EL PUERTO DE LIVERPOOL C1 '230681900 14,500 167,701

EMAAR PROPERTIES PJSC 'B01RM2901 41,914 131,807

EMPRESA NACIONAL DE TELECOM '229762901 19,694 223,303

EMPRESAS CMPC SA '219601903 53,544 126,761

EMPRESAS COPEC SA '219602901 13,338 163,796

ENEA SA 'B3F97B907 14,609 71,450

ENERGA SA 'BGQYBX908 11,210 81,223

ENERGY DEVELOPMENT CORP 'B1GHQN905 1,164,700 209,959

ENKA INSAAT VE SANAYI AS 'B03MS6905 32,264 73,576

ENN ENERGY HOLDINGS LTD '633393905 4,000 26,169

EREGLI DEMIR VE CELIK FABRIK 'B03MS9909 78,577 145,765

EUROCASH SA 'B064B9904 16,813 164,001

EVA AIRWAYS CORP '618602908 89,000 47,105

EVERGREEN MARINE CORP LTD '632450904 46,000 26,993

EXXARO RESOURCES LTD '641880901 10,631 120,648

FAR EASTERN DEPARTMENT STORE '633137906 36,720 35,429

FAR EASTERN NEW CENTURY CORP '633147905 69,268 69,793

FAR EASTONE TELECOMM CO LTD '642185904 54,000 103,493

FARGLORY LAND DEVELOPMENT CO '620368902 7,000 8,250

FELDA GLOBAL VENTURES 'B8L1DR904 106,400 114,492

FF GROUP 'ACI00ERH8 1,701 63,254

FIRST FINANCIAL HOLDING CO '658011903 74,900 45,182

FIRST GULF BANK '612278903 29,454 150,363

FORD OTOMOTIV SANAYI AS 'B03MSR909 8,984 103,029

FORMOSA CHEMICALS + FIBRE '634871909 11,330 26,184

FORMOSA INTERNATIONAL HOTELS '610757908 2,420 25,696

FORMOSA PETROCHEMICAL CORP '671871903 55,000 133,434

FORMOSA PLASTICS CORP '634854905 35,480 84,094

FORMOSA TAFFETA CO. '634858906 32,000 31,454

FOSUN INTERNATIONAL 'B1Z7FX906 33,000 39,524


9/30/14

FRANSHION PROPERTIES 'B23TGR903 182,000 44,768

FUBON FINANCIAL HOLDING CO '641167903 14,000 21,493

GAMUDA BHD '635988009 33,700 49,515

GCL POLY ENERGY HOLDINGS LTD 'B28XTR905 70,000 25,873

GENER S.A. '219359908 162,417 85,733

GENOMMA LAB INTERNACIONAL B 'B3B1C7901 69,900 167,610

GENTING BHD 'B1VXJL905 46,900 135,675

GENTING MALAYSIA BHD 'B1VXKN909 93,400 119,010

GENTING PLANTATIONS BHD '605768902 33,500 101,404

GIANT MANUFACTURING '637216904 4,000 31,164

GLOBAL MEDIACOM TBK PT 'B1W567900 533,800 85,206

GLOBE TELECOM INC '628486904 4,665 168,710

GLOW ENERGY PCL FOREIGN 'B074GX905 74,500 218,847

GOLD FIELDS LTD '628021909 3,713 14,518

GOLDEN EAGLE RETAIL GROUP 'B10S7M901 13,000 15,118

GRUMA S.A.B. B '239254907 4,500 48,188

GRUPA AZOTY SA 'B3B61Y903 4,328 80,998

GRUPA LOTOS SA 'B0B8Z4904 11,387 96,772

GRUPO AEROPORT DEL SURESTE B '263934903 4,900 63,232

GRUPO ARGOS SA '955QSB905 6,827 76,681

GRUPO BIMBO SAB SERIES A '239247901 17,700 51,326

GRUPO CARSO SAB DE CV SER A1 '239345002 11,600 67,758

GRUPO COMERCIAL CHEDRAUI SA 'B457NQ909 21,800 76,998

GRUPO DE INV SURAMERICANA 'BMSK71908 3,709 74,583

GRUPO FIN SANTANDER B '200067908 26,300 71,191

GRUPO FINANCIERO BANORTE O '242104909 13,200 84,546

GRUPO FINANCIERO INBURSA O '282239904 31,100 88,932

GRUPO LALA SAB DE CV 'BFNXZM903 21,500 52,675

GRUPO MEXICO SAB DE CV SER B '264367905 17,500 58,813

GS HOLDINGS 'B01RJV901 1,490 56,903

GUANGDONG INVESTMENT LTD '691316004 48,000 56,067

GUDANG GARAM TBK PT '636699902 15,000 69,768

HACI OMER SABANCI HOLDING 'B03N0C900 8,284 34,804

HAITIAN INTERNATIONAL HLDGS 'B1L2RC905 16,000 36,307

HANA FINANCIAL GROUP 'B0RNRF908 490 17,877

HANERGY SOLAR GROUP LTD 'B948HW901 188,000 34,622

HANKOOK TIRE CO LTD 'ACI02DOT5 714 34,846

HANWHA CORPORATION '649675907 600 16,745

HANWHA LIFE INSURANCE CO LTD 'B62B9W901 2,670 17,964

HELLENIC TELECOMMUN ORGANIZA '505160903 5,073 66,619

HENGAN INTL GROUP CO LTD '613623909 2,500 24,549

HIGHWEALTH CONSTRUCTION CORP '615407905 21,000 33,551

HIWIN TECHNOLOGIES CORP 'B1YMYT902 3,090 27,630

HOME PRODUCT CENTER PCL FOR '641853908 248,266 79,629

HONG LEONG BANK BERHAD '643689904 16,000 71,306

HONG LEONG FINANCIAL GROUP '643645005 7,700 41,311

HOTAI MOTOR COMPANY LTD '641716907 2,000 27,219


9/30/14

HUA NAN FINANCIAL HOLDINGS C '641187901 40,015 23,349

HUANENG POWER INTL INC H '609967906 42,000 45,868

HYOSUNG CORPORATION '689683001 364 26,078

HYPERMARCAS SA 'B2QY96901 2,800 20,100

HYUNDAI HEAVY INDUSTRIES '644662900 248 32,315

HYUNDAI MARINE + FIRE INS CO 'B01LXY902 912 25,150

HYUNDAI MOBIS CO LTD '644954000 73 17,779

HYUNDAI STEEL CO '646185900 364 25,595

HYUNDAI WIA CORP 'B3LF56909 165 33,618

IHH HEALTHCARE BHD 'B83X6P906 152,100 235,534

IJM CORP BHD '645521006 20,600 40,629

IMPALA PLATINUM HOLDINGS LTD 'B1FFT7902 2,939 22,614

IMPERIAL HOLDINGS LTD 'B095WZ907 5,534 85,137

IND + COMM BK OF CHINA H 'B1G1QD902 64,000 39,810

INDO TAMBANGRAYA MEGAH TBK P 'B29SK7908 56,400 120,229

INDOCEMENT TUNGGAL PRAKARSA '645486903 69,700 123,269

INDOFOOD CBP SUKSES MAKMUR T 'ACI008XP6 70,800 65,948

INDOFOOD SUKSES MAKMUR TBK P '628397903 120,500 69,224

INDORAMA VENTURES FOREIGN 'B5V4S1904 85,500 67,240

INDUSTRIAL BANK OF KOREA '646297903 1,890 28,567

INDUSTRIAS PENOLES SAB DE CV '244820908 2,970 68,118

INDUSTRIES QATAR '667357909 6,457 330,133

INNER MONGOLIA YITAI COAL B '601901903 10,000 17,020

INTERCONEXION ELECTRICA SA '220570907 39,188 179,553

INTL CONTAINER TERM SVCS INC '645581000 34,340 84,477

INVESTEC LTD 'B17BBR905 4,159 34,903

IOI CORP BHD 'B1Y3WG904 77,100 113,047

IOI PROPERTIES GROUP BHD 'BH7JFJ907 60,000 47,920

IRPC PCL FOREIGN '689060903 501,100 53,162

ISAGEN SA ESP 'B1QY74900 147,496 200,698

JASA MARGA (PERSERO) TBK PT 'B28T1S902 290,000 153,508

JASTRZEBSKA SPOLKA WEGLOWA S 'ACI00PVS4 9,642 93,732

JG SUMMIT HOLDINGS INC '646645903 68,350 88,184

JIANGSU EXPRESS CO LTD H '600550909 20,000 20,992

JIANGXI COPPER CO LTD H '600030902 5,000 8,281

JOLLIBEE FOODS CORP '647449909 56,830 248,202

JUMBO SA '724353909 4,399 55,602

KALBE FARMA TBK PT 'B7311V900 1,386,600 193,453

KANGWON LAND INC '668344906 980 33,294

KB FINANCIAL GROUP INC 'B3DF0Y902 840 30,687

KGHM POLSKA MIEDZ SA '526325907 2,134 81,498

KIMBERLY CLARK DE MEXICO A '249191008 13,400 31,622

KINGBOARD CHEMICAL HOLDINGS '649131901 12,500 24,823

KINGSOFT CORP LTD 'B27WRM901 11,000 26,179

KOC HOLDING AS 'B03MVJ903 15,061 69,352

KOMERCNI BANKA AS '451944904 571 135,760

KOREA AEROSPACE INDUSTRIES 'ACI00OXJ5 290 11,199


9/30/14

KOREA ELECTRIC POWER CORP '649573904 1,830 83,588

KOREA GAS CORPORATION '618207906 1,464 76,304

KOREA ZINC CO LTD '649542909 64 23,653

KOZA ALTIN ISLETMELERI AS 'B3LP18907 12,479 92,761

KROTON EDUCACIONAL SA '283694909 4,892 30,722

KRUNG THAI BANK PUB CO FOREI '649283900 72,200 52,772

KT+G CORP '617507900 320 28,657

KUALA LUMPUR KEPONG BHD '649744000 17,800 114,380

KUMHO PETRO CHEMICAL CO LTD '649932001 401 26,638

KWANGJU BANK 'ACI07SR98 190 1,918

KYONGNAM BANK 'ACI07SR72 290 3,243

LATAM AIRLINES GROUP SA '251893905 13,801 158,283

LEE + MAN PAPER MANUFACTURIN '669377905 47,000 23,848

LENOVO GROUP LTD '621808906 26,000 38,707

LG CHEM LTD '634691901 141 34,139

LG DISPLAY CO LTD 'B01VZN902 800 25,776

LG HOUSEHOLD + HEALTH CARE '634445902 45 21,620

LG INNOTEK CO LTD 'B39Z8G904 149 16,238

LG UPLUS CORP '629090903 6,740 78,881

LIFE HEALTHCARE GROUP HOLDIN 'B4K90R901 20,143 79,346

LIPPO KARAWACI TBK PT 'B19HDX905 584,600 45,098

LITE ON TECHNOLOGY CORP '651948903 15,075 21,731

LOCALIZA RENT A CAR 'B08K3S903 2,000 28,983

LOJAS AMERICANAS SA '252336904 11,375 53,415

LOJAS RENNER S.A. 'B0CGYD906 1,000 29,024

LOTTE CHEMICAL CORP '644002909 190 25,297

LOTTE CONFECTIONERY CO LTD '653543900 13 26,844

LOTTE SHOPPING CO 'B0WGPZ905 52 15,572

MALAYAN BANKING BHD '655632008 19,200 58,294

MALAYSIA AIRPORTS HLDGS BHD '618819908 24,400 55,710

MASRAF AL RAYAN 'B0VR7W909 8,473 129,590

MASSMART HOLDINGS LTD 'ACI00G8O9 4,531 49,189

MATAHARI DEPARTMENT STORE TB '666587902 44,000 58,588

MAXIS BHD 'B5387L905 59,900 118,321

MBANK '414305904 215 31,935

MEDIA NUSANTARA CITRA TBK PT 'B1Z5HY906 306,600 80,393

MEDICLINIC INTERNATIONAL LTD 'B0PGJF904 9,731 79,168

MEGA FINANCIAL HOLDING CO LT '644406902 23,751 19,481

MEGAWORLD CORP '656364908 569,000 63,775

MERIDA INDUSTRY CO LTD '658444906 3,150 21,953

METRO PACIFIC INVESTMENTS CO 'B1L883903 720,600 78,680

METROPOLITAN BANK + TRUST '651444903 44,425 85,925

MEXICHEM SAB DE CV '243476900 21,900 91,197

MINERA FRISCO SAB DE CV A1 'B3QHKH909 32,600 59,914

MINOR INTERNATIONAL PCL FOR 'B018BZ902 100,900 115,136

MISC BHD '655799005 25,600 52,675

MMC CORP BHD '655664001 89,100 64,642


9/30/14

MMI HOLDINGS LTD 'ACI00CAS6 13,440 31,154

MOL HUNGARIAN OIL AND GAS PL '474249901 1,311 64,181

MOSCOW EXCHANGE MICEX RTS 'ACI051NH5 46,070 67,521

MR PRICE GROUP LTD '682036900 4,456 83,678

MTN GROUP LTD '656320900 3,432 72,337

NAMPAK LTD 'B0KS38906 7,606 27,667

NAN YA PLASTICS CORP '662158906 29,100 63,711

NASPERS LTD N SHS '662269901 446 49,109

NATIONAL BANK OF ABU DHABI '662447903 48,259 189,864

NATIONAL BANK OF GREECE 'BB36BJ906 11,108 32,540

NATURA COSMETICOS SA 'B014K5907 1,300 19,630

NAVER CORP '656039906 43 32,884

NCSOFT CORP '626418909 286 36,453

NETCARE LTD '663642908 27,555 77,033

NORTHAM PLATINUM LTD '635026909 9,967 32,456

O2 CZECH REPUBLIC AS '527256903 5,412 77,766

ODONTOPREV S.A. 'B1H6R6904 21,500 78,134

OHL MEXICO SAB DE CV 'B3NWLD907 23,200 62,973

OOREDOO QSC '615817905 5,116 186,133

OPAP SA '710725904 6,900 90,176

ORANGE POLSKA SA '555255900 50,359 177,120

ORION CORP '689684900 42 34,826

OTP BANK PLC '732015904 4,444 75,469

PARADISE CO LTD '656093903 1,235 40,435

PEOPLE S INSURANCE CO GROU H 'B8RZJZ909 69,000 28,258

PERUSAHAAN GAS NEGARA PERSER '671976900 351,300 172,983

PETROBRAS PETROLEO BRAS '268236908 5,700 40,149

PETRONAS CHEMICALS GROUP BHD 'B5KQGT909 58,600 111,466

PETRONAS DAGANGAN BHD '669593907 17,900 109,130

PETRONAS GAS BHD '670397900 11,700 81,745

PGE SA 'B544PW909 13,573 85,929

PICK N PAY STORES LTD '668806904 10,396 48,528

PKO BANK POLSKI SA 'B03NGS908 2,502 29,957

POLSKI KONCERN NAFTOWY ORLEN '581006905 8,872 110,487

POLSKIE GORNICTWO NAFTOWE I 'B0L911904 60,254 92,045

PORTO SEGURO SA 'B0498T905 2,600 30,162

POSCO '669323008 77 23,970

POU CHEN '669615908 21,000 23,334

POWSZECHNY ZAKLAD UBEZPIECZE 'B63DG2904 282 40,993

PPB GROUP BERHAD '668166002 17,100 74,019

PPC LTD 'ACI02IJW3 8,454 22,101

PRESIDENT CHAIN STORE CORP '670498906 17,000 121,830

PROMOTORA Y OPERADORA DE INF '239338908 7,200 98,569

PTT EXPLORATION + PROD FOR 'B1359J903 16,300 80,432

PTT GLOBAL CHEMICAL PCL FOR 'ACI00WZI7 28,700 53,992

PTT PCL/FOREIGN '642039903 7,100 78,828

PUBLIC BANK BERHAD 'B012W4901 10,400 59,918


9/30/14

PUBLIC POWER CORP '726829906 5,580 66,231

QATAR ELECTRICITY + WATER CO '656661907 6,312 329,305

QATAR ISLAMIC BANK '671398907 3,962 122,716

QATAR NATIONAL BANK '614819902 3,076 171,290

QUALICORP SA 'B4LHBQ902 6,100 60,327

RAIA DROGASIL SA 'B7FQV6904 4,400 37,622

REALTEK SEMICONDUCTOR CORP '605142900 16,000 56,806

REMGRO LTD '629068909 1,906 38,437

RHB CAPITAL BHD '624467908 15,900 42,797

RICHTER GEDEON NYRT 'ACI06DSC4 3,883 60,736

RMI HOLDINGS 'ACI00E6D0 19,359 60,609

ROSTELECOM 'B58ZLT907 28,390 75,843

RUENTEX DEVELOPMENT CO LTD '674842901 23,000 37,162

RUENTEX INDUSTRIES LTD '675842900 31,000 68,992

RUSHYDRO JSC 'B58HDC903 5,089,000 90,660

S OIL CORP '640605903 1,543 62,583

S.A.C.I. FALABELLA '277167904 28,026 211,238

SAMSUNG C+T CORP '677160004 560 40,119

SAMSUNG CARD CO 'B1WQQ4909 420 20,776

SAMSUNG ELECTRO MECHANICS CO '677168908 282 13,228

SAMSUNG ELECTRONICS CO LTD '677172009 14 15,708

SAMSUNG FIRE + MARINE INS '615525904 74 19,810

SAMSUNG LIFE INSURANCE CO LT 'B12C0T906 183 18,382

SAMSUNG SDI CO LTD PFD '677164907 390 45,274

SAMSUNG SECURITIES CO LTD '640844908 380 15,881

SANLAM LTD 'B0L675905 7,618 43,995

SAPPI LIMITED '677700908 8,232 32,383

SAPURAKENCANA PETROLEUM BHD 'ACI01XLL2 85,600 107,506

SASOL LTD '677745903 1,809 98,129

SBERBANK '476798905 54,910 105,258

SCINOPHARM TAIWAN LTD 'B58KV4904 65,603 134,572

SEMEN INDONESIA PERSERO TBK '679523001 102,300 129,502

SHANDONG WEIGAO GP MEDICAL H '674234901 36,000 35,745

SHANGHAI ELECTRIC GRP CO L H 'B07J65904 38,000 20,162

SHANGHAI FOSUN PHARMACEUTI H 'B8XBQ9905 12,000 38,635

SHANGHAI INDUSTRIAL HLDG LTD '681001905 9,000 26,658

SHANGHAI PHARMACEUTICALS H 'B4Q4CJ901 27,700 67,850

SHENZHOU INTERNATIONAL GROUP 'B0MP1B905 6,000 19,240

SHINHAN FINANCIAL GROUP LTD '639750900 600 27,633

SHINSEGAE CO LTD '680504909 84 17,473

SHOPRITE HOLDINGS LTD '680157906 3,148 38,969

SIAM CEMENT PUB CO FOR REG '660990904 2,700 37,471

SIAM COMMERCIAL BANK FOREIGN '688993906 11,300 63,426

SIHUAN PHARMACEUTICAL HLDGS 'B4X3RF907 76,000 57,355

SIME DARBY BERHAD 'B29TTR903 24,800 69,172

SINO BIOPHARMACEUTICAL 'B00XSF904 40,000 39,975

SINO OCEAN LAND HOLDINGS 'B24CVP906 49,000 25,746


9/30/14

SINOPEC SHANGHAI PETROCHEM H '679745901 101,000 33,168

SINOPHARM GROUP CO H 'B3ZVDV905 19,600 71,560

SK C+C CO LTD 'B39Z8L903 221 50,787

SK HYNIX INC '645026907 700 31,012

SK INNOVATION CO LTD 'B232R0909 680 52,261

SM INVESTMENTS CORP 'B068DB908 4,988 89,307

SM PRIME HOLDINGS INC '681884904 241,300 93,988

SOUTHERN COPPER CORP '84265V105 3,566 105,732

SOUZA CRUZ SA '283214005 2,100 16,893

SPAR GROUP LIMITED/THE 'B038WK900 5,801 64,428

STANDARD FOODS CORP '685355901 40,275 90,693

STEINHOFF INTL HOLDINGS LTD '612793901 14,100 67,439

SUN ART RETAIL GROUP LTD 'B3MPN5908 33,500 37,922

SURYA CITRA MEDIA PT TBK 'B8HWJY900 236,200 74,146

SYNNEX TECHNOLOGY INTL CORP '686843905 18,000 24,852

SYNTHOS SA 'B05755903 49,633 68,927

T M G HOLDING 'B2989Q903 63,617 98,850

TAISHIN FINANCIAL HOLDING '645168907 43,934 20,581

TAIWAN BUSINESS BANK '609881909 65,977 19,477

TAIWAN CEMENT '686993908 16,000 23,827

TAIWAN COOPERATIVE FINANCIAL 'ACI016NW5 52,311 28,202

TAIWAN FERTILIZER CO LTD '610943904 50,000 82,677

TAIWAN GLASS IND CORP '687086900 43,000 35,622

TAIWAN MOBILE CO LTD '629049909 34,000 103,164

TAMBANG BATUBARA BUKIT ASAM '656512902 103,300 111,905

TAURON POLSKA ENERGIA SA 'B5P7L4905 65,807 106,687

TAV HAVALIMANLARI HOLDING AS 'B1RMFT901 6,269 50,311

TECO ELECTRIC + MACHINERY '687985903 25,000 25,683

TELECOM EGYPT 'B0S600906 64,627 123,559

TELEKOM MALAYSIA BHD '686839002 72,600 146,063

TENAGA NASIONAL BHD '690461009 29,100 109,818

TENCENT HOLDINGS LTD 'BMMV2K903 2,000 29,698

THAI OIL PCL FRGN 'B0305J900 25,300 40,184

THE FOSCHINI GROUP LTD '634968903 4,520 46,851

TIGER BRANDS LTD 'B0J4PP909 2,360 65,837

TINGYI (CAYMAN ISLN) HLDG CO '690355904 10,000 26,272

TITAN CEMENT CO. S.A. 'B01NXT909 4,109 102,731

TMB BANK PUBLIC CORP FOREIGN '688788900 897,200 85,224

TOFAS TURK OTOMOBIL FABRIKA 'B03MY3905 12,079 67,805

TOTVS SA 'B10LQP908 4,100 62,329

TOWER BERSAMA INFRASTRUCTURE 'B4MW04909 186,900 122,708

TRUE CORP PCL FOREIGN '687707901 249,589 91,599

TRUWORTHS INTERNATIONAL LTD '611348905 6,076 36,514

TSINGTAO BREWERY CO LTD H '690580907 4,000 28,461

TSRC CORP '687087908 25,200 30,237

TUPRAS TURKIYE PETROL RAFINE 'B03MYT908 7,476 149,995

TURK HAVA YOLLARI AO 'B03MYK907 18,791 53,318


9/30/14

TURK SISE VE CAM FABRIKALARI 'B03MXR903 60,578 76,777

TURK TELEKOMUNIKASYON AS 'B2RCGV905 37,251 98,182

TURKIYE GARANTI BANKASI 'B03MYP906 6,906 24,229

TURKIYE HALK BANKASI 'B1WTMP900 4,428 26,604

TURKIYE VAKIFLAR BANKASI T D 'B0N6YC908 14,604 27,027

U MING MARINE TRANSPORT CORP '691137905 41,000 62,404

UEM SUNRISE BHD 'B3FKMY905 40,200 22,303

ULKER BISKUVI SANAYI 'B03MYX909 12,485 82,677

ULTRAPAR PARTICIPACOES SA 'B0FHTN905 1,200 25,387

UMW HOLDINGS BHD '691082002 26,100 97,542

UNI PRESIDENT CHINA HOLDINGS 'B29MKF903 17,000 17,077

UNI PRESIDENT ENTERPRISES CO '670039007 69,557 120,732

UNILEVER INDONESIA TBK PT '668718901 32,200 84,034

UNITED TRACTORS TBK PT '623084902 93,100 152,047

UNIVERSAL ROBINA CORP '691951909 63,340 263,931

URALKALI 'B59MFL909 23,500 83,267

VALE SA '219628005 1,200 13,156

VINA CONCHA Y TORO S.A. '293222907 44,985 87,757

VODACOM GROUP LTD 'B65B4D905 8,778 100,923

VODAFONE QATAR 'B3WYBN902 29,069 168,499

VTB BANK OJSC 'B5B1TP908 72,030,000 70,986

WALMART DE MEXICO SER V 'B02YZ0905 30,500 76,769

WALSIN LIHWA CORP '693657900 69,000 22,683

WANT WANT CHINA HOLDINGS LTD 'B2Q14Z904 29,000 36,152

WEG SA '294542907 2,990 34,881

WOOLWORTHS HOLDINGS LTD 'B06KZ9902 9,145 56,543

WOORI FINANCE HOLDINGS CO '653426908 2,508 31,016

WOORI INVESTMENT + SECURITIE '653708008 3,347 37,427

XL AXIATA TBK PT 'B0LD0W908 248,900 126,646

YANG MING MARINE TRANSPORT '698758901 63,000 27,441

YANZHOU COAL MINING CO H '610989907 62,000 50,942

YAPI VE KREDI BANKASI 'B03MZJ909 31,666 62,075

YINGDE GASES GROUP CO LTD 'B4K19W908 25,500 24,006

YTL CORP BHD '643612005 207,100 106,059

YTL POWER INTERNATIONAL BHD 'B01GQS904 244,100 122,031

YUANTA FINANCIAL HOLDING CO '642411904 32,800 16,174

YUHAN CORP '698833902 504 88,836

YULON MOTOR COMPANY '698859907 12,000 17,949

ZHEJIANG EXPRESSWAY CO H '699076907 20,000 20,322

ZHONGSHENG GROUP HOLDINGS 'B633D9904 21,500 22,926

ZIJIN MINING GROUP CO LTD H '672529906 188,000 46,244

ZTE CORP H 'B04KP8907 20,800 46,234

CEMEX SAB CPO '240645903 35,880 46,758

CONTROLADORA COML MEXIC UBC '222245904 11,600 43,459

TRANSMISSORA ALIANCA DE UNIT 'B1G8KX909 6,100 48,745

VIA VAREJO SA 'BGSHPP905 1,900 18,938

AMERICA MOVIL ADR SERIES L '02364W105 9,702 244,490


9/30/14

ANGLOGOLD ASHANTI SPON ADR '035128206 3,117 37,404

AU OPTRONICS CORP SPON ADR '002255107 7,122 29,628

BANCO SANTANDER BRASIL ADS '05967A107 2,823 18,462

BANCO SANTANDER CHILE ADR '05965X109 4,438 98,035

BANGKOK BANK PUBLIC CO NVDR '636836900 7,700 48,444

CEMEX SAB SPONS ADR PART CER '151290889 4,015 52,356

CEMIG SA SPONS ADR '204409601 3,801 23,680

CHINA UNICOM HONG KONG ADR '16945R104 5,202 78,186

CHUNGHWA TELECOM LT SPON ADR '17133Q502 5,677 170,140

CIA BRASILEIRA DE DIS SP PRF '20440T201 536 23,375

CIA CERVECERIAS UNIDAS ADR '204429104 4,663 102,726

CIA DE MINAS BUENAVENTUR ADR '204448104 8,926 103,363

CIA PARANAENSE ENER SP ADR P '20441B407 1,619 22,132

CIA SIDERURGICA NACL SP ADR '20440W105 4,201 14,914

CNOOC LTD ADR '126132109 169 29,159

COCA COLA FEMSA SAB SP ADR '191241108 744 74,936

CORPBANCA SA ADR '21987A209 5,000 96,100

CPFL ENERGIA SA ADR '126153105 686 10,667

EMBRAER SA ADR '29082A107 2,049 80,362

EMPRESA NAC ELEC CHIL SP ADR '29244T101 1,685 74,073

ENERSIS S.A. SPONS ADR '29274F104 5,367 84,691

FOMENTO ECONOMICO MEX SP ADR '344419106 514 47,314

GAZPROM OAO SPON ADR '514098904 6,681 47,034

GERDAU SA SPON ADR '373737105 1,224 5,875

GLOBAL TELECOM HOLDING GDR 'BF8HVZ900 31,221 102,436

GOLD FIELDS LTD SPONS ADR '38059T106 4,490 17,511

GRUPO AEROPORTUARIO PAC ADR '400506101 1,395 94,079

GRUPO TELEVISA SA SPON ADR '40049J206 3,723 126,135

HARMONY GOLD MNG SPON ADR '413216300 9,449 20,410

KASIKORNBANK PCL NVDR '636476905 10,400 75,374

KT CORP SP ADR '48268K101 7,023 113,843

LUKOIL OAO SPON ADR '318987906 529 26,979

MAGNIT OJSC SPON GDR REGS 'B2QKYZ909 3,116 179,980

MEGAFON REG S GDR 'B8PQQ7905 2,931 74,389

MMC NORILSK NICKEL JSC ADR 'B114RK905 3,515 65,555

MOBILE TELESYSTEMS SP ADR '607409109 4,259 63,629

NOVATEK OAO SPONS GDR REG S 'B0DK75903 458 47,724

PETROCHINA CO LTD ADR '71646E100 279 35,854

PHILIPPINE LONG DIST SP ADR '718252604 2,406 165,966

QUIMICA Y MINERA CHIL SP ADR '833635105 4,006 104,717

ROSNEFT OJSC REG S GDR 'B17FSC901 9,315 54,279

RUSHYDRO JSC ADR 'B450MG907 34,005 61,209

SEVERSTAL GDR REG S 'B1G4YH908 9,886 98,662

SIAM CEMENT PCL NVDR '660992900 4,700 65,227

SISTEMA JSFC REG S SPONS GDR 'B05N80906 6,801 46,927

SK TELECOM CO LTD ADR '78440P108 2,365 71,754

SURGUTNEFTEGAS SP ADR 'B01WHG905 4,786 31,923


9/30/14

TAIWAN SEMICONDUCTOR SP ADR '874039100 1,057 21,330

TATNEFT SPONSORED ADR 'B1G50G904 1,220 43,078

TELEFONICA BRASIL ADR '87936R106 3,869 76,142

TELEKOMUNIK INDONESIA SP ADR '715684106 2,884 138,720

TIM PARTICIPACOES SA ADR '88706P205 2,643 69,247

TURKCELL ILETISIM HIZMET ADR '900111204 7,788 102,334

IPATH MSCI INDIA INDEX ETN '06739F291 25,900 1,818,180

ISHARES MSCI EMERGING MARKETS '464287234 100 4,156

VANGUARD FTSE EMERGING MARKETS '922042858 544 22,690

AES TIETE SA PREF '244103909 2,800 24,639

AK TRANSNEFT OAO PREF 'B59NHY907 27 58,902

BANCO BRADESCO SA PREF 'B00FM5901 3,100 44,101

BANCO DAVIVIENDA SA 'B4KC97909 6,282 90,639

BANCOLOMBIA SA PREF 'ACI07NCB0 5,889 83,512

BRADESPAR SA PREF 'B01SCS903 6,800 49,757

CENTRAIS ELETRICAS BRAS PR B '230844003 3,900 16,084

EMBOTELLADORA ANDINA PREF B '231145905 30,427 98,505

GRUPO ARGOS SA PRF '955QSA907 8,530 94,964

GRUPO AVAL ACCIONES PF 'B66Y3W903 96,196 66,161

GRUPO DE INV SURAMERICANA PF 'ACI015A43 4,154 83,244

HYUNDAI MOTOR CO LTD 2ND PRF '614827905 252 28,657

ITAUSA INVESTIMENTOS ITAU PR '245877006 6,380 24,150

LG CHEM LTD PREFERENCE '634692909 149 23,157

LOJAS AMERICANAS SA PREF '251671905 4,250 24,105

METALURGICA GERDAU SA PREF '264886904 3,500 20,223

OI SA PREFERENCE 'B7XL5Q900 51,100 36,306

PETROBRAS PETROLEO BRAS PR '268453008 4,500 33,240

SAMSUNG ELECTRONICS PREF '677381907 27 22,977

SBERBANK PREFERENCE '503632903 44,010 64,013

SURGUTNEFTEGAS PREFERENCE 'B5BHR4902 68,900 47,707

SUZANO PAPEL E CELULO PREF A 'B02GKF907 12,700 51,028

USINAS SIDER MINAS GER PF A '238600902 4,500 11,705

VALE SA PREF '225712900 2,000 19,420

EMLAK KONUT GAYRIMENKUL YATI 'B58656909 24,832 25,918

FIBRA UNO ADMINISTRACION SA 'B671GT907 27,484 90,422

GROWTHPOINT PROPERTIES LTD 'ACI065395 21,002 45,767

REDEFINE PROPERTIES LTD 'BMP385909 26,601 22,867

41,402,205


BRAZILIAN REAL 'BRL 14,126 5,768

CHILEAN PESO 'CLP 1,265,328 2,117

COLOMBIAN PESO 'COP 1,897,348 939

CZECH KORUNA 'CZK 256,587 11,779

EGYPTIAN POUND 'EGP 14,436 2,019



9/30/14

HONG KONG DOLLAR 'HKD 103,714 13,357

HUNGARIAN FORINT 'HUF 1,349,930 5,484

MALAYSIAN RINGGIT 'MYR 46,559 14,193

MEXICAN PESO (NEW) 'MXN 104,523 7,784

MOROCCAN DIRHAM 'MAD 9,699 1,108

NEW TAIWAN DOLLAR 'TWD 473,158 15,554

PHILIPPINE PESO 'PHP 207,976 4,634

POLISH ZLOTY 'PLN 12,690 3,831

QATARI RIAL 'QAR 4,942 1,357

SOUTH AFRICAN RAND 'ZAR 129,217 11,428

SOUTH KOREAN WON 'KRW 661,101 626

THAILAND BAHT 'THB 153,687 4,740

TURKISH LIRA 'TRY 8,953 3,926

UAE DIRHAM 'AED 69 19

113,781


Market to Market (528)




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.





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.




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