SEC Info - Pear Tree Funds - ‘NSAR-B/A’ for 3/31/18

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Pear Tree Funds – ‘NSAR-B/A’ for 3/31/18

On: Tuesday, 6/4/19, at 11:39am ET · Effective: 6/4/19 · For: 3/31/18 · Accession #: 1144204-19-29656 · File #: 811-03790

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 6/04/19  Pear Tree Funds                   NSAR-B/A    3/31/18    3:108K                                   Toppan Merrill/FA
          → Pear Tree Axiom Emerging Markets World Equity Fund ⇒ Institutional Shares (QEMAX) — Ordinary Shares (QFFOX)
          → Pear Tree Panagora Risk Parity Emerging Markets Fund ⇒ Institutional Shares (EMRPX) — Ordinary Shares (RPEMX)
          → Pear Tree Polaris Foreign Value Fund ⇒ Institutional Shares (QFVIX) — Ordinary Shares (QFVOX) — R6 Shares (QFVRX)
          → Pear Tree Polaris Foreign Value Small Cap Fund ⇒ Institutional Shares (QUSIX) — Ordinary Shares (QUSOX) — R6 Shares (QUSRX)
          → Pear Tree Polaris Small Cap Fund ⇒ Institutional Shares (QBNAX) — Ordinary Shares (USBNX)
          → Pear Tree Quality Fund ⇒ Institutional Shares (QGIAX) — Ordinary Shares (USBOX)

Amendment to Annual Report by an Investment Company — Form N-SAR — ICA’40
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: NSAR-B/A    Amendment to Annual Report by an Investment           28    114K 
                Company                                                          
 2: EX-99.77B ACCT LTTR  Exhibit 99.77(B)                           HTML     10K 
 3: EX-99.77Q1 OTHR EXHB  Exhibit 99.77(Q)(1)                       HTML     45K

‘NSAR-B/A’ — Amendment to Annual Report by an Investment Company

SEC Info℠ rendering: Data from the Answer File, which may only contain updates to a prior Form N-SAR

Form N-SAR

Annual Report by an Open-End Investment Company

Report
Registrant: Pear Tree Funds — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end: 3/31/18

Were there any Answer File errors in the Filing? None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant? Yes

Is this an Amendment to a previous Report? Yes
Is this a change to a previous Report? No
Registrant
1. SEC CIK: 722885
SEC File #: 811-03790

Telephone #: 800-326-2151
2. Address: 55 Old Bedford Road
Lincoln, MA 01773
3. Is this the first Form N-SAR filed by the Registrant? No
4. Is this the final Form N-SAR filed by the Registrant? No
Funds/Series ↑Top of Form N-SAR
7. Is the Registrant a Funds/Series (multiple portfolios) company? Yes

The number of separate Funds/Series (portfolios) at period end: 6
The number of separate Funds/Series (portfolios) reported here: 6...

N-SAR S# Fund/Series — Filings for F/S#… ⇒ Symbols
↓Information Common to All
↓ Series 9: Pear Tree PanAgora Emerging Markets Fund [ now
Pear Tree Axiom Emerging Markets World Equity Fund ] — S#9490 ⇒ QEMAX & QFFOX
↓ Series 19: Pear Tree PanAgora Risk Parity Emerging Marke [ renamed
Pear Tree Panagora Risk Parity Emerging Markets Fund ] — S#40937 ⇒ EMRPX & RPEMX
↓ Series 15: Pear Tree Polaris Foreign Value Fund — S#9491 ⇒ QFVIX & 2 more
↓ Series 17: Pear Tree Polaris Foreign Value Small Cap Fun [ now
Pear Tree Polaris Foreign Value Small Cap Fund ] — S#21993 ⇒ QUSIX & 2 more
↓ Series 7: Pear Tree Polaris Small Cap Fund — S#9493 ⇒ QBNAX & USBNX
↓ Series 1: Pear Tree Quality Fund — S#9492 ⇒ QGIAX & USBOX
Family of Investment Companies
19. Is the Registrant/Series part of a “family” of investment companies? No
Investment Company Type
27. Is the Registrant an “open-end” investment company? Yes, Open-End
Additional Disclosures
77. Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)? Yes

EX-99.77B: Accountant’s Report re: Internal Controls? Yes

EX-99.77Q1: Other Disclosure? Yes
Subsidiaries
78. Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report? No
All Series ↑List of 6 Funds/Series Reported Here

Information Common to All Funds/Series
All: Principal Underwriter
11.1 Name: U.S. Boston Capital Corp.
SEC File #: 008-15885
Location: Lincoln, MA
All: Shareholder Servicing/Transfer Agent
12.1 Name: Pear Tree iNstitutional Services
SEC File #: 084-01801
Location: Lincoln, MA
All: Independent Public Accountant
13.1 Name: Tait, Weller LLP
Location: Philadelphia, PA
All: Affiliated Broker/Dealer
14.1 Name: U.S. Boston Capital Corp.
SEC File #: 008-15885
All: Custodian
15.1 Name: State Street Bank & Trust Co.
Role: Custodian
Location: Boston, MA

Type of custody: Rule 17f-5 — Foreign Custodian
18. Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4? Yes
All: Brokerage Commissions Paid on Portfolio Transactions
20. The brokers who received the largest amount of gross brokerage
commissions during the period:
20.1 Broker: Yuanta Securities Co. Ltd.
Commissions paid ($000s): 173
20.2 Broker: Instinet LLC
Commissions paid ($000s): 149
20.3 Broker: Macquarie Securities
Commissions paid ($000s): 121
20.4 Broker: Pershing LLC
Commissions paid ($000s): 101
20.5 Broker: JP Morgan Securities
Commissions paid ($000s): 100
20.6 Broker: KIM ENG Securities
Commissions paid ($000s): 97
20.7 Broker: Daiwa Securities America Inc.
Commissions paid ($000s): 88
20.8 Broker: Korea Investment & Securities Co., Ltd.
Commissions paid ($000s): 86
20.9 Broker: Davy Stockbrokers
Commissions paid ($000s): 80
20.10 Broker: Citigroupblobal Markets Inc.
Commissions paid ($000s): 77
21. Total brokerage commissions paid by the Registrant during the period:
Aggregate paid ($000s): 2,208
All: Portfolio Transactions with Entities Acting as Principals
22. The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
22.1 Entity: State Street Bank
Registrant’s purchases ($000s): 25,371,467
22.2 Entity: CitiBank N.A.
Registrant’s purchases ($000s): 717,661
Registrant’s sales ($000s): 54,404
22.3 Entity: Jefferies & Co. Inc.
Registrant’s purchases ($000s): 188,674
Registrant’s sales ($000s): 43,071
22.4 Entity: Citigroupglobal Markets Inc.
Registrant’s purchases ($000s): 23,929
Registrant’s sales ($000s): 176,032
22.5 Entity: Instinet LLC
Registrant’s purchases ($000s): 123,864
Registrant’s sales ($000s): 38,831
22.6 Entity: Pershing Securities Ltd.
Registrant’s purchases ($000s): 89,085
Registrant’s sales ($000s): 16,553
22.7 Entity: Merrill Lynch International
Registrant’s purchases ($000s): 84,774
Registrant’s sales ($000s): 19,574
22.8 Entity: Davy Stockbrokers
Registrant’s purchases ($000s): 36,437
Registrant’s sales ($000s): 65,880
22.9 Entity: Daiwa Securities America Inc.
Registrant’s purchases ($000s): 84,249
Registrant’s sales ($000s): 17,624
22.10 Entity: Macquarie Day Cutten
Registrant’s purchases ($000s): 30,514
Registrant’s sales ($000s): 62,271
23. Total purchase/sale transactions by the Registrant during the period:
Aggregate purchases ($000s): 27,763,365
Aggregate sales ($000s): 1,029,367
All: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No
All: Considerations which Affected the Participation of Brokers or Dealers
26. Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ............................... No
Receipt of investment research and statistical info .................... Yes
Receipt of quotations for portfolio valuations ......................... No
Ability to execute portfolio transactions to obtain the best price
and execution ........................................................ Yes
Receipt of telephone line and wire services ............................ No
Broker or Dealer which is an affiliated person ......................... No
An arrangement to return or credit part or all of commissions or
profits thereon...
To an Investment Adviser or Principal Underwriter, or to an
affiliated person of either ...................................... No
To the Registrant .................................................. No
Other .................................................................. No
All: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
29. Was a front-end sales load deducted from any share sales during the
period? No
34. Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? No
All: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? No
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? No
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
All: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
61. The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $1,000
62. Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? No
67. Is the Registrant/Series a “balanced” Fund? No
69. Is the Registrant/Series an index Fund? No
All: Fidelity Bond in Effect at Fiscal Year End
80. Insurer: ICI Mutual Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s): 1,250
81. Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities? Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company): 1
82. Does the mandatory coverage of the fidelity bond have a deductible? No
83. Were any claims with respect to this Registrant/Series filed under the
bond during the period? No
84. Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not? No
85. Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else? Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series? No
Series 1 ↑Information Common to All Funds/Series ↑List of 6 Funds/Series
7. Name: Pear Tree Quality Fund — S#9492 ⇒ QGIAX & USBOX

Is this the final Form N-SAR filed for this Fund/Series? No
Series 7 ↑Information Common to All Funds/Series ↑List of 6 Funds/Series
7. Name: Pear Tree Polaris Small Cap Fund — S#9493 ⇒ QBNAX & USBNX

Is this the final Form N-SAR filed for this Fund/Series? No
Series 9 ↑Information Common to All Funds/Series ↑List of 6 Funds/Series
7. Name: Pear Tree PanAgora Emerging Markets Fund [ now
Pear Tree Axiom Emerging Markets World Equity Fund ] — S#9490 ⇒ QEMAX & QFFOX

Is this the final Form N-SAR filed for this Fund/Series? No
Series 15 ↑Information Common to All Funds/Series ↑List of 6 Funds/Series
7. Name: Pear Tree Polaris Foreign Value Fund — S#9491 ⇒ QFVIX & 2 more

Is this the final Form N-SAR filed for this Fund/Series? No
S15: Investment Adviser
8.1 Name: Pear Tree Advisors
Role: Adviser
SEC File #: 801-19222
Location: Lincoln, MA
8.2 Name: Polaris Capital Management, LLC
Role: Sub-Adviser
SEC File #: 801-43216
Location: Boston, MA
S15: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 33,642
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 26,893
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 23,460
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 21,424
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 22,664
Reinvestment of dividends and distributions ................ 9,617
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 31,071
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 290,066
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 29,553
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 74,435
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 36,560
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 78,057
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 31,296

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 522,324
Reinvestment of dividends and distributions ................ 9,617
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 176,797

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S15: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? Yes
41. During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan? Yes
42. For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid (%)
Advertising ............................................................ –
Printing & mailing of prospectuses to other than current shareholders .. –
Payments to underwriters ............................................... 100
Payments to brokers or dealers ......................................... –
Direct payments to sales personnel ..................................... –
Payments to banks and savings & loans .................................. –
Other uses, including payments to its Investment Adviser separate
from the advisory fee ................................................ –
Unallocated payments made for a combination of such services ........... –
43. Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s): 2,277
44. If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s): 0
S15: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.009%
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? No
Income? No
54. Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................ Yes
Clerical and bookkeeping services ...................................... Yes
Accounting services .................................................... Yes
Services of independent auditors ....................................... No
Services of outside counsel ............................................ No
Registration and filing fees ........................................... No
Stationery, supplies and printing ...................................... Yes
Salaries & compensation of Registrant’s interested Directors ........... Yes
Salaries & compensation of Registrant’s disinterested Directors ........ No
Salaries & compensation of Registrant’s Officers who aren’t Directors .. Yes
Reports to current shareholders ........................................ No
Determination of offering and redemption prices ........................ No
Trading department ..................................................... No
Prospectus preparation and printing for current shareholders ........... No
Other .................................................................. No
S15: Classification and Asset Allocation
60. Was the Registrant/Series a diversified investment company at any time
during the period? No

Was the Registrant/Series a diversified investment company at the end of
the period? No
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No
Capital appreciation? No
Growth? No
Growth and income? Yes
Income? No
Total return? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? Yes
S15: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? Yes No
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? Yes No
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? No –
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes No
Investments in securities of foreign issuers? Yes to both
Currency exchange transactions? Yes to both
Loaning portfolio securities? Yes No
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? No –
Margin purchases? Yes No
Short selling? Yes No
S15: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 1,113,191
Sales ($000s): 605,144

Monthly average Value of portfolio ($000s): 2,034,519

Percent turnover (lesser of Purchases or Sales, divided by Value): 30%
S15: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 12

Income ($000s)
Net interest income .............................................. 821
Net dividend income .............................................. 55,919
Account maintenance fees ......................................... –
Net other income ................................................. 3

Expenses ($000s)
Advisory fees .................................................... 21,119
Administrator fees ............................................... –
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 3,063
Custodian fees ................................................... 542
Postage .......................................................... –
Printing expenses ................................................ 133
Directors’ fees .................................................. 106
Registration fees ................................................ 116
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 101
Legal fees ....................................................... 157
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 2,277
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 873
Total expenses ................................................... 28,487

Expense reimbursements ($000s): 3,271

Net investment income ($000s): 31,527

Realized capital gains ($000s): 170,241
Realized capital losses ($000s): 0

Net unrealized appreciation during the period ($000s): 42,114
Net unrealized depreciation during the period ($000s): 0

Total income dividends for which the record date passed during the
period ($000s): 5,586
Dividends for a second class of shares ($000s): 9,640

Total capital gains distributions for which the record date passed
during the period ($000s): 0
73. Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.1329
Dividends for a second class of shares: $0.2080

Distribution of capital gains: $0.0000
Other distributions: $0.2195
S15: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 395
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... 133,862
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... 2,365,563
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 1,203
Receivables from portfolio instruments sold ...................... –
Receivables from affiliated persons .............................. –
Other receivables ................................................ 10,343
All other assets ................................................. 22
Total assets ..................................................... 2,511,388

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... –
Amounts owed to affiliated persons ............................... 2,301
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 1,486

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 2,507,601

Number of shares outstanding (000s): 40,754
Number of shares outstanding of a second class of shares (000s): 62,008

Net Asset Value (NAV) per share (to nearest cent): $21.75
NAV per share of a second class of shares (to nearest cent): $21.71

Total number of shareholder accounts: 7,001

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 2,111,932
Series 17 ↑Information Common to All Funds/Series ↑List of 6 Funds/Series
7. Name: Pear Tree Polaris Foreign Value Small Cap Fun [ now
Pear Tree Polaris Foreign Value Small Cap Fund ] — S#21993 ⇒ QUSIX & 2 more

Is this the final Form N-SAR filed for this Fund/Series? No
S17: Investment Adviser
8.1 Name: Pear Tree Advisors
Role: Adviser
SEC File #: 801-19222
Location: Lincoln, MA
8.2 Name: Polaris Capital Management, LLC
Role: Sub-Adviser
SEC File #: 801-43216
Location: Boston, MA
S17: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 57,298
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 9,950
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 19,400
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 8,284
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 26,113
Reinvestment of dividends and distributions ................ 8,193
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 15,246
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 37,122
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 11,305
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 24,035
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 32,913
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 18,128
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 11,489

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 182,096
Reinvestment of dividends and distributions ................ 8,193
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 89,187

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S17: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? Yes
41. During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan? Yes
42. For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid (%)
Advertising ............................................................ –
Printing & mailing of prospectuses to other than current shareholders .. –
Payments to underwriters ............................................... 100
Payments to brokers or dealers ......................................... –
Direct payments to sales personnel ..................................... –
Payments to banks and savings & loans .................................. –
Other uses, including payments to its Investment Adviser separate
from the advisory fee ................................................ –
Unallocated payments made for a combination of such services ........... –
43. Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s): 778
44. If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s): 0
S17: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.009%
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Provided to the Registrant?
Occupancy and office rental ............................................ Yes
Clerical and bookkeeping services ...................................... Yes
Accounting services .................................................... Yes
Services of independent auditors ....................................... No
Services of outside counsel ............................................ No
Registration and filing fees ........................................... No
Stationery, supplies and printing ...................................... Yes
Salaries & compensation of Registrant’s interested Directors ........... Yes
Salaries & compensation of Registrant’s disinterested Directors ........ No
Salaries & compensation of Registrant’s Officers who aren’t Directors .. Yes
Reports to current shareholders ........................................ No
Determination of offering and redemption prices ........................ No
Trading department ..................................................... No
Prospectus preparation and printing for current shareholders ........... No
Other .................................................................. No
S17: Classification and Asset Allocation
60. Was the Registrant/Series a diversified investment company at any time
during the period? No

Which best describes its primary investment objective:

Aggressive capital appreciation? No
Capital appreciation? No
Growth? No
Growth and income? Yes
Income? No
Total return? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? Yes
S17: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? Yes No
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? Yes No
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? No –
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes No
Investments in securities of foreign issuers? Yes to both
Currency exchange transactions? Yes to both
Loaning portfolio securities? Yes No
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? No –
Margin purchases? Yes No
Short selling? Yes No
S17: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 420,347
Sales ($000s): 202,567

Monthly average Value of portfolio ($000s): 767,546

Percent turnover (lesser of Purchases or Sales, divided by Value): 26%
S17: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 12

Income ($000s)
Net interest income .............................................. 315
Net dividend income .............................................. 24,999
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 7,936
Administrator fees ............................................... –
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 1,266
Custodian fees ................................................... 286
Postage .......................................................... –
Printing expenses ................................................ 67
Directors’ fees .................................................. 38
Registration fees ................................................ 78
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 40
Legal fees ....................................................... 57
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 778
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 319
Total expenses ................................................... 10,865

Expense reimbursements ($000s): 1,360

Net investment income ($000s): 15,809

Realized capital gains ($000s): 32,800
Realized capital losses ($000s): 0

Net unrealized appreciation during the period ($000s): 61,289
Net unrealized depreciation during the period ($000s): 0

Total income dividends for which the record date passed during the
period ($000s): 5,880
Dividends for a second class of shares ($000s): 11,747

Total capital gains distributions for which the record date passed
during the period ($000s): 7,886
73. Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.2905
Dividends for a second class of shares: $0.3396

Distribution of capital gains: $0.1416
Other distributions: $0.3461
S17: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. –
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... 31,993
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... 18,372
Common stock ..................................................... 869,280
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 1,254
Receivables from portfolio instruments sold ...................... 371
Receivables from affiliated persons .............................. –
Other receivables ................................................ 6,836
All other assets ................................................. –
Total assets ..................................................... 928,106

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 1,945
Amounts owed to affiliated persons ............................... 857
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 994

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 924,310

Number of shares outstanding (000s): 20,443
Number of shares outstanding of a second class of shares (000s): 37,908

Net Asset Value (NAV) per share (to nearest cent): $15.63
NAV per share of a second class of shares (to nearest cent): $15.66

Total number of shareholder accounts: 33,304

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 793,634
Series 19 ↑Information Common to All Funds/Series ↑List of 6 Funds/Series
7. Name: Pear Tree PanAgora Risk Parity Emerging Marke [ renamed
Pear Tree Panagora Risk Parity Emerging Markets Fund ] — S#40937 ⇒ EMRPX & RPEMX

Is this the final Form N-SAR filed for this Fund/Series? Yes
S19: Investment Adviser
8.1 Name: Pear Tree Advisors
Role: Adviser
SEC File #: 801-19222
Location: Lincoln, MA
8.2 Name: PanAgora Asset Management, Inc.
Role: Sub-Adviser
SEC File #: 801-35497
Location: Boston, MA
S19: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 1
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 2
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 9
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 2
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ –
Reinvestment of dividends and distributions ................ 1,083
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,275
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ –
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,002
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ –
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 4
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ –
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. –

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 10
Reinvestment of dividends and distributions ................ 1,083
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 2,285

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S19: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? Yes
41. During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan? Yes
42. For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid (%)
Advertising ............................................................ –
Printing & mailing of prospectuses to other than current shareholders .. –
Payments to underwriters ............................................... 100
Payments to brokers or dealers ......................................... –
Direct payments to sales personnel ..................................... –
Payments to banks and savings & loans .................................. –
Other uses, including payments to its Investment Adviser separate
from the advisory fee ................................................ –
Unallocated payments made for a combination of such services ........... –
43. Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s): 3
44. If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s): 0
S19: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.006%
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Provided to the Registrant?
Occupancy and office rental ............................................ Yes
Clerical and bookkeeping services ...................................... Yes
Accounting services .................................................... Yes
Services of independent auditors ....................................... No
Services of outside counsel ............................................ No
Registration and filing fees ........................................... No
Stationery, supplies and printing ...................................... Yes
Salaries & compensation of Registrant’s interested Directors ........... Yes
Salaries & compensation of Registrant’s disinterested Directors ........ No
Salaries & compensation of Registrant’s Officers who aren’t Directors .. Yes
Reports to current shareholders ........................................ No
Determination of offering and redemption prices ........................ No
Trading department ..................................................... No
Prospectus preparation and printing for current shareholders ........... No
Other .................................................................. No
S19: Classification and Asset Allocation
60. Was the Registrant/Series a diversified investment company at any time
during the period? No

Which best describes its primary investment objective:

Aggressive capital appreciation? No
Capital appreciation? No
Growth? Yes
Growth and income? No
Income? No
Total return? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? Yes
S19: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes to both
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? Yes No
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? Yes No
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? No –
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes No
Investments in securities of foreign issuers? Yes to both
Currency exchange transactions? Yes to both
Loaning portfolio securities? Yes to both
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? No –
Margin purchases? Yes No
Short selling? Yes No
S19: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 12,765
Sales ($000s): 14,439

Monthly average Value of portfolio ($000s): 62,946

Percent turnover (lesser of Purchases or Sales, divided by Value): 20%
S19: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 12

Income ($000s)
Net interest income .............................................. –
Net dividend income .............................................. 1,820
Account maintenance fees ......................................... –
Net other income ................................................. 7

Expenses ($000s)
Advisory fees .................................................... 380
Administrator fees ............................................... –
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 101
Custodian fees ................................................... 124
Postage .......................................................... –
Printing expenses ................................................ 7
Directors’ fees .................................................. 4
Registration fees ................................................ 5
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 9
Legal fees ....................................................... 68
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 3
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 29
Total expenses ................................................... 730

Expense reimbursements ($000s): 62

Net investment income ($000s): 1,159

Realized capital gains ($000s): 1,317
Realized capital losses ($000s): 0

Net unrealized appreciation during the period ($000s): 4,206
Net unrealized depreciation during the period ($000s): 0

Total income dividends for which the record date passed during the
period ($000s): 22
Dividends for a second class of shares ($000s): 1,062

Dividends from net investment income: $0.1355
Dividends for a second class of shares: $0.1675

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S19: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. –
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... 380
Common stock ..................................................... 62,602
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 3,198
Receivables from portfolio instruments sold ...................... 1,862
Receivables from affiliated persons .............................. –
Other receivables ................................................ 228
All other assets ................................................. –
Total assets ..................................................... 68,270

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 2,964
Amounts owed to affiliated persons ............................... 35
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 1,571

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 63,700

Number of shares outstanding (000s): 163
Number of shares outstanding of a second class of shares (000s): 6,226

Net Asset Value (NAV) per share (to nearest cent): $9.93
NAV per share of a second class of shares (to nearest cent): $9.97

Total number of shareholder accounts: 29

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 63,373
Signature ↑Top of Form N-SAR
/s/ Scott Neville
Name: Scott Neville
Title: Senior Accountant

↑Top

Filing Submission 0001144204-19-029656 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Pear Tree Funds – ‘NSAR-B/A’ for 3/31/18

On: Tuesday, 6/4/19, at 11:39am ET · Effective: 6/4/19 · For: 3/31/18 · Accession #: 1144204-19-29656 · File #: 811-03790

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Amendment to Annual Report by an Investment Company — Form N-SAR — ICA’40
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