# EDGAR Filing Document

**Accession Number:** 0000722885
**File Stem:** 0002000324-25-003255
**Filing Date:** 2025-8
**Character Count:** 61851
**Document Hash:** 160d274d0435d4fdb98ac117b688a066
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-003255.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0002000324-25-003255

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pear Tree Funds
- **CENTRAL INDEX KEY:** 0000722885

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03790
- **FILM NUMBER:** 251260300

**BUSINESS ADDRESS:**
- **STREET 1:** 55 OLD BEDFORD ROAD
- **STREET 2:** SUITE 202
- **CITY:** LINCOLN
- **STATE:** MA
- **ZIP:** 01773
- **BUSINESS PHONE:** 8003311244

**MAIL ADDRESS:**
- **STREET 1:** 55 OLD BEDFORD ROAD
- **STREET 2:** SUITE 202
- **CITY:** LINCOLN
- **STATE:** MA
- **ZIP:** 01773

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** QUANTITATIVE GROUP OF FUNDS
- **DATE OF NAME CHANGE:** 19940127

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** U S BOSTON INVESTMENT CO
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Pear Tree Polaris Small Cap Fund (Series ID: S000009493)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000025972 | Ordinary Shares      | USBNX           |
| C000025973 | Institutional Shares | QBNAX           |
| C000177799 | R6 Shares            | QBNRX           |

## Nport-Ex

PEAR TREE POLARIS SMALL CAP FUND

SCHEDULE OF INVESTMENTS

June 30, 2025 (Unaudited)

**Common Stock -100.4%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **CONSUMER DISCRETIONARY -10.5%** |  |  |
| **AUTOMOBILES - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | 36467 | $1057543 |
| **DIVERSIFIED CONSUMER SERVICES - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc. (a) | 81300 | 1900794 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corporation | 60600 | 1981014 |
|  |  | 3881808 |
| **SPECIALTY RETAIL - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. | 12500 | 1035625 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 89600 | 861952 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | 29300 | 1328755 |
|  |  | 3226332 |
| **TEXTILES, APPAREL & LUXURY GOODS - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Crocs, Inc. (a) | 13610 | 1378421 |
| **TOTAL CONSUMER DISCRETIONARY** |  | 9544104 |
| **CONSUMER STAPLES - 4.4%** |  |  |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Ingles Markets Inc. | 32583 | 2065111 |
| **FOOD PRODUCTS - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ingredion Incorporated | 14500 | 1966490 |
| **TOTAL CONSUMER STAPLES** |  | 4031601 |
| **ENERGY - 4.0%** |  |  |
| **ENERGY EQUIPMENT & SERVICES - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | 32000 | 397760 |
| **OIL, GAS & CONSUMABLE FUELS - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc. | 67000 | 1798950 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 10670 | 1466058 |
|  |  | 3265008 |
| **TOTAL ENERGY** |  | 3662768 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **FINANCIALS - 26.5%** |  |  |
| **BANKS - 22.0%** |  |  |
| &nbsp;&nbsp;&nbsp;BOK Financial Corporation | 18164 | $1773351 |
| &nbsp;&nbsp;&nbsp;Colony Bankcorp, Inc. | 122079 | 2010641 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 15300 | 1966662 |
| &nbsp;&nbsp;&nbsp;Home Trust Bancshares, Inc. | 56600 | 2117406 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corporation | 31900 | 2123264 |
| &nbsp;&nbsp;&nbsp;Northeast Bancorp | 22400 | 1993376 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 46700 | 1998760 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | 57700 | 2079508 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | 61500 | 1809945 |
| &nbsp;&nbsp;&nbsp;The Bank of N.T. Butterfield & Son Limited | 50700 | 2244996 |
|  |  | 20117909 |
| **CONSUMER FINANCE - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;SLM Corporation | 64800 | 2124792 |
| **FINANCIAL SERVICES - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;EVERTEC Inc. | 53900 | 1943095 |
| **TOTAL FINANCIALS** |  | 24185796 |
| **HEALTH CARE - 4.9%** |  |  |
| **BIOTECHNOLOGY - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc. (a) | 26300 | 1159173 |
| **PHARMACEUTICALS - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc. (a) | 35100 | 805896 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc. (a) | 36100 | 1140760 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc. (a) | 43100 | 1358512 |
|  |  | 3305168 |
| **TOTAL HEALTH CARE** |  | 4464341 |
| **INDUSTRIALS - 27.7%** |  |  |
| **AEROSPACE & DEFENSE - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;V2X, Inc. (a) | 33800 | 1640990 |
| **BUILDING PRODUCTS - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Carlisle Companies Incorporated | 3500 | 1306900 |
| &nbsp;&nbsp;&nbsp;Tecnoglass, Inc. | 21200 | 1640032 |
|  |  | 2946932 |
| **COMMERCIAL SERVICES & SUPPLIES - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | 97300 | 1765022 |
| **ELECTRICAL EQUIPMENT - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Acuity Brands, Inc. | 4700 | 1402198 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corporation | 6789 | 984133 |
|  |  | 2386331 |
| **GROUND TRANSPORTATION - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group, Inc, | 77600 | 1870936 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **MACHINERY - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | 13600 | $1291864 |
| &nbsp;&nbsp;&nbsp;Wabash National Corporation | 132100 | 1404223 |
|  |  | 2696087 |
| **PROFESSIONAL SERVICES - 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | 41700 | 1738473 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 29000 | 1893990 |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | 22894 | 941630 |
| &nbsp;&nbsp;&nbsp;Maximus Inc. | 12700 | 891540 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corporation | 12900 | 1452669 |
|  |  | 6918302 |
| **TRADING COMPANIES & DISTRIBUTORS - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease Corporation | 32000 | 1871680 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 7000 | 1627150 |
| &nbsp;&nbsp;&nbsp;DNOW Inc. (a) | 107800 | 1598674 |
|  |  | 5097504 |
| **TOTAL INDUSTRIALS** |  | 25322104 |
| **INFORMATION TECHNOLOGY - 7.8%** |  |  |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. (a) | 12700 | 1618361 |
| &nbsp;&nbsp;&nbsp;ePlus, Inc. (a) | 30600 | 2206260 |
|  |  | 3824621 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;MKS Instruments, Inc. | 11400 | 1132704 |
| **SOFTWARE - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Progress Software Corporation | 34600 | 2208864 |
| **TOTAL INFORMATION TECHNOLOGY** |  | 7166189 |
| **MATERIALS -6.3%** |  |  |
| **CHEMICALS - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Cabot Corporation | 20973 | 1572975 |
| **CONSTRUCTION MATERIALS - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Eagle Materials Inc. | 7000 | 1414770 |
| **CONTAINERS & PACKAGING - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | 58700 | 1236809 |
| **METALS & MINING - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corporation | 148400 | 1557412 |
| **TOTAL MATERIALS** |  | 5781966 |
| **REAL ESTATE -8.3%** |  |  |
| **DIVERSIFIED REITS - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | 60700 | 1936937 |
| **HEALTH CARE REITS - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 101400 | 1869816 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **RETAIL REITS - 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Netstreit Corporation | 125600 | $2126408 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Company, Inc. | 46200 | 1618386 |
|  |  | 3744794 |
| **TOTAL REAL ESTATE** |  | 7551547 |
| **TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $68,762,303) |  | 91710416 |

---

**SHORT TERM INVESTMENTS - 0.2%**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **Money Market - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;UMB Money Market Special II, 4.25%(b) | 198677 | $198677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $198,677) |  |  |
| **TOTAL INVESTMENTS - 100.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $68,960,980) |  | 91909093 |
| **OTHER ASSETS & LIABILITIES (NET) - (0.6)%** |  | (574777) |
| **NET ASSETS - 100%** |  | $91334316 |

---

(a) Non-income producing security

(b) Interest rate reflects seven-day effective yield on June 30, 2025.

(c) At June 30, 2025, the unrealized appreciation of investments based on aggregate
 cost for federal tax purposes of $69,594,264 was as follows :

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $25045176 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (2730347) |
| Net unrealized appreciation/(depreciation) | $22314829 |

---

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

---

| | |
|:---|:---|
| **SECTOR ALLOCATIONS** (as a percentage of Total Net Assets) | |
| Industrials | 27.7% |
| Financials | 26.5% |
| Consumer Discretionary | 10.5% |
| Real Estate | 8.3% |
| Information Technology | 7.8% |
| Materials | 6.3% |
| Health Care | 4.9% |
| Consumer Staples | 4.4% |
| Energy | 4.0% |
| Cash and Other Assets (Net) | -0.4% |
|  | 100.0% |

---

PEAR TREE QUALITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2025 (Unaudited)

Common Stock - 99.7%

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMUNICATION SERVICES - 9.5%** |  |  |
| **INTERACTIVE MEDIA & SERVICES - 9.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 80839 | $14246257 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. | 24165 | 17835945 |
| **TOTAL COMMUNICATION SERVICES** |  | 32082202 |
| **CONSUMER DISCRETIONARY - 9.1%** |  |  |
| **HOTELS, RESTAURANTS & LEISURE - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Compass Group Plc(b) | 239611 | 8271372 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc. | 22873 | 6091995 |
|  |  | 14363367 |
| **MULTILINE RETAIL - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 37125 | 4584566 |
| **RETAILING - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. (a) | 36463 | 7999617 |
| **TEXTILES, APPAREL & LUXURY GOODS - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;LVMH Moët Hennessy-Louis Vuitton S.A.(b) | 35526 | 3732362 |
| **TOTAL CONSUMER DISCRETIONARY** |  | 30679912 |
| **CONSUMER STAPLES - 7.5%** |  |  |
| **BEVERAGES - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Company (The) | 100077 | 7080448 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. | 25237 | 4105555 |
| &nbsp;&nbsp;&nbsp;Diageo plc(b) | 23369 | 2356530 |
|  |  | 13542533 |
| **FOOD PRODUCTS - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Nestle, S.A.(b) | 51088 | 5074060 |
| **HOUSEHOLD PRODUCTS - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Unilever Plc(b) | 109767 | 6714447 |
| **TOTAL CONSUMER STAPLES** |  | 25331040 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **FINANCIALS - 4.2%** |  |  |
| **BANKS - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 155200 | $7022800 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Company | 89868 | 7200224 |
| **TOTAL FINANCIALS** |  | 14223024 |
| **HEALTH CARE - 23.5%** |  |  |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 89202 | 12132364 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. (a) | 11836 | 6431801 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 15162 | 6147584 |
|  |  | 24711749 |
| **HEALTH CARE PROVIDERS & SERVICES - 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;CIGNA Corporation | 13906 | 4597046 |
| &nbsp;&nbsp;&nbsp;Elevance Health Inc. | 20788 | 8085700 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics Incorporated | 21982 | 3948627 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 26691 | 8326791 |
|  |  | 24958164 |
| **PHARMACEUTICALS - 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Eli Lilly and Company | 5362 | 4179840 |
| &nbsp;&nbsp;&nbsp;Haleon plc(b) | 629699 | 6529979 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 69466 | 10610931 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 67375 | 5333405 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S(b) | 49965 | 3448584 |
|  |  | 30102739 |
| **TOTAL HEALTH CARE** |  | 79772652 |
| **INDUSTRIALS - 4.9%** |  |  |
| **AEROSPACE & DEFENSE - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Safran SA | 34220 | 11082637 |
| **MACHINERY - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 56210 | 5565914 |
| **TOTAL INDUSTRIALS** |  | 16648551 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **INFORMATION TECHNOLOGY - 41.0%** |  |  |
| **IT SERVICES - 22.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture Plc | 27650 | $8264309 |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group, S.A.(b) | 28362 | 2400560 |
| &nbsp;&nbsp;&nbsp;Microsoft Corporation | 38624 | 19211964 |
| &nbsp;&nbsp;&nbsp;Oracle Corporation | 69131 | 15114111 |
| &nbsp;&nbsp;&nbsp;salesforce.com, inc. | 26389 | 7196016 |
| &nbsp;&nbsp;&nbsp;SAP AG(b) | 33763 | 10267328 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. | 34231 | 12153716 |
|  |  | 74608004 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. | 4998 | 4005347 |
| &nbsp;&nbsp;&nbsp;KLA-Tencor Corporation | 5636 | 5048391 |
| &nbsp;&nbsp;&nbsp;Lam Research Corporation | 88533 | 8617802 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd.(b) | 49751 | 11268104 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 55686 | 11561527 |
|  |  | 40501171 |
| **SOFTWARE - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Dassault Systèmes SE(b) | 79398 | 2875002 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | 41381 | 3860847 |
|  |  | 6735849 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 83676 | 17167805 |
| **TOTAL INFORMATION TECHNOLOGY** |  | 139012829 |
| **TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $272,338,555) |  | 337750210 |

---

**Short Term Investments - 0.4%**

---

| | | |
|:---|:---|:---|
| **Money Market - 0.4%** | Par Value | Value |
| &nbsp;&nbsp;&nbsp;UMB Money Market Special II, 4.25%(c) | 1292403 | $1292403 |
| &nbsp;&nbsp;&nbsp;(Cost $1,292,403) |  |  |
| **TOTAL INVESTMENTS - 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $273,630,958) |  | 339042613 |
| **OTHER ASSETS & LIABILITIES (NET) - (0.1)%** |  | (253599) |
| **NET ASSETS - 100%** |  | $338789014 |

---

(a) Non-Income producing security

(b) ADR - American Depositary Receipts

(c) Interest rate reflects seven-day effective yield on June 30, 2025.

(d) At June, 2025, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $273,961,336 was as follows :

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $81245949 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (16164672) |
| Net unrealized appreciation/(depreciation) | $65081277 |

---

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

---

| | |
|:---|:---|
| **SECTOR ALLOCATIONS** (as a percentage of Total Net Assets) | |
| &nbsp;&nbsp;&nbsp;Information Technology | 41.0% |
| &nbsp;&nbsp;&nbsp;Health Care | 23.5% |
| &nbsp;&nbsp;&nbsp;Communication Services | 9.5% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 9.1% |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 7.5% |
| &nbsp;&nbsp;&nbsp;Industrials | 4.9% |
| &nbsp;&nbsp;&nbsp;Financials | 4.2% |
| &nbsp;&nbsp;&nbsp;CASH + other assets (net) | 0.3% |
|  | 100.0% |

---

PEAR TREE ESSEX ENVIRONMENTAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

June 30, 2025 (Unaudited)

Common Stock - 94.0%

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **CHINA - 0.9%** |  |  |
| **CONSUMER DISCRETIONARY - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;BYD Company Limited (a) | 2363 | $221649 |
| **GERMANY - 9.7%** |  |  |
| **INDUSTRIALS - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Kion Group AG(b) | 17691 | 981011 |
| **INFORMATION TECHNOLOGY - 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG | 33563 | 1422852 |
| **TOTAL GERMANY** |  | 2403863 |
| **IRELAND - 4.0%** |  |  |
| **INDUSTRIALS - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Kingspan Group plc | 11741 | 995070 |
| **JAPAN - 11.6%** |  |  |
| **INDUSTRIALS - 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Kurita Water Industries Ltd. | 16669 | 657551 |
| &nbsp;&nbsp;&nbsp;Yaskawa Electric Corporation | 19676 | 445296 |
|  |  | 1102847 |
| **INFORMATION TECHNOLOGY - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Keyence Corporation | 2207 | 883747 |
| **MATERIALS - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Toray Industries, Inc. | 129635 | 886521 |
| **TOTAL JAPAN** |  | 2873115 |
| **SWITZERLAND - 3.5%** |  |  |
| **INFORMATION TECHNOLOGY - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Landis+Gyr Group AG | 12563 | 877516 |
| **UNITED STATES - 64.3%** |  |  |
| **CONSUMER DISCRETIONARY - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc.(b) | 24766 | 340285 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **INDUSTRIALS - 33.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 7006 | $804709 |
| &nbsp;&nbsp;&nbsp;American Superconductor Corporation(b) | 35356 | 1297212 |
| &nbsp;&nbsp;&nbsp;Amprius Technologies, Inc. | 66786 | 281169 |
| &nbsp;&nbsp;&nbsp;Copart, Inc(b) | 8770 | 430344 |
| &nbsp;&nbsp;&nbsp;Deere & Company | 1039 | 528321 |
| &nbsp;&nbsp;&nbsp;Energy Recovery, Inc.(b) | 50935 | 650949 |
| &nbsp;&nbsp;&nbsp;GE Vernova Inc.(b) | 2294 | 1213870 |
| &nbsp;&nbsp;&nbsp;IDEX Corporation | 4165 | 731249 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corporation | 9399 | 732558 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 2699 | 881413 |
| &nbsp;&nbsp;&nbsp;Veralto Corporation | 6755 | 681917 |
|  |  | 8233711 |
| **INFORMATION TECHNOLOGY - 21.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 5343 | 1308768 |
| &nbsp;&nbsp;&nbsp;Cognex Corporation | 16066 | 509614 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.(b) | 6486 | 1073692 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corporation | 9423 | 493859 |
| &nbsp;&nbsp;&nbsp;Ouster, Inc. | 24134 | 585250 |
| &nbsp;&nbsp;&nbsp;Samsara Inc. | 8047 | 320110 |
| &nbsp;&nbsp;&nbsp;Trimble Navigation Limited(b) | 12576 | 955524 |
|  |  | 5246817 |
| **MATERIALS - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels, Inc.(b) | 114486 | 677757 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.(b) | 17292 | 575305 |
|  |  | 1253062 |
| **UTILITIES - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 13516 | 938281 |
| **TOTAL UNITED STATES** |  | 16012156 |
| **TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $20,748,504) |  | 23383369 |

---

---

| | | |
|:---|:---|:---|
| **SHORT TERM INVESTMENTS - 5.7%** | Par Value | Value |
| **Money Market - 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;UMB Money Market Special II, 4.25%(c) | 1415410 | $1415410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,415,410) |  |  |
| **TOTAL INVESTMENTS - 99.7%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $22,163,914) |  | 24798779 |
| **OTHER ASSETS & LIABILITIES (Net) - 0.3%** |  | 84731 |
| **NET ASSETS - 100%** |  | $24883510 |

---

(a) ADR - American Depositary Receipts

(b) Non-income producing security.

(c) Percentage rate reflects seven-day effective yield on June 30, 2025.

(d) At June 30, 2025, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $22,847,425 was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $3903531 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (1952178) |
| Net unrealized appreciation/(depreciation) | $1951353 |

---

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

---

| | |
|:---|:---|
| **SECTOR ALLOCATIONS** (as a percentage of Total Net Assets) | |
| Industrials | 45.5% |
| Information Technology | 33.9% |
| Materials | 8.6% |
| Utilities | 3.8% |
| Consumer Discretionary | 2.2% |
| Cash and Other Assets (Net) | 6.0% |
|  | 100.0% |

---

PEAR TREE POLARIS FOREIGN VALUE FUND

SCHEDULE OF INVESTMENTS

June 30, 2025 (Unaudited)

Common Stock - 98.2%

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **BELGIUM - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;D'leteren S.A. | 104278 | $22326925 |
| **CANADA - 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Canadian Tire Corporation | 299615 | 40707677 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corporation | 3383700 | 35510871 |
| &nbsp;&nbsp;&nbsp;Magna International Inc. | 661291 | 25511439 |
| &nbsp;&nbsp;&nbsp;Methanex Corporation | 697993 | 23065229 |
|  |  | 124795216 |
| **CHILE - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;LATAM Airlines Group | 712579800 | 14397788 |
| **CHINA -1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings Limited (a) | 2217700 | 33376385 |
| **COLOMBIA - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Tecnoglass, Inc. | 134400 | 10397184 |
| **FRANCE - 13.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Capgemini SE | 216900 | 36930796 |
| &nbsp;&nbsp;&nbsp;Ipsos | 284041 | 15170637 |
| &nbsp;&nbsp;&nbsp;Michelin (CGDE) | 877500 | 32487792 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe | 325147 | 36518447 |
| &nbsp;&nbsp;&nbsp;Sanofi S.A. | 295700 | 28535623 |
| &nbsp;&nbsp;&nbsp;Teleperformance SE | 264700 | 25578242 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | 502800 | 30749947 |
| &nbsp;&nbsp;&nbsp;Vinci SA | 256998 | 37739699 |
|  |  | 243711183 |
| **GERMANY - 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | 811900 | 38283863 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 844337 | 30695054 |
| &nbsp;&nbsp;&nbsp;Hannover Rueck SE | 108000 | 33874398 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft | 50030 | 32335389 |
|  |  | 135188704 |
| **IRELAND - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Greencore Group plc | 7319868 | 23423176 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc(b) | 267700 | 28408324 |
| &nbsp;&nbsp;&nbsp;Smurfit Westrock plc | 685546 | 29581310 |
|  |  | 81412810 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **ITALY - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Eni S.p.A. | 2233100 | $36069323 |
| &nbsp;&nbsp;&nbsp;Trevi Finanziaria Industriale SpA(b) | 16519624 | 6370110 |
|  |  | 42439433 |
| **JAPAN - 15.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Daicel Corporation | 1654300 | 13852164 |
| &nbsp;&nbsp;&nbsp;Itochu Corporation | 702200 | 36732481 |
| &nbsp;&nbsp;&nbsp;KDDI Corporation | 1910800 | 32806840 |
| &nbsp;&nbsp;&nbsp;Macnica Fuji Electronics Holdings Inc. | 423400 | 5689497 |
| &nbsp;&nbsp;&nbsp;Marubeni Corporation | 1998000 | 40293357 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | 2549300 | 34997832 |
| &nbsp;&nbsp;&nbsp;Orix Corporation | 1477000 | 33334626 |
| &nbsp;&nbsp;&nbsp;Sony Group Corporation | 1429900 | 36924276 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Company Limited | 1148000 | 35168403 |
|  |  | 269799476 |
| **NETHERLANDS -3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;JDE Peet's N.V. | 683000 | 19434112 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize N.V. | 916900 | 38208651 |
|  |  | 57642763 |
| **NORWAY - 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | 1305530 | 35941842 |
| &nbsp;&nbsp;&nbsp;SpareBank 1 SR-Norge ASA | 1064668 | 19505464 |
| &nbsp;&nbsp;&nbsp;Sparebanken Norge | 1121814 | 17747801 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | 959700 | 35278556 |
|  |  | 108473663 |
| **PUERTO RICO - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | 349050 | 38468800 |
| **RUSSIA - 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;ALROSA Company PJSC \*(b) | 41136300 | 5260 |
| **SINGAPORE - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;United Overseas Bank Limited | 1279247 | 36156781 |
| **SOUTH KOREA - 9.3%** |  |  |
| &nbsp;&nbsp;&nbsp;F&F Co., Ltd. | 204631 | 11978252 |
| &nbsp;&nbsp;&nbsp;Kia Motors Corporation | 423800 | 30428438 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Company Limited | 818970 | 36288090 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co., Limited | 906300 | 41232084 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 218100 | 47188204 |
|  |  | 167115068 |
| **SPAIN - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bankinter, S.A. | 1464800 | 19051513 |
| &nbsp;&nbsp;&nbsp;Endesa, S.A. | 1108000 | 34973729 |
|  |  | 54025242 |
| **SWEDEN - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Duni AB | 1051700 | 10295854 |
| &nbsp;&nbsp;&nbsp;Loomis AB, Class B | 551319 | 23000549 |
| &nbsp;&nbsp;&nbsp;SKF AB-B | 1582000 | 36037543 |
|  |  | 69333946 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SWITZERLAND - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Barry Callebaut AG | 27407 | $29748302 |
| &nbsp;&nbsp;&nbsp;Novartis AG | 300650 | 36323506 |
|  |  | 66071808 |
| **TAIWAN -1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Chailease Holding Co., Limited | 6796000 | 29429481 |
| **UNITED KINGDOM - 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Inchcape plc | 2090203 | 20796045 |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group S.A. | 7731400 | 36151208 |
| &nbsp;&nbsp;&nbsp;Linde plc | 68144 | 31971802 |
| &nbsp;&nbsp;&nbsp;Mondi plc | 1646444 | 26967465 |
| &nbsp;&nbsp;&nbsp;Next plc | 214650 | 36593751 |
| &nbsp;&nbsp;&nbsp;Nomad Foods Limited | 610400 | 10370696 |
|  |  | 162850967 |
| **TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,308,820,568) |  | 1767418883 |

---

**SHORT TERM INVESTMENTS - 0.1%**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **Money Market - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;UMB Money Market Special II, 4.25%(c) | 1864884 | $1864884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,864,884) |  |  |
| **TOTAL INVESTMENTS - 98.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,310,685,452) |  | 1769283767 |
| **OTHER ASSETS & LIABILITIES (NET) - 1.7%** |  | 29583970 |
| **NET ASSETS - 100%** |  | $1798867737 |

---

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

(a) ADR - American Depositary Receipts

(b) Non-income producing security.

(c) Interest rate reflects seven-day effective yield on June 30, 2025.

(d) At June 30, 2025, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $1,319,542,270 was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $576123595 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (126382098) |
| Net unrealized appreciation/(depreciation) | $449741497 |

---

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

---

| | |
|:---|:---|
| **SECTOR ALLOCATIONS** (as a percentage of Total Net Assets) | |
| Financials | 20.7% |
| Industrials | 17.0% |
| Consumer Discretionary | 16.8% |
| Materials | 10.9% |
| Health Care | 7.1% |
| Information Technology | 7.0% |
| Consumer Staples | 6.7% |
| Communication Services | 6.4% |
| Energy | 3.7% |
| Utilities | 1.9% |
| Cash and Other Assets (Net) | 1.8% |
|  | 100.0% |

---

PEAR TREE POLARIS FOREIGN VALUE SMALL CAP FUND

SCHEDULE OF INVESTMENTS

June 30, 2025 (Unaudited)

Common Stock - 97.7%

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **BELGIUM - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;D'leteren SA | 129155 | $27653330 |
| **BRAZIL - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Equatorial Energia S.A. | 3842326 | 25315605 |
| **CANADA - 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;EQB Inc. | 339127 | 25738360 |
| &nbsp;&nbsp;&nbsp;goeasy Ltd. | 154324 | 18987111 |
|  |  | 44725471 |
| **CHINA - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;China MeiDong Auto Holdings Limited | 12666000 | 3662652 |
| &nbsp;&nbsp;&nbsp;Xinhua Winshare Publishing and Media Co., Limited | 4966500 | 7199843 |
| &nbsp;&nbsp;&nbsp;Zhongsheng Group Holdings | 5189000 | 7998331 |
|  |  | 18860826 |
| **COLOMBIA - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Tecnoglass, Inc. | 279764 | 21642543 |
| **DENMARK - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Ringkjoebing Landbobank A/S | 64000 | 13976525 |
| **FRANCE - 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Amundi | 209300 | 16878636 |
| &nbsp;&nbsp;&nbsp;Elis S.A. | 615198 | 17577086 |
| &nbsp;&nbsp;&nbsp;Ipsos | 157100 | 8390715 |
| &nbsp;&nbsp;&nbsp;Rubis | 525600 | 16917422 |
| &nbsp;&nbsp;&nbsp;Sopra Steria | 85700 | 20803803 |
| &nbsp;&nbsp;&nbsp;Technip Energies N.V. | 228800 | 9598911 |
|  |  | 90166573 |
| **GERMANY- 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Krones AG | 56800 | 9334429 |
| &nbsp;&nbsp;&nbsp;Sixt SE | 229325 | 22275671 |
|  |  | 31610100 |
| **HONG KONG - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Kingboard Laminates Holdings, Ltd. | 7363000 | 8966915 |
| &nbsp;&nbsp;&nbsp;VSTECS Holdings Limited | 10673360 | 10564587 |
|  |  | 19531502 |
| **INDIA - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Karnataka Bank Limited | 950000 | 2167520 |
| &nbsp;&nbsp;&nbsp;Karur Vysya Bank Limited | 1540700 | 4806423 |
|  |  | 6973943 |
| **INDONESIA - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;PT. Pakuwon Jati Tbk | 87020900 | 2004670 |
| **IRELAND - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Glanbia plc | 1296500 | 19023653 |
| **ITALY - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;De'Longhi SpA | 483936 | 16189900 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **JAPAN - 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Daicel Corporation | 1746400 | $14623357 |
| &nbsp;&nbsp;&nbsp;Dowa Holdings Co., Limited | 368100 | 11906007 |
| &nbsp;&nbsp;&nbsp;Kanematsu Corporation | 686400 | 13041814 |
| &nbsp;&nbsp;&nbsp;Kyudenko Corporation | 508200 | 21007734 |
| &nbsp;&nbsp;&nbsp;Mizuho Leasing Company, Limited | 1031300 | 7639524 |
| &nbsp;&nbsp;&nbsp;Open House Group Co., Limited | 332500 | 15001575 |
| &nbsp;&nbsp;&nbsp;Sankyu Inc. | 260500 | 13944311 |
|  |  | 97164322 |
| **NETHERLANDS - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Aalberts N.V. | 483434 | 17455605 |
| &nbsp;&nbsp;&nbsp;Signify N.V. | 222900 | 6012727 |
|  |  | 23468332 |
| **NORWAY - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;SpareBank Nord-Norge | 558989 | 8124362 |
| &nbsp;&nbsp;&nbsp;Sparebank 1 Oestlandet | 217488 | 4183115 |
| &nbsp;&nbsp;&nbsp;SpareBank 1 SMN | 446428 | 8555614 |
| &nbsp;&nbsp;&nbsp;SpareBank 1 SR-Bank ASA | 489426 | 8966628 |
| &nbsp;&nbsp;&nbsp;Sparebanken Norge | 568692 | 8997064 |
|  |  | 38826783 |
| **PORTUGAL - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Redes Energéticas Nacionais, SGPS, S.A. | 4621005 | 16408663 |
| **SINGAPORE - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Venture Corporation, Limited | 842800 | 7549932 |
| **SOUTH KOREA - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Doosan Bobcat | 156700 | 6757513 |
| &nbsp;&nbsp;&nbsp;Orion Corporation | 59700 | 4812804 |
| &nbsp;&nbsp;&nbsp;Poongsan Corporation | 285600 | 27235270 |
|  |  | 38805587 |
| **SPAIN - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;CIE Automotive | 135700 | 3886700 |
| **SWEDEN - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Hexpol AB | 1673400 | 16101190 |
| &nbsp;&nbsp;&nbsp;Loomis AB, Class B | 182361 | 7607942 |
|  |  | 23709132 |
| **TAIWAN - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Primax Electronics Limited | 3347800 | 8354602 |
| &nbsp;&nbsp;&nbsp;Sanyang Motor Co., Limited | 7746000 | 16466747 |
|  |  | 24821349 |
| **THAILAND - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Thanachart Capital PCL | 13242400 | 18636179 |
| &nbsp;&nbsp;&nbsp;TISCO Financial Group | 6604000 | 19654278 |
|  |  | 38290457 |
| **UNITED KINGDOM - 11.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Berkeley Group Holdings plc | 145993 | 7722804 |
| &nbsp;&nbsp;&nbsp;Coats Group plc | 7631500 | 8314434 |
| &nbsp;&nbsp;&nbsp;Computacenter plc | 665300 | 21881869 |
| &nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals plc | 580300 | 15809735 |
| &nbsp;&nbsp;&nbsp;Inchcape plc | 636493 | 6332656 |
| &nbsp;&nbsp;&nbsp;OSB Group plc | 1963017 | 14056138 |
| &nbsp;&nbsp;&nbsp;QinetiQ | 2200400 | 15544829 |
|  |  | 89662465 |
| **TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $528,347,263) |  | 740268363 |

---

**SHORT TERM INVESTMENTS - 1.9%**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **Money Market - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;UMB Money Market Special II, 4.25% (a) | 14223681 | $14223681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $14,223,681) |  |  |
| **TOTAL INVESTMENTS - 99.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $542,570,944) |  | 754492044 |
| **OTHER ASSETS & LIABILITIES (NET) - 0.4%** |  | 3354401 |
| **NET ASSETS - 100%** |  | $757846445 |

---

(a) Interest rate reflects seven-day effective yield on June 30, 2025.

(b) At June 30, 2025, the unrealized appreciation of investments based on aggregate
 cost for federal tax purposes of $548,870,809 was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $217390225 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (11768990) |
| Net unrealized appreciation/(depreciation) | $205621235 |

---

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

---

| | |
|:---|:---|
| **SECTOR ALLOCATIONS** (as a percentage of Total Net Assets) | |
| Financials | 23.9% |
| Industrials | 22.7% |
| Consumer Discretionary | 15.9% |
| Information Technology | 10.3% |
| Materials | 9.2% |
| Utilities | 7.7% |
| Consumer Staples | 3.2% |
| Health Care | 2.1% |
| Energy | 1.3% |
| Communication Services | 1.1% |
| Real Estate | 0.3% |
| Cash and Other Assets (Net) | 2.3% |
|  | 100.0% |

---

PEAR TREE POLARIS INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

June 30, 2025 (Unaudited)

Common Stock - 95.6%

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **AUSTRALIA - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Accent Group Limited | 261100 | $238701 |
| &nbsp;&nbsp;&nbsp;Macquarie Group Limited | 12212 | 1830560 |
|  |  | 2069261 |
| **BELGIUM - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA/NV | 4900 | 334988 |
| &nbsp;&nbsp;&nbsp;D'Ieteren S.A. | 10700 | 2290973 |
|  |  | 2625961 |
| **BRAZIL - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Equatorial Energia S.A. | 312217 | 2057078 |
| **CANADA - 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard Inc. | 31100 | 1542806 |
| &nbsp;&nbsp;&nbsp;EQB Inc. | 25877 | 1963959 |
| &nbsp;&nbsp;&nbsp;goeasy Ltd. | 12326 | 1516518 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corporation | 80200 | 841674 |
|  |  | 5864957 |
| **CHINA - 8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 125200 | 1751205 |
| &nbsp;&nbsp;&nbsp;China MeiDong Auto Holdings Limited | 2950000 | 853057 |
| &nbsp;&nbsp;&nbsp;Midea Group Co., Ltd. | 131600 | 1326009 |
| &nbsp;&nbsp;&nbsp;Zhejiang Supor Co. | 130100 | 951216 |
| &nbsp;&nbsp;&nbsp;Zhongsheng Group Holdings | 543000 | 836981 |
|  |  | 5718468 |
| **FRANCE - 9.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Capgemini SE | 11100 | 1889958 |
| &nbsp;&nbsp;&nbsp;Ipsos | 14100 | 753081 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 1295 | 675850 |
| &nbsp;&nbsp;&nbsp;Neurones S.A. | 43855 | 2313983 |
| &nbsp;&nbsp;&nbsp;Sanofi S.A. | 5000 | 482510 |
| &nbsp;&nbsp;&nbsp;Teleperformance SE | 3000 | 289893 |
|  |  | 6405275 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **GERMANY - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Bechtle AG | 11100 | $518321 |
| &nbsp;&nbsp;&nbsp;Sixt SE | 18400 | 1787299 |
|  |  | 2305620 |
| **HONG KONG - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Kingboard Laminates Holdings, Ltd. | 330000 | 401885 |
| &nbsp;&nbsp;&nbsp;VSTECS Holdings Limited | 976000 | 966054 |
|  |  | 1367939 |
| **INDIA - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Muthoot Finance Ltd. | 26494 | 810606 |
| **INDONESIA - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;PT Bank Central Asia Tbk | 1034100 | 552561 |
| &nbsp;&nbsp;&nbsp;PT Bank Rakyat Indonesia Tbk | 3480646 | 801824 |
|  |  | 1354385 |
| **ITALY - 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;SeSa S.p.A. | 3893 | 393687 |
| &nbsp;&nbsp;&nbsp;SOL S.p.A. | 55600 | 3139289 |
|  |  | 3532976 |
| **JAPAN - 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;FULLCAST HOLDINGS Co., Ltd. | 68400 | 807380 |
| &nbsp;&nbsp;&nbsp;JAC Recruitment Co., Ltd. | 154100 | 1080711 |
| &nbsp;&nbsp;&nbsp;Kyudenko Corporation | 15100 | 624197 |
| &nbsp;&nbsp;&nbsp;NEXTAGE Co., Ltd. | 92900 | 1122942 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Company Limited | 17800 | 545294 |
| &nbsp;&nbsp;&nbsp;Tri Chemical Laboratories Inc. | 50900 | 1171674 |
|  |  | 5352198 |
| **MALAYSIA - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Public Bank Bhd | 676400 | 692384 |
| &nbsp;&nbsp;&nbsp;Scientex Berhad | 776600 | 616042 |
|  |  | 1308426 |
| **MEXICO - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico, S.A.B. de C.V. | 388000 | 1276424 |
| **NETHERLANDS - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;JDE Peet's N.V. | 21600 | 614607 |
| **NORWAY - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Sparebanken Norge | 126582 | 2002607 |
| **PERU - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp Ltd. | 3600 | 804672 |
| **PORTUGAL - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Jerónimo Martins SGPS, SA | 13600 | 342913 |
| **SINGAPORE - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;United Overseas Bank Limited | 54000 | 1526262 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SOUTH AFRICA - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;AVI Limited | 206174 | $1092051 |
| &nbsp;&nbsp;&nbsp;FirstRand Limited | 163800 | 697643 |
|  |  | 1789694 |
| **SOUTH KOREA - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Company Limited | 8108 | 359261 |
| **SWITZERLAND - 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;ALSO Holding AG | 7900 | 2664761 |
| &nbsp;&nbsp;&nbsp;Barry Callebaut AG | 1110 | 1204824 |
| &nbsp;&nbsp;&nbsp;Nestle S.A. | 3200 | 316905 |
|  |  | 4186490 |
| **TAIWAN - 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Chailease Holding Co., Ltd. | 450914 | 1952643 |
| &nbsp;&nbsp;&nbsp;POYA International Co., Ltd. | 40680 | 699074 |
| &nbsp;&nbsp;&nbsp;Sanyang Motor Co., Ltd. | 219000 | 465559 |
| &nbsp;&nbsp;&nbsp;SINBON Electronics Co., Ltd. | 173300 | 1296250 |
| &nbsp;&nbsp;&nbsp;Yageo Corporation | 84546 | 1403698 |
|  |  | 5817224 |
| **THAILAND - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Krungthai Card Public Company Limited | 483300 | 356802 |
| &nbsp;&nbsp;&nbsp;Muangthai Capital Public Company Limited | 577300 | 625979 |
|  |  | 982781 |
| **UNITED KINGDOM - 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Computacenter plc | 14700 | 483486 |
| &nbsp;&nbsp;&nbsp;Cranswick plc | 41940 | 3074949 |
| &nbsp;&nbsp;&nbsp;Oxford Instruments plc | 14749 | 383228 |
| &nbsp;&nbsp;&nbsp;Volution Group plc | 40700 | 329638 |
|  |  | 4271301 |
| **UNITED STATES - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc. (a) | 5400 | 547452 |
| **TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $54,052,475) |  | 65294838 |

---

**SHORT TERM INVESTMENTS - 4.0%**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **Money Market - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;UMB Money Market Special II, 4.25%(b) | 2721354 | $2721354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,721,354) |  |  |
| **TOTAL INVESTMENTS - 99.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $56,773,829) |  | 68016192 |
| **OTHER ASSETS & LIABILITIES (Net) - 0.4%** |  | 265782 |
| **NET ASSETS - 100%** |  | $68281974 |

---

(a) Non-income producing security.

(b) Percentage rate reflects seven-day effective yield on June 30, 2025.

(c) At June 30, 2025, the unrealized appreciation of investments based on aggregate
 cost for federal tax purposes of $56,931,805 was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $14394064 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (3309677) |
| Net unrealized appreciation/(depreciation) | $11084387 |

---

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

---

| | |
|:---|:---|
| **SECTOR ALLOCATIONS** (as a percentage of Total Net Assets) | |
| Financials | 24.4% |
| Information Technology | 20.9% |
| Consumer Discretionary | 16.4% |
| Consumer Staples | 14.4% |
| Industrials | 7.2% |
| Materials | 6.7% |
| Utilities | 3.0% |
| Health Care | 1.5% |
| Communication Services | 1.1% |
| Cash and Other Assets (Net) | 4.4% |
|  | 100.0% |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Pear Tree Funds

- **b. Investment Company Act file number:** 811-03790

- **c. CIK number of Registrant:** 0000722885

- **d. LEI of Registrant:** 549300NANVEIFBMHLV32

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 55 OLD BEDFORD ROADSUITE 202

  - **City:** Lincoln

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 01773

  - **Telephone number:** 8003311244

**Item A.2. Information about the Series.**

- **a. Name of Series:** Pear tree polaris small cap fund

- **b. EDGAR series identifier (if any):** S000009493

- **c. LEI of Series:** 549300B7DSOCWNFGCQ51

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $91995246.81

**Total Liabilities:** $660931.22

**Net Assets:** $91334315.59

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000025973 | -3.55%               | 5.68%                | 1.95%                |
| Class ID C000025972 | -3.58%               | 5.65%                | 1.91%                |
| Class ID C000177799 | -3.59%               | 5.65%                | 1.93%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-494351.69              | $-2668785.90                               |
| Month 2  | $294150.51               | $4421741.21                                |
| Month 3  | $235770.08               | $1447519.50                                |

### Schedule of Portfolio Investments

| Name                                           | Title                                          | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Abercrombie & Fitch Co.                        | Abercrombie & Fitch Co.                        | CUSIP: 002896207<br>LEI: N/A | Long             | EC               | CORP              | US        |     12500 | NS      | $1035625.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Acuity Brands, Inc.                            | Acuity Brands, Inc.                            | CUSIP: 00508Y102<br>LEI: N/A | Long             | EC               | CORP              | US        |      4700 | NS      | $1402198.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corporation                          | Air Lease Corporation                          | CUSIP: 00912X302<br>LEI: N/A | Long             | EC               | CORP              | US        |     32000 | NS      | $1871680.00   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings, Inc.            | Allison Transmission Holdings, Inc.            | CUSIP: 01973R101<br>LEI: N/A | Long             | EC               | CORP              | US        |     13600 | NS      | $1291864.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| American Eagle Outfitters, Inc.                | American Eagle Outfitters, Inc.                | CUSIP: 02553E106<br>LEI: N/A | Long             | EC               | CORP              | US        |     89600 | NS      | $861952.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphastar Pharmaceuticals, Inc.                | Amphastar Pharmaceuticals, Inc.                | CUSIP: 03209R103<br>LEI: N/A | Long             | EC               | CORP              | US        |     35100 | NS      | $805896.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologies, Inc.          | Applied Industrial Technologies, Inc.          | CUSIP: 03820C105<br>LEI: N/A | Long             | EC               | CORP              | US        |      7000 | NS      | $1627150.00   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics, Inc.                        | Arrow Electronics, Inc.                        | CUSIP: 042735100<br>LEI: N/A | Long             | EC               | CORP              | US        |     12700 | NS      | $1618361.00   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrett Business Services, Inc.                | Barrett Business Services, Inc.                | CUSIP: 068463108<br>LEI: N/A | Long             | EC               | CORP              | US        |     41700 | NS      | $1738473.00   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK Financial Corporation                      | BOK Financial Corporation                      | CUSIP: 05561Q201<br>LEI: N/A | Long             | EC               | CORP              | US        |     18164 | NS      | $1773351.32   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckle, Inc.                                   | Buckle, Inc.                                   | CUSIP: 118440106<br>LEI: N/A | Long             | EC               | CORP              | US        |     29300 | NS      | $1328755.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corporation                              | Cabot Corporation                              | CUSIP: 127055101<br>LEI: N/A | Long             | EC               | CORP              | US        |     20973 | NS      | $1572975.00   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Companies Incorporated                | Carlisle Companies Incorporated                | CUSIP: 142339100<br>LEI: N/A | Long             | EC               | CORP              | US        |      3500 | NS      | $1306900.00   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Colony Bankcorp, Inc.                          | Colony Bankcorp, Inc.                          | CUSIP: 19623P101<br>LEI: N/A | Long             | EC               | CORP              | US        |    122079 | NS      | $2010641.13   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Covenant Logistics Group, Inc.                 | Covenant Logistics Group, Inc.                 | CUSIP: 22284P105<br>LEI: N/A | Long             | EC               | CORP              | US        |     77600 | NS      | $1870936.00   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Crocs, Inc.                                    | Crocs, Inc.                                    | CUSIP: 227046109<br>LEI: N/A | Long             | EC               | CORP              | US        |     13610 | NS      | $1378420.80   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International, Inc.                | CSG Systems International, Inc.                | CUSIP: 126349109<br>LEI: N/A | Long             | EC               | CORP              | US        |     29000 | NS      | $1893990.00   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers, Inc.                     | Cullen/Frost Bankers, Inc.                     | CUSIP: 229899109<br>LEI: N/A | Long             | EC               | CORP              | US        |     15300 | NS      | $1966662.00   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CVR Energy, Inc.                               | CVR Energy, Inc.                               | CUSIP: 12662P108<br>LEI: N/A | Long             | EC               | CORP              | US        |     67000 | NS      | $1798950.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy, Inc.                       | Diamondback Energy, Inc.                       | CUSIP: 25278X109<br>LEI: N/A | Long             | EC               | CORP              | US        |     10670 | NS      | $1466058.00   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| DNOW Inc.                                      | DNOW Inc.                                      | CUSIP: 67011P100<br>LEI: N/A | Long             | EC               | CORP              | US        |    107800 | NS      | $1598674.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc.                           | Eagle Materials Inc.                           | CUSIP: 26969P108<br>LEI: N/A | Long             | EC               | CORP              | US        |      7000 | NS      | $1414770.00   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Ennis, Inc.                                    | Ennis, Inc.                                    | CUSIP: 293389102<br>LEI: N/A | Long             | EC               | CORP              | US        |     97300 | NS      | $1765022.00   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ePlus, Inc.                                    | ePlus, Inc.                                    | CUSIP: 294268107<br>LEI: N/A | Long             | EC               | CORP              | US        |     30600 | NS      | $2206260.00   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Trust, Inc.        | Essential Properties Realty Trust, Inc.        | CUSIP: 29670E107<br>LEI: N/A | Long             | EC               | CORP              | US        |     60700 | NS      | $1936937.00   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERTEC Inc.                                   | EVERTEC Inc.                                   | CUSIP: 30040P103<br>LEI: N/A | Long             | EC               | CORP              | US        |     53900 | NS      | $1943095.00   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis, Inc.                                 | Exelixis, Inc.                                 | CUSIP: 30161Q104<br>LEI: N/A | Long             | EC               | CORP              | US        |     26300 | NS      | $1159172.50   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co.                  | Graphic Packaging Holding Co.                  | CUSIP: 388689101<br>LEI: N/A | Long             | EC               | CORP              | US        |     58700 | NS      | $1236809.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Biosciences Holdings, Inc.             | Harmony Biosciences Holdings, Inc.             | CUSIP: 413197104<br>LEI: N/A | Long             | EC               | CORP              | US        |     36100 | NS      | $1140760.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| HomeTrust Bancshares, Inc.                     | HomeTrust Bancshares, Inc.                     | CUSIP: 437872104<br>LEI: N/A | Long             | EC               | CORP              | US        |     56600 | NS      | $2117406.00   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets Inc.                            | Ingles Markets Inc.                            | CUSIP: 457030104<br>LEI: N/A | Long             | EC               | CORP              | US        |     32583 | NS      | $2065110.54   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Incorporated                         | Ingredion Incorporated                         | CUSIP: 457187102<br>LEI: N/A | Long             | EC               | CORP              | US        |     14500 | NS      | $1966490.00   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| International Bancshares Corporation           | International Bancshares Corporation           | CUSIP: 459044103<br>LEI: N/A | Long             | EC               | CORP              | US        |     31900 | NS      | $2123264.00   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Kforce, Inc.                                   | Kforce, Inc.                                   | CUSIP: 493732101<br>LEI: N/A | Long             | EC               | CORP              | US        |     22894 | NS      | $941630.22    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Laureate Education, Inc.                       | Laureate Education, Inc.                       | CUSIP: 518613203<br>LEI: N/A | Long             | EC               | CORP              | US        |     81300 | NS      | $1900794.00   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corporation                      | Lundin Mining Corporation                      | CUSIP: 550372957<br>LEI: N/A | Long             | EC               | CORP              | CA        |    148400 | NS      | $1557411.51   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc.                                   | Maximus Inc.                                   | CUSIP: 577933104<br>LEI: N/A | Long             | EC               | CORP              | US        |     12700 | NS      | $891540.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Instruments, Inc.                          | MKS Instruments, Inc.                          | CUSIP: 55306N104<br>LEI: N/A | Long             | EC               | CORP              | US        |     11400 | NS      | $1132704.00   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Netstreit Corporation                          | Netstreit Corporation                          | CUSIP: 64119V303<br>LEI: N/A | Long             | EC               | CORP              | US        |    125600 | NS      | $2126408.00   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Northeast Bancorp                              | Northeast Bancorp                              | CUSIP: 66405S100<br>LEI: N/A | Long             | EC               | CORP              | US        |     22400 | NS      | $1993376.00   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc.                                       | NOV Inc.                                       | CUSIP: 62955J103<br>LEI: N/A | Long             | EC               | CORP              | US        |     32000 | NS      | $397760.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                                    | OFG Bancorp                                    | CUSIP: 67103X102<br>LEI: N/A | Long             | EC               | CORP              | US        |     46700 | NS      | $1998760.00   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corporation                 | Perdoceo Education Corporation                 | CUSIP: 71363P106<br>LEI: N/A | Long             | EC               | CORP              | US        |     60600 | NS      | $1981014.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Company, Inc.                | Phillips Edison & Company, Inc.                | CUSIP: 71844V201<br>LEI: N/A | Long             | EC               | CORP              | US        |     46200 | NS      | $1618386.00   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Progress Software Corporation                  | Progress Software Corporation                  | CUSIP: 743312100<br>LEI: N/A | Long             | EC               | CORP              | US        |     34600 | NS      | $2208864.00   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corporation                      | Regal Rexnord Corporation                      | CUSIP: 758750103<br>LEI: N/A | Long             | EC               | CORP              | US        |      6789 | NS      | $984133.44    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT, Inc.                   | Sabra Health Care REIT, Inc.                   | CUSIP: 78573L106<br>LEI: N/A | Long             | EC               | CORP              | US        |    101400 | NS      | $1869816.00   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications International Corporation | Science Applications International Corporation | CUSIP: 808625107<br>LEI: N/A | Long             | EC               | CORP              | US        |     12900 | NS      | $1452669.00   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corporation                                | SLM Corporation                                | CUSIP: 78442P106<br>LEI: N/A | Long             | EC               | CORP              | US        |     64800 | NS      | $2124792.00   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| South Plains Financial, Inc.                   | South Plains Financial, Inc.                   | CUSIP: 83946P107<br>LEI: N/A | Long             | EC               | CORP              | US        |     57700 | NS      | $2079508.00   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Southside Bancshares, Inc.                     | Southside Bancshares, Inc.                     | CUSIP: 84470P109<br>LEI: N/A | Long             | EC               | CORP              | US        |     61500 | NS      | $1809945.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals, Inc.                 | Supernus Pharmaceuticals, Inc.                 | CUSIP: 868459108<br>LEI: N/A | Long             | EC               | CORP              | US        |     43100 | NS      | $1358512.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecnoglass, Inc.                               | Tecnoglass, Inc.                               | CUSIP: G87264100<br>LEI: N/A | Long             | EC               | CORP              | US        |     21200 | NS      | $1640032.00   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of N.T. Butterfield & Son Limited     | The Bank of N.T. Butterfield & Son Limited     | CUSIP: G0772R208<br>LEI: N/A | Long             | EC               | CORP              | US        |     50700 | NS      | $2244996.00   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X, Inc.                                      | V2X, Inc.                                      | CUSIP: 92242T101<br>LEI: N/A | Long             | EC               | CORP              | US        |     33800 | NS      | $1640990.00   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabash National Corporation                    | Wabash National Corporation                    | CUSIP: 929566107<br>LEI: N/A | Long             | EC               | CORP              | US        |    132100 | NS      | $1404223.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Winnebago Industries, Inc.                     | Winnebago Industries, Inc.                     | CUSIP: 974637100<br>LEI: N/A | Long             | EC               | CORP              | US        |     36467 | NS      | $1057543.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Money Market Fund II                       | UMB Money Market Fund II                       | CUSIP: SF8888628<br>LEI: N/A | Long             | STIV             | CORP              | US        |    198677 | OU      | $198677.39    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-26

**Name of Applicant:** Pear Tree Funds

**Signature:** Diane Hunt

**Name of Signer:** Diane Hunt

**Title:** Assistant Treasurer