# EDGAR Filing Document

**Accession Number:** 0000722885
**File Stem:** 0002000324-26-002270
**Filing Date:** 2026-6
**Character Count:** 90571
**Document Hash:** fb53bd96f248e486f53d8c3252e9bb59
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-002270.hdr.sgml**: 20260610

**ACCESSION NUMBER**: 0002000324-26-002270

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260610

**DATE AS OF CHANGE**: 20260610

**EFFECTIVENESS DATE**: 20260610

**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:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03790
- **FILM NUMBER:** 261078558

**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 Foreign Value Fund (Series ID: S000009491)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000025966 | Ordinary Shares      | QFVOX           |
| C000025967 | Institutional Shares | QFVIX           |
| C000177797 | R6 Shares            | QFVRX           |

### Pear Tree Quality Fund (Series ID: S000009492)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000025969 | Ordinary Shares      | USBOX           |
| C000025970 | Institutional Shares | QGIAX           |
| C000177798 | R6 Shares            | QGIRX           |

### 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           |

### Pear Tree Polaris Foreign Value Small Cap Fund (Series ID: S000021993)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000063163 | Ordinary Shares      | QUSOX           |
| C000063164 | Institutional Shares | QUSIX           |
| C000177800 | R6 Shares            | QUSRX           |

### Pear Tree Polaris International Opportunities Fund (Series ID: S000064782)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000209787 | R6 Shares            | QISRX           |
| C000209788 | Institutional Shares | QISIX           |
| C000209789 | Ordinary Shares      | QISOX           |

### Pear Tree Essex Environmental Opportunities Fund (Series ID: S000072022)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000227702 | Institutional Shares | GEOSX           |
| C000227703 | Ordinary Shares      | EEOFX           |
| C000227704 | R6 Shares            | GEORX           |

## Internal

---

| | |
|:---|:---|
| ![](itemg1report001.jpg) | taitweller.com |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders and Trustees of the**

**Pear Tree Funds**

**Lincoln, Massachusetts 01773**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of the Pear Tree Polaris Small Cap Fund, Pear Tree Quality Fund, Pear Tree Essex Environmental Opportunities Fund, Pear Tree Polaris Foreign Value Fund, Pear Tree Polaris Foreign Value Small Cap Fund, and Pear Tree Polaris International Opportunities Fund (the "Funds"), each a series of the Pear Tree Funds (the "Trust"), including the schedules of investments, as of March 31, 2026, the related statements of operations, the statements of changes in net assets, and financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of March 31, 2026, the results of their operations, the changes in their net assets, and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds constituting<br> Pear Tree Funds** | **Statement of<br> operations** | **Statements of<br> changes in net assets** | **Financial highlights** |
| Pear Tree Polaris Small Cap Fund, Pear Tree Quality Fund, Pear Tree Polaris Foreign Value Fund, Pear Tree Polaris Foreign Value Small Cap Fund, Pear Tree Polaris International Opportunities Fund | For the year ended March 31, 2026 | For each of the two years in the period ended March 31, 2026 | For each of the five years in the period ended March 31, 2026 |
| Pear Tree Essex Environmental Opportunities Fund | For the year ended March 31, 2026 | For each of the two years in the period ended March 31, 2026 | For the year ended August 31, 2021, for the seven-month period ended March 31, 2022, and for each of the four years in the period ended March 31, 2026 |

---

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2007.

**To the Shareholders and Trustees of the**

**Pear Tree Funds**

**Page Two**

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](itemg1report002.jpg) |
| **TAIT, WELLER & BAKER LLP** |

---

**Philadelphia, Pennsylvania**

**May 21, 2026**

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0000722885

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000009492

**Series ID Record:2**
- **Series ID:** S000009493

**Series ID Record:3**
- **Series ID:** S000009491

**Series ID Record:4**
- **Series ID:** S000021993

**Series ID Record:5**
- **Series ID:** S000064782

**Series ID Record:6**
- **Series ID:** S000072022

**Class ID Record:1**
- **Class ID:** C000025969

**Class ID Record:2**
- **Class ID:** C000025970

**Class ID Record:3**
- **Class ID:** C000177798

**Class ID Record:4**
- **Class ID:** C000025972

**Class ID Record:5**
- **Class ID:** C000025973

**Class ID Record:6**
- **Class ID:** C000177799

**Class ID Record:7**
- **Class ID:** C000025966

**Class ID Record:8**
- **Class ID:** C000025967

**Class ID Record:9**
- **Class ID:** C000177797

**Class ID Record:10**
- **Class ID:** C000063163

**Class ID Record:11**
- **Class ID:** C000063164

**Class ID Record:12**
- **Class ID:** C000177800

**Class ID Record:13**
- **Class ID:** C000209789

**Class ID Record:14**
- **Class ID:** C000209788

**Class ID Record:15**
- **Class ID:** C000209787

**Class ID Record:16**
- **Class ID:** C000227703

**Class ID Record:17**
- **Class ID:** C000227702

**Class ID Record:18**
- **Class ID:** C000227704

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2026-03-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Pear Tree Funds

- **Item B.1.b - Investment Company Act file number:** 811-03790

- **Item B.1.c - CIK:** 0000722885

- **Item B.1.d - LEI:** 549300NANVEIFBMHLV32

- **Item B.2.a - Street 1:** 55 Old Bedford Road

- **Item B.2.b - City:** Lincoln

- **Item B.2.c - State:** MA

- **Item B.2.e - Zip Code:** 01773

- **Item B.2.f - Telephone:** 781 259 1144

- **Item B.2.g - Public Website:** www.PearTreeFunds.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** Pear Tree Advisors

- **b. Street 1:** 55 Old Bedford Road

- **c. City:** Lincoln

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 01773

- **g. Telephone number:** 781 259 1144

- **h. Briefly describe the books and records kept at this location:** Books and records are stored on site at the firm's principal office in physical and or electronic form. Email records are stored electronically off site by an unaffiliated third-party service provider.

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 6

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Willard Umphrey     | Yes                     | N/A                                     |
| John M. Bulbrook    | No                      | N/A                                     |
| William H. Dunlap   | No                      | N/A                                     |
| Clinton S. Marshall | No                      | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Deborah Kessinger

- **b. CRD Number, if any:** 001801530

- **c. Street Address 1:** 55 Old Bedford Road

- **d. City:** Lincoln

- **e. State, if applicable:** MA

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 01773

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** U.S. Boston Capital Corporation

- **ii. SEC file number:** 8-15885

- **iii. CRD number:** 000005251

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** Yes

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Tait, Weller & Baker LLP

- **b. PCAOB Number:** 445

- **c. LEI, if any:** N/A

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Pear Tree Quality Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Pear Tree Quality Fund

- **b. Series identification number, if any:** S000009492

- **c. LEI:** 549300ODZXI9J0UJJ525

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 3

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                         | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Pear Tree Quality Fund - Ordinary Shares      | C000025969                                | USBOX                        |
|                           2 | Pear Tree Quality Fund - Institutional Shares | C000025970                                | QGIAX                        |
|                           3 | Pear Tree Quality Fund - R6 Shares            | C000177798                                | QGIRX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Pear Tree Advisors Inc.

- **ii. SEC file number:** 801-19222

- **iii. CRD number:** 000104576

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Chartwell Investment Partners, LLC

- **ii. SEC file number:** 801-79127

- **iii. CRD number:** 000170335

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Pear Tree Institutional Services

- **ii. SEC file number:** 84-01801

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** UMB Bank, National Association

- **ii. LEI, if any, or provide and describe other identifying number:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** UMB Bank, National Association

- **ii. LEI, if any:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Pear Tree Institutional Services

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Pear Tree Advisors Inc.

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** U.S. Boston Capital Corporation

- **b. SEC file number:** 8-15885

- **c. CRD number:** 000005251

- **d. LEI, if any:** N/A

- **e. State, if applicable:** MA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Wells Fargo

- **ii. SEC file number:** 8-70063

- **iii. CRD number:** 000291933

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $46,967.00

**Brokers Record: 2**

- **i. Full name of broker:** AMERICAN VETERANS GROUP, PBC

- **ii. SEC file number:** 8-70063

- **iii. CRD number:** 000291933

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $35,149.00

**Brokers Record: 3**

- **i. Full name of broker:** Robert W. Baird & Co.

- **ii. SEC file number:** 8-497

- **iii. CRD number:** 000008158

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** WI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $11,769.00

**Brokers Record: 4**

- **i. Full name of broker:** RBC CAPITAL MARKETS

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,897.00

**Brokers Record: 5**

- **i. Full name of broker:** Keybank

- **ii. SEC file number:** 8-30177

- **iii. CRD number:** 000000566

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,834.00

**Brokers Record: 6**

- **i. Full name of broker:** Arcola Securities, Inc.

- **ii. SEC file number:** 8-67940

- **iii. CRD number:** 000147952

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,248.00

**Brokers Record: 7**

- **i. Full name of broker:** BNP Paribas Securities Corp.

- **ii. SEC file number:** 8-32682

- **iii. CRD number:** 000015794

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $240.00

**Brokers Record: 8**

- **i. Full name of broker:** Citigroup Global Markets

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $188.00

**Brokers Record: 9**

- **i. Full name of broker:** First Union Capital

- **ii. SEC file number:** 8-12886

- **iii. CRD number:** 000006124

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $94.00

**Aggregate Commission:** $113,386.00

**Item C.17.a. Principal transaction counterparties.**

| Name                         | SEC file number   |   CRD number | LEI   | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| Wells Fargo                  | 8-70063           |    000291933 | N/A   | NY      | US        | $211,490,139.00           |
| AMERICAN VETERANS GROUP, PBC | 8-70063           |    000291933 | N/A   | NY      | US        | $161,603,886.00           |
| Robert W. Baird & Co.        | 8-497             |    000008158 | N/A   | WI      | US        | $58,281,196.00            |
| RBC CAPITAL MARKETS          | 8-45411           |    000031194 | N/A   | NY      | US        | $38,691,969.00            |
| Arcola Securities, Inc.      | 8-67940           |    000147952 | N/A   | NY      | US        | $4,920,994.00             |
| Citigroup Global Markets     | 8-8177            |    000007059 | N/A   | NY      | US        | $2,539,292.00             |
| BNP Paribas Securities Corp. | 8-32682           |    000015794 | N/A   | NY      | US        | $1,981,161.00             |
| Keybank                      | 8-30177           |    000000566 | N/A   | OH      | US        | $1,680,617.00             |
| First Union Capital          | 8-12886           |    000006124 | N/A   | NY      | US        | $812,245.00               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $482,001,530.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $320,427,489.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 2 - Pear Tree Polaris Small Cap Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Pear Tree Polaris Small Cap Fund

- **b. Series identification number, if any:** S000009493

- **c. LEI:** 549300B7DSOCWNFGCQ51

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 3

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                                   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Pear Tree Polaris Small Cap Fund - Ordinary Shares      | C000025972                                | USBNX                        |
|                           2 | Pear Tree Polaris Small Cap Fund - Institutional Shares | C000025973                                | QBNAX                        |
|                           3 | Pear Tree Polaris Small Cap Fund - R6 Shares            | C000177799                                | QBNRX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Pear Tree Advisors Inc.

- **ii. SEC file number:** 801-19222

- **iii. CRD number:** 000104576

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Polaris Capital Management, LLC

- **ii. SEC file number:** 801-43216

- **iii. CRD number:** 000106278

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Pear Tree Institutional Services

- **ii. SEC file number:** 84-01801

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** UMB Bank, National Association

- **ii. LEI, if any, or provide and describe other identifying number:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** UMB Bank, National Association

- **ii. LEI, if any:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Pear Tree Institutional Services

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Pear Tree Advisors Inc.

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** U.S. Boston Capital Corporation

- **b. SEC file number:** 8-15885

- **c. CRD number:** 000005251

- **d. LEI, if any:** N/A

- **e. State, if applicable:** MA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** LIQUIDNET

- **ii. SEC file number:** 8-52461

- **iii. CRD number:** 000103987

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $10,911.00

**Brokers Record: 2**

- **i. Full name of broker:** Robert W. Baird & Co.

- **ii. SEC file number:** 8-497

- **iii. CRD number:** 000008158

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** WI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,648.00

**Brokers Record: 3**

- **i. Full name of broker:** Hovde Group LLC

- **ii. SEC file number:** 8-41597

- **iii. CRD number:** 000025425

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,662.00

**Brokers Record: 4**

- **i. Full name of broker:** HSBC SECURITIES

- **ii. SEC file number:** 8-41562

- **iii. CRD number:** 000019585

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,946.00

**Brokers Record: 5**

- **i. Full name of broker:** BOFA

- **ii. SEC file number:** 8-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,706.00

**Brokers Record: 6**

- **i. Full name of broker:** OPPENHEIMER

- **ii. SEC file number:** 8-4077

- **iii. CRD number:** 000000249

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,235.00

**Brokers Record: 7**

- **i. Full name of broker:** Stifel, Nicolaus & company, Inc.

- **ii. SEC file number:** 8-1447

- **iii. CRD number:** 000000793

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MO

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,989.00

**Brokers Record: 8**

- **i. Full name of broker:** RAYMOND JAMES

- **ii. SEC file number:** 8-10999

- **iii. CRD number:** 000000705

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,941.00

**Brokers Record: 9**

- **i. Full name of broker:** Benchmark Securities LLC

- **ii. SEC file number:** 8-69024

- **iii. CRD number:** 000159940

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,760.00

**Brokers Record: 10**

- **i. Full name of broker:** JEFFERIES & CO., INC

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,509.00

**Aggregate Commission:** $39,538.00

**Item C.17.a. Principal transaction counterparties.**

| Name                             | SEC file number   |   CRD number | LEI   | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| LIQUIDNET                        | 8-52461           |    000103987 | N/A   | NY      | US        | $41,559,790.00            |
| Robert W. Baird & Co.            | 8-497             |    000008158 | N/A   | WI      | US        | $6,129,407.00             |
| BOFA                             | 8-69787           |    000283942 | N/A   | NY      | US        | $5,472,673.00             |
| Benchmark Securities LLC         | 8-69024           |    000159940 | N/A   | FL      | US        | $4,145,348.00             |
| OPPENHEIMER                      | 8-4077            |    000000249 | N/A   | NY      | US        | $2,725,482.00             |
| JEFFERIES & CO., INC             | 8-15074           |    000002347 | N/A   | NY      | US        | $2,445,808.00             |
| Hovde Group LLC                  | 8-41597           |    000025425 | N/A   | IL      | US        | $2,164,448.00             |
| RAYMOND JAMES                    | 8-10999           |    000000705 | N/A   | FL      | US        | $1,752,548.00             |
| HSBC SECURITIES                  | 8-41562           |    000019585 | N/A   | NY      | US        | $1,679,436.00             |
| Stifel, Nicolaus & company, Inc. | 8-1447            |    000000793 | N/A   | MO      | US        | $1,665,001.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $77,343,518.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $91,806,258.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 3 - Pear Tree Polaris Foreign Value Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Pear Tree Polaris Foreign Value Fund

- **b. Series identification number, if any:** S000009491

- **c. LEI:** 549300LCWV2CSU11V931

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 3

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                                | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Pear Tree Polaris Foreign Value Fund - Ordinary      | C000025966                                | QFVOX                        |
|                           2 | Pear Tree Polaris Foreign Value Fund - Institutional | C000025967                                | QFVIX                        |
|                           3 | Pear Tree Polaris Foreign Value Fund - R6            | C000177797                                | QFVRX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-4 (17 CFR 270.12d1-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Pear Tree Advisors Inc.

- **ii. SEC file number:** 801-19222

- **iii. CRD number:** 000104576

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Polaris Capital Management, LLC

- **ii. SEC file number:** 801-43216

- **iii. CRD number:** 000106278

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Pear Tree Institutional Services

- **ii. SEC file number:** 84-01801

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** UMB Bank, National Association

- **ii. LEI, if any, or provide and describe other identifying number:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** UMB Bank, National Association

- **ii. LEI, if any:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Pear Tree Institutional Services

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Pear Tree Advisors Inc.

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** U.S. Boston Capital Corporation

- **b. SEC file number:** 8-15885

- **c. CRD number:** 000005251

- **d. LEI, if any:** N/A

- **e. State, if applicable:** MA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** BNP Paribas Securities Corp.

- **ii. SEC file number:** 8-32682

- **iii. CRD number:** 000015794

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $170,777.00

**Brokers Record: 2**

- **i. Full name of broker:** JP MORGAN

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $144,171.00

**Brokers Record: 3**

- **i. Full name of broker:** Merrill Lynch

- **ii. SEC file number:** 8-7221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $132,904.00

**Brokers Record: 4**

- **i. Full name of broker:** JEFFERIES & CO., INC

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $118,669.00

**Brokers Record: 5**

- **i. Full name of broker:** UBS Securities

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $117,785.00

**Brokers Record: 6**

- **i. Full name of broker:** GOLDMAN SACHS & CO.

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $106,155.00

**Brokers Record: 7**

- **i. Full name of broker:** LIQUIDNET

- **ii. SEC file number:** 8-52461

- **iii. CRD number:** 000103987

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $81,937.00

**Brokers Record: 8**

- **i. Full name of broker:** HSBC SECURITIES

- **ii. SEC file number:** 8-41562

- **iii. CRD number:** 000019585

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $79,602.00

**Brokers Record: 9**

- **i. Full name of broker:** Kepler Capital Markets

- **ii. SEC file number:** 8-67194

- **iii. CRD number:** 000139148

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $78,947.00

**Brokers Record: 10**

- **i. Full name of broker:** SAMSUNG

- **ii. SEC file number:** 8-50272

- **iii. CRD number:** 000043432

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $75,560.00

**Aggregate Commission:** $1,789,203.00

**Item C.17.a. Principal transaction counterparties.**

| Name                         | SEC file number   |   CRD number | LEI   | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| CitiGroup Global Markets     | 8-8177            |    000007059 | N/A   | NY      | US        | $1,764,129,055.00         |
| Morgan Stanley               | 8-68191           |    000149777 | N/A   | NY      | US        | $673,915,697.00           |
| LIQUIDNET                    | 8-52461           |    000103987 | N/A   | NY      | US        | $226,417,831.00           |
| JP MORGAN                    | 8-35008           |    000000079 | N/A   | NY      | US        | $217,398,726.00           |
| Merrill Lynch                | 8-7221            |    000007691 | N/A   | NY      | US        | $214,568,291.00           |
| BNP Paribas Securities Corp. | 8-32682           |    000015794 | N/A   | NY      | US        | $187,313,929.00           |
| UBS Securities               | 8-22651           |    000007654 | N/A   | NY      | US        | $147,522,086.00           |
| GOLDMAN SACHS & CO.          | 8-129             |    000000361 | N/A   | NY      | US        | $142,215,304.00           |
| JEFFERIES & CO., INC         | 8-15074           |    000002347 | N/A   | NY      | US        | $133,209,018.00           |
| Kepler Capital Markets       | 8-67194           |    000139148 | N/A   | NY      | US        | $116,706,489.00           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $4,686,902,061.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $1,682,450,580.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 4 - Pear Tree Polaris Foreign Value Small Cap Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Pear Tree Polaris Foreign Value Small Cap Fund

- **b. Series identification number, if any:** S000021993

- **c. LEI:** 549300AVE8SR25FLIW19

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 3

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                                          | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Pear Tree Polaris Foreign Value Small Cap Fund - Ordinary      | C000063163                                | QUSOX                        |
|                           2 | Pear Tree Polaris Foreign Value Small Cap Fund - Institutional | C000063164                                | QUSIX                        |
|                           3 | Pear Tree Polaris Foreign Value Small Cap Fund - R6            | C000177800                                | QUSRX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Pear Tree Advisors Inc.

- **ii. SEC file number:** 801-19222

- **iii. CRD number:** 000104576

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Polaris Capital Management, LLC

- **ii. SEC file number:** 801-43216

- **iii. CRD number:** 000106278

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Pear Tree Institutional Services

- **ii. SEC file number:** 84-01801

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** UMB Bank, National Association

- **ii. LEI, if any, or provide and describe other identifying number:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** UMB Bank, National Association

- **ii. LEI, if any:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Pear Tree Institutional Services

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Pear Tree Advisors Inc.

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** U.S. Boston Capital Corporation

- **b. SEC file number:** 8-15885

- **c. CRD number:** 000005251

- **d. LEI, if any:** N/A

- **e. State, if applicable:** MA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** WEDBUSH SECURITIES

- **ii. SEC file number:** 8-12987

- **iii. CRD number:** 000000877

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $55,055.00

**Brokers Record: 2**

- **i. Full name of broker:** Instinet LLC

- **ii. SEC file number:** 8-23669

- **iii. CRD number:** 000007897

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $38,783.00

**Brokers Record: 3**

- **i. Full name of broker:** Morgan Stanley

- **ii. SEC file number:** 8-68191

- **iii. CRD number:** 000149777

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $33,798.00

**Brokers Record: 4**

- **i. Full name of broker:** JP MORGAN

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $32,149.00

**Brokers Record: 5**

- **i. Full name of broker:** CIC Market Solutions

- **ii. SEC file number:** 8-51649

- **iii. CRD number:** 000047069

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $25,720.00

**Brokers Record: 6**

- **i. Full name of broker:** Redburn Partners

- **ii. SEC file number:** 8-67320

- **iii. CRD number:** 000140564

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $23,588.00

**Brokers Record: 7**

- **i. Full name of broker:** Stifel, Nicolaus & company, Inc.

- **ii. SEC file number:** 8-1447

- **iii. CRD number:** 000000793

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MO

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $22,781.00

**Brokers Record: 8**

- **i. Full name of broker:** HSBC SECURITIES

- **ii. SEC file number:** 8-41562

- **iii. CRD number:** 000019585

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $19,675.00

**Brokers Record: 9**

- **i. Full name of broker:** Nuvama Financial Services

- **ii. SEC file number:** 8-69508

- **iii. CRD number:** 000172455

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $18,837.00

**Brokers Record: 10**

- **i. Full name of broker:** Citigroup Global Markets

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $18,686.00

**Aggregate Commission:** $475,925.00

**Item C.17.a. Principal transaction counterparties.**

| Name                             | SEC file number   |   CRD number | LEI   | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| Instinet LLC                     | 8-23669           |    000007897 | N/A   | NY      | US        | $78,064,931.00            |
| JP MORGAN                        | 8-35008           |    000000079 | N/A   | NY      | US        | $56,214,827.00            |
| LIQUIDNET                        | 8-52461           |    000103987 | N/A   | NY      | US        | $54,372,741.00            |
| WEDBUSH SECURITIES               | 8-12987           |    000000877 | N/A   | CA      | US        | $53,530,592.00            |
| Morgan Stanley                   | 8-68191           |    000149777 | N/A   | NY      | US        | $33,776,723.00            |
| CIC Market Solutions             | 8-51649           |    000047069 | N/A   | NY      | US        | $25,718,927.00            |
| HSBC SECURITIES                  | 8-41562           |    000019585 | N/A   | NY      | US        | $25,689,284.00            |
| Stifel, Nicolaus & company, Inc. | 8-1447            |    000000793 | N/A   | MO      | US        | $24,290,164.00            |
| Redburn Partners                 | 8-67320           |    000140564 | N/A   | NY      | US        | $23,610,592.00            |
| Citigroup Global Markets         | 8-8177            |    000007059 | N/A   | NY      | US        | $21,216,735.00            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $625,832,287.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $704,941,113.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 5 - Pear Tree Polaris International Opportunities Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Pear Tree Polaris International Opportunities Fund

- **b. Series identification number, if any:** S000064782

- **c. LEI:** 549300IESHKEPMUBBX72

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 3

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                                              | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Pear Tree Polaris International Opportunities Fund - Ordinary      | C000209789                                | QISOX                        |
|                           2 | Pear Tree Polaris International Opportunities Fund - Institutional | C000209788                                | QISIX                        |
|                           3 | Pear Tree Polaris International Opportunities Fund - R6            | C000209787                                | QISRX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Pear Tree Advisors Inc.

- **ii. SEC file number:** 801-19222

- **iii. CRD number:** 000104576

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Polaris Capital Management, LLC

- **ii. SEC file number:** 801-43216

- **iii. CRD number:** 000106278

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Pear Tree Institutional Services

- **ii. SEC file number:** 84-01801

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** UMB Bank, National Association

- **ii. LEI, if any, or provide and describe other identifying number:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** UMB Bank, National Association

- **ii. LEI, if any:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Pear Tree Institutional Services

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Pear Tree Advisors Inc.

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** U.S. Boston Capital Corporation

- **b. SEC file number:** 8-15885

- **c. CRD number:** 000005251

- **d. LEI, if any:** N/A

- **e. State, if applicable:** MA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** JP MORGAN

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $11,112.00

**Brokers Record: 2**

- **i. Full name of broker:** HSBC SECURITIES

- **ii. SEC file number:** 8-41562

- **iii. CRD number:** 000019585

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,808.00

**Brokers Record: 3**

- **i. Full name of broker:** Citigroup Global Markets

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,458.00

**Brokers Record: 4**

- **i. Full name of broker:** WEDBUSH SECURITIES

- **ii. SEC file number:** 8-12987

- **iii. CRD number:** 000000877

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,336.00

**Brokers Record: 5**

- **i. Full name of broker:** Merrill Lynch

- **ii. SEC file number:** 8-7221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,197.00

**Brokers Record: 6**

- **i. Full name of broker:** LIQUIDNET

- **ii. SEC file number:** 8-52461

- **iii. CRD number:** 000103987

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,544.00

**Brokers Record: 7**

- **i. Full name of broker:** UBS Securities

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,715.00

**Brokers Record: 8**

- **i. Full name of broker:** Daiwa Capital Markets

- **ii. SEC file number:** 8-12242

- **iii. CRD number:** 000001576

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,491.00

**Brokers Record: 9**

- **i. Full name of broker:** GOLDMAN SACHS & CO.

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,115.00

**Brokers Record: 10**

- **i. Full name of broker:** BERENBERG CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-68821

- **iii. CRD number:** 000156757

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,085.00

**Aggregate Commission:** $47,054.00

**Item C.17.a. Principal transaction counterparties.**

| Name                     | SEC file number   |   CRD number | LEI   | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| JP MORGAN                | 8-35008           |    000000079 | N/A   | NY      | US        | $17,806,404.00            |
| HSBC SECURITIES          | 8-41562           |    000019585 | N/A   | NY      | US        | $8,376,815.00             |
| LIQUIDNET                | 8-52461           |    000103987 | N/A   | NY      | US        | $7,458,002.00             |
| Merrill Lynch            | 8-7221            |    000007691 | N/A   | NY      | US        | $7,284,375.00             |
| Citigroup Global Markets | 8-8177            |    000007059 | N/A   | NY      | US        | $3,550,996.00             |
| WEDBUSH SECURITIES       | 8-12987           |    000000877 | N/A   | CA      | US        | $3,401,040.00             |
| BOFA                     | 8-69787           |    000283942 | N/A   | NY      | US        | $2,928,917.00             |
| UBS Securities           | 8-22651           |    000007654 | N/A   | NY      | US        | $1,894,712.00             |
| GOLDMAN SACHS & CO.      | 8-129             |    000000361 | N/A   | NY      | US        | $1,596,131.00             |
| Daiwa Capital Markets    | 8-12242           |    000001576 | N/A   | NY      | US        | $1,394,697.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $66,980,235.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $67,535,961.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 6 - Pear Tree Essex Environmental Opportunities Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Pear Tree Essex Environmental Opportunities Fund

- **b. Series identification number, if any:** S000072022

- **c. LEI:** 549300DFLDIEFJUH3S51

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 3

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                                            | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Pear Tree Essex Environmental Opportunities Fund - Ordinary      | C000227703                                | EEOFX                        |
|                           2 | Pear Tree Essex Environmental Opportunities Fund - Institutional | C000227702                                | GEOSX                        |
|                           3 | Pear Tree Essex Environmental Opportunities Fund - R6            | C000227704                                | GEORX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Pear Tree Advisors Inc.

- **ii. SEC file number:** 801-19222

- **iii. CRD number:** 000104576

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Essex Investment Management Co., LLC

- **ii. SEC file number:** 801-55496

- **iii. CRD number:** 000109962

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Pear Tree Institutional Services

- **ii. SEC file number:** 84-01801

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** UMB Bank, National Association

- **ii. LEI, if any, or provide and describe other identifying number:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** UMB Bank, National Association

- **ii. LEI, if any:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Pear Tree Institutional Services

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Pear Tree Advisors Inc.

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** U.S. Boston Capital Corporation

- **b. SEC file number:** 8-15885

- **c. CRD number:** 000005251

- **d. LEI, if any:** N/A

- **e. State, if applicable:** MA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** MORGAN STANLEY & CO

- **ii. SEC file number:** 8-68191

- **iii. CRD number:** 000149777

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $16,947.00

**Brokers Record: 2**

- **i. Full name of broker:** EDGETRADE

- **ii. SEC file number:** 8-49684

- **iii. CRD number:** 000042071

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $12,993.00

**Brokers Record: 3**

- **i. Full name of broker:** WEEDEN & CO.

- **ii. SEC file number:** 8-37267

- **iii. CRD number:** 000016835

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,082.00

**Brokers Record: 4**

- **i. Full name of broker:** STRATEGAS

- **ii. SEC file number:** 8-68138

- **iii. CRD number:** 000149326

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,133.00

**Brokers Record: 5**

- **i. Full name of broker:** JANNEY MONTGOMERY

- **ii. SEC file number:** 8-462

- **iii. CRD number:** 000000463

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,207.00

**Brokers Record: 6**

- **i. Full name of broker:** LIQUIDNET

- **ii. SEC file number:** 8-52461

- **iii. CRD number:** 000103987

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,476.00

**Brokers Record: 7**

- **i. Full name of broker:** Canaccord Genuity LLC

- **ii. SEC file number:** 8-3271

- **iii. CRD number:** 000001020

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,278.00

**Brokers Record: 8**

- **i. Full name of broker:** Keybank

- **ii. SEC file number:** 8-30177

- **iii. CRD number:** 000000566

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,034.00

**Brokers Record: 9**

- **i. Full name of broker:** Cowen & Co

- **ii. SEC file number:** 8-22522

- **iii. CRD number:** 000007616

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,023.00

**Brokers Record: 10**

- **i. Full name of broker:** Needham & Company LLC

- **ii. SEC file number:** 8-33772

- **iii. CRD number:** 000016360

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,564.00

**Aggregate Commission:** $63,211.00

**Item C.17.a. Principal transaction counterparties.**

| Name                        | SEC file number   |   CRD number | LEI   | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| EDGETRADE                   | 8-49684           |    000042071 | N/A   | DE      | US        | $14,618,740.00            |
| WEEDEN & CO.                | 8-37267           |    000016835 | N/A   | DE      | US        | $9,834,291.00             |
| MORGAN STANLEY & CO         | 8-68191           |    000149777 | N/A   | NY      | US        | $6,647,013.00             |
| STRATEGAS                   | 8-68138           |    000149326 | N/A   | NY      | US        | $3,273,191.00             |
| Keybank                     | 8-30177           |    000000566 | N/A   | OH      | US        | $1,602,647.00             |
| Needham & Company LLC       | 8-33772           |    000016360 | N/A   | NY      | US        | $1,548,097.00             |
| Fidelity Financing          | 8-70261           |    000299736 | N/A   | MA      | US        | $1,323,555.00             |
| National Financial Services | 8-26740           |    000013041 | N/A   | MA      | US        | $1,320,136.00             |
| LIQUIDNET                   | 8-52461           |    000103987 | N/A   | NY      | US        | $1,225,391.00             |
| JANNEY MONTGOMERY           | 8-462             |    000000463 | N/A   | PA      | US        | $870,922.00               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $48,648,323.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $28,770,302.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Pear Tree Funds

**Date:** 2026-06-10

**Signature:** /s/ Diane Hunt

**Title:** Assistant Treasurer