# EDGAR Filing Document

**Accession Number:** 0000722885
**File Stem:** 0001104659-23-025985
**Filing Date:** 2023-2
**Character Count:** 77968
**Document Hash:** 7c69b90e135e6ae713d66fced7b18aba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-025985.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001104659-23-025985

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pear Tree Funds
- **CENTRAL INDEX KEY:** 0000722885
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03790
- **FILM NUMBER:** 23674529

**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 Small Cap Fund (Series ID: S000021993)

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

## Nport-Ex

PEAR TREE POLARIS SMALL CAP FUND

SCHEDULE OF INVESTMENTS

*December 31, 2022*

*(Unaudited)*

 

**Common Stock - 97.0%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **AEROSPACE & DEFENSE - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corporation | 10400 | $1736696 |
| &nbsp;&nbsp;&nbsp;V2X, Inc. (a) | 33100 | 1366699 |
|  |  | 3103395 |
| **AUTO COMPONENTS - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | 42600 | 1482480 |
| **AUTOMOBILES - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | 18567 | 978481 |
| **BANKS - 18.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BOK Financial Corporation | 19864 | 2061685 |
| &nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. | 83100 | 1175865 |
| &nbsp;&nbsp;&nbsp;Cambridge Bancorp | 23530 | 1954402 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corporation | 28983 | 587775 |
| &nbsp;&nbsp;&nbsp;Colony Bankcorp, Inc. | 119479 | 1516188 |
| &nbsp;&nbsp;&nbsp;F.N.B. Corporation | 61980 | 808839 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corporation | 41700 | 1908192 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 76100 | 2097316 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | 88600 | 2439158 |
|  |  | 14549420 |
| **BIOTECHNOLOGY - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc. (a) | 79900 | 1281596 |
| **CAPITAL MARKETS - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Hercules Capital, Inc. | 105798 | 1398650 |
| **CHEMICALS - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Cabot Corporation | 25573 | 1709299 |
| **COMMERCIAL SERVICES & SUPPLIES - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | 78200 | 1732912 |
| **CONSTRUCTION MATERIALS - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Eagle Materials Inc. | 16100 | 2138885 |
| **CONSUMER FINANCE - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;SLM Corporation | 48600 | 806760 |
| **CONTAINERS & PACKAGING - 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Berry Global Group, Inc. | 29400 | 1776642 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | 91600 | 2038100 |
|  |  | 3814742 |

---

---

| | | |
|:---|:---|:---|
| **DIVERSIFIED CONSUMER SERVICES - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corporation (a) | 118800 | 1651320 |
| **ELECTRICAL EQUIPMENT - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corporation | 6789 | 814544 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. (a) | 7700 | 805189 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics, Inc. (a) | 50245 | 1135035 |
| &nbsp;&nbsp;&nbsp;Methode Electronics, Inc. | 5900 | 261783 |
|  |  | 2202007 |
| **ENERGY EQUIPMENT & SERVICES - 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Dril-Quip, Inc. (a) | 49800 | 1353066 |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | 102938 | 2150375 |
|  |  | 3503441 |
| **FOOD PRODUCTS - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Ingredion Incorporated | 19600 | 1919428 |
| **HEALTH CARE TECHNOLOGY - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Computer Programs and Systems, Inc. (a) | 28350 | 771687 |
| **IT SERVICES - 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 24000 | 1372800 |
| &nbsp;&nbsp;&nbsp;EVERTEC Inc | 49800 | 1612524 |
| &nbsp;&nbsp;&nbsp;Maximus Inc. | 16600 | 1217278 |
|  |  | 4202602 |
| **LEISURE PRODUCTS - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Johnson Outdoors, Inc. | 14300 | 945516 |
| **MACHINERY - 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | 40300 | 1676480 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corporation | 16900 | 1490411 |
| &nbsp;&nbsp;&nbsp;Wabash National Corporation | 100300 | 2266780 |
|  |  | 5433671 |
| **METALS & MINING - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corporation | 189400 | 1161560 |
| **OIL, GAS & CONSUMABLE FUELS - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc. | 48000 | 1504320 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 10670 | 1459443 |
|  |  | 2963763 |
| **PHARMACEUTICALS - 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc. (a) | 31800 | 1752180 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc. (a) | 25300 | 976833 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc. (a) | 42500 | 1515975 |
|  |  | 4244988 |

---

---

| | | |
|:---|:---|:---|
| **PROFESSIONAL SERVICES - 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | 27700.0 | 2583856 |
| &nbsp;&nbsp;&nbsp;BGSF Inc. | 28400.0 | 435088 |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | 29494.0 | 1617156 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corporation | 15100.0 | 1675043 |
|  |  | 6311143 |
| **ROAD & RAIL - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 18894.0 | 990235 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;MKS Instruments, Inc. | 19600.0 | 1660708 |
| **SOFTWARE - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Enghouse Systems Limited | 35500.0 | 942387 |
| **TEXTILES, APPAREL & LUXURY GOODS - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Crocs, Inc. (a) | 10410.0 | 1128756 |
| **TRADING COMPANIES & DISTRIBUTORS - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease Corporation | 43300.0 | 1663586 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 11800.0 | 1487154 |
|  |  | 3150740 |
| **TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $57,847,719) |  | 76995116 |
| **SHORT TERM INVESTMENTS - 0.5%** |  |  |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **Money Market -0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;UMB Money Market Special II, 4.00% (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $396,627) | 396627 | $396627 |
| **TOTAL INVESTMENTS - 97.5%** |  | 77391743 |
| &nbsp;&nbsp;&nbsp;(Cost $58,244,346) |  |  |
| **OTHER ASSETS & LIABILITIES (NET) - 2.5%** |  | 2023161 |
| **NET ASSETS - 100%** |  | $79414904 |

---

(a) Non-income
producing security

(b) Interest
rate reflects seven-day effective yield on December 31, 2022.

(c) At
December 31, 2022, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $58,702,467 was as
follows :

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $20006614 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (1317338) |
| Net unrealized appreciation/(depreciation) | $18689276 |

---

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

---

| | |
|:---|:---|
| **SECTOR ALLOCATIONS** (as a percentage of Total Net Assets) | |
| Industrials | 27.1% |
| Financials | 21.1% |
| Information Technology | 11.4% |
| Materials | 11.1% |
| Energy | 8.2% |
| Health Care | 7.9% |
| Consumer Discretionary | 7.8% |
| Consumer Staples | 2.4% |
| Cash and Other Assets (Net) | 3.0% |
|  | 100.0% |

---

PEAR TREE QUALITY FUND

SCHEDULE OF INVESTMENTS

*December 31, 2022* 

*(Unaudited)*

Common Stock - 98.7%

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **AEROSPACE & DEFENSE - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Safran SA | 39520 | $4931354 |
| **BANKS - 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 135252 | 5898340 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Company | 127060 | 5246307 |
|  |  | 11144647 |
| **BEVERAGES - 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Company (The) | 84373 | 5366967 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. (a) | 10043 | 2327465 |
|  |  | 7694432 |
| **COMMERCIAL SERVICES & SUPPLIES - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 15805 | 1569753 |
| **COMMUNICATIONS EQUIPMENT - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 22480 | 1070947 |
| **DIVERSIFIED FINANCIAL SERVICES - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;American Express Company | 19274 | 2847734 |
| **FOOD PRODUCTS - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Nestle, S.A. (b) | 21034 | 2426062 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 24251 | 2662517 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. (a) | 7310 | 1939709 |
| &nbsp;&nbsp;&nbsp;Medtronic Plc | 43007 | 3342504 |
|  |  | 7944730 |
| **HEALTH CARE PROVIDERS & SERVICES - 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;CIGNA Corporation | 6053 | 2005601 |
| &nbsp;&nbsp;&nbsp;Elevance Health Inc. | 8688 | 4456683 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics Incorporated | 18873 | 2952492 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 14794 | 7843483 |
|  |  | 17258259 |
| **HOTELS, RESTAURANTS & LEISURE - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Compass Group Plc (b) | 203748 | 4741216 |
| **HOUSEHOLD PRODUCTS - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Unilever Plc (b) | 77921 | 3923322 |
| **INTERACTIVE MEDIA & SERVICES - 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A (a) | 56460 | 4981466 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc. (a) | 27846 | 306863 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. | 38158 | 4591933 |
|  |  | 9880262 |

---

---

| | | |
|:---|:---|:---|
| **IT Services - 20.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture Plc | 17889.0 | 4773500 |
| &nbsp;&nbsp;&nbsp;Adobe Systems Incorporated (a) | 7326.0 | 2465419 |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group, S.A. (b) | 20200.0 | 1034038 |
| &nbsp;&nbsp;&nbsp;Microsoft Corporation | 48939.0 | 11736551 |
| &nbsp;&nbsp;&nbsp;Oracle Corporation | 59047.0 | 4826502 |
| &nbsp;&nbsp;&nbsp;salesforce.com, inc. (a) | 17789.0 | 2358643 |
| &nbsp;&nbsp;&nbsp;SAP AG (b) | 43661.0 | 4505379 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. | 17626.0 | 3661978 |
|  |  | 35362010 |
| **MACHINERY - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 39390.0 | 3084631 |
| **MULTILINE RETAIL - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 59828.0 | 4762309 |
| **PHARMACEUTICALS - 9.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Eli Lilly and Company | 9886.0 | 3616694 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 37912.0 | 6697154 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 33122.0 | 3674886 |
| &nbsp;&nbsp;&nbsp;Roche Holding Ltd. (b) | 81317.0 | 3183561 |
|  |  | 17172295 |
| **RETAILING - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. (a)(b) | 44496.0 | 3919653 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. (a) | 33369.0 | 2802996 |
|  |  | 6722649 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 11.8%** |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. | 3475.0 | 1898740 |
| &nbsp;&nbsp;&nbsp;KLA-Tencor Corporation | 6490.0 | 2446925 |
| &nbsp;&nbsp;&nbsp;Lam Research Corporation | 11316.0 | 4756115 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. (b) | 76603.0 | 5706157 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 33992.0 | 5616158 |
|  |  | 20424095 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 45663.0 | 5932994 |
| **TEXTILES, APPAREL & LUXURY GOODS - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;LVMH Moët Hennessy-Louis Vuitton S.A. (b) | 15606.0 | 2260841 |
| **TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $162,324,757) |  | 171154542 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Short Term Investments - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;UMB Money Market Special II, 4.00% (c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,162,674) | 2162674 | $2162674 |
| **TOTAL INVESTMENT - 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $164,487,431) |  | 173317216 |
| **OTHER ASSETS & LIABILITIES (NET) - 0.0%** |  | 44006 |
| **NET ASSETS - 100%** |  | $173361222 |

---

(a) Non-Income
producing security

(b) ADR
- American Depositary Receipts

(c) Interest
rate reflects seven-day effective yield on December 31, 2022.

(d) At
December 31, 2022, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $164,930,216 was as
follows :

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $24374710 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (15987710) |
| Net unrealized appreciation/(depreciation) | $8387000 |

---

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

---

| | |
|:---|:---|
| **SECTOR ALLOCATIONS** (as a percentage of Total Net Assets) | |
| Information Technology | 36.2% |
| Health Care | 24.4% |
| Consumer Discretionary | 10.7% |
| Consumer Staples | 8.1% |
| Financials | 8.1% |
| Communication Services | 5.7% |
| Industrials | 5.5% |
| CASH + other assets (net) | 1.3% |
|  | 100.0% |

---

PEAR TREE POLARIS INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

*December 31, 2022*

*(Unaudited)*

 

Common Stock - 87.8%

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **AUSTRALIA - 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Accent Group Limited | 332200 | $378473 |
| &nbsp;&nbsp;&nbsp;Collins Foods Limited | 117490 | 572869 |
| &nbsp;&nbsp;&nbsp;HANSEN Technologies | 101506 | 353819 |
| &nbsp;&nbsp;&nbsp;Macquarie Group Limited | 2710 | 306837 |
|  |  | 1611998 |
| **BELGIUM - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;D'Ieteren S.A. | 2900 | 554621 |
| **BRAZIL - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Equatorial Energia S.A. | 68800 | 352092 |
| **CANADA - 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard Inc. | 9700 | 425941 |
| &nbsp;&nbsp;&nbsp;Enghouse Systems Limited | 14000 | 371646 |
| &nbsp;&nbsp;&nbsp;EQB Inc. | 9000 | 376804 |
| &nbsp;&nbsp;&nbsp;goeasy Ltd. | 4655 | 365701 |
| &nbsp;&nbsp;&nbsp;OpenText Corporation | 14900 | 441172 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 5300 | 342916 |
|  |  | 2324180 |
| **CHINA - 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. (a) | 40800 | 450865 |
| &nbsp;&nbsp;&nbsp;Midea Group Co., Ltd. | 57700 | 429947 |
| &nbsp;&nbsp;&nbsp;Zhejiang Supor Co. | 51200 | 364278 |
| &nbsp;&nbsp;&nbsp;Zhongsheng Group Holdings | 68500 | 352373 |
|  |  | 1597463 |
| **DENMARK - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;DFDS A/S | 6900 | 253901 |
| **FRANCE - 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alten S.A. | 2700 | 336564 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 395 | 286617 |
| &nbsp;&nbsp;&nbsp;Neurones S.A. | 9600 | 402135 |
| &nbsp;&nbsp;&nbsp;SEB SA | 4300 | 359098 |
|  |  | 1384414 |
| **GERMANY - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;VIB Vermögen AG | 10609 | 229843 |
| **GREECE - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Jumbo S.A. | 21771 | 371292 |
| **INDIA - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Muthoot Finance Ltd. | 24200 | 310961 |

---

---

| | | |
|:---|:---|:---|
| **INDONESIA - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;PT Bank Rakyat Indonesia Tbk (a) | 756545 | 240072 |
| **ITALY - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;De'Longhi SpA | 15100 | 338098 |
| &nbsp;&nbsp;&nbsp;Interpump Group S.p.A. | 5000 | 224973 |
| &nbsp;&nbsp;&nbsp;SeSa S.p.A. | 1900 | 235219 |
| &nbsp;&nbsp;&nbsp;SOL SpA | 20100 | 379691 |
|  |  | 1177981 |
| **JAPAN - 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;BeNEXT Group, Inc. | 18900 | 243654 |
| &nbsp;&nbsp;&nbsp;FULLCAST HOLDINGS Co., Ltd. | 17900 | 383111 |
| &nbsp;&nbsp;&nbsp;JAC Recruitment Co., Ltd. | 21700 | 399479 |
| &nbsp;&nbsp;&nbsp;NEXTAGE Co., Ltd. | 17900 | 344583 |
| &nbsp;&nbsp;&nbsp;Open House Group Co., Limited | 9100 | 332427 |
| &nbsp;&nbsp;&nbsp;Sanwa Holdings Corporation | 36600 | 338691 |
|  |  | 2041945 |
| **MALAYSIA - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Public Bank Bhd | 221700 | 217422 |
| &nbsp;&nbsp;&nbsp;Scientex Berhad | 403500 | 294953 |
|  |  | 512375 |
| **MEXICO - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - B | 32300 | 248739 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacífico, S.A.B. de C. V. | 16500 | 236358 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Sureste, S. A. B. de C.V. | 11100 | 258975 |
|  |  | 744072 |
| **NORWAY - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;SpareBank Nord-Norge | 16000 | 155923 |
| &nbsp;&nbsp;&nbsp;Sparebanken Vest | 34000 | 318912 |
|  |  | 474835 |
| **PERU - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp Ltd. | 1800 | 244188 |
| **SINGAPORE - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;United Overseas Bank Limited | 17100 | 391418 |
| **SOUTH AFRICA - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;AVI Limited | 76900 | 339915 |
| &nbsp;&nbsp;&nbsp;FirstRand Limited | 53600 | 195688 |
|  |  | 535603 |
| **SOUTH KOREA - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Hansol Chemical Co., Ltd. | 2300 | 337406 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Company Limited | 7898 | 345401 |
|  |  | 682807 |
| **SPAIN - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;CIE Automotive | 7100 | 182312 |
| **SWEDEN - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bravida Holding AB | 49600 | 530298 |
| &nbsp;&nbsp;&nbsp;Hexpol AB | 34100 | 363598 |
| &nbsp;&nbsp;&nbsp;Knowit AB | 21800 | 426397 |
|  |  | 1320293 |

---

---

| | | |
|:---|:---|:---|
| **TAIWAN - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;BizLink Holding, Inc. | 12400.0 | 95414 |
| &nbsp;&nbsp;&nbsp;Chailease Holding Co., Ltd. | 20617.0 | 145561 |
| &nbsp;&nbsp;&nbsp;Elite Material Co., Limited | 24000.0 | 133526 |
| &nbsp;&nbsp;&nbsp;POYA International Co., Ltd. | 7752.0 | 125478 |
| &nbsp;&nbsp;&nbsp;SINBON Electronics Co., Ltd. | 12300.0 | 110052 |
| &nbsp;&nbsp;&nbsp;Thinking Electronic Industrial Co., Ltd. | 28000.0 | 112964 |
| &nbsp;&nbsp;&nbsp;Tripod Technology Corporation | 54172.0 | 165677 |
| &nbsp;&nbsp;&nbsp;Yageo Corporation | 17510.0 | 256934 |
|  |  | 1145606 |
| **THAILAND - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Muangthai Capital Public Company Limited | 290900.0 | 319163 |
| &nbsp;&nbsp;&nbsp;TISCO Financial Group | 127700.0 | 365937 |
|  |  | 685100 |
| **UNITED KINGDOM - 10.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Future plc | 18800.0 | 286535 |
| &nbsp;&nbsp;&nbsp;Games Workshop Group PLC | 3990.0 | 411095 |
| &nbsp;&nbsp;&nbsp;Greggs plc | 12882.0 | 363541 |
| &nbsp;&nbsp;&nbsp;Howden Joinery Group plc | 32600.0 | 220235 |
| &nbsp;&nbsp;&nbsp;Marshall Machinery Inc. | 80500.0 | 264557 |
| &nbsp;&nbsp;&nbsp;Next Fifteen Communications Group plc | 26061.0 | 310362 |
| &nbsp;&nbsp;&nbsp;OSB Group PLC | 42000.0 | 242411 |
| &nbsp;&nbsp;&nbsp;RS Group plc | 15900.0 | 171279 |
| &nbsp;&nbsp;&nbsp;SSP Group plc | 129800.0 | 357563 |
|  |  | 2627578 |
| **UNITED STATES - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc. (a) | 5200.0 | 490776 |
| **TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $22,108,855) |  | 22487726 |

---

---

| | | |
|:---|:---|:---|
| **SHORT TERM INVESTMENTS - 5.8%** | | |
|  | Par Value | Value |
| **Money Market - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;UMB Money Market Special II, 4.00% (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,505,411) | 1505411 | $1505411 |
| **TOTAL INVESTMENTS - 93.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $23,614,266) |  | 23993137 |
| **OTHER ASSETS & LIABILITIES (Net) - 6.4%** |  | 1635507 |
| **NET ASSETS - 100%** |  | $25628644 |

---

(a) Non-income
producing security.

(b) Interest
rate reflects seven-day effective yield on December 31, 2022.

(c) At
December 31, 2022, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $23,667,795 was as
follows :

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $2248439 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (1923097) |
| Net unrealized appreciation/(depreciation) | $325342 |

---

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

---

| | |
|:---|:---|
| **SECTOR ALLOCATIONS** (as a percentage of Total Net Assets) | |
| Consumer Discretionary | 25.7% |
| Financials | 17.7% |
| Information Technology | 16.3% |
| Industrials | 14.1% |
| Materials | 6.4% |
| Consumer Staples | 3.0% |
| Communication Services | 2.3% |
| Utilities | 1.4% |
| Real Estate | 0.9% |
| Cash and Other Assets (Net) | 12.2% |
|  | 100.0% |

---

---

| |
|:---|
| PEAR TREE POLARIS FOREIGN VALUE SMALL CAP FUND |
| SCHEDULE OF INVESTMENTS |
| December 31, 2022 |
| (Unaudited) |
| Common Stock - 97.7% |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **BELGIUM - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;D'leteren SA | 158955 | $30399932 |
| **BRAZIL - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Equatorial Energia S.A. | 4827585 | 24705736 |
| **CANADA - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Aecon Group Inc. | 1994000 | 13406155 |
| &nbsp;&nbsp;&nbsp;EQB Inc. | 359400 | 15047057 |
| &nbsp;&nbsp;&nbsp;goeasy Ltd. | 164300 | 12907554 |
|  |  | 41360766 |
| **CHINA - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Xinhua Winshare Publishing and Media Co., Limited | 9164500 | 6187946 |
| **COLUMBIA - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Tecnoglass, Inc. | 676164 | 20805566 |
| **DENMARK - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;DFDS A/S | 374399 | 13776877 |
| &nbsp;&nbsp;&nbsp;Ringkjoebing Landbobank A/S | 187400 | 25496233 |
|  |  | 39273110 |
| **FRANCE - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Elis S.A. | 1844338 | 27202509 |
| &nbsp;&nbsp;&nbsp;Technip Energies N.V. (a) | 1445000 | 22623426 |
|  |  | 49825935 |
| **GERMANY- 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;flatexDEGIRO AG (a) | 490400 | 3310854 |
| &nbsp;&nbsp;&nbsp;Sixt SE | 48425 | 4441973 |
|  |  | 7752827 |
| **GREECE - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Jumbo S.A. | 1431529 | 24413910 |
| **HONG KONG - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Samson Holding Limited | 74790800 | 2970551 |
| &nbsp;&nbsp;&nbsp;VSTECS Holdings Limited | 8587360 | 4951072 |
|  |  | 7921623 |
| **INDONESIA - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;PT. Pakuwon Jati Tbk | 415457800 | 12169504 |
| **IRELAND - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;C & C Group plc (a) | 8194045 | 17279154 |
| &nbsp;&nbsp;&nbsp;Glanbia plc | 1608400 | 20461182 |
| &nbsp;&nbsp;&nbsp;Greencore Group plc (a) | 15220000 | 11745014 |
|  |  | 49485350 |

---

---

| | | |
|:---|:---|:---|
| **ITALY - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;De'Longhi SpA | 981136.0 | 21968232 |
| **JAPAN - 16.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Daicel Corporation | 2707700.0 | 19597965 |
| &nbsp;&nbsp;&nbsp;Dowa Holdings Co., Limited | 500800.0 | 15751412 |
| &nbsp;&nbsp;&nbsp;Kanematsu Corporation | 1693100.0 | 19247793 |
| &nbsp;&nbsp;&nbsp;Kyudenko Corporation | 557000.0 | 13783054 |
| &nbsp;&nbsp;&nbsp;Mizuho Leasing Company, Limited | 404800.0 | 10231596 |
| &nbsp;&nbsp;&nbsp;Open House Group Co., Limited | 575100.0 | 21008617 |
| &nbsp;&nbsp;&nbsp;Prima Meat Packers Limited | 1033300.0 | 17221014 |
| &nbsp;&nbsp;&nbsp;Sankyu Inc. | 464000.0 | 16985259 |
| &nbsp;&nbsp;&nbsp;Sanwa Holdings Corporation | 2387200.0 | 22090805 |
| &nbsp;&nbsp;&nbsp;Tsubakimoto Chain Co., Limited | 403300.0 | 9114711 |
|  |  | 165032226 |
| **NORWAY - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;SpareBank Nord-Norge | 735389.0 | 7166515 |
| &nbsp;&nbsp;&nbsp;Sparebank 1 Oestlandet | 568688.0 | 6996750 |
| &nbsp;&nbsp;&nbsp;SpareBank 1 SMN | 961828.0 | 12439030 |
| &nbsp;&nbsp;&nbsp;SpareBank 1 SR-Bank ASA | 931626.0 | 11414806 |
| &nbsp;&nbsp;&nbsp;Sparebanken Vest | 788092.0 | 7392113 |
|  |  | 45409214 |
| **PORTUGAL - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Redes Energéticas Nacionais, SGPS, S.A. | 6530905.0 | 17564440 |
| **SINGAPORE - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;AEM Holdings Limited | 7160200.0 | 18258190 |
| &nbsp;&nbsp;&nbsp;Venture Corporation, Limited | 1567200.0 | 19934709 |
|  |  | 38192899 |
| **SOUTH KOREA - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;ENF Technology Co., Limited | 692686.0 | 11065447 |
| &nbsp;&nbsp;&nbsp;Fila Holding Corporation | 221700.0 | 5829597 |
| &nbsp;&nbsp;&nbsp;Nature Holdings Co., Limited (The) | 436302.0 | 11024001 |
|  |  | 27919045 |
| **SPAIN - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;CIE Automotive | 206600.0 | 5305012 |
| **SWEDEN - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Cloetta AB, Class B | 3732700.0 | 7472923 |
| &nbsp;&nbsp;&nbsp;Duni AB (a) | 485645.0 | 4017717 |
| &nbsp;&nbsp;&nbsp;Hexpol AB | 2231100.0 | 23789549 |
| &nbsp;&nbsp;&nbsp;Loomis AB, Class B | 706161.0 | 19383084 |
|  |  | 54663273 |
| **TAIWAN - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;BizLink Holding, Inc. | 1023000.0 | 7871663 |
| &nbsp;&nbsp;&nbsp;Elite Material Co., Limited | 2001600.0 | 11136100 |
| &nbsp;&nbsp;&nbsp;Primax Electronics Limited | 4856800.0 | 8770067 |
| &nbsp;&nbsp;&nbsp;Sercomm Corporation | 1542000.0 | 3827971 |
| &nbsp;&nbsp;&nbsp;Tripod Technology Corporation | 3106400.0 | 9500467 |
|  |  | 41106268 |

---

---

| | | |
|:---|:---|:---|
| **THAILAND - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Thanachart Capital PCL | 18690500.0 | 22934784 |
| &nbsp;&nbsp;&nbsp;TISCO Financial Group | 7836500.0 | 22456262 |
|  |  | 45391046 |
| **UNITED KINGDOM - 18.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Crest Nicholson Holdings plc | 2611400.0 | 7432422 |
| &nbsp;&nbsp;&nbsp;Future plc | 1333000.0 | 20316504 |
| &nbsp;&nbsp;&nbsp;Halfords Group plc | 3786126.0 | 9518830 |
| &nbsp;&nbsp;&nbsp;Inchcape plc | 2368269.0 | 23360767 |
| &nbsp;&nbsp;&nbsp;Keller Group plc | 457639.0 | 4404080 |
| &nbsp;&nbsp;&nbsp;Lancashire Holdings Limited | 3189230.0 | 24936840 |
| &nbsp;&nbsp;&nbsp;National Express Group plc (a) | 6402700.0 | 10012643 |
| &nbsp;&nbsp;&nbsp;Nomad Foods Limited (a) | 1261800.0 | 21753432 |
| &nbsp;&nbsp;&nbsp;OSB Group PLC | 3172817.0 | 18312494 |
| &nbsp;&nbsp;&nbsp;QinetiQ | 6120800.0 | 26285644 |
| &nbsp;&nbsp;&nbsp;Vistry Group plc | 2201379.0 | 16563967 |
|  |  | 182897623 |
| **TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,036,427,048) |  | 959751483 |

---

**SHORT TERM INVESTMENTS - 1.8%**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **Money Market - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;UMB Money Market Special II, 4.00% (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,317,623) | 17317623 | $17317623 |
| **TOTAL INVESTMENTS - 99.5%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,053,744,671) |  | 977069106 |
| **OTHER ASSETS & LIABILITIES (NET) -0.5%** |  | 4942009 |
| **NET ASSETS - 100%** |  | $982011115 |

---

(a) Non-income
producing security

(b) Interest
rate reflects seven-day effective yield on December 31, 2022.

(c) At
December 31, 2022, the unrealized depreciation of investments based on aggregate cost for federal tax purposes of $1,061,806,050 was
as follows :

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $99781119 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (184518063) |
| Net unrealized appreciation/(depreciation) | $(84736944) |

---

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

---

| | |
|:---|:---|
| **SECTOR ALLOCATIONS (as a percentage of Total Net Assets)** | |
| Industrials | 23.3% |
| Financials | 20.5% |
| Consumer Discretionary | 19.3% |
| Consumer Staples | 9.8% |
| Information Technology | 7.8% |
| Materials | 7.1% |
| Utilities | 4.3% |
| Energy | 2.3% |
| Communication Services | 2.1% |
| Real Estate | 1.2% |
| Cash and Other Assets (Net) | 2.3% |
|  | 100.0% |

---

---

| |
|:---|
| PEAR TREE POLARIS FOREIGN VALUE FUND |
| SCHEDULE OF INVESTMENTS |
| December 31, 2022 |
| (Unaudited) |
| Common Stock - 98.7% |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **BELGIUM - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;D'leteren S.A. | 294853 | $56390243 |
| **CANADA - 9.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corporation | 10180800 | 62437231 |
| &nbsp;&nbsp;&nbsp;Magna International Inc. | 1206935 | 67748691 |
| &nbsp;&nbsp;&nbsp;Methanex Corporation | 2032493 | 76889735 |
| &nbsp;&nbsp;&nbsp;Open Text Corporation | 1145000 | 33902140 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 1221928 | 79060094 |
|  |  | 320037891 |
| **CHILE - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Antofagasta plc | 3607800 | 67073919 |
| **CHINA - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Weichai Power Company Limited | 58631000 | 78725545 |
| **COLOMBIA - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Bancolombia S.A. | 4397800 | 38546284 |
| **FRANCE - 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Ipsos | 919480 | 57406169 |
| &nbsp;&nbsp;&nbsp;Michelin (CGDE) | 2202800 | 61088322 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe | 1391847 | 88264193 |
| &nbsp;&nbsp;&nbsp;Vinci SA | 729798 | 72660465 |
|  |  | 279419149 |
| **GERMANY - 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 4018877 | 79940053 |
| &nbsp;&nbsp;&nbsp;flatexDegiro AG (a) | 988400 | 6673019 |
| &nbsp;&nbsp;&nbsp;Hannover Rueck SE | 385300 | 76278709 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft | 225330 | 73105998 |
|  |  | 235997779 |
| **GREECE - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Jumbo S.A. | 1167804 | 19916230 |
| **IRELAND - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Greencore Group plc (a) | 19767301 | 15254088 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc (a) | 416700 | 66384477 |
| &nbsp;&nbsp;&nbsp;Smurfit Kappa | 2068246 | 76284506 |
|  |  | 157923071 |
| **ITALY -0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Trevi Finanziaria Industriale SpA (a) | 16792356 | 5716928 |
| **JAPAN - 12.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Brother Industries, Ltd. | 1745000 | 26542991 |
| &nbsp;&nbsp;&nbsp;Daicel Corporation | 6314700 | 45704941 |
| &nbsp;&nbsp;&nbsp;Daito Trust Construction Company, Ltd. | 608900 | 62484414 |
| &nbsp;&nbsp;&nbsp;Honda Motor Company, Ltd. | 2362000 | 54277040 |
| &nbsp;&nbsp;&nbsp;KDDI Corporation | 2459300 | 74219808 |
| &nbsp;&nbsp;&nbsp;Marubeni Corporation | 7427600 | 85284126 |
| &nbsp;&nbsp;&nbsp;Sony Group Corporation | 912300 | 69384444 |
|  |  | 417897764 |

---

---

| | | |
|:---|:---|:---|
| **NETHERLANDS -1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize | 2177900.0 | 62385097 |
| **NORWAY - 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | 4146330.0 | 81844876 |
| &nbsp;&nbsp;&nbsp;SpareBank 1 SR-Bank ASA | 6205787.0 | 76036797 |
| &nbsp;&nbsp;&nbsp;Sparebanken Vest | 2183075.0 | 20476716 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | 1540800.0 | 67350369 |
|  |  | 245708758 |
| **PUERTO RICO - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | 976150.0 | 64738268 |
| **RUSSIA - 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;ALROSA Company PJSC \* (a) | 41136300.0 | 5635 |
| **SINGAPORE - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;United Overseas Bank Limited | 3286347.0 | 75224316 |
| **SOUTH KOREA - 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis Company, Limited | 200500.0 | 31791420 |
| &nbsp;&nbsp;&nbsp;Kia Motors Corporation | 1241100.0 | 58202633 |
| &nbsp;&nbsp;&nbsp;LG Electronics, Inc. | 568900.0 | 38916449 |
| &nbsp;&nbsp;&nbsp;LG Uplus Corporation | 6719903.0 | 58722759 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Company Limited | 1527303.0 | 66793085 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co., Limited | 1725400.0 | 48030115 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 898700.0 | 53303677 |
|  |  | 355760138 |
| **SWEDEN - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Duni AB (a) | 1566400.0 | 12958749 |
| &nbsp;&nbsp;&nbsp;Loomis AB, Class B | 1555483.0 | 42695728 |
| &nbsp;&nbsp;&nbsp;SKF AB-B | 4311700.0 | 65857964 |
|  |  | 121512441 |
| **SWITZERLAND - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Novartis AG | 846850.0 | 76511232 |
| **THAILAND - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;TISCO Financial Group | 7722600.0 | 22129870 |
| **UNITED KINGDOM - 15.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Amcor plc | 6071300.0 | 72309183 |
| &nbsp;&nbsp;&nbsp;Babcock International Group plc (a) | 7102641.0 | 24111215 |
| &nbsp;&nbsp;&nbsp;Bellway plc | 1803773.0 | 41389354 |
| &nbsp;&nbsp;&nbsp;Inchcape plc | 5733768.0 | 56558279 |
| &nbsp;&nbsp;&nbsp;Linde plc | 235544.0 | 76829742 |
| &nbsp;&nbsp;&nbsp;Mondi plc | 3819587.0 | 65324703 |
| &nbsp;&nbsp;&nbsp;Next plc | 1128550.0 | 78820658 |
| &nbsp;&nbsp;&nbsp;Nomad Foods Limited (a) | 2085600.0 | 35955744 |
| &nbsp;&nbsp;&nbsp;Taylor Wimpey plc | 33741122.0 | 41258090 |
|  |  | 492556968 |
| **TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,144,487,383) |  | 3194177526 |
| **RIGHTS - 0.0%** |  |  |
| **ITALY -0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Trevi Finanziaria Industriale SpA (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0) | 16792356.0 | $1792 |

---

---

| | | |
|:---|:---|:---|
| **WARRANTS - 0.0%** |  |  |
| **ITALY -0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Trevi Finanziaria Industriale SpA (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,585,702) | 76022.0 | $67341 |
| **SHORT TERM INVESTMENTS - 0.1%** |  |  |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **Money Market - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;UMB Money Market Special II, 4.00% (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,562,277) | 3562277 | $3562277 |
| **TOTAL INVESTMENTS - 98.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,155,635,362) |  | 3197808936 |
| **OTHER ASSETS & LIABILITIES (NET) -1.2%** |  | 38689768 |
| **NET ASSETS - 100%** |  | $3236498704 |

---

\* Fair Valued by Valuation Committee as delegated by Pear Tree Funds Board of Trustees that represents 0.0% of net assets as of December 31, 2022.

(a) Non
income producing security.

(b) Interest
rate reflects seven-day effective yield on December 31, 2022.

(c) At
December 31, 2022, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $3,178,248,639 was
as follows :

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $483124212 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (463563915) |
| Net unrealized appreciation/(depreciation) | $19560297 |

---

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

---

| | |
|:---|:---|
| **SECTOR ALLOCATIONS** (as a percentage of Total Net Assets) | |
| Consumer Discretionary | 21.3% |
| Financials | 20.4% |
| Materials | 18.9% |
| Industrials | 11.6% |
| Communication Services | 11.1% |
| Information Technology | 5.6% |
| Health Care | 4.4% |
| Consumer Staples | 3.5% |
| Real Estate | 1.9% |
| Cash and Other Assets (Net) | 1.3% |
|  | 100.0% |

---

---

| |
|:---|
| PEAR TREE ESSEX ENVIRONMENTAL OPPORTUNITIES FUND |
| SCHEDULE OF INVESTMENTS |
| December 31, 2022 |
| (Unaudited) |
| Common Stock - 96.2% |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **DENMARK - 6.5%** |  |  |
| **INDUSTRIALS - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | 82776 | $2400871 |
| **UTILITIES - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Ørsted A/S | 21737 | 1969398 |
| **TOTAL DENMARK** |  | 4370269 |
| **GERMANY - 7.5%** |  |  |
| **INFORMATION TECHNOLOGY - 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG | 85243 | 2586402 |
| &nbsp;&nbsp;&nbsp;SMA Solar Technology AG | 34235 | 2442486 |
|  |  | 5028888 |
| **IRELAND - 4.5%** |  |  |
| **CONSUMER DISCRETIONARY - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Aptiv PLC (a) | 13777 | 1283052 |
| **INDUSTRIALS - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Kingspan Group plc | 31757 | 1714268 |
| **TOTAL IRELAND** |  | 2997320 |
| **ISRAEL - 4.9%** |  |  |
| **INDUSTRIALS - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Kornit Digital Ltd. (a) | 56706 | 1302537 |
| **INFORMATION TECHNOLOGY - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc. (a) | 7078 | 2004985 |
| **TOTAL ISRAEL** |  | 3307522 |
| **JAPAN - 4.8%** |  |  |
| **INDUSTRIALS - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Kurita Water Industries Ltd. | 35548 | 1471007 |
| **INFORMATION TECHNOLOGY - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Keyence Corporation | 4590 | 1788759 |
| **TOTAL JAPAN** |  | 3259766 |
| **SWEDEN - 3.2%** |  |  |
| **INDUSTRIAL - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;NIBE Industrier AB | 232856 | 2170000 |
| **SWITZERLAND - 4.5%** |  |  |
| **INFORMATION TECHNOLOGY - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Landis+Gyr Group AG | 43239 | 3049443 |

---

---

| | | |
|:---|:---|:---|
| **UNITED STATES - 60.3%** |  |  |
| **CONSUMER STAPLES - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;SunOpta Inc. (a) | 135326.0 | 1142151 |
| **INDUSTRIALS - 33.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corporation (a) | 73033.0 | 1396391 |
| &nbsp;&nbsp;&nbsp;Energy Recovery, Inc. (a) | 146860.0 | 3009161 |
| &nbsp;&nbsp;&nbsp;Enovix Corporation (a) | 109031.0 | 1356346 |
| &nbsp;&nbsp;&nbsp;Generac Holdings Inc. (a) | 11201.0 | 1127493 |
| &nbsp;&nbsp;&nbsp;Hubbell Incorporated | 9908.0 | 2325209 |
| &nbsp;&nbsp;&nbsp;Lindsay Corporation | 13364.0 | 2176327 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. (a) | 11029.0 | 1571633 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding plc | 39298.0 | 1586853 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc. (a) | 77209.0 | 1904746 |
| &nbsp;&nbsp;&nbsp;Stem, Inc. (a) | 109818.0 | 981773 |
| &nbsp;&nbsp;&nbsp;Sunrun Inc. (a) | 44126.0 | 1059907 |
| &nbsp;&nbsp;&nbsp;TPI Composites, Inc. | 190976.0 | 1936497 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc. | 15624.0 | 2284697 |
|  |  | 22717033 |
| **INFORMATION TECHNOLOGY - 16.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 26527.0 | 2892239 |
| &nbsp;&nbsp;&nbsp;Cognex Corporation | 53881.0 | 2538334 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc. (a) | 9509.0 | 2519505 |
| &nbsp;&nbsp;&nbsp;Trimble Navigation Limited (a) | 29760.0 | 1504665 |
| &nbsp;&nbsp;&nbsp;Wolfspeed, Inc. (a) | 25870.0 | 1786065 |
|  |  | 11240808 |
| **MATERIALS - 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle Corporation | 7527.0 | 1632305 |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels, Inc. (a) | 133718.0 | 1576535 |
| &nbsp;&nbsp;&nbsp;Livent Corporation (a) | 49510.0 | 983764 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp. (a) | 54098.0 | 1313500 |
|  |  | 5506104 |
| **TOTAL UNITED STATES** |  | 40606096 |
| **TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $70,482,370) |  | 64789304 |

---

---

| | | |
|:---|:---|:---|
| **SHORT TERM INVESTMENTS - 3.8%** | | |
|  | Par Value | Value |
| **Money Market - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;UMB Money Market Special II, 4.00% (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,561,161) | 2561161 | $2561161 |
| **TOTAL INVESTMENTS - 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $73,043,531) |  | 67350465 |
| **OTHER ASSETS & LIABILITIES (Net) - (0.0%)** |  | (29150) |
| **NET ASSETS - 100%** |  | $67321315 |

---

(a) Non-income
producing security.

(b) Interest
rate reflects seven-day effective yield on December 31, 2022.

(c) At
December 31, 2022, the unrealized depreciation of investments based on aggregate cost for federal tax purposes of $73,043,562 was
as follows :

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $7181836 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (12874933) |
| Net unrealized appreciation/(depreciation) | $(5693097) |

---

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

---

| | |
|:---|:---|
| **SECTOR ALLOCATIONS** (as a percentage of Total Net Assets) | |
| Industrials | 47.2% |
| Information Technology | 34.3% |
| Materials | 8.2% |
| Utilities | 2.9% |
| Consumer Discretionary | 1.9% |
| Consumer Staples | 1.7% |
| Cash and Other Assets (Net) | 3.8% |
|  | 100.0% |

---

---

| |
|:---|
| PEAR TREE AXIOM EMERGING MARKETS WORLD EQUITY FUND |
| SCHEDULE OF INVESTMENTS |
| December 31, 2022 |
| (Unaudited) |
| Common Stock - 96.2% |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **AUSTRIA- 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Erste Group Bank AG | 4656 | $148575 |
| **BRAZIL - 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Arezzo Industria e Comercio SA | 11600 | 171919 |
| &nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | 134800 | 337268 |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes S.A. | 61900 | 395214 |
| &nbsp;&nbsp;&nbsp;Cielo SA | 378400 | 375548 |
| &nbsp;&nbsp;&nbsp;Hypera S.A. | 61800 | 529065 |
| &nbsp;&nbsp;&nbsp;Localiza Rent a Car S.A. | 16700 | 168272 |
| &nbsp;&nbsp;&nbsp;Totvs S.A. | 65700 | 343694 |
| &nbsp;&nbsp;&nbsp;Weg S.A. | 92400 | 673950 |
|  |  | 2994930 |
| **CHILE - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Química y Minera de Chile S.A. (b) | 780 | 62276 |
| **CHINA - 29.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. (a) | 162400 | 1794619 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. (a)(b) | 3250 | 286292 |
| &nbsp;&nbsp;&nbsp;Baidu, Inc. (a) | 71950 | 1029701 |
| &nbsp;&nbsp;&nbsp;Baidu, Inc. (a)(b) | 8760 | 1001969 |
| &nbsp;&nbsp;&nbsp;Bosideng International Holdings Limited | 400000 | 190134 |
| &nbsp;&nbsp;&nbsp;BYD Company Ltd. | 40300 | 994462 |
| &nbsp;&nbsp;&nbsp;Centre Testing International Group Co., Ltd. | 190500 | 611095 |
| &nbsp;&nbsp;&nbsp;China Huishan Dairy Holdings Co., Ltd. \* (a) | 208000 |  |
| &nbsp;&nbsp;&nbsp;China Longyuan Power Group H | 256000 | 312907 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power Co., Ltd. | 113800 | 343772 |
| &nbsp;&nbsp;&nbsp;Chongqing Brewery Co., Ltd. | 38900 | 712787 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Company, Ltd. | 1200 | 67912 |
| &nbsp;&nbsp;&nbsp;Glodon Company Limited | 8700 | 75027 |
| &nbsp;&nbsp;&nbsp;Hanergy Mobile Energy Holding Group \* (a) | 36000 |  |
| &nbsp;&nbsp;&nbsp;JD.com, Inc. | 56650 | 1598249 |
| &nbsp;&nbsp;&nbsp;Jiumaojiu International Holdings Ltd. | 244000 | 651813 |
| &nbsp;&nbsp;&nbsp;LONGi Green Energy Technology | 11500 | 69910 |
| &nbsp;&nbsp;&nbsp;Luzhou Laojiao Co. Ltd. | 20000 | 645252 |
| &nbsp;&nbsp;&nbsp;PICC Property and Casualty Co., Ltd. | 342000 | 324692 |
| &nbsp;&nbsp;&nbsp;Pinduoduo Inc. (a)(b) | 12320 | 1004696 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group H Share | 304000 | 2011736 |
| &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology Co., Ltd. | 67700 | 676834 |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co., Ltd. | 8300 | 377253 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Limited | 52500 | 2246637 |
| &nbsp;&nbsp;&nbsp;Trip.com Group Limited (a)(b) | 45200 | 1554880 |
| &nbsp;&nbsp;&nbsp;Yadea Group Holdings Ltd. | 163000 | 272746 |
| &nbsp;&nbsp;&nbsp;Yifeng Pharmacy Chain Co., Ltd. | 28400 | 260808 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. (b) | 11880 | 649242 |
| &nbsp;&nbsp;&nbsp;Yunnan Botanee Bio-Technology Group Co., Ltd. | 5600 | 120222 |
|  |  | 19885647 |

---

---

| | | |
|:---|:---|:---|
| **DENMARK - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S | 2768.0 | 372621 |
| **FRANCE - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 1007.0 | 730693 |
| **GREECE - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Greek Organisation of Football Prognostics S.A. | 13884.0 | 196036 |
| **HONG KONG - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;AIA Group Ltd. | 131600.0 | 1463534 |
| **INDIA - 12.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Hospitals Enterprise Limited | 3983.0 | 215572 |
| &nbsp;&nbsp;&nbsp;Axis Bank Limited | 83813.0 | 945974 |
| &nbsp;&nbsp;&nbsp;Bajaj Finserv Limited | 6872.0 | 546172 |
| &nbsp;&nbsp;&nbsp;Bharat Electronics Limited | 391868.0 | 473197 |
| &nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. | 95510.0 | 930625 |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 62642.0 | 1232812 |
| &nbsp;&nbsp;&nbsp;Hindustan Unilever Ltd. | 21188.0 | 655911 |
| &nbsp;&nbsp;&nbsp;ICICI Bank Limited | 74764.0 | 805071 |
| &nbsp;&nbsp;&nbsp;Infosys Limited | 7149.0 | 130329 |
| &nbsp;&nbsp;&nbsp;Infosys Limited - SP (b) | 11700.0 | 210717 |
| &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 51898.0 | 1597904 |
| &nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries Limited | 11269.0 | 136405 |
| &nbsp;&nbsp;&nbsp;TVS Motor Company | 5477.0 | 71857 |
| &nbsp;&nbsp;&nbsp;Varun Beverages Limited | 22926.0 | 366503 |
|  |  | 8319049 |
| **INDONESIA - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;PT Bank Central Asia Tbk | 1715300.0 | 942079 |
| &nbsp;&nbsp;&nbsp;PT Bank Mandiri Tbk | 1429100.0 | 911117 |
| &nbsp;&nbsp;&nbsp;PT Sumber Alfaria Trijaya Tbk | 2183300.0 | 371656 |
| &nbsp;&nbsp;&nbsp;Vale Indonesia Tbk | 433000.0 | 197482 |
|  |  | 2422334 |
| **JAPAN - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;INPEX Corporation | 6750.0 | 71416 |
| **MALAYSIA - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Public Bank Bhd | 351400.0 | 344619 |
| **MEXICO - 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Arca Continental | 23800.0 | 193260 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - B | 8900.0 | 68538 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacífico, S.A.B. de C. V. | 8100.0 | 116030 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Sureste, S. A. B. de C.V. | 6560.0 | 153052 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV | 146500.0 | 1051804 |
| &nbsp;&nbsp;&nbsp;Grupo Mexico S.A.B. de C.V. Class B | 32700.0 | 114793 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico, S.A.B. de C.V. | 366300.0 | 1289276 |
|  |  | 2986753 |
| **NETHERLANDS - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. | 915.0 | 491971 |
| **POLAND - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Dino Polska S.A. (a) | 3395.0 | 290482 |

---

---

| | | |
|:---|:---|:---|
| **SAUDI ARABIA - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alinma Bank | 9606 | 83203 |
| &nbsp;&nbsp;&nbsp;Etihad Etisalat Company | 35141 | 324947 |
| &nbsp;&nbsp;&nbsp;Saudi British Bank (The) | 46392 | 480832 |
|  |  | 888982 |
| **SINGAPORE - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. | 27800 | 703084 |
| **SOUTH AFRICA - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Bidvest Group Limited | 28173 | 354982 |
| &nbsp;&nbsp;&nbsp;Capitec Bank | 2479 | 270784 |
| &nbsp;&nbsp;&nbsp;Clicks Group Limited | 14708 | 233461 |
| &nbsp;&nbsp;&nbsp;Shoprite Holdings Ltd. | 17593 | 233677 |
|  |  | 1092904 |
| **SOUTH KOREA - 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Hana Financial Group, Inc. | 4729 | 157259 |
| &nbsp;&nbsp;&nbsp;Korea Aerospace Industries, Ltd. | 9105 | 366504 |
| &nbsp;&nbsp;&nbsp;Orion Corporation | 3764 | 381014 |
| &nbsp;&nbsp;&nbsp;Samsung Biologics (a) | 875 | 568110 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Company Limited | 46235 | 2021981 |
| &nbsp;&nbsp;&nbsp;Samsung SDI Co., Ltd. | 3052 | 1426439 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co., Limited | 10883 | 302951 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 691 | 40985 |
|  |  | 5265243 |
| **SWITZERLAND - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Nestle S.A. | 1160 | 134330 |
| **TAIWAN - 11.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Airtac International Group | 5500 | 166599 |
| &nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | 900 | 49340 |
| &nbsp;&nbsp;&nbsp;Chailease Holding Co., Ltd. | 130400 | 920655 |
| &nbsp;&nbsp;&nbsp;CTBC Financial Holding Co., Ltd. | 244000 | 175445 |
| &nbsp;&nbsp;&nbsp;Delta Electronics, Inc. | 121500 | 1132558 |
| &nbsp;&nbsp;&nbsp;E Ink Holdings Inc. | 60000 | 314295 |
| &nbsp;&nbsp;&nbsp;Far EasTone Telecom | 164000 | 351633 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 321100 | 4685570 |
|  |  | 7796095 |
| **THAILAND - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Airports of Thailand Public Company Limited (a)(c) | 52900 | 114551 |
| &nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services (c) | 653500 | 547178 |
| &nbsp;&nbsp;&nbsp;Bumrungrad International Hospital (c) | 118200 | 723499 |
| &nbsp;&nbsp;&nbsp;Central Pattana Public Company Limited | 118600 | 243124 |
| &nbsp;&nbsp;&nbsp;PTT Exploration & Production PCL (c) | 102600 | 522850 |
|  |  | 2151202 |
| **UNITED ARAB EMIRATES - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Americana Restaurants International PLC | 299987 | 242590 |
| &nbsp;&nbsp;&nbsp;Dubai Islamic Bank | 231514 | 359308 |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 341275 | 544523 |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank | 121378 | 565133 |
|  |  | 1711554 |
| **UNITED KINGDOM - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Anglo American plc | 13191 | 513565 |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc (b) | 3000 | 203400 |
| &nbsp;&nbsp;&nbsp;BAE Systems plc | 35792 | 368555 |
| &nbsp;&nbsp;&nbsp;Diageo plc | 3045 | 133697 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc | 971 | 67210 |
| &nbsp;&nbsp;&nbsp;Shell plc | 7442 | 208229 |
|  |  | 1494656 |

---

---

| | | |
|:---|:---|:---|
| **UNITED STATES - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Coupang, Inc. | 20440 | 300672 |
| &nbsp;&nbsp;&nbsp;Danaher Corporation | 490 | 130056 |
| &nbsp;&nbsp;&nbsp;Globant S.A. (a) | 950 | 159752 |
| &nbsp;&nbsp;&nbsp;Mercado Libre, Inc. (a) | 1106 | 935941 |
| &nbsp;&nbsp;&nbsp;Microsoft Corporation | 1390 | 333350 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corporation (a) | 580 | 84761 |
| &nbsp;&nbsp;&nbsp;Samsonite International S.A. (a) | 136600 | 359658 |
|  |  | 2304190 |
| **TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $68,433,363) |  | 64323176 |
| Preferred Stock - 0.7% |  |  |
| **SOUTH KOREA - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $494,002) | 12205 | 487428 |
| P-Notes - 1.3% |  |  |
| **SAUDI ARABIA - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Alinma Bank SJSC | 145908 | 1262177 |
| &nbsp;&nbsp;&nbsp;ARAMCO AB | 30294 | 258832 |
| &nbsp;&nbsp;&nbsp;Saudi Telecom Co. | 24040 | 234193 |
| &nbsp;&nbsp;&nbsp;(Cost $2,122,774) |  | 1755202 |
| Rights - 0.0% |  |  |
| **BRAZIL - 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Localiza Rent a Car S.A. |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $0) | 1 | 2 |
| Exchange Traded Funds - 1.6% |  |  |
| **United States - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,099,999) | 23300 | 1088110 |

---

---

| | | |
|:---|:---|:---|
| **SHORT TERM INVESTMENTS - 0.1%** | | |
|  | Par Value | Value |
| **Money Market - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;UMB Money Market Special II, 4.00% (d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $78,525) | 78525 | 78525 |
| **TOTAL INVESTMENTS - 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $72,228,663) |  | 67732443 |
| **OTHER ASSETS & LIABILITIES (Net) - 0.1%** |  | 57046 |
| **NET ASSETS - 100%** |  | $67789489 |

---

\* Fair Valued by Valuation Committee as delegated by Pear Tree Funds Board of Trustees that represent 0.0% of net assets as of December 31, 2022.

(a) Non-income
producing security.

(b) ADR
- American Depositary Receipts

(c) NVDR
- Non Voting Depositary Receipts

(d) Interest
rate reflects seven-day effective yield on December 31, 2022.

(e) At
December 31, 2022, the unrealized depreciation of investments based on aggregate cost for federal tax purposes of $73,690,420 was as
follows :

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $3121224 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (9079201) |
| Net unrealized appreciation/(depreciation) | $(5957977) |

---

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

---

| | |
|:---|:---|
| **SECTOR ALLOCATIONS** (as a percentage of Total Net Assets) | |
| Financials | 24.7% |
| Information Technology | 18.3% |
| Consumer Discretionary | 17.7% |
| Communication Services | 9.0% |
| Consumer Staples | 9.0% |
| Industrials | 6.5% |
| Health Care | 5.6% |
| Energy | 3.9% |
| Materials | 1.3% |
| Real Estate | 1.2% |
| Utilities | 1.0% |
| Mutual Funds | 1.6% |
| CASH + other assets (net) | 0.2% |
|  | 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:** 00000000000000000000

- **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 Foreign Value Small Cap Fund

- **b. EDGAR series identifier (if any):** S000021993

- **c. LEI of Series:** 549300AVE8SR25FLIW19

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $984193175.35

**Total Liabilities:** $2182060.65

**Net Assets:** $982011114.70

**Stand-by Commitments:** $2182060.65

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000063163 | 3.08%                | 10.65%               | 0.96%                |
| Class ID C000063164 | 3.15%                | 10.62%               | 0.98%                |
| Class ID C000177800 | 3.18%                | 10.67%               | 1.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-17471017.96            | $45007444.02                               |
| Month 2  | $-2981692.00             | $98377842.66                               |
| Month 3  | $0.00                    | $8978997.27                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Aecon Group Inc.                                  | Aecon Group Inc.                                  | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | CA        |   1994000 | NS      | $13406154.98  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AEM Holdings Limited                              | AEM Holdings Limited                              | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | SG        |   7160200 | NS      | $18258189.68  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BizLink Holding, Inc.                             | BizLink Holding, Inc.                             | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | KY        |   1023000 | NS      | $7871663.06   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| C & C Group plc                                   | C & C Group plc                                   | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | IE        |   8194045 | NS      | $17279154.20  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CIE Automotive                                    | CIE Automotive                                    | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | ES        |    206600 | NS      | $5305011.74   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloetta AB, Class B                               | Cloetta AB, Class B                               | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | SE        |   3732700 | NS      | $7472923.08   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Crest Nicholson Holdings plc                      | Crest Nicholson Holdings plc                      | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | GB        |   2611400 | NS      | $7432421.99   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Daicel Corporation                                | Daicel Corporation                                | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | JP        |   2707700 | NS      | $19597965.06  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| De'Longhi SpA                                     | De'Longhi SpA                                     | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | IT        |    981136 | NS      | $21968231.89  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DFDS A/S                                          | DFDS A/S                                          | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | DK        |    374399 | NS      | $13776877.34  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| D'Ieteren S.A.                                    | D'Ieteren S.A.                                    | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | BE        |    158955 | NS      | $30399931.70  | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Dowa Holdings Co., Limited                        | Dowa Holdings Co., Limited                        | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | JP        |    500800 | NS      | $15751411.57  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Duni AB                                           | Duni AB                                           | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | SE        |    485645 | NS      | $4017716.69   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Elis S.A.                                         | Elis S.A.                                         | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | FR        |   1844338 | NS      | $27202509.24  | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Elite Material Co., Limited                       | Elite Material Co., Limited                       | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | TW        |   2001600 | NS      | $11136099.95  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ENF Technology Co., Limited                       | ENF Technology Co., Limited                       | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | KR        |    692686 | NS      | $11065446.58  | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EQB Inc.                                          | EQB Inc.                                          | CUSIP: 26886R955<br>LEI: N/A | Long             | EC               | CORP              | CA        |    359400 | NS      | $15047056.83  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Equatorial Energia S.A.                           | Equatorial Energia S.A.                           | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | BR        |   4827585 | NS      | $24705736.33  | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Fila Holdings Corporation                         | Fila Holdings Corporation                         | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | KR        |    221700 | NS      | $5829596.68   | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| flatexDEGIRO AG                                   | flatexDEGIRO AG                                   | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | DE        |    490400 | NS      | $3310854.22   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Future plc                                        | Future plc                                        | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | GB        |   1333000 | NS      | $20316504.27  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Glanbia plc                                       | Glanbia plc                                       | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | IE        |   1608400 | NS      | $20461182.50  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| goeasy Ltd.                                       | goeasy Ltd.                                       | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | CA        |    164300 | NS      | $12907553.51  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Greencore Group plc                               | Greencore Group plc                               | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | IE        |  15220000 | NS      | $11745013.83  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Halfords Group plc                                | Halfords Group plc                                | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | GB        |   3786126 | NS      | $9518829.95   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexpol AB                                         | Hexpol AB                                         | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | SE        |   2231100 | NS      | $23789549.40  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Inchcape plc                                      | Inchcape plc                                      | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | GB        |   2368269 | NS      | $23360767.23  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Jumbo S.A.                                        | Jumbo S.A.                                        | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | GR        |   1431529 | NS      | $24413909.73  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kanematsu Corporation                             | Kanematsu Corporation                             | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | JP        |   1693100 | NS      | $19247792.64  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Keller Group plc                                  | Keller Group plc                                  | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | GB        |    457639 | NS      | $4404080.36   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyudenko Corporation                              | Kyudenko Corporation                              | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | JP        |    557000 | NS      | $13783053.55  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lancashire Holdings Limited                       | Lancashire Holdings Limited                       | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | BM        |   3189230 | NS      | $24936839.89  | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Loomis AB, Class B                                | Loomis AB, Class B                                | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | SE        |    706161 | NS      | $19383084.22  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mizuho Leasing Company, Limited                   | Mizuho Leasing Company, Limited                   | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | JP        |    404800 | NS      | $10231596.50  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| National Express Group plc                        | National Express Group plc                        | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | GB        |   6402700 | NS      | $10012642.85  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nature Holding Co., Limited (The)                 | Nature Holding Co., Limited (The)                 | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | KR        |    436302 | NS      | $11024000.71  | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomad Foods Limited                               | Nomad Foods Limited                               | CUSIP: G6564A105<br>LEI: N/A | Long             | EC               | CORP              | VG        |   1261800 | NS      | $21753432.00  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Open House Group Co., Limited                     | Open House Group Co., Limited                     | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | JP        |    575100 | NS      | $21008617.23  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OSB Group PLC                                     | OSB Group PLC                                     | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | GB        |   3172817 | NS      | $18312493.64  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Prima Meat Packers Limited                        | Prima Meat Packers Limited                        | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | JP        |   1033300 | NS      | $17221014.06  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Primax Electronics Limited                        | Primax Electronics Limited                        | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | TW        |   4856800 | NS      | $8770067.19   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PT. Pakuwon Jati Tbk                              | PT. Pakuwon Jati Tbk                              | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | ID        | 415457800 | NS      | $12169504.21  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| QinetiQ                                           | QinetiQ                                           | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | GB        |   6120800 | NS      | $26285644.17  | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Redes Energeticas Nacionais, SGPS, S.A.           | Redes Energeticas Nacionais, SGPS, S.A.           | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | PT        |   6530905 | NS      | $17564440.34  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ringkjoebing Landbobank A/S                       | Ringkjoebing Landbobank A/S                       | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | DK        |    187400 | NS      | $25496232.72  | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Samson Holding Limited                            | Samson Holding Limited                            | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | KY        |  74790800 | NS      | $2970550.67   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sankyu Inc.                                       | Sankyu Inc.                                       | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | JP        |    464000 | NS      | $16985259.01  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanwa Holdings Corporation                        | Sanwa Holdings Corporation                        | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | JP        |   2387200 | NS      | $22090804.50  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sercomm Corporation                               | Sercomm Corporation                               | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | TW        |   1542000 | NS      | $3827970.91   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sixt SE                                           | Sixt SE                                           | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | DE        |     48425 | NS      | $4441973.05   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SpareBank 1 Oestlandet                            | SpareBank 1 Oestlandet                            | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | NO        |    568688 | NS      | $6996750.14   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sparebank 1 SMN                                   | Sparebank 1 SMN                                   | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | NO        |    961828 | NS      | $12439030.27  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SpareBank 1 SR-Bank ASA                           | SpareBank 1 SR-Bank ASA                           | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | NO        |    931626 | NS      | $11414806.44  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SpareBank Nord-Norge                              | SpareBank Nord-Norge                              | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | NO        |    735389 | NS      | $7166515.48   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sparebanken Vest                                  | Sparebanken Vest                                  | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | NO        |    788092 | NS      | $7392112.56   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Technip Energies N.V.                             | Technip Energies N.V.                             | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | NL        |   1445000 | NS      | $22623425.83  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecnoglass, Inc.                                  | Tecnoglass, Inc.                                  | CUSIP: G87264100<br>LEI: N/A | Long             | EC               | CORP              | KY        |    676164 | NS      | $20805566.28  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Thanachart Capital PCL                            | Thanachart Capital PCL                            | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | TH        |  18690500 | NS      | $22934784.18  | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| TISCO Financial Group                             | TISCO Financial Group                             | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | TH        |   7836500 | NS      | $22456261.73  | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Tripod Technology Corporation                     | Tripod Technology Corporation                     | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | TW        |   3106400 | NS      | $9500466.89   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tsubakimoto Chain Co., Limited                    | Tsubakimoto Chain Co., Limited                    | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | JP        |    403300 | NS      | $9114711.43   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Venture Corporation, Limited                      | Venture Corporation, Limited                      | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | SG        |   1567200 | NS      | $19934709.22  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistry Group plc                                  | Vistry Group plc                                  | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | GB        |   2201379 | NS      | $16563966.85  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| VSTECS Holdings Limited                           | VSTECS Holdings Limited                           | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | KY        |   8587360 | NS      | $4951072.39   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Xinhua Winshare Publishing and Media Co., Limited | Xinhua Winshare Publishing and Media Co., Limited | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | CN        |   9164500 | NS      | $6187945.55   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Money Market Special II                       | UMB Money Market Special II                       | CUSIP: SF8888628<br>LEI: N/A | Long             | STIV             | CORP              | US        |  17317623 | OU      | $17317623.14  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| 0                                                 | 0                                                 | CUSIP: N/A<br>LEI: N/A       | Long             |  |  | BR        |   3546614 | PA      | $671732.72    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| 0                                                 | 0                                                 | CUSIP: N/A<br>LEI: N/A       | Long             |  |  | GB        |         9 | PA      | $10.72        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

**Name of Applicant:** Pear Tree Funds

**Signature:** Diane Hunt

**Name of Signer:** Diane Hunt

**Title:** Assistant Treasurer