# EDGAR Filing Document

**Accession Number:** 0000722885
**File Stem:** 0001999371-25-007094
**Filing Date:** 2025-6
**Character Count:** 331578
**Document Hash:** 917bd6885ea988c3d6c37f932b69f68c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-007094.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0001999371-25-007094

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**EFFECTIVENESS DATE**: 20250603

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03790
- **FILM NUMBER:** 251020459

**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           |

?xml version="1.0" encoding="utf-8"? peartree_tsr

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

 **MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **811-03790**

<u>**Pear Tree Funds**</u>

(Exact name of registrant as specified in charter)

**55 Old Bedford Road, Lincoln, MA 01773** 

(Address of principal executive offices) (Zip code)

**Diane Hunt, 55 Old Bedford Road, Lincoln, MA 01773**

(Name and address of agent for service)

Registrant's telephone number, including area code **781/259-1144**

Date of fiscal year end: <u>**3/31**</u>

Date of reporting period: <u>**3/31/25**</u>

**Item 1. Reports to Shareholders**

Visit www.peartreefunds.com/pricesandperformance/ for more recent performance information.

**The fund's past performance is not a good predictor of the Fund's future performance.**

**annual SHAREHOLDER REPORT \| AS OF March 31, 2025**

Pear Tree Polaris Small Cap Fund

**Ordinary Shares: USBNX**

This annual shareholder report contains information about Pear Tree Polaris Small Cap Fund (the "Fund") for the period April 1, 2024 to March 31, 2025. You may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at www.peartreefunds.com/fund-documents/. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

**What were the Fund's costs for the last year?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a** <br>**$10,000 investment** |
| Ordinary Shares | $132 | 1.33% |

---

**What affected the Fund's performance this period?**

Top contributors to performance during the period included holdings in Financials, Health Care, and Real Estate, partially offset by weaker performance from holdings within Energy, Consumer Discretionary, and Information Technology. At the individual stock level, top contributors included H&E Equipment Services, Trubridge, and Exelixis. H&E Equipment Services, purchased at a discount in the June 2024 quarter, was the single largest contributor when it became an acquisition target at a 100% premium. In Health Care, Exelixis Inc. and Trubridge Inc. posted stellar gains. Exelixis won a court battle over a patent for cancer drug Cabometyx, ensuring that generic competitors can't come to market until January 2030. Hospital/health facility software and service company Trubridge executed its turnaround strategy; the stock was subsequently sold at a profit. Top detractors at the individual stock level included Wabash National, Winnebago Industries, and Janus International Group. Wabash National faced cyclical issues endemic of the U.S. trucking industry. Winnebago weakened as dealers remain unwilling to purchase new motorhome and marine inventory. Janus International had underwhelming earnings on weak demand in the self-storage space; the stock was sold.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE** \| March 31, 2015 through March 31, 2025

(Initial Investment of $10,000)![](d7qy17ezrmalg7s27.jpg)

**AVERAGE ANNUAL TOTAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year**  | **Ten Year** |
| Pear Tree Polaris Small Cap Fund Ordinary Shares | (1.33)% | 16.26% | 6.06% |
| Russell 2000 | (4.01)% | 13.27% | 6.30% |
| S&P 500 | 8.25% | 18.59% | 12.50% |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal year periods.The Fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the Fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting, the Fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include any deduction for expenses; Fund expenses have been deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of Fund shares.

---

| | |
|:---|:---|
| ![](d7qyn6wkm2ne7ys7.jpg)<br>| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information visit **www.peartreefunds.com/fund-documents/**.<br>|

---

**Key Fund Statistics**

(as of March 31, 2025)

---

| | |
|:---|:---|
| | |
| Total Net Assets | $88156034 |
| Number of Holdings | 56 |
| Advisory Fee | $727882 |
| Portfolio Turnover | 49% |

---

**What did the Fund invest in?**

(as of March 31, 2025)

**SECTOR ALLOCATION**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 28.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 26.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 8.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and Other Assets (Net) | 1.5 |

---

**TOP TEN HOLDINGS**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| Ingles Markets Inc. | 4.2 |
| Covenant Logistics Group, Inc. | 2.7 |
| HomeTrust Bancshares, Inc. | 2.4 |
| Northeast Bancorp | 2.4 |
| The Bank of N.T. Butterfield & Son Limited | 2.4 |
| Barrett Business Services, Inc.  | 2.3 |
| International Bancshares Corporation | 2.3 |
| Netstreit Corporation | 2.3 |
| EVERTEC Inc. | 2.3 |
| Essential Properties Realty Trust, Inc. | 2.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at **www.peartreefunds.com/fund-documents/**. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

During the reporting period, the Fund added the S&P 500 as its Regulatory Benchmark.

The Russell and the S&P do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit **www.peartreefunds.com/fund-documents/** for additional legal notices & disclaimers.

Visit www.peartreefunds.com/pricesandperformance/ for more recent performance information.

**The fund's past performance is not a good predictor of the Fund's future performance.**

**annual SHAREHOLDER REPORT \| AS OF March 31, 2025**

Pear Tree Polarsis Small Cap Fund

**Institutional Shares: QBNAX**

**This report describes changes to the Fund that occurred during the reporting period.**

This annual shareholder report contains information about Pear Tree Polaris Small Cap Fund (the "Fund") for the period April 1, 2024 to March 31, 2025. You may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at **www.peartreefunds.com/fund-documents/**. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

**What were the Fund's costs for the last year?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a** <br>**$10,000 investment** |
| Institutional Shares | $97 | 0.97% |

---

**What affected the Fund's performance this period?**

Top contributors to performance during the period included holdings in Financials, Health Care, and Real Estate, partially offset by weaker performance from holdings within Energy, Consumer Discretionary, and Information Technology. At the individual stock level, top contributors included H&E Equipment Services, Trubridge, and Exelixis. H&E Equipment Services, purchased at a discount in the June 2024 quarter, was the single largest contributor when it became an acquisition target at a 100% premium. In Health Care, Exelixis Inc. and Trubridge Inc. posted stellar gains. Exelixis won a court battle over a patent for cancer drug Cabometyx, ensuring that generic competitors can't come to market until January 2030. Hospital/health facility software and service company Trubridge executed its turnaround strategy; the stock was subsequently sold at a profit. Top detractors at the individual stock level included Wabash National, Winnebago Industries, and Janus International Group. Wabash National faced cyclical issues endemic of the U.S. trucking industry. Winnebago weakened as dealers remain unwilling to purchase new motorhome and marine inventory. Janus International had underwhelming earnings on weak demand in the self-storage space; the stock was sold.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE** \| March 31, 2015 through March 31, 2025

(Initial Investment of $1,000,000)![](d7qy17ezrmalgkfaw.jpg)

**AVERAGE ANNUAL TOTAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year**  | **Ten Year** |
| Pear Tree Polaris Small Cap Fund Institutional Shares | (0.94)% | 16.69% | 6.43% |
| Russell 2000 | (4.01)% | 13.27% | 6.30% |
| S&P 500 | 8.25% | 18.59% | 12.50% |

---

The preceding line graph shows the value of a hypothetical $1,000,000 investment in the Fund over the past 10 fiscal year periods.The Fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the Fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting, the Fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include any deduction for expenses; Fund expenses have been deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of Fund shares.

---

| | |
|:---|:---|
| ![](d7qyn6wkm2ne7ys7.jpg)<br>| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information visit **www.peartreefunds.com/fund-documents/**.<br>|

---

**Key Fund Statistics**

(as of March 31, 2025)

---

| | |
|:---|:---|
| | |
| Total Net Assets | $88156034 |
| Number of Holdings | 56 |
| Advisory Fee | $727882 |
| Portfolio Turnover | 49% |

---

**What did the Fund invest in?**

(as of March 31, 2025)

**SECTOR ALLOCATION**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 28.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 26.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 8.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and Other Assets (Net) | 1.5 |

---

**TOP TEN HOLDINGS**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| Ingles Markets Inc. | 4.2 |
| Covenant Logistics Group, Inc. | 2.7 |
| HomeTrust Bancshares, Inc. | 2.4 |
| Northeast Bancorp | 2.4 |
| The Bank of N.T. Butterfield & Son Limited | 2.4 |
| Barrett Business Services, Inc.  | 2.3 |
| International Bancshares Corporation | 2.3 |
| Netstreit Corporation | 2.3 |
| EVERTEC Inc. | 2.3 |
| Essential Properties Realty Trust, Inc. | 2.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at **www.peartreefunds.com/fund-documents/**. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

During the reporting period, the Fund added the S&P 500 as its Regulatory Benchmark. Effective November 1, 2024 through October 31, 2025, the Manager has contractually agreed to reimburse such portion of the expenses of Small Cap Fund attributable to Institutional Shares such that the "Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement" with respect to Institutional Shares, other than extraordinary expenses, is not greater than 0.99 percent of Small Cap Fund's net assets attributable to Institutional Shares. This expense reimbursement agreement only may be terminated with the approval of the Trustees.The Manager is not entitled to receive any recoupment of amounts it reimbursed the funds pursuant to these agreements.

The Russell and the S&P do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit **www.peartreefunds.com/fund-documents/** for additional legal notices & disclaimers.

Visit **www.peartreefunds.com/pricesandperformance/** for more recent performance information.

**The fund's past performance is not a good predictor of the Fund's future performance.**

**annual SHAREHOLDER REPORT \| AS OF March 31, 2025**

Pear Tree Polaris Small Cap Fund

**R6 Shares: QBNRX**

**This report describes changes to the Fund that occurred during the reporting period.**

This annual shareholder report contains information about Pear Tree Polaris Small Cap Fund (the "Fund") for the period November 1, 2024 to March 31, 2025. You may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at **www.peartreefunds.com/fund-documents/**. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

**What were the Fund's costs for the last year?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a** <br>**$10,000 investment** |
| R6 Shares | $94 | 0.95%\* |

---

\* Annualized.R6 shares commenced on November 1, 2024. Expenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

Top contributors to performance during the period included holdings in Financials, Health Care, and Real Estate, partially offset by weaker performance from holdings within Energy, Consumer Discretionary, and Information Technology. At the individual stock level, top contributors included H&E Equipment Services, Trubridge, and Exelixis. H&E Equipment Services, purchased at a discount in the June 2024 quarter, was the single largest contributor when it became an acquisition target at a 100% premium. In Health Care, Exelixis Inc. and Trubridge Inc. posted stellar gains. Exelixis won a court battle over a patent for cancer drug Cabometyx, ensuring that generic competitors can't come to market until January 2030. Hospital/health facility software and service company Trubridge executed its turnaround strategy; the stock was subsequently sold at a profit. Top detractors at the individual stock level included Wabash National, Winnebago Industries, and Janus International Group. Wabash National faced cyclical issues endemic of the U.S. trucking industry. Winnebago weakened as dealers remain unwilling to purchase new motorhome and marine inventory. Janus International had underwhelming earnings on weak demand in the self-storage space; the stock was sold.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE** \| November 1, 2024 (Commencement of Operations) through March 31, 2025

(Initial Investment of $100,000)![](d7qy17ezrmalkxbdg.jpg)

**AVERAGE ANNUAL TOTAL RETURNS**

---

| | |
|:---|:---|
| | **Since Inception** |
| Pear Tree Polaris Small Cap Fund R6 Shares | (2.80)% |
| Russell 2000 | (8.41)% |
| S&P 500 | (1.48)% |

---

The preceding line graph shows the value of a hypothetical $100,000 investment in the Fund since inception.The Fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the Fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting, the Fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include any deduction for expenses; Fund expenses have been deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of Fund shares.

---

| | |
|:---|:---|
| ![](d7qyn6wkm2ne7ys7.jpg)<br>| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information visit **www.peartreefunds.com/fund-documents/**.<br>|

---

**Key Fund Statistics**

(as of March 31, 2025)

---

| | |
|:---|:---|
| | |
| Total Net Assets | $88156034 |
| Number of Holdings | 56 |
| Advisory Fee | $727882 |
| Portfolio Turnover | 49% |

---

**What did the Fund invest in?**

(as of March 31, 2025)

**SECTOR ALLOCATION**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 28.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 26.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 8.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and Other Assets (Net) | 1.5 |

---

**TOP TEN HOLDINGS**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| Ingles Markets Inc. | 4.2 |
| Covenant Logistics Group, Inc. | 2.7 |
| HomeTrust Bancshares, Inc. | 2.4 |
| Northeast Bancorp | 2.4 |
| The Bank of N.T. Butterfield & Son Limited | 2.4 |
| Barrett Business Services, Inc.  | 2.3 |
| International Bancshares Corporation | 2.3 |
| Netstreit Corporation | 2.3 |
| EVERTEC Inc. | 2.3 |
| Essential Properties Realty Trust, Inc. | 2.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at **www.peartreefunds.com/fund-documents/**. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

During the reporting period, the Fund added the S&P 500 as its Regulatory Benchmark. Effective November 1, 2024, the Fund began offering the sale of R6 Shares. Effective November 1, 2024 through October 31, 2025, the Manager has contractually agreed to reimburse such portion of the expenses of Small Cap Fund attributable to R6 Shares such that the "Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement" with respect to R6 Shares, other than extraordinary expenses, is not greater than 0.96 percent of Small Cap Funds' net assets attributable to R6 Shares. This expense reimbursement agreement only may be terminated with the approval of the Trustees.The Manager is not entitled to receive any recoupment of amounts it reimbursed the funds pursuant to these agreements.

The Russell and the S&P do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit **www.peartreefunds.com/fund-documents/** for additional legal notices & disclaimers.

Visit www.peartreefunds.com/pricesandperformance/ for more recent performance information.

**The fund's past performance is not a good predictor of the Fund's future performance.**

**annual SHAREHOLDER REPORT \| AS OF March 31, 2025**

Pear Tree Quality Fund

**Ordinary Shares: USBOX**

This annual shareholder report contains information about Pear Tree Quality Fund (the "Fund") for the period April 1, 2024 to March 31, 2025. You may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at www.peartreefunds.com/fund-documents/. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

**What were the Fund's costs for the last year?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a** <br>**$10,000 investment** |
| Ordinary Shares | $114 | 1.11% |

---

**What affected the Fund's performance this period?**

Within the Consumer Staples sector, two of the largest detractors, Constellation Brands (31.22%) and Diageo (27.12%), really impacted performance. These two companies accounted for over 85 basis points of underperformance.

Information Technology, which is one of the most heavily weighted sectors, makes up approximately one third of the overall portfolio. The Fund does not own NVIDIA Corp., which is a large weight in the benchmark and made headlines throughout 2024 for outstanding performance. Not owning this outperformer cost the fund relative performance versus the benchmark. Lam Research Corp. was also a larger detractor from performance since the stock was down (24.37%) over this period.

There were a few sectors that outperformed over this period, Industrials, Health Care, Materials, Energy and Consumer Discretionary.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE** \| March 31, 2015 through March 31, 2025

(Initial Investment of $10,000)![](d7qy17ezrmalhjf74.jpg)

**AVERAGE ANNUAL TOTAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year**  | **Ten Year** |
| Pear Tree Quality Fund Ordinary Shares | 5.88% | 18.03% | 13.37% |
| S&P 500 | 8.25% | 18.59% | 12.50% |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal year periods.The Fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the Fund's investment strategy (Strategy Benchmark(s)). Market index returns do not include any deduction for expenses; Fund expenses have been deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of Fund shares.

---

| | |
|:---|:---|
| ![](d7qyn6wkm2ne7ys7.jpg)<br>| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information visit **www.peartreefunds.com/fund-documents/**.<br>|

---

**Key Fund Statistics**

(as of March 31, 2025)

---

| | |
|:---|:---|
| | |
| Total Net Assets | $317525593 |
| Number of Holdings | 42 |
| Advisory Fee | $1987606 |
| Portfolio Turnover | 30% |

---

**What did the Fund invest in?**

(as of March 31, 2025)

**SECTOR ALLOCATION**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| Information Technology | 36.5 |
| Health Care | 26.5 |
| Consumer Staples | 9.8 |
| Consumer Discretionary | 9.7 |
| Communication Services | 7.3 |
| Industrials | 5.1 |
| Financials | 4.4 |
| CASH + other assets (net) | 0.7 |

---

**TOP TEN HOLDINGS**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| Microsoft Corporation | 5.8 |
| Apple, Inc. | 5.3 |
| UnitedHealth Group, Inc. | 3.8 |
| Johnson & Johnson | 3.7 |
| Meta Platforms, Inc. | 3.7 |
| Alphabet, Inc. Class A  | 3.6 |
| Visa, Inc. | 3.5 |
| Abbott Laboratories  | 3.5 |
| Oracle Corporation | 3.3 |
| Texas Instruments, Inc. | 3.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at **www.peartreefunds.com/fund-documents/**. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

During the reporting period, there were no changes to the Ordinary Share Class.

The S&P does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaims all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit **www.peartreefunds.com/fund-documents/** for additional legal notices & disclaimers.

Visit **www.peartreefunds.com/pricesandperformance/** for more recent performance information.

**The fund's past performance is not a good predictor of the Fund's future performance.**

**annual SHAREHOLDER REPORT \| AS OF March 31, 2025**

Pear Tree Quality Fund

**Institutional Shares: QGIAX**

This annual shareholder report contains information about Pear Tree Quality Fund (the "Fund") for the period April 1, 2024 to March 31, 2025. You may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information;for dividends), holdings, proxy voting information, and other information at www.peartreefunds.com/fund-documents/. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

**What were the Fund's costs for the last year?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a** <br>**$10,000 investment** |
| Institutional Shares | $77 | 0.74% |

---

**What affected the Fund's performance this period?**

Within the Consumer Staples sector, two of the largest detractors, Constellation Brands (31.22%) and Diageo (27.12%), really impacted performance. These two companies accounted for over 85 basis points of underperformance.

Information Technology, which is one of the most heavily weighted sectors, makes up approximately one third of the overall portfolio. The Fund does not own NVIDIA Corp., which is a large weight in the benchmark and made headlines throughout 2024 for outstanding performance. Not owning this outperformer cost the fund relative performance versus the benchmark. Lam Research Corp. was also a larger detractor from performance since the stock was down (24.37%) over this period.

There were a few sectors that outperformed over this period, Industrials, Health Care, Materials, Energy and Consumer Discretionary.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE** \| March 31, 2015 through March 31, 2025

(Initial Investment of $1,000,000)![](d7qy17ezrmalhq3hn.jpg)

**AVERAGE ANNUAL TOTAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year**  | **Ten Year** |
| Pear Tree Quality Fund Institutional Shares | 6.30% | 18.49% | 13.77% |
| S&P 500 | 8.25% | 18.59% | 12.50% |

---

The preceding line graph shows the value of a hypothetical $1,000,000 investment in the Fund over the past 10 fiscal year periods.The Fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the Fund's investment strategy (Strategy Benchmark(s)). Market index returns do not include any deduction for expenses; Fund expenses have been deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of Fund shares.

---

| | |
|:---|:---|
| ![](d7qyn6wkm2ne7ys7.jpg)<br>| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information visit **www.peartreefunds.com/fund-documents/**.<br>|

---

**Key Fund Statistics**

(as of March 31, 2025)

---

| | |
|:---|:---|
| | |
| Total Net Assets | $317525593 |
| Number of Holdings | 42 |
| Advisory Fee | $1987606 |
| Portfolio Turnover | 30% |

---

**What did the Fund invest in?**

(as of March 31, 2025)

**SECTOR ALLOCATION**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| Information Technology | 36.5 |
| Health Care | 26.5 |
| Consumer Staples | 9.8 |
| Consumer Discretionary | 9.7 |
| Communication Services | 7.3 |
| Industrials | 5.1 |
| Financials | 4.4 |
| CASH + other assets (net) | 0.7 |

---

**TOP TEN HOLDINGS**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| Microsoft Corporation | 5.8 |
| Apple, Inc. | 5.3 |
| UnitedHealth Group, Inc. | 3.8 |
| Johnson & Johnson | 3.7 |
| Meta Platforms, Inc. | 3.7 |
| Alphabet, Inc. Class A  | 3.6 |
| Visa, Inc. | 3.5 |
| Abbott Laboratories  | 3.5 |
| Oracle Corporation | 3.3 |
| Texas Instruments, Inc. | 3.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at **www.peartreefunds.com/fund-documents/**. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

During the reporting period, there were no changes to the Institutional Share Class.

The S&P does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaims all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit **www.peartreefunds.com/fund-documents/** for additional legal notices & disclaimers.

Visit www.peartreefunds.com/pricesandperformance/ for more recent performance information.

**The fund's past performance is not a good predictor of the Fund's future performance.**

**annual SHAREHOLDER REPORT \| AS OF March 31, 2025**

Pear Tree Quality Fund

**R6 Shares: QGIRX**

**This report describes changes to the Fund that occurred during the reporting period.**

This annual shareholder report contains information about Pear Tree Quality Fund (the "Fund") for the period November 1, 2024 to March 31, 2025. You may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at www.peartreefunds.com/fund-documents/. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

**What were the Fund's costs for the last year?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a** <br>**$10,000 investment** |
| R6 Shares | $64 | 0.64%\* |

---

\* Annualized R6 Shares commenced on November 1, 2024. Expenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

Within the Consumer Staples sector, two of the largest detractors, Constellation Brands (31.22%) and Diageo (27.12%), really impacted performance. These two companies accounted for over 85 basis points of underperformance.

Information Technology, which is one of the most heavily weighted sectors, makes up approximately one third of the overall portfolio. The Fund does not own NVIDIA Corp., which is a large weight in the benchmark and made headlines throughout 2024 for outstanding performance. Not owning this outperformer cost the fund relative performance versus the benchmark. Lam Research Corp. was also a larger detractor from performance since the stock was down (24.37%) over this period.

There were a few sectors that outperformed over this period, Industrials, Health Care, Materials, Energy and Consumer Discretionary.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE** \| November 1, 2024 (Commencement of Operations) through March 31, 2025

(Initial Investment of $100,000)![](d7qy17ezrmalhy0q9.jpg)

**AVERAGE ANNUAL TOTAL RETURNS**

---

| | |
|:---|:---|
| | **Since Inception** |
| Pear Tree Quality Fund R6 Shares | (0.70)% |
| S&P 500 | (1.48)% |

---

The preceding line graph shows the value of a hypothetical $100,000 investment in the Fund since inception.The Fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the Fund's investment strategy (Strategy Benchmark(s)). Market index returns do not include any deduction for expenses; Fund expenses have been deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of Fund shares.

---

| | |
|:---|:---|
| ![](d7qyn6wkm2ne7ys7.jpg)<br>| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information visit **www.peartreefunds.com/fund-documents/**.<br>|

---

**Key Fund Statistics**

(as of March 31, 2025)

---

| | |
|:---|:---|
| | |
| Total Net Assets | $317525593 |
| Number of Holdings | 42 |
| Advisory Fee | $1987606 |
| Portfolio Turnover | 30% |

---

**What did the Fund invest in?**

(as of March 31, 2025)

**SECTOR ALLOCATION**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| Information Technology | 36.5 |
| Health Care | 26.5 |
| Consumer Staples | 9.8 |
| Consumer Discretionary | 9.7 |
| Communication Services | 7.3 |
| Industrials | 5.1 |
| Financials | 4.4 |
| CASH + other assets (net) | 0.7 |

---

**TOP TEN HOLDINGS**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| Microsoft Corporation | 5.8 |
| Apple, Inc. | 5.3 |
| UnitedHealth Group, Inc. | 3.8 |
| Johnson & Johnson | 3.7 |
| Meta Platforms, Inc. | 3.7 |
| Alphabet, Inc. Class A  | 3.6 |
| Visa, Inc. | 3.5 |
| Abbott Laboratories  | 3.5 |
| Oracle Corporation | 3.3 |
| Texas Instruments, Inc. | 3.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at **www.peartreefunds.com/fund-documents/**. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

Effective November 1, 2024, the Fund began offering the sale of R6 Shares. Effective November 1, 2024 through October 31, 2025, the Manager has contractually agreed to reimburse such portion of the expenses of Quality Fund attributable to R6 Shares such that the "Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement" with respect to R6 Shares, other than extraordinary expenses, is not greater than 0.64 percent of Quality Fund's net assets attributable to R6 Shares. This expense reimbursement agreement only may be terminated with the approval of the Trustees.The Manager is not entitled to receive any recoupment of amounts it reimbursed the funds pursuant to these agreements.

The S&P does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaims all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit **www.peartreefunds.com/fund-documents/** for additional legal notices & disclaimers.

Visit **www.peartreefunds.com/pricesandperformance/** for more recent performance information.

**The fund's past performance is not a good predictor of the Fund's future performance.**

**annual SHAREHOLDER REPORT \| AS OF March 31, 2025**

Pear Tree Essex Environmental Opportunities Fund

**Ordinary Shares: EEOFX**

This annual shareholder report contains information about Pear Tree Essex Environmental Opportunities Fund (the "Fund") for the period April 1, 2024 to March 31, 2025. You may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at www.peartreefunds.com/fund-documents/. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

**What were the Fund's costs for the last year?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a** <br>**$10,000 investment** |
| Ordinary Shares | $121 | 1.24% |

---

**What affected the Fund's performance this period?**

The Fund's underperformance versus the broad market is due to its focus on clean technology and related companies helping with resource optimization. Over the past year, clean energy severely underperformed the broader market. We believe this underperformance is due to fears of waning support for environmental policies along with tariff-related concerns.

The Fund benefitted by concentrating on growth companies that offer commercially viable products and services that generate strong or improving returns on capital and are supported by strong balance sheets. Thematically, the Fund is most heavily invested in power technology, given the growing use of power globally coupled with the increasing need to improve the reliability and resiliency of the electrical grid. The biggest area of detraction from performance was from the renewable energy and electric vehicle industries, in which the Fund has limited exposure.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE** \| September 1, 2017 (Commencement of Operations) through March 31, 2025\*

(Initial Investment of $10,000)![](d7qy17ezrmaljlf6s.jpg)

**AVERAGE ANNUAL TOTAL RETURNS**\***

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year**  | **Since Inception** |
| Pear Tree Essex Environmental Opportunities Fund Ordinary Shares | (5.35)% | 9.28% | 3.55% |
| MSCI World | 7.50% | 16.68% | 10.76% |

---

\* Performance for periods prior to September 1, 2021 represents the performance of Essex EnvironmentalOpportunites Fund, the predecessor fund of the Fund.

The preceding line graph shows the value of a hypothetical $10,000 investment in the Fund since inception. The Fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the Fund's investment strategy (Strategy Benchmark(s)). Market index returns do not include any deduction for expenses; Fund expenses have been deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of Fund shares.

---

| | |
|:---|:---|
| ![](d7qyn6wkm2ne7ys7.jpg)<br>| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information visit **www.peartreefunds.com/fund-documents/**.<br>|

---

**Key Fund Statistics**

(as of March 31, 2025)

---

| | |
|:---|:---|
| | |
| Total Net Assets | $35885578 |
| Number of Holdings | 31 |
| Advisory Fee | $331130 |
| Portfolio Turnover | 60% |

---

**What did the Fund invest in?**

(as of March 31, 2025)

**COUNTRY ALLOCATION**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| United States | 69.8 |
| Japan | 11.9 |
| Germany | 8.0 |
| Ireland | 4.1 |
| Switzerland | 2.1 |
| China | 0.7 |

---

**TOP TEN HOLDINGS**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| NextEra Energy, Inc. | 7.1% |
| Badger Meter, Inc. | 5.8% |
| Valmont Industries, Inc. | 5.0% |
| GE Vernova Inc.  | 4.8% |
| Infineon Technologies AG | 4.8% |
| Kingspan Group plc | 4.1% |
| MP Materials Corporation | 3.9% |
| Toray Industries, Inc. | 3.8% |
| Keyence Corporation | 3.8% |
| Trimble Navigation Limited  | 3.6% |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at **www.peartreefunds.com/fund-documents/**. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

During the reporting period, there were no changes to the Fund.

The MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaims all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit **www.peartreefunds.com/fund-documents/** for additional legal notices & disclaimers.

Visit **www.peartreefunds.com/pricesandperformance/** for more recent performance information.

**The fund's past performance is not a good predictor of the Fund's future performance.**

**annual SHAREHOLDER REPORT \| AS OF March 31, 2025**

Pear Tree Essex Environmental Opportunities Fund

**Institutional Shares: GEOSX**

This annual shareholder report contains information about Pear Tree Essex Environmental Opportunities Fund (the "Fund") for the period April 1, 2024 to March 31, 2025. You may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at www.peartreefunds.com/fund-documents. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

**What were the Fund's costs for the last year?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a** <br>**$10,000 investment** |
| Institutional Shares | $96 | 0.99% |

---

**What affected the Fund's performance this period?**

The Fund's underperformance versus the broad market is due to its focus on clean technology and related companies helping with resource optimization. Over the past year, clean energy severely underperformed the broader market. We believe this underperformance is due to fears of waning support for environmental policies along with tariff-related concerns.

The Fund benefitted by concentrating on growth companies that offer commercially viable products and services that generate strong or improving returns on capital and are supported by strong balance sheets. Thematically, the Fund is most heavily invested in power technology, given the growing use of power globally coupled with the increasing need to improve the reliability and resiliency of the electrical grid. The biggest area of detraction from performance was from the renewable energy and electric vehicle industries, in which the Fund has limited exposure.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE** \| September 1, 2017 (Commencement of Operations) through March 31, 2025\*

(Initial Investment of $1,000,000)![](d7qy17ezrmaljlv7s.jpg)

**AVERAGE ANNUAL TOTAL RETURNS**\***

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year**  | **Since Inception** |
| Pear Tree Essex Environmental Opportunities Fund Institutional Shares | (5.02)% | 9.58% | 3.82% |
| MSCI World | 7.50% | 16.68% | 10.76% |

---

\* Performance for periods prior to September 1, 2021 represents the performance of Essex EnvironmentalOpportunites Fund, the predecessor fund of the Fund.

The preceding line graph shows the value of a hypothetical $1,000,000 investment in the Fund since inception. The Fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the Fund's investment strategy (Strategy Benchmark(s)). Market index returns do not include any deduction for expenses; Fund expenses have been deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of Fund shares.

---

| | |
|:---|:---|
| ![](d7qyn6wkm2ne7ys7.jpg)<br>| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information visit **www.peartreefunds.com/fund-documents/**.<br>|

---

**Key Fund Statistics**

(as of March 31, 2025)

---

| | |
|:---|:---|
| | |
| Total Net Assets | $35885578 |
| Number of Holdings | 31 |
| Advisory Fee | $331130 |
| Portfolio Turnover | 60% |

---

**What did the Fund invest in?**

(as of March 31, 2025)

**COUNTRY ALLOCATION**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| United States | 69.8 |
| Japan | 11.9 |
| Germany | 8.0 |
| Ireland | 4.1 |
| Switzerland | 2.1 |
| China | 0.7 |

---

**TOP TEN HOLDINGS**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| NextEra Energy, Inc. | 7.1% |
| Badger Meter, Inc. | 5.8% |
| Valmont Industries, Inc. | 5.0% |
| GE Vernova Inc.  | 4.8% |
| Infineon Technologies AG | 4.8% |
| Kingspan Group plc | 4.1% |
| MP Materials Corporation | 3.9% |
| Toray Industries, Inc. | 3.8% |
| Keyence Corporation | 3.8% |
| Trimble Navigation Limited  | 3.6% |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at **www.peartreefunds.com/fund-documents/**. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

During the reporting period, there were no changes to the Fund.

The MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaims all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit **www.peartreefunds.com/fund-documents/** for additional legal notices & disclaimers.

Visit www.peartreefunds.com/pricesandperformance/ for more recent performance information.

**The fund's past performance is not a good predictor of the Fund's future performance.**

**annual SHAREHOLDER REPORT \| AS OF March 31, 2025**

Pear Tree Essex Environmental Opportunities Fund

**R6 Shares: GEORX**

This annual shareholder report contains information about Pear Tree Essex Environmental Opportunities Fund (the "Fund") for the period April 1, 2024 to March 31, 2025. You may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at www.peartreefunds.com/fund-documents/. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

**What were the Fund's costs for the last year?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a** <br>**$10,000 investment** |
| R6 Shares | $92 | 0.94% |

---

**What affected the Fund's performance this period?**

The Fund's underperformance versus the broad market is due to its focus on clean technology and related companies helping with resource optimization. Over the past year, clean energy severely underperformed the broader market We believe this underperformance is due to fears of waning support for environmental policies along with tariff-related concerns.

The Fund benefitted by concentrating on growth companies that offer commercially viable products and services that generate strong or improving returns on capital and are supported by strong balance sheets. Thematically, the Fund is most heavily invested in power technology, given the growing use of power globally coupled with the increasing need to improve the reliability and resiliency of the electrical grid. The biggest area of detraction from performance was from the renewable energy and electric vehicle industries, in which the Fund has limited exposure.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE** \| September 1, 2021 (Commencement of Operations) through March 31, 2025

(Initial Investment of $100,000)![](d7qy17ezrmaliuw1p.jpg)

**AVERAGE ANNUAL TOTAL RETURNS**

---

| | | |
|:---|:---|:---|
| | **One Year** | **Since Inception** |
| Pear Tree Essex Environmental Opportunities Fund R6 Shares | (5.07)% | (11.71)% |
| MSCI World | 7.50% | 6.11% |

---

The preceding line graph shows the value of a hypothetical $100,000 investment in the Fund since inception.The Fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the Fund's investment strategy (Strategy Benchmark(s)). Market index returns do not include any deduction for expenses; Fund expenses have been deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of Fund shares.

---

| | |
|:---|:---|
| ![](d7qyn6wkm2ne7ys7.jpg)<br>| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information visit **www.peartreefunds.com/fund-documents/**.<br>|

---

**Key Fund Statistics**

(as of March 31, 2025)

---

| | |
|:---|:---|
| | |
| Total Net Assets | $35885578 |
| Number of Holdings | 31 |
| Advisory Fee | $331130 |
| Portfolio Turnover | 60% |

---

**What did the Fund invest in?**

(as of March 31, 2025)

**COUNTRY ALLOCATION**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| United States | 69.8 |
| Japan | 11.9 |
| Germany | 8.0 |
| Ireland | 4.1 |
| Switzerland | 2.1 |
| China | 0.7 |

---

**TOP TEN HOLDINGS**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| NextEra Energy, Inc. | 7.1% |
| Badger Meter, Inc. | 5.8% |
| Valmont Industries, Inc. | 5.0% |
| GE Vernova Inc.  | 4.8% |
| Infineon Technologies AG | 4.8% |
| Kingspan Group plc | 4.1% |
| MP Materials Corporation | 3.9% |
| Toray Industries, Inc. | 3.8% |
| Keyence Corporation | 3.8% |
| Trimble Navigation Limited  | 3.6% |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at **www.peartreefunds.com/fund-documents/**. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

During the reporting period, there were no changes to the Fund.

The MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaims all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit **www.peartreefunds.com/fund-documents/** for additional legal notices & disclaimers.

Visit **www.peartreefunds.com/pricesandperformance/** for more recent performance information.

**The fund's past performance is not a good predictor of the Fund's future performance.**

**annual SHAREHOLDER REPORT \| AS OF March 31, 2025**

Pear Tree Polaris Foreign Value Fund

**Ordinary Shares: QFVOX**

This annual shareholder report contains information about Pear Tree Polaris Foreign Value Fund (the "Fund") for the period April 1, 2024 to March 31, 2025. You may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at www.peartreefunds.com/fund-documents/. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

**What were the Fund's costs for the last year?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a** <br>**$10,000 investment** |
| Ordinary Shares | $142 | 1.41% |

---

**What affected the Fund's performance this period?**

Top detractors from performance during the period included holdings in Information Technology and Materials, partially offset by strong performance in Financials, Health Care, Consumer Staples and Communication Services. Out-of-benchmark holdings in South Korea and Canada detracted. Contributors at the country level were diversified, led by double-digit gains in Germany, Norway, Singapore, Ireland and a half dozen more locales. At the stock level, detractors included Samsung Electronics, Open Text, Lundin Mining, and Methanex. Samsung Electronics declined on a number of headwinds, ranging from threats on U.S. chip trade to an AI slowdown, lower commodity chip prices and a delay in high-bandwidth memory qualification at Nvidia. OpenText Corp., released underwhelming quarterly numbers and cut full-year revenue guidance. Lundin Mining declined due to volatile copper prices while Methanex struggled with the commissioning of its new Geismar 3 plant. Four of the top 10 contributors hailed from the Financial sector, led by Norwegian institutions, DNB Bank and Sparebank 1 Sor Norge. DNB's stock price rose nearly 40% after announcing solid quarterly earnings, healthy profit margins and strong capital returns to shareholders. Sparebank 1 Sor Norge continued its stellar run, raising return-on-equity targets. In Consumer Discretionary, Sony Group Corp. capitalized on solid gaming and music revenues.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE** \| March 31, 2015 through March 31, 2025

(Initial Investment of $10,000)![](d7qy17ezrmalj1pjp.jpg)

**AVERAGE ANNUAL TOTAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year**  | **Ten Year** |
| Pear Tree Polaris Foreign Value Fund Ordinary Shares | 1.27% | 11.59% | 3.79% |
| MSCI EAFE  | 5.41% | 12.31% | 5.91% |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal year periods.The Fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the Fund's investment strategy (Strategy Benchmark(s)). Market index returns do not include any deduction for expenses; Fund expenses have been deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of Fund shares.

---

| | |
|:---|:---|
| ![](d7qyn6wkm2ne7ys7.jpg)<br>| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information visit **www.peartreefunds.com/fund-documents/**.<br>|

---

**Key Fund Statistics**

(as of March 31, 2025)

---

| | |
|:---|:---|
| | |
| Total Net Assets | $2226691644 |
| Number of Holdings | 62 |
| Advisory Fee | $25049812 |
| Portfolio Turnover | 18% |

---

**What did the Fund invest in?**

(as of March 31, 2025)

**COUNTRY ALLOCATION**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| Japan | 13.3 |
| France | 12.3 |
| Germany | 9.8 |
| South Korea | 9.1 |
| United Kingdom | 8.9 |
| Canada | 8.0 |
| Norway | 6.9 |
| Ireland | 4.9 |
| Switzerland | 4.1 |
| Sweden | 3.9 |
| Netherlands | 2.4 |
| Singapore | 2.3 |
| Italy | 2.3 |
| China | 2.1 |
| Puerto Rico | 2.1 |
| Taiwan | 1.5 |
| Belgium | 1.1 |
| Chile | 0.7 |
| Thailand | 0.6 |
| Colombia | 0.5 |
| Russia | 0.1 |

---

**TOP TEN HOLDINGS**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| DNB Bank ASA  | 2.4 |
| Koninklijke Ahold Delhaize N.V. | 2.4 |
| United Overseas Bank Limited | 2.3 |
| Muenchener Rueckversicherungs-Gesellschaft | 2.3 |
| Next plc | 2.3 |
| Deutsche Telekom AG | 2.3 |
| Hannover Rueck SE | 2.2 |
| Takeda Pharmaceutical Company Limited | 2.2 |
| Vinci SA | 2.2 |
| Vipshop Holdings Limited | 2.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at **www.peartreefunds.com/fund-documents/**. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

During the reporting period, there were no changes to the Fund.

The MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaims all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit **www.peartreefunds.com/fund-documents/** for additional legal notices & disclaimers.

Visit www.peartreefunds.com/pricesandperformance/ for more recent performance information.

**The fund's past performance is not a good predictor of the Fund's future performance.**

**annual SHAREHOLDER REPORT \| AS OF March 31, 2025**

Pear Tree Polaris Foreign Value Fund

**Institutional Shares: QFVIX**

This annual shareholder report contains information about Pear Tree Polaris Foreign Value Fund (the "Fund") for the period April 1, 2024 to March 31, 2025. You may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at www.peartreefunds.com/fund-documents/. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

**What were the Fund's costs for the last year?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a** <br>**$10,000 investment** |
| Institutional Shares | $105 | 1.04% |

---

**What affected the Fund's performance this period?**

Top detractors from performance during the period included holdings in Information Technology and Materials, partially offset by strong performance in Financials, Health Care, Consumer Staples and Communication Services. Out-of-benchmark holdings in South Korea and Canada detracted. Contributors at the country level were diversified, led by double-digit gains in Germany, Norway, Singapore, Ireland and a half dozen more locales. At the stock level, detractors included Samsung Electronics, Open Text, Lundin Mining, and Methanex. Samsung Electronics declined on a number of headwinds, ranging from threats on U.S. chip trade to an AI slowdown, lower commodity chip prices and a delay in high-bandwidth memory qualification at Nvidia. OpenText Corp., released underwhelming quarterly numbers and cut full-year revenue guidance. Lundin Mining declined due to volatile copper prices while Methanex struggled with the commissioning of its new Geismar 3 plant. Four of the top 10 contributors hailed from the Financial sector, led by Norwegian institutions, DNB Bank and Sparebank 1 Sor Norge. DNB's stock price rose nearly 40% after announcing solid quarterly earnings, healthy profit margins and strong capital returns to shareholders. Sparebank 1 Sor Norge continued its stellar run, raising return-on-equity targets. In Consumer Discretionary, Sony Group Corp. capitalized on solid gaming and music revenues.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE** \| March 31, 2015 through March 31, 2025

(Initial Investment of $1,000,000)![](d7qy17ezrmalj6c66.jpg)

**AVERAGE ANNUAL TOTAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year**  | **Ten Year** |
| Pear Tree Polaris Foreign Value Fund Institutional Shares | 1.64% | 12.01% | 4.15% |
| MSCI EAFE  | 5.41% | 12.31% | 5.91% |

---

The preceding line graph shows the value of a hypothetical $1,000,000 investment in the Fund over the past 10 fiscal year periods.The Fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the Fund's investment strategy (Strategy Benchmark(s)). Market index returns do not include any deduction for expenses; Fund expenses have been deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of Fund shares.

---

| | |
|:---|:---|
| ![](d7qyn6wkm2ne7ys7.jpg)<br>| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information visit **www.peartreefunds.com/fund-documents/**.<br>|

---

**Key Fund Statistics**

(as of March 31, 2025)

---

| | |
|:---|:---|
| | |
| Total Net Assets | $2226691644 |
| Number of Holdings | 62 |
| Advisory Fee | $25049812 |
| Portfolio Turnover | 18% |

---

**What did the Fund invest in?**

(as of March 31, 2025)

**COUNTRY ALLOCATION**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| Japan | 13.3 |
| France | 12.3 |
| Germany | 9.8 |
| South Korea | 9.1 |
| United Kingdom | 8.9 |
| Canada | 8.0 |
| Norway | 6.9 |
| Ireland | 4.9 |
| Switzerland | 4.1 |
| Sweden | 3.9 |
| Netherlands | 2.4 |
| Singapore | 2.3 |
| Italy | 2.3 |
| China | 2.1 |
| Puerto Rico | 2.1 |
| Taiwan | 1.5 |
| Belgium | 1.1 |
| Chile | 0.7 |
| Thailand | 0.6 |
| Colombia | 0.5 |
| Russia | 0.1 |

---

**TOP TEN HOLDINGS**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| DNB Bank ASA  | 2.4 |
| Koninklijke Ahold Delhaize N.V. | 2.4 |
| United Overseas Bank Limited | 2.3 |
| Muenchener Rueckversicherungs-Gesellschaft | 2.3 |
| Next plc | 2.3 |
| Deutsche Telekom AG | 2.3 |
| Hannover Rueck SE | 2.2 |
| Takeda Pharmaceutical Company Limited | 2.2 |
| Vinci SA | 2.2 |
| Vipshop Holdings Limited | 2.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at **www.peartreefunds.com/fund-documents/**. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

During the reporting period, there were no changes to the Fund.

The MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaims all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit **www.peartreefunds.com/fund-documents/** for additional legal notices & disclaimers.

Visit **www.peartreefunds.com/pricesandperformance/** for more recent performance information.

**The fund's past performance is not a good predictor of the Fund's future performance.**

**annual SHAREHOLDER REPORT \| AS OF March 31, 2025**

Pear Tree Polaris Foreign Value Fund

**R6 Shares: QFVRX**

This annual shareholder report contains information about Pear Tree Polaris Foreign Value Fund (the "Fund") for the period April 1, 2024 to March 31, 2025. You may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at www.peartreefunds.com/fund-documents/. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

**What were the Fund's costs for the last year?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a** <br>**$10,000 investment** |
| R6 Shares | $95 | 0.94% |

---

**What affected the Fund's performance this period?**

Top detractors from performance during the period included holdings in Information Technology and Materials, partially offset by strong performance in Financials, Health Care, Consumer Staples and Communication Services. Out-of-benchmark holdings in South Korea and Canada detracted. Contributors at the country level were diversified, led by double-digit gains in Germany, Norway, Singapore, Ireland and a half dozen more locales. At the stock level, detractors included Samsung Electronics, Open Text, Lundin Mining, and Methanex. Samsung Electronics declined on a number of headwinds, ranging from threats on U.S. chip trade to an AI slowdown, lower commodity chip prices and a delay in high-bandwidth memory qualification at Nvidia. OpenText Corp., released underwhelming quarterly numbers and cut full-year revenue guidance. Lundin Mining declined due to volatile copper prices while Methanex struggled with the commissioning of its new Geismar 3 plant. Four of the top 10 contributors hailed from the Financial sector, led by Norwegian institutions, DNB Bank and Sparebank 1 Sor Norge. DNB's stock price rose nearly 40% after announcing solid quarterly earnings, healthy profit margins and strong capital returns to shareholders. Sparebank 1 Sor Norge continued its stellar run, raising return-on-equity targets. In Consumer Discretionary, Sony Group Corp. capitalized on solid gaming and music revenues.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE** \| February 6, 2017 (Commencement of Operations) through March 31, 2025

(Initial Investment of $100,000)![](d7qy17ezrmamrbfte.jpg)

**AVERAGE ANNUAL TOTAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year**  | **Since Inception** |
| Pear Tree Polaris Foreign Value Fund R6 Shares | 1.74% | 12.11% | 4.90% |
| MSCI EAFE  | 5.41% | 12.31% | 7.43% |

---

The preceding line graph shows the value of a hypothetical $100,000 investment in the Fund since inception.The Fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the Fund's investment strategy (Strategy Benchmark(s)). Market index returns do not include any deduction for expenses; Fund expenses have been deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of Fund shares.

---

| | |
|:---|:---|
| ![](d7qyn6wkm2ne7ys7.jpg)<br>| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information visit **www.peartreefunds.com/fund-documents/**.<br>|

---

**Key Fund Statistics**

(as of March 31, 2025)

---

| | |
|:---|:---|
| | |
| Total Net Assets | $2226691644 |
| Number of Holdings | 62 |
| Advisory Fee | $25049812 |
| Portfolio Turnover | 18% |

---

**What did the Fund invest in?**

(as of March 31, 2025)

**COUNTRY ALLOCATION**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| Japan | 13.3 |
| France | 12.3 |
| Germany | 9.8 |
| South Korea | 9.1 |
| United Kingdom | 8.9 |
| Canada | 8.0 |
| Norway | 6.9 |
| Ireland | 4.9 |
| Switzerland | 4.1 |
| Sweden | 3.9 |
| Netherlands | 2.4 |
| Singapore | 2.3 |
| Italy | 2.3 |
| China | 2.1 |
| Puerto Rico | 2.1 |
| Taiwan | 1.5 |
| Belgium | 1.1 |
| Chile | 0.7 |
| Thailand | 0.6 |
| Colombia | 0.5 |
| Russia | 0.1 |

---

**TOP TEN HOLDINGS**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| DNB Bank ASA  | 2.4 |
| Koninklijke Ahold Delhaize N.V. | 2.4 |
| United Overseas Bank Limited | 2.3 |
| Muenchener Rueckversicherungs-Gesellschaft | 2.3 |
| Next plc | 2.3 |
| Deutsche Telekom AG | 2.3 |
| Hannover Rueck SE | 2.2 |
| Takeda Pharmaceutical Company Limited | 2.2 |
| Vinci SA | 2.2 |
| Vipshop Holdings Limited | 2.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at **www.peartreefunds.com/fund-documents/**. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

During the reporting period, there were no changes to the Fund.

The MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaims all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit **www.peartreefunds.com/fund-documents/** for additional legal notices & disclaimers.

Visit **www.peartreefunds.com/pricesandperformance/** for more recent performance information.

**The fund's past performance is not a good predictor of the Fund's future performance.**

**annual SHAREHOLDER REPORT \| AS OF March 31, 2025**

Pear Tree Polaris Foreign Value Small Cap Fund

**Ordinary Shares: QUSOX**

This annual shareholder report contains information about Pear Tree Polaris Foreign Value Small Cap Fund (the "Fund") for the period April 1, 2024 to March 31, 2025. You may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at www.peartreefunds.com/fund-documents/. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

**What were the Fund's costs for the last year?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a** <br>**$10,000 investment** |
| Ordinary Shares | $143 | 1.42% |

---

**What affected the Fund's performance this period?**

Top detractors from performance during the period included holdings in Information Technology, Consumer Staples, and Industrials, which was partially offset by holdings in Financials, Consumer Discretionary and Health Care. Holdings in China, Norway and UK added to gains, while France and South Korea detracted. At the individual stock level, top detractors included NextAge Co., Barry Callebaut, and Samsung Eletronics. Nextage declined after putting out a profit warning, following a slide in the past few quarters. Barry Callebaut declined after encountering higher cocoa bean prices early in the year. Samsung Electronics faced headwinds related to declining dynamic random-access memory (DRAM) prices, inventory buildup and increased Chinese competition. Top individual stock contributors included Alibaba, Norwegian banks Sparebank Nord-Norge and Sparebanken Vest, United Overseas Bank, and Cranswick PLC. Alibaba Group Holding was the top overall portfolio contributor, capitalizing on China's aggressive stimulus measures and later on news of its cloud AI model and e-commerce success. Sparebank Nord-Norge and Sparebanken Vest capitalized on a strong Norwegian economy, less restrictive mortgage lending and a tangential bump on strong return-on-equity targets from peer banks. Singapore-based United Overseas Bank announced impressive earnings over multiple quarters. Cranswick PLC reported strong half-year results, with a nearly 12% jump in sales on higher volumes.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE** \| March 31, 2015 through March 31, 2025

(Initial Investment of $10,000)![](d7qy17ezrmalju4rm.jpg)

**AVERAGE ANNUAL TOTAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year**  | **Ten Year** |
| Pear Tree Polaris Foreign Value Small Cap Fund Ordinary Shares | 0.72% | 12.49% | 4.52% |
| MSCI ACWI ex USA Small Cap | 2.38% | 12.35% | 5.76% |
| MSCI ACWI ex USA | 6.65% | 11.46% | 5.49% |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal year periods.The Fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the Fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting, the Fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include any deduction for expenses; Fund expenses have been deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of Fund shares.

---

| | |
|:---|:---|
| ![](d7qyn6wkm2ne7ys7.jpg)<br>| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information visit **www.peartreefunds.com/fund-documents/**.<br>|

---

**Key Fund Statistics**

(as of March 31, 2025)

---

| | |
|:---|:---|
| | |
| Total Net Assets | $776281021 |
| Number of Holdings | 59 |
| Advisory Fee | $8636549 |
| Portfolio Turnover | 13% |

---

**What did the Fund invest in?**

(as of March 31, 2025)

**COUNTRY ALLOCATION**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| United Kingdom | 13.1 |
| Japan | 12.9 |
| France | 11.5 |
| Norway | 6.8 |
| Canada | 5.6 |
| Thailand | 5.6 |
| South Korea | 4.3 |
| Germany | 4.0 |
| Sweden | 3.7 |
| Taiwan | 3.6 |
| Netherlands | 3.4 |
| Colombia | 3.1 |
| Brazil | 3.0 |
| Belgium | 2.9 |
| Italy | 2.1 |
| Ireland | 2.1 |
| Denmark | 1.9 |
| Portugal | 1.9 |
| Hong Kong | 1.7 |
| China | 1.7 |
| Singapore | 1.1 |
| Spain | 0.6 |
| Indonesia | 0.4 |

---

**TOP TEN HOLDINGS**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| EQB Inc.  | 3.3 |
| Tecnoglass, Inc. | 3.1 |
| Computacenter plc | 3.0 |
| Equatorial Energia S.A. | 2.9 |
| D'Ieteren S.A. | 2.9 |
| Thanachart Capital PCL | 2.9 |
| Sixt SE  | 2.7 |
| TISCO Financial Group | 2.7 |
| Sanyang Motor Co., Ltd. | 2.5 |
| QinetiQ | 2.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at **www.peartreefunds.com/fund-documents/**. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

During the reporting period, the Fund added the MSCI ACWI ex USA as its Regulatory Benchmark.

The MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaims all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit **www.peartreefunds.com/fund-documents/** for additional legal notices & disclaimers.

Visit www.peartreefunds.com/pricesandperformance/ for more recent performance information.

**The fund's past performance is not a good predictor of the Fund's future performance.**

**annual SHAREHOLDER REPORT \| AS OF March 31, 2025**

Pear Tree Polaris Foreign Value Small Cap Fund

**Institutional Shares: QUSIX**

This annual shareholder report contains information about Pear Tree Polaris Foreign Value Small Cap Fund (the "Fund") for the period April 1, 2024 to March 31, 2025. You may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at www.peartreefunds.com/fund-documents/. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

**What were the Fund's costs for the last year?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a** <br>**$10,000 investment** |
| Institutional Shares | $106 | 1.05% |

---

**What affected the Fund's performance this period?**

Top detractors from performance during the period included holdings in Information Technology, Consumer Staples, and Industrials, which was partially offset by holdings in Financials, Consumer Discretionary and Health Care. Holdings in China, Norway and UK added to gains, while France and South Korea detracted. At the individual stock level, top detractors included NextAge Co., Barry Callebaut, and Samsung Eletronics. Nextage declined after putting out a profit warning, following a slide in the past few quarters. Barry Callebaut declined after encountering higher cocoa bean prices early in the year. Samsung Electronics faced headwinds related to declining dynamic random-access memory (DRAM) prices, inventory buildup and increased Chinese competition. Top individual stock contributors included Alibaba, Norwegian banks Sparebank Nord-Norge and Sparebanken Vest, United Overseas Bank, and Cranswick PLC. Alibaba Group Holding was the top overall portfolio contributor, capitalizing on China's aggressive stimulus measures and later on news of its cloud AI model and e-commerce success. Sparebank Nord-Norge and Sparebanken Vest capitalized on a strong Norwegian economy, less restrictive mortgage lending and a tangential bump on strong return-on-equity targets from peer banks. Singapore-based United Overseas Bank announced impressive earnings over multiple quarters. Cranswick PLC reported strong half-year results, with a nearly 12% jump in sales on higher volumes.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE** \| March 31, 2015 through March 31, 2025

(Initial Investment of $1,000,000)![](d7qy17ezrmaljzfym.jpg)

**AVERAGE ANNUAL TOTAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year**  | **Ten Year** |
| Pear Tree Polaris Foreign Value Small Cap Fund Institutional Shares | 1.18% | 12.92% | 4.90% |
| MSCI ACWI ex USA Small Cap | 2.38% | 12.35% | 5.76% |
| MSCI ACWI ex USA | 6.65% | 11.46% | 5.49% |

---

The preceding line graph shows the value of a hypothetical $1,000,000 investment in the Fund over the past 10 fiscal year periods.The Fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the Fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting, the Fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include any deduction for expenses; Fund expenses have been deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of Fund shares.

---

| | |
|:---|:---|
| ![](d7qyn6wkm2ne7ys7.jpg)<br>| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information visit **www.peartreefunds.com/fund-documents/**.<br>|

---

**Key Fund Statistics**

(as of March 31, 2025)

---

| | |
|:---|:---|
| | |
| Total Net Assets | $776281021 |
| Number of Holdings | 59 |
| Advisory Fee | $8636549 |
| Portfolio Turnover | 13% |

---

**What did the Fund invest in?**

(as of March 31, 2025)

**COUNTRY ALLOCATION**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| United Kingdom | 13.1 |
| Japan | 12.9 |
| France | 11.5 |
| Norway | 6.8 |
| Canada | 5.6 |
| Thailand | 5.6 |
| South Korea | 4.3 |
| Germany | 4.0 |
| Sweden | 3.7 |
| Taiwan | 3.6 |
| Netherlands | 3.4 |
| Colombia | 3.1 |
| Brazil | 3.0 |
| Belgium | 2.9 |
| Italy | 2.1 |
| Ireland | 2.1 |
| Denmark | 1.9 |
| Portugal | 1.9 |
| Hong Kong | 1.7 |
| China | 1.7 |
| Singapore | 1.1 |
| Spain | 0.6 |
| Indonesia | 0.4 |

---

**TOP TEN HOLDINGS**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| EQB Inc.  | 3.3 |
| Tecnoglass, Inc. | 3.1 |
| Computacenter plc | 3.0 |
| Equatorial Energia S.A. | 2.9 |
| D'Ieteren S.A. | 2.9 |
| Thanachart Capital PCL | 2.9 |
| Sixt SE  | 2.7 |
| TISCO Financial Group | 2.7 |
| Sanyang Motor Co., Ltd. | 2.5 |
| QinetiQ | 2.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at **www.peartreefunds.com/fund-documents/**. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

During the reporting period, the Fund added the MSCI ACWI ex USA as its Regulatory Benchmark.

The MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaims all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit **www.peartreefunds.com/fund-documents/** for additional legal notices & disclaimers.

Visit www.peartreefunds.com/pricesandperformance/ for more recent performance information.

**The fund's past performance is not a good predictor of the Fund's future performance.**

**annual SHAREHOLDER REPORT \| AS OF March 31, 2025**

Pear Tree Polaris Foreign Value Small Cap Fund

**R6 Shares: QUSRX**

This annual shareholder report contains information about Pear Tree Polaris Foreign Value Small Cap Fund (the "Fund") for the period April 1, 2024 to March 31, 2025. You may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at www.peartreefunds.com/fund-documents/. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

**What were the Fund's costs for the last year?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a** <br>**$10,000 investment** |
| R6 Shares | $103 | 1.02% |

---

**What affected the Fund's performance this period?**

Top detractors from performance during the period included holdings in Information Technology, Consumer Staples, and Industrials, which was partially offset by holdings in Financials, Consumer Discretionary and Health Care. Holdings in China, Norway and UK added to gains, while France and South Korea detracted. At the individual stock level, top detractors included NextAge Co., Barry Callebaut, and Samsung Eletronics. Nextage declined after putting out a profit warning, following a slide in the past few quarters. Barry Callebaut declined after encountering higher cocoa bean prices early in the year. Samsung Electronics faced headwinds related to declining dynamic random-access memory (DRAM) prices, inventory buildup and increased Chinese competition. Top individual stock contributors included Alibaba, Norwegian banks Sparebank Nord-Norge and Sparebanken Vest, United Overseas Bank, and Cranswick PLC. Alibaba Group Holding was the top overall portfolio contributor, capitalizing on China's aggressive stimulus measures and later on news of its cloud AI model and e-commerce success. Sparebank Nord-Norge and Sparebanken Vest capitalized on a strong Norwegian economy, less restrictive mortgage lending and a tangential bump on strong return-on-equity targets from peer banks. Singapore-based United Overseas Bank announced impressive earnings over multiple quarters. Cranswick PLC reported strong half-year results, with a nearly 12% jump in sales on higher volumes.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE** \| February 6, 2017 (Commencement of Operations) through March 31, 2025

(Initial Investment of $100,000)![](d7qy17ezrmalk5eos.jpg)

**AVERAGE ANNUAL TOTAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year**  | **Since Inception** |
| Pear Tree Polaris Foreign Value Small Cap Fund R6 Shares | 1.27% | 12.96% | 5.96% |
| MSCI ACWI ex USA Small Cap | 2.38% | 12.35% | 6.10% |
| MSCI ACWI ex USA | 6.65% | 11.46% | 6.81% |

---

The preceding line graph shows the value of a hypothetical $100,000 investment in the Fund since inception.The Fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the Fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting, the Fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include any deduction for expenses; Fund expenses have been deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of Fund shares.

---

| | |
|:---|:---|
| ![](d7qyn6wkm2ne7ys7.jpg)<br>| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information visit **www.peartreefunds.com/fund-documents/**.<br>|

---

**Key Fund Statistics**

(as of March 31, 2025)

---

| | |
|:---|:---|
| | |
| Total Net Assets | $776281021 |
| Number of Holdings | 59 |
| Advisory Fee | $8636549 |
| Portfolio Turnover | 13% |

---

**What did the Fund invest in?**

(as of March 31, 2025)

**COUNTRY ALLOCATION**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| United Kingdom | 13.1 |
| Japan | 12.9 |
| France | 11.5 |
| Norway | 6.8 |
| Canada | 5.6 |
| Thailand | 5.6 |
| South Korea | 4.3 |
| Germany | 4.0 |
| Sweden | 3.7 |
| Taiwan | 3.6 |
| Netherlands | 3.4 |
| Colombia | 3.1 |
| Brazil | 3.0 |
| Belgium | 2.9 |
| Italy | 2.1 |
| Ireland | 2.1 |
| Denmark | 1.9 |
| Portugal | 1.9 |
| Hong Kong | 1.7 |
| China | 1.7 |
| Singapore | 1.1 |
| Spain | 0.6 |
| Indonesia | 0.4 |

---

**TOP TEN HOLDINGS**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| EQB Inc.  | 3.3 |
| Tecnoglass, Inc. | 3.1 |
| Computacenter plc | 3.0 |
| Equatorial Energia S.A. | 2.9 |
| D'Ieteren S.A. | 2.9 |
| Thanachart Capital PCL | 2.9 |
| Sixt SE  | 2.7 |
| TISCO Financial Group | 2.7 |
| Sanyang Motor Co., Ltd. | 2.5 |
| QinetiQ | 2.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at **www.peartreefunds.com/fund-documents/**. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

During the reporting period, the Fund added the MSCI ACWI ex USA as its Regulatory Benchmark.

The MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaims all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit **www.peartreefunds.com/fund-documents/** for additional legal notices & disclaimers.

Visit **www.peartreefunds.com/pricesandperformance/** for more recent performance information.

**The fund's past performance is not a good predictor of the Fund's future performance.**

**annual SHAREHOLDER REPORT \| AS OF March 31, 2025**

Pear Tree Polaris International Opportunities Fund

**Ordinary Shares: QISOX**

This annual shareholder report contains information about Pear Tree Polaris International Opportunities Fund (the "Fund") for the period April 1, 2024 to March 31, 2025. You may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at www.peartreefunds.com/fund-documents/. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

**What were the Fund's costs for the last year?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a** <br>**$10,000 investment** |
| Ordinary Shares | $141 | 1.41% |

---

**What affected the Fund's performance this period?**

[Top detractors from performance during the period included holdings in Materials and both consumer sectors. The Fund had double-digit gains in Financials, Energy and Communication Services, along with notable outperformance in Information Technology and Health Care. At the country level, the portfolio outperformed in Norway, Hong Kong, Taiwan, Germany, Thailand and more; holdings in the Netherlands, Ireland and South Korea declined.](#)At the individual stock level, top detractors included Vistry Group, Glanbia, and Hexpol AB. U.K. homebuilder Vistry Group PLC issued its third profit warning in recent quarters; we subsequently sold the stock. Irish nutritional company Glanbia PLC faced competition from Costco private labels and lost traction in its SlimFast business on the advent of GLP-1 drugs. Swedish polymer producer, Hexpol, reported underwhelming results, with the market worrying about weakened demand. Top contributors at the individual stock level included Tecnoglass, Technip Energies, and Loomis AB. Tecnoglass was up nearly 40% after reporting strong earnings backed by organic growth, geographic expansion and margin improvement. Technip Energies capitalized on the renewable/sustainable energy transition in Europe, building out LNG terminals and blue ammonia projects. Loomis AB had impressive results, benefitting from its legacy and Loomis Pay businesses.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE** \| January 30, 2019 (Commencement of Operations) through March 31, 2025

(Initial Investment of $10,000)![](d7qy17ezrmalkd4nm.jpg)

**AVERAGE ANNUAL TOTAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year**  | **Since Inception** |
| Pear Tree Polaris International Opportunities Fund Ordinary Shares | (0.20)% | 11.62% | 5.45% |
| MSCI ACWI ex USA | 6.65% | 11.46% | 6.78% |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the Fund since inception.The Fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the Fund's investment strategy (Strategy Benchmark(s)). Market index returns do not include any deduction for expenses; Fund expenses have been deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of Fund shares.

---

| | |
|:---|:---|
| ![](d7qyn6wkm2ne7ys7.jpg)<br>| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information visit **www.peartreefunds.com/fund-documents/**.<br>|

---

**Key Fund Statistics**

(as of March 31, 2025)

---

| | |
|:---|:---|
| | |
| Total Net Assets | $63297671 |
| Number of Holdings | 61 |
| Advisory Fee | $571361 |
| Portfolio Turnover | 31% |

---

**What did the Fund invest in?**

(as of March 31, 2025)

**COUNTRY ALLOCATION**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| China | 10.4 |
| France | 10.0 |
| Canada | 8.4 |
| Taiwan | 8.2 |
| Japan | 7.3 |
| United Kingdom | 6.9 |
| Switzerland | 6.6 |
| Italy | 4.6 |
| Germany | 3.5 |
| Brazil | 3.1 |
| Belgium | 2.9 |
| Thailand | 2.7 |
| Norway | 2.6 |
| South Africa | 2.6 |
| Singapore | 2.4 |
| Indonesia | 2.2 |
| Australia | 2.1 |
| Malaysia | 1.8 |
| Mexico | 1.7 |
| Hong Kong | 1.3 |
| India | 1.2 |
| Peru | 1.1 |
| South Korea | 1.0 |
| United States | 0.9 |
| Portugal | 0.8 |
| Finland | 0.8 |
| Sweden | 0.6 |

---

**TOP TEN HOLDINGS**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| SOL S.p.A.  | 4.1 |
| Cranswick plc | 3.9 |
| Neurones S.A. | 3.6 |
| ALSO Holding AG | 3.4 |
| Alibaba Group Holding Ltd.  | 3.3 |
| Equatorial Energia S.A. | 3.1 |
| D'Ieteren S.A. | 2.9 |
| EQB Inc.  | 2.8 |
| Sparebanken Vest | 2.6 |
| Chailease Holding Co., Ltd.  | 2.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at **www.peartreefunds.com/fund-documents/**. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

During the reporting period, there were no changes to the Ordinary Share Class.

The MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaims all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit **www.peartreefunds.com/fund-documents/** for additional legal notices & disclaimers.

Visit **www.peartreefunds.com/pricesandperformance/** for more recent performance information.

**The fund's past performance is not a good predictor of the Fund's future performance.**

**annual SHAREHOLDER REPORT \| AS OF March 31, 2025**

Pear Tree Polaris International Opportunities Fund

**Institutional Shares: QISIX**

**This report describes changes to the Fund that occurred during the reporting period.**

This annual shareholder report contains information about Pear Tree Polaris International Opportunities Fund (the "Fund") for the period April 1, 2024 to March 31, 2025. You may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at www.peartreefunds.com/fund-documents/. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

**What were the Fund's costs for the last year?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a** <br>**$10,000 investment** |
| Institutional Shares | $87 | 0.87% |

---

**What affected the Fund's performance this period?**

[Top detractors from performance during the period included holdings in Materials and both consumer sectors. The Fund had double-digit gains in Financials, Energy and Communication Services, along with notable outperformance in Information Technology and Health Care. At the country level, the portfolio outperformed in Norway, Hong Kong, Taiwan, Germany, Thailand and more; holdings in the Netherlands, Ireland and South Korea declined.](#)At the individual stock level, top detractors included Vistry Group, Glanbia, and Hexpol AB. U.K. homebuilder Vistry Group PLC issued its third profit warning in recent quarters; we subsequently sold the stock. Irish nutritional company Glanbia PLC faced competition from Costco private labels and lost traction in its SlimFast business on the advent of GLP-1 drugs. Swedish polymer producer, Hexpol, reported underwhelming results, with the market worrying about weakened demand. Top contributors at the individual stock level included Tecnoglass, Technip Energies, and Loomis AB. Tecnoglass was up nearly 40% after reporting strong earnings backed by organic growth, geographic expansion and margin improvement. Technip Energies capitalized on the renewable/sustainable energy transition in Europe, building out LNG terminals and blue ammonia projects. Loomis AB had impressive results, benefitting from its legacy and Loomis Pay businesses.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE** \| January 30, 2019 (Commencement of Operations) through March 31, 2025

(Initial Investment of $1,000,000)![](d7qy17ezrmalkj7z7.jpg)

**AVERAGE ANNUAL TOTAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year**  | **Since Inception** |
| Pear Tree Polaris International Opportunities Fund Institutional Shares | 0.43% | 12.13% | 5.93% |
| MSCI ACWI ex USA | 6.65% | 11.46% | 6.78% |

---

The preceding line graph shows the value of a hypothetical $1,000,000 investment in the Fund since inception.The Fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the Fund's investment strategy (Strategy Benchmark(s)). Market index returns do not include any deduction for expenses; Fund expenses have been deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of Fund shares.

---

| | |
|:---|:---|
| ![](d7qyn6wkm2ne7ys7.jpg)<br>| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information visit **www.peartreefunds.com/fund-documents/**.<br>|

---

**Key Fund Statistics**

(as of March 31, 2025)

---

| | |
|:---|:---|
| | |
| Total Net Assets | $63297671 |
| Number of Holdings | 61 |
| Advisory Fee | $571361 |
| Portfolio Turnover | 31% |

---

**What did the Fund invest in?**

(as of March 31, 2025)

**COUNTRY ALLOCATION**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| China | 10.4 |
| France | 10.0 |
| Canada | 8.4 |
| Taiwan | 8.2 |
| Japan | 7.3 |
| United Kingdom | 6.9 |
| Switzerland | 6.6 |
| Italy | 4.6 |
| Germany | 3.5 |
| Brazil | 3.1 |
| Belgium | 2.9 |
| Thailand | 2.7 |
| Norway | 2.6 |
| South Africa | 2.6 |
| Singapore | 2.4 |
| Indonesia | 2.2 |
| Australia | 2.1 |
| Malaysia | 1.8 |
| Mexico | 1.7 |
| Hong Kong | 1.3 |
| India | 1.2 |
| Peru | 1.1 |
| South Korea | 1.0 |
| United States | 0.9 |
| Portugal | 0.8 |
| Finland | 0.8 |
| Sweden | 0.6 |

---

**TOP TEN HOLDINGS**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| SOL S.p.A.  | 4.1 |
| Cranswick plc | 3.9 |
| Neurones S.A. | 3.6 |
| ALSO Holding AG | 3.4 |
| Alibaba Group Holding Ltd.  | 3.3 |
| Equatorial Energia S.A. | 3.1 |
| D'Ieteren S.A. | 2.9 |
| EQB Inc.  | 2.8 |
| Sparebanken Vest | 2.6 |
| Chailease Holding Co., Ltd.  | 2.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at **www.peartreefunds.com/fund-documents/**. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

Effective November 1, 2024 through October 31, 2025, the Manager has contractually agreed to reimburse such portion of the expenses of International Opportunities Fund attributable to Institutional Shares such that the "Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement" with respect to Institutional Shares, other than extraordinary expenses, is not greater than 0.99 percent of International Opportunities Fund's net assets attributable to Institutional Shares. This expense reimbursement agreement only may be terminated with the approval of the Trustees.The Manager is not entitled to receive any recoupment of amounts it reimbursed the funds pursuant to these agreements.

The MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaims all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit **www.peartreefunds.com/fund-documents/** for additional legal notices & disclaimers.

Visit www.peartreefunds.com/pricesandperformance/ for more recent performance information.

**The fund's past performance is not a good predictor of the Fund's future performance.**

**annual SHAREHOLDER REPORT \| AS OF March 31, 2025**

Pear Tree Polaris International Opportunities Fund

**R6 Shares: QISRX**

**This report describes changes to the Fund that occurred during the reporting period.**

This annual shareholder report contains information about Pear Tree Polaris International Opportunities Fund (the "Fund") for the period April 1, 2024 to March 31, 2025. You may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at www.peartreefunds.com/fund-documents/. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

**What were the Fund's costs for the last year?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a** <br>**$10,000 investment** |
| R6 Shares | $97 | 0.97% |

---

**What affected the Fund's performance this period?**

[Top detractors from performance during the period included holdings in Materials and both consumer sectors. The Fund had double-digit gains in Financials, Energy and Communication Services, along with notable outperformance in Information Technology and Health Care. At the country level, the portfolio outperformed in Norway, Hong Kong, Taiwan, Germany, Thailand and more; holdings in the Netherlands, Ireland and South Korea declined.](#)At the individual stock level, top detractors included Vistry Group, Glanbia, and Hexpol AB. U.K. homebuilder Vistry Group PLC issued its third profit warning in recent quarters; we subsequently sold the stock. Irish nutritional company Glanbia PLC faced competition from Costco private labels and lost traction in its SlimFast business on the advent of GLP-1 drugs. Swedish polymer producer, Hexpol, reported underwhelming results, with the market worrying about weakened demand. Top contributors at the individual stock level included Tecnoglass, Technip Energies, and Loomis AB. Tecnoglass was up nearly 40% after reporting strong earnings backed by organic growth, geographic expansion and margin improvement. Technip Energies capitalized on the renewable/sustainable energy transition in Europe, building out LNG terminals and blue ammonia projects. Loomis AB had impressive results, benefitting from its legacy and Loomis Pay businesses.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE** \| January 30, 2019 (Commencement of Operations) through March 31, 2025

(Initial Investment of $100,000)![](d7qy17ezrmalkoz04.jpg)

**AVERAGE ANNUAL TOTAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year**  | **Since Inception** |
| Pear Tree Polaris International Opportunities Fund R6 Shares | 0.27% | 12.13% | 5.94% |
| MSCI ACWI ex USA | 6.65% | 11.46% | 6.78% |

---

The preceding line graph shows the value of a hypothetical $100,000 investment in the Fund since inception.The Fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the Fund's investment strategy (Strategy Benchmark(s)). Market index returns do not include any deduction for expenses; Fund expenses have been deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of Fund shares.

---

| | |
|:---|:---|
| ![](d7qyn6wkm2ne7ys7.jpg)<br>| For additional information about the Fund; including its prospectus, financial information, holdings and proxy information visit **www.peartreefunds.com/fund-documents/**.<br>|

---

**Key Fund Statistics**

(as of March 31, 2025)

---

| | |
|:---|:---|
| | |
| Total Net Assets | $63297671 |
| Number of Holdings | 61 |
| Advisory Fee | $571361 |
| Portfolio Turnover | 31% |

---

**What did the Fund invest in?**

(as of March 31, 2025)

**COUNTRY ALLOCATION**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| China | 10.4 |
| France | 10.0 |
| Canada | 8.4 |
| Taiwan | 8.2 |
| Japan | 7.3 |
| United Kingdom | 6.9 |
| Switzerland | 6.6 |
| Italy | 4.6 |
| Germany | 3.5 |
| Brazil | 3.1 |
| Belgium | 2.9 |
| Thailand | 2.7 |
| Norway | 2.6 |
| South Africa | 2.6 |
| Singapore | 2.4 |
| Indonesia | 2.2 |
| Australia | 2.1 |
| Malaysia | 1.8 |
| Mexico | 1.7 |
| Hong Kong | 1.3 |
| India | 1.2 |
| Peru | 1.1 |
| South Korea | 1.0 |
| United States | 0.9 |
| Portugal | 0.8 |
| Finland | 0.8 |
| Sweden | 0.6 |

---

**TOP TEN HOLDINGS**

**(% of Fund's net assets)**

---

| | |
|:---|:---|
| SOL S.p.A.  | 4.1 |
| Cranswick plc | 3.9 |
| Neurones S.A. | 3.6 |
| ALSO Holding AG | 3.4 |
| Alibaba Group Holding Ltd.  | 3.3 |
| Equatorial Energia S.A. | 3.1 |
| D'Ieteren S.A. | 2.9 |
| EQB Inc.  | 2.8 |
| Sparebanken Vest | 2.6 |
| Chailease Holding Co., Ltd.  | 2.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may find copies of the Fund's prospectus, financial information on Form N-CSR (which includes any required tax information for dividends), holdings, proxy voting information, and other information at **www.peartreefunds.com/fund-documents/**. You also may request this information without charge by contacting Pear Tree Funds at 1-800-326-2151 or info@peartreefunds.com or by contacting your financial intermediary.

Effective November 1, 2024 through October 31, 2025, the Manager has contractually agreed to reimburse such portion of the expenses of International Opportunities Fund attributable to R6 Shares such that the "Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement" with respect to R6 Shares, other than extraordinary expenses, is not greater than 0.96 percent of International Opportunities Funds' net assets attributable to R6 Shares. This expense reimbursement agreement only may be terminated with the approval of the Trustees.The Manager is not entitled to receive any recoupment of amounts it reimbursed the funds pursuant to these agreements.

The MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaims all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit **www.peartreefunds.com/fund-documents/** for additional legal notices & disclaimers.

**Item 2: Code of Ethics**

As of the end of the period, March 31, 2025, Pear Tree Funds (the "Trust") had adopted a code of ethics, as defined in Item 2(b) of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. During the period covered by this report, the Registrant did not amend the code of ethics. During the period covered by this report, the Registrant did not grant a waiver to any person covered by the code of ethics from any provision of the code of ethics that relates to one or more of the items set forth in paragraph (b) of item 2 of Form N-CRS.

A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

**Item 3: Audit Committee Financial Expert**

The Registrant's Trustees have determined that the Registrant has at least one audit committee financial expert serving on their audit committee. The audit committee financial expert, as defined in Instruction 2(b) of Item 3(a) of Form N-CSR, is Clinton S. Marshall. Mr. Marshall is "independent" for purposes of Item 3 of Form N-CSR.

**Item 4: Principal Accountant Fees and Services**

The Registrant engaged the services of Tait, Weller & Baker LLP ("TWB"), an Independent Registered Public Accounting Firm, to serve as the principal accountant for the audit of the Funds' annual financial statements for the last two fiscal years.

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees:</u> For
 each of the last two fiscal years, the aggregate fees billed for professional services rendered by TWB for the audit of the Registrant's
 annual financial statements were 2025: $140,000; and 2024: $139,250.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit Related Fees:</u> Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees:</u> For
 each of the last two fiscal years, the aggregate fees billed for professional services rendered by TWB for tax compliance, tax advice
 and tax planning were 2025: $21,400; and 2024: $21,300. Those services comprised review of the Registrant's U.S. federal
 income tax returns and the required state corporate income tax returns, as well as review of excise tax distribution calculations
 and identification and analysis of the passive foreign investment company status of foreign corporate equities.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees:</u> Not
 applicable

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Pre-Approval Policies of the Audit Committee</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee has adopted a
 policy whereby audit and non-audit services performed by the Registrant's principal accountant for the Registrant,
 its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides
 ongoing services to the Registrant, require pre-approval in advance at regularly scheduled audit committee meetings. If
 such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one
 audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit
 or non-audit services requiring fees of a de minimis amount is not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No services included in (b) – (d) above were approved
 pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Less than 50 percent of the hours expended on TWB's
 engagement to audit the Registrant's financial statements for the most recent fiscal year were attributed to work performed
 by persons other than TWB's full-time, permanent employees.

&nbsp;&nbsp;&nbsp;&nbsp;(g) For each of the last two fiscal years, the aggregate
 fees billed by TWB for non-audit services rendered to the Registrant, its investment adviser, and any entity controlling,
 controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, were 2025: $0;
 and 2024: $0.

&nbsp;&nbsp;&nbsp;&nbsp;(h) All non-audit services rendered in (g) above
 were pre-approved by the Registrant's Audit Committee. Accordingly, these services were considered by the Registrant's
 Audit Committee in maintaining TWB's independence.

**Item 5: Audit Committee of Listed Registrants**

Not applicable.

**Item 6: Investments**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Schedule of Investments is incorporated by reference
 as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies under Item 7(a) of this
 Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies**

(a-b) The Registrant's Financial Statements required by Regulation S-X are as follows :

![](peartreefin001.jpg)

**PEAR TREE POLARIS SMALL CAP FUND**

SCHEDULE OF INVESTMENTS

*March 31, 2025*

**Common Stock — 98.5%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **CONSUMER DISCRETIONARY — 8.7%** |  |  |
| **AUTOMOBILES — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | 36467 | $1256653 |
| **DIVERSIFIED CONSUMER SERVICES — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc. (a) | 68600 | 1402870 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corporation | 71200 | 1792816 |
|  |  | 3195686 |
| **SPECIALTY RETAIL — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 82400 | 957488 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | 29300 | 1122776 |
|  |  | 2080264 |
| **TEXTILES, APPAREL & LUXURY GOODS — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Crocs, Inc. (a) | 11010 | 1169262 |
| **TOTAL CONSUMER DISCRETIONARY** |  | 7701865 |
| **CONSUMER STAPLES — 6.4%** |  |  |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Ingles Markets Inc. | 56283 | 3665712 |
| **FOOD PRODUCTS — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Ingredion Incorporated | 14500 | 1960545 |
| **TOTAL CONSUMER STAPLES** |  | 5626257 |
| **ENERGY — 4.0%** |  |  |
| **ENERGY EQUIPMENT & SERVICES — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | 32000 | 487040 |
| **OIL, GAS & CONSUMABLE FUELS — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc. | 67000 | 1299800 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 10670 | 1705919 |
|  |  | 3005719 |
| **TOTAL ENERGY** |  | 3492759 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS SMALL CAP FUND**

SCHEDULE OF INVESTMENTS (continued)

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **FINANCIALS — 26.8%** |  |  |
| **BANKS — 22.4%** |  |  |
| &nbsp;&nbsp;&nbsp;BOK Financial Corporation | 18164 | $1891780 |
| &nbsp;&nbsp;&nbsp;Colony Bankcorp, Inc. | 122079 | 1971576 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 15300 | 1915560 |
| &nbsp;&nbsp;&nbsp;Home Trust Bancshares, Inc. | 62700 | 2149356 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corporation | 31900 | 2011614 |
| &nbsp;&nbsp;&nbsp;Northeast Bancorp | 23400 | 2142036 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 46700 | 1868934 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | 57700 | 1911024 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | 61500 | 1781040 |
| &nbsp;&nbsp;&nbsp;The Bank of N.T. Butterfield & Son Limited | 54600 | 2125032 |
|  |  | 19767952 |
| **CONSUMER FINANCE — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;SLM Corporation | 64800 | 1903176 |
| **FINANCIAL SERVICES — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;EVERTEC Inc. | 53900 | 1981903 |
| **TOTAL FINANCIALS** |  | 23653031 |
| **HEALTH CARE — 5.7%** |  |  |
| **BIOTECHNOLOGY — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc. (a) | 42100 | 1554332 |
| **PHARMACEUTICALS — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc. (a) | 30800 | 892892 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc. (a) | 36100 | 1198159 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc. (a) | 43100 | 1411525 |
|  |  | 3502576 |
| **TOTAL HEALTH CARE** |  | 5056908 |
| **INDUSTRIALS — 28.1%** |  |  |
| **AEROSPACE & DEFENSE — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;V2X, Inc. (a) | 21400 | 1049670 |
| **BUILDING PRODUCTS — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Carlisle Companies Incorporated | 3500 | 1191750 |
| &nbsp;&nbsp;&nbsp;Tecnoglass, Inc. | 22500 | 1609875 |
|  |  | 2801625 |
| **COMMERCIAL SERVICES & SUPPLIES — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | 86800 | 1743812 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS SMALL CAP FUND**

SCHEDULE OF INVESTMENTS (continued)

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **ELECTRICAL EQUIPMENT — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Acuity Brands, Inc. | 4700 | $1237745 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corporation | 6789 | 772928 |
|  |  | 2010673 |
| **GROUND TRANSPORTATION — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group, Inc, | 106400 | 2362080 |
| **MACHINERY — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | 13600 | 1301112 |
| &nbsp;&nbsp;&nbsp;Wabash National Corporation | 97800 | 1080690 |
|  |  | 2381802 |
| **PROFESSIONAL SERVICES — 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | 49800 | 2049270 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 29000 | 1753630 |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | 22894 | 1119288 |
| &nbsp;&nbsp;&nbsp;Maximus Inc. | 12700 | 866013 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corporation | 12900 | 1448283 |
|  |  | 7236484 |
| **TRADING COMPANIES & DISTRIBUTORS — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease Corporation | 37900 | 1830949 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 7000 | 1577380 |
| &nbsp;&nbsp;&nbsp;DNOW Inc.(a) | 101700 | 1737036 |
|  |  | 5145365 |
| **TOTAL INDUSTRIALS** |  | 24731511 |
| **INFORMATION TECHNOLOGY — 6.7%** |  |  |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. (a) | 12700 | 1318641 |
| &nbsp;&nbsp;&nbsp;ePlus, Inc. (a) | 27600 | 1684428 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics, Inc. (a) | 15500 | 254975 |
|  |  | 3258044 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;MKS Instruments, Inc. | 11400 | 913710 |
| **SOFTWARE — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Progress Software Corporation | 34600 | 1782246 |
| **TOTAL INFORMATION TECHNOLOGY** |  | 5954000 |
| **MATERIALS -6.8%** |  |  |
| **CHEMICALS — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Cabot Corporation | 20973 | 1743695 |
| **CONSTRUCTION MATERIALS — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Eagle Materials Inc. | 7000 | 1553510 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS SMALL CAP FUND**

SCHEDULE OF INVESTMENTS (continued)

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **CONTAINERS & PACKAGING — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | 58700 | $1523852 |
| **METALS & MINING — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corporation | 148400 | 1202212 |
| **TOTAL MATERIALS** |  | 6023269 |
| **REAL ESTATE — 5.3%** |  |  |
| **DIVERSIFIED REITS — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | 60700 | 1981248 |
| **HEALTH CARE REITS — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Global Medical REIT Inc. | 76600 | 670250 |
| **RETAIL REITS — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Netstreit Corporation | 125600 | 1990760 |
| **TOTAL REAL ESTATE** |  | 4642258 |
| **TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $67,134,220) |  | 86881858 |
| **Short Term Investments — 0.6%** |  |  |
|  | Par Value | Value |
| **Money Market — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;UMB Money Market Special II, 4.25% (b) | $494565 | $494565 |
| &nbsp;&nbsp;&nbsp;(Cost $494,565) |  |  |
| **TOTAL INVESTMENTS — 99.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $67,628,785) |  | 87376423 |
| **OTHER ASSETS & LIABILITIES (NET) — 0.9%** |  | 779611 |
| **NET ASSETS — 100%** |  | $88156034 |

---

(a) Non-income producing security

(b) Interest rate reflects seven-day effective
 yield on March 31, 2025.

(c) At March 31, 2025, the unrealized
 appreciation of investments based on aggregate cost for federal tax purposes of $68,233,022 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized appreciation for all investments in which |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there is an excess of value over tax cost | $22620439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized depreciation for all investments in which |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there is an excess of tax cost over value | (3477038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation/(depreciation) | $19143401 |

---

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

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE QUALITY FUND**

SCHEDULE OF INVESTMENTS

*March 31, 2025*

**Common Stock — 99.3%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMUNICATION SERVICES — 7.3%** |  |  |
| **INTERACTIVE MEDIA & SERVICES — 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 74775 | $11563206 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. | 20398 | 11756591 |
|  |  | 23319797 |
| **CONSUMER DISCRETIONARY — 9.7%** |  |  |
| **HOTELS, RESTAURANTS & LEISURE — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Compass Group Plc (b) | 246599 | 8194485 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc. | 21528 | 4898696 |
|  |  | 13093181 |
| **MULTILINE RETAIL — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 60979 | 7427242 |
| **RETAILING — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. (a) | 35417 | 6738439 |
| **TEXTILES, APPAREL & LUXURY GOODS — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;LVMH Moët Hennessy-Louis Vuitton S.A. (b) | 29037 | 3596813 |
| **TOTAL CONSUMER DISCRETIONARY** |  | 30855675 |
| **CONSUMER STAPLES — 9.8%** |  |  |
| **BEVERAGES — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Company (The) | 126596 | 9066805 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. | 33603 | 6166823 |
| &nbsp;&nbsp;&nbsp;Diageo plc (b) | 27376 | 2868731 |
|  |  | 18102359 |
| **FOOD PRODUCTS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Nestle, S.A. (b) | 51280 | 5187998 |
| **HOUSEHOLD PRODUCTS — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Unilever Plc (b) | 131046 | 7803789 |
| **TOTAL CONSUMER STAPLES** |  | 31094146 |
| **FINANCIALS — 4.4%** |  |  |
| **BANKS — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 164211 | 6932988 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Company | 95381 | 6847402 |
|  |  | 13780390 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE QUALITY FUND**

SCHEDULE OF INVESTMENTS (continued)

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **HEALTH CARE — 26.5%** |  |  |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 83166 | $11031970 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. (a) | 12130 | 6007625 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 6894 | 3430454 |
|  |  | 20470049 |
| **HEALTH CARE PROVIDERS & SERVICES — 9.9%** |  |  |
| &nbsp;&nbsp;&nbsp;CIGNA Corporation | 18581 | 6113149 |
| &nbsp;&nbsp;&nbsp;Elevance Health Inc. | 19835 | 8627432 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics Incorporated | 26199 | 4432871 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 23142 | 12120622 |
|  |  | 31294074 |
| **PHARMACEUTICALS — 10.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Eli Lilly and Company | 4857 | 4011445 |
| &nbsp;&nbsp;&nbsp;Haleon plc (b) | 609214 | 6268812 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 70935 | 11763861 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 74662 | 6701661 |
| &nbsp;&nbsp;&nbsp;Roche Holding Ltd. (b) | 87787 | 3612435 |
|  |  | 32358214 |
| **TOTAL HEALTH CARE** |  | 84122337 |
| **INDUSTRIALS — 5.1%** |  |  |
| **AEROSPACE & DEFENSE — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Safran SA | 36183 | 9458075 |
| **MACHINERY — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 64397 | 6645771 |
| **TOTAL INDUSTRIALS** |  | 16103846 |
| **INFORMATION TECHNOLOGY — 36.5%** |  |  |
| **IT SERVICES — 21.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture Plc | 24226 | 7559481 |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group, S.A. (b) | 30550 | 2335548 |
| &nbsp;&nbsp;&nbsp;Microsoft Corporation | 48791 | 18315653 |
| &nbsp;&nbsp;&nbsp;Oracle Corporation | 75639 | 10575089 |
| &nbsp;&nbsp;&nbsp;salesforce.com, inc. | 26098 | 7003659 |
| &nbsp;&nbsp;&nbsp;SAP AG (b) | 35933 | 9645855 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. | 31718 | 11115890 |
|  |  | 66551175 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE QUALITY FUND**

SCHEDULE OF INVESTMENTS (continued)

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 9.7%** |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. | 4073 | $2698892 |
| &nbsp;&nbsp;&nbsp;KLA-Tencor Corporation | 5324 | 3619255 |
| &nbsp;&nbsp;&nbsp;Lam Research Corporation | 85696 | 6230099 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. (b) | 50739 | 8422674 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 55112 | 9903627 |
|  |  | 30874547 |
| **SOFTWARE — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Dassault Systèmes SE (b) | 40643 | 1550530 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 76395 | 16969622 |
| **TOTAL INFORMATION TECHNOLOGY** |  | 115945874 |
| **TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $265,828,773) |  | 315222065 |
| **Short Term Investments — 0.6%** |  |  |
| **Money Market — 0.6%** | Par Value | Value |
| &nbsp;&nbsp;&nbsp;UMB Money Market Special II, 4.25% (c) | $2079526 | $2079526 |
| &nbsp;&nbsp;&nbsp;(Cost $2,079,526) |  |  |
| **TOTAL INVESTMENTS — 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $267,908,299) |  | 317301591 |
| **OTHER ASSETS & LIABILITIES (NET) — 0.1%** |  | 224002 |
| **NET ASSETS — 100%** |  | $317525593 |

---

(a) Non-Income producing security

(b) ADR - American Depositary Receipts

(c) Interest rate reflects seven-day effective yield on March 31, 2025.

(d) At March 31, 2025, the unrealized appreciation of investments based on aggregate
 cost for federal tax purposes of $268,285,333 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized appreciation for all investments in which |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there is an excess of value over tax cost | $59076808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized depreciation for all investments in which |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there is an excess of tax cost over value | (10060550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation/(depreciation) | $49016258 |

---

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

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE ESSEX ENVIRONMENTAL OPPORTUNITIES FUND**

SCHEDULE OF INVESTMENTS

*March 31, 2025*

**Common Stock — 96.6%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **CHINA — 0.7%** |  |  |
| **CONSUMER DISCRETIONARY — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;BYD Company Limited (a) | 2385 | $241672 |
| **GERMANY — 8.0%** |  |  |
| **INDUSTRIALS — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Kion Group AG (b) | 27546 | 1139568 |
| **INFORMATION TECHNOLOGY — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG | 52261 | 1715784 |
| **TOTAL GERMANY** |  | 2855352 |
| **IRELAND — 4.1%** |  |  |
| **INDUSTRIALS — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Kingspan Group plc | 18282 | 1464258 |
| **JAPAN — 11.9%** |  |  |
| **INDUSTRIALS — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Kurita Water Industries Ltd. | 25955 | 796666 |
| &nbsp;&nbsp;&nbsp;Yaskawa Electric Corporation | 30637 | 764184 |
|  |  | 1560850 |
| **INFORMATION TECHNOLOGY — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Keyence Corporation | 3437 | 1344094 |
| MATERIALS — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Toray Industries, Inc. | 201853 | 1371423 |
| **TOTAL JAPAN** |  | 4276367 |
| **SWITZERLAND — 2.1%** |  |  |
| **INFORMATION TECHNOLOGY — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Landis+Gyr Group AG | 12940 | 763413 |
| **UNITED STATES — 69.8%** |  |  |
| **CONSUMER DISCRETIONARY — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc. (b) | 38563 | 480110 |
| **FINANCIALS — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 38418 | 1123342 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE ESSEX ENVIRONMENTAL OPPORTUNITIES FUND**

SCHEDULE OF INVESTMENTS (continued)

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **INDUSTRIALS — 38.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 10909 | $1185263 |
| &nbsp;&nbsp;&nbsp;American Superconductor Corporation (b) | 55053 | 998661 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc. (b) | 6782 | 979050 |
| &nbsp;&nbsp;&nbsp;Deere & Company | 1617 | 758939 |
| &nbsp;&nbsp;&nbsp;Energy Recovery, Inc. (b) | 79311 | 1260252 |
| &nbsp;&nbsp;&nbsp;GE Vernova Inc. (b) | 5628 | 1718116 |
| &nbsp;&nbsp;&nbsp;Generac Holdings Inc. (b) | 8077 | 1022952 |
| &nbsp;&nbsp;&nbsp;Hubbell Incorporated | 2952 | 976846 |
| &nbsp;&nbsp;&nbsp;IDEX Corporation | 6485 | 1173590 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corporation | 14634 | 840138 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 6241 | 1780994 |
| &nbsp;&nbsp;&nbsp;Veralto Corporation | 10518 | 1024979 |
|  |  | 13719780 |
| **INFORMATION TECHNOLOGY — 14.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 10822 | 2058886 |
| &nbsp;&nbsp;&nbsp;Cognex Corporation | 13132 | 391728 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc. (b) | 10099 | 1276816 |
| &nbsp;&nbsp;&nbsp;Ouster, Inc. | 37580 | 337468 |
| &nbsp;&nbsp;&nbsp;Trimble Navigation Limited (b) | 19581 | 1285493 |
|  |  | 5350391 |
| **MATERIALS — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels, Inc. (b) | 75991 | 485582 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp. (b) | 57004 | 1391468 |
|  |  | 1877050 |
| **UTILITIES — 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 35483 | 2515390 |
| **TOTAL UNITED STATES** |  | 25066063 |
| **TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $35,731,729) |  | 34667125 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE ESSEX ENVIRONMENTAL OPPORTUNITIES FUND**

SCHEDULE OF INVESTMENTS (continued)

*March 31, 2025*

**Short Term Investments — 2.9%**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **Money Market — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;UMB Money Market Special II, 4.25% (c) | $1052512 | $1052512 |
| &nbsp;&nbsp;&nbsp;(Cost $1,052,512) |  |  |
| **TOTAL INVESTMENTS — 99.5%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $36,784,241) |  | 35719637 |
| **OTHER ASSETS & LIABILITIES (Net) — 0.5%** |  | 165941 |
| **NET ASSETS — 100%** |  | $35885578 |

---

(a) ADR - American Depositary Receipts

(b) Non-income producing security.

(c) Percentage rate reflects seven-day effective yield on March 31, 2025.

(d) At March 31, 2025, the unrealized depreciation of investments based on aggregate
 cost for federal tax purposes of $37,006,066 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized appreciation for all investments in which |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there is an excess of value over tax cost | $4184017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized depreciation for all investments in which |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there is an excess of tax cost over value | (5470447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation/(depreciation) | $(1286430) |

---

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

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS FOREIGN VALUE FUND**

SCHEDULE OF INVESTMENTS

*March 31, 2025*

**Common Stock — 96.8%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **BELGIUM — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;D'leteren S.A. | 147578 | $25329601 |
| **CANADA — 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Canadian Tire Corporation | 442779 | 45972969 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corporation | 4851000 | 39298729 |
| &nbsp;&nbsp;&nbsp;Magna International Inc. | 889696 | 30233469 |
| &nbsp;&nbsp;&nbsp;Methanex Corporation | 888793 | 31159935 |
| &nbsp;&nbsp;&nbsp;Open Text Corporation | 1286301 | 32459148 |
|  |  | 179124250 |
| **CHILE — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;LATAM Airlines Group | 1006731700 | 15735883 |
| **CHINA -2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings Limited (a) | 2991200 | 46902016 |
| **COLOMBIA — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Tecnoglass, Inc. | 162500 | 11626875 |
| **FRANCE — 12.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Ipsos | 327941 | 14756991 |
| &nbsp;&nbsp;&nbsp;Michelin (CGDE) | 1253700 | 43888979 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe | 455147 | 42643606 |
| &nbsp;&nbsp;&nbsp;Sanofi S.A. | 393300 | 43297835 |
| &nbsp;&nbsp;&nbsp;Teleperformance SE | 364900 | 36450585 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | 703900 | 45360417 |
| &nbsp;&nbsp;&nbsp;Vinci SA | 381398 | 47911630 |
|  |  | 274310043 |
| **GERMANY — 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | 1112200 | 44593718 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 1356293 | 50132152 |
| &nbsp;&nbsp;&nbsp;flatexDegiro AG | 988400 | 22622808 |
| &nbsp;&nbsp;&nbsp;Hannover Rueck SE | 164600 | 48839512 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft | 80930 | 50911246 |
|  |  | 217099436 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS FOREIGN VALUE FUND**

SCHEDULE OF INVESTMENTS (continued)

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **IRELAND — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Greencore Group plc | 9546268 | $20849730 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc (b) | 362000 | 44942300 |
| &nbsp;&nbsp;&nbsp;Smurfit Westrock plc | 978946 | 44111307 |
|  |  | 109903337 |
| **ITALY — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Eni S.p.A. | 2961300 | 45734141 |
| &nbsp;&nbsp;&nbsp;Trevi Finanziaria Industriale SpA (b) | 18739624 | 4979421 |
|  |  | 50713562 |
| **JAPAN — 13.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Daicel Corporation | 2484000 | 21552695 |
| &nbsp;&nbsp;&nbsp;Itochu Corporation | 940900 | 43420830 |
| &nbsp;&nbsp;&nbsp;KDDI Corporation | 2765200 | 43630396 |
| &nbsp;&nbsp;&nbsp;Macnica Fuji Electronics Holdings Inc. | 569100 | 7331625 |
| &nbsp;&nbsp;&nbsp;Marubeni Corporation | 2721600 | 43306454 |
| &nbsp;&nbsp;&nbsp;Orix Corporation | 2036000 | 41988926 |
| &nbsp;&nbsp;&nbsp;Sony Group Corporation | 1861300 | 46862341 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Company Limited | 1630700 | 48122771 |
|  |  | 296216038 |
| **NETHERLANDS — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize N.V. | 1403200 | 52381283 |
| **NORWAY — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | 2004130 | 52411347 |
| &nbsp;&nbsp;&nbsp;SpareBank 1 SR-Bank ASA | 2702668 | 43459421 |
| &nbsp;&nbsp;&nbsp;Sparebanken Vest | 1241314 | 16213543 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | 1379100 | 41354542 |
|  |  | 153438853 |
| **PUERTO RICO — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | 506950 | 46826972 |
| **RUSSIA — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;ALROSA Company PJSC\* (b) | 41136300 | 4854 |
| **SINGAPORE — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;United Overseas Bank Limited | 1843447 | 52240827 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS FOREIGN VALUE FUND**

SCHEDULE OF INVESTMENTS (continued)

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SOUTH KOREA — 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;F&F Co., Ltd. | 225000 | $9687606 |
| &nbsp;&nbsp;&nbsp;Kia Motors Corporation | 556800 | 34901623 |
| &nbsp;&nbsp;&nbsp;LG Electronics, Inc. | 600000 | 31456706 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Company Limited | 1115733 | 43795835 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co., Limited | 1231500 | 39349457 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 326300 | 42258343 |
|  |  | 201449570 |
| **SWEDEN — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Duni AB | 1332300 | 13236657 |
| &nbsp;&nbsp;&nbsp;Loomis AB, Class B | 785619 | 31784209 |
| &nbsp;&nbsp;&nbsp;SKF AB-B | 2077800 | 41824488 |
|  |  | 86845354 |
| **SWITZERLAND — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Barry Callebaut AG | 33528 | 44410958 |
| &nbsp;&nbsp;&nbsp;Novartis AG | 417650 | 46183178 |
|  |  | 90594136 |
| **TAIWAN — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Chailease Holding Co., Limited | 9578000 | 33462781 |
| **THAILAND — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;TISCO Financial Group | 4804500 | 14020501 |
| **UNITED KINGDOM — 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Inchcape plc | 2782861 | 24067599 |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group S.A. | 11018500 | 37093388 |
| &nbsp;&nbsp;&nbsp;Linde plc | 96744 | 45047876 |
| &nbsp;&nbsp;&nbsp;Mondi plc | 1736326 | 25697613 |
| &nbsp;&nbsp;&nbsp;Next plc | 351650 | 50316771 |
| &nbsp;&nbsp;&nbsp;Nomad Foods Limited | 825700 | 16225005 |
|  |  | 198448252 |
| **TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,780,523,622) |  | 2156674424 |
| **Warrants — 0.0%** |  |  |
| **ITALY — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Trevi Finanziaria Industriale SpA (b) | 76022 | $16423 |
| &nbsp;&nbsp;&nbsp;(Cost $7,585,702) |  |  |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS FOREIGN VALUE FUND**

SCHEDULE OF INVESTMENTS (continued)

*March 31, 2025*

**Short Term Investments — 0.5%**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **Money Market — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;UMB Money Market Special II, 4.25% (c) | $10481885 | $10481885 |
| &nbsp;&nbsp;&nbsp;(Cost $10,481,885) |  |  |
| **TOTAL INVESTMENTS — 97.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,798,591,209) |  | 2167172732 |
| **OTHER ASSETS & LIABILITIES (NET) — 2.7%** |  | 59518912 |
| **NET ASSETS — 100%** |  | $2226691644 |

---

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

(a) ADR - American Depositary Receipts

(b) Non-income producing security.

(c) Interest rate reflects seven-day effective yield on March 31, 2025.

(d) At March 31, 2025, the unrealized appreciation of investments based on aggregate
 cost for federal tax purposes of $1,812,480,440 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized appreciation for all investments in which |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there is an excess of value over tax cost | $570412121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized depreciation for all investments in which |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there is an excess of tax cost over value | (215719829) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation/(depreciation) | $354692292 |

---

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

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS FOREIGN VALUE SMALL CAP FUND**

SCHEDULE OF INVESTMENTS

*March 31, 2025*

**Common Stock - 97.0%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **BELGIUM — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;D'leteren SA | 131655 | $22596651 |
| **BRAZIL — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Equatorial Energia S.A. | 4088005 | 22839213 |
| &nbsp;&nbsp;&nbsp;Equatorial Energia S.A.(a) | 14621 | 81686 |
|  |  | 22920899 |
| **CANADA — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;EQB Inc. | 373227 | 25293241 |
| &nbsp;&nbsp;&nbsp;goeasy Ltd. | 174357 | 18282470 |
|  |  | 43575711 |
| **CHINA — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;China MeiDong Auto Holdings Limited | 16078000 | 4339653 |
| &nbsp;&nbsp;&nbsp;Xinhua Winshare Publishing and Media Co., Limited | 6160500 | 8519849 |
|  |  | 12859502 |
| **COLOMBIA — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Tecnoglass, Inc. | 339564 | 24295804 |
| **DENMARK — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Ringkjoebing Landbobank A/S | 81000 | 14389940 |
| **FRANCE — 11.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Amundi | 219700 | 17086196 |
| &nbsp;&nbsp;&nbsp;Elis S.A. | 752098 | 16686210 |
| &nbsp;&nbsp;&nbsp;Ipsos | 185600 | 8351799 |
| &nbsp;&nbsp;&nbsp;Rubis | 674500 | 18971678 |
| &nbsp;&nbsp;&nbsp;Sopra Steria | 101100 | 18684608 |
| &nbsp;&nbsp;&nbsp;Technip Energies N.V. | 282700 | 9203476 |
|  |  | 88983967 |
| **GERMANY — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;flatexDEGIRO AG | 84700 | 1938640 |
| &nbsp;&nbsp;&nbsp;Krones AG | 61000 | 8262476 |
| &nbsp;&nbsp;&nbsp;Sixt SE | 247825 | 21187458 |
|  |  | 31388574 |
| **HONG KONG — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Kingboard Laminates Holdings, Ltd. | 5147500 | 5927998 |
| &nbsp;&nbsp;&nbsp;VSTECS Holdings Limited | 8587360 | 7350850 |
|  |  | 13278848 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS FOREIGN VALUE SMALL CAP FUND**

SCHEDULE OF INVESTMENTS (continued)

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **INDONESIA — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;PT. Pakuwon Jati Tbk | 170495300 | $3500507 |
| **IRELAND — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Glanbia plc | 1296500 | 14242174 |
| &nbsp;&nbsp;&nbsp;Greencore Group plc | 921700 | 2013058 |
|  |  | 16255232 |
| **ITALY — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;De'Longhi SpA | 505636 | 16636069 |
| **JAPAN — 12.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Daicel Corporation | 2055600 | 17835636 |
| &nbsp;&nbsp;&nbsp;Dowa Holdings Co., Limited | 402400 | 12456263 |
| &nbsp;&nbsp;&nbsp;Kanematsu Corporation | 746200 | 12564743 |
| &nbsp;&nbsp;&nbsp;Kyudenko Corporation | 561000 | 18044737 |
| &nbsp;&nbsp;&nbsp;Mizuho Leasing Company, Limited | 1352000 | 9429825 |
| &nbsp;&nbsp;&nbsp;Open House Group Co., Limited | 450700 | 16790489 |
| &nbsp;&nbsp;&nbsp;Sankyu Inc. | 311800 | 12785593 |
|  |  | 99907286 |
| **NETHERLANDS — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Aalberts N.V. | 522803 | 17618766 |
| &nbsp;&nbsp;&nbsp;Signify N.V. | 415700 | 8953400 |
|  |  | 26572166 |
| **NORWAY — 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;SpareBank Nord-Norge | 735389 | 9925067 |
| &nbsp;&nbsp;&nbsp;Sparebank 1 Oestlandet | 271588 | 4239832 |
| &nbsp;&nbsp;&nbsp;SpareBank 1 SMN | 902328 | 15653931 |
| &nbsp;&nbsp;&nbsp;SpareBank 1 SR-Bank ASA | 862826 | 13874408 |
| &nbsp;&nbsp;&nbsp;Sparebanken Vest | 679492 | 8875250 |
|  |  | 52568488 |
| **PORTUGAL — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Redes Energéticas Nacionais, SGPS, S.A. | 4848005 | 14374350 |
| **SINGAPORE — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Venture Corporation, Limited | 963400 | 8852013 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS FOREIGN VALUE SMALL CAP FUND**

SCHEDULE OF INVESTMENTS (continued)

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SOUTH KOREA — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Doosan Bobcat | 181800 | $6173175 |
| &nbsp;&nbsp;&nbsp;Fila Holding Corporation | 163300 | 4208649 |
| &nbsp;&nbsp;&nbsp;Orion Corporation | 87300 | 6989929 |
| &nbsp;&nbsp;&nbsp;Poongsan Corporation | 371300 | 15633684 |
|  |  | 33005437 |
| **SPAIN — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;CIE Automotive | 206600 | 5021063 |
| **SWEDEN — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Duni AB | 249247 | 2476317 |
| &nbsp;&nbsp;&nbsp;Hexpol AB | 1864800 | 16243741 |
| &nbsp;&nbsp;&nbsp;Loomis AB, Class B | 243361 | 9845787 |
|  |  | 28565845 |
| **TAIWAN — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Primax Electronics Limited | 3347800 | 8358787 |
| &nbsp;&nbsp;&nbsp;Sanyang Motor Co., Limited | 9280000 | 19648641 |
|  |  | 28007428 |
| **THAILAND — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Thanachart Capital PCL | 15374600 | 22546392 |
| &nbsp;&nbsp;&nbsp;TISCO Financial Group | 7118600 | 20773512 |
|  |  | 43319904 |
| **UNITED KINGDOM — 13.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Berkeley Group Holdings plc | 198093 | 9164390 |
| &nbsp;&nbsp;&nbsp;Coats Group plc | 5811700 | 5926479 |
| &nbsp;&nbsp;&nbsp;Computacenter plc | 727200 | 22941484 |
| &nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals plc | 616300 | 15504953 |
| &nbsp;&nbsp;&nbsp;Inchcape plc | 1958309 | 16936453 |
| &nbsp;&nbsp;&nbsp;OSB Group plc | 2224017 | 12321519 |
| &nbsp;&nbsp;&nbsp;QinetiQ | 3856400 | 19224754 |
|  |  | 102020032 |
| **TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $630,912,612) |  | 752895716 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS FOREIGN VALUE SMALL CAP FUND**

SCHEDULE OF INVESTMENTS (continued)

*March 31, 2025*

**Short Term Investments — 1.9%**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **Money Market — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;UMB Money Market Special II, 4.25% (b) | $14599376 | $14599376 |
| &nbsp;&nbsp;&nbsp;(Cost $14,599,376) |  |  |
| **TOTAL INVESTMENTS — 98.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $645,511,988) |  | 767495092 |
| **OTHER ASSETS & LIABILITIES (NET) — 1.1%** |  | 8785929 |
| **NET ASSETS — 100%** |  | $776281021 |

---

(a) Net present value of expected future
 cash flows the Fund anticipates from this asset.

(b) Interest rate reflects seven-day effective
 yield on March 31, 2025.

(c) At March 31, 2025, the unrealized
 appreciation of investments based on aggregate cost for federal tax purposes of $651,765,676 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized appreciation for all investments in which |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there is an excess of value over tax cost | $156598149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized depreciation for all investments in which |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there is an excess of tax cost over value | (40868733) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation/(depreciation) | $115729416 |

---

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

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS INTERNATIONAL OPPORTUNITIES FUND**

SCHEDULE OF INVESTMENTS

*March 31, 2025*

**Common Stock — 97.7%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **AUSTRALIA — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Macquarie Group Limited | 10812 | $1324820 |
| **BELGIUM — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;D'Ieteren S.A. | 10700 | 1836498 |
| **BRAZIL — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Equatorial Energia S.A. | 349269 | 1951326 |
| &nbsp;&nbsp;&nbsp;Equatorial Energia S.A. (a) | 1248 | 6972 |
|  |  | 1958298 |
| **CANADA — 8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard Inc. | 31100 | 1533500 |
| &nbsp;&nbsp;&nbsp;EQB Inc. | 25877 | 1753660 |
| &nbsp;&nbsp;&nbsp;goeasy Ltd. | 14975 | 1570227 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corporation | 59700 | 483639 |
|  |  | 5341026 |
| **CHINA — 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 125200 | 2059766 |
| &nbsp;&nbsp;&nbsp;China MeiDong Auto Holdings Limited | 2950000 | 796242 |
| &nbsp;&nbsp;&nbsp;Midea Group Co., Ltd. | 131600 | 1424576 |
| &nbsp;&nbsp;&nbsp;Zhejiang Supor Co. | 166800 | 1342828 |
| &nbsp;&nbsp;&nbsp;Zhongsheng Group Holdings | 543000 | 954750 |
|  |  | 6578162 |
| **FINLAND — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Valmet OYJ | 18600 | 501264 |
| **FRANCE — 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Capgemini SE | 10000 | 1491143 |
| &nbsp;&nbsp;&nbsp;Ipsos | 14100 | 634485 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 1295 | 799689 |
| &nbsp;&nbsp;&nbsp;Neurones S.A. | 43855 | 2302174 |
| &nbsp;&nbsp;&nbsp;Sanofi S.A. | 6900 | 759611 |
| &nbsp;&nbsp;&nbsp;Teleperformance SE | 3700 | 369600 |
|  |  | 6356702 |
| **GERMANY — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Bechtle AG | 16800 | 620609 |
| &nbsp;&nbsp;&nbsp;Sixt SE | 18400 | 1573083 |
|  |  | 2193692 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS INTERNATIONAL OPPORTUNITIES FUND**

SCHEDULE OF INVESTMENTS (continued)

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **HONG KONG — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Kingboard Laminates Holdings, Ltd. | 330000 | $380037 |
| &nbsp;&nbsp;&nbsp;VSTECS Holdings Limited | 510000 | 436564 |
|  |  | 816601 |
| **INDIA — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Muthoot Finance Ltd. | 26494 | 738630 |
| **INDONESIA — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;PT Bank Central Asia Tbk | 1034100 | 530788 |
| &nbsp;&nbsp;&nbsp;PT Bank Rakyat Indonesia Tbk | 3480646 | 851245 |
|  |  | 1382033 |
| **ITALY — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;SeSa S.p.A. | 4693 | 344701 |
| &nbsp;&nbsp;&nbsp;SOL S.p.A. | 64300 | 2594086 |
|  |  | 2938787 |
| **JAPAN — 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;FULLCAST HOLDINGS Co., Ltd. | 68400 | 719952 |
| &nbsp;&nbsp;&nbsp;JAC Recruitment Co., Ltd. | 154100 | 831608 |
| &nbsp;&nbsp;&nbsp;Kyudenko Corporation | 15100 | 485696 |
| &nbsp;&nbsp;&nbsp;NEXTAGE Co., Ltd. | 121400 | 1228288 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Company Limited | 22200 | 655133 |
| &nbsp;&nbsp;&nbsp;Tri Chemical Laboratories Inc. | 40800 | 699554 |
|  |  | 4620231 |
| **MALAYSIA — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Public Bank Bhd | 676400 | 673733 |
| &nbsp;&nbsp;&nbsp;Scientex Berhad | 565800 | 452640 |
|  |  | 1126373 |
| **MEXICO — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico, S.A.B. de C.V. | 388000 | 1068890 |
| **NORWAY — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Sparebanken Vest | 126582 | 1653363 |
| **PERU — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp Ltd. | 3600 | 670176 |
| **PORTUGAL — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Jerónimo Martins SGPS, SA | 23800 | 503867 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS INTERNATIONAL OPPORTUNITIES FUND**

SCHEDULE OF INVESTMENTS (continued)

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SINGAPORE — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;United Overseas Bank Limited | 54000 | $1530288 |
| **SOUTH AFRICA — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;AVI Limited | 206174 | 993882 |
| &nbsp;&nbsp;&nbsp;FirstRand Limited | 163800 | 639814 |
|  |  | 1633696 |
| **SOUTH KOREA — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Company Limited | 15545 | 610187 |
| **SWEDEN — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Knowit AB | 27158 | 410948 |
| **SWITZERLAND — 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;ALSO Holding AG | 7900 | 2151786 |
| &nbsp;&nbsp;&nbsp;Barry Callebaut AG | 1110 | 1470298 |
| &nbsp;&nbsp;&nbsp;Nestle S.A. | 5500 | 555346 |
|  |  | 4177430 |
| **TAIWAN — 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Chailease Holding Co., Ltd. | 450914 | 1575364 |
| &nbsp;&nbsp;&nbsp;POYA International Co., Ltd. | 55680 | 801597 |
| &nbsp;&nbsp;&nbsp;Sanyang Motor Co., Ltd. | 282000 | 597082 |
| &nbsp;&nbsp;&nbsp;SINBON Electronics Co., Ltd. | 150300 | 1152062 |
| &nbsp;&nbsp;&nbsp;Yageo Corporation | 73546 | 1065451 |
|  |  | 5191556 |
| **THAILAND — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Krungthai Card Public Company Limited | 443200 | 594417 |
| &nbsp;&nbsp;&nbsp;Muangthai Capital Public Company Limited | 1064000 | 1144761 |
|  |  | 1739178 |
| **UNITED KINGDOM — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Computacenter plc | 20700 | 653037 |
| &nbsp;&nbsp;&nbsp;Cranswick plc | 39440 | 2497137 |
| &nbsp;&nbsp;&nbsp;Games Workshop Group PLC | 3693 | 666904 |
| &nbsp;&nbsp;&nbsp;Oxford Instruments plc | 25449 | 565023 |
|  |  | 4382101 |
| **UNITED STATES — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc. (b) | 5400 | 576990 |
| **TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $56,506,564) |  | 61861787 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS INTERNATIONAL OPPORTUNITIES FUND**

SCHEDULE OF INVESTMENTS (continued)

*March 31, 2025*

**Short Term Investments — 2.3%**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **Money Market — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;UMB Money Market Special II, 4.25% (c) | $1455009 | $1455009 |
| &nbsp;&nbsp;&nbsp;(Cost $1,455,009) |  |  |
| **TOTAL INVESTMENTS — 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $57,961,573) |  | 63316796 |
| **OTHER ASSETS & LIABILITIES (Net) — (0.0%)** |  | (19125) |
| **NET ASSETS — 100%** |  | $63297671 |

---

(a) Net present value of expected future
 cash flows the Fund anticipates from this asset.

(b) Non-income producing security.

(c) Percentage rate reflects seven-day
 effective yield on March 31, 2025.

(d) At March 31, 2025, the unrealized
 appreciation of investments based on aggregate cost for federal tax purposes of $58,189,414 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized appreciation for all investments in which |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there is an excess of value over tax cost | $9335555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized depreciation for all investments in which |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there is an excess of tax cost over value | (4208173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation/(depreciation) | $5127382 |

---

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

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE FUNDS**

STATEMENT OF ASSETS AND LIABILITIES

*March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  |<br>Small Cap |<br>Quality | Environmental<br>Opportunities |
| **Assets:** |  |  |  |
| Investments at value | $87376423 | $317301591 | $35719637 |
| Foreign currency at value (Cost $0 for Small Cap, $0 for Quality and |  |  |  |
| $0 for Environmental Opportunities.) |  |  |  |
| Cash |  |  |  |
| Dividends and interest receivable | 90703 | 412632 | 42017 |
| Foreign tax reclaims receivable | 1727 | 161777 | 45553 |
| Receivable for investments sold | 1400593 |  | 489063 |
| Receivable for shares of beneficial interest sold | 96847 | 58826 |  |
| Other Assets | 14595 | 7924 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $88980888 | $317942750 | $36296270 |
| **Liabilities:** |  |  |  |
| Payable for investments purchased | $738859 | $– | $361230 |
| Payable for shares of beneficial interest repurchased |  | 163182 | 5940 |
| Payable for compensation of manager (Note 3) | 56591 | 166336 | 22961 |
| Payable for distribution fees (Note 3) | 4737 | 23249 | 106 |
| Payable to custodian | 9456 | 10377 | 7729 |
| Payable to transfer agent (Note 3) | 4723 | 22080 | 1326 |
| Payable for foreign capital gain tax |  |  |  |
| Other accrued expenses and liabilities | 10488 | 31933 | 11400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | $824854 | $417157 | $410692 |
| **Net Assets** | $88156034 | $317525593 | $35885578 |
| Investments at cost | $67628785 | $267908299 | $36784241 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE FUNDS**

STATEMENT OF ASSETS AND LIABILITIES (continued)

*March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  |<br>Small Cap |<br>Quality | Environmental<br>Opportunities |
| Components of Net Assets: |  |  |  |
| Shares of beneficial interest | $61113023 | $238234216 | $51912697 |
| Total distributable earnings (loss) | 27043011 | 79291377 | (16027119) |
| **Net Assets Applicable to Outstanding Shares** | $88156034 | $317525593 | $35885578 |
| **Computation of Net Assets:** |  |  |  |
| **Ordinary Shares** |  |  |  |
| Net assets applicable to outstanding shares | $22255203 | $105915617 | $475231 |
| Shares Outstanding | 847230 | 4753345 | 39461 |
| Net asset value and redemption proceeds per share | $26.27 | $22.28 | $12.04 |
| **Institutional Shares** |  |  |  |
| Net assets applicable to outstanding shares | $60685343 | $202782642 | $32509432 |
| Shares Outstanding | 1826749 | 7897696 | 2646250 |
| Net asset value and redemption proceeds per share | $33.22 | $25.68 | $12.29 |
| **R6 Shares** |  |  |  |
| Net assets applicable to outstanding shares | $5215488 | $8827334 | $2900915 |
| Shares Outstanding | 604654 | 1119100 | 515990 |
| Net asset value and redemption proceeds per share | $8.63 | $7.89 | $5.62 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE FUNDS**

STATEMENT OF ASSETS AND LIABILITIES (continued)

*March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  |<br>Foreign Value | Foreign Value<br>Small Cap | International<br>Opportunities |
| **Assets:** |  |  |  |
| Investments at value | $2167172732 | $767495092 | $63316796 |
| Foreign currency at value (Cost $74 for Foreign Value, $1,011,601 for Foreign Value Small Cap and $31,736 for International Opportunities.) | 74 | 1008490 | 31907 |
| Cash |  |  |  |
| Dividends and interest receivable | 10222060 | 4827598 | 149315 |
| Foreign tax reclaims receivable | 22210816 | 4497969 | 233031 |
| Receivable for investments sold | 15201914 |  | 353968 |
| Receivable for shares of beneficial interest sold | 25245250 | 165815 | 50169 |
| Other Assets | 23568 | – | 8088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $2240076414 | $777994964 | $64143274 |
| **Liabilities:** |  |  |  |
| Payable for investments purchased | $– | $– | $722223 |
| Payable for shares of beneficial interest repurchased | 11080017 | 939683 | 5046 |
| Payable for compensation of manager (Note 3) | 1820697 | 605930 | 41917 |
| Payable for distribution fees (Note 3) | 50390 | 9776 | 2447 |
| Payable to custodian | 102801 | 45524 | 11210 |
| Payable to transfer agent (Note 3) | 93683 | 26731 | 2351 |
| Payable for foreign capital gain tax |  |  | 36967 |
| Other accrued expenses and liabilities | 237182 | 86299 | 23442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | $13384770 | $1713943 | $845603 |
| **Net Assets** | $2226691644 | $776281021 | $63297671 |
| Investments at cost | $1798591209 | $645511988 | $57961573 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE FUNDS**

STATEMENT OF ASSETS AND LIABILITIES (continued)

*March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  |<br>Foreign Value | Foreign Value<br>Small Cap | International<br>Opportunities |
| Components of Net Assets: |  |  |  |
| Shares of beneficial interest | $1920497242 | $775196632 | $96119253 |
| Total distributable earnings (loss) | 306194402 | 1084389 | (32821582) |
| **Net Assets Applicable to Outstanding Shares** | $2226691644 | $776281021 | $63297671 |
| **Computation of Net Assets:** |  |  |  |
| **Ordinary Shares** |  |  |  |
| Net assets applicable to outstanding shares | $230188259 | $44811253 | $11180224 |
| Shares Outstanding | 9708672 | 2853443 | 951791 |
| Net asset value and redemption proceeds per share | $23.71 | $15.70 | $11.75 |
| **Institutional Shares** |  |  |  |
| Net assets applicable to outstanding shares | $1628533723 | $531145585 | $24879193 |
| Shares Outstanding | 69073658 | 33962522 | 2109294 |
| Net asset value and redemption proceeds per share | $23.58 | $15.64 | $11.80 |
| **R6 Shares** |  |  |  |
| Net assets applicable to outstanding shares | $367969662 | $200324183 | $27238254 |
| Shares Outstanding | 33026298 | 18265323 | 2309632 |
| Net asset value and redemption proceeds per share | $11.14 | $10.97 | $11.79 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE FUNDS**

STATEMENT OF OPERATIONS

*For the Year Ended March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  |<br>Small Cap |<br>Quality | Environmental<br>Opportunities |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends<sup>(a)</sup> | $1933283 | $4736427 | $428893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 72196 | 84877 | 75148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | – | – | – |
| **Total Investment Income** | $2005479 | $4821304 | $504041 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of manager (Note 3) | 734370 | 3355968 | 427543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees, Ordinary Shares (Note 3) | 118073 | 374237 | 15945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative fees (Note 3) | 26209 | 96286 | 13765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian and fund accounting fees | 31201 | 90500 | 42800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory and Compliance (Note 3) | 6424 | 23511 | 3395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees (Note 3): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | 76906 | 241659 | 10321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 70610 | 296446 | 61464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 338 | 336 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and legal | 6201 | 37655 | 2461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 38812 | 55402 | 39211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance | 2980 | 2837 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of trustees (Note 3) | 3850 | 14080 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing | 2552 | 21788 | 3440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 1015 | 16364 | 2658 |
| Total expenses before waivers / reimbursements / reductions | 1119541 | 4627069 | 626228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management Fee Waiver (Note 3) |  | (1365484) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent Fee Waiver Institutional Shares (Note3) | (51264) | (219982) | (45569) |
| &nbsp;&nbsp;&nbsp;&nbsp;Manager Reimbursement / Reduction (Note 3) | (6488) | (2878) | (96413) |
| **Expenses, Net** | $1061789 | $3038725 | $484246 |
| Net Investment income / (loss) | $943690 | $1782579 | $19795 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE FUNDS**

STATEMENT OF OPERATIONS (continued)

*For the Year Ended March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  |<br>Small Cap |<br>Quality | Environmental<br>Opportunities |
| **Realized and unrealized gain / (loss) on investments, foreign currency, and foreign translation:** |  |  |  |
| Net realized gain / (loss) (Note 2) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(b)</sup> | $9766050 | $44958101 | $(676308) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain distribution from regulated investment company |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign denominated assets, liabilities, and currency | (1686) | (803) | (2572) |
| Change in unrealized appreciation / (depreciation) of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (11580117) | (26427323) | (1448660) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign denominated assets, liabilities, and currency | (169) | – | 3060 |
| Net realized and unrealized gain / (loss) on investment and foreign currency | (1815922) | 18529975 | (2124480) |
| **Net increase / (decrease) in net assets resulting from operations** | $(872232) | $20312554 | $(2104685) |

---

(a) Dividends
 are net of foreign withholding taxes of $9,284 for Small Cap, $121,334 for Quality and $12,419 for Environmental Opportunities. Dividends
 are net of ADR Issuance Fees of $0 for Small Cap, $20,689 for Quality and $0 for Environmental Opportunities.

(b) Net
 realized gains on investments are net of foreign withholding taxes of $0 for Small Cap, $0 for Quality and $0 for Environmental Opportunities.

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE FUNDS**

STATEMENT OF OPERATIONS (continued)

*For the Year Ended March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  |<br>Foreign Value | Foreign Value<br>Small Cap | International<br>Opportunities |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends<sup>(a)</sup> | $92501880 | $40480968 | $2859433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 1810817 | 1089935 | 99471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | – | – | – |
| **Total Investment Income** | $94312697 | $41570903 | $2958904 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of manager (Note 3) | 28160402 | 9596166 | 710425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees, Ordinary Shares (Note 3) | 698790 | 213044 | 78347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative fees (Note 3) | 835154 | 285501 | 23586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian and fund accounting fees | 599999 | 281000 | 56500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory and Compliance (Note 3) | 201788 | 68991 | 5671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees (Note 3): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | 450745 | 137291 | 50770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 3399059 | 986840 | 34250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 48388 | 29287 | 3580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and legal | 456089 | 162684 | 21426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 112942 | 90634 | 50700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax reclaim service fee | 119922 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance | 26019 | 16906 | 1807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of trustees (Note 3) | 120965 | 41305 | 3402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing | 201460 | 68626 | 5635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 159965 | 54477 | 1450 |
| Total expenses before waivers / reimbursements / reductions | 35591687 | 12032752 | 1047549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management Fee Waiver (Note 3) | (2816040) | (959617) | (78936) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent Fee Waiver Institutional Shares (Note3) | (2529291) | (734684) | (25062) |
| &nbsp;&nbsp;&nbsp;&nbsp;Manager Reimbursement / Reduction (Note 3) | (294550) | – | (60128) |
| **Expenses, Net** | $29951806 | $10338451 | $883423 |
| **Net Investment income / (loss)** | $64360891 | $31232452 | $2075481 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE FUNDS**

STATEMENT OF OPERATIONS (continued)

*For the Year Ended March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  |<br>Foreign Value | Foreign Value<br>Small Cap | International<br>Opportunities |
| **Realized and unrealized gain / (loss) on investments, foreign currency, and foreign translation:** |  |  |  |
| Net realized gain / (loss) (Note 2) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(b)</sup> | $147362042 | $(39156872) | $3821211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain distribution from regulated investment company |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign denominated assets, liabilities, and currency | (1148012) | (428636) | (7811) |
| Change in unrealized appreciation / (depreciation) of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (161664643) | 15101096 | (5795028) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign denominated assets, liabilities, and currency | 353492 | 166083 | 8199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in deferred non-U.S.taxes | – | – | 16189 |
| Net realized and unrealized gain / (loss) on investment and foreign currency | (15097121) | (24318329) | (1957240) |
| **Net increase / (decrease) in net assets resulting from operations** | $49263770 | $6914123 | $118241 |

---

(a) Dividends are net of foreign withholding
 taxes of $13,052,239 for Foreign Value, $5,110,801 for Foreign Value Small Cap and $402,245 for International Opportunities. Dividends
 are net of ADR Issuance Fees of $2,799 for Foreign Value, $0 for Foreign Value Small Cap and $0 for International Opportunities.

(b) Net realized gains on investments
 are net of foreign withholding taxes of $0 for Foreign Value, ($5,802) for Foreign Value Small Cap and $58,538 for International Opportunities.

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE FUNDS**

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Small Cap | Small Cap |
|  | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2024 |
| **Increase (Decrease) in Net Assets:** |  |  |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income / (loss) | $943690 | $845349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain / (loss) on investments, foreign |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;denominated assets, liabilities, and currency | 9764364 | 696100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation / (depreciation) of investments, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;foreign denominated assets, liabilities, and currency | (11580286) | 14164101 |
| Net increase / (decrease) from operations | $(872232) | $15705550 |
| **Distributions to shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary shares | $(759623) | $(612079) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional shares | (2274925) | (121643) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | (486571) | – |
| Total distributions to shareholders | $(3521119) | $(733722) |
| **Capital Stock Transactions** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | $2738307 | $2667850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 63255876 \* | 1987167 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 5429307 \* |  |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | 728548 | 453013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 2269858 | 121338 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 486570 |  |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | (55383378) | (9439340) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (15098011) | (809373) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | (9479) | – |
| Net increase (decrease) from capital stock transactions | $4417598 | $(5019345) |
| **Net Increase / (Decrease) in Net Assets** | $24247 | $9952483 |
| **Net Assets Beginning of Year** | 88131787 | 78179304 |
| **Net Assets End of Year** | $88156034 | $88131787 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE FUNDS**

STATEMENT OF CHANGES IN NET ASSETS (continued)

---

| | | |
|:---|:---|:---|
|  | Small Cap | Small Cap |
|  | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2024 |
| **Share Transactions** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | 101484 | 109350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 1771691 | 64685 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 553010 |  |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | 25881 | 17892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 63850 | 3804 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 52716 |  |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | (1964758) | (389145) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (424972) | (27394) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | (1072) | – |
| **Increase (Decrease) in Shares Outstanding** | 177830 | (220808) |

---

\* Includes adjustments to capital due to large exchange between classes for: Intstitutional: ($8435) R6 $8,435

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE FUNDS**

STATEMENT OF CHANGES IN NET ASSETS (continued)

---

| | | |
|:---|:---|:---|
|  | Quality | Quality |
|  | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2024 |
| **Increase (Decrease) in Net Assets:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income / (loss) | $1782579 | $1378839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain / (loss) on investments, foreign |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;denominated assets, liabilities, and currency | 44957298 | 15747588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation / (depreciation) of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments, foreign denominated assets, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liabilities, and currency | (26427323) | 52735469 |
| **Net increase / (decrease) from operations** | $20312554 | $69861896 |
| **Distributions to shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary shares | $(8924908) | $(6695035) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional shares | (17022885) | (4696152) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | (1115306) | – |
| Total distributions to shareholders | $(27063099) | $(11391187) |
| **Capital Stock Transactions** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | $30744569 \* | $55454982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 123744976 | 79115880 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 9151578 |  |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | 8525241 | 5218198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 16652978 | 4575483 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 1115306 |  |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | (119124692) | (30185647) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (69877702) | (36516103) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | (53357) | – |
| Net increase (decrease) from capital stock transactions | $878897 | $77662793 |
| **Net Increase / (Decrease) in Net Assets** | $(5871648) | $136133502 |
| **Net Assets Beginning of Year** | 323397241 | 187263739 |
| **Net Assets End of Year** | $317525593 | $323397241 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE FUNDS**

STATEMENT OF CHANGES IN NET ASSETS (continued)

---

| | | |
|:---|:---|:---|
|  | Quality | Quality |
|  | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2024 |
| **Share Transactions** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | 1305862 | 2716052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 4456079 | 3412767 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 988617 |  |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | 370341 | 256675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 628415 | 197304 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 137015 |  |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | (4906225) | (1478874) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (2599731) | (1549392) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | (6532) | – |
| **Increase (Decrease) in Shares Outstanding** | 373841 | 3554532 |

---

\* Includes contributions to capital from investment managers/brokers for: Ordinary $52

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE FUNDS**

STATEMENT OF CHANGES IN NET ASSETS (continued)

---

| | | |
|:---|:---|:---|
|  | Environmental Opportunities | Environmental Opportunities |
|  | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2024 |
| **Increase (Decrease) in Net Assets:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income / (loss) | $19795 | $(64867) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain / (loss) on investments, foreign |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;denominated assets, liabilities, and currency | (678880) | (8976860) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation / (depreciation) of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments, foreign denominated assets, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liabilities, currency and deferred non-U.S. taxes | (1445600) | 2177417 |
| Net increase / (decrease) from operations | $(2104685) | $(6864310) |
| **Distributions to shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary shares | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | – | – |
| **Total distributions to shareholders** | $– | $– |
| **Capital Stock Transactions** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | $569697 \* | $1829537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 27042767 | 8510062 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 173458 | 1287907 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | (12083458) | (740099) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (23126496) | (31291688) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | (46833) | (94514) |
| Net increase (decrease) from capital stock transactions | $(7470865) | $(20498795) |
| **Net Increase / (Decrease) in Net Assets** | $(9575550) | $(27363105) |
| **Net Assets Beginning of Year** | 45461128 | 72824233 |
| **Net Assets End of Year** | $35885578 | $45461128 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE FUNDS**

STATEMENT OF CHANGES IN NET ASSETS (continued)

---

| | | |
|:---|:---|:---|
|  | Environmental Opportunities | Environmental Opportunities |
|  | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2024 |
| **Share Transactions** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | 41703 | 150028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 1908879 | 649240 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 27312 | 236577 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | (859273) | (58493) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (1707175) | (2501493) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | (7239) | (16601) |
| **Increase (Decrease) in Shares Outstanding** | (595793) | (1540742) |

---

\* Includes contributions to capital from investment managers/brokers for: Ordinary $1,787

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE FUNDS**

STATEMENT OF CHANGES IN NET ASSETS (continued)

---

| | | |
|:---|:---|:---|
|  | Foreign Value | Foreign Value |
|  | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2024 |
| **Increase (Decrease) in Net Assets:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income / (loss) | $64360891 | $73199861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain / (loss) on investments, foreign |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;denominated assets, liabilities, and currency | 146214030 | 100368701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation / (depreciation) of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments, foreign denominated assets, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liabilities, currency and deferred non-U.S. taxes | (161311151) | 255181536 |
| Net increase / (decrease) from operations | $49263770 | $428750098 |
| **Distributions to shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary shares | $(4473979) | $(6293154) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional shares | (47030599) | (52692664) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | (20421786) | (22546318) |
| Total distributions to shareholders | $(71926364) | $(81532136) |
| **Capital Stock Transactions** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | $8305848 | $6298707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 299591556 \* | 239517996 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 24182494 \* | 32162117 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | 4383452 | 5667074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 42012581 | 46847543 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 15492152 | 17827096 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | (111375136) | (76006272) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (1014398645) | (577253914) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | (119756450) | (117335058) |
| Net increase (decrease) from capital stock transactions | $(851562148) | $(422274711) |
| **Net Increase / (Decrease) in Net Assets** | $(874224742) | $(75056749) |
| **Net Assets Beginning of Year** | 3100916386 | 3175973135 |
| Net Assets End of Year | $2226691644 | $3100916386 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE FUNDS**

STATEMENT OF CHANGES IN NET ASSETS (continued)

---

| | | |
|:---|:---|:---|
|  | Foreign Value | Foreign Value |
|  | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2024 |
| Share Transactions |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | 345811 | 285448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 12601358 | 10976493 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 2134810 | 3002621 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | 191334 | 251423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 1845895 | 2089543 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 1441130 | 1640027 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | (4592998) | (3455811) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (42702048) | (26448007) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | (10482686) | (10881046) |
| **Increase (Decrease) in Shares Outstanding** | (39217394) | (22539309) |

---

\* Includes contributions to capital from investment managers/brokers for: Institutional $2,557 and R6 $2

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE FUNDS**

STATEMENT OF CHANGES IN NET ASSETS (continued)

---

| | | |
|:---|:---|:---|
|  | Foreign Value Small Cap | Foreign Value Small Cap |
|  | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2024 |
| **Increase (Decrease) in Net Assets:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income / (loss) | $31232452 | $23423042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain / (loss) on investments, foreign |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;denominated assets, liabilities, and currency | (39585508) | 6561997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation / (depreciation) of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments, foreign denominated assets, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liabilities, currency and deferred non-U.S. taxes | 15267179 | 104208875 |
| Net increase / (decrease) from operations | $6914123 | $134193914 |
| **Distributions to shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary shares | $(1277815) | $(2653810) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional shares | (18680088) | (15576021) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | (11767102) | (7937962) |
| Total distributions to shareholders | $(31725005) | $(26167793) |
| **Capital Stock Transactions** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | $6577522 \* | $10790936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 136972745 \* | 84268660 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 49628415 | 74416117 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | 1240034 | 2046690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 17388847 | 14421353 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 10222484 | 7089169 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | (88258671) | (33211846) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (242887637) | (144681516) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | (112935630) | (100617184) |
| Net increase (decrease) from capital stock transactions | $(222051891) | $(85477621) |
| **Net Increase / (Decrease) in Net Assets** | $(246862773) | $22548500 |
| **Net Assets Beginning of Year** | 1023143794 | 1000595294 |
| **Net Assets End of Year** | $776281021 | $1023143794 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE FUNDS**

STATEMENT OF CHANGES IN NET ASSETS (continued)

---

| | | |
|:---|:---|:---|
|  | Foreign Value Small Cap | Foreign Value Small Cap |
|  | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2024 |
| **Share Transactions** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | 413009 | 733944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 8432971 | 5668690 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 4363828 | 6984681 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | 82121 | 134828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 1157713 | 951277 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 970796 | 657622 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | (5415046) | (2240398) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (15381038) | (9754232) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | (10389739) | (9893492) |
| **Increase (Decrease) in Shares Outstanding** | (15765385) | (6757080) |

---

\* Includes contributions to capital from investment managers/brokers for: Ordinary $3 and Institutional $13

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE FUNDS**

STATEMENT OF CHANGES IN NET ASSETS (continued)

---

| | | |
|:---|:---|:---|
|  | International Opportunities | International Opportunities |
|  | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2024 |
| **Increase (Decrease) in Net Assets:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income / (loss) | $2075481 | $756306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain / (loss) on investments, foreign |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;denominated assets, liabilities, and currency | 3813400 | 1001173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation / (depreciation) of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments, foreign denominated assets, liabilities, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;currency and deferred non-U.S. taxes. | (5770640 | 8391562 |
| Net increase / (decrease) from operations | $118241 | $10149041 |
| **Distributions to shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary shares | $(203377) | $(73193) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional shares | (1080359) | (53709) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | (844874 | (339271) |
| Total distributions to shareholders | $(2128610 | $(466173) |
| **Capital Stock Transactions** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | $1493961 | $380621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 37120602 | 387810 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 1530390 | 257702 |
| Shares issued in the Reorganization\*\*\* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares |  | 53765215 \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares |  | 3911386 \* |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares |  | 627632 \* |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | 188992 | 47442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 1074067 | 53405 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 844874 | 339272 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | (46086025) | (7992472) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (17794327) | (1646077) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | (265802 | (670120) |
| Net increase (decrease) from capital stock transactions | $(21893268 | $49461816 |
| **Net Increase / (Decrease) in Net Assets** | $(23903637 | $59144684 |
| **Net Assets Beginning of Year** | 87201308 | 28056624 |
| Net Assets End of Year | $63297671 | $87201308 |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE FUNDS**

STATEMENT OF CHANGES IN NET ASSETS (continued)

---

| | | |
|:---|:---|:---|
|  | International Opportunities | International Opportunities |
|  | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2024 |
| **Share Transactions** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | 126406 | 32911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 2947787 | 32323 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 123797 | 21515 |
| Shares issued in the Reorganization\*\*\* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares |  | 5187990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares |  | 373552 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares |  | 59865 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | 16363 | 3986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 92752 | 4949 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | 72960 | 31851 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares | (3736066) | (687891) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (1495524) | (137740) |
| &nbsp;&nbsp;&nbsp;&nbsp;R 6 Shares | (22659) | (56034) |
| **Increase (Decrease) in Shares Outstanding** | (1874184) | 4867277 |

---

\* Includes allocation of unrealized depreciation in the amount of ($121015) for Ordinary Shares, ($15713) for Institutional Shares and ($50958) for R6 Shares.

\*\* Includes contributions to capital from investment managers/brokers for: Institutional $29

\*\*\* Shares issued in connection with the reorganization of Pear Tree Axiom Emerging Markets World Equity Fund into International Opportunities Fund on November 1, 2023.

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS SMALL CAP FUND**

FINANCIAL HIGHLIGHTS

*(For a share outstanding throughout each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Ordinary Shares | Ordinary Shares | Ordinary Shares | Ordinary Shares | Ordinary Shares |
|  | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Period** | $27.46 | $22.87 | $26.02 | $27.43 | $15.45 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)(c)</sup> | 0.25 | 0.24 | 0.20 | 0.17 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on securities | (0.56) | 4.57 | (1.05) | 0.63 | 12.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.31) | 4.81 | (0.85) | 0.80 | 12.14 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.10) | (0.22) | (0.10) | (0.15) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized capital gains | (0.78) |  | (2.20) | (2.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.88) | (0.22) | (2.30) | (2.21) | (0.16) |
| **Net Asset Value, End of Period** | $26.27 | $27.46 | $22.87 | $26.02 | $27.43 |
| **Total Return** | (1.33)% | 21.12% | (3.39)% | 2.89% | 78.75% |
| **Net Assets, End of Period (000's)** | $22255 | $73718 | $67389 | $75159 | $86880 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Ratios of expenses to average net assets:<sup>(d)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross | 1.33% | 1.36% | 1.35% | 1.33% | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net | 1.33% | 1.36% | 1.35% | 1.33% | 1.37% |
| Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | 0.90% | 1.00% | 0.85% | 0.61% | 0.66% |
| **Portfolio Turnover** | 49% | 12% | 30% | 23% | 33% |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS SMALL CAP FUND**

FINANCIAL HIGHLIGHTS (continued)

*(For a share outstanding throughout each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares |
|  | | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Period** | $34.63 | $28.77 | $32.10 | $33.32 | $18.73 |
| Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)(b)(c)</sup> | 0.41 | 0.42 | 0.36 | 0.32 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on securities | (0.66) | 5.75 | (1.30) | 0.78 | 14.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.25) | 6.17 | (0.94) | 1.10 | 14.83 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.38) | (0.31) | (0.19) | (0.26) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized capital gains | (0.78) |  | (2.20) | (2.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.16) | (0.31) | (2.39) | (2.32) | (0.24) |
| **Net Asset Value, End of Period** | $33.22 | $34.63 | $28.77 | $32.10 | $33.32 |
| **Total Return** | (0.94)% | 21.53% | (3.02)% | 3.27% | 79.43% |
| **Net Assets, End of Period (000's)** | $60685 | $14414 | $10790 | $9055 | $8792 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Ratios of expenses to average net assets:<sup>(d)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross | 1.11% | 1.12% | 1.10% | 1.08% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net | 0.97% | 1.00% | 0.98% | 0.96% | 1.00% |
| Ratio of net investment income (loss) to average net assets <sup>(b)(c)</sup> | 1.17% | 1.40% | 1.21% | 0.97% | 1.04% |
| **Portfolio Turnover** | 49% | 12% | 30% | 23% | 33% |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS SMALL CAP FUND**

FINANCIAL HIGHLIGHTS (continued)

*(For a share outstanding throughout each period)*

---

| | |
|:---|:---|
|  | R6 Shares |
|  | Commencement of<br>Operations to the<br>Five Months Ended<br>March 31, 2025<sup>(1)</sup> |
| **Net Asset Value, Beginning of Period** | $10.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)(b)(c)</sup> | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on securities | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.21) |
| **Less Distributions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized capital gains | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.16) |
| **Net Asset Value, End of Period** | $8.63 |
| **Total Return** | (2.80)%<sup>(2)</sup> |
| **Net Assets, End of Period (000's)** | $5216 |
| **Ratios and Supplemental Data:** |  |
| Ratios of expenses to average net assets:<sup>(d)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross | 0.98%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net | 0.95%<sup>(3)</sup> |
| Ratio of net investment income (loss) to average net assets<sup>(b)(c)</sup> | 1.11%<sup>(3)</sup> |
| **Portfolio Turnover** | 49% |

---

(1) Commenced operations November 1, 2024

(2) Not Annualized

(3) Annualized

(a) Per share numbers have been calculated
 using the average shares method.

(b) Reflects expense waivers/reimbursements
 and reductions in effect during the period. See Note 3 to the Financial Statements.

(c) Net investment income (loss) per share
 and the ratio of net investment income (loss) to average net assets reflect net investment income prior to certain reclassifications for
 federal income or excise tax purposes. The ratio does not include net investment income of the investment companies in which the Fund
 invests.

(d) Ratios of expenses to average net
 assets:

Gross (total expenses before fee waivers, reimbursements and reductions by the investment advisor, and custody earnings credits, if any).

Net (total expenses net of fee waivers, reimbursements and reductions by the investment advisor, and custody earnings credits, if any).

- Does not include expenses of the investment companies in which the Fund invests,

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE QUALITY FUND**

FINANCIAL HIGHLIGHTS

*(For a share outstanding throughout each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Ordinary Shares | Ordinary Shares | Ordinary Shares | Ordinary Shares | Ordinary Shares |
|  | | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Period** | $22.83 | $18.19 | $21.11 | $21.14 | $15.06 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)(b)(c)</sup> | 0.08 | 0.08 | 0.08 | 0.06 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on securities | 1.33 | 5.46 | (0.57) | 2.35 | 7.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.41 | 5.54 | (0.49) | 2.41 | 7.65 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.04) | (0.07) | (0.08) | (0.05) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized capital gains | (1.92) | (0.83) | (2.35) | (2.39) | (1.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.96) | (0.90) | (2.43) | (2.44) | (1.57) |
| **Net Asset Value, End of Period** | $22.28 | $22.83 | $18.19 | $21.11 | $21.14 |
| **Total Return** | 5.88% | 31.08% | (1.78)% | 10.66% | 51.83% |
| **Net Assets, End of Period (000's)** | $105916 | $182282 | $118065 | $130244 | $137485 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Ratios of expenses to average net assets:<sup>(d)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross | 1.52% | 1.52% | 1.51% | 1.50% | 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net | 1.11% | 1.14% | 1.19% | 1.16% | 1.22% |
| Ratio of net investment income (loss) to average net assets<sup>(b)(c)</sup> | 0.33% | 0.40% | 0.44% | 0.24% | 0.53% |
| **Portfolio Turnover** | 30% | 23% | 34% | 31% | 41% |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE QUALITY FUND**

FINANCIAL HIGHLIGHTS (continued)

*(For a share outstanding throughout each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares |
|  | | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Period** | $26.07 | $20.64 | $23.59 | $23.39 | $16.53 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)(b)(c)</sup> | 0.19 | 0.18 | 0.17 | 0.16 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on securities | 1.52 | 6.22 | (0.62) | 2.60 | 8.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.71 | 6.40 | (0.45) | 2.76 | 8.50 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.18) | (0.14) | (0.15) | (0.17) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized capital gains | (1.92) | (0.83) | (2.35) | (2.39) | (1.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (2.10) | (0.97) | (2.50) | (2.56) | (1.64) |
| **Net Asset Value, End of Period** | $25.68 | $26.07 | $20.64 | $23.59 | $23.39 |
| **Total Return** | 6.30% | 31.58% | (1.38)% | 11.09% | 52.42% |
| **Net Assets, End of Period (000's)** | $202783 | $141115 | $69199 | $64418 | $46891 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Ratios of expenses to average net assets:<sup>(d)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross | 1.27% | 1.27% | 1.26% | 1.25% | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net | 0.74% | 0.77% | 0.79% | 0.78% | 0.80% |
| Ratio of net investment income (loss) to average net assets<sup>(b)(c)</sup> | 0.69% | 0.77% | 0.84% | 0.62% | 0.92% |
| **Portfolio Turnover** | 30% | 23% | 34% | 31% | 41% |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE QUALITY FUND**

FINANCIAL HIGHLIGHTS (continued)

*(For a share outstanding throughout each period)*

---

| | |
|:---|:---|
|  | R6 Shares |
|  | Commencement of<br>Operations to the<br>Five Months Ended<br>March 31, 2025<sup>(1)</sup> |
| **Net Asset Value, Beginning of Period** | $10.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)(b)(c)</sup> | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on securities | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.00) |
| **Less Distributions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized capital gains | (1.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (2.11) |
| **Net Asset Value, End of Period** | $7.89 |
| **Total Return** | (0.70)%<sup>(2)</sup> |
| **Net Assets, End of Period (000's)** | $8827 |
| **Ratios and Supplemental Data:** |  |
| Ratios of expenses to average net assets:<sup>(d)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross | 1.13%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net | 0.64%<sup>(3)</sup> |
| Ratio of net investment income (loss) to average net assets<sup>(b)(c)</sup> | 0.91%<sup>(3)</sup> |
| **Portfolio Turnover** | 30% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Commenced
 operations November 1, 2024

&nbsp;&nbsp;&nbsp;&nbsp;(2) Not
 Annualized

&nbsp;&nbsp;&nbsp;&nbsp;(3) Annualized

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per
 share numbers have been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects
 expense waivers/reimbursements and reductions in effect during the period. See Note 3 to the Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net
 investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior
 to certain reclassifications for federal income or excise tax purposes. The ratio does not include net investment income of the investment
 companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratios
 of expenses to average net assets:

Gross (total expenses before fee waivers, reimbursements and reductions by the investment advisor, and custody earnings credits, if any).

Net (total expenses net of fee waivers, reimbursements and reductions by the investment advisor, and custody earnings credits, if any).

- Does not include expenses of the investment companies in which the Fund invests.

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE ESSEX ENVIRONMENTAL OPPORTUNITIES FUND**

FINANCIAL HIGHLIGHTS

*(For a share outstanding throughout each period)*

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Ordinary Shares | Ordinary Shares | Ordinary Shares | Ordinary Shares | Ordinary Shares | Ordinary Shares |
|  | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | | Years Ended August 31,\*\* | Years Ended August 31,\*\* |
|  | 2025 | 2024 | 2023 | Seven Months Ended March 31,<br>2022<sup>(1)</sup> | 2021 | 2020 |
| **Net Asset Value, Beginning of Period** | $12.72 | $13.87 | $16.13 | $20.12 | $12.63 | $10.05 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)(b)(c)</sup> | (0.01) | (0.04) | (0.07) | (0.09) | (0.06) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain / |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss) on securities | (0.67) | (1.11) | (2.19) | (2.69) | 7.83 | 2.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.68) | (1.15) | (2.26) | (2.78) | 7.77 | 2.58 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized capital gains |  |  | 0.00<sup>(2)</sup> | (1.21) | (0.28) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions |  |  | 0.00<sup>(2)</sup> | (1.21) | (0.28) |  |
| **Net Asset Value, End of Period** | $12.04 | $12.72 | $13.87 | $16.13 | $20.12 | $12.63 |
| **Total Return** | (5.35)% | (8.29)% | (14.01)% | (14.67)%<sup>(4)</sup> | 61.95% | 25.67% |
| **Net Assets, End of Period (000's)** | $475 | $10904 | $10615 | $9601 | $263 | $44 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Ratios of expenses to average net assets:<sup>(d)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross | 1.55% | 1.51% | 1.58% | 2.11%<sup>(3)</sup> | 1.55% | 2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net | 1.24% | 1.24% | 1.23% | 1.24%<sup>(3)</sup> | 1.24% | 1.24% |
| Ratio of net investment income (loss) to |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets<sup>(b)(c)</sup> | (0.10)% | (0.31)% | (0.47)% | (0.99)%<sup>(3)</sup> | (0.80)% | (0.63)% |
| **Portfolio Turnover** | 60% | 47% | 31% | 9% | 41% | 37% |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE ESSEX ENVIRONMENTAL OPPORTUNITIES FUND**

FINANCIAL HIGHLIGHTS (continued)

*(For a share outstanding throughout each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares |
|  | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | Seven Months Ended March 31, | Years Ended August 31,\*\* | Years Ended August 31,\*\* |
|  | 2025 | 2024 | 2023 | 2022<sup>(1)</sup> | 2021 | 2020 |
| **Net Asset Value, Beginning of Period** | $12.94 | $14.07 | $16.32 | $20.32 | $12.72 | $10.10 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)(b)(c)</sup> | 0.01 | (0.01) | (0.03) | (0.08) | (0.07) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain / |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss) on securities | (0.66) | (1.12) | (2.22) | (2.71) | 7.95 | 2.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.65) | (1.13) | (2.25) | (2.79) | 7.88 | 2.62 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized capital gains |  |  | 0.00<sup>(2)</sup> | (1.21) | (0.28) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions |  |  | 0.00<sup>(2)</sup> | (1.21) | (0.28) |  |
| **Net Asset Value, End of Period** | $12.29 | $12.94 | $14.07 | $16.32 | $20.32 | $12.72 |
| **Total Return** | (5.02)% | (8.03)% | (13.78)% | (14.57)%<sup>(4)</sup> | 62.39% | 25.94% |
| **Net Assets, End of Period (000's)** | $32509 | $31623 | $60435 | $66215 | $66561 | $22494 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Ratios of expenses to average net assets:<sup>(d)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross | 1.29% | 1.25% | 1.33% | 2.30%<sup>(3)</sup> | 1.30% | 2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net | 0.99% | 0.99% | 0.98% | 0.99%<sup>(3)</sup> | 0.99% | 0.99% |
| Ratio of net investment income (loss) to |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets <sup>(b)(c)</sup> | 0.06% | (0.06)% | (0.22)% | (0.77)%<sup>(3)</sup> | (0.55)% | (0.37)% |
| **Portfolio Turnover** | 60% | 47% | 31% | 9% | 41% | 37% |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE ESSEX ENVIRONMENTAL OPPORTUNITIES FUND**

FINANCIAL HIGHLIGHTS (continued)

*(For a share outstanding throughout each period)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | R6 Shares | R6 Shares | R6 Shares | R6 Shares |
|  | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | |
|  | 2025 | 2024 | 2023 | Commencement of Operations to the Seven Months Ended<br>March 31, 2022<sup>(1)</sup> |
| **Net Asset Value, Beginning of Period** | $5.92 | $6.43 | $7.46 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)(b)(c)</sup> | 0.01 |  | (0.01) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on securities | (0.31) | (0.51) | (1.02) | (1.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.30) | (0.51) | (1.03) | (1.33) |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized capital gains |  |  | 0.00<sup>(2)</sup> | (1.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions |  |  | 0.00<sup>(2)</sup> | (1.21) |
| **Net Asset Value, End of Period** | $5.62 | $5.92 | $6.43 | $7.46 |
| **Total Return** | (5.07)% | (7.93)% | (13.80)% | (15.00)%<sup>(4)</sup> |
| **Net Assets, End of Period (000's)** | $2901 | $2934 | $1774 | $1293 |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Ratios of expenses to average net assets:<sup>(d)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross | 1.14% | 1.12% | 1.18% | 2.08%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net | 0.94% | 0.95% | 0.93% | 0.95%<sup>(3)</sup> |
| Ratio of net investment income (loss) to average net assets<sup>(b)(c)</sup> | 0.13% | (0.00)% | (0.17)% | (0.71)<sup>(3)</sup> |
| Portfolio Turnover | 60% | 47% | 31% | 9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Commenced
 operations September 1, 2021

&nbsp;&nbsp;&nbsp;&nbsp;(2) Rounds
 to less than $0.005 per share

&nbsp;&nbsp;&nbsp;&nbsp;(3) Annualized

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not
 Annualized

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per
 share numbers have been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects
 expense waivers/reimbursements and reductions in effect during the period. See Note 3 to the Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net
 investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior
 to certain reclassifications for federal income or excise tax purposes. The ratio does not include net investment income of the investment
 companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratios
 of expenses to average net assets:

Gross (total expenses before fee waivers, reimbursements and reductions by the investment advisor, and custody earnings credits, if any).

Net (total expenses net of fee waivers, reimbursements and reductions by the investment advisor, and custody earnings credits, if any).

- Does not include expenses of the investment companies in which the Fund invests,

\*\* Figures presented are for Essex Environmental Opportunities Fund, which was merged into Environmental Opportunities Fund on August 31, 2021. At the time of the transaction, Environmental Opportunities Fund was a new series of the Trust without any assets or liabilities.

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS FOREIGN VALUE FUND**

FINANCIAL HIGHLIGHTS

*(For a share outstanding throughout each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br> Ordinary Shares | <br> Ordinary Shares | <br> Ordinary Shares | <br> Ordinary Shares | <br> Ordinary Shares |
|  | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Period** | $23.86 | $21.21 | $22.68 | $24.33 | $14.83 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)(b)(c)</sup> | 0.48 | 0.45 | 0.40 | 0.35 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on securities | (0.19) | 2.64 | (1.57) | (1.76) | 9.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.29 | 3.09 | (1.17) | (1.41) | 9.85 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.44) | (0.44) | (0.30) | (0.24) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized capital gains |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.44) | (0.44) | (0.30) | (0.24) | (0.35) |
| **Net Asset Value, End of Period** | $23.71 | $23.86 | $21.21 | $22.68 | $24.33 |
| **Total Return** | 1.27% | 14.66% | (5.10)% | (5.84)% | 66.76% |
| **Net Assets, End of Period (000's)** | $230188 | $328464 | $353812 | $424110 | $524972 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Ratios of expenses to average net assets:<sup>(d)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross | 1.51% | 1.51% | 1.52% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net | 1.41% | 1.41% | 1.42 %<sup>(f)</sup> | 1.40 %<sup>(e)</sup> | 1.40% |
| Ratio of net investment income (loss) to average net |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;assets<sup>(b)(c)</sup> | 1.99% | 2.07% | 2.00% | 1.45% | 1.18% |
| **Portfolio Turnover** | 18% | 21% | 15% | 19% | 23% |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS FOREIGN VALUE FUND**

FINANCIAL HIGHLIGHTS (continued)

*(For a share outstanding throughout each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares |
|  | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Period** | $23.76 | $21.12 | $22.59 | $24.25 | $14.78 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)(b)(c)</sup> | 0.55 | 0.53 | 0.48 | 0.44 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on securities | (0.18) | 2.63 | (1.57) | (1.76) | 9.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.37 | 3.16 | (1.09) | (1.32) | 9.91 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.55) | (0.52) | (0.38) | (0.34) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized capital gains |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.55) | (0.52) | (0.38) | (0.34) | (0.44) |
| **Net Asset Value, End of Period** | $23.58 | $23.76 | $21.12 | $22.59 | $24.25 |
| **Total Return** | 1.64% | 15.12% | (4.74)% | (5.51)% | 67.42% |
| **Net Assets, End of Period (000's)** | $1628534 | $2312374 | $2338037 | $3199601 | $2962171 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Ratios of expenses to average net assets:<sup>(d)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross | 1.26% | 1.26% | 1.27% | 1.26% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net | 1.04% | 1.04% | 1.05 %<sup>(f)</sup> | 1.04 %<sup>(e)</sup> | 1.03% |
| Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets<sup>(b)(c)</sup> | 2.30% | 2.42% | 2.41% | 1.84% | 1.56% |
| **Portfolio Turnover** | 18% | 21% | 15% | 19% | 23% |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS FOREIGN VALUE FUND**

FINANCIAL HIGHLIGHTS (continued)

*(For a share outstanding throughout each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | R6 Shares | R6 Shares | R6 Shares | R6 Shares | R6 Shares |
|  | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Period** | $11.52 | $10.49 | $11.42 | $12.43 | $7.72 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)(b)(c)</sup> | 0.28 | 0.27 | 0.25 | 0.24 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities | (0.10) | 1.29 | (0.80) | (0.91) | 4.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.18 | 1.56 | (0.55) | (0.67) | 5.15 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.56) | (0.53) | (0.38) | (0.34) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized capital gains |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.56) | (0.53) | (0.38) | (0.34) | (0.44) |
| **Net Asset Value, End of Period** | $11.14 | $11.52 | $10.49 | $11.42 | $12.43 |
| **Total Return** | 1.74% | 15.17% | (4.58)% | (5.46)% | 67.52% |
| **Net Assets, End of Period (000's)** | $367970 | $460078 | $484124 | $700956 | $676695 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratios of expenses to average net assets:<sup>(d)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross | 1.11% | 1.11% | 1.12% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net | 0.94% | 0.94% | 0.95 %<sup>(f)</sup> | 0.95 %<sup>(e)</sup> | 0.94% |
| Ratio of net investment income (loss) to average |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;net assets<sup>(b)(c)</sup> | 2.41% | 2.51% | 2.45% | 1.90% | 1.66% |
| **Portfolio Turnover** | 18% | 21% | 15% | 19% | 23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per
 share numbers have been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects
 expense waivers/reimbursements and reductions in effect during the period. See Note 3 to the Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net
 investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior
 to certain reclassifications for federal income or excise tax purposes. The ratio does not include net investment income of the investment
 companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratios
 of expenses to average net assets:

Gross (total expenses before fee waivers, reimbursements and reductions by the investment advisor, and custody earnings credits, if any).

Net (total expenses net of fee waivers, reimbursements and reductions by the investment advisor, and custody earnings credits, if any).

- Does not include expenses of the investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Ratio
 (Net) would have been 1.39% for Ordinary, 1.03% for Institutional and 0.94% for R6 if the Trust did not engage a third-party to assist
 in reclaiming EU tax overpayments made by the fund.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratio
 (Net) would have been 1.41% for Ordinary, 1.04% for Institutional and 0.94% for R6 if the Trust did not engage a third-party to assist
 in reclaiming EU tax overpayments made by the fund.

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS FOREIGN VALUE SMALL CAP**

FINANCIAL HIGHLIGHTS

*(For a share outstanding throughout each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Ordinary Shares | Ordinary Shares | Ordinary Shares | Ordinary Shares | Ordinary Shares |
|  | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Period** | $15.97 | $14.21 | $15.76 | $16.54 | $10.07 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)(b)(c)</sup> | 0.47 | 0.31 | 0.29 | 0.20 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on securities | (0.37) | 1.78 | (1.26) | (0.63) | 6.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.10 | 2.09 | (0.97) | (0.43) | 7.00 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.37) | (0.33) | (0.58) | (0.15) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized capital gains |  |  |  | (0.20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.37) | (0.33) | (0.58) | (0.35) | (0.53) |
| **Net Asset Value, End of Period** | $15.70 | $15.97 | $14.21 | $15.76 | $16.54 |
| **Total Return** | 0.72% | 14.81% | (5.95)% | (2.72)% | 70.25% |
| **Net Assets, End of Period (000's)** | $44811 | $124102 | $129983 | $170731 | $194665 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Ratios of expenses to average net assets:<sup>(d)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross | 1.52% | 1.52% | 1.52% | 1.51% | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net | 1.42% | 1.42% | 1.42% | 1.41% | 1.43% |
| Ratio of net investment income (loss) to average net assets<sup>(b)(c)</sup> | 2.90% | 2.07% | 2.09% | 1.15% | 0.90% |
| **Portfolio Turnover** | 13% | 21% | 18% | 29% | 35% |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS FOREIGN VALUE SMALL CAP**

FINANCIAL HIGHLIGHTS (continued)

*(For a share outstanding throughout each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares |
|  | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Period** | $15.96 | $14.21 | $15.77 | $16.54 | $10.07 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)(b)(c)</sup> | 0.53 | 0.36 | 0.35 | 0.25 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on securities | (0.36) | 1.78 | (1.28) | (0.61) | 6.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.17 | 2.14 | (0.93) | (0.36) | 7.05 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.49) | (0.39) | (0.63) | (0.21) | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized capital gains |  |  |  | (0.20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.49) | (0.39) | (0.63) | (0.41) | (0.58) |
| **Net Asset Value, End of Period** | $15.64 | $15.96 | $14.21 | $15.77 | $16.54 |
| **Total Return** | 1.18% | 15.20% | (5.65)% | (2.29)% | 70.84% |
| **Net Assets, End of Period (000's)** | $531146 | $634476 | $609581 | $753426 | $625221 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Ratios of expenses to average net assets:<sup>(d)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross | 1.27% | 1.27% | 1.27% | 1.26% | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net | 1.05% | 1.05% | 1.05% | 1.04% | 1.06% |
| Ratio of net investment income (loss) to average net assets<sup>(b)(c)</sup> | 3.28% | 2.42% | 2.50% | 1.49% | 1.27% |
| **Portfolio Turnover** | 13% | 21% | 18% | 29% | 35% |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS FOREIGN VALUE SMALL CAP**

FINANCIAL HIGHLIGHTS (continued)

*(For a share outstanding throughout each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | R6 Shares | R6 Shares | R6 Shares | R6 Shares | R6 Shares |
|  | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Period** | $11.34 | $10.21 | $11.53 | $12.20 | $7.53 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)(b)(c)</sup> | 0.38 | 0.27 | 0.25 | 0.17 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on securities | (0.26) | 1.25 | (0.93) | (0.43) | 5.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.12 | 1.52 | (0.68) | (0.26) | 5.25 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.49) | (0.39) | (0.64) | (0.21) | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized capital gains |  |  |  | (0.20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.49) | (0.39) | (0.64) | (0.41) | (0.58) |
| **Net Asset Value, End of Period** | $10.97 | $11.34 | $10.21 | $11.53 | $12.20 |
| **Total Return** | 1.27% | 15.13% | (5.59)% | (2.23)% | 70.90% |
| **Net Assets, End of Period (000's)** | $200324 | $264566 | $261031 | $259496 | $129822 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Ratios of expenses to average net assets:<sup>(d)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross | 1.12% | 1.12% | 1.12% | 1.12% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net | 1.02% | 1.02% | 1.02% | 1.02% | 1.03% |
| Ratio of net investment income (loss) to average net assets<sup>(b)(c)</sup> | 3.30% | 2.52% | 2.53% | 1.35% | 1.32% |
| **Portfolio Turnover** | 13% | 21% | 18% | 29% | 35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per
 share numbers have been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects
 expense waivers/reimbursements and reductions in effect during the period. See Note 3 to the Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net
 investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior
 to certain reclassifications for federal income or excise tax purposes. The ratio does not include net investment income of the investment
 companies in which the Fund invests,

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratios
 of expenses to average net assets:

Gross (total expenses before fee waivers, reimbursements and reductions by the investment advisor, and custody earnings credits, if any).

Net (total expenses net of fee waivers, reimbursements and reductions by the investment advisor, and custody earnings credits, if any).

- Does not include expenses of the investment companies in which the Fund invests.

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS INTERNATIONAL OPPORTUNITIES FUND**

FINANCIAL HIGHLIGHTS

*(For a share outstanding throughout each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Ordinary Shares | Ordinary Shares | Ordinary Shares | Ordinary Shares | Ordinary Shares |
|  | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Period** | $11.98 | $11.68 | $12.69 | $13.95 | $7.98 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)(b)(c)</sup> | 0.29 | 0.11 | 0.17 | 0.10 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on securities | (0.32) | 0.31 | (1.03) | 0.23 | 6.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.03) | 0.42 | (0.86) | 0.33 | 6.06 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.20) | (0.12) | (0.15) | (0.16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized capital gains |  |  |  | (1.43) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.20) | (0.12) | (0.15) | (1.59) | (0.09) |
| **Net Asset Value, End of Period** | $11.75 | $11.98 | $11.68 | $12.69 | $13.95 |
| **Total Return** | (0.20)% | 3.70% | (6.69)% | 1.90% | 76.07% |
| **Net Assets, End of Period (000's)** | $11180 | $54438 | $95 | $131 | $86 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Ratios of expenses to average net assets:<sup>(d)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross | 1.51% | 1.81% | 1.60% | 1.63% | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net | 1.41% | 1.71 %<sup>(e)</sup> | 1.60% | 1.63% | 1.62% |
| Ratio of net investment income (loss) to average net assets<sup>(b)(c)</sup> | 2.39% | 0.90% | 1.56% | 0.72% | 0.12% |
| **Portfolio Turnover** | 31% | 38% | 57% | 51% | 55% |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS INTERNATIONAL OPPORTUNITIES FUND**

FINANCIAL HIGHLIGHTS (continued)

*(For a share outstanding throughout each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares |
|  | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Period** | $12.13 | $11.81 | $12.83 | $14.06 | $8.02 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)(b)(c)</sup> | 0.34 | 0.20 | 0.22 | 0.18 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on securities | (0.29) | 0.28 | (1.04) | 0.21 | 6.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.05 | 0.48 | (0.82) | 0.39 | 6.13 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.38) | (0.16) | (0.20) | (0.19) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized capital gains |  |  |  | (1.43) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.38) | (0.16) | (0.20) | (1.62) | (0.09) |
| **Net Asset Value, End of Period** | $11.80 | $12.13 | $11.81 | $12.83 | $14.06 |
| **Total Return** | 0.43% | 4.24% | (6.32)% | 2.37% | 76.56% |
| **Net Assets, End of Period (000's)** | $24879 | $6843 | $3438 | $3682 | $12314 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Ratios of expenses to average net assets:<sup>(d)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross | 1.30% | 1.57% | 1.38% | 1.34% | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net | 0.87% | 1.30 %<sup>(e)</sup> | 1.26% | 1.22% | 1.25% |
| Ratio of net investment income (loss) to average net assets<sup>(b)(c)</sup> | 2.83% | 1.62% | 1.94% | 1.21% | 0.49% |
| **Portfolio Turnover** | 31% | 38% | 57% | 51% | 55% |

---

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE POLARIS INTERNATIONAL OPPORTUNITIES FUND**

FINANCIAL HIGHLIGHTS (continued)

*(For a share outstanding throughout each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | R6 Shares | R6 Shares | R6 Shares | R6 Shares | R6 Shares |
|  | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, | Years Ended March 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Period** | $12.14 | $11.80 | $12.82 | $14.07 | $8.02 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)(b)(c)</sup> | 0.33 | 0.22 | 0.22 | 0.15 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on securities | (0.30) | 0.28 | (1.04) | 0.23 | 6.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.03 | 0.50 | (0.82) | 0.38 | 6.14 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.38) | (0.16) | (0.20) | (0.20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized capital gains |  |  |  | (1.43) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.38) | (0.16) | (0.20) | (1.63) | (0.09) |
| **Net Asset Value, End of Period** | $11.79 | $12.14 | $11.80 | $12.82 | $14.07 |
| **Total Return** | 0.27% | 4.45% | (6.30)% | 2.25% | 76.69% |
| **Net Assets, End of Period (000's)** | $27239 | $25920 | $24524 | $22121 | $11490 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Ratios of expenses to average net assets:<sup>(d)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross | 1.13% | 1.44% | 1.23% | 1.29% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net | 0.97% | 1.23 %<sup>(e)</sup> | 1.23% | 1.29% | 1.22% |
| Ratio of net investment income (loss) to average net assets<sup>(b)(c)</sup> | 2.75% | 1.88% | 1.99% | 1.11% | 0.51% |
| **Portfolio Turnover** | 31% | 38% | 57% | 51% | 55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per
 share numbers have been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects
 expense waivers/reimbursements and reductions in effect during the period. See Note 3 to the Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net
 investment income (loss) per share and the ratio of net investment income (loss) to average net assets reflect net investment income prior
 to certain reclassifications for federal income or excise tax purposes. The ratio does not include net investment income of the investment
 companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratios
 of expenses to average net assets:

Gross (total expenses before fee waivers, reimbursements and reductions by the investment advisor, and custody earnings credits, if any).

Net (total expenses net of fee waivers, reimbursements and reductions by the investment advisor, and custody earnings credits, if any).

- Does not include expenses of the investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Ratio
 (net) would have been 1.57% for Ordinary, 1.16% for Institutional and 1.09% for R6 if the Fund did not incur Proxy Expenses in connection
 with the Reorganization of Pear Tree Axiom Emerging Markets World Equity Fund.

***The accompanying notes are an integral part of these financial statements.***

**PEAR TREE FUNDS**

NOTES TO FINANCIAL STATEMENTS

*March 31, 2025*

1. Organization of the Trust

Pear Tree Funds, (the "Trust") is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of March 31, 2025, the Trust currently has six separate series (each a "Fund" and collectively the "Funds"), offering shares of beneficial interest, each Fund having its own investment objective and principal strategy.

As of March 31, 2025, there were the following Funds and their corresponding investment objectives:

Pear Tree Polaris Small Cap Fund ("Small Cap"), which seeks maximum long-term capital appreciation.

Pear Tree Quality Fund ("Quality"), which seeks long-term growth of capital.

Pear Tree Essex Environmental Opportunities Fund ("Environmental Opportunities"), which seeks long-term growth of capital.

Pear Tree Polaris Foreign Value Fund ("Foreign Value"), which seeks long-term capital growth and income.

Pear Tree Polaris Foreign Value Small Cap Fund ("Foreign Value Small Cap"), which seeks long-term capital growth and income.

Pear Tree Polaris International Opportunities Fund ("International Opportunities"), which seeks long-term capital appreciation.

Each of the Funds is a "diversified company," within the meaning of the 1940 Act, other than Quality, which is a "non-diversified company."

As the Trust is an investment company, each Fund accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services-Investment Companies".

The Trustees of the Trust (the 'Trustees") have authorized each Fund to issue three classes of shares, designated as Ordinary Shares, Institutional Shares and R6 Shares. The three classes differ principally in their respective expense structures and minimum investment requirements. Each class of shares of a Fund represents an interest in the same portfolio of investments of that Fund and has equal rights to voting (except as noted in the following sentence), redemptions, dividends and liquidations. Ordinary Shares bear distribution (Rule 12b-1) fees and have exclusive voting rights with respect to the distribution plan that has been adopted by Ordinary Share shareholders pursuant to Rule 12b-1. There is no 12b-1 distribution plan applicable to Institutional Shares or R6 shares of any Fund. During the period covered by these financial statements, each Fund offered Ordinary shares and Institutional shares. R6 Shares were offered only by Environmental Opportunities, Foreign Value, Foreign Value Small Cap and International Opportunities. Beginning November 1, 2024, Small Cap and Quality began offering R6 Shares.

At times, a Fund's investments may include investments in industries or industry sectors that are interrelated or have common risks, compounding the Fund's susceptibility to any economic, political, or regulatory developments or other risks affecting those industries and sectors. To the extent that a Fund is permitted to invest in foreign markets, especially emerging markets or countries with limited or developing markets, such investments may subject the Fund to a greater degree of risk than similar investments in

**PEAR TREE FUNDS**

NOTES TO FINANCIAL STATEMENTS (continued)

*March 31, 2025*

the U.S. market or another developed market. Risks associated with these foreign and developing markets include political, social or economic factors and may affect the price of a Fund's investments and income generated by these investments, as well as a Fund's ability to repatriate such amounts. Information regarding each Fund's principal investment risks is contained in the Funds' prospectus. Please refer to the Funds' prospectus when considering a Fund's investment risks.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by each Fund in the preparation of its financial statements, which are consistent with those policies generally accepted in the investment company industry.

**Operating Segments**

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management of the Funds' Adviser acts as the Portfolios' CODM. The Funds represent a single operating segment, as the CODM monitors the operating results of the Funds as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers. The financial information in the form of the Funds' schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Funds' comparative benchmarks and to make resource allocation decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

**Security Valuation**

Portfolio securities are valued each business day generally at the last reported sale price on the principal exchange or market on which they are traded. If on a business day there is no such reported sale, the securities generally are valued at the mean between the last reported bid and asked prices. For securities where no such sales have been reported, a Fund may value such securities at the last reported bid price. In the event that there is information suggesting that valuation of such securities based upon bid and/ or asked prices may not be accurate, a Fund may value such securities in good faith at fair value in accordance with procedures (the "Valuation Procedures") established by the Trustees, which may include a determination to value such securities at the last reported sales price. Short-term investments that mature in 60 days or less are valued at amortized cost. Securities quoted in foreign currencies are translated into U.S. dollars based upon the exchange rate at the time of valuation. As a result, changes in the value of those currencies in relation to the U.S. dollar may affect a Fund's net asset value. Because foreign markets

**PEAR TREE FUNDS**

NOTES TO FINANCIAL STATEMENTS (continued)

*March 31, 2025*

may be open at different times than when the New York Stock Exchange is open for regular trading, the value of a Fund's shares may change on days when Fund shareholders are not able to buy or sell Fund shares. If events materially affecting the values of a Fund's foreign investments occur between the close of foreign markets and the close of regular trading on the New York Stock Exchange, these investments may be valued at their fair value as determined in good faith using the Valuation Procedures.

The Funds' Valuation Procedures include fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs used to develop the measurements of fair value. These inputs are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;· Level
 1- Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;· Level
 2- Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.
 These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates,
 prepayment speeds, credit risk, yield curves, default rates and similar data.

&nbsp;&nbsp;&nbsp;&nbsp;· Level
 3- Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing a Fund's
 own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best
 information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input (with Level 1 being the highest level input and Level 3 being the lowest level input) that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers in changing an investment's assigned level within the hierarchy.

**PEAR TREE FUNDS**

NOTES TO FINANCIAL STATEMENTS (continued)

*March 31, 2025*

**Valuation Inputs**

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. The following is a summary of the inputs used to value each Fund's net assets as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Quoted Prices<br>in Active<br>Markets | Significant<br>Other<br>Observable<br>Inputs |<br>Significant<br>Unobservable<br>Inputs |<br>Market<br>Value at<br>March 31, 2025 |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Small Cap** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock \* | $82239600 | $— | $— | $82239600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 4642258 |  |  | 4642258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short Term Investments | 494565 |  |  | 494565 |
| **Total** | $87376423 | $— | $— | $87376423 |
| **Quality** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock \* | $255734395 | $— | $— | $255734395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depository Receipts | 59487670 |  |  | 59487670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short Term Investments | 2079526 |  |  | 2079526 |
| **Total** | $317301591 | $— | $— | $317301591 |
| **Environmental Opportunities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock \* | $33302111 | $— | $— | $33302111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depository Receipts | 241672 |  |  | 241672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 1123342 |  |  | 1123342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short Term Investments | 1052512 |  |  | 1052512 |
| **Total** | $35719637 | $— | $— | $35719637 |
| **Foreign Value** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock \* | $2043506226 | $66261328 | $4854 | $2109772408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depository Receipts | 46902016 |  |  | 46902016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants | 16423 |  |  | 16423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short Term Investments | 10481885 |  |  | 10481885 |
| **Total** | $2100906550 | $66261328 | $4854 | $2167172732 |

---

**PEAR TREE FUNDS**

NOTES TO FINANCIAL STATEMENTS (continued)

*March 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Quoted Prices<br>in Active<br>Markets | Significant<br>Other<br>Observable<br>Inputs |<br>Significant<br>Unobservable<br>Inputs |<br>Market<br>Value at<br>March 31, 2025 |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Foreign Value Small Cap** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock \* | $697141606 | $55754110 | $— | $752895716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short Term Investments | 14599376 |  |  | 14599376 |
| **Total** | $711740982 | $55754110 | $— | $767495092 |
| **International Opportunities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock \* | $55338313 | $6523474 | $— | $61861787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short Term Investments | 1455009 | $— | $— | $1455009 |
| **Total** | $56793322 | $6523474 | $— | $63316796 |

---

At March 31, 2025 there was one Level 3 security held by Foreign Value. No Level 3 securities were held in Small Cap, Quality, Environmental Opportunities, Foreign Value Small Cap or International Opportunities. The following is a reconciliation of the Level 3 assets for which unobservable inputs were used to determine fair value for Foreign Value at March 31, 2025

---

| | |
|:---|:---|
|  | Foreign Value<br>Common Stock |
| Balances as of 03/31/2024 | $4444 |
| Realized gain (loss) |  |
| Change in unrealized appreciation (depreciation) | 410 |
| Purchases |  |
| Sales |  |
| Transfer into Level 3 |  |
| Transfer out of Level 3 |  |
| Balances as of 03/31/2025 | $4854 |

---

\* Refer to Schedule of Investments for breakout by industry or country.

• Transfers between Levels are recognized
 at the end of the reporting period.

• At March 31, 2025 Environmental Opportunities
 transferred $2,535,204 out of Level 2 into Level 1, Foreign Value transferred $52,240,827 out of Level 1 into Level 2 and $189,481,281
 out of Level 2 into Level 1. Foreign Value Small Cap Fund transferred $12,434,206 out of Level 1 into Level 2 and $71,318,275 out of Level
 2 into Level 1 and International Opportunities transferred $3,657,923 out of Level 1 into Level 2 and $4,634,323 out of Level 2 into Level

All transfers from Level 1 to Level 2 were exchange pricing due to closure of market trading on foreign exchanges. All transfers from Level 2 to Level 1were exchange pricing as a result of the recommencement of market trading on foreign exchanges. Small Cap and Quality Funds had no transfers.

**PEAR TREE FUNDS**

NOTES TO FINANCIAL STATEMENTS (continued)

*March 31, 2025*

\* For each of Small Cap, Quality and Environmental Opportunities no common stock was labeled as Level 2 as of March 31, 2025. For Foreign Value, Foreign Value Small Cap and International Opportunities, the aggregate market values of common stock labeled as Level 2 consists of the market value of the common stock labeled as Level 2 in the following industries:

---

| | | | |
|:---|:---|:---|:---|
| | Foreign<br>Value | Foreign Value<br>Small Cap | International<br>Opportunities |
| Banks | $66261328 | $43319904 | $3506738 |
| Chemicals |  |  | 452640 |
| Diversified Financial Services |  |  | 2557124 |
| Electric Utilities |  | 81686 | 6972 |
| Electronic Equipment, Instruments & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Components |  | 8852013 |  |
| Real Estate Management & Development |  | 3500507 |  |
|  | $66261328 | $55754110 | $6523474 |

---

\* Market Value of common stock labeled as Level 3 in Foreign Value consists of the market value of common stock labeled as Level 3 in the following industries:

---

| | |
|:---|:---|
|  | Foreign Value |
| Metals & Mining | $4854 |
|  | $4854 |

---

No other Fund held common stock labeled as Level 3 as of March 31, 2025.

\* The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2025;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Impact to |
|  |  |  |  |  | Valuation from |
|  | Fair Value | Valuation | Unobservable |  | a Decrease |
| Common Stock | March 31, 2025 | Methodologies | Input<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;Range | in Input<sup>(2)</sup> |
|  |  | Market | Comparability |  |  |
| Foreign Value | $4854 | Comparable | Adjustment | &nbsp;&nbsp;&nbsp;100% | Decrease |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. In determining
 certain of these inputs, management evaluates a variety of factors, including economic conditions, industry and market developments, and
 company specific developments.

&nbsp;&nbsp;&nbsp;&nbsp;2. This
 column represents the directional change in the fair value of the Level 3 investments that would result from a decrease to the corresponding
 unobservable input. An increase to the observable input would have the opposite effect.

**Use of Estimates**

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

**PEAR TREE FUNDS**

NOTES TO FINANCIAL STATEMENTS (continued)

*March 31, 2025*

**Indemnifications**

In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as, among other things, this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss with respect to these arrangements to be minimal.

**Subsequent Events**

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financials were issued. There were no events or transactions that occurred during the period that materially impacted the accounts or disclosures in the Funds' financial statements.

**Security Transactions and Related Investment Income**

Security transactions are accounted for on the trade date (i.e., the date the order to buy or sell is executed, which may or may not be the settlement date). Dividend income, less foreign taxes withheld, is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as a Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence. Distributions received on securities that represent a return of capital or a capital gain are recorded as reductions of cost of investments and/or as realized gains. Each Fund estimates the components of distributions that may be considered nontaxable distributions or capital gain distributions for tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis. Each Fund's investment income and realized and unrealized gains and losses are allocated among classes based upon the daily relative net assets.

**Reverse Repurchase Agreements**

When a Fund participates in a reverse repurchase transaction, the Funds' custodian takes possession through the federal book-entry system of those securities of the counterparty collateralizing the counterparty's obligation under the reverse repurchase transaction. Collateral is marked-to-market daily to confirm that the market value of the collateral remains sufficient to cover the counterparty's obligation to the participating Fund. The Funds may experience costs and delays in liquidating the collateral if the counterparty or the issuer of the collateral defaults or enters into bankruptcy. At March 31, 2025, there were no outstanding Reverse Repurchase Agreements.

**Counterparty Credit Risk**

Some transactions in which a Fund may engage involve instruments that are not traded on an exchange. Rather, these instruments are traded between counterparties based on contractual relationships. As a result, a Fund is subject to the risk that the counterparty will not perform obligations under the related contract. Although each Fund expects to enter into transactions only with counterparties believed by the Fund's investment manager or sub-adviser to be creditworthy, there can be no assurance that a counterparty will not default and that the Fund will not sustain a loss on a transaction as a result.

**PEAR TREE FUNDS**

NOTES TO FINANCIAL STATEMENTS (continued)

*March 31, 2025*

**Foreign Currency Transactions**

All monetary items denominated in foreign currencies are translated into U.S. dollars based on the prevailing exchange rate at the time of valuation. Income and expenses denominated in foreign currencies are translated at the prevailing rates of exchange when accrued or incurred.

Reported net realized gains and losses on foreign currency transactions represent net gains and losses from currency gains and losses realized between the trade and settlement dates on investment transactions, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The effects of changes in foreign currency exchange rates on investments in securities are not segregated in the Statement of Operations from the effects of changes in market prices of those securities but are included with the net realized and unrealized gain or loss on investments.

**Forward Foreign Currency Contracts**

Certain Funds may enter into forward foreign currency contracts to manage their exposure to fluctuations in certain foreign currencies. A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a set price. The forward currency contracts are valued at the forward rate and are marked-to-market daily. The change in market value is recorded by a Fund as an unrealized gain or loss. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it is opened and the value at the time it is closed. In addition to the risks of financial investments mentioned above, risks arise from unanticipated movements in currency values. At March 31, 2025 there were no outstanding Forward Foreign Currency Contracts.

**Spot Foreign Currency Contracts**

Certain Funds may engage in spot foreign currency contracts. A spot foreign currency contract is an obligation to buy or sell with one currency a specified amount of another currency at the prevailing exchange rate for immediate settlement on the spot date, which is generally T + 2. Although, these transactions are instantaneous and may mitigate unwanted foreign exchange exposure, they are subject to movements in the spot exchange rate (i.e., the prevailing exchange rate at the time of the transaction), which can be unpredictable.

At March 31, 2025, there were no outstanding Spot Foreign Currency Contracts.

**Securities Lending**

During the period covered by this report, no Fund lent any of its securities and the Funds currently are not participating in a securities lending program.

**Allocations of Trust Expenses**

Trust expenses attributable to a specific Fund are allocated in their entirety to that Fund. Trust expenses that are not attributed to a specific Fund are allocated among all Funds in proportion to the respective net assets of the Funds.

**PEAR TREE FUNDS**

NOTES TO FINANCIAL STATEMENTS (continued)

*March 31, 2025*

A Fund's expenses allocable to a specific class of shares of that Fund, such as distribution (12b-1) fees and certain transfer agent and fund administration fees, are allocated to that class. Fund expenses that are not attributable to a specific class, which includes management fees and custody expenses, are allocated to all classes in proportion to the respective net assets of the Fund's classes. (See Note 3.)

Income and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on their respective percentages of adjusted net assets at the beginning of the day.

**Distributions to Shareholders**

Distributions to shareholders are recorded as of the ex-dividend date. Distributions paid by each Fund with respect to each class of shares are calculated in the same manner, at the same time, and in the same amount, with the exception of certain fee waivers and expense Reimbursement Agreements, as well as certain class-specific expenses. Ordinary Shares incur distribution (12b-1) fees while Institutional Shares and R6 Shares do not. Distributions from net investment income for each Fund, if any, are declared and paid annually. Distributions from net realized gains for each Fund, if any, are generally declared and paid annually.

3. Management Fees, Advisory Fees and Other Affiliate Transactions

**Management Fees**

The Trust has entered into a management agreement (the "Management Agreement") with Pear Tree Advisors, Inc. (the "Manager") with respect to each Fund. Compensation of the Manager, for management and administration of the Funds, including selection and monitoring of investment sub-advisers, is paid monthly based on the average daily net asset value of each Fund for the month. The annual stated contractual rate of such fees is 1.00 percent of the average daily total net assets of each of the Funds except for Small Cap, for which there is an annual rate of 0.80 percent of the average daily total net assets and Environmental Opportunities and International Opportunities, for which there is an annual rate of 0.90 percent of the average daily total net assets.

Since March 31, 2017 and most recently extended to July 31, 2025, the Manager has agreed, with respect to Foreign Value and Foreign Value Small Cap, to waive a portion of its management fees that it would otherwise receive under the Management Agreement such that the actual aggregate management fee that the Manager would receive during the waiver period for serving as the investment manager of each such Fund would be calculated using an annual rate of 0.90 percent of that Fund's Net Assets, as such term is defined in the Management Agreement. On and before July 31, 2025 each waiver arrangement only may be terminated by the Trustees in their sole discretion.

Since December 1, 2013, and most recently extended to July 31, 2025, the Manager has agreed to waive a portion of its management fee relating to Quality Fund such that the aggregate management fee to be received by the Manager during the waiver period would be determined using (a) an annual rate of 0.75 percent of Quality Fund's average daily net assets if the Quality Fund's average daily net assets are up to and including $125 million, and (b) thereafter, an annual rate of 0.50 percent of Quality Fund's average daily net assets for amounts in excess of $125 million. On or before July 31, 2025, this arrangement only may be terminated by the Trustees in their sole discretion.

**PEAR TREE FUNDS**

NOTES TO FINANCIAL STATEMENTS (continued)

*March 31, 2025*

Since August 1, 2023 and most recently extended to July 31, 2025, the Manager has contractually agreed to waive such portion of the management fees that it would otherwise receive under its agreement with Pear Tree Funds for serving as investment manager to International Opportunities such that the aggregate management fee that the Manager would receive during the waiver period for serving as the investment manager of International Opportunities would be calculated using an annual rate of 0.80 percent of International Opportunities' net assets. This fee waiver only may be terminated by the Trustees in their sole discretion.

In addition, under the Management Agreement, the Manager has agreed to reduce its compensation, and if necessary, assume expenses, with respect to Small Cap Fund to the extent that the total expenses of Small Cap Fund individually exceed 2 percent of average net assets for any fiscal year. Small Cap Fund expenses subject to this limitation are exclusive of brokerage, interest, taxes and extraordinary expenses, which include incremental custody costs associated with international securities. Expenses are calculated gross of custody credits, if applicable.

For the year ended March 31, 2025, aggregate management fees inclusive of fee waivers and reimbursements,from all Funds were $37,304,340, as disclosed on the Statement of Operations.

Since November 15, 2019, and most recently extended to July 31, 2025, the Manager has agreed to reimburse the Foreign Value Fund R6 Shares to the extent necessary for the Fund to maintain the total net annual operating expenses for the class to 0.94%. Reimbursed expenses do not include amounts paid to a third party to assist in reclaiming EU tax overpayments made by the Fund. On and before July 31, 2025 this arrangement only may be terminated by the Trustees in their sole discretion.

Since August 1, 2023 and most recently extended through July 31, 2025, the Manager has contractually agreed to reimburse International Opportunities with respect to Institutional Shares for a portion of International Opportunities' expenses attributable to Institutional Shares in an amount equal to 0.10 percent per annum, provided that the amount of such reimbursement for such year shall not exceed the amount of the portion of International Opportunities' adjusted "Annual Fund Operating Expenses" attributable to Institutional Shares for that year, Adjusted "Annual Fund Operating Expenses" for a year means all International Opportunities operating expenses for the year, other than management fees, distribution and services fees, AFFE and extraordinary expenses. This fee waiver only may be terminated by the Trustees in their sole discretion.

Since August 1, 2023 and most recently extended through July 31, 2025, the Manager also has contractually agreed to reimburse such portion of the expenses of International Opportunities Fund attributable to R6 Shares such that "Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement" with respect to R6 Shares, other than extraordinary expenses, is not greater than 0.99 percent of International Opportunities Fund's net assets attributable to R6 Shares. This expense reimbursement agreement only may be terminated by the Trustees in their sole discretion. Effective November 1, 2024 through October 31, 2025, the Manager has contractually agreed to reimburse such portion of the expenses of International Opportunities Fund attributable to each of Institutional and R6 Shares such that "Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement" with respect to each of Institutional Shares and R6 Shares, other than extraordinary expenses, is not greater than 0.99 percent of International Opportunities Fund's net assets attributable to Institutional Shares and 0.96 percent of International Opportunities Fund's net assets attributable to R6 Shares, respectively. On and before October 31, 2025, this arrangement only may be terminated by the Trustees in their sole discretion.

**PEAR TREE FUNDS**

NOTES TO FINANCIAL STATEMENTS (continued)

*March 31, 2025*

Since June 1, 2020, and most recently extended to July 31, 2025, the Manager has agreed to reimburse the Pear Tree Quality Fund Institutional Shares to the extent necessary for the Fund to maintain the total net annual operating expenses for the class to 0.79%. On and before July 31, 2025 this arrangement only may be terminated by the Trustees in their sole discretion.

Since September 1, 2021, and most recently extended to July 31, 2025, the Manager has agreed to reimburse the Environmental Opportunities Fund Ordinary Shares to the extent necessary for the Fund to maintain the total net annual operating expenses for the class to 1.24%, Institutional Shares to the extent necessary for the Fund to maintain the total net annual operating expenses for the class to 0.99%, and R6 Shares to the extent necessary for the Fund to maintain the total net annual operating expenses for the class to 0.95%. On and before July 31, 2025 this arrangement only may be terminated by the Trustees in their sole discretion.

Effective November 1, 2024 through October 31, 2025, the Manager has contractually agreed to reimburse such portion of the expenses of Small Cap Fund attributable to each of Institutional Shares and R6 Shares such that the "Total Annual Fund Operating Expenses after Fee Waiver and/ or Expense Reimbursement" with respect to each of Institutional Shares and R6 Shares, other than extraordinary expenses, is not greater than 0.99 percent of Small Cap Fund's net assets attributable to Institutional Shares and 0.96 percent of Small Cap Fund's net assets attributable to R6 Shares. On and before October 31, 2025, this arrangement only may be terminated by the Trustees in their sole discretion.

Effective November 1, 2024 through October 31, 2025, the Manager has contractually agreed to reimburse such portion of the expenses of Quality Fund attributable to R6 Shares such that the "Total Annual Fund Operating Expenses after Fee Waiver and/ or Expense Reimbursement" with respect to R6 Shares, other than extraordinary expenses, is not greater than 0.64 percent of Quality Fund's net assets attributable to R6 Shares. On and before October 31, 2025, this arrangement only may be terminated by the Trustees in their sole discretion.

Except with respect to Environmental Opportunities Fund, neither the Manager nor any Sub-Adviser may recoup any amount of those fees that have been waived or fund expenses that have been reimbursed by the Manager and/or Sub-Adviser. With respect to Environmental Opportunities Fund, the Sub-Adviser to that fund had an agreement with a predecessor fund to Environmental Opportunities Fund whereby the Sub-Adviser, in its capacity as the investment manager to the predecessor fund, could during a 3-year period recoup amounts from the Fund not to exceed the amounts waived by the Sub-Adviser or reimbursed by the Sub-Adviser to the predecessor fund, subject to certain conditions. As of August 31, 2024, the Sub-Adviser had not received any amounts as recoupment from Environmental Opportunities Fund, and its right to recoup amounts from that fund expired.

**Sub-Advisory Fees**

The Manager has entered into sub-advisory contracts with the following sub-advisers (collectively the "Sub-Advisers") to provide investment sub-advisory services to the following Funds: Chartwell Investment Partners, LLC (Quality), Essex Investment Management Company, LLC (Environmental Opportunities) and Polaris Capital Management, LLC (Small Cap, Foreign Value, Foreign Value Small Cap and International Opportunities).

**PEAR TREE FUNDS**

NOTES TO FINANCIAL STATEMENTS (continued)

*March 31, 2025*

For services rendered, the Manager pays to the Sub-Advisers of a Fund a sub-advisory fee based on a percentage of the average daily total net assets of the Fund. The fee for each Fund is determined separately. During the year ended March 31, 2025, the fees paid by the Manager to the Sub-Advisers of the Funds were as follows:

---

| | |
|:---|:---|
| Small Cap | 0.25% of the first $100 million and |

---

0.30% of amounts in excess of $100 million but less than

$200 million and

0.325% of amounts in excess of $200 million of average

daily total net assets

---

| | |
|:---|:---|
| Quality | A fee equal to the flat annual rate of $90,000 |

---

---

| | |
|:---|:---|
| Environmental Opportunities | 0.38% of the average daily total net assets |

---

---

| | |
|:---|:---|
| Foreign Value | 0.35% of the first $35 million and |

---

0.40% of amounts in excess of $35 million but less than

$200 million and

0.50% of assets in excess of $200 million of average daily

total net assets

---

| | |
|:---|:---|
| Foreign Value Small Cap | 0.35% of the first $35 million and |

---

0.40% of amounts in excess of $35 million but less than

$200 million and

0.50% of amounts in excess of $200 million of average

daily total net assets.

---

| | |
|:---|:---|
| International Opportunities | 0.30% of the first $35 million and |

---

0.35% of amounts in excess of $35 million but less than

$200 million and

0.45% of amounts in excess of $200 million of average

daily total net assets.

As of March 31, 2017 and most recently extended through July 31, 2025, the Sub-Adviser to each of Foreign Value, Foreign Value Small Cap, and International Opportunities has contractually agreed to waive its sub-advisory fees such that the aggregate sub-advisory fee that the Sub-Adviser would receive during the waiver period would be calculated using the following annual rates:

---

| | |
|:---|:---|
| Foreign Value | 0.30% of the first $35 million and |

---

0.35% of amounts in excess of $35 million but less than $200 million and

0.45% of amounts in excess of $200 million of average daily total net assets

**PEAR TREE FUNDS**

NOTES TO FINANCIAL STATEMENTS (continued)

*March 31, 2025*

---

| | |
|:---|:---|
| Foreign Value Small Cap | 0.30% of the first $35 million and |

---

0.35% of amounts in excess of $35 million but less than $200 million and

0.45% of amounts in excess of $200 million of average daily total net assets.

---

| | |
|:---|:---|
| International Opportunities | 0.25% of the first $35 million and |

---

0.30% of amounts in excess of $35 million but less than $200 million and

0.40% of amounts in excess of $200 million of average daily total net assets.

This sub-advisory fee waiver only may be terminated upon the termination of the corresponding management fee waiver, and the corresponding management fee waiver only may be terminated by the Trustees in their sole discretion.

**Distribution Fees, including Fees under 12b-1 Plans**

The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "12b-1 Plan"), which allows each Fund to pay certain distribution and shareholder servicing activities relating to Ordinary Shares from Fund assets. The Funds also have entered into a distribution agreement (the "Distribution Agreement") with U.S. Boston Capital Corporation (the "Distributor"). For its services under the 12b-1 Plan and the Distribution Agreement, the Distributor receives the distribution (12b-1) fees, that is, 0.25 percent of the average daily net asset value of the Ordinary Shares of the Funds, payable monthly.

Holders of Institutional Shares and R6 Shares pay no portion of the 12b-1 Plan expenses of the Funds applicable to Ordinary Shares, and neither Institutional Shares nor R6 Shares are subject to any other distribution plan adopted pursuant to Rule 12b-1. Holders of Institutional Shares and R6 Shares also are not entitled to vote on matters involving the 12b-1 Plan applicable to Ordinary Shares.

During the year ended March 31, 2025, the aggregate 12b-1 distribution fees of the Funds were $1,498,436, as disclosed on the Statement of Operations.

**Transfer Agent Fees**

Transfer agent functions are provided to the Funds by Pear Tree Institutional Services, a division of the Manager (the "Transfer Agent"), pursuant to a transfer agent agreement (the "Transfer Agent Agreement"). The Transfer Agent Agreement provides that with respect to Ordinary Shares and Institutional Shares, base fees are payable to the Transfer Agent at an annual rate of 0.16 percent of the average daily total net asset value of each such class, and with respect to R6 Shares, base fees payable at an annual rate of 0.01 percent of the average daily total net asset value of R6 Shares. The Transfer Agent also is entitled to reimbursement of out-of-pocket expenses.

**PEAR TREE FUNDS**

NOTES TO FINANCIAL STATEMENTS (continued)

*March 31, 2025*

The Transfer Agent has contractually agreed to waive such portion of the base fees that it would otherwise receive for serving as the transfer agent such that the aggregate transfer agent fee with respect to Institutional Shares would be calculated using an annual rate of 0.04 percent of that Fund's net assets attributable to Institutional Shares, these waivers are effective as follows:

March 31, 2017 through July 31, 2025 for Small Cap, Foreign Value, Foreign Value Small Cap.

June 1, 2017 through July 31, 2025 for Quality.

January 1, 2019 through July 31, 2025 for International Opportunities.

September 1, 2021 through July 31, 2025 for Environmental Opportunities.

Prior to July 31, 2025 these arrangements only may be terminated by the Trustees in their sole discretion.

During the year ended March 31, 2025, the aggregate amount of transfer agent fees paid by the Funds, inclusive of fee waivers, were $2,292,812, as disclosed on the Statement of Operations.

**Fund Administration Fees**

Pursuant to an Administration Agreement, the Manager provides certain administrative services to the Funds. During the year ended March 31, 2025, the aggregate amount of fees paid by all Funds pursuant to this agreement was $1,280,501, as disclosed on the Statement of Operations.

The Trustees have approved reimbursement to the Manager for a percentage of the compensation (including benefits) paid by the Manager to the Trust's Chief Compliance Officer. For the year ended March 31, 2025, the Trust reimbursed the Manager a portion of the Chief Compliance Officer's compensation in the aggregate amount of $309,780.

**Custody and Fund Accounting**

UMB Fund Services, LLC serves as a fund administrator of each Fund. UMB Bank, n.a., serves as the custodian of each Fund's assets.

To the knowledge of the Trust, neither UMB Fund Services, LLC nor UMB Bank n.a. is affiliated with the Manager, any Sub-Adviser, or the Distributor. Custody credits generated by interest earned on un-invested cash balances maintained by the Funds are used to offset custodial expenses of the Funds. For the year ended March 31, 2025, there were no custody credits.

**Trustees' Fees**

For the year ended March 31, 2025, each Trustee who was not an "interested person" of the Trust, each, an "Independent Trustee", as that term is defined in the 1940 Act, received a fee for serving in that role in the aggregate amount of $55,000, and each of the Chairman of the Audit Committee and the Lead Independent Trustee received additional fees for such period in the aggregate amount of $3,000. All fees paid to the Trustees were allocated among the Funds in proportion to their respective net assets. Compensation for the services of the Trustee who was an interested person of the Trust during that period was paid by the Manager

**PEAR TREE FUNDS**

NOTES TO FINANCIAL STATEMENTS (continued)

*March 31, 2025*

4. Purchases and Sales

During the year ended March 31, 2025, purchases of investment securities, other than U.S. Government obligations and short-term investments for Small Cap, Quality, Environmental Opportunities, Foreign Value, Foreign Value Small Cap, and International Opportunities, were $47,379,251, $99,553,876, $26,880,904, $500,511,033, $117,353,190, and $23,980,099, respectively. Sales of such securities for the Funds were $44,077,643, $122,864,454, $34,915,606, $1,378,168,260, $329,768,389, and $46,693,163, respectively.

5. Contingent Liability

For the period April 1, 2023 to July 31, 2023, the Trust maintained a joint fidelity bond with the Funds' Transfer Agent through ICI Mutual Insurance Company ("ICI Mutual"). The annual premium for that policy was allocated among the Funds and the Transfer Agent. Additionally, the Funds had committed $54,174 in cash (i.e., "reserve premium") to ICI Mutual, with each Fund's pro rata portion recorded as an asset. Such reserve premium was held by ICI Mutual. This reserve premium will be refunded by August 1, 2028.

Beginning August 1, 2023, the Trust has maintained a joint fidelity bond with the Transfer Agent through Hartford Fire Insurance Company. The annual premium for that policy currently is allocated among the Funds and the Transfer Agent.

6. Concentration of Risk

The relatively large investments from time to time of Foreign Value, Foreign Value Small Cap, and International Opportunities in countries with limited or developing capital markets may involve greater risks than investments in more developed markets, and the prices of such investments may be volatile. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of each Fund's investments and the income they generate, as well as each Fund's ability to repatriate such amounts.

7. Federal Income Taxes

It is the policy of the Funds to distribute all of their taxable income within the prescribed time and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended ("IRC"), applicable to regulated investment companies. Therefore, no Federal income tax provision is required.

The tax components of capital shown in the following tables represent: (1) losses or deductions the portfolios may be able to offset against income and gains realized in future years, (2) distribution requirements the portfolios must satisfy under the income tax regulations, and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

**PEAR TREE FUNDS**

NOTES TO FINANCIAL STATEMENTS (continued)

*March 31, 2025*

Certain Funds had capital loss carryovers at March 31, 2025. The accumulated capital losses noted in the table may be available to offset future realized capital gains and thereby reduce future taxable gain distributions.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2025 |
|  | Capital Loss<br>Carry Forward<br>due to Merger<br>Subject to<br>Limitation | <br>Capital Loss<br>Short Term<br>No Expiration<br>Short Term | <br>Capital Loss<br>Long Term<br>No Expiration<br>Long Term | <br>Total<br>Capital Loss |
| Small Cap | $— | $— | $— | $— |
| Quality |  |  |  |  |
| Environmental Opportunities |  | (5286180) | (9475956) | (14762136) |
| Foreign Value |  | (110832460) |  | (110832460) |
| Foreign Value Small Cap |  | (22447653) | (95202441) | (117650094) |
| International Opportunities\* | (20794022) | (15937205) | (1384085) | (38115312) |

---

\* International Opportunities Fund's acquired losses are subject to an annual IRC section 382 limit of $- 766,783.

Each Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by the tax authorities. Management has analyzed each Fund's tax positions, and it has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2022-2024, or expected to be taken in the Fund's 2025 tax returns. Each Fund identifies its major tax jurisdictions as U.S. Federal and Massachusetts State; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits with respect to any Fund will change materially in the next twelve months.

The primary differences between book and tax appreciation or depreciation of investments consist of wash sale loss deferrals, return of capital distributions by real estate investment trusts ("REITs"), mark-to-market valuation on passive foreign investment companies ("PFICs") held and foreign capital gains taxes accrued.

**PEAR TREE FUNDS**

NOTES TO FINANCIAL STATEMENTS (continued)

*March 31, 2025*

The net tax appreciation/(depreciation) in the table below includes unrealized tax gain/(loss) on foreign currency and investments.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2025 |
|  |  |  |  | Late Year |  |  |  |
|  |  |  |  | Ordinary |  |  |  |
|  |  |  |  | and Post |  |  |  |
|  |  |  |  | October |  |  |  |
|  |  | Undistributed |  | Capital |  | Net Tax |  |
|  | Org | Ordinary | Undistributed | Loss | Capital Loss | Appreciation/ |  |
| Portfolio | Cost | Income | Capital Gains | Deferrals | Carryover | (Depreciation) | Total |
| Small Cap | $— | $784049 | $7115704 | $— | $— | $19143258 | $27043011 |
| Quality |  | 313384 | 29961735 |  |  | 49016258 | 79291377 |
| Environmental |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Opportunities |  | 17223 |  |  | (14759257) | (1285085) | (16027119) |
| Foreign Value |  | 63208320 |  |  | (110832460) | 353818542 | 306194402 |
| Foreign Value |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Small Cap |  | 3132690 |  |  | (117650094) | 115601793 | 1084389 |
| International |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Opportunities | (25529) | 153511 |  |  | (38115312) | 5165748 | (32821582) |

---

At March 31, 2025, the tax composition of dividends was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Ordinary | Long-Term | Tax Return Of |
| Portfolio | Income | Capital Gains | Capital |
| Small Cap | $991560 | $2529559 | $— |
| Quality | 3951034 | 23112065 |  |
| Environmental Opportunities |  |  |  |
| Foreign Value | 71926365 |  |  |
| Foreign Value Small Cap | 31725005 |  |  |
| International Opportunities | 2128610 |  |  |

---

At March 31, 2024, the tax composition of dividends was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Ordinary | Long-Term | Tax Return Of |
| Portfolio | Income | Capital Gains | Capital |
| Small Cap | $733722 | $— | $— |
| Quality | 2214354 | 9176833 |  |
| Environmental Opportunities |  |  |  |
| Foreign Value | 81532136 |  |  |
| Foreign Value Small Cap | 26167793 |  |  |
| International Opportunities | 466173 |  |  |

---

**PEAR TREE FUNDS**

NOTES TO FINANCIAL STATEMENTS (continued)

*March 31, 2025*

As of March 31, 2025, the following Funds had qualified late-year ordinary losses, which are deferred until fiscal year 2026 for tax purposes.

---

| | | |
|:---|:---|:---|
|  |  | Late-Year |
| Portfolio | | Ordinary Losses |
| Small Cap | $|  |
| Quality |  |  |
| Environmental Opportunities |  |  |
| Foreign Value |  |  |
| Foreign Value Small Cap |  |  |
| International Opportunities |  |  |

---

As of March 31, 2025, the following funds had post-October 2024 capital losses which are deferred until April 1, 2025 for tax purposes.

Net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first day of the Fund's next taxable year.

---

| | | |
|:---|:---|:---|
|  |  | Post-October |
| Portfolio | | Capital Losses |
| Small Cap | $|  |
| Quality |  |  |
| Environmental Opportunities |  |  |
| Foreign Value |  |  |
| Foreign Value Small Cap |  |  |
| International Opportunities |  |  |

---

Accounting principles generally accepted in the United States require that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on a Fund's net assets or a Fund's net asset value per share. For the year ended March 31, 2025, permanent differences in book and tax accounting have been reclassified to shares of beneficial interest and distributable earnings for the Small Cap, Quality, Environmental Opportunities, Foreign Value, Foreign Value Small Cap and International Opportunities Funds for $2, $0, $0, $0, $0 and $0, respectively.

**PEAR TREE FUNDS**

NOTES TO FINANCIAL STATEMENTS (continued)

*March 31, 2025*

Federal Tax Information (Unaudited)

---

| | |
|:---|:---|
|  | Qualified<br>Dividend<br>Income<br>Percentage |
| Small Cap | 92.24% |
| Quality | 100.00% |
| Environmental Opportunities | 0.00% |
| Foreign Value | 100.00% |
| Foreign Value Small Cap | 100.00% |
| International Opportunities | 100.00% |

---

The Funds may elect under IRC Section 853 to pass through foreign tax credits to its shareholders for the year ended March 31, 2025.

The total amount of foreign taxes that is expected to pass through to shareholders and the respective foreign source income are as follows:

---

| | | |
|:---|:---|:---|
|  | Foreign Tax<br>Credit | Foreign Source<br>Income |
| Foreign Value | $9617660 | $69781524 |
| Foreign Value Small Cap | 3873904 | 34597322 |
| International Opportunities | 358376 | 2412717 |

---

**PEAR TREE FUNDS**

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, 2025, 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, 2025, 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 | Statement of | Statements of |  |
| Pear Tree Funds | operations | 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, 2025  | For each of the two years in the period ended March 31, 2025  | For each of the five years in the period ended March 31, 2025 |
| Pear Tree Essex Environmental Opportunities Fund<br>| For the year ended March 31, 2025<br>| For each of the two years in the period ended March 31, 2025  | For the year ended August 31, 2021, for the seven-month period ended March 31, 2022, and for each of the three years in the period ended March 31, 2025 |

---

With respect to the Pear Tree Essex Environmental Opportunities Fund, the financial highlights for the year ended August 31, 2020, were audited by other auditors, whose report dated October 30, 2020, expressed an unqualified opinion on those financial highlights.

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.

**PEAR TREE FUNDS**

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

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, 2025 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.

![](peartreefin002.jpg)

**TAIT, WELLER & BAKER LLP**

Philadelphia, Pennsylvania

May 22, 2025

This page intentionally left blank.

This page intentionally left blank.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

During the period covered by this report, Registrant did not make any change in or have any

disagreements with accountants on any accounting or financial disclosure required by Item 304 of Regulation S-K.

**Item 9: Proxy Disclosure for Open-End Management Investment Companies:**

No matter was submitted during the period covered by this report to a vote of Registrant's shareholders through the solicitation of proxies or otherwise.

**Item 10: Renumeration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

The amounts of renumeration paid to Registrant's Trustees and Chief Compliance Officer are incorporated by reference as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed as Item 7 herewith. During the reporting period, no compensation was paid by Registrant to a Trustee who was an "interested person" of Registrant, as such term is defined in the Investment Company Act of 1940, or to any other officer of the Registrant for his or her services to Registrant as a trustee or officer, for those services, such persons were compensated by the Manager, the Pear Tree Funds's distributor, or other sources.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There has been no change to the procedures by which shareholders may recommend nominees to the Registrant's Trustees.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive officer and principal financial officer have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the Registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The Registrant's principal executive officer and principal financial officer are aware of no change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

(a) (1) [The Registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.](ex99-coe.htm)

(2) Listing standards relating to recovery of erroneously
 awarded compensation: not applicable.

(3) [Separate certifications by the Registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](ex99-cert.htm)

(b) [A certification by the Registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.](ex99-906_cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **Pear Tree Funds** | **Pear Tree Funds** |
| By: | /s/ Willard L. Umphrey |
|  | Willard L. Umphrey |
|  | Principal Executive Officer |

---

Date: May 28, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Willard L. Umphrey |
|  | Willard L. Umphrey |
|  | Principal Executive Officer |

---

Date: May 28, 2025

---

| | |
|:---|:---|
| By: | /s/ Leon Okurowski |
|  | Leon Okurowski |
|  | Principal Financial Officer |

---

Date: May 28, 2025

## Ex-99.Code

[PEAR TREE FUNDS N-CSR](pear-ncsr_033125.htm)

**Exhibit 19.(a)(1)**

**PEAR TREE FUNDS**

**CODE OF ETHICS** 

**FOR PRINCIPAL EXECUTIVE AND** 

**SENIOR FINANCIAL OFFICERS**

**Revised February 2020**

**I.** **Covered Officers/Purpose of the Code**

Pear Tree Funds' (the "Trust") code of ethics (this "Code") for the investment companies within the complex (collectively the "Funds" and each, a "Fund") applies to the Trust's Principal Executive Officer and Principal Financial Officer (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant
files with, or submits to, the SEC and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified
in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer owes a duty to the Trust to adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position in the Trust.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended, (the "Investment Company Act") and the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The Trust's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or result from, the contractual relationship between the Trust and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the adviser, or for both), be involved in establishing policies and implementing decisions which will have different effects on the investment adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Trustees of the Trust ("Trustees") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other Codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. In reading the following examples of conflicts of interest under the Code, Covered Officers should keep in mind that such a list cannot ever be exhaustive by covering every possible scenario. It follows that the overarching principle – that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust – should be the guiding principle in all circumstances.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his personal influence or personal relationships improperly to influence investment decisions
or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Trust to take action, or fail to take action, for the individual personal benefit of the
Covered Officer rather than the benefit the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to
profit personally or cause others to profit, by the market effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of potential violations of law that
are made in good faith.

There are some conflict of interest situations that should always be discussed with the Trust's Chief Compliance Officer, if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any outside business activity that detracts from an individual's ability to devote appropriate
time and attention to his responsibilities with the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board (or equivalent position) of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any non-nominal gifts in excess of $150;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any entertainment from any company with which the Trust has current or prospective business
dealings unless such entertainment is business- related, reasonable in cost, appropriate as to time and place, and not so frequent as
to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or any consulting or employment relationship with, any of the Trust's
service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust
for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's
employment, such as compensation or equity ownership.

**III.** **Disclosure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer must familiarize himself with the disclosure requirements applicable to the Trust
and the Funds' disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about the
Trust to others, whether within or outside the Trust, including to the Trust's trustees and auditors, and to governmental regulators
and self-regulatory organizations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should, to the extent appropriate within his area of responsibility, consult with
other officers and employees of the Funds and the adviser and take other appropriate steps with the goal of promoting full, fair, accurate,
timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications
made by the Funds.

**IV.** **Compliance**

It is the responsibility of each Covered Officer to promote adherence with the standards and restrictions imposed by applicable laws, rules and regulations.

**V.** **Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code, affirm in writing to the Trustees that he has received, read, and understands
the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Trustees that he has complied with the requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually, in the format required by the Trust's Trustee's Questionnaire,
affiliations and potential conflicts as set forth in the Trustee's Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Trust's Chief Compliance Officer or Chair of the Audit Committee promptly if he knows
of any violation of this Code. Failure to do so is itself a violation of this Code.

The Chief Compliance Officer of the Trust is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, approvals, interpretations, or waivers sought by the Principal Executive Officer will be considered by the Audit Committee (the "Committee").

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Chief Compliance Officer will take all appropriate action to investigate any violations and potential
violations reported to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· violations will be reported to the Committee after such investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the Committee determines that a violation has occurred, it will inform and make a recommendation
to the Trustees, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies
and procedures; notification to appropriate personnel of the investment adviser or its board; or recommending dismissal of the Covered
Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Trustees will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC
rules.

**VI.** **Other Policies and Procedures** 

The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act and the adviser's more detailed policies and procedures set forth in the Pear Tree Funds Code of Ethics are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VII.** **Amendments**

This Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of the Trust's Trustees, including a majority of Independent Trustees as defined in the Investment Company Act.

**VIII.** **Confidentiality**

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees and its counsel.

**X. Internal Use**

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

**Exhibit A**

Persons Covered by this Code of Ethics:

Okurowski, Leon

Umphrey, Willard L.

**Exhibit B**

Acknowledgement of Receipt of Code

Section V of the Code requires that each Covered Person, upon adoption of the Code, affirm in writing to the Trustees that he or she has received, read, and understands the Code. By executing this Exhibit B, the undersigned hereby makes such affirmation.

---

| | |
|:---|:---|
| Name: | Willard L. Umphrey |
| Title: | Principal Executive Officer |
| Date: | |

---

**Exhibit B**

Acknowledgement of Receipt of Code

Section V of the Code requires that each Covered Person, upon adoption of the Code, affirm in writing to the Trustees that he or she has received, read, and understands the Code. By executing this Exhibit B, the undersigned hereby makes such affirmation.

---

| | |
|:---|:---|
| Name: | Leon Okurowski |
| Title: | Principal Financial Officer |
| Date: | |

---

**Exhibit C**

**PEAR TREE FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**SENIOR FINANCIAL OFFICERS**

**ANNUAL AFFIRMATION**

**Section V of the Pear Tree Funds' Code of Ethics for Principal Executive and Senior Financial Officers as revised February 2020 requires that each Covered Officer annually affirm to the Trustees of Trustees that he has complied with the requirements of the Code. By signing below the undersigned hereby makes such affirmation for the year ending December 31, 20XX.**

---

| | |
|:---|:---|
| Name: | Willard L. Umphrey |
| Title: | Chief Executive Officer and President |
| Date: | |

---

**PEAR TREE FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**SENIOR FINANCIAL OFFICERS**

**ANNUAL AFFIRMATION**

**Section V of the Pear Tree Funds' Code of Ethics for Principal Executive and Senior Financial Officers as revised February 2020 requires that each Covered Officer annually affirm to the Trustees of Trustees that he has complied with the requirements of the Code. By signing below the undersigned hereby makes such affirmation for the year ending December 31, 20XX.**

---

| | |
|:---|:---|
| Name: | Leon Okurowski |
| Title: | Principal Financial Officer |
| Date: | |

---

## Ex-99.Cert

[PEAR TREE FUNDS N-CSR](pear-ncsr_033125.htm)

**Exhibit 19.(a)(3)**

**<u>CERTIFICATIONS</u>**

I, Willard L. Umphrey, certify that:

1. I have reviewed this report on Form N-CSR of Pear Tree Funds;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for
the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
and

5. The registrant's other certifying officer(s) and I have
disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability
to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 28, 2025 | /s/ Willard L. Umphrey |
|  | Willard L. Umphrey |
|  | Chief Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Leon Okurowski, certify that:

1. I have reviewed this report on Form N-CSR of Pear Tree Funds;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for
the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
and

5. The registrant's other certifying officer(s) and I have
disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability
to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 28, 2025 | /s/ Leon Okurowski |
|  | Leon Okurowski |
| &nbsp;&nbsp; <br>| Chief Financial Officer |

---

## Exhibit 99.906

[PEAR TREE FUNDS N-CSR](pear-ncsr_033125.htm)

**Exhibit 19.(b)**

**Certification Pursuant to 18 U.S.C. Section 1350**

**As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Willard L. Umphrey, and Leon Okurowski, of Pear Tree Funds (the "Trust") each certify that:

1. This Form N-CSR filing for the Trust (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | |
|:---|:---|
| By: | /s/ Willard L. Umphrey |
|  | Willard L. Umphrey |
|  | President |
| Date: | May 28, 2025 |
| By: | /s/ Leon Okurowski |
|  | Leon Okurowski |
|  | Treasurer |
| Date: | May 28, 2025 |

---