N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03790

Pear Tree Funds

(Exact name of registrant as specified in charter)

55 Old Bedford Road, Lincoln, MA 01773

(Address of principal executive offices)

Willard L. Umphrey

Pear Tree Advisors, Inc.

55 Old Bedford Road, Lincoln, MA 01773

(Name and address of agent for service)

Registrant’s telephone number, including area code: (781) 676-5900

Date of fiscal year end:	March 31
Date of reporting period:	April 1, 2022 through March 31, 2023

ITEM 1(a): REPORTS TO SHAREOWNERS.

ANNUAL REPORT​

MARCH 31, 2023​

U.S. EQUITY FUNDS​

PEAR TREE POLARIS SMALL CAP FUND​

PEAR TREE QUALITY FUND​

GLOBAL EQUITY FUND​

PEAR TREE ESSEX ENVIRONMENTAL OPPORTUNITIES FUND​

INTERNATIONAL EQUITY FUNDS​

PEAR TREE AXIOM EMERGING MARKETS WORLD EQUITY FUND​

PEAR TREE POLARIS FOREIGN VALUE FUND​

PEAR TREE POLARIS FOREIGN VALUE SMALL CAP FUND​

PEAR TREE POLARIS INTERNATIONAL OPPORTUNITIES FUND 

See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports.

PEAR TREE FUNDS​

Important Information About Access to Shareholder Reports

Paper copies of the Pear Tree Funds’ shareholder reports like this one are no longer being sent by mail, unless you specifically request paper copies of the reports from Pear Tree Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already have elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from Pear Tree Funds or your financial intermediary electronically by contacting your financial intermediary or if you invest directly with Pear Tree Funds, by calling 1-800-326-2151 or logging on to www.peartreefunds.com

You may elect to receive all future reports in paper free of charge. You can inform Pear Tree Funds or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by contacting Pear Tree Funds at 1-800-326-2151 or your financial intermediary. Your election to receive or not receive reports in paper will apply to all funds held with Pear Tree Funds.

Statements Regarding Forward-Looking Information

Pear Tree Funds makes statements in this Annual Shareholders’ Report (this “Shareholders Report”) that are forward-looking statements within the meaning of the federal securities laws. Words, expressions, and statements regarding future periods, such as “believe,” “estimate,” “expect,” “anticipate,” “intend,” “plan,” “seek,” and “may,” are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause any of the Pear Tree Funds’ actual results, performance, or achievements, or industry results, to differ materially from any predictions of future results, performance, or achievements that Pear Tree Funds expresses or implies in this Shareholders Report.

The forward-looking statements included in this Shareholders Report are based upon Pear Tree Funds’ and its investment manager’s and sub-advisers’ current expectations, plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions, and future business decisions. Those conditions and decisions are difficult, and sometimes impossible, to predict accurately and many are beyond the control of Pear Tree Funds, its investment manager and its sub-advisers. Although Pear Tree Funds, its investment manager and its sub-advisers believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, each Pear Tree Fund’s actual results and performance could differ materially from those predicted results and performance set forth in the forward-looking statements.

Factors that could have a material adverse effect on a Pear Tree Fund’s operations and future prospects are described in the Pear Tree Funds’ current prospectus.

All forward-looking statements are made as of the date of this Shareholders Report and the risk that actual results will differ materially from the expectations expressed in this Shareholders Report will increase with the passage of time. Except as otherwise required by the federal securities laws, none of Pear Tree Funds, its investment manager or any of its sub-advisers undertakes any obligation to publicly update or revise any forward-looking statements after the date of this Shareholders Report, whether as a result of new information, future events, changed circumstances or any other reason. In light of the significant uncertainties inherent in the forward-looking statements included in this Shareholders Report, the inclusion of such forward-looking statements should not be regarded as a representation by Pear Tree Funds, its investment manager, its sub-advisers or any other person that the objectives and plans set forth in this Shareholders Report will be achieved.

PEAR TREE FUNDS

Pear Tree Polaris Small Cap Fund
Pear Tree Quality Fund
Pear Tree Essex Environmental Opportunities FundPear Tree Axiom Emerging Markets World Equity Fund
Pear Tree Polaris Foreign Value Fund
Pear Tree Polaris Foreign Value Small Cap Fund
Pear Tree Polaris International Opportunities Fund​

ANNUAL REPORT
March 31, 2023​

TABLE OF CONTENTS	​
President’s Letter	1
Fund Expenses	2
Portfolio Manager Commentaries	5
Pear Tree Polaris Small Cap Fund	5
Pear Tree Quality Fund	9
Pear Tree Essex Environmental Opportunities Fund	13
Pear Tree Axiom Emerging Markets World Equity Fund	17
Pear Tree Polaris Foreign Value Fund	21
Pear Tree Polaris Foreign Value Small Cap Fund	25
Pear Tree Polaris International Opportunities Fund	29
Schedules of Investments	32
Pear Tree Polaris Small Cap Fund	32
Pear Tree Quality Fund	36
Pear Tree Essex Environmental Opportunities Fund	39
Pear Tree Axiom Emerging Markets World Equity Fund	42
Pear Tree Polaris Foreign Value Fund	48
Pear Tree Polaris Foreign Value Small Cap Fund	52
Pear Tree Polaris International Opportunities Fund	56
Statements of Assets and Liabilities	62
Statements of Operations	70
Statements of Changes in Net Assets	78
Financial Highlights	92
Notes to Financial Statements	111
Report of Independent Registered Public Accounting Firm	129
Information for Shareholders	131
Trustees and Officers	132

Service Providers Inside back cover

This report must be preceded or accompanied by a current Pear Tree Funds prospectus for individuals who are not current shareholders of the Funds. If you are not a shareholder of a Pear Tree Fund, you should read the prospectus carefully before investing because it contains more complete information on the Pear Tree Funds’ investment objectives, risks, charges and expenses. Please consider this information carefully. For a prospectus and other information, visit www.peartreefunds.com or call 1-800-326-2151.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither Pear Tree Funds nor U.S. Boston Capital Corporation is a bank. 

PEAR TREE FUNDS​

Dear Fellow Shareholder,

We are pleased to provide you with the Pear Tree Funds’ Annual Report for the fiscal year ended March 31, 2023 and to update you on recent market conditions and the performance of the Pear Tree Funds.

For current performance information, please visit our website at www.peartreefunds.com. We thank you for your continued confidence in the Pear Tree Funds. Please feel free to e-mail us at info@peartreefunds.com or call us at 1-800-326-2151 with any questions or for assistance on your account.

Sincerely,

Willard Umphrey
President and Chairman

As used in this report; “Fund” refers to a Pear Tree Fund and “Funds” refers to more than one Pear Tree Fund or all Pear Tree Funds, depending on the context.

Any statements in this report regarding market or economic trends or the factors influencing the historical or future performance of the Pear Tree Funds are the views of the Funds’ investment manager and/or sub-advisers as of the date of this report. These views are subject to change at any time based upon market and other conditions, and Fund management and the subadvisers to the Funds disclaim any responsibility to update such views. These views may not be relied upon as investment advice or as an indication of trading intent on behalf of any Pear Tree Fund. Any references to specific securities are not recommendations to purchase, hold or sell such securities and may not be representative of any Pear Tree Fund’s current or future investments.

Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized. 

1​

PEAR TREE FUNDS

FUND EXPENSES

We believe it is important for Fund shareholders to have a clear understanding of fund expenses and the impact expenses have on investment returns. The following is important information about each Fund’s Expense Example, which appears on the following page.

Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution (12b-1) fees (on Ordinary Shares) and other Fund expenses. The example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on $1,000 being invested at the beginning of the period and held for the entire period from October 1, 2022 to March 31, 2023.

Actual Expenses

The first line for each Share Class for each Fund in the table on the following page provides information about actual account returns and actual expenses. You may use the information in this line, together with the amount you invested for that Fund and Share Class, to estimate the expenses that you paid over the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (e.g., an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each Share Class for each Fund in the table on the following page shows you hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and hypothetical expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information only to compare the ongoing expenses of investing in the Fund with the ongoing expenses of other funds. To do so, compare the Fund’s 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

2

PEAR TREE FUNDS​

Expense Example for the 6 months ended March 31, 2023

These examples are based on $1,000 being invested at the beginning of the period and held for the entire period from October 1, 2022 to March 31, 2023.

Pear Tree Fund	Share Class	Total Return Description	Beginning Account Value 10/1/2022		Ending Account Value 3/31/2023		Annualized Expense Ratio		Expenses Paid During the Period* 10/1/2022- 3/31/2023
Small Cap **	Ordinary	Actual	​	$1,000.00	​	$1,133.40	​	1.36%	​	$7.23
​	​	Hypothetical	​	$1,000.00	​	$1,018.15	​	1.36%	​	$6.84
​	Institutional	Actual	​	$1,000.00	​	$1,135.70	​	1.00%	​	$5.30
​	​	Hypothetical	​	$1,000.00	​	$1,019.96	​	1.00%	​	$5.02
Quality **	Ordinary	Actual	​	$1,000.00	​	$1,202.00	​	1.20%	​	$6.58
​	​	Hypothetical	​	$1,000.00	​	$1,018.96	​	1.20%	​	$6.03
​	Institutional	Actual	​	$1,000.00	​	$1,204.70	​	0.79%	​	$4.34
​	​	Hypothetical	​	$1,000.00	​	$1,020.99	​	0.79%	​	$3.98
Environmental	Ordinary	Actual	​	$1,000.00	​	$1,067.80	​	1.22%	​	$6.30
Opportunities	​	Hypothetical	​	$1,000.00	​	$1,018.83	​	1.22%	​	$6.15
​	Institutional	Actual	​	$1,000.00	​	$1,069.20	​	0.97%	​	$4.99
​	​	Hypothetical	​	$1,000.00	​	$1,020.11	​	0.97%	​	$4.87
​	R6	Actual	​	$1,000.00	​	$1,068.20	​	0.92%	​	$4.76
​	​	Hypothetical	​	$1,000.00	​	$1,020.32	​	0.92%	​	$4.65
Emerging Markets	Ordinary	Actual	​	$1,000.00	​	$1,114.40	​	1.58%	​	$8.34
World Equity	​	Hypothetical	​	$1,000.00	​	$1,017.04	​	1.58%	​	$7.96
​	Institutional	Actual	​	$1,000.00	​	$1,116.80	​	1.22%	​	$6.42
​	​	Hypothetical	​	$1,000.00	​	$1,018.87	​	1.22%	​	$6.12
​	R6	Actual	​	$1,000.00	​	$1,118.80	​	0.98%	​	$5.16
​	​	Hypothetical	​	$1,000.00	​	$1,020.06	​	0.98%	​	$4.92
Foreign Value	Ordinary	Actual	​	$1,000.00	​	$1,269.80	​	1.42%	​	$8.03
​	​	Hypothetical	​	$1,000.00	​	$1,017.85	​	1.42%	​	$7.14
​	Institutional	Actual	​	$1,000.00	​	$1,271.80	​	1.05%	​	$5.93
​	​	Hypothetical	​	$1,000.00	​	$1,019.72	​	1.05%	​	$5.27
​	R6	Actual	​	$1,000.00	​	$1,273.10	​	0.94%	​	$5.31
​	​	Hypothetical	​	$1,000.00	​	$1,020.26	​	0.94%	​	$4.72
Foreign Value	Ordinary	Actual	​	$1,000.00	​	$1,232.00	​	1.41%	​	$7.87
Small Cap	​	Hypothetical	​	$1,000.00	​	$1,017.88	​	1.41%	​	$7.11
​	Institutional	Actual	​	$1,000.00	​	$1,234.80	​	1.04%	​	$5.82
​	​	Hypothetical	​	$1,000.00	​	$1,019.72	​	1.04%	​	$5.26
​	R6	Actual	​	$1,000.00	​	$1,235.50	​	1.02%	​	$5.66
​	​	Hypothetical	​	$1,000.00	​	$1,019.86	​	1.02%	​	$5.12
International	Ordinary	Actual	​	$1,000.00	​	$1,266.40	​	1.69%	​	$9.53
Opportunities	​	Hypothetical	​	$1,000.00	​	$1,016.52	​	1.69%	​	$8.48
​	Institutional	Actual	​	$1,000.00	​	$1,267.80	​	1.35%	​	$7.63
​	​	Hypothetical	​	$1,000.00	​	$1,018.20	​	1.35%	​	$6.79
​	R6	Actual	​	$1,000.00	​	$1,268.50	​	1.31%	​	$7.44
​	​	Hypothetical	​	$1,000.00	​	$1,018.38	​	1.31%	​	$6.62

*Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period multiplied by 182/365 (to reflect the one-half year period).

** No Class R6 Shares were outstanding for this Fund during the reporting period.  

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PEAR TREE FUNDS

4

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Pear Tree Polaris Small Cap Fund​

INVESTMENT PROFILE

Fund Information	​	​
Net Assets Under Management	$78.2 Million
Number of Portfolio Holdings	54
Average Price to Book Ratio	1.7
Average Price to Earnings Ratio	12.2
​	Ordinary	Institutional
Total Expense Ratio (Gross)*	1.50%	1.25%
Total Expense Ratio (Net)*	1.50%	1.13%
Ticker Symbol	USBNX	QBNAX

*

per prospectus dated August 1, 2022. See financial highlights for total expense ratios for the fiscal year ended March 31, 2023. The Fund had no Class R6 Shares outstanding during the period.

All Data as of March 31, 2023

Investment Commentary

(prepared by Polaris Capital Management, LLC, sub-adviser to Pear Tree Polaris Small Cap Fund)

For the fiscal year ended March 31, 2023, Pear Tree Polaris Small Cap Fund’s (the “Fund”) Ordinary Shares outperformed its benchmark, the Russell 2000 Total Return Index (the “Index”). For the period, the Fund achieved a return of (3.39)% at net asset value compared to (11.61)% for the Index.

Market Conditions and Investment Strategies

The Fund had absolute positive returns in the Industrials, Materials, Energy and consumer sectors, offset by losses in Financials, Information Technology (IT) and Health Care. Much, if not all, of the financial sector decline stemmed directly from the SVB/Signature failures and concerns about a broader banking crisis, which hasn’t come to pass to date.

Wabash National Corp. was the single largest contributor to performance, raising prices that more than offset material costs on strong truck trailer demand. Elsewhere in Industrials, Barrett Business Services noted new and existing client wins for their outsourced HR services. Science Applications, the IT service provider to the U.S. government, cited strong organic growth as it was awarded new contracts. Conversely, auto parts supplier Exco Technologies dropped on supply constraints and availability of materials; the stock was sold during the period.

In Materials, Graphic Packaging announced strong 2022 net sales and income, while building capacity with a new recycled paperboard mill. Firm pricing and high demand for cement helped Eagle Materials. Energy had barbell returns with CVR Energy as a big beneficiary of record refining margins. Dril-Quip reported decent earnings in the offshore drilling market, but bookings for subsea products slowed on rising inflation.

Perdoceo Education Corp. and Crocs, Inc. led the Consumer Discretionary sector. Crocs Inc. had impressive double-digit gains on booming international and acquisitive (HEYDUDE) sales. Although enrollment declined at its for-profit universities, Perdoceo protected its profitability; a strong balance sheet should tide over the company until enrollment picks up in a weaker economy.

In Health Care, Pacira Biosciences declined after its flagship non-opioid pain therapy failed to meet sales expectations. Harmony Biosciences suffered on an unsubstantiated short report from Scorpion Capital claiming negative side effects from Harmony’s narcolepsy drug.

Financials detracted most with small regional banks, such as Colony Bankcorp, Cambridge Bancorp, and Brookline Bancorp, under pressure on the bank failure news. Most U.S. banks, including those in this Fund, are on solid footing, having shored up balance sheets and capital ratios after the Great Financial Crisis of 2008. The Fund also exited its positions in struggling Florida insurers.

Portfolio Changes

During the year, the Fund sold more than a dozen stocks, many of which reached the sub-adviser’s valuation targets. Others were exited on concerns about slowing spending on consumer goods and technology. Cash was reallocated to purchase copper miner, Lundin Mining; Exelixis Inc., a biopharmaceutical maker with a successful oncology franchise; print manufacturer Ennis Inc.; Carlisle Companies, a construction materials/roofing company for large industrial complexes; and Janus International, the dominant market player in roll-up doors and security technology for self-storage businesses.

5​

Pear Tree Polaris Small Cap Fund

A Look Ahead

2023 may prove a balancing act between a slowing economy dampening corporate earnings and a moderating interest rate cycle. Added to this equation is the recent U.S. banking crisis, which will manifest in worsening credit conditions for banks and tighter liquidity for consumers and corporates. In either scenario, the Fund is well positioned given the good valuation and quality of portfolio holdings.

Top 10 Holdings
Percentage of total net assets	26.2%
Eagle Materials Inc.	3.0%
Graphic Packaging Holding Co.	3.0%
Barrett Business Services, Inc.	3.0%
South Plains Financial, Inc.	2.6%
Ingredion Incorporated	2.6%
Cabot Corporation	2.5%
NOV Inc.	2.4%
OFG Bancorp	2.4%
Kforce, Inc.	2.4%
Wabash National Corporation	2.3%

There is no guarantee that such securities will continue to be viewed favorably or held in the Fund’s portfolio.

Sector Allocation
Percentage of total net assets	100.0%
Industrials	31.0%
Financials	19.5%
Materials	12.4%
Health Care	9.1%
Energy	8.3%
Information Technology	7.3%
Consumer Discretionary	6.1%
Consumer Staples	2.6%
Communication Services	0.8%
CASH + other assets (net)	2.9%

Value of a $10,000 Investment

Pear Tree Polaris Small Cap. (PTSC) Ordinary Shares vs. Russell 2000 Index*

*

Polaris took over management of the Fund’s portfolio on 01/01/2015 and modified the Fund’s principal investment strategy. Returns that cover periods prior to that date include performance information of another investment sub-adviser employing a different investment strategy.

The Fund’s lead portfolio manager is Bernard R. Horn, Jr., of Polaris Capital Management, LLC.

6

Pear Tree Polaris Small Cap Fund​

Average Annual Total Returns

​

1Q 2023

Six Months

One Year

Five Year

Ten (3) Year

Since (3) Inception

Inception Date

Ordinary Shares

​

(0.26)%

​

13.34%

​

(3.39)%

​

4.77%

​

6.30%

​

8.83%

08/03/1992

Institutional Shares(1)

​

(0.17)%

​

13.57%

​

(3.02)%

​

5.17%

​

6.65%

​

8.49%

01/06/1993

Russell 2000 (2)

​

2.74%

​

9.14%

​

(11.61)%

​

4.71%

​

8.04%

​

8.99%

————————

(1)

Institutional Shares may only be purchased by certain categories of investors and are not subject to sales charges or distribution (12b-1) fees.

(2)

The Russell 2000 Index is a market capitalization-weighted index of 2,000 small company stocks. It is widely recognized as representative of the general market for small company stocks. Index returns assume the reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. You cannot invest directly in an Index. For comparative performance purposes, the beginning date of the Index is 08/03/92. The Russell 2000 Index is maintained by FTSE Russell, a subsidiary of the London Stock Exchange Group.

(3)

The current sub-adviser took over management of the Fund’s portfolio on 01/01/2015 and modified the Fund’s principal investment strategy. Returns that cover periods prior to that date include performance information of another investment sub-adviser employing a different investment strategy.

The Fund had no Class R6 Shares outstanding during the reporting period.

Past performance does not predict future performance. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Small company stocks may trade less frequently and in a limited volume, and their prices may fluctuate more than stocks of other companies. Small company stocks may therefore be more vulnerable to adverse developments than those of larger companies. The Fund may invest in issuers in the real estate industry. Changes in real estate values or economic downturns can have a significant negative effect on these issuers. The Fund may invest in foreign issuers that trade on U.S. stock exchanges. These issuers may be subject to special risks including different corporate governance rules and bankruptcy laws.

The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund may be more exposed to individual stock volatility than diversified funds. As a result, a decline in the value of the securities of one issuer could have a significant negative effect on the Fund. The Fund may have significant investments in one or more specific industry sectors, subjecting it to risks greater than general market risk. For example, adverse news from just one or two companies in a particular industry can hurt the prices of all stocks in that industry. 

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Pear Tree Polaris Small Cap Fund

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Pear Tree Quality Fund​

INVESTMENT PROFILE

Fund Information	​	​
Net Assets Under Management	$187.2 Million
Number of Portfolio Holdings	41
Average Price to Book Ratio	4.4
Average Price to Earnings Ratio	22.8
​	Ordinary	Institutional
Total Expense Ratio (Gross)*	1.50%	1.25%
Total Expense Ratio (Net)*	1.16%	0.79%
Ticker Symbol	USBOX	QGIAX

*

per prospectus dated August 1, 2022. See financial highlights for total expense ratios for the fiscal year ended March 31, 2023. The Fund had no Class R6 Shares outstanding during the period.

All Data as of March 31, 2023

Investment Commentary

(prepared by Pear Tree Advisors, Inc., the Investment Manager to Pear Tree Quality Fund)

For the fiscal year ended March 31, 2023, Pear Tree Quality Fund’s (the “Fund”) Ordinary Shares outperformed its benchmark, S&P 500 (the “Index”). For the period, the Fund achieved a return of (1.78)% at net asset value compared to (7.73)% for the Index.

Market Conditions and Investment Strategies

The Fund’s investment manager currently chooses securities for the Fund by periodically selecting a mutual fund (the “Target Portfolio”) and monitoring the Target Portfolio’s holdings. The Fund’s investment sub-adviser, at the direction of the investment manager, rebalances the Fund’s portfolio to correspond to the Target Portfolio’s most recent holdings as publicly reported. From April 1, 2022 to March 31, 2023, the Fund’s Ordinary Shares, when compared to the Target Portfolio, had a tracking error of 0.46.

Over the previous twelve months, the Consumer Discretionary sector was the largest positive contributor to the Fund’s performance mainly due to stock selection by the Target Portfolio. Health Care, Communication Services, Consumer Staples, Information Technology and Real Estate sectors selected by the Target Portfolio also contributed to performance.

Energy, Financials, Industrials, Materials and Utilities sector selected by the Target Portfolio detracted from performance. Overall, stock selection and sector selection by the Target Portfolio contributed to performance

Portfolio Changes

We expect the Fund to have a relatively low turnover rate given the historical stability and relatively low turnover rate of the current Target Portfolio.

For the fiscal year ended March 31, 2023, the Fund rebalanced the holdings four times in response to the quarterly holdings report filed by the Target Portfolio. The four rebalances resulted in the sale of four positions. The Fund also opened new positions in two companies: one Health Care Company and one Consumer Discretionary company.

A Look Ahead

The Investment Manager does not expect the Current Target Portfolio to materially change its investment strategy in the foreseeable future. For more information on the selection of the Target Portfolio(s), please see the Fund’s Prospectus.

Fund trading execution is overseen by Mark D. Tindall, CFA of Chartwell Investment Partners, LLC

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Pear Tree Quality Fund

Top 10 Holdings
Percentage of total net assets	38.4%
Microsoft Corporation	7.5%
UnitedHealth Group, Inc.	4.6%
Apple, Inc.	3.9%
Johnson & Johnson	3.7%
Texas Instruments, Inc.	3.4%
SAP AG	3.2%
Safran SA	3.1%
Coca-Cola Company (The)	3.0%
Oracle Corporation	3.0%
TJX Companies, Inc (The)	3.0%

There is no guarantee that such securities will continue to be viewed favorably or held in the Fund’s portfolio.

Sector Allocation
Percentage of total net assets	100.0%
Information Technology	37.9%
Health Care	24.8%
Consumer Discretionary	10.8%
Consumer Staples	8.0%
Financials	6.3%
Industrials	5.5%
Communication Services	5.1%
Energy	0.0%
Materials	0.0%
Real Estate	0.0%
Utilities	0.0%
Cash + other assets (net)	1.6%

Value of a $10,000 Investment

Pear Tree Quality (PTQ) Ordinary Shares vs. S&P 500 Index

10

Pear Tree Quality Fund​

Average Annual Total Returns

​

1Q 2023

Six Months

One Year

Five Year

Ten Year

Since (3) Inception

Inception Date

Ordinary Shares

​

8.99%

​

20.20%

​

(1.78)%

​

12.82%

​

12.27%

​

9.80%

05/06/85

Institutional Shares(1)

​

9.15%

​

20.47%

​

(1.38)%

​

13.26%

​

12.64%

​

9.05%

03/25/91

S & P 500 (2)

​

7.50%

​

15.63%

​

(7.73)%

​

11.19%

​

12.24%

​

10.93%

————————

(1)

Institutional Shares may only be purchased by certain categories of investors and are not subject to sales charges or distribution (12b-1) fees.

(2)

The S&P 500 Index is an unmanaged index of stocks chosen for their size and industry characteristics. It is widely recognized as representative of stocks in the United States. Index returns assume the reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. You cannot invest directly in the Index. For comparative performance purposes the beginning date for the Index is 05/29/85. S&P 500 Index is a registered mark of Standard & Poor’s.

(3)

Pear Tree Advisors took over management of the Fund’s portfolio and the Fund changed its strategy on 01/01/2011. The Fund adopted the current Target Portfolio as its target portfolio also on 01/01/2011. Returns that cover periods prior to that date include performance information of other investment sub-advisers pursuing different strategies.

The Fund had no Class R6 Shares outstanding during the reporting period.

Past performance does not predict future performance. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Securities issued by large-cap companies tend to be less volatile than securities issued by smaller companies. Larger companies, may not be able to attain the high growth rates of successful smaller companies, and may be unable to respond as quickly to competitive challenges.

Investing in foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently than the U.S. market.

The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund may be more exposed to individual stock volatility than diversified funds. As a result, a decline in the value of the securities of one issuer could have a significant negative effect on the Fund. The Fund may have significant investments in one or more specific industry sectors, subjecting it to risks greater than general market risk. For example, adverse news from just one or two companies in a particular industry can hurt the prices of all stocks in that industry.

Information technology industries can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions.

Health care industries are subject to government regulation and reimbursement rates, as well as government approval of products and services, which could have a significant effect on price and availability, and can be significantly affected by rapid obsolescence and patent expirations. 

11​

Pear Tree Quality Fund

12

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Pear Tree Essex Environmental Opportunities Fund​

INVESTMENT PROFILE

Fund Information	​	​	​
Net Assets	$72.8 Million		​
Number of Companies	34		​
Price to Book Ratio	5.4		​
Price to Earnings Ratio	41.7		​
​	Ordinary	Institutional	R6
Total Expense Ratio (Gross)*	2.11%	2.30%	2.08%
Total Expense Ratio (Net)*	1.24%	0.99%	0.95%
Ticker Symbol	EEOFX	GEOSX	GEORX

*

per prospectus dated August 1, 2022. See financial highlights for the total expense ratios for the fiscal year ended March 31, 2023.

All Data as of March 31, 2023

Investment Commentary

(prepared by Essex Investment Management Company, LLC., sub-adviser to Pear Tree Essex Environmental Opportunities Fund)

For the fiscal year ended, March 31, 2023, Pear Tree Essex Environmental Opportunities Fund’s (the “Fund”) Ordinary Shares underperformed its benchmark, the MSCI World Index (the “Index”). For the period, the Fund achieved a return of  (14.01)% at net asset value compared to (6.54)% for the Index.

Market Conditions and Investment Strategies

For the fiscal year ended March 31, 2023, the market backdrop was challenging for our style of investing in smaller sized growth companies. Macro concerns, including inflationary pressures, rising interest rates, trade disputes with China, war in Ukraine, bank failures, political polarization and a slowing economy have caused investors to seek the relatively safe haven of stocks of larger companies. Heightened investor trepidation causes shrinking investment horizons and falling valuations of high growth companies. While the Fund trailed its main benchmark, it outperformed the Wilderhill Clean Energy Index (1), which returned (37.60)% over the same trailing one-year period. The Fund’s outperformance versus this more thematic benchmark is due to stock selection. The three biggest contributors to Fund performance over the past year were SMA Solar Technologies AG (a German manufacturer of solar inverters), SunOpta Inc. (a manufacturer of organic foods and non-dairy milk products) and Nibe Industrier AB (a Swedish manufacturer of heat pumps). Our largest detractors were Aspen Aerogels (a manufacturer of high efficiency insulation products used in industrial products and electric vehicles), Kornit Digital Ltd. (a manufacturer of digital printers used in the textile industry), and Generac Holdings (a manufacturer of backup generators and related energy storage products).

Portfolio Changes

Our trading activity is often targeted at the underlying volatility in our portfolio companies -- trim when they advance too much and add when they fall too much. Given the weakening economy and difficult financing environment, we sold companies with weaker balance sheets such as Sunnova and Sunrun. Other sales included solar inverter manufacturer SMA Solar Technologies AG and energy software provider PSI Software AG. New purchases included wind energy related companies Vestas and TPI Composites, battery company Enovix and water company Zurn Elkay Water Solutions.

A Look Ahead

We are constructive on the outlook for the Fund. The fundamental underpinnings for clean technology stocks are strengthening: technology advances continue to drive down costs and customer demand continues to rise. In addition to helping to solve for our world’s environmental problems, our portfolio companies produce products and services that slow inflationary pressure and reduce business risk for their customers. While the demand case continues to strengthen, the relative valuations of our portfolio companies are as inexpensive as we can recall.

 (1) The Wilderhill Clean Energy Index is composed of stocks of companies that are publicly traded in the United States and engaged in the business of advancement of cleaner energy and conservation.

13​

Pear Tree Essex Environmental Opportunities Fund

Top 10 Holdings
Percentage of total net assets	39.2%
Infineon Technologies AG	4.8%
Energy Recovery, Inc.	4.6%
Landis+Gyr Group AG	4.6%
Badger Meter, Inc.	4.4%
Cognex Corporation	3.7%
NIBE Industrier AB	3.6%
SolarEdge Technologies, Inc.	3.5%
TPI Composites, Inc.	3.4%
Hubbell Incorporated	3.3%
Vestas Wind Systems A/S	3.3%

There is no guarantee that such securities will continue to be viewed favorably or held in the Fund’s portfolio.

Sector Allocation
Percentage of total net assets	100.0%
Industrials	48.4%
Information Technology	31.0%
Materials	7.2%
Consumer Staples	2.8%
Utilities	2.5%
Consumer Discretionary	2.1%
CASH + other assets (net)	6.0%

Top 10 Country Allocations
Percentage of total net assets	94.0%
United States	58.0%
Denmark	6.8%
Israel	5.9%
Japan	5.3%
Ireland	5.1%
Germany	4.8%
Switzerland	4.5%
Sweden	3.6%

Value of a $10,000 Investment

Pear Tree Essex Environmental Opportunities (EEOFX) Ordinary Shares vs.MSCI World Index*

*

Performance for periods prior to September 1, 2021 represents the performance of Essex Environmental Opportunities Fund, the predecessor fund of the Fund

14

Pear Tree Essex Environmental Opportunities Fund​

Average Annual Total Returns*

​

1Q 2023

Six Months

One Year

Five Year

Ten Year

Since Inception

Inception Date

Ordinary Shares

​

5.80%

​

6.78%

​

(14.01)%

​

8.35%

​

-%

​

7.55%

09/01/2017

Institutional Shares(1)

​

5.87%

​

6.92%

​

(13.78)%

​

8.63%

​

-%

​

7.81%

09/01/2017

R6 Shares (1)

​

5.93%

​

6.82%

​

(13.80)%

​

-%

​

-%

​

(17.89)%

09/01/2021

MSCI World (2)

​

7.88%

​

18.54%

​

(6.54)%

​

8.57%

​

-%

​

8.85%

————————

*

Performance for periods prior to September 1, 2021 represents the performance of Essex Environmental Opportunities Fund, the predecessor fund of the Fund.

(1)

Institutional Shares and R6 Shares may only be purchased by certain categories of investors and are not subject to sales charges or distribution (12b-1) fees.

(2)

The MSCI World Index captures large and mid-cap representation across 23 Developed Markets(DM) countries. With 1,509 constituents as of 3/31/2023, the index covers approximately 85% of the free float-adjusted market capitalization in each country. You cannot invest directly in an index. For comparative performance purposes, the beginning date of the Index is 09/01/2017. The MSCI World Index is maintained by MSCI Inc.

Past performance does not predict future performance. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Securities issued by large-cap companies tend to be less volatile than securities issued by smaller companies. Larger companies, may not be able to attain the high growth rates of successful smaller companies, and may be unable to respond as quickly to competitive challenges.

Investing in foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently than the U.S. market.

Information technology industries can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions.

Industrial industries can be significantly affected by general economic trends, changes in consumer sentiment and spending, commodity prices, legislation, government regulation and spending, import controls, worldwide competition, and liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control.

15​

Pear Tree Essex Environmental Opportunities Fund

16

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Pear Tree Axiom Emerging Markets World Equity Fund​

INVESTMENT PROFILE

Fund Information	​	​	​
Net Assets Under Management	$70.1 Million		​
Number of Portfolio Holdings	106		​
Average Price to Book Ratio	3.0		​
Average Price to Earnings Ratio	18.1		​
​	Ordinary	Institutional	R6
Total Expense Ratio (Gross)*	1.65%	1.40%	1.25%
Total Expense Ratio (Net)*	1.43%	1.06%	1.00%
Ticker Symbol	QFFOX	QEMAX	QFFRX

*

per prospectus dated August 1, 2022. See financial highlights for the total expense ratios for the fiscal year ended March 31, 2023.

All Data as of March 31, 2023

Investment Commentary

(prepared by Axiom Investors LLC, sub-adviser to Pear Tree Axiom Emerging Markets World Equity Fund)

For the fiscal year ended March 31, 2023, Pear Tree Axiom Emerging Markets World Equity Fund’s (the “Fund”) Ordinary Shares underperformed its benchmark, MSCI EM Index (the “Index”). For the period, the Fund achieved a return of (16.41)% at net asset value compared to (10.30)% for the Index.

Market Conditions and Investment Strategies

The Fund’s dynamic growth stocks faced strong headwinds in 2022, with growth significantly underperforming value globally as central banks undertook the most aggressive tightening cycle since the early 1980’s. In the first quarter of 2023, growth stock premiums began rebounding from 2022’s sell-down as the outlook for developed market GDP growth and inflation continued to moderate.

Stock selection within Financials and Industrials detracted from relative returns for the period. Communication Services was the best relative performing sector. China was the worst relative performing market due to online retailers, who saw declining market share over the period. A Latin American e-commerce company was the standout performer resulting from an improving competitive landscape in its key Brazilian market and a more rational pricing environment in 2023. Indonesia was the best relative performing market due to strong performance from banks.

Portfolio Changes

The Fund reduced positions in sectors with higher cyclicality, particularly the Information Technology sector, due to a combination of wage-related input cost pressure, and as 2022’s growing economic uncertainty created risk to future revenue growth. The Fund also reduced exposure to semiconductors, as early period falling demand for many consumer electronic products was causing a corresponding fall in demand for chips that go into these devices.

The Fund increased exposure to Consumer Discretionary companies in China that should benefit from the easing of Covid-driven mobility restrictions that began at the end of 2022. One of the largest sector reductions was in Financials. Much of this change in positioning came within China amid concerns related to contagion fears spreading from the Chinese Real Estate sector to Financials.

A Look Ahead

The sub-adviser continues to be optimistic on the outlook for emerging markets (EM) into 2023. EM GDP is anticipated to accelerate to 3.9% in 2023 from 3.1% in 2022. The gap between emerging and developed growth, which compressed to under one percentage point in 2021 and 2022, is expected to increase to 3.5% in 2023 - the widest gap in ten years – as EM growth accelerates and developed market (DM) growth decelerates. This magnitude of growth gap has historically been a catalyst for EM outperformance. Other tailwinds for the EM asset class include near decade-low foreign ownership of EM equities, lower inflationary pressure than DM, and one standard deviation cheap relative valuation vs. US markets.

The Fund’s lead portfolio manager is Andrew Jacobson of Axiom International Investors LLC.

17​

Pear Tree Axiom Emerging Markets World Equity Fund

Top 10 Holdings
Percentage of total net assets	36.5%
Taiwan Semiconductor Manufacturing Co., Ltd.	8.8%
Tencent Holdings Limited	5.1%
Samsung Electronics Company Limited	5.0%
Baidu, Inc.	2.9%
Ping An Insurance Group H Share	2.5%
Mercado Libre, Inc.	2.5%
iShares Core MSCI Emerging Markets ETF	2.5%
Trip.com Group Limited	2.5%
HDFC Bank Ltd.	2.4%
Alibaba Group Holding Ltd.	2.3%

There is no guarantee that such securities will continue to be viewed favorably or held in the Fund’s portfolio.

Sector Allocation
Percentage of total net assets	100.0%
Information Technology	23.2%
Financials	18.7%
Consumer Discretionary	16.9%
Communication Services	9.6%
Consumer Staples	8.3%
Industrials	8.2%
Health Care	5.3%
Real Estate	2.3%
Materials	2.2%
Energy	1.8%
Mutual Funds	2.5%
CASH + other assets (net)	1.0%

Top 10 Country Allocations
Percentage of total net assets	83.4%
China	26.8%
Taiwan	13.0%
India	10.5%
South Korea	9.7%
Mexico	5.8%
United States	5.5%
Indonesia	3.8%
Brazil	3.0%
Thailand	3.0%
Hong Kong	2.3%

Value of a $10,000 Investment

Pear Tree Axiom Emerging Markets World Equity
(PTEM) Ordinary Shares vs. MSCI EM Index*

*

Axiom took over the management of the Fund’s portfolio and the Fund changed its investment strategy on 01/01/2019. Returns that cover periods prior to that date include performance information of other investment sub-advisers pursuing different strategies.

18

Pear Tree Axiom Emerging Markets World Equity Fund​

Average Annual Total Returns

​

1Q 2023

Six Months

One Year

Five Year  (3)

Ten Year  (3)

Since Inception  (3)

Inception Date

Ordinary Shares

​

5.67%

​

11.44%

​

(16.41)%

​

(0.69)%

​

0.28%

​

4.27%

09/30/1994

Institutional Shares(1)

​

5.82%

​

11.68%

​

(16.06)%

​

(0.31)%

​

0.61%

​

5.42%

04/02/1996

R6 Shares (1)

​

5.93%

​

11.88%

​

(15.85)%

​

-%

​

-%

​

2.86%

01/28/2019

MSCI EM (2)

​

4.02%

​

14.20%

​

(10.30)%

​

(0.53)%

​

2.37%

​

4.56%

————————

(1)

Institutional Shares and R6 Shares may only be purchased by certain categories of investors and are not subject to sales charges or distribution (12b-1) fees.

(2)

The MSCI Emerging Markets (“MSCI EM”) Index is an unmanaged index composed of stocks located in countries other than the United States. It is widely recognized as representative of the general market for emerging markets. Index returns assume the reinvestment of dividends and, unlike Fund returns, do not reflect fees or expenses. You cannot invest directly in an Index. For comparative performance purposes, the beginning date for the Index is 09/30/94. The MSCI EM Index is maintained by MSCI Inc.

(3)

Axiom took over the management of the Fund’s portfolio and the Fund changed its investment strategy on 01/01/2019. Returns that cover periods prior to that date include performance information of other investment sub-advisers pursuing different strategies.

Past performance does not predict future performance. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Investing in foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or other economic developments and can perform differently than the U.S. market.

Information technology industries can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions.

Securities issued by Chinese and Hong Kong companies share many risk characteristics of emerging markets securities. In addition, China’s legal system is undeveloped, and Hong Kong has experienced political tensions since it ceased to be a British colony. The rules that govern public companies in China and Hong Kong, are significantly different from the U.S.’s, have from time to time been applied arbitrarily by local regulators, and require of issuers significantly less transparency.

19​

Pear Tree Axiom Emerging Markets World Equity Fund

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Pear Tree Polaris Foreign Value Fund​

INVESTMENT PROFILE

Fund Information	​	​	​
Net Assets Under Management	$3,175.9 Million
Number of Portfolio Holdings	58
Average Price to Book Ratio	1.5
Average Price to Earnings Ratio	11.4
​	Ordinary	Institutional	R6
Total Expense Ratio (Gross)*	1.50%	1.26%	1.10%
Total Expense Ratio (Net)*	1.40%	1.04%	0.94%
Ticker Symbol	QFVOX	QFVIX	QFVRX

*

per prospectus dated August 1, 2022. See financial highlights for the total expense ratios for the fiscal year ended March 31, 2023.

All Data as of March 31, 2023

Investment Commentary

(prepared by Polaris Capital Management, LLC, subadviser to Pear Tree Polaris Foreign Value Fund)

For the fiscal year ended March 31, 2023, Pear Tree Polaris Foreign Value Fund’s (the “Fund”) Ordinary Shares underperformed its benchmark, the MSCI EAFE Index (the “Index”). For the period, the Fund had a return of (5.10)% at net asset value compared to (0.86)% for the Index.

Market Conditions and Investment Strategies

During the fiscal year, international equity markets were awash in volatility on the back of: high inflation and ensuing interest rate hikes; lingering effects from the pandemic; supply chain disruptions; a European energy crisis wrought from the Russia-Ukraine conflict; SVB/Signature bank failures; and ongoing concerns about economic growth. Top detracting sectors included Financials, Materials and Information Technology. On the bright side, the Fund posted absolute positive returns in Industrials and Communication Services. Strong results were recorded in France and Sweden, as well as double-digit gains from single stock holdings in Taiwan, Netherlands and Greece. Portfolio stocks in Canada, Norway and South Korea detracted most.

Among Industrials, Swedish bearing and seal manufacturer SKF AB reported solid industrial and auto sector (especially EV) demand. French company VINCI SA, which runs roads and airport concessions, upgraded guidance on double-digit sales and solid operating performance.

In Communication Services, French advertising company Publicis released robust full-year earnings, with organic growth in its Epsilon and Sapient divisions. Acquisitive growth was also on display with Publicis’ acquisition of Practia. Deutsche Telekom added to its customer base in Germany, while its T-Mobile division usurped market share from AT&T and other U.S. providers. LG Uplus was a notable sector laggard, facing greater competition and regulatory hurdles on rate plans.

Volatility in commodity prices hurt copper miner Lundin Mining, as well as methanol producer, Methanex Corp. Lundin dropped further on news of a sinkhole near its Candelaria mine and other operational issues early in the year; by the end of March 2023, the stock started to recover. Lundin will acquire a majority stake in the Caserones Copper Mine, adding to its capacity as copper supply-demand (due to EV needs) favors the few industry suppliers.

Financials hampered performance. flatexDEGIRO AG, the German online discount brokerage firm, cut it’s revenue forecast; the company was also subject to new regulatory and audit requirements following the review of BaFin. Puerto Rican bank, Popular Inc., declined on cancellation of its buyback program, increased technology spending, certain income losses and investor concern over its securities portfolio. Nearly 40% of Toronto-Dominion Bank business is in the U.S.; TD suffered along with its U.S.-based counterparts, reeling from the March 2023 bank failures.

Portfolio Changes

During the fiscal year, more than a dozen portfolio companies were sold, most of which were exited on valuation or a change in market conditions. Some, like Svenska Handelsbank and Infosys, were sold in favor of more defensive plays. Capital was redeployed to purchase two Consumer Staples companies, Nomad Foods and Koninklijke Ahold Delhaize; paper packaging supplier Smurfit Kappa Group; enterprise software company OpenText Corp.; and Canadian Tire, one of the largest diversified merchandisers in Canada.

21​

Pear Tree Polaris Foreign Value Fund

A Look Ahead

Although inflation is moderating, central banks will maintain restrictive monetary policies, albeit at smaller increments, for the foreseeable future. A slowdown is likely, the speed and gravity of which is still in question considering the resiliency of markets. A balancing act between these competing macro trends will induce continued market volatility. This bodes well for our portfolio, as we are able to identify and purchase fundamentally strong companies at attractive prices.

Top 10 Holdings
Percentage of total net assets	25.2%
Weichai Power Company Limited	3.0%
Marubeni Corporation	2.7%
Publicis Groupe	2.7%
Deutsche Telekom AG	2.5%
Methanex Corporation	2.5%
Vinci SA	2.5%
Sony Group Corporation	2.4%
Koninklijke Ahold Delhaize	2.3%
Muenchener Rueckversicherungs-Gesellschaft	2.3%
Linde plc	2.3%

There is no guarantee that such securities will continue to be viewed favorably or held in the Fund’s portfolio.

Sector Allocation
Percentage of total net assets	100.0%
Consumer Discretionary	23.1%
Financials	17.9%
Materials	16.3%
Industrials	12.0%
Communication Services	10.6%
Information Technology	6.4%
Health Care	4.2%
Consumer Staples	3.5%
Real Estate	1.8%
Cash and Other Assets (Net)	4.2%

Top 10 Country Allocations
Percentage of total net assets	82.3%
United Kingdom	12.5%
South Korea	12.3%
Japan	12.1%
Canada	11.0%
France	8.9%
Germany	7.3%
Norway	6.3%
Ireland	4.8%
Sweden	4.1%
China	3.0%

Value of a $10,000 Investment

Pear Tree Polaris Foreign Value (PTFV) Ordinary Shares vs. MSCI EAFE Index

The Fund’s lead portfolio manager is Bernard R. Horn, Jr., of Polaris Capital Management, LLC

22

Pear Tree Polaris Foreign Value Fund​

Average Annual Total Returns

​

1Q 2023

Six Months

One Year

Five Year

Ten Year

Since Inception

Inception Date

Ordinary Shares

​

7.99%

​

26.98%

​

(5.10)%

​

0.75%

​

4.15%

​

5.58%

05/15/1998

Institutional Shares(1)

​

8.09%

​

27.18%

​

(4.74)%

​

1.13%

​

4.48%

​

6.74%

12/18/1998

R6 Shares (1)

​

8.14%

​

27.31%

​

(4.58)%

​

1.21%

​

—%

​

3.84%

02/06/2017

MSCI EAFE (2)

​

8.62%

​

27.52%

​

(0.86)%

​

4.03%

​

5.50%

​

4.72%

————————

(1)

Institutional Shares and R6 Shares may only be purchased by certain categories of investors and are not subject to sales charges or distribution (12b-1) fees.

(2)

The MSCI Europe, Australia, and Far East (“MSCI EAFE”) Index is an unmanaged index comprised of stocks in countries other than the United States. It is widely recognized as representative of the general market for developed foreign markets. Index returns assume the reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. You cannot invest directly in an Index. For comparative performance purposes, the beginning date for the Index is 05/29/98. The MSCI EAFE Index is maintained by MSCI Inc.

Past performance does not predict future performance. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Investing in foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or other economic developments and can perform differently than the U.S. market.

The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than diversified funds. As a result, a decline in the value of the securities of one issuer could have a significant negative effect on the Fund. The Fund may have significant investments in one or more specific industry sectors, subjecting it to risks greater than general market risk. For example, adverse news from just one or two companies in a particular industry can hurt the prices of all stocks in that industry. 

23​

Pear Tree Polaris Foreign Value Fund

24

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Pear Tree Polaris Foreign Value Small Cap Fund​

INVESTMENT PROFILE

Fund Information	​	​	​
Net Assets Under Management	$1,000.6 Million
Number of Portfolio Holdings	64
Average Price to Book Ratio	1.3
Average Price to Earnings Ratio	10.7
​	Ordinary	Institutional	R6
Total Expense Ratio (Gross)*	1.51%	1.26%	1.12%
Total Expense Ratio (Net)*	1.41%	1.04%	1.02%
Ticker Symbol	QUSOX	QUSIX	QUSRX

*

per prospectus dated August 1, 2022. See financial highlights for the total expense ratios for the fiscal year ended March 31, 2023.

All Data as of March 31, 2023

Investment Commentary

(prepared by Polaris Capital Management, LLC, subadviser to Pear Tree Polaris Foreign Value Small Cap Fund)

For the fiscal year ended March 31, 2023, Pear Tree Polaris Foreign Value Small Cap Fund’s (the “Fund”) Ordinary Shares outperformed its benchmark, the MSCI ACWI ex USA Small Cap Index (the “Index”). For the period, the Fund had a return of (5.95)% at net asset value compared to (9.91)% for the Index.

Market Conditions and Investment Strategies

Outperformance was due to absolute gains in Industrials and Consumer Discretionary, where the Fund was overweight. Detractors included Information Technology (IT), Consumer Staples and Financials. At the country level, the portfolio had notable results in France, Japan and Sweden; decliners included Norwegian banks, Taiwan tech companies and Irish food suppliers.

Post-pandemic travel/work reopening drove demand at Elis SA, the French laundry service. The company resumed hotel/office services, while maintaining its defensive volumes. Elsewhere in Industrials, Tecnoglass Inc. had impressive organic growth, concentrating on U.S. lucrative geographies; a strong supply chain helped capture business from competitors.

In the Consumer Discretionary sector, D’Ieteren Group hired a new CEO for Belron, their global glass repair business. The CEO has a long tenure integrating M&A activities, which will be a boon for Belron as it continues its acquisitive growth initiatives. Jumbo, the Greek toy company, had impressive earnings with sales up due to brick-and-mortar expansion into other countries.

Technip Energies, a French energy engineering company, had solid momentum in its New Energy order book, partnering with Baker Hughes and Shell on energy construction that lower emissions. The company also landed sizeable project management/engineering awards with Middle East oil companies.

Several IT stocks were impacted by industry-wide weakness, including AEM Holdings, Tripod Technology and Elite Material, the latter of which was also penalized for a COVID-induced plant shutdown in Shanghai. In consumer staples, Greencore Group, Nomad Foods and C&C Group dropped on higher input costs and eroding consumer confidence in Europe.

Canada’s goeasy was down when the federal government capped the annual interest rate on loans at 35% from the previously allowable 47%. The company still expects earnings growth even with this new policy. Loan loss provisions at Nordic banks are set to climb in 2023, as macro-economic challenges (rising interest rates) weigh on commercial real estate exposure. The Fund’s Norwegian banks fell on this expectation.

Portfolio Changes

We strategically repositioned the Fund, adding more defensive companies and reducing weightings in economically sensitive sectors and geographies. The Fund exited a dozen stocks, with capital reallocated to new purchases including: Future PLC, a U.K. publishing company; Open House Group, a Japanese affordable single-family home developer; CIE Automotive, the Spanish auto components manufacturer; the aforementioned Technip Energies NV; German discount brokerage firm, flatexDEGIRO; and France-based Rubis, which distributes petroleum and LPG products in the Caribbean and North Africa.

25​

Pear Tree Polaris Foreign Value Small Cap Fund

A Look Ahead

The torrid pace of inflation has slowed from late 2022 as supply bottlenecks and energy prices declined. Nevertheless, central banks will continue their tightening monetary policies, albeit at smaller increments, for the foreseeable future, alluding to tight labor markets, low unemployment and nominal wage growth. A slowdown is inevitable, the speed and gravity of which is still in question considering the remarkably resilient markets. Recent travels have identified a number of attractively priced small cap stocks effectively weathering volatile conditions, ripe for growth in a market recovery.

Top 10 Holdings
Percentage of total net assets	27.0%
Elis S.A.	3.2%
Technip Energies N.V.	3.1%
Tecnoglass, Inc.	2.8%
D’Ieteren S.A.	2.8%
Hexpol AB	2.8%
Equatorial Energia S.A.	2.6%
Sanwa Holdings Corporation	2.5%
Thanachart Capital PCL	2.5%
Loomis AB, Class B	2.4%
Glanbia plc	2.3%

There is no guarantee that such securities will continue to be viewed favorably or held in the Fund’s portfolio

Sector Allocation
Percentage of total net assets	100.0%
Industrials	23.1%
Financials	19.2%
Consumer Discretionary	18.4%
Information Technology	8.1%
Consumer Staples	7.9%
Materials	7.6%
Utilities	6.7%
Energy	3.1%
Communications Services	1.9%
Real Estate	1.3%
CASH + other assets (net)	2.7%

Top 10 Country Allocations
Percentage of total net assets	73.2%
Japan	16.7%
United Kingdom	14.9%
France	8.5%
Sweden	6.4%
Ireland	5.5%
Thailand	4.8%
Taiwan	4.7%
Norway	4.1%
Singapore	3.8%
Denmark	3.8%

Value of a $10,000 Investment

Pear Tree Polaris Foreign Value Small Cap (PTFVSC) Ordinary Shares vs. MSCI ACWI ex USA Small Cap Index

The Fund’s lead portfolio manager is Bernard R. Horn, Jr., of Polaris Capital Management, LLC

26

Pear Tree Polaris Foreign Value Small Cap Fund​

Average Annual Total Returns

​

1Q 2023

Six Months

One Year

Five Year

Ten Year

Since Inception

Inception Date

Ordinary Shares

​

7.00%

​

23.20%

​

(5.95)%

​

1.50%

​

5.76%

​

5.57%

05/01/2008

Institutional Shares(1)

​

7.16%

​

23.48%

​

(5.65)%

​

1.87%

​

6.10%

​

5.87%

05/01/2008

R6 Shares (1)

​

7.14%

​

23.55%

​

(5.59)%

​

1.91%

​

—%

​

5.32%

02/06/2017

MSCI ACWI ex USA Small Cap(2)

​

4.81%

​

18.85%

​

(9.91)%

​

2.10%

​

5.47%

​

4.47%

—

(1)

Institutional Shares and R6 Shares may only be purchased by certain categories of investors and are not subject to sales charges or distribution (12b-1) fees.

(2)

The MSCI ACWI ex USA Small Cap Index captures small cap representation across 22 of 23 Developed Markets (DM) countries (excluding the United States). With 4,358 constituents as of 3/31/2023, the index covers approximately 14% of the global equity opportunity set outside the US. You cannot invest directly in an index. For comparative performance purposes, the beginning date of the Index is 05/01/08. The MSCI ACWI ex USA Small Cap Index is maintained by MSCI Inc.

Past performance does not predict future performance. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Investing in foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or other economic developments and can perform differently than the U.S. market.

The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than diversified funds. As a result, a decline in the value of the securities of one issuer could have a significant negative effect on the Fund. The Fund may have significant investments in one or more specific industry sectors, subjecting it to risks greater than general market risk. For example, adverse news from just one or two companies in a particular industry can hurt the prices of all stocks in that industry.

Small company stocks may trade less frequently and in a limited volume, and their prices may fluctuate more than stocks of other companies. Small company stocks may therefore be more vulnerable to adverse developments than those of larger companies.  

27​

Pear Tree Polaris Foreign Value Small Cap Fund

28

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Pear Tree Polaris International Opportunities Fund​

INVESTMENT PROFILE

Fund Information	​	​	​
Net Assets Under Management	$28.1 Million
Number of Portfolio Holdings	70
Average Price to Book Ratio	2.5
Average Price to Earnings Ratio	14.4
​	Ordinary	Institutional	R6
Total Expense Ratio (Gross)*	1.63%	1.34%	1.29%
Total Expense Ratio (Net)*	1.63%	1.22%	1.29%
Ticker Symbol	QISOX	QISIX	QISRX

*

per prospectus dated August 1, 2022. See financial highlights for the total expense ratios for the fiscal year ended March 31, 2023.

All Data as of March 31, 2023

Investment Commentary

(prepared by Polaris Capital Management LLC, subadviser to Pear Tree Polaris International Opportunities Fund)

For the fiscal year ended March 31, 2023, Pear Tree Polaris International Opportunities Fund’s Ordinary Shares (the “Fund”) underperformed its benchmark, the MSCI ACWI ex USA Index (the “Index”). For the period, the Fund achieved a return of  (6.69)% at net asset value compared to (4.57)% for the Index.

Market Conditions and Investment Strategies

The Fund had absolute positive performance in Industrials, Materials and both consumer sectors, offset by notable declines in Financials and Information Technology (IT). At the country level, holdings in France, Italy, Japan, Mexico and Sweden boosted results, as did single stocks in Greece, Belgium, Spain and Singapore. The U.K.’s economic scheme met with skittish investors and a currency depreciation; most U.K. stocks fell on the news. Holdings in Taiwan also underwhelmed.

Industrial sector gains were led by JAC Recruitment Co., the Japanese staffing firm, which recorded impressive earnings in its domestic recruitment division. Mexican airport holdings recovered strongly as vacation travel resumed to local hotspots.

Jumbo SA, the Greek retailer of baby/children products, led the Consumer Discretionary sector. Among other sector stocks posting double-digit gains, Australia’s footwear company, Accent Group, noted resilient purchasing power among its young consumer base. Games Workshop Group announced a contract with Amazon to develop TV and film content based on their Warhammer 40k intellectual property. Conversely, Collins Foods reported lower profits because of higher cost headwinds in Australia and Europe.

SOL Group, the Italian industrial gases supplier, was the single largest contributor for the period, announcing robust full year 2022 results. In Consumer Staples, Canada’s Alimentation Couche-Tard Inc. posted strong net earnings, increasing merchandise and service revenues and good fuel margins on successful cost controls.

Financials detracted most. Muangthai Capital lost ground as the Thailand motorcycle financing company saw consumer loan originations slow. Canada’s goeasy was down when the federal government capped the annual interest rate on loans at 35% from the previously allowable 47%. FirstRand was down on a weakening South African economy. Among IT companies, Elite Material Co. was hurt by a weakening demand for electronic devices and a COVID-induced plant shutdown in Shanghai. Other IT decliners included Tripod Technology Corp., Know IT AB and Hansen Technologies.

Portfolio Changes

During the period, the Fund exited nearly a dozen stocks, most of which were sold as they reached Polaris’ upper valuation limits. Capital was reallocated to new buys including Future PLC, a U.K. publishing company; Singapore commercial bank, United Overseas; U.K. concrete landscape manufacturer, Marshalls PLC; British foodservice company, SSP Group; DFDS, the world’s largest ferry operator; SOL SpA, an Italian industrial gas/medical service company; and Fullcast Holdings, a temporary staffing firm out of Japan. A number of banks were also added to the portfolio, as were five new Consumer Discretionary stocks.

29​

Pear Tree Polaris International Opportunities Fund

A Look Ahead

Markets have remained remarkably resilient in the face of rising interest rates, recent banking crises and energy price/output concerns in Europe. The pace of inflation is finally moderating, but central banks will likely continue tightening monetary supply until other metrics (unemployment, labor, consumption) are within an acceptable range. In this context, we expect demand to be challenging in coming quarters. Market volatility bodes well for the Fund, as we are able to add attractively priced companies with the potential to outperform in an economic recovery.

Top 10 Holdings
Percentage of total net assets	21.5%
D’Ieteren S.A.	2.8%
Alimentation Couche-Tard Inc.	2.4%
United Overseas Bank Limited	2.3%
Bravida Holding AB	2.1%
Neurones S.A.	2.1%
Zhejiang Supor Co.	2.0%
TISCO Financial Group	2.0%
Toronto-Dominion Bank	2.0%
SOL SpA	1.9%
Accent Group Limited	1.9%

There is no guarantee that such securities will continue to be viewed favorably or held in the Fund’s portfolio

Sector Allocation
Percentage of total net assets	100.0%
Consumer Discretionary	27.3%
Financials	24.2%
Information Technology	16.3%
Industrials	15.4%
Materials	8.8%
Consumer Staples	3.9%
Utilities	1.6%
Communication Services	1.2%
CASH + other assets (net)	1.3%

Top 10 Country Allocations
Percentage of total net assets	68.3%
Canada	10.8%
United Kingdom	9.6%
Japan	8.0%
China	7.0%
Taiwan	6.7%
France	6.6%
Australia	5.9%
Sweden	5.4%
Italy	4.7%
Mexico	3.6%

Value of a $10,000 Investment

Pear Tree Polaris International Opportunities Fund (QISOX) Ordinary Shares vs. MSCI ACWI ex USA Index

30

Pear Tree Polaris International Opportunities Fund​

Average Annual Total Returns

​

1Q 2023

Six Months

One Year

Five Year

Ten Year

Since Inception

Inception Date

Ordinary Shares

​

9.06%

​

26.64%

​

(6.69)%

​

—%

​

—%

​

7.28%

01/30/2019

Institutional Shares(1)

​

9.05%

​

26.78%

​

(6.32)%

​

—%

​

—%

​

7.71%

01/30/2019

R6 Shares (1)

​

9.06%

​

26.85%

​

(6.30)%

​

—%

​

—%

​

7.71%

01/30/2019

MSCI ACWI ex USA(2)

​

7.00%

​

22.38%

​

(4.57)%

​

—%

​

—%

​

5.18%

———————

(1)

Institutional Shares and R6 Shares may only be purchased by certain categories of investors and are not subject to sales charges or distribution (12b-1) fees.

(2)

The MSCI ACWI ex USA Index captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries (excluding the United States) and 24 Emerging Markets (EM) countries. With 2,262 constituents as of 3/31/2023, the index covers approximately 85% of the global equity opportunity set outside the United States. You cannot invest directly in an index. For comparative performance purposes, the beginning date of the Index is 01/30/2019. The MSCI ACWI ex USA Index is maintained by MSCI Inc.

Past performance does not predict future performance. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Investing in foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or other economic developments and can perform differently than the U.S. market.

The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than diversified funds. As a result, a decline in the value of the securities of one issuer could have a significant negative effect on the Fund. The Fund may have significant investments in one or more specific industry sectors, subjecting it to risks greater than general market risk. For example, adverse news from just one or two companies in a particular industry can hurt the prices of all stocks in that industry.

Small company stocks may trade less frequently and in a limited volume, and their prices may fluctuate more than stocks of other companies. Small company stocks may therefore be more vulnerable to adverse developments than those of larger companies.

31​

Pear Tree Polaris Small Cap Fund

SCHEDULE OF INVESTMENTS

March 31, 2023

COMMON STOCK — 97.1%
​	Shares		Value
AEROSPACE & DEFENSE — 4.0%
Curtiss-Wright Corporation	​	10,400	​	$	1,833,104
V2X, Inc. (a)	​	33,100	​		1,314,732
​			​		3,147,836
AUTO COMPONENTS — 2.0%
Standard Motor Products, Inc.	​	42,600	​		1,572,366
AUTOMOBILES — 0.9%
Winnebago Industries, Inc.	​	12,567	​		725,116
BANKS — 14.6%
BOK Financial Corporation	​	8,464	​		714,446
Brookline Bancorp, Inc.	​	83,100	​		872,550
Cambridge Bancorp	​	23,530	​		1,524,979
Central Pacific Financial Corporation	​	36,383	​		651,256
Colony Bankcorp, Inc.	​	119,479	​		1,218,686
F.N.B. Corporation	​	61,980	​		718,968
International Bancshares Corporation	​	41,700	​		1,785,594
OFG Bancorp	​	76,100	​		1,897,934
South Plains Financial, Inc.	​	94,100	​		2,014,681
​			​		11,399,094
BIOTECHNOLOGY — 2.0%
Exelixis, Inc. (a)	​	79,900	​		1,550,859
BUILDING PRODUCTS — 2.2%
Carlisle Companies Incorporated	​	3,500	​		791,245
Janus International Group, Inc. (a)	​	91,500	​		902,190
​	​	​	​		1,693,435
CAPITAL MARKETS — 2.0%
Hercules Capital, Inc.	​	118,398	​		1,526,150
CHEMICALS — 2.5%
Cabot Corporation	​	25,573	​		1,959,915
COMMERCIAL SERVICES & SUPPLIES — 2.1%
Ennis, Inc.	​	78,200	​		1,649,238
CONSTRUCTION MATERIALS — 3.0%
Eagle Materials Inc.	​	16,100	​		2,362,675
CONSUMER FINANCE — 0.8%
SLM Corporation	​	48,600	​		602,154

32

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

Pear Tree Polaris Small Cap Fund​

SCHEDULE OF INVESTMENTS (continued)

March 31, 2023

​	Shares		Value
CONTAINERS & PACKAGING — 5.2%
Berry Global Group, Inc.	​	29,400	​	$	1,731,660
Graphic Packaging Holding Co.	​	91,600	​		2,334,884
​			​		4,066,544
DIVERSIFIED CONSUMER SERVICES — 2.0%
Perdoceo Education Corporation (a)	​	118,800	​		1,595,484
ELECTRICAL EQUIPMENT — 1.2%
Regal Rexnord Corporation	​	6,789	​		955,416
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.8%
Arrow Electronics, Inc. (a)	​	7,700	​		961,499
Kimball Electronics, Inc. (a)	​	50,245	​		1,210,905
Methode Electronics, Inc.	​	18,400	​		807,392
​			​		2,979,796
ENERGY EQUIPMENT & SERVICES — 4.5%
Dril-Quip, Inc. (a)	​	55,600	​		1,595,164
NOV Inc.	​	102,938	​		1,905,382
​			​		3,500,546
ENTERTAINMENT — 0.8%
Cinemark Holdings, Inc. (a)	​	43,400	​		641,886
FINANCIAL SERVICES — 2.1%
EVERTEC Inc.	​	49,800	​		1,680,750
FOOD PRODUCTS — 2.6%
Ingredion Incorporated	​	19,600	​		1,993,908
GROUND TRANSPORATION — 1.6%
Knight-Swift Transportation Holdings, Inc.	​	21,494	​		1,216,131
HEALTH CARE TECHNOLOGY — 2.3%
Computer Programs and Systems, Inc.	​	59,350	​		1,792,370
MACHINERY — 4.7%
Allison Transmission Holdings, Inc.	​	40,300	​		1,823,172
Wabash National Corporation	​	74,700	​		1,836,873
​			​		3,660,045
METALS & MINING — 1.6%
Lundin Mining Corporation	​	189,400	​		1,284,685

33​

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

Pear Tree Polaris Small Cap Fund

SCHEDULE OF INVESTMENTS (continued)

March 31, 2023

​	Shares		Value
OIL, GAS & CONSUMABLE FUELS — 3.9%
CVR Energy, Inc.	​	48,000	​	$	1,573,440
Diamondback Energy, Inc.	​	10,670	​		1,442,264
​			​		3,015,704
PHARMACEUTICALS — 4.8%
Harmony Biosciences Holdings, Inc. (a)	​	36,100	​		1,178,665
Pacira BioSciences, Inc. (a)	​	25,300	​		1,032,493
Supernus Pharmaceuticals, Inc. (a)	​	42,500	​		1,539,775
​			​		3,750,933
PROFESSIONAL SERVICES — 10.9%
Barrett Business Services, Inc.	​	26,300	​		2,331,232
BGSF Inc.	​	10,751	​		114,498
CSG Systems International, Inc.	​	24,000	​		1,288,800
Kforce, Inc.	​	29,494	​		1,865,200
Maximus Inc.	​	16,600	​		1,306,420
Science Applications International Corporation	​	15,100	​		1,622,646
​			​		8,528,796
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.2%
MKS Instruments, Inc.	​	19,600	​		1,736,952
SOFTWARE — 1.3%
Enghouse Systems Limited	​	35,500	​		1,003,306
TEXTILES, APPAREL & LUXURY GOODS — 1.2%
Crocs, Inc. (a)	​	7,210	​		911,632
TRADING COMPANIES & DISTRIBUTORS — 4.3%
Air Lease Corporation	​	43,300	​		1,704,721
Applied Industrial Technologies, Inc.	​	11,800	​		1,677,134
​			​		3,381,855
TOTAL COMMON STOCK
(Cost $58,721,996)	​	​	​		75,885,577

34

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

Pear Tree Polaris Small Cap Fund​

SCHEDULE OF INVESTMENTS (continued)

March 31, 2023

Short Term Investments—2.7%

​	Par Value			Value
Money Market—2.7%	​	​	​	​	​	​
UMB Money Market Special II, 4.75% (b) (Cost $2,104,109)	​	$	2,104,109	​	$	2,104,109
TOTAL INVESTMENTS—99.8% (Cost $60,826,105)	​	​	​	​		77,989,686
OTHER ASSETS & LIABILITIES (NET)—0.2%	​	​	​	​		189,618
NET ASSETS—100%	​	​	​	​	$	78,179,304

(a)

Non-income producing security

(b)

Interest rate reflects seven-day effective yield on March 31, 2023.

(c)

At March 31, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of  $ 61,257,185 was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	18,904,663
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(2,172,162)
Net unrealized appreciation/(depreciation)	$	16,732,501

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

Industry sector diversificationPercent of net assets

35​

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

Pear Tree Quality Fund

SCHEDULE OF INVESTMENTS

March 31, 2023

COMMON STOCK — 98.4%
​	Shares		Value
AEROSPACE & DEFENSE — 3.0%
Safran SA	​	38,533	​	$	5,716,314
BANKS — 4.7%
U.S. Bancorp	​	126,600	​		4,563,930
Wells Fargo & Company	​	113,750	​		4,251,975
​			​		8,815,905
BEVERAGES — 4.4%
Coca-Cola Company (The)	​	90,499	​		5,613,653
Constellation Brands, Inc. (a)	​	11,554	​		2,609,933
			​		8,223,586
COMMERCIAL SERVICES AND SUPPLIES — 0.5%
Global Payments, Inc.	​	8,735	​		919,272
DIVERSIFIED FINANCIAL SERVICES — 1.6%
American Express Company	​	17,577	​		2,899,326
FOOD PRODUCTS — 1.4%
Nestle, S.A. (b)	​	21,108	​		2,568,633
HEALTH CARE EQUIPMENT & SUPPLIES — 4.4%
Abbott Laboratories	​	23,583	​		2,388,014
Intuitive Surgical, Inc. (a)	​	9,844	​		2,514,847
Medtronic Plc	​	40,237	​		3,243,907
			​		8,146,768
HEALTH CARE PROVIDERS & SERVICES — 10.0%
CIGNA Corporation	​	6,669	​		1,704,129
Elevance Health Inc.	​	11,096	​		5,102,052
Quest Diagnostics Incorporated	​	23,789	​		3,365,668
UnitedHealth Group, Inc.	​	18,185	​		8,594,049
​			​		18,765,898
HOTELS, RESTAURANTS & LEISURE — 2.8%
Compass Group Plc (b)	​	205,909	​		5,195,084
HOUSEHOLD PRODUCTS — 2.2%
Unilever Plc (b)	​	80,083	​		4,158,710
INTERACTIVE MEDIA & SERVICES — 5.1%
Alphabet, Inc. Class A (a)	​	51,783	​		5,371,451
Meta Platforms, Inc.	​	19,658	​		4,166,316
​			​		9,537,767

36

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

Pear Tree Quality Fund​

SCHEDULE OF INVESTMENTS (continued)

March 31, 2023

​	Shares		Value
IT SERVICES — 23.3%
Accenture Plc	​	18,984	​	$	5,425,817
Adobe Systems Incorporated (a)	​	9,174	​		3,535,384
Amadeus IT Group, S.A. (b)	​	17,841	​		1,196,774
Microsoft Corporation	​	49,005	​		14,128,142
Oracle Corporation	​	60,063	​		5,581,054
salesforce.com, inc. (a)	​	19,411	​		3,877,930
SAP AG (b)	​	46,673	​		5,906,468
Visa, Inc.	​	18,116	​		4,084,433
			​		43,736,002
MACHINERY — 2.0%
Otis Worldwide Corp.	​	44,130	​		3,724,572
MULTILINE RETAIL — 3.0%
TJX Companies, Inc. (The)	​	71,099	​		5,571,318
PHARMACEUTICALS — 10.4%
Eli Lilly and Company	​	13,036	​		4,476,823
Johnson & Johnson	​	45,265	​		7,016,075
Merck & Co., Inc.	​	42,843	​		4,558,067
Roche Holding Ltd. (b)	​	97,066	​		3,480,787
​			​		19,531,752
RETAILING — 3.8%
Alibaba Group Holding Ltd. (a)(b)	​	19,911	​		2,034,506
Amazon.com, Inc. (a)	​	48,412	​		5,000,475
​			​		7,034,981
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 10.7%
KLA-Tencor Corporation	​	7,605	​		3,035,688
Lam Research Corporation	​	9,845	​		5,219,032
Taiwan Semiconductor Manufacturing Co., Ltd. (b)	​	58,288	​		5,421,949
Texas Instruments, Inc.	​	34,099	​		6,342,755
​			​		20,019,424
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 3.9%
Apple, Inc.	​	44,037	​		7,261,701
TEXTILES, APPAREL & LUXURY GOODS — 1.2%
LVMH Moët Hennessy-Louis Vuitton S.A. (b)	​	12,679	​		2,329,513
TOTAL COMMON STOCK
(Cost $161,071,180)	​	​	​		184,156,526

37​

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

Pear Tree Quality Fund

SCHEDULE OF INVESTMENTS (continued)

March 31, 2023

Short Term Investments—1.5%

​	Par Value			Value
Money Market — 1.5%	​			​
UMB Money Market Special II, 4.75% (c) (Cost $2,932,032)	​	$	2,932,032	​	$	2,932,032
TOTAL INVESTMENTS—99.9% (Cost $164,003,212)	​	​	​	​		187,088,558
OTHER ASSETS & LIABILITIES (NET)—0.1%	​	​	​	​		175,181
NET ASSETS—100%	​	​	​	​	$	187,263,739

(a)

Non-Income producing security

(b)

ADR—American Depositary Receipts

(c)

Interest rate reflects seven-day effective yield on March 31, 2023.

(d)

At March 31, 2023 the unrealized appreciation of investments based on aggregate cost for federal tax purposes of  $ 164,433,471 was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	30,993,576
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(8,338,489)
Net unrealized appreciation/(depreciation)	$	22,655,087

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

Industry sector diversificationPercent of net assets

38

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

Pear Tree Essex Environmental Opportunities Fund​

SCHEDULE OF INVESTMENTS

March 31, 2023

Common Stock — 94.0%
​	Shares		Value
DENMARK — 6.8%
INDUSTRIALS — 4.3%
Cadeler AS	​	171,053	​	$	693,809
Vestas Wind Systems A/S	​	82,776	​		2,402,419
​			​		3,096,228
UTILITIES — 2.5%
Ørsted A/S	​	21,737	​		1,849,512
TOTAL DENMARK			​		4,945,740
GERMANY — 4.8%
INFORMATION TECHNOLOGY — 4.8%
Infineon Technologies AG	​	85,243	​		3,489,740
IRELAND — 5.1%
CONSUMER DISCRETIONARY — 2.1%
Aptiv PLC (a)	​	13,777	​		1,545,642
INDUSTRIALS — 3.0%
Kingspan Group plc	​	31,757	​		2,175,099
TOTAL IRELAND			​		3,720,741
ISRAEL — 5.9%
INDUSTRIALS — 2.4%
Kornit Digital Ltd. (a)	​	90,603	​		1,754,074
INFORMATION TECHNOLOGY — 3.5%
SolarEdge Technologies, Inc. (a)	​	8,410	​		2,556,220
TOTAL ISRAEL			​		4,310,294
JAPAN — 5.3%
INDUSTRIALS — 2.2%
Kurita Water Industries Ltd.	​	35,548	​		1,613,268
INFORMATION TECHNOLOGY — 3.1%
Keyence Corporation	​	4,590	​		2,222,748
TOTAL JAPAN			​		3,836,016
SWEDEN — 3.6%
INDUSTRIALS — 3.6%
NIBE Industrier AB	​	232,856	​		2,645,274

39​

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

Pear Tree Essex Environmental Opportunities Fund

SCHEDULE OF INVESTMENTS (continued)

March 31, 2023

​	Shares		Value
SWITZERLAND — 4.5%
INFORMATION TECHNOLOGY — 4.5%
Landis+Gyr Group AG	​	43,239	​	$	3,315,337
UNITED STATES — 58.0%
CONSUMER STAPLES — 2.8%
SunOpta Inc. (a)	​	261,428	​		2,012,996
INDUSTRIALS — 32.9%
Bloom Energy Corporation (a)	​	73,033	​		1,455,548
Energy Recovery, Inc. (a)	​	146,860	​		3,385,123
Enovix Corporation (a)	​	109,031	​		1,625,652
Generac Holdings Inc. (a)	​	11,201	​		1,209,820
Hubbell Incorporated	​	9,908	​		2,410,715
Lindsay Corporation	​	13,364	​		2,019,701
Quanta Services, Inc. (a)	​	11,029	​		1,837,873
Sensata Technologies Holding plc	​	39,298	​		1,965,686
Shoals Technologies Group, Inc. (a)	​	77,209	​		1,759,593
TPI Composites, Inc.	​	190,976	​		2,492,237
Watts Water Technologies, Inc.	​	8,394	​		1,412,878
Zurn Elkay Water Solutions	​	112,031	​		2,392,982
​	​	​	​		23,967,808
INFORMATION TECHNOLOGY — 15.1%
Badger Meter, Inc.	​	26,527	​		3,231,519
Cognex Corporation	​	53,881	​		2,669,804
Enphase Energy, Inc. (a)	​	5,326	​		1,119,951
Trimble Navigation Limited (a)	​	29,760	​		1,560,019
Wolfspeed, Inc. (a)	​	36,661	​		2,381,132
​	​	​	​		10,962,425
MATERIALS — 7.2%
Albemarle Corporation	​	7,527	​		1,663,768
Aspen Aerogels, Inc. (a)	​	133,718	​		996,199
Livent Corporation (a)	​	49,510	​		1,075,357
MP Materials Corp. (a)	​	54,098	​		1,525,023
​			​		5,260,347
TOTAL UNITED STATES	​	​	​		42,203,576
TOTAL COMMON STOCK
(Cost $70,261,408)	​	​	​		68,466,718

40

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

Pear Tree Essex Environmental Opportunities Fund​

SCHEDULE OF INVESTMENTS (continued)

March 31, 2023

Short Term Investments—6.7%

​	Par Value			Value
Money Market—6.7%	​	​	​	​	​	​
UMB Money Market Special II, 4.75% (b) (Cost $4,851,408)	​	$	4,851,408	​	$	4,851,408
TOTAL INVESTMENTS 100.7% (Cost $75,112,816)	​	​	​	​		73,318,126
OTHER ASSETS & LIABILITIES (NET)—(0.7)%	​	​	​	​		(493,893)
NET ASSETS—100%	​	​	​	​	$	72,824,233

(a)

Non-Income producing security

(b)

Interest rate reflects seven-day effective yield on March 31, 2023.

(c)

At March 31, 2023, the unrealized depreciation of investments based on aggregate cost for federal tax purposes of  $75,112,847 was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	8,701,106
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(10,495,827)
Net unrealized appreciation/(depreciation)	$	(1,794,721)

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

Industry sector diversificationPercent of net assets

41​

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

Pear Tree Axiom Emerging Markets World Equity Fund

SCHEDULE OF INVESTMENTS

March 31, 2023

Common Stock — 94.7%
​	Shares		Value
AUSTRIA — 0.9%
Erste Group Bank AG	​	19,250	​	$	637,902
BRAZIL — 3.0%
AmBev	​	46,700	​		131,986
BB Seguridade Participacoes S.A.	​	59,500	​		381,505
Cielo SA	​	332,200	​		317,766
Hypera S.A.	​	18,200	​		135,325
Localiza Rent a Car S.A.	​	19,200	​		202,213
Totvs S.A.	​	48,300	​		268,254
Weg S.A.	​	79,500	​		635,806
			​		2,072,855
CHINA — 26.8%
Alibaba Group Holding Ltd. (a)	​	124,700	​		1,594,889
Baidu, Inc. (a)	​	59,000	​		1,117,618
Baidu, Inc. (a)(b)	​	6,125	​		924,385
BeiGene, Ltd. (b)	​	1,735	​		373,945
Bosideng International Holdings Limited	​	436,000	​		243,271
BYD Company Ltd.	​	9,000	​		263,465
Centre Testing International Group Co., Ltd.	​	181,600	​		541,742
China Huishan Dairy Holdings Co., Ltd. * (a)	​	208,000	​		—
Chongqing Brewery Co., Ltd.	​	41,900	​		762,162
Focus Media Information Technology	​	336,000	​		335,907
Glodon Company Limited	​	19,100	​		206,512
Hanergy Mobile Energy Holding Group * (a)	​	36,000	​		—
Jiumaojiu International Holdings Ltd.	​	236,000	​		561,590
KE Holdings Inc. (b)	​	26,800	​		504,912
LONGi Green Energy Technology	​	14,700	​		86,443
Luzhou Laojiao Co. Ltd.	​	30,200	​		1,119,728
Ping An Insurance Group H Share	​	271,500	​		1,767,344
Proya Cosmetics	​	9,000	​		238,165
Shenzhen Inovance Technology Co., Ltd.	​	71,600	​		732,473
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.	​	7,900	​		358,345
Tencent Holdings Limited	​	73,300	​		3,602,438
Trip.com Group Limited (a)(b)	​	46,200	​		1,740,354
Wuliangye Yibin Co., Ltd.	​	2,400	​		68,802
Yadea Group Holdings Ltd.	​	155,000	​		399,841
Yifeng Pharmacy Chain Co., Ltd.	​	31,600	​		265,881
Yum China Holdings, Inc.	​	14,900	​		944,511
​			​		18,754,723
DENMARK — 0.5%
Novo Nordisk A/S	​	2,098	​		332,236

42

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

Pear Tree Axiom Emerging Markets World Equity Fund​

SCHEDULE OF INVESTMENTS (continued)

March 31, 2023

​	Shares		Value
FRANCE — 1.6%
L’Oréal S.A.	​	470	​	$	210,004
LVMH Moet Hennessy Louis Vuitton SE	​	971	​		890,822
​			​		1,100,826
GREECE — 0.6%
Greek Organisation of Football Prognostics S.A.	​	24,307	​		390,592
HONG KONG — 2.3%
AIA Group Ltd.	​	89,800	​		945,474
Galaxy Entertainment Group	​	99,000	​		661,471
​			​		1,606,945
INDIA — 10.5%
Asian Paints Ltd.	​	6,549	​		220,072
Axis Bank Limited	​	63,909	​		667,610
Bajaj Finserv Limited	​	5,731	​		391,684
Bharat Electronics Limited	​	346,385	​		411,156
HDFC Bank Ltd.	​	84,186	​		1,648,789
ICICI Bank Limited	​	64,070	​		683,910
Infosys Limited	​	6,899	​		119,873
Infosys Limited - SP (b)	​	7,560	​		131,846
Larsen & Toubro	​	27,236	​		717,235
Reliance Industries Ltd.	​	25,921	​		735,231
Sun Pharmaceutical Industries Limited	​	43,663	​		522,314
Titan Company Limited	​	13,459	​		411,864
TVS Motor Company	​	15,417	​		202,077
Varun Beverages Limited	​	28,908	​		487,883
​			​		7,351,544
INDONESIA — 3.8%
PT Bank Central Asia Tbk	​	1,309,800	​		764,330
PT Bank Mandiri Tbk	​	1,372,300	​		944,946
PT Bank Rakyat Indonesia Tbk (a)	​	1,026,000	​		323,651
PT Sumber Alfaria Trijaya Tbk	​	2,081,800	​		399,852
Vale Indonesia Tbk	​	484,800	​		215,007
			​		2,647,786
MEXICO — 5.8%
Arca Continental	​	23,100	​		209,353
Corporacion Inmobiliaria Vesta SAB de CV	​	67,600	​		212,018
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - B	​	42,000	​		468,173
Grupo Aeroportuario del Pacífico, S.A.B. de C. V.	​	17,400	​		337,872
Grupo Aeroportuario del Sureste, S. A. B. de C.V.	​	6,410	​		195,687
Grupo Financiero Banorte SAB de CV	​	148,300	​		1,247,606
Grupo Mexico S.A.B. de C.V. Class B	​	45,200	​		213,608

43​

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

Pear Tree Axiom Emerging Markets World Equity Fund

SCHEDULE OF INVESTMENTS (continued)

March 31, 2023

​	Shares		Value
MEXICO (continued)	​	​	​	​	​
Wal-Mart de Mexico, S.A.B. de C.V.	​	294,700	​	$	1,175,634
			​		4,059,951
NETHERLANDS — 1.1%
ASML Holding N.V.	​	1,098	​		745,839
PHILIPPINES — 0.2%
BDO Unibank, Inc.	​	70,540	​		166,732
POLAND — 0.4%
Dino Polska S.A. (a)	​	3,268	​		296,677
SAUDI ARABIA — 1.2%
Alinma Bank	​	9,606	​		75,365
Elm Company	​	3,016	​		354,975
Saudi British Bank (The)	​	44,777	​		420,489
			​		850,829
SINGAPORE — 1.0%
Sea Ltd. (Singapore) (b)	​	8,540	​		739,137
SOUTH AFRICA — 1.4%
Bidvest Group Limited	​	38,890	​		555,474
Capitec Bank	​	611	​		58,119
Naspers Limited N Shares	​	2,166	​		402,004
			​		1,015,597
SOUTH KOREA — 9.0%
Korea Aerospace Industries, Ltd.	​	8,752	​		318,658
Orion Corporation	​	4,601	​		482,772
Samsung Biologics (a)	​	1,058	​		640,399
Samsung Electronics Company Limited	​	61,451	​		3,020,981
Samsung SDI Co., Ltd.	​	2,497	​		1,409,759
SK Hynix, Inc.	​	6,476	​		440,737
			​		6,313,306
TAIWAN — 13.0%
Airtac International Group	​	7,400	​		288,004
ASPEED Technology, Inc.	​	1,900	​		164,430
Chailease Holding Co., Ltd.	​	131,000	​		961,606
Delta Electronics, Inc.	​	48,500	​		479,465
E Ink Holdings Inc.	​	93,000	​		563,544
MediaTek, Inc.	​	20,200	​		522,125
Taiwan Semiconductor Manufacturing Co., Ltd.	​	351,000	​		6,144,445
			​		9,123,619
THAILAND — 3.0%
Bangkok Dusit Medical Services (c)	​	628,200	​		541,948

44

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

Pear Tree Axiom Emerging Markets World Equity Fund​

SCHEDULE OF INVESTMENTS (continued)

March 31, 2023

	Shares		Value
THAILAND (continued)	​	​	​	​	​
Bumrungrad International Hospital (c)	​	119,300	​	$	788,472
Central Pattana Public Company Limited (c)	​	166,900	​		335,557
PTT Exploration & Production PCL (c)	​	98,700	​		434,401
			​		2,100,378
UNITED ARAB EMIRATES — 1.6%
Americana Restaurants International PLC	​	301,385	​		312,669
Dubai Islamic Bank	​	222,579	​		316,974
Emaar Properties PJSC	​	347,651	​		530,115
​			​		1,159,758
UNITED KINGDOM — 1.5%
Anglo American plc	​	20,551	​		680,460
BAE Systems plc	​	29,832	​		362,425
​			​		1,042,885
UNITED STATES — 5.5%
Coupang, Inc.	​	23,900	​		382,400
Globant S.A. (a)	​	500	​		82,005
Linde plc	​	577	​		205,089
Mercado Libre, Inc. (a)	​	1,336	​		1,760,928
NVIDIA Corporation (a)	​	2,615	​		726,369
Samsonite International S.A. (a)	​	230,200	​		711,127
​			​		3,867,918
TOTAL COMMON STOCK
(Cost $63,960,448)	​	​	​		66,378,035

Preferred Stock—0.7%

SOUTH KOREA—0.7%
Samsung Electronics Co., Ltd.	11,741	486,108
(Cost $476,817)	​	​

P-Notes—1.1%

SAUDI ARABIA — 1.1%
Alinma Bank SJSC	85,336	669,529
ARAMCO AB	13,554	116,631
(Cost $ 1,011,230)	​	786,160

45​

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

Pear Tree Axiom Emerging Markets World Equity Fund

SCHEDULE OF INVESTMENTS (continued)

March 31, 2023

Rights—0.0%

​	Shares		Value
BRAZIL—0.0%
Localiza Rent a Car S.A.	​	86	​	$	225
(Cost $0)	​	​	​

Exchange Traded Funds—2.5%

UNITED STATES—2.5%
iShares Core MSCI Emerging Markets ETF	35,900	1,751,561
(Cost $ 1,712,824)	​	​

Short Term Investments—0.1%

​	Par Value			Value
Money Market — 0.1%	​			​
UMB Money Market Special II, 4.75% (d) (Cost $ 28,005)	​	$	28,005	​	$	28,005
TOTAL INVESTMENTS—99.1%  (Cost $ 67,189,324)	​	​	​	​		69,430,094
OTHER ASSETS & LIABILITIES (Net)—0.9%	​	​	​	​		634,180
NET ASSETS—100%	​	​	​	​	$	70,064,274

*

Fair Valued by Valuation Committee as delegated by Pear Tree Funds Board of Trustees that represent 0.0% of net assets as of March 31, 2023.

(a)

Non-income producing security.

(b)

ADR—American Depositary Receipts

(c)

NVDR —Non-Voting Depositary Receipts

(d)

Interest rate reflects seven-day effective yield on March 31, 2023.

(e)

At March 31, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 68,788,873 was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	5,670,673
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(5,029,452)
Net unrealized appreciation/(depreciation)	$	641,221

46

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

Pear Tree Axiom Emerging Markets World Equity Fund​

SCHEDULE OF INVESTMENTS (continued)

March 31, 2023

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

Industry sector diversificationPercent of net assets

47​

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

Pear Tree Polaris Foreign Value Fund

SCHEDULE OF INVESTMENTS

March 31, 2023

Common Stock — 95.8%
	Shares		Value
BELGIUM — 1.8%
D’Ieteren S.A.	​	294,853	​	$	57,311,171
CANADA — 11.0%
Canadian Tire Corporation	​	73,100	​		9,526,117
Lundin Mining Corporation	​	9,484,100	​		64,329,864
Magna International Inc.	​	1,132,249	​		60,561,183
Methanex Corporation	​	1,707,993	​		79,367,282
OpenText Corporation	​	1,838,900	​		70,830,395
Toronto-Dominion Bank	​	1,073,255	​		64,193,876
			​		348,808,717
CHILE — 0.9%
Antofagasta plc	​	1,503,500	​		29,389,633
CHINA — 3.0%
Weichai Power Company Limited	​	58,631,000	​		94,108,357
COLOMBIA — 0.6%
Bancolombia S.A.	​	2,598,381	​		19,513,051
FRANCE — 8.9%
Ipsos	​	858,380	​		53,252,388
Michelin (CGDE)	​	2,202,800	​		67,359,633
Publicis Groupe	​	1,082,147	​		84,394,298
Vinci SA	​	684,498	​		78,623,564
​			​		283,629,883
GERMANY — 7.3%
Deutsche Telekom AG	​	3,279,890	​		79,645,308
flatexDEGIRO AG (a)	​	988,400	​		8,537,353
Hannover Rueck SE	​	360,900	​		70,717,422
Muenchener Rueckversicherungs-Gesellschaft	​	211,930	​		74,258,393
			​		233,158,476
GREECE — 0.7%
Jumbo S.A.	​	1,094,304	​		23,184,407
IRELAND — 4.8%
Greencore Group plc (a)	​	19,767,301	​		19,857,730
Jazz Pharmaceuticals plc (a)	​	416,700	​		60,975,711
Smurfit Kappa	​	1,972,046	​		71,412,748
​			​		152,246,189

48

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

Pear Tree Polaris Foreign Value Fund​

SCHEDULE OF INVESTMENTS (continued)

March 31, 2023

​	Shares		Value
ITALY — 0.4%
Trevi Finanziaria Industriale SpA (a)	​	25,608,324	​	$	10,990,100
JAPAN — 12.1%
Daicel Corporation	​	5,019,700	​		37,716,583
Daito Trust Construction Company, Ltd.	​	576,100	​		57,094,891
Honda Motor Company, Ltd.	​	2,362,000	​		62,293,335
KDDI Corporation	​	2,123,300	​		65,299,173
Marubeni Corporation	​	6,256,900	​		84,411,030
Sony Group Corporation	​	856,400	​		77,120,400
​			​		383,935,412
NETHERLANDS — 2.3%
Koninklijke Ahold Delhaize N.V.	​	2,177,900	​		74,513,332
NORWAY — 6.3%
DNB Bank ASA	​	3,663,130	​		65,528,583
SpareBank 1 SR-Bank ASA	​	4,762,087	​		55,018,335
Sparebanken Vest	​	2,183,075	​		19,177,025
Yara International ASA	​	1,412,500	​		61,217,190
​			​		200,941,133
PUERTO RICO — 1.6%
Popular, Inc.	​	906,050	​		52,016,331
RUSSIA — 0.0%
ALROSA Company PJSC* (a)	​	41,136,300	​		5,294
SINGAPORE — 2.2%
United Overseas Bank Limited	​	3,081,447	​		68,971,016
SOUTH KOREA — 12.3%
Hyundai Mobis Company, Limited	​	200,500	​		33,266,505
Kia Motors Corporation	​	1,166,500	​		72,578,638
LG Electronics Inc.	​	568,900	​		50,385,352
LG Uplus Corporation	​	6,719,903	​		55,902,408
Samsung Electronics Company Limited	​	1,456,746	​		71,614,813
Shinhan Financial Group Co., Limited	​	1,725,400	​		46,850,935
SK Hynix, Inc.	​	898,700	​		61,162,822
​			​		391,761,473
SWEDEN — 4.1%
Duni AB (a)	​	1,566,400	​		14,138,929
Loomis AB, Class B	​	1,555,483	​		53,251,472
SKF AB-B	​	3,114,000	​		61,261,379
​			​		128,651,780

49​

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

Pear Tree Polaris Foreign Value Fund

SCHEDULE OF INVESTMENTS (continued)

March 31, 2023

​	Shares		Value
SWITZERLAND — 2.3%
Novartis AG	​	778,750	​	$	71,396,782
THAILAND — 0.7%
TISCO Financial Group	​	7,722,600	​		22,696,924
UNITED KINGDOM — 12.5%
Amcor plc	​	5,053,600	​		57,509,968
Bellway plc	​	1,900,925	​		51,871,185
Inchcape plc	​	4,259,168	​		40,785,430
Linde plc	​	207,244	​		73,662,807
Mondi plc	​	2,674,087	​		42,370,922
Next plc	​	805,850	​		65,480,294
Nomad Foods Limited (a)	​	882,100	​		16,530,554
Taylor Wimpey plc	​	33,741,122	​		49,622,978
​			​		397,834,138
TOTAL COMMON STOCK
(Cost $2,762,581,750)	​	​	​		3,045,063,599

Warrants—0.0%

ITALY — 0.0%
Trevi Finanziaria Industriale SpA (a)   (Cost $ 7,585,702)	76,022	88,461

Short Term Investments—3.3%

​	Par Value			Value
Money Market—3.3%
UMB Money Market Special II, 4.75% (b) (Cost $ 103,882,462)	​	$	103,882,462	​	$	103,882,462
TOTAL INVESTMENTS—99.1% (Cost $ 2,874,049,914)	​	​	​	​		3,149,034,522
OTHER ASSETS & LIABILITIES (NET)—0.9%	​	​	​	​		26,938,613
NET ASSETS—100%	​	​	​	​	$	3,175,973,135

50

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

Pear Tree Polaris Foreign Value Fund​

SCHEDULE OF INVESTMENTS (continued)

March 31, 2023

*

Fair Valued by Valuation Committee as delegated by Pear Tree Funds Board of Trustees that represents 0.0% of net assets as of March 31, 2023.

(a)

Non-income producing security.

(b)

Interest rate reflects seven-day effective yield on March 31, 2023

(c)

At March 31, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of  $2,898,350,709 was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	596,036,583
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(345,352,770)
Net unrealized appreciation/(depreciation)	$	250,683,813

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

Industry sector diversificationPercent of net assets

51​

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

Pear Tree Polaris Foreign Value Small Cap Fund

SCHEDULE OF INVESTMENTS

March 31, 2023

Common Stock — 97.3%
	Shares		Value
BELGIUM — 2.8%
D’Ieteren S.A.	​	142,255	​	$	27,650,391
BRAZIL — 2.6%
Equatorial Energia S.A.	​	4,827,585	​		25,669,426
CANADA — 2.7%
EQB Inc.	​	363,704	​		15,673,929
goeasy Ltd.	​	164,300	​		11,592,291
			​		27,266,220
CHINA — 0.7%
Xinhua Winshare Publishing and Media Co., Limited	​	9,164,500	​		7,203,180
COLUMBIA — 2.8%
Tecnoglass, Inc.	​	676,164	​		28,371,841
DENMARK — 3.8%
DFDS A/S	​	374,399	​		15,169,040
Ringkjoebing Landbobank A/S	​	160,400	​		22,621,533
			​		37,790,573
FRANCE — 8.5%
Elis S.A.	​	1,686,238	​		32,317,730
Rubis	​	826,400	​		22,150,465
Technip Energies N.V. (a)	​	1,445,000	​		30,857,752
			​		85,325,947
GERMANY — 1.1%
flatexDEGIRO AG (a)	​	490,400	​		4,235,854
Sixt SE	​	48,425	​		6,450,353
​			​		10,686,207
GREECE — 1.8%
Jumbo S.A.	​	865,763	​		18,342,436
HONG KONG — 0.8%
Samson Holding Limited	​	74,790,800	​		2,477,148
VSTECS Holdings Limited	​	8,587,360	​		5,032,084
			​		7,509,232
INDONESIA — 1.3%
PT. Pakuwon Jati Tbk	​	415,457,800	​		12,579,135

52

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, 2023

	Shares		Value
IRELAND — 5.5%
C & C Group plc (a)	​	8,194,045	​	$	15,915,980
Glanbia plc	​	1,608,400	​		23,346,615
Greencore Group plc (a)	​	15,220,000	​		15,289,627
			​		54,552,222
ITALY — 2.3%
De’Longhi SpA	​	981,136	​		22,449,722
JAPAN — 16.7%
Daicel Corporation	​	2,707,700	​		20,344,879
Dowa Holdings Co., Limited	​	500,800	​		15,973,371
Kanematsu Corporation	​	1,265,300	​		15,610,659
Kyudenko Corporation	​	557,000	​		14,082,989
Mizuho Leasing Company, Limited	​	404,800	​		10,675,843
Open House Group Co., Limited	​	575,100	​		21,389,624
Prima Meat Packers Limited	​	1,033,300	​		17,088,386
Sankyu Inc.	​	464,000	​		17,100,609
Sanwa Holdings Corporation	​	2,387,200	​		25,398,416
Tsubakimoto Chain Co., Limited	​	403,300	​		9,742,351
			​		167,407,127
NORWAY — 4.1%
SpareBank Nord-Norge	​	735,389	​		6,186,112
SpareBank 1 Oestlandet	​	568,688	​		6,179,326
Sparebank 1 SMN	​	961,828	​		11,351,170
SpareBank 1 SR-Bank ASA	​	931,626	​		10,763,456
Sparebanken Vest	​	788,092	​		6,922,923
			​		41,402,987
PORTUGAL — 1.9%
Redes Energéticas Nacionais, SGPS, S.A.	​	6,530,905	​		19,158,457
SINGAPORE — 3.8%
AEM Holdings Limited	​	7,160,200	​		17,125,027
Venture Corporation, Limited	​	1,567,200	​		20,827,635
​			​		37,952,662
SOUTH KOREA — 2.7%
ENF Technology Co., Limited	​	692,686	​		11,652,512
Fila Holdings Corporation	​	221,700	​		6,215,808
Nature Holding Co., Limited (The)	​	436,302	​		9,300,135
​			​		27,168,455

53​

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, 2023

​	Shares		Value
SPAIN — 0.6%
CIE Automotive	​	206,600	​	$	5,948,392
SWEDEN — 6.4%
Cloetta AB, Class B	​	3,732,700	​		7,876,049
Duni AB (a)	​	485,645	​		4,383,619
Hexpol AB	​	2,231,100	​		27,647,773
Loomis AB, Class B	​	706,161	​		24,175,200
​			​		64,082,641
TAIWAN — 4.7%
BizLink Holding, Inc.	​	1,023,000	​		9,374,070
Elite Material Co., Limited	​	2,001,600	​		11,964,569
Primax Electronics Limited	​	4,856,800	​		9,634,641
Sercomm Corporation	​	1,542,000	​		4,801,104
Tripod Technology Corporation	​	3,106,400	​		11,426,777
			​		47,201,161
THAILAND — 4.8%
Thanachart Capital PCL	​	18,690,500	​		25,006,298
TISCO Financial Group	​	7,836,500	​		23,031,679
			​		48,037,977
UNITED KINGDOM — 14.9%
Crest Nicholson Holdings plc	​	2,611,400	​		7,051,555
Future plc	​	1,333,000	​		19,101,719
Halfords Group plc	​	3,847,842	​		8,316,058
Inchcape plc	​	2,368,269	​		22,678,342
Keller Group plc	​	457,639	​		3,841,950
Lancashire Holdings Limited	​	2,770,930	​		18,928,522
National Express Group plc (a)	​	6,402,700	​		9,634,132
OSB Group PLC	​	3,172,817	​		18,892,540
QinetiQ	​	4,904,700	​		19,696,421
Vistry Group plc	​	2,201,379	​		21,257,134
​			​		149,398,373
TOTAL COMMON STOCK
(Cost $970,547,775)	​	​	​		973,154,764

54

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, 2023

Short Term Investments—1.9%

​	Par Value			Value
Money Market—1.9%
UMB Money Market Special II, 4.75% (b) (Cost $ 19,427,447)	​	$	19,427,447	​	$	19,427,447
TOTAL INVESTMENTS—99.2% (Cost $ 989,975,222)	​	​	​	​		992,582,211
OTHER ASSETS & LIABILITIES (NET)—0.8%	​	​	​	​		8,013,083
NET ASSETS—100%	​	​	​	​	$	1,000,595,294

(a)

Non-income producing security

(b)

Interest rate reflects seven-day effective yield on March 31, 2023.

(c)

At March 31, 2023, the unrealized depreciation of investments based on aggregate cost for federal tax purposes of $ 998,144,149 was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	131,845,011
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(137,406,949)
Net unrealized appreciation/(depreciation)	$	(5,561,938)

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

Industry sector diversificationPercent of net assets

55​

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

Pear Tree Polaris International Opportunities Fund

SCHEDULE OF INVESTMENTS

March 31, 2023

Common Stock — 98.7%
​	Shares		Value
AUSTRALIA — 5.9%
Accent Group Limited	​	332,200	​	$	527,301
Collins Foods Limited	​	52,214	​		290,253
HANSEN Technologies	​	138,706	​		429,189
Macquarie Group Limited	​	3,410	​		401,179
​			​		1,647,922
BELGIUM — 2.8%
D’Ieteren S.A.	​	4,000	​		777,488
BRAZIL — 1.6%
Equatorial Energia S.A.	​	84,900	​		451,434
CANADA — 10.8%
Alimentation Couche-Tard Inc.	​	13,400	​		672,772
Canadian Tire Corporation	​	1,700	​		221,538
Enghouse Systems Limited	​	14,000	​		395,670
EQB Inc.	​	9,107	​		392,472
goeasy Ltd.	​	6,055	​		427,215
OpenText Corporation	​	9,400	​		362,067
Toronto-Dominion Bank	​	9,164	​		548,120
​			​		3,019,854
CHINA — 7.0%
Alibaba Group Holding Ltd. (a)	​	40,800	​		521,824
Midea Group Co., Ltd.	​	57,700	​		451,816
Zhejiang Supor Co.	​	72,000	​		567,354
Zhongsheng Group Holdings	​	87,000	​		428,905
​			​		1,969,899
DENMARK — 1.3%
DFDS A/S	​	8,800	​		356,538
FRANCE — 6.6%
Alten S.A.	​	2,700	​		430,932
LVMH Moet Hennessy Louis Vuitton SE	​	395	​		362,384
Neurones S.A.	​	13,900	​		578,412
SEB SA	​	4,300	​		489,613
​			​		1,861,341
GREECE — 1.4%
Jumbo S.A.	​	18,771	​		397,691
INDIA — 1.3%
Muthoot Finance Ltd.	​	29,500	​		351,760

56

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

Pear Tree Polaris International Opportunities Fund​

SCHEDULE OF INVESTMENTS (continued)

March 31, 2023

​	Shares		Value
INDONESIA — 1.3%
PT Bank Rakyat Indonesia Tbk	​	1,191,445	​	$	375,840
ITALY — 4.7%
De’Longhi SpA	​	21,900	​		501,101
SeSa S.p.A.	​	2,100	​		280,411
SOL SpA	​	20,100	​		539,407
​			​		1,320,919
JAPAN — 8.0%
FULLCAST HOLDINGS Co., Ltd.	​	22,800	​		413,377
JAC Recruitment Co., Ltd.	​	21,100	​		412,995
NEXTAGE Co., Ltd.	​	25,200	​		522,594
Open Up Group, Inc.	​	15,500	​		223,492
Sanwa Holdings Corporation	​	41,900	​		445,791
Sony Group Corporation	​	2,500	​		225,130
​			​		2,243,379
MALAYSIA — 2.6%
Public Bank Bhd	​	339,000	​		307,309
Scientex Berhad	​	523,700	​		409,465
​			​		716,774
MEXICO — 3.6%
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - B	​	32,300	​		360,047
Grupo Aeroportuario del Pacífico, S.A.B. de C. V.	​	16,500	​		320,396
Grupo Aeroportuario del Sureste, S. A. B. de C.V.	​	11,100	​		338,865
​			​		1,019,308
NORWAY — 3.4%
SpareBank Nord-Norge	​	60,100	​		505,563
Sparebanken Vest	​	51,800	​		455,032
​			​		960,595
PERU — 0.9%
Credicorp Ltd.	​	1,800	​		238,302
SINGAPORE — 2.3%
United Overseas Bank Limited	​	28,600	​		640,145
SOUTH AFRICA — 2.3%
AVI Limited	​	105,400	​		417,026
FirstRand Limited	​	70,500	​		239,920
​			​		656,946

57​

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

Pear Tree Polaris International Opportunities Fund

SCHEDULE OF INVESTMENTS (continued)

March 31, 2023

​	Shares		Value
SOUTH KOREA — 2.9%
Hansol Chemical Co., Ltd.	​	2,300	​	$	423,129
Samsung Electronics Company Limited	​	7,898	​		388,272
​			​		811,401
SPAIN — 1.2%
CIE Automotive	​	12,000	​		345,502
SWEDEN — 5.4%
Bravida Holding AB	​	52,100	​		586,838
Hexpol AB	​	34,100	​		422,567
Knowit AB	​	24,900	​		495,618
​			​		1,505,023
TAIWAN — 6.7%
BizLink Holding, Inc.	​	34,400	​		315,218
Chailease Holding Co., Ltd.	​	28,617	​		210,063
Elite Material Co., Limited	​	24,000	​		143,460
POYA International Co., Ltd.	​	7,752	​		145,123
SINBON Electronics Co., Ltd.	​	30,300	​		340,343
Thinking Electronic Industrial Co., Ltd.	​	33,000	​		165,826
Tripod Technology Corporation	​	69,586	​		255,970
Yageo Corporation	​	17,510	​		304,222
​			​		1,880,225
THAILAND — 3.5%
Muangthai Capital Public Company Limited	​	418,500	​		422,233
TISCO Financial Group	​	186,700	​		548,716
​			​		970,949
UNITED KINGDOM — 9.6%
Games Workshop Group PLC	​	4,045	​		482,119
Howden Joinery Group plc	​	16,500	​		142,396
Marshall Machinery Inc.	​	66,600	​		257,902
Mondi plc	​	25,200	​		399,294
Next Fifteen Communications Group plc	​	32,861	​		340,474
OSB Group PLC	​	46,300	​		275,694
RS Group plc	​	36,400	​		411,345
SSP Group plc	​	129,800	​		394,953
​			​		2,704,177

58

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

Pear Tree Polaris International Opportunities Fund​

SCHEDULE OF INVESTMENTS (continued)

March 31, 2023

​	Shares		Value
UNITED STATES — 1.6%
Euronet Worldwide, Inc. (a)	​	4,100	​	$	458,790
TOTAL COMMON STOCK
(Cost $24,720,841)	​	​	​		27,682,202

Short Term Investments—1.5%

​	Par Value			Value
Money Market—1.5%				​	​	​
UMB Money Market Special II, 4.75% (b) (Cost $ 411,380)	​	$	411,380	​	$	411,380
TOTAL INVESTMENTS—100.2% (Cost $ 25,132,221)	​	​	​	​	$	28,093,582
OTHER ASSETS & LIABILITIES (NET)—(0.2)%	​	​	​	​		(36,958)
NET ASSETS—100%	​	​	​	​	$	28,056,624

(a)

Non-income producing security

(b)

Interest rate reflects seven-day effective yield on March 31, 2023.

(c)

At March 31, 2023 the unrealized appreciation of investments based on aggregate cost for federal tax purposes of  $ 25,179,840 was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	3,873,343
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(959,601)
Net unrealized appreciation/(depreciation)	$	2,913,742

59​

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

Pear Tree Polaris International Opportunities Fund

SCHEDULE OF INVESTMENTS (continued)

March 31, 2023

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

Industry sector diversificationPercent of net assets

60

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

PEAR TREE FUNDS​

61​

This page intentionally left blank.

PEAR TREE FUNDS

PEAR TREE FUNDS​

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF ASSETS AND LIABILITIES (continued)

March 31, 2023

​	Small Cap			Quality			Environmental Opportunities
Assets:	​	​	​	​	​	​	​	​	​
Investments at value	​	$	77,989,686	​	$	187,088,558	​	$	73,318,126
Foreign currency at value (Cost $0 for Small Cap, $0 for Quality, $0 for Environmental Opportunities)	​		—	​		—	​		—
Cash	​		—	​		—	​		—
Dividends and interest receivable	​		76,863	​		210,187	​		30,221
Foreign tax reclaims receivable	​		4,434	​		69,427	​		43,006
Receivable for investments sold	​		187,434	​		—	​		—
Receivable for shares of beneficial interest sold	​		2,026	​		77,153	​		2,600
Other assets	​		13,863	​		9,790	​		3,611
Total Assets	​	$	78,274,306	​	$	187,455,115	​	$	73,397,564
Liabilities:	​	​	​	​	​	​	​	​	​
Payable for investments purchased	​	$	—	​	$	—	​	$	497,763
Payable for shares of beneficial interest repurchased	​		5,052	​		21,967	​		—
Payable for compensation of manager (Note 3)	​		51,698	​		103,620	​		54,230
Payable for distribution fees (Note 3)	​		14,464	​		24,418	​		2,203
Payable to custodian	​		3,871	​		5,965	​		3,005
Payable to transfer agent (Note 3)	​		12,572	​		19,902	​		4,352
Other accrued expenses and liabilities	​		7,345	​		15,504	​		11,778
Total Liabilities	​	$	95,002	​	$	191,376	​	$	573,331
Net Assets	​	$	78,179,304	​	$	187,263,739	​	$	72,824,233
Investments at cost	​	$	60,826,105	​	$	164,003,212	​	$	75,112,816

62

63​

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

PEAR TREE FUNDS

STATEMENT OF ASSETS AND LIABILITIES (continued)

March 31, 2023

PEAR TREE FUNDS

STATEMENT OF ASSETS AND LIABILITIES (continued)

March 31, 2023

​	Small Cap			Quality			Environmental Opportunities
Components of Net Assets:	​	​	​	​	​	​	​	​	​
Shares of beneficial interest	​	$	61,714,772	​	$	159,692,526	​	$	79,946,894
Total distributable earnings (loss)	​		16,464,532	​		27,571,213	​		(7,122,661)
Net Assets Applicable to Outstanding Shares	​	$	78,179,304	​	$	187,263,739	​	$	72,824,233
Computation of Net Assets:	​	​	​	​	​	​	​	​	​
Ordinary Shares	​	​	​	​	​	​	​	​	​
Net assets applicable to outstanding shares	​	$	67,389,117	​	$	118,064,858	​	$	10,614,759
Shares Outstanding	​		2,946,526	​		6,489,514	​		765,496
Net asset value and redemption proceeds per share	​	$	22.87	​	$	18.19	​	$	13.87
Institutional Shares	​	​	​	​	​	​	​	​	​
Net assets applicable to outstanding shares	​	$	10,790,187	​	$	69,198,881	​	$	60,435,113
Shares outstanding	​		375,085	​		3,352,254	​		4,296,799
Net asset value and redemption proceeds per share	​	$	28.77	​	$	20.64	​	$	14.07
R6 Shares	​	​	​	​	​	​	​	​	​
Net assets applicable to outstanding shares	​	$	—	​	$	—	​	$	1,774,361
Shares Outstanding	​		—	​		—	​		275,942
Net asset value and redemption proceeds per share	​	$	—	​	$	—	​	$	6.43

64

65

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

PEAR TREE FUNDS

STATEMENT OF ASSETS AND LIABILITIES (continued)

March 31, 2023

PEAR TREE FUNDS

STATEMENT OF ASSETS AND LIABILITIES (continued)

March 31, 2023

​	Emerging Markets World Equity			Foreign Value			Foreign Value Small Cap			International Opportunities
Assets:	​	​	​	​	​	​	​	​	​	​	​	​
Investments at value	​	$	69,430,094	​	$	3,149,034,522	​	$	992,582,211	​	$	28,093,582
Foreign currency at value (Cost $147,305 for Emerging Markets World Equity, $5,814,751 for Foreign Value $312,447 for Foreign Value Small Cap, and $20,536 for International Opportunities)	​		147,587	​		5,816,537	​		310,416	​		20,402
Cash	​		2,835	​		—	​		—	​		—
Dividends and interest receivable	​		225,654	​		18,152,106	​		6,655,270	​		114,699
Foreign tax reclaims receivable	​		8,051	​		15,050,111	​		2,768,135	​		28,220
Receivable for investments sold	​		769,134	​		846,573	​		571,485	​		—
Receivable for shares of beneficial interest sold	​		3,603	​		1,382,533	​		349,159	​		—
Other assets	​		8,039	​		22,387	​		—	​		—
Total Assets	​	$	70,594,997	​	$	3,190,304,769	​	$	1,003,236,676	​	$	28,256,903
Liabilities:	​	​	​	​	​	​	​	​	​	​	​	​
Payable for investments purchased	​	$	383,765	​	$	3,169,907	​	$	14,108	​	$	165,867
Payable for shares of beneficial interest repurchased	​		36,938	​		8,064,520	​		1,655,199	​		—
Payable for compensation of manager (Note 3)	​		45,324	​		2,361,476	​		742,352	​		20,825
Payable for distribution fees (Note 3)	​		13,248	​		73,856	​		27,317	​		19
Payable to custodian	​		34,571	​		231,361	​		50,920	​		6,913
Payable to transfer agent (Note 3)	​		10,531	​		152,858	​		63,232	​		572
Other accrued expenses and liabilities	​		6,346	​		277,656	​		88,254	​		6,083
Total Liabilities	​	$	530,723	​	$	14,331,634	​	$	2,641,382	​	$	200,279
Net Assets	​	$	70,064,274	​	$	3,175,973,135	​	$	1,00,595,294	​	$	28,056,624
Investments at cost	​	$	67,189,324	​	$	2,874,049,914	​	$	989,975,222	​	$	25,132,221

66

67

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

PEAR TREE FUNDS

STATEMENT OF ASSETS AND LIABILITIES (continued)

March 31, 2023

PEAR TREE FUNDS

STATEMENT OF ASSETS AND LIABILITIES (continued)

March 31, 2023

Emerging Markets World Equity

Foreign Value

Foreign Value Small Cap

International Opportunities

Components of Net Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Shares of beneficial interest

​

$

107,159,476

​

$

3,194,334,101

​

$

1,082,726,144

​

$

26,188,307

Total distributable earnings (loss)

​

(37,095,202)

​

(18,360,966)

​

(82,130,850)

​

1,868,317

Net Assets Applicable to Outstanding Shares

​

$

70,064,274

​

$

3,175,973,135

​

$

1,000,595,294

​

$

28,056,624

Computation of Net Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Ordinary Shares

​

​

​

​

​

​

​

​

​

​

​

​

Net assets applicable to outstanding shares

​

$

64,176,941

​

$

353,812,376

​

$

129,983,158

​

$

94,485

Shares Outstanding

​

3,245,672

​

16,683,465

​

9,144,985

​

8,092

Net asset value and redemption proceeds per share

​

$

19.77

​

$

21.21

​

$

14.21

​

$

11.68

Institutional Shares

​

​

​

​

​

​

​

​

​

​

​

​

Net assets applicable to outstanding shares

​

$

5,132,392

​

$

2,338,036,794

​

$

609,580,629

​

$

3,438,210

Shares outstanding

​

254,367

​

110,710,424

​

42,887,141

​

291,195

Net asset value and redemption proceeds per share

​

$

20.18

​

$

21.12

​

$

14.21

​

$

11.81

R6 Shares

​

​

​

​

​

​

​

​

​

​

​

​

Net assets applicable to outstanding shares

​

$

754,941

​

$

484,123,965

​

$

261,031,507

​

$

24,523,929

Shares Outstanding

​

86,222

​

46,171,442

​

25,571,627

​

2,078,338

Net asset value and redemption proceeds per share

​

$

8.76

​

$

10.49

​

$

10.21

​

$

11.80

68

69

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

PEAR TREE FUNDS

PEAR TREE FUNDS

STATEMENT OF OPERATIONS

STATEMENT OF OPERATIONS (continued)

For the Year Ended March 31, 2023

​	Small Cap			Quality			Environmental Opportunities
Investment Income:	​	​	​	​	​	​	​	​	​
Dividends (a)	​	$	1,657,329	​	$	2,808,300	​	$	378,167
Interest	​		64,215	​		89,229	​		160,281
Total Investment Income	​	$	1,721,544	​	$	2,897,529	​	$	538,448
Expenses:	​	​	​	​	​	​	​	​	​
Compensation of manager (Note 3)	​		627,273	​		1,779,306	​		710,201
Distribution fees, Ordinary Shares (Note 3)	​		173,368	​		288,338	​		24,753
Administrative fees (Note 3)	​		23,638	​		53,603	​		21,338
Custodian and fund accounting fees	​		23,368	​		34,020	​		35,648
Regulatory and Compliance (Note 3)	​		4,138	​		9,374	​		3,743
Transfer agent fees (Note 3):	​	​	​	​	​	​	​	​	​
Ordinary Shares	​		114,330	​		187,592	​		16,059
Institutional Shares	​		14,944	​		98,827	​		96,829
R6 Shares	​		—	​		—	​		173
Audit and legal	​		8,578	​		13,751	​		6,036
Registration fees	​		31,979	​		38,438	​		36,828
Tax reclaim service fee	​		—	​		—	​		—
Insurance	​		1,471	​		3,346	​		1,328
Compensation of trustees (Note 3)	​		3,549	​		8,022	​		3,205
Printing	​		5,261	​		11,865	​		4,721
Miscellaneous	​		4,244	​		9,590	​		3,813
Total expenses before waivers/reimbursements/reductions	​		1,036,141	​		2,536,072	​		964,675
Management Fee Waiver (Note 3)	​		—	​		(577,153)	​		(71,020)
Transfer Agent Fee Waiver Institutional Shares (Note 3)	​		(10,874)	​		(72,115)	​		(71,672)
Manager Reimbursement (Note 3)	​		—	​		(20,422)	​		(104,053)
Expenses, Net	​	$	1,025,267	​	$	1,866,382	​	$	717,930
Net Investment income/(loss)	​	$	696,277	​	$	1,031,147	​	$	(179,482)
Realized and unrealized gain/(loss) on investments,foreign currency, and foreign translation:	​	​	​	​	​	​	​	​	​

70

71

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

PEAR TREE FUNDS

STATEMENT OF OPERATIONS (continued)

For the Year Ended March 31, 2023

PEAR TREE FUNDS

STATEMENT OF OPERATIONS (continued)

For the Year Ended March 31, 2023

​	Small Cap			Quality			Environmental Opportunities
Net realized gain/(loss) (Note 2) on:	​	​	​	​	​	​	​	​	​
Investments (b)	​	$	(639,542)	​	$	11,458,566	​	$	(2,894,209)
Realized gain distribution from regulated investment company	​		45,575	​		—	​		—
Foreign denominated assets, liabilities, and currency	​		1,921	​		(50)	​		(1,661)
Change in unrealized appreciation/(depreciation) of:	​	​	​	​	​	​	​	​	​
Investments	​		(2,952,789)	​		(15,546,205)	​		(7,753,090)
Foreign denominated assets, liabilities, and currency	​		(703)	​		(40)	​		484
Net change in deferred non-U.S. Taxes	​		—	​		—	​		—
Net realized and unrealized gain/(loss) on investment and foreign currency	​		(3,545,538)	​		(4,087,729)	​		(10,648,476)
Net increase/(decrease) in net assets resulting from operations	​	$	(2,849,261)	​	$	(3,056,582)	​	$	(10,827,958)

(a)

Dividends are net of foreign withholding taxes of  $ 15,555 for Small Cap, $ 105,071 for Quality, and $ 22,955 for Environmental Opportunities. Dividends are net of ADR Issuance Fees of  $0 for Small Cap, $ 15,337 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, $ 0 for Environmental Opportunities.

72

73

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

PEAR TREE FUNDS

STATEMENT OF OPERATIONS (continued)

For the Year Ended March 31, 2023

PEAR TREE FUNDS

STATEMENT OF OPERATIONS (continued)

For the Year Ended March 31, 2023

Emerging Markets World Equity

Foreign Value

Foreign Value Small Cap

International Opportunities

Investment Income:

​

​

​

​

​

​

​

​

​

​

​

​

Dividends (a)

​

1,694,767

​

119,792,992

​

35,432,525

​

730,549

Interest

​

20,181

​

991,053

​

729,771

​

37,248

Total Investment Income

​

$

1,714,948

​

$

120,784,045

​

$

36,162,296

​

$

767,797

Expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Compensation of manager (Note 3)

​

755,658

​

34,989,630

​

10,214,143

​

215,119

Distribution fees, Ordinary Shares (Note 3)

​

173,509

​

897,872

​

357,956

​

265

Administrative fees (Note 3)

​

23,304

​

1,078,639

​

311,228

​

7,119

Custodian and fund accounting fees

​

163,709

​

1,017,484

​

327,258

​

38,693

Regulatory and Compliance (Note 3)

​

4,049

​

187,447

​

54,220

​

1,245

Transfer agent fees (Note 3):

​

​

​

​

​

​

​

​

​

​

​

​

Ordinary Shares

​

114,485

​

578,236

​

230,763

​

171

Institutional Shares

​

8,592

​

4,103,484

​

1,028,734

​

5,208

R6 Shares

​

143

​

65,118

​

26,910

​

2,439

Audit and legal

​

31,048

​

315,052

​

97,620

​

13,886

Registration fees

​

37,344

​

146,280

​

102,827

​

10,129

Tax reclaim service fee

​

—

​

467,024

​

—

​

—

Insurance

​

1,476

​

68,324

​

19,566

​

441

Compensation of trustees (Note 3)

​

3,446

​

159,666

​

46,342

​

1,072

Printing

​

5,085

​

235,831

​

68,827

​

1,611

Miscellaneous

​

4,132

​

191,074

​

55,452

​

1,283

Total expenses before waivers/reimbursements/reductions

​

1,325,980

​

44,501,161

​

12,941,846

​

298,681

Management Fee Waiver (Note 3)

​

(166,245)

​

(3,498,963)

​

(1,021,414)

​

—

Transfer Agent Fee Waiver Institutional Shares (Note 3)

​

(6,249)

​

(3,058,414)

​

(765,907)

​

(3,862)

Manager Reimbursement (Note 3)

​

(1,603)

​

(409,477)

​

—

​

—

Expenses, Net

​

$

1,151,883

​

$

37,534,307

​

$

11,154,525

​

$

294,819

Net Investment income/(loss)

​

$

563,065

​

$

83,249,738

​

$

25,007,771

​

$

472,978

74

75

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

PEAR TREE FUNDS

STATEMENT OF OPERATIONS (continued)

For the Year Ended March 31, 2023

PEAR TREE FUNDS

STATEMENT OF OPERATIONS (continued)

For the Year Ended March 31, 2023

​

Emerging Markets World Equity

Foreign Value

Foreign Value Small Cap

International Opportunities

Realized and unrealized gain/(loss) on investments,foreign currency, and foreign translation:

​

​

​

​

​

​

​

​

​

​

​

​

Net realized gain/(loss) (Note 2) on:

​

​

​

​

​

​

​

​

​

​

​

​

Investments (b)

​

$

(14,298,783)

​

$

(217,546,948)

​

$

(42,923,592)

​

$

(887,465)

Realized gain distribution from regulated investment company

​

—

​

—

​

—

​

—

Foreign denominated assets, liabilities, and currency

​

(80,305)

​

(1,717,983)

​

75,059

​

(28,183)

Change in unrealized appreciation/(depreciation) of:

​

​

​

​

​

​

​

​

​

​

​

​

Investments

​

(2,207,511)

​

(125,739,857)

​

(57,718,115)

​

(839,395)

Foreign denominated assets, liabilities, and currency

​

3,170

​

(723,351)

​

(153,625)

​

996

Net change in deferred non-U.S. taxes

​

107,482

​

—

​

—

​

—

Net realized and unrealized gain/(loss) on investment and foreign currency

​

(16,475,947)

​

(345,728,139)

​

(100,720,273)

​

(1,754,047)

Net increase/(decrease) in net assets resulting from operations

​

$

(15,912,882)

​

$

(262,478,401)

​

$

(75,712,502)

​

$

(1,281,069)

(a)

Dividends are net of foreign withholding taxes of  $ 199,097 for Emerging Markets World Equity, $ 14,061,268 for Foreign Value, $ 3,760,836 for Foreign Value Small Cap, and $ 102,852 for International Opportunities. Dividends are net of ADR Issuance Fees of  $ 467 for Emerging Markets World Equity, $ 0 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  $ 36,929 for Emerging Markets World Equity,     $0 for Foreign Value, $ 0 for Foreign Value Small Cap, and $ 0 for international Opportunities. 

76

77

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

PEAR TREE FUNDS

STATEMENT OF CHANGES IN NET ASSETS

​	Small Cap
​	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets:	​	​	​	​	​	​
Operations:	​	​	​	​	​	​
Net investment income/(loss)	​	$	696,277	​	$	602,634
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency	​		(592,046)	​		11,242,755
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency	​		(2,953,492)	​		(9,082,838)
Net increase/(decrease) from operations	​	$	(2,849,261)	​	$	2,762,551
Distributions to shareholders	​	​	​	​	​	​
Ordinary Shares	​	$	(6,464,206)	​	$	(6,540,106)
Institutional Shares	​	$	664,111)	​		(610,963)
R6 Shares	​		—	​		—
Total distributions to shareholders	​	$	(7,128,317)	​	$	(7,151,069)
Capital Stock Transactions	​	​	​	​	​	​
Shares Sold	​	​	​	​	​	​
Ordinary Shares	​	$	2,248,227	​	$	2,967,567
Institutional Shares	​		2,232,107	​		83,581
R6 Shares	​		—	​		—
Distributions reinvested	​	​	​	​	​	​
Ordinary Shares	​		4,899,553	​		5,033,284
Institutional Shares	​		661,740	​		608,439
R6 Shares	​		—	​		—
Shares redeemed	​	​	​	​	​	​
Ordinary Shares	​		(5,892,276)	​		(15,658,588)
Institutional Shares	​		(207,242)	​		(103,550)
R6 Shares	​		—	​		—
Net increase (decrease) from capital stock transactions	​	$	3,942,109	​	$	(7,069,267)
Net Increase (Decrease) in Net Assets	​	$	(6,035,469)	​	$	(11,457,785)
Net Assets Beginning of Year	​		84,214,773	​		95,672,558
Net Assets at End of Year	​	$	78,179,304	​	$	84,214,773

78

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

PEAR TREE FUNDS​

STATEMENT OF CHANGES IN NET ASSETS (continued)

​	Small Cap
​	Year Ended March 31, 2023		Year Ended March 31, 2022
Share Transactions	​	​	​	​
Shares sold	​	​	​	​
Ordinary Shares	​	90,943	​	107,174
Institutional Shares	​	77,160	​	2,490
R6 Shares	​	—	​	—
Distributions reinvested	​	​	​	​
Ordinary Shares	​	210,552	​	192,698
Institutional Shares	​	22,631	​	18,902
R6 Shares	​	—	​	—
Shares redeemed	​	​	​	​
Ordinary Shares	​	(243,371)	​	(578,260)
Institutional Shares	​	(6,813)	​	(3,123)
R6 Shares	​	—	​	—
Increase (Decrease) In Shares Outstanding	​	151,102	​	(260,119)

79​

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

PEAR TREE FUNDS

STATEMENT OF CHANGES IN NET ASSETS (continued)

​	Quality
​	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets:	​	​	​	​	​	​
Operations:	​	​	​	​	​	​
Net investment income/(loss)	​	$	1,031,147	​	$	745,582
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency	​		11,458,516	​		24,981,031
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency	​		(15,546,245)	​		(5,398,371)
Net increase/(decrease) from operations	​	$	(3,056,582)	​	$	20,328,242
Distributions to shareholders	​	​	​	​	​	​
Ordinary Shares	​	$	(14,603,353)	​	$	(14,706,141)
Institutional Shares	​		(7,561,699)	​		(7,125,736)
R6 Shares	​		—	​		—
Total distributions to shareholders	​	$	(22,165,052)	​	$	(21,831,877)
Capital Stock Transactions	​	​	​	​	​	​
Shares Sold	​	​	​	​	​	​
Ordinary Shares	​	$	9,378,653	​	$	14,781,889
Institutional Shares	​		36,873,575	​		44,369,782
R6 Shares	​		—	​		—
Distributions reinvested	​	​	​	​	​	​
Ordinary Shares	​		10,844,603	​		10,923,799
Institutional Shares	​		7,442,002	​		6,842,604
R6 Shares	​		—	​		—
Shares redeemed	​	​	​	​	​	​
Ordinary Shares	​		(15,117,857)	​		(33,495,123)
Institutional Shares	​		(31,597,820)	​		(31,633,118)
R6 Shares	​		—	​		—
Net increase (decrease) from capital stock transactions	​	$	17,823,156	​	$	11,789,833
Net Increase (Decrease) in Net Assets	​	$	(7,398,478)	​	$	10,286,198
Net Assets Beginning of Year	​		194,662,217	​		184,376,019
Net Assets at End of Year	​	$	187,263,739	​	$	194,662,217

80

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

PEAR TREE FUNDS​

STATEMENT OF CHANGES IN NET ASSETS (continued)

​	Quality
​	Year Ended March 31, 2023		Year Ended March 31, 2022
Share Transactions	​	​	​	​
Shares sold	​	​	​	​
Ordinary Shares	​	500,564	​	651,564
Institutional Shares	​	1,745,448	​	1,748,272
R6 Shares	​	—	​	—
Distributions reinvested	​	​	​	​
Ordinary Shares	​	624,689	​	485,071
Institutional Shares	​	378,343	​	272,180
R6 Shares	​	—	​	—
Shares redeemed	​	​	​	​
Ordinary Shares	​	(806,350)	​	(1,469,950)
Institutional Shares	​	(1,502,693)	​	(1,293,802)
R6 Shares	​	—	​	—
Increase (Decrease) In Shares Outstanding	​	940,001	​	393,335

81​

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

PEAR TREE FUNDS

STATEMENT OF CHANGES IN NET ASSETS (continued)

​	Environmental Opportunities
​	Year Ended March 31, 2023			Seven Months Ended March 31, 2022			Year Ended August 31, 2021 (1)
Increase (Decrease) in Net Assets:	​	​	​	​	​	​	​	​	​
Operations:	​	​	​	​	​	​	​	​	​
Net investment income/(loss)	​	$	(179,482)	​	$	(322,833)	​	$	(258,879)
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency	​		(2,895,870)	​		(1,171,230)	​		4,248,814
Unrealized appreciation/​ (depreciation) of investments, foreign denominated assets, liabilities, and currency	​		(7,752,606)	​		(9,840,158)	​		12,264,812
Net increase/(decrease) from operations	​	$	(10,827,958)	​	$	(11,334,221)	​	$	16,254,747
Distributions to shareholders	​	​	​	​	​	​	​	​	​
Ordinary Shares	​	$	(529)	​	$	(291,568)	​	$	(814)*
Institutional Shares	​		(3,042)	​		(3,993,301)	​		(499,608)**
R6 Shares	​		(148)	​		(132,178)	​		—
Total distributions to shareholders	​	$	(3,719)	​	$	(4,417,047)	​	$	(500,422)
Capital Stock Transactions	​	​	​	​	​	​	​	​	​
Shares sold	​	​	​	​	​	​	​	​	​
Ordinary Shares	​	$	2,820,299	​	$	10,859,834	​	$	239,425*
Institutional Shares	​		13,113,359	​		18,791,730 (2)	​		38,602,457**
R6 Shares	​		676,582	​		1,471,237	​		—
Distributions reinvested	​	​	​	​	​	​	​	​	​
Ordinary Shares	​		516	​		278,452	​		814*
Institutional Shares	​		2,682	​		3,813,420	​		483,049**
R6 Shares	​		148	​		132,178	​		—
Shares redeemed	​	​	​	​	​	​	​	​	​
Ordinary Shares	​		(393,941)	​		(260,743)	​		(60,064)*
Institutional Shares	​		(9,641,588)	​		(9,039,822)	​		(10,734,342)**
R6 Shares	​		(31,548)	​		(10,000)	​		—
Net increase (decrease) from capital stock transactions	​	$	6,546,509	​	$	26,036,286	​	$	28,531,339
Net Increase (Decrease) in Net Assets	​	$	(4,285,168)	​	$	10,285,018	​	$	44,285,664
Net Assets Beginning of Year	​		77,109,401	​		66,824,383	​		22,538,719
Net Assets at End of Year	​	$	72,824,233	​	$	77,109,401	​	$	66,824,383

82

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

PEAR TREE FUNDS​

STATEMENT OF CHANGES IN NET ASSETS (continued)

​	Environmental Opportunities
​	Year Ended March 31, 2023		Seven Months Ended March 31, 2022		Year Ended August 31, 2021 (1)
Share Transactions	​	​	​	​	​	​
Shares sold	​	​	​	​	​	​
Ordinary Shares	​	199,101	​	581,830	​	12,817*
Institutional Shares	​	933,096	​	1,042,806	​	2,139,067**
R6 Shares	​	107,540	​	159,504	​	—
Distributions reinvested	​	​	​	​	​	​
Ordinary Shares	​	36	​	14,867	​	48*
Institutional Shares	​	186	​	201,449	​	28,183**
R6 Shares	​	22	​	15,281	​	—
Shares redeemed	​	​	​	​	​	​
Ordinary Shares	​	(28,953)	​	(14,478)	​	(3,284)*
Institutional Shares	​	(693,789)	​	(463,098)	​	(658,911)**
R6 Shares	​	(5,073)	​	(1,332)	​	—
Increase (Decrease) In Shares Outstanding	​	512,166	​	1,536,829	​	1,517,920

*

Formerly Known as Investor Class

**

Formerly Known as Institutional Class

(1)

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. For more information relating to that transaction, see Note 1.

(2)

Includes contributions to capital from investment managers/brokers for : Institutional $ 28,906.

83​

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

PEAR TREE FUNDS

STATEMENT OF CHANGES IN NET ASSETS (continued)

​	Emerging Markets World Equity
​	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets:	​	​	​	​	​	​
Operations:	​	​	​	​	​	​
Net investment income/(loss)	​	$	563,065	​	$	130,951
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency	​		(14,379,088)	​		4,448,977
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, currency, and deferred non-U.S.taxes	​		(2,096,859)	​		(19,459,133)
Net increase/(decrease) from operations	​	$	(15,912,882)	​	$	(14,879,205)
Distributions to shareholders	​	​	​	​	​	​
Ordinary Shares	​		—	​	$	(8,030,841)
Institutional Shares	​		—	​		(600,538)
R6 Shares	​		—	​		(217,862)
Total distributions to shareholders	​		—	​	$	(8,849,241)
Capital Stock Transactions	​	​	​	​	​	​
Shares Sold	​	​	​	​	​	​
Ordinary Shares	​	$	5,082,009	​	$	4,331,051
Institutional Shares	​		409,272	​		1,856,822
R6 Shares	​		38,594	​		152,405
Distributions reinvested	​	​	​	​	​	​
Ordinary Shares	​		—	​		5,568,160
Institutional Shares	​		—	​		599,372
R6 Shares	​		—	​		212,658
Shares redeemed	​	​	​	​	​	​
Ordinary Shares	​		(13,602,222)	​		(10,244,687)
Institutional Shares	​		(513,945)	​		(1,534,777)
R6 Shares	​		(267,906)	​		(70,750)
Net increase (decrease) from capital stock transactions	​	$	(8,854,198)	​	$	870,254
Net Increase (Decrease) in Net Assets	​	$	(24,767,080)	​	$	(22,858,192)
Net Assets Beginning of Year	​		94,831,354	​		117,689,546
Net Assets at End of Year	​	$	70,064,274	​	$	94,831,354

84

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

PEAR TREE FUNDS​

STATEMENT OF CHANGES IN NET ASSETS (continued)

​	Emerging Markets World Equity
​	Year Ended March 31, 2023		Year Ended March 31, 2022
Share Transactions	​	​	​	​
Shares sold	​	​	​	​
Ordinary Shares	​	256,404	​	159,027
Institutional Shares	​	20,244	​	62,864
R6 Shares	​	4,489	​	12,022
Distributions reinvested	​	​	​	​
Ordinary Shares	​	—	​	206,381
Institutional Shares	​	—	​	21,883
R6 Shares	​	—	​	17,931
Shares redeemed	​	​	​	​
Ordinary Shares	​	(706,573)	​	(349,958)
Institutional Shares	​	(25,726)	​	(52,692)
R6 Shares	​	(31,871)	​	(4,851)
Increase (Decrease) In Shares Outstanding	​	(483,033)	​	72,607

85​

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

PEAR TREE FUNDS

STATEMENT OF CHANGES IN NET ASSETS (continued)

​	Foreign Value
​	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets:	​	​	​	​	​	​
Operations:	​	​	​	​	​	​
Net investment income/(loss)	​	$	83,249,738	​	$	78,115,158
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency	​		(219,264,931)	​		688,330
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency	​		(126,463,208)	​		(327,693,562)
Net increase/(decrease) from operations	​	$	(262,478,401)	​	$	(248,890,074)
Distributions to shareholders	​	​	​	​	​	​
Ordinary Shares	​	$	(5,146,514)	​	$	(4,591,705)
Institutional Shares	​		(44,269,730)	​		(43,903,649)
R6 Shares	​		(23,568,766)	​		(19,770,286)
Total distributions to shareholders	​	$	(72,985,010)	​	$	(68,265,640)
Capital Stock Transactions	​	​	​	​	​	​
Shares Sold	​	​	​	​	​	​
Ordinary Shares	​	$	17,679,276*	​	$	17,336,728
Institutional Shares	​		486,773,497	​		922,940,398**
R6 Shares	​		101,794,981*	​		151,572,016
Distributions reinvested	​	​	​	​	​	​
Ordinary Shares	​		4,688,581	​		4,221,677
Institutional Shares	​		38,988,500	​		39,241,541
R6 Shares	​		17,104,236	​		13,829,936
Shares redeemed	​	​	​	​	​	​
Ordinary Shares	​		(62,081,863)	​		(91,041,441)
Institutional Shares	​		(1,142,075,586)	​		(500,128,832)
R6 Shares	​		(276,101,627)	​		(79,987,622)
Net increase (decrease) from capital stock transactions	​	$	(813,230,005)	​	$	477,984,401
Net Increase (Decrease) in Net Assets	​	$	(1,148,693,416)	​	$	160,828,687
Net Assets Beginning of Year	​		4,324,666,551	​		4,163,837,864
Net Assets at End of Year	​	$	3,175,973,135	​	$	4,324,666,551

86

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

PEAR TREE FUNDS​

STATEMENT OF CHANGES IN NET ASSETS (continued)

​	Foreign Value
​	Year Ended March 31, 2023		Year Ended March 31, 2022
Share Transactions	​	​	​	​
Shares sold	​	​	​	​
Ordinary Shares	​	839,046	​	703,522
Institutional Shares	​	24,784,726	​	38,709,068
R6 Shares	​	10,306,774	​	12,237,305
Distributions reinvested	​	​	​	​
Ordinary Shares	​	233,611	​	179,340
Institutional Shares	​	1,953,332	​	1,675,557
R6 Shares	​	1,725,957	​	1,168,069
Shares redeemed	​	​	​	​
Ordinary Shares	​	(3,090,121)	​	(3,758,620)
Institutional Shares	​	(57,662,966)	​	(20,911,215)
R6 Shares	​	(27,214,713)	​	(6,490,474)
Increase (Decrease) In Shares Outstanding	​	(48,124,354)	​	23,512,552

*

Includes contributions to capital from investment managers/brokers for: Ordinary $ 1 and R6 $ 222.

**

Includes contributions to capital from investment managers/brokers for: Institutional $579.

87​

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
​	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets:	​	​	​	​	​	​
Operations:	​	​	​	​	​	​
Net investment income/(loss)	​	$	25,007,771	​	$	16,570,067
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency	​		(42,848,533)	​		53,829,574
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency	​		(57,871,740)	​		(115,099,695)
Net increase/(decrease) from operations	​	$	(75,712,502)	​	$	(44,700,054)
Distributions to shareholders	​	​	​	​	​	​
Ordinary Shares	​	$	(5,941,012)	​	$	(4,067,837)
Institutional Shares	​		(27,992,923)	​		(18,229,791)
R6 Shares	​		(15,300,134)	​		(9,053,210)
Total distributions to shareholders	​	$	(49,234,069)	​	$	(31,350,838)
Capital Stock Transactions	​	​	​	​	​	​
Shares Sold	​	​	​	​	​	​
Ordinary Shares	​	$	14,865,458	​	$	43,445,533
Institutional Shares	​		198,065,956	​		342,093,034
R6 Shares	​		92,514,601	​		194,602,351
Distributions reinvested	​	​	​	​	​	​
Ordinary Shares	​		4,896,246	​		3,448,629
Institutional Shares	​		25,981,835	​		17,073,940
R6 Shares	​		13,472,896	​		8,838,438
Shares redeemed	​	​	​	​	​	​
Ordinary Shares	​		(43,573,668)	​		(62,075,182)
Institutional Shares	​		(288,838,534)	​		(186,754,373)
R6 Shares	​		(75,496,943)	​		(50,675,577)
Net increase (decrease) from capital stock transactions	​	$	(58,112,153)	​	$	309,996,793
Net Increase (Decrease) in Net Assets	​	$	(183,058,724)	​	$	233,945,901
Net Assets Beginning of Year	​		1,183,654,018	​		949,708,117
Net Assets at End of Year	​	$	1,000,595,294	​	$	1,183,654,018

88

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
​	Year Ended March 31, 2023		Year Ended March 31, 2022
Share Transactions	​	​	​	​
Shares sold	​	​	​	​
Ordinary Shares	​	1,083,419	​	2,535,613
Institutional Shares	​	14,330,269	​	20,129,524
R6 Shares	​	8,879,839	​	15,267,292
Distributions reinvested	​	​	​	​
Ordinary Shares	​	365,119	​	209,898
Institutional Shares	​	1,938,943	​	1,040,459
R6 Shares	​	1,400,509	​	737,151
Shares redeemed	​	​	​	​
Ordinary Shares	​	(3,133,982)	​	(3,684,140)
Institutional Shares	​	(21,168,711)	​	(11,174,781)
R6 Shares	​	(7,224,195)	​	(4,127,243)
Increase (Decrease) In Shares Outstanding	​	(3,528,790)	​	20,933,773

89​

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

PEAR TREE FUNDS

STATEMENT OF CHANGES IN NET ASSETS (continued)

​	International Opportunities
​	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets:	​	​	​	​	​	​
Operations:	​	​	​	​	​	​
Net investment income/(loss)	​	$	472,978	​	$	292,193
Net realized gain/(loss) on investments, foreign denominated assets, liabilities, and currency	​		(915,648)	​		1,112,174
Unrealized appreciation/(depreciation) of investments, foreign denominated assets, liabilities, and currency	​		(838,399)	​		(862,838)
Net increase/(decrease) from operations	​	$	(1,281,069)	​	$	541,529
Distributions to shareholders	​	​	​	​	​	​
Ordinary Shares	​	$	(1,346)	​	$	(18,331)
Institutional Shares	​		(58,893)	​		(1,422,112)
R6 Shares	​		(364,743)	​		(1,338,237)
Total distributions to shareholders	​	$	(424,982)	​	$	(2,778,680)
Capital Stock Transactions	​	​	​	​	​	​
Shares Sold	​	​	​	​	​	​
Ordinary Shares	​	$	500	​	$	130,000
Institutional Shares	​		147,099	​		10,000
R6 Shares	​		3,630,407	​		10,855,515
Distributions reinvested	​	​	​	​	​	​
Ordinary Shares	​		1,346	​		18,331
Institutional Shares	​		55,863	​		1,422,112
R6 Shares	​		364,743	​		1,338,237
Shares redeemed	​	​	​	​	​	​
Ordinary Shares	​		(26,459)	​		(90,689)
Institutional Shares	​		(176,361)	​		(9,399,214)
R6 Shares	​		(168,409)	​		(2,836)
Net increase (decrease) from capital stock transactions	​	$	3,828,729	​	$	4,281,456
Net Increase (Decrease) in Net Assets	​	$	2,122,678	​	$	2,044,305
Net Assets Beginning of Year	​		25,933,946	​		23,889,641
Net Assets at End of Year	​	$	28,056,624	​	$	25,933,946

90

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

PEAR TREE FUNDS​

STATEMENT OF CHANGES IN NET ASSETS (continued)

​	International Opportunities
​	Year Ended March 31, 2023		Year Ended March 31, 2022
Share Transactions	​	​	​	​
Shares sold	​	​	​	​
Ordinary Shares	​	43	​	9,537
Institutional Shares	​	15,517	​	819
R6 Shares	​	334,586	​	808,247
Distributions reinvested	​	​	​	​
Ordinary Shares	​	123	​	1,387
Institutional Shares	​	5,055	​	106,685
R6 Shares	​	33,038	​	100,393
Shares redeemed	​	​	​	​
Ordinary Shares	​	(2,368)	​	(6,778)
Institutional Shares	​	(16,382)	​	(696,183)
R6 Shares	​	(14,591)	​	(204)
Increase (Decrease) In Shares Outstanding	​	355,021	​	323,903

91​

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
​	Years Ended March 31,
​	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	​	$	26.02	​	$	27.43	​	$	15.45	​	$	23.97	​	$	25.48
Income from Investment Operations:	​			​			​			​			​
Net investment income (loss)(a)(c)	​		0.20	​		0.17	​		0.14	​		0.15	​		0.07
Net realized and unrealized gain/(loss) on securities	​		(1.05)	​		0.63	​		12.00	​		(6.73)	​		0.22
Total from Investment Operations	​		(0.85)	​		0.80	​		12.14	​		(6.58)	​		0.29
Less Distributions:	​			​			​			​			​
Dividends from net investment income	​		(0.10)	​		(0.15)	​		(0.16)	​		(0.14)	​		(0.01)
Distributions from realized capital gains	​		(2.20)	​		(2.06)	​		—	​		(1.80)	​		(1.79)
Total Distributions	​		(2.30)	​		(2.21)	​		(0.16)	​		(1.94)	​		(1.80)
Net Asset Value, End of Period	​	$	22.87	​	$	26.02	​	$	27.43	​	$	15.45	​	$	23.97
Total Return	​		(3.39)%	​		2.89%	​		78.75%	​		(30.27)%	​		1.87%
Net Assets, End of Period (000s)	​	$	67,389	​	$	75,159	​	$	86,880	​	$	60,008	​	$	118,314
Ratios and Supplemental Data:	​			​			​			​			​
Ratios of expenses to average net assets:(d)	​			​			​			​			​
Gross	​		1.35%	​		1.33%	​		1.37%	​		1.35%	​		1.34%
Net	​		1.35%	​		1.33%	​		1.37%	​		1.35%	​		1.34%
Ratio of net investment income (loss) to average net assets(c)	​		0.85%	​		0.61%	​		0.66%	​		0.63%	​		0.29%
Portfolio Turnover	​		30%	​		23%	​		33%	​		28%	​		24%

92

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
​	Years Ended March 31,
​	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	​	$	32.10	​	$	33.32	​	$	18.73	​	$	28.67	​	$	30.07
Income from Investment Operations:	​			​			​			​			​
Net investment income (loss) (a) (b) (c)	​		0.36	​		0.32	​		0.26	​		0.27	​		0.21
Net realized and unrealized gain/(loss) on securities	​		(1.30)	​		0.78	​		14.57	​		(8.17)	​		0.28
Total from Investment Operations	​		(0.94)	​		1.10	​		14.83	​		(7.90)	​		0.49
Less Distributions:	​			​			​			​			​
Dividends from net investment income	​		(0.19)	​		(0.26)	​		(0.24)	​		(0.24)	​		(0.10)
Distributions from realized capital gains	​		(2.20)	​		(2.06)	​		—	​		(1.80)	​		(1.79)
Total Distributions	​		(2.39)	​		(2.32)	​		(0.24)	​		(2.04)	​		(1.89)
Net Asset Value, End of Period	​	$	28.77	​	$	32.10	​	$	33.32	​	$	18.73	​	$	28.67
Total Return	​		(3.02)%	​		3.27%	​		79.43%	​		(30.02)%	​		2.30%
Net Assets, End of Period (000s)	​	$	10,790	​	$	9,055	​	$	8,792	​	$	5,681	​	$	4,839
Ratios and Supplemental Data:	​			​			​			​			​
Ratios of expenses to average net assets:(d)	​			​			​			​			​
Gross	​		1.10%	​		1.08%	​		1.12%	​		1.10%	​		1.08%
Net	​		0.98%	​		0.96%	​		1.00%	​		0.98%	​		0.96%
Ratio of net investment income (loss) to average net assets(b)(c)	​		1.21%	​		0.97%	​		1.04%	​		1.02%	​		0.65%
Portfolio Turnover	​		30%	​		23%	​		33%	​		28%	​		24%

(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 by the investment advisor, and custody earnings credits, if any).

▪

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

▪

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

93​

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

​

Years Ended March 31,

​

2023

2022

2021

2020

2019

Net Asset Value, Beginning of Period

​

$

21.11

​

$

21.14

​

$

15.06

​

$

18.66

​

$

18.83

Income from Investment Operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income (loss)(a)(b)(c)

​

0.08

​

0.06

​

0.10

​

0.12

​

0.14

Net realized and unrealized gain/(loss) on securities

​

(0.57)

​

2.35

​

7.55

​

(0.19)

​

2.23

Total from Investment Operations

​

(0.49)

​

2.41

​

7.65

​

(0.07)

​

2.37

Less Distributions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends from net investment income

​

(0.08)

​

(0.05)

​

(0.10)

​

(0.15)

​

(0.12)

Distributions from realized capital gains

​

(2.35)

​

(2.39)

​

(1.47)

​

(3.38)

​

(2.42)

Total Distributions

​

(2.43)

​

(2.44)

​

(1.57)

​

(3.53)

​

(2.54)

Net Asset Value, End of Period

​

$

18.19

​

$

21.11

​

$

21.14

​

$

15.06

​

$

18.66

Total Return

​

(1.78)%

​

10.66%

​

51.83%

​

(2.98)%

​

14.16%

Net Assets, End of Period (000s)

​

$

118,065

​

$

130,244

​

$

137,485

​

$

97,951

​

$

137,643

Ratios and Supplemental Data:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ratios of expenses to average net assets:(d)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

1.51%

​

1.50%

​

1.52%

​

1.54%

​

1.54%

Net

​

1.19%

​

1.16%

​

1.22%

​

1.27%

​

1.25%

Ratio of net investment income (loss) to average net assets(b)(c)

​

0.44%

​

0.24%

​

0.53%

​

0.62%

​

0.72%

Portfolio Turnover

​

34%

​

31%

​

41%

​

35%

​

57%

94

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

​

Years Ended March 31,

​

2023

2022

2021

2020

2019

Net Asset Value, Beginning of Period

​

$

23.59

​

$

23.39

​

$

16.53

​

$

20.18

​

$

20.15

Income from Investment Operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income (loss) (a) (b) (c)

​

0.17

​

0.16

​

0.20

​

0.21

​

0.23

Net realized and unrealized gain/(loss) on securities

​

(0.62)

​

2.60

​

8.30

​

(0.25)

​

2.40

Total from Investment Operations

​

(0.45)

​

2.76

​

8.50

​

(0.04)

​

2.63

Less Distributions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends from net investment income

​

(0.15)

​

(0.17)

​

(0.17)

​

(0.23)

​

(0.18)

Distributions from realized capital gains

​

(2.35)

​

(2.39)

​

(1.47)

​

(3.38)

​

(2.42)

Total Distributions

​

(2.50)

​

(2.56)

​

(1.64)

​

(3.61)

​

(2.60)

Net Asset Value, End of Period

​

$

20.64

​

$

23.59

​

$

23.39

​

$

16.53

​

$

20.18

Total Return

​

(1.38)%

​

11.09%

​

52.42%

​

(2.62)%

​

14.59%

Net Assets, End of Period (000s)

​

$

69,199

​

$

64,418

​

$

46,891

​

$

9,624

​

$

6,084

Ratios and Supplemental Data:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ratios of expenses to average net assets:(d)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

1.26%

​

1.25%

​

1.27%

​

1.29%

​

1.29%

Net

​

0.79%

​

0.78%

​

0.80%

​

0.90%

​

0.87%

Ratio of net investment income (loss) to average net assets(b)(c)

​

0.84%

​

0.62%

​

0.92%

​

1.04%

​

1.08%

Portfolio Turnover

​

34%

​

31%

​

41%

​

35%

​

57%

(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 by the investment advisor, and custody earnings credits, if any).

▪

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

▪

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

95​

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

​

Year Ended

​

​

​

Years Ended August 31,*

​

March 31, 2023

Seven Months Ended March 31, 2022(1)

2021

2020

2019

Net Asset Value, Beginning of Period

​

$

16.13

​

$

20.12

​

$

12.63

​

$

10.05

​

$

10.69

Income from Investment Operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income (loss)(a)(b)(c)

​

(0.07)

​

(0.09)

​

(0.06)

​

(0.06)

​

(0.02)

Net realized and unrealized gain/(loss) on securities

​

(2.19)

​

(2.69)

​

7.83

​

2.64

​

(0.62)

Total from Investment Operations

​

(2.26)

​

(2.78)

​

7.77

​

2.58

​

(0.64)

Less Distributions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends from net investment income

​

—

​

—

​

—

​

—

​

—

Distributions from realized capital gains

​

0.00(2)

​

(1.21)

​

(0.28)

​

—

​

—

Total Distributions

​

0.00(2)

​

(1.21)

​

(0.28)

​

—

​

—

Net Asset Value, End of Period

​

$

13.87

​

$

16.13

​

$

20.12

​

$

12.63

​

$

10.05

Total Return

​

(14.01)%

​

(14.67)%(4)

​

61.95%

​

25.67%

​

(5.99)%

Net Assets, End of Period (000s)

​

$

10,615

​

$

9,601

​

$

263

​

$

44

​

$

16

Ratios and Supplemental Data:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ratios of expenses to average net assets:(d)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

1.58%

​

2.11%(3)

​

1.55%

​

2.66%

​

4.22%

Net

​

1.23%

​

1.24%(3)

​

1.24%

​

1.24%

​

1.28%

Ratio of net investment income (loss) to average net assets(b)(c)

​

(0.47)%

​

(0.99)%(3)

​

(0.80)%

​

(0.63)%

​

(0.24)%

Portfolio Turnover

​

31%

​

9%

​

41%

​

37%

​

30%

96

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

​

Year Ended

​

​

​

Years Ended August 31,*

​

March 31, 2023

Seven Months Ended March 31, 2022(1)

2021

2020

2019

Net Asset Value, Beginning of Period

​

$

16.32

​

$

20.32

​

$

12.72

​

$

10.10

​

$

10.71

Income from Investment Operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income (loss)(a)(b)(c)

​

(0.03)

​

(0.08)

​

(0.07)

​

(0.03)

​

—(2)

Net realized and unrealized gain/(loss) on securities

​

(2.22)

​

(2.71)

​

7.95

​

2.65

​

(0.61)

Total from Investment Operations

​

(2.25)

​

(2.79)

​

7.88

​

2.62

​

(0.61)

Less Distributions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends from net investment income

​

—

​

—

​

—

​

—

​

—

Distributions from realized capital gains

​

0.00(2)

​

(1.21)

​

(0.28)

​

—

​

—

Total Distributions

​

0.00(2)

​

(1.21)

​

(0.28)

​

—

​

—

Net Asset Value, End of Period

​

$

14.07

​

$

16.32

​

$

20.32

​

$

12.72

​

$

10.10

Total Return

​

(13.78)%

​

(14.57)%(4)

​

62.39%

​

25.94%

​

(5.70)%

Net Assets, End of Period (000s)

​

$

60,435

​

$

66,215

​

$

66,561

​

$

22,494

​

$

8,893

Ratios and Supplemental Data:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ratios of expenses to average net assets:(d)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

1.33%

​

2.30%(3)

​

1.30%

​

2.41%

​

3.97%

Net

​

0.98%

​

0.99%(3)

​

0.99%

​

0.99%

​

1.03%

Ratio of net investment income (loss) to average net assets(b)(c)

​

(0.22)%

​

(0.77)%(3)

​

(0.55)%

​

(0.37)%

​

(0.02)%

Portfolio Turnover

​

31%

​

9%

​

41%

​

37%

​

30%

97​

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)

​	R 6 Shares
​	Year Ended March 31, 2023			Commencement of Operations to the Seven Months Ended March 31, 2022 (1)
Net Asset Value, Beginning of Period	​	$	7.46	​	$	10.00
Income from Investment Operations:	​	​	​	​	​	​
Net investment income (loss) (a) (b) (c)	​		(0.01)	​		(0.03)
Net realized and unrealized gain/(loss) on securities	​		(1.02)	​		(1.30)
Total from Investment Operations	​		(1.03)	​		(1.33)
Less Distributions:	​	​	​	​	​	​
Dividends from net investment income	​		—	​		—
Distributions from realized capital gains	​		0.00 (2)	​		(1.21)
Total Distributions	​		0.00 (2)	​		(1.21)
Net Asset Value, End of Period	​	$	6.43	​	$	7.46
Total Return	​		(13.80)%	​		(15.00)% (4)
Net Assets, End of Period (000s)	​	$	1,774	​	$	1,293
Ratios and Supplemental Data:	​	​	​	​	​	​
Ratios of expenses to average net assets:  (d)	​	​	​	​	​	​
Gross	​		1.18%	​		2.08% (3)
Net	​		0.93%	​		0.95% (3)
Ratio of net investment income (loss) to average net assets(b)(c)	​		(0.17)%	​		(0.71)% (3)
Portfolio Turnover	​		31%	​		9%

(1)

Commenced operations September 1, 2021.

(2)

Rounds to less than $0.005 per share

(3)

Annualized

(4)

Not 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 by the investment advisor, and custody earnings credits, if any).

▪

Net (total expenses net of fee waivers, reimbursements 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. For more information relating to that transaction, see Note 1 to the Financial Statements.

98

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

Pear Tree Axiom Emerging Markets World Equity Fund​

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

​

Ordinary Shares

​

Years Ended March 31,

​

2023

2022

2021

2020

2019

Net Asset Value, Beginning of Period

​

$

23.65

​

$

29.76

​

$

18.21

​

$

20.86

​

$

23.29

Income from Investment Operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income (loss)(a)(b)(c)

​

0.14

​

0.02

​

(0.04)

​

0.22

​

0.38

Net realized and unrealized gain/(loss) on securities

​

(4.02)

​

(3.83)

​

11.83

​

(2.53)

​

(2.36)

Total from Investment Operations

​

(3.88)

​

(3.81)

​

11.79

​

(2.31)

​

(1.98)

Less Distributions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends from net investment income

​

—

​

(0.40)

​

(0.24)

​

(0.34)

​

(0.45)

Distributions from realized capital gains

​

—

​

(1.90)

​

—

​

—

​

—

Total Distributions

​

—

​

(2.30)

​

(0.24)

​

(0.34)

​

(0.45)

Net Asset Value, End of Period

​

$

19.77

​

$

23.65

​

$

29.76

​

$

18.21

​

$

20.86

Total Return

​

(16.41)%

​

(13.75)%

​

64.78%

​

(11.35)%

​

(8.31)%

Net Assets, End of Period (000s)

​

$

64,177

​

$

87,401

​

$

109,522

​

$

64,322

​

$

89,347

Ratios and Supplemental Data:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ratios of expenses to average net assets:(d)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

1.78%

​

1.64%

​

1.68%

​

1.70%

​

1.67%

Net

​

1.56%

​

1.42%

​

1.46%

​

1.48%

​

1.46%

Ratio of net investment income (loss) to average net assets(b)(c)

​

0.71%

​

0.09%

​

(0.16)%

​

1.01%

​

1.81%

Portfolio Turnover

​

117%

​

103%

​

128%

​

104%

​

172%(e)

99​

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

Pear Tree Axiom Emerging Markets World Equity Fund

FINANCIAL HIGHLIGHTS (continued)

(For a share outstanding throughout each period)

​

Institutional Shares

​

Years Ended March 31,

​

2023

2022

2021

2020

2019

Net Asset Value, Beginning of Period

​

$

24.04

​

$

30.22

​

$

18.47

​

$

21.16

​

$

23.63

Income from Investment Operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income (loss) (a)(b)(c)

​

0.22

​

0.13

​

0.06

​

0.26

​

0.48

Net realized and unrealized gain/(loss) on securities

​

(4.08)

​

(3.90)

​

12.02

​

(2.52)

​

(2.42)

Total from Investment Operations

​

(3.86)

​

(3.77)

​

12.08

​

(2.26)

​

(1.94)

Less Distributions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends from net investment income

​

—

​

(0.51)

​

(0.33)

​

(0.43)

​

(0.53)

Distributions from realized capital gains

​

—

​

(1.90)

​

—

​

—

​

—

Total Distributions

​

—

​

(2.41)

​

(0.33)

​

(0.43)

​

(0.53)

Net Asset Value, End of Period

​

$

20.18

​

$

24.04

​

$

30.22

​

$

18.47

​

$

21.16

Total Return

​

(16.06)%

​

(13.43)%

​

65.44%

​

(11.02)%

​

(7.94)%

Net Assets, End of Period (000s)

​

$

5,132

​

$

6,247

​

$

6,885

​

$

4,440

​

$

5,061

Ratios and Supplemental Data:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ratios of expenses to average net assets:(d)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

1.53%

​

1.39%

​

1.43%

​

1.45%

​

1.41%

Net

​

1.19%

​

1.05%

​

1.09%

​

1.11%

​

1.08%

Ratio of net investment income (loss) to average net assets (b)(c)

​

1.08%

​

0.46%

​

0.21%

​

1.19%

​

2.21%

Portfolio Turnover

​

117%

​

103%

​

128%

​

104%

​

172%(e)

100

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

Pear Tree Axiom Emerging Markets World Equity Fund​

FINANCIAL HIGHLIGHTS (continued)

(For a share outstanding throughout each period)

​

R6 Shares

​

Years Ended

January 28, 2019 (1) through March 31, 2019

​

2023

2022

2021

2020

Net Asset Value, Beginning of Period

​

$

10.41

​

$

14.49

​

$

8.96

​

$

10.47

​

$

10.00

Income from Investment Operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income (loss)(a)(b)(c)

​

0.11

​

0.07

​

0.04

​

0.18

​

0.01

Net realized and unrealized gain/(loss) on securities

​

(1.76)

​

(1.72)

​

5.83

​

(1.26)

​

0.46

Total from Investment Operations

​

(1.65)

​

(1.65)

​

5.87

​

(1.08)

​

0.47

Less Distributions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends from net investment income

​

—

​

(0.53)

​

(0.34)

​

(0.43)

​

—

Distributions from realized capital gains

​

—

​

(1.90)

​

—

​

—

​

—

Total Distributions

​

—

​

(2.43)

​

(0.34)

​

(0.43)

​

—

Net Asset Value, End of Period

​

$

8.76

​

$

10.41

​

$

14.49

​

$

8.96

​

$

10.47

Total Return

​

(15.85)%

​

(13.44)%

​

65.58%

​

(10.95)%

​

4.70% (3)

Net Assets, End of Period (000s)

​

$

755

​

$

1,183

​

$

1,282

​

$

566

​

$

105

Ratios and Supplemental Data:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ratios of expenses to average net assets:(d)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

1.37%

​

1.24%

​

1.28%

​

1.30%

​

1.64% (2)

Net

​

0.98%

​

0.99%

​

0.99%

​

0.99%

​

0.99% (2)

Ratio of net investment income (loss) to average net assets(b)(c)

​

1.28%

​

0.52%

​

0.29%

​

1.58%

​

0.44% (2)

Portfolio Turnover

​

117%

​

103%

​

128%

​

104%

​

172%  (e)

(1)

Commenced operations January 28, 2019

(2)

Annualized.

(3)

Not 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 by the investment advisor, and custody earnings credits, if any).

▪

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

▪

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

(e)

Turnover is higher due to Emerging Markets acquiring assets of Pear Tree PanAgora Risk Parity Emerging Markets Fund as of May 8, 2018.  

101​

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)

​

Ordinary Shares

​

Years Ended March 31,

​

2023

2022

2021

2020

2019

Net Asset Value, Beginning of Period

​

$

22.68

​

$

24.33

​

$

14.83

​

$

20.77

​

$

21.75

Income from Investment Operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income (loss)(a)(b)(c)

​

0.40

​

0.35

​

0.23

​

0.44

​

0.38

Net realized and unrealized gain/(loss) on securities

​

(1.57)

​

(1.76)

​

9.62

​

(6.13)

​

(1.17)

Total from Investment Operations

​

(1.17)

​

(1.41)

​

9.85

​

(5.69)

​

(0.79)

Less Distributions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends from net investment income

​

(0.30)

​

(0.24)

​

(0.35)

​

(0.25)

​

(0.11)

Distributions from realized capital gains

​

—

​

—

​

—

​

—

​

(0.08)

Total Distributions

​

(0.30)

​

(0.24)

​

(0.35)

​

(0.25)

​

(0.19)

Net Asset Value, End of Period

​

$

21.21

​

$

22.68

​

$

24.33

​

$

14.83

​

$

20.77

Total Return

​

(5.10)%

​

(5.84)%

​

66.76%

​

(27.75)%

​

(3.56)%

Net Assets, End of Period (000s)

​

$

353,812

​

$

424,110

​

$

524,972

​

$

435,137

​

$

784,820

Ratios and Supplemental Data:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ratios of expenses to average net assets:(d)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

1.52%

​

1.50%

​

1.50%

​

1.50%

​

1.51%

Net

​

1.42%(f)

​

1.40%(e)

​

1.40%

​

1.40%

​

1.41%

Ratio of net investment income (loss) to average net assets(b)(c)

​

2.00%

​

1.45%

​

1.18%

​

2.13%

​

1.80%

Portfolio Turnover

​

15%

​

19%

​

23%

​

28%

​

12%

102

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

​

Years Ended March 31,

​

2023

2022

2021

2020

2019

Net Asset Value, Beginning of Period

​

$

22.59

​

$

24.25

​

$

14.78

​

$

20.71

​

$

21.71

Income from Investment Operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income (loss)(a)(b)(c)

​

0.48

​

0.44

​

0.31

​

0.50

​

0.42

Net realized and unrealized gain/(loss) on securities

​

(1.57)

​

(1.76)

​

9.60

​

(6.09)

​

(1.14)

Total from Investment Operations

​

(1.09)

​

(1.32)

​

9.91

​

(5.59)

​

(0.72)

Less Distributions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends from net investment income

​

(0.38)

​

(0.34)

​

(0.44)

​

(0.34)

​

(0.20)

Distributions from realized capital gains

​

—

​

—

​

—

​

—

​

(0.08)

Total Distributions

​

(0.38)

​

(0.34)

​

(0.44)

​

(0.34)

​

(0.28)

Net Asset Value, End of Period

​

$

21.12

​

$

22.59

​

$

24.25

​

$

14.78

​

$

20.71

Total Return

​

(4.74)%

​

(5.51)%

​

67.42%

​

(27.50)%

​

(3.20)%

Net Assets, End of Period (000s)

​

$

2,338,037

​

$

3,199,601

​

$

2,962,171

​

$

1,740,528

​

$

2,509,455

Ratios and Supplemental Data:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ratios of expenses to average net assets:(d)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

1.27%

​

1.26%

​

1.25%

​

1.25%

​

1.26%

Net

​

1.05%(f)

​

1.04%(e)

​

1.03%

​

1.03%

​

1.04%

Ratio of net investment income (loss) to average net assets(b)(c)

​

2.41%

​

1.84%

​

1.56%

​

2.45%

​

1.98%

Portfolio Turnover

​

15%

​

19%

​

23%

​

28%

​

12%

103​

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

​

Years Ended March 31,

​

2023

2022

2021

2020

2019

Net Asset Value, Beginning of Period

​

$

11.42

​

$

12.43

​

$

7.72

​

$

10.97

​

$

11.65

Income from Investment Operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income (loss) (a) (b) (c)

​

0.25

​

0.24

​

0.17

​

0.25

​

0.25

Net realized and unrealized gain/(loss) on securities

​

(0.80)

​

(0.91)

​

4.98

​

(3.16)

​

(0.64)

Total from Investment Operations

​

(0.55)

​

(0.67)

​

5.15

​

(2.91)

​

(0.39)

Less Distributions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends from net investment income

​

(0.38)

​

(0.34)

​

(0.44)

​

(0.34)

​

(0.21)

Distributions from realized capital gains

​

—

​

—

​

—

​

—

​

(0.08)

Total Distributions

​

(0.38)

​

(0.34)

​

(0.44)

​

(0.34)

​

(0.29)

Net Asset Value, End of Period

​

$

10.49

​

$

11.42

​

$

12.43

​

$

7.72

​

$

10.97

Total Return

​

(4.58)%

​

(5.46)%

​

67.52%

​

(27.43)%

​

(3.15)%

Net Assets, End of Period (000s)

​

$

484,124

​

$

700,956

​

$

676,695

​

$

384,224

​

$

325,774

Ratios and Supplemental Data:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ratios of expenses to average net assets:(d)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

1.12%

​

1.10%

​

1.10%

​

1.10%

​

1.11%

Net

​

0.95% (f)

​

0.95% (e)

​

0.94%

​

0.94%

​

0.98%

Ratio of net investment income (loss) to average net assets(b)(c)

​

2.45%

​

1.90%

​

1.66%

​

2.28%

​

2.22%

Portfolio Turnover

​

15%

​

19%

​

23%

​

28%

​

12%

(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 by the investment advisor, and custody earnings credits, if any).

▪

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

▪

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

(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.

(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. 

104

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

Pear Tree Polaris Foreign Value Small Cap Fund​

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

​

Ordinary Shares

​

Years Ended March 31,

​

2023

2022

2021

2020

2019

Net Asset Value, Beginning of Period

​

$

15.76

​

$

16.54

​

$

10.07

​

$

13.56

​

$

15.63

Income from Investment Operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income (loss)(a)(b)(c)

​

0.29

​

0.20

​

0.12

​

0.65

​

0.33

Net realized and unrealized gain/(loss) on securities

​

(1.26)

​

(0.63)

​

6.88

​

(3.76)

​

(1.84)

Total from Investment Operations

​

(0.97)

​

(0.43)

​

7.00

​

(3.11)

​

(1.51)

Less Distributions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends from net investment income

​

(0.58)

​

(0.15)

​

(0.53)

​

(0.38)

​

(0.24)

Distributions from realized capital gains

​

—

​

(0.20)

​

—

​

—

​

(0.32)

Total Distributions

​

(0.58)

​

(0.35)

​

(0.53)

​

(0.38)

​

(0.56)

Net Asset Value, End of Period

​

$

14.21

​

$

15.76

​

$

16.54

​

$

10.07

​

$

13.56

Total Return

​

(5.95)%

​

(2.72)%

​

70.25%

​

(23.73)%

​

(9.33)%

Net Assets, End of Period (000s)

​

$

129,983

​

$

170,731

​

$

194,665

​

$

133,912

​

$

222,526

Ratios and Supplemental Data:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ratios of expenses to average net assets:(d)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

1.52%

​

1.51%

​

1.53%

​

1.53%

​

1.53%

Net

​

1.42%

​

1.41%

​

1.43%

​

1.43%

​

1.43%

Ratio of net investment income (loss) to average net assets(b)(c)

​

2.09%

​

1.15%

​

0.90%

​

4.85%

​

2.29%

Portfolio Turnover

​

18%

​

29%

​

35%

​

33%

​

52%

105​

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

Pear Tree Polaris Foreign Value Small Cap Fund

FINANCIAL HIGHLIGHTS (continued)

(For a share outstanding throughout each period)

​

Institutional Shares

​

Years Ended March 31,

​

2023

2022

2021

2020

2019

Net Asset Value, Beginning of Period

​

$

15.77

​

$

16.54

​

$

10.07

​

$

13.57

​

$

15.66

Income from Investment Operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income (loss)(a)(b)(c)

​

0.35

​

0.25

​

0.17

​

0.69

​

0.37

Net realized and unrealized gain/(loss) on securities

​

(1.28)

​

(0.61)

​

6.88

​

(3.76)

​

(1.83)

Total from Investment Operations

​

(0.93)

​

(0.36)

​

7.05

​

(3.07)

​

(1.46)

Less Distributions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends from net investment income

​

(0.63)

​

(0.21)

​

(0.58)

​

(0.43)

​

(0.31)

Distributions from realized capital gains

​

—

​

(0.20)

​

—

​

—

​

(0.32)

Total Distributions

​

(0.63)

​

(0.41)

​

(0.58)

​

(0.43)

​

(0.63)

Net Asset Value, End of Period

​

$

14.21

​

$

15.77

​

$

16.54

​

$

10.07

​

$

13.57

Total Return

​

(5.65)%

​

(2.29)%

​

70.84%

​

(23.50)%

​

(8.95)%

Net Assets, End of Period (000s)

​

$

609.581

​

$

753,426

​

$

625,221

​

$

367,321

​

$

766,409

Ratios and Supplemental Data:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ratios of expenses to average net assets:(d)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

1.27%

​

1.26%

​

1.28%

​

1.28%

​

1.28%

Net

​

1.05%

​

1.04%

​

1.06%

​

1.06%

​

1.06%

Ratio of net investment income (loss) to average net assets(b)(c)

​

2.50%

​

1.49%

​

1.27%

​

5.02%

​

2.57%

Portfolio Turnover

​

18%

​

29%

​

35%

​

33%

​

52%

106

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

Pear Tree Polaris Foreign Value Small Cap Fund​

FINANCIAL HIGHLIGHTS (continued)

(For a share outstanding throughout each period)

​

R6 Shares

​

Years Ended March 31,

​

2023

2022

2021

2020

2019

Net Asset Value, Beginning of Period

​

$

11.53

​

$

12.20

​

$

7.53

​

$

10.25

​

$

12.02

Income from Investment Operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income (loss) (a) (b) (c)

​

0.25

​

0.17

​

0.13

​

0.55

​

0.24

Net realized and unrealized gain/(loss) on securities

​

(0.93)

​

(0.43)

​

5.12

​

(2.83)

​

(1.38)

Total from Investment Operations

​

(0.68)

​

(0.26)

​

5.25

​

(2.28)

​

(1.14)

Less Distributions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends from net investment income

​

(0.64)

​

(0.21)

​

(0.58)

​

(0.44)

​

(0.31)

Distributions from realized capital gains

​

—

​

(0.20)

​

—

​

—

​

(0.32)

Total Distributions

​

(0.64)

​

(0.41)

​

(0.58)

​

(0.44)

​

(0.63)

Net Asset Value, End of Period

​

$

10.21

​

$

11.53

​

$

12.20

​

$

7.53

​

$

10.25

Total Return

​

(5.59)%

​

(2.23)%

​

70.90%

​

(23.46)%

​

(8.95)%

Net Assets, End of Period (000s)

​

$

261,031

​

$

259,496

​

$

129,822

​

$

96,708

​

$

74,795

Ratios and Supplemental Data:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ratios of expenses to average net assets:(d)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

1.12%

​

1.12%

​

1.13%

​

1.13%

​

1.14%

Net

​

1.02%

​

1.02%

​

1.03%

​

1.03%

​

1.05%

Ratio of net investment income (loss) to average net assets(b)(c)

​

2.53%

​

1.35%

​

1.32%

​

5.62%

​

2.28%

Portfolio Turnover

​

18%

​

29%

​

35%

​

33%

​

52%

(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 by the investment advisor, and custody earnings credits, if any).

▪

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

▪

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

107​

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

​

Years Ended March 31,

January 30, 2019(1) through March 31, 2019

​

2023

2022

2021

2020

​

​

​

Net Asset Value, Beginning of Period

​

$

12.69

​

$

13.95

​

$

7.98

​

$

10.60

​

$

10.00

Income from Investment Operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income (loss)(a)(c)

​

0.17

​

0.10

​

0.01

​

(0.05)

​

(0.04)

Net realized and unrealized gain/(loss) on securities

​

(1.03)

​

0.23

​

6.05

​

(2.54)

​

0.64

Total from Investment Operations

​

(0.86)

​

0.33

​

6.06

​

(2.59)

​

0.60

Less Distributions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends from net investment income

​

(0.15)

​

(0.16)

​

—

​

—

​

—

Distributions from realized capital gains

​

—

​

(1.43)

​

(0.09)

​

(0.03)

​

—

Total Distributions

​

(0.15)

​

(1.59)

​

(0.09)

​

(0.03)

​

—

Net Asset Value, End of Period

​

$

11.68

​

$

12.69

​

$

13.95

​

$

7.98

​

$

10.60

Total Return

​

(6.69)%

​

1.90%

​

76.07%

​

(24.50)%

​

6.00% (3)

Net Assets, End of Period (000s)

​

$

95

​

$

131

​

$

86

​

$

49

​

$

63

Ratios and Supplemental Data:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ratios of expenses to average net assets:(d)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

1.60%

​

1.63%

​

1.62%

​

1.90%

​

4.54% (2)

Net

​

1.60%

​

1.63%

​

1.62%

​

1.90%

​

4.54% (2)

Ratio of net investment income (loss) to average net assets(c)

​

1.56%

​

0.72%

​

0.12%

​

(0.44)%

​

(3.52)% (2)

Portfolio Turnover

​

57%

​

51%

​

55%

​

142%(e)

​

22% (3)

108

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

​

Years Ended March 31,

January 30, 2019(1) through March 31, 2019

​

2023

2022

2021

2020

Net Asset Value, Beginning of Period

​

$

12.83

​

$

14.06

​

$

8.02

​

$

10.60

​

$

10.00

Income from Investment Operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income (loss)(a)(b)(c)

​

0.22

​

0.18

​

0.06

​

(0.01)

​

(0.04)

Net realized and unrealized gain/(loss) on securities

​

(1.04)

​

0.21

​

6.07

​

(2.54)

​

0.64

Total from Investment Operations

​

(0.82)

​

0.39

​

6.13

​

(2.55)

​

0.60

Less Distributions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends from net investment income

​

(0.20)

​

(0.19)

​

—

​

—

​

—

Distributions from realized capital gains

​

—

​

(1.43)

​

(0.09)

​

(0.03)

​

—

Total Distributions

​

(0.20)

​

(1.62)

​

(0.09)

​

(0.03)

​

—

Net Asset Value, End of Period

​

$

11.81

​

$

12.83

​

$

14.06

​

$

8.02

​

$

10.60

Total Return

​

(6.32)%

​

2.37%

​

76.56%

​

(24.10)%

​

6.00% (3)

Net Assets, End of Period (000s)

​

$

3,438

​

$

3,682

​

$

12,314

​

$

6,995

​

$

9,245

Ratios and Supplemental Data:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ratios of expenses to average net assets:(d)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

1.38%

​

1.34%

​

1.37%

​

1.65%

​

4.29% (2)

Net

​

1.26%

​

1.22%

​

1.25%

​

1.53%

​

4.17% (2)

Ratio of net investment income (loss) to average net assets(b)(c)

​

1.94%

​

1.21%

​

0.49%

​

(0.05)%

​

(3.15)% (2)

Portfolio Turnover

​

57%

​

51%

​

55%

​

142%(e)

​

22% (3)

109​

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

​

Years EndedMarch 31,

January 30, 2019 (1) through March 31, 2019

​

2023

2022

2021

2020

Net Asset Value, Beginning of Period

​

$

12.82

​

$

14.07

​

$

8.02

​

$

10.60

​

$

10.00

Income from Investment Operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net investment income (loss)(a)(c)

​

0.22

​

0.15

​

0.06

​

(0.01)

​

(0.04)

Net realized and unrealized gain/(loss) on securities

​

(1.04)

​

0.23

​

6.08

​

(2.53)

​

0.64

Total from Investment Operations

​

(0.82)

​

0.38

​

6.14

​

(2.54)

​

0.60

Less Distributions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends from net investment income

​

(0.20)

​

(0.20)

​

—

​

(0.01)

​

—

Distributions from realized capital gains

​

—

​

(1.43)

​

(0.09)

​

(0.03)

​

—

Total Distributions

​

(0.20)

​

(1.63)

​

(0.09)

​

(0.04)

​

—

Net Asset Value, End of Period

​

$

11.80

​

$

12.82

​

$

14.07

​

$

8.02

​

$

10.60

Total Return

​

(6.30)%

​

2.25%

​

76.69%

​

(24.08)%

​

6.00% (3)

Net Assets, End of Period (000s)

​

$

24,524

​

$

22,121

​

$

11,490

​

$

6,240

​

$

1,371

Ratios and Supplemental Data:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ratios of expenses to average net assets:(d)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

1.23%

​

1.29%

​

1.22%

​

1.50%

​

4.14% (2)

Net

​

1.23%

​

1.29%

​

1.22%

​

1.50%

​

4.14% (2)

Ratio of net investment income (loss) to average net assets (c)

​

1.99%

​

1.11%

​

0.51%

​

(0.08)%

​

(3.12)% (2)

Portfolio Turnover

​

57%

​

51%

​

55%

​

142% (e)

​

22% (3)

(1)

Commenced Operations on January 30, 2019

(2)

Annualized

(3)

Not 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 by the investment advisor, and custody earnings credits, if any).

▪

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

▪

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

(e)

Turnover is higher due to a change in strategy as of January 1, 2020. 

110

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

PEAR TREE FUNDS​

NOTES TO FINANCIAL STATEMENTS

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, 2023, the Trust had seven separate series (each a “Fund” and collectively the “Funds”), offering shares of beneficial interest, each Fund having its own investment objective and principal strategy.

The current Funds are:

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 Axiom Emerging Markets World Equity Fund (“Emerging Markets World Equity”), 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 “non-diversified company,” within the meaning of the 1940 Act, other than Environmental Opportunities and Emerging Markets World Equity, each of which is a “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 liquidation. 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, and, R6 Shares were offered only by Environmental Opportunities, Emerging Markets World Equity, Foreign Value, Foreign Value Small Cap and International Opportunities.

At times, a Fund’s investments may include investments in industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible 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 the U.S. market or a 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.

111​

PEAR TREE FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

Essex Reorganization

Pear Tree Essex Environmental Opportunities Fund, (the “Successor Fund”) commenced investment operations as a new series of the Trust on September 1, 2021 with three authorized classes: R6 Shares, Ordinary Shares and Institutional Shares. Immediately prior to commencing operations, the Successor Fund had acquired the assets and assumed the liabilities of Essex Environmental Opportunities Fund (the “Predecessor Fund”) in a tax-free reorganization (the “Reorganization”), as set out in an Agreement and Plan of Reorganization (the “Plan of Reorganization”). The Predecessor Fund had offered two classes of shares: Investor Class shares and Institutional Class shares. The Plan of Reorganization was approved by the Predecessor Fund’s Board of Trustees on February 11, 2021, by the Successor Fund’s Trustees on May 19, 2021, and by the Predecessor Fund’s shareholders on August 16, 2021. The Reorganization was effected after the close of business on August 31, 2021. As a result of the Reorganization, the Successor Fund also assumed the performance and accounting history of the Predecessor Fund. Financial information included herein for the dates on or before August 31, 2021 is that of the Predecessor Fund.

As part of the Reorganization, each shareholder of the Predecessor Fund received the same aggregate share net asset value in the corresponding class of the Successor Fund as noted below. No Predecessor Fund shareholder received any R6 Shares of the Successor Fund:

Predecessor Fund	​	​	​	​	​	Successor Fund	​	​	​	​	​
Class	Aggregate No. of Shares		Aggregate Net Asset Value			Class	Aggregate No. of Shares		Aggregate Net Asset Value
Investor Class	​	13,094	​	$	263,409	Ordinary Shares	​	13,094	​	$	263,409
Institutional Class	​	3,276,149	​	$	66,560,974	Institutional Shares	​	3,276,149	​	$	66,560,974
​	​	​	​	​	​	R6 Shares	​	—	​	$	—

The aggregate amount of net unrealized appreciation of the Predecessor Fund’s investments transferred to the Successor Fund was as of August 31, 2021 $15,797,686.

Each of the Predecessor Fund and Successor Fund has as its investment objective to seek long-term growth of capital.

At the time of the Reorganization the Successor Fund had a fiscal year end of March 31, and the Predecessor Fund’s fiscal year end was August 31. On October 21, 2021, the Successor Fund’s Trustees changed the Successor Fund’s fiscal year end to March 31, to correspond to the fiscal year end applicable to each of the other Pear Tree Funds.

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.

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

112

PEAR TREE FUNDS​

NOTES TO FINANCIAL STATEMENTS (continued)

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 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:

•

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has the ability to access.

•

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.

•

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.

113​

PEAR TREE FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

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, 2023:

​	Quoted Prices In Active Markets			Significant Other Observable Inputs			Significant Unobservable Inputs			Market Value at March 31, 2023
​	Level 1			Level 2			Level 3			Total
Small Cap	​	​	​	​	​	​	​	​	​	​	​	​
Common Stock*	​	$	75,885,577	​	$	—	​	$	—	​	$	75,885,577
Short-Term Investments	​		2,104,109	​		—	​		—	​		2,104,109
Total	​	$	77,989,686	​	$	—	​	$	—	​	$	77,989,686
Quality	​	​	​	​	​	​	​	​	​	​	​	​
Common Stock*	​	$	151,864,102	​	$	—	​	$	—	​	$	151,864,102
Depositary Receipts	​		32,292,424	​		—	​		—	​		32,292,424
Short-Term Investments	​		2,932,032	​		—	​		—	​		2,932,032
Total	​	$	187,088,558	​	$	—	​	$	—	​	$	187,088,558
Environmental Opportunities	​	​	​	​	​	​	​	​	​	​	​	​
Common Stock*	​	$	68,466,718	​	$	—	​	$	—	​	$	68,466,718
Short-Term Investments	​		4,851,408	​		—	​		—	​		4,851,408
Total	​	$	73,318,126	​	$	—	​	$	—	​	$	73,318,126
Emerging Markets World Equity	​	​	​	​	​	​	​	​	​	​	​	​
Common Stock*	​	$	59,012,249	​	$	850,829	​	$	—	​	$	59,863,078
Depository Receipts	​		6,514,957	​		—	​		—	​		6,514,957
Mutual Funds	​		1,751,561	​		—	​		—	​		1,751,561
Preferred Stock	​		486,108	​		—	​		—	​		486,108
P-Notes	​		—	​		786,160	​		—	​		786,160
Rights	​		—	​		225	​		—	​		225
Short Term Investments	​		28,005	​		—	​		—	​		28,005
Total	​	$	67,792,880	​	$	1,637,214	​	$	—	​	$	69,430,094
Foreign Value	​	​	​	​	​	​	​	​	​	​	​	​
Common Stock*	​	$	3,022,361,381	​	$	22,696,924	​	$	5,294	​	$	3,045,063,599
Warrants	​		88,461	​		—	​		—	​		88,461
Short-Term Investments	​		103,882,462	​		—	​		—	​		103,882,462
Total	​	$	3,126,332,304	​	$	22,696,924	​	$	5,294	​	$	3,149,034,522

114

PEAR TREE FUNDS​

NOTES TO FINANCIAL STATEMENTS (continued)

​

Quoted Prices In Active Markets

Significant Other Observable Inputs

Significant Unobservable Inputs

Market Value at March 31, 2023

​

Level 1

Level 2

Level 3

Total

Foreign Value Small Cap

​

​

​

​

​

​

​

​

​

​

​

​

Common Stock*

​

$

925,116,787

​

$

48,037,977

​

$

—

​

$

973,154,764

Short-Term Investments

​

19,427,447

​

—

​

—

​

19,427,447

Total

​

$

944,544,234

​

$

48,037,977

​

$

—

​

$

992,582,211

International Opportunities

​

​

​

​

​

​

​

​

​

​

​

​

Common Stock*

​

$

26,711,253

​

$

970,949

​

$

—

​

$

27,682,202

Short-Term Investments

​

411,380

​

—

​

—

​

411,380

Total

​

$

27,122,633

​

$

970,949

​

$

—

​

$

28,093,582

At March 31, 2023 there were two Level 3 securities held by Emerging Markets World Equity. The aggregate market value of these securities was $0 at March 31, 2023. No Level 3 securities were held in Small Cap, Quality, Environmental Opportunities, Foreign Value Small Cap or International Opportunities Funds. 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, 2023.

​	Foreign Value Common Stock
Balance as of 3/31/2022	​	$	4,995
Realized gain (loss)	​		—
Changed in unrealized appreciation (depreciation)	​		299
Purchases	​		—
Sales	​		—
Transfer into Level 3	​		—
Transfer out of Level 3	​		—
Balance as of 3/31/2023	​	$	5,294

*

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, 2023, Emerging Markets transferred $ 851,054 out of Level 1 into Level 2 due to closure of the local market.

•

Small Cap, Quality, Environmental Opportunities, Foreign Value, Foreign Value Small Cap and International Opportunities had no transfers.

*

For each Fund other than Small Cap,Quality and Environmental Opportunities, no common stock was labeled as Level 2 as of March 31, 2023. For Emerging Markets, Foreign Value , Foreign Value Small Cap and International Opportunities, the aggregate market value of common stock labeled as Level 2 consists of the market value of the common stock and rights labeled as Level 2 in the following industries :

115​

PEAR TREE FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

​	Emerging Markets World Equity			Foreign Value			Foreign Value Small Cap			International Opportunities
Banks	​	$	1,165,383	​	$	22,696,924	​	$	48,037,977	​	$	548,716
Diversified Financial Services	​		—	​		—	​		—	​		422,233
Machinery	​		225	​		—	​		—	​		—
Oil, Gas & Consumable Fuels	​		116,631	​		—	​		—	​		—
Software	​		354,975	​		—	​		—	​		—
​	​	$	1,637,214	​	$	22,696,924	​	$	48,037,977	​	$	970,949

•

Market value of common stock labeled as Level 3 in Emerging Markets and Foreign Value consists of the market value of the common stock labeled as Level 3 in the following industries :

​	Emerging Markets World Equity			Foreign Value
Food & Staples Retailing	​	$	0	​	$	—
Semiconductors & Semiconductor Equipment	​		0	​		—
Metals & Mining	​		—	​		5,294
​	​	$	0	​	$	5,294

No other Fund held common stock labeled as Level 3 as of March 31, 2023.

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, 2023;

Common Stock	Fair Value March 31, 2023			Valuation Methodologies		Unobservable Inputs (1)		Range		Impact to Valuation From a Decrease in Input (2)
Emerging Markets	​	$	0	​	Market Comparable	​	Comparability Adjustment	​	100%	​	Decrease
Foreign Value	​	$	5,294	​	Market Comparable	​	Comparability Adjustment	​	100%	​	Decrease

(1)

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

(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

116

PEAR TREE FUNDS​

NOTES TO FINANCIAL STATEMENTS (continued)

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.

Guarantees and 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 subsequent 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 underlying assets 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, 2023, 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, the Fund is subject to the risk that the counterparty will not perform obligations under the related contract. Although the 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.

The purchase of participatory notes involves risk that is in addition to the risks normally associated with a direct investment in the underlying securities. A participatory note (or “P-Note”) is a type of equity-linked

117​

PEAR TREE FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

derivative that generally is traded over-the-counter and constitutes general unsecured contractual obligations of the banks or broker-dealers that issue them. Generally, banks and broker-dealers associated with non-U.S.-based brokerage firms buy securities listed on certain foreign exchanges and then issue P-Notes which are designed to replicate the performance of certain issuers and markets. A Fund holding a participatory note is subject to the risk that the counterparty or issuer of the P-Note may not be able to fulfill its obligations or that the holder and counterparty or issuer may disagree as to the meaning or application of contractual terms. Additionally, while P-Notes may be listed on an exchange, there is no guarantee that the counterparty or issuer of a P-Note will be willing to repurchase such instrument when a Fund wishes to sell it.

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, 2023 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, 2023, there were no outstanding Spot Foreign Currency Contracts:

118

PEAR TREE FUNDS​

NOTES TO FINANCIAL STATEMENTS (continued)

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 attributable to a specific Fund are allocated among all Funds in proportion to the respective net assets of the Funds.

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, except that 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 Fee, 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, 2023, with respect to Foreign Value and Foreign Value Small Cap, the Manager has agreed 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, 2023 this arrangement only may be terminated by the Trustees in their sole discretion.

Since December 1, 2013, and most recently extended to July 31, 2023, 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

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average daily net assets for amounts in excess of  $125 million. On and before July 31, 2023, this arrangement only may be terminated by the Trustees in their sole discretion.

Since March 18, 2016, and most recently extended to July 31, 2023, the Manager has agreed to waive such portion of the management fees that it would otherwise receive under its agreement with the Trust for serving as investment manager to Emerging Markets World Equity Fund, such that the aggregate management fee that the Manager would receive during the waiver period for serving as the investment manager of Emerging Markets World Equity Fund would be calculated using (a) an annual rate of 0.78 percent if Emerging Markets World Equity Fund’s net assets are up to $300 million, (b) an annual rate of 0.83 percent if Emerging Markets World Equity Fund’s net assets are between $300 million and $600 million, and (c) an annual rate of 0.88 percent if Emerging Markets World Equity Fund’s net assets are in excess of $600 million. On and before July 31, 2023, this arrangement 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 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, 2023, aggregate management fees inclusive of fee waivers from all Funds were $43,956,535, as disclosed on the Statement of Operations.

Since November 15, 2019, and most recently extended to July 31, 2023, the Manager has agreed to reimburse the Emerging Markets Fund R6 Shares and Foreign Value Fund R6 Shares to the extent necessary for the Fund to maintain the total net annual operating expenses for the class to 0.99% and 0.94% respectively. 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, 2023 this arrangement only may be terminated by the Trustees in their sole discretion.

Since June 1, 2020, and most recently extended to July 31, 2023, 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, 2023 this arrangement only may be terminated by the Trustees in their sole discretion.

Since September 1, 2021, and most recently extended to July 31, 2023, 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, 2023 this arrangement only may be terminated by the Trustees in their sole discretion.

Except with respect to Environmental Opportunities, 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 or any Sub-Adviser.

The Sub-Adviser as investment manager to the predecessor fund to Environmental Opportunities, was entitled to recoup from the predecessor fund for a three-year period certain reimbursed or waived predecessor fund fees and expenses incurred on or before August 31, 2021, the date of the reorganization of the predecessor fund into Environmental Opportunities. In connection with that reorganization, the Manager agreed that the Sub-Adviser may recoup amounts equivalent to the amounts the Sub-Adviser would otherwise have been entitled to recoup from the predecessor fund had the reorganization not occurred, provided that the expenses of Environmental Opportunities do not exceed the limitations set forth in the current fee waiver/expense reimbursement agreement between the Trust and the Manager.

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NOTES TO FINANCIAL STATEMENTS (continued)

For the year ended March 31, 2023, and for the period August 31, 2021 to March 31, 2022, the Sub-Adviser did not recoup from Environmental Opportunities pursuant to its agreement with the Manager any amount. As of March 31, 2023, the Sub-Adviser is entitled to recoup from Environmental Opportunities the following amounts:

Recoupment Permitted through	​	​
August 31, 2023	$	195,335
August 31, 2024	$	145,592

Otherwise, with respect to Environmental Opportunities, neither the Manager nor the Sub-Adviser may recoup any amount of those fees that have been waived or fund expenses that have been reimbursed by the Manager or the Sub-Adviser.

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: Axiom International Investors, LLC (Emerging Markets World Equity), 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.)

For services rendered, the Manager pays to the Sub-Advisers of a Fund a 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, 2023, 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
Emerging Markets World Equity	0.35% for the first $100 million and 0.40% of the amounts in excess of $100 million but less than $200 million and 0.45% of amounts in excess of $200 million of 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

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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

Since March 31, 2017, and most recently extended through July 31, 2023, the sub-adviser to each of Foreign Value and Foreign Value Small Cap 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 assets in excess of $200 million of average daily total net assets
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 assets 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 with the approval of the Trustees.

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, 2023, the aggregate 12b-1 distribution fees of the Funds were $1,916,061, as disclosed on the Statement of Operations.

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NOTES TO FINANCIAL STATEMENTS (continued)

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.

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  .04 percent of that Fund’s net assets attributable to Institutional Shares, these waivers are effective as follows:

 March 31, 2017 through July 31, 2023 for Small Cap, Foreign Value, and Foreign Value Small Cap.

 June 1, 2017 through July 31, 2023 for Quality and Emerging Markets World Equity.

 January 1, 2019 through July 31, 2023 for International Opportunities.

 September 1, 2021 through July 31, 2023 for Environmental Opportunities.

On and before July 31, 2023, these arrangements only may be terminated by the Trustees in their sole discretion.

During the year ended March 31, 2023, the aggregate transfer agent fees, inclusive of fee waivers, from all Funds were $2,703,944, 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, 2023, the aggregate amount of fees paid by all Funds pursuant to this agreement was $1,518,869, 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, 2023, the Trust reimbursed the Manager a portion of the Chief Compliance Officer’s compensation in the aggregate amount of $264,216.

Custody and Fund Accounting

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

To the knowledge of the Trust, neither 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, 2023, there were no custody credits.

Trustees’ Fees

For the year ended March 31, 2023, 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 $50,000, 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

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NOTES TO FINANCIAL STATEMENTS (continued)

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.

4. Purchases and Sales

During the year ended March 31, 2023, purchases of investment securities other than U.S. Government obligations and short-term investments, by Small Cap, Quality, Environmental Opportunities, Emerging Markets, Foreign Value, Foreign Value Small Cap, and International Opportunities, were $23,245,451, $59,269,951, $26,930,201, $87,558,804, $503,797,694, $173,003,506, and $17,262,094, respectively. Sales of such securities for the Funds were $25,320,177, $64,908,465, $19,908,745, $94,681,333, $1,236,439,297, $207,168,942, and $13,006,855, respectively.

5. Contingent Liability

The Trust maintains a joint fidelity bond with the Funds’ Transfer Agent through ICI Mutual Insurance Company (“ICI Mutual”). The annual premium is allocated among the Funds and the Transfer Agent. Additionally, the Funds 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 is held by ICI Mutual (and is returnable to the Funds under specified circumstances).

6. Concentration of Risk

The relatively large investments of Emerging Markets, and from time to time, 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 (“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.

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NOTES TO FINANCIAL STATEMENTS (continued)

Certain Funds had capital loss carryovers at March 31, 2023. 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, 2023
​	Capital Loss Carry Forward due to Merger Subject to Limitation			Capital Loss Short Term No Expiration Short Term			Capital Loss Long Term No Expiration Long Term			Total Capital Loss
Small Cap	​	$	—	​	$	(650,368)	​	$	(315,658)	​	$	(966,026)
Quality	​		—	​		—	​		—	​		—
Environmental Opportunities	​		—	​		(4,357,117)	​		(970,435)	​		(5,327,552)
Emerging Markets World Equity	​		(23,094,371)	​		(14,781,336)	​		(220,579)	​		(38,096,286)
Foreign Value	​		—	​		(151,444,436)	​		(197,977,605)	​		(349,422,041)
Foreign Value Small Cap	​		—	​		(27,787,165)	​		(55,775,636)	​		(83,562,801)
International Opportunities	​		—	​		(1,072,392)	​		—	​		(1,072,392)

Emerging Markets World Equity Fund’s acquired losses are subject to an annual 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 2020-2022, or expected to be taken in the Fund’s 2023 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. The net tax appreciation/(depreciation) in the table below includes unrealized tax gain/(loss) on foreign currency and investments.

​	March 31, 2023
Portfolio	Org Cost			Undistributed Ordinary Income			Undistributed Capital Gains			Late Year Ordinary and Post October Capital Loss Deferrals			Capital Loss Carryover			Net Tax Appreciation/​ (Depreciation)			Total
Small Cap	​	$	—	​	$	697,958	​	$	—	​	$	—	​	$	(966,026)	​	$	16,732,600	​	$	16,464,532
Quality	​		—	​		730,641	​		4,185,685	​		—	​		—	​		22,654,887	​		27,571,213
Environmental Opportunities	​		—	​		—	​		—	​		—	​		(5,327,552)	​		(1,795,109)	​		(7,122,661)
Emerging Markets World Equity	​		—	​		359,388	​		—	​		—	​		(38,096,286)	​		641,696	​		(37,095,202)
Foreign Value	​		—	​		81,524,478	​		—	​		—	​		(349,422,041)	​		249,536,597	​		(18,360,966)
Foreign Value Small Cap	​		—	​		7,221,451	​		—	​		—	​		(83,562,801)	​		(5,789,500)	​		(82,130,850)
International Opportunities	​		(31,313)	​		59,286	​		—	​		—	​		(1,072,392)	​		2,912,736	​		1,868,317

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NOTES TO FINANCIAL STATEMENTS (continued)

At March 31, 2023, the tax composition of dividends was as follows:

Portfolio	Ordinary Income			Long-Term Capital Gains			Tax Return Of Capital
Small Cap	​	$	346,245	​	$	6,782,072	​	$	—
Quality	​		1,054,530	​		21,110,522	​		—
Environmental Opportunities	​		3,719	​		—	​		—
Emerging Markets World Equity	​		—	​		—	​		—
Foreign Value	​		72,985,010	​		—	​		—
Foreign Value Small Cap	​		49,234,069	​		—	​		—
International Opportunities	​		424,982	​		—	​		—

At March 31, 2022 the tax composition of dividends was as follows:

Portfolio	Ordinary Income			Long-Term Capital Gains			Tax Return Of Capital
Small Cap	​	$	2,564,170	​	$	4,586,899	​	$	—
Quality	​		4,345,346	​		17,486,530	​		—
Environmental Opportunities	​		842,460	​		3,574,481	​		—
Emerging Markets World Equity	​		1,562,187	​		7,287,054	​		—
Foreign Value	​		68,265,639	​		—	​		—
Foreign Value Small Cap	​		15,709,203	​		15,641,635	​		—
International Opportunities	​		2,069,943	​		708,736	​		—

As of March 31, 2023, the following funds had qualified late-year ordinary losses, which are deferred until fiscal year 2024 for tax purposes.

Portfolio	Late-Year Ordinary Losses
Small Cap	​	$	—
Quality	​		—
Environmental Opportunities	​		—
Emerging Markets World Equity	​		—
Foreign Value	​		—
Foreign Value Small Cap	​		—
International Opportunities	​		—

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NOTES TO FINANCIAL STATEMENTS (continued)

As of March 31, 2023, the following funds had post-October capital losses which are deferred until April 1, 2023 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.

Portfolio	Post-October Capital Losses
Small Cap	​	$	—
Quality	​		—
Environmental Opportunities	​		—
Emerging Markets World Equity	​		—
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, 2023, 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, Emerging Markets World Equity, Foreign Value, Foreign Value Small Cap, and International Opportunities Funds for $0, $0, $188,179, $0, $0, $0, and $0, respectively.

Permanent differences primarily relate to net operating losses, return of capital distributions by real estate investment trusts (REITs) and non-REIT securities, foreign currency reclasses, adjustments for sale of shares in passive foreign investment corporations (PFICs), re-designations of distributions and foreign capital gains tax reclass.

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NOTES TO FINANCIAL STATEMENTS (continued)

Federal Tax Information (unaudited)

Designation Requirements at March 31, 2023	​
​	Qualified Dividend Income Percentage
Small Cap	100.00%
Quality	100.00%
Essex Environmental Opportunities	0.00%
Emerging Markets World Equity	0.00%
Foreign Value	100.00%
Foreign Value Small Cap	100.00%
International Opportunities	100.00%

The Funds may elect under section 853 of the Internal Revenue Code to pass through foreign tax credit to its shareholders for the year ended March 31, 2023.

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 Credit			Foreign Source Income
Emerging Market World Equity	​	$	230,819	​	$	1,964,970
Foreign Value	​		10,738,230	​		92,213,059
Foreign Value Small Cap	​		3,314,678	​		28,396,605
International Opportunities	​		87,623	​		538,144

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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 Axiom Emerging Markets World Equity 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, 2023, 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, 2023, 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 Pear Tree Funds	Statement of operations	Statements of changes in net assets	Financial highlights
Pear Tree Polaris Small Cap Fund, Pear Tree Quality Fund, Pear Tree Axiom Emerging Markets World Equity Fund, Pear Tree Polaris Foreign Value Fund, Pear Tree Polaris Foreign Value Small Cap Fund	For the year ended March 31, 2023	For each of the two years in the period ended March 31, 2023	For each of the five years in the period ended March 31, 2023
Pear Tree Polaris International Opportunities Fund	For the year ended March 31, 2023	For each of the two years in the period ended March 31, 2023	For each of the three years in the period ended March 31, 2023 and the period January 30, 2019 (commencement of operations) through March 31, 2019
Pear Tree Essex Environmental Opportunities Fund	For the year ended March 31, 2023	For the year ended August 31, 2021, 7 months period ending March 31, 2022 and the year ended March 31, 2023	For the year ended August 31, 2021, 7 months period ending March 31, 2022 and the year ended March 31, 2023

The financial highlights for each of the two years in the period ended August 31, 2020 have been audited by other auditors, whose report dated October 30, 2020 expressed unqualified opinion on such statement of changes in net assets and financial highlights.

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REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM (continued)

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.

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, 2023 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.

TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
May 26, 2023

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INFORMATION FOR SHAREHOLDERS

Quarterly Portfolio Disclosure

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Forms N-PORT (and formerly Forms N-Q) are available on the SEC’s website at www.sec.gov. For a complete list of a fund’s portfolio holdings, you may also view the most recent monthly holdings report, semi-annual report or annual report on the Pear Tree Funds’ web site at www.peartreefunds.com.

Portfolio Proxy Voting Policies and Information

Information on the Funds’ proxy voting policies and on how the Pear Tree Funds voted proxies related to portfolio securities for the 12-month period ended June 30, 2022 is available without charge online at www.peartreefunds.com and at www.sec.gov. You may also call 1-800-326-2151 to request a free copy of the proxy voting information or the proxy voting policies.

Household Delivery of Fund Documents

With your consent, the Trust may send a single proxy statement, prospectus and shareholder report to your residence for you and any other member of your household who has an account with the Funds. If you wish to revoke your consent to this practice, you may do so by notifying the Fund’s transfer agent, by phone or in writing (see “For Account Information”). The mailing of separate proxy statements, prospectuses and shareholder reports will begin within 30 days after receiving your notice.

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PEAR TREE FUNDS

TRUSTEES AND OFFICERS (Unaudited)

The tables below identify the current Trustees and officers of the Trust, their ages, their present positions with the Trust, terms of office with the Trust and length of time served, principal occupations over at least the last five years and other directorships/trusteeships held. Each Trustee and officer holds office for an indefinite term until his or her successor is chosen and qualified or until his or her earlier death, resignation, retirement or removal. The mailing address of each of the Trustees and Officers of the Trust is 55 Old Bedford Road, Suite 202, Lincoln, Massachusetts 01773.

Messrs. Bulbrook, Dunlap and Marshall are members of the Funds’ Audit Committee. Mr. Marshall is the Chair of the Audit Committee. The Fund’s Statement of Additional Information (“SAI”) includes additional information about the Fund Trustees and is available without charge, upon request. To obtain a free copy of the current SAI, please access the Funds’ web site at www.peartreefunds.com or call shareholder services at 1-800-326-2151.

Trustees who are not Interested Persons of the Trust

The following individuals are Trustees of the Trust (each, a “Trustee”), but not “interested persons” of the Trust, as that term is defined in the 1940 Act.

Name and Age	Position Held With Trust	Term of Office/ Length of Time Served	Principal Occupation(s) during Past Five Years	Number of Portfolios in Fund  Complex Overseen	Other Directorships Held by Trustee in Public Companies
John M. Bulbrook (Born: July 1942)	Trustee	Indefinite Term (1985 to present)	CEO and Treasurer, John M. Bulbrook Insurance Agency, Inc. (d/b/a Bulbrook/Drislane Brokerage) (distributor of financial products, including insurance) (1984–Present)	7	None
William H. Dunlap (Born: March 1951)	Trustee	Indefinite Term (October 2006 to present)	President, New Hampshire Historical Society, (Feb. 2010–Present); Principal, William H. Dunlap & Company (consulting firm) (2005– Present); Director, Merrimack County Savings Bank (2005–March 2023); Trustee, New Hampshire Mutual Bancorp (2013– March 2023)	7	None

132

PEAR TREE FUNDS​

TRUSTEES AND OFFICERS (Unaudited) (continued)

Name and Age	Position Held With Trust	Term of Office/ Length of Time Served	Principal Occupation(s) during Past Five Years	Number of Portfolios in Fund  Complex Overseen	Other Directorships Held by Trustee in Public Companies
Clinton S. Marshall (Born: May 1957)	Trustee	Indefinite Term (April 2003 to present)	Principal, Coastal CFO Solutions, outsource firm offering CFO solutions to businesses (1998–Present); CFO, Fore River Company (2002–Present)	7	None

133​

PEAR TREE FUNDS

TRUSTEES AND OFFICERS (Unaudited) (continued)

Trustees and Officers who are Interested Persons of the Trust

The following individuals are Trustees or officers of the Trust who are “interested persons” of the Trust, as that term is defined in the 1940 Act.

Name and Age	Position Held With Trust	Term of Office/ Length of Time Served	Principal Occupation(s) during Past Five Years	Number of Portfolios in Fund  Complex Overseen	Other Directorships Held by Trustee/​ Officer in Public Companies
Willard L. Umphrey* (Born: July 1941)	Trustee, President, Chairman (1985 to present)	Indefinite Term (1985 to present)	Director, U.S. Boston Capital Corporation; President, Pear Tree Advisors, Inc.	7	U.S. Boston Corporation; U.S. Boston Asset Management Corporation; Pear Tree Advisors, Inc.; Pear Tree Partners Management LLC; Unidine Corporation; USB Corporation; U.S. Boston Insurance Agency, Inc.; U.S. Boston Capital Corporation; Woundchek Laboratories

134

PEAR TREE FUNDS​

TRUSTEES AND OFFICERS (Unaudited) (continued)

Name and Age	Position Held With Trust	Term of Office/ Length of Time Served	Principal Occupation(s) during Past Five Years	Number of Portfolios in Fund  Complex Overseen	Other Directorships Held by Trustee/​ Officer in Public Companies
Leon Okurowski (Born: December 1942)	Vice President, Treasurer (1985 to present)	(1985 to present)	Director and Vice President, U.S. Boston Capital Corporation; Treasurer, Pear Tree Advisors, Inc.	N/A	Everest USB Canadian Storage, Inc.; Pear Tree Advisors, Inc.; U.S. Boston Corporation; U.S. Boston Asset Management Corporation; USB Corporation; USB Everest Management, LLC; USB Everest Storage LLC; U.S. Boston Insurance Agency, Inc.; U.S. Boston Capital Corporation; Woundchek Laboratories
Deborah A. Kessinger (Born: May 1963)	Assistant Clerk and Chief Compliance Officer	(April 2005 to Present)	Senior Counsel (since 9/2004), President (since 8/2007) and Chief Compliance Officer (since 12/2005), U.S. Boston Capital Corporation; Senior Counsel (since 9/2004) and Chief Compliance Officer (since 10/2006), Pear Tree Advisors, Inc.; Compliance Consultant, Broadridge Financial Solutions (formerly Forefield, Inc.) (software provider) (2007 to 2016)	N/A	None

135​

PEAR TREE FUNDS

TRUSTEES AND OFFICERS (Unaudited) (continued)

Name and Age	Position Held With Trust	Term of Office/ Length of Time Served	Principal Occupation(s) during Past Five Years	Number of Portfolios in Fund  Complex Overseen	Other Directorships Held by Trustee/​ Officer in Public Companies
Diane Hunt (Born: February 1962)	Assistant Treasurer	(June 2010 to Present)	Controller (Since 3/2010) Pear Tree Advisors, Inc.; Accountant (Since 1984) U.S. Boston Capital Corporation	N/A	None
Thomas Buckley (Born: April 1985)	Clerk	(July 2018 to Present)	Legal Product Manager, Pear Tree Advisors, Inc.; Compliance Officer, Cantella & Co., Inc. (2/2018 – 7/2018); Compliance and Operations Associate, Arthur W. Wood Company (6/2016 –2/2018)	N/A	None
John Hunt (Born: July 1958)	Assistant Clerk	(February 2016 to Present)	Partner, Sullivan & Worcester LLP (4/2016 to present)	N/A	None

•

Trustee has been determined to be an “Interested Trustee” by virtue of, among other things, affiliation with one or more of the Funds’ investment advisor, Pear Tree Advisors, Inc., and the Funds’ distributor, U.S. Boston Capital Corporation.  

136

PEAR TREE FUNDS​

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT

Operation of the Liquidity Risk Management Program

This section describes operation and effectiveness of the Liquidity Risk Management Program (the “Liquidity Program”) established by Pear Tree Funds in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). The Trustees have appointed the Trust’s Assistant Treasurer to serve as Administrator of the Liquidity Program, subject to the oversight of the Trustees. Each Fund’s sub-adviser (a “Sub-Adviser”) executes the day-to-day investment management and security-level activities of the Fund in accordance with the requirements of the Liquidity Program, subject to the supervision of the Administrator and the Trustees.

The Administrator, among other things, (a) reviews the day-to-day operations of the Liquidity Program, (b) periodically reviews and approves liquidity classifications, (c) reviews periodic testing and determinations, as applicable, and (d) reviews other Liquidity Program related material. The Administrator also conducts periodic quantitative and qualitative assessments of each Sub-Adviser to monitor investment performance issues, risks and trends, including potential liquidity and valuation issues. In performing her functions, the Administrator relies on AbelNoser to provide certain data and other services. AbelNoser is not an affiliate of the Administrator, the Trust, the Fund’s investment manager or any Sub-Adviser.

At a meeting held on February 15, 2023, the Administrator provided to the Trustees a written report that addressed the Administrator’s assessment of the adequacy and effectiveness of the implementation and operation of the Liquidity Program and any material changes to the Liquidity Program. The report, which covered the period January 1, 2022 through December 31, 2022, included the Administrator’s assessment of important aspects of the Liquidity Program. The report also would have covered material liquidity matters that occurred or were reported during this period applicable to a Fund, had any occurred, and the Administrator’s actions to address such matters.

Operation and Effectiveness

Based on the review and assessment conducted by the Administrator, the Administrator determined that the Liquidity Program was operating as designed, that is, in a manner that is adequate and effective at assessing the liquidity risk of each Fund, and that none of the Funds experienced a liquidity problem, notwithstanding the recent market volatility. In addition, the Administrator had recommended that the “highly liquid investment minimum” and the “illiquid percentage” for each Fund remain unchanged, that is, at 40 percent and 15 percent , respectively.

137​

PEAR TREE FUNDS

SERVICE PROVIDERS

Manager	Pear Tree Advisors, Inc., 55 Old Bedford Road, Suite 202, Lincoln, MA 01773
Subadvisers	Axiom Investors LLC, 33 Benedict Place, Greenwich, CT 06830 Chartwell Investment Partners LLC, 1205 Westlakes Drive, Suite 100, Berwyn, PA 19312 Essex Investment Management Company, LLC, 125 High Street, Boston, MA 02110 Polaris Capital Management, LLC, 121 High Street, Boston, MA 02110
Distributor	U.S. Boston Capital Corporation, 55 Old Bedford Road, Suite 202, Lincoln, MA 01773
Custodian	UMB Bank n.a., 928 Grand Boulevard, 5th Floor, Kansas City, Missouri 64106
Fund Accountant	UMB Fund Services, Inc., 235 West Galena Street, Milwaukee, Wisconsin 53212
Transfer Agent	Pear Tree Institutional Services, 55 Old Bedford Road, Suite 202, Lincoln, MA 01773
Independent Registered Public Accounting Firm	Tait, Weller & Baker LLP, Two Liberty Place, 50 South 16th Street, Suite 2900 Philadelphia, PA 19102
Legal Counsel	Sullivan & Worcester LLP, One Post Office Square Boston, MA 02109
For Account Information	For Pear Tree Funds information, contact your financial adviser or, if you receive account statements directly from Pear Tree Funds, you can also call 1-800-326-2151. Telephone representatives are available from 8:30 a.m. to 4:30 p.m. Eastern Time. Or visit our website, www.peartreefunds.com

55 Old Bedford Road
Suite 202
Lincoln MA 01773

Address Service Requested

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© 2023 U.S. Boston Capital Corporation
Distributor of the Pear Tree Funds
Member, FINRA/SIPC

ITEM 1. (b) Not applicable for report period.

ITEM 2. Code of Ethics

(a) As of the end of the period covered by this Form N-CSR, Pear Tree Funds has adopted a code of ethics (as defined in Item 2(b) of Form N-CSR) that applies to the registrant’s principal executive officer and principal financial officer.

(c) There have been no amendments to the Pear Tree Fund’s Code of Ethics during the period covered by this report.

(d) There have been no waivers to the Pear Tree Fund’s Code of Ethics during the period covered by this report.

(e) Not applicable.

(f)(1) One copy of the Code of Ethics is being filed under Item 12(a) hereto.

(f)(3) The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-326-2151.

ITEM 3. Audit Committee Financial Expert

Pear Tree Fund’s Trustees have determined that Mr. Clinton S. Marshall is an “audit committee financial expert,” as defined in Item 3(b) of Form N-CSR. Mr. Marshall is “independent” under the standards set forth in Item 3(a)(2) of Form N-CSR.

ITEM 4. Principal Accountant Fees and Services

(a) - (d)          The following chart shows the aggregate fees billed in each of the last two fiscal years for services rendered by the registrant’s principal accountant, Tait, Weller and Baker, LLP (“Tait Weller”).

		FY 2022	FY 2023
Audit Fees*	Tait Weller	$158,200	$159,500
Audit-Related Fees**	Tait Weller	$0	$0
Tax Fees***	Tait Weller	$24,600	$24,800
All Other Fees****	Tait Weller	$0	$0

* “Audit Fees” are fees associated with professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements.

** “Audit-Related Fees” are fees associated with assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under “Audit Fees.”

*** “Tax Fees” are fees associated with professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Included with general tax compliance, advice and planning provided by Tait Weller to Pear Tree Funds was a review of Pear Tree Funds’ federal tax filings.

**** “All Other Fees” are fees associated with products and services provided by the principal accountant, other than the services reported as “Audit Fees,” “Audit-Related Fees,” or “Tax Fees.”

(e)(1) To the extent required by applicable law, pre-approval by the Audit Committee of the Trustees is needed for:

(i)  All audit and permissible non-audit services rendered to the Pear Tree Funds; and

(ii)  All permissible non-audit services rendered to Pear Tree Advisors, Inc. if the services relate directly to the operations and financial reporting of the Registrant. Pre-approval is currently on an engagement-by-engagement basis.

The Audit Committee may delegate the pre-approval of audit and permissible non-audit services and the related fees to the Chairman of the Audit Committee. Any such member’s decision to pre-approve audit and/or non-audit services and related fees shall be presented to the full Audit Committee, solely for informational purposes, at their next scheduled meeting.

(e)(2) No services in the past two fiscal years of the registrant were approved by the Audit Committee pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The following chart shows the aggregate non-audit fees billed by Tait Weller for services rendered to the registrant and the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, for each of the last two fiscal years of the registrant.

		2022	2023
Fees	Tait Weller	$41,200	$41,200

(h) Not applicable.

ITEM 5. Audit Committee of Listed Registrants

Not applicable.

ITEM 6. Investments

(a) Included as part of report to shareholders under Item 1.

(b) Not applicable.

ITEM 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

ITEM 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

ITEM 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

ITEM 10. Submission of Matters to a Vote of Security Holders

Not applicable.

ITEM 11. Controls and Procedures

(a)     The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(c) There has been no change in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) 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.

ITEM 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Not applicable.

(b) Not applicable.

ITEM 13. Exhibits

(a)(1) Code of Ethics

(a)(2) Certifications pursuant to Rule 30a-2(a) by the chief executive and financial officers.

(b) Certification pursuant to Rule 30a-2(b) and Section 906 by the chief executive and financial officers.

[Rest of page intentionally left blank]

SIGNATURES

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.

Pear Tree Funds

By:	/s/ Willard L. Umphrey
Willard L. Umphrey, President
Date: June 7, 2023

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, President

Date: June 7, 2023

By:	/s/ Leon Okurowski
Leon Okurowski, Treasurer

Date: June 7, 2023

EX-99.CODE ETH

Exhibit 99.CODEETH

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:

· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· 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;

· compliance with applicable laws and governmental rules and regulations;

· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· 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:

· 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;

· 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;

· 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;

· 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:

· any outside business activity that detracts from an individual’s ability to devote appropriate time and attention to his responsibilities with the Trust;

· service as a director on the board (or equivalent position) of any public or private company;

· the receipt of any non-nominal gifts in excess of $150;

· 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;

-2-

· 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;

· 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

· Each Covered Officer must familiarize himself with the disclosure requirements applicable to the Trust and the Funds’ disclosure controls and procedures;

· 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

· 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:

· upon adoption of the Code, affirm in writing to the Trustees that he has received, read, and understands the Code.

· annually thereafter affirm to the Trustees that he has complied with the requirements of the Code.

· 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.

· 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”).

-3-

The Trust will follow these procedures in investigating and enforcing this Code:

· the Chief Compliance Officer will take all appropriate action to investigate any violations and potential violations reported to it;

· violations will be reported to the Committee after such investigation;

· 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.

· The Trustees will be responsible for granting waivers, as appropriate; and

· 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.

VII. 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.

(revised August 2004)

(revised January 2011)

(revised January 2012 to reflect corporate name change)

(revised January 2013 to reflect non-material changes)

(revised February 2020 to reflect no material changes)

-4-

Exhibit A

Persons Covered by this Code of Ethics:

Okurowski, Leon

Umphrey, Willard L.

-5-

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.

/s/ Willard L. Umphrey
Name:	Willard L. Umphrey
Title:	Principal Executive Officer
Date:	January 25, 2023

-6-

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.

/s/ Leon Okurowski
Name:	Leon Okurowski
Title:	Principal Financial Officer
Date:	January 25, 2023

-7-

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, 2022.

/s/ Willard L. Umphrey
Name:	Willard L. Umphrey
Title:	Chief Executive Officer and President
Date:	January 25, 2023

-8-

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, 2022.

/s/ Leon Okurowski
Name:	Leon Okurowski
Title:	Principal Financial Officer
Date:	January 25, 2023

-9-

EX-99.CERT

Exhibit 99.CERT

CERTIFICATIONS

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:

(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;

(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;

(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

(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):

(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

(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: June 7, 2023	/s/ Willard L. Umphrey
	Willard L. Umphrey
	President

CERTIFICATIONS

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:

(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;

(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;

(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

(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):

(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

(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: June 7, 2023	/s/ Leon Okurowski
	Leon Okurowski
	Treasurer

EX-99.906 CERT

Exhibit 99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Pear Tree Funds (the “Fund”), hereby certifies, to the best of his knowledge, that the Fund’s Report on Form N-CSR for the period ended March 31, 2023 (the “Report”) fully complies with the requirements of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: June 7, 2023

/s/ Willard L. Umphrey

Willard L. Umphrey

President

This certification is being furnished solely pursuant to 18 U.S.C. §. 1350 and is not being filed as part of the Report or a separate disclosure document.

A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the SEC or its staff upon request.

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. §. 1350, the undersigned officer of Pear Tree Funds (the “Fund”), hereby certifies, to the best of his knowledge, that the Fund’s Report on Form N-CSR for the period ended March 31, 2023 (the “Report”) fully complies with the requirements of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: June 7, 2023

/s/ Leon Okurowski

Leon Okurowski

Treasurer

This certification is being furnished solely pursuant to 18 U.S.C. §. 1350 and is not being filed as part of the Report or a separate disclosure document.

A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the SEC or its staff upon request.