PEAR TREE POLARIS SMALL CAP FUND

SCHEDULE OF INVESTMENTS

June 30, 2023

(Unaudited)

Common Stock - 98.1%
	Shares		Value
AEROSPACE & DEFENSE - 4.5%
Curtiss-Wright Corporation		10,400	$	1,910,064
V2X, Inc. (a)		33,100		1,640,436
				3,550,500
AUTO COMPONENTS - 2.0%
Standard Motor Products, Inc.		42,600		1,598,352
AUTOMOBILES - 1.1%
Winnebago Industries, Inc.		12,567		838,093
BANKS - 16.1%
BOK Financial Corporation		14,064		1,136,090
Brookline Bancorp, Inc.		83,100		726,294
Cambridge Bancorp		13,330		723,952
Colony Bankcorp, Inc.		119,479		1,125,492
Cullen/Frost Bankers, Inc.		11,100		1,193,583
F.N.B. Corporation		61,980		709,051
International Bancshares Corporation		41,700		1,843,140
OFG Bancorp		76,100		1,984,688
South Plains Financial, Inc.		104,500		2,352,295
Southside Bancshares, Inc.		30,100		787,416
				12,582,001
BIOTECHNOLOGY - 2.0%
Exelixis, Inc. (a)		79,900		1,526,889
BUILDING PRODUCTS - 2.4%
Carlisle Companies Incorporated		3,500		897,855
Janus International Group, Inc. (a)		91,500		975,390
				1,873,245
CAPITAL MARKETS - 2.2%
Hercules Capital, Inc.		118,398		1,752,290
CHEMICALS - 2.2%
Cabot Corporation		25,573		1,710,578
COMMERCIAL SERVICES & SUPPLIES - 2.0%
Ennis, Inc.		78,200		1,593,716
CONSTRUCTION MATERIALS - 3.3%
Eagle Materials Inc.		13,800		2,572,596

CONSUMER FINANCE - 1.0%
SLM Corporation	48,600	793,152
CONTAINERS & PACKAGING - 5.2%
Berry Global Group, Inc.	29,400	1,891,596
Graphic Packaging Holding Co.	91,600	2,201,148
		4,092,744
DIVERSIFIED CONSUMER SERVICES - 1.9%
Perdoceo Education Corporation (a)	118,800	1,457,676
ELECTRICAL EQUIPMENT - 1.3%
Regal Rexnord Corporation	6,789	1,044,827
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 3.2%
Arrow Electronics, Inc. (a)	7,700	1,102,871
Kimball Electronics, Inc. (a)	50,245	1,388,269
		2,491,140
ENERGY EQUIPMENT & SERVICES - 3.8%
Dril-Quip, Inc. (a)	55,600	1,293,812
NOV, Inc.	102,938	1,651,126
		2,944,938
FINANCIAL SERVICES - 2.3%
EVERTEC Inc.	49,800	1,834,134
FOOD PRODUCTS - 2.7%
Ingredion Incorporated	19,600	2,076,620
GROUND TRANSPORTATION - 1.5%
Knight-Swift Transportation Holdings, Inc.	21,494	1,194,207
HEALTH CARE TECHNOLOGY - 2.0%
Computer Programs and Systems, Inc.	64,150	1,583,864
MACHINERY - 5.4%
Allison Transmission Holdings, Inc.	40,300	2,275,338
Wabash National Corporation	74,700	1,915,308
		4,190,646
METALS & MINING - 1.9%
Lundin Mining Corporation	189,400	1,485,659
OIL, GAS & CONSUMABLE FUELS - 3.6%
CVR Energy, Inc.	48,000	1,438,080
Diamondback Energy, Inc.	10,670	1,401,611
		2,839,691
PHARMACEUTICALS - 4.6%
Harmony Biosciences Holdings, Inc. (a)	36,100	1,270,359
Pacira BioSciences, Inc. (a)	25,300	1,013,771
Supernus Pharmaceuticals, Inc. (a)	42,500	1,277,550
		3,561,680

PROFESSIONAL SERVICES - 10.9%
Barrett Business Services, Inc.	26,300	2,293,360
CSG Systems International, Inc.	24,000	1,265,760
Kforce, Inc.	29,494	1,848,094
Maximus Inc.	16,600	1,402,866
Science Applications International Corporation	15,100	1,698,448
		8,508,528
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%
MKS Instruments, Inc.	19,600	2,118,760
SOFTWARE - 1.1%
Enghouse Systems Limited	35,500	863,557
TEXTILES, APPAREL & LUXURY GOODS - 0.7%
Crocs, Inc. (a)	5,110	574,568
TRADING COMPANIES & DISTRIBUTORS - 4.5%
Air Lease Corporation	43,300	1,812,105
Applied Industrial Technologies, Inc.	11,800	1,708,994
		3,521,099
TOTAL COMMON STOCK
(Cost $ 58,337,847)		76,775,750

SHORT TERM INVESTMENTS - 1.9%
	Par Value		Value
Money Market -1.9%
UMB Money Market Special II, 5.00% (b) (Cost $ 1,506,131)		1,506,131	$	1,506,131
TOTAL INVESTMENTS - 100.0% (Cost $ 59,843,978)				78,281,881
OTHER ASSETS & LIABILITIES (NET) - 0.0%				265
NET ASSETS - 100%			$	78,282,146

(a) Non-income producing security

(b) Interest rate reflects seven-day effective yield on June 30, 2023.

(c) At June 30, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 60,274,580 was as follows :

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	20,443,371
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(2,436,070	)
Net unrealized appreciation/(depreciation)	$	18,007,301

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

SECTOR ALLOCATIONS (as a percentage of Total Net Assets)
Industrials	32.5	%
Financials	21.7	%
Materials	12.6	%
Health Care	8.5	%
Energy	7.4	%
Information Technology	7.0	%
Consumer Discretionary	5.7	%
Consumer Staples	2.7	%
Cash and Other Assets (Net)	1.9	%
	100.0	%

PEAR TREE QUALITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2023

(Unaudited)

Common Stock - 99.3%
	Shares		Value
AEROSPACE & DEFENSE - 2.8%
Safran SA		40,106	$	6,277,118
BANKS - 6.0%
U.S. Bancorp		214,554		7,088,864
Wells Fargo & Company		151,928		6,484,287
				13,573,151
BEVERAGES - 4.0%
Coca-Cola Company (The)		95,762		5,766,788
Constellation Brands, Inc. (a)		13,140		3,234,148
				9,000,936
DIVERSIFIED FINANCIAL SERVICES - 1.6%
American Express Company		21,779		3,793,902
FOOD PRODUCTS - 1.2%
Nestle, S.A. (b)		22,682		2,729,779
HEALTH CARE EQUIPMENT & SUPPLIES - 4.4%
Abbott Laboratories		26,849		2,927,078
Intuitive Surgical, Inc. (a)		9,494		3,246,378
Medtronic Plc		43,866		3,864,595
				10,038,051
HEALTH CARE PROVIDERS & SERVICES - 9.6%
CIGNA Corporation		9,129		2,561,598
Elevance Health Inc.		12,990		5,771,327
Quest Diagnostics Incorporated		27,609		3,880,721
UnitedHealth Group, Inc.		19,933		9,580,597
				21,794,243
HOTELS, RESTAURANTS & LEISURE - 2.6%
Compass Group Plc (b)		206,913		5,901,159
HOUSEHOLD PRODUCTS - 1.9%
Unilever Plc (b)		83,353		4,345,192
INTERACTIVE MEDIA & SERVICES - 5.3%
Alphabet, Inc. Class A (a)		57,438		6,875,329
Meta Platforms, Inc.		17,748		5,093,321
				11,968,650

IT Services - 23.3%
Accenture Plc	22,261	6,869,299
Adobe Systems Incorporated (a)	10,743	5,253,220
Amadeus IT Group, S.A. (b)	19,041	1,450,162
Microsoft Corporation	47,781	16,271,342
Oracle Corporation	64,011	7,623,070
salesforce.com, inc. (a)	19,361	4,090,205
SAP AG (b)	47,832	6,543,896
Visa, Inc.	20,292	4,818,944
		52,920,138
MACHINERY - 1.9%
Otis Worldwide Corp.	48,989	4,360,511
MULTILINE RETAIL - 3.1%
TJX Companies, Inc. (The)	82,671	7,009,674
PHARMACEUTICALS - 10.3%
Eli Lilly and Company	12,251	5,745,474
Johnson & Johnson	51,863	8,584,364
Merck & Co., Inc.	43,285	4,994,656
Roche Holding Ltd. (b)	107,820	4,118,724
		23,443,218
RETAILING - 4.4%
Alibaba Group Holding Ltd. (a)(b)	29,414	2,451,657
Amazon.com, Inc. (a)	58,263	7,595,164
		10,046,821
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 12.0%
KLA-Tencor Corporation	9,244	4,483,525
Lam Research Corporation	11,388	7,320,889
Taiwan Semiconductor Manufacturing Co., Ltd. (b)	75,840	7,653,773
Texas Instruments, Inc.	42,653	7,678,393
		27,136,580
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 3.8%
Apple, Inc.	44,916	8,712,356
TEXTILES, APPAREL & LUXURY GOODS - 1.1%
LVMH Moët Hennessy-Louis Vuitton S.A. (b)	13,270	2,505,907
TOTAL COMMON STOCK
(Cost $ 185,199,017)		225,557,386

Short Term Investments - 3.6%
	Par Value		Value
Money Market - 3.6%
UMB Money Market Special II, 5.00% (c) (Cost $ 8,093,422)		8,093,422	$	8,093,422
TOTAL INVESTMENT - 102.9% (Cost $ 193,292,439)				233,650,808
OTHER ASSETS & LIABILITIES (NET) - (2.9%)				(6,587,915	)
NET ASSETS - 100%			$	227,062,893

(a) Non-Income producing security

(b) ADR - American Depositary Receipts

(c) Interest rate reflects seven-day effective yield on June 30, 2023.

(d) At June 30, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 193,721,489 was as follows :

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	45,169,432
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(5,240,113	)
Net unrealized appreciation/(depreciation)	$	39,929,319

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

SECTOR ALLOCATIONS (as a percentage of Total Net Assets)
Information Technology	39.1	%
Health Care	24.3	%
Consumer Discretionary	11.2	%
Financials	7.6	%
Consumer Staples	7.1	%
Communication Services	5.3	%
Industrials	4.7	%
CASH + other assets (net)	0.7	%
	100.0	%

PEAR TREE POLARIS INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

June 30, 2023

(Unaudited)

Common Stock - 97.7%
	Shares		Value
AUSTRALIA - 6.5%
Accent Group Limited		394,000	$	439,293
Collins Foods Limited		78,614		514,395
HANSEN Technologies		138,706		477,342
Macquarie Group Limited		3,410		403,171
				1,834,201
BELGIUM - 2.5%
D'Ieteren S.A.		4,000		706,524
BRAZIL - 1.7%
Equatorial Energia S.A.		72,400		482,516
Equatorial Energia S.A.		1,188		7,876
				490,392
CANADA - 10.0%
Alimentation Couche-Tard Inc.		13,400		687,873
Canadian Tire Corporation		1,717		235,006
Enghouse Systems Limited		14,000		340,558
EQB Inc.		9,111		481,954
goeasy Ltd.		6,104		510,073
Toronto-Dominion Bank		9,273		575,384
				2,830,848
CHINA - 6.9%
Alibaba Group Holding Ltd. (a)		40,800		422,755
China MeiDong Auto Holdings Limited		68,000		78,529
Midea Group Co., Ltd.		77,900		631,856
Zhejiang Supor Co.		72,000		495,588
Zhongsheng Group Holdings		87,000		332,498
				1,961,226
DENMARK - 1.1%
DFDS A/S		8,800		320,286
FRANCE - 5.8%
Alten S.A.		2,700		425,060
LVMH Moet Hennessy Louis Vuitton SE		295		277,749
Neurones S.A.		12,600		548,483
SEB SA		3,700		382,070
				1,633,362
GREECE - 1.5%
Jumbo S.A.		15,371		422,594
INDIA - 1.0%
Muthoot Finance Ltd.		18,200		275,020

INDONESIA - 0.9%
PT Bank Rakyat Indonesia Tbk	740,745	268,037
ITALY - 4.1%
De'Longhi SpA	21,900	478,331
SeSa S.p.A.	2,100	262,099
SOL SpA	14,700	424,193
		1,164,623
JAPAN - 9.7%
FULLCAST HOLDINGS Co., Ltd.	25,500	385,142
JAC Recruitment Co., Ltd.	24,700	443,467
NEXTAGE Co., Ltd.	27,800	536,054
Open Up Group Inc.	15,500	224,883
Sanwa Holdings Corporation	34,800	449,160
Sony Group Corporation	2,500	224,254
Tri Chemical Laboratories Inc.	25,100	484,339
		2,747,299
MALAYSIA - 2.4%
Public Bank Bhd	339,000	279,625
Scientex Berhad	523,700	387,095
		666,720
MEXICO - 2.8%
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - B	25,500	270,426
Grupo Aeroportuario del Pacífico, S.A.B. de C. V.	14,500	259,750
Grupo Aeroportuario del Sureste, S. A. B. de C.V.	9,200	255,988
		786,164
NORWAY - 3.7%
SpareBank Nord-Norge	60,100	544,701
Sparebanken Vest	51,800	498,003
		1,042,704
PERU - 0.9%
Credicorp Ltd.	1,800	265,752
SINGAPORE - 2.1%
United Overseas Bank Limited	28,600	591,695
SOUTH AFRICA - 2.2%
AVI Limited	105,400	379,894
FirstRand Limited	70,500	255,633
		635,527
SOUTH KOREA - 3.0%
Hansol Chemical Co., Ltd.	2,300	418,928
Samsung Electronics Company Limited	7,898	432,767
		851,695
SPAIN - 1.3%
CIE Automotive	12,000	366,572
SWEDEN - 4.4%
Bravida Holding AB	52,100	499,714
Hexpol AB	34,100	360,848
Knowit AB	23,600	381,051
		1,241,613

SWITZERLAND - 1.5%
ALSO Holding AG	2,000	430,982
TAIWAN - 5.4%
BizLink Holding, Inc.	22,176	229,276
Chailease Holding Co., Ltd.	28,617	187,445
Elite Material Co., Limited	24,000	187,641
POYA International Co., Ltd.	7,752	147,351
SINBON Electronics Co., Ltd.	17,300	205,248
Thinking Electronic Industrial Co., Ltd.	28,000	148,341
Tripod Technology Corporation	37,586	149,043
Yageo Corporation	16,510	260,549
		1,514,894
THAILAND - 3.7%
Muangthai Capital Public Company Limited	418,500	463,295
TISCO Financial Group	208,500	570,427
		1,033,722
UNITED KINGDOM - 10.9%
Computacenter plc	14,100	410,488
Games Workshop Group PLC	3,493	484,917
Howden Joinery Group plc	16,873	137,798
Marshall Machinery Inc.	66,600	203,712
Mondi plc	25,951	396,313
Next 15 Group plc	41,361	357,032
OSB Group PLC	46,300	282,532
RS Group plc	41,300	399,139
SSP Group plc	129,800	413,855
		3,085,786
UNITED STATES - 1.7%
Euronet Worldwide, Inc. (a)	4,100	481,217
TOTAL COMMON STOCK
(Cost $ 24,922,411)		27,649,455

SHORT TERM INVESTMENTS - 1.4%
	Par Value		Value
Money Market - 1.4%
UMB Money Market Special II, 5.00% (b) (Cost $ 393,362)		393,362	$	393,362
TOTAL INVESTMENTS - 99.1%
(Cost $ 25,315,773)				28,042,817
OTHER ASSETS & LIABILITIES (Net) - 0.9%				246,181
NET ASSETS - 100%			$	28,288,998

(a) Non-income producing security.

(b) Interest rate reflects seven-day effective yield on June 30, 2023.

(c) At June 30, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 25,442,702 was as follows :

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	3,868,925
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,268,810	)
Net unrealized appreciation/(depreciation)	$	2,600,115

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

SECTOR ALLOCATIONS (as a percentage of Total Net Assets)
Consumer Discretionary	26.8	%
Financials	24.5	%
Information Technology	18.2	%
Industrials	13.7	%
Materials	7.7	%
Consumer Staples	3.8	%
Utilities	1.7	%
Communication Services	1.3	%
Cash and Other Assets (Net)	2.3	%
	100.0	%

PEAR TREE POLARIS FOREIGN VALUE SMALL CAP FUND

SCHEDULE OF INVESTMENTS

June 30, 2023

(Unaudited)

Common Stock - 98.4%
	Shares		Value
BELGIUM - 2.5%
D'leteren SA		142,255	$	25,126,647
BRAZIL - 3.3%
Equatorial Energia S.A.		4,895,171		32,621,943
CANADA - 3.3%
EQB Inc.		363,861		19,247,540
goeasy Ltd.		165,952		13,867,583
				33,115,123
CHINA - 0.4%
Xinhua Winshare Publishing and Media Co., Limited		6,160,500		4,504,462
COLOMBIA - 3.5%
Tecnoglass, Inc.		676,164		34,930,632
DENMARK - 3.4%
DFDS A/S		374,399		13,626,677
Ringkjoebing Landbobank A/S		142,300		20,380,995
				34,007,672
FRANCE - 10.4%
Amundi		332,600		19,612,732
Elis S.A.		1,563,898		30,370,264
Rubis		826,400		20,051,425
Technip Energies N.V.		1,445,000		33,279,457
				103,313,878
GERMANY- 1.1%
flatexDEGIRO AG (a)		490,400		4,860,128
Sixt SE		48,425		5,795,573
				10,655,701
GREECE - 1.3%
Jumbo S.A.		481,829		13,246,881
HONG KONG - 0.7
Samson Holding Limited		74,790,800		2,529,102
VSTECS Holdings Limited		8,587,360		4,416,081
				6,945,183
INDONESIA - 1.4%
PT. Pakuwon Jati Tbk		415,457,800		13,522,989
IRELAND - 4.9%
C & C Group plc (a)		8,194,045		13,062,970
Glanbia plc		1,608,400		24,040,017
Greencore Group plc (a)		12,778,600		11,875,358
				48,978,345
ITALY - 2.2%
De'Longhi SpA		981,136		21,429,569
JAPAN - 16.4%
Daicel Corporation		2,707,700		24,091,758
Dowa Holdings Co., Limited		500,800		15,751,457
Kanematsu Corporation		1,088,200		15,110,647
Kyudenko Corporation		557,000		14,875,428
Mizuho Leasing Company, Limited		404,800		13,149,313
Open House Group Co., Limited		575,100		20,559,323
Prima Meat Packers Limited		889,000		13,347,148
Sankyu Inc.		464,000		15,242,481
Sanwa Holdings Corporation		2,387,200		30,811,372
				162,938,927
NORWAY - 4.5%
SpareBank Nord-Norge		735,389		6,665,012
Sparebank 1 Oestlandet		568,688		6,900,523
SpareBank 1 SMN		961,828		12,658,467
SpareBank 1 SR-Bank ASA		931,626		11,313,148
Sparebanken Vest		788,092		7,576,676
				45,113,826
PORTUGAL - 1.8%
Redes Energéticas Nacionais, SGPS, S.A.		6,530,905		17,777,229

SINGAPORE - 3.7%
AEM Holdings Limited	7,160,200	19,627,857
Venture Corporation, Limited	1,567,200	17,033,776
		36,661,633
SOUTH KOREA - 2.9%
ENF Technology Co., Limited	692,686	14,036,137
Fila Holding Corporation	221,700	6,730,163
Nature Holdings Co., Limited (The)	436,302	7,946,911
		28,713,211
SPAIN - 0.6%
CIE Automotive	206,600	6,311,150
SWEDEN - 4.9%
Duni AB (a)	485,645	4,765,942
Hexpol AB	2,231,100	23,609,633
Loomis AB, Class B	706,161	20,567,733
		48,943,308
TAIWAN - 5.5%
BizLink Holding, Inc.	1,049,136	10,846,916
Elite Material Co., Limited	2,001,600	15,649,299
Primax Electronics Limited	4,856,800	10,261,120
Sercomm Corporation	1,542,000	5,198,671
Tripod Technology Corporation	3,106,400	12,318,079
		54,274,085
THAILAND - 4.8%
Thanachart Capital PCL	18,690,500	26,226,269
TISCO Financial Group	7,836,500	21,439,585
		47,665,854
UNITED KINGDOM - 14.9%
Coats Group plc	5,811,700	5,142,313
Computacenter plc	556,500	16,201,182
Crest Nicholson Holdings plc	2,611,400	6,254,612
Future plc	1,333,000	11,438,787
Inchcape plc	2,432,185	24,040,476
Keller Group plc	457,639	4,072,557
Lancashire Holdings Limited	2,805,587	20,615,679
OSB Group PLC	3,172,817	19,361,202
QinetiQ	4,904,700	22,060,550
Vistry Group plc	2,293,325	19,256,816
		148,444,174
TOTAL COMMON STOCK (Cost $ 941,364,576)		979,242,422

SHORT TERM INVESTMENTS - 1.2%
	Par Value		Value
Money Market - 1.2 %
UMB Money Market Special II, 5.00% (b) (Cost $ 11,731,083)		11,731,083	$	11,731,083
TOTAL INVESTMENTS - 99.6%
(Cost $ 953,095,659)				990,973,505
OTHER ASSETS & LIABILITIES (NET) -0.4%				3,710,761
NET ASSETS - 100%			$	994,684,266

(a) Non-income producing security

(b) Interest rate reflects seven-day effective yield on June 30, 2023.

(c) At June 30, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 960,135,660 was as follows :

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	160,047,140
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(129,209,295	)
Net unrealized appreciation/(depreciation)	$	30,837,845

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

SECTOR ALLOCATIONS (as a percentage of Total Net Assets)
Financials	22.5	%
Industrials	21.9	%
Consumer Discretionary	16.9	%
Information Technology	10.1	%
Materials	7.8	%
Utilities	7.1	%
Consumer Staples	6.3	%
Energy	3.3	%
Real Estate	1.4	%
Communication Services	1.1	%
Cash and Other Assets (Net)	1.6	%
	100.0	%

PEAR TREE POLARIS FOREIGN VALUE FUND

SCHEDULE OF INVESTMENTS

June 30, 2023

(Unaudited)

Common Stock - 97.8%
	Shares		Value
BELGIUM - 1.4%
D'leteren S.A.		251,853	$	44,485,054
CANADA - 12.7%
Canadian Tire Corporation		494,292		67,653,719
Lundin Mining Corporation		8,026,600		62,960,861
Magna International Inc.		1,040,965		58,833,048
Methanex Corporation		1,585,593		65,590,086
Open Text Corporation		1,653,100		68,832,321
Toronto-Dominion Bank		1,086,097		67,391,691
				391,261,726
CHILE - 0.9%
Antofagasta plc		1,503,500		27,925,420
CHINA -2.3%
Weichai Power Company Limited		47,616,000		69,753,679
COLOMBIA - 0.9%
Bancolombia S.A.		2,598,381		19,289,787
Tecnoglass, Inc.		154,800		7,996,968
				27,286,755
FRANCE - 12.2%
Ipsos		732,480		40,715,531
Michelin (CGDE)		1,984,700		58,592,605
Publicis Groupe		1,082,147		86,774,825
Teleperformance SE		364,300		60,988,255
TotalEnergies SE		1,025,200		58,776,195
Vinci SA		618,698		71,805,688
				377,653,099
GERMANY - 6.6%
Deutsche Telekom AG		2,485,146		54,160,241
flatexDegiro AG (a)		988,400		9,795,577
Hannover Rueck SE		328,300		69,610,632
Muenchener Rueckversicherungs-Gesellschaft		185,030		69,361,017
				202,927,467
GREECE - 0.6%
Jumbo S.A.		685,204		18,838,251
IRELAND - 4.2%
Greencore Group plc (a)		19,767,301		18,370,070
Jazz Pharmaceuticals plc (a)		416,700		51,658,299
Smurfit Kappa		1,797,846		59,882,433
				129,910,802
ITALY -0.3%
Trevi Finanziaria Industriale SpA (a)		25,608,324		7,948,471

JAPAN - 12.6%
Daicel Corporation	4,319,300	38,430,967
Daito Trust Construction Company, Ltd.	576,100	58,134,144
Honda Motor Company, Ltd.	2,362,000	70,940,893
KDDI Corporation	1,990,500	61,284,291
Marubeni Corporation	5,258,100	88,765,794
Sony Group Corporation	798,600	71,635,583
		389,191,672
NETHERLANDS -2.4%
Koninklijke Ahold Delhaize N.V.	2,177,900	74,275,752
NORWAY - 6.1%
DNB Bank ASA	3,663,130	68,622,143
SpareBank 1 SR-Bank ASA	4,762,087	57,828,136
Sparebanken Vest	2,183,075	20,987,971
Yara International ASA	1,167,700	41,308,085
		188,746,335
PUERTO RICO - 1.8%
Popular, Inc.	906,050	54,834,146
RUSSIA - 0.0%
ALROSA Company PJSC * (a)	41,136,300	4,596
SINGAPORE - 2.1%
United Overseas Bank Limited	3,081,447	63,750,935
SOUTH KOREA - 11.7%
Kia Motors Corporation	1,044,700	70,167,305
LG Electronics, Inc.	568,900	54,703,169
LG Uplus Corporation	6,291,583	51,234,156
Samsung Electronics Company Limited	1,274,943	69,859,890
Shinhan Financial Group Co., Limited	1,725,400	44,521,383
SK Hynix, Inc.	828,100	72,399,438
		362,885,341
SWEDEN - 3.5%
Duni AB (a)	1,566,400	15,372,076
Loomis AB, Class B	1,555,483	45,305,190
SKF AB-B	2,823,600	49,041,075
		109,718,341
SWITZERLAND - 2.3%
Novartis AG	700,950	70,510,227
THAILAND - 0.7%
TISCO Financial Group	7,722,600	21,127,971
UNITED KINGDOM - 12.5%
Amcor plc	5,053,600	50,434,928
Bellway plc	1,900,925	48,042,701
Inchcape plc	4,374,117	43,235,138
Linde plc	187,644	71,507,376
Mondi plc	2,753,870	42,055,946
Next plc	805,850	70,688,596
Nomad Foods Limited (a)	882,100	15,454,392
Taylor Wimpey plc	35,010,097	45,732,106
		387,151,183
TOTAL COMMON STOCK (Cost $ 2,717,861,930)		3,020,187,223

WARRANTS - 0.0%
ITALY -0.0%
Trevi Finanziaria Industriale SpA (a) (Cost $ 7,585,702)	76,022	$	99,527

SHORT TERM INVESTMENTS - 1.6%
	Par Value		Value
Money Market - 1.6%
UMB Money Market Special II, 5.00% (b) (Cost $ 48,195,440)		48,195,440	$	48,195,440
TOTAL INVESTMENTS - 99.4%
(Cost $ 2,773,643,072)				3,068,482,190
OTHER ASSETS & LIABILITIES (NET) -0.6%				19,520,098
NET ASSETS - 100%			$	3,088,002,288

* Fair Valued by Valuation Committee as delegated by Pear Tree Funds Board of Trustees that represents 0.0% of net assets as of June 30, 2023.

(a) Non income producing security.

(b) Interest rate reflects seven-day effective yield on June 30, 2023.

(c) At June 30, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 2,798,026,699 was as follows :

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	600,833,386
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(330,377,895	)
Net unrealized appreciation/(depreciation)	$	270,455,491

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

SECTOR ALLOCATIONS (as a percentage of Total Net Assets)
Consumer Discretionary	23.9	%
Financials	18.4	%
Materials	14.9	%
Industrials	13.0	%
Communication Services	9.5	%
Information Technology	6.8	%
Health Care	4.0	%
Consumer Staples	3.5	%
Energy	1.9	%
Real Estate	1.9	%
Cash and Other Assets (Net)	2.2	%
	100.0	%

PEAR TREE ESSEX ENVIRONMENTAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

June 30, 2023

(Unaudited)

Common Stock - 95.1%
	Shares		Value
DENMARK - 7.6%
INDUSTRIALS - 4.9%
Cadeler AS		347,781	$	1,457,527
Vestas Wind Systems A/S		82,776		2,200,843
				3,658,370
UTILITIES - 2.7%
Ørsted A/S		21,737		2,053,659
TOTAL DENMARK				5,712,029
GERMANY - 3.2%
INFORMATION TECHNOLOGY - 3.2%
Infineon Technologies AG		58,726		2,420,862
IRELAND - 4.7%
CONSUMER DISCRETIONARY - 1.9%
Aptiv PLC (a)		13,777		1,406,494
INDUSTRIALS - 2.8%
Kingspan Group plc		31,757		2,109,973
TOTAL IRELAND				3,516,467
ISRAEL - 6.5%
INDUSTRIALS - 3.5%
Kornit Digital Ltd. (a)		90,603		2,661,010
INFORMATION TECHNOLOGY - 3.0%
SolarEdge Technologies, Inc. (a)		8,410		2,262,711
TOTAL ISRAEL				4,923,721
JAPAN - 4.6%
INDUSTRIALS - 1.8%
Kurita Water Industries Ltd.		35,548		1,351,235
INFORMATION TECHNOLOGY - 2.8%
Keyence Corporation		4,590		2,154,713
TOTAL JAPAN				3,505,948
SWEDEN - 2.9%
INDUSTRIAL - 2.9%
NIBE Industrier AB		232,856		2,207,554

SWITZERLAND - 4.9%
INFORMATION TECHNOLOGY - 4.9%
Landis+Gyr Group AG	43,239	3,711,585
UNITED STATES - 60.7%
CONSUMER STAPLES - 2.3%
SunOpta Inc. (a)	261,428	1,748,953
INDUSTRIALS - 34.3%
Bloom Energy Corporation (a)	73,033	1,194,090
Energy Recovery, Inc. (a)	97,334	2,720,485
Enovix Corporation (a)	137,219	2,475,431
Generac Holdings Inc. (a)	11,201	1,670,405
Hubbell Incorporated	9,908	3,285,096
Primoris Services Corporation	52,200	1,590,534
Quanta Services, Inc. (a)	11,029	2,166,647
Sensata Technologies Holding plc	39,298	1,768,017
Shoals Technologies Group, Inc. (a)	77,209	1,973,462
Symbotic Inc.	12,819	548,781
TPI Composites, Inc.	190,976	1,980,421
Watts Water Technologies, Inc.	8,394	1,542,230
Zurn Elkay Water Solutions	112,031	3,012,514
		25,928,113
INFORMATION TECHNOLOGY - 17.0%
Badger Meter, Inc.	26,527	3,914,324
Cognex Corporation	53,881	3,018,414
Enphase Energy, Inc. (a)	5,326	891,998
Navitas Semiconductor	136,561	1,439,353
Trimble Navigation Limited (a)	29,760	1,575,495
Wolfspeed, Inc. (a)	36,661	2,037,985
		12,877,569
MATERIALS - 7.1%
Albemarle Corporation	7,527	1,679,199
Aspen Aerogels, Inc. (a)	133,718	1,055,035
Livent Corporation (a)	49,510	1,358,059
MP Materials Corp. (a)	54,098	1,237,762
		5,330,055
TOTAL UNITED STATES		45,884,690
TOTAL COMMON STOCK
(Cost $ 71,082,961)		71,882,856

SHORT TERM INVESTMENTS - 4.7%
	Par Value		Value
Money Market - 4.7%
UMB Money Market Special II, 5.00% (b) (Cost $ 3,539,111)		3,539,111	$	3,539,111
TOTAL INVESTMENTS - 99.8%
(Cost $ 74,622,072)				75,421,967
OTHER ASSETS & LIABILITIES (Net) - 0.2%				126,980
NET ASSETS - 100%			$	75,548,947

(a) Non-income producing security.

(b) Interest rate reflects seven-day effective yield on June 30, 2023.

(C) At June 30, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 74,622,103 was as follows :

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	10,895,200
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(10,095,336	)
Net unrealized appreciation/(depreciation)	$	799,864

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

SECTOR ALLOCATIONS (as a percentage of Total Net Assets)
Industrials	50.2	%
Information Technology	31.0	%
Materials	7.0	%
Utilities	2.7	%
Consumer Staples	2.3	%
Consumer Discretionary	1.9	%
Cash and Other Assets (Net)	4.9	%
	100.0	%

PEAR TREE AXIOM EMERGING MARKETS WORLD EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2023

(Unaudited)

Common Stock - 94.9%
	Shares		Value
ARGENTINA- 0.3%
Arcos Dorados Holdings Inc.		17,000	$	174,250
AUSTRIA- 1.0%
Erste Group Bank AG		19,249		673,904
BRAZIL - 7.0%
AmBev		156,400		499,611
B3 SA - Brasil Bolsa Balcao		368,500		1,116,042
BTG Pactual		135,200		881,434
Localiza Rent a Car S.A.		68,300		969,849
Nu Holdings, Ltd.		70,100		553,089
PagSeguro Digital Ltd. (a)		2,140		20,202
Raia Drogasil S.A.		33,610		206,231
Totvs S.A.		17,300		107,515
Weg S.A.		43,500		340,407
				4,694,380
CHINA - 19.9%
Alibaba Group Holding Ltd. (a)		58,700		608,228
Baidu, Inc. (a)		35,550		602,435
BeiGene, Ltd. (b)		636		113,399
BYD Company Ltd.		3,900		124,416
Centre Testing International Group Co., Ltd.		181,600		487,493
China Construction Bank Corporation		448,000		289,840
China Huishan Dairy Holdings Co., Ltd. * (a)		208,000		-
China Petroleum & Chemical Corporation		1,018,000		596,256
China Resources Beer (Holdings) Co., Ltd.		56,000		368,731
Eastroc Beverage (Group) Co., Ltd.		10,800		257,061
Focus Media Information Technology		389,000		364,682
Glodon Company Limited		26,740		119,600
Hanergy Mobile Energy Holding Group * (a)		36,000		-
Jiumaojiu International Holdings Ltd.		164,000		268,708
KE Holdings Inc. (b)		37,600		558,360
Luzhou Laojiao Co. Ltd.		20,900		602,967
Ping An Insurance Group H Share		224,000		1,424,904
Proya Cosmetics		14,120		218,484
Shenzhen Inovance Technology Co., Ltd.		15,100		133,474
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.		5,900		243,502
Tencent Holdings Limited		69,100		2,923,916
Trip.com Group Limited (a)(b)		41,400		1,449,000
Wuliangye Yibin Co., Ltd.		4,700		105,833
Yadea Group Holdings Ltd.		149,000		338,818
Yifeng Pharmacy Chain Co., Ltd.		42,140		214,642
Yum China Holdings, Inc.		16,900		954,850
				13,369,599

DENMARK - 0.5%
Novo Nordisk A/S	2,002	322,495
FRANCE - 1.9%
Hermès International S.A.	32	69,474
L'Oréal S.A.	738	343,879
LVMH Moet Hennessy Louis Vuitton SE	928	873,734
		1,287,087
GREECE - 0.7%
Greek Organisation of Football Prognostics S.A.	27,053	471,642
HONG KONG - 1.9%
AIA Group Ltd.	52,800	532,946
Galaxy Entertainment Group	116,500	738,847
		1,271,793
INDIA - 16.3%
ABB India Limited	3,409	183,797
Asian Paints Ltd.	18,392	753,750
Axis Bank Limited	61,164	736,215
Bajaj Finserv Limited	9,657	842,918
Bharat Electronics Limited	330,808	507,082
Britannia Industries Limited	2,861	175,230
HDFC Bank Ltd.	80,530	1,670,160
HDFC Life Insurance Company Ltd.	8,201	65,099
ICICI Bank Limited	61,269	698,008
Indian Hotels Company Limited (The)	183,506	877,978
Larsen & Toubro	39,051	1,178,414
Polycab India Limited	6,129	265,309
Reliance Industries Ltd.	10,768	334,743
Sona Blw Precision Forgings Ltd.	10,533	66,232
Sun Pharmaceutical Industries Limited	16,296	208,894
Titan Company Limited	25,160	934,695
TVS Motor Company	42,243	682,618
Varun Beverages Limited	73,002	714,169
		10,895,311
INDONESIA - 3.7%
PT Bank Mandiri Tbk	1,416,200	491,195
PT Bank Rakyat Indonesia Tbk	3,878,500	1,403,426
PT Sumber Alfaria Trijaya Tbk	2,196,300	377,952
Vale Indonesia Tbk	466,600	196,070
		2,468,643
ITALY - 0.2%
Ferrari N.V.	417	135,613
MEXICO - 4.1%
Arca Continental	55,600	570,378
Corporacion Inmobiliaria Vesta SAB de CV	76,400	247,368
Fomento Económico Mexicano S.A.B. (b)	3,570	395,699
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - B	46,000	487,827
Grupo Aeroportuario del Pacífico, S.A.B. de C. V.	4,100	73,446
Grupo Financiero Banorte SAB de CV	76,700	631,516
Grupo Mexico S.A.B. de C.V. Class B	23,200	111,479
Wal-Mart de Mexico, S.A.B. de C.V.	65,200	257,447
		2,775,160

NETHERLANDS - 0.8%
ASML Holding N.V.	723	522,964
PHILIPPINES - 0.7%
BDO Unibank, Inc.	191,710	478,237
POLAND - 0.7%
Dino Polska S.A. (a)	4,117	481,110
SAUDI ARABIA - 1.9%
Alinma Bank	9,606	85,798
Dr. Sulaiman Al-Habib Medical Group	1,299	99,121
Elm Company	3,099	480,875
Leejam Sports Co JSC	6,766	232,707
Saudi British Bank (The)	35,910	365,256
		1,263,757
SOUTH AFRICA - 0.1%
Naspers Limited N Shares	426	76,648
SOUTH KOREA - 10.6%
Korea Aerospace Industries, Ltd.	8,355	337,966
Orion Corporation	3,734	340,060
Samsung Biologics (a)	852	481,075
Samsung Electronics Company Limited	62,035	3,399,178
Samsung SDI Co., Ltd.	2,388	1,212,440
SK Hynix, Inc.	15,313	1,338,791
		7,109,510
SWITZERLAND - 0.4%
Compagnie Financière Richemont S.A.	402	68,138
Novartis AG	2,226	223,919
		292,057
TAIWAN - 11.8%
Airtac International Group	7,200	236,960
Alchip Technologies, Ltd.	9,000	518,711
ASPEED Technology, Inc.	2,150	196,744
Chailease Holding Co., Ltd.	38,500	252,179
Delta Electronics, Inc.	10,200	112,826
E Ink Holdings Inc.	39,000	281,751
Taiwan Semiconductor Manufacturing Co., Ltd.	336,000	6,214,131
Voltronic Power Inc.	1,040	65,617
		7,878,919
THAILAND - 2.1%
Bumrungrad International Hospital (c)	114,100	727,305
Central Pattana Public Company Limited (c)	190,200	351,378
PTT Exploration & Production PCL (c)	71,100	300,804
		1,379,487
UNITED ARAB EMIRATES - 1.8%
Americana Restaurants International PLC	228,260	262,868
Emaar Properties PJSC	430,227	750,798
Salik Company PJSC	233,928	200,613
		1,214,279
UNITED KINGDOM - 0.7%
Anglo American plc	4,188	118,889
BAE Systems plc	31,021	365,579
		484,468

UNITED STATES - 5.8%
Coupang, Inc.	3,960	68,904
Linde plc	1,181	450,056
Mercado Libre, Inc. (a)	937	1,109,970
Microsoft Corporation	1,339	455,983
NVIDIA Corporation (a)	2,665	1,127,348
Samsonite International S.A. (a)	252,400	711,794
		3,924,055
TOTAL COMMON STOCK
(Cost $ 60,676,169)		63,645,368
Preferred Stock - 0.8%
SOUTH KOREA - 0.8%
Samsung Electronics Co., Ltd. (Cost $ 457,051)	11,215	506,426
P-Notes - 0.5%
SAUDI ARABIA - 0.5%
Alinma Bank SJSC	25,105	223,884
ARAMCO AB	14,231	122,357
(Cost $ 389,973)		346,241
Exchange Traded Funds - 2.9%
United States - 2.9%
iShares Core MSCI Emerging Markets ETF (Cost $ 1,886,136)	39,300	1,937,097

SHORT TERM INVESTMENTS - 0.4%
	Par Value		Value
Money Market - 0.4%
UMB Money Market Special II, 5.00% (d) (Cost $ 304,150)		304,150		304,150
TOTAL INVESTMENTS - 99.5%
(Cost $ 63,713,479)				66,739,282
OTHER ASSETS & LIABILITIES (Net) - 0.5%				318,425
NET ASSETS - 100%			$	67,057,707

* Fair Valued by Valuation Committee as delegated by Pear Tree Funds Board of Trustees that represent 0.0% of net assets as of June 30, 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 June 30, 2023.

(e) At June 30, 2023, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 64,986,852 was as follows :

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	4,939,906
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(3,187,476	)
Net unrealized appreciation/(depreciation)	$	1,752,430

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

SECTOR ALLOCATIONS (as a percentage of Total Net Assets)
Information Technology	24.8	%
Financials	20.0	%
Consumer Discretionary	16.9	%
Consumer Staples	9.1	%
Industrials	8.7	%
Communication Services	5.8	%
Health Care	3.6	%
Real Estate	2.9	%
Materials	2.4	%
Energy	2.0	%
Mutual Funds	2.9	%
CASH + other assets (net)	0.9	%
	100.0	%