| PEAR TREE POLARIS SMALL CAP FUND |
| SCHEDULE OF INVESTMENTS |
| June 30, 2026 (Unaudited) |
| Common Stock - 100.3% | ||||||||
| Shares | Value | |||||||
| CONSUMER DISCRETIONARY -6.1% | ||||||||
| DIVERSIFIED CONSUMER SERVICES - 4.1% | ||||||||
| Laureate Education, Inc. (a) | 61,500 | $ | 2,233,680 | |||||
| Perdoceo Education Corporation | 60,600 | 1,939,200 | ||||||
| 4,172,880 | ||||||||
| SPECIALTY RETAIL - 2.0% | ||||||||
| Buckle, Inc. | 46,583 | 1,965,802 | ||||||
| TOTAL CONSUMER DISCRETIONARY | 6,138,682 | |||||||
| CONSUMER STAPLES - 4.0% | ||||||||
| CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.3% | ||||||||
| Ingles Markets Inc. | 25,783 | 2,283,858 | ||||||
| FOOD PRODUCTS - 1.7% | ||||||||
| Ingredion Incorporated | 18,300 | 1,733,193 | ||||||
| TOTAL CONSUMER STAPLES | 4,017,051 | |||||||
| ENERGY - 3.7% | ||||||||
| OIL, GAS & CONSUMABLE FUELS - 3.7% | ||||||||
| CVR Energy, Inc. (a) | 67,000 | 1,845,180 | ||||||
| Diamondback Energy, Inc. | 10,670 | 1,875,573 | ||||||
| 3,720,753 | ||||||||
| TOTAL ENERGY | 3,720,753 | |||||||
| FINANCIALS - 26.4% | ||||||||
| BANKS - 21.8% | ||||||||
| BOK Financial Corporation | 17,364 | 2,411,512 | ||||||
| Cullen/Frost Bankers, Inc. | 14,600 | 2,255,992 | ||||||
| Home Trust Bancshares, Inc. | 48,300 | 2,409,687 | ||||||
| International Bancshares Corporation | 31,600 | 2,400,020 | ||||||
| Northeast Bancorp | 20,800 | 2,756,624 | ||||||
| OFG Bancorp | 46,800 | 2,296,476 | ||||||
| South Plains Financial, Inc. | 57,400 | 2,473,079 | ||||||
| Southside Bancshares, Inc. | 70,158 | 2,468,860 | ||||||
| The Bank of N.T. Butterfield & Son Limited | 43,700 | 2,600,150 | ||||||
| 22,072,400 | ||||||||
| CONSUMER FINANCE - 2.3% | ||||||||
| SLM Corporation | 90,500 | 2,347,570 | ||||||
| FINANCIAL SERVICES - 2.3% | ||||||||
| NMI Holdings, Inc. (a) | 55,700 | 2,288,713 | ||||||
| TOTAL FINANCIALS | 26,708,683 | |||||||
| Shares | Value | |||||||
| HEALTH CARE - 8.8% | ||||||||
| BIOTECHNOLOGY - 1.4% | ||||||||
| Exelixis, Inc. (a) | 26,300 | $ | 1,430,983 | |||||
| HEALTH CARE EQUIPMENT & SUPPLIES - 2.9% | ||||||||
| Lantheus Holdings, Inc. (a) | 26,900 | 2,984,286 | ||||||
| PHARMACEUTICALS - 4.5% | ||||||||
| Amphastar Pharmaceuticals, Inc. (a) | 43,232 | 872,422 | ||||||
| ANI Pharmaceuticals, Inc. (a) | 15,600 | 1,291,368 | ||||||
| Harmony Biosciences Holdings, Inc. (a) | 36,100 | 1,314,401 | ||||||
| Supernus Pharmaceuticals, Inc. (a) | 22,500 | 1,046,475 | ||||||
| 4,524,666 | ||||||||
| TOTAL HEALTH CARE | 8,939,935 | |||||||
| INDUSTRIALS - 22.0% | ||||||||
| AEROSPACE & DEFENSE - 2.4% | ||||||||
| V2X, Inc. (a) | 33,000 | 2,460,480 | ||||||
| BUILDING PRODUCTS - 2.0% | ||||||||
| Carlisle Companies Incorporated | 5,544 | 2,011,086 | ||||||
| COMMERCIAL SERVICES & SUPPLIES - 4.0% | ||||||||
| Ennis, Inc. | 105,100 | 2,233,375 | ||||||
| HNI Corporation | 44,500 | 1,798,245 | ||||||
| 4,031,620 | ||||||||
| ELECTRICAL EQUIPMENT - 2.7% | ||||||||
| Acuity Brands, Inc. | 7,200 | 2,711,952 | ||||||
| GROUND TRANSPORTATION - 3.0% | ||||||||
| Covenant Logistics Group, Inc, | 67,282 | 2,972,519 | ||||||
| MACHINERY - 1.9% | ||||||||
| Allison Transmission Holdings, Inc. | 17,200 | 1,939,128 | ||||||
| PROFESSIONAL SERVICES - 1.9% | ||||||||
| Barrett Business Services, Inc. | 54,100 | 1,921,632 | ||||||
| TRADING COMPANIES & DISTRIBUTORS - 4.1% | ||||||||
| Applied Industrial Technologies, Inc. | 7,200 | 2,434,680 | ||||||
| DNOW Inc.(a) | 130,400 | 1,691,288 | ||||||
| 4,125,968 | ||||||||
| TOTAL INDUSTRIALS | 22,174,385 | |||||||
| INFORMATION TECHNOLOGY - 11.9% | ||||||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 11.1% | ||||||||
| Arrow Electronics, Inc. (a) | 12,400 | 2,646,284 | ||||||
| Avnet, Inc. | 29,300 | 2,602,426 | ||||||
| Belden Inc. | 14,600 | 1,750,686 | ||||||
| ePlus, Inc. | 27,700 | 2,305,471 | ||||||
| Itron, Inc. (a) | 22,200 | 1,920,966 | ||||||
| 11,225,833 | ||||||||
| Shares | Value | |||||||
| SOFTWARE - 0.8% | ||||||||
| Progress Software Corporation (a) | 23,400 | $ | 785,772 | |||||
| TOTAL INFORMATION TECHNOLOGY | 12,011,605 | |||||||
| MATERIALS - 6.4% | ||||||||
| CHEMICALS - 2.4% | ||||||||
| Cabot Corporation | 26,273 | 2,386,114 | ||||||
| CONSTRUCTION MATERIALS - 2.1% | ||||||||
| Eagle Materials Inc. | 9,600 | 2,160,000 | ||||||
| METALS & MINING - 1.9% | ||||||||
| Aura Minerals Inc. | 15,500 | 975,725 | ||||||
| Lundin Mining Corporation | 37,700 | 918,320 | ||||||
| 1,894,045 | ||||||||
| TOTAL MATERIALS | 6,440,159 | |||||||
| REAL ESTATE - 8.8% | ||||||||
| DIVERSIFIED REITS - 2.0% | ||||||||
| Essential Properties Realty Trust, Inc. | 68,400 | 2,041,740 | ||||||
| HEALTH CARE REITS - 2.2% | ||||||||
| Sabra Health Care REIT, Inc. | 112,800 | 2,200,728 | ||||||
| RETAIL REITS - 4.6% | ||||||||
| Netstreit Corporation | 118,600 | 2,506,018 | ||||||
| Phillips Edison & Company, Inc. | 52,600 | 2,189,212 | ||||||
| 4,695,230 | ||||||||
| TOTAL REAL ESTATE | 8,937,698 | |||||||
| UTILITIES - 2.2% | ||||||||
| MULTI UTILITIES - 2.2% | ||||||||
| Black Hills Corporation | 29,800 | 2,217,120 | ||||||
| TOTAL UTILITIES | 2,217,120 | |||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $ 67,723,702) | 101,306,071 | |||||||
| SHORT TERM INVESTMENTS - 0.3% | ||||||||
| Par Value | Value | |||||||
| Money Market - 0.3% | ||||||||
| UMB Money Market Special II, 3.48% (b) | 352,168 | $ | 352,168 | |||||
| (Cost $ 352,168) | ||||||||
| TOTAL INVESTMENTS - 100.6% | ||||||||
| (Cost $ 68,075,870) | 101,658,239 | |||||||
| OTHER ASSETS & LIABILITIES (NET) - (0.6)% | (650,444 | ) | ||||||
| NET ASSETS - 100% | $ | 101,007,795 | ||||||
| (a) | Non-income producing security |
| (b) | Interest rate reflects seven-day effective yield on June 30, 2026. |
| (c) | At June 30, 2026, the unrealized appreciation of investments based on aggregate cost for federal tax purposes in the amount of $68,435,770 was as follows : |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $ | 35,131,623 | ||
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (1,909,154 | ) | ||
| Net unrealized appreciation/(depreciation) | $ | 33,222,469 |
The percentage of each investment category is calculated as a percentage of net assets.
| SECTOR ALLOCATIONS (as a percentage of Total Net Assets) | ||||
| Financials | 26.4 | % | ||
| Industrials | 22.0 | % | ||
| Information Technology | 11.9 | % | ||
| Health Care | 8.8 | % | ||
| Real Estate | 8.8 | % | ||
| Materials | 6.4 | % | ||
| Consumer Discretionary | 6.1 | % | ||
| Consumer Staples | 4.0 | % | ||
| Energy | 3.7 | % | ||
| Utilities | 2.2 | % | ||
| Cash and Other Assets (Net) | (0.3) | % | ||
| 100.0 | % | |||
| PEAR TREE QUALITY FUND |
| SCHEDULE OF INVESTMENTS |
| June 30, 2026 (Unaudited) |
| Common Stock - 99.6% | ||||||||
| Shares | Value | |||||||
| COMMUNICATION SERVICES - 10.9% | ||||||||
| INTERACTIVE MEDIA & SERVICES - 10.0% | ||||||||
| Alphabet, Inc. Class A | 41,398 | $ | 14,794,403 | |||||
| Meta Platforms, Inc. | 19,611 | 11,046,680 | ||||||
| 25,841,083 | ||||||||
| MEDIA - 0.9% | ||||||||
| Netflix, Inc. (a) | 31,451 | 2,245,602 | ||||||
| TOTAL COMMUNICATION SERVICES | 28,086,685 | |||||||
| CONSUMER DISCRETIONARY - 9.5% | ||||||||
| BROADLINE RETAIL - 3.9% | ||||||||
| Amazon.com, Inc. (a) | 42,108 | 10,036,021 | ||||||
| DIVERSIFIED CONSUMER SERVICES - 0.6% | ||||||||
| Amadeus IT Group, S.A. (b) | 29,850 | 1,722,345 | ||||||
| HOTELS, RESTAURANTS & LEISURE - 2.6% | ||||||||
| Compass Group Plc (b) | 134,761 | 4,386,470 | ||||||
| Hilton Worldwide Holdings Inc. | 7,206 | 2,381,295 | ||||||
| 6,767,765 | ||||||||
| SPECIALTY RETAIL - 1.3% | ||||||||
| TJX Companies, Inc. (The) | 22,605 | 3,424,658 | ||||||
| TEXTILES, APPAREL & LUXURY GOODS - 1.1% | ||||||||
| LVMH Moët Hennessy-Louis Vuitton S.A. (b) | 25,152 | 2,781,811 | ||||||
| TOTAL CONSUMER DISCRETIONARY | 24,732,600 | |||||||
| CONSUMER STAPLES - 7.1% | ||||||||
| BEVERAGES - 4.1% | ||||||||
| Coca-Cola Company (The) | 51,941 | 4,221,245 | ||||||
| Constellation Brands, Inc. | 28,508 | 3,965,178 | ||||||
| Diageo plc (b) | 29,194 | 2,346,614 | ||||||
| 10,533,037 | ||||||||
| FOOD PRODUCTS - 1.4% | ||||||||
| Nestle, S.A. (b) | 34,924 | 3,586,345 | ||||||
| HOUSEHOLD PRODUCTS - 1.6% | ||||||||
| Unilever Plc (b) | 71,721 | 4,311,866 | ||||||
| TOTAL CONSUMER STAPLES | 18,431,248 | |||||||
| Shares | Value | |||||||
| FINANCIALS - 5.9% | ||||||||
| BANKS - 2.6% | ||||||||
| U.S. Bancorp | 113,380 | $ | 6,848,152 | |||||
| FINANCIAL SERVICES - 3.3% | ||||||||
| Tradeweb Markets Inc. | 18,751 | 1,868,725 | ||||||
| Visa, Inc. | 19,099 | 6,552,676 | ||||||
| 8,421,401 | ||||||||
| TOTAL FINANCIALS | 15,269,553 | |||||||
| HEALTH CARE - 23.7% | ||||||||
| HEALTH CARE EQUIPMENT & SUPPLIES - 3.3% | ||||||||
| Abbott Laboratories | 55,863 | 5,069,009 | ||||||
| Intuitive Surgical, Inc. (a) | 8,742 | 3,476,518 | ||||||
| 8,545,527 | ||||||||
| HEALTH CARE PROVIDERS & SERVICES - 7.3% | ||||||||
| CIGNA Corporation | 15,936 | 4,393,237 | ||||||
| Elevance Health Inc. | 11,443 | 4,425,351 | ||||||
| Quest Diagnostics Incorporated | 11,751 | 2,490,625 | ||||||
| UnitedHealth Group, Inc. | 18,126 | 7,533,709 | ||||||
| 18,842,922 | ||||||||
| PHARMACEUTICALS - 13.1% | ||||||||
| Eli Lilly and Company | 3,975 | 4,767,734 | ||||||
| Haleon plc (b) | 471,771 | 4,401,623 | ||||||
| Johnson & Johnson | 45,153 | 11,467,507 | ||||||
| Merck & Co., Inc. | 39,570 | 5,084,745 | ||||||
| Thermo Fisher Scientific, Inc. | 16,590 | 8,317,563 | ||||||
| 34,039,172 | ||||||||
| TOTAL HEALTH CARE | 61,427,621 | |||||||
| INDUSTRIALS - 3.7% | ||||||||
| AEROSPACE & DEFENSE - 2.3% | ||||||||
| Safran SA | 15,018 | 5,923,414 | ||||||
| GROUND TRANSPORTATION - 1.4% | ||||||||
| Uber Technologies, Inc. (a) | 49,156 | 3,547,097 | ||||||
| TOTAL INDUSTRIALS | 9,470,511 | |||||||
| INFORMATION TECHNOLOGY - 38.8% | ||||||||
| IT SERVICES - 13.8% | ||||||||
| Accenture Plc | 25,707 | 3,198,979 | ||||||
| MasterCard Incorporated | 8,099 | 4,159,646 | ||||||
| Microsoft Corporation | 44,335 | 16,537,842 | ||||||
| salesforce.com, inc. | 30,480 | 4,774,997 | ||||||
| SAP AG (b) | 28,349 | 4,368,864 | ||||||
| Synopsys, Inc. (a) | 6,067 | 2,706,307 | ||||||
| 35,746,635 | ||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 18.7% | ||||||||
| Broadcom Inc. | 21,713 | 8,202,086 | ||||||
| KLA-Tencor Corporation | 18,454 | 5,567,756 | ||||||
| Lam Research Corporation | 26,969 | 11,686,477 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. (b) | 30,107 | 14,378,200 | ||||||
| Texas Instruments, Inc. | 29,259 | 8,721,230 | ||||||
| 48,555,749 | ||||||||
| Shares | Value | |||||||
| SOFTWARE - 1.9% | ||||||||
| Constellation Software Inc. | 873 | $ | 1,648,224 | |||||
| Dassault Systèmes SE (b) | 98,962 | 2,010,908 | ||||||
| Experian plc (b) | 36,109 | 1,209,651 | ||||||
| 4,868,783 | ||||||||
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 4.4% | ||||||||
| Apple, Inc. | 39,446 | 11,414,095 | ||||||
| TOTAL INFORMATION TECHNOLOGY | 100,585,262 | |||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $ 228,259,533) | 258,003,480 | |||||||
| Short Term Investments - 0.4% | ||||||||
| Money Market - 0.4% | Par Value | Value | ||||||
| UMB Money Market Special II, 3.48% (c) | 1,097,031 | $ | 1,097,031 | |||||
| (Cost $ 1,097,031) | ||||||||
| TOTAL INVESTMENTS - 100.0% | ||||||||
| (Cost $ 229,356,564) | 259,100,511 | |||||||
| OTHER ASSETS & LIABILITIES (NET) - (0.0)% | (74,921 | ) | ||||||
| NET ASSETS - 100% | $ | 259,025,590 |
| (a) | Non-Income producing security |
| (b) | ADR - American Depositary Receipts |
| (c) | Interest rate reflects seven-day effective yield on June 30, 2026. |
| (d) | At June 30, 2026, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 236,104,571 was as follows: |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $ | 39,596,716 | ||
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (16,600,776 | ) | ||
| Net unrealized appreciation/(depreciation) | $ | 22,995,940 |
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 | 38.8 | % | ||
| Health Care | 23.7 | % | ||
| Communication Services | 10.9 | % | ||
| Consumer Discretionary | 9.5 | % | ||
| Consumer Staples | 7.1 | % | ||
| Financials | 5.9 | % | ||
| Industrials | 3.7 | % | ||
| CASH + other assets (net) | 0.4 | % | ||
| 100.0 | % | |||
| PEAR TREE ESSEX ENVIRONMENTAL OPPORTUNITIES FUND |
| SCHEDULE OF INVESTMENTS |
| June 30, 2026 (Unaudited) |
| Common Stock - 95.7% | ||||||||
| Shares | Value | |||||||
| CANADA - 1.2% | ||||||||
| ENERGY - 1.2% | ||||||||
| Cameco Corporation | 3,919 | $ | 399,189 | |||||
| CHINA - 1.8% | ||||||||
| INDUSTRIALS - 1.8% | ||||||||
| Contemporary Amperex Technology Co., Limited | 6,773 | 606,298 | ||||||
| GERMANY - 8.6% | ||||||||
| INDUSTRIALS - 3.3% | ||||||||
| SMA Solar Technology AG | 15,206 | 1,094,338 | ||||||
| INFORMATION TECHNOLOGY - 5.3% | ||||||||
| Infineon Technologies AG | 18,801 | 1,755,434 | ||||||
| TOTAL GERMANY | 2,849,772 | |||||||
| IRELAND - 3.2% | ||||||||
| INDUSTRIALS - 3.2% | ||||||||
| Kingspan Group plc | 11,741 | 1,073,160 | ||||||
| ISRAEL - 1.5% | ||||||||
| INFORMATION TECHNOLOGY - 1.5% | ||||||||
| SolarEdge Technologies, Inc. (a) | 8,392 | 490,428 | ||||||
| JAPAN - 12.1% | ||||||||
| INDUSTRIALS - 5.4% | ||||||||
| Kurita Water Industries Ltd. | 16,669 | 938,551 | ||||||
| Yaskawa Electric Corporation | 19,676 | 850,720 | ||||||
| 1,789,271 | ||||||||
| INFORMATION TECHNOLOGY - 4.0% | ||||||||
| Keyence Corporation | 2,667 | 1,330,177 | ||||||
| MATERIALS - 2.7% | ||||||||
| Toray Industries, Inc. | 129,635 | 899,329 | ||||||
| TOTAL JAPAN | 4,018,777 | |||||||
| Shares | Value | |||||||
| NETHERLANDS - 3.1% | ||||||||
| INDUSTRIALS - 3.1% | ||||||||
| Alfen N.V. | 57,393 | $ | 1,031,460 | |||||
| UNITED KINGDOM - 1.2% | ||||||||
| FINANCIALS - 1.2% | ||||||||
| Impax Asset Management LLC | 301,278 | 394,693 | ||||||
| UNITED STATES - 63.0% | ||||||||
| CONSUMER DISCRETIONARY - 2.1% | ||||||||
| Rivian Automotive, Inc. (a) | 39,833 | 691,103 | ||||||
| CONSUMER STAPLES - 1.9% | ||||||||
| Sprouts Farmers Market, Inc. | 7,199 | 608,891 | ||||||
| INDUSTRIALS - 32.4% | ||||||||
| Advanced Drainage Systems, Inc. | 7,006 | 1,099,662 | ||||||
| American Superconductor Corporation (a) | 25,688 | 1,066,309 | ||||||
| Amprius Technologies, Inc. (a) | 36,450 | 505,197 | ||||||
| Carrier Global Corporation | 14,257 | 1,045,751 | ||||||
| Electrovaya Inc. | 50,145 | 526,522 | ||||||
| EMCOR Group, Inc. | 517 | 429,048 | ||||||
| Eos Energy Enterprises, Inc. | 42,245 | 248,401 | ||||||
| GE Vernova Inc. (a) | 967 | 1,136,090 | ||||||
| Lindsay Corporation | 6,299 | 779,816 | ||||||
| LSI Industries Inc. | 23,703 | 630,026 | ||||||
| Nexpower Inc. (a) | 7,143 | 851,017 | ||||||
| Shoals Technologies Group, Inc. (a) | 65,944 | 652,846 | ||||||
| SOLV Energy, Inc. | 21,226 | 722,745 | ||||||
| Valmont Industries, Inc. | 1,056 | 609,945 | ||||||
| Veralto Corporation | 4,967 | 440,473 | ||||||
| 10,743,848 | ||||||||
| INFORMATION TECHNOLOGY - 20.9% | ||||||||
| Aeva Technologies, Inc. (a) | 23,805 | 683,680 | ||||||
| Ambiq Micro, Inc. | 8,656 | 764,325 | ||||||
| Badger Meter, Inc. | 8,465 | 1,256,037 | ||||||
| Cognex Corporation | 11,007 | 797,127 | ||||||
| Enphase Energy, Inc. (a) | 12,360 | 608,606 | ||||||
| ON Semiconductor Corporation (a) | 13,532 | 1,279,315 | ||||||
| Samsara Inc. (a) | 18,687 | 606,019 | ||||||
| Trimble Navigation Limited (a) | 18,381 | 940,740 | ||||||
| 6,935,849 | ||||||||
| MATERIALS - 3.9% | ||||||||
| Corteva, Inc. | 8,902 | 753,911 | ||||||
| MP Materials Corp. (a) | 9,722 | 544,529 | ||||||
| 1,298,440 | ||||||||
| Shares | Value | |||||||
| UTILITIES - 1.8% | ||||||||
| NextEra Energy, Inc. | 6,933 | $ | 608,509 | |||||
| TOTAL UNITED STATES | 20,886,640 | |||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $ 24,328,723) | 31,750,417 | |||||||
| SHORT TERM INVESTMENTS - 4.0% | Par Value | Value | ||||||
| Money Market - 4.0% | ||||||||
| UMB Money Market Special II, 3.48% (b) | 1,317,576 | $ | 1,317,576 | |||||
| (Cost $ 1,317,576) | ||||||||
| TOTAL INVESTMENTS - 99.7% | ||||||||
| (Cost $ 25,646,299) | 33,067,993 | |||||||
| OTHER ASSETS & LIABILITIES (Net) - 0.3% | 111,744 | |||||||
| NET ASSETS - 100% | $ | 33,179,737 |
| (a) | Non-income producing security. |
| (b) | Percentage rate reflects seven-day effective yield on June 30, 2026. |
| (c) | At June 30, 2026, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $ 25,847,598 was as follows: |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $ | 7,883,096 | ||
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (662,701 | ) | ||
| Net unrealized appreciation/(depreciation) | $ | 7,220,395 |
The percentage of each investment category is calculated as a percentage of net assets.
| SECTOR ALLOCATIONS (as a percentage of Total Net Assets) | ||||
| Industrials | 49.2 | % | ||
| Information Technology | 31.7 | % | ||
| Materials | 6.6 | % | ||
| Consumer Discretionary | 2.1 | % | ||
| Consumer Staples | 1.9 | % | ||
| Utilities | 1.8 | % | ||
| Energy | 1.2 | % | ||
| Financials | 1.2 | % | ||
| Cash and Other Assets (Net) | 4.3 | % | ||
| 100.0 | % |
| PEAR TREE POLARIS FOREIGN VALUE FUND |
| SCHEDULE OF INVESTMENTS |
| June 30, 2026 (Unaudited) |
| Common Stock - 97.1% | ||||||||
| Shares | Value | |||||||
| BELGIUM - 0.9% | ||||||||
| D’leteren S.A. | 69,478 | $ | 13,534,985 | |||||
| CANADA - 0.9% | ||||||||
| Lundin Mining Corporation | 576,900 | 14,052,484 | ||||||
| CHILE - 2.2% | ||||||||
| LATAM Airlines Group | 1,118,613,600 | 32,523,797 | ||||||
| CHINA -2.7% | ||||||||
| Alibaba Group Holding Ltd. | 1,308,600 | 15,493,747 | ||||||
| Ping An Insurance Group H Share | 3,802,000 | 24,750,016 | ||||||
| 40,243,763 | ||||||||
| FRANCE - 10.2% | ||||||||
| Ipsos | 198,041 | 7,888,131 | ||||||
| Michelin (CGDE) | 720,000 | 27,780,954 | ||||||
| Publicis Groupe | 267,147 | 26,406,230 | ||||||
| Sanofi S.A. | 229,300 | 19,681,998 | ||||||
| Teleperformance SE | 262,100 | 13,777,704 | ||||||
| TotalEnergies SE | 368,000 | 28,621,287 | ||||||
| Vinci SA | 189,398 | 27,672,418 | ||||||
| 151,828,722 | ||||||||
| GERMANY - 8.1% | ||||||||
| Daimler Truck Holding AG | 554,100 | 26,732,617 | ||||||
| Deutsche Telekom AG | 711,956 | 19,412,542 | ||||||
| DHL Group | 490,000 | 29,746,199 | ||||||
| Hannover Rueck SE | 79,200 | 21,948,188 | ||||||
| Muenchener Rueckversicherungs-Gesellschaft | 42,130 | 23,528,644 | ||||||
| 121,368,190 | ||||||||
| HONG KONG - 1.6% | ||||||||
| AIA Group Ltd. | 2,614,800 | 23,823,652 | ||||||
| IRELAND - 7.6% | ||||||||
| Greencore Group plc | 4,893,468 | 12,918,911 | ||||||
| Jazz Pharmaceuticals plc (a) | 150,306 | 36,219,237 | ||||||
| Ryanair Holdings plc | 936,400 | 29,279,227 | ||||||
| Smurfit Westrock plc | 757,646 | 35,048,704 | ||||||
| 113,466,079 | ||||||||
| ITALY - 4.5% | ||||||||
| Eni S.p.A. | 977,133 | 23,034,735 | ||||||
| Trevi Finanziaria Industriale SpA (a) | 2,209,831 | 10,156,077 | ||||||
| UniCredit S.p.A. | 374,100 | 33,470,980 | ||||||
| 66,661,792 | ||||||||
| Shares | Value | |||||||
| JAPAN - 15.2% | ||||||||
| Fuji Photo Film Co., Ltd. | 1,358,500 | $ | 29,113,401 | |||||
| Itochu Corporation | 2,140,500 | 24,417,702 | ||||||
| KDDI Corporation | 1,546,500 | 26,119,935 | ||||||
| Macnica Fuji Electronics Holdings Inc. | 237,600 | 4,596,305 | ||||||
| Marubeni Corporation | 1,012,600 | 29,220,698 | ||||||
| Mitsubishi UFJ Financial Group, Inc. | 1,744,900 | 34,430,976 | ||||||
| Orix Corporation | 1,025,900 | 38,814,085 | ||||||
| Sony Group Corporation | 1,000,700 | 20,195,638 | ||||||
| Takeda Pharmaceutical Company Limited | 625,100 | 19,827,045 | ||||||
| 226,735,785 | ||||||||
| NETHERLANDS - 1.7% | ||||||||
| Koninklijke Ahold Delhaize N.V. | 647,800 | 26,083,818 | ||||||
| NORWAY - 5.0% | ||||||||
| DNB Bank ASA | 962,830 | 28,674,246 | ||||||
| SpareBank 1 SR-Norge ASA | 735,068 | 14,366,343 | ||||||
| Sparebanken Norge | 667,314 | 12,532,326 | ||||||
| Yara International ASA | 434,253 | 19,107,044 | ||||||
| 74,679,959 | ||||||||
| PUERTO RICO - 2.2% | ||||||||
| Popular, Inc. | 203,450 | 33,402,421 | ||||||
| RUSSIA - < 0.1% | ||||||||
| ALROSA Company PJSC * (a) | 41,136,300 | 5,234 | ||||||
| SINGAPORE - 2.0% | ||||||||
| United Overseas Bank Limited | 996,247 | 30,622,946 | ||||||
| SOUTH KOREA - 15.0% | ||||||||
| F&F Co., Ltd. | 133,874 | 6,670,802 | ||||||
| Kia Motors Corporation | 255,300 | 22,740,205 | ||||||
| Samsung Electronics Company Limited | 365,733 | 78,845,170 | ||||||
| Shinhan Financial Group Co., Limited | 494,984 | 30,607,027 | ||||||
| SK Hynix, Inc. | 49,450 | 84,581,748 | ||||||
| 223,444,952 | ||||||||
| SPAIN - 3.6% | ||||||||
| Bankinter, S.A. | 1,123,200 | 18,799,186 | ||||||
| Endesa, S.A. | 764,325 | 34,847,698 | ||||||
| 53,646,884 | ||||||||
| SWEDEN - 1.7% | ||||||||
| Duni AB | 786,900 | 6,431,340 | ||||||
| Loomis AB, Class B | 391,419 | 19,218,688 | ||||||
| 25,650,028 | ||||||||
| Shares | Value | |||||||
| SWITZERLAND - 1.6% | ||||||||
| Barry Callebaut AG | 17,528 | $ | 24,357,119 | |||||
| TAIWAN - 1.2% | ||||||||
| Chailease Holding Co., Limited | 4,953,720 | 18,271,376 | ||||||
| TURKEY - 1.8% | ||||||||
| Astor Enerji A.S. | 4,478,300 | 26,540,278 | ||||||
| UNITED KINGDOM - 7.4% | ||||||||
| Inchcape plc | 1,675,888 | 17,150,380 | ||||||
| International Consolidated Airlines Group S.A. | 5,174,600 | 32,796,277 | ||||||
| Linde plc | 45,344 | 23,530,815 | ||||||
| Next plc | 137,550 | 26,555,147 | ||||||
| Nomad Foods Limited | 909,900 | 9,963,405 | ||||||
| 109,996,024 | ||||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $ 949,315,187) | 1,450,940,288 | |||||||
| SHORT TERM INVESTMENTS - 1.1% | ||||||||
| Par Value | Value | |||||||
| Money Market - 1.1% | ||||||||
| UMB Money Market Special II, 3.48% (b) | 15,621,578 | $ | 15,621,578 | |||||
| (Cost $ 15,621,578) | ||||||||
| TOTAL INVESTMENTS - 98.2% | ||||||||
| (Cost $ 964,936,765) | 1,466,561,866 | |||||||
| OTHER ASSETS & LIABILITIES (NET) - 1.8% | 27,503,742 | |||||||
| NET ASSETS - 100% | $ | 1,494,065,608 |
| * | Fair Valued by Valuation Committee as delegated by Pear Tree Fund’s Trustees |
| (a) | Non-income producing security. |
| (b) | Interest rate reflects seven-day effective yield on June 30, 2026. |
| (c) | At June 30, 2026, the unrealized appreciation of investments based on aggregate cost for federal tax purposes in the amount of $969,912,894 was as follows: |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $ | 620,773,579 | ||
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (124,124,607 | ) | ||
| Net unrealized appreciation/(depreciation) | $ | 496,648,972 |
The percentage of each investment category is calculated as a percentage of net assets.
| SECTOR ALLOCATIONS (as a percentage of Total Net Assets) | ||||
| Financials | 26.0 | % | ||
| Industrials | 20.2 | % | ||
| Information Technology | 13.2 | % | ||
| Consumer Discretionary | 10.5 | % | ||
| Materials | 6.1 | % | ||
| Communication Services | 5.3 | % | ||
| Health Care | 5.1 | % | ||
| Consumer Staples | 4.9 | % | ||
| Energy | 3.5 | % | ||
| Utilities | 2.3 | % | ||
| Cash and Other Assets (Net) | 2.9 | % | ||
| 100.0 | % | |||
| PEAR TREE POLARIS FOREIGN VALUE SMALL CAP FUND |
| SCHEDULE OF INVESTMENTS |
| June 30, 2026 (Unaudited) |
| Common Stock - 95.1% | ||||||||
| Shares | Value | |||||||
| BELGIUM - 4.6% | ||||||||
| D’leteren SA | 122,655 | $ | 23,894,378 | |||||
| N.V. Bekaert S.A. | 75,000 | 3,348,291 | ||||||
| 27,242,669 | ||||||||
| BRAZIL - 4.5% | ||||||||
| Equatorial Energia S.A. | 3,500,426 | 26,334,349 | ||||||
| CANADA - 2.7% | ||||||||
| EQB Inc. | 173,127 | 16,229,131 | ||||||
| CHINA - 2.2% | ||||||||
| China MeiDong Auto Holdings Limited | 15,376,000 | 999,957 | ||||||
| Xinhua Winshare Publishing and Media Co., Limited | 5,510,500 | 5,972,794 | ||||||
| Zhongsheng Group Holdings | 9,679,000 | 5,986,043 | ||||||
| 12,958,794 | ||||||||
| DENMARK - 1.3% | ||||||||
| Ringkjoebing Landbobank A/S | 32,300 | 7,657,541 | ||||||
| FRANCE - 14.9% | ||||||||
| Arkema | 208,400 | 13,139,659 | ||||||
| Elis S.A. | 530,698 | 16,442,112 | ||||||
| Ipsos | 376,400 | 14,992,313 | ||||||
| Rubis | 328,000 | 11,512,061 | ||||||
| SEB S.A. | 235,600 | 12,411,625 | ||||||
| Sopra Steria | 81,700 | 13,039,122 | ||||||
| Technip Energies N.V. | 163,700 | 6,198,404 | ||||||
| 87,735,296 | ||||||||
| GERMANY - 3.4% | ||||||||
| Krones AG | 50,000 | 6,413,628 | ||||||
| Sixt SE | 183,625 | 13,372,485 | ||||||
| 19,786,113 | ||||||||
| HONG KONG - 2.4% | ||||||||
| VSTECS Holdings Limited | 12,705,360 | 14,305,904 | ||||||
| INDIA - 3.0% | ||||||||
| Karnataka Bank Limited | 3,144,900 | 9,083,315 | ||||||
| Karur Vysya Bank Limited | 2,693,340 | 8,424,974 | ||||||
| 17,508,289 | ||||||||
| IRELAND - 1.3% | ||||||||
| Glanbia plc | 273,500 | 7,648,119 | ||||||
| ITALY - 2.6% | ||||||||
| De’Longhi SpA | 363,636 | 15,440,083 | ||||||
| JAPAN - 9.5% | ||||||||
| Kanematsu Corporation | 1,015,000 | 12,874,465 | ||||||
| KITZ Corporation | 1,219,000 | 18,938,471 | ||||||
| Mizuho Leasing Company, Limited | 1,659,400 | 12,834,123 | ||||||
| Open House Group Co., Limited | 216,500 | 11,292,235 | ||||||
| 55,939,294 | ||||||||
| NETHERLANDS - 2.6% | ||||||||
| Aalberts N.V. | 347,919 | 15,504,610 | ||||||
| NORWAY - 7.9% | ||||||||
| SpareBank Nord-Norge | 795,289 | 12,296,419 | ||||||
| Sparebank 1 Oestlandet | 217,488 | 4,160,086 | ||||||
| SpareBank 1 SMN | 446,428 | 8,481,478 | ||||||
| SpareBank 1 SR-Bank ASA | 489,426 | 9,565,458 | ||||||
| Sparebanken Norge | 631,392 | 11,857,702 | ||||||
| 46,361,143 | ||||||||
| Shares | Value | |||||||
| PORTUGAL - 1.8% | ||||||||
| Redes Energéticas Nacionais, SGPS, S.A. | 2,507,699 | $ | 10,822,641 | |||||
| SINGAPORE - 1.1% | ||||||||
| Venture Corporation, Limited | 491,800 | 6,505,371 | ||||||
| SOUTH AFRICA - 1.2% | ||||||||
| Motus Holdings Limited | 1,028,400 | 6,964,759 | ||||||
| SOUTH KOREA - 1.8% | ||||||||
| Cosmecca Korea Co., Ltd. | 125,800 | 5,602,659 | ||||||
| Doosan Bobcat | 119,700 | 4,766,985 | ||||||
| 10,369,644 | ||||||||
| SPAIN - 0.5% | ||||||||
| CIE Automotive | 99,200 | 3,022,385 | ||||||
| SWEDEN - 4.7% | ||||||||
| AcadeMedia AB | 651,918 | 6,789,830 | ||||||
| Hexpol AB | 1,567,100 | 11,698,764 | ||||||
| Loomis AB, Class B | 182,361 | 8,953,932 | ||||||
| 27,442,526 | ||||||||
| TAIWAN - 7.2% | ||||||||
| Primax Electronics Limited | 6,168,800 | 12,780,462 | ||||||
| Sanyang Motor Co., Limited | 7,746,000 | 14,856,642 | ||||||
| Wah Lee Inndustrial Corporation | 3,685,000 | 14,979,910 | ||||||
| 42,617,014 | ||||||||
| THAILAND - 6.9% | ||||||||
| Krungthai Card Public Company Limited | 17,053,800 | 17,068,944 | ||||||
| Thanachart Capital PCL | 8,063,000 | 16,383,032 | ||||||
| TISCO Financial Group | 1,975,400 | 7,016,667 | ||||||
| 40,468,643 | ||||||||
| UNITED KINGDOM - 7.0% | ||||||||
| Berkeley Group Holdings plc | 145,993 | 6,778,385 | ||||||
| Coats Group plc | 6,426,000 | 6,648,616 | ||||||
| Hikma Pharmaceuticals plc | 341,400 | 6,887,815 | ||||||
| Inchcape plc | 515,657 | 5,277,031 | ||||||
| OSB Group plc | 952,617 | 6,562,360 | ||||||
| QinetiQ | 1,637,700 | 9,181,902 | ||||||
| 41,336,109 | ||||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $ 434,915,667) | 560,200,427 | |||||||
| SHORT TERM INVESTMENTS - 3.7% | ||||||||
| Par Value | Value | |||||||
| Money Market - 3.7% | ||||||||
| UMB Money Market Special II, 3.48% (a) | 21,805,444 | $ | 21,805,444 | |||||
| (Cost $ 21,805,444) | ||||||||
| TOTAL INVESTMENTS - 98.8% | ||||||||
| (Cost $ 456,721,111) | 582,005,871 | |||||||
| OTHER ASSETS & LIABILITIES (NET) - 1.2% | 7,177,914 | |||||||
| NET ASSETS - 100% | $ | 589,183,785 |
| (a) | Interest rate reflects seven-day effective yield on June 30, 2026. |
| (b) | At June 30, 2026, the unrealized appreciation of investments based on aggregate cost for federal tax purposes in the amount of $460,224,287 was as follows: |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $ | 156,856,542 | ||
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (35,074,958 | ) | ||
| Net unrealized appreciation/(depreciation) | $ | 121,781,584 |
The percentage of each investment category is calculated as a percentage of net assets.
| SECTOR ALLOCATIONS (as a percentage of Total Net Assets) | ||||
| Financials | 25.1 | % | ||
| Consumer Discretionary | 21.4 | % | ||
| Industrials | 18.1 | % | ||
| Information Technology | 10.5 | % | ||
| Utilities | 8.3 | % | ||
| Materials | 4.8 | % | ||
| Communication Services | 2.5 | % | ||
| Consumer Staples | 2.2 | % | ||
| Health Care | 1.2 | % | ||
| Energy | 1.0 | % | ||
| Cash and Other Assets (Net) | 4.9 | % | ||
| 100.0 | % | |||
| PEAR TREE POLARIS INTERNATIONAL OPPORTUNITIES FUND |
| SCHEDULE OF INVESTMENTS |
| June 30, 2026 (Unaudited) |
| Common Stock - 97.8% | ||||||||
| Shares | Value | |||||||
| AUSTRALIA - 2.7% | ||||||||
| Macquarie Group Limited | 9,800 | $ | 1,699,350 | |||||
| BELGIUM - 6.1% | ||||||||
| Anheuser-Busch InBev SA/NV | 18,200 | 1,511,846 | ||||||
| D’Ieteren S.A. | 9,900 | 1,928,616 | ||||||
| Fagron, Inc. | 15,400 | 424,305 | ||||||
| 3,864,767 | ||||||||
| BRAZIL - 3.7% | ||||||||
| Equatorial Energia S.A. | 312,217 | 2,348,866 | ||||||
| CANADA - 2.7% | ||||||||
| Alimentation Couche-Tard Inc. | 26,300 | 1,675,726 | ||||||
| CHINA - 3.3% | ||||||||
| Alibaba Group Holding Ltd. | 21,000 | 248,639 | ||||||
| China MeiDong Auto Holdings Limited | 4,264,000 | 277,303 | ||||||
| Midea Group Co., Ltd. | 102,300 | 1,138,727 | ||||||
| Zhongsheng Group Holdings | 701,000 | 433,538 | ||||||
| 2,098,207 | ||||||||
| FINLAND - 0.6% | ||||||||
| Valmet OYJ | 16,800 | 405,643 | ||||||
| FRANCE - 3.2% | ||||||||
| Ipsen Biopharmaceuticals, Inc. | 2,400 | 463,153 | ||||||
| Ipsos | 27,900 | 1,111,279 | ||||||
| Sanofi S.A. | 5,000 | 429,176 | ||||||
| 2,003,608 | ||||||||
| HONG KONG - 15.1% | ||||||||
| AIA Group Ltd. | 181,000 | 1,649,105 | ||||||
| Kingboard Laminates Holdings, Ltd. | 420,000 | 5,310,185 | ||||||
| VSTECS Holdings Limited | 2,338,000 | 2,632,527 | ||||||
| 9,591,817 | ||||||||
| INDIA - 2.2% | ||||||||
| Muthoot Finance Ltd. | 43,794 | 1,386,704 | ||||||
| Shares | Value | |||||||
| INDONESIA - 2.4% | ||||||||
| PT Bank Central Asia Tbk | 2,550,000 | $ | 791,527 | |||||
| PT Bank Rakyat Indonesia Tbk | 4,900,000 | 748,154 | ||||||
| 1,539,681 | ||||||||
| IRELAND - 3.3% | ||||||||
| Jazz Pharmaceuticals plc (a) | 1,900 | 457,843 | ||||||
| PDD Holdings (a)(b) | 21,400 | 1,632,392 | ||||||
| 2,090,235 | ||||||||
| ITALY - 0.5% | ||||||||
| SOL S.p.A. | 4,500 | 299,417 | ||||||
| JAPAN - 5.8% | ||||||||
| JAC Recruitment Co., Ltd. | 410,400 | 2,156,478 | ||||||
| Takeda Pharmaceutical Company Limited | 14,000 | 444,055 | ||||||
| Tri Chemical Laboratories Inc. | 50,800 | 1,089,297 | ||||||
| 3,689,830 | ||||||||
| MALAYSIA - 1.9% | ||||||||
| Public Bank Bhd | 500,700 | 589,420 | ||||||
| Scientex Berhad | 668,500 | 611,528 | ||||||
| 1,200,948 | ||||||||
| MEXICO - 2.4% | ||||||||
| Wal-Mart de Mexico, S.A.B. de C.V. | 526,000 | 1,546,351 | ||||||
| NORWAY - 3.7% | ||||||||
| Sparebanken Norge | 124,182 | 2,332,170 | ||||||
| PERU - 1.0% | ||||||||
| Credicorp Ltd. | 1,700 | 662,286 | ||||||
| PORTUGAL - 4.0% | ||||||||
| Jerónimo Martins SGPS, SA | 132,400 | 2,536,897 | ||||||
| SOUTH AFRICA - 4.6% | ||||||||
| AVI Limited | 324,274 | 1,988,973 | ||||||
| FirstRand Limited | 160,900 | 954,798 | ||||||
| 2,943,771 | ||||||||
| SOUTH KOREA - 2.6% | ||||||||
| Cosmecca Korea Co., Ltd. | 8,900 | 396,373 | ||||||
| Samsung Electronics Company Limited | 5,678 | 1,224,070 | ||||||
| 1,620,443 | ||||||||
| SWITZERLAND - 3.0% | ||||||||
| ALSO Holding AG | 1,400 | 333,904 | ||||||
| Nestle S.A. | 15,000 | 1,544,812 | ||||||
| 1,878,716 | ||||||||
| Shares | Value | |||||||
| TAIWAN - 13.3% | ||||||||
| Chailease Holding Co., Ltd. | 693,932 | $ | 2,559,509 | |||||
| SINBON Electronics Co., Ltd. | 120,300 | 1,240,518 | ||||||
| Yageo Corporation | 130,000 | 4,652,112 | ||||||
| 8,452,139 | ||||||||
| THAILAND - 4.9% | ||||||||
| Krungthai Card Public Company Limited | 1,608,200 | 1,609,628 | ||||||
| Muangthai Capital Public Company Limited | 1,569,000 | 1,487,741 | ||||||
| 3,097,369 | ||||||||
| UNITED KINGDOM - 4.8% | ||||||||
| Cranswick plc | 33,940 | 2,477,701 | ||||||
| Oxford Instruments plc | 7,085 | 286,635 | ||||||
| Volution Group plc | 36,500 | 296,011 | ||||||
| 3,060,347 | ||||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $ 47,749,463) | 62,025,288 | |||||||
| SHORT TERM INVESTMENTS - 1.3% | ||||||||
| Par Value | Value | |||||||
| Money Market - 1.3% | ||||||||
| UMB Money Market Special II, 3.48% (c) | 813,749 | $ | 813,749 | |||||
| (Cost $ 813,749) | ||||||||
| TOTAL INVESTMENTS - 99.1% | ||||||||
| (Cost $ 48,563,212) | 62,839,037 | |||||||
| OTHER ASSETS & LIABILITIES (Net) - 0.9% | 560,723 | |||||||
| NET ASSETS - 100% | $ | 63,399,760 |
| (a) | Non-income producing security. |
| (b) | ADR - American Depositary Receipts |
| (c) | Percentage rate reflects seven-day effective yield on June 30, 2026. |
| (d) | At June 30, 2026, the unrealized appreciation of investments based on aggregate cost for federal tax purposes of $48,776,681 was as follows: |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $ | 19,604,983 | ||
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (5,542,627 | ) | ||
| Net unrealized appreciation/(depreciation) | $ | 14,062,356 |
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 | 26.4 | % | ||
| Financials | 26.0 | % | ||
| Consumer Staples | 21.6 | % | ||
| Consumer Discretionary | 8.9 | % | ||
| Industrials | 4.5 | % | ||
| Utilities | 3.7 | % | ||
| Health Care | 3.5 | % | ||
| Communication Services | 1.8 | % | ||
| Materials | 1.4 | % | ||
| Cash and Other Assets (Net) | 2.2 | % | ||
| 100.0 | % | |||